TCREUR_Public/150910.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Thursday, September 10, 2015, Vol. 16, No. 179

                            Headlines

G E R M A N Y

PRIME FUNDING 2006-1: S&P Reinstates CC Rating on Class E Notes
* GERMANY: Business Insolvencies Down 3.9% in First Half 2015


I R E L A N D

ADAGIO IV CLO: Moody's Assigns B2 Rating to Class F Notes
ADAGIO IV CLO: Fitch Rates EUR11.7M Class F Notes 'B-sf'


N E T H E R L A N D S

BABSON EURO 2015-1: Moody's Assigns B2 Rating to Class F Notes
BABSON EURO 2015-1: Fitch Rates Class F Notes 'B-sf'
HOLLAND MORTGAGE XII: Fitch Affirms BB Rating on Cl. D Securities
ROYAL IMTECH: Imtech Industrial Services Unit Enters Bankruptcy
* NETHERLANDS: Number of Bankruptcies Down by 113 in August 2015


P O R T U G A L

PELICAN MORTGAGES 2: S&P Affirms 'BB' Rating on Class C Notes


R O M A N I A

ROMANIA: More Large Companies File For Insolvency in 1st Half Yr.
ROMANIA: Corp. Insolvencies Drop by 56.8% in 1st 7Mos. of 2015


R U S S I A

MECHEL OJSC: Reaches Debt Restructuring Deal with VTB Group
POMOSCH INSURANCE: S&P Affirms Then Withdraws 'B-' Ratings


S P A I N

CAIXA PENEDES 1: Fitch Affirms CCCsf Rating on Class C Notes


U N I T E D   K I N G D O M

CAPITAL BORDEAUX: High Court Bans Director for 11 Years
LOTUS: High Court Adjourns HMRC's Tax Case Until September 18
OVAL VEHICLE: Sole Director Banned For 6 Years
REEF SUBSEA: Acquisition Offer Falls Through at Last Minute
REPOSSESSION MANAGEMENT: High Court Enter Liquidation Order

ROSEMARY CONLEY: Still Owes GBP850,000 to Creditors


                            *********


=============
G E R M A N Y
=============


PRIME FUNDING 2006-1: S&P Reinstates CC Rating on Class E Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected by reinstating its
'CC (sf)' rating on PRIME 2006-1 Funding Limited Partnership's
class E notes.

S&P had withdrawn this rating in error on Aug. 31, 2015.

PRIME 2006-1 Funding Limited Partnership is a German transaction
backed by a static portfolio of profit participation agreements.


* GERMANY: Business Insolvencies Down 3.9% in First Half 2015
-------------------------------------------------------------
According to RTTNews, a report released by Destatis on Sept. 9
showed that German business insolvencies declined in the first
half of the year.

Local courts registered 11,558 business insolvencies, which was a
decrease of 3.9% compared with the same period of last year,
RTTNews discloses.

In relation to the business insolvency requests, the prospective
debts owed to creditors amounted to EUR8.9 billion in the first
half of 2015, RTTNews relays.  In the first six months of 2014,
it totaled EUR14.6 billion, RTTNews notes.



=============
I R E L A N D
=============


ADAGIO IV CLO: Moody's Assigns B2 Rating to Class F Notes
---------------------------------------------------------
Moody's Investors Service announced that it has assigned these
definitive ratings to notes issued by Adagio IV CLO Limited:

  EUR200,500,000 Class A-1 Senior Secured Floating Rate Notes due
   2029, Definitive Rating Assigned Aaa (sf)

  EUR5,000,000 Class A-2 Senior Secured Fixed Rate Notes due
   2029, Definitive Rating Assigned Aaa (sf)

  EUR39,200,000 Class B-1 Senior Secured Floating Rate Notes due
   2029, Definitive Rating Assigned Aa2 (sf)

  EUR7,000,000 Class B-2 Senior Secured Fixed Rate Notes due
   2029, Definitive Rating Assigned Aa2 (sf)

  EUR18,000,000 Class C Deferrable Mezzanine Floating Rate Notes
   due 2029, Definitive Rating Assigned A2 (sf)

  EUR18,600,000 Class D Deferrable Mezzanine Floating Rate Notes
   due 2029, Definitive Rating Assigned Baa2 (sf)

  EUR25,200,000 Class E Deferrable Junior Floating Rate Notes due
   2029, Definitive Rating Assigned Ba2 (sf)

  EUR11,700,000 Class F Deferrable Junior Floating Rate Notes due
   2029, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Adagio IV is a managed cash flow CLO.  At least 90% of the
portfolio must consist of senior secured loans and secured senior
bonds and up to 10% of the portfolio may consist of unsecured
senior obligations, second-lien loans, mezzanine obligations and
high yield bonds.  The portfolio is expected to be approximately
70% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

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

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR37,100,000 of subordinated notes, which are
not rated.

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

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

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

Loss and Cash Flow Analysis:

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

Moody's used these base-case modeling assumptions:

Par amount: EUR 350,000,000
Diversity Score: 36
Weighted Average Rating Factor (WARF): 2750
Weighted Average Spread (WAS): 4.00%
Weighted Average Coupon (WAC): 5.25%
Weighted Average Recovery Rate (WARR): 42%
Weighted Average Life (WAL): 8 years

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below.  As per the portfolio
constraints, exposures to countries with a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 5%.  Following the effective date, and
given these portfolio constraints and the current sovereign
ratings of eligible countries, the total exposure to countries
with a LCC of A1 or below may not exceed 10% of the total
portfolio.  As a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with LCCs of Baa1 to Baa3 while
an additional 5% would be domiciled in countries with LCCs of A1
to A3.  The remainder of the pool will be domiciled in countries
which currently have a LCC of Aa3 and above.  Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class of notes
as further described in the methodology.  The portfolio haircuts
are a function of the exposure size to countries with LCC of A1
or below and the target ratings of the rated notes, and amount to
0.75% for the Class A notes, 0.50% for the Class B notes, 0.38%
for the Class C notes and 0% for Classes D, E and F.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)

Ratings Impact in Rating Notches:
Class A-1 Senior Secured Floating Rate Notes: 0
Class A-2 Senior Secured Fixed Rate Notes: 0
Class B-1 Senior Secured Floating Rate Notes: -2
Class B-2 Senior Secured Fixed Rate Notes: -2
Class C Deferrable Mezzanine Floating Rate Notes: -2
Class D Deferrable Mezzanine Floating Rate Notes: 0
Class E Deferrable Junior Floating Rate Notes: -1
Class F Deferrable Junior Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3575 from 2750)
Class A-1 Senior Secured Floating Rate Notes: -1
Class A-2 Senior Secured Fixed Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -3
Class B-2 Senior Secured Fixed Rate Notes: -3
Class C Deferrable Mezzanine Floating Rate Notes: -4
Class D Deferrable Mezzanine Floating Rate Notes: -2
Class E Deferrable Junior Floating Rate Notes: -2
Class F Deferrable Junior Floating Rate Notes: -3


ADAGIO IV CLO: Fitch Rates EUR11.7M Class F Notes 'B-sf'
--------------------------------------------------------
Fitch Ratings has assigned Adagio IV CLO Limited's notes final
ratings as follows:

EUR200.5 million class A-1: 'AAAsf'; Outlook Stable
EUR5 million class A-2: 'AAAsf'; Outlook Stable
EUR39.2 million class B-1: 'AAsf'; Outlook Stable
EUR7 million class B-2: 'AAsf; Outlook Stable
EUR18 million class C: 'Asf'; Outlook Stable
EUR18.6 million class D: 'BBBsf'; Outlook Stable
EUR25.2 million class E: 'BBsf'; Outlook Stable
EUR11.7 million class F: 'B-sf'; Outlook Stable
EUR37.1 million subordinated notes: not rated

Adagio IV CLO Limited is an arbitrage cash flow collateralized
loan obligation (CLO).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. Fitch has public ratings or credit opinions on 85
of the 86 assets in the identified portfolio. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 32.4,
below the covenanted maximum for assigning the final ratings of
33.5.

High Recovery Expectations

At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings (RRs) to 85 of the 86
assets in the identified portfolio. The Fitch weighted average
recovery rate (WARR) of the identified portfolio is 74.1%, above
the covenanted minimum for assigning the final ratings of 68%.

Partial Interest Rate Hedge

Between 0% and 7.5% of the portfolio can be invested in fixed-
rate assets, while fixed-rate liabilities account for 3.4% of the
target par amount. Therefore, the transaction is partially hedged
against rising interest rates.

Payment Frequency Switch

The notes pay quarterly, while the portfolio assets can reset to
semi-annual. The transaction has an interest-smoothing account,
but no liquidity facility. A liquidity stress for the non-
deferrable classes A and B, stemming from a large proportion of
assets resetting to semi-annual in any one quarter, is addressed
by switching the payment frequency on the notes to semi-annual,
subject to certain conditions.

Hedged Non-Euro Assets Exposure

The transaction is permitted to invest up to 30% of the portfolio
in non-euro assets, provided perfect asset swaps can be entered
into.

TRANSACTION SUMMARY

Net proceeds from the notes issue are being used to purchase a
EUR350m portfolio of mostly European leveraged loans and bonds.
The portfolio is managed by Axa Investment Managers, Inc. The
reinvestment period is scheduled to end in 2019.

The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that confirmation is considered to be given if
Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the obligor default probability would lead to a
downgrade of up to two notches for the rated notes. A 25%
reduction in 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

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

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



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


BABSON EURO 2015-1: Moody's Assigns B2 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned these
definitive ratings to notes issued by Babson Euro CLO 2015-1
B.V.:

  EUR206,700,000 Class A-1 Senior Secured Floating Rate Notes due
   2029, Definitive Rating Assigned Aaa (sf)

  EUR5,300,000 Class A-2 Senior Secured Fixed Rate Notes due
   2029, Definitive Rating Assigned Aaa (sf)

  EUR26,400,000 Class A-3 Senior Secured Fixed/Floating Rate
   Notes due 2029, Definitive Rating Assigned Aaa (sf)

  EUR32,600,000 Class B-1 Senior Secured Floating Rate Notes due
   2029, Definitive Rating Assigned Aa2 (sf)

  EUR10,600,000 Class B-2 Senior Secured Fixed Rate Notes due
   2029, Definitive Rating Assigned Aa2 (sf)

  EUR22,000,000 Class C Senior Secured Deferrable Floating Rate
   Notes due 2029, Definitive Rating Assigned A2 (sf)

  EUR21,600,000 Class D Senior Secured Deferrable Floating Rate
   Notes due 2029, Definitive Rating Assigned Baa2 (sf)

  EUR31,200,000 Class E Senior Secured Deferrable Floating Rate
   Notes due 2029, Definitive Rating Assigned Ba2 (sf)

  EUR12,400,000 Class F Senior Secured Deferrable Floating Rate
   Notes due 2029, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Babson Euro CLO 2015-1 B.V. is a managed cash flow CLO.  At least
90% of the portfolio must consist of senior secured obligations
and up to 10% of the portfolio may consist of senior unsecured
obligations, second-lien loans, mezzanine obligations and high
yield bonds.  The portfolio is 70% ramped up as of the closing
date and to be comprised predominantly of corporate loans to
obligors domiciled in Western Europe.  The remainder of the
portfolio will be acquired during the six month ramp-up period in
compliance with the portfolio guidelines.

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

In addition to the nine classes of notes rated by Moody's, the
Issuer has issued EUR 47,400,000 of subordinated notes which are
not rated.

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

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

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

Loss and Cash Flow Analysis:

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

Moody's used these base-case modeling assumptions:

Par Amount: EUR 400,000,000
Diversity Score: 35
Weighted Average Rating Factor (WARF): 2785
Weighted Average Spread (WAS): 4.10%
Weighted Average Coupon (WAC): 5.50%
Weighted Average Recovery Rate (WARR): 39.80%
Weighted Average Life (WAL): 8 years

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3202 from 2785)

Ratings Impact in Rating Notches:
Class A-1 Senior Secured Floating Rate Notes: 0
Class A-2 Senior Secured Fixed Rate Notes: 0
Class A-3 Senior Secured Fixed/Floating Rate Notes: 0
Class B-1 Senior Secured Floating Rate Notes: -2
Class B-2 Senior Secured Fixed Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes:-2
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes:0

Percentage Change in WARF: WARF +30% (to 3620 from 2785)

Class A-1 Senior Secured Floating Rate Notes: -1
Class A-2 Senior Secured Fixed Rate Notes: -1
Class A-3 Senior Secured Fixed/Floating Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -3
Class B-2 Senior Secured Fixed Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -4
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -2
Class F Senior Secured Deferrable Floating Rate Notes: -2

Methodology Underlying the Rating Action:

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


BABSON EURO 2015-1: Fitch Rates Class F Notes 'B-sf'
----------------------------------------------------
Fitch Ratings has assigned Babson Euro CLO 2015-1 B.V.'s notes
final ratings as follows:

Class A-1: 'AAAsf'; Outlook Stable
Class A-2: 'AAAsf'; Outlook Stable
Class A-3: 'AAAsf'; Outlook Stable
Class B-1: 'AAsf'; Outlook Stable
Class B-1: 'AAsf'; Outlook Stable
Class C: 'Asf'; Outlook Stable
Class D: 'BBBsf'; Outlook Stable
Class E: 'BBsf'; Outlook Stable
Class F: 'B-sf'; Outlook Stable
Subordinated notes: not rated

Babson Euro CLO 2015-1 B.V. is a cash flow collateralized loan
obligation (CLO).

KEY RATING DRIVERS

Moderate Portfolio Credit Quality

Fitch has public ratings or credit opinions on 61 of the 64
obligors in the identified portfolio and has determined the
average credit quality to be in the 'B' to 'B-' range. The
weighted average rating factor of the identified portfolio (56.8%
of target par) is 35.2.

High Expected Recoveries

At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to 63 of the 66
obligations. The weighted average recovery rating of the
identified portfolio is 68.7.

Diversified Asset Portfolio

Unlike the majority of other CLO 2.0s, this transaction contains
a covenant that limits the top 10 obligors in the portfolio to
20% of the portfolio balance. This ensures that the asset
portfolio will remain granular which provides a significant
benefit in high stress scenarios, where increased diversification
reduces expected default rates.

Limited Interest Rate Risk

Interest rate risk is naturally hedged for most of the portfolio,
as fixed rate liabilities and assets initially represent 11% and
up to 15% of target par, respectively. As the majority of fixed-
paying liabilities are senior in the structure and the class A-3
notes switch to floating after five years, the proportion of
fixed rate liabilities will reduce after the reinvestment period.

Hedged Non-Euro Assets Exposure

The transaction is permitted to invest up to 20% of the portfolio
in non-euro assets, provided perfect asset swaps can be entered
into.

TRANSACTION SUMMARY

Net proceeds from the issuance of the notes are being used to
purchase a EUR400 million portfolio of mostly euro-denominated
leveraged loans and bonds. The transaction features a four-year
reinvestment period and the portfolio is managed by Babson
Capital Management (UK) Limited.

The transaction documents may be amended subject to rating agency
confirmation or note-holder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the then current ratings. Such
amendments may delay the repayment of the notes as long as
Fitch's analysis confirms the expected repayment of principal at
the legal final maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the expected obligor default probability would
lead to a downgrade of one to two notches for the rated notes.

A 25% reduction in expected recovery rates would lead to a
downgrade of one 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

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 asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


HOLLAND MORTGAGE XII: Fitch Affirms BB Rating on Cl. D Securities
-----------------------------------------------------------------
Fitch Ratings has affirmed 10 tranches of two Hermes
transactions.

The mortgages in the two transactions were originated and are
serviced by SNS Bank N.V. (SNS, BBB/Stable/F3) and its
subsidiaries Regio Bank and BLG. The portfolio in Hermes XVIII
comprises 70.2% of loans benefiting from the national mortgage
guarantee scheme (Nationale Hypotheek Garantie or NHG).

KEY RATING DRIVERS

Diverging Asset Performance

The performance of the loans in Hermes XII has improved over the
last one year with loans in arrears by three months or more
decreasing to 1.2% of the current portfolio balance from 2%.
Nevertheless, late-stage arrears are among the highest across the
Dutch prime RMBS transactions rated by Fitch. The majority of
outstanding arrears cases are reported to have six or more unpaid
installments.

In contrast, Hermes XVIII continues to report a limited volume of
loans in arrears by three months or more. As of end-June 2015
late-stage arrears were at 0.2% of the current portfolio balance,
below the Dutch NHG index of 0.5%. The improved performance of
the transaction is reflected in today's affirmation and can be
attributed to the tightened lending standards of SNS since 2008.

At transaction close in 2006 (Hermes XII) and 2013 (XVIII), Fitch
applied a lender adjustment to both transactions to address the
limited historical performance data available. These lender
adjustments were also used in today's performance review. Because
the underlying loans in Hermes XII have outperformed Fitch's
expectations, the lender adjustment was offset by a performance
adjustment factor, which in turn reduced the base foreclosure
frequency (FF) of this deal. Fitch does not give credit to
outperformance of expectations reported by the issuer for the
first three years of a transaction's life; therefore the
performance adjustment factor had no effect in the analysis of
Hermes XVIII.

NHG-Guaranteed Loans

Fitch did not apply a reduction in its base FF for the NHG
portion in the portfolios, as SNS was unable to provide data that
would support such an adjustment.

Fitch did not receive any up-to-date WEW compliance data for SNS.
Thus, the historically determined compliance ratio of 80% was
applied to the rating scenarios above SNS's rating of 'BBBsf',
which is lower than the market average (85%) observed by Fitch.

In its analysis of both deals, Fitch gave credit to the
repurchase commitment from SNS to buy back non-compliant loans in
the portfolio by applying a 100% compliance ratio in the rating
scenarios below and including 'BBBsf'.

Geographical Concentration

Almost 18% of the loans in Hermes XVIII are secured by properties
located in the province of Limburg. The province accounts for
6.9% of the total Dutch population and its economy is assumed to
be less diversified and more prone to regional downturns. As per
Fitch's criteria the agency has increased by 15% its base FF to
account for portfolio concentration that exceeds twice the
regional population. This increase in the base FF has had no
effect on the ratings of the notes.

Insurance Set-Off

The mortgages backed by capital insurance policies are exposed to
the risk that, upon insolvency of the policy providers, borrowers
may seek to set-off against their mortgages the claim over the
insurance provider resulting from a loss of premium or damages.
Further to this, borrowers could seek to exercise defenses
following the insolvency of their insurance provider and request
cancellation of parts of the loans corresponding to the lost
capital. Fitch incorporated in its analysis the risk the
borrowers might exercise such defenses following the failure of
insurance providers. The agency estimated the set-off exposure
and accounted for the exposure in the EMEA RMBS Surveillance
Model.

IO Concentration

Fitch has analyzed the concentration of interest-only (IO) loan
maturities to assess the effect of a period of limited lending
availability coinciding with a significant proportion of expected
bullet repayments. In both transactions, the IO loans maturing
within three years account for more than 20% of the portfolio
balance. To account for this risk a sensitivity analysis was
conducted, by increasing the FF on the concentrated portion of
loans to 50%. The ratings implied by the sensitivity analysis
were not considered substantially different, thus no adjustment
to the ratings was made.

Partial Swap

The interest rate swap in place in Hermes XVIII only covers the
A1 and A2 floating rate notes. There is no hedging agreement in
place with respect to the fixed rate of interest payable on the
class A3 notes. Fitch has tested the structure for possible
mortgage interest rate type migrations as well as reductions in
the mortgage interest margins. The analysis showed that the
structure is sufficiently resistant to absorb the stresses.

RATING SENSITIVITIES

Deterioration in asset performance may result from economic
factors. A corresponding increase in new foreclosures and the
associated pressure on excess spread, reserve fund and the
liquidity facility beyond Fitch's assumptions could lead to
negative rating action.

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
pools and the transactions. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

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

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

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

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

Models

The models below were used in the analysis.

ResiEMEA

EMEA RMBS Surveillance Model

Fitch has taken the following ratings:

Holland Mortgage Backed Series (Hermes) XII B.V.
Class A (XS0271028838) affirmed at 'AAAsf'; Outlook Stable
Class B (XS0271029059) affirmed at 'AAsf'; Outlook Stable
Class C (XS0271029133) affirmed at 'BBB+sf'; Outlook Stable
Class D (XS0271029489) affirmed at 'BBsf'; Outlook Stable

Holland Mortgage Backed Series (Hermes) XVIII B.V.
Class A1 (XS0826174269) affirmed at 'AAAsf'; Outlook Stable
Class A2 (XS0826174772) affirmed at 'AAAsf'; Outlook Stable
Class A3 (XS0826176637) affirmed at 'AAAsf'; Outlook Stable
Class B (XS0826177361) affirmed at 'AAsf'; Outlook Stable
Class C (XS0826177528) affirmed at 'BBB+sf'; Outlook Stable
Class D (XS0826177791) affirmed at 'BBBsf'; Outlook Stable


ROYAL IMTECH: Imtech Industrial Services Unit Enters Bankruptcy
---------------------------------------------------------------
The suspension of payments for Imtech Industrial Services B.V.
was terminated on Sept. 8, after a week and a half, and converted
into bankruptcy.  A majority of the approximately 900 employees
can now start work with various buyers of Imtech Industrial
Services assets and operations.

The trustees reached agreement with Kentech on the acquisition of
the operational activities at the Shell Pernis and Shell Moerdijk
locations.  This safeguards the jobs of around 180 employees.
The Irish family-owned company Kentech has activities around the
world and also carries out the maintenance and turnaround
activities at various foreign Shell locations.  The move also
means that some 165 freelancers from the flexible part of the
Imtech Industrial Services workforce can continue to work at the
Shell locations.

The trustees reached agreement with Verwater and its shareholder
Infestos on the acquisition of the Imtech Industrial Services
operations at the Amsterdam and Coevorden locations.  This
safeguards the jobs of some 230 employees.  Verwater operates as
a contractor in the construction and maintenance of petrochemical
storage tanks.

The trustees reached agreement with Convoi on the acquisition of
the Imtech Industrial Services operations at the Kerkrade and
Roermond locations.  This safeguards the jobs of around 80
employees.  Convoi is globally active in the field of industrial
installation, industrial relocation and project relocation.
The trustees reached agreement with Cegelec on the acquisition of
the Imtech Industrial Services operations at the Goes location
and at Kuwait Petroleum.  This safeguards the jobs of some 80
employees.  Cegelec specializes in building-related techniques
under the name VINCI Facilities.

The trustees are still in talks on the transfer of the operations
at the Amersfoort, Leeuwarden and Drachten locations.

Trustee Jeroen Princen said: "It is very gratifying to see how
highly the market values the technical qualities of the Imtech
employees.  We have talked with many interested parties and are
pleased that we have been able to safeguard so many people's jobs
with these transactions."

Imtech Ireland

The trustees of Imtech Group UK B.V. have sold and delivered the
shares in Imtech Suir Engineering Ltd. (Imtech Ireland) to the
English private equity fund Endless LLP. Imtech has some 625
employees in Ireland.

Imtech UK

Endless LLP has acquired the shares in the England-based Imtech
companies via a prepack.  Imtech Water Waste & Energy Ltd has
been declared bankrupt due to major losses.  This resulted in the
loss of 40 jobs.

The transaction with Endless LLP has safeguarded a total of some
2,600 jobs at Imtech UK and Ireland.

Furthermore, ongoing negotiations on the sale of the shares in
Imtech Spain, Imtech Luxembourg and Imtech Poland are already at
an advanced stage.

                      About Royal Imtech

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.


* NETHERLANDS: Number of Bankruptcies Down by 113 in August 2015
----------------------------------------------------------------
Statistics Netherlands reports that the number of bankruptcies,
adjusted for the number of court session days, declined by 113 in
August 2015 from July.

The number of bankruptcies is at its lowest level since October
2008, Statistics Netherlands notes.  The downward trend in the
number of bankruptcies continues, Statistics Netherlands states.

In August this year, 308 businesses and institutions (excluding
sole proprietors) were declared bankrupt, Statistics Netherlands
discloses.  This brings the total over the first 8 months of this
year to 3,643, i.e. down more than 20% on the same period in
2014, Statistics Netherlands says.

Bankruptcy rates declined in almost every sector, according to
Statistics Netherlands.  The trade sector had the highest rate
with a total of 76, almost 28% down from July, Statistics
Netherlands relays.  There were 46 financial institutions that
went bankrupt, Statistics Netherlands discloses.  These two
sectors (trade and financial services) also include the largest
number of businesses, Statistics Netherlands says.
Proportionally, the hotel and restaurant sector recorded the
highest number of bankruptcies (18), according to Statistics
Netherlands.



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


PELICAN MORTGAGES 2: S&P Affirms 'BB' Rating on Class C Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Pelican Mortgages No. 2 PLC's class A, B, and C 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 affirmations follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received in
June 2015.  S&P's analysis reflects the application of its RMBS
criteria.

This transaction features a nonamortizing reserve fund, which
currently represents 4.56% of the outstanding balance of the
notes.  The notes are currently amortizing sequentially.  This
transaction features a provisioning mechanism for loans
approaching default.  This mechanism traps an increasing amount
of cash within the transaction as loans move through delinquency
toward default.

Total delinquencies at 1.00% are on average higher for this
transaction than S&P's Portuguese RMBS index.  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 a decrease 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                11.85        26.04
AA                  8.81        21.76
A                   7.21        14.50
BBB                 5.24        11.14
BB                  3.33         9.02
B                   2.79         7.25

The decrease in the WAFF is mainly due to the credit given to
well-seasoned pools.  The transaction has a weighted-average
seasoning of 179 months, and 99.5% of the loans are more than 10
years seasoned, which means that almost all of the loans will
have a 0.5x adjustment.  At the same time, the original loan-to-
value (OLTV) ratio offsets the positive effect of seasoning, with
58.52% of the outstanding pool balance having an OLTV ratio of
above 70%. This means that, in line with S&P's RMBS criteria,
most of the pool is penalized, as the weighted-average OLTV ratio
is above the 73% threshold.

The increase in the WALS is mainly due to the application of
S&P's revised market value decline assumptions and the indexing
of its valuations under its RMBS criteria.  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 all of the
classes of 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 44 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 application of our current counterparty criteria caps the
maximum potential rating on the class A and B notes at 'BBB+
(sf)'.  However, the class A and B notes can support the stresses
that we apply at a 'AAA' rating level without the support of the
swap and liquidity facility agreements.  We consider that the
class A notes meet all six conditions in paragraph 44 of the RAS
criteria and that available credit enhancement for this class of
notes is sufficient to pass an extreme stress.  Consequently, we
can assign a rating on the class A notes up to a maximum of six
notches above the sovereign rating.  We have therefore affirmed
our 'A (sf)' rating on the class A notes," S&P said.

Because they are not the most senior tranche outstanding, the
class B notes does not meet all six conditions in paragraph 44 of
the RAS criteria.  Consequently, the maximum rating that the
class B notes can achieve is 'BBB+ (sf)', a four-notch uplift
above the rating on the sovereign.  S&P has therefore affirmed
its 'BBB+ (sf)' rating on the class B notes.

Although the available credit enhancement for the class C notes
is sufficient to support the stresses that S&P applies at a 'BBB'
rating level with the support of the swap and liquidity facility
agreements, the class C notes cannot support any additional
stresses under S&P's RAS criteria.  S&P has therefore affirmed
its 'BB (sf)' rating on the class C notes, in line with its
rating on the sovereign.

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- and three-year
horizons.  This did not result in S&P's rating deteriorating
below the maximum projected deterioration that it 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 its 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.

Pelican Mortgages No. 2 is a Portuguese RMBS transaction, which
closed in September 2003.  Pelican Mortgages No. 2 securitizes a
pool of first-ranking mortgage loans.  Caixa Economica Montepio
Geral originated the pool, which comprises loans backed by
properties located in Portugal.

RATINGS LIST

Class       Rating

Pelican Mortgages No. 2 PLC
EUR700 Million Mortgage-Backed Floating-Rate Notes

Ratings Affirmed

A           A (sf)
B           BBB+ (sf)
C           BB (sf)



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


ROMANIA: More Large Companies File For Insolvency in 1st Half Yr.
-----------------------------------------------------------------
Romania Insider reports that a growing number of local companies
with turnovers over EUR1 million have been filing for insolvency,
although the total number of insolvency cases has been
decreasing. The average incidence of insolvency is four times
higher in Romania than in the region, the report discloses citing
agency KeysFin.

Over 4,700 companies entered insolvency in the first six months
of the year, down 55.98% compared to 2014, according to Romania's
Trade Registry. The highest number of insolvencies was recorded
in Bucharest, amounting to almost 1,100. The number, however,
went down by 50.7% in this period compared to the first six
months of 2014.

"Statistics seem promising at first glance, but they are hiding
an alarming phenomenon," Mediafax reported citing agency KeysFin,
Romania Insider relays.

Insolvencies among companies with turnovers below EUR 100,000
went down, but insolvencies among companies with turnovers over
EUR 1 million increased by 13% year-on-year, and these have a
higher impact in the economy, Romania Insider discloses.

A higher number of SMEs went into insolvency between 2010 and
2014 because of cash-flow problems while larger companies have
managed to agree with banks on loan restructuring, the report
adds. Starting last year, however, local banks have been
eliminating non-performing loans from their portfolios, which
affected larger companies that have had problems in paying back
their loans, Romania Insider reports.


ROMANIA: Corp. Insolvencies Drop by 56.8% in 1st 7Mos. of 2015
--------------------------------------------------------------
ACTMedia reports that the number of companies that became
insolvent has dropped by 56.82% to 6,530 in the first seven
months of 2015, as compared to the similar period of 2014,
according to data released by the National Trade Register Office
(ONRC), published on August 31.

Versus June's level, the number of companies that entered
insolvency in July increased by 13.8%, ACTMedia discloses.

According to ACTMedia, the highest number of insolvent companies
-- 1,215 -- was recorded in Bucharest, on a downtrend by 49.81%
year-on-year.  Next comes Bihor County with 331 companies
(-67.83pct), followed by Timis County with 323 (-44.21pct), the
report relays.

From January to July 2015, some 71,966 companies and sole traders
were registered, up by 13.63% year-on-year, ACTMedia discloses.

The report adds that Bucharest saw most of these registrations,
namely 11,703, followed by the Cluj, 3,690, and Timis, 2,968.



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


MECHEL OJSC: Reaches Debt Restructuring Deal with VTB Group
-----------------------------------------------------------
Yuliya Fedorinova and Andrey Lemeshko at Bloomberg News report
that Mechel OJSC reached agreements to restructure almost half of
its debt after signing an accord on a RUR70-billion (US$1
billion) loan from VTB Group.

Mechel said in a statement on Sept. 9 that VTB will extend the
company's debt until April 2020, with a grace period on the body
of the debt to April 2017, Bloomberg relates.

"This restructuring will enable the company to service its debt
even in these times that are difficult for the global commodity
market," Bloomberg quotes Mechel Chairman Igor Zyuzin as saying
in the statement.  Mr. Zyuzin, as cited by Bloomberg, said the
mining and steel company plans to continue developing its Far
East projects.

Mechel has been trying to alter the terms of its debt since 2014,
after coking coal prices dropped, Bloomberg relays.  In total,
the deals it has reached will affect about half of the company's
borrowing, according to data compiled by Bloomberg.

The only Russian major lender that hasn't agreed to restructure
Mechel's liabilities is Sberbank OJSC, to which it owed about
$1.36 billion as of April, Bloomberg notes.

"The coming weeks will show if the company will use its chance to
restructure or if the situation has hit a dead end and bankruptcy
is the only solution," Sberbank, as cited by Bloomberg, said last
week.  Mechel stopped paying interest on its debt in September
2014, Bloomberg sates.

Mechel is a Russian steel and coal producer.


POMOSCH INSURANCE: S&P Affirms Then Withdraws 'B-' Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
insurer financial strength and counterparty credit ratings and
'ruBBB' Russia national scale rating on Russia-based insurer
Pomosch Insurance Company Ltd.  S&P subsequently withdrew the
ratings at the issuer's request.  The outlook was stable at the
time of withdrawal.



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


CAIXA PENEDES 1: Fitch Affirms CCCsf Rating on Class C Notes
------------------------------------------------------------
Fitch Rating has upgraded Caixa Penedes PYMES 1 TDA, FTA's class
A notes and affirmed the class B and C notes, as follows:

  Class A notes (ISIN ES0357326000): upgraded to 'AA+sf' from
  'AAsf'; Outlook Stable

  Class B notes (ISIN ES0357326018): affirmed at 'BBsf', Outlook
  revised to Stable from Negative

  Class C notes (ISIN ES0357326026): affirmed at 'CCCsf', RE25%

The transaction is a granular cash flow securitization of a pool
of secured and unsecured loans granted to Spanish small- and
medium-sized enterprises by Caixa Penedes (now part of Banco Mare
Nostrum) and is now serviced by Banco de Sabadell. The ratings
are capped at 'AA+sf', which is the rating cap for Spanish
structured finance transactions.

KEY RATING DRIVERS

The upgrade of the class A notes to the rating cap reflects the
improved recovery prospects on defaulted assets and the increase
in credit enhancement following the substantial amortization of
the senior notes. At last review Fitch considered the uncertainty
surrounding the timing of recovery proceeds a limiting factor
with the recovery lag assumption revised to 10 years from five
years. Recoveries have since improved, with EUR1.7 million
received over the past six months compared with EUR0.7 million in
the previous two years. During this year, the class A notes have
been paid down by EUR44 million and are currently 5.75%
outstanding with credit enhancement of 64% compared with 47% at
last review.

There have been EUR5.2 million of defaults during the past year
with long-dated delinquencies surpassing the 18-month default
definition but short-term delinquencies have shown significant
improvement. The structure has interest deferral triggers for the
class B and C notes. Interest will be deferred if cumulative
defaults exceed 9.4% and 7% of their original collateral balance,
respectively. Cumulative defaults are currently 6.45% of the
initial portfolio balance and so the transaction is close to
breaching the class C interest deferral trigger.

The class B notes have benefited from the amortization of the
senior notes with credit enhancement rising to 22% from 17% at
last review. With a better outlook on the timing of recovery
proceeds and an improving cure rate the class B notes have been
affirmed and their Outlook revised to Stable.

The class C notes remain vulnerable to default and following
additional drawdown of the reserve fund credit enhancement has
fallen to 3.5% from 4.1%. The notes are sensitive to further
defaults but could benefit if recoveries continue to improve.

Payment Interruption Risk

Despite the drawdown on the reserve fund it remains adequate to
cover for more than six months of senior interest plus swap
payment and so payment interruption risk is mitigated.

RATING SENSITIVITIES

Fitch has incorporated a recovery stress test in its analysis to
determine the ratings' sensitivity to the lower recovery
prospects assuming no recoveries from unsecured loans. Given the
small proportion of unsecured loans the impact is marginal and we
do not view it as material to the ratings of the 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.

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

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



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


CAPITAL BORDEAUX: High Court Bans Director for 11 Years
-------------------------------------------------------
The director of a firm claiming to offer investments in fine
wines has been disqualified as a director for 11 years, following
an investigation by the Insolvency Service which found the firm
had taken close to GBP60,000 from members of the public.

London-based Capital Bordeaux Investments Limited targeted
victims of previous wine investment scams and misled them into
believing it could assist them in recovering their losses. The
firm was shut down by the court last year in the public interest.
Scott Andrews, the company's sole director, has now been
disqualified as a director for a period of 11 years for using
false and misleading advertising material in order to induce
members of the public into paying for wine, which the company
then failed to provide.

At least 10 members of the public paid the company a total of
GBP59,750 for the acquisition of fine wine as an investment
product. Each of those customers was advised by the company that
their wine would be held within a government regulated bonded
warehouse. In fact, the company deposited no wine into the
accounts of its investors and the bank statements for the company
indicated that it never even purchased the wine.

Commenting on this case Paul Titherington, Official Receiver in
the Public Interest Unit, said: "It was Mr Andrews and his
salesmen who benefited from this company rather than its honest
investors. He misled members of the public and took their money
without providing them with the goods they'd been promised.
Anyone showing such blatant disregard for commercial morality
should expect to be banned from running any limited company for a
lengthy period time.

"The Official Receiver's investigation found that the company
failed to provide any goods or services for which it was paid.
The marketing materials for the company stated it had been
trading since 1995, although Andrews was only six years old in
1995, and the company was in fact not incorporated until April
2012.

"In addition, Andrews failed to maintain, preserve or deliver up
the accounting records for Capital Bordeaux Investments Limited,
preventing the Official Receiver from establishing whether the
company had additional investors or hidden assets.

The disqualification regime exists to protect the public. Scott
Elliott Andrews' disqualification from August 19, 2015 means that
he cannot promote, manage, or be a director of a limited company
until August 19, 2026.

This disqualification follows an investigation by the Official
Receiver at Public Interest Unit, a specialist team of the
Insolvency Service, whose involvement commenced with the winding
up of the company in the public interest following an
investigation by Company Investigations into the affairs of the
company.


LOTUS: High Court Adjourns HMRC's Tax Case Until September 18
-------------------------------------------------------------
Daniel Johnson at The Telegraph reports that Lotus survived an
attempt by the taxman to force the cash-strapped team into
administration on Sept. 7, but they will be back in the High
Court again on the eve of the next race in Singapore.

A High Court hearing was held in London on Sept. 6, The Telegraph
recounts.

Her Majesty's Revenue and Customs had applied before Mr. Justice
Birss to have Lotus put into administration, but the case was
adjourned until Sept. 18, the date of practice for the Singapore
Grand Prix, The Telegraph relates.

It appears Lotus was saved for now by representatives of Renault
at the hearing, The Telegraph notes.  The French manufacturer is
in talks to buy the ailing team -- they are believed to have
offered GBP60 million for a 65% stake -- but is yet to conclude a
deal, The Telegraph relays.

According to The Telegraph, the delay over the sale is understood
to be because Bernie Ecclestone is unwilling to award Renault
historic status and the additional prize money payments that come
with it.  Team executives and various creditors were also in
court for the winding up order, The Telegraph discloses.

Lotus is an Enstone-based Formula One team.


OVAL VEHICLE: Sole Director Banned For 6 Years
----------------------------------------------
Phillip Atsu Tsegah, the sole registered director of Oval Vehicle
Valeting Company Limited, has been disqualified from acting as a
company director for six years for causing the company to employ
two workers who did not have the right to work in the UK.

The disqualification follows collaboration between the Insolvency
Service and Home Office Immigration Enforcement (formerly UK
Border Agency).

Having visited Oval Vehicle Valeting Company Limited, operating
out of premises in Blackwater Way, Aldershot in December 2013, UK
Border Agency officials found Phillip Atsu Tsegah 59, had
employed two illegal workers, in breach of immigration laws and
the company was served with a penalty of GBP10,000.

Despite having sufficient company funds available in its bank
account after the penalty had been imposed, the company failed to
pay and went into liquidation in March 2014.

Mr. Tsegah, gave a disqualification undertaking to the Secretary
of State for Business, Innovation and Skills that he will not act
as a director of a limited company for six years from August 31,
2015.

Commenting on the disqualification, Mark Bruce, a Chief
Investigator with the Insolvency Service said:

The Insolvency Service rigorously pursues directors who fail to
pay fines imposed by the government for breaking employment and
immigration laws. We have worked closely in this case with our
colleagues at the Home Office to achieve this disqualification.

The director sought an unfair advantage over his competitors by
employing individuals who did not have the right to work in the
UK in breach of his duty as a director.

The public has a right to expect that those who break the law
will face the consequences. Running a limited company, means you
have statutory protections as well as obligations. If you fail to
comply with your obligations then the Insolvency Service will
investigate you.

The ban means Mr. Tsegah may not be a director of a company or be
involved in the management of a company in any way for the
duration of his disqualification without leave of the court.

Oval Vehicle Valeting Company Limited was formed in September
2007. The company went into liquidation in March 2014 with a
deficiency of more than GBP28,000 including GBP10,000 which was
owed to The UK Border Agency in respect of the penalty imposed
for employing illegal workers.


REEF SUBSEA: Acquisition Offer Falls Through at Last Minute
-----------------------------------------------------------
Tom Keighley at ChronicleLive reports that new documents show an
offer for the beleaguered Reef Subsea UK fell through at the last
minute.

The company was placed into administration on March 3 following
the collapse of its Norwegian parent, Reef Subsea AS,
ChronicleLive recounts.

Administrators marketed the company to around 75 potential
buyers, of which 24 parties signed a non-disclosure agreement,
ChronicleLive relays.

An unnamed UK private equity fund submitted a partial offer which
included purchasing shares in Reef Subsea UK from the parent, and
then placing the company into administration before exiting via a
Company Voluntary Arrangement (CVA), ChronicleLive discloses.

But during the due diligence process a number of issues were
uncovered which put an end to the deal and administrators Daniel
Butters and Adrian Berry decided to launch an administration,
ChronicleLive notes.

Reef's Norwegian operation had suffered a downturn in work caused
by falling oil prices, which had also hampered turnaround
efforts, ChronicleLive relays.

At Deloitte's administration the Thornaby operation owned fixed
assets of around GBP6.3 million in book value, including subsea
ploughs and other equipment as well as IT systems, ChronicleLive
notes.

Former employees of Reef Subsea UK were expected to file
preferential claims of around GBP33,000 for unpaid wages,
salaries, holiday pay and pension contributions, ChronicleLive
discloses.

According to ChronicleLive, unsecured creditors claims were
expected to be around GBP38.4 million -- including GBP26.5
million of intercompany debts and GBP11.9 million of third party
claims.

The administrators expected to be able to make a distribution to
the unsecured creditors although it is unclear how much this will
be, ChronicleLive states.

In a document published following a meeting of the creditors, the
joint administrators, as cited by ChronicleLive, said: "As noted,
on March 11, 2015, the final interested party withdrew their
interest in acquiring the shares of the company and completing a
CVA.

"As the CVA was unable to complete, and with no other parties
interested in purchasing the business and assets of the company,
the joint administrators undertook an assessment of the company's
financial affairs and their ability to continue to trade the
company's business within administration.

"It was concluded the joint administrators' realisation strategy
would be to wind down the company's business in an orderly
fashion by completing a consensual handover of the one remaining
contract while realising the company's subsea marine and other
assets."

Reef Subsea UK is a Thornaby-based offshore engineering firm.


REPOSSESSION MANAGEMENT: High Court Enter Liquidation Order
-----------------------------------------------------------
Repossession Management Bureau Limited, RMB Assets Limited and OM
Payments Limited, all based in Birmingham, which offered
repossession and eviction advice services to the public have been
wound up in the High Court for excessive fees and misleading
claims, which targeted vulnerable clients.

The winding up follows an investigation by the Insolvency
Service.

The investigation found that the companies, which traded under
the style 'Repossession Management Bureau', had targeted and
taken advantage of vulnerable members of the public desperate for
a resolution of their housing concerns.

In particular, the companies made misleading and unfounded
statements to clients and there was a lack of transparency
regarding the excessive fees charged by the companies.

The companies generated the majority of their income by obtaining
secured charges on clients' properties. Clients were told the
charge was to 'protect the client's equity' should the property
be repossessed by the mortgagee. In reality, the charge secured
the excessive fees levied by the companies, who benefited when
properties were repossessed and sold by third party mortgagees in
possession.

Prior to the presentation of the petitions, the companies
together held charges worth over GBP3 million.

It was also found that there was a lack of transparency regarding
those involved in the companies' management and operations. For
the majority of the companies' trading the sole director of each
company was Daljit Kaur Dhillon, who used the alias of 'Kareena
Kapoor' when dealing with clients. Also involved in the
operations of the Companies were Gurpreet Singh Chadda (who used
the alias 'Raaj Singh') and John Paul Dowdeswell (who used the
alias 'Paul Dowd').

In addition, it was found that Repossession Management Bureau
Limited maintained inadequate accounting records and failed to
properly account for VAT.

Commenting on the case, Alex Deane, an Investigation Supervisor
with the Insolvency Service, said: "These companies and the
individuals behind them preyed on people in desperate financial
straits. The Insolvency Service will continue to put a stop to
companies which operate in this reprehensible manner."

The petitions to wind-up all three companies were presented under
s124A of the Insolvency Act 1986 on June 11, 2015. The companies
were wound-up on Sept. 1, 2015.


ROSEMARY CONLEY: Still Owes GBP850,000 to Creditors
---------------------------------------------------
Daniel Johnson at The Telegraph reports that Rosemary Conley has
been slated over money still owed to people after part of her
business empire went into administration.

The fitness guru and former Dancing on Ice star had pledged that
the GBP850,000 total would be paid to the 121 creditors, The
Telegraph relates.

However, after 18 months, it has emerged that most people are
still waiting for their cash, The Telegraph disclose.

According to The Telegraph, two firms Ms. Conley was involved
with -- Rosemary Conley Food & Fitness, and Quorn House
Publishing -- went into administration.


                            *********

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 * * *