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        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, September 18, 2015, Vol. 16, No. 185

                            Headlines

B O S N I A

SECERANA: Tax Office Wants Court to Launch Bankruptcy Proceedings


B U L G A R I A

BULGARIAN ENERGY: Fitch Lowers IDR to 'BB-', Outlook Negative


E S T O N I A

ESTONIAN AIR: Government Awaits Decision on State Aid


F R A N C E

FINANCIERE IKKS: Fitch Lowers IDR to 'B-', Outlook Stable


H U N G A R Y

SYNERGON INTEGRATOR: Files Bankruptcy Petition in Budapest Court


I R E L A N D

* Moody's: Increase Restructurings Credit Pos. for Irish RMBS
* Moody's: Irish RMBS Performance Continues to Improve in July
* S&P Withdraws Ratings on European Synthetic CDO's 3 Series


I T A L Y

INTESA SANPAOLO: Fitch Assigns 'BB-' Rating to USD1BB Securities


L U X E M B O U R G

GLOBAL BLUE: Moody's Raises Corp. Family Rating to Ba3


M O L D O V A

MOLDOVA: Moody's Says Credit Strength Held Back by Banking Crisis


N E T H E R L A N D S

ALG INTERMEDIATE: S&P Affirms 'B' CCR, Outlook Stable
JUBILEE CDO V: Moody's Hikes Rating on 2 Tranches to Ba2
NEPTUNO CLO II: Moody's Affirms Caa2 Rating on Cl. E Notes
NIELSEN HOLDINGS: S&P Assigns 'BB+' CCR, Outlook Stable


N O R W A Y

BERGEN GROUP: Files Bankruptcy Petition on Lack of New Orders


S P A I N

GRUPO RAYET: Creditors Approves Settlement Plan
SANTANDER HIPOTECARIO 8: Moody's Lowers Cl. B Notes Rating to B3


U K R A I N E

UKRAINE: Parliament Approves US$18-Bil. Debt Restructuring Deal
UKRAINIAN PROFESSIONAL: Milkiland Deposits Maybe Unrecoverable


U N I T E D   K I N G D O M

CEONA CHARTERING: GC Rieber Seeks to Recover Claims
TP FINANCING: Moody's Confirms B2 Corp. Family Rating
* UK: South West & Wales Have 2nd Highest Rate of Business Rescue


X X X X X X X X

* Moody's: Plummeting Oil Prices Squeeze Oil & Gas Cos. Earnings
* BOOK REVIEW: The Story of The Bank of America


                            *********


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B O S N I A
===========


SECERANA: Tax Office Wants Court to Launch Bankruptcy Proceedings
----------------------------------------------------------------
SeeNews reports that the tax administration office of Bosnia's
Serb Republic has asked the district commercial court in
Bijeljina to launch bankruptcy proceedings against Secerana.

According to SeeNews, news daily Nezavisne reported on Sept. 16
the tax administration claims that Secerana has been insolvent
for some time and has a current debt of BAM2.7 million (US$1.4
million/EUR1.6 million).

Nezavisne reported that earlier this week, at an extraordinary
session of the company's shareholders, a new supervisory
committee was appointed, but the chairman refused to take up his
position, claiming that the government wants to bankrupt the
sugar mill rather than revive production, SeeNews relates.

The factory's management earlier recommended, in an operational
plan for 2015-2016, that the government grant Secerana BAM80
million to resolve debt issues, rehabilitate facilities and begin
production, but the plan was returned to the management for
modification during the shareholders meeting, SeeNews relays.

According to SeeNews, a representative of the state in the
company told Nezavisne that if it were to invest the money, the
government must be sure that the factory can be self-sufficient
in the coming period.

Secerana is a Bijeljina-based sugar mill.



===============
B U L G A R I A
===============


BULGARIAN ENERGY: Fitch Lowers IDR to 'BB-', Outlook Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Bulgarian Energy Holding EAD's (BEH)
Long-term foreign and local currency Issuer Default Ratings (IDR)
and its foreign currency senior unsecured rating to 'BB-' from
'BB'.  The ratings have been removed from Rating Watch Negative
(RWN), where they were placed on March 18, 2015.  The Outlook is
Negative.

The rating downgrade reflects Fitch's expectations that BEH
group's credit ratios will be weak in 2015-2016, largely due to
accumulated power tariff deficit at BEH's subsidiary Natsionalna
Elektricheska Kompania EAD (NEK).  The rating downgrade is
limited to one notch as Fitch expects funds from operations (FFO)
in 2015-2016 to improve from low 2014 levels on the back of a
smaller tariff deficit at NEK.  This is due to various
legislative and regulatory changes in 2015 and renegotiation of
NEK's long-term power purchase agreements (PPAs) with two thermal
power plants, AES-3C Maritsa East 1 EOOD and Contour Global
Maritsa East 3 AD.

The Negative Outlook incorporates Fitch's projected FFO adjusted
net leverage above the 5x guideline for the current ratings by
2016 before decreasing to below 5x in 2017.  The Outlook also
reflects the BEH group's weak liquidity position in light of
large overdue trade payables at NEK and also the possible removal
of the single-notch uplift for BEH for state support in the next
one to two years if most of its new debt is raised without state
guarantees.

The ratings are notched up one level from BEH's standalone
rating, reflecting the BEH group's strong links with the
Bulgarian state (BBB-/Stable), including guarantees for part of
the BEH group's debt.  Fitch expects that the state will support
BEH in case of liquidity shortfall.

KEY RATING DRIVERS

Weak Financial Position of NEK

NEK, which acts as a public supplier of electricity in Bulgaria,
reported heavy losses on its core activity in 2014, due to an
unfavorable regulatory and market environment.  Inability to
fully recover the costs of purchased electricity from various
generation sources, including renewable energy sources,
cogeneration plants and thermal power plants with PPAs, given the
insufficient level of NEK's regulated sale prices, resulted in an
EBITDA loss of BGN0.5 billion at NEK in 2014 compared with an
EBITDA loss of BGN46 million in 2013.  This in turn had a
material negative impact on BEH's consolidated cash flows and
credit metrics.

The widened tariff deficit of NEK has created liquidity issues
for the company and an increase of overdue trade payables to its
suppliers.  BEH continues to support NEK through inter-company
loans of BGN1.2 billion.  Large overdue trade payables by NEK has
created late payment problems for the whole energy sector in
Bulgaria, including some counterparties of the BEH group.

Favorable Regulatory and Legislative Changes

Several legislative and regulatory changes aimed at narrowing
NEK's tariff deficit were put in force in 2015.  These include
the creation of a Security of the Electricity System Fund (SESF),
which will collect revenues for the co-funding of NEK's deficit
from a new 5% charge on sales of electricity producers and
proceeds from the sale of CO2 allowances by the state.  In
addition, an obligation-to-society fee paid to NEK by customers
on the free market was increased for the regulatory period from
August 2015 to June 2016, though the positive impact of this
change was partially reduced by a cut of NEK's sale price on the
regulated market.  In addition, NEK's obligations to purchase
electricity from renewable energy sources and highly efficient
cogeneration sources at above-market preferential prices were
reduced.

Despite recent positive developments addressing NEK's tariff
deficit the company is yet to establish a track record of
improved cash flows while the Bulgarian operating environment
remains subject to high regulatory and political risk.

Renegotiation of NEK's PPAs

In April 2015, NEK agreed renegotiation of two long-terms PPAs
with two thermal power plants, CountourGlobal Maritsa East 3 and
AES 3C Maritsa East 1 EOOD.  NEK agreed to lower the capacity
tariffs it pays to both power plants by about 15% and at the same
time agreed to repay its outstanding trade payables to both
plants.  The reduction of the capacity tariffs will become
effective once NEK repays its overdue liabilities to these two
plants in the next few months.

BEH announced on Sept. 3, 2015, that it plans to raise a bank
loan or issue bonds for up to EUR650 million (BGN1.3 billion)
with part of the proceeds to be used to repay overdue trade
payables to the plants.  NEK owed these plants about BGN900
million (EUR450 million) at end-June 2015.

Positively, the renegotiation of the PPAs will lead to cost
savings from capacity price reduction of about BGN100 million per
year or BGN1 billion till the end of the PPA term, but the
liquidity position may remain tight.

According to our calculations the legislative and regulatory
changes and the PPAs renegotiation will shrink NEK's deficit by
close to BGN0.2 billion in 2015 (as changes are being implemented
during the year) and near BGN0.5 billion in 2016 (full-year
impact). As a result, NEK's EBITDA should improve to around
break-even in 2016 from minus BGN0.5 billion in 2014.

Weak Credit Ratios

The BEH group's FFO declined almost 60% in 2014, though cash flow
from operations was temporarily boosted by working capital
inflows mainly due to increased overdue trade payables.  Lower
FFO resulted in a substantial worsening of credit metrics despite
net debt being almost 10% lower in 2014 compared with 2013.  FFO
adjusted net leverage increased to about 5x in 2014 from 3.1x in
2013.  Including NEK's overdue trade payables to electricity
producers (BGN0.7 billion at end-2014) in adjusted net debt, FFO
adjusted net leverage would have been 8x in 2014.

Fitch assumes that BEH will raise new debt of EUR650 million by
end-2015 with most of the proceeds to be used for repayment of
NEK's overdue trade payables by end-2015.  Fitch expects FFO
adjusted net leverage of 6x in 2015 and 5x in 2016 and slightly
above 4x in 2017.  Net leverage above 5x on a sustained basis is
not commensurate with the current ratings given BEH's business
profile, its weak corporate governance, the low predictability of
the Bulgarian regulatory environment and political risk within
the tariff framework.

Liquidity May Weaken

At end-June 2015, the BEH group had sufficient cash (BGN695
million) in relation to short-term debt (BGN179 million) but not
for the large overdue trade payables to electricity producers at
NEK (BGN0.9 billion).  The planned repayment of trade payables of
NEK by end-2015 is likely to lead to a working capital outflow of
about BGN1 billion (net of likely repayment of trade receivables
from some customers).  Fitch expects this, together with capex,
to lead to negative free cash flow (FCF) of BGN1.1 billion in
2015.  BEH expects to fund this with new debt of up to EUR650
million (BGN1.3 billion) to be raised in the next few months.
However, the BEH group's liquidity position may remain tight,
putting pressure on the ratings.

Most of BEH's existing debt is due in 2018 when the EUR500
million bond (BGN1 billion) issued in 2013 matures.  Fitch
expects BEH to start the bond refinancing process well ahead of
maturity.

Eurobond Covenant

A debt incurrence covenant (consolidated EBITDA to consolidated
fixed charge of no less than 4x), as defined in the EUR500
million eurobond documentation, was met at end-December 2014
(6.5x) despite weak underlying EBITDA driven by the widened
deficit at NEK.  BEH management expects the group to have met the
eurobond covenant at end-June 2015 as underlying EBITDA improved
in 1H15.

In our view, a breach of the eurobond covenant resulting in
limitation to raise debt would substantially worsen BEH group's
liquidity position and could result in a liquidity crunch.  Fitch
expects that the state would support BEH in such an event.

Senior Unsecured Debt Rating

Failure to substantially improve BEH group's EBITDA in 2015-2016
such that the ratio of prior-ranking debt (the debt of
subsidiaries which do not guarantee BEH) to consolidated Fitch-
adjusted EBITDA returns to below 2x may lead us to notch down the
rating for senior unsecured debt of the holding company (ie, the
EUR500m bonds) from the IDR.  This would be due to the structural
subordination of the holding company's creditors to the external
creditors lending directly to its operating companies.

Strong Links with the State

The IDR is notched up one level from BEH's standalone rating,
reflecting the group's strong links with the Bulgarian state.
This is mainly evidenced by state guarantees for 26% of the
group's debt (as of end-2014), down from 50% in 2012, its strong
operational ties with the state and its strategic importance due
to its dominant market position in the country's electricity and
gas market.

Fitch expects that the level of state guarantees is likely to
decline further in 2016-2017 as the state-guaranteed debt is
amortized and most of new debt is unlikely to be guaranteed in
its view.  This would signal weakening links with the government
and lead to a downgrade.

Corporate Governance Limitations

The ratings reflect BEH's corporate governance limitations,
including a qualified audit opinion for BEH group's 2009-2014
financial statements and frequent management changes.  Fitch
views the group's transparency, including on segments, and
timeliness of financial reporting as weak compared with its
European peers.

KEY ASSUMPTIONS

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

   -- Gradual improvement in NEK's EBITDA from a BGN0.5 bil. loss
      in 2014 to break-even by 2016 on the back of regulatory and
      legislative changes and renegotiation of PPAs

   -- The repayment of overdue trade payables of NEK, largely by
      raising new debt

   -- Capex of BGN3.4 billion in 2015-2019, co-funded with EU
      grants and CO2 reimbursement; capex to add to negative FCF
      in the medium term

   -- Forthcoming tangible state support in case of prolonged
      tight liquidity position

   -- No dividend pay-outs in 2015-2017

RATING SENSITIVITIES

Negative: Future developments that could lead to negative rating
action include:

   -- FFO adjusted net leverage exceeding 5x on a sustained
      basis, for instance due to failure to materially improve
      the group's EBITDA and FFO from weak 2014 levels or
      substantial payments related to the ongoing litigation
      concerning the terminated Belene nuclear project

    -- Prolonged tight liquidity position

   -- Weakening links between BEH and Bulgaria through, for
      instance, a reduction in the share of state-guaranteed debt
      to less than 10%-15% of total group debt or lack of
      additional tangible support if needed

   -- Sustained increase in prior-ranking debt above 2x EBITDA,
      which would be negative for the senior unsecured rating

Positive: The Outlook is Negative and Fitch thus does not
anticipate an upgrade, nonetheless, future developments that
could lead to a positive rating action (revision of Outlook to
Stable) include:

   -- Improved liquidity position

   -- Tangible government support, including additional state
      guarantees

   -- FFO adjusted net leverage below 5x on a sustained basis

   -- Longer track record of a shrinking tariff deficit at NEK

   -- Progress in the liberalization of the electricity market
      through a rising share of market-based pricing in the
      generation sector

   -- Stronger corporate governance



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E S T O N I A
=============


ESTONIAN AIR: Government Awaits Decision on State Aid
-----------------------------------------------------
The Associated Press reports that Estonia is ready to create a
new airline should the European Union rule that the existing
national flag carrier Estonian Air illegally received state aid,
a decision that would put it out of business.

Economics Ministry spokesman Mihkel Loide on Sept. 15 said that
EUR40.7 million (US$46 million) have already been earmarked as an
initial capital for a new, fully state-owned carrier, the AP
relates.

Under the plan, domestic and foreign investors would be allowed
at a later stage, the AP discloses.

Since 2009, Estonia has injected nearly EUR60 million of capital
into Estonian Air to keep it flying, the AP notes.

According to the AP, the EU's executive Commission is expected to
rule later this year or early 2016.

AS Estonian Air is the flag carrier airline of Estonia, and is
based in Tallinn.  It is a regional airline feeding into the
Scandinavian Airlines network via Stockholm, Oslo, Trondheim and
Copenhagen from Estonia.



===========
F R A N C E
===========


FINANCIERE IKKS: Fitch Lowers IDR to 'B-', Outlook Stable
---------------------------------------------------------
Fitch Ratings has downgraded French retailer Financiere IKKS
S.A.S.' Issuer Default Rating (IDR) to 'B-' from 'B'.  The
Outlook is Stable.

Fitch has also downgraded HoldIKKS S.A.S.' senior secured notes
to 'B' from 'B+' and IKKS Group S.A.S.'s super senior revolving
credit facility (RCF) to 'B+' from 'BB-'.

The downgrades are based on our review of the company's new
business plan, which will see the pace of store openings and
profit growth materially slow down, leading to limited growth of
funds from operations (FFO).  Additionally, a competitive trading
environment in the French clothing retail industry is leading to
pricing pressure, albeit less pronounced in the key premium
segment.  Consequently, Fitch expects IKK's currently elevated
leverage to continue into 2015-2017, which is outside Fitch's
forecasts for the previous 'B' IDR.  These risks are partly
mitigated by the company's above-average profitability and the
ability to maintain a small positive free cash flow (FCF).

KEY RATING DRIVERS

Lower Growth Expectations

Fitch has lowered its revenue expectations for IKKS to reflect
the new business plan introduced since LBO France acquired
control of the company in July 2015.  Additionally, Fitch expects
volume growth to be challenged by a sluggish macro-economic
environment in France, characterized by cautious consumer
spending behavior and reduced pricing power.  The sector is
facing intense competition, which is encouraging price mark-
downs.

Compared with an original rating case that assumed revenue growth
in the mid-teens, our revised rating case now foresees mid-single
digit annual growth rates until 2018.  Providing some mitigation
is IKKS's position as a niche player with an established market
position in France and its long-term track-record with annual
sales growth averaging at 5%.

Persistently Weak Credit Metrics

Fitch's lower revenue growth expectations result in a material
weakening of the credit metrics over the next four years.  Fitch
projects FFO adjusted gross leverage, already stretched at 7.8x
in 2014, to remain at around 7.0x until end-2016, before
gradually improving to 6.5x thereafter.  Fitch projects FFO fixed
charge cover ratios to remain at around 1.6x over FY15-FY17.
Fitch considers such levels of leverage and coverage ratios
insufficient for a 'B' rated non-food retailer, breaching Fitch
previous downgrade sensitivity guidance for IKKS.

Profitability to Remain Stable

Fitch expects IKKS to maintain its above-average operating
profitability with EBITDA margins of around 20%.  This is due to
its unique business model, which uses a cost-efficient affiliate
concept, an outsourced manufacturing process and has benefitted
from lower price pressure due to its premium segment positioning.
At the same time, given the absence of scale-driven efficiencies,
we do not expect any margin upside.

Change in Control Rating-Neutral

The acquisition of a majority stake in IKKS by LBO France in July
2015 has had no impact on the ratings.  Early notes redemption
could be avoided given the portability clause.  The change in
control has involved, apart from a transfer of ordinary shares,
the addition to the capital structure of a vendor loan,
convertible bonds and preferred shares, to which we have assigned
a 100% equity credit.

Above-Average Recoveries

Recovery rates for the debt instruments are based on Fitch's
post-restructuring going concern estimate.  Fitch applied a
discount of 25% to the LTM EBITDA as of end-March 2015.  After
using a distressed EV/EBITDA multiple of 5.0x and customary
restructuring charges, the rating for the super senior RCF would
be 'B+' with a Recovery Rating 'RR2' reflecting a cap of 90%
recoveries by the French jurisdiction.

Fitch expects IKKS to frequently draw on a separately provided
uncommitted ancillary facility amounting to EUR15m.  Fitch treats
this debt as de-facto committed and has included it into its
super senior recovery analysis.

The EUR320 million notes, which are secured by certain share
pledges, bank accounts and inter-company receivables, are rated
'B', one notch higher than the IDR, due to a Recovery Rating of
'RR3' and 56% recoveries.

KEY ASSUMPTIONS

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

   -- Overall revenue growth between 5%-7%, driven mainly by the
      store network's expansion
   -- EBITDA margin stable at around 20% over the next four
      years, with small scale-driven cost improvements offset by
      increased marketing spend
   -- Capex at 5% of sales per annum, driven by the pace of the
      store roll-out.

RATING SENSITIVITIES

Given slower than expected de-leveraging as a result of residual
volume risks Fitch considers an upgrade or revision of the
Outlook to Positive to be unlikely over the next 18-24 months.

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

   -- FFO adjusted gross leverage at or below 6.0x
   -- FFO fixed charge coverage at or above 2.0x
   -- EBITDA margin remaining sustainably above 20% and FCF
      margin above 2.0%
   -- double-digit revenue growth and positive like-for-like
      growth.

Future developments that may, collectively or individually, lead
to the IDR being downgraded or the Outlook being revised to
Negative include:

   -- FFO adjusted gross leverage at or above 8.0x
   -- FFO fixed charge coverage at or below 1.2x
   -- Sustained negative free cash flows (FCFs) in combination
      with the need to draw on the RCF to top up liquidity
   -- Sustained negative like-for-like sales growth and EBITDA
      margin dilution towards 15%, implying an impaired business
      model and inability to respond to operating challenges and
      absorb market risks.

LIQUIDITY

The maturity of the senior secured bond in July 2021 allows
significant time before refinancing pressure arises.  The coupon
is fixed at 6.75%, eliminating interest rate-hike risk.

Fitch expects IKKS to generate stable FFO margins of 8%-9% in the
coming years, of which a large amount will be used for capex.
The scalability of capex linked to the pace of the store network
expansion provides some protection to FCF from turning negative.
Fitch therefore expects FCF in the low-single digit range (2%-4%)
from 2015 onwards.  In addition, IKKS has access to external
funding in the form of a RCF (EUR33 million, currently fully
undrawn) and an ancillary facility (EUR15 million), which should
help meet intra-year inventory-led working capital peaks.



=============
H U N G A R Y
=============


SYNERGON INTEGRATOR: Files Bankruptcy Petition in Budapest Court
----------------------------------------------------------------
MTI-Econews reports that Synergon Informatika on Sept. 15 said
its unit Synergon Integrator Rendszerszolgaltato has applied to
the Municipal Court of Budapest for bankruptcy.

According to MTI-Econews, Synergon Informatika blamed the unit's
lack of liquidity on problems with an order from the capital's
public transport company to build a passenger information system.
It said solutions to technical problems, sub-contractor changes
and indemnities had added to costs.

Synergon Informatika's balance sheet shows liabilities to
business partners for goods and services of HUF3.6 billion at the
end of June, down from HUF6.6 billion twelve months earlier,
MTI-Econews discloses.

Synergon Integrator Rendszerszolgaltato is a Hungarian IT
company.



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


* Moody's: Increase Restructurings Credit Pos. for Irish RMBS
-------------------------------------------------------------
Persistent high levels of late-stage arrears indicate that
Ireland's mortgage arrears crisis is not yet resolved, Moody's
Investors Service says in a new report. Nonetheless, the
expansion of restructuring methods and introduction of
restructuring targets have helped address borrowers' payment
problems, and are therefore credit positive for Irish residential
mortgage-backed securities (RMBS), covered bonds and banks.

"Borrowers are benefitting from the strong economic recovery in
Ireland, with improving employment and housing markets almost
halving 60 to 90 day arrears over the past year" says Assistant
Vice President -- Analyst, Gaby Trinkaus. "With the level of
late-stage arrears still the highest in Europe, the expanded use
of restructurings should help curb losses as the economy
continues to pick up steam."

Over the past three years, existing restructuring methods such as
temporary payment arrangements have been supplemented by new
options such as split mortgages and dual approach arrangements,
Trinkaus says in "Increased Use of Restructurings Is Credit
Positive for Irish RMBS, Covered Bonds and Banks." The shift from
temporary to long-term payment arrangements is credit positive
for RMBS, providing both certainty and further incentive to pay
for borrowers with a long-term insufficient debt servicing
capacity. The shift is also credit positive for Irish banks,
since it will reduce their costs on workout units and help
resolve long-term arrears in a more efficient manner than through
repossessions. Restructuring involving debt write-down is
positive for covered bonds while the issuer's support continues.

Information from Irish lenders covering about 89% of Moody's-
rated Irish RMBS shows that the restructuring of buy-to-let (BTL)
loans has outpaced that of owner-occupier loans. This is due to
BTL borrowers' weaker credit profile and high willingness to
reach a restructuring arrangement in order to avoid the
appointment of a receiver of rent. Debt write-offs either fall
outside the lenders' policies or are applied only under strict
circumstances, limiting moral hazard among borrowers.

"With borrower-friendly courts allowing repossession only after
all attempts to engage with a borrower have failed, it can take
up to four years to repossess and sell a property in Ireland,"
Trinkaus says. "And even though limited or no reporting of
restructurings in most Irish RMBS exacerbates uncertainty around
their performance, we expect arrears and losses to decline during
the next year on the back of economic recovery."


* Moody's: Irish RMBS Performance Continues to Improve in July
--------------------------------------------------------------
The Irish prime residential mortgage-backed securities (RMBS)
market continues to improve in the three-month period ended July
2015, according to the latest indices published by Moody's
Investors Service.

Arrears levels have decreased at both early and late stages on
both a quarterly and annual basis. The 90+ delinquencies
decreased to 15.77% of the outstanding balance in July 2015, from
16.71% in April 2015. The 360+ delinquencies (used as a proxy for
defaults) decreased to 11.42% from 12.06% over the same period.
The 30+ day delinquencies decreased to 17.89% in July 2015, from
18.86% in April 2015 and 21.87% in July 2014. However, the Irish
RMBS market still displays higher delinquency ratios than its
European peers.

Continued stabilization of the housing market, robust employment
trends and gradual restoration of consumer confidence will lead
to a further measured reduction in arrears. Nonetheless, the
significant decrease in arrears displayed in the Irish RMBS
market during the last periods might be driven, not exclusively
because of the improving economic environment but by the
increased use of restructurings.

Outstanding repossessions remained stable at 0.38%, and
cumulative losses rose to 0.16% in July 2015 from 0.14% in April
2014. Over the same period, the constant prepayment rate
decreased to 1.38% from 1.48% and total redemption rate decreased
to 5.41% from 5.53%.

Moody's outlook for Irish RMBS remains stable.

On May 15, 2015, Moody's upgraded the ratings of seven notes and
affirmed the ratings of two notes in three Irish RMBS
transactions: Fastnet Securities 2 Plc, Fastnet Securities 6 Ltd
and Fastnet Securities 10 Ltd., following the upgrade of
Permanent tsb plc's deposit rating to B1 from B3 and the
assignment of its Counterparty Risk Assessment at Ba3(cr).

As of July 2015, 34 Moody's-rated Irish Prime RMBS transactions
had an outstanding pool balance of EUR31.65 billion compared with
EUR34.29 billion in July 2014, constituting a year-on-year
decrease of 7.7%.


* S&P Withdraws Ratings on European Synthetic CDO's 3 Series
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
Titian CDO PLC's series J, L, and U.

The withdrawals on these three series follow S&P's recent rating
actions on the underlying collateral.  Under S&P's criteria
applicable to transactions such as these, it would generally
reflect changes to the rating on the collateral in its rating on
the tranche.

The withdrawal of S&P's ratings on these three tranches follows
the withdrawal of its ratings on the underlying reference
collateral at the issuer's request.

Titian CDO's series J, L, and U are synthetic collateralized debt
obligation (CDO) transactions.

Ratings List

Class              Rating
            To                From

Ratings Withdrawn

Titian CDO PLC
EUR40 Million Fixed-Rate Notes Series J

            NR                BB+ (sf)

Titian CDO PLC
EUR3 Million Floating-Rate Notes Series L

            NR                CCC- (sf)

Titian CDO PLC
EUR1 Million Floating-Rate Notes Series U

            NR                CCC- (sf)

NR--Not rated.



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I T A L Y
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INTESA SANPAOLO: Fitch Assigns 'BB-' Rating to USD1BB Securities
----------------------------------------------------------------
Fitch Ratings has assigned Intesa Sanpaolo S.p.A.'s (IntesaSP)
USD1 billion perpetual USD additional Tier 1 7.7% capital
securities (ISIN: IT0005136251 Italian substitute tax exempt;
IT0005136269 subject to Italian substitute tax) a final rating of
'BB-'.

The final rating is in line with the 'BB-(EXP)' expected rating
Fitch assigned to the notes on Sept. 9, 2015.

KEY RATING DRIVERS

The notes are rated five notches below IntesaSP's 'bbb+'
Viability Rating (VR) - twice for loss severity relative to
senior unsecured creditors and three times for incremental non-
performance risk relative to IntesaSP's VR.  The notching for
non-performance risk reflects the instruments' fully
discretionary interest payment. Under the terms of the notes, the
issuer will not make an interest payment (in full or in part) if
it has insufficient distributable items.

Fitch has assigned a 50% equity credit to the securities,
reflecting the agency's view that the write-down on a breach of
the 5.125% CET1 trigger is not so distant to the point of non-
viability and limits the instrument's "going concern"
characteristics.  It also reflects the notes' full coupon
flexibility, their permanent nature and the subordination to all
senior creditors.

RATING SENSITIVITIES

The rating of the securities is sensitive to a change in the VR.
The rating is also sensitive to a change in their notching, which
could arise if Fitch changes its assessment of their non-
performance relative to the risk captured in IntesaSP's VR.  This
could reflect a change in capital management or flexibility or an
unexpected shift in regulatory buffers and requirements, for
example.



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


GLOBAL BLUE: Moody's Raises Corp. Family Rating to Ba3
------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 the
corporate family rating (CFR) of Global Blue Finance S.a r.l.
(Global Blue). Concurrently, Moody's has also upgraded to B1-PD
from B2-PD Global Blue's probability of default rating (PDR) as
well as the rating of the senior secured instruments of Global
Blue Acquisition B.V., a fully owned and guaranteed subsidiary of
Global Blue, to Ba3 from B1. All ratings have a stable outlook.

"Our decision to upgrade Global Blue's rating reflects both the
company's fundamental operating performance and a reduction in
the company's adjusted debt, following an update to Moody's
approach for capitalizing operating leases," says
Guillaume Leglise, a Moody's analyst for Global Blue.

These actions conclude the review for upgrade initiated on
June 16, 2015 upon the adoption of Moody's updated approach for
standard adjustments for operating leases, which is explained in
the cross-sector rating methodology "Financial Statement
Adjustments in the Analysis of Non-Financial Corporations"
published on June 15, 2015.

RATINGS RATIONALE

The rating action is driven by a combination of factors: (1) the
reduction in Moody's adjusted leverage following the changes made
to Moody's approach on standard adjustments for operating leases,
(2) the solid underlying profitability of the company and its
continuous strong trading performance with an organic gross
profit up 4.3% in the full year ending March 2015 and up 33.7% in
the 3 months to June 2015, and (3) the solid deleveraging
prospects reflecting the good growth track record of the company
and positive travel industry dynamics.

The Ba3 CFR reflects the strong operating performance achieved by
Global Blue in the full year ending March 2015. While Global
Blue's profitability deteriorated in 2015, with an EBITDA (as
adjusted by Moody's) down 13% at EUR115 million in the 12 months
to 31 March 2015, to be compared to EUR130 million in the 12
months to 31 March 2014, this was mostly due to restructuring
charges and costs linked to digital investments. Overall Moody's
notes that the underlying earnings growth was still very solid,
with turnover growth of +7% in the 12 months to March 2015 and
gross profit up 4% during the same period.

The ratings are also supported by the company's leading market
positions in the VAT refund industry. Over the past years, the
company strongly benefited from increased demand from emerging
markets travelers. Nevertheless, the company is highly reliant on
sales in the EU as a destination market for travelers, and also
on a small number of source countries for travelers which poses
some risk of concentration. Nearly half of the Global Blue's VAT
refund segment's net commissions emanated from travelers from
China and Russia in the 12 months to March 2015. As such, any
adverse events in these countries could lead to a significant
impact on the company's earnings. Because of the Crimean conflict
and depreciation of the ruble, net commissions emanating from
Russian travelers decrease by 34% in the 12 months to 31 March
2015. Nevertheless, this impact was more than offset by the
record growth of commissions derived from Chinese tourists (+22%
in the 12 months to March 2015).

Albeit more and more reliant on commissions derived from Chinese
travelers (currently representing around 25% of net commissions),
the company currently benefits from strong tailwind from China as
a source market for its commissions. This reflects the increasing
disposable income and more diverse wealth distribution of the
Chinese population, which translates into strong demand from
Chinese travelers. In addition, the demand from Chinese travelers
to shop in Europe is currently supported by a weak euro combined
with high taxes and high prices for imported goods in China.
While the Chinese tourism industry still present solid growth
prospects despite the current economic slowdown, Moody's cautions
that any currency headwind or adverse exogenous factors could
significantly impact Global Blue's earnings. Moody's continues to
see emerging markets generally as presenting the greatest
opportunity for growth, but also for volatility.

Moody's believes that Global Blue presents good deleveraging
prospects, as strong demand from certain emerging markets
(notably China) and the US, on the back of weak euro, will
continue to drive earnings growth in the next 12-18 months.
Although the company's earnings growth trend has slowed down in
the past two years, Moody's notes the good track record of the
company in terms of earnings growth. Further cost efficiencies
are also expected to result into improving margins. As such,
leverage (as adjusted by Moody's) is expected to reduce towards
3.0x on an adjusted basis in the next 12 -18 months (excluding
any potential acquisitions).

Global Blue's liquidity is satisfactory, but subject to sizeable
seasonal swings reflecting holiday patterns. As of 31 March 2015,
the company reported a cash balance of EUR54 million, and an
undrawn revolving credit facility (RCF) of EUR65 million except
for EUR9 million in guarantees. The term loans and RCF contain
four financial covenants for leverage, interest coverage, cash
flow coverage and capital expenditure, which are tested
quarterly. As of 31 March 2015 the company has comfortably
complied with the covenant tests required and Moody's expects
headroom to be strong going forward. Term loan A is amortized
semi-annually until July 2018 and Term loan B is due 2019, while
the Revolving Credit Facility matures in July 2018.

RATING OUTLOOK

The stable outlook reflects Moody's view that Global Blue is
likely to show continued single-digit growth in earnings despite
the current economic slowdown in its two main source markets
(Russia and China). Moody's ratings incorporate a sustained
operating performance, continued deleveraging and no significant
change in financial policy. Moody's also assumes a continued
access to the RCF, and strong headroom under applicable
covenants.

WHAT COULD CHANGE THE RATING UP/DOWN

No further upgrade of the rating is anticipated in the near term.
However, over time positive rating pressure could develop if the
company delivers on its business plan such that (i) its adjusted
debt/EBITDA ratio (as adjusted by Moody's) reduces below 3.0x on
a sustained basis, (ii) it continues to grow and to exhibit solid
operating performance, with operating margin improvement, and
(iii) it continues to generate positive free cash flow while
keeping a solid liquidity profile. An additional factor that
would be important to future rating prospects is for Global Blue
to demonstrate the resilience of its business model to external
shocks.

Conversely, negative pressure could be exerted on the rating if
Global Blue's operating performance weakens or the company
increases its debt as a result of acquisitions or shareholder
distributions, such that its debt/EBITDA (as adjusted by Moody's)
trends towards 4x. A weakening in the company's liquidity profile
could also exert downward pressure on the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Domiciled in Luxembourg with headquarters in Switzerland, Global
Blue is a leading provider of VAT and Goods and Service Tax (GST)
refunds to travellers, as well as currency conversion services.
For FYE 2015 (ending 31 March 2015), the company reported net
revenues and EBITDA (as adjusted by the company) of approximately
EUR341 million and EUR114 million, respectively.



=============
M O L D O V A
=============


MOLDOVA: Moody's Says Credit Strength Held Back by Banking Crisis
-----------------------------------------------------------------
Moldova's volatile growth prospects, political uncertainty,
unresolved banking crisis and weak institutions are among the
factors that constrain its credit strength at B3 with a negative
outlook, Moody's Investors Service said in a report dated
Sept. 16, 2015.

The uncertain political environment in Moldova and frequent
changes of government has prompted multilateral lenders to pause
financial assistance and has delayed any agreement with the
International Monetary Fund (IMF), which heightens the risks to
government liquidity.

The government's liquidity position is also being pressured by
the weak economy, a widening of the fiscal deficit to 5.3% in
2015 and high domestic short-term debt rollover needs.

Moody's expects Moldova's GDP growth to contract by around 1
percentage point in 2015, largely due to the recession in Russia
(Ba1 negative) causing a weakening in Moldovan exports and a
decline in remittances that will affect domestic demand. Russia
is an important export market for Moldova and supplies around 60%
of the total remittances from Moldovan workers based abroad.

GDP growth should recover in 2016 to reach around 3%, helped by
an improved external environment and by further integration with
the European Union. Over the medium-term, Moody's expects growth
to reach 4%. However, the importance of agriculture in the
Moldovan economy means it is always vulnerable to weather-related
shocks.

Moody's notes the recent progress in resolving the political
uncertainty, with the formation of a new government at the end of
July. However, even with the new government in place, it is
unclear whether a new IMF program can be agreed and implemented.
The new coalition government has a single-seat majority in
parliament, making it more challenging for it to meet the IMF's
reform requirements and increasing the risk of new elections in
2016.

The scale of the Moldovan banking crisis's impact on the
government balance sheet remains unclear, which weighs on the
credit rating. There has been limited progress in reaching a
transparent and comprehensive resolution to the situation that
began in late 2014. Moody's baseline scenario is for the
government debt burden to rise by around 16 percentage points to
41% of GDP this year, but the impact could be much higher.

Despite this uncertainty, Moldova's fiscal position is still
relatively robust. It had a general government debt-to-GDP ratio
of 24.8% at the end of 2014, which compares favorably to the
median of B-rated peers (48%).

Downward pressure on the government bond rating could occur if
political divisions lead to a further delay in agreeing and
implementing an IMF program which increases the vulnerability of
the government's liquidity position. Failure to resolve the
banking crisis and a future economic shock, such as bad weather
that affects agricultural crops, would also be negative.

Conversely, agreement on an IMF program which unlocks budgetary
support, an end to the banking crisis and improved transparency
and regulation which reduces the risk of future bank failures
would be positive for the country's credit profile.



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


ALG INTERMEDIATE: S&P Affirms 'B' CCR, Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Netherlands-based ALG Intermediate
Holdings B.V. (ALG).  The rating outlook is stable.

At the same time, S&P assigned its 'B+' issue-level rating and
'2' recovery rating to ALG's subsidiaries ALG B.V., BV Borrower
II, and ALG USA Holdings LLC's proposed first-lien credit
facilities, comprised of a US$50 million revolver due 2020 and
US$330 million first-lien term loan due 2022.  The '2' recovery
rating indicates S&P's expectation for substantial (70% to 90%,
lower half of the range) recovery for lenders in the event of a
payment default. Additionally, S&P assigned its 'CCC+' issue-
level rating and '6' recovery rating to the subsidiaries'
proposed US$130 million second-lien term loan due 2023.  The '6'
recovery rating indicates S&P's expectation for negligible (0% to
10%) recovery for lenders in the event of a payment default.

ALG plans to use the proceeds from the proposed transactions to
refinance existing debt, pay a US$250 million dividend to its
sponsor, Bain Capital, and pay transaction fees and expenses.

"The rating affirmation reflects our expectation that EBITDA
coverage of interest expense will remain good, at about 2x,
through 2016, despite our expectation that leverage will increase
by more than 3x to finance the planned $250 million financial
sponsor dividend," said Standard & Poor's credit analyst
Carissa Schreck.

"The current rating and 'highly leveraged' financial risk profile
assessment continue to incorporate financial sponsor Bain
Capital's control of the company and the tendency of financial
sponsors to extract cash or otherwise increase leverage over
time," she added.

The rating affirmation also reflects S&P's expectation that
moderate consumer spending growth, continued realization of
revenue and cost synergies from acquired distribution businesses,
and reasonable cost control will drive moderate growth in EBITDA
through 2016.

The stable rating outlook reflects S&P's expectation that ALG
will maintain adequate liquidity in the form of cash balances and
modest free cash flow generation, and good EBITDA coverage of
interest expense through 2016.  S&P's expectation for continued
growth in each of the company's business segments also supports
the stable outlook.

S&P would consider lower ratings if operating performance
deteriorates, resulting in EBITDA coverage of interest expense
sustained at or below 1.5x.  This could stem from a meaningful
downturn in the economic cycle, an event that weakens travel to
Mexico or the Caribbean, or if the company experiences poor
inventory management of its chartered flights.

Ratings upside is unlikely at this time given the high leverage
levels and financial sponsor control.  However, S&P could
consider raising the ratings if it become confident that debt to
EBITDA will remain below 5x and EBITDA coverage of interest
expense will remain in the mid-2x area or higher.


JUBILEE CDO V: Moody's Hikes Rating on 2 Tranches to Ba2
--------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Jubilee CDO V B.V.:

  EUR45.8 million Class B Senior Secured Floating Rate Notes,
  Upgraded to Aaa (sf); previously on Nov 19, 2014 Upgraded to
  Aa2 (sf)

  EUR46.8 million Class C Senior Secured Deferrable Floating Rate
  Notes, Upgraded to Baa1 (sf); previously on Nov 19, 2014
  Upgraded to Baa3 (sf)

  EUR8.475 million Class D-1 Senior Secured Deferrable Floating
  Rate Notes, Upgraded to Ba2 (sf); previously on Nov 19, 2014
  Affirmed B2 (sf)

  EUR12.725 million Class D-2 Senior Secured Deferrable Fixed
  Rate Notes, Upgraded to Ba2 (sf); previously on Nov 19, 2014
  Affirmed B2 (sf)

  EUR11.325M Class W Combination Notes, Upgraded to Baa1 (sf);
  previously on Nov 19, 2014 Upgraded to Baa3 (sf)

  EUR11.725M Class Y Combination Notes, Upgraded to Ba1 (sf);
  previously on Nov 19, 2014 Affirmed B1 (sf)

Moody's affirmed the ratings on the following notes issued by
Jubilee CDO V B.V.:

  EUR155.55 million (Current Balance: EUR 18,450,075.38) Class
  A-2 Senior Secured Floating Rate Notes, Affirmed Aaa (sf);
  previously on Nov 19, 2014 Upgraded to Aaa (sf)

  EUR28.9 million (Current Balance: EUR25,317,702.27) Class A-1B
  Senior Secured Floating Rate Notes, Affirmed Aaa (sf);
  previously on Nov 19, 2014 Upgraded to Aaa (sf)

Jubilee CDO V B.V., issued in June 2005, is a collateralized 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 Alcentra Limited. The
transaction's reinvestment period ended on August 21, 2011.

RATINGS RATIONALE

The rating upgrades of the notes are primarily a result of the
redemption of the senior Notes and subsequent increases of the
overcollateralization ratios (the "OC ratios") of all Classes of
Notes. Moody's notes that the Class A-1A Notes have redeemed in
full and the Classes A-1B and A-2 have redeemed by approximately
EUR 140.7 million (or 76% of their original balances). As a
result of the deleveraging the OC ratios of the remaining Classes
of Notes have increased significantly. According to the August
2015 trustee report, the Classes A/B, C and D OC ratios are
161.50%, 122.65%, and 110.60% respectively compared to levels
just prior to the payment date in February 2015 of 149.97%,
118.10%% and 107.73%. The OC ratios will have increased further
after the August 2015 payment date.

The rating of the combination Notes addresses the repayment of
the rated balance on or before the legal final maturity. The
rated balance at any time is equal to the principal amount of the
combination note on the issue date minus the sum of all payments
made from the issue date to such date, of either interest or
principal. The rated balance will not necessarily correspond to
the outstanding notional amount reported by the trustee.

The ratings of combination Notes S and T have been withdrawn
because their rated balances have been repaid in full.

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 EUR184.9
million, a weighted average default probability of 28.41%
(consistent with a WARF of 4009), a weighted average recovery
rate upon default of 45.95% for a Aaa liability target rating, a
diversity score of 17 and a weighted average spread of 3.56%.

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 the 85.36% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of 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:

The principal methodology used in these ratings 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 lowered the weighted average spread by 30 basis
points; 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.

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

  * Around 12.77% 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.

  * 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.

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.


NEPTUNO CLO II: Moody's Affirms Caa2 Rating on Cl. E Notes
----------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Neptuno CLO II B.V.:

  EUR28M Class B Senior Secured Floating Rate Notes due 2023,
  Upgraded to Aaa (sf); previously on Sep 15, 2014 Upgraded to
  Aa3 (sf)

  EUR23M Class C Senior Secured Deferrable Floating Rate Notes
  due 2023, Upgraded to A1 (sf); previously on Sep 15, 2014
  Upgraded to Baa2 (sf)

Moody's also affirmed the ratings of the following notes issued
by Neptuno CLO II B.V.:

  EUR308.5M (current outstanding balance of EUR66.3M) Class A
  Senior Secured Floating Rate Notes due 2023, Affirmed Aaa (sf);
  previously on Sep 15, 2014 Upgraded to Aaa (sf)

  EUR23M Class D Senior Secured Deferrable Floating Rate Notes
  due 2023, Affirmed Ba2 (sf); previously on Sep 15, 2014
  Affirmed Ba2 (sf)

  EUR19M (current outstanding balance of EUR 16.5M) Class E
  Senior Secured Deferrable Floating Rate Notes due 2023,
  Affirmed Caa2 (sf); previously on Sep 15, 2014 Affirmed Caa2
  (sf)

Neptuno CLO II B.V., issued in December 2007, is a single
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly senior secured European loans. The portfolio
is managed by Halcyon Neptuno II Management LLC. This transaction
exited its reinvestment period on 16 January 2013.

RATINGS RATIONALE

The upgrades of the notes are primarily a result of the
deleveraging in the underlying portfolio. Since August 2014,
class A notes have paid down EUR80 million or 26% of the tranche
initial balance. The deleveraging has resulted in a significant
increase in the reported over-collateralization ratios for the
senior tranches. As per the latest trustee report dated August
2015, Class A/B and Class C over-collateralization levels are
reported at 175.22% and 140.86% respectively compared to 145.35%
and 128.41% of August 2014.

The reported weighted average rating factor ("WARF") has
increased from 2945 to 3081 since August 2014 whilst diversity
score has decreased from 25 to 20 during the same period.

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
EUR pool with performing par and principal proceeds balance of
EUR175.3 million, a defaulted par of EUR6.6 million, a weighted
average default probability of 26.5% (consistent with a WARF of
3770 over a weighted average life of 4.2 years), a weighted
average recovery rate upon default of 43.2% for a Aaa liability
target rating, a diversity score of 18 and a weighted average
spread of 2.88%.

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 81% of the portfolio exposed to first-lien
senior secured corporate assets would recover 50% upon default,
while the 12% non-first lien corporate assets and 7% structured
finance assets would recover 15% and 12.5% respectively 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:

The principal methodology used in these ratings 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.
Moody's ran a model in which it reduced the weighted average
spread by 30bps; the model generated outputs that are within one
notch of the base case for Class E and unchanged for all the
other Classes.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to 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) Around 18.17% 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.

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

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


NIELSEN HOLDINGS: S&P Assigns 'BB+' CCR, Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB+' corporate credit rating to Nielsen Holdings PLC.  The
rating outlook is stable.

At the same time, S&P withdrew its 'BB+' corporate credit rating
on Nielsen N.V.

The Nielsen group of companies completed a reorganization of its
corporate structure on Aug. 31, 2015.  Nielsen Holdings became a
U.K.-based, publicly-traded parent of the Nielsen group of
companies.  Nielsen N.V. merged with Nielsen Holdings, with the
latter company being the surviving entity.  All of Nielsen N.V.'s
assets and liabilities were transferred to Nielsen Holdings.

"The stable rating outlook on Nielsen Holdings reflects our
expectation that the company's average adjusted leverage will
remain at or below 4x on a sustained basis," said Standard &
Poor's credit analyst Naveen Sarma.  S&P also expects that
dividends, share repurchases, and acquisitions could exceed free
cash flow generation, with the deficit financed by modest annual
incremental debt issuance.  S&P views a downgrade as more likely
than an upgrade over the next two years.

S&P could lower the rating if Nielsen's adjusted leverage rises
above 4x on a sustained basis, which could occur with a change in
financial policy (including more aggressive share repurchases and
a higher dividend payout), debt-financed acquisitions, or
indications that competition is intensifying and leading to
revenue, EBITDA, or margin deterioration.

S&P views an upgrade as unlikely over the next two years, given
the company's publicly stated goal of maintaining leverage (based
on its definition, which does not include our adjustments) in the
3x area, which results in an adjusted leverage, based on S&P's
methodology, in the mid- to high-3x area.  At a minimum, given
S&P's "satisfactory" business risk profile assessment, Nielsen
would likely need to commit to a more conservative leverage
threshold for S&P to consider raising the rating to an
investment-grade level ('BBB-' or higher).



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


BERGEN GROUP: Files Bankruptcy Petition on Lack of New Orders
-------------------------------------------------------------
Seafarers' Rights reports that Bergen Group Skarveland, a wholly
owned subsidiary of the listed Bergen Group offshore and maritime
solutions provider, has filed a petition for bankruptcy.

Bergen Group said in a statement that the unit blamed the move on
a lack of new orders and weakening results, Seafarers' Rights
relates.

Bergen Group Skarveland's non-audited figures for the first half
of this year show a turnover of NOK32 million (US$3.89 million)
and an operating loss of NOK9 million, Seafarers' Rights
discloses.

The start of the year has been challenging for Bergen Group,
which on Aug. 28 said its continuing operations generated
revenues of NOK115 million and suffered a loss before
depreciation and amortisation of NOK6 million, Seafarers' Rights
relays.

"Profitability has not been satisfactory in 1H15," Seafarers'
Rights quotes Bergen Group as saying.  "This is mainly due to a
weaker market in the oil and gas sector, a temporary lower
activity towards the Norwegian defense, and weak profits in
Bergen Group Skarveland AS."

Bergen Group Skarveland is headquartered at Sunde in Kvinnherad,
in the western part of Norway.  As of August 31, 2015, the
company had 70 permanent employees.



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


GRUPO RAYET: Creditors Approves Settlement Plan
-----------------------------------------------
Reuters reports that Quabit Inmobiliaria SA said 74.2% of Grupo
Rayet creditor's body voted in favor of settlement plan.

Grupo Rayet now requires court approval to emerge from
insolvency, the report says.

Grupo Rayet S.A. offers real estate development and management
services. The company is based in Madrid, Spain.


SANTANDER HIPOTECARIO 8: Moody's Lowers Cl. B Notes Rating to B3
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of FTA
Santander Hipotecario 8's class B notes, and affirmed the ratings
of the classes A and C notes. These rating actions follow Moody's
review of the recent structural changes to FTA Santander
Hipotecario 8 and concluded that these amendments have both
neutral and negative impact on the ratings, depending on the
ranking of the notes:

Issuer: FTA SANTANDER HIPOTECARIO 8

EUR640M A Notes, Affirmed Aa2 (sf); previously on Jan 23, 2015
Upgraded to Aa2 (sf)

EUR160M B Notes, Downgraded to B3 (sf); previously on Jan 23,
2015 Affirmed Ba1 (sf)

EUR160M C Notes, Affirmed C (sf); previously on Dec 15, 2011
Definitive Rating Assigned C (sf)

RATINGS RATIONALE

The structural amendments relates to a reduction of the size of
the reserve fund from 20.0% of the initial amount of classes A
and B notes at closing to 5.0% of the outstanding amount of the
classes A and B notes. The reserve fund was funded by the
issuance of the class C notes. Consequently, class C has
amortized to EUR28.1 million equal to 5.0% of the outstanding
amount of classes A and B.

Accordingly, class B will not benefit from sufficient credit
enhancement to maintain the rating of the notes.

In reaching this conclusion, Moody's has taken into consideration
the characteristics of the mortgage pool, the current level of
credit enhancement and the level of credit enhancement that will
be present in the transaction after the amendments have taken
place, together with the amount of liquidity within the
transaction given by the new reserve fund level. However, Moody's
opinion addresses only the credit impact associated with the
amendment, and Moody's is not expressing any opinion as to
whether the amendment has, or could have, other non-credit
related effects that may have a detrimental impact on the
interests of note holders and/or counterparties.

The key collateral assumptions have not been updated as part of
this restructuring. The performance of the underlying asset
portfolio remains in line with Moody's assumptions.

Moody's rating analysis also took into consideration the exposure
to key transaction counterparties, including the roles of
servicer and account bank provided by Banco Santander S.A.
(Spain) (A3(cr)/P-2(cr) CRA).

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.

The analysis assumes that the deal has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security
might have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

At the time the deal was restructured, the model output indicated
that the Series A notes would have achieved an Aa2 if the
expected loss was as high as 17.06% and the MILAN CE was 30.0%
and all other factors were constant.

The principal methodology used in these ratings was Moody's
Approach To Rating RMBS Using the MILAN Framework published in
January 2015.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Moody's will continue monitoring the ratings. Any change in the
ratings will be publicly disseminated by Moody's through
appropriate media.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest with respect of
the classes A and ultimate payment of principal by the legal
final maturity. Moody's ratings only address the credit risk
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

TRANSACTION FEATURES

The transaction is a securitization of Spanish prime mortgage
loans originated by Banco Santander S.A. (Spain) (A3(cr)/P-2(cr)
CRA) to obligors located in Spain. The portfolio consists of high
Loan To Value ("HLTV") mortgage loans secured by residential
properties.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.



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


UKRAINE: Parliament Approves US$18-Bil. Debt Restructuring Deal
---------------------------------------------------------------
Roman Olearchyk at The Financial Times reports that Ukraine's
parliament on Sept. 17 approved an US$18 billion debt
restructuring deal despite fears that a populist backlash against
the proposals would jeopardize the vote, in turn plunging the
war-torn and recession-battered country into an imminent default
and deep political crisis.

A comfortable majority of MPs supported a package of measures
sanctioning the debt deal, including a 20% "haircut" or writedown
for creditors, the FT discloses.

A failed vote would have derailed the country's US$40 billion
international bailout package led by the International Monetary
Fund just as the conflict between Russian-backed separatists and
government forces in the east of the country appeared to be
easing, the FT notes.

But there remained concern about a US$3 billion payment due to be
made to Russia before the end of the year, the FT says.  Moscow
refused to accept the terms of the debt restructuring and did not
take part in months of tough negotiations between Ukraine's
government and creditors, led by US asset manager Franklin
Templeton, the FT relays.

According to the FT, Arseniy Yatsenyuk, Ukraine's prime minister,
insisted ahead of the vote on Sept. 17 that "there will be no
better conditions for Russia".

Mr. Yatsenyuk stressed that a vote in favor of the proposed
restructuring would allow the government to continue economic
reforms in Ukraine while also raising pensions and salaries for
millions of cash-strapped citizens by 13-19%, helping to dilute
the effects of spiraling inflation and a second year of a deep
economic recession, the FT relates.


UKRAINIAN PROFESSIONAL: Milkiland Deposits Maybe Unrecoverable
--------------------------------------------------------------
Interfax-Ukraine reports that Milkiland, a dairy group with
assets in Ukraine, Russia and Poland, will take all every legal
step required to withdraw deposits of EUR4.4 million and
UAH92.836 million (equivalent of EUR3.948 million) from insolvent
public joint-stock company Ukrainian Professional Bank (UPB,
Kyiv), however these assets may appear unrecoverable and the
deposits shall be reclassified as doubtful debts.

According to the news agency, the holding company of the group,
Milkiland N.V. (the Netherlands) said on the Warsaw Stock
Exchange (WSE) that these short-term deposits were placed with
UPB by the Ukrainian subsidiaries of the company.

"Although the company and its subsidiaries shall take all
required legal action to withdraw these deposits, these assets
may appear unrecoverable, and the abovementioned deposits shall
be reclassified as doubtful debts and a 100% provision shall be
charged thereon," Milkiland, as cited by Interfax-Ukraine, said.

The National Bank of Ukraine (NBU) on August 28, 2015, at the
proposal of the Individuals' Deposit Guarantee Fund, decided to
revoke the banking licenses of and liquidate UPB and Bank
National Credit, Interfax-Ukraine recalls.  According to the
report, NBU said the two banks failed to fulfill their financial
recovery plans after placing them in the category of problematic
banks, as a result UPB was classified as insolvent on May 28, and
Bank National Credit was classified as insolvent on June 5.

The Individuals' Deposit Guarantee Fund from September 3 began
payments to the depositors of insolvent UPB, the report states.

Ukrainian Professional Bank was founded in 1992. Its largest
shareholder as of April 1, 2015 was Yevhen Balushka via Ukrainian
Investment-Financial Alliance, Eurofinance LLC (Kyiv) and
Lanex.Inc. (Panama) with 95.3902%.

UPB ranked 36th among 133 operating banks as of April 1, 2015, in
terms of total assets worth UAH 4.55billion although by July 1
its assets fell to UAH1.35 billion with liabilities of UAH1.66
billion, including UAH 790 million owed to individuals, Interfax-
Ukraine discloses citing the NBU.



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


CEONA CHARTERING: GC Rieber Seeks to Recover Claims
---------------------------------------------------
Reference is made to stock exchange notice from GC Rieber
Shipping ASA September 4, 2015, regarding termination of the
charter agreement for "Polar Onyx" with Ceona Chartering (UK) Ltd
(Ceona).  On September 17, 2015, GC Rieber Shipping has received
information that Ceona and Ceona Services (UK) Ltd. have gone
into administration.

GC Rieber Shipping will seek to recover outstanding and future
claims and losses through the established cash deposit and from
the companies in administration.  It is uncertain to which extent
demands will result in significant coverage.


TP FINANCING: Moody's Confirms B2 Corp. Family Rating
-----------------------------------------------------
Moody's Investors Service has confirmed the B2 corporate family
rating (CFR) of TP Financing 3 Limited ("Travelex" or "the
company"). Concurrently, Moody's has also confirmed at B2-PD the
probability of default rating (PDR) of Travelex, the Ba2 rating
of the GBP90 million senior secured bank facility as well as the
B2 rating of the GBP350 million senior secured notes due 2018 of
Travelex Financing plc. All ratings have a stable outlook.

"Our decision to confirm Travelex's rating reflects the reduction
in adjusted debt, following revisions to the way Moody's
capitalize operating leases. However this benefit has been offset
by weaker operating performance and limited cash flow generation
over recent periods" says Guillaume Leglise, a Moody's analyst
for Travelex.

These actions conclude the review for upgrade initiated on 16
June 2015 upon the adoption of Moody's updated approach for
standard adjustments for operating leases, which is explained in
the cross-sector rating methodology "Financial Statement
Adjustments in the Analysis of Non-Financial Corporations"
published on June 15, 2015.

RATINGS RATIONALE

The rating action is driven by a combination of factors: (1) the
reduction in Moody's adjusted leverage following the changes made
to Moody's approach on standard adjustments for operating leases,
(2) the company's solid and growing market positions in the
global foreign currency services, (3) the weakening earnings
growth and declining operating margins in the first 6 months of
the current fiscal year, and (4) the continued weak free cash
flow generation expected in the next 12-18 months.

Moody's positively notes the improvement in Travelex's key credit
metrics following the changes for standard adjustments for
operating leases. As such, when considering the revised
methodology, Travelex's lease adjusted gross debt/EBITDA ratio
was 4.1x at the end of fiscal year 2014, a level considered
strong for the B2 rating category. This compares to an adjusted
gross debt/EBITDA ratio of 5.5x for the same period prior to the
changes to the standard adjustments.

Nevertheless, Moody's concluded its rating review with a
confirmation of the current rating rather than a rating upgrade,
as it believes that Travelex faces challenges in the months ahead
mainly due to adverse foreign currency movements and macro-
economic uncertainties in Brazil that could result in weaker
demand from or to this travel destination.

Travelex's operating performance during the first 6 months of the
current fiscal year has weakened on the back of flattening top
line growth and adverse foreign currency movements. Moody's notes
that while the underlying business continued to grow, the
strengthening of the British pound against major international
currencies halted the company's earnings growth trend seen in the
last couple of years.

In addition, Travelex's core group EBITDA for the six months
ended June 30, 2015 decreased by 13% (8% at constant exchange
rates) compared to 2014, mainly reflecting the annualization
impact of new rental terms at Heathrow airport and the weakness
in the Brazilian real, which severely impacted outbound sales
volumes in Brazil. The EBITDA contribution from Brazil was down
50% during the same period, reflecting the weak real compounded
by a high inflationary environment and relatively high fixed cost
base. Moody's expects Brazil to continue to weigh negatively on
the group's profitability in the next 12 months.

Travelex's profitability was also impacted by increased operating
expenses linked to investments in digital and business
development. Moody's positively views the company's recent
initiatives in the digital segment notably through the
development of its own digital solutions. Although paper-based
payment remains the leading consumer payment type globally, the
strong growth of digital payments poses some business risks over
the long-run and forces Travelex to invest into R&D and staffing
in this domain. Moody's believes that those efforts will take
time to materialize and will constrain profitability and free
cash flow generation in the next 12-18 months.

Nevertheless, Moody's recognizes Travelex 's strong brand
recognition, business profile and position as the leading global
retail foreign exchange provider, which is supported by a
geographically diverse network of points of sale.

Travelex's liquidity profile is satisfactory but subject to
sizeable seasonal swings, reflecting holiday patterns. Moreover,
the company is likely to remain free cash flow negative for the
next 18 months, on the back of modest probability recovery
expected and continued investments in capex. Travelex's liquidity
profile will be dependent on the availability under its GBP90
million Super Senior Revolving Credit Facility (RCF), which was
drawn for up to GPB20 million at as 30 June 2015, and the "usable
cash" held which as of 2Q 2015 stood at GBP60.7 million. Moody's
also notes that around GBP30 million are continuously "utilized"
but are undrawn under the RCF for bank guarantees, a standard
practice in this industry notably to issue letters of credit
guaranteeing rents at airports.

RATING OUTLOOK

Travelex's stable rating outlook is based on the assumption that
the positive trends experienced in international travel flow over
the past few years will persist and counterbalance any risks
arising from new payment methods that substitute cash. Moody's
ratings also incorporate only a modest improvement in margins, as
adverse currency effects seen in certain markets where the
company operates and the continued investments in digital will
constrain margin improvements in the next 12 to 18 months. In
addition, the outlook assumes that the company will maintain an
adequate liquidity and no significant change in financial policy.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's would consider upgrading Travelex's rating if the company
(1) improves its underlying profitability and is able to reduce
its lease adjusted gross debt/EBITDA ratio (as adjusted by
Moody's) sustainably below 4.5x, (2) continues to grow and
diversify its revenues across geographies and products, and (3)
increases sustainably its free cash flow generation.

Conversely, the rating could be lowered if gross leverage (as
adjusted by Moody's) were to increase above 5.5x, or if the
company's liquidity profile were to deteriorate materially.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Domiciled in Jersey, TP Financing 3 Limited, is the 100% holder
of Travelex, the world's leading retail foreign currency exchange
specialist, with a wide network of stores (more than 1,500) and
ATMs (more than 1,400) concentrated in some of the world's
busiest international airports and tourist locations in 29
countries. The company also provides wholesale foreign exchange
currencies to central banks, financial institutions and travel
agents and has partnerships with supermarkets, high street banks,
travel agencies, hotels and casinos as a provider of outsourced
foreign currency services. At year-end 2014, Travelex reported
revenues of GBP693.3 million, up 8.4% from GBP639.6 million in
FY2013 and EBITDA of GBP79.7 million, an increase of 79% compared
with GBP44.5 million in FY2013 (before exceptional items, as per
statutory accounts).


* UK: South West & Wales Have 2nd Highest Rate of Business Rescue
-----------------------------------------------------------------
Western Morning News reports that the South West and Wales have
the second highest rate of business rescue in the UK with nearly
half of businesses (47%) entering an insolvency procedure
continuing in some form, compared to 41% of businesses across the
UK, new figures have revealed.

Western Morning News relates that the new report, Why Insolvency
Matters from trade body R3 found that out of approximately 1,270
businesses across both areas, which became insolvent in 2013/14,
597 were rescued and around 9,300 jobs saved.

"The South West and Wales can be proud that it has the second
best record on business rescue of any part of the UK, with
thousands of jobs saved and wider benefits for the economy in
those areas," Western Morning News quotes Ross Connock, chair of
R3 in the SW and director at PwC, as saying.

"The business community here is supportive of one another and
this can encourage a more proactive approach in seeking
professional advice for financial problems at an early stage."

Tere are around 106 licensed R3 insolvency practitioners in the
South West and Wales out of approximately 1,750 in the UK as a
whole, the report notes.

Western Morning News relates that Mr Connock added: "Insolvency
practitioners in the South West and Wales play a key role in
supporting businesses and individuals through an insolvency
procedure or helping them to avoid insolvency in the first place.

"This report demonstrates our strong track record on business
rescue and the benefit of our work to the local economy and the
figures themselves demonstrate the importance of tackling the
problems of struggling businesses early on. I have every
confidence that the profession will continue to be of real value
for years to come.

"However, we've also seen high rates of personal insolvency,
though they vary significantly across the regions. Seaside towns
and areas continue to be hotspots for personal insolvencies, such
as Torbay and Weston-super-Mare. With this in mind, we encourage
those struggling to seek qualified advice early as it can make
all the difference."



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


* Moody's: Plummeting Oil Prices Squeeze Oil & Gas Cos. Earnings
----------------------------------------------------------------
Plummeting oil prices will cause cash flow for the global
integrated oil & gas industry to contract by 20% or more for
2015, with only a modest recovery expected in 2016, say Moody's
Investors Service. This reflects the rating agency's expectation
of continued revenue declines and a negative free cash flow
profile for the industry in 2015. Moody's outlook for the global
integrated oil and gas industry will remain negative into 2016.

Global crude oil prices have fallen by more than 50% since mid-
2014, putting a major squeeze on the industry's earnings. While
companies like Shell, Total and BP have responded by cutting
capital spending cuts and reducing costs, Moody's still expects
the industry to face a negative free cash flow position of nearly
$80 billion in 2015, compared with $26 billion in 2014.

Moody's report, entitled "Integrated Oil & Gas Industry -- Global
Negative Free Cash Flow Pressures Integrated Oil Credit Profiles"
is available on www.moodys.com.

"We have revised our oil price outlook down several times since
late 2014 and expect oil and gas prices to stay near recent low
levels well into 2016, which will aggravate the industry's
negative free cash flow profile", says Thomas Coleman, a Moody's
Senior Vice President and author of the report.

Moody's expects the industry to further reduce capital spending
despite cuts already taken, with sharper reductions likely to
take place in 2016. Companies continue to re-phase, defer and
cancel high cost projects as prospects dim for price recovery in
2016.

Inflationary pressures and high industry costs are starting to
adjust to lower oil and gas prices, with operating costs and
margins expected to normalize by mid-to-late 2016. The integrated
oil companies are focused on operating costs and staff reductions
and have pricing power in an oversupplied market to capture lower
rig day rates and supply chain and other efficiencies to bring
down costs.

Moody's expects that the industry's total debt load will
increase, with cash balances declining as companies sell assets
to cover dividends and capital spending, although most companies
have resisted dividend cuts so far. While some companies such as
Shell, Chevron and Statoil face sizeable debt increases, most
players are well positioned to absorb a rise in leverage. Many
are also pursuing sizeable asset sales to cover the cash flow gap
and enhance capital discipline.


* BOOK REVIEW: The Story of The Bank of America
-----------------------------------------------
Author: Marquis James and Bessie R. James
Publisher: Beard Books
Softcover: 592 pages
List Price: $31.80
Order your personal copy today at
http://www.amazon.com/exec/obidos/ASIN/1587981459/internetbankrup
t

The Bank of America began as the Bank of Italy in 1904.
A. P. Giannini was motivated to found the Bank out of his
indignation over the neglect by other banks of the Italian
community in San Francisco's North Beach area. Local residents
were quickly drawn to Giannini's new type of bank suited for
their social circumstances, financial needs, and plans and
aspirations.

Before Giannini's Bank of Italy, the field was dominated by
large, well-connected, and politically influential banks typified
by the magnate J. P. Morgan's House of Morgan catering to
corporations and the wealthy industrialists and their families of
the Gilded Age.

Giannini's Bank proved to be a timely enterprise with great
potential far beyond its founder's original aims. The early 1900s
following the Gilded Age was a time of spreading democratization
in American society with large numbers of immigrants being
assimilated. It was also a time of considerable industrial growth
after the heyday of the tycoons such as Morgan, Rockefeller, and
Carnegie in the latter 1800s. Giannini's idea was also helped by
the growth of California in its early stages of becoming one of
the most prosperous and most populous states. As California grew,
so did the Bank of America.

A. P. Giannini was the perfect type of individual to oversee the
growth of a bank that stood in sharp contrast to the House of
Morgan and which reflected broad changes in American society and
business. Giannini followed the quick success of his North Beach
bank with Bank of Italy branches elsewhere in San Francisco. With
the success of these followed branches throughout California's
agricultural valleys and Los Angeles as Giannini reached out to
populations of other average persons generally ignored by the
traditional banks. Throughout the rapid growth of his bank,
Giannini never lost touch with his original motive for creating a
bank suited for the average individual. When he died at 80 years
of age in 1949, he lived in the same house as he did when he
opened the original Bank of Italy; and his estate was less than
half a million dollars.

Throughout all the stages of the Bank of America's growth,
business recessions and depressions, and changes in American
society, including increased government regulation, the Bank
continued to reflect its founder's purposes for it. In the 1920s,
the Bank of Italy became a part of the corporation Transamerica.
In 1930, the Bank was merged with the Bank of America of
California. The newly formed bank was given the name the Bank of
America National Trust and Savings Association, with Giannini
appointed as chairman of the committee to work out the details of
the merger. In 1930, he selected Elisha Walker to head
Transamerica so he could be free to pursue his interest of
establishing a national bank with the same goals and nature as
his original Bank of Italy. But becoming alarmed over Walker's
proposed measures for dealing with the pressures of the
Depression, Giannini waged a battle involving board members,
stockholders, and allies he had worked with in the past to regain
control of Transamerica. In 1936, A. P. Giannini's son, Lawrence
Mario, succeeded his father as president of Bank of America, with
A. P. remaining as chairman of the board.

The story of Bank of America is largely the story of A. P.
Giannini: his ideas, his values, his ambitions, his goals, his
personality. The co-authors follow the stages of the Bank's
growth by focusing on the genteel, yet driven and innovative, A.
P. Giannini. There's a balance of basic business material such as
stock prices, rationale of momentous business decisions, and
balance-sheet data, with portrayals of outsized characters of the
time. Among these, besides Giannini, are the federal government
official Henry Morgenthau and Charles Stern, California's
superintendent of banks in the early 1900s. With this balance,
The Story of the Bank of America is an engaging and informative
work for readers of more technical business books and human-
interest business stories alike.



                            *********

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 * * *