TCREUR_Public/151001.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, October 1, 2015, Vol. 16, No. 194



NOVASEP HOLDING: S&P Affirms 'B-' CCR & Revises Outlook to Stable


HAPAG-LLOYD AG: Moody's Changes Outlook on 'B2' CFR to Positive
HAPAG-LLOYD AG: S&P Affirms B+ Corp. Credit Rating, Outlook Stable




HANS BINDER: Files for Insolvency in Germany
HOUSE OF EUROPE: Fitch Affirms 'Csf' Rating on Class A Notes
PROVIDENCE RESOURCES: Losses Widen, Seeks Debt Facility Extension


BANCO POPOLARE: Fitch Cuts Mortgage Covered Bonds Ratings to BB+
CERVED GROUP: Moody's Raises CFR to 'Ba3', Outlook Stable
PIAGGIO & C SPA: Moody's Lowers CFR to B1, Outlook Stable


CONTOURGLOBAL POWER: Fitch Rates US$30MM Sr. Revolver 'BB+'


AVG TECHNOLOGIES: S&P Affirms 'BB' CCR, Outlook Remains Stable


NKW: Poland Needs More Time to Draw Up New Rescue Plan


CHRONOS CURIER: Enters Insolvency Process


CONCERN ROSSIUM: S&P Assigns 'B-/C' Counterparty Credit Ratings
URALSIB BANK: S&P Cuts Counterparty Credit Ratings to 'B-/C'


GRUPO ISOLUX: Becomes Riskiest Company Amid Cash Pressures
TIMPANY LANGUAGE: Files For Insolvency on Rising Competition


VOLVO AB: S&P Affirms 'BB+' Subordinated Debt Rating

U N I T E D   K I N G D O M

COSAN LIMITED: Fitch Affirms 'BB' Issuer Default Ratings
CROMWELL AUTO: Director Banned For Nine Years
JAGUAR LAND: S&P Revises Outlook to Stable & Affirms 'BB' CCR
MISYS NEWCO 2: S&P Affirms B Corp. Credit Rating, Outlook Stable
PROSERV GLOBAL: Moody's Lowers CFR to Caa1, Outlook Negative

SSI UK: To Shut Down Redcar Plant, 1,700 Jobs Affected
TATA STEEL: Liabilities Exceed Assets, Faces Pension Issue


* EUROPE: Oil Service Companies Seek Funding Alternatives
* Fitch Says Volkswagen Crisis May Have Impact Across Sector



NOVASEP HOLDING: S&P Affirms 'B-' CCR & Revises Outlook to Stable
Standard & Poor's Ratings Services revised its outlook on France-
based pharmaceutical contract manufacturer Novasep Holding S.A.S.
to stable from positive.  At the same time, S&P affirmed its 'B-'
long-term corporate credit rating on Novasep.

S&P also affirmed the 'B-' issue rating on Novasep's US$195
million 8% senior secured notes due 2016.  The recovery rating on
this debt is '3', indicating S&P's expectation of meaningful
recovery in the lower half of the 50%-70% range for noteholders in
the event of a payment default.

The outlook revision reflects S&P's view that Novasep's debt-
protection metrics are not likely to improve as much as S&P
previously anticipated over the next two to three years, as the
company starts benefiting from recent business-asset
rationalization measures, including the divestment of its
pharmachem business.

While revenues recovered in the first half of 2015 after
decreasing in 2014, Novasep's margins and overall profitability
are challenged by mixed demand trends for individual business
divisions.  S&P's assessment of Novasep's business risk profile
and competitive position as "weak" continues to reflect these

Nevertheless, S&P notes that management has retained key
pharmaceutical customers over the past few years, despite
challenges caused by the global economic and financial crisis.  In
S&P's opinion, the resilience of Novasep's customer portfolio is a
reflection of the company's technological expertise.  Novasep's
customer concentration is still high but the percentage of
revenues it derives from its top-10 customers decreased to 45%
from 60% in 2014.  These customers are typically pharmaceutical
companies that generate several billions of euros and dollars in
sales annually.

Novasep operates in a highly fragmented market as a contract
manufacturer in the global pharmaceutical outsourcing market.  S&P
forecasts Novasep to generate sales of about EUR260 million and
EBITDA of about EUR32 million in 2015, of which close to 60%
should come from its synthesis division where operating
performance has stabilized and which will also benefit from the
ramp-up of a recently built facility (the Leffe project).  The
division's performance should underpin the company's profitability
growth, in our view, while the biopharma and industrial biotech
divisions are likely to continue to post more volatile and
mutually offsetting profitability trends, with biopharma
continuing to lead on the upside.

S&P assesses Novasep's financial risk profile as "highly
leveraged." This reflects S&P's forecast that the company's debt-
to-EBITDA ratio will remain in the 6x-7x range over the next two
to three years.  This is higher than S&P's previous estimates due
to slower-than-expected operating performance across the company
in 2014 and the start of 2015.  The company's debt metrics also
suffered as a result of the increased debt burden denominated in
euro (Novasep's functional currency), due to the euro declining
against the U.S. dollar and most of Novasep's debt being
denominated in U.S. dollar.

S&P bases its leverage calculation for 2015 on financial debt of
EUR203 million, adjusted by the addition of about EUR17 million in
factoring finance and pensions of about EUR12 million.  The
overall debt number excludes the company's EUR30 million
preference shares.  S&P anticipates leverage to fall below 7x in
2016-2017 thanks to rising sales and stable margins, although
discretionary cash flow generation is likely to remain marginally
negative in S&P's view.  Since Novasep's credit metrics are at the
lower end of S&P's "highly leveraged" financial risk category, it
opt for the lower anchor of 'b-', resulting in an overall 'B-'

S&P has revised its capital structure modifier to "negative" from
"neutral" to reflect the refinancing risks the company faces in
conjunction with its upcoming debt maturities in 2016 and that its
five-year weighted average debt maturity was 2.1 years at the end
of 2014.

The stable outlook reflects S&P's view that Novasep will maintain
"adequate" liquidity, despite S&P's assumption that unfavorable
foreign exchange movements will weaken the company's debt and
financial metrics in 2014 and 2015, and a lower absolute level of
EBITDA after the recent noncore asset disposals.  In particular,
rating stability relies on our central assumption that recent
disposals will not impair the group's EBITDA margin.

S&P could consider a negative rating action if Novasep's liquidity
suffered due to a lower level of sales and profitability than S&P
currently anticipates, resulting in materially weaker operating
cash flow generation.  The most likely trigger for such a
development would be unexpected revenue attrition in the
industrial biotech division or a slowdown of revenues in the
synthesis division.  Inability to make progress with the upcoming
2016 debt refinancing would also trigger a negative rating action,
although this is not currently part of S&P's central assumptions.

S&P could raise the rating if the company deleveraged to close to
5x on a sustainable basis, while maintaining "adequate" liquidity.
By S&P's estimates, such a development would require an
improvement in EBITDA margins by at least two percentage points
over the next two to three years, combined with revenue growth of
at least 5% per year.


HAPAG-LLOYD AG: Moody's Changes Outlook on 'B2' CFR to Positive
Moody's Investors Service has changed to positive from stable the
outlook on the B2 corporate family rating, the B2-PD probability
of default rating and the Caa1 senior unsecured rating of Hapag-
Lloyd AG.  Concurrently, Moody's has affirmed the ratings assigned
to the company, including its B2 CFR, B2-PD PDR and Caa1 senior
unsecured rating.

The change in outlook to positive from stable mainly reflects the
company's improved operating performance since the beginning of
2015, driven by the lower bunker fuel price.  The change in
outlook also reflects structural improvements in its cost
structure following a recent acquisition and the implementation of
cost optimization measures.  The change in outlook follows the
announcement by Hapag-Lloyd of its intention to undertake an IPO
and raise US$500 million, which Moody's considers credit positive.


The change in outlook to positive from stable mainly reflects the
improvement in Hapag-Lloyd's operating performance since the
beginning of 2015 and Moody's view that part of this improvement
is sustainable.  During H1 2015, Hapag-Lloyd reported EBITDA of
EUR493 million, a significant increase from EUR67 million in H1
2014.  Hapag-Lloyd, like all players in the container shipping
segment, has benefitted from the sharp reduction in bunker fuel
prices (approximately 50% decline since August 2014), which is
correlated to and has followed the drop in oil prices.  Bunker
fuel is one of the largest cost items for container shipping
companies, and represented 20%-25% of their total operating costs
in 2014.

In addition to the low bunker price, Hapag-Lloyd's operating
performance improvement has been driven by more fundamental
changes to its operations and cost structure.  In December 2014,
Hapag-Lloyd closed the acquisition of the container shipping
activities of the Chilean company Compania Sud Americana de
Vapores (CSAV).  This resulted in increased scale for the combined
group and a slight reduction in fleet age, as well as cost
synergies which Hapag-Lloyd now estimates to reach US$400 million
by 2017 vs. an initial target of US$300 million.  The integration
of CSAV's container shipping activities has been so far
implemented smoothly.  Hapag-Lloyd further expects to improve its
operating efficiency through the implementation of another cost-
cutting programme (Project Octave), which it projects will reduce
costs by an additional US$200 million in 2016.

Moody's expects that these improvements will further improve
Hapag-Lloyd's financial profile in the coming quarters, despite
challenging market conditions in the container shipping industry.
In 2015, overcapacity has increased owing to lower volume growth
than in 2014 and a more significant growth in supply.  This has
resulted in further pressure on freight rates, particularly on
Asia-Europe trade.  Moody's expects that overcapacity will persist
but reduce in 2016, mainly owing to a lower number of planned
vessel deliveries.


Positive rating pressure could arise if Hapag-Lloyd were to
demonstrate (1) a reduction in leverage (i.e., debt/EBITDA) below
5x on a sustainable basis; and (2) an increase in its (funds from
operations (FFO) + interest expense)/interest expense above 3x on
a sustainable basis.  Hapag-Lloyd has recently announced its
intention to undertake an IPO and raise $500 million, which
Moody's considers credit positive.  Should the IPO be successful
and Hapag-Lloyd continue to improve its financial profile in the
coming quarters, this would lead to upward pressure on its ratings
in the course of 2016.

Negative rating pressure could arise if Hapag-Lloyd's leverage
increases above 6x or (FFO + interest expense)/interest expense
declines below 2x for a prolonged period of time.  A rating
downgrade could also result from any pressure on Hapag-Lloyd's
liquidity profile.

Headquartered in Hamburg, Germany, Hapag-Lloyd AG is the fourth-
largest container shipping company in the world measured in TEU.
In the last 12 months to June 2015, Hapag-Lloyd reported revenues
of EUR8.3 billion.

HAPAG-LLOYD AG: S&P Affirms B+ Corp. Credit Rating, Outlook Stable
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on Germany-based container
liner operator Hapag-Lloyd AG.  The outlook is stable.

At the same time, S&P affirmed its 'B-' issue rating on Hapag-
Lloyd's unsecured notes.  The recovery rating of '6' indicates
S&P's expectation of negligible recovery (0%-10%) in the event of
a default.

The affirmation reflects S&P's opinion that the planned IPO won't
materially change Hapag-Lloyd's financial risk profile.  The
company plans to use the targeted net cash proceeds of
$500 million (EUR450 million) predominantly to acquire new vessels
and containers in the next 24 months and not to reduce debt.
Furthermore, S&P has revised its base-case scenario to include
lower volumes and freight rates than previously forecast, which
are, however, fully offset by greater cost savings and lower
bunker prices than in S&P's previous base case.  The result is a
largely unchanged EBITDA forecast for the company in 2015-2016.

In general, S&P continues to believe that after a weak performance
in 2014, due to the acquisition of CSAV's container liner
activities, Hapag-Lloyd is on track to achieve better
profitability, helped by lower fuel prices.  Supporting S&P's
view, the company's earnings improved significantly in the first
half of 2015 compared with the corresponding period in 2014, with
the Standard & Poor's-calculated EBITDA figure at EUR495 million
(before operating lease and pension adjustments) versus EUR70

S&P continues to assess the company's financial risk profile as
"aggressive" and now project adjusted funds from operations (FFO)
to debt at about 16%-18% in 2015-2016, compared with about 14% in
the 12 months ended June 30, 2015.  S&P also believes that the IPO
proceeds, if realized, will significantly increase Hapag-Lloyd's
liquidity sources, thereby supporting an "adequate" liquidity
profile.  S&P's assessment continues to incorporate Hapag-Lloyd's
high adjusted debt, reflecting the capital-intensive industry,
including growth and maintenance spending.  S&P also believes
Hapag-Lloyd will pursue a prudent investment strategy linked to
favorable industry and funding conditions.

S&P's assessment of Hapag-Lloyd's business risk profile as "weak"
reflects S&P's view of the shipping industry's "high" risk.  In
S&P's opinion, this stems from capital intensity, high
fragmentation, frequent demand-and-supply imbalances, and volatile
freight rates and vessel values.  A key consideration in S&P's
assessment is low revenue visibility because there are few fixed
contracts and they are mainly short term.  Another main factor is
S&P's view of the company's vulnerable profitability because
margins and returns on capital are subject to the industry's
cyclical swings, as well as the company's exposure to fluctuations
in bunker fuel prices and limited ability to quickly adjust
operating costs in the short term.

These weaknesses are partly mitigated by Hapag-Lloyd's leading
market positions and coverage through a broad and strategically
located route network, its well-diversified customer base, and
large and fairly diverse fleet.  Another positive is the company's
track record of operational efficiency and proactive efforts to
steadily reduce its cost base, which S&P assumes will support

The stable outlook reflects S&P's view that, despite sustained
competitive pressure on freight rates, Hapag-Lloyd will generate
sufficient operating cash flows to maintain credit metrics and
liquidity commensurate with the current rating over the next 12-18
months.  This should be supported by the company's ongoing cost
efficiencies, ability to sustainably improve and maintain reported
EBITDA margins of more than 5% over the coming 12-18 months, and
prudent capital investments tied to favorable industry prospects
and available funding.  S&P views FFO to debt of more than 12% as
in line with the rating.

Furthermore, given the underlying industry's inherent volatility,
S&P considers maintaining "adequate" liquidity to be a critical
and stabilizing rating factor.  In addition, S&P assumes that if
the IPO does not proceed as expected, the company will manage its
capital expenditure and adjusted debt in a manner commensurate
with the rating.

S&P could lower the rating if freight rates are lower or bunker
fuel prices are higher than it forecasts in its base case.  This
would likely be coupled by the company's inability to adjust its
cost base to achieve a reported EBITDA margin of more than 5%,
amid ongoing volatile industry conditions.  If this occurs, it
would weaken the company's cash flow generation and liquidity.
Under S&P's base-case scenario, it estimates that Hapag-Lloyd's
adjusted FFO to debt will improve and remain higher than 12% in
2015-2016.  Furthermore, S&P' forecasts that Hapag-Lloyd's ratio
of liquidity sources to uses will remain at more than 1.2x for the
upcoming 12 months on a rolling basis.  Nevertheless, S&P might
consider lowering the rating if it sees clear signs that credit
ratios and liquidity coverage will be below those in S&P's base

S&P could take a positive rating action if Hapag-Lloyd delivers
sustained EBITDA growth, pursues a balanced investment strategy,
reduces financial leverage, and improves credit ratios to levels
commensurate with a higher rating, such as adjusted FFO to debt of
about 20% on a sustainable basis.


Moody's Investors Service has confirmed Hellenic
Telecommunications Organization S.A.'s (OTE) corporate family
rating at Caa2 and its probability of default rating (PDR) at
Caa2-PD.  Concurrently, Moody's confirmed the senior unsecured
ratings of the global medium-term note program (GMTN) at (P)Caa2
and the rating on the global bonds at Caa2 issued by OTE PLC
(OTE's fully and unconditionally guaranteed subsidiary).
Concurrently, Moody's has assigned a stable outlook to all

This rating action concludes the review for downgrade that
commenced on July 2, 2015.

These rating actions follow Moody's decision on Sept. 26, to
confirm the Government of Greece's government bond ratings at Caa3
and the foreign-currency ceiling at Caa2 and assign a stable

"OTE is a Greek telecommunications business that generates
approximately 75% of its revenues in Greece.  So despite
performing in line with its business plan and taking steps to
insulate itself as much as possible from the Greek economy, the
foreign-currency ceiling exerts pressure on the telecom company's
ratings keeping its credit-worthiness closely linked to the
economic environment in Greece," says Carlos Winzer, Moody's
Senior Vice President and lead analyst for OTE.


The action follows Moody's recent Greek government's rating
confirmation.  The Greek government's approval of the third
bailout program, and the emergence of a political configuration
that is slightly more supportive than its predecessors for the
implementation of reforms, improves the overall business
environment for OTE.  Notwithstanding the positive developments
the sovereign rating continues to incorporate a high level of
implementation risk given Greece's weak institutions and past poor
track-record of implementing conditions of financial support.

Despite the fact that OTE has demonstrated a degree of resilience
through the recent period of sovereign stress and has taken steps
to further insulate itself from the Greek economy, the company
remains exposed to developments in the domestic Greek market.  In
this regard, the company has taken steps to limit its direct
exposure to domestic banks and has continued to enhance its
international banking relationships.  The rating agency notes that
OTE’s exposure to Greek banking risk is also limited in the short
term as OTE has no Greek bank debt refinancing exposure.

At Caa2, OTE's ratings reflect (1) the fact that a non-Greek
financial subsidiary (OTE PLC, which is domiciled in the UK and
subject to English law) issues its debt; (2) the fact that around
25% of OTE's revenues and 20% of its EBITDA are generated outside
Greece; (3) Moody's expectation that OTE will maintain substantial
cash balances of around EUR1 billion to pre-fund future bond
maturities; and (4) the implicit support it receives from its
largest shareholder, Deutsche Telekom AG (Baa1 stable).


Although not likely over the near-term given the prevailing
downside risks any potential positive rating development would
require an upgrade of the Greek Sovereign rating, a more
substantial dissociation of the company's business and financial
prospects from those of the Greek economy, and/or more explicit
support from Deutsche Telekom.

A rating downgrade could occur if (1) conditions in the domestic
environment were to deteriorate further as a result of a weakening
of Greece's credit profile or a material increase in the risk of
Greece exiting the euro area; and/or (2) unexpected pressure on
OTE's liquidity were to emerge, particularly as a result of a
failure by the company to maintain comfortable cash balances.

Hellenic Telecommunications Organisation SA (OTE) is the leading
telecommunications operator in Greece, servicing 2.7 million
retail fixed access lines, 1.4 million retail fixed-line broadband
connections, 378,000 TV subscribers, and 7.4 million mobile
customers in Greece as of June 2015.  In addition to its wireless
operations in Greece, OTE offers mobile telephony services to
customers in Albania (2.1 million customers) and Romania (5.9
million customers) through Cosmote, Greece's leading provider of
mobile telecommunications services.  In addition, OTE offers
wireline services in Romania through Telecom Romania.  OTE is also
involved in a range of activities in Greece, and notably in real-
estate.  OTE owns 100% of Germanos, the largest distributor of
technology-related products in southeast Europe.  OTE's major
shareholder is Deutsche Telekom with an equity stake of 40%.


HANS BINDER: Files for Insolvency in Germany
EnWave Corporation on Sept. 29 disclosed that Hans Binder
Maschinenbau GmbH, an 86.5% owned subsidiary of the Company, has
filed for insolvency under German law.  An individual will now be
appointed by the court to facilitate receivership.  The Receiver
will work with Binder's management, creditors, debtors and
employees to either operate the business for a period of time
and/or commence liquidation proceedings.

EnWave has chosen to not provide additional funding to Binder for
several reasons.  First, EnWave will continue its focus on the
development of its higher margin royalty licensing business where
EnWave is the global leader in vacuum-microwave dehydration
technology.  Second, Binder's primary business of traditional air
dryer sales is lower margin, cyclical in nature and has little
differentiation in a highly fragmented and competitive market.
EnWave has chosen to not pursue this marketplace.  Lastly,
EnWave's continued control over the MIVAP(R) intellectual property
will not change due to Binder's insolvency.

EnWave's near term efforts with respect to Binder will be focused
on the release of its restricted funds that support a performance
bond which is tied to the successful completion of one German
based project.  There is currently no guarantee that these funds
will be released.

EnWave's primary business plan, the advancement, manufacture, sale
and royalty collection from a growing portfolio of Radiant Energy
Vacuum (REV(TM)) equipment, remains unchanged. Binder's insolvency
will have a minimal impact on EnWave's ability to deliver
commercial-scale REV(TM) machinery to its royalty-partners.
EnWave has been solely responsible for the successful REV(TM)
installations for Hormel Foods, Bonduelle and NutraDried LLP, and
will continue to assemble and start-up all future REV(TM)

                           About EnWave

EnWave Corporation is a Vancouver-based industrial technology
company developing commercial applications for its proprietary
Radiant Energy Vacuum (REV(TM)) dehydration technology.

HOUSE OF EUROPE: Fitch Affirms 'Csf' Rating on Class A Notes
Fitch Ratings has confirmed House of Europe Funding I, Ltd.'s
(HoE1) class A notes (XS0202218284)at 'Csf'.


The rating action reflects the extension of the legal final
maturity of the class A notes. The class A notes' margin has also
been increased to Euribor plus 0.255%.

The class A notes' principal was not retired on 28 September 2015.
Pursuant to the indenture, the maturity date of the class A notes
has now been extended to 2047 in line with the junior notes.
However, due to the significant under-collateralization of the
performing assets, default is still expected and therefore the
rating remains 'Csf'.


The notes are already at distressed rating levels and as such are
unlikely to be affected by any further deterioration in the
respective underlying asset portfolios.


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


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

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

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

PROVIDENCE RESOURCES: Losses Widen, Seeks Debt Facility Extension
Charlie Taylor at The Irish Times reports that pretax losses at
Providence Resources widened in the six months ending June 30 as
the group said it was in talks with its lender to extend its debt

Providence reported a first-half pretax loss of EUR8.42 million as
against EUR3.37 million for the same period a year earlier with a
loss per share of 7.94 cents versus 5.22 cents in the first six
months of 2014, The Irish Times relates.

According to The Irish Times, the Tony O'Reilly-headed group said
that as with other explorers, Providence has been hit by the fall
in oil prices but said it remained focused on its core Irish-
centric strategy.

The group, as cited by The Irish Times, said it is conducting
ongoing discussions with its debt provider Melody Finance
regarding a "possible extension of the terms and maturity of the

Providence Resources is an Irish-based oil and gas exploration


BANCO POPOLARE: Fitch Cuts Mortgage Covered Bonds Ratings to BB+
Fitch Ratings has downgraded Banco Popolare (BP, BB/Stable/B)
mortgage covered bonds (Obbligazioni Bancarie Garantite, OBG) to
'BB+' from 'BBB+' and removed them from Rating Watch Negative
(RWN). The Outlook is Stable.

The rating action follows the programme's amendments on
September 25, 2015, which relate to provisions applicable to the
account bank and back-up servicer (BUS) appointment, the repayment
of a subordinated loan, and a trigger for delivering certain
solvency certificates.

Fitch originally placed the OBG on RWN upon BP's IDR downgrade to
'BB' from 'BBB'.


The 'BB+' rating is based on BP's Long-term Issuer Default Rating
(IDR) of 'BB', an unchanged IDR uplift of 1, an unchanged
Discontinuity Cap (D-Cap) of 2 (High risk) and the 80.7% asset
percentage (AP) that Fitch takes into account in its analysis,
which provides more protection than the 93% 'BB+' breakeven AP,
which is also the maximum contractual AP. The Stable Outlook for
the OBG mirrors the Stable Outlook on BP.

The 80.7% AP that the issuer undertakes in its quarterly test
performance report theoretically allows the OBG to reach the
'BBB+' rating; however, in Fitch's view provisions that apply to
BP as Italian account bank, combined with the magnitude of the
exposure towards this counterparty (EUR1.2 billion as of end-
August 2015), prevent a recovery uplift above the 'BB+' covered
bonds rating floor, represented by the 'BB' IDR as adjusted by the
IDR uplift of 1.

As a consequence of the amendments, Fitch also revised the
systemic alternative management component of the D-Cap, to 'High'
from 'Moderate High'. Therefore, the unchanged D-Cap of 2 is now
driven by what Fitch views as the weakest-link risk in liquidity
gap and systemic risk and systemic alternative management.

The 'High' systemic alternative management risk assessment
reflects the appointment of the BUS, which would now be triggered
if BP's rating is downgraded below 'BB-' (vs. 'BBB-' previously)
in its role as servicer. Fitch considers such provision weaker
than peers, whereby the BUS appointment is triggered upon a
downgrade of the issuer's rating to below 'BBB-'


The 'BB+' rating of the covered bonds issued by Banco Popolare
(BP) would be upgraded if counterparty risk is mitigated and,
among others, if the exposure to the internal account bank

A downgrade of BP's Issuer Default Rating would trigger a
downgrade on the covered bonds.

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

CERVED GROUP: Moody's Raises CFR to 'Ba3', Outlook Stable
Moody's Investors Service upgraded the corporate family and
probability of default ratings of Cerved Group S.p.A. to Ba3 from
B1, and to Ba2-PD from Ba3-PD, respectively.  Concurrently,
Moody's has upgraded the rating on the group's senior secured
fixed rate notes due in 2020 to Ba2 from Ba3, and the rating on
the senior subordinated notes due in 2021 to B1 from B2.  The
rating outlook is stable.

The upgrade reflects the successful execution of the group's
strategy since its IPO in June 2014, continued sustainable growth,
and the maintenance of leverage below 3.5x on a Moody's adjusted
basis, supported by a publically stated balanced financial policy.


The Ba3 rating is also supported by: (1) Cerved's established role
as the largest credit information provider in Italy, serving a
wide range of financial institutions and corporate customers; (2)
high barriers to entry provided by Cerved's proprietary database,
strong reputation, and its long-standing customer relationships;
(3) good customer diversification in the corporate segment and
medium term contracts with financial institutions supported by
high retention rates; (4) an element of counter-cyclicality in
demand for credit information and credit management services
reflected in a long-term track record; and (5) committed
refinancing facilities to be drawn in January 2016 leading to a
substantial reduction in interest costs.

However, the rating also reflects: (1) the group's relatively
small size; (2) its lack of geographic diversification and
reliance on the economic environment in Italy; (3) its significant
exposure to the weak and gradually consolidating Italian banking
sector; (4) the group's distributive and acquisitive financial
policy, which is balanced by conservative leverage targets.

Cerved has continued to demonstrate positive organic growth since
the IPO.  Organic revenue and EBITDA growth in the year ended 31
December (FY) 2014 was 3.8% and 4.5% respectively, despite a
relatively weak economic backdrop.  In the six months ended 30
June 2015 revenues grew by a further 2.1% and EBITDA by 4.4% on an
organic basis.  The performance of the financial institutions
segment has improved over this period, delivering positive growth
in the first half of 2015 as lending rates have improved and major
bank contract renegotiations completed.  The financial information
for corporates segment has demonstrated some weakness in the first
half of 2015, with revenues down by 0.5%, although we expect this
to return to positive growth as certain one-off revenue effects
unwind and the company refocuses its sales and customer
relationship management activities.  Moody's also expects
continued strong growth in credit management with expansion of the
group's non-performing loans portfolio of assets under management.

Since the IPO the group has confirmed its financial policy to
maximize distributions from available cash balances, whilst
maintaining a long-term net leverage target of 3x excluding
strategic acquisitions.  Subsequently, in August 2015 Cerved
announced that it had obtained committed debt facilities to
refinance in full its existing bonds and super-senior revolving
credit facility (SSRCF).  This will take place in January 2016 and
is expected to result in significant savings in interest costs of
approximately EUR23 million per annum.

Cerved's liquidity is good, supported by EUR14 million cash on the
balance sheet at 30 June 2015 and the group's existing
EUR75 million SSRCF (of which EUR70 million was undrawn at
June 30, 2015), which does not include any maintenance covenants.
The SSRCF will be replaced by a new EUR100m million RCF in January
2016.  The group is strongly cash generative, with cash flows
expected to improve further following the refinancing, although
this is offset by the policy to maximize dividend distributions.

The stable outlook reflects Moody's expectations that Cerved will
continue to deliver low single-digit organic growth in its core
credit information business alongside some faster expansion in
credit management, with the customer base and major bank contracts
remaining stable.  Moody's-adjusted leverage is expected to be
remain at current levels and a balanced financial policy is
expected to be maintained.


There could be upward rating pressure if Moody's-adjusted leverage
reduces to around 2.5x on a sustainable basis, stable positive
organic growth is maintained, and the company maintains a balanced
financial policy with no large debt-funded acquisitions.  However
at this time, upward pressure on the rating is likely to be
constrained by qualitative factors in particular the relative
scale and geographical concentration of the company compared to
its rated peers.

Negative pressure could occur should leverage rise above 3.5x on a
sustainable basis, if operating performance deteriorates, if the
company undertakes large debt-funded acquisitions or through
concerns over the group's liquidity profile.

Cerved, incorporated in Italy, is the largest credit information
provider to both corporates and banks in Italy.  Along with key
credit and business information the group also provides credit
management and marketing solutions.  In FY 2014 the group reported
revenues of EUR332 million and EBITDA of EUR160 million.

PIAGGIO & C SPA: Moody's Lowers CFR to B1, Outlook Stable
Moody's Investors Service has downgraded the corporate family
rating of Piaggio & C. S.p.A. to B1 from Ba3 and the probability
of default rating (PDR) to B1-PD from Ba3-PD.  The senior
unsecured rating assigned to the EUR250 million notes due 2021 has
been also downgraded to B1 from Ba3.  Concurrently, Moody's has
changed the outlook on the ratings to stable from negative.

"The rating downgrade reflects our expectation that Piaggio's
deleveraging will be slower than we previously anticipated, owing
mainly to the still difficult market conditions in 2015,
especially in some Asian countries", says Lorenzo Re, Moody's Vice
President - Senior Analyst and lead analyst for Piaggio.
"Although we expect some further improvements in operational
performance in 2015, we do not expect the financial metrics to
improve to levels consistent with the Ba3 category in the near
term", added Mr. Re.


Despite the solid improvement in revenue, largely boosted by
favorable forex trends, Piaggio's operating performance in 1H15
was below Moody's expectations, with reported EBITDA only modestly
increasing to EUR95 million from EUR94 in 1H14.  Notwithstanding
the improvement in operating cash flow, net debt peaked to EUR535
million, owing to seasonal working capital absorption and the
reinstatement of a EUR26 million dividend (from zero in 2014), a
decision that Moody's deems as credit negative.

Prospects for 2015 remain challenging in the European 2-wheeler
market, despite the modest recovery posted in 1H15, as volume
growth remains concentrated in the motorbike segment, while the
scooter segment, where Piaggio's positioning is stronger,
continues to be weak.  The Asian markets continue to show high
volatility and the volume recovery initiated in 2H14 was
interrupted in 2015, with volumes declining especially in
Indonesia.  The Indian three-wheel commercial vehicle market has
also turned negative, notwithstanding the supportive macroeconomic
trends.  Moody's still believes that long-term prospects remain
positive for both the Indian and other Asian markets, but their
high volatility limits visibility and increases short-term risk.

Moody's anticipates that Piaggio's EBITDA will further increase in
2H15, sustained by improved sales mix and owing to the reduction
in operating costs.  Moody's expects that Piaggio's free cash flow
will improve in the second part of the year, owing to the seasonal
unwinding of working capital and cash-in of some non-trading
receivables.  Piaggio's credit metrics will improve in 2015, but
remaining at a level not commensurate with a rating in the Ba
category.  In particular, Moody's estimates that leverage
(measured as adjusted debt/EBITDA) will remain close or above 5.0x
from 5.8x in 2014, denoting a slower pace of deleveraging than
previously anticipated. This would position the company solidly in
the B1 rating category.


The stable outlook reflects Moody's expectation that Piaggio's key
credit metrics are likely to remain comfortably positioned at B1,
providing headroom in case of further challenging market


Positive rating pressure could develop as a result of (1) an
improvement in Piaggio's profitability, with EBIT margin at the
high-single digit level; and (2) a sustained reduction in the
group's financial leverage, reflected by a debt/EBITDA ratio
comfortably below 4.5x and RCF/net debt above 10%.

Conversely, negative rating pressure could occur in the event of
(1) a deterioration in Piaggio's operating performance; and (2) an
increase in leverage, with debt/EBITDA above 5.5x in the next 12-
18 months.

Based in Italy, Piaggio & C. S.p.A. is a leading global
manufacturer and distributor of light mobility vehicles for both
personal and business purposes.  In 2014, the group reported total
consolidated revenues of EUR1,213 million and sold 546,400
vehicles.  With a global presence in terms of production and
research and development plants, and with nine names in its brand
portfolio, the group ranks as one of the world's top four players
in its core business in terms of volumes.


CONTOURGLOBAL POWER: Fitch Rates US$30MM Sr. Revolver 'BB+'
Fitch Ratings has assigned a first time 'B+' Long-term Issuer
Default Rating (IDR) to ContourGlobal L.P. (CGLP). The Rating
Outlook is Stable. Simultaneously, Fitch has assigned 'BB+/RR1'
rating to ContourGlobal Power Holdings S.A.'s (CGPH) US$30 million
super senior revolver due 2018 and 'BB-/RR3' to CGPH's $400
million senior secured notes due 2019. CGPH is a financing
subsidiary of CGLP and the ratings of its debt obligations
primarily benefit from a guarantee from CGLP.

The individual security ratings at CGLP are notched based on a
recovery model that reflects the IDR and the priority ranking of
the debt obligations in a hypothetical default scenario.


Diversified Assets with Long Term Contracts

CGLP owns and/or operates approximately 3.6GW (CGLP's share 2.8GW)
of generation facilities with 314MW (CGLP's share 216MW) under
construction. The generation facilities are diversified
geographically with presence in 20 countries and three continents.
Europe, Latin America, and Africa are expected to account for 53%,
34% and 13% of 2016 EBITDA. The generation capacity (including
projects under construction) is comprised of 31% gas, 31% coal,
22% wind, 11% hydro, 3% fuel oil and remaining in solar and
biomass. Long term contracts and regulated revenues account for
91% of total revenue between 2014 and 2021. Power Purchase
Agreements (PPAs) have a weighted average life of approximately 12
years. Majority of PPAs are either capacity based which covers
fuel cost and other variable costs or with fixed long term prices
with inflation pass-through. Most PPA offtakers hold an investment
grade credit rating.

Counterparty Concentration

CGLP's two largest projects Maritsa (908MW lignite, CGLP's share
663MW) in Bulgaria and Arrubal (800MW natural gas) in Spain will
represent approximately 27% and 14% of 2015 EBITDA, which is a
credit concern. With acquisitions and new projects coming into
service, the combined EBITDA of these two projects could decline
to 36% but remain substantial. The normalized cash available to
CGLP from these two projects as a percentage of all cash available
to CGLP is generally consistent with the EBITDA proportion.
Bulgaria's Natsionalna Elektricheska Kompania EAD (NEK) is the
offtaker for Maritsa. NEK is not rated by Fitch. NEK's parent
Bulgarian Energy Holding EAD (BEH) currently holds an IDR of BB-
and Negative Outlook by Fitch. BEH is 100% owned by the Bulgarian
government through the Ministry of Economy. Gas Natural, SDG S.A.
(IDR'BBB+'/Stable Outlook) is the offtaker for Arrubal in Spain.

Maritsa Settlement

The recent settlement between NEK and Maritsa regarding PPA
capacity price reduction under the direction of Bulgaria's Energy
and Water Regulatory Commission (EWRC) removes a substantial
overhang for CGLP; however, it highlights the political challenges
that CGLP faces. Under the settlement, CGLP will reduce capacity
prices by 15% and NEK will pay CGLP approximately EUR88 million in
net proceeds, eliminating the uncertainty of chronic late payments
from NEK.

Limited Financial Flexibility

CGLP relies on external funding sources to execute its growth
strategy. Non-resource senior secured project financing is the
primary source of funding. Project assets are encumbered and are
subject to various security restrictions that could be very
complex and prevent upstream distribution to CGLP. Additionally,
CGLP's capability to access public capital markets is largely

Challenging Operating Environment

Though CGLP's exposure to commodity prices and demand changes are
mitigated by the terms of the PPAs, it is subject to structural
changes and political risk.

Fitch's general view is that European wholesale power prices will
remain at their current low level through 2019. Carbon policies
are relatively less drastic in Bulgaria than in western Europe.
Some central European countries from the European Union, which
have substantial power generation from coal and lignite-fired
plants, such as Bulgaria and Poland, benefit from a gradual phase-
out of free carbon dioxide allowances until 2020. Power plants in
these countries do not have to purchase 100% of CO2 allowances but
40%-60% and going up to 100% by 2020. In the other parts of the
European Union (EU), power plants have to purchase 100% of their
CO2 allowances, which dents their profit margins on power
generation. The price of CO2 allowances is slowly going up
(EUR8/tonne) but it is still relatively low compared to 2011
(EUR22/tonne) due to economic slowdown and oversupply. However,
the EU intends to limit supply in order to support CO2 prices.

In Spain, gas-fired power plants, including CGLP's Arrubal plant,
receive capacity payments from the system operator. Although this
capacity payment currently represents only 4% of project's total
revenue, the political pressure to reduce payment could be a long
term concern. These capacity payments were reduced as part of a
larger energy sector reform in 2012-2014 targeting elimination of
the tariff deficit in Spain. CGLP's capacity payment from the
system operator was reduced by approximately 33%. To compensate
for the reduction, the capacity payment contract was extended till
2017 instead of 2015.

To mitigate political risks, CGLP enters into Political Risk
Insurance (PRI) policies for non-investment grade countries except
for the Kramatorsk project in Ukraine. PRI coverage includes
expropriation, political violence, currency inconvertibility,
forced divesture, forced abandonment and breach of contract via
non-honoring of arbitral award.

Credit Metrics

CGLP's credit metrics are at the low end of the range for the
rating. There is limited headroom in the assigned 'B+' rating
level if material negative credit events occur. Fitch evaluates
CGLP's credit metrics both on consolidated basis and on
distribution basis. The consolidated method acknowledges that
although project debt is non-recourse, CGLP will likely provide
financial support in time of stress especially for its large
projects. Additionally, many projects such as Maritsa are
contracted with government or quasi-government entities, thus
could be complex to terminate. As several projects which have been
acquired or become fully operational in 2015 - 2016, Fitch
projects consolidated FFO lease adjusted leverage to decline to
6.3x in 2017 from the current 8x. On a distribution only basis,
Fitch projects recourse debt/distribution to average 4.8x for the
next three years. The distribution cash flow is structurally
inferior to cash flow at the operating company level.

Long-term Re-contracting Risks

Re-contracting exposes CGLP to uncontrollable factors such as fuel
and energy prices and demand changes. The PPAs for approximately
45% of the total capacity will expire before 2025 which include
Maritsa's PPA expiring in 2024 and Arrubal's in 2021. If the weak
wholesale power prices and low capacity utilisation for gas-fired
plants were to continue in Europe, many PPA contracts are likely
to be re-contracted with a shorter term or become uncontracted.

Pending Yieldco Could Add Complexity

In April 2015, CGLP filed with the SEC to establish a
ContourGlobal Yield Limited to be publicly listed in the U.S.
Generally, a yieldco structure is credit negative or at best
neutral to the sponsor. Fitch acknowledges that yieldco structure
adds additional funding source and could improve scale and
distribution to the sponsor. However, CGLP will likely transfer
its most valuable assets to yieldco, and potentially create more
layers of structural subordination and cash leakage. A yieldco
structure will also incentivize the pursuit of more aggressive
growth strategy in order to achieve distribution targets. If
yieldco becomes publically listed, CGLP's ratings will be
evaluated based on factors such as the usage of the equity
proceeds, the severity of structural subordination and cash
leakage, the planned limited partner ownership and distribution

Recovery Analysis

The 'BB+/RR1' ratings for CGPH's super senior revolver and 'BB-
/RR3' for its $400 million senior secured notes are based on
Fitch's recovery waterfall and incorporates the limit on total
security available to the secured debtholders under the credit
agreement. Fitch values CGLP's equity interest in its operating
subsidiaries at $462 million under a distressed scenario. The
'RR1' rating for the revolver reflects outstanding recovery
prospects given default with securities historically recovering
91% - 100% of current principal and related interest and reflects
a three-notch positive differential from CGLP's 'B+' IDR. The
'RR3' rating for the senior secured notes reflects a one-notch
positive differential from the 'B+' IDR and indicates good
recovery of principal and related interest of between 51% -70%.


CCGLP will continue to rely on external financing for its
investment needs. In April 2015, CGPH entered into a three-year
super-senior $30 million bank revolving credit agreement. The
facility is currently undrawn. In July 2015, CGPH entered into a
$150 million senior secured bridge loan agreement which if not
refinanced would term out to 2019, primarily to fund its equity
commitment in the Vorotan project and construction in KivuWatt and
Cap des Biches. Debt maturity is manageable. The existing senior
secured notes and the senior secured bridge loan are not due until

The primary financial covenant requires CGLP to maintain the Debt
Service Coverage Ratio above 2.25x, and the non-guarantor combined
leverage ratio (excluding project financed subsidiaries) equal to
or less than 5.0 to 1.0. Considering the contributions from
acquired or to be completed new projects, Fitch estimates CGLP to
have approximately $300 million in debt capacity at the corporate
level in the next two years. As of Sept. 25, 2015, cash and cash
equivalents includes $99 million of unrestricted cash and $227
million cash for debt service or security at the project level.


-- Approximately $140 million equity investment for committed
    acquisitions or construction in 2015;

-- Continuation of Arrubal's reduced capacity payment from the
    system operator until government contract expires in 2017;

-- Receives NEK payment of EUR 88 million regarding to overdue
    receivables in Q4, 2015;

-- Reduce capacity payment from NEK by 15% starting June 2015;

-- Maritsa and Arrubal availability factors are at required
    level of 82% for Maritsa, and 86%-93% for Arrubal. Fitch
    notes that actual availabilities have been higher



Based on the projected credit metrics for the next 3-5 years, and
pending the yieldco transaction, it is unlikely that CGLP's
ratings will be upgraded. Nevertheless, future developments that
may, individually or collectively, lead to a positive rating
action include:

-- On a consolidated basis, FFO lease adjusted gross leverage
    below 5.0x on a sustained basis; On a distribution only
    basis, recourse debt/distribution below 3.0x on a sustained

-- Materially reduced counterparty concentration risks such that
    EBITDA from any single offtaker is consistently less than

-- High likelihood of recontracting major PPAs at a level that
    is similar to existing pricing levels with similar durations.

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

-- On a consolidated basis, FFO lease adjusted gross leverage
    above 7.5x on a sustained basis; On a distribution only
    basis, recourse debt/distribution above 5.5x on a sustained

-- If the major PPAs experience unexpected and material price
    reduction from current levels or termination;

-- If more than 50% of total revenue becomes uncontracted;

-- The yieldco transaction, if executed, leads to material
    structural subordination, cash leakage or additional yieldco
    or sponsor debt such that they cause credit metrics to breach
    the above-outlined negative guideline ratios.


Fitch has assigned the following ratings and Outlook:


-- Long-term IDR 'B+'; Stable Outlook.


-- US$30 million super senior revolver (guaranteed) 'BB+/RR1';

-- US$400 million 7.125% senior secured notes due 2019
   (guaranteed) 'BB-/RR3'.


AVG TECHNOLOGIES: S&P Affirms 'BB' CCR, Outlook Remains Stable
Standard & Poor's Ratings Services said it affirmed its 'BB'
corporate credit rating on Netherlands-based software company AVG
Technologies N.V.  The outlook remains stable.

S&P revised its assessment of AVG's liquidity to "exceptional"
from "strong" because S&P believes that AVG has a sufficient track
record of prudent liquidity management, despite its acquisitive
nature.  The corporate credit rating on AVG is unaffected by the
liquidity assessment change.

AVG has completed a series of meaningful acquisitions over the
past 12 months, all of which were prefunded with new credit
facilities amounting to $230 million.  In S&P's view, AVG's ample
cash on-balance sheet, back up credit facilities, and solid free
cash flow generation facilitate liquidity coverage of sources to
uses by more than 2x over the next 24 months, even if it continues
to target additional synergetic acquisitions.

Additionally, given AVG's limited capital expenditure and debt
amortization, as well as high levels of recurring revenues, S&P
thinks AVG will be able to absorb potential low-probability, high-
impact events without the need to refinance.

The rating on AVG reflects the company's focus on niche markets,
which are highly competitive and have very limited switching costs
for their customers.  Additionally, the rating reflects S&P's
anticipation that AVG's financial policy will result in the
maintenance of adjusted leverage of 2x-3x.


NKW: Poland Needs More Time to Draw Up New Rescue Plan
Maciej Martewicz and Marek Strzelecki at Bloomberg News report
that Poland's Treasury Ministry on Sept. 24 said the government
needs more time to prepare a new plan to save NKW as a European
Commission probe could result in bankruptcy of the new entity in
the near term.

The ministry said Kompania Weglowa, meanwhile, is seeking bridge
financing as the Sept. 30 deadline for creation of NKW can't be
met amid plunging coal prices, Bloomberg relates.

According to Bloomberg, the ministry won't put NKW, revamped
Kompania, at risk of "chaotic" bankruptcy for "short-term
political gain".

The new entity must be economically viable, Bloomberg notes.

NKW is Poland's biggest coal miner.


CHRONOS CURIER: Enters Insolvency Process
-----------------------------------------, citing, reports that Chronos
Curier has entered insolvency upon its own request, three months
after it had listed its shares on the AeRO market, Bucharest Stock
Exchange's alternative trading system dedicated to small and
medium companies. relates that the company was the largest on
the AeRO market based on its capitalization. Its shares dropped by
8.1% on September 24, reaching EUR2 million.

According to, the company's founder Andrei
Marinescu said at the time of the listing that the shareholders
would put up for sale a 10% stake in the company, or 5.38 million
shares. Investors, however, showed little interest in the company,
as its shares were among the most thinly traded among the new
companies on the AeRO market, the report relays. In the three
months, investors have traded almost 2,400 shares worth some

The courier company had 71 employees and a turnover of EUR4.4
million in 2014, discloses.

Chronos Curier is a Romania-based courier company.


CONCERN ROSSIUM: S&P Assigns 'B-/C' Counterparty Credit Ratings
Standard & Poor's Ratings Services assigned its 'B-' long-term and
'C' short-term counterparty credit ratings to non-operating
holding company Concern Rossium LLC.  The outlook is stable.

At the same time, S&P assigned its 'ruBBB' Russia national scale
rating to Rossium.

The 'B-' rating on Rossium reflects S&P's view of the structural
subordination of its obligations as a non-operating holding
company's (NOHC), compared with that of operating banks.  S&P also
factor in its view that an NOHC would not benefit from
extraordinary government support that an operating bank may
receive, if needed.  Rossium ultimately owns 70% of Russia-based
Credit Bank of Moscow (CBoM; BB-/Negative/B).  S&P classifies
Rossium as an NOHC because it doesn't perform any operating
activity and serves solely as a holding company, and S&P thinks
this will continue.

In S&P's analysis, the starting point for determining its issuer
credit rating (ICR) on Rossium is based on S&P's assessment of the
group credit profile (GCP).  The GCP is in turn based on S&P's
'BB-' rating on CBoM, given that it currently makes up 99% of the
group.  S&P's rating on CBoM reflects a stand-alone credit profile
of 'b+' based on the bank's leading position in cash collection
and delivery in Moscow and the surrounding area.  S&P also
incorporates the regular capital support from CBoM's owner, which
gives the bank some flexibility and a competitive advantage over
other market players, who generally operate with less capital.

S&P's risk position assessment reflects its view that CBoM is
still exposed to credit risks from its rapidly accumulated
portfolio.  S&P believes that the bank has a solid corporate
deposit franchise and S&P expects stability in the funding base.
S&P considers CBoM to have "moderate" systemic importance to the
Russian banking sector because its market share in total loans and
deposits is close to 1%, which is quite substantial for the
concentrated Russian banking sector.

S&P's long-term rating on Rossium is three notches lower than
S&P's GCP assessment for two main reasons:

   -- The structural subordination of Rossium's debt, given its
      status as an NOHC, and its reliance on dividends upstreamed
      from the operating entity to repay the outstanding debt.
      As per S&P's group rating methodology for regulated
      financial groups with GCPs lower than 'bbb-', the gap
      between the ICR on an NOHC and its core operating
      subsidiary is at least two notches.

   -- S&P's view that the Rossium would not benefit from
      extraordinary government support that CBoM might receive if
      needed, which results in the additional notch.

Rossium issued bonds in the amount of Russian ruble (RUB) 10
billion (about $150 million) on Sept. 28, 2015.  The bonds will
comprise about 13% of Rossium's capital and enable it to raise
additional funds for new investments.  This will, in turn, likely
result in double leverage at Rossium.  However, the double
leverage is unlikely to exceed 120%, a threshold which S&P
typically associates with constrained financial flexibility and
potential liquidity strains at NOHCs.

In S&P's analysis of the group, it calculates risk-adjusted
capital (RAC) on a consolidated basis.  Even though Rossium has
issued its bonds, S&P's projected RAC ratio for Rossium won't fall
below 5.0%-5.5%.  This includes S&P's expectations that there will
be no dividend payouts to Rossium over the next 24 months.

In S&P's base-case scenario, it expects that Rossium will expand
its investments in midsize companies, including a pension fund and
a development company, over the next 24 months.  This will allow
Rossium to have a diversified portfolio of liquid assets.  CBoM's
share in the consolidated group assets will gradually dilute;
however, S&P don't think it will fall below 70% over the next 24
months.  S&P thinks CBoM will likely not finance new projects at
Rossium, consequently helping to avoid any weakening in the
group's financial profile.  S&P expects that financing of
investments in new projects will occur via CBoM's final
beneficiary, Mr. Avdeev, and other projects of his that generate
positive cash flow.

The outlook on Rossium is stable given that S&P do not anticipate
a material change in CBoM's stand-alone creditworthiness over the
next 12-18 months.  Such a change, if it occurred, would lead S&P
to revise its 'b+' unsupported GCP for the group and weigh
negatively on its rating on Rossium.

This contrasts with S&P's negative outlook on CBoM, which reflects
S&P's view of increased operating risks in Russia and the Russian
government's capacity to provide extraordinary support to private
sector entities if the economic environment weakens further in the
coming year.

"We could lower our ratings on Rossium if we saw weakening in
CBoM's stand-alone creditworthiness and we revised the 'b+'
unsupported GCP downward.  This could occur in the event of a
significant deterioration in CBoM's regulatory capital ratios or
liquidity, which are now sufficiently above the minimum
requirements.  If we see that double leverage is above 120% at
Rossium, we could increase the number of notches of differential
between the ratings on Rossium and CBoM.  This is because such
deterioration could be detrimental to the group's financial
profile and creditworthiness of the consolidated group," S&P said.

An upgrade of Rossium is unlikely over the next 12-18 months given
S&P's current rating on CBoM.  Even if S&P revises its outlook on
CBoM to stable from negative, it would maintain the three-notch
differential between its ratings on Rossium and CBoM.

However, S&P could decrease the rating differential between
Rossium and CBoM by one notch if S&P removes the support it
factors in for its view that CBoM has moderate systemic importance
to the Russian banking system.

URALSIB BANK: S&P Cuts Counterparty Credit Ratings to 'B-/C'
Standard & Poor's Ratings Services said that it had lowered its
long- and short-term counterparty credit ratings on Russia-based
BANK URALSIB (PJSC) to 'B-/C' from 'B/B'.  The outlook is

At the same time, S&P removed all the ratings from CreditWatch
with negative implications, where it placed them on July 2, 2015.

The downgrade reflects continued pressure on the bank's
profitability and capitalization, which constrains its current
competitive position.  S&P believes URALSIB's market shares and
capacity to deliver stable earnings have significantly
deteriorated over the past few years.  Accumulated losses and an
eroded capital buffer have put a material toll on the bank's
business stability.  S&P believes the bank's capital position and
overall creditworthiness are vulnerable to adverse economic
conditions in Russia and remain reliant on additional external

S&P understands that the bank's ownership structure could undergo
major changes, which, in its opinion, increases uncertainty on the
bank's strategic vision.  S&P believes that, even if plans to
attract a strategic investor materialize, it will take time for
the bank to restore its previously sound footprint in the market.
S&P's view is amplified by the weakening economic environment and
challenging operational conditions for banks in Russia, which
could intensify pressure on the bank's already weak financial
fundamentals.  Therefore, S&P has revised its assessment of the
bank's business position to "weak" from "moderate."

S&P observes that the bank has experienced a structural decline in
the earnings power of its core business over the past five years,
resulting in accumulated net losses of Russian ruble (RUB) 19
billion (about US$350 million) in 2010-2014, before minority
interests, or about 50% of the bank's reported shareholder equity
as of Dec. 31, 2014.  The losses for the first half of 2015
constituted another RUB10 billion.  As of Sept. 1, 2015, the
bank's regulatory capital adequacy ratio stood at 11%, 100 basis
points above the minimum requirement of 10%, leaving URALSIB with
limited room to absorb potential additional losses in the absence
of remedial actions.

"As we previously anticipated, URALSIB's ultimate beneficiary,
Nikolay Tsvetkov, and the bank's management have considered core
equity support actions to restore the bank's financial profile.
In July and August this year, the bank received RUB16.8 billion in
capital injections, RUB2 billion of which was paid in cash and the
remainder was in the form of land in the Moscow region.  In our
opinion, this is just barely adequate to alleviate continued
capital erosion on the back of accumulated losses.  We also
understand that Mr. Tsvetkov is actively looking to attract third-
party investments, which could materialize by year-end 2015.  We
believe that URALSIB's currently "very weak" capitalization, as
our criteria define the term, allows it only limited room to
maneuver in the event of additional stress.  We project that
URALSIB's risk-adjusted capital (RAC) ratio under our methodology
will remain below 2% in the next 12-18 months," S&P said.

In addition, S&P believes that the high level of investments in
noncore assets, which are subject to potential impairments, are
tying up URALSIB's capital and considerably limiting its financial
flexibility.  The most notable of these are property investments
(5% of total assets) and an unconsolidated majority stake in the
insurance company SG Uralsib (another 6% of total assets as of
June 30, 2015).

The long-term rating on URALSIB is one notch higher than S&P's
'ccc+' assessment of the bank's stand-alone credit profile.  This
reflects S&P's current view of URALSIB's "moderate" systemic
importance and the Russian government's "supportive" stance toward
the domestic banking sector.  Given URALSIB's wide franchise
across the country and its material penetration in the retail
segment, notably in the regions, S&P thinks its failure may result
in a loss of confidence in the Russian banking system.  For this
reason, S&P believes there is a "moderate" likelihood that the
Russian government would support URALSIB if needed.  At the same
time, S&P acknowledges that if it was to see a material
deterioration in the bank's market presence, it could revise its
assessment of URALSIB's systemic importance downward.

The negative outlook reflects the possibility of a further
downgrade if lack of support or insufficient support--either from
the current owner or a potential third-party investor--increased
URALSIB's vulnerability to adverse economic conditions in Russia.

S&P could lower the ratings if it sees that additional losses,
which it expects the bank to incur in the next few quarters, are
not balanced by additional capital support or other remedial

S&P could also downgrade URALSIB if the economic outlook for
Russia weakened and capital markets remained volatile, making
operating conditions even more difficult for domestic banks.
These risks could put substantial pressure on URALSIB's profits
and asset quality, especially if its margins and cost efficiency
declined further.  A more challenging operating environment could
also further complicate management's capacity to sustainably turn
around the business.  S&P could also lower the ratings if it
perceived a gradual decrease in the bank's currently "moderate"
systemic importance as a result of a substantial loss of market

S&P could revise the outlook to stable if it considers that the
erosion of the bank's capital buffer and deterioration of its
business position are sufficiently offset by remedial actions.


GRUPO ISOLUX: Becomes Riskiest Company Amid Cash Pressures
Bloomberg News reports that Grupo Isolux Corsan SA is now the
riskiest company in the world.

Credit-default swaps on the company surged this week to signal a
96% probability of default within five years, up from 82% on Sept.
18, Bloomberg relays, citing data provider CMA.

According to Bloomberg, the company is coming under pressure as it
seeks to sell assets to raise cash.

"Isolux is now the most volatile name in the index," Bloomberg
quotes a CDS specialist on the Michael Hampden-Turner credit-
trading desk at in London, as saying.

Standard & Poor's said in June that Isolux doesn't have enough
cash and funds from operations to meet debt repayments of about
EUR396 million (US$443 million) over the next 12 months, Bloomberg

The company, which reported falling earnings and EUR1.6 billion of
debt in August, is planning to sell assets including transmission
lines in Brazil, Bloomberg discloses.

"There's a risk that Isolux is seen as a distressed seller and
Brazil is a distressed market, so it's unlikely that they will get
the best price," a senior credit analyst at Al Cattermole in
London, as cited by Bloomberg, said.  "If they sell the asset for
a decent price then the swaps should tighten and that should have
an impact on the intrinsic value of the high-yield index."

Grupo Isolux Corsan SA is a closely held Spanish engineering and
construction company.  It builds and manages toll roads, power
lines and solar parks from India to Mexico.

TIMPANY LANGUAGE: Files For Insolvency on Rising Competition
Natalie Marsh at The Pie News reports that Spain-based education
agency, Timpany, has filed for insolvency this month, after
operating in the language travel space for 12 years.

In an email to its partner schools, Timpany cited "increased
competition" and "a fall in demand" in some of its key markets as
the reasons for its closure, the report relates.

It also referred to "continued commoditisation of the language
travel market, in particular on the Internet, where competition
focuses almost exclusively on the price and not on service" as
another reason for it shutting down, according to the report.

The Pie News relates that Timpany said it has stopped taking
payments from students and any pending payments to the agency will
go directly to the relevant school partner.

Oscar Porras, president of Spanish agency association, Aseproce,
told The PIE News that despite Timpany not being a member of the
association, they have been contacted by students, and have been
referring them to the relevant parties.

"What we said to them is that if they know the name of the school,
we can try to get in touch with the school and see if there is
something we can do," the report quotes Mr. Porras as saying.

According to the report, Mr. Porras also said a student has phoned
agency association, Aseproce, saying that their language school is
asking for money despite having already paid it to Timpany,
highlighting the fallout in insolvency cases.

"That's a very difficult situation for both the student and the
school, because the school doesn't want to be asking the students
for the money because they say they have already paid the agency,"
Mr. Porras, as cited by The PIE News, said. "So this situation is
a little bit complicated."

Celestine Rowland, president of IALC, confirmed that there are
member schools affected by the Timpany closure, the report

"I think at this point it's very difficult to quantify exactly the
extent of that," she told The PIE News.

"The process of appointing a receiver is happening at the moment
and then I think it will become clearer exactly how much money is
owed if any by Timpany in the end."

In an email to its partner schools, Timpany said it has been
"trying intensively to find a potential buyer or investor" in the
last 12 months, but "in the current market conditions this has not
been possible without going through the insolvency process," the
report relays.

However, the email added that it has "received an offer from
another agency to take over part of the business, in particular to
take care of students who have not departed yet and to take over
some of the Timpany staff".

When contacted by The PIE News, Timpany said it will not comment
until the solvency administrator has been appointed.

Timpany Language Courses S.L. is a Spain-based education agency.


VOLVO AB: S&P Affirms 'BB+' Subordinated Debt Rating
Standard & Poor's Ratings Services said that it had revised its
outlook on Sweden-based manufacturer of trucks, buses, and
construction equipment, AB Volvo, to stable from negative.

At the same time, S&P affirmed its 'BBB/A-2' long- and short-term
corporate credit ratings and 'K-2' short-term Nordic regional
scale rating on the company.

S&P also affirmed its 'BB+' rating on Volvo's subordinated debt.

The outlook revision and rating affirmation reflect S&P's
expectation that Volvo's credit ratios will remain within the
upper part of the "intermediate" financial risk range over the
coming years.  S&P expects Volvo's financial profile to be
supported by gradual profitability improvements under the current
generally good market conditions in Volvo's largest markets,
Europe and North America.  S&P anticipates, however, that Volvo's
credit metrics could remain volatile through the cycle, due to
possible swings in demand, challenging economic conditions in
certain regions, the impact of regulation, and working capital
patterns.  S&P do not expect the company to make further material
debt-financed acquisitions.

"We continue to view Volvo's business risk profile as
"satisfactory," reflecting its position as the second largest
manufacturer of heavy duty engines worldwide, behind Daimler.  We
view Volvo's geographic diversity as strong, with high market
shares in key regions such as Europe, North America, and Asia-
Pacific.  Volvo has diversified and modernized its product
offering, with the most recent truck model introduced in late
2013, which we expect will support its operations.  Although
profitability has improved, thanks to extensive cost reductions
over the past two years, it remains weaker than that of peers, in
our view.  We project adjusted operating margins of 5.5%-6% for
2015, with continued gradual improvements in 2016," S&P said.

The combination of a "satisfactory" business risk profile and an
"intermediate" financial risk profile can result in an anchor of
either 'bbb' or 'bbb-'.  In Volvo's case, S&P uses the anchor of
'bbb-' to reflect the group's relatively weaker profitability than
that of its peers.  S&P then applies one notch of uplift to
reflect its "positive" view of Volvo in S&P's comparable ratings
analysis.  This reflects the strong market position of Volvo's
heavy truck segment and the group's global outreach and diversity.

Over the next two years, S&P expects Volvo's credit ratios to stay
in the upper part of S&P's "intermediate" financial risk range.
S&P forecasts adjusted funds from operations (FFO) to debt at 53%-
58% and adjusted debt to EBITDA at about 1.3x-1.6x.  Nevertheless,
S&P incorporates its view that Volvo could experience high cash
flow volatility during periods of stress.  S&P believes the
deterioration of credit metrics could be substantial in an
industry downturn, and would likely result from lower EBITDA
because of competitive pressures, high operating leverage, and
heavy reliance on the cyclical heavy truck segment.  Nonetheless,
S&P believes Volvo could withstand moderate operating stress
during a business cycle, with its credit measures remaining
consistent with our "intermediate" benchmarks.

For 2016 and 2017, S&P forecasts healthy truck demand growth in
Europe, supported by gradual economic improvement.  S&P assumes
GDP growth of 1.6% in Europe and 2.3% in the U.S. for 2015, and an
increased need to renew truck fleets, which should also support
demand.  For Volvo's other key market, North America, S&P
anticipates continued healthy volumes, but no further major volume
increase.  For S&P's forecast, it assumes that Volvo will continue
to face some credit losses, notably for the construction equipment
division, but that this will be manageable within the
"intermediate" financial risk profile.

The stable outlook on Volvo takes into account S&P's forecast of
continuously mixed market conditions in major truck markets in
2016.  This includes, however, our expectation of a gradual
improvement in Europe, Volvo's most important market.  The outlook
also reflects S&P's assumption that Volvo will maintain its
"strong" liquidity, according S&P's criteria, and that its
profitability measures will continue to improve until year-end
2015 and in 2016.  S&P sees adjusted FFO to debt remaining above
40% and net debt to EBITDA below 3x as commensurate with the

Rating upside is currently limited, in S&P's view, owing to the
cyclicality of the truck industry and Volvo's higher decline in
profitability than the industry average over the cycle.
Nevertheless, S&P could raise the ratings if Volvo's credit
metrics were to strengthen and stabilize, despite periods of soft

S&P could lower the ratings if Volvo's profitability does not
improve toward 6% over 2016, or if it were unable to maintain
adjusted FFO to debt above 35%.  S&P would also consider a
downgrade if shareholder payouts became more aggressive.

U N I T E D   K I N G D O M

COSAN LIMITED: Fitch Affirms 'BB' Issuer Default Ratings
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Cosan Limited at 'BB'. The Rating
Outlook is Stable.


Cosan Limited's ratings reflect the sound business model of its
main asset, Cosan S.A Industria e Comercio (Cosan; Fitch foreign
and local currency IDRs of 'BB+' and long-term National Scale
rating of 'AA(bra)'), which accounts for 80% and 75% of Cosan
Limited's consolidated revenues and EBITDA, respectively, and 70%
of dividends received in the last 12 months (LTM) ended June 30,
2015. Cosan Limited's business profile is supported by a
diversified asset portfolio and predictable cash flow that partly
softens the inherent volatilities of the sugar and ethanol
industry. The one-notch difference compared to Cosan's ratings
incorporates the holding company nature and inherent structural
subordination of Cosan Limited's debt and the links between the
company's operating cash flows to dividends received from Cosan.

The ratings are constrained by Cosan Limited's current stake in
Cosan Logistica S.A (Cosan Logistica), which owns Rumo Logistica
Operadora Multimodal S.A. (Rumo). The merger of Rumo with America
Latina Logistica S.A. (ALL; 'BB-', Outlook Stable) during the
first quarter 2015 had a negative impact on Cosan Limited's
consolidated financials and is expected to slow down the potential
deleveraging process of the Cosan group. While the logistics
segment is not expected to pay dividends over the next four years,
Fitch expects the remaining businesses to provide a growing and
robust flow of dividends to Cosan Limited in order to pay
sufficient dividends to its shareholders. The ratings also
incorporate Cosan Limited's low leverage and satisfactory
liquidity on a standalone basis.

Holding Company nature

Cosan Limited is a non-operating holding company that holds a 62%
interest in Cosan, the holding company that is engaged in sugar,
ethanol and energy production, and distribution of natural gas,
lubricants and fuel. Cosan Limited also holds a 62% interest in
Cosan Logistica. The main components of Cosan Limited's cash flows
are the dividends received from Cosan and the dividends paid out
to its shareholders.

Robust Asset Portfolio

Cosan Limited's three main assets and source of dividends in the
energy segment are all rated as investment grade. Raizen
Combustiveis S.A. (Raizen Combustiveis; rated 'BBB'/'AAA(bra)',
Outlook Stable) is the third largest fuel distributor in Brazil,
with predictable operational cash generation. Despite its more
volatile results, Raizen Energia S.A. (Raizen Energia; rated
'BBB'/'AAA(bra)', Outlook Stable) is the largest sugar and ethanol
company in Brazil and as such it benefits from its large business
scale, which somewhat mitigates the currently challenging scenario
for the sector. Companhia de Gas de Sao Paulo (Comgas; rated 'BBB-
'/'AA+(bra)', Outlook Stable) is the largest natural gas
distributor in Brazil, with high growth potential and predictable
operational cash flow.

All these businesses reported improved performance in 2014
compared to the previous year. In 2014, Comgas reported net
revenues at BRL6.4 billion and stable EBITDA margin at 22.5%,
while Raizen Combustiveis reported net revenues of BRL56 billion,
comparing favorably to BRL51 billion in the fiscal year ended
March 31, 2014. Raizen Energia reported stable revenues and
operating margins of BRL9.2 billion and 28%, respectively, in
2014. The other two assets invested in by Cosan are Cosan
Lubrificantes S.A. and Radar Propriedades Agricolas S.A, which add
to business diversification.

Cosan Limited's increasing exposure to the logistics segment that
followed the merger of Rumo with ALL has enhanced its business
model due to the inherent operating cash flow stability and high
growth potential of this industry in Brazil. The merger is
expected to contribute to broader business diversification and
help the group to further lessen the cash flow volatility derived
from the sugar and ethanol business. Fitch forecasts the logistics
business will generate an average EBITDA margin of 44% over the
next four years, comparing favorably to Cosan Limited's 30%
historical average since March 31, 2013. Fitch does not expect the
logistics segment to pay dividends over the next four years due to
the massive capex necessary to improve ALL's operations.

Low Leverage at Holding Level

Cosan Limited posted low leverage on a standalone basis as of June
30, 2015. At the holding company level, Cosan Limited's leverage
measured as net debt-to-EBITDA plus dividends received was 0.98x
as per Fitch's calculations, comparing favorably to 1.24x as of
Dec. 31, 2014.

The one-notch difference versus the ratings assigned to Cosan is
due to the holding company nature and inherent structural
subordination of Cosan Limited's debt and the links between the
company's operating cash flows to dividends received from Cosan.
The rating is also constrained by the possibility of new debt
being issued by Cosan Limited to finance new acquisitions under
the group's aggressive expansion plan.

Cosan Limited's leverage was high on a consolidated basis due to
the merger and consolidation of ALL's financials into Cosan
Limited's. On a consolidated basis, the net adjusted debt-to-
EBITDAR was high at 6.8x when dividends received from non-
consolidated subsidiaries are factored into EBITDAR figures. On a
pro forma basis that assumes 12 months of operations for ALL,
consolidated net adjusted debt-to-EBITDAR was still high, but
lower at 6.2x as per Fitch's calculations. Fitch expects the
merger between Rumo and ALL to slow down the deleveraging process
of the group, and for Cosan Limited's consolidated net debt-to-
EBITDAR plus dividends received to stay above 5x over the next
three years.


-- As a majority shareholder of Cosan, Cosan Limited is expected
    to benefit from an increased flow of dividends coming from
    Comgas, Raizen Combustiveis and Raizen Energia S.A over the
    next two years, reaching around BRL1 billion per year.

-- Fitch does not expect Cosan Logistica or any of its
    subsidiaries to pay dividends over the next four years given
    the massive capex program to be carried out by ALL.

-- In the short term, potential new issuances at Cosan Limited
    will only be used to refinance existing debt. For the medium
    term, Fitch incorporates the possibility of Cosan Limited
    taking on new debt to finance the group's aggressive
    expansion plan and acquisitions.

-- Cosan Limited's financial flexibility relative to its access
    to the debt and capital markets, in combination with
    dividends received from Cosan, ensures strong refinancing
    capacity. Fitch believes Cosan Limited has the flexibility to
    reduce the payouts to its shareholders if necessary.


Future developments that may, individually or collectively, lead
to a negative rating action include the deterioration of the
credit profile of either Cosan or Cosan Logistica. Fitch will be
monitoring the pace at which the potential sizeable capex program
at ALL is concluded and a downgrade could occur if Cosan Limited
fails to deleverage on a consolidated basis in the medium term.

An upgrade is unlikely in the short- to medium-term as the group's
growth strategy in the logistics segment should continue to make a
relevant deleveraging process difficult.


Cosan Limited posted healthy debt coverage ratios on a standalone
basis as of June 30 2015. The company's cash plus dividends
received covered its short-term debt by 3x as of June 30 2015.
Cosan Limited posted a cash position of BRL3 million and total
debt of BRL378 million, of which short-term debt was BRL103
million. Dividends received amounted to BRL300 million in the LTM
ended June 30 2015.

Cosan Limited's total debt consisted of bank debt taken on to
finance the acquisition of Cosan shares. The group's strong
financial flexibility relative to its access to the debt and
capital markets, in combination with dividends received from
Comgas and Raizen, ensures strong refinancing capacity for Cosan
Limited. While the dividends received from Cosan have recently
fallen short of the dividends paid to its shareholders, Fitch
believes Cosan Limited has the flexibility to reduce the payouts
to its shareholders if necessary.


Fitch has affirmed the following ratings:

Cosan Limited

-- Foreign and local currency IDRs at 'BB';

The Rating Outlook is Stable.

CROMWELL AUTO: Director Banned For Nine Years
Manuchehr Maleki-Dizaji, a director of Cromwell Auto Trade Limited
Ltd, a company that traded selling vehicles and in money transfer
and based in Watford has been disqualified as a director by the
High Court for a period of 9 years for causing, or facilitating
another to cause the company to fail to maintain, preserve and/or
deliver up adequate records to explain over GBP1.5 million
receipts and payments through its bank account, and for trading as
a money transfer agent when it did not have the required licence
from HM Revenue and Customs to do so.

The disqualification regime exists to protect the public and
Manuchehr Maleki-Dizaji's disqualification from Aug. 19, 2015
means that he cannot promote, manage, or be a director of a
limited company until Aug. 18, 2024.

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

The Official Receiver's investigation uncovered that between 15
February 2011 and 11 January 2013, Cromwell failed to maintain
sufficient records and could not adequately explain receipts
totalling GBP1,678,199 (of which GBP574,424 were cash) and
payments totalling GBP1,498,384 (of which GBP51,399 were cash).
Furthermore, Cromwell traded as a money transfer agent between
March 11, 2011 and June 27, 2012 making payments of at least
GBP972,933 during this period, when it did not have the required
licence from HM Revenue and Customs to trade in this manner.

Commenting on this case Paul Titherington, Official Receiver in
the Public Interest Unit, said:

"Cromwell Auto Trade Limited has failed to maintain or deliver up
records to explain over GBP1.5 million of monies through its bank
accounts and it has also acted as a money transfer agent without
the required licence.

"The Insolvency Service will not hesitate to use its enforcement
powers to investigate and disqualify directors whose companies
fail to keep adequate records and who trade without having the
required legal licence."

The petition to wind up the company was presented by the Secretary
of State for Business, Innovations and Skills in the public
interest following an investigation conducted by Company
Investigations (Live), another specialist unit within the
Insolvency Service which uses powers under the Companies Act 1985
(as amended) to conduct confidential enquiries into the activities
of live limited companies in the UK on behalf of the Secretary of
State for Business, Innovations & Skills (BIS). The winding up
order against Cromwell Auto Trade Limited was made on Jan. 11,

On Aug. 19, 2015, in the High Court of Justice, Registrar Barber
ordered that Manuchehr Maleki-Dizaji be disqualified for a period
of 9 years. The period of disqualification commenced on Aug. 19,

JAGUAR LAND: S&P Revises Outlook to Stable & Affirms 'BB' CCR
Standard & Poor's Ratings Services said it revised to stable from
positive its outlook on U.K.-based auto manufacturer Jaguar Land
Rover Automotive PLC (JLR).  At the same time, S&P affirmed its
'BB' long-term corporate credit rating on JLR.

S&P also affirmed its 'BB' issue ratings on the senior unsecured
notes issued by the company.  The recovery rating remains '3',
indicating that S&P's recovery expectations are in the upper half
of the 50%-70% range in the event of a payment default.

The outlook revision on JLR follows that on its India-based parent
company Tata Motors Ltd. and reflects S&P's view that it no longer
expects JLR's cash flows and leverage metrics to be sufficiently
strong to support a higher rating on Tata Motors.  This is because
S&P expects JLR to demonstrate negative free operating cash flow
(FOCF) during fiscal years 2016 and 2017 (ending March 31), as it
continues to undertake significant capital expenditures (capex),
against the backdrop of lower volumes of new cars being sold in
China.  S&P envisage JLR to have continued success with new models
across its Jaguar, Land Rover, and Range Rover brands in other
regions, which is offseting the reduction in China.  S&P therefore
continues to expect volume growth in fiscal 2016 and 2017.

As of June 30, 2015, JLR had virtually no adjusted debt, so while
S&P anticipates the company incurring debt during fiscals 2016 and
2017, S&P expects JLR itself to maintain healthy credit metrics.
S&P's assessment of JLR's stand-alone credit profile (SACP) is
unchanged at 'bb+'.

While JLR contributes almost the entire consolidated Tata Motors
group level EBITDA, it accounts for less than 50% of the group's
debt.  JLR's negative FOCF will also weigh on the consolidated
figures of Tata Motors.  S&P expects the ratio of FFO to adjusted
debt for Tata Motors to be about 20% in fiscal 2016, compared to
S&P's previous expectation that the ratio would be above 30%, to
support an upgrade.  This is despite a rights issue by Tata Motors
in May 2015 of about $1.2 billion.

S&P's base-case scenario for JLR for fiscal 2016 and 2017 assumes:

   -- Volume growth of around 5% in 2016 and 20% in 2017,
      supported by new models.  This is constrained by lower
      volumes in China, offset by higher volumes elsewhere.

   -- Weaker reported EBITDA margins in the range of 14%-15%
      compared to about 19% in fiscal 2015).

   -- Sizable capex in fiscal 2016 of GBP3.5 billion, with
      continued heavy spending the following year.

   -- Negative FOCF during fiscal 2016 and 2017.  Limited annual
      dividend payments to Tata Motors, consistent with the
      GBP150 million paid for financial 2015.

Based on these assumptions, S&P arrives at these credit measures
for fiscal 2016 and 2017:

   -- Adjusted debt to EBITDA of up to 0.7x in fiscal 2016,
      weakening to 1.0x-1.3x in fiscal 2017.  FFO to adjusted
      debt of around 90% in fiscal 2016, weakening to 50%-60%
      range in fiscal 2017.

S&P's assessment of JLR's "fair" business risk profile is
supported by the group's well-established market position as a
global premium auto manufacturer, with well-recognized brands,
particularly Range Rover.  JLR has a lengthening track record of
successful product extension and development, which includes
expanding into new market segments, and continues to improve its
competitive position.  For example, the Jaguar brand is being
refreshed with new products such as the XE sedan, which went on
sale in May 2015, and the new lightweight Jaguar XF in autumn this
year.  These products will be followed by the F-Pace crossover in
early 2016.  Land Rover is also benefiting from the new Discovery
Sport, which went on sale in February 2015.

These strengths are partly offset by JLR's still-modest size and
limited product range and scope compared with larger global peers.
S&P believes that the Jaguar brand is relatively weak and needs
the roll-out of new products to continue to be successful for it
to be fully redeveloped.  Old models are being discontinued, such
as the Jaguar XK and Land Rover Freelander (the latter being
replaced by the Discovery Sport), which are an offsetting factor
in new volumes.  JLR is ramping up its joint-venture production in
China (including increasing production of the Range Rover Evoque
and Land Rover Discovery Sport).  S&P sees this as one factor in
the erosion of profitability, due in part to the equity-accounting
effects on profits and cash flows, as well as launch costs and
other factors.  Cyclical demand for premium and luxury cars is
also a constraining factor in S&P's business risk profile

"We continue to assess JLR's financial risk profile as
"intermediate," supported by our expectation of healthy, albeit
weaker, leverage metrics during the next two years.  JLR also has
sizable retained cash balances, which are a source of financing
and support liquidity.  Dividend payments to Tata Motors are low,
which enables JLR to retain cash flows for its own investment
needs.  Offsetting factors include heavy capex spending, in areas
such as vehicle programs and new capacity, which we expect to lead
to negative FOCF.  We factor in the possibility of higher cash
flow volatility in the event of stress," S&P said.

"As of fiscal year-end 2015, adjusted debt was zero.  We make
analytical adjustments to reported gross debt of GBP2.6 billion,
mainly by subtracting GBP4.0 billion for surplus cash (after
applying a haircut of GBP0.3 billion), and adding GBP0.8 billion
for pensions and operating leases.  As of June 30, 2015, we
estimate adjusted debt of around GBP250 million.  This was caused
by a relatively sharp reduction in cash by about GBP1.0 billion
during the quarter, due to negative FOCF of GBP833 million, which
mainly resulted from increases in working capital," S&P noted.

JLR is a wholly owned subsidiary of India-based Tata Motors,
therefore S&P apply its group rating methodology in its rating
analysis.  JLR is a significant part of the consolidated Tata
Motors group, generating almost the entire group level EBITDA,
while accounting for less than 50% of the group's debt.  S&P
classifies JLR as a "highly strategic" group entity.  This
reflects S&P's view that JLR is unlikely to be sold, has a long-
term commitment from Tata Motors, constitutes a significant
proportion of the consolidated group, and shares a reputation with
the parent.  S&P also notes, however, that JLR is operationally
separate from Tata Motors, and does not serve the same customer

JLR's SACP remains 'bb+'.  The rating is one notch lower at 'BB',
in line with the rating on Tata Motors.  This reflects S&P's view
of the risk that Tata Motors could draw support from JLR in a
credit-stress scenario.

JLR is a U.K.-based leading automotive manufacturer focused on the
premium segment.  The group's automotive operations comprise two
brands: Jaguar (sports saloon and sports cars) and Land Rover
(premium/luxury sports utility vehicles).  In fiscal 2015, the
group sold 462,209 cars -- an increase of 6% year-on-year, of
which 83% were Land Rover and 17% were Jaguar.  Annual revenues
were GBP21.9 billion.

The stable outlook reflects that on JLR's parent company Tata
Motors, and is based on S&P's expectation that, despite weaker
leverage metrics in fiscal 2016 due to the slowdown in China, new
product launches by JLR, and recovery in the Indian market, will
help revive Tata Motor's FFO-to-debt ratio.  S&P anticipates that
JLR could achieve FFO to debt of above 20% in fiscal 2017 and
sustain it.  S&P also expects the company to lower its capex in
the event of any further adverse market conditions.

S&P may raise its rating on JLR if we raise the rating on Tata
Motors.  This could occur if JLR's operating performance partly
offsets the increase in capex, such that S&P expects Tata Motors
to sustain a ratio of FFO to debt above 30%.  S&P may also upgrade
Tata Motors if the successful positioning of JLR's Jaguar range of
vehicles improves Tata Motors' business risk profile.

S&P may lower the rating on JLR if S&P lowers the rating on Tata
Motors.  This could occur if S&P believes weaker operating
performance is likely to result in a ratio of FFO to debt of below
20% on a sustained basis for Tata Motors.  This may happen due to
a sharper economic slowdown in China or if new product launches
are less successful than current expectations, while capex remains

MISYS NEWCO 2: S&P Affirms B Corp. Credit Rating, Outlook Stable
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on U.K.-based software company Misys Newco
2 S.a.r.l.  The outlook is stable.

In addition, S&P affirmed its 'B+' issue rating on Misys' first-
lien bank facilities and revolving credit facility (RCF).  The
recovery rating on these facilities is unchanged at '2',
indicating S&P's expectation of substantial (70%-90%) recovery
prospects in the event of a payment default.

S&P also affirmed its 'CCC+' issue rating on Misys' second-lien
loan.  The recovery rating on this loan is unchanged at '6',
indicating S&P's expectation of negligible (0%-10%) recovery
prospects in the event of a payment default.

S&P revised its assessment of Misys' liquidity to "less than
adequate" from "adequate" because S&P forecasts that the headroom
on Misys' leverage covenant will decline to less than 15% in the
financial year ending May 31, 2016, (financial 2016).  The
corporate credit rating on Misys is unaffected by the liquidity
assessment change.

Misys is facing a relatively meaningful step-down in its covenant
in financial 2016 to 6x, from 7x in financial 2015.  Additionally,
Misys has put in place a restructuring program of about
$25 million, which it expects will deliver higher operating
expenditure (opex) efficiencies in the medium term, but weaken its
last 12 months EBITDA.  The combination of these factors, along
with weaker-than-forecast revenues in financial 2015, results in
S&P's base case that Misys' headroom will decline to 10%-12%
during financial 2016.

The affirmation reflects S&P's view that despite some weaker
trends in financial 2015 Misys has maintained its competitive
position and market shares in its key markets, as reflected in its
continued very high retention rates of about 95%.  S&P therefore
thinks that Misys is well positioned to capture growth from
continued outsourcing trends for financial institutions, as well
as growth in releases of product upgrades planned for financial
2016.  S&P forecasts recovery in Misys' initial license fees in
financial 2016 because it understands that some of the purchase
decisions from 2015 were pushed to 2016.  However, on the back of
potentially weaker emerging markets and highly competitive
dynamics in North America S&P has somewhat revised down its base-
case scenario.

"We continue to assess Misys' business risk profile as "fair,"
reflecting its strong brand and leading presence in the fragmented
treasury and risk management software solutions market, as well as
its meaningful recurring revenue stream -- at more than 50% of
total revenues -- and its high client-retention rates.  We also
assess that the critical nature of Misys' products for its clients
supports the high retention rates and is a key strength for Misys'
business risk profile, notably compared to some of its peers
engaged in business-to-business software," S&P said.

Misys' operations in a niche market and its reliance on financial
institutions as end-customers constrain S&P's assessment of its
business risk profile.  S&P's assessment is further constrained by
a relatively meaningful portion of Misys' revenues coming from
licenses, which correlate very closely with market conditions and
could fluctuate significantly during the economic cycle.

Misys' financial risk profile reflects the company's very high
adjusted leverage of more than 10x, with no medium-term
deleveraging prospects due to the accruing interest on preferred
equity certificates (PECs), and consequent increase in the
company's adjusted debt.  It further reflects S&P's assessment
that adjusted leverage excluding PECs will remain higher than 5x
over the next couple of years.

S&P calculates Misys' adjusted leverage including PECs and after
expensing capitalized software development costs.

Given the frequent executive management changes at Misys, as well
as recent weaker than forecast earnings, S&P is revising down its
management and governance assessment to "fair" from

S&P's base case assumes:

   -- Mid-single-digit revenue growth in the financial year
      ending financial 2016, mainly resulting from recovery in
      initial license fees (ILF).

   -- About 300 basis points improvement in EBITDA margins over
      the next couple of years due to lower opex to sales and
      declining restructuring costs.

   -- Annual capital expenditure (capex) of about 2.0% of
      revenues excluding capitalized development costs.

Based on these assumptions, S&P arrives at these credit measures:

   -- Debt to EBITDA of about 11x in financials 2016 and 2017,
      reflecting about 5.4x and 5.1x, excluding PECs; and

   -- EBITDA cash interest coverage increasing to about 2.5x.

The stable outlook reflects S&P's view that Misys will partly
recover its organic revenue growth over the next 12 months, which
will help it maintain its credit metrics at levels commensurate
with the current rating.  Notably, S&P anticipates that Misys will
maintain EBITDA cash interest coverage well above 1.5x and
adjusted leverage of around 6x excluding the company's
subordinated PECs.

S&P could lower the rating if significant operating
underperformance or more shareholder friendly policies result in
Standard & Poor's-adjusted leverage excluding PECs of more than
7x, or if EBITDA cash interest declines to less than 1.5x.  This
may happen if there is a failure to recover ILF revenues,
following increased competitive dynamics, or a severe economic

A decline in covenant headroom to less than 10%, with no credible
plan to avoid a breach, could trigger a downgrade.  S&P may also
lower the rating if Misys generates negative free operating cash
flow, excluding items that S&P considers to be one-off.

S&P considers an upgrade over the next 12 months unlikely in view
of Misys' high leverage and aggressive financial policy.

PROSERV GLOBAL: Moody's Lowers CFR to Caa1, Outlook Negative
Moody's Investors Service has downgraded Proserv Global Inc.'s
corporate family rating to Caa1 from B3 and probability of default
rating (PDR) to Caa1-PD from B3-PD.  Concurrently, Moody's has
also downgraded to Caa1 from B2 the ratings on the USD135 million
first lien term loan and the USD60 million first lien revolving
credit facility at Proserv Operations Limited, and the USD230
million first lien term loan at Proserv US LLC as well as to Caa3
from Caa2 the rating on the USD115 million second lien term loan
at Proserv US LLC.  The rating outlook remains negative.


The rating action reflects Moody's expectation that Proserv's
credit metrics will no longer remain commensurate with a B3 CFR
for an extended period of time as Moody's anticipates the
company's Moody's-adjusted debt/EBITDA could rise above 10.0x by
year-end 2015 compared to 6.6x at year-end 2014, which exceeds the
indicated 7.0x level for potential downgrade pressure on the B3

The expected increase in leverage is due to deteriorating
operating performance resulting from pricing pressures and project
deferrals across all business lines and regions with limited
prospects for a recovery in market conditions in 2016.  Because
crude prices are likely to remain volatile and rise minimally
through 2017, Moody's expects upstream offshore investments to
continue at a reduced level as oil producers re-align their
respective cost structures to manage through a protracted period
of low and uncertain commodity prices.  Most producers will defer
high-cost exploration, appraisal and early-stage development

Moreover, Proserv competes with a variety of companies -- some of
which are also customers and suppliers depending on the segment
and/or geography -- including larger oilfield services companies
with stronger financial profile such as Cameron International
Corporation (Baa1, Ratings under Review for Upgrade), FMC
Technologies, Inc (Baa2 stable), and GE Oil & Gas (part of General
Electric Company rated A1 stable) and hence, have generally a
superior ability to withstand pricing pressures and persistently
weak market conditions.

As of June 30, 2015, the company has cash balances of
approximately USD21 million and approximately USD42 million
available under its revolving credit facility (RCF) maturing in
December 2019, the rest being used to issue guarantees and
performance bonds.  Moody's believes that the company's ability to
fully access its RCF could become increasingly constrained over
the coming quarters as the facility's single first lien leverage
covenant will step down from 6x to 5x from April 2016.  On the
other hand, the covenant is only tested when the RCF is used above
35% excluding up to USD25 million for performance bonds and
guarantees issued. In other words, the company can draw and/or
issue guarantees or performance bonds under the RCF for up to
USD21 million in addition to up to USD25 million of performance
bonds and guarantees without triggering a covenant test.
Furthermore, the company has no material debt maturities before
December 2021.

The rating is also supported by the company's leading positions in
selected product categories, its expanding product offering, and
its good geographic and customer diversity.


The negative outlook reflects the limited visibility for a
potential stabilization of credit metrics over the next 12 to 18


Moody's could downgrade the ratings in the event of further
deterioration in operating performance in 2016 and/or weakening
liquidity position including negative free cash flow and limited
access to the RCF.

Moody's could consider changing the outlook to stable if operating
performance starts recovering sustainably over the next 12 to 18
months.  Over time, there could be positive pressure if Moody's-
adjusted debt/EBITDA ratio falls to below 7.0x on a sustained
basis whilst generating positive free cash flow and keeping a
solid liquidity profile.  Any potential upgrade would also include
an assessment of market conditions.

Proserv, headquartered in Aberdeen, UK, is a leading provider of
equipment and services and products to the upstream oil and gas
industry, specializing in the offshore and subsea segments.
Proserv is owned by funds managed or advised by Riverstone
Holdings LLC, an energy and power-focused private investment firm.

SSI UK: To Shut Down Redcar Plant, 1,700 Jobs Affected
Michael Pooler at The Financial Times reports that Sahaviriya
Steel Industries, the Redcar steel plant's Thai owner, said it
would mothball the complex and send redundancy notices to 1,700

The closure sent out a stark warning about the state of health of
the UK's steelmakers, the FT notes.

The three companies with the largest UK operations are India's
Tata Steel, SSI and the family-owned Spanish group, Celsa, the FT
discloses.  All have been hit by falling prices, weak demand and a
flood of cheap imports as the slowdown in China stifles the
appetite of the world's biggest steel consumer, the FT relays.
These have combined with high operating costs to weigh heavily on
their finances, raising questions about the sustainability of the
UK's domestic industry, the FT notes.

While such factors have squeezed the steelmakers across Europe,
their British counterparts say they face additional burdens of
higher business rates and energy costs, as well as the impact of a
strong pound, the FT states.

"In the UK, our sector is facing its most difficult situation
since it was privatized 27 years ago," the FT quotes Jon Bolton,
chair of the UK Steel lobby group and outgoing director at Tata
Steel, as saying.

SSI's problems are perhaps the most acute, the FT says.  According
to the FT, despite pouring at least US$600 million of investment
into the Redcar works, which houses Europe's second-largest blast
furnace, the business has struggled financially.  It racked up a
net loss of THB5,118 million (GBP92.5 million) in the first half
of 2015, against a THB4,396 million loss in the whole of last
year, the FT relays.

The company's lenders say it has defaulted on loans of US$790
million, some of which came from SSI's US$684 million takeover of
the UK plant in 2011, and a crunch repayment deadline falls on
Sept. 30, the FT relates.

Surachai Pramualcharoenkit, an analyst at Maybank, said persistent
losses at the Redcar plant are the primary cause of SSI's parlous
finances, the FT notes.

"I do not think [SSI] can continue to support the UK business. The
cost of production is higher than [steel] prices," the FT quotes
Mr. Pramualcharoenkit as saying.

In the short term, SSI has said its options for a US$1.4 billion
debt restructuring include an equity issuance and a sale of its
British assets, the FT relays.  But finding a buyer is far from
certain, the FT says.

Meanwhile, unions have claimed that the cost of mothballing Redcar
-- to keep it in a state capable of restarting if prices pick up
-- could cost "hundreds of millions" of pounds, the FT relates.

SSI UK is Britain's second-largest steelmaker.

TATA STEEL: Liabilities Exceed Assets, Faces Pension Issue
Michael Pooler at The Financial Times reports that like SSI UK,
Tata Steel UK's assets are now worth less than its liabilities.

Pre-tax losses more than doubled to GBP768 million in the year to
the end of March, the FT discloses.  This was partly due to
restructuring and impairment costs of GBP314 million, and the
company could book more this year after cutting 1,000 workers
since July, the FT notes.

According to the FT, Ritesh Shah, an analyst at Investec, said
despite bringing down its wage bill through 8,000 job cuts over
seven years, the UK business has failed to reduce the high fixed
costs it inherited upon acquiring Anglo-Dutch steelmaker Corus in

With average annual capital expenditure of US$327 million in
Europe over the past five years, "it's going to be difficult to
bring down fixed costs except by cutting down on capacity",
Mr. Shah, as cited by the FT, said.

However, even that doesn't solve the pension issue, he adds -- an
issue that saw unions agree to changes to the retirement scheme
this summer to help plug a deficit of about GBP2 billion, the FT

Mr. Shah, as cited by the FT, said Tata Steel's European and UK
businesses have been propped up financially by their Indian parent
group.  Yet he questions how long this arrangement can last, the
FT states.

Tata Steel mothballed its Llanwern mill in South Wales in August,
in a move unions claimed put 250 jobs at risk, the FT recounts.

Tata Steel is the UK's biggest steel company.


* EUROPE: Oil Service Companies Seek Funding Alternatives
Luca Casiraghi, Jonas Cho Walsgar and Rakteem Katakey at Bloomberg
News report that oil services companies in Europe are finding
alternative ways to raise cash and repay debt after falling crude
prices made it difficult for them to get funding from traditional

Dolphin Group AS has sought to persuade private-equity and hedge
funds to finance projects exploring and mapping seabeds in return
for interest tied to sales, Bloomberg relays, citing people
familiar with the matter.

The people said at least two Norwegian drillers are planning to
sell and lease back ships to raise cash and fund operations as
they struggle to access loan and bond markets, Bloomberg notes.

Energy companies are being shut out of bond markets and lenders
are reducing credit lines after prices dropped about 60% from last
year's peak, Bloomberg discloses.

Services companies in Europe are starting to run out of cash as
producers from Royal to Dutch Shell Plc Petroleo Brasileiro cut
their own investments and delaySA projects, Bloomberg relates.

"Bond markets are closed for these companies, especially small
ones, and banks may not be lending to them at this stage,"
Blomberg quotes a partner at law Nigel Thomas firm in Watson
Farley & Williams London as saying.  "Services companies need to
buy time to survive during the downturn and alternative investors
are able to give them that, albeit at a very expensive cost."

Bonds issued by oil-services businesses globally dropped to US$6.7
billion this year, on pace for the least in a decade, according to
data compiled by Bloomberg.

French oilfield surveyor CGG, as cited by Bloomberg, said it had
to cancel a loan in July because banks had offered unfavorable

According to Bloomberg, energy-services companies are searching
for new investors and funding strategies as even lenders of last
resort pull back.

Hedge funds and private-equity firms that previously sought to
lend at high rates are becoming reluctant to step in after getting
stuck with losing positions, Bloomberg notes.

* Fitch Says Volkswagen Crisis May Have Impact Across Sector
The Volkswagen emissions test scandal could prove a turning point
for the auto industry worldwide, Fitch Ratings says. It could
prompt profound and lasting repercussions far beyond the group's
own credit profile.

It is too early to assess the full implications for automotive
manufacturers, suppliers and other industry constituents, but we
expect the whole sector to be affected to various degrees.
Regulators will reassess the timeline to reach planned more
stringent emission limit targets and could review the targets
themselves. Test protocols will undoubtedly also be toughened and
the move towards real driving emission testing cycles will

The scandal could accelerate the underlying growth of vehicles
with alternative powertrains, including fuel cells, electric and
hybrid engines. It could also lead to a shift back towards petrol
engines in Europe, where diesel engines now account for more than
half of sales. A shift away from diesel would have a bigger impact
on European manufacturers than on their US or Asian rivals. In
particular, it may hit manufacturers of small diesel-engine cars
harder than premium manufacturers, which have greater price
elasticity to absorb higher costs.

R&D investments are likely to rise as manufacturers face more
stringent rules and new test regimes. There is also the potential
for business plan reassessment and material investment write-downs
if manufacturers have to reassess product pipelines, particularly
upcoming engines. Specialist suppliers of emission control
technology could initially be hurt by a shift away from diesel,
while those with expertise in turbocharging and downsized petrol
engines could be at an advantage.

More broadly, the whole transportation sector could be affected if
this emission test crisis fundamentally affects consumers and
regulators' attitude towards cars, driving and pollution.
Volkswagen and regulators' current and future measures in reaction
to the crisis will be crucial to mitigating or, conversely,
accelerating the impact of this scandal on the group's own credit
profile and broader industry transformations.

Fitch's full report is titled "Volkswagen Crisis Likely to Affect
Entire Auto Sector".


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  Go to 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
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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