TCREUR_Public/151014.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, October 14, 2015, Vol. 16, No. 203

                            Headlines

C Y P R U S

* CYPRUS: To Adopt New Directive on Bank Deposit Guarantee


G E R M A N Y

ALPHAFORM: Proto Labs Acquires Assets in Europe


I R E L A N D

LIGHTPOINT PAN-EUROPEAN: Moody's Raises Rating on E Notes to Ba2


I T A L Y

CHIL SRL: Judge Extends Bankruptcy Probe Into Tizano Renzi


L U X E M B O U R G

GARFUNKELUX HOLDCO: Moody's Assigns B2 CFR, Outlook Stable


N E T H E R L A N D S

JUBILEE CDO VIII: Fitch Affirms 'B-sf' Rating on Class E Notes


N O R W A Y

EWOS GROUP: S&P Removes 'B' CCR From CreditWatch Positive


R U S S I A

APOGEY-MED INSURANCE: Bank of Russia Suspends Insurance License
DERZHAVA INSURANCE: Bank of Russia Suspends Insurance License
MAYAK INSURANCE: Bank of Russia Suspends Insurance License
NOTA-BANK: Bank of Russia Appoints Provisional Administration
NOVOSIBIRSK: S&P Assigns 'BB+' Rating to RUB2BB Sr. Unsec. Bonds

OTP BANK RUSSIA: Fitch Affirms 'BB' LT Issuer Default Rating
* Fitch Says Tax Hike May Force Russian Oil Firms to Cut Drilling


S W I T Z E R L A N D

TAURUS CMBS 2007-1: S&P Lowers Rating on Class A2 Notes to 'D'
UBS CAPITAL: Moody's Reviews Ba2 Stock Rating for Upgrade


U N I T E D   K I N G D O M

ANDOVER BOWLING: Venue Goes Into Administration
FORWARD LIFE: Faces Fraud Investigation Amid CVA
INFINIS ENERGY: Moody's Lowers CFR to B1, Outlook Stable
NORTHAMPTON TOWN: Fear of Administration Grows
SSI UK: Asset Sale Talk Continues, Unions Call for Pension Probe

* Low Interest Rate to Pressure EU Insurance, Moody's Says


X X X X X X X X

* S&P Takes Rating Actions on 12 European Synthetic CDO Tranches


                            *********


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C Y P R U S
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* CYPRUS: To Adopt New Directive on Bank Deposit Guarantee
----------------------------------------------------------
Cyprus Mail reports that a European Union directive on bank
deposit guarantee schemes (DGS) is expected to be transposed into
the island's legislation by the end of the month as Cyprus faces
hefty fines if it continues to delay its approval.

State Law Office officials Demetris Lysandrou told MPs that the
directive should have been approved by last July and that Cyprus
has already received a warning over the delay, Cyprus Mail
relates.

Directive 2014/49 effectively updates the original DGS directive
adopted in 1994, Cyprus Mail notes.

A March 2009 directive required member states to increase coverage
of their DGS -- first, to at least EUR50,000, and then, to a
uniform level of EUR100,000 by the end of 2010, Cyprus Mail
discloses.

The new directive confirmed that EUR100,000 is an appropriate
level of protection and provides that the DGS must be able to fund
at least 0.8% of covered deposits by 2024, Cyprus Mail states.

The scheme will be financed by a country's banks according to
their size but there are also risk-based criteria, Cyprus Mail
says.

Riskier banks imply a higher likelihood of failure and, in turn,
the need to trigger DGS.  Such banks should therefore, pay more
contributions to DGS, Cyprus Mail states.

A new improvement ensures that banks will have to pay in to the
schemes on a regular basis (ex ante), and not only after a bank
failure (ex post), according to Cyprus Mail.

During discussion of the issue before the House Finance Committee,
MPs raised questions over the decision to bail out Laiki Bank in
2012, Cyprus Mail relays.

At the time, MPs, as cited by Cyprus Mail, said, they were told
that failure to approve the EUR1.8 billion bailout, would mean
unruly collapse and EUR7.5 billion in deposits under EUR100,000
would have to be footed by the state.

On Oct. 12, MPs were left with the impression that that was not
the case, Cyprus Mail relates.

MP Yiannos Lamaris, whose party was in power at the time, said
discussion proved "that the state has no responsibility (over
insured deposits), Cyprus Mail relays.  If we knew, our decisions
possibly would have been different."

The lender was restructured a year later and none of the insured
deposits were lost, unlike those over EUR100,000, Cyprus Mail
recounts.

A banking source said there were no EU countries with a DGS that
had enough cash to compensate depositors of a systemic bank in
case of bankruptcy, Cyprus Mail notes.

It is understood that Cyprus' fund had around EUR100 million,
Cyprus Mail discloses.



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


ALPHAFORM: Proto Labs Acquires Assets in Europe
-----------------------------------------------
Optics.org reports that Alphaform, which filed for bankruptcy
earlier this year, appears to have been rescued following the
completion of a deal with US-based Proto Labs.

The acquisition sees Proto Labs gain "select assets and
operations" previously belonging to Alphaform, including a range
of laser additive manufacturing capabilities in three European
countries, Optics.org discloses.

"The acquisition includes Alphaform divisions operating in
Germany, Finland and the UK," Optics.org quotes Proto Labs as
saying.  "This acquisition will significantly expand Proto Labs'
recently launched additive manufacturing capabilities in Europe by
adding selective laser sintering, direct metal laser sintering and
additional stereolithography capabilities."

Back in July, Alphaform said that it had initiated bankruptcy
proceedings in Munich, Germany, "on the grounds of impending
insolvency", adding that it would work with bankruptcy
administrators to continue implementing earlier efforts to
restructure the business, Optics.org recounts.

Alphaform is a provider of laser additive manufacturing services
in Germany.



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I R E L A N D
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LIGHTPOINT PAN-EUROPEAN: Moody's Raises Rating on E Notes to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on these notes
issued by LightPoint Pan-European CLO 2006 p.l.c.:

  EUR20,000,000 Class D Floating Rate Notes Due 2022, Upgraded to
   A2 (sf); previously on May 28, 2015 Upgraded to A3 (sf)

  EUR9,500,000 Class E Floating Rate Notes Due 2022, Upgraded to
   Ba2 (sf); previously on May 28, 2015 Affirmed Ba3 (sf)

Moody's also affirmed the ratings on these notes:

  EUR220,000,000 Class A Floating Rate Notes Due 2022 (current
   outstanding balance of EUR10,279,948.36), Affirmed Aaa (sf);
   previously on May 28, 2015 Affirmed Aaa (sf)

  EUR23,500,000 Class B Floating Rate Notes Due 2022, Affirmed
   Aaa (sf); previously on May 28, 2015 Affirmed Aaa (sf)

  EUR20,500,000 Class C Deferrable Floating Rate Notes Due 2022,
   Affirmed Aaa (sf); previously on May 28, 2015, Upgraded to
   Aaa (sf)

LightPoint Pan-European CLO 2006 p.l.c., issued in January 2007,
is a collateralized loan obligation (CLO) backed primarily by a
portfolio of European senior secured loans.  The transaction's
reinvestment period ended in January 2013.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's over-
collateralization ratios since May 2015.  The Class A notes have
been paid down by approximately 45.6% or EUR8.6 million since that
time.  Based on the trustee's September 2015 report, the over-
collateralization (OC) ratios for the Class A/B, Class C, Class D
and Class E notes are reported at 270.1%, 168.1%, 122.8% and
108.9%, respectively, versus May 2015 levels of 235.5%, 158.8%,
120.5% and 108.1%, respectively.

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

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade of
the ratings:

  1) Macroeconomic uncertainty: CLO performance is subject to a)
uncertainty about credit conditions in the general economy and b)
the large concentration of upcoming speculative-grade debt
maturities, which could make refinancing difficult for issuers.

  2) Collateral Manager: Performance can also be affected
positively or negatively by a) the manager's investment strategy
and behavior and b) differences in the legal interpretation of CLO
documentation by different transactional parties owing to embedded
ambiguities.

  3) Collateral credit risk: A shift towards collateral of better
credit quality, or better credit performance of assets
collateralizing the transaction than Moody's current expectations,
can lead to positive CLO performance.  Conversely, a negative
shift in credit quality or performance of the collateral can have
adverse consequences for CLO performance.

  4) Deleveraging: An important source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will continue and at what pace.  Deleveraging of the CLO
could accelerate owing to high prepayment levels in the loan
market and/or collateral sales by the manager, which could have a
significant impact on the notes' ratings.  Note repayments that
are faster than Moody's current expectations will usually have a
positive impact on CLO notes, beginning with those with the
highest payment priority.

In addition to the base case analysis, Moody's also conducted
sensitivity analyses to test the impact of a number of default
probabilities on the rated notes relative to the base case
modeling results, which may be different from the current public
ratings of the notes.

Moody's Adjusted WARF -- 20% (2318)
Class A: 0
Class B: 0
Class C: 0
Class D: +1
Class E: +1

Moody's Adjusted WARF + 20% (3476)
Class A: 0
Class B: 0
Class C: 0
Class D: -2
Class E: -1

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations," published in
September 2015.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.  In its base
case, Moody's analyzed the collateral pool as having a performing
par and principal proceeds balance of EUR91.2 million, no
defaulted par, a weighted average default probability of 19.73%
(implying a WARF of 2897), a weighted average recovery rate upon
default of 50.49%, a diversity score of 20 and a weighted average
spread of 3.33% (before accounting for LIBOR floors).

Moody's incorporates the default and recovery properties of the
collateral pool in cash flow model analysis where they are subject
to stresses as a function of the target rating on each CLO
liability reviewed.  Moody's derives the default probability from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool.  The average
recovery rate for future defaults is based primarily on the
seniority of the assets in the collateral pool.  In each case,
historical and market performance and the collateral manager's
latitude for trading the collateral are also factors.

A material proportion of the collateral pool includes debt
obligations whose credit quality Moody's assesses through credit
estimates.  Moody's analysis reflects adjustments with respect to
the default probabilities associated with credit estimates.  For
each credit estimates whose related exposure constitutes more than
3% of the collateral pool, Moody's applied a two-notch equivalent
assumed downgrade to approximately 8.7% of the pool.



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I T A L Y
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CHIL SRL: Judge Extends Bankruptcy Probe Into Tizano Renzi
----------------------------------------------------------
ANSA reports that a preliminary hearings judge on Oct. 12 ordered
the extension of a probe into Tizano Renzi, father of Italian
Premier Matteo Renzi, in a case of suspected fraudulent
bankruptcy.

The judge disagreed with the prosecutor in the case, who had asked
for the probe to be shelved, ANSA relates.

The elder Renzi is under investigation in the north-western city
of Genoa, ANSA discloses.

The probe into the 2013 failure of the Chil Srl newspaper
distribution and advertising firm, which was founded by the
premier's father, was opened in 2013, ANSA recounts.



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


GARFUNKELUX HOLDCO: Moody's Assigns B2 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating to Garfunkelux Holdco 2 S.A. (GFKL-Lowell group).
Concurrently, Moody's has assigned a provisional (P)Caa1 foreign
currency instrument rating to the GBP240 million senior notes to
be issued by Garfunkelux Holdco 2 S.A.  In addition, the rating
agency has assigned a provisional (P)B2 foreign currency rating to
the proposed GBP555 million senior secured bonds and affirmed the
B2 local currency rating of the outstanding senior secured bonds
of Garfunkelux Holdco 3 S.A, a subsidiary of GFKL-Lowell group.
The outlook on all ratings is stable.

Moody's issues provisional ratings in advance of the final sale of
securities.  These ratings represent the rating agency's
preliminary credit opinion.  A definitive rating may differ from a
provisional rating if the terms and conditions of the final
issuance are materially different from those of the draft
prospectus reviewed.

The rating actions follow the group's announcement of a
comprehensive financing structure which aims to fund the
acquisition of UK Lowell Group (Lowell Finance Holdings Limited
(CFR B1, outlook stable) and related entities) from TDR Capital
LLP (TDR, unrated) and subsequent business combination with GFKL
Financial Services AG (GFKL) by private equity owner Permira Funds
(Permira; unrated) at the level of Garfunkelux Holdco 3 S.A.  The
proceeds of the issuance of the proposed notes will mainly be used
to pay existing debt at the level of Lowell and to fund the
acquisition, while the senior secured bonds issued by GFKL-Lowell
group through its subsidiary Garfunkelux Holdco 3 S.A. will remain
outstanding as they will not be refinanced as part of this
transaction.

As a result of the organizational changes associated with the new
group structure, Moody's has assigned a CFR at the level of
Garfunkelux Holdco 2 S.A., which will be the top entity of the
restricted group and will produce the audited consolidated
accounts going forward.  At the same time, the agency has
withdrawn the existing B2 CFR at the level of GFKL.

RATINGS RATIONALE

RATINGS AFFIRMATIONS AND ASSIGNMENTS REFLECT ENHANCED BUSINESS
PROFILE BUT MORE AGGRESSIVE FINANCING STRUCTURE OF LARGER GFKL-
LOWELL GROUP

The rating actions follow the announcement on October 9, 2015 of a
comprehensive financing structure which aims to primarily fund the
acquisition of Lowell by private equity firm Permira and
subsequent business combination with GFKL, announced on 7 August
2015.  The group will be one of the largest debt purchase
companies in the UK and among the leading receivables management
companies in Germany, with the UK market accounting for 60-65% of
its estimated collections in 2015 and Germany accounting for
35- 40%. The addition of Lowell's UK business implies a
significant change to the business profile and business mix of the
group, as GFKL has so far focused primarily on the debt servicing
business.

The rating actions reflect: (1) the group's business strengths by
combining two of the largest non-captive third-party consumer debt
collection and credit management businesses in Europe with leading
market positions in the UK (Lowell) and Germany (GFKL) and multi-
year solid performance track record; and (2) the overall financing
structure's debt metrics with considerable leverage and
anticipated cash-flow and deleveraging profile.

The group's B2 CFR positively reflects: (1) its leading market
position as one of the largest independent and diversified debt
collection and servicing agencies in the UK and Germany,
specialized in consumer debt receivables; (2) successful multi-
year operating track record of both Lowell and GFKL; and (3) our
assessment of stable operating conditions in the group's key
markets which should support a sustainable performance.  However,
the CFR is constrained by the group's: (1) proposed high level of
leverage with a debt-to-adjusted EBITDA of 5.2 times, leading to
limited financial flexibility; (2) remaining material key
relationship concentrations for both Lowell and GFKL despite
limited overlap; and (3) its ambitious growth plan to further grow
the group's debt collection business, in particular in the UK,
thereby relying on the operating cash flow from both businesses,
but also drawing down on liquidity sources of cash overfunding
post transaction.

Because of its growth plans we do not expect the group to
effectively reduce its net debt over the tenor of the bonds, but
achieve the deleveraging by increasing its EBITDA which increases
the refinancing risk.  The private equity ownership of the firm
also brings an element of uncertainty regarding the timing and
method of exit of the investment.

Moody's also notes that the debt purchasing and debt collection
businesses are highly exposed to changes in the regulatory
framework concerning conduct and related reputational damage to a
firm's franchise, which could result from customers' complaints.
These risks are partially mitigated by both, GFKL's and Lowell's
low historical level of complaints and the stable regulatory
framework in the countries in which the group operates.

The (P)B2 rating assigned to the senior secured notes to be issued
by Garfunkelux Holdco 3 S.A. and the affirmation of the B2 rating
of its outstanding senior secured notes reflect the notes'
positioning within the group's funding structure, significant
asset coverage and level of seniority over other liabilities.

The (P)Caa1 rating assigned to the senior notes to be issued by
Garfunkelux Holdco 2 S.A. reflects the structural subordination of
this entity to the bonds at Garfunkelux Holdco 3 S.A. ranking
ahead.  It also reflects the book value of GFKL's and Lowell's
tangible assets to result in no asset coverage to the senior notes
in the event of liquidation.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook incorporates Moody's expectations that GFKL and
the entire group will be able to execute its business plan in a
stable operating environment and on the back of a smooth
integration of the Lowell business.

What Could Change the Rating -- UP

Upward ratings pressure could develop from a faster-than-
anticipated improvement in leverage metrics as reflected in net
debt-to-adjusted EBITDA (which stands at 5.2x as of end of June
2015 on a pro forma basis), adjusted EBITDA-to-interest coverage
(which is at 2.2x as of the same date), as well as a strengthening
of the group's solvency (measured as Tangible Common Equity on
Tangible Managed Assets).  An increase in funding or operational
diversification supporting sustained and resilient performance
could also contribute to a rating upgrade.

What Could Change the Rating -- DOWN

Downward ratings pressure could develop because of a more
aggressive credit profile of GFKL-Lowell group from a change in
its business mix and may be reflected in: (1) A further increase
in leverage or sustained decline or less resiliency in operating
performance; (2) a significant decline in interest coverage; (3) a
protracted decrease in profitability.  Furthermore, a downgrade
could result from any deterioration in the franchise or market
position of GFKL-Lowell group.



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N E T H E R L A N D S
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JUBILEE CDO VIII: Fitch Affirms 'B-sf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Jubilee CDO VIII B.V. and revised the
Outlook on the class A2 to E notes to Stable as follows:

  EUR122.1 million Class A-1 (ISIN XS0331559640): affirmed at
  'AAAsf'; Outlook Stable

  EUR24 million Class A-2 (ISIN XS0331560572): affirmed at
  'AAAsf'; Outlook revised to Stable from Negative

  EUR42 million Class B (ISIN XS0331560655): affirmed at 'Asf';
  Outlook revised to Stable from Negative

  EUR20 million Class C (ISIN XS0331560903): affirmed at 'BBBsf';
  Outlook revised to Stable from Negative

  EUR18 million Class D (ISIN XS0331561208): affirmed at 'BBsf';
  Outlook revised to Stable from Negative

  EUR16 million Class E (ISIN XS0331561463): affirmed at 'B-sf';
  Outlook revised to Stable from Negative

Jubilee CDO VIII B.V. is a securitization of mainly European
senior secured loans, senior unsecured loans, second-lien loans,
mezzanine obligations and high-yield bonds. At closing a total
note issuance of EUR400 million was used to invest in a target
portfolio of EUR388 million. The portfolio is actively managed by
Alcentra Ltd.

KEY RATING DRIVERS

The affirmations reflect the adequate credit enhancement available
to the notes.

The reported share of assets rated 'CCC' or below has increased to
18.3% of the aggregate collateral balance from 12.0% in October
2014. However, the overall credit quality of the portfolio has
remained stable, with the reported weighted average rating factor
increasing only slightly to 30.03 from 29.24 in October 2014. The
portfolio rating distribution is thus more bar-belled.

Obligor concentration in the portfolio continues to increase, with
the largest obligor accounting for 4.9% of the portfolio, up from
3.8% in October 2014.

The revision of the Outlook on the class A-2, B, C, D, and E notes
reflects the increase in credit enhancement since the last review.
The class A-1 notes received EUR85.3 million of principal proceeds
in the past 12 months. A further EUR2.2 million of interest
proceeds was used to redeem the class A-1 notes, bringing the
total redemption amount over the past 12 months to EUR87.6
million. This compares with a class A-1 redemption amount of
EUR24.5 million over the preceding 12 months. The sizable
deleveraging of the structure was driven almost exclusively by
prepayments.

All overcollateralization (OC) tests have been in compliance since
the last review. Deleveraging more than offset the rise in the
share of assets rated 'CCC' or below, leading to a sizable
increase in all OC test results. Assets rated 'CCC' or below
exceeding 5% of the aggregate collateral balance are considered at
the lower of their market value or expected recovery rate for the
purposes of the OC tests. All interest coverage (IC) tests have
been passed with significant buffer. The IC tests for the
transaction have not been breached so far.

The transaction exited its reinvestment period in January 2014.
Reinvestment of unscheduled principal proceeds and sale proceeds
from credit-improved or credit-impaired assets is currently not
permitted due to several conditions not being met (including
passing the Fitch weighted average rating factor test).

The transaction uses a macro currency swap to hedge sterling
exposure. The hedge is not perfect and residual currency risk is
borne by the structure. When a sterling asset defaults, the
sterling recovery proceeds might be insufficient to reduce the
swap balance to the performing sterling collateral balance and the
manager will have to obtain sterling in the spot market. Also,
while awaiting recovery proceeds, the structure continues to make
payments on the sterling leg of the macro currency swap, even
though the defaulted asset no longer generates sterling interest.
This currency mismatch is partially mitigated through the use of
currency options. The remaining exchange rate exposure is absorbed
by the structure.

The macro currency swap is scheduled to expire in January 2019. As
of end-September 2015 the portfolio contained sterling assets
totalling GBP17.5 million (down from GBP21.1 million a year ago),
which mature after the expiration of the macro currency swap. This
increases the sensitivity of the transaction to currency risk at
the tail end of its life.

RATING SENSITIVITIES

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

A 25% reduction in expected recovery rates would lead to a
downgrade of between zero and two notches for the rated notes.

DUE DILIGENCE USAGE

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

DATA ADEQUACY

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

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

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



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N O R W A Y
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EWOS GROUP: S&P Removes 'B' CCR From CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that it removed from
CreditWatch with positive implications its 'B' long-term corporate
credit and issue ratings on Norway-based salmonid feed producer
Ewos Group.  At the same time, S&P affirmed the ratings, then
withdrew them at the request of the company.  At the time of
withdrawal, the outlook was stable.

Ewos' entire shareholding has been acquired by Cargill Inc. with
the transaction completing on Oct. 8, 2015.  As a part of this
transaction, all senior secured EUR225 million and Norwegian krone
(NOK) 1.81 billion notes due 2020, as well as the NOK1.04 billion
subordinated notes due 2021, will be repaid in full.  All notes
are expected to be redeemed by Oct. 19, 2015.



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R U S S I A
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APOGEY-MED INSURANCE: Bank of Russia Suspends Insurance License
---------------------------------------------------------------
The Bank of Russia, by its Order No. OD-2699 dated October 7,
2015, suspended the insurance license of Apogey-Med Insurance
Company, LLC.

The decision is taken due to the insurer's failure to timely
execute a Bank of Russia instruction, namely, due to its non-
compliance with financial sustainability and solvency requirements
with respect to securing insurance reserves, procedure and
conditions to invest capital and insurance reserve funds.  The
decision becomes effective the day it is published in the Bank of
Russia Bulletin.

Suspended license shall mean a prohibition on entering into new
insurance contracts and also on amending respective contracts
resulting in increase in the existing obligations.

The insurance agent shall accept applications on the occurrence of
insured events and perform obligations.


DERZHAVA INSURANCE: Bank of Russia Suspends Insurance License
-------------------------------------------------------------
The Bank of Russia, by its Order No. OD-2700 dated October 7,
2015, suspended the insurance license of Derzhava Insurance
Company, LLC.

The decision is taken due to the insurer's failure to execute a
Bank of Russia instruction, namely, due to its non-compliance with
financial sustainability and solvency requirements with respect to
securing insurance reserves, procedure and conditions to invest
capital and insurance reserve funds.  The decision becomes
effective the day it is published in the Bank of Russia Bulletin.

Suspended license shall mean a prohibition on entering into new
insurance contracts and also on amending respective contracts
resulting in increase in the existing obligations.

The insurance agent shall accept applications on the occurrence of
insured events and perform obligations.


MAYAK INSURANCE: Bank of Russia Suspends Insurance License
----------------------------------------------------------
The Bank of Russia, by its Order No. OD-2690 dated October 7,
2015, suspended the insurance license of Mayak Insurance Company,
limited liability company (registration number in the unified
state register of insurance agents is 3754).

The decision is taken due to the insurer's failure to timely
execute a Bank of Russia instruction, namely, due to its non-
compliance with financial sustainability and solvency requirements
with respect to securing insurance reserves, procedure and
conditions to invest capital and insurance reserve funds.  The
decision becomes effective the day it is published in the Bank of
Russia Bulletin.

Suspended license shall mean a prohibition on entering into new
insurance contracts and also on amending respective contracts
resulting in increase in the existing obligations.

The insurance agent shall accept applications on the occurrence of
insured events and perform obligations.


NOTA-BANK: Bank of Russia Appoints Provisional Administration
-------------------------------------------------------------
Due to the failure to meet creditors' claims on monetary
obligations in terms of seven days from their maturity date and
guided by Sub-clause 1 of Clause 1 of Article 189.26 of the
Federal Law "On Insolvency (Bankruptcy)", by its Order No.
OD-2746, dated October 13, 2015, the Bank of Russia appointed a
provisional administration to manage the credit institution public
joint-stock company NOTA-Bank (registration No. 2913) from October
13, 2015 for a six-month term.  The powers of executive bodies of
the credit institution are suspended. The main objective of the
provisional administration is to ensure safety and estimate
quality of assets of PJSC NOTA-Bank and prospects for restoring
its liquidity, and cooperate with the bank's creditors with regard
to their possible participation in solving the bank's problems.

At the same time, guided by Article 189.38 of the Federal Law "On
Insolvency (Bankruptcy)", the Bank of Russia decided to impose a
three-month moratorium on meeting claims of creditors of PJSC
NOTA-Bank.  This decision is necessary to ensure equality in
protecting rights of all creditors in the condition of the bank's
insolvency.

In compliance with the Federal Law "On the Insurance of Household
Deposits with Russian Banks" the moratorium on meeting creditors'
claims is an insured event.  Payments to depositors of PJSC NOTA-
Bank, including individual entrepreneurs, are to start not later
than 14 days after the imposition of moratorium.  The procedure
for payment of insurance benefit will be determined by the state
corporation Deposit Insurance Agency.

The Bank of Russia will decide on other statutory measures,
duration of activity of the provisional administration and the
term of moratorium with regard to PJSC NOTA-Bank, taking into
account the financial rehabilitation measures taken by its owners
in cooperation with creditors.


NOVOSIBIRSK: S&P Assigns 'BB+' Rating to RUB2BB Sr. Unsec. Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB+' long-term global scale issue credit rating and its 'ruAA+'
Russia national scale rating to the RUB2 billion (about US$32
million) senior unsecured bond issued by the Russian city of
Novosibirsk (BB+/Negative/--).

The seven-year amortizing bond will have 28 coupons, with the
first coupon rate at 11.86%. According to the redemption schedule,
40% of the bond is to be repaid in 2017, 5% in 2018, 15% in 2020,
35% in 2011, and the remaining 5% in 2022.

The ratings on Novosibirsk are constrained by what S&P sees as
Novosibirsk's relatively weak economy and Russia's volatile and
unbalanced institutional framework, which leads S&P to assess the
city's budgetary flexibility as weak.  These constraints are
mitigated by Novosibirsk's satisfactory management quality and
reasonable cost control, in S&P's view, which results in average
budgetary performance, adequate liquidity, low debt, and very low
contingent liabilities.

S&P's 'BB+' rating on the city is equal to its assessment of its
stand-alone credit profile.


OTP BANK RUSSIA: Fitch Affirms 'BB' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed OTP Bank Russia's (OTPR) Long-term
Issuer Default Rating (IDR) at 'BB' with a Stable Outlook and
Viability Rating (VR) at 'b+'. A full list of rating actions is
available at the end of this commentary.

KEY RATING DRIVERS

OTPR's Long- and Short-term IDRs, National Long-term Rating and
Support Rating are driven by potential support, in case of need,
from the parent bank, Hungarian OTP Bank Plc (OTPH). Fitch
believes that the parent would have a high propensity to support
OTPR in light of its majority (98%) ownership, high level of
integration, reputational damage for the parent from a potential
default at OTPR, and common branding. However, Fitch believes that
the Russian subsidiary is unlikely to contribute to the group's
results in the near future.

The affirmation of the bank's VR at 'b+' reflects its focus on the
overheated Russian consumer finance market, which is now suffering
from weak asset quality, negative bottom line profitability and
limited near-term recovery prospects. On the positive side,
however, the VR reflects OTPR's so far adequate capitalization and
healthy funding profile.

OTPR's asset quality metrics deteriorated sharply in 1H15 as
credit losses (defined as the increase in loans 90 days overdue
during the period plus write-offs, divided by average performing
loans) rose to 24% (annualized) in 1H15, from 15% in 2014 and 16%
in 2013. Although the bank has tightened its underwriting
standards and early warning indicators suggest reasonable credit
quality metrics on newly generated loans, Fitch expects asset
quality to remain weak in 2016 due to the worsening economic
environment, a drop in borrowers' real disposable incomes, the
increased cost of living and rising unemployment.

OTPR's pre-impairment profit was equal to 11% of average loans in
1H15, squeezed by higher funding costs, and was insufficient to
absorb the bank's credit losses. Bottom line losses in 1H15
resulted in the bank losing 12% of its regulatory capital. A
gradual pick up of new lending in 2H15, and an expected gradual
decrease in funding costs as deposits reprice, may help OTPR
reduce the magnitude of losses (already achieved in June-August).
However, Fitch does not expect the bank to return to sustainably
profitable performance in the foreseeable future, as loan
impairment charges are unlikely to moderate in the near term.

Capitalization is adequate to date as expressed by a reasonable
16.1% Fitch Core Capital (FCC) ratio at end-1H15. OTPR managed to
absorb considerable losses in 1H15 and still maintained adequate
capital ratios by means of de-leveraging (loan book contracted
17%), but the capital position remains vulnerable to deterioration
of the credit quality of new lending. The regulatory capital
position (the regulatory total capital ratio equalled 13.7% at
end-8M15) is weakened by higher risk-weights on high-yielding
consumer finance loans. Funding and liquidity is a rating
strength, as OTPR has limited refinancing needs in 1H15-2016 and
its granular customer funding (80% of end-1H15 liabilities) is
reasonably covered (25%) by the liquidity cushion.

RATING SENSITIVITIES

A rating action on OTPR's IDRs is possible if Fitch changes its
view on OTPH's ability and propensity to support its Russian
subsidiary.

OTPR's VR could be downgraded if the bank does not manage to
achieve meaningful asset quality and performance improvement
and/or its capital position deteriorates. Upside potential in the
current economic environment is limited.

The rating actions are as follows:

  Long-term foreign currency IDR: affirmed at 'BB', Outlook Stable

  Short-term foreign currency IDR: affirmed at 'B'

  Long-term local currency IDR: affirmed at 'BB', Outlook Stable

  National Long-term rating: affirmed at 'AA-(rus)', Outlook
  Stable

  Support Rating: affirmed at '3'

  Viability Rating: affirmed at 'b+'


* Fitch Says Tax Hike May Force Russian Oil Firms to Cut Drilling
-----------------------------------------------------------------
The effective tax increase for Russian oil and gas producers in
2016 will reduce their operating cash flows and increase the need
to cut capex further, for example by reducing drilling in mature
provinces, Fitch Rating says. This could accelerate oil production
declines at key brownfields.

The adopted proposal is less radical than the original plan and
will have no rating implications since most Russian players remain
low-leveraged and Fitch's ratings of Russian oil and gas names are
driven primarily by the sovereign rating.

On October 8, the government announced an increase in the Mineral
Extraction Tax (MET) on Gazprom (BBB-/Negative) by around RUB100
billion (USD1.7 billion) in 2016. It also said export duty on
crude oil and oil products will be unchanged in 2016, rather than
gradually falling to offset a hike in oil MET in 2015-2017. This
will deprive Russian oil companies of around RUB200 billion
(USD3.3 billion) next year. Fitch understands that the government
intends to reduce the export duty in 2017.

The decision seems to be a compromise between the Russian Ministry
of Finance, which originally proposed to increase taxes by around
RUB600 billion (USD10 billion), and Russian oil and gas majors,
which strongly opposed the plan stating it would result in falling
investments and sharply lower oil production.

Higher MET on Gazprom should have no immediate credit
implications, as its 2016 EBITDA would fall by only around 5%
compared to our original expectations. Its leverage remains low
among global peers. However, Gazprom may be forced to cut its 2016
capex program and possibly slow down its new pipeline projects due
to this and other commercial and funding challenges (see "Nord
Stream II Raises Gazprom's Commercial, Funding Risks", dated 21
September 2015).

There will be no MET increase for independent gas producers, such
as Novatek (BBB-/Negative); though they may be marginally affected
as exporters of natural gas liquids.

The impact on Russian oil producers will be more significant
though not enough to trigger rating actions. Fitch estimates that
most integrated oil companies will see their EBITDA fall by
between 7% and 10% in the USD55/bbl (Brent) environment as a
result of the measure. Companies with a lower share of exports and
higher share of downstream, such as Bashneft (BB/Stable), Gazprom
Neft (BBB-/Negative) and Lukoil (BBB-/Negative) will be less
affected than Rosneft and Tatneft (BBB-/Negative), whose profits
are more sensitive to changes in export duty.

"We believe that the tax hike will most likely force Russian oil
producers to make additional cuts to their capex budgets in 2016.
In particular, they may further reduce production drilling at
brownfields, mainly in Western Siberia. Some Russian majors
already reported lower drilling volumes in 2015 (data from CDU TEK
show a 15 drop % in 1H15 yoy for Lukoil and a 7% drop for Gazprom
Neft). Thus, the move may accelerate brownfield production
declines (see "Russia's Brownfield Oil Output Faces Further
Declines", dated 4 September 2014). Oil majors may also phase out
greenfield developments that do not qualify for export duty
breaks. Together, these factors could reverse Russia's oil
production growth as early as in 2016."

"Further tax increases remain a risk, especially if oil prices
stay at the current level for a long period of time, or fall. This
is one reason we cap the ratings of Russian oil and gas producers
at the sovereign level. However, higher overall taxation is less
likely in a gradual oil recovery scenario, which is our base
case."



=====================
S W I T Z E R L A N D
=====================


TAURUS CMBS 2007-1: S&P Lowers Rating on Class A2 Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Taurus CMBS (Pan-Europe) 2007-1 Ltd.'s class A1 and A2 notes.  At
the same time, S&P has affirmed its ratings on the class B, C, D,
E, and F notes.

On the August 2015 interest payment date (IPD), all classes of
notes experienced interest shortfalls.  The transaction continues
to experience cash flow disruptions primarily due to high prior-
ranking transaction costs, together with spread compression
between the loan and the notes, which have resulted in
insufficient funds to meet all interest payments due to the notes.

S&P believes that, absent of recoveries, this transaction will
likely remain vulnerable to future interest shortfalls, given the
above-mentioned factors that limit the issuer's capacity to pay
interest in a timely manner.

S&P's ratings in Taurus CMBS (Pan-Europe) 2007-1 address the
timely payment of interest and the repayment of principal no later
than legal final maturity in February 2020.

The class A1 notes have now experienced two consecutive quarters
of interest shortfalls in May 2015 and August 2015.  S&P has not
lowered to 'D (sf)' its rating on the class A1 notes because its
analysis shows that the interest shortfall could be repaid in full
from recoveries before the legal final maturity date.  As the
class A1 notes' creditworthiness has weakened in S&P's opinion, it
has lowered to 'CCC (sf)' from 'B (sf)' its rating on this class
of notes.  S&P considers that this class of notes faces at least a
one-in-two likelihood of default if the interest shortfall
persists.

The class A2 notes have consistently experienced interest
shortfalls.  The shortfalls are likely to continue in future
quarters, in S&P's opinion.  S&P has therefore lowered to 'D (sf)'
from 'CCC (sf)' its rating on the class A2 notes in line with its
criteria, "Timeliness Of Payments: Grace Periods, Guarantees, And
Use Of 'D' And 'SD' Ratings," published on Oct. 24, 2013.

S&P has affirmed its 'D (sf)' ratings on the class B, C, D, E, and
F notes because they continue to experience interest shortfalls.

Taurus CMBS (Pan-Europe) 2007-1 is a pan-European conduit
transaction that closed in August 2007.  Initially backed by 13
loans, the transaction is now backed by two loans secured on 27
commercial properties in Germany and France.

RATINGS LIST

Taurus CMBS (Pan-Europe) 2007-1 Ltd.
CHF.1 mil, EUR549.95 mil commercial mortgage-backed
floating-rate notes
                                         Ratings
Class            Identifier              To           From
A1               XS0305732181            CCC (sf)     B (sf)
A2               XS0309194248            D (sf)       CCC (sf)
B                XS0305744608            D (sf)       D (sf)
C                XS0305745597            D (sf)       D (sf)
D                XS0305746215            D (sf)       D (sf)
E                XS0309195567            D (sf)       D (sf)
F                XS0309195997            D (sf)       D (sf)


UBS CAPITAL: Moody's Reviews Ba2 Stock Rating for Upgrade
---------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the
long-term ratings of UBS AG and affiliates, including the bank's
long-term deposit rating of A1, its senior unsecured debt rating
of A2, its standalone baseline credit assessment (BCA) of baa2,
its counterparty risk assessment of A1(cr), and the Baa3 rating on
the senior unsecured debt of UBS Group Funding (Jersey) Limited
guaranteed by the bank's parent holding company, UBS Group AG.
The bank's short term ratings and counterparty risk assessment of
Prime-1 and Prime-1(cr), respectively, are unaffected by this
action.

RATINGS RATIONALE

The review for upgrade was triggered by continued improvements in
the bank's leverage ratio as well as recent improvements to the
bank's profitability.  While UBS's risk-based capital ratios have
been the strongest amongst its peers for some time, the bank's
leverage ratio has until recently been a relative weakness for the
bank.  However, increased retained earnings and the recent
issuance of high-trigger contingent capital, together with
reductions in the bank's balance sheet and leverage exposure, have
boosted the bank's leverage ratio to a level more consistent with
peers. Moody's believes that the bank's higher leverage ratios are
likely to be sustained if, as expected, revisions to Swiss capital
requirements later this year raise the bank's leverage ratio
requirement.

Profitability at UBS has also been a relative weakness over the
last several years, as the bank has borne considerable costs
related to litigation, restructuring charges, and the wind-down of
its non-core and legacy portfolio.  More recent profitability
improvements reflect stronger revenue performance and more
positive market conditions, but were also driven by fewer
litigation charges, lower losses in the bank's non-core and legacy
portfolio, and realized cost savings from efficiency initiatives,
notwithstanding a continued high volume of restructuring charges.

During its review, Moody's will focus on the trajectory of the
bank's profitability improvements as well as the sustainability of
those improvements, including the risk of additional litigation
charges and the potential for further restructuring charges and
costs related to compliance with regulatory initiatives.  Moody's
will also consider the trajectory for risk-weighted assets under
various pending regulatory initiatives as well as the likely trend
for the bank's balance sheet in order to assess the sustainability
of the bank's current capital position and business mix.  Finally,
Moody's will assess the likelihood of future earnings volatility
and the permanence of the changes made to the bank's risk
management and culture since the financial crisis.

UBS's ratings reflect the bank's superior global wealth management
and domestic retail and corporate banking franchises, its strong
liquidity profile, and its robust risk-based capital ratios.  They
also reflect the bank's still sizeable (albeit better risk-
controlled) capital markets activities, the confidence sensitivity
of its client base, the pressures on the bank's profitability and
its relatively high historical earnings volatility, and weaknesses
in risk management, governance and controls evidenced during the
financial crisis.  After the financial crisis the bank took steps
earlier than most of its peers to significantly scale back some of
its fixed income capital markets activities.  The directional
changes are credit positive, however the investment bank remains a
significant source of earnings for the bank at roughly a quarter
to a third of current profits, and while its risk taking
activities have been constrained, the challenges of managing such
a complex and opaque business remain.  The bank also remains
exposed to a sizeable Non-core and Legacy Portfolio, although as
the portfolio is wound down it is expected to pose less risk for
the firm.

The principal methodology used in these ratings was Banks
published in March 2015.

These ratings were affected by the rating action:

Issuer: UBS AG

  Adjusted Baseline Credit Assessment, Placed on Review for
   Possible Upgrade, currently baa2

  Baseline Credit Assessment, Placed on Review for Possible
   Upgrade, currently baa2

  Counterparty Risk Assessment, Placed on Review for Possible
   Upgrade, currently A1(cr)

  Issuer Rating (Foreign Currency), Placed on Review for Possible
  Upgrade, currently A2 stable

  Multiple Seniority Deposit Program (Foreign Currency), Placed
   on Review for Possible Upgrade, currently (P)A1/(P)Baa3

  Multiple Seniority Medium-Term Note Program (Foreign Currency),
   Placed on Review for Possible Upgrade, currently (P)A2/(P)Baa3

  Subordinate Regular Bond/Debenture (Local Currency), Placed on
   Review for Possible Upgrade, currently Baa3

  Senior Unsecured Medium-Term Note Program (Local Currency),
   Placed on Review for Possible Upgrade, currently (P)A2

  Senior Unsecured Medium-Term Note Program (Foreign Currency),
   Placed on Review for Possible Upgrade, currently (P)A2

  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
   Placed on Review for Possible Upgrade, currently A2 stable

  Deposit Rating (Foreign Currency), Placed on Review for
   Possible Upgrade, currently A1 stable

  Deposit Rating (Local Currency), Placed on Review for Possible
   Upgrade, currently A1 stable

  Senior Unsecured Shelf (Foreign Currency), Placed on Review for
   Possible Upgrade, currently (P)A2

Issuer: Swiss Bank Corporation

  Backed Subordinate Regular Bond/Debenture (Foreign Currency),
   Placed on Review for Possible Upgrade, currently Baa3

Issuer: Swiss Bank Corporation, New York Branch

  Backed Subordinate Regular Bond/Debenture (Local Currency),
   Placed on Review for Possible Upgrade, currently Baa3

Issuer: UBS AG, Australian Branch

  Counterparty Risk Assessment, Placed on Review for Possible
   Upgrade, currently A1(cr)

  Multiple Seniority Medium-Term Note Program (Foreign Currency),
   Placed on Review for Possible Upgrade, currently (P)A2/(P)Baa3

  Multiple Seniority Medium-Term Note Program (Local Currency),
   Placed on Review for Possible Upgrade, currently (P)A2/(P)Baa3

  Senior Unsecured Regular Bond/Debenture (Local Currency),
   Placed on Review for Possible Upgrade, currently A2 stable

Issuer: UBS AG, Jersey Branch

  Counterparty Risk Assessment, Placed on Review for Possible
   Upgrade, currently A1(cr)

  Multiple Seniority Medium-Term Note Program (Foreign Currency),
   Placed on Review for Possible Upgrade, currently (P)A2/(P)Baa3

  Multiple Seniority Medium-Term Note Program (Local Currency),
   Placed on Review for Possible Upgrade, currently (P)A2/(P)Baa3

  Subordinate Regular Bond/Debenture (Local Currency), Placed on
   Review for Possible Upgrade, currently Baa3

  Senior Unsecured Medium-Term Note Program (Local Currency),
   Placed on Review for Possible Upgrade, currently (P)A2

  Senior Unsecured Medium-Term Note Program (Foreign Currency),
   Placed on Review for Possible Upgrade, currently (P)A2

  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
   Placed on Review for Possible Upgrade, currently A2 stable

  Senior Unsecured Shelf (Foreign Currency), Placed on Review for
   Possible Upgrade, currently (P)A2

Issuer: UBS AG, London Branch

  Counterparty Risk Assessment, Placed on Review for Possible
   Upgrade, currently A1(cr)

  Multiple Seniority Medium-Term Note Program (Foreign Currency),
   Placed on Review for Possible Upgrade, currently (P)A2/(P)Baa3

  Senior Unsecured Medium-Term Note Program (Local Currency),
   Placed on Review for Possible Upgrade, currently (P)A2

  Senior Unsecured Medium-Term Note Program (Foreign Currency),
   Placed on Review for Possible Upgrade, currently (P)A2

  Senior Unsecured Regular Bond/Debenture (Foreign Currency),
   Placed on Review for Possible Upgrade, currently A2 stable

  Senior Unsecured Regular Bond/Debenture (Local Currency),
   Placed on Review for Possible Upgrade, currently A2 stable

Issuer: UBS AG, New York Branch

  Counterparty Risk Assessment, Placed on Review for Possible
   Upgrade, currently A1(cr)

  Multiple Seniority Deposit Program (Local Currency), Placed on
   Review for Possible Upgrade, currently (P)A1/(P)Baa3

  Multiple Seniority Medium-Term Note Program (Local Currency),
   Placed on Review for Possible Upgrade, currently (P)A2/(P)Baa3

Issuer: UBS AG, Stamford Branch

  Counterparty Risk Assessment, Placed on Review for Possible
   Upgrade, currently A1(cr)

  Multiple Seniority Deposit Program (Local Currency), Placed on
   Review for Possible Upgrade, currently (P)A1/(P)Baa3

  Multiple Seniority Medium-Term Note Program (Local Currency),
   Placed on Review for Possible Upgrade, currently (P)A2/(P)Baa3
   Subordinate Regular Bond/Debenture (Local Currency), Placed on
   Review for Possible Upgrade, currently Baa3

  Senior Unsecured Regular Bond/Debenture (Local Currency),
  Placed on Review for Possible Upgrade, currently A2 stable

Issuer: UBS Americas, Inc.

  Backed Issuer Rating, Placed on Review for Possible Upgrade,
   currently A2 stable

  Backed Senior Unsecured Regular Bond/Debenture (Local
   Currency), Placed on Review for Possible Upgrade, currently A2
   stable

  Backed Senior Unsecured Shelf (Local Currency), Placed on
   Review for Possible Upgrade, currently (P)A2

Issuer: UBS Capital Securities (Jersey) LTD

  Backed Pref. Stock Non-cumulative Preferred Stock (Foreign
   Currency), Placed on Review for Possible Upgrade, currently
   Ba2 (hyb)

Issuer: UBS Finance (Curacao) N.V.

  Backed Senior Unsecured Regular Bond/Debenture (Foreign
   Currency), Placed on Review for Possible Upgrade, currently A2
   stable

Issuer: UBS Group Funding (Jersey) Limited

  Backed Senior Unsecured Regular Bond/Debenture (Foreign
   Currency), Placed on Review for Possible Upgrade, currently
   Baa3 stable

Issuer: UBS Limited

  Issuer Rating, Placed on Review for Possible Upgrade, currently
   A2 stable

  Issuer Rating (Local Currency), Placed on Review for Possible
   Upgrade, currently A2 stable

Issuer: UBS Preferred Funding Company LLC IV

  Backed Pref. Stock Non-cumulative Shelf (Foreign Currency),
   Placed on Review for Possible Upgrade, currently (P)Ba2

Issuer: UBS Preferred Funding Company LLC V

  Backed Pref. Stock Non-cumulative Shelf (Foreign Currency),
   Placed on Review for Possible Upgrade, currently (P)Ba2

Issuer: UBS Preferred Funding Trust IV

  Backed Pref. Stock Non-cumulative Preferred Stock (Local
   Currency), Placed on Review for Possible Upgrade, currently
   Ba2 (hyb)

  Backed Pref. Stock Non-cumulative Shelf (Local Currency),
   Placed on Review for Possible Upgrade, currently (P)Ba2

Issuer: UBS Preferred Funding Trust V

  Backed Pref. Stock Non-cumulative Preferred Stock (Local
   Currency), Placed on Review for Possible Upgrade, currently
   Ba2 (hyb)

  Backed Pref. Stock Non-cumulative Shelf (Local Currency),
   Placed on Review for Possible Upgrade, currently (P)Ba2



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


ANDOVER BOWLING: Venue Goes Into Administration
-----------------------------------------------
The breeze reports that a local bowling and entertainment venue in
Andover's been forced into administration after a lack of funding.

Breakers originally re-opened in November 2014 after the local
community rallied round to raise the GBP160,000 needed, according
to the breeze.

But talks with local companies about it's future have since been
unsuccessful, the report notes.

The report relays that the administrators have said the following:

"Nicola Layland and Carl Faulds of Portland Business Support and
Advice in Fareham, Hampshire were appointed Joint Administrators
of Breakers Community Interest Company on October 8, 2015.  The
company was set up a year ago as a 'not for profit' organisation
to offer entertainment for people of all ages, sexes and
abilities, to bring the community together in a convenient and
safe environment."

"The directors planned to work alongside local charities including
Andover Mind, The Junction, Neighbourcare, VIP's and PAPYRUS to
improve the lives of the youth of Andover.  Alongside the
entertainment facilities, including ten pin bowling alleys, a cafÇ
and music, the intention was to provide somewhere for the youth to
go where they could be signposted to deal with personal
challenges," the administrators said, the report relays.

"Despite the initial idea being met positively, the company has
suffered from a lack of funding, which has meant that debts have
not been paid in full, and in particular the company has not been
able to pay Her Majesty Revenue and Custom on time.  Due to the
lack of available funding the directors of the company have been
trying to find a buyer who could invest more money and take the
company forward," administrators said, the report relays.

"While there has been interest, late last week the interested
party advised that they would be unable to buy the company in its
current form, in part due to its debts.  The directors immediately
took advice and concluded that the company did not have sufficient
funds to continue to trade and therefore took the decision to
cease to trade and place the company into administration," the
administrators added.

Nicola Layland from Portland said: "We have already had
expressions of interest from several interested parties in buying
the business.  We are therefore hopeful that a deal could be done
to save the business and ensure this valuable facility continues
for the community," the report adds.


FORWARD LIFE: Faces Fraud Investigation Amid CVA
------------------------------------------------
South Wales Evening Post reports that a boss at Forward Life has
called in the police to investigate an alleged fraud and theft.

The man, who asked the Post not to name him, works at Forward
Life, the Post discloses.  The company was until recently based at
Sun Alliance House, St Helen's Road, Swansea, but has now moved to
Baglan, the Post notes.

Angry former staff have contacted the Post to say they are still
owed money in unpaid wages, forcing some to take out payday loans
to pay the rent, the Post relays.

The senior figure at Forward Life, as cited by the Post, said the
company was still trading but had gone into a company voluntary
arrangement, which means a firm can pay creditors over a fixed
period but continue to operate.

He indicated that staff would be paid, and that the alternative
was for the company to go into administration, meaning everyone
would lose out, the Post relays.

According to the Post, the man said the company handling Forward
Life's CVA, Swansea-based McAlister & Co, would be writing to
employees to update them.

But staff told the Post that they walked out after not receiving
wages, and claimed they had been repeatedly fobbed off about when
they would be paid.  Some have sought advice from arbitration
service Acas, and Citizens Advice, the Post states.

Forward Life is a life insurance company.


INFINIS ENERGY: Moody's Lowers CFR to B1, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the
corporate family rating of Infinis Energy Plc.  Concurrently,
Moody's has downgraded Infinis's probability of default rating to
Ba3-PD from Ba2-PD.  Finally, Moody's has downgraded to B1 from
Ba3 the rating on the GBP350 million senior unsecured notes due
2019 issued by the group's landfill gas generation business,
Infinis Plc.  This concludes Moody's review of the ratings
initiated on July 20, 2015 following the decision by the UK
government to remove the exemption for renewable power generators
from the Climate Change Levy (CCL) tax.  The outlook on the
ratings is stable.

RATINGS RATIONALE

"The rating action reflects that we expect Infinis's leverage to
remain higher for longer in the context of a soft power price
environment and following the negative consequences of the recent
Summer Budget" said Philip Cope, a Moody's Analyst and lead
analyst for Infinis.  "Mitigating measures that the group could
announce by the time of its interim results in November are not
expected to fully compensate for the loss of revenue".

The downgrade follows the UK government's July 2015 decision,
implemented in August, to remove the exemption of Renewable Source
Energy from the CCL, a tax on energy use.  Moody's considers the
change to be credit negative for all renewable electricity
generators, as discussed in the July 2015 publication "UK's
Removal of Exemption from Energy Levy is Credit Negative for
Renewable Generators".  The group has initiated a judicial review,
together with power generator Drax (unrated), against the short
notice given by the government; however Moody's considers that the
amounts that would be involved are unlikely to fully compensate
for the degradation of the group's long-term prospects.

Since the implementation of the government's decision, renewable
electricity generators including Infinis have lost the ability to
sell Levy Exemption Certificates (LECs) to energy users, resulting
in the loss of around GBP5 per megawatt hour (MWh) generated.  The
rating agency considers that the loss of future earnings from the
sale of LECs compounds the weakening impact of lower power prices
on Infinis's credit profile.  Approximately half of Infinis's
revenues are earned from the 'brown' power price and while the
company's contracting strategy provides it with short-term
protection against volatility in the power price, Moody's expects
that it will not protect the company against a persistently soft
power price environment.  The agency expects that the UK power
price will remain low through 2020 with year average wholesale
electricity prices of GBP42-46/MWh if gas prices remain stable, as
discussed in the recent publication "In Britain, Falling Demand
and New Capacity Will Squeeze Coal and Gas".

Moody's considers positively the company's strategy to invest in
onshore wind assets, which will reduce its reliance on a declining
landfill gas resource.  However, with the company currently
building out 135 MW of new wind capacity, much of which is debt
funded, this has compounded the short-term impact on leverage of
the expected fall in earnings.

Infinis announced in August 2015 that it was considering how
changes in government policy in support of renewable generation
would affect the strategy of the Group to deliver shareholder
value with possible changes to be communicated to the markets by
the time of its interim results, in November.  While Moody's
assessment of the group's ratings reflects the assumption that the
group will take credit positive measures, the rating agency
considers unlikely that they will be sufficient to maintain credit
quality at a level commensurate with a Ba3 rating, with gearing of
the Infinis Energy Plc group measured by debt to EBITDA likely to
remain above 5.0x over the period to 2018.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Infinis will
act to support credit quality and has flexibility to do so at a
level consistent with the assigned ratings.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could upgrade the ratings if the group was to deleverage
or if power prices were to recover from their current level,
improving financial performance and allowing debt to EBITDA to
fall durably below 5.0x, and funds from operations (FFO) to debt
at least in the low teens, in percentage terms, on a sustainable
basis.  Considering the company's public strategy focused on real
dividend growth and capital expenditure, significant deleveraging
appears unlikely at the moment.

Conversely, Moody's could downgrade the ratings were debt to
EBITDA to increase above 6.0x, or FFO to debt to fall on a
consistent basis below 10%.

Infinis Energy Plc, based in Northampton, UK, is a holding company
for a FTSE 250-listed group focused on electricity generation from
renewable sources.  The company remains majority owned by funds
managed by private equity group Terra Firma.  As at March 31,
2015, the Infinis Energy Plc group had 589 megawatts (MW) of
generation capacity.  The landfill gas business accounts for 315MW
(53%) while the onshore wind business accounts for 274MW (or 47%).


NORTHAMPTON TOWN: Fear of Administration Grows
----------------------------------------------
Northampton Herald & Post reports that fear of administration
grows as Northampton Town's supporters' trust makes plea to
mystery buyers.

Northampton Town's supporters' trust has called on a new set of
mystery buyers reportedly poised to buy the Cobblers to get in
touch with them as soon as possible, amid fears of the club
entering administration, according to Northampton Herald & Post.

Five months of speculation ended when the Indian consortium said
to have been close to taking over the club announced it had pulled
out of the deal, the report notes.

But shortly afterwards, chairman David Cardoza revealed he was not
surprised the consortium had withdrawn and said he was now in the
'advanced stages' of talks with another mystery set of buyers, the
report relates.

The news comes just days before the club has to pay back a
GBP10.25 million loan -- being used to redevelop Sixfields stadium
-- to Northampton Borough Council, the report relays.  And if the
money isn't paid, the local authority could take legal action, the
report discloses.

Meanwhile, it is also reported that there is petition in the high
court to wind up County Developments Northampton Limited (CDNL),
the company owned by Mr. Cardoza which is working on the
development around the club, the report relays.

With so much uncertainty surrounding the club's finances, fans are
worried Northampton Town could find itself in administration -- a
worry which is shared by the club's supporters' trust, the report
relays.

Northampton Herald & Post notes that the spokesman for Northampton
Town Football Club Supporters' Trust, James Averill, told the
Northants Herald and Post: "I don't think we can rule it out
(administration).

"The council has said it is not their intention to put us into
administration, but we can't account for every decision that could
be made," Mr. Averill said, the report notes.

"As the courts have said, there is a winding up order against
County Developments Northampton Ltd (the group overseeing the
redevelopment) by the Buckingham Group (the firm employed to build
the stand) -- there is a chance it could be like a deck of cards -
- if one goes they all go.  If CDNL go into administration then
that could have a big impact on the club," Mr. Averill added.

"It might not happen, it might.  Again, we are in that frustrating
position where we have to wait and see what cards are dealt. It's
extremely frustrating for fans and for us as we can't say much
more on what is happening," Mr. Averill said, the report relays

Hoping for a positive outcome, Mr. Averill said he is now urging
the mystery set of buyers to reveal themselves to the Trust as
soon as possible, the report notes.

"We would welcome these guys -- and in fact anyone else showing an
interest in the club -- to get in touch with the Trust, so we can
get the best outcome for the supports, players, management and
staff," Mr. Averill said, the report notes.

"It's a big club at this level and it has got potential to be even
bigger.  It is an attractive proposition I think for the people.
What remains to be seen is whether they purchase us as we are, or
whether they would wait to buy us when we are in administration as
a cheaper alternative - it's difficult to say," Mr. Averill added.

Asked for the Trust's message to frustrated Cobblers fans, Mr.
Averill said: "Keep getting behind the players.  That's as much as
they can do at the moment.  It's the sad reality of the situation
that the people who care most about the club have the least to say
at the moment over what happens to it. So we would urge the fans
to stick in there, the report notes.

"The Trust is aiming for, hopefully, a positive outcome out of all
of this.  We will be working our absolute hardest to make sure
that happens.  I sincerely hope that everything ends well with
some people coming in who care about the football club and want to
invest in the football side of things as well as the property deal
that is up for grabs," Mr. Averill added.


SSI UK: Asset Sale Talk Continues, Unions Call for Pension Probe
----------------------------------------------------------------
FT.com reports that the Redcar steelworks in northeast England has
been handed a partial reprieve after its liquidator secured an
agreement that will save a vital part of the stricken industrial
complex from ruin -- for the next few days at least.

FT.com relates that after days of desperate talks with suppliers,
unions and politicians, the Insolvency Service said on October 9
that enough coal had been bought to keep the Redcar coke ovens
operational over the weekend.

Some 650 staff are being kept on site to maintain the ovens and
keep the site safe, said a spokesperson for the government agency,
the report relays.

"The Official Receiver is continuing to talk with interested
parties about the future use of the site [and] carrying out his
duties as liquidator, including dealing with the assets of the
company," they added.

While this does not mean that production of steel will recommence,
it offers a glimmer of hope the plant could one day be resurrected
if steel prices recover, according to FT.com.

FT.com says the ovens are crucial to any prospect of the
mothballed site, which houses Europe's second-biggest blast
furnace, being preserved in a state capable of restarting. But
they will crack and collapse if not kept running, which would make
the Official Receiver's task of selling off assets to repay
creditors even more difficult.

A long heritage of iron and steelmaking in the Teesside area was
plunged into uncertainty last month when the Thai parent group of
the former owner of the works, Sahaviriya Steel Industries,
defaulted on loans worth around GBP433 million, FT.com recalls.

According to FT.com, SSI UK sent redundancy notices to 1,700
workers and left a trail of debt with tens of millions of pounds
unpaid to local suppliers.

FT.com notes that the company's failure shone a spotlight on the
ailing UK steel sector, which has been hammered by the plunge in
global prices. British steelmakers said this is compounded by
cheap imports as well as the UK's high energy costs, environmental
taxes and business rates.

Hargreaves, a Durham-based coal miner which has been in
discussions with the other stakeholders, this week dismissed
reports that it was considering stepping in to maintain the blast
furnace, the report adds.

                        Pension Probe

Meanwhile, Alan Jones at Mirror News reports that a union is
demanding an urgent probe into allegations steel firm SSI missed
pension payments before its UK arm went into liquidation.

Workers at Redcar in Teesside, where 1,700 jobs are going, claim
the Thai company deducted cash from their pay but it has not gone
to retirement funds, according to Mirror News.

The report notes that Unite's Harish Patel said: "Unite will use
all available avenues to ensure members are not short changed."

"We need an urgent investigation and call on the Government to
stop standing on the sidelines.  One would have thought that
ministers and officials would have run the rule over the books
when making their decision not to intervene to save the plant.
The business secretary now needs to step in and ensure workers
aren't left high dry and robbed of their futures," the report
quoted Mr. Patel as saying.

An Insolvency Service spokesman said: "The Redundancy Payment
Service, a function of the Insolvency Service, can pay both
employee pension contributions and employer contributions, within
specified legal limits, the report relays.

"Claims are lodged by pension trustees, employees do not need to
apply themselves. The cost of these payments is met from the
National Insurance Fund and becomes a debt in the insolvency," the
spokesman added.

                           About SSI UK

SSI UK is Britain's second largest steelmaker. SSI UK is a
subsidiary of Thailand's largest steelmaker Sahaviriya Steel
Industries.

As reported in the Troubled Company Reporter-Asia on Oct. 5, 2015,
The Telegraph said SSI UK has gone into liquidation days after it
announced it was closing one of Britain's biggest steelmakers in
Redcar, resulting in 1,700 job losses.  According to The
Telegraph, the company had its liquidation application granted by
a judge in Manchester on Oct. 2.

On October 2, David Kelly, Toby Underwood and Ian Green from
PricewaterhouseCoopers were appointed as special managers and
continue to assist and support the Official Receiver in the
discharge of his duties.


* Low Interest Rate to Pressure EU Insurance, Moody's Says
----------------------------------------------------------
The European insurance sector remains under pressure as a result
of the low interest rate environment, according to Moody's
Investors Service.  Low interest rates, coupled with legislative
interventions are generally the main drivers for the negative
outlooks the rating agency has assigned to a number of European
life markets.

"In addition to interest rates, the other key risk for European
Insurance is legislative and regulatory intervention, especially
in the UK and Dutch life sectors", said Dominic Simpson, Moody's
Vice President and Senior Credit Officer.

Conversely, Moody's has a more stable outlook for P&C writers vis-
Ö-vis life insurers.  Pricing trends in European P&C remain
generally flat, albeit with some pressure particular in the
commercial lines.  Reserve releases remain positive, reflecting
the low inflation period, although Moody's expects a lower level
of reserves releases in the future.



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


* S&P Takes Rating Actions on 12 European Synthetic CDO Tranches
----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on 12 European synthetic collateralized debt obligation
(CDO) tranches.

Specifically, S&P has:

   -- Raised and removed from CreditWatch positive its ratings on
      two tranches in two corporate-backed European synthetic CDO
      transactions;

   -- Affirmed and removed from CreditWatch negative its ratings
      on nine tranches in one synthetic CDO transaction backed by
      a portfolio of loans to corporates; and

   -- Lowered its rating on one tranche in one corporate-backed
      European synthetic CDO transaction.

The rating actions are part of S&P's review of various European
synthetic CDOs.  The actions reflect, among other things, the
effect of recent rating migration within reference portfolios and
recent credit events on referenced obligations.  S&P has used its
SROC (synthetic rated overcollateralization; see "What Is SROC?"
below) tool to surveil its ratings on these synthetic CDOs.

WHERE S&P HAS RAISED ITS RATINGS

S&P has raised its ratings to the level at which SROC exceeds 100%
and meets its minimum cushion requirement.

WHERE S&P HAS AFFIRMED ITS RATINGS

S&P has affirmed its ratings on those tranches for which credit
enhancement is, in S&P's opinion, still at a level commensurate
with their current ratings.

WHERE S&P HAS LOWERED ITS RATINGS TO 'D'

S&P has lowered is ratings to 'D' where losses from credit events
in the underlying portfolio exceeded the available credit
enhancement, which caused the rated notes to incur an interest
shortfall or principal losses.

ANALYSIS

The rating actions follow the application of S&P's relevant
criteria.

S&P has used our CDO Evaluator model 6.3 to determine the amount
of net losses in each portfolio that S&P expects to occur in each
rating scenario.

S&P has also applied its top obligor and industry tests.

WHAT IS SROC?

One of the main steps in S&P's rating analysis is the review of
the credit quality of the portfolio referenced assets.  SROC is
one of the tools S&P uses when surveilling its ratings on
synthetic CDO tranches with reference portfolios.

SROC is a measure of the degree by which the credit enhancement
(or attachment point) of a tranche exceeds the stressed loss rate
assumed for a given rating scenario.  SROC helps capture what S&P
considers to be the major influences on portfolio performance:
Credit events, asset rating migration, asset amortization, and
time to maturity.  It is a comparable measure across different
tranches of the same rating.


                            *********

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

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

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                 * * * End of Transmission * * *