TCREUR_Public/151015.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 15, 2015, Vol. 16, No. 204

                            Headlines

B E L G I U M

ONTEX GROUP: Moody's Raises CFR to Ba2, Outlook Stable


C Y P R U S

CYPRUS: Banks Face Challenge of Heavy Problem Loans, Says Fitch


F R A N C E

EUTELSAT: Moody's Changes Outlook on Ba1 Debt Rating to Positive


I R E L A N D

TALISMAN-5 FINANCE: S&P Lowers Rating on Class C Notes to CCC-


L U X E M B O U R G

AXIUS EUROPEAN: Moody's Affirms B1 Rating on Class E Notes


N E T H E R L A N D S

BOYNE VALLEY: Moody's Raises Rating on Class E Notes to Ba2
WOOD STREET II: Moody's Raises Rating on Class E Notes to Ba3


N O R W A Y

WALSUM PAPIER: Moves Insolvency Proceedings to November 1


R O M A N I A

ASTRA ASIGURARI: KPMG and Dascal Insolvency Named as Liquidators
HIDROELECTRICA SA: Posts EUR203MM Profit in 1st 9 Months of 2015


R U S S I A

ACRON JSC: Moody's Raises CFR to Ba3, Outlook Stable
IMPERIAL LLC: Placed Under Provisional Administration
KREMLIN LLC: Placed Under Provisional Administration
NOTA-BANK: Moody's Lowers Deposit & Debt Ratings to 'Caa3'
NOTA-BANK: Moody's Lowers Long-Term Deposit Rating to Caa3.ru

NOVIY VEK: Placed Under Provisional Administration
ORIENT EXPRESS BANK: Fitch Cuts LT Issuer Default Rating to 'B-'
OTP BANK: Fitch Affirms 'BB' Long-Term Issuer Default Rating
TRUST LLC: Placed Under Provisional Administration


S P A I N

GRIFOLS SA: Moody's Affirms Ba2 CFR & Changes Outlook to Stable


S W E D E N

VERISURE MIDHOLDING: Moody's Assigns (P)B2 Corp. Family Rating


U N I T E D   K I N G D O M

DANIEL STEWART: Misses Deadline for Filing Annual Accounts
EQUINITI CLEANCO: S&P Puts 'B' CCR on CreditWatch Positive
EVRAZ NORTH AMERICA: Moody's Puts Ba3 CFR on Review for Downgrade
GAS2: In Administration, Buyer Sought for Assets
GENZ HOLDINGS: Three London Companies Placed in Liquidation

HASTINGS INSURANCE: Fitch Affirms 'B+' Issuer Default Rating
IGLO FOODS: Moody's Affirms B1 Corporate Family Rating
IGLO FOODS: S&P Raises Corp. Credit Rating to 'BB-'
ULTRASIS PLC: Goes Into Administration
* Fitch Says Supply Security Remains a Challenge for UK Utilities


X X X X X X X X

* Moody's: EMEA LSI Steadies Following 2 Years of Decline


                            *********



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B E L G I U M
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ONTEX GROUP: Moody's Raises CFR to Ba2, Outlook Stable
------------------------------------------------------
Moody's Investors Service has upgraded Ontex Group NV's corporate
family rating to Ba2 from Ba3 and probability of default rating
to Ba2-PD from Ba3-PD.  At the same time, Moody's has upgraded
the instrument rating to Ba2 from Ba3 for the EUR250 million
senior secured notes, the EUR380 million senior secured first-
lien facility, and the EUR100 million senior secured revolving
credit facility (RCF) issued by Ontex Group NV.  The outlook is
stable.

RATINGS RATIONALE

Ontex's Ba2 CFR reflects the company's: (1) leading market
position in the production of retailer brand hygienic disposable
products in Europe; (2) continuing product and geographical
diversification driven by double digit revenue growth in emerging
markets; (3) track record of profitability improvement as a
result of favorable industry fundamentals and an improved cost
base following a cost efficiency program; (4) moderate Moody's
adjusted leverage of 3.8x expected at the end of FY15; (5)
improved free cash flow profile following the 2014 refinancing.

However, the ratings also incorporate the company's: (1) exposure
to commodity price fluctuations (particularly products derived
from crude oil); (2) price-competitive nature of the industry
with competition from large branded products and retailer brand
manufacturers; (3) customer concentration with large retailers
enjoying strong bargaining power; (4) exposure to foreign
exchange rate movements with around a third of sales generated in
currencies other than Euro.

The upgrade was triggered by Ontex's solid current trading, with
year-to-date (YTD) June 2015 revenues of EUR853 million up 5.3%
versus prior year, and up 4.4% on a like-for-like basis (LFL).
YTD June 2015 management adjusted EBITDA reached EUR110 million,
an increase of +11.5% compared to the same period last year,
outperforming the 5.3% top line growth.  As a result, Moody's-
adjusted leverage is expected to be around 3.8x at the end of
fiscal year 2015.  Following its IPO in June 2014, the company
announced its intention to maintain a net leverage of
approximately 2.0x - 3.0x (as reported by management).  This
compares to Ontex's reported 2.4x net leverage, for the 12-month
period ended June 30, 2015.

Moody's considers the company's liquidity position to be good,
underpinned by a cash balance of EUR116 million as of June 2015
and a fully undrawn EUR100 million RCF.  There is no mandatory
debt amortization prior to 2017, when the first-lien facility
will start to amortize.  The RCF and first-lien facility benefit
from a net leverage maintenance covenant set at 4x tested semi-
annually, on which there is comfortable headroom.

The debt facilities include senior secured notes, a first-lien
facility and a RCF that are all ranked pari-passu.  Under the
senior facility agreement (SFA), Ontex has the ability to raise
new pari-passu debt (Additional Facility) up to either EUR250
million or until its net leverage (pro forma for the incremental
facility) is less than or equal to 3.25x.

RATING OUTLOOK

The stable outlook reflects Moody's view that the company's
operating performance will benefit from the fundamental growth
drivers in the industry, driving revenue and modest deleveraging,
while effects of commodity price and currency are managed by the
company.  The stable outlook reflects no material debt funded
acquisition.

WHAT COULD CHANGE THE RATING UP

Given the company's current scale and its focus on the retail
branded hygienic disposables product segment, Moody's does not
expect upward rating pressure in the short term.  Upward rating
pressure could arise if Moody's-adjusted gross debt/EBITDA ratio
reduces sustainably below 3.0x and RCF / Net Debt increases
towards 20% (with RCF defined as Moody's Retained Cash Flow).

WHAT COULD CHANGE THE RATING DOWN

Negative pressure could arise if Moody's-adjusted gross
debt/EBITDA ratio increases above 4.0x or RCF / Net Debt drops
below 12% for a continued period. Any material debt funded
acquisition could also pressure the ratings.

The principal methodology used in these ratings was Global
Packaged Goods published in June 2013.

Ontex Group NV, based in Aalst-Erembodegem, Belgium, is a leading
manufacturer of branded and retailer brand hygienic disposable
products across Europe, the Middle East and Africa.  About 63% of
the company's FY2014 sales came from private-label products, with
the remaining 37% from branded products.  Ontex operates across
three product divisions: baby care products (which accounted for
52% of FY2014 revenues), adult incontinence products (34%) and
feminine care products (13%).



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C Y P R U S
===========


CYPRUS: Banks Face Challenge of Heavy Problem Loans, Says Fitch
---------------------------------------------------------------
Fitch Ratings says in a new report that Cypriot banks face the
challenge of managing down their exceptionally large problem loan
volumes amid a still weak economic environment. The Cypriot
economy is set to recover gradually after several years of
recession but the operating environment for the banking sector is
still weak, with high unemployment and muted prospects for the
property market.

The full lifting of capital controls and the approval of the new
foreclosure and insolvency frameworks in April 2015 marked the
completion of the deep restructuring process that the Cypriot
banking sector has undergone since March 2013. However, Bank of
Cyprus' and Hellenic Bank's viability remains at risk from their
elevated non-performing exposures, which accounted for 62% and
58% of their end-1H15 gross loans respectively.

The insolvency law reform approved by the Cypriot parliament in
April 2015 should facilitate corporate debt restructurings and
accelerate repossession processes. However, the effectiveness of
the reform is still subject to implementation risks, largely
related to the political will to allocate the necessary
resources, monitor the progress made and readjust the framework
if required. We believe that the benefits of the reform will only
feed through in the form of material reductions of problem loan
volumes over the medium term.

Sector deposits have remained broadly stable since the Cypriot
authorities removed all the remaining restrictions on the free
movement of capital from the country in April 2015. The banks'
equity raisings have helped to restore investor confidence and
Cyprus has maintained its tax-related attractiveness as an
international investment platform. However, reliance on foreign-
related deposits remains high and makes the banking sector
vulnerable to economic and political instability in other
countries, primarily Russia and Greece and to fluctuations in
foreign investor confidence in Cyprus.



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


EUTELSAT: Moody's Changes Outlook on Ba1 Debt Rating to Positive
----------------------------------------------------------------
Moody's Investors Service changed to positive from stable the
outlook on Eutelsat SA's Baa3 long-term issuer and senior
unsecured ratings and Eutelsat Communications SA's (Eutelsat) Ba1
senior unsecured bank credit facility rating.  At the same time,
the agency has affirmed all the group ratings at their current
levels.

Moody's decision to change the ratings outlook to positive is
based on the agency's expectation of (1) Eutelsat's sustained
good operating performance; (2) the continuation of scrip
dividends, that will improve Eutelsat's free cash flow
generation; and (3) Eutelsat's focus on de-leveraging, such that
its reported net leverage falls below its financial policy net
debt/EBITDA target ratio (as calculated by Eutelsat) of 3.3x in
the next 12-18 months.

"Eutelsat turned free cash flow positive in fiscal 2014-15.  We
expect that the company will remain free cash flow positive over
the next 12-18 months, driven by continued strong operating
performance and scrip dividends," says Gunjan Dixit, a Moody's
Vice President and lead analyst for Eutelsat.

"The positive outlook considers the continued steady operating
performance of Eutelsat and the potential application of free
cash flow towards debt reduction to facilitate ratings
improvement overtime", she adds.

RATINGS RATIONALE

The rating action primarily reflects Moody's expectation that
Eutelsat will maintain solid operating momentum and continue to
build on its cash balance in FY2015-16 and beyond.

It is based on Moody's expectation that Eutelsat's November 2015
annual general meeting (AGM) will approve its Board of Directors'
proposal for the scrip dividend offer to shareholders.  Moody's
has assumed a take-up ratio of around 60%, largely in line with
the 2014 take-up ratio, given that Eutelsat plans to offer
similar terms to shareholders.

The outlook change also assumes that the company will use a
significant portion of its growing cash balance towards debt
reduction when its EUR850 million bond matures in March 2017.

Eutelsat generated free cash flow of EUR339 million for the 2014-
15 fiscal year ended 30 June 2015 as its cash dividends reduced
to EUR87.4 million (compared to EUR249.5 million in FY2013-14) as
a result of shareholder approval of scrip dividends.  The
company's cash balance consequently improved to EUR420.2 million
in FY2014-15 compared to EUR293 million the previous year.
Eutelsat also reduced its gross debt by EUR200 million in March
2015.  A combination of increased cash and reduced debt helped
Eutelsat to slightly reduce its reported net leverage to 3.4x in
FY2014-15 (from 3.5x in FY2013-14, pro-forma for Satmex), despite
the substantial increase in the company's capital lease
obligations to EUR434.6 million (compared to EUR221.2 million in
FY2013-14).

In FY2015-16, Eutelsat expects a further meaningful increase in
capital leases associated with the Russian satellite Eutelsat
36C, which is expected to be launched in Q4 2015.  This will
likely constrain its de-leveraging prospects during the period.
However, in FY2016-17, Moody's does not expect that there will be
further increases in capital leases and anticipates that Eutelsat
will seek to reduce debt.  Eutelsat remains firmly committed to
maintaining its investment-grade rating status and targets a net
debt/EBITDA ratio (as calculated by Eutelsat) of below 3.3x.

Eutelsat's Moody's adjusted gross debt/EBITDA saw no improvement
in FY2014-15 and stayed at 3.8x.  Yet considering the cash
accumulation on Eutelsat's balance sheet, its Moody's adjusted
net leverage has improved to around 3.5x at the end of FY2014-15.
While this ratio is in line with the agency's guidance for the
Baa3 rating category, today's rating action reflects the rating
agency's expectation that Eutelsat's cash position will become
stronger over the next two fiscal years.

The agency expects Eutelsat to maintain good operating momentum
over at least the next two to three years.  For FY2014-15,
Eutelsat achieved revenue growth of 4.0% in constant currencies
(9.5% in actual currencies), with an EBITDA margin of 76.7%.
Eutelsat expects a somewhat subdued organic revenue growth of 2%-
3% for FY2015-16 as a result of changes in its satellite
deployment plans, following the recent failures of Proton and
Falcon 9 launchers, and in particular due to the launch delay of
EUTELSAT 65 West A.

Moody's currently expects that Eutelsat will grow in line with
its guidance for the next two fiscal years, with growth
accelerating in FY2016-17 to 4%-6% owing to planned satellite
launches.  The company expects that its EBITDA margin will remain
high at above 76.5%, and its dividend pay-out in the 65%-75%
range of net income. Eutelsat has provided guidance that its
average investments (including capex, cash outflows related to
export credit agency loan repayments and capital leases payments)
will stand at around EUR500 million a year (including Satmex)
over the three fiscal years to June 30, 2018.

Eutelsat's current ratings acknowledge the company's strong
business position as a multi-regional Fixed Satellite Services
provider with a large constellation of satellites, significant
in-orbit redundancy, and broad client diversity.  Eutelsat
benefits from (1) joint market leadership in satellite-
distributed video content in Europe; (2) a substantial, mainly
video-based contract backlog; and (3) good growth prospects from
its expansion in faster growing regional markets and demand for
high-definition programming.

However, the ratings also consider Eutelsat's exposure to
industry-typical technology risks such as potential satellite
launch delays and in-orbit satellite malfunctioning, and similar
issues.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward ratings pressure is likely to develop if Eutelsat can (1)
continue to maintain steady operating momentum and improve its
free cash flow generation via continuation of scrip dividends;
(2) builds on its cash pile over FY2015-16 to facilitate the
upcoming bond maturity in March 2017; and (3) remains on track to
achieve meaningful debt reduction, such that the company's gross
debt/EBITDA ratio (as adjusted by Moody's) decreases towards
3.25x on a sustainable basis.

Conversely, negative pressure could be exerted on the ratings if
(1) there is significant deterioration in Eutelsat's operating
performance; (2) the company discontinues scrip dividends and/or
the shareholders do not approve scrip dividends for FY2015-16;
(3) the company does not use its cash pile to reduce debt
(focusing instead on acquisitions, shareholder returns, etc.);
and (4) the company's leverage increases such that the gross
debt/EBITDA ratio (as adjusted by Moody's) continually exceeds
3.75x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in
June 2011.

Eutelsat S.A. is a 96% owned operating company of Eutelsat
Communications S.A.  Headquartered in Paris, France, Eutelsat is
a leading Fixed Satellite Services provider.  For FY2015,
Eutelsat reported revenues of EUR1.476 billion and EBITDA of
EUR1.132 billion.



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I R E L A N D
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TALISMAN-5 FINANCE: S&P Lowers Rating on Class C Notes to CCC-
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Talisman-5 Finance PLC's class A, B, and C notes.  At the same
time, S&P has affirmed its 'D (sf)' ratings on the class D and E
notes.

The rating actions follow S&P's review of the four remaining
loans in this transaction in light of the approaching legal final
maturity date in October 2016.

Talisman-5 Finance closed in December 2006, with notes totaling
EUR544.3 million.  The original seven loans were secured on
commercial properties in Germany, France, and Finland.  All four
of the remaining loans are in special servicing.

FISH LOAN (33% OF THE POOL)

The loan is secured on a two-building office in the Hammberbook,
District of Hamburg in Germany.  The outstanding securitized
balance is EUR59.9 million and the B-note's balance is EUR12.0
million.

The loan entered special servicing after breaching the
transaction's loan-to-value (LTV) ratio covenant.  It matured in
July 2013.

A sales and purchase agreement was entered into in August 2015
for EUR53.3 million.

S&P has assumed principal losses on the loan in its 'B' rating
stress scenario.

PENGUIN LOAN (26% OF THE POOL)

The loan is secured on six buildings, consisting of secondary
office spaces in the outer Parisian suburbs.  The outstanding
securitized balance is EUR47.7 million and the B-note's balance
is EUR9.8 million.

The loan is in special servicing and is currently in standstill
until Oct. 15, 2015, to enable the portfolio's disposal.  The
properties continue to be marketed after a sales and purchase
agreement to sell four of the properties (the Colombes site) was
rejected by the newly elected French mayor.

There is no LTV ratio since the servicer is prohibited from
discussing the loan's valuation due to French confidentiality
restrictions.

S&P has assumed principal losses on the loan in its 'B' rating
stress scenario.

REINDEER LOAN (22% OF THE POOL)

The loan is secured on 19 primarily retail properties in Finland.
The outstanding securitized balance is EUR39.7 million and the B-
note's balance is EUR11.1 million.

The loan is in default and special servicing due to a maturity
payment default in January 2013.  The special servicer has
extended the standstill agreement with the borrowers until
December 2015 to allow time to progress the sale strategy.

As of the July 2015 interest payment date (IPD), the securitized
LTV ratio was77.8%, based on a January 2015 valuation.

S&P has assumed principal losses on the loan in its 'B' rating
stress scenario.

MONKEY LOAN (19% OF THE POOL)

The loan is secured on a business park and a four-star hotel.
The asset consists of six buildings in Unterhaching, 12
kilometers south of Munich.  The outstanding securitized balance
is EUR35.1 million.

The loan is in special servicing due to a payment default at loan
maturity in July 2013.  The loan is in standstill to provide time
to sell the property in a consensual manner through an open
bidding process.

As of the July 2015 IPD, the securitized LTV ratio was 84.3%,
based on a July 2013 valuation.

S&P has assumed that the loan experiences losses in its expected-
case scenario.

RATING RATIONALE

S&P's ratings in Talisman-5 Finance address the timely payment of
interest (payable quarterly in arrears) and the payment of
principal no later than the October 2016 legal final maturity
date.

Following S&P's review, it has lowered its level of recoveries.
All four remaining loans are in special servicing and the
remaining time to resolve these loans is one year.

S&P considers the available credit enhancement for the class A
notes to be insufficient to mitigate the risk of losses from the
underlying loans at the currently assigned rating.  In addition,
the transaction's legal final maturity date is one year away.
S&P considers the transaction to have become more exposed to
timing risk relating to the repayment of principal no later than
the legal final maturity date.  Therefore, S&P has lowered to
'BB (sf)' from 'BBB+ (sf)' its rating on the class A notes in
accordance with our credit stability criteria and S&P's European
commercial mortgage-backed securities (CMBS) criteria.

S&P considers the available credit enhancement for the class B
notes to be commensurate with a lower rating level.  S&P has
therefore lowered to 'B- (sf)'from 'BB- (sf)' its rating on the
class B notes.

S&P continues to believe the repayment of the class C notes
depends on favorable economic conditions.  Therefore, in line
with S&P's criteria for assigning 'CCC' category ratings, it has
lowered to 'CCC- (sf)' from 'CCC (sf)' its rating on the class C
notes.

S&P has affirmed its 'D (sf)' ratings on the class D and E notes
because they have previously experienced principal losses.

RATINGS LIST

Talisman-5 Finance PLC
EUR544.25 mil commercial mortgage-backed floating-rate notes

                                         Rating        Rating
Class            Identifier              To            From
A                XS0278333736            BB (sf)       BBB+ (sf)
B                XS0278334460            B- (sf)       BB- (sf)
C                XS0278334973            CCC- (sf)     CCC (sf)
D                XS0278335277            D (sf)        D (sf)
E                XS0278335863            D (sf)        D (sf)



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L U X E M B O U R G
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AXIUS EUROPEAN: Moody's Affirms B1 Rating on Class E Notes
----------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on these classes of notes issued by Axius European CLO
S.A.:

  EUR250,000,000 (Current Outstanding Balance: EUR 125.3M) Class
   A Senior Secured Floating Rate Notes due 2023, Affirmed
   Aaa (sf); previously on Feb. 28, 2014, Upgraded to Aaa (sf)

  EUR10,000,000 Class B1 Senior Secured Deferrable Floating Rate
   Notes due 2023, Upgraded to Aa1 (sf); previously on Feb. 28,
   2014 Upgraded to Aa3 (sf)

  EUR9,000,000 Class B2 Senior Secured Deferrable Fixed Rate
   Notes due 2023, Upgraded to Aa1 (sf); previously on Feb. 28,
   2014, Upgraded to Aa3 (sf)

  EUR16,500,000 Class C Senior Secured Deferrable Floating Rate
   Notes due 2023, Upgraded to A2 (sf); previously on Feb. 28,
   2014 Upgraded to A3 (sf)

  EUR16,000,000 Class D Senior Secured Deferrable Floating Rate
   Notes due 2023, Affirmed Ba1 (sf); previously on Feb. 28,
   2014, Upgraded to Ba1 (sf)

  EUR15,000,000 (Current Outstanding Balance: EUR10.8 mil.)
   Class E Senior Secured Deferrable Floating Rate Notes due
   2023, Affirmed B1 (sf); previously on Feb. 28, 2014, Upgraded
   to B1 (sf)

Axius European CLO S.A., issued in October 2007, is a
collateralized loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans managed by 3i
Group plc.  The transaction's reinvestment period ended in
November 2013.

RATINGS RATIONALE

According to Moody's, the rating actions taken on the notes are
the result of deleveraging on the last two payment dates coupled
with the benefit of the EUR20.6 million principal proceeds
reported in the August 2015 trustee data.

Class A notes have paid down by approximately EUR100.1 million
(40% of closing balance) on the November 2014 and May 2015
payment dates, as a result of which over-collateralization (OC)
ratios of all classes of rated notes have increased
significantly.  As per the trustee report dated August 2015,
Class A, Class B, Class C, Class D, and Class E OC ratios are
reported at 159.36%, 138.38%, 124.18%, 112.94%, and 106.43%
compared to August 2014 levels of 133.79%, 123.39%, 115.59%,
108.91%, and 104.82%, respectively.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.  In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds of EUR201.79 million,
defaulted par of EUR2.15 million, a weighted average default
probability of 21.22% (consistent with a WARF of 2791 over a
weighted average life of 4.97 years), a weighted average recovery
rate upon default of 45.45% for a Aaa liability target rating, a
diversity score of 30 and a weighted average spread of 3.98%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool.  The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool.  Moody's generally applies recovery rates
for CLO securities as published in "Moody's Approach to Rating SF
CDOS".  In some cases, alternative recovery assumptions may be
considered based on the specifics of the analysis of the CLO
transaction.  In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors.  Moody's incorporates these default and
recovery characteristics of the collateral pool into its cash
flow model analysis, subjecting them to stresses as a function of
the target rating of each CLO liability it is analyzing.

Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in September 2015.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio.  Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were unchanged for Class A, within one notch of the base-
case results for Classes B1, B2, C, D and E.

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

Additional uncertainty about performance is due to:

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

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

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



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


BOYNE VALLEY: Moody's Raises Rating on Class E Notes to Ba2
-----------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on these classes of notes issued by Boyne Valley B.V.:

  EUR33.2 mil. (current outstanding balance: EUR4.7 mil.) Class B
   Senior Floating Rate Notes due 2022, Affirmed Aaa (sf);
   previously on Feb 21, 2014 Affirmed Aaa (sf)

  EUR38.8 mil. Class C-1 Deferrable Interest Floating Rate Notes
   due 2022, Upgraded to Aaa (sf); previously on Feb. 21, 2014,
   Upgraded to Aa3 (sf)

  EUR6.8 mil. Class C-2 Deferrable Interest Fixed Rate Notes due
   2022, Upgraded to Aaa (sf); previously on Feb. 21, 2014,
   Upgraded to Aa3 (sf)

  EUR15.6 mil. Class D Deferrable Interest Floating Rate Notes
   due 2022, Upgraded to A1 (sf); previously on Feb. 21, 2014,
   Upgraded to Baa2 (sf)

  EUR13.5 mil. Class E Deferrable Interest Floating Rate Notes
   due 2022, Upgraded to Ba2 (sf); previously on Feb. 21, 2014,
   Upgraded to Ba3 (sf)

  EUR10 mil. (current outstanding balance: EUR3.3 mil.) Class S
   Combination Notes due 2022, Upgraded to Aaa (sf); previously
   on Feb. 21, 2014 Upgraded to Aa1 (sf)

Boyne Valley B.V., issued in December 2005, is a collateralized
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans managed by GSO Capital Partners
International LLP.  The transaction's reinvestment period ended
in February 2012.

RATINGS RATIONALE

According to Moody's, the rating actions taken on the notes are
the result of deleveraging over the twelve months to August 2015.

Class A notes have redeemed in full and Class B notes have partly
paid down in an aggregate amount of approximately EUR28.43
million over the last two payment dates in February and August
2015, as a result of which over-collateralization (OC) ratios of
all classes of rated notes have increased significantly.  As per
the trustee report dated August 2015, Class A/B, Class C, Class
D, and Class E OC ratios are reported at 331.74%, 156.95%,
132.98%, and 117.46% compared to August 2014 levels of 187.34%,
131.88%, 119.75%, and 110.93%, respectively.  The reported OC
ratios do not take into account the pay-down of rated liabilities
on the payment dates in August 2015.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.  In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds of EUR139.1 million, a
weighted average default probability of 25.61% (consistent with a
WARF of 4137 over a weighted average life of 3.21 years), a
weighted average recovery rate upon default of 47.58% for an Aaa
liability target rating, a diversity score of 17 and a weighted
average spread of 4.14%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool.  The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool.  In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors.  Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in September 2015.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio.  Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were unchanged for Classes B, C1, and C2, and within one
notch of the base-case results for Classes D and E.

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

Additional uncertainty about performance is due to:

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

  2) Around 45% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.

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


WOOD STREET II: Moody's Raises Rating on Class E Notes to Ba3
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on these notes
issued by Wood Street CLO II B.V.:

  EUR25.84 mil. Class C Senior Secured Deferrable Floating Rate
   Notes, Upgraded to Aa1 (sf); previously on Oct. 13, 2014,
   Upgraded to A1 (sf)

  EUR25.26 mil. Class D Senior Secured Deferrable Floating Rate
   Notes, Upgraded to Baa3 (sf); previously on Oct. 13, 2014,
   Affirmed Ba2 (sf)

  EUR9.135 mil. Class E Senior Secured Deferrable Floating Rate
   Notes, Upgraded to Ba3 (sf); previously on Oct. 13, 2014,
   Affirmed B1 (sf)

  EUR4.5 mil. (Current rated balance: EUR3.02M) Class Z
   Combination Notes, Upgraded to Baa1 (sf); previously on
   Oct. 13, 2014, Affirmed Baa3 (sf)

Moody's also affirmed the ratings on these notes issued by Wood
Street CLO II B.V.:

  EUR228.12 mil. (Current balance outstanding: EUR 16.8M) Class
   A-1 Senior Secured Floating Rate Notes, Affirmed Aaa (sf);
   previously on Oct. 13, 2014, Affirmed Aaa (sf)

  EUR40 mil. (Current balance outstanding: EUR 2.95M) Class A-2
   Senior Secured Floating Rate Notes, Affirmed Aaa (sf);
   previously on Oct. 13, 2014, Affirmed Aaa (sf)

  EUR31.08 mil. Class B Senior Secured Floating Rate Notes,
   Affirmed Aaa (sf); previously on Oct. 13, 2014, Upgraded to
   Aaa (sf)

Wood Street CLO II B.V., issued in March 2006 and managed by
Alcentra Limited, is a Collateralised Loan Obligation backed by a
portfolio of mostly high yield European loans.  The transaction
passed its reinvestment period in March 2011.

RATINGS RATIONALE

The rating actions on the notes are primarily a result of
deleveraging of the senior notes and subsequent increase in the
overcollateralization.  Moody's notes that on the Sept. 2015
payment date, Class A-1 and Class A-2 notes were paid by
EUR29.29 million and EUR5.13 million, respectively, or 12.8% of
their original balances.  As a result of this deleveraging, the
OC ratios of the notes have increased.  As per the latest trustee
report dated September 2015, the Class A/B, Class C, Class D and
Class E OC ratios are 178.16%, 136.73%, 111.40% and 104.41%
respectively, versus 149.46%, 125.90%, 109.08% and 104.06% in
September 2014.  However, the OC levels reported in the September
2015 trustee report are not accounting for the amortization of
the senior notes at this payment date thus further increase in
reported OC levels will be shown in the October 2015 trustee
report.

The rating of the Combination Notes addresses the repayment of
the Rated Balance on or before the legal final maturity.  For
Class Z, the 'Rated Balance' is equal at any time to the
principal amount of the Combination Note on the Issue Date minus
the aggregate of all payments made from the Issue Date to such
date, either through interest or principal payments.  The Rated
Balance may not necessarily correspond to the outstanding
notional amount reported by the trustee.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published  methodology
and could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR126.5
million, no defaulted assets, a weighted average default
probability of 23.4% (consistent with a WARF of 3,340 with a
weighted average life of 4.17 years), a weighted average recovery
rate upon default of 47.29% for a Aaa liability target rating, a
diversity score of 13 and a weighted average spread of 4.03%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool.  The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool.  In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors.  Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in September 2015.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate of
the portfolio.  Moody's ran a model in which it lowered the
weighted average recovery rate of the portfolio by 2.17%; the
model generated outputs that were within one notch of the base-
case results.

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

Additional uncertainty about performance is due to:

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

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

  3) Around 4.98% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.

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

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



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


WALSUM PAPIER: Moves Insolvency Proceedings to November 1
---------------------------------------------------------
EUWID Pulp and Paper reports that negotiations at Norske Skog's
Papierfabrik Walsum are still underway and the paper machine is
running at full capacity.

Papierfabrik Walsum has postponed the opening of insolvency
proceedings again, the report says. In reply to an enquiry, the
spokesman for the responsible lawyers office, HRM Henneke Ropke
Partnerschaft Rechtsanwalte, said that negotiations are still
underway with potential investors, according to EUWID. It was
added that demand for the products of the Norske Skog subsidiary
enables the paper machine to continue to run at full capacity,
and customers welcome the change in the product mix.

EUWID notes that regular insolvency proceedings are now likely to
be opened on November 1. A decision regarding the paper mill's
future might decided by then, the report adds.

Norske Skog Walsum filed for insolvency in June and changed its
name into Walsum Papier, EUWID recounted.  The opening of regular
insolvency proceeding was originally scheduled for Sept. 1 and
then postponed to the start of this month.  According to EUWID,
the extension period has reportedly worked in favor of the
administrators by creating additional space to negotiate with
interested parties.



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


ASTRA ASIGURARI: KPMG and Dascal Insolvency Named as Liquidators
----------------------------------------------------------------
Romania-Insider.com reports that Romania's Financial Supervisory
Authority has selected the companies KPMG and Dascal Insolvency
to liquidate the bankrupt insurer Astra Asigurari. KPMG was the
insurer's special administrator until ASF decided to withdraw the
company's authorization and dissolve it, the report says.

ASF will present its proposal to the Bucharest Court, which has
the legal right to appoint a liquidator, according to Romania-
Insider.com.

Romania-Insider.com recalls that the Financial Supervisory
Authority decided at the end of August that Astra Asigurari had
to go bankrupt, after the insurer had failed to attract new
capital worth RON425 million (some EUR95 million), from existing
shareholders and other institutional investors, for its financial
recovery plan. ASF said that Astra's shareholders were to blame
for the failed capital increase, the report says.

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

Astra Asigurari is Romania's second-largest insurer.


HIDROELECTRICA SA: Posts EUR203MM Profit in 1st 9 Months of 2015
----------------------------------------------------------------
Romania-Insider.com reports that Hidroelectrica S.A. posted a
pre-tax profit of RON900 million (EUR203 million) in the first
nine months of the year.

Romania-Insider.com says the third quarter result was below those
recorded in the first two quarters, due to the drought that
affected Romania. However, the company's legal administrator
Remus Borza expects that the profit for the whole year will be
over RON1 billion (EUR225 million) and close to the one recorded
last year, Romania-Insider.com relates citing Economica.net.

According to Romania-Insider.com, the company's turnover amounted
to about EUR550 million in the first nine months, which means
that the producer had a profit margin of 35%.

As reported by the Troubled Company Reporter-Europe on May 28,
2015, Reuters related that Remus Borza, Hidroelectrica's manager,
said the company will not exit a court-administered insolvency
process this year, as initially expected, due to lengthy legal
challenges.  The European Union state's largest and cheapest
power producer was pushed back into insolvency for the second
time in early 2014, and is being run by a court-appointed
manager, Reuters disclosed.

Hidroelectrica is a Romanian state-owned electricity producer.



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


ACRON JSC: Moody's Raises CFR to Ba3, Outlook Stable
----------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating and probability of default rating (PDR) of JSC Acron to
Ba3 from B1 and to Ba3-PD from B1-PD, respectively.
Concurrently, Moody's has upgraded the Russian fertilizer
producer's senior unsecured rating to Ba3 from B1.  The outlook
on all the ratings is stable.

The upgrades are driven by an improvement in Acron's business
model as well as its strengthened financial profile, which, in
Moody's view, will remain solid, underpinned by the company's low
cost position, the completion of various investment projects and
shareholders' commitment to a balanced dividend policy.

RATINGS RATIONALE

The upgrades reflect the improvement in Acron's business model as
it has become self-sufficient in phosphates following the launch
of the first stage of its phosphate mine.  The mine reached full
capacity -- 1.1 million tonnes per annum -- in March 2015 which
fully covers the company's internal consumption of around 750,000
tonnes, with the remaining volumes sold to external customers.
This, together with the ability to secure natural gas feedstock
at attractive prices, underpins Acron's low-cost position
compared to international competitors and its focus on more
attractively priced complex fertilizers.  Additionally leveraged
by the weak rouble, increased cost competitiveness has resulted
in high margins (at more than 35% as of mid-June 2015) in
international markets, on which the company generates around 80%
of its revenue. Cash generation remains solid, even against a
backdrop of a weakening of global prices.

Moreover, the upgrade factors in Acron's successful deleveraging
over the last 12 months to June 2015 to 2.6x debt/EBITDA from
3.5x at end-2014, a sizeable increase in retained cash flow
(RCF)/debt to 30.2% from 14.3%, as well as an improved liquidity
position. The company will likely be able to sustain or even
improve this moderately-leveraged financial profile based in
particular on the company's strengthened low-cost position,
completed various investment projects and commitment to financial
discipline.

The completion of the active phase of various investment projects
by Acron removes pressure from the company's cash flow and
contributes to its ability to deleverage further in the medium
term.  An extension of phosphate production capacity to 1.7
million tonnes by 2017 is unlikely to significantly weigh on the
company's cash flow generation, given that this project will
leverage on the established production site and infrastructure.
A large investment project to establish its own potash
production, which would result in sizeable investments starting
from 2017, could challenge the company's financial profile.
Nevertheless, the risks associated with this project are taken
into account in the current rating: we understand Acron has some
flexibility in terms of investments timing, in addition to the
fact that the company intends to implement the project under a
project finance scheme which would allow Acron to adhere to its
commitment to a conservative financial policy, with debt/EBITDA
below 3x.  The financial policy also assumes the company
shareholders' commitment to a dividend policy of 30% of IFRS net
income.

Acron's Ba3 CFR also factors in the company's improved liquidity
thanks to its extended debt maturity profile and stabilized
investments.  The company's liquidity through end-2016 benefits
from projected operating cash flow of around USD960 million, a
cash balance of USD561 million and the availability of USD230
million under committed long-term bank facilities (as of end Q2
2015).  This is sufficient for the company to comfortably meet
its debt-service obligations of around USD691 million, implement
capital investments of USD430 million and pay planned dividends.
At the same time, Moody's notes the company's sizeable debt
maturities in 2016-17.  While 2016 appears to be covered, Acron's
Ba3 rating and stable outlook assumes that any necessary
refinancing in 2017 will be addressed by the company in a timely
manner.

At the same time, the Ba3 rating remains constrained by (1)
historical volatility in the global fertilizer markets; (2) the
company's modest size in comparison with its global peers; (3)
its concentration on the nitrogen segment; and (4) the company's
upcoming potash investment project, the funding structure of
which is still to be finalized.

Rating Outlook

The stable outlook on Acron's CFR reflects our view that the
company's operational and financial profiles offer sufficient
headroom to withstand the soft pricing environment in the
fertilizer industry.  The outlook also reflects our expectation
that Acron will maintain sufficient liquidity and proactively
manage its debt maturities.

What Could Change the Rating Up/Down

Positive pressure on the CFR could develop if Acron (1) shows
robust operating performance and executes its ongoing expansion
program, such that its cash flow generation improves to adjusted
RCF/debt well above 30% on a sustainable basis; and (2) delivers
on its deleveraging plan such that the company's adjusted
debt/EBITDA reduces to below 2.0x on a sustainable basis.

Downward pressure on the CFR could develop from (1) difficulties
in executing the company's expansion program, or an increase in
shareholder returns which would lead to a sustained deterioration
in operating cash flow generation and/or an increase in leverage,
with debt/EBITDA above 3.0x and RCF/debt below 20% on a sustained
basis; and/or (2) a deterioration in the group's liquidity
position.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Based in Russia, JSC Acron is Europe's sixth-largest fertilizer
producer by revenue and one of the major global producers of
nitrogen-phosphorus-potassium (NPK) complex fertilizers by
capacity.  In the twelve months to June 2015, Acron generated
revenues of RUB91 billion (US$1.9 billion) and adjusted EBITDA of
RUB36.2 billion (US$760 million).


IMPERIAL LLC: Placed Under Provisional Administration
-----------------------------------------------------
The Bank of Russia, by its Order No. OD-2717 dated October 8,
2015, took a decision to appoint from October 8, 2015, a
provisional administration to the insurance company Imperial,
LLC.

The decision to appoint the provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-2390, dated September 10, 2015).

The powers of the executive bodies of the Company are suspended.

Ilmar G. Sytdykov, member of the non-profit partnership First
Self-Regulatory Organisation of Receivers, has been appointed as
a head of the provisional administration.


KREMLIN LLC: Placed Under Provisional Administration
----------------------------------------------------
The Bank of Russia, by its Order No. OD-2711 dated October 8,
2015, took the decision to appoint from October 8, 2015, a
provisional administration to insurance company Kremlin, LLC.

The decision to appoint a provisional administration was taken
following the suspension of the Company's insurance license (Bank
of Russia Order No. OD-2342, dated September 3, 2015).

The powers of the executive bodies of the Company are suspended.

Ekaterina Bunik, member of the non-profit partnership Self-
Regulatory Organisation of Receivers Interregional Centre of
Experts and Professional Receivers has been appointed as a head
of the provisional administration.


NOTA-BANK: Moody's Lowers Deposit & Debt Ratings to 'Caa3'
----------------------------------------------------------
Moody's Investors Service has downgraded Nota-Bank's long-term
global, local and foreign-currency deposit and senior unsecured
debt ratings to Caa3 from B2 and placed them on review for
further downgrade.  The rating agency also affirmed the bank's
Not-Prime short-term local and foreign currency deposit ratings.

Concurrently, Moody's downgraded the bank's baseline credit
assessment (BCA) and adjusted BCA to ca from b2.

Moody's downgraded the bank's long-term Counterparty Risk
Assessment (CR Assessment) to Caa2(cr) from B1(cr) and placed it
on review for downgrade.  The rating agency also affirmed the
bank's short-term CR Assessment of Not-Prime(cr).

RATINGS RATIONALE

The rating action follows the Central Bank of Russia's (CBR)
announcement on Oct. 13, 2015, that it had taken Nota-Bank into
temporary administration because the bank was not able to meet
its financial obligations owing to liquidity pressure.  According
to the CBR, the temporary administration will assess the quality
of Nota-Bank's assets and the potential recovery of the bank's
liquidity.

Given that the bank is now under administration, it is unlikely
to maintain its operations and meet its financial obligations
without reliance on external extraordinary support.

   --- LIQUIDITY PRESSURES

Moody's notes that in recent weeks Nota-Bank's liquidity profile
has sharply deteriorated, as reflected by, among other factors,
the bank's recent decision to temporarily limit cash withdrawals.

According to Moody's, Nota-Bank's liquidity buffer (excluding
pledged securities) declined to around 10.5% of total assets as
of September 1, 2015 from 22.4% as of Aug. 1, 2015, as reported
under local GAAP.  During July and August 2015, customer
deposits, which represented 70% of the bank's total liabilities
as of 1 September 2015, declined by 22.5%, driven by an outflow
of corporate deposits.  Recent repayments of its own bonds under
put option exerted additional pressure on Nota-Bank's liquidity
profile.

FOCUS OF THE REVIEW

Given the bank is taken under temporary administration, Moody's
review will focus on the outcome of the resolution of the bank's
future by the temporary administration.

WHAT COULD MOVE THE RATINGS DOWN/UP

Moody's could downgrade Nota-bank's ratings if the regulator
decides not to provide extraordinary support to help the bank to
continue its operations and meet its financial obligations.  At
the same time, confirmation of the bank's ratings is possible if
the authorities implement a restructuring plan that limits the
imposition of losses to uninsured creditors.

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

Headquartered in Moscow, Russia, Nota-Bank reported total assets
of RUB85.7 billion and net profit of RUB589.5 million under
unaudited IFRS on June 30, 2015.


NOTA-BANK: Moody's Lowers Long-Term Deposit Rating to Caa3.ru
-------------------------------------------------------------
Moody's Interfax Rating Agency (MIRA) has downgraded Nota-Bank's
national scale long-term deposit rating (NSR) to Caa3.ru from
Baa1.ru and placed the rating on review for further downgrade.

RATINGS RATIONALE

The rating action follows the Central Bank of Russia's (CBR)
announcement on Oct. 13, 2015, that it had taken Nota-Bank into
temporary administration because the bank was not able to meet
its financial obligations owing to liquidity pressure.  According
to the CBR, the temporary administration will assess the quality
of Nota-Bank's assets and the potential recovery of the bank's
liquidity.

Given that the bank is now under administration, it is unlikely
to maintain its operations and meet its financial obligations
without reliance on external extraordinary support.

   --- LIQUIDITY PRESSURES

Moody's Interfax notes that in recent weeks Nota-Bank's liquidity
profile has sharply deteriorated, as reflected by, among other
factors, the bank's recent decision to temporarily limit cash
withdrawals.

According to Moody's Interfax, Nota-Bank's liquidity buffer
(excluding pledged securities) declined to around 10.5% of total
assets as of September 1, 2015 from 22.4% as of Aug. 1, 2015, as
reported under local GAAP.  During July and August 2015, customer
deposits, which represented 70% of the bank's total liabilities
as of 1 September 2015, declined by 22.5%, driven by an outflow
of corporate deposits.  Recent repayments of its own bonds under
put option exerted additional pressure on Nota-Bank's liquidity
profile.

FOCUS OF THE REVIEW

Given the bank is taken under temporary administration, Moody's
Interfax review will focus on the outcome of the resolution of
the bank's future by the temporary administration.

WHAT COULD MOVE THE RATINGS DOWN/UP

Moody's Interfax could downgrade Nota-bank's ratings if the
regulator decides not to provide extraordinary support to help
the bank to continue its operations and meet its financial
obligations.  At the same time, confirmation of the bank's
ratings is possible if the authorities implement a restructuring
plan that limits the imposition of losses to uninsured creditors.

The principal methodology used in this rating was Banks published
in March 2015.

Headquartered in Moscow, Russia, Nota-Bank reported total assets
of RUB85.7 billion and net profit of RUB589.5 million under
unaudited IFRS on 30 June 2015.

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.


NOVIY VEK: Placed Under Provisional Administration
--------------------------------------------------
The Bank of Russia, by its Order No. OD-2712 dated October 8,
2015, took the decision to appoint from October 8, 2015 a
provisional administration to insurance company Noviy Vek, LLC.

The decision to appoint a provisional administration was taken
following the suspension of the Company's insurance license (Bank
of Russia Order No. OD-2456, dated September 16, 2015).

The powers of the executive bodies of the Company are suspended.

Timofey Samatoev, member of the non-profit partnership Self-
Regulatory Organisation of Receivers of the Central Federal
District has been appointed as a head of the provisional
administration.


ORIENT EXPRESS BANK: Fitch Cuts LT Issuer Default Rating to 'B-'
----------------------------------------------------------------
Fitch Ratings has downgraded Orient Express Bank's (OEB) Long-
term Issuer Default Rating (IDR) to 'B-' from 'B' and its
Viability Rating (VR) to 'b-' from 'b'. The ratings have been
removed from Rating Watch Negative (RWN). The Outlook on the
Long-term IDR is Negative.

KEY RATING DRIVERS

The downgrade of the bank's Long-term IDR and of its VR reflects
declining capitalization, weak asset quality, negative bottom
line results and exposure to the overheated Russian unsecured
consumer finance market. The near-term recovery prospects of the
unsecured consumer finance market are uncertain given a weak
economic environment, high borrower indebtedness, a drop in real
disposable incomes and rising unemployment. Positively the
ratings also capture the bank's reasonable funding profile and
low refinancing risks.

OEB's asset quality has been under pressure 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 29.3% (annualized) in 1H15, from 25.7% in 2014 and 16.3% in
2013. Despite somewhat tighter underwriting standards, Fitch
expects that credit losses will remain elevated in 2016 due to
the unfavorable operating environment and higher effective
interest rates charged by the bank.

OEB's breakeven credit loss level (defined as pre-impairment
profit divided by average performing loans) was a moderate 15% in
1H15, considerably below the actual credit losses of 29%. Higher
effective interest rates charged for newly issued loans, and a
gradual decrease in funding costs, should support the bank's pre-
impairment profitability in the near future (the bank was around
breakeven in August). However, given the magnitude of credit
losses, Fitch does not expect OEB to return to sustainably
profitable performance in the foreseeable future.

OEB's capitalization is weak with the Fitch Core Capital (FCC)
ratio a low 7.9% at end-1H15 (end-2014: 10.2%) and pressured by
large bottom line losses, which resulted in OEB losing 39% of its
FCC in 1H15. OEB's regulatory capitalization is also under
pressure from poor profitability. At end-8M15, OEB's regulatory
capital adequacy ratio was 10.7%, only marginally above the
regulatory minimum of 10%. The bank is expecting around RUB3
billion of new equity (equal to about 1.2% of regulatory risk-
weighted assets) from its key shareholder by end-2015, following
a RUB2.6 billion injection in June. This should temporarily
improve capital ratios (providing the bank is able to avoid
further significant losses for the remainder of the year),
although longer-term solvency will largely depend on the quality
of new lending.

OEB is mostly customer-funded (80% of end-1H15 liabilities) and
its liquidity cushion was sufficient to withstand a significant
22% customer funding outflow at end-8M15.

Fitch has downgraded OEB's senior unsecured debt rating to 'CCC',
one notch below the Long-term IDR. This reflects Fitch's view of
'below average' recovery prospects on the bank's senior
obligations, given that these are subordinated to a large
proportion of the OEB's liabilities (75% comprising retail
deposits). The rating has been withdrawn as it is no longer
considered to be relevant to the agency's coverage. This is
because only a minimal amount of OEB's senior debt issue remains
outstanding, following the exercise by most bondholders of a put
option.

The '5' Support Rating of OEB reflects Fitch's view that support
from the bank's private shareholders cannot be relied upon. The
Support Rating and Support Rating Floor of 'No Floor' also
reflect that support from the Russian authorities, although
possible (particularly in the form of regulatory forbearance),
also cannot be relied upon due to OEB's small size and lack of
systemic importance. Accordingly, the OEB's IDR is based on its
intrinsic financial strength, as reflected by its VR.

RATING SENSITIVITIES

OEB's ratings could be downgraded further if weak asset quality
and bottom line losses result in continued erosion of OEB's and
are not offset by capital injections in a timely manner.

Upside rating potential is limited, although gradual improvement
of asset quality metrics resulting in sustainably profitable
performance could stabilize the ratings at their current level.

The rating actions are as follows:

  Long-term foreign currency IDR: downgraded to 'B-' from 'B',
  removed from RWN, Outlook Negative

  Short-term foreign currency IDR: affirmed at 'B', removed from
  RWN

  Long-term local currency IDR: downgraded to 'B-' from 'B',
  removed from RWN, Outlook Negative

  National Long-term Rating: downgraded to 'BB-(rus)' from
  'BBB(rus)', removed from RWN, Outlook Negative

  Support rating: affirmed at '5'

  Support Rating Floor: affirmed at 'No Floor'

  Viability Rating: downgraded to 'b-' from 'b', removed from RWN

  Senior unsecured Long-term Rating: downgraded to 'CCC' from
  'B', removed from RWN; Recovery Rating revised to 'RR5' from
  'RR4', ratings withdrawn

  Senior unsecured National Long-term Rating: downgraded to 'B-
  (rus)' from 'BBB(rus)', removed from RWN, withdrawn


OTP BANK: Fitch Affirms 'BB' Long-Term Issuer Default Rating
------------------------------------------------------------
Fitch Ratings affirmed the long-term Issuer Default rating
("IDR") of OTP Bank, Russia, at the level "BB" to "Stable"
outlook and the stability rating "b+".

Key Rating Factors Long-term IDR and short-term IDR and National
Long-term and Support ratings of OTP Bank due to potential
support from the parent bank, OTP Bank Plc, Hungary ("OTPH"), in
the case of necessary. Fitch believes that the parent company
will have a high propensity to support OTP Bank based on
majority-owned (98%), high level of integration, the reputational
risk for the parent in case of default of OTP Bank and the
overall brand.

At the same time, Fitch believes that the Russian subsidiary is
unlikely to contribute to the Group's results in the near future.
The affirmation of stability of the bank "b+" reflects his focus
on the overheated Russian consumer finance market, which
currently has a weak asset quality, negative Net profitability
and limited prospects for recovery in the short term. At the same
time among the positive factors of stability rating reflects the
bank's adequate to the present capitalization and good funding
profile. Asset quality of OTP Bank has deteriorated sharply in
the 1st half of 2015, as credit losses (increase of loans overdue
90 days during the reporting period plus write-offs divided by
average operating loans) rose to 24% in the 1st half of 2015 (in
annual terms) from 15% in 2014 and 16% in 2013. Although the bank
has tightened credit standards and indicators of early warning
say an acceptable quality of new loans, Fitch expects asset
quality to remain weak in 2016 due to the deteriorating economic
situation, reduction of real disposable income of borrowers,
raising the cost of living and rising unemployment.

The profit of OTP Bank's pre-impairment was 11% of average loans
in the 1st half of 2015 negatively affected by higher cost of
funding was sufficient to cover credit losses Bank. Loss after
tax for the same period resulted in a decrease in regulatory
capital by 12%. The gradual increase in new lending in the 2nd
half of 2015 and the expected gradual decline in funding costs as
the repricing of deposits can help OTP Bank gradually reduced the
scale of losses (which has already been achieved in the June-
August). However, Fitch does not expect that the bank will return
to sustainable profitability in the foreseeable future, as the
charges for impairment are unlikely to return to a moderate level
in the near future.

The capitalization today is adequate, as evidenced by an
acceptable rate of fixed capital of Fitch's 16 1% at the end of
the 1st half of 2015 OTP Bank was able to absorb significant
losses in H1 2015, while maintaining adequate capital ratios by
reducing the loan portfolio (which decreased by 17%), but market
capitalization is still vulnerable to a deterioration in the
quality of new loans. Regulatory capitalization (regulatory total
capital ratio was 13.7% at the end of 8 months. 2015) weakened by
a higher weighting on the risk of higher-yielding consumer
finance loans. Funding and liquidity are positive rating factors,
as OTP Bank has limited refinancing needs in the 1st half of
2015-2016 and diversified customer funding (80% of liabilities at
the end of the 1st half of 2015) with a suitable coating (25%)
cushion liquidity.

Factors that may affect the rating in the future rating action on
OTP Bank is possible in case of changes in Fitch's view on the
ability and willingness OTPH support of its Russian subsidiaries.
resilience rating of OTP Bank can be reduced if the bank cannot
provide a significant improvement in quality assets and
profitability and / or capitalization deteriorate. Upside
potential for the ratings at the current economic situation is
limited. The rating actions: Long-term foreign currency IDR:
affirmed at "BB", the forecast "Stable" Short-term foreign
currency IDR: affirmed at "B" Long-term local currency IDR:
affirmed at ' BB ", the forecast" Stable "National long-term
rating was affirmed at" AA- (rus) ", the forecast" Stable "rating
affirmed at '3' resilience rating affirmed at" b + ".


TRUST LLC: Placed Under Provisional Administration
--------------------------------------------------
The Bank of Russia, by its Order No. OD-2709 dated October 8,
2015, took a decision to appoint from October 8, 2015 a
provisional administration to insurance company TRUST, LLC.

The decision to appoint the provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-2336, dated September 3, 2015).

The powers of the executive bodies of the Company are suspended.

Kirill G. Korotkov, member of the non-profit partnership
Receivers' Union Avangard, has been appointed as a head of the
provisional administration.


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


GRIFOLS SA: Moody's Affirms Ba2 CFR & Changes Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating and the Ba2-PD probability of default rating of Grifols
S.A., a global healthcare company primarily focused on blood
plasma-derived products and transfusion medicine.  Concurrently,
Moody's also affirmed the Ba1 rating of the USD4.5 billion senior
secured bank loans and the B1 rating of the unsecured USD1
billion notes issued by Grifols World Wide Operations Ltd.
Moody's has changed the outlook to stable from negative.

RATINGS RATIONALE

"The affirmation of Grifols' Ba2 CFR and the change in the
outlook to stable from negative reflects the fact that Grifol's
performance in 2014 and in first half of 2015 has been in line
with Moody's expectations.  Based on LTM June 2015's results,
Grifols leverage as measured by Moody's Adjusted Gross Debt-to-
EBITDA was 4.2x.  However, based on Moody's revised forecast,
Grifols' leverage will trend toward 3.9x in the next 12-18
months." says Andrey Bekasov, AVP and lead analyst at Moody's.

"Moody's expects mid-single digit organic growth in Bioscience
driven by sales of IVIG and Alpha-1 because of marketing efforts
in the US and EU and by global sales of albumin particularly in
China after the renewal of the import license.  Moody's expects
Diagnostics to have low-single digit organic growth mainly driven
by demand in Asia.  Grifols will likely need to adjust its
inventory levels upwards after the introduction of additional
production capacity in the US, which will slightly suppress CFO-
to-Debt.  This will also require expansion of collection centers.
However, Moody's expects Grifols to continue generating positive
free cash flows also thanks to the lower capex and R&D
requirements (not more than 10% of sales) compared to traditional
pharmaceutical companies." adds Andrey Bekasov.

As Moody's expected, in the first half of 2015 Grifols' EBITDA
has benefitted from the depreciation of the EUR (the reporting
currency) versus the USD as earnings in USD (translated in EUR)
were gradually "catching up" with mainly USD-denominated debt.
Moody's believes Grifols has an adequate natural currency hedge
in place by closely matching its debt in USD with cash flows in
USD. However, large moves in EUR/USD exchange rate can add
volatility to EBITDA.

Grifols' Ba2 corporate family rating (CFR) incorporates (1)
Grifols' narrow, albeit improving, diversification, with a high
dependence on plasma-derived products and vulnerability to market
imbalances and negative pricing movements; (2) our view of the
potential high impact -- albeit low probability -- of safety
risks relating to product contamination; and finally (3) Grifols'
credit metrics, which we expect will remain adequate for the
rating in the next 12-18 months.

These negative rating drivers are balanced by (1) Grifols' scale,
with a high degree of vertical integration and the solid market
position; (2) the barriers to entry to the blood plasma-derived
products market including, but not limited to, a high degree of
capital-intensity and regulatory constraints in combination with
a highly consolidated market that is dominated by three players
(Grifols, CSL and Baxalta); (3) favorable market dynamics, with
attractive volume growth supported by earlier and enhanced
diagnosis of patients; and (4) the generally strong capacity to
generate free cash flow.

Grifols' liquidity profile is good.  The 2014's refinancing
resulted in a lengthening of the new debt maturity profile which
is a positive factor for the rating.  The term loans will
amortize until 2020 and 2021, albeit at a very slow pace, while
the revolving credit facility (RCF) of USD300 million will mature
in 2019.  Grifols retains a solid liquidity position, including
EUR788.7 million in cash and cash equivalents and an undrawn
USD300 million RCF as of June 30, 2015.  The senior secured bank
credit facilities contain one financial covenant for leverage
with good headroom.  Grifols' only medium-term debt maturities
include small amortization payments on the term loans.

In 2014, Grifols refinanced its term loans of about USD4.5
billion, including the unsecured bridge facility of USD1.5
billion used to fund the acquisition of the diagnostic division,
with new term loans of USD4.5 billion.  The new term loans are
guaranteed by subsidiaries of the group representing at least 80%
of the consolidated assets and consolidated EBITDA and secured on
all material assets of the group.  Grifols also refinanced its
8.25% USD1.1 billion unsecured notes due 2018 with the new 5.25%
USD1.0 billion unsecured notes due 2022.  The senior secured
instrument ratings are Ba1/LDG3, one notch higher than the
corporate family rating, and the unsecured notes are rated
B1/LGD6, to reflect their subordination to the term loans.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's view that Grifols credit
metrics will be within the target range for the rating, and that
the pace of deleveraging will be slow.  The stable outlook does
not incorporate significant capital structure changes from
shareholder friendly actions or large debt-financed acquisitions.

WHAT COULD CHANGE THE RATING - UP

An upgrade of the CFR to Ba1 is unlikely in the next 12-18
months, but could be considered if:

  -- Moody's Adjusted Gross Debt-to-EBITDA trends towards 3.0x

  -- CFO-to-Debt improves sustainably above 20%

  -- Stable operating performance continues with share gains in
    major products

WHAT COULD CHANGE THE RATING - DOWN

Downward pressure could arise if:

  -- Moody's Adjusted Gross Debt-to-EBITDA remains sustainably
     over 4.0x

  -- CFO-to-Debt falls towards 10%

  -- Moody's Adjusted EBITDA margin notably drops

  -- Liquidity deteriorates significantly

  -- Quality concerns emerge about Grifols' major products



===========
S W E D E N
===========


VERISURE MIDHOLDING: Moody's Assigns (P)B2 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating to Verisure Midholding AB. Concurrently,
Moody's has assigned (i) a provisional (P)B1 rating to the
proposed EUR300 million revolving credit facility (RCF), EUR1,300
million (equivalent) term loan B and EUR700 million senior
secured notes to be issued by Verisure Holding AB, and (ii) a
provisional (P)Caa1 rating to EUR700 million (equivalent) private
senior unsecured notes to be issued by Verisure Midholding AB.
The outlook on all ratings is stable.

The rating action follows the announcement on 2 October 2015 that
the company and its private equity sponsors, Hellman & Friedman
(H&F) and Bain Capital, entered into a share purchase agreement,
under which H&F will acquire the 46% stake of Bain Capital.

The proceeds from the transaction will be used to refinance
Verisure's outstanding debts and to finance the acquisition and
related fees.  Verisure Midholding AB is the top company within
the restricted group in relation to the proposed private senior
unsecured notes, and Verisure Holding AB in relation to the
proposed new senior secured financing.  Moody's anticipates that
the indirect cash contribution from H&F will be approximately
EUR574 million, mainly in the form of preferred equity shares.

Moody's will withdraw the existing ratings of Verisure Holding AB
upon consummation of the acquisition and repayment of the
existing debt.

Whilst all instruments are currently issued by temporary issuers
(Verisure Cayman 1 and Verisure Cayman 2), these will, upon
completion of the transaction, be automatically exchanged for
equal aggregate principal amounts issued by Verisure Holding AB,
the issuer of the senior credit facilities and senior secured
notes, directly 100% owned by Verisure Midholding AB, the issuer
of the unsecured notes.

The ratings have been assigned on the basis of Moody's
expectations that the transaction will close as expected.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only.  Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive CFR and definitive ratings to the senior
credit facilities, senior secured notes and unsecured notes.
Definitive ratings may differ from provisional ratings.

RATINGS RATIONALE

The (P)B2 CFR primarily reflects Verisure's (i) high
debt/recurring monthly revenue (RMR) on a Moody's adjusted basis
of 42x at June 2015, pro forma for the transaction; (ii) the
negative free cash flow after new subscriber costs; (iii) the
relatively high geographic concentration with approximately 40%
of revenues originating in Spain; and (iv) the potential long
term threat from new entrants and existing players.

However, the CFR also positively reflects (i) the group's leading
position in the European residential and small business monitored
alarms market, which remains underpenetrated compared to the US
offering continued high growth potential; (ii) the stable and
resilient business model, with low cancellation rates of 6.8% as
of June 2015; (iii) the solid track record of continued growth
and positive deleveraging prospects; (iv) the strong current
trading performance in the 6 months to June 2015, with year-on-
year growth in ARPU, EBITDA per customer and portfolio services
EBITDA margins, a reduction in cancellation rates of
approximately 1.5 percentage points and an increase in
subscribers of nearly 12% year-on-year; and (v) Moody's
expectation of a gradual cash flow improvement supported by the
low churn rate and the implementation of cost saving initiatives.

Pro forma for the transaction Moody's-adjusted leverage will be
at 8.2x as of June 2015, representing an increase of 3.3x.  While
the leverage is high, Moody's recognizes that this metric is
adversely affected by the company's high growth rate.  This is
due to the costs of new customer acquisitions that are partly
included within EBITDA and results in a larger negative impact in
a high growth scenario.  On a steady-state basis (excluding costs
of increasing the subscriber base but including costs of
replacing customer contract cancellations), Moody's estimates
leverage to be approximately 6.4x at June 2015.  Moody's also
recognizes that the full year effect of new subscribers is not
yet reflected in EBITDA and this will reduce leverage to around
5.9x on a last quarter annualized basis.  Whilst leverage remains
high Moody's expects Verisure to delever gradually over the next
12-18 months through EBITDA growth and continued low cancellation
rates.

Moody's also looks at financial leverage using other ratios that
are more indicative for the alarm monitoring industry, such as
debt-to-recurring-monthly revenue.  Based on this ratio, Moody's
estimates that Verisure's pro forma debt / RMR (including Moody's
standard adjustments to debt) was at approximately 42x as of June
2015, compared to 25x before the transaction.  Although this is
slightly higher than its other B2 rated peers such as Vivint and
Monitronics, which are in the high-30s and Protection One in the
low-30s, Moody's expects the company to reduce its debt / RMR
towards 35x by 2016.

Verisure continued to report strong results in the 6 months to
June 2015, with revenue and EBITDA up by 14% and 13%
respectively, compared to the same period last year.  This was
mainly underpinned by robust growth in the subscriber base
reaching nearly 1.9 million in June 2015, improved cancellation
rates to 6.8% and increase in subscription fees.  The growth
trend is expected to continue in the next 12-18 months as the
European market remains underpenetrated particularly when
compared to the US.  The company is also in the process of
implementing a large cost saving initiative which is expected to
further improve its margins over the next 3 years.

Moody's considers the company's liquidity position to be adequate
with a cash balance estimated to be around EUR5 million pro forma
for the transaction and a EUR300 million RCF expected to be
undrawn at closing.  Despite Moody's expectation of limited free
cash flow generation in the medium term, on a steady-state basis
we expect some significant improvement supported by its low churn
rate and cost saving measures.  In addition the company is
expected to maintain a good headroom under its single portfolio
net leverage springing covenant, only applicable when the RCF is
drawn above a certain threshold.

Using Moody's Loss Given Default (LGD) methodology with a 50%
recovery rate, as is typical for transactions with both loan and
bond structure, the RCF due 2021, term loan B due 2022 and senior
secured notes due 2022 are rated (P)B1, one notch above the CFR
at (P)B2, whilst the private senior unsecured notes due 2023 are
rated (P)Caa1, two notches below the CFR, reflecting the junior
position of the notes behind a significant amount of secured
debt.

The stable outlook reflects Moody's expectation of gradual
deleveraging towards 6.5x (based on Moody's adjusted debt /
EBITDA) through EBITDA growth whilst cancellation rates and
customer acquisition costs remain stable and the business
continues to improve its cash flow on a steady-state basis before
growth in new subscribers.

Positive rating pressure could develop if Verisure reduces its
debt / RMR towards 30x and increases free cash flow (before
growth spending) to debt above 10% while maintaining a stable
cancellation rate and customer acquisition costs.  This also
assumes no change to the current financial policy with no
dividends payments.  Downward rating pressure could develop if
the company fails to reduce its debt / RMR below 40x within the
next 12-18 months, if steady-state cash generation trends towards
zero, or if liquidity concerns arise.

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

Headquartered in Malmo, Sweden, Verisure Midholding AB, is a
leading provider of monitored alarm solutions operating under the
Securitas Direct and Verisure brand names.  It designs, sells and
installs alarms and provides ongoing monitoring services to
residential and small sized businesses across 13 countries in
Europe and Latin America.  The customer base consists of
approximately 1.9 million subscribers.  The company has around
8,000 employees and for the last twelve months ended June 30,
2015, it reported revenues of approximately EUR945 million.



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


DANIEL STEWART: Misses Deadline for Filing Annual Accounts
----------------------------------------------------------
Kate Burgess at The Financial Times reports that yet again,
Daniel Stewart has missed the deadline for filing its annual
accounts.

Peter Shea, its entrepreneurial co-founder and executive chairman
who owns about 17% of the group, is urgently seeking new capital,
the FT discloses.

The London Stock Exchange, Aim's overseer, suspended Daniel
Stewart's shares "to protect the market and investors" --
shareholders in a group that the exchange licensed as a nominated
adviser to police the junior market for a decade, the FT relates.

This latest suspension appears to be a re-run of last October,
the FT notes.  Then, Daniel Stewart suffered a shortfall in the
capital required of financial services businesses by regulators,
which prevented it from filing its accounts, the FT relays.

It was another month before the company -- which still acts as a
broker and advises close to 30 companies on Aim -- was forced to
hand in its nomad license, the FT recounts.

Observers suggest Daniel Stewart's survival is down to Mr. Shea,
the persuasive 62-year-old who co-founded the firm in 1989 after
a stint at Bear Stearns, the FT states.  He headed the group when
it was granted its nomad license in 2003 and was chief executive
when it joined Aim in 2004, the FT recounts.

Since then, the company has made a pre-tax loss in five out of 10
years and investors have been tapped persistently for more cash,
the FT states.

A year later, Daniel Stewart's pre-tax losses were GBP3 million
and Mr. Shea's salary fell to GBP170,000, the FT relates.  In the
latest financial year, the broker expects the pre-tax loss to be
down to about GBP1.4 million, the FT discloses.

Mr. Shea, the FT says, is casting about for more money "to be
used for expansion purposes and general working capital".

One rival suggests it will be a tough sell, given the state of
the company today, the FT notes.  "It will just get harder and
harder to be a broker without a nomad license."

Daniel Stewart is a small-cap broker.


EQUINITI CLEANCO: S&P Puts 'B' CCR on CreditWatch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'B' long-term corporate credit rating
on U.K.-based services provider Equiniti Cleanco Ltd., a
subsidiary of Equiniti Group Ltd.

In addition, S&P affirmed its 'B' issue rating on Equiniti's
senior secured debt.

The CreditWatch placement reflects S&P's view that Equiniti's
recently announced IPO could meaningfully improve its financial
risk profile.  As part of this transaction, the company plans to
raise gross proceeds of approximately GBP390 million, which it
will primarily use to repay bond loans and mezzanine debt.  S&P
also assumes that the company will articulate a new capital
structure that would allow for a significant reduction in
leverage if the transaction went through.

S&P expects this to materially reduce Equiniti's debt.  Based on
these assumptions, S&P estimates that its adjusted ratio of funds
from operations (FFO) to debt and debt to EBITDA could reach
about 18% and 5x for 2016, respectively, an improvement from -3%
and 21x in 2014.

S&P continues to assess Equiniti's business risk profile as
"fair," which reflects the company's strong market positions,
robust EBITDA margins, and good revenue visibility.  S&P's
assessment also factors in the potential for reputational risk
issues, limited market size for the specialist services offered,
and weaker geographic diversity than larger business services
providers.

S&P's base case assumes:

   -- U.K. GDP growth of about 2.5% in 2015 and close to 3% in
      2016;

   -- Equiniti's revenues to increase by about 30% in 2015 and 5%
      in 2016;

   -- Reported EBITDA margin, after exceptional costs, of about
      21% in 2015, maintaining a similar figure for 2016;

   -- Acquisition spending of GBP20 million in 2015; and

   -- No dividends until 2016.

S&P currently assesses Equiniti's liquidity profile as "adequate"
under S&P's criteria, reflecting its view that the group's
liquidity sources will exceed its funding needs by more than 3x
for the next 12 months.

S&P anticipates the company will have the following principal
liquidity sources over the next 12 months:

   -- About GBP30 million in cash;
   -- Availability of about GBP15 million under the group's GBP75
      million undrawn committed revolving credit facility (RCF);
      and
   -- About GBP46 million of unadjusted cash FFO.

S&P anticipates the company will have these principal liquidity
uses over the same period:

   -- Bolt-on acquisitions of GBP10 million per year;
   -- About GBP20 million of capital expenditure and working
      capital outflow per year; and
   -- No dividend assumption.

The GBP75 million RCF has a financial covenant specifying minimum
EBITDA of GBP47.3 million.  S&P calculates that the group will
maintain satisfactory covenant headroom over the next 12 months.
The GBP440 million notes have no maintenance financial covenants,
but there are some incurrence covenants in the documentation.

The CreditWatch placement reflects S&P's view that it is likely
to improve its assessment of the rating on Equiniti, due to
improved credit metrics and broadened shareholder base following
the IPO. This improvement could result in as much as two notches
of uplift to our long-term corporate credit rating on Equiniti.
S&P aims to resolve the CreditWatch upon completion of the
proposed IPO and planned repayment of debt.

   -- S&P's 'B' issue rating with a '4' recovery rating (in the
      lower half of the 30%-50% range) on Equiniti's senior
      secured debt is unchanged.

   -- Should the company's announced IPO successfully complete,
      S&P expects that the company's existing debt will likely be
      repaid.

   -- S&P will update its recovery analysis once the company's
      final capital structure is in place.


EVRAZ NORTH AMERICA: Moody's Puts Ba3 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service placed Evraz North America PLC's (ENA)
Ba3 Corporate Family Rating, Ba3-PD Probability of Default
rating, and Evraz Inc.  NA Canada's (EICA) Ba3 senior secured
notes under review for downgrade.  The notes are guaranteed by
EICA's parent - ENA - and by Evraz Inc.  NA (EINA) and other
subsidiaries of the parent and secured by a first lien on EICA
and the guarantors' fixed and intangible assets and a second lien
on the assets securing the asset-based credit facility (ABL -
principally accounts receivable and inventory).

On Review for Downgrade:

Issuer: Evraz North America PLC

  Corporate Family Rating, Ba3, Placed on Review for Downgrade

  Probability of Default Rating, Ba3-PD, Placed on Review for
  Downgrade

Outlook Actions:

Issuer: Evraz North America PLC

  Outlook, Changed To Rating Under Review From Stable

Issuer: Evraz Inc. NA Canada

  Backed Senior Secured Regular Bond/Debenture (Foreign
  Currency), Ba3 (LGD3), Placed on Review for Downgrade

Outlook Actions:

Issuer: Evraz Inc. NA Canada

  Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The review for downgrade results from the weak performance of
ENA, which has resulted in deterioration in credit metrics as
evidenced by its weak EBIT/interest and Debt/EBITDA ratios for
the twelve months ended June 30, 2015.  Moody's expects
Debt/EBITDAto exceed 5x in 2015, excluding the parent company
loans, which are subordinated to the notes issued by EICA.  The
review incorporates expectations of continued weak or further
contraction in performance given the challenging conditions
facing the US steel industry, particularly for flat-rolled and
tubular products.  In addition, given ongoing weak fundamentals
in the drilling industry and ENA's exposure to the OCTG (Oil
Country Tubular Goods) market, performance in the third quarter
of 2015 is expected to continue to result in losses.  As a result
of the current industry fundamentals, no material turnaround is
expected over the next several quarters.

ENA and the US steel industry continue to struggle with
challenging market conditions with 2015 evidencing weaker
capacity utilization rates and meaningful price deterioration.
While key input costs for scrap, iron ore and metallurgical coal
have also declined significantly, this has not been sufficient to
help earnings given the degree of price degradation and weaker
capacity utilization rates relative to fixed cost absorption.
The industry also continues to be pressured by high import
levels, and in the case of ENA, weak energy markets, which will
continue to materially impact the performance of the tubular
segment.

The review will focus on ENA's ability to further reduce
controllable costs, the impact of current operating rates on
earnings and cash flow, and liquidity available to meet ongoing
requirements, including any necessary capital investments.  The
review will also focus on the end markets to which ENA sells and
the expected demand from such markets as well as the time horizon
over which an improved performance by ENA is likely to be
realized.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.

Evraz North America PLC ("ENA") is a limited company organized
under the laws of England and Wales and operates through two
principal subsidiaries: Evraz Inc. NA ("EINA") and Evraz Inc.  NA
Canada ("EICA". The company's business is structured along its
product lines, which are Flat Products, Tubular Products and Long
Products.  For the twelve months ended Dec. 31, 2014, the
consolidated entities had revenues of roughly US$1.5 billion,
excluding freight, which is mostly an offset to cost of goods
sold.  ENA is a wholly owned subsidiary of Evraz Group S.A. (Ba3
CFR).


GAS2: In Administration, Buyer Sought for Assets
------------------------------------------------
Perry Gourley at The Scotsman reports that Gas2, an Aberdeen-
based technology business which had been backed by GBP18 million
of investment, has gone into administration.

Joint administrators Iain Fraser and Tom MacLennan of FRP
Advisory said the company had seen encouraging results from early
trials but had been unable to progress to the next stage of
development, The Scotsman relates.  They are now seeking buyers
for the IP and assets of the business, The Scotsman discloses.

"Significant market potential" still exists for the company's
technology," Mr. Fraser, as cited by The Scotsman, said.  "We
hope that an entrepreneur or business that recognizes the
potential will acquire these valuable assets and bring this
exciting new technology to market."

No redundancies have been announced, The Scotsman notes.

Gas2 has developed gas-to-liquid technology, which is aimed at
maximizing mothballed and marginal gas fields.


GENZ HOLDINGS: Three London Companies Placed in Liquidation
-----------------------------------------------------------
A group of three London companies, Genz Holdings Ltd, Gafo Me UK
Ltd and Greens LD Ltd, reportedly having combined worldwide
assets of over GBP445 million including an international airline
business, have been ordered into liquidation in the public
interest following an investigation by the Insolvency Service.

The investigation found that each company had filed false
accounts at Companies House.

Genz operated a website www.genzholdings.co.uk, which claimed the
creation of the Group had been an:

"extraordinary journey, one that had taken the management from
heading a small company that imported and distributed foodstuff
in 1948 to now chairing the board of directors of a globally
recognized conglomerate of some thirteen companies that was
managed by a team of professionals who had built an experience as
managers and entrepreneurs in the most diversified industries,
construction, aviation, foods, telecom and energy."

Gafo operated a website www.gafo.me.uk with a drop down menu with
links to its subsidiary businesses Gafo Air, Gafo Aviation, Gafo
Beity, Gafo Construct, Gafo Energy, Gafo Foods, Gafo Pro and Gafo
Telecom.

Greens operated a website www.gtctelecom.net describing itself as
one of the uprising organisations in the information and
communication world with an experienced management team set to
market in 50 countries to satisfy the growing world demand for
telecommunication services and that it was expanding its network
in Comoros (population 750,000) to increase capacity from 30,000
to 250,000 subscribers.

The independent auditor named in the companies' accounts is Mr
Habib Sharabaaty of GTC Accounting www.gtcaccounting.com whose
website is linked with the foregoing servers.

Welcoming the court's winding up decisions Chris Mayhew, Company
Investigations Supervisor, said:

"Far from being the incredible entrepreneurial journey claimed,
this was no more than an exaggerated misrepresentation of reality
designed to obtain credit in the same way as a related scam
peddled in a much less ambitious way that was wound up in the
public interest in 2009/10.

"The level of competence displayed in the present companies is
illustrated by the claimed international airline business having
booking pages for its flights between Tanzania, Kenya, Sudan,
Comoros and South Africa but showing a tropical landscape "St
Thomas Island" which is in the US Virgin Islands in the
Caribbean.

"Business and members of the public should be able to rely on the
statutory information filed by a company on its public register
and otherwise made available and where abuses are found, as here,
the Insolvency Service will investigate and take further
enforcement action as necessary."

The Official Receiver now appointed to wind up these companies'
affairs will be glad to receive details from any creditors here
or abroad who have dealt with any of the companies or their
predecessors.

Genz Holdings Ltd, Gafo ME UK Ltd and Greens LD Ltd were each
ordered into liquidation on Sept. 17, 2015, having earlier been
ordered to close on July 30, 2015, by Mr R Englehart QC sitting
as a Deputy Judge.

The petitions to wind up the companies were presented in the High
Court on July 22, 2015, under the provisions of section 124A of
the Insolvency Act 1986 following confidential enquiries carried
out by Company Investigations under section 447 of the Companies
Act 1985, as amended.

The petitions were unopposed by the companies. The grounds to
wind up the companies common to each were their lack of co-
operation with the investigation; filing false financial
statements; failure to comply with the requirements of the
Companies Act 2006 regarding the accounts and the maintenance of
proper accounting records and, in the case of Genz Holdings Ltd
and Gafo ME Ltd, attempting to obtain credit using false
information.

In ordering the companies into liquidation on Sept. 17, 2015, Ms
Registrar Barber said that the grounds for their winding up in
the public interest were fully made out and that she had no
hesitation in ordering them into liquidation.

The Secretary of State for Business, Innovation & Skills has
previously investigated Gafo Limited and RNC Group Limited. Gafo
Limited and RNC Group Limited were ordered into liquidation in
the High Court in the public interest on April 29, 2010 and March
4, 2009 respectively on the petitions of the Secretary of State.
Both of these companies had common shareholders and/or directors
with the present companies. Dr Rashad Naqaweh was appointed as a
director of Gafo Limited between Oct. 13, 2006 and March 10,
2008. Dr Mohammed Rashad Naqaweh was appointed as a director of
RNC Group Limited between Jan. 5, 2004 and March 10, 2008.


HASTINGS INSURANCE: Fitch Affirms 'B+' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has revised Jersey-based Hastings Insurance Group
(Finance) plc's Outlook to Positive from Stable and affirmed its
Long-term foreign currency Issuer Default Rating (IDR) at 'B+'.
Fitch has also affirmed Hastings Insurance Group (Finance) plc's
GBP150 million senior secured floating-rate notes due 2019 and
its 8% GBP266.5 million senior secured fixed- rate notes due July
2020 at 'BB-'/'RR3'.

The Outlook revision follows the successful completion of
Hastings' IPO. Despite the deleveraging, in Fitch's view,
Hastings' financial metrics on a cashflow basis keep the IDR at
the 'B+' level. Additional cash flow generation leading to
further deleveraging supported by a business with greater scale
and diversification would support a higher rating. The Outlook
revision to Positive indicates that Fitch believes the upgrade
triggers could be met within a 12-24 month horizon.

KEY RATING DRIVERS

Successful Completion of IPO

The execution of a successful IPO is a positive development for
the group's credit profile, as the company plans to use the
proceeds to reduce leverage on its balance sheet. Hastings raised
approximately GBP180 million in gross proceeds. The proceeds will
be used to redeem a portion of the outstanding GBP266.5 million
senior secured fixed-rate notes due 2020. The company expects to
use new bank facilities to redeem the remainder of the notes
later in the year. Hastings reported net debt of GBP364.6m at
end-1H15.

Agile Business Model

Hastings has maintained favorable underwriting performance in the
face of a competitive motor insurance market, while broker fee
income generation remains strong. Fitch believes that the
insurer's agile business model, low expense base and use of
extensive driver profile data provide it with a competitive
advantage over larger, more established players. However, there
is the risk of a competitor replicating this model within three
to five years, which could put Hastings' current growth
trajectory at risk.

RATING SENSITIVITIES

Positive: Future developments that could lead to positive rating
action include:

-- Funds from operations (FFO) gross leverage below 3.5x (end-
    2014: 4.5x) on a sustained basis.

-- FFO interest cover above 4.0x (end-2014: 2.6x) on a sustained
    basis.

-- Sustained increase in operating EBIT margin to 26%,
    indicating an improved competitive position across divisions.

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

-- FFO gross leverage above 5.0x on a sustained basis.
-- FFO interest cover below 2.5x on a sustained basis.
-- Significant underperformance of Hastings Insurance Services
    Limited, Hastings' broker arm or Advantage Insurance Company
    Limited (AICL), the group's underwriter, or adverse reserve
    developments in AICL resulting in margin pressure


IGLO FOODS: Moody's Affirms B1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and the B1-PD probability of default rating (PDR) of Iglo
Foods Finco Limited, following the company's decision to acquire
Findus' continental European business.  Moody's also assigned a
B1 rating to the new EUR285 million senior secured term loan at
Iglo Foods Midco Limited, which is used to partially fund the
transaction.  Concurrently, Moody's affirmed the B1 ratings on
the senior secured term loans and revolving credit facility
(RCF), also at Iglo Foods Midco Limited, as well as the B1 rating
on the floating rate notes at Iglo Foods BondCo Plc.  The outlook
on all ratings remains stable.

RATINGS RATIONALE

The affirmation of the B1 CFR reflects an expected Moody's-
adjusted gross leverage ratio around 5.3x for FY2015 pro-forma
the acquisition of Findus' continental European operations, which
is in line with Moody's expectations for the rating.  In
addition, the acquisition strengthens Iglo Foods' business
profile by adding a strong foothold in new countries such as
Sweden, Norway and France, and by diversifying its frozen food
product portfolio while also providing synergy opportunities.
The operations acquired include six manufacturing sites and 1,573
employees (as of end of FY2014).  The management targets annual
synergies of EUR25 million to EUR30 million, but it may take some
time until synergies fully materialize.  In addition, Moody's
expects some related restructuring costs and a degree of
execution risk to remain.

The affirmation also reflects the challenging retail environment
in the company's core markets affecting volumes and margins, and
Moody's expectations that those conditions will persist in the
near term thereby weighing on the company's pace of deleveraging.
Furthermore, because of subdued volume growth in the frozen food
category, spending on advertising and promotions as well as new
product development are likely to remain at elevated levels in
order to protect market share.

More positively, the rating is supported by the company's (1)
leading position as a manufacturer of premium frozen foods in its
core markets with a track record of maintaining solid market
share positions; (2) established and strong brand image
associated with high quality and healthy food and dynamic product
innovation strategy (3) potential for synergies following the
acquisition of Findus and improved business profile; and (4)
resilient business model, as demonstrated by its underlying
operating performance and healthy margins, translating into
positive cash flow generation despite the challenging trading
environment.

Moody's also considers the company's liquidity position to be
good, underpinned by cash balances estimated to be around EUR 91
million as at June 30, 2015 pro-forma for the transaction.  The
company's EUR80 million revolving credit facility (RCF) is
expected to remain mostly undrawn, and there is no debt
amortization prior to 2020.  Moody's also assumes that the
company will maintain good headroom under its single financial
maintenance covenant only applicable to its RCF and only tested
when drawn above a certain threshold.

The new term loan will be added as an additional tranche to the
existing term loans and the B1 rating assigned reflects its pari
passu ranking in the capital structure.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Iglo Foods
will be able to stabilize its current operating performance over
the next 12 months, as well as maintain its solid EBITDA margin
and liquidity profile.

Whilst it is Moody's understanding that Nomad aims at leveraging
Iglo Foods as a platform for further acquisitions in order to
build a global consumer food business, the stable outlook assumes
that any debt-funded acquisition activity will be small in nature
and that there will be no shareholder-friendly action such as
dividend payments.

WHAT COULD CHANGE THE RATING UP

Upward ratings pressure could materialize if the Moody's-adjusted
gross debt/EBITDA ratio falls towards 4.5x on a sustained basis,
and if the company maintains a Moody's adjusted EBIT margin in
the mid-teens and a solid liquidity profile.

WHAT COULD CHANGE THE RATING DOWN

The ratings could be lowered if earnings continued to
deteriorate, resulting in the Moody's-adjusted gross debt/EBITDA
ratio rising above 5.5x, or if EBITDA margin falls toward the low
teens and/or liquidity concerns emerge.  Moody's could also
consider downgrading the ratings in event of any material debt
funded acquisitions or change in financial policy.

The principal methodology used in these ratings was Global
Packaged Goods published in June 2013.

Headquartered in the UK, Iglo Foods is a leading branded frozen
foods producer, supplying much of Western Europe's retail market.
Iglo Foods employs approximately 3,000 employees and has a strong
presence in the UK, Germany and Italy.

Listed on the London Stock Exchange, Nomad Foods Limited is a
packaged food company with the anchor investment in Iglo Foods
completed in June 2015.  The acquisition of Findus' continental
European business forms part of Nomad's strategy to build a
global consumer food business.  Nomad Foods Limited was founded
last year by Noam Gottesman, co-founder of hedge fund GLG
Partners and Martin Franklin, founder and executive chairman of
Jarden Corporation (Ba3 stable).


IGLO FOODS: S&P Raises Corp. Credit Rating to 'BB-'
---------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on European frozen food producer Iglo
Foods Holdings Ltd. to 'BB-' from 'B+'.  The outlook is stable.

At the same time, S&P raised its issue ratings to 'BB-' from
'B+', in line with the corporate credit rating, on the senior
secured notes issued under Iglo Foods BondCo PLC, maturing in
2020, and on the existing senior secured loans issued under Iglo
Foods Midco Ltd., maturing in 2019 and 2020.  S&P's '3' recovery
ratings on the secured notes and the secured loans are unchanged
and indicate S&P's expectation of average (50%-70%; lower half of
the range) recovery in the event of a payment default.  Finally,
S&P assigned an issue rating of 'BB-' and recovery rating of '3'
to the proposed EUR285 million secured loan.

The rating upgrade reflects S&P's view that Iglo Foods group's
credit metrics will remain stable following the GBP500 million
acquisition of Findus' European assets, which confirms, in S&P's
view, a consistent financial policy in terms of debt leverage.
The financing mix of the transaction comprises equity from
shareholder Nomad Food and new debt being issued at the Iglo
Foods level.  Post-acquisition, S&P forecasts Iglo Foods to
generate around EUR150 million of free operating cash flow (FOCF)
annually and have a ratio of Standard & Poor's adjusted-debt to
EBITDA of around 4.5x.

Through this acquisition, S&P expects Iglo Foods to benefit from
a larger scope of operations in manufacturing and distribution
across Europe, and an improved geographical spread, with notable
access to the large French market and more product diversity.
S&P believes that there are also integration risks at Findus,
which include trying to reduce operating costs and the need for
higher investments to support market share in Sweden and Norway.

Overall, S&P sees the group's revenue growth remaining flat to
slightly negative over the next two years, reflecting the high
price constraints on European frozen foods.  Strong competitive
pressures from the high promotional activity at traditional
retailers and hard discounters, as well as the increasing market
share of lower-price private labels, should remain a challenge
for branded manufacturers.  However, Iglo Foods should be able to
maintain stable profitability by lowering operating costs at its
new acquisition through synergies -- especially on purchasing and
media buying -- by gaining economies of scale in manufacturing
and distribution, and through targeted launches of innovative
products and packaging.

With a stable EBITDA base, Iglo should be able to generate stable
free cash flows, given the low cyclicality and seasonality of the
business, lower financing costs following recent debt refinancing
and repayments, and the limited need to increase capital
expenditure (capex) as the largest assets are already well-
invested.  S&P notes that there are no near-term refinancing
risks -- all debt is due in 2019-2020 -- and that the debt
covenants include a cash sweep of 50% if reported net debt to
EBITDA is greater than 4.5x, which limits, to some extent, a
continued high debt leverage in the capital structure.

Although S&P believes that management intends to pursue further
acquisitions in packaged foods, it acknowledges Iglo's financial
discipline toward multiple transactions and debt leverage,
particularly due to Nomad Foods' good access to equity markets.

S&P's base case for 2016-2017 assumes:

   -- Flat-to-low single digit decline in revenues (around EUR2.0
      billion), taking into account the acquisition of Findus in
      2015 and flat to negative organic growth, notably in highly
      competitive key markets such as the U.K. and Germany.
      Adjusted EBITDA margin of around 17%-18%, based on overall
      stable profitability in key markets and a gradual
      improvement of profitability at Findus through the
      centralization of procurement and marketing and advertising
      costs

   -- FOCF of around EUR120 million-EUR150 million annually,
      based on slightly higher working capital needs, financing
      costs of around EUR70 million (including operating lease
      pension interest expenses), and estimated capex of about
      EUR45 million-EUR50 million.  S&P assumes no dividend
      payments.

   -- Adjusted total debt of around EUR1.6 billion-EUR1.7
      billion, which includes EUR1.5 billion of secured notes and
      loans, as well as S&P's estimated pension deficit of around
      EUR150 million and operating leases of around EUR40
      million.  S&P do not net out debt with cash balances as it
      thinks that cash surplus amounts are limited due to current
      levels of debt leverage as per debt covenants.

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

   -- Debt to EBITDA of 4.5x-5.0x;
   -- FOCF to debt of 5%-10%; and
   -- Funds from operations (FFO) to debt of 8%-12%.

Because S&P forecasts that the main credit metrics will be at the
lower end of the "aggressive" financial risk profile, S&P notches
down the anchor of 'bb' to reach a final rating of 'BB-'.

S&P currently assess the rating of Iglo Foods Holdings Ltd. on a
stand-alone basis because S&P considers Nomad Foods to only be an
investment vehicle which raises equity for Iglo Foods.  Should
the strategic remit of Nomad Foods change, for example if it
starts acquiring other assets and debt, S&P may consider moving
the rating scope to consolidate all subsidiaries at the Nomad
Foods level.

The stable outlook reflects S&P's view that Iglo Foods should be
able to continue generating stable free cash flow and maintain
stable debt leverage, despite difficult market conditions in
Europe and some integration risks related to the new acquisition.
Top-line growth should remain flat to slightly negative over the
next two years due to high competitive pressure from large
retailers and private-labels, but S&P sees the free cash flow
base benefiting from gradually improving profitability at newly
acquired Findus.  If Iglo Group were to maintain a Standard &
Poor's-adjusted debt-to-EBITDA ratio below 5x and a FOCF to debt
ratio above 5% over the next 12-18 months, the rating is likely
to stay at its current level.

A high-single-digit decline in revenues and a 200 basis point
drop in the EBITDA margin from S&P's current base-case scenario
could lead it to lower the rating on Iglo.  This could arise from
continued pricing constraints and loss of market share in the
U.K. and Germany, higher-than-expected integration costs at
Findus, or a sharp increase in raw materials costs, such as fish.
S&P would view negatively a sharp drop in free cash flow
generation from current levels and an adjusted debt-to-EBITDA
ratio rising sustainably above 5x.

S&P could take a positive rating action if debt levels reduced
significantly owing to a higher-than-expected rise in Iglo's
earnings base thanks to strong revenue growth in large
competitive markets such as the U.K. and Germany, and strong
market share gains in France.  Although Iglo has shown consistent
financial discipline and generates sufficient free cash flow to
reduce debt further, S&P notes that the company intends to grow
externally in the industry which limits its view of potential
improvements to Iglo's credit metrics.


ULTRASIS PLC: Goes Into Administration
--------------------------------------
Paul Flint and David Costley-Wood of KPMG LLP were appointed
joint administrators of the healthcare company Ultrasis plc on
Friday, October 9, 2015.

At the date of the appointment, the company and its main trading
subsidiary, Ultrasis UK Ltd, were operating two distinct business
units: an occupational health clinic in London trading as the
Waterloo Health Clinic, and an e-health business providing online
healthcare services, primarily to mental health patients.

Immediately following their appointment, the Joint Administrators
entered into an exclusivity agreement to sell the business and
assets of the e-health operation.  It is expected that this
transaction will complete shortly.

The Joint Administrators also granted a new license to trade the
Waterloo Health Clinic to To Health Ltd., which has been trading
the Waterloo Health Clinic since August 7, 2015, under a previous
license.

Paul Flint, Joint Administrator and associate partner at KPMG,
said: "We are hopeful of concluding a deal in short order to
enable the sale of the two business units.  Should a successful
sale be achieved, this will ensure that those reliant on the
e-health offering remain able to access those vital online
applications when required."

This appointment follows the appointment of Paul Flint and Brian
Green of KPMG LLP as Joint Administrators of Screenetics UK Ltd.,
a subsidiary of the company, on June 2, 2015.

Screenetics UK Ltd. operated a standalone health screening
business which was sold immediately following the appointment of
the Joint Administrators in June.


* Fitch Says Supply Security Remains a Challenge for UK Utilities
-----------------------------------------------------------------
Fitch Ratings says in a new report that UK utilities face their
biggest challenge in security of supply. The average excess of
supply over peak demand could fall to 1.2% in 2015-16 versus 4.1%
in 2014-15, mainly based on underinvestment in new power plant
capacity. National Grid plc (BBB+/Stable) has stated that UK
power capacity margins will fall to the lowest level in a decade
in 2015-16.

Both SSE (BBB+/Stable) and Centrica (A-/Stable) have secured
contracts at last December's capacity auction, but only at
GBP19.40/kW from 2018-19, and the failure of substantial capacity
to secure contracts raises doubts as to the competitiveness of
coal and CCGT capacity.



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


* Moody's: EMEA LSI Steadies Following 2 Years of Decline
---------------------------------------------------------
The Liquidity Stress Index (LSI) for EMEA, which rises when
corporate liquidity weakens, remained at 9.2% in August 2015,
close to its record low of 8.9% in February 2015, says Moody's
Investors Service in its SGL Monitor: EMEA Edition.

Each quarter, "SGL Monitor: EMEA Edition," provides unique
Moody's data and commentary on non-financial speculative grade
companies' liquidity trends in the EMEA region.

"We expect the EMEA LSI to remain stable around current levels,
though it could rise in 2016 if market access remains limited for
companies with weaker credit profiles," said Tobias Wagner, a
Moody's Assistant Vice President - Analyst.  "However, most
companies will maintain sufficient liquidity and we expect
default rates to remain at low levels for the next 12 months."

In addition to market access, the macroeconomic prospects of the
UK, Germany, France and other major EMEA regions will also be a
key driver of companies' ability to generate cash flow and retain
adequate liquidity next year.

Negative speculative-grade liquidity (SGL) changes have slightly
outweighed positive SGL changes in 2015.  Moody's expects the
ratio to remain broadly balanced this year, similar to previous
years.

"The LSI's steady decline in 2013 and 2014 was due to receptive
high-yield bond markets and thus the influx of newly rated
companies, whose liquidity profiles typically receive SGL-2 (good
liquidity) or SGL-3 (adequate liquidity) ratings," added Wagner.
"In 2015 thus far, high-yield market activity has decreased and
the trend of pro-active refinancing is slowing, particularly for
companies with weaker credit profiles."


                            *********

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
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *