TCREUR_Public/151023.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

          Friday, October 23, 2015, Vol. 16, No. 210

                            Headlines

G E R M A N Y

GERMAN RESIDENTIAL 2013-2: DBRS Confirms BB Rating on Cl. F Debt
HSH NORDBANK: Fitch Revises Watch on 'b' Viability Rating to Pos.
PAPERLINX DEUTSCHLAND: Enters Into Insolvency Proceedings


G R E E C E

OCEAN RIG: Moody's Cuts Corporate Family Rating to Caa1


I R E L A N D

EUROCREDIT CDO VI: Moody's Affirms Ba3(sf) Rating on Class E Debt


L U X E M B O U R G

ZOBELE GROUP: S&P Lifts Corp. Credit Rating to B+, Outlook Stable


N O R W A Y

ALBAIN MIDCO: Moody's Withdraws B3 Corporate Family Rating
NORYARDS FOSEN: To File Bankruptcy Petition in Fosen Court


R U S S I A

TRANSAERO AIRLINES: Major Creditors File Bankruptcy Lawsuits
URALSIB BANK: Fitch Releases Corrected Press Release


S P A I N

ENCE ENERGIA: Moody's Assigns (P)Ba3 Rating to EUR250MM Sr. Notes
ENCE ENERGIA: S&P Assigns 'BB-' Rating to Proposed EUR250MM Notes
HC INVESTMENTS: Moody's Assigns B2 Corporate Family Rating
OBRASCON HUARTE: Two Units Declared In Liquidation
VALENCIA HIPOTECARIO 2: Moody's Hikes Cl. C Notes Rating to Ba2


S W E D E N

TRUSTBUDDY AB: Stockholm Court Grants Bankruptcy Application


U K R A I N E

CHERVONOHRAD FACTORY: Court Commences Bankruptcy Procedure
UNICOMBANK PJSC: NBU Declares Bank as Insolvent
* Ukrainian Banks' Ratings to Remain Weak, Fitch Says


U N I T E D   K I N G D O M

CAPARO INDUSTRIES: 15 Subsidiaries Enter Administration
EQUINITI CLEANCO: Moody's Puts B2 CFR Under Review for Upgrade
IENERGIZER LIMITED: Moody's Cuts Credit Facility Ratings to Caa1
PENDRAGON PLC: Fitch Affirms 'B' IDR, Outlook Stable


X X X X X X X X

* European High Yield Corporate Bond Show Signs of Maturing
* BOOK REVIEW: The Financial Giants In United States History


                            *********


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GERMAN RESIDENTIAL 2013-2: DBRS Confirms BB Rating on Cl. F Debt
----------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the following
classes of Commercial Mortgage Backed Floating-Rate Notes Due
November 2024 issued by German Residential Funding 2013-2 Limited:

-- Class A at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (high) (sf)

All trends are Stable.

The rating confirmations reflect the continued stable performance
of the transaction since issuance in October 2013. The transaction
consists of two fixed-rate loans and one floating-rate loan, which
as of the August 2015 quarterly reporting had a total balance of
EUR 681.6 million, representing a collateral reduction of 2.58 %
since issuance in October 2013. The loans are cross-collateralized
and cross-defaulted. Each was made to three borrowers, all of
which are subsidiaries of the sponsor, GAGFAH S.A (GAGFAH). At the
beginning of 2015, Germany's Deutsche Annington and GAGFAH merged,
creating Vonovia SE (Vonovia) which became Europe's second largest
real estate company.

DBRS's view of the strong sponsorship has not changed as a result
of this merger. As of the August 2015 reporting, the collateral
portfolio consisted of 22,361 residential units, 83 commercial
units, 5,012 parking units and 1,119 other units, with the
residential and commercial units comprising a total lettable area
of 1.37 million square meters and providing approximately 97.8% of
the net rental income. Since issuance, 452 units (not including
owner-occupied units) have been sold from the portfolio and the
net rental income for the remaining units has increased by 1.6% as
of the T-12 period ending 30 June 2015. The portfolio's reported
economic vacancy is 5.3%, down from 5.4% at YE2014 and 5.7% at Q2
2014. Financial performance remains stable as the portfolio
reported a T-12 ending 30 June 2015 net operating income (NOI) of
EUR 53.9 million, an increase of 0.1% compared with the YE2014 NOI
and a decrease of 1.5% compared with the YE2013 NOI. While NOI has
decreased slightly over time, DBRS attributes much of the decrease
to the release of individual properties.

The transaction is expected to continue to exhibit stable
performance due to decreasing vacancy rates across the residential
units. According to the August 2015 Investor Report, the
transaction had an interest coverage ratio of 2.41x and a debt
service coverage ratio of 2.08x. The portfolio collateral is
geographically well diversified as it is located across
approximately 165 communities in Germany, with the largest
concentration located in Hamburg. Other notable property
concentrations are situated in Hanover, Braunschweig, Goettingen
and Osnabrueck.

Vonovia is an experienced owner and manager of multifamily
residential real estate in Germany and has of a portfolio of
approximately 370,000 housing units.


HSH NORDBANK: Fitch Revises Watch on 'b' Viability Rating to Pos.
-----------------------------------------------------------------
Fitch Ratings has revised HSH Nordbank's (HSH) Outlook to Negative
from Stable and the Rating Watch on the Viability Rating 'b' to
Positive from Evolving.  Its ratings have been affirmed at Long-
term Issuer Default Rating (IDR) 'BBB-', Short-term IDR 'F3', and
Support '2'.  Its guaranteed debt has also been affirmed at Long-
term 'AAA'.

The rating action follows the announcement that the European
Commission (EC) has reached an agreement in principle with the
German authorities to conclude state aid proceedings on HSH that
commenced in 2009.  The agreement is subject to parliamentary
approval by the bank's owners, the federal states of Schleswig
Holstein (AAA/Stable) and the City of Hamburg (AAA/Stable).

The Outlook revision to Negative reflects Fitch's expectation that
institutional support from HSH's current owners would no longer be
forthcoming if HSH is privatized in accordance with the EC
agreement.  However, if privatization is not possible, the
agreement envisages the bank will be wound down.

The Rating Watch Positive (RWP) on HSH's VR reflects Fitch's
expectation that the bank's asset quality and earnings will
improve.  Under the agreement, HSH will be able to transfer a
material part of its non-performing assets to its owners and sell
further assets in the market, and fees paid on the state guarantee
provided by the owners, which have weighed heavily on the bank's
earnings, will be reduced substantially.  Fitch expects the bank's
company profile to improve as a result of this restructuring,
which should help to restore its long-term sustainability.

KEY RATING DRIVERS

IDRS, SENIOR DEBT AND SUPPORT RATING

The IDRs, senior debt and Support Ratings are driven by support
from the bank's owners, the federal states of Schleswig-Holstein
and Hamburg, the regional savings banks and ultimately the
Sparkassen-Finanzgruppe (SFG, A+/Stable).  HSH's Long-term IDR is
five notches below the SFG's Long-term IDR because the bank's
intrinsic weaknesses make support less likely given the private
investor test under EU legislation.

If HSH's owners are unable to privatize the bank through a sale or
an initial public offering, the bank will have to cease new
business activities and manage the assets with a view of winding
them down.  Fitch expects that in such a scenario there are
financial and reputational incentives for HSH's current owners to
ensure that a wind-down is managed in a way that avoids imposing
losses on senior unsecured creditors, which supports the bank's
'BBB-' IDR.

The Negative Outlook reflects the EC agreement that privatization
of HSH should be targeted within 24 months after the formal EC
decision, which we expect in 1H16.  Fitch's base case is that any
new owners of HSH are unlikely to have the ability and propensity
to provide any necessary support at a 'BBB-' level.

VR

The VR primarily reflects the bank's weak company profile and
legacy asset quality, as well as its weak earnings and
profitability that have been weighed down by fees paid to the
state for the asset guarantee.  The RWP reflects Fitch's
expectation that asset quality and earnings will improve, albeit
from weak levels, as a result of the agreement with the EC.

Fitch expects HSH's asset quality to improve substantially as non-
performing loans with a book value of EUR15.4 billion at end-1H15
are expected to decline by EUR8.2 billion.  The bank plans to
transfer EUR6.2 billion non-performing loans to its state owners
and to sell a further EUR2 billion of non-performing assets.  Both
transactions will be at market prices.  Fitch expects the transfer
to the state owners to result in material losses to the bank,
which will be covered by the guarantee.

Fitch expects HSH's asset quality to remain weak even after the
transaction as it impaired loan/gross loan ratio is likely to
remain above 10%.  However, as Fitch estimates that these impaired
assets will continue to benefit from the guarantee but at
declining levels, their potential impact on capital is limited.

Fitch expects HSH's earnings to benefit materially from the
agreement, as it envisages a substantial decrease in the fees paid
for the guarantee.  Once the agreement has been implemented, HSH
will only be required to pay a base fee of 220 basis points of the
unutilized portion of the guarantee, whereas to date fees amount
to 400 basis points of EUR10 billion.  HSH will also no longer
have to pay any additional fees that are part of the guarantee
scheme.

However, HSH's funding costs could start to increase in the run-up
to planned privatization, as financing currently benefits from its
ownership structure and access to the savings banks' funding.

SUBORDINATED DEBT

HSH's subordinated debt is rated one notch below the VR to reflect
the higher loss severity of the notes versus senior unsecured
obligations.  The rating was placed on RWP to reflect the RWP on
the bank's VR.

STATE-GUARANTEED/GRANDFATHERED SECURITIES

The 'AAA' rating of HSH's state-guaranteed/grandfathered senior
debt, subordinated debt and market linked securities reflect the
credit strength of the guarantor, the federal state of Schleswig
Holstein and the City of Hamburg and Fitch's view that they will
honor their guarantees.

RATING SENSITIVITIES

IDRS, SENIOR DEBT AND SUPPORT RATING

HSH's IDRs, senior debt rating and SR are primarily sensitive to
the likelihood of a successful privatization.  A sale of HSH or a
successful public offering would result in the bank's IDRs being
driven either by HSH's VR, in the absence of a sufficiently strong
new institutional owner, or by institutional support from new
owner, if the owner is rated higher than HSH's VR at the time and
shows a sufficient propensity to provide support.

HSH's IDRs and Support Rating would be downgraded if Fitch
concludes that the probability of a privatization becomes more
likely and that institutional support from a new owner would not
be sufficiently strong to warrant an IDR of at least 'BBB-'.

If HSH is acquired by a strategic investor with a strong ability
and propensity to provide support, the bank's IDRs and Support
Rating could be affirmed or even upgraded, but this is currently
not our base case.  Strategic buyers for HSH could include other
Landesbanken, which could result in an upgrade of HSH's IDR.
However, this is not our base case given HSH's company profile,
with its focus on asset-based lending which other Landesbanken
could grow organically on their own balance sheets, and given the
need for the other Landesbanken to focus on restructuring their
own legacy assets and strengthen their earnings.

If HSH's privatization is not successful, HSH will be wound down
under its current ownership structure.  Fitch believes that in
this case HSH will likely remain a member of the protection scheme
of the Landesbanken (Sicherungseinrichtung), and that it could
continue to receive support from its owners in combination with
the SFG to protect senior unsecured bondholders.  This would
likely result in us affirming its IDR if we conclude that the
likelihood of imposing losses on senior creditors during the run
down of assets will remain low.

VR

Fitch expects to resolve the RWP on HSH's VR when the measures
under the EC agreement, including the transfer and sale of non-
performing assets, have been implemented.  The resolution of the
RWP may take longer than six months as Fitch expects the final EC
agreement no earlier than in 1H16.

Improvement in asset quality and stronger earnings capacity after
the reduction of the fee payments for the guarantee will likely be
the main drivers for an upgrade.  If improvements in asset quality
and profitability are sufficiently material, Fitch could upgrade
the VR by more than one notch.  However, Fitch believes that
although the company profile is likely to improve, HSH's limited
franchise and large remaining legacy portfolio make it unlikely
that the VR could reach investment-grade in the next two years.

SUBORDINATED DEBT

As the ratings are notched off HSH's VR, the subordinated debt
ratings are broadly sensitive to the same factors that might
affect HSH's VR.

STATE-GUARANTEED/ GRANDFATHERED SECURITIES

The ratings of HSH's state-guaranteed/grandfathered senior debt,
subordinated debt and market linked securities are primarily
sensitive to changes in Fitch's view of the creditworthiness of
the guarantors.

The rating actions are:

HSH Nordbank AG

  Long-term IDR: affirmed at 'BBB-', Outlook Revised to Negative
   from Stable

  Short-term IDR: affirmed at 'F3'

  Support Rating: affirmed at '2'

  Viability Rating: 'b' Rating Watch revised to Positive from
   Evolving

  Long-term senior debt, including program ratings: affirmed at
   'BBB-'

  Short-term senior debt: affirmed at 'F3'

  State-guaranteed/grandfathered senior and subordinated debt:
   affirmed at 'AAA'

  State-guaranteed/grandfathered market-linked securities:
   affirmed at 'AAAemr'

  Senior market-linked securities: affirmed at 'BBB-emr'

  Subordinated debt: 'B-'; Rating Watch revised to Positive from
   Evolving


PAPERLINX DEUTSCHLAND: Enters Into Insolvency Proceedings
----------------------------------------------------------
Sarah Cosgrove at PrintWeek reports that Paperlinx's unprofitable
German operation has gone into administration, marking the
Australian company's final withdrawal from Europe.

The company revealed this week that administration proceedings had
been started for Paperlinx Deutschland GmbH and its immediate
parent entity Deutsche Papier Holding GmbH on Oct. 19, PrintWeek
relates.

A German court approved applications made by the local director of
these entities for them to enter into "Debtor in Possession"
insolvency proceedings, PrintWeek discloses.

This enables the company to continue trading under German law
while opportunities to sell or wind up the company are explored.
The local director continues to manage the company under the
supervision of a court-appointed trustee, PrintWeek notes.

According to PrintWeek, a statement released by Paperlinx on
Oct. 20 read: "The paper merchanting operation in Germany has been
trading unprofitably.  The decision to file for insolvency
proceedings was taken by the local director given that attempts to
divest this division over the course of the last few months have
been unsuccessful to date.

"The Debtor in Possession proceedings allows the business to
continue to trade unrestricted while the local director and
trustee continue to seek opportunities to divest the operations."



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OCEAN RIG: Moody's Cuts Corporate Family Rating to Caa1
-------------------------------------------------------
Moody's Investors Service downgraded Ocean Rig UDW Inc.'s
Corporate Family Rating (CFR) to Caa1 from B2, and Probability of
Default Rating (PDR) to Caa1-PD from B2-PD. Moody's also
downgraded the rating of Ocean Rig's USD500 million unsecured
notes to Caa3 from Caa1, as well as the rating on the USD1.3
billion senior secured term loan B at Drillships Ocean Ventures
Inc. (DOV), a subsidiary of Ocean Rig, to Caa1 from B2.
Concurrently, Moody's downgraded the rating on the USD1.9 billion
senior secured term loan B1 borrowed by Drillships Financing
Holding Inc. (DFHI) to Caa1 from B2 and the rating on the USD800
million secured notes issued by Drill Rigs Holdings Inc. (Drill
Rigs) to Caa2 from B3, both are also subsidiaries of Ocean Rig.
The outlook on all ratings is negative. This concludes the rating
review that was initiated on August 24, 2015.

RATINGS RATIONALE

The rating action reflects the deteriorating offshore drilling
market, sharply increasing the risk that Ocean Rig's liquidity
profile could become increasingly constrained over the next two
years. The company needs to pay for a newbuild rig (the Ocean Rig
Santorini), to be delivered in June 2017, and for which there is
not yet a financing in place as well as refinance or repay the
USD800 million secured notes maturing in October 2017. While the
company managed to issue USD200 million of equity in June 2015,
Moody's cautions that the company's ability to access the capital
markets could become constrained due to the strong negative trends
in the offshore drilling industry, which will remain deeply
entrenched through 2017.

Furthermore, Moody's anticipates the company's credit metrics will
deteriorate in 2016 and 2017 as the majority of the company's rigs
will roll-off contract over the next two years. These rigs will
either be stacked if no employment is found or in the best case,
re-contracted at significant lower dayrates. Sustained weaknesses
in crude prices and a steady supply of newbuilds will depress
dayrates and create significant stress on the sector. As of 30
June 2015, the company's Moody's-adjusted leverage stood at 4.6x.

Although Ocean Rig's liquidity is adequate for the next 12 to 18
months, Moody's expects liquidity pressure from the unfunded
newbuild capex in 2017, refinancing risk associated with the
October 2017 maturity of the secured notes and tightening covenant
headroom that year.

More positively, the ratings reflect: (1) the strong USD4.3
billion contract backlog as of August 2015, with 93% and 69% of
calendar days under contract in 2015 and 2016 respectively, (2)
the young and technologically advanced fleet, with all drillships
built within the last five years, and (3) recent industry leading
operating performance with contracted operating efficiency of 98%
for the first half of 2015 and improved fleet average operating
expenses, resulting in trailing twelve months reported EBITDA of
approximately $1 billion at June 2015.

RATING OUTLOOK

The negative outlook reflects the weak offshore drilling
environment and the uncertainty regarding the duration of this
downturn, which could severely stress the company's liquidity
profile.

WHAT COULD CHANGE THE RATING UP/DOWN

The rating could be downgraded if Moody's concerns around
liquidity and refinancing risks are not addressed, the company's
fleet operational efficiency materially deteriorates or the
Moody's-adjusted leverage is sustained over 9.0x. Furthermore,
heightened concerns that the company may seek to alleviate
liquidity or refinancing issues by purchasing bonds at a steep
discount could lead to such actions being potentially classified
as a distressed exchange, albeit at this stage there is no
evidence suggesting that the company has concrete plans to do so.
Conversely, the rating could be upgraded if the credit concerns
are resolved and the fleet operates at high levels of utilisation,
and if the Moody's-adjusted leverage is maintained below 7.0x.



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EUROCREDIT CDO VI: Moody's Affirms Ba3(sf) Rating on Class E Debt
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Eurocredit CDO VI PLC:

  EUR30M Class C Senior Secured Deferrable Floating Rate Notes due
  2022, Upgraded to Aa1 (sf); previously on Sep 24, 2014 Upgraded
  to A1 (sf)

  EUR24M Class D Senior Secured Deferrable Floating Rate Notes due
  2022, Upgraded to Baa2 (sf); previously on Sep 24, 2014 Affirmed
  Ba1 (sf)

Moody's also affirmed the ratings on the following notes issued by
Eurocredit CDO VI PLC:

  EUR125M (current balance: EUR12,810,081.28) Class A-R Senior
  Secured Revolving Floating Rate Notes due 2022, Affirmed Aaa
  (sf); previously on Sep 24, 2014 Affirmed Aaa (sf)

  EUR33.5M Class B Senior Secured Floating Rate Notes due 2022,
  Affirmed Aaa (sf); previously on Sep 24, 2014 Upgraded to Aaa
  (sf)

  EUR20M (current balance: EUR15,832,366.56) Class E Senior
  Secured Deferrable Floating Rate Notes due 2022, Affirmed Ba3
  (sf); previously on Sep 24, 2014 Affirmed Ba3 (sf)

Eurocredit CDO VI PLC, issued in December 2006, is a
collateralised loan obligation ("CLO") backed by a portfolio of
mostly high yield European loans. It is predominantly composed of
senior secured loans. The portfolio is managed by Intermediate
Capital Managers Limited. The transaction's reinvestment period
ended in January 2013.

RATINGS RATIONALE

The rating upgrades of the Notes are primarily a result of the
redemption of the senior Notes and subsequent increases of the
overcollateralization ratios (the "OC ratios") of the remaining
Classes of Notes. Moody's notes that the Class A-T Notes have
redeemed in full and the Class A-R Notes have redeemed by
approximately EUR112.2 million (or 90% of their original balance).
Class A-R is a revolver with a drawn amount of GBP 9,312,800.99.
As a result of the deleveraging, the OC ratios of the Notes have
increased significantly. According to the September 2015 trustee
report, the Classes A/B, C, D and E OC ratios are 274.14%,
166.37%, 126.56% and 109.31% respectively compared to levels just
prior to the payment date in July 2015 of 181.19%, 140.26%,
118.78% and 107.89%.

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 balances of EUR110.4 million
and GBP5.4 million, a weighted average default probability of
23.74% (consistent with a WARF of 3457), a weighted average
recovery rate upon default of 49.39% for a Aaa liability target
rating, a diversity score of 17 and a weighted average spread of
3.99%.

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 lowered the weighted average recovery rate by 5
percentage points; the model generated outputs that were in line
with the base-case results for Classes A, B and C and were within
one notch 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.

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

-- Around 39.51% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit Estimates
in Rated Transactions", published in October 2009 and available at

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.

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

-- 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.

-- Foreign currency exposure: The deal has exposures to non-EUR
denominated assets. Volatility in foreign exchange rates will have
a direct impact on interest and principal proceeds available to
the transaction, which can affect the expected loss of rated
tranches.

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



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ZOBELE GROUP: S&P Lifts Corp. Credit Rating to B+, Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Luxembourg-incorporated
Zobele Group (Z Beta Sarl) to 'B+' from 'B'.  Zobele is the parent
of Italy-based Zobele Holding S.p.A., a global producer of air
care and insecticide devices.  The outlook is stable.

S&P also raised its issue ratings on Zobele's EUR180 million
senior secured notes due 2018 to 'B+' from 'B'.  The recovery
rating is unchanged at '4', reflecting S&P's expectation of
recovery in the lower half of the 30%-50% range in the event of a
payment default.

"The upgrade reflects our expectation of improvement in the
group's financial metrics following temporary erosion last year,
when one-time items reduced EBITDA.  We expect the five-year
average debt-to-EBITDA ratio to improve and fall below 4.5x.
Moreover, because we expect that debt to EBITDA will remain below
5x and liquidity will stay adequate, with no covenants on the
group's debt, we take a more positive view of the group's
financial policy and have revised our assessment to financial
sponsor (FS) 5 from FS-6.  Although the group is controlled by
equity sponsor Doughty Hanson, we do not view its financial policy
as aggressive. Zobele's balance sheet is highly leveraged, but it
carries a significant cash balance, which we understand the
shareholders do not intend to upstream," S&P said.

As a result, S&P now regards Zobele's financial risk profile as
"aggressive" rather than "highly leveraged."  Combined with S&P's
assessment of Zobele's business risk profile as "weak," this leads
to an anchor of 'b+' and consequently to the raising of S&P's
rating on Zobele.

S&P's assessment of Zobele's "weak" business risk profile
primarily reflects the group's fairly small scale of operations
and its bargaining power with its customers, mostly large
household and personal care companies.  In S&P's opinion, Zobele
is highly reliant on its top four customers -- Henkel AG & Co.
KGaA, Procter & Gamble Co., Reckitt Benckiser Group PLC, and a
large North American family-owned company -- which represent
nearly 80% of its sales.  As S&P saw in 2014, a large retailer's
de-referencing of one major air care product weighed on the
group's revenues. Also, the group's business profile is exposed to
weather conditions.  For example, spring and summer rains in 2013
led to lower demand for insecticides in that year and the next.

However, these factors are tempered by S&P's view of Zobele's
solid position in the growing niche market of air care and
insecticide devices, its track record of innovation, and its long-
standing relationship with the large retailers of household and
personal care products.  S&P also considers positive the group's
ability to expand in new segments, like fabric care and personal
care products.  Equally importantly, the group is ideally
positioned in dynamic market sub-segments, which provide good
growth prospects, as attested by its performance in the first-half
of 2015.  Zobele is also exiting less-lucrative segments, which
enhances profitability.

S&P's view of Zobele's "aggressive" financial risk profile
primarily reflects S&P's forecast of an adjusted debt-to-EBITDA
ratio of close to 4.5x.  S&P also factors in Zobele's positive,
albeit small, free cash flow generation, except in 2015 due to
high capital expenditure.

The stable outlook reflects S&P's view that Zobele will maintain
adjusted debt to EBITDA close to 4.5x and FFO to debt at 12% or
higher.  S&P also anticipates positive free cash flows from 2016,
following a peak in capex this year, and a gradual improvement of
EBITDA, notably thanks to expansion in the personal care segment.

An upgrade is remote as long as the group is controlled by a
financial sponsor.  It would require among other factors a major
improvement of the financial profile, with debt to EBITDA close to
3.5x, and a track record of significant EBITDA growth.  If the
business risk profile were to strengthen to "fair" S&P could raise
the rating.  But this is also a remote scenario as long as the
personal care division does not reach critical mass and the
group's customer base remains concentrated.

A downgrade would be triggered by a deterioration of the group's
financial metrics, with adjusted debt to EBITDA exceeding 5x.
This could occur if Zobele were to face a major commercial issue
with one of its four key accounts.  Nevertheless, the group's
track record has been very good so far, with no history of losing
contracts.  That said, if Zobele's customers faced adversity, this
could also hamper Zobele's sales.



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


ALBAIN MIDCO: Moody's Withdraws B3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service withdrawn all ratings of Albain Midco
Norway AS and related entities ("EWOS") following completion of
its acquisition by Cargill, Incorporated (A2 stable) on
October 8, 2015 for approximately EUR1.35 billion and the
redemption or cancellation of all outstanding debt obligations.

Ratings Withdrawn:

Albain Midco Norway AS

  Corporate Family Rating, Withdrawn, previously rated B3, under
  review for upgrade

  Probability of Default Rating, Withdrawn, previously rated
  B3-PD, under review for upgrade

  NOK1,040 million Senior Subordinated Notes due 2021, Withdrawn,
  previously rated Caa2, under review for upgrade

Albain Bidco Norway AS

  NOK1,810 million Senior Secured Floating-Rate Notes due 2020,
  Withdrawn, previously rated B3, under review for upgrade

  EUR225 million Senior Secured Notes due 2020, Withdrawn,
  previously rated B3, under review for upgrade

RATINGS RATIONALE

Moody's has withdrawn EWOS's ratings because the company has
become a wholly owned subsidiary of Cargill on October 8, 2015.
Following the closing of the acquisition, all outstanding debt
obligations of EWOS have been either redeemed or cancelled. Please
refer to Moody's Investors Service's Policy for Withdrawal of
Credit Ratings, available on its website, www.moodys.com.

Headquartered in Norway, EWOS is a leading salmon feed producer,
with operations in the principal salmon farming markets of Norway,
Chile, Canada and Scotland. EWOS produces extruded pellets for
salmon (Atlantic salmon, coho salmon, rainbow trout and Chinook)
from marine raw materials (fish oil and fishmeal) and vegetable
protein products. The company posted total revenues of NOK11.6
billion (approximately EUR1.2 billion) for the fiscal year ended
December 31, 2014.

Cargill is engaged in the marketing and processing of
agricultural, industrial, and financial commodities. It operates
in 67 countries and markets its products primarily in
Asia/Pacific, Europe, South America, and North America. With over
US$120 billion in sales for the twelve months ended May 31, 2015,
Cargill is the largest privately held business in the US and one
of the largest companies in the US. The acquisition of EWOS adds a
complementary product line for salmon feed to Cargill's
aquaculture business, which has established global positions in
shrimp and tilapia feed.


NORYARDS FOSEN: To File Bankruptcy Petition in Fosen Court
----------------------------------------------------------
Offshore Shipping Online reports that Noryards Fosen shipyard in
Norway is petitioning for bankruptcy in a district court.

In a statement, the company said a petition for bankruptcy will be
delivered to the Fosen District Court as soon as possible,
Offshore Shipping Online relates.

The bankruptcy follows Boa IMR's recent decision to cancel a
contract for an IMR vessel that the yard was to build, Offshore
Shipping Online discloses.

According to Offshore Shipping Online, Calexco Sarl, Noryards
Fosen's owner, said it had entered into dialogue with the
co-owner of Boa IMR AS, Boa Offshore, to try to find a solution
but was unable to do so.

A petition for bankruptcy will be sent to the Fosen District
Court, Offshore Shipping Online relays.



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


TRANSAERO AIRLINES: Major Creditors File Bankruptcy Lawsuits
------------------------------------------------------------
The Moscow Times reports that major creditors of Russia's second-
biggest airline, Transaero, have begun to file lawsuits against
the company as it collapses under a RUR250 billion (US$4 billion)
debt pile.

Transaero's largest lenders had held back after a company-saving
takeover deal by Russia's flag carrier, Aeroflot, fell through
last month, The Moscow Times recounts.

But on Oct. 19, a bankruptcy suit by Alfa-Bank, one of Russian
largest lenders, was registered with the Arbitration Court in St.
Petersburg, The Moscow Times relays, citing the Interfax news
agency.  The news agency said the country's largest bank,
Sberbank, also filed a bankruptcy case against the company,
according to the news agency.

According to The Moscow Times, VTB Bank chief Andrei Kostin, as
cited by Interfax, said the bank, Transaero's largest creditor,
also plans a lawsuit against the airline.

OJSC Transaero Airlines is a Russian airline with its head office
in Saint Petersburg.  It operates scheduled and charter flights to
103 domestic and international destinations.


URALSIB BANK: Fitch Releases Corrected Press Release
----------------------------------------------------
Fitch Ratings issued a corrected to its rating release on Uralsib
Bank.

The announcement corrects the version that was published on
October 19, 2015. The previous version incorrectly stated that the
bank would likely be required to reclassify its perpetual debt to
Tier 2 capital from Tier in January 1, 2016. Management informed
Fitch that the bank recently made an amendment to respective loan
agreement allowing this to remain included in Tier 1 capital. As a
result, core Tier I and Tier I ratios are estimated to decrease by
around 1pp instead of 2pp in January 2016. However, this does not
change Fitch's conclusion that the bank faces the risk of
breaching the minimum ratios, in particular the 6% Tier I capital
ratio, absent of new capital contributions.

Fitch Ratings has downgraded Uralsib Bank's (UB) Long-term foreign
currency Issuer Default Rating to 'B-' from 'B' and Viability
Rating (VR) to 'b-' from 'b', and placed the ratings on Rating
Watch Negative (RWN).  Fitch has also downgraded UB's wholly-owned
subsidiary Uralsib Leasing Group's (ULG) Long-term IDR to 'RD'
(Restricted Default) from 'B'.

KEY RATING DRIVERS - UB'S IDRS, VR

The downgrade of UB's Long-term IDRs reflects both the downgrade
of its VR to 'b-' from 'b' and the downward revision of its
Support Rating Floor (SRF) to 'No Floor' from 'B'.  The downgrade
of the VR is driven by a further weakening of the bank's capital
position, asset quality and profitability metrics.  In Fitch's
view, it has become much more difficult for UB to achieve an
improvement in performance and capitalization and a meaningful
clean-up of its balance sheet from significant non-core/related-
party exposures due to a weaker operating environment.

The RWN on the ratings reflects Fitch's view of a significant
near-term risk of some form of resolution being imposed on the
bank, with the possibility that this could involve losses for some
senior creditors.  This in turn reflects uncertainty concerning
the ongoing review of the bank by the regulatory authorities.

UB's financial position and performance continued to weaken in
1H15 due to the more difficult operating environment.  The bank's
net interest margin contracted to 2% of average earning assets in
1H15 from 6% in 2014, as funding costs rose to 8% from 5%.  This
resulted in the pre-impairment loss widening to an annualized 4%
of average gross loans in 1H15 from 1% in 2014.  Loan impairment
charges increased to an annualized 6% of gross loans in 1H15 from
2% in 2014 as non-performing loans (overdue by more than 90 days)
rose to 15% of total loans from 11% during the same period partly
due to portfolio contraction.

The resultant net loss consumed around a third of the bank's Fitch
Core Capital (FCC), which fell to 5% of risk-weighted assets at
end-1H15 from 8% at end-2014.  UB's capital is further undermined
by its large non-core exposures, which are significantly
overvalued, in Fitch's view.  These include: (i) an indirectly-
owned equity interest in an insurance company SG Uralsib (SGU,
1.1x FCC at end-1H15); (ii) an indirectly owned real-estate
investment property (mostly land) (1x FCC); and (iii) related-
party exposures (0.5x FCC).

The shareholder made equity injections (mostly in the form of
interests in land owning companies) in July and August 2015,
totaling 1x end-1H15 FCC.  However, the benefits are mitigated by
the high valuation of the contributed assets and by the boost they
have given to UB's already sizeable stock of non-core assets.

UB's regulatory core Tier I and Tier I ratios of, respectively,
6.3% and 6.8% at end-3Q15 could reduce by around 1pp in January
2016 as a result of an annual 20% deduction of investment in SGU
from UB's core Tier I capital.  In addition, potential extra
provisions, as in 3Q15, may be required on UB's standalone
exposure to ULG (equal to 12% of Tier 1 capital at end-3Q15;
exposure in the form of convertible bonds).  As a result, the bank
faces the risk of breaching the minimum ratios, in particular the
6% Tier I capital ratio, absent of new capital contributions.

The bank's liquidity position is adequate with highly liquid
assets (cash, interbank placements and securities repo-able with
CBR), net of planned wholesale debt repayments until end-2015,
amounting to 20% of customer deposits at end-August 2015.
However, customer confidence is at risk from ongoing deterioration
of the bank's solvency, ULG's default and increased regulatory
scrutiny.

KEY RATING DRIVERS - UB'S SUPPORT RATING AND SUPPORT RATING FLOOR

The revision of the bank's Support Rating Floor to 'No Floor' from
'B' and the downgrade of its Support Rating to '5' from '4'
reflect Fitch's view that state support, which would be sufficient
to avert losses for senior creditors, has become more uncertain
and cannot be relied upon.  This reflects the absence of any
capital support for the bank to date, including under state
programs which other privately-owned banks have been able to
access, and the increased regulatory scrutiny of the bank.

KEY RATING DRIVERS - ULG'S RATINGS

The downgrade of ULG's Long-term IDR to 'RD' from 'B', and its
Support Rating to '5' from '4', follows the company's default on
USD60m of bank loans from a single counterparty and ULG's ongoing
negotiations on the restructuring of these obligations.

The downgrade of ULG's Long-term local-currency IDR to 'CCC' from
'B' reflects the company's weak standalone credit profile, and
that support from UB can no longer be relied upon, given the
default on the bank loans.

ULG has negative equity of RUB7 billion, which already includes
RUB6 billion of convertible local bonds held by UB as the internal
capital generation has been negative since 2010.
Near-term profitability prospects are further constrained by a
narrow net interest margin and an eroded franchise.

Although ULG had performing RUB5.5 billion operating leases at
end-3Q15, its RUB4 billion finance leases were of weak quality as
reflected by its NPLs and restructured exposures amounting to 41%
of total finance leasing portfolio at end-1H15.

At end-3Q15, ULG's rouble obligations amounted to RUB20 billion,
of which only RUB0.5 billion were reportedly owed to non-related
parties.  As of the middle of October 2015 the company had no
foreign currency obligations to third parties aside of the
defaulted bank loans.

RATING SENSITIVITIES

UB'S RATINGS

UB's VR and IDRs could be downgraded, potentially by more than one
notch, should asset quality, capitalization and core performance
deteriorate further, or if other significant risks arise as a
result of the regulatory review.  The bank's Support Rating, and
hence IDRs, could be upgraded in case of UB's acquisition by a
stronger institutional shareholder.

ULG'S RATINGS

ULG's Long-term local-currency IDR could be downgraded to 'RD' if
ULG fails to meet its obligations under its outstanding RUB bond.
The Long-term foreign currency IDR could be upgraded upon
completion of the debt restructuring, once information is
available on ULG's post-restructuring financial profile; however,
the rating would likely be low unless there are considerable
improvements in the company's solvency.

The rating actions are:

Uralsib Bank's ratings:

  Long term foreign currency IDR: downgraded to 'B-' from 'B';
   placed on Rating Watch Negative

  Short term foreign currency IDR: 'B'; placed on Rating Watch
   Negative

  Viability Rating: downgraded to 'b-' from 'b'; placed on Rating
   Watch Negative

  Support Rating: downgraded to '5' from '4'

  Support Rating Floor: revised to 'No Floor' from 'B'

Uralsib Leasing Group's ratings:

  Long term foreign currency IDR: downgraded to 'RD' from 'B'

  Short term foreign currency IDR: downgraded to 'RD' from 'B'

  Long term local currency IDR: downgraded to 'CCC' from 'B'

  Support Rating: downgraded to '5' from '4'



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


ENCE ENERGIA: Moody's Assigns (P)Ba3 Rating to EUR250MM Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating to
the issuance of EUR250 million senior unsecured notes due 2022 to
be issued by ENCE Energia y Celulosa, S.A. ("ENCE") and guaranteed
by various group subsidiaries. The outlook on the rating is
stable.

The proceeds from the issuance will be used to refinance the
existing EUR225 million senior secured notes callable in October
2018.

Moody's issues provisional ratings for debt instruments in advance
of the final sale of securities or conclusion of credit
agreements. Upon a conclusive review of the final documentation,
Moody's will endeavor to assign a definitive rating to the
envisaged debt instrument. A definitive rating may differ from a
provisional rating.

RATINGS RATIONALE

The proposed EUR250 million senior unsecured guaranteed notes will
be issued by ENCE Energia y Celulosa, S.A., the ultimate parent of
the ENCE Group and top company of the restricted group. ENCE
Energia y Celulosa, S.A. will also be the borrower under a EUR90
million unsecured Revolving Credit Facility (together restricted
debt), both of which rank pari passu and enjoy guarantees from
material subsidiaries within the restricted group accounting for
the equivalent 72.2% of consolidated group assets, 86.5% of
consolidated group revenues and 49.3% of consolidated group
EBITDA, as defined by ENCE's draft Offering Memorandum.

The provisional (P)Ba3 rating for the unsecured notes is in line
with the Ba3 corporate family rating (CFR). While Moody's
considers the effectiveness of the ring-fencing of the restricted
group as weak (EUR63.3 million inter-company loan from ENCE
Energia y Celulosa , S.A to entities of the unrestricted group,
which consists of its energy assets, and ability to reinvest
EUR75.9 million of assets held for sale from the restricted group
into the unrestricted group), we note that creditors of the
unrestricted group only have security over 27.8% of consolidated
group assets. Hence Moody's has modelled the EUR135 million of
unrestricted debt as senior secured claims, and therefore
contractually ranking ahead of the senior unsecured bonds, albeit
with a material deficiency claim. As a result the recovery rate of
senior unsecured creditors of the restricted group is only 47%
(i.e. 3 percentage points lower than the family recovery rate of
50%) but not sufficient to lead to a notching of the notes.

RATINGS RATIONALE -- CORPORATE FAMILY RATING

ENCE's Ba3 CFR is constrained by (i) the fairly small scale when
compared to peers as indicated by sales of EUR662 million in the
last twelve months ending June 2015 and limited geographic
diversification; (ii) a highly focused product portfolio on pulp
production; (iii) the inherent volatility of the industry with
pulp being one of the most volatile commodities in the forest
products industry in terms of demand and pricing. Moody's expects
continued pricing pressure for pulp due to periods of oversupply.

Conversely, the Ba3 corporate family rating is supported by (i)
ENCE's position in the production of hardwood pulp in Europe, with
a solid focus on the rather stable tissue end market; (ii) its
long-term debt maturity profile, (iii) its expected relatively low
financial gross leverage of below 3.5x by year end 2015 as well as
(iv) its solid liquidity position to support management's
continuing recovery plan to competitiveness. Despite its immediate
adverse effects on ENCE's business profile, the approval and
retrospective implementation of the new regulatory framework for
sources of renewable energy, cogeneration and waste, has removed
any remaining uncertainties regarding ENCE Group's electricity
generation facilities, eliminating greater performance
fluctuations in the medium-term.

WHAT COULD CHANGE THE RATINGS UP

ENCE's ratings could be upgraded if (1) ENCE continues to
successfully execute its recovery plan of competitiveness
including cost management, efficiencies and a restructured product
mix leading to a sustainable improvement of credit metrics
including (1) consistent positive free cash flow; (2) consolidated
adjusted gross debt/EBITDA being reduced to below 3.0x and (3)
RCF/gross Debt around 20%, through the cycle.

WHAT COULD CHANGE THE RATINGS DOWN

ENCE's ratings could be downgraded if (1) FCF generation is
negative for a prolonged period of time; (2) if adjusted gross
debt/EBITDA moves above 4x and RCF/ gross Debt trending towards
the low teen percentages. Consistent deterioration of liquidity
could also be a negative factor.

The principal methodology used in this rating was Global Paper and
Forest Products Industry published in October 2013. Please see the
Credit Policy page on www.moodys.com for a copy of this
methodology.

With sales of EUR662 million in the last twelve months ending June
2015, ENCE, headquartered in Spain, is a European producer of
hardwood pulp with sizable alternative energy operations in Spain.
Following the closure of its Huelva pulp mill operations, ENCE has
production capacities of about 940k tonnes p.a. of bleached
eucalyptus kraft pulp at two mills in Spain as well as Biomass
cogeneration (lignin) operations that allow the pulp business to
be run broadly energy self- sufficient (accounting for
approximately 86,5% of group sales). The group's pulp business is
part of the restricted group according to the bond and loan
documentation. In its energy business, which encompasses the
unrestricted group, the group operates three independent energy
generation facilities with an installed capacity of approximately
111MW. ENCE also has substantial forestry operations in Iberia.


ENCE ENERGIA: S&P Assigns 'BB-' Rating to Proposed EUR250MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue rating
to the proposed EUR250 million senior unsecured notes due 2022 to
be issued by Spanish pulp and electricity producer ENCE Energia y
Celulosa, S.A. (ENCE SA).  At the same time, S&P assigned its
recovery rating of '4' to the proposed notes, reflecting its
expectation of average (30%-50%) recovery for noteholders in the
event of a payment default.  Recovery prospects are in the lower
half of the range.

RECOVERY ANALYSIS

   -- S&P is assigning a 'BB-' issue rating to the proposed
      EUR250 million senior unsecured notes due 2022 to be issued
      by ENCE Energia y Celulosa, S.A. (ENCE SA).  S&P is also
      assigning its recovery rating of '4' to the proposed notes,
      reflecting its expectation of average (30%-50%) recovery
      for noteholders in the event of a payment default.  The
      notes are expected to be guaranteed by ENCE SA's
      subsidiaries (Pulp business), while Celulosa Energeia,
      S.A.U. and ENCE Energeia, S.A.U. (Energy business) will be
      stripped out of the restricted group.

   -- S&P's recovery rating on the proposed notes assumes that
      ENCE SA will use the proceeds of the issuance to fully
      repay the existing EUR225 million senior secured notes due
      2020. S&P will withdraw the 'BB-' and '4' issue and
      recovery ratings on these notes upon their repayment.

   -- S&P's rating on the proposed senior unsecured notes is
      supported by ENCE's valuation as a going concern.  The
      rating is constrained, however, by the notes' structural
      subordination to a significant amount of prior-ranking
      liabilities, including several factoring facilities and
      bilateral loans, their unsecured nature, and the weak
      documentation.  S&P views the documentation of the proposed
      unsecured notes as weak, as additional debt would only be
      limited by a minimum 2.5x incurrence-based interest
      coverage covenant.  The company has the flexibility to
      incur prior-ranking debt of up to EUR30 million within its
      permitted liens basket; 0.5x non-guarantor's EBITDA of
      prior-ranking debt within its non-guarantor debt basket;
      and up to EUR30 million of priority liabilities, including
      finance leases and mortgage financings, without complying
      with its covenants.  Additionally, EUR80 million of new
      pari passu debt can be incurred through its general basket,
      which S&P views as another negative.  The unsecured EUR90
      million RCF can be increased by EUR10 million, within the
      EUR100 million permitted credit facility basket.  Dividend
      payments are, however, expected to be limited to a maximum
      of 5% of market capitalization as long as total net
      leverage is below 2.5x.

   -- Because the proposed recovery rating is in the lower half
      of the '4' range, any incurrence of additional prior
      ranking liabilities, or financial liabilities ranking pari
      passu with the unsecured notes, could negatively affect the
      issue rating.

   -- S&P's hypothetical default scenario would most likely be
      triggered by a drop in pulp prices in an economic downturn,
      combined with unfavorable regulatory changes that would
      undermine profitability of the energy business.  Under this
      scenario, the company's earnings and operating margins
      would materially decline, leading to a payment default in
      2019.

   -- S&P values the company as a going concern given its solid
      market position as a major European eucalyptus pulp
      producer and its stable customer base.  In S&P's analysis,
      it excludes the forecast EBITDA and project finance debt of
      the biomass subsidiaries because we understand that this
      debt is ring-fenced, with no cross-default provision
      linking it to the notes.

Simulated default assumptions

   -- Year of default: 2019
   -- EBITDA at default: about EUR60 million
   -- Implied enterprise value multiple: 5.0x
   -- Jurisdiction: Spain

Simplified waterfall

   -- Gross enterprise value at default: about EUR300 million
   -- Priority liabilities (administrative costs and priority
      claims): EUR188 million
   -- Net value available to creditors: EUR112 million
   -- Unsecured debt claims*: about EUR336 million
   -- Recovery expectations: 30%-50% (lower half of the range)

* All debt amounts include six months' prepetition interest. RCF
assumed to be 85% drawn at default.


HC INVESTMENTS: Moody's Assigns B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned the B2 corporate family rating,
the B2-PD probability of default rating and stable outlook to HC
Investments S.a.r.l. At the same time the B2 corporate family
rating, the B2-PD probability of default rating and stable outlook
at IDCSalud Holding S.L.U. have been withdrawn.

RATINGS RATIONALE

The action reflects the change in the company's reporting
entity -- HC Investments, which is also the top entity in the
restricted group for the rated facilities.

Outlook

The stable outlook reflects our expectation that, in line with
earnings growth, the delivery of synergies, the full year impact
of Ruber and other smaller acquisitions, and some debt
amortization, metrics will become well positioned for the rating
category over the coming 12-18 months.

What Could Change the Rating -- UP

Positive rating pressure would be considered if the leverage
metric, including the shareholder loan, were to fall to below
6.0x, which we believe will likely depend on the Company's
financial policies.

What Could Change the Rating -- DOWN

Downgrade pressure would likely occur if synergies anticipated
from the acquisitions made were not to materialize, resulting in
weaker than expected operating performance such that the Moody's
gross leverage metric, including the shareholder loan, were to
remain at above 7.0x, or on concerns surrounding liquidity.

Headquartered in Madrid, HC Investments (IDCSalud) is the leading
private operator of hospitals in Spain with pro-forma revenues of
EUR1.75 billion in 2014. With a staff of c. 30,000 employees, it
manages over 40 hospitals and a number of clinics and care homes
throughout Spain, with a presence in cities including Madrid,
Barcelona, Valencia, Sevilla, Zaragoza, Palma de Mallorca and
Malaga.


OBRASCON HUARTE: Two Units Declared In Liquidation
--------------------------------------------------
Reuters reports that Obrascon Huarte Lain SA said its insolvent
units Aeropistas SLU and Autopista Eje Aeropuerto Concesionaria
Espanola SAU have been declared in liquidation.

Headquartered in Madrid, OHL is one of Spain's leading
construction/concessions groups.  The company owns a 56.14% equity
stake in OHL Mexico, a large concessions operator in Mexico, and a
13.93% equity stake in Spanish infrastructure operator Abertis.
In 2014, OHL reported sales of EUR3.7 billion and EBITDA of
EUR1.1 billion.

As reported in the Troubled Company Reporter-Europe on Oct. 13,
2015, Moody's Investors Service has confirmed the B1 corporate
family rating and B1-PD probability of default rating of Obrascon
Huarte Lain S.A.  In addition, Moody's has confirmed the B1
ratings on the group's senior unsecured debt instruments.
Concurrently, Moody's changed the outlook for OHL's ratings to
stable.  This concludes the review of the rating that was
initiated on May 12, 2015.


VALENCIA HIPOTECARIO 2: Moody's Hikes Cl. C Notes Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service has today taken rating actions on eight
Spanish residential mortgage-backed securities (RMBS)
transactions.

Specifically, Moody's has upgraded fourteen notes, downgraded one
note and affirmed five notes.

RATINGS RATIONALE

The rating upgrades reflect (1) deleveraging of the transactions
and (2) the improvement of key collateral assumptions for four
transactions.

The rating downgrade reflects a deterioration in the credit
enhancement available since the last review.

The rating affirmations reflect that the current credit
enhancement available is commensurate with the current ratings.

-- DELEVERAGING OF TRANSACTIONS

Repayment of principal collections has contributed to increase
credit enhancement. In addition increased excess spread has
contributed to reduce the level of the principal deficiency ledger
(PDL) in FTA Santander Hipotecario 2 and BBVA RMBS 1, FTA or to
replenish gradually the reserve fund in Valencia Hipotecario 2,
FTH.

-- CHANGES IN KEY COLLATERAL ASSUMPTIONS

"We have reduced our lifetime loss expectations as a percentage of
the original pool balance in UCI 5, FTH to 0.15% from 0.20%, in
UCI 6, FTA to 0.20% from 0.26%, in TdA Ibercaja ICO-FTVPO, FTH to
1.14% from 2.4% and in FTA Santander Hipotecario 2 to 3.39% from
4%."

"Additionally we have decreased the MILAN CE assumptions in TDA
Ibercaja ICO-FTVPO, FTH to 7.5% from 12.5% and in FTA Santander
Hipotecario 2 to 20% from 25%."

Moody's collateral performance outlook for Spanish RMBS remains
stable. The recent favorable economic conditions are being
reflected in a general improvement in terms of delinquencies among
the Spanish borrowers.

Due to reduced uncertainty in the sector, Moody's has removed the
additional stress analysis of key collateral assumptions.

-- DETERIORATION IN THE CREDIT ENHANCEMENT

In the case of GC Pastor Hipotecario 5, FTH there has been a
deterioration in the credit enhancement available since April
2013, when the last rating action took place. With the cumulative
defaults still increasing and with current level of excess spread,
the PDL has built up to EUR28.39 Million as of July 2015 from
EUR15.67 Million in the reporting date of March 2013. The
transaction historically performed worse that the average Spanish
RMBS rated by Moody's, partially explained by the presence in the
underlying pool at close of loans granted to small and medium
enterprises.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see Moody's Approach to Rating RMBS Using the MILAN
Framework for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors or circumstances that could lead to an upgrade of the
ratings are (1) performance of the underlying collateral that
exceeds Moody's expectations; (2) deleveraging of the capital
structure; and (3) improvements in the credit quality of the
transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings are (1) an increased probability of high loss scenarios
owing to a downgrade of the country ceiling; (2) performance of
the underlying collateral that does not meet Moody's expectations;
(3) deterioration in the notes' available CE; and (4)
deterioration in the credit quality of the transaction
counterparties.

LIST OF AFFECTED RATINGS

Issuer: BBVA RMBS 1, FTA

EUR1400M A2 Notes, Affirmed Aa2 (sf); previously on Feb 12, 2015
Upgraded to Aa2 (sf)

EUR495M A3 Notes, Upgraded to Aa2 (sf); previously on Feb 12, 2015
Upgraded to Aa3 (sf)

EUR120M B Notes, Upgraded to Ba1 (sf); previously on Feb 12, 2015
Upgraded to Ba2 (sf)

EUR85M C Notes, Affirmed Caa3 (sf); previously on Sep 24, 2014
Affirmed Caa3 (sf)

Issuer: FTA SANTANDER HIPOTECARIO 2

EUR1801.5M A Notes, Upgraded to Aa2 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)

EUR51.8M B Notes, Upgraded to A3 (sf); previously on Jan 23, 2015
Upgraded to Baa3 (sf)

EUR32.3M C Notes, Upgraded to Ba1 (sf); previously on Jan 23, 2015
Affirmed B2 (sf)

EUR49.8M D Notes, Affirmed Caa2 (sf); previously on Oct 20, 2014
Affirmed Caa2 (sf)

Issuer: GC PASTOR HIPOTECARIO 5, FTH

EUR492.8M A2 Notes, Downgraded to B1 (sf); previously on Apr 5,
2013 Downgraded to Ba2 (sf)

Issuer: TDA IBERCAJA ICO-FTVPO, FTH

EUR409.5M A (G) Notes, Upgraded to Aa2 (sf); previously on Jan 23,
2015 Upgraded to Aa3 (sf)

Issuer: RURAL HIPOTECARIO XI, FTA

EUR2113.1M A Notes, Upgraded to A1 (sf); previously on Jan 23,
2015 Affirmed Baa1 (sf)

EUR25.3M B Notes, Upgraded to Baa2 (sf); previously on Jan 23,
2015 Upgraded to Ba3 (sf)

EUR61.6M C Notes, Upgraded to B1 (sf); previously on Jan 23, 2015
Affirmed Caa1 (sf)

Issuer: UCI 5, FTH

EUR253M A Notes, Affirmed Aa2 (sf); previously on Jan 23, 2015
Upgraded to Aa2 (sf)

EUR12M B Notes, Upgraded to Aa2 (sf); previously on Jan 23, 2015
Upgraded to Aa3 (sf)

Issuer: UCI 6, FTA

EUR436.4M A Notes, Affirmed Aa2 (sf); previously on Jan 23, 2015
Upgraded to Aa2 (sf)

EUR20.6M B Notes, Upgraded to Aa3 (sf); previously on Jan 23, 2015
Upgraded to A2 (sf)

Issuer: VALENCIA HIPOTECARIO 2, FTH

EUR909.5M A Notes, Upgraded to Aa2 (sf); previously on Jan 23,
2015 Upgraded to Aa3 (sf)

EUR21.2M B Notes, Upgraded to A3 (sf); previously on Jan 23, 2015
Upgraded to Baa3 (sf)

EUR9.4M C Notes, Upgraded to Ba2 (sf); previously on Jan 23, 2015
Affirmed B3 (sf)



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


TRUSTBUDDY AB: Stockholm Court Grants Bankruptcy Application
------------------------------------------------------------
TrustBuddy AB filed for bankruptcy on Oct. 19, and the application
has been granted by the Stockholm District Court. Lars-Henrik
Andersson at Lindahl law firm has been appointed as receiver.  The
share will therefore be delisted.

Nasdaq OMX will announce additional details and information
regarding the delisting in a separate press release.

Lindahl law firm will communicate on the development of the
bankruptcy on www.lindahl.se/trustbuddy

Claims and documentation can be sent to trustbuddy@lindahl.se



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


CHERVONOHRAD FACTORY: Court Commences Bankruptcy Procedure
----------------------------------------------------------
Interfax-Ukraine reports that Minister of Energy and Coal Industry
of Ukraine Volodymyr Demchyshyn said at a press conference in Kyiv
a court has started the bankruptcy procedure of Lyiv-based
Chervonohrad enriching factory, the only factory of its kind in
western Ukraine, under the suit of the State Fiscal Service of
Ukraine.

He said that a shortage of 30,000 tonnes of coal owned by state
enterprise Lvivvuhillia, and 10,000 tonnes of coal owned by state
enterprise Volynvuhillia was recorded at the plant, and the
company owed UAH25 million to its staff, however state customers
have fully paid the plant, Interfax-Ukraine relates.

"There is a fundamental problem with the owners, who have being
underfunding the factory for a long time, there is also a problem
with its technical condition," Interfax-Ukraine quotes the
minister as saying.

The minister, as cited by Interfax-Ukraine, said he supports the
early completion of the plant's bankruptcy procedure or its return
to state ownership.

At present, the state owns 38% of shares in Chervonohrad enriching
factory, Interfax-Ukraine discloses.


UNICOMBANK PJSC: NBU Declares Bank as Insolvent
-----------------------------------------------
UNICOMBANK PJSC has been declared insolvent due to the total loss
of liquidity, reads NBU Board Resolutiono No. 704, dated
October 15, 2015.

Up until December 2014, UNICOMBANK PJSC was incorporated and
operated in Donetsk.  Then, in accordance with applicable laws and
regulations, it was re-incorporated outside the ATO area, in Lviv.
However, a substantial part of its assets and collateral were left
behind in Donetsk Oblast. The debtors have ceased servicing loans
and all inflows of funds to the bank have all but halted.

On October 6, 2015, UNICOMBANK PJSC was declared a problem bank.
Nonetheless, the bank's owners did not bother to take any measures
to support its liquidity, improve its financial standing and
remedy breaches of the NBU regulations.

According to statistical reporting submitted by the bank, zero
balances are held in the bank's correspondent account with the
NBU. The balance of cash was critically low and as of October 13,
2015, amounted to UAH80,000, or 0.01% of the bank's liabilities
and 2% of the customers' operations that the bank had failed to
execute. Thus, UNICOMBANK PJSC was unable to settle the creditors'
legal claims in due time and in full due to the lack of funds.

Pursuant to paragraph 3 of part 1 of Article 76 of the Law of
Ukraine On Banks and Banking, the Board of the National Bank of
Ukraine was obliged to declare this bank insolvent if the facts
have been revealed that the bank has failed to record in its
accounting records the customers' payment orders that have not
been executed by the bank in due time as prescribed by law
following the decision to declare the bank a problem bank.


* Ukrainian Banks' Ratings to Remain Weak, Fitch Says
-----------------------------------------------------
Ukrainian bank ratings are likely to remain at current weak levels
for the foreseeable future despite signs of some improvement in
the operating environment now that agreement to restructure USD18
billion of sovereign external debt has been reached, says Fitch
Ratings.

The country's three largest banks also restructured around
USD2.9 billion of debt owed to international creditors, easing
near-term liquidity risks.  Nonetheless, capital shortfalls for
the sector are considerable and capital adequacy ratios no longer
meet minimum requirements.  Viability Ratings assigned by Fitch to
Ukraine's banks are mostly in the 'ccc' level, indicating
substantial credit risk and likelihood of default.

Deposit trends are nevertheless becoming less negative, with
outflows slowing to 2.5% in 2Q15 against 8% in 1Q15 and a 22%
outflow reported by the sector in 2014, adjusted for exchange rate
effects.  Stabilization of the hryvnia since 2Q15 supports deposit
stability but confidence levels are low and deposit volatility is
likely to return if the exchange rate comes under renewed
pressure.  In Fitch's view, it could take several years before
deposit stability reverts to pre-crisis levels and pricing
normalizes.

Fitch believes capital will become further strained as unexpected
credit losses continue to surface.  Impaired loans have surged and
loan restructuring is widespread. Impaired loans, net of reserves,
totaled UAH95 billion (USD4.3 billion) at end-June 2015,
equivalent to 95% of sector equity.  In addition, risk weightings
increased due to substantial hryvnia depreciation, which inflates
the local currency equivalent of foreign currency assets, further
weakening capital ratios.

Recovery prospects are highly dependent on macro-economic
improvement but the operating environment is particularly weak.
Fitch forecasts GDP to contract by 10% in 2015, following
contraction of 6.8% in 2014.

The asset quality review and stress test being performed on the
country's 20 largest banks, which together represent 81% of sector
assets, are likely to uncover additional problem loans.
Regulators will have to agree bank recapitalization plans with
shareholders to reach targeted 5% capital adequacy ratios in 2016.
In the meantime, regulators are applying forbearance, allowing
lenders to continue to operate while in breach of solvency ratios
until end-2018.  Fitch expects a protracted solvency recovery,
driven by general shareholder reluctance to inject additional
capital into the failing banks.

Regulatory forbearance, cash withdrawal restrictions and exchange
controls are important elements that support the banking sector's
ability to function.  Fitch do not expect these measures to be
fully lifted in the foreseeable future.

Reaching agreement with creditors on USD18 billion of sovereign
bonds in August unlocked the inflow of IMF funding, part of a
USD40 billion assistance program.  Agreement still has to be
reached about how to restructure a USD3 billion bond owed to
Russia.

Ukraine's foreign currency issuer default rating was downgraded to
'Restricted Default' on Oct. 6, 2015.  Ukraine's ratings will be
upgraded shortly after Fitch determines that the exchange has been
successful.  The new rating will be consistent with Ukraine's
prospective credit profile and debt structure.



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


CAPARO INDUSTRIES: 15 Subsidiaries Enter Administration
-------------------------------------------------------
Caparo Industries plc is a Midlands and London headquartered
diversified industrial group.  CIP comprises approximately 20
individual business, which are active in UK steel and associated
engineering businesses.  Specific activities include the forging
and pressing of metal products for aerospace, automotive and other
industries.  It also produces fastenings, wire, tubes and other
accessories.

On Oct. 19, a team of Administrators, partners and directors from
PwC, were appointed Joint Administrators over the following
companies within the Caparo Industries group:

(1) Caparo Industries Plc (2) Caparo Engineering Ltd
(3) Caparo Steel Products Ltd
(4) Caparo Vehicle Products Ltd
(5) GW 957 Ltd
(6) Bridge Aluminium Ltd
(7) Material Measurements Ltd
(8) Caparo Precision Tubes Ltd
(9) Caparo Precision Strip Ltd
(10) Caparo Vehicle Technologies Ltd
(11) Caparo Tube Components Ltd
(12) Caparo Modular Systems Ltd
(13) Caparo Advanced Composites Ltd
(14) Caparo Accles & Pollock Ltd
(15) Caparo Tube Components 2 Ltd
(16) Caparo Atlas Fastenings Ltd

CIP is part of a global network of businesses under the Caparo
name, with operations in China, India and the US.  In addition to
steel, Caparo's global business is also involved in product
development, materials testing services, hotels, media, furniture
and interior design, financial services, energy and private equity
investment.

Other than the companies specifically listed above all other
business interests of Caparo are unaffected.

Specifically, three subsidiaries of Caparo Industries plc are not
in administration, these are Caparo Merchant Bar and Caparo India
(both UK entities) and Bomet SA (a Polish business), those
businesses continue to operate normally.


EQUINITI CLEANCO: Moody's Puts B2 CFR Under Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service placed all ratings of Equiniti Cleanco
Limited (Equiniti or the company) and its subsidiary under review
for upgrade, including the B2 corporate family rating (CFR) and
B2-PD probability of default rating (PDR) and B3 instrument rating
on the GBP440 million dual tranche senior secured fixed and
floating notes due 2018 issued by Equiniti Newco 2 plc.

RATINGS RATIONALE

The decision to place the ratings under review for upgrade follows
Equiniti's announcement on October 2, 2015, of its intention to
proceed with an initial public offering (IPO) on the regulated
market of the London Stock Exchange, as Equiniti Group Limited.
The listing Prospectus was issued on October 14, 2015. The total
size of the IPO is expected to result in a free float of more than
50% of the issued share capital and raise gross proceeds of
approximately GBP390 million (including a GBP75 million
subscription for new shares by Advent International Corporation).
The IPO proceeds, alongside a newly raised GBP250 million Term
Loan credit facility and GBP150 million Revolving credit facility,
will be used to repay Equiniti's outstanding GBP440 million dual
tranche senior secured fixed and floating notes due 2018, the
drawings under the existing GBP75 million Revolving credit
facility, the GBP159.5 million PIK facility borrowed by the
holding company, Equiniti PIKco Limited and to pay certain
transaction fees. On September 29, 2015, Equiniti received
commitment from banks for new credit facilities totalling GBP400
million, including a GBP250 million term loan due 2020 and a
GBP150 million revolving credit facility also due 2020, which will
be drawn up to GBP55.5 million at closing of the transaction. The
commitments under these new facilities are conditional upon
execution of the IPO.

The review will also evaluate the company's new ownership
structure and financial policy (including dividend policy expected
to be 30% of adjusted normalized profit after cash tax, to be paid
from May 2016) and strategic objectives.

Pro-forma for the transaction, Moody's adjusted leverage will
decrease to 3.9x from 6.0x based on LTM June 30, 2015 financials.
This lower pro-forma leverage is driven by the net reduction in
Equiniti's outstanding debt -- with the repayment of GBP440
million of existing notes and GBP62.5 million of Revolving credit
facility with the new GBP400 million Term and Revolving credit
facility package.

At this stage, Moody's anticipates that the CFR would likely be
upgraded by up to 2 notches to Ba3 if the IPO is executed as
expected.

Pro forma for the transaction, Equiniti will benefit from an
improved liquidity profile thanks to the upsizing of the general
corporate purpose Revolving Credit Facility to GBP150 million from
GBP75 million.

The existing PDR at B2-PD, in line with the CFR, reflects our
assumption of a 50% family recovery rate Given the post-IPO,
proforma bank debt structure, a 65% may be considered to be more
appropriate. This would result in a PDR one notch below the
assigned CFR. The new loan facility has a leverage covenant.

WHAT COULD CHANGE THE RATING -- UP/DOWN

Before placing the ratings under review, Moody's had indicated
that positive pressure on the rating could materialize if Equiniti
is able to reduce its Moody's-adjusted debt/EBITDA sustainably
below 5.0x, with Moody's-adjusted EBITDA minus capex coverage of
interest expenses above 2.0x.

Moody's would consider downgrading Equiniti's ratings if the
company's credit metrics do not improve in line with our
projections. This would include Moody's-adjusted debt/EBITDA not
falling sustainably towards 5.5x, or Moody's adjusted EBITDA minus
capex coverage of interest expenses falling sustainably towards
1.5x.

Headquartered in London (UK), Equiniti is a leading provider of
specialized business process outsourcing (BPO) services to private
and public sector clients in the UK.


IENERGIZER LIMITED: Moody's Cuts Credit Facility Ratings to Caa1
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior secured bank credit facility ratings of iEnergizer Limited
to Caa1 from B3.

The ratings outlook is negative.

This action concludes the review for downgrade initiated on July
30, 2015.

RATINGS RATIONALE

"The downgrade reflects iEnergizer's continuing tight covenant
headroom, and the resignation of its Executive Director, Sarah
Latham," says Kaustubh Chaubal, a Moody's Vice President and
Senior Analyst.

"Ms. Latham's unexpected resignation marks the third departure
from the company's board in less than 12 months, raising concerns
about the stability of the incumbent management team," adds
Chaubal, who is the Lead Analyst for iEnergizer.

Furthermore, the vacant CEO and CFO positions raise apprehensions
about the company's ability to attract talent. Departures in the
top management team at such frequent intervals are alarming,
especially at a time when the company needs to grow its business
amid a challenging operating environment.

"We expect iEnergizer to be increasingly dependent on its founder
Anil Aggarwal, who was recently appointed as an interim executive
director, although the absence of a succession plan is
concerning," continues Chaubal.

iEnergizer's results for the first quarter of the fiscal year
ending March 2016 were weak, with reported revenue of US$39.4
million, down 17% from last year. The company's reported EBITDA
was flat at US$7.4 million for the same quarter in the previous
year.

To comply with its leverage covenant debt/EBITDA of 3.35x at June
2015, iEnergizer raised US$1.7 million in August 2015, by issuing
fresh equity and deploying the proceeds to reducing its debt. This
marked the second equity cure in two consecutive months, following
a US$3.3 million equity cure in July 2015. Post-equity cures,
iEnergizer had leverage of 3.24x at June 2015.

The Caa1 rating reflects the tight covenant headroom. Failure to
cure breaches would result in an event of default, which, if
triggered, will result in the acceleration of repayment of its
bank facilities, which total $106 million at June 2015.

Moody's rating also reflects iEnergizer's inability so far to
relax its covenants. Its leverage covenant level tightens to 3.2x
at September 2015, 3.0x at December 2015 and then by five
additional basis points each quarter from March 2016 onwards until
stabilizing at 2.85x in September 2016 for the remainder of the
facility period.

Although Moody's estimate iEnergizer's reported debt to reduce to
less than US$100 million at September 2015, following the two
equity cures -- down from US$112 million in March 2015 and US$124
million in March 2014 -- weak operating performance will continue
to pressure ratings.

Pressure on ratings is further exacerbated by weak liquidity; it
had only a small cash balance of US$10.6 million at June 30, 2015,
and the company does not have a committed working capital
facility.

The negative outlook reflects weakness in the company's operating
performance, the narrow covenant headroom and Moody's concerns on
stability of the senior management team. The ratings could come
under further downward pressure if iEnergizer adopts an overly
aggressive acquisition policy.

The ratings could be downgraded if the company: (1) loses any
existing contract and/or is unable to replace such contracts; (2)
experiences a weakening operating performance such that the last
twelve month's EBITDA falls below $28-30 million; (3) sees cash
and cash equivalents fall below $10 million; or (4) requires
another equity cure within the next six months.

Upward ratings pressure is unlikely, given the negative outlook.
Moody's could stabilize the outlook, if the company: (1)
successfully renegotiates its bank facilities and relaxes its
covenants; (2) raises equity and applies proceeds towards debt
reduction, thus expanding covenant headroom; or (3) secures new
contracts, such that EBITDA grows to US$33-US$35 million per year.

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

iEnergizer Limited is an international business process
outsourcing company, incorporated in Guernsey. It is listed on the
London Stock Exchange's Alternative Investment Market. EICR Cyprus
Ltd., ultimately owned by Mr. Anil Aggarwal, the founder and
executive director of the company, holds 82.68% of iEnergizer.

iEnergizer is primarily engaged in the business of call center
operations, business process outsourcing services, content
delivery services and back office services.

With the Aptara acquisition in February 2012, iEnergizer expanded
its services to include provision of content process outsourcing
solutions, and delivery of a comprehensive offering for
transformation and management of text, audio, video and graphic
files content.

At March 31, 2015, 13,424 employees -- including subcontracted
staff -- worked for iEnergizer from delivery centers in India, the
US, UK, Mauritius, Australia and France. It reported revenues
totaling US$139 million during the year ended March 31, 2015 and
pre-tax income of US$8.6 million.


PENDRAGON PLC: Fitch Affirms 'B' IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed UK-based auto dealership group
Pendragon plc's Long- and Short-term Issuer Default Ratings at 'B'
and its senior secured rating at 'B+'.  The Outlook on the Long-
term IDR is Stable.  The agency has simultaneously withdrawn all
the ratings.

KEY RATING DRIVERS

Fitch has chosen to withdraw the ratings of Pendragon for
commercial reasons.



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


* European High Yield Corporate Bond Show Signs of Maturing
-----------------------------------------------------------
Fitch Ratings says the European high yield corporate bond market
is exhibiting signs of maturing following several years of banking
system de-leveraging and the "search-for-yield" in European fixed
income.  Notably, the rapid growth in 'highly speculative' single
'B' category issuance has slowed in 2015.  While default rates
remain low and Europe has little exposure to stressed commodity-
related sectors, recent market volatility, diverging global
monetary policy debates and the uncertain outlook for growth have
added greater complexity to the outlook for the asset class.

Credit selection, particularly in the 'highly speculative' cohort
of issuers rated 'B+' and below will be the key factor
distinguishing performance into 2016 and beyond.  Fitch releases
its latest EMEA Fitch 50, a compendium of 50 'B+' and below rated
EMEA high yield issuers to help market constituents understand and
interpret the elements that the agency considers when
differentiating credit profiles and assigning Issuer Default
Ratings.

Fitch has updated the bi-annual EMEA Fitch 50 to focus exclusively
on the 'highly speculative' 'B+' and below cohort of the European
high-yield corporate bond market.  Credits profiled include
leveraged buyouts, restructured credits, dividend-related
recapitalizations, highly-leveraged mid-market borrowers and
European champions in niche domestic and international sectors.
These represent the main sources of 'highly speculative' supply
and constitute a complex mix of business profiles and financing
structures.

This edition of the EMEA Fitch 50 includes an updated summary of
notch-specific factors that the agency believes will add
transparency to its approach to rating issuers at the lower end of
the rating scale.  These notch-specific factors, presented in
table form, complement Fitch's Corporate Sector Ratings
Navigators, which articulate the agency's approach to sector and
credit-specific distinctions by rating category from 'AAA' to
'CCC'.

Specifically, in Fitch's view the following factors drive notch-
specific outcomes at "highly-speculative" rating levels: business
model, execution risk in management's strategy, volatility of cash
flow, leverage and refinancing risk profile, governance and
financial policy, and liquidity.

The summary analysis of each "highly speculative" issuer profiled
in this report highlights its fundamental credit profile,
including peer analysis, and financial performance and credit
metric forecasts.  In addition the profiles include corporate
legal structure diagrams and Fitch's recovery tables listing
assumptions and expectations for various debt instruments within
the capital structure.

To provide further context for the relative positioning of issuers
to each other and increased transparency surrounding the actual
rating outcome, we have included issuer-specific Ratings
Navigators and summary single 'B' category analytical tables for
each of the key differentiating factors described above.


* BOOK REVIEW: The Financial Giants In United States History
------------------------------------------------------------
Author: Meade Minnigerode
Publisher: Beard Books
Softcover: 260 pages
List Price: $34.95
Order your personal copy today at http://is.gd/tJWvs2

The financial giants were Stephen Girard, John Jacob Astor, Jay
Cooke, Daniel Drew, Cornelius Vanderbilt, Jay Gould, and Jim Fisk.

The accomplishments of some have made them household names today.
But all were active in the mid 1800s. This was a time when the
United States, having freed itself from Great Britain only a few
decades earlier, was gaining its stride as an independent nation.
The country was expanding westward, starting to engage in
significant international trade, and laying the foundations for
becoming a major industrial power. Astor, Vanderbilt, Gould, and
the others played major parts in all these areas. During the Civil
War in the first half of the 1860s, some became leading suppliers
of goods or financiers to the Federal government.
Minnigerode's focus is the highlights of the life of each of the
seven. Along with this, he identifies each one's prime
characteristics contributing to his road to fortune and how his
life turned out in the end. Not all of the men managed to keep and
pass on the fortunes they amassed. They are seen a "financial
giants" not only because they made fortunes in the early days of
American business and industry, but also for their place in laying
out the groundwork for American business enterprise, innovation,
and leadership, and for the notoriety they had in their day.

Minnigerode summarizes the style or achievement of each man in a
single word or short phrase. Stephan Girard is "The Merchant
Banker"; Cornelius Vanderbilt, "The Commodore." "The Old Man of
the Street" summarizes Daniel Drew"; with "The Wizard of Wall
Street" summarizing Jay Gould. Jim Fisk is "The Mountebank."
Jay Cooke, "The Tycoon," was to be "known throughout the country
for his astonishingly successful handling of the great Federal
loans which financed the Civil War." After the War, one of the
leaders of the Confederacy remarked that the South was really
defeated in the Federal Treasury Department thus, even on the
enemy side, giving recognition to Cooke's invaluable work of
enabling the Federal government to meet the huge costs of the War.

After the War, having earned the reputation as "the foremost
financier in the country," Cooke became involved in many large
financial ventures, including the building of a railroad to link
the East and West coasts of America. In this railroad venture,
however, Cooke and his banking firm made a fatal misstep in
investing in the Northern Pacific railway. The Northern Pacific
turned out to be a house of cards. When Cooke's firm was unable to
meet interest payments it owed because of money it had put into
the Northern Pacific, the firm went bankrupt; and this caused
alarm in the stock market and financial circles.

The roads to wealth of the "financial giants" were not smooth.
Like others amassing great wealth, they had to take risks. The
tales Minnigerode tells are not only instructive on how
individuals have historically made fortunes in business and the
characteristics they had for this, but are also cautionary tales
on the contingency of great wealth in some circumstances. Jim
Fisk, for instance, a larger-than life character "jovial and quick
witted [who was also] a swindler and a bandit, a destroyer of law
and an apostle of fraud," was presumably killed by a former
business partner. Unlike Cooke and Fisk, Cornelius Vanderbilt and
John Jacob Astor built fortunes that lasted generations.

Vanderbilt -- nicknamed Commodore -- starting in the New York City
area, built ships and established domestic and international
merchant and passenger lines. With the government coming to depend
on these with the rapid growth of commerce of the period and the
Civil War for a time, Vanderbilt practically had monopolistic
control of private shipping in the U.S. Astor made his fortune by
developing trade and other business in the upper Midwest, which
was at the time the sparsely-populated frontier of America, rich
in natural resources and other potential with the Great Lakes and
regional rivers as a means for transportation.
Although the social and business conditions in the early and mid
1800s when the U.S. was in the early stages of its development
were unique to that period, by concentrating on the
characteristics, personalities, strategies, and activities of the
seven outstanding businessmen of this period, Minnigerode
highlights business traits and acumen that are timeless. His
sharply-focused, short biographies are colorful and memorable.
This author has written many other books and worked in the
military and government.


                            *********

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

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

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


                            *********


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

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

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

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

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

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


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