TCREUR_Public/151103.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

           Tuesday, November 3, 2015, Vol. 16, No. 217

                            Headlines

A U S T R I A

CATOIL AG: S&P Cuts Long-Term Corporate Credit Rating to 'B+'


B U L G A R I A

VIVACOM AD: Sale Expected This Month Following Loan Default


C Y P R U S

BANK OF CYPRUS: Fitch Puts 'B' Bond Rating on Watch Positive


F I N L A N D

SCF RAHOITUSPALVELUT: Fitch Assigns BB+ Rating to Class E Notes


G E R M A N Y

TELE COLUMBUS AG: S&P Lowers CCR to 'B', Outlook Stable


G R E E C E

ALPHA BANK: S&P Cuts Long-Term Counterparty Credit Rating to 'D'
TIM HELLAS: Two Buyout Groups Attend Hearing Over Collapse


I C E L A N D

KAUPTHING HF: November 24 Composition Proposal Voting Meeting Set


I T A L Y

CLARIS SME 2015: Fitch Assigns 'BB+sf' Rating to Class B Debt


L A T V I A

AIRBALTIC: Latvian Court Dismisses flyLAL's Asset Freeze Request


N E T H E R L A N D S

JUBILEE CLO 2015-XVI: S&P Assigns 'B-' Rating to Class F Notes


P O R T U G A L

LUSITANO MORTGAGE 2: Fitch Affirms 'BBsf' Rating on Class E Notes


R U S S I A

AGROINCOMBANK PJSC: Placed Under Provisional Administration
BANK RSKB: Liabilities Exceed Assets, Inspection Finds
BENEFIT-BANK CJSC: Placed Under Provisional Administration
BOGORODSKY MUNICIPAL: Placed Under Provisional Administration
JUST BANK: Placed Under Provisional Administration

LENTA LTD: Equity Placement is Credit Positive, Fitch Says
MURMANSK REGION: Fitch Affirms 'BB-/B' Issuer Default Ratings
UNITED NATIONAL: Liabilities Exceed Assets, Inspection Reveals


S P A I N

BBVA RMBS 10: S&P Lowers Rating on Class B Notes to BB
BBVA RMBS 11: S&P Lowers Rating on Class C Notes to 'B+'
IM FTGENCAT 2: Fitch Affirms 'CCsf' Rating on Class C Notes


U K R A I N E

INTERPIPE LIMITED: Fitch Affirms 'RD' Issuer Default Rating
MRIYA AGRO: Plans to Obtain Loan Under Restructuring Deal
UKRAINE: Russia Won't Participate in Debt Restructuring Talks


U N I T E D   K I N G D O M

GLOBO PLC: S&P Lowers Long-Term Corporate Credit Rating to 'CCC'
WINDERMERE XI: Fitch Cuts Class B Debt Rating to 'Dsf'


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A U S T R I A
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CATOIL AG: S&P Cuts Long-Term Corporate Credit Rating to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Austria-registered oilfield services provider
C.A.T. oil AG (CAToil) to 'B+' from 'BB' and the Russia national
scale rating to 'ruA+' from 'ruAA'.  S&P removed these ratings
from CreditWatch with negative implications, where it placed them
on Dec. 24, 2014.

S&P affirmed the 'B' short-term corporate credit rating.

S&P subsequently withdrew all its ratings on CAToil at CAToil's
request.

The outlook at the time of withdrawal was stable.

The rating actions reflect S&P's view that the change in CAToil's
shareholder structure will put pressure on CAToil's credit
metrics.  While S&P currently do not treat the debt at Joma
Industrial Source Corp. (Joma), the new key shareholder, as
CAToil's liability, S&P sees a risk that the change of ownership
could translate into materially higher dividend distributions in
the future.  S&P understands that CAToil is Joma's main asset and
will be the primary source of repayment of up to EUR400 million of
debt at Joma.

In addition, S&P sees a risk that all or part of Joma's debt could
be pushed down to CAToil, as S&P understands that Joma has full
control over CAToil.  S&P understands that Joma dominates CAToil's
board of directors and that CAToil's corporate governance does not
offer any protection.

S&P continues to view CAToil's financial risk profile as "modest"
under S&P's base-case scenario, reflecting the forecast that the
company will maintain its strong credit metrics on a stand-alone
basis, as the somewhat lower absolute measures are compensated by
the company's updated and limited capital expenditure plan and
currently lower dividend payments.

That said, in S&P's base-case scenario, it assumes that:

   -- CAToil's margins will stay comfortably above 20%;

   -- The dividend payment for 2014 (EUR5.9 million paid in the
      first half of 2015) is low, and the management has stated
      that dividend payments will remain at pre-acquisition
      levels from 2016; and

   -- Significantly reduced capital expenditures will remain
      close to maintenance levels, given current market
      conditions.

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

   -- Funds from operations to debt of above 60%;
   -- Debt to EBIDTA of below 1.5x; and
   -- Neutral to positive free operating cash flow.

CAToil's business risk profile remains unchanged at "weak,"
reflecting S&P's view of CAToil's small scale and limited
diversity of operations in Russia and Kazakhstan, and the cyclical
and competitive nature of oilfield services industry.  S&P also
notes the company's relatively concentrated customer base.  These
weaknesses are partly offset by the company's modern and
technologically advanced fleet, its sidetrack drilling, and
longstanding business relationships with Russian major oil and gas
groups.

The stable outlook at the time of withdrawal reflected S&P's
expectation of CAToil's robust stand-alone operating performance
and S&P's view that the risk of potential negative shareholder
influence on the company's metrics was sufficiently captured by
its revised financial policy assessment.


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B U L G A R I A
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VIVACOM AD: Sale Expected This Month Following Loan Default
-----------------------------------------------------------
Tsvetelia Tsolova at Reuters reports that a deal to sell Vivacom
is likely to be concluded this month.

VTB Capital, the investment-banking arm of Russia's second largest
bank VTB, launched the sale of the company following a default on
a EUR150 million (US$164.45 million) bridge financing loan to an
indirect holding company of Vivacom, Reuters relates.

VTB Capital has said it has hired an advisory firm for the sale,
Reuters relays.  Two independent sources confirmed the Luxembourg
unit of Ernst & Young would handle the process, Reuters notes.

According to Reuters, one source said four bidders had expressed
initial interest in taking over Vivacom and a deal was likely to
be reached by the end of November.  A second source, as cited by
Reuters, said the process is advanced and a deal can be expected
by mid-November.

VTB Capital was able to launch the sale process as it is a
facility and security agent for a bridge financing loan that was
given to InterV, a Luxembourg-based indirect holding company of
Vivacom, and on which a payment default occurred in May, Reuters
states.

The loan was secured by 100% of the shares of InterV, so the
shares went to VTB Capital after the default, Reuters discloses.

Vivacom AD is a Bulgarian phone company.



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C Y P R U S
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BANK OF CYPRUS: Fitch Puts 'B' Bond Rating on Watch Positive
------------------------------------------------------------
Fitch Ratings has placed Bank of Cyprus Public Company Ltd's (BoC,
CCC/C, Viability Rating: ccc) EUR650 mil. covered bonds' 'B'
rating on Rating Watch Positive (RWP).

The rating action follows Fitch's upgrade of the Cypriot sovereign
Issuer Default Rating (IDR) to 'B+' from 'B-' and the revision of
the Country Ceiling to 'BB+' from 'BB-'.  As a consequence of the
upgrade of the sovereign IDR, Fitch will review the base rating
spread levels (RSL) for Cypriot residential mortgage loans, which
will be applied in the cash flow analysis for BoC covered bond
program.

Fitch expects to resolve the RWP before year end.

KEY RATING DRIVERS

The RWP reflects the potential upside for the covered bond rating
that would follow a downward revision of the RSL for pools of
Cypriot residential mortgages, which currently stand at 1500bps in
a 'B' rating scenario.

BoC's covered bonds have a conditional pass-through amortization
profile.  Fitch uses the RSL assumptions, added to its interest
rate stresses, in addition to other assumptions such as credit
losses from the cover pool, to derive the net present value of the
cover pool, should the covered bonds default in a 'B' scenario.  A
reduction of the RSL would be reflected in a higher value of the
mortgage cover assets, which would translate into a lower level of
breakeven over-collateralization (OC) for a given rating.

The 'B' rating is currently based on BoC's 'CCC' IDR, an unchanged
IDR uplift of 1, an unchanged Discontinuity Cap (D-Cap) of 8
notches (Minimal Discontinuity) and the 47% committed OC, which
provides more protection than the 31% 'B' breakeven OC.  This
breakeven OC tests for recovery given default of at least 71% in a
'B' stress scenario.  The OC that the issuer commits to does not
sustain timely payments above the 'CCC+' tested rating on a
probability of default basis, given by the IDR as adjusted by the
IDR uplift, which is also the floor for the covered bonds rating.

RATING SENSITIVITIES

All else being equal, the RWP on the 'B' rating of the covered
bonds issued by Bank of Cyprus Public Company Ltd will be resolved
with an upgrade if the 47% committed over-collateralization (OC)
would provide enough protection to absorb losses from a stressed
valuation of the cover pool under the revised RSL assumptions.
Otherwise the 'B' rating will be affirmed.

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



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F I N L A N D
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SCF RAHOITUSPALVELUT: Fitch Assigns BB+ Rating to Class E Notes
---------------------------------------------------------------
Fitch Ratings has assigned SCF Rahoituspalvelut I Designated
Activity Company final ratings:

  EUR 338.7 mil. Class A: 'AAAsf'; Outlook Stable
  EUR 27.2 mil. Class B: 'AAsf'; Outlook Stable
  EUR 5.8 mil. Class C: 'A+sf'; Outlook Stable
  EUR 3.8 mil. Class D: 'A-sf'; Outlook Stable
  EUR 6.6 mil. Class E: 'BB+sf'; Outlook Stable
  EUR 7.3 mil. Class F: Not rated

The transaction is a securitization of auto loan receivables
originated to Finnish individuals and companies by Santander
Consumer Finance Oy (SCF Oy), a 100% subsidiary of Norway-based
Santander Consumer Bank AS, which is a 100% subsidiary of
Santander Consumer Finance, S.A. (A-/Stable/F2).

KEY RATING DRIVERS

Sound Receivables Performance

Default rates have improved significantly since SCF Oy started
originations in 2007.  In Fitch's view, this is due to improved
economic conditions and origination practices.  Fitch set a
default rate assumption of 1.75%, also taking into account the
continued sound performance of previous comparable transactions
from this originator.

Fitch has maintained the high stress default multiple of 7.0x for
'AAAsf', which reflects the presence of balloon payments, together
with the lower default base case and fairly late default
definition.

High Recoveries

The recoveries achieved by SCF Oy are among the highest for rated
European auto ABS.  Fitch has used a recovery assumption of 70%,
which was stressed with a high recovery haircut of 60% for
'AAAsf'.  The high haircut reflects a small used car market and a
reliance on the government vehicle valuation mechanism in
determining the value of repossessed vehicles.

Liquidity Coverage

A liquidity reserve provides adequate liquidity coverage to the
class A and B notes.  Class C and below do not benefit from the
reserve, which means timely payment of interest on the notes may
not be achieved in the case of a servicing disruption,
constraining their highest achievable rating to 'A+sf'.

Stable Asset Outlook

Fitch's forecast for the Finnish economy is a modest return to
growth in 2015, following three years of contraction.
Unemployment, which is considered a key driver of asset
performance, is expected to peak at 9.5% in 2015, followed by a
gradual improvement in 2016 and 2017.  The agency nevertheless
expects stable auto loan performance in Finland.

RATING SENSITIVITIES

Expected impact on the notes' rating of increased defaults
   (class A/B/C/D/E):

  Current ratings: 'AAAsf'/'AAsf'/'A+sf'/'A-sf'/'BB+sf'

  Increase default base case by 10%: 'AAAsf'/'AA-sf'/'Asf'/
   'A-sf'/'BB+sf'

  Increase default base case by 25%: 'AAAsf'/'A+sf'/
   'A-sf'/'BBB+sf'/'BB+sf'

  Increase default base case by 50%:
  'AA+sf'/'Asf'/'BBB+sf'/'BBBsf'/'BB+sf'

Expected impact on the notes' rating of reduced recoveries (class
A/B/C/D/E):

  Current ratings: 'AAAsf'/'AAsf'/'A+sf'/'A-sf'/'BB+sf'

  Reduce recovery base case by 10%: 'AAAsf'/'AAsf'/'A+sf'/
   'A-sf'/'BB+sf'

  Reduce recovery base case by 25%:
  'AAAsf'/'A+sf'/'Asf'/'BBB+sf'/'BB+sf'

  Reduce recovery base case by 50%:
  'AAAsf'/'A+sf'/'BBB+sf'/'BBBsf'/'BB+sf'

Expected impact on the notes' rating of increased defaults and
   reduced recoveries (class A/B/C/ D/ E):

  Current ratings: 'AAAsf'/'AAsf'/'A+sf'/'A-sf'/'BB+sf'

  Increase default base case by 10%; reduce recovery base case by
   10%: 'AAAsf'/'A+sf'/'Asf'/'BBB+sf'/'BB+sf'

  Increase default base case by 25%; reduce recovery base case by
   25%: 'AAAsf'/'Asf'/'BBB+sf'/'BBBsf'/'BB+sf'

  Increase default base case by 50%; reduce recovery base case by
   50%: 'AAsf'/'BBBsf'/'BB+sf'/'BBsf'/ B+

DUE DILIGENCE USAGE

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

DATA ADEQUACY

Fitch conducted a review of a small targeted sample of SCF Oy's
origination files and found the information contained in the
reviewed files to be of adequate consistency with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio.  In addition, Fitch has received
a third party Agreed-Upon Procedures (AUP) report.  Fitch
considers the information relied upon for its rating analysis to
be adequate and the available data to be sufficiently robust
relative to its materiality to the rating.



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G E R M A N Y
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TELE COLUMBUS AG: S&P Lowers CCR to 'B', Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on German cable operator Tele Columbus AG to 'B'
from 'B+'.  The outlook is stable.

S&P also lowered its issue rating on the company's existing EUR935
million senior secured facilities to 'B' from 'B+'.  This debt
includes the company's EUR810 million of term loans, a EUR75
million capital expenditure facility, and a EUR50 million
revolving credit facility (RCF).  Furthermore, S&P assigned its
'B' issue rating to the company's proposed EUR320 million
incremental senior secured facility.  The recovery rating on all
of Tele Columbus' senior secured facilities is '3', indicating
S&P's expectation of meaningful recovery in the event of a payment
default, in the lower half of the 50%-70% range.

At the same time, S&P lowered its issue rating on the second-lien
facility to 'CCC+' from 'B-', with a recovery rating of '6',
indicating its expectation of negligible (0%-10%) recovery in the
event of a payment default.

The downgrade reflects S&P's expectation that the targeted gross
proceeds of Tele Columbus' EUR383 million rights issue are
unlikely to be sufficient to reduce leverage toward 5x by the end
of 2016 as S&P had anticipated in its previous base case, despite
solid EBITDA growth.  Tele Columbus is planning to use the
proceeds to fund the pending acquisition of pepcom for a cash
consideration of EUR505 million and to retire part of the debt
issued for the completed acquisition of primacom with a purchase
price of EUR717 million.

S&P's assessment of Tele Columbus' "fair" business risk is
supported by the company's enhanced scale and market position in
Germany after the acquisitions of primacom and pepcom.  The
acquisitions increase the company's number of homes connected to
about 3.6 million compared with about 1.7 million for Tele
Columbus on a stand-alone basis, and expand the company's share of
the market for cable TV with housing associations.  S&P also sees
potential that the combined entity could benefit from modestly
lower competition in areas where the companies' footprints
overlap.  Furthermore, S&P expects that Tele Columbus will be able
to unlock some cost synergies as it merges operations and overhead
functions across the three businesses.  In S&P's view, the
business risk of the combined company is constrained by the need
for substantial capital expenditures for network upgrades as a
prerequisite for reducing the reliance on third-party backbone
networks and as a means to increase the penetration of bundled
services in the customer base.  In addition, the geographic
diversification of Tele Columbus' operations is confined to
certain parts of Germany.

"One of the pivotal factors in our assessment of Tele Columbus'
"highly leveraged" financial risk profile is the company's high
leverage, which we now think will decline much more gradually than
we previously anticipated, despite solid EBITDA growth.  We
previously assumed that the rights issue would generate more
meaningful surplus proceeds and that these would be applied toward
debt reduction, in particular to pay down a substantial part or
all of the second-lien debt of EUR139 million.  Tele Columbus
intends to use most of the targeted proceeds to repay the EUR125
million equity bridge loan issued for primacom and to fund the
pepcom acquisition, while the down-payment on the second-lien will
be limited to EUR22 million.  Another weakness for Tele Columbus'
financial risk is its weak near-term cash flow metrics, with
expected negative free operating cash flow (FOCF) for the combined
entity in 2015 and 2016.  This is mainly the result of the
company's investments in Tele Columbus', primacom's, and pepcom's
networks," S&P said.

"Our stable outlook on Tele Columbus reflects our expectation that
the company will successfully integrate primacom and pepcom and
continue to successfully execute its network investment program,
contributing to mid-single-digit revenue growth and rising EBITDA
margins over the next 12-24 months.  We think this will allow Tele
Columbus to reduce its Standard & Poor's-adjusted debt to EBITDA
to sustainably below 6x by the end of 2016 and to support a return
to positive FOCF in 2017," S&P said.

S&P could lower the rating if Tele Columbus faced increasing
operating weaknesses accompanied by sustained negative FOCF,
mounting liquidity concerns including pressure on covenant
headroom, or if adjusted debt to EBITDA exceeded 6.5x on a
sustainable basis.

S&P could raise the rating if Tele Columbus manages to strengthen
adjusted debt to EBITDA to sustainably below 5x and FOCF toward 5%
of adjusted debt, for example due to better-than-expected
operating performance or additional leverage reduction measures.



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ALPHA BANK: S&P Cuts Long-Term Counterparty Credit Rating to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Greece-based Alpha Bank to 'D'
from 'SD'.

S&P also lowered its issue ratings on the bank's senior unsecured
debt to 'D' from 'CCC-' and our subordinated debt ratings to 'D'
from 'C'.

The downgrades follow Alpha's announcement on Oct. 28 of the
launch of a tender offer to exchange securities from holders of
its additional Tier 1 (AT1) debt, Tier 2 debt, and senior debt
instruments with either cash or equity.  This constitutes a
"distressed exchange" under S&P's criteria because it implies that
investors will receive less value than the promise of the original
securities.  This is because the issuer offers to exchange the
securities for an instrument of lower ranking in the issuer's
capital structure and/or pay a significant discount in case of a
cash exchange.  Additionally, S&P thinks the offer is not purely
opportunistic, according to its criteria, given the financial
position of the bank.

Therefore, following the launch of the offer, and taking into
account the capital controls which are still in place in Greece,
S&P considers that Alpha is in default on most of its on-balance-
sheet financial obligations, according to S&P's methodology.
Combined, the securities subject to the offer amount to
approximately EUR1,085 million.

The offer also includes these rated instruments:

   -- EUR294.6 million of senior unsecured instruments (ISIN
      XS1078807390);

   -- EUR47.5 million of outstanding of Tier 2 notes (ISIN
      XS0284930889);

   -- EUR22.2 million of outstanding of Tier 2 notes (ISIN
      XS0290781490; and

   -- EUR30.4 million of outstanding of Tier 1 notes (ISIN
      DE000A0DX3M2).

S&P's rating on the bank's preferred stock is already 'D'.

The offer is being conducted in two phases.  First, on Oct. 28,
2015, the bank offered to exchange the securities with
nontransferable receipts.  S&P understands the offer will expire
on Nov. 16, 2015.  In the second phase, which is likely to occur
at the determined final settlement date, holders of
nontransferable receipts will receive equity or cash according to
the chosen options.

Regarding the cash offer, Alpha is offering 50% of the nominal
value for senior notes, 9% for the subordinated debt, and 5% for
outstanding preferred securities.


TIM HELLAS: Two Buyout Groups Attend Hearing Over Collapse
----------------------------------------------------------
David Hellier at The Guardian reports that two mainstays of the
private equity industry, Apax and TPG, recently found themselves
in a European court in a legal dispute that thrust the workings of
buyout groups into the spotlight.

The two groups were accused in Luxembourg of having wrongly
siphoned EUR1 billion (GBP720 million) out of Greece's first
wireless operator, TIM Hellas, The Guardian relates.  The hearing
was the latest stage in a case that has been in and out of the
courts since 2011 -- two years after TIM Hellas collapsed into
administration, The Guardian notes.

According to The Guardian, joint liquidators to the group argued
that TIM Hellas "did not in the slightest have the available
profit" to redeem shares held by the private equity houses in a
refinancing deal.  Instead, the money to redeem the shares was
funded by more than EUR1 billion of debt issued by TIM Hellas,
then part of a telecoms holding company that had been moved to
Luxembourg, The Guardian discloses.  According to the TIM Hellas
liquidators, this breached Luxembourg rules, The Guardian relays.

The case was heard at a hearing lasting about two hours in a court
in Luxembourg, in front of three judges, The Guardian recounts.
Their ruling will be announced on Dec. 23, The Guardian says.

In the writ that was served ahead of the case, the liquidators
said it was "extremely abusive . . . to practically hand over EUR1
billion non-refundable to shareholders", The Guardian relates. I

If the Luxembourg ruling goes their way, the liquidators hope it
will help reinforce civil litigation brought against the private
equity firms in the US, The Guardian states.  According to The
Guardian, they say the liquidators' attempts to blame the eventual
collapse of Hellas on the refinancing is wrong.

Apax and TPG, as cited by The Guardian, said that, at the time of
the deal, Hellas was in good financial health and there was
"significant available cash to service the debt based on the
company's strong performance".  They added that Hellas collapsed
three years after the transaction took place, The Guardian notes.



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KAUPTHING HF: November 24 Composition Proposal Voting Meeting Set
-----------------------------------------------------------------
The winding-up committee of Kaupthing hf gave notice to all
creditors of the Company who, pursuant to Articles 33 and 151 of
the Icelandic Act on Bankruptcy etc, No.21/1991, as amended, are
listed on the Company's voting registry and are entitled to vote
on the Company's proposal for a composition under Chapter XXI of
the Bankruptcy Act and Article 103a of Act No. 161/2002 on
Financial Undertakings, as amended of the convening of a meeting
to vote on the Composition Proposal.

Composition Proposal

The Composition Proposal and other related documents were made
available to Voting Creditors on October 23, 2015, for inspection
at the office of the Company at Borgartun 26, 7th Floor, 105
Reykjavik, Iceland on the Company's secure website accessible via
www.kaupthing.com

Voting on the Composition Proposal

In order to vote on the Composition Proposal, a Voting Creditor
must:

(a) properly complete and submit a voting form (the form of which
     is available on the Company's secure website) in accordance
     with the instructions contained therein; or

(b) attend and vote in person at the Composition Voting Meeting;
     or

(c) appoint an individual to attend the Composition Voting
     Meeting and vote on its behalf by returning to the Company a
     properly completed proxy (the form of which is available on
     the Company's secure website) in accordance with the
     instructions contained therein.

All Voting Creditors are encouraged to vote before the Composition
Voting Meeting by returning their properly completed Voting Form
to the Company by no later than 5:00 p.m. (Reykjavik time) on
November 18, 2015.

Composition Voting Meeting

The Composition Voting Meeting will be held at 11:00 a.m.
(Reykjavik time) on November 24, 2015, at Silfurberg, Harpa
Conference Centre, Reykjavik.  The meeting will be held in
Icelandic and simultaneously translated into English.  All Voting
Creditors may attend the Composition Voting Meeting regardless of
whether they have submitted a Voting Form in advance.  Creditors
and/or their representatives who wish to attend the voting meeting
are requested to register in advance by completing the
registration form on Kaupthing's website.  The deadline for
registration is 2:00 p.m. (Reykjavik time) on November 23, 2015.



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CLARIS SME 2015: Fitch Assigns 'BB+sf' Rating to Class B Debt
-------------------------------------------------------------
Fitch Ratings has assigned Claris SME 2015 S.r.l.'s notes final
ratings as follows:

EUR1,270,000,000 Class A: 'AA+sf'; Outlook Stable
EUR290,000,000 Class B: 'BB+sf'; Outlook Stable
EUR321,425,000 Class J-1: not rated
EUR81,142,000 Class J-2: not rated

The transaction is a granular cash flow securitization of a
EUR1,953m static pool of mortgage and non-mortgage loans granted
to small and medium-sized enterprises (SME) located in Italy. The
underlying loans were originated by Veneto Banca S.c.p.a. (VB) and
VB's subsidiary, bancApulia S.p.A. (BA).

The ratings address the likelihood of investors receiving interest
payments in accordance with the terms of the transaction
documentation and full repayment of principal by legal final
maturity in October 2062.

KEY RATING DRIVERS

Positive Selection of Portfolio

Fitch determined an annual average probability of default (PD) for
the originators' book of 5.75%, resulting in a five-year forward-
looking average expected PD for the transaction's portfolio of
4.6%. This implies a positive selection of the securitized
portfolio compared with the originators' balance sheet and was
accomplished through the removal of lower credit quality obligors
from the securitized portfolio.

Trapping of Excess Spread

The transaction's priority of payments uses all available funds
after payment of fees, interest on the rated notes and
replenishment of the reserve fund to repay principal on the rated
notes. No payment to junior items in the waterfall is made until
the rated notes are paid in full. Class B note interest will
become subordinate to class A principal if the cumulative default
ratio is equal to or above 12%.

10-Year Recovery Lag

Fitch has assumed a ten-year linear lag on recovery receipts
following defaults in this transaction. This was based on
historical recovery data for defaulted loans in VB and BA's loan
book.

Commingling and Set-Off Exposure

The securitized portfolio is exposed to set-off risk equal to
5.25% of the opening portfolio notional and commingling risk equal
to 4.51% of the opening portfolio notional. In its analysis, Fitch
examined exposure to both risks throughout the life of the
transaction and in a 'AA+sf' stress assumed a loss equal to the
maximum exposure to both risks in a single month.

Sovereign Cap

The notes' ratings are subject to a cap on Italian structured
finance transactions, six notches above the rating of the Republic
of Italy (BBB+/Stable/F2).

RATING SENSITIVITIES

As part of its analysis, the agency considered the sensitivity of
the notes' ratings to the stresses on defaults, recovery rates and
correlation to assess the impact on the ratings.

While an increase of 25% of the default probabilities assigned to
the underlying obligors could result in a downgrade of one notch
for both the class A and B notes' ratings, a decrease of 25% of
their assumed recovery rates would have no impact on the ratings.
Finally a joint stress combining the above mentioned stresses plus
a doubled correlation could lead to a four-notch downgrade for the
class A notes' rating and to a three-notch downgrade for the class
B notes' rating.

DATA ADEQUACY

Fitch reviewed the results of a third party assessment conducted
on the asset portfolio information, which indicated errors or
missing data related to the loans' origination date and the
mortgaged property value information. These findings were
immaterial to this analysis.

Fitch conducted a review of a small targeted sample of the
originators' origination files and found the information contained
in the reviewed files to be adequately consistent with the
originators' policies and practices and the other information
provided to the agency about the asset portfolio.

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



===========
L A T V I A
===========


AIRBALTIC: Latvian Court Dismisses flyLAL's Asset Freeze Request
----------------------------------------------------------------
Xinhua reports that the Latvian Supreme Court on Oct. 28 dismissed
a request by fly-LAL-Lithuanian Airlines (flyLAL) to freeze assets
of Riga International Airport and airBaltic, carrier, thus
overruling a previous court ruling.

The court's civil cases department argued that the asset freeze
would contradict Latvia's public policy and national security
interests, Xinhua relates.

According to Xinhua, the Supreme Court will release the full text
of the verdict, which is final and cannot be further appealed, on
Dec. 4.

In 2008, the Lithuanian Court of Appeals granted flyLAL's request
to arrest about EUR58-million (about US$63 million) worth of
airBaltic and Riga Airport assets in a legal dispute in which the
Lithuanian carrier blamed unfair competition in Latvia for its
bankruptcy, Xinhua recounts.

airBaltic is Latvia's national airline.

In January 2012, the Riga Regional Court launched insolvency
proceedings against the private shareholder of airBaltic --
Baltijas Aviacijas Sistemas Ltd.  Veriko Ltd. filed an insolvency
petition against BAS.  The court began insolvency proceedings on
January 9, 2012.



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


JUBILEE CLO 2015-XVI: S&P Assigns 'B-' Rating to Class F Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary credit
ratings to Jubilee CLO 2015-XVI B.V.'s class A-1, A-2, B-1, B-2,
C, D, E, and F notes.  At closing, Jubilee CLO 2015-XVI will also
issue an unrated subordinated class of notes.

Jubilee CLO 2015-XVI is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of primarily broadly
syndicated speculative-grade senior secured loans and bonds issued
mainly by European borrowers.  Alcentra Ltd. is the collateral
manager.

Under the transaction documents, the rated notes pay interest
quarterly unless there is a frequency switch event.  Following
such an event, the notes will switch to semiannual payments.  The
transaction has a six-month ramp-up period, a four-year
reinvestment period, and a maximum weighted-average life of eight
years from the closing date.

At the end of the ramp-up period, S&P understands that the
portfolio will represent a well-diversified pool of corporate
credits.  Therefore, S&P has conducted its credit and cash flow
analysis by applying its criteria for corporate cash flow
collateralized debt obligations.

S&P's preliminary ratings reflect its assessment of the
preliminary collateral portfolio's credit quality and the
available credit enhancement for the rated notes through the
subordination of payable cash flows.  In S&P's cash flow analysis,
it used the EUR400 million target par amount, the covenanted
weighted-average spread (4.05%), the covenanted weighted-average
coupon (5.50%), and the covenanted weighted-average recovery rates
at each rating level.  S&P applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

The Bank of New York Mellon, London branch, is the bank account
provider and custodian.  The portfolio can comprise a maximum of
30% non-euro-denominated obligations, subject to an asset swap
provided by a hedge counterparty.  The participants' downgrade
remedies are expected to be in line with S&P's current
counterparty criteria.

The issuer is expected to be bankruptcy-remote, in accordance with
S&P's European legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its preliminary ratings
are commensurate with the available credit enhancement for each
class of notes.

RATINGS LIST

Class               Prelim.        Prelim.
                    rating         amount
                                   (mil. EUR)

Jubilee CLO 2015-XVI B.V.
Senior Secured And Deferrable Fixed- And Floating-Rate Notes
A-1                 AAA (sf)       225.00
A-2                 AAA (sf)       5.00
B-1                 AA (sf)        19.00
B-2                 AA (sf)        37.00
C                   A (sf)         25.00
D                   BBB (sf)       20.00
E                   BB (sf)        25.60
F                   B- (sf)        13.00
Subordinated notes  NR             43.20

NR--Not rated.



===============
P O R T U G A L
===============


LUSITANO MORTGAGE 2: Fitch Affirms 'BBsf' Rating on Class E Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed 26 and downgraded one tranche of the
Lusitano RMBS series.

The six transactions compromise loans originated and serviced by
Novo Banco, S.A., formerly Banco Espirito Santo, S.A.

KEY RATING DRIVERS

Default and Recovery Information

In 2014 Fitch received loan-by-loan default and recovery
information on Novo Banco's securitized portfolio, which was used
to validate the agency's analytical assumptions for quick sale
adjustment (QSA) and recovery timing.  No updated information was
made available to Fitch for this review.  Given the limited
changes in the housing and mortgage market since last year, Fitch
used this data in this year's performance review.

The data on sold properties taken into possession suggests an
average of 20.6% discount to the property value estimated by
applying the home price index to the valuation at loan
origination.  The data also suggested Novo Banco's QSA was below
Fitch's assumptions for Portuguese RMBS analysis (40%).

In 2014 Novo Banco provided Fitch with the average timing of loans
from the point when they first enter into arrears, default and are
subsequently recovered for each Lusitano transaction.  Fitch notes
that in Lusitano 1, the time between first point of arrears until
foreclosure was approximately six years, rather than the agency's
base assumption of four years.  As a result, and following the
adjustments applied in 2014, the agency increased its base
foreclosure timing to six from four years.  All other transactions
were in keeping with Fitch's base assumption and therefore no
adjustment was applied.

These recovery assumptions were applied to both expected defaults,
as well as outstanding defaults that have been provisioned for.

Provisioning Mechanisms

Lusitano 1, 3, 4, 5 and 6 transactions feature provisioning
mechanisms, whereby excess spread is diverted to cover deemed
principal losses.  The amount provisioned is dependent on the
number of monthly instalments in arrears.

To account for the staggered nature of the provisions, Fitch
estimated the amounts of loans that have defaulted, but for which
full provisions have not yet been made, which range from 0.8%
(Lusitano 3) to 2.1% (Lusitano 5) of the outstanding performing
collateral balance.  These amounts have been deducted from the
available current credit enhancement in Fitch's analysis, as they
are expected to be payable in the coming quarters.  Given the
current credit enhancement for the notes, the reduction has had no
effect on the notes' ratings.

This analysis approach was not applied to Lusitano 2, as the
transaction provisions for the full outstanding balance of the
loan once it reaches arrears of 36 months.

Resilient Performance

Asset performance diverges between the more seasoned transactions
(Lusitano 1 to 3) and the more recent issuances (Lusitano 4 to 6).
As of the latest reporting periods, cumulative written off loans,
defined as loans with more than 12 months in arrears in Lusitano 3
to 6, 24 months in Lusitano 1 and 36 months in Lusitano 2, as a
percentage of the original securitized balance range between 1%
(Lusitano 2) and 2.8% (Lusitano 3) compared with 3.2%, 4.0% and
5.7% for Lusitano 4, 5 and 6.  The difference in performance is
mostly driven by the adverse loan characteristics and higher loan-
to-value ratio loans in the later pools.

Decreasing default rates have resulted in more excess spread being
available to replenish the reserve fund in Lusitano 4 to 22.4% of
its target as at the last payment date, while the outstanding
principal deficiency ledger (PDL) in Lusitano 5 decreased to
EUR7.7 mil.  In contrast, a spike in defaults in this period led
to an increase in the PDL balance for Lusitano 6 to EUR19.7 mil.
from EUR15.9 mil. 12 months ago.

Fitch expects performance to remain stable allowing further
replenishment of the reserve fund in Lusitano 4 and reductions to
the outstanding PDL balances of Lusitano 5.  These views are
reflected in the affirmation of these transactions.  The increase
in Lusitano 6's PDL balance led Fitch to affirm the ratings, with
a downward revision of the Recovery Estimate on the class D notes
to 5% from 10%.

Contrasting Credit Enhancement Levels

The strong build-up in credit enhancement in Lusitano 1 and 2 led
to the affirmation and Positive Outlooks on the A and B notes in
these transactions.  The comparatively thin credit enhancement on
the senior tranche in Lusitano 3, caused by the pro-rata
amortization of the notes and on-going amortization of the reserve
fund, led to the downgrade of these notes.

Payment Interruption

The structures of Lusitano 3 to 6 are exposed to payment
interruption risk in the event of servicer default.  The
transaction structures do not have alternative structural
mitigants in place to address this risk.  As a result, in its
analysis, Fitch assessed the liquidity available in the structures
to fully cover senior fees, net swap payments and note interest in
case of servicing disruption.

Fitch's analysis shows that the liquidity available to the
structure, which comes in the form of a reserve fund (reduced by
the expected loss), is insufficient to provide payments to the
notes for two payment periods in the event of servicer default.
As a result, Fitch believes that the transaction structures cannot
support the highest achievable rating for Portuguese structured
finance transactions (A+sf).  In Fitch's view, the ratings of the
notes cannot exceed a 'BBBsf' category.  Consequently, future
upgrades as a result of any improvement in asset performance are
limited unless payment interruption risk is sufficiently
mitigated.

RATING SENSITIVITIES

Deterioration in asset performance may result from economic
factors.  A corresponding increase in new defaults and associated
pressure on excess spread and reserve funds, beyond Fitch's
assumptions, could result in negative rating action.  Furthermore,
an abrupt shift of the underlying interest rates might jeopardise
loan affordability of the underlying borrowers.

The ratings are also sensitive to changes in Portugal's Country
Ceiling and consequently changes to the highest achievable rating
of Portuguese structured finance notes.

DUE DILIGENCE USAGE

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions.  Information about foreign borrowers
(for all pools) and second homes (for Lusitano 2) was not
available for this review.  Fitch assumed that these borrower and
loan characteristics were detrimental and, therefore, made
appropriate adjustments in its analysis.  Fitch has not reviewed
the results of any third party assessment of the asset portfolio
information or conducted a review of origination files as part of
its ongoing monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing.  The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

SOURCES OF INFORMATION

The information below was used in the analysis.

   -- Loan-by-loan data provided by Novo Banco and Sourced from
      European Data Warehouse with the following cut-off dates:
      May 29, 2015, for Lusitano 1, 4, 6
      June 30, 2015, for Lusitano 3, 5
      July 31, 2015, for Lusitano 2

   -- Transaction reporting provided by:

Deutsche Bank for:

  Lusitano 1 since close and until 15 June 2015
  Lusitano 2 since close and until 17 August 2015
  Lusitano 3 since close and until 16 July 2015

Citibank for:

  Lusitano 4 since close and until 31 May 2015
  Lusitano 5 since close and until 30 June 2015
  Lusitano 6 since close and until 31 May 2015

   -- Recovery information for all deals provided by Novo Banco
      and received by email with a cut-off date of 31 July 2014

MODELS

The EMEA RMBS Surveillance model below was used in the analysis.
Click on the link for a description of the model.

EMEA RMBS Surveillance Model.

The rating actions are:

Lusitano Mortgage No. 1 Plc

  Class A (ISIN XS0159068807): affirmed at 'A+sf'; Outlook
   Positive
  Class B (ISIN XS0159070456): affirmed at 'A+sf'; Outlook
   Positive
  Class C (ISIN XS0159070886): affirmed at 'A+sf'; Outlook Stable
  Class D (ISIN XS0159071009): affirmed at 'Asf'; Outlook Stable
  Class E (ISIN XS0159285062): affirmed at 'BBBsf'; Outlook
  Stable

Lusitano Mortgage No. 2 Plc

  Class A (ISIN XS0178545421): affirmed at 'A+sf'; Outlook
   Positive
  Class B (ISIN XS0178546742): affirmed at 'A+sf'; Outlook
   Positive
  Class C (ISIN XS0178547047): affirmed at 'A+sf'; Outlook Stable
  Class D (ISIN XS0178547393): affirmed at 'BBB+sf'; Outlook
   Stable
  Class E (ISIN XS0178547633): affirmed at 'BBsf'; Outlook Stable

Lusitano Mortgage No. 3 Plc

  Class A (ISIN XS0206050147): downgraded to 'BBB+sf' from 'Asf';
   Outlook Stable
  Class B (ISIN XS0206051384): affirmed at 'BBBsf'; Outlook Stable
  Class C (ISIN XS0206051541): affirmed at 'BBsf'; Outlook Stable
  Class D (ISIN XS0206052432): affirmed at 'Bsf'; Outlook Stable

Lusitano Mortgage No. 4 Plc

  Class A (ISIN XS0230694233): affirmed at 'BBB-sf'; Outlook
   Stable
  Class B (ISIN XS0230694589): affirmed at 'BB+sf'; Outlook Stable
  Class C (ISIN XS0230695552): affirmed at 'B+sf'; Outlook Stable
  Class D (ISIN XS0230696360): affirmed at 'CCCsf'; Recovery
   Estimate 60%

Lusitano Mortgage No. 5 Plc

  Class A (ISIN XS0268642161): affirmed at 'BB+sf'; Outlook Stable
  Class B (ISIN XS0268642831): affirmed at 'B+sf'; Outlook Stable
  Class C (ISIN XS0268643649): affirmed at 'CCCsf'; Recovery
   Estimate 10%
  Class D (ISIN XS0268644886): affirmed at 'CCsf'; Recovery
   Estimate 0%

Lusitano Mortgage No. 6 Plc

  Class A (ISIN XS0312981649): affirmed at 'BBBsf'; Outlook Stable
  Class B (ISIN XS0312982290): affirmed at 'BB-sf'; Outlook Stable
  Class C (ISIN XS0312982530): affirmed at 'B-sf'; Outlook Stable
  Class D (ISIN XS0312982704): affirmed at 'CCCsf'; Recovery
   Estimate 5%
  Class E (ISIN XS0312983009): affirmed at 'CCsf'; Recovery
   Estimate 0%



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


AGROINCOMBANK PJSC: Placed Under Provisional Administration
-----------------------------------------------------------
The Bank of Russia, by Order No. OD-2985 dated November 2, 2015,
revoked the banking license of Astrakhan-based credit institution
PJSC AGROINCOMBANK from November 2, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's failure
to comply with federal banking laws and Bank of Russia
regulations. The bank's all capital adequacy ratios fell below 2%,
its equity capital dropped below the minimum amount of the
authorized capital established as of the date of state
registration of the credit institution and also the bank was
subject to repeated application of measures envisaged by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)" over the past year.

PJSC AGROINCOMBANK recorded in its statements securities, which
were actually absent and submitted false reporting to the Bank of
Russia.  As a result of the credit institution's compliance with
the supervisor's requirements to make loan loss provisions
adequate to risks assumed, a full loss of its equity capital was
revealed.  Moreover, the bank was involved in suspicious large-
scale transit operations.

The management and owners of the credit institution failed to take
effective measures to bring the situation back to normal.
Therefore, based on Article 20 of the Federal Law "On Banks and
Banking Activities", the Bank of Russia executed its duty on the
revocation of the banking license from the credit institution.

In pursuance of Bank of Russia Order No. OD-2986, dated
November 2, 2015, a provisional administration has been appointed
to PJSC AGROINCOMBANK for a term until the appointment of a
receiver in accordance with the Federal Law "On Insolvency
(Bankruptcy)" or a liquidator in accordance with Article 23.1 of
the Federal Law "On Banks and Banking Activities".  In compliance
with federal laws the powers of the credit institution's executive
bodies have been suspended.

PJSC AGROINCOMBANK is a participant in the deposit insurance
system.  The revocation of the banking license is recognized as an
insured event stipulated by Federal Law No. 177-FZ "On Insurance
of Household Deposits in Russian Banks" with regard to the bank's
obligations to honor household deposits identified in accordance
with the procedure established by law.  The said Federal Law
provides for the payment of indemnities to the bank's depositors,
including individual entrepreneurs, in the amount of 100% of the
balance of funds but no more than RUR1.4 million per one
depositor.

According to reporting data, as of October 1, 2015, PJSC
AGROINCOMBANK ranked 581th in the Russian banking system in terms
of assets.


BANK RSKB: Liabilities Exceed Assets, Inspection Finds
------------------------------------------------------
The provisional administration of JSC BANK RSKB appointed by Bank
of Russia Order No. OD-1294, dated June 10, 2015, due to the
revocation of its banking license, held an inspection of the
credit institution's financial standing and established that the
value of the bank's assets did not exceed RUR757 million with the
value of liabilities to creditors standing at RUR2370.3 million
rubles.

Shortly before the revocation of the banking license the
management and owners of JSC BANK RSKB conducted operations having
signs of asset withdrawal or concealing the facts of assets
withdrawn earlier and preferentially satisfying claims of certain
creditors to the detriment of the other.

Thus, the provisional administration revealed that the majority of
the bank's borrowers, legal entities with outstanding debt of over
RUR2.3 billion, were not engaged in real economic activity, while
operations to provide them with loans had signs of asset
withdrawal.

Moreover, the bank conducted operations to earlier terminate
obligations of the chairman of the board of JSC BANK RSKB under
the loan provided through returning to the bank gratuitous
financial aid rendered earlier and through acquiring from him
impaired loans of a legal entity with dubious solvency.

On August 21, 2015, the court of arbitration of the city of Moscow
made a ruling to recognize JSC BANK RSKB as insolvent (bankrupt)
and initiate bankruptcy proceedings.  The state corporation
Deposit Insurance Agency was approved as a receiver.

The Bank of Russia sent information on the financial operations of
criminal nature made by the former managers and owners of JSC BANK
RSKB to the Prosecutor General's Office of the Russian Federation,
the Ministry of Internal Affairs of the Russian Federation and the
Investigative Committee of the Russian Federation for
consideration and making the respective procedural decisions.


BENEFIT-BANK CJSC: Placed Under Provisional Administration
----------------------------------------------------------
The Bank of Russia, by Order No. OD-2979 dated November 2, 2015,
revoked the banking license of Moscow-based credit institution
JSCB Benefit-bank CJSC from November 2, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's failure
to comply with federal banking laws and Bank of Russia
regulations.  The bank was subject to measures envisaged by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)" due to the threat posed to the interests of creditors
and depositors.

JSCB Benefit-bank CJSC implemented high risk credit policy and
failed to make loan loss provisions adequate to risks assumed. The
credit institution failed to comply with the supervisor's
requirements to provide reliable information about its financial
standing, thus concealing a considerable loss of equity capital
and grounds for measures to prevent insolvency (bankruptcy).
Moreover, starting October 2015 the Bank of Russia received
complaints from the bank's depositors about its failure to return
funds. The management and owners of the credit institution failed
to take effective measures to bring the situation back to normal.

In pursuance of Bank of Russia Order No. OD-2980, dated
November 2, 2015, a provisional administration has been appointed
to JSCB Benefit-bank CJSC for a term until the appointment of a
receiver in accordance with the Federal Law "On Insolvency
(Bankruptcy)" or a liquidator in accordance with Article 23.1 of
the Federal Law "On Banks and Banking Activities".  In compliance
with federal laws the powers of the credit institution's executive
bodies have been suspended.

JSCB Benefit-bank CJSC is a participant in the deposit insurance
system.  The revocation of the banking license is recognized as an
insured event stipulated by Federal Law No. 177-FZ "On Insurance
of Household Deposits in Russian Banks" with regard to the bank's
obligations to honor household deposits identified in accordance
with the procedure established by law.  The said Federal Law
provides for the payment of indemnities to the bank's depositors,
including individual entrepreneurs, in the amount of 100% of the
balance of funds but no more than RUR1.4 million per one
depositor.

According to reporting data, as of October 1, 2015 JSCB Benefit-
bank CJSC ranked 224th in the Russian banking system in terms of
assets.


BOGORODSKY MUNICIPAL: Placed Under Provisional Administration
-------------------------------------------------------------
The Bank of Russia, by its Order No. OD-2983 dated November 2,
2015, revoked the banking license of credit institution JSCB
Bogorodsky Municipal Bank, LLC from November 2, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- due to the credit institution's failure to
comply with federal banking laws and Bank of Russia regulations,
repeated violation within a year of the requirements of Article 7
(except for Clause 3 of Article 7) of the Federal Law "On
Countering the Legalisation (Laundering) of Criminally Obtained
Incomes and the Financing of Terrorism", and Bank of Russia
regulations issued in compliance with the said federal law,
inability to meet creditors' claims on monetary obligations,
considering repeated application of measures envisaged by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)".

Due to unsatisfactory asset quality, JSCB BMB LLC failed to
generate sufficient cash flow and consistently failed to meet
obligations to creditors on a timely basis.  In addition, the
credit institution did not observe the imposed bans of Bank of
Russia to carry out certain operations.  It was revealed that JSCB
BMB LLC repeatedly failed to comply with legislation and Bank of
Russia regulations on legalization (laundering) of criminally
obtained incomes and financing of terrorism with respect to
misrepresentation to the authorized body and identification of its
customers.  Besides, the credit institution was involved in
dubious transit operations in significant amounts carried out by
its customers.

The management and owners of the credit institution did not take
effective measures to normalize its activities.  Under these
circumstances, the Bank of Russia performed its duty on the
revocation of the banking license of the credit institution in
accordance with Article 20 of the Federal Law "On Banks and
Banking Activities".

The Bank of Russia, by its Order No. OD-2984 dated November 2,
2015, appointed a provisional administration to JSCB BMB LLC for
the period until the appointment of a receiver pursuant to the
Federal Law "On Insolvency (Bankruptcy)" or a liquidator under
Article 23.1 of the Federal Law "On Banks and Banking Activities".
In accordance with federal laws, the powers of the credit
institution's executive bodies are suspended.

JSCB BMB LLC is a member of the deposit insurance system. The
revocation of banking licence is an insured event envisaged by
Federal Law No. 177-FZ "On Insurance of Household Deposits with
Russian Banks" regarding the bank's obligations on household
deposits determined in accordance with the legislation.  The said
federal law stipulates the reimbursement of insurance premium to
the bank's depositors, including individual entrepreneurs, in 100
per cent amount of the balance of funds, but not more than
RUr1.4 million in aggregate per depositor.

According to the financial statements, as of October 1, 2015, JSCB
BMB LLC ranked 474th by assets in the banking system of the
Russian Federation.


JUST BANK: Placed Under Provisional Administration
--------------------------------------------------
The Bank of Russia, by its Order No. OD-2981 dated November 2,
2015, revoked the banking license of Moscow-based credit
institution Just Bank LLC from November 2, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's failure
to comply with federal banking laws and Bank of Russia
regulations, revealed facts of considerable unreliability of the
reporting data, and repeated application over the past year of
supervisory measures envisaged by the Federal Law "On the Central
Bank of the Russian Federation (Bank of Russia)".

The credit institution implemented high-risk lending policy
connected with placement of funds into low-quality assets.  The
adequate assessment of the risks assumed and reliable reporting of
the value of the bank's assets resulted in a decrease in equity
capital below the minimal amount of the authorized capital
established as of the date of the state registration of the credit
institution.  Besides, Just Bank LLC failed to meet the
supervisor's requirements for creating the necessary loss
provisions, presenting statements which reflect its real financial
standing and there was reason to revoke the banking license
stipulated by Part 2 of Article 20 of the Federal Law "On Banks
and Banking Activity".

The management and owners of the bank did not take measures to
normalize its activities.  In these circumstances the Bank of
Russia revoked the banking license from Just Bank LLC.

The Bank of Russia, by its Order No. OD-2982 dated November 2,
2015, appointed a provisional administration to Just Bank LLC for
the period until the appointment of a receiver pursuant to the
Federal Law "On Insolvency (Bankruptcy)' or a liquidator under
Article 23.1 of the Federal Law "On Banks and Banking Activities".
In accordance with federal laws, the powers of the credit
institution's executive bodies are suspended.

According to the financial statements, as of October 1, 2015, Just
Bank LLC ranked 483rd by assets in the Russian banking system.


LENTA LTD: Equity Placement is Credit Positive, Fitch Says
----------------------------------------------------------
Fitch Ratings says that Russian food retailer Lenta Ltd's recently
completed secondary public offering (SPO) is credit positive for
its operating subsidiary, Lenta LLC (Lenta;  BB-/Positive
Outlook), which will receive the proceeds to fund expansion in
2016.

However, the transaction will not immediately impact Lenta's
ratings as a potential upgrade is conditional, among other
factors, on the successful execution of its expansion plan without
significant margin sacrifices.  Currently Lenta's ratings remain
constrained by its small scale (sixth-largest food retailer in
Russia) and limited diversification outside its core hypermarket
format.

On Oct. 21, 2015, Lenta Ltd. placed new shares (4.3% of increased
equity capital), raising USD150 mil. gross proceeds.  In addition,
the European Bank for Reconstruction and Development (EBRD) sold
Lenta Ltd's shares for USD125 mil. reducing its stake in the
company to 7.4%.  This is the company's second SPO this year,
after raising USD225 mil. in March 2015.  In both cases, proceeds
are streamed down to Lenta LLC, primarily in the form of equity,
to fund acceleration in new store roll-outs in 2015-2016.

The transaction is positive for Lenta's credit profile as it will
enable the company to speed up its store network expansion without
increasing leverage, and gain market share from traditional and
small modern retailers hit by the current tough operating
environment in Russia.  In addition, raising new equity amid a
difficult economic backdrop evidences the group's good access to a
variety of funding sources and management's commitment to maintain
a stable capital structure reflected in solid interest cover
metrics.

Despite increased guidance for new store openings for 2015-16,
Fitch expects Lenta's funds from operations (FFO) adjusted
leverage to decrease to around 3.5x in 2015 (2014: 3.9x) due to
fresh equity injections and growth in EBITDA, balanced by higher
capex and working capital investments.  Further deleveraging to
around 3.0x in 2016-2018 will be supported by growing operating
cash flows and maintenance of a negative working capital position.
The company's current and expected FFO adjusted leverage metrics
are strong relative to the 5.0x 'BB' rating category median for
the sector.  This supports the Positive Outlook on Lenta's rating.


MURMANSK REGION: Fitch Affirms 'BB-/B' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Russian Murmansk Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB-'
and National Long-term rating at 'A+(rus)'. The Outlooks are
Stable. The region's Short-term foreign currency IDR has been
affirmed at 'B'.

The affirmation reflects Fitch's unchanged base line scenario
regarding the region's budgetary performance with a sign of
recovery, and gradually growing direct risk, remaining consistent
with the region's ratings.

KEY RATING DRIVERS

The 'BB-' rating reflects the volatile budgetary performance with
high deficit before debt in 2012-2014 that led to a rapid debt
increase albeit from a low base and a concentrated economy with a
developed tax base that is exposed to the economic cycle. The
ratings also factor in the weak institutional framework and our
expectation of a stagnant local economy following the negative
national trend.

The Stable Outlook reflects our expectation of a modest recovery
in fiscal performance in 2015-2017, with a marginally positive
current balance and gradual narrowing of fiscal deficit.

Fitch expects the region to demonstrate faster tax recovery
compared with our previous projections in early 2015. Murmank's
current balance will be restored to low positive values in 2015
and remain in the positive range in 2016-2017. This is underpinned
by increasing corporate income tax proceeds as the region's major
export-oriented taxpayers benefit from a sharp rouble depreciation
at end-2014.

Based on the budget execution in 9M15, Fitch expects the region's
deficit before debt variation to reduce to 9.6% of total revenue
from a high 17.9% in 2014. Deficit narrowing will mostly result
from 13% increase in tax revenue and the region's strict cost
control measures, which have resulted in almost zero growth of
total expenditure. At 1 October, Murmansk recorded RUB1.2 billion
surplus. However, Fitch expects a full year deficit of RUB4.6
billion (2014: deficit RUB7.9 billion) due to expenditure
acceleration in 4Q15.

Murmansk has recorded a continuously weak budgetary performance
over the past three years. In 2014, its operating margin turned
negative at 1.1%, and the deficit before debt variation peaked at
RUB7.9 billion, following an already high average of RUB6 billion
in 2012-2013. The deterioration was mostly due to stagnating tax
revenues amid growing operating expenditure.

Fitch expects direct risk to continue growing, approaching 65% in
2017, up from 45% at end-2014. Despite the expected increase,
Murmansk's debt burden should remain consistent with the region's
ratings. However, the expected rise in debt, coupled with the
region's short-term debt profile will put additional refinancing
pressure on the budget.

The region's debt profile remains fairly short-term as direct risk
is dominated by bank loans with maturity of between one and three
years. Bank loans accounted for 80% of direct risk at 1 October
2015, and the remainder were loans from the federal budget.
Murmansk needs to repay almost all outstanding debt by end-2017.
Fitch assumes the region will roll over maturing budget loans,
while the maturing bank loans are likely to be refinanced by the
same banks or by new loans from the federal budget.

The regional economy has a strong industrial base as Murmansk is
home to several natural resource extracting companies. This
provides an extensive tax base for the region's budget, with tax
revenue representing 82% of operating revenue in 2014. However, a
large portion of tax revenues depends on companies' profits,
resulting in high revenue volatility. In 2012, corporate income
tax proceeds fell sharply and remained low in 2013-2014 due to
weak earnings at major local taxpayers following price declines
for key commodity exports.

RATING SENSITIVITIES

Improvement in budgetary performance leading to a debt coverage
ratio (direct risk to current balance) below 10 years on a
sustained basis would lead to an upgrade.

Inability to balance the operating budget and an increase in
direct risk around 90% of current revenue would lead to a
downgrade.


UNITED NATIONAL: Liabilities Exceed Assets, Inspection Reveals
--------------------------------------------------------------
During the inspection of financial standing of the credit
institution, the provisional administration of United National
Bank LLC appointed by Bank of Russia Order No. OD-2663, dated
October 6, 2015, due to the revocation of its banking license,
revealed operations of the bank's former management bearing
evidence of bank assets' diversion by issuing loans in excess of
RUR325 million to companies with dubious solvency, and also by
paying RUR33 million to the management of the bank prior to the
revocation of the license, with the qualification 'for the loss of
business reputation'.

By the preliminary estimate of the provisional administration, the
assets of United National Bank LLC do not exceed RUR274 million,
whereas the bank's liabilities to its creditors amount to RUR370
million.

The Bank of Russia submitted information on the financial
transactions bearing the evidence of criminal offence conducted by
the former management and owners of United National Bank LLC to
the General Prosecutor's Office, Ministry of Internal Affairs, and
to the Investigative Committee of the Russian Federation for
consideration and procedural decision making.



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


BBVA RMBS 10: S&P Lowers Rating on Class B Notes to BB
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A- (sf)' credit
rating on BBVA RMBS 10, Fondo de Titulizacion de Activos' class A
notes.  At the same time, S&P has lowered to 'BB (sf)' from
'BB+ (sf)' its rating on the class B notes.

The rating actions follow a restructuring of the transaction
whereby the issuer lowered the required reserve fund balance to
EUR80 million from EUR192 million.  Consequently, the available
credit enhancement the reserve fund provides has been reduced to
5.84% from 14.02% of the notes' balance.  Before the restructuring
took place, the reserve fund was at its required level.

As with other Spanish transactions, interest and principal are
combined into a single priority of payments.

As a result of the decrease in available credit enhancement, the
class B notes are unable to support their current rating.  S&P has
therefore lowered to 'BB (sf)' from 'BB+ (sf)' its rating on the
class B notes.  The results of S&P's credit and cash flow analysis
show that the available credit enhancement for the senior notes is
still commensurate with a 'A- (sf)' rating.  Therefore, S&P have
affirmed its 'A- (sf)' rating on the class A notes.

Delinquency levels in the portfolio backing this transaction are
very low and stable.  Arrears of 90+ days represent only 0.22% of
the outstanding balance of the pool and total arrears represent
0.52% of the outstanding collateral balance, which is well below
the Spanish residential mortgage-backed securities (RMBS) index.

Counterparty Risk

S&P considers that the transaction's documented replacement
mechanisms adequately mitigate its counterparty risk exposure to
Banco Bilbao Vizcaya Argentaria S.A. (BBVA), as bank account
provider, up to a 'A-' rating level under S&P's current
counterparty criteria.  The transaction is exposed to the risk of
cash collections becoming commingled in BBVA's account.  Under the
documentation, if S&P's long-term rating on BBVA falls below
'BB+', within 10 calendar days, BBVA should deposit in the
issuer's bank account an amount equal to the commingling reserve
amount to be applied to pay any amounts the servicer fails to pay
the issuer for the loans.  According to S&P's current counterpart
criteria, setting up this commingling reserve fully mitigates
commingling risk.  The rating on the class A notes is capped at
'A- (sf)' by S&P's counterparty criteria.

Sovereign Risk

Under S&P's criteria for rating single-jurisdiction
securitizations above the sovereign foreign currency rating (RAS
criteria), it applied a hypothetical sovereign default stress test
to determine whether a tranche has sufficient credit and
structural support to withstand a sovereign default and so repay
timely interest and principal by legal final maturity.  The class
A notes have sufficient credit enhancement to withstand S&P's
"severe" stresses.  However, they do not pass all of the
conditions under paragraph 44 of the RAS criteria.  Consequently,
S&P's RAS criteria permit a maximum four-notch ratings uplift
above the sovereign rating for the class A notes.  However, in
light of the cap under S&P's current counterparty criteria, it has
affirmed its 'A- (sf)' rating on the class A notes.  The results
of S&P's cash flow analysis indicate that available credit
enhancement for the class B notes is commensurate with a 'BB (sf)'
rating.  Therefore, S&P has lowered to 'BB (sf)' from 'BB+ (sf)'
its rating on the class B notes.

RATINGS LIST

Class               Rating
             To               From

BBVA RMBS 10, Fondo de Titulizaci¢n de Activos
EUR1.6 Billion Mortgage-Backed Floating-Rate Notes

Rating Affirmed

A            A- (sf)

Rating Lowered

B            BB (sf)          BB+ (sf)


BBVA RMBS 11: S&P Lowers Rating on Class C Notes to 'B+'
--------------------------------------------------------
Specifically, S&P has:

   -- Affirmed its 'A- (sf)' rating on the class A notes,

   -- Raised to 'BBB (sf)' from 'BBB- (sf)' its rating on the
      class B notes, and

   -- Lowered to 'B+ (sf)' from 'BB (sf)' its rating on the class
      C notes.

The rating actions follow a restructuring of the transaction
whereby the issuer lowered the required reserve fund balance to
EUR70.0 million from EUR178.5 million.  Consequently, the
available credit enhancement the reserve fund provides has been
reduced to 5.80% from 14.79% of the notes' balance.  Before the
restructuring took place, the reserve fund was at its required
level of EUR178.5 million.  At the same time, the issuer removed
the secondary reserve fund, which was in place to cover senior
expenses and interest on the class A notes.

As with other Spanish transactions, interest and principal are
combined into a single priority of payments.

The results of S&P's credit and cash flow analysis show that
available credit enhancement for the class A notes is commensurate
with a 'A (sf)' rating.  However, S&P's rating on the class notes
is still capped at 'A- (sf)' by Banco Bilbao Vizcaya Argentaria
S.A. (BBVA) as bank account provider.  Therefore, S&P has affirmed
its 'A- (sf)' rating on the class A notes.  The class B notes are
able to withstand the credit and cash flow stresses up to the
'BBB' rating level following the restructure.  Before the
restructuring, the class B notes' interest ranked subordinate to
the replenishment of the secondary reserve fund, which provided
liquidity support for the class A notes.  As the secondary reserve
fund is now being removed as part of the restructure, the
transaction no longer traps excess spread to replenish the
secondary reserve fund, thereby increasing the liquidity available
to the class B notes.  S&P has raised to 'BBB (sf)' from 'BBB-
(sf)' our rating on the class B notes to reflect this increased
liquidity.  The available credit enhancement for the class C notes
is no longer commensurate with its current rating. S&P has
therefore lowered to 'B+ (sf)' from 'BB (sf)' its rating on the
class C notes.

Delinquency levels in the portfolio backing this transaction are
very low and stable.  Arrears of 90+ days arrears represent only
0.52% of the outstanding balance of the pool and total arrears
represent 1.50% of the outstanding collateral balance, which is
well below the Spanish RMBS index residential mortgage-backed
securities (RMBS) index.

Counterparty Risk

S&P considers that the transaction's documented replacement
mechanisms adequately mitigate its counterparty risk exposure to
BBVA, as bank account provider, up to a 'A-' rating level under
S&P's current counterparty criteria.  The transaction is exposed
to the risk of cash collections becoming commingled in BBVA's
account.  If S&P's long-term rating on BBVA falls below 'BB+',
within 10 calendar days, BBVA should deposit in the issuer's bank
account an amount equal to the commingling reserve amount to be
applied to pay any amounts that the servicer fails to pay the
issuer for the loans.  According to S&P's current counterparty
criteria, setting up this commingling reserve fully mitigates
commingling risk.  The rating on the class A notes is capped at
'A- (sf)' by S&P's counterparty criteria.

Sovereign Risk

Under S&P's criteria for rating single-jurisdiction
securitizations above the sovereign foreign currency rating (RAS
criteria), S&P applied a hypothetical sovereign default stress
test to determine whether a tranche has sufficient credit and
structural support to withstand a sovereign default and so repay
timely interest and principal by legal final maturity.  The class
A notes have sufficient credit enhancement to withstand S&P's
"severe" stresses.  However, they do not pass all of the
conditions under paragraph 44 of the RAS criteria.  Consequently,
S&P's RAS criteria permit a maximum four-notch ratings uplift
above the sovereign rating for the class A notes.  In combination
with the cap under S&P's current counterparty criteria, it has
affirmed its 'A- (sf)' rating on the class A notes.

The results of S&P's cash flow analysis indicate that available
credit enhancement for the class B notes is commensurate with a
'BBB (sf)' credit rating.  Therefore, S&P has raised to 'BBB (sf)'
from 'BBB- (sf)' its rating on the class B notes.  The results of
S&P's cash flow analysis indicate that available credit
enhancement for the class C notes is no longer commensurate with
its current rating.  Therefore, S&P has lowered to 'B+ (sf)' from
'BB (sf)' its rating on the class C notes.

RATINGS LIST

Class               Rating
             To               From

BBVA RMBS 11, Fondo de Titulizacion de Activos
EUR1.385 Billion Mortgage-Backed Floating-Rate Notes

Rating Affirmed

A            A- (sf)

Rating Raised

B            BBB (sf)         BBB- (sf)

Rating Lowered

C            B+ (sf)          BB (sf)


IM FTGENCAT 2: Fitch Affirms 'CCsf' Rating on Class C Notes
-----------------------------------------------------------
Fitch Ratings has affirmed IM FTGENCAT SABADELL 2, FTA as follows:

  EUR50.5 million Class A(G) notes: affirmed at 'BBBsf'; Stable
   Outlook

  EUR19.8 million Class B notes: affirmed at 'CCCsf'; Recovery
   Estimate revised to 70% from 50%

  EUR5.7 million Class C notes: affirmed at 'CCsf', Recovery
   Estimate 0%

The transaction is a securitization of finance leases on real
estate and certain other assets originated in Spain by Banco de
Sabadell.

KEY RATING DRIVERS

The ratings reflect the satisfactory collateral performance and
continuing de-leveraging of the pools.  They also take into
account its decreasing delinquency and stable loss ratios.  As of
end-October 2015, 90+ day delinquencies were at 1.1%, cumulative
defaults at 6.0% and cumulative losses at 3.3%.  Fitch has
maintained the lifetime default base case of 9.5% and its recovery
base case at 30%.  Furthermore, Fitch has increased the Recovery
Estimate for the class B notes to 70% from 50%.

Fitch has not given credit to recourse to real estate collateral
in all rating scenarios following the withdrawal of Sabadell's
ratings in March 2014.  The majority of assets in the pool are
lease instalments backed by real estate.  Real estate leasing
contracts under Spanish law do not offer the same level of
security as mortgages.  This is because repossession proceeds
would only be available after the originator has covered its
residual value loss, provided it is not insolvent.  The Spanish
legal framework indicates that the SPV would only have an
unsecured claim against the insolvency estate of the originator,
which would rank pari passu with all other unsecured claims
against the insolvency estate.

Sabadell continues to be the interest rate swap provider for this
transaction.  Fitch has taken this information into account and
any impact of Sabadell as the swap counterparty in line with its
counterparty criteria for structured finance transactions.

Only the lease receivables portion of the lease contracts is
securitized (excluding any residual value component).  All
obligors are small and medium-sized enterprises located in the
region of Catalunya, the home region of the originator.

RATING SENSITIVITIES

Expected impact upon the note rating of increased defaults (Class
A (G); Class B; Class C):

  Current Rating: 'BBBsf'; 'CCCsf', 'CCsf''
  Increase base case defaults by 10%: 'BB+sf'; 'CCCsf'; 'CCsf'
  Increase base case defaults by 25%: 'BB-sf'; 'CCCsf'; 'CCsf'

Expected impact upon the note rating of decreased recoveries
(Class A (G); Class B; Class C):

  Current Rating: BBBsf'; 'CCCsf', 'CCsf''
  Reduce base case recovery by 10%: 'BB+sf'; 'CCCsf'; 'CCsf'
  Reduce base case recovery by 25%: 'BB+sf'; 'CCCsf'; 'CCsf'

Expected impact upon the note rating of increased defaults and
decreased recoveries (Class A (G); Class B; Class C):

  Current Rating: BBBsf'; 'CCCsf', 'CCsf''
  Increase default base case by 10%; reduce recovery base case by
   10%: 'BBsf'; 'CCCsf'; 'CCsf'
  Increase default base case by 25%; reduce recovery base case by
   25%: 'BB-sf'; 'CCCsf'; 'CCsf'

DUE DILIGENCE USAGE

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pool[s] ahead of the transaction's initial
closing.  The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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



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


INTERPIPE LIMITED: Fitch Affirms 'RD' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Interpipe Limited's Long-
term Issuer Default Rating at 'RD' (Restricted Default).  The
senior secured rating of the company's 2017 eurobonds has been
affirmed at 'C'.  The bond's Recovery Rating is 'RR5'.

Fitch downgraded Interpipe's Long-term IDR to 'RD' in November
2013 following an uncured payment default.  Interest payments are
no longer being made.  Interpipe continues to face a very
challenging sales environment in both its key product segments of
pipes and wheels.  Interpipe continues to hold discussions with
its lending group regarding a restructuring of principal debt
repayments.  Under the proposed timeline for these talks,
Interpipe is scheduled to put a formal proposal to bank and bond
creditors by the end of 2015.

KEY RATING DRIVERS

Declining Profitability/Weak Liquidity

Fitch now expects Interpipe to record revenues of USD700-800 mil.
in 2015 with EBITDA in the range of USD60 mil.-USD75 mil.  The
weakness in end markets continues to be offset by operating cost
reductions due to the depreciation of the Ukrainian Hryvnia and
Interpipe's own cost cutting programs.  Fixed costs are estimated
to have fallen by 35% year-on year in 1H15.  As at 1H15 Interpipe
had approximately USD15 million of unrestricted cash and had no
undrawn committed credit lines.  With all debt classified as
current due to the previous payment default, the group's future
liquidity remains dependent on negotiations with its creditors
regarding a debt restructuring.

Pipe Segment

Pipe volumes are now expected to total approximately 500,000
tonnes in 2015 versus over 900,000 as recently as 2013.  Volumes
have been impacted by a variety of factors including import duties
imposed by the Russian government since mid-2013, the loss of a
large contract with Rosneft, a weaker competitive position due to
the depreciation of the RUB versus the USD (Interpipe's
operational currency), and the ongoing conflict involving the two
countries, which has impacted trade relations.  The company's
results have also been impacted by oversupply in the North
American OCTG tubes market and several anti-dumping investigations
(US, Canada).  In 2015 results, pipe segment profitability has
been negatively impacted by the steady decline in prices across
the year.  2H15 is expected to be materially weaker than the
USD28m of EBTIDA recorded in the first half of the year.

Wheel Segment

Fitch estimates 2014 wheel sales at around 70,000 tonnes, a drop
of around 70% since 2013.  The fall in sales primarily reflects
the collapse of wagon-building activity in Ukraine since 3Q13.
Sales continue to be made into Europe at a relatively stable level
of around 7,000 tonnes per quarter.  Sales also continue to the
Ukraine state railways and into the Russian wagon building sector.
However, volumes here show more volatility and profitability on
these sales (particularly into Russia) is understood to be
limited.

KEY ASSUMPTIONS

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

   -- No material recovery in sales of pipes or wheels to the
      Russian market or recovery in domestic wheel sales over
      coming year

   -- 2015 pipe segment volumes of approximately 500,000 tonnes
      and wheels volumes of around 70,000 tonnes

RATING SENSITIVITIES

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

   -- Bankruptcy filings, administration, receivership,
      liquidation or other formal winding-up procedure, which
      could lead to a downgrade of Long-term IDR to 'D'.

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

   -- Positive rating action may follow the completion of any
      restructuring process.


MRIYA AGRO: Plans to Obtain Loan Under Restructuring Deal
---------------------------------------------------------
According to Bloomberg News' Volodymyr Verbyany, Interfax news
service, citing Mriya Agro CEO Simon Cherniavsky, reports that the
company plans to attract loan from its creditors in line with its
restructuring deal.

The company expects to complete talks with creditors on the loan
within two to three weeks, Bloomberg says.  It plans to get the
loan in 2016, Bloomberg notes.

                       Debt Restructuring

As reported by the Troubled Company Reporter-Europe on Sept. 21,
2015, Interfax-Ukraine related that Mriya Agroholding plans to
finish talks on debt restructuring with its creditors by 2016.  In
August 2014, Mriya reported arrears worth US$9 million of interest
earnings and nearly US$120 million of debt held under the
company's obligations, Interfax-Ukraine disclosed.  Mriya's total
debt equaled US$1.3 billion when the company's bankruptcy was
announced, Interfax-Ukraine noted.

Mriya Agro Holding is a Ukrainian agriculture company.


UKRAINE: Russia Won't Participate in Debt Restructuring Talks
-------------------------------------------------------------
Lidia Kelly at Reuters reports that Anton Siluanov, Russia's
finance minister, said on Oct. 28 a Ukrainian Eurobond held by
Russia and due for redemption in December is "official" debt, and
for that reason Russia is not taking part in restructuring talks
Ukraine has held with private creditors.

Mr. Siluanov said Moscow would take legal measures if Kiev did not
repay the debt on time, Reuters relates.

Russia's longstanding position is that the US$3 billion Ukrainian
Eurobond should be classified as official intergovernmental debt
and is therefore subject to different rules than for sovereign
debt owned by private firms, Reuters notes.

"Ukraine's debt to Russia which is due to be redeemed in December
of this year cannot be treated as a debt before private creditors,
the debt has another status, it is official" Reuters quotes Mr.
Siluanov as saying.

"The Ukrainian authorities have been repeatedly informed by the
Russian side that Russia expects repayment of the debt fully and
on time."

Ukraine insists it will not pay the debt in full or offer better
repayment terms than those offered to other creditors in
restructuring talks, Reuters relays.

Moscow bought the bond from Kiev in December 2013 as part of a
plan to rescue Yanukovich in the face of street opposition to his
rule, Reuters recounts.



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


GLOBO PLC: S&P Lowers Long-Term Corporate Credit Rating to 'CCC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC' from 'BB-' its
long-term corporate credit rating on U.K.-based Globo PLC, an
international provider of enterprise mobility management and
telecommunications software solutions.  At the same time, S&P
placed the rating on CreditWatch with negative implications.

S&P withdrew its issue rating on the proposed US$180 million
senior secured notes that were to be issued by Globo's U.S.
subsidiary, Globo Mobile Inc.  The company has not been able to
place notes in the market since June 2015.

The downgrade and CreditWatch placement primarily reflect S&P's
view that the confirmed falsification of data and the
misrepresentation of the company's financial situation by Globo's
CEO, as well as the resignation of the company's executive
directors cast doubt over the company's true financial position as
well as its operational continuity.  Among other things, in S&P's
view, this could significantly deteriorate the company's
reputation and customer relationships and thereby its future
revenue prospects.  It could also materially impair Globo's
ability to attract and retain key personnel and access to funding
from banks or capital markets.  The company's shares have been
suspended from trading since Oct. 23, 2015, and on Oct. 26, 2015,
Globo announced the resignation of Canaccord Genuity Limited as
joint corporate broker with immediate effect.  As a result, Globo
is likely to have a poor standing in credit markets in the near to
medium term, which will negatively affect its liquidity.

S&P also views the company's management and governance as weak, as
its criteria define the term, primarily due to apparently
inadequate internal control systems, a lack of independent
oversight, and limited reliability of its financial reporting.
Globo's independent directors have initiated discussions with
appropriate advisers to ascertain the true financial position of
the company.

As of June 30, 2015, the group reported gross financial debt of
EUR57 million and cash balances of EUR104 million on an unaudited
basis.

S&P aims to resolve the CreditWatch within the next 90 days once
it has a better understanding of Globo's true financial position,
operating prospects, and future strategy.  In order to obtain
this, S&P would expect to review the results of an investigation
of Globo's true financial position by independent third parties as
well as discuss Globo's updated business plan with its new
executive management team.  Thereafter, S&P would update its base-
case assumptions as well as its liquidity and management and
governance assessment.  In addition, S&P would reassess the
company's business and financial risk profiles, which S&P
currently views as "weak" and "significant," respectively.

S&P could affirm or raise the rating if Globo's misrepresentations
are minor and if S&P concludes that the company is able to
maintain a solid liquidity position over the next two years under
an updated base-case scenario.

S&P could lower the ratings further if it concludes that an
insolvency of Globo is inevitable in the next six months, due for
example, to materially weaker business prospects or a much weaker
underlying true liquidity position.

S&P may also withdraw its rating if it concludes that it lacks
sufficient information of satisfactory quality.


WINDERMERE XI: Fitch Cuts Class B Debt Rating to 'Dsf'
------------------------------------------------------
Fitch Ratings has downgraded Windermere XI CMBS plc's class B
notes, affirmed the class C and D notes and withdrawn the ratings,
as follows:

  GBP0 million Class B: downgraded to 'Dsf'; RE0% from 'CCsf';
  RE40%; rating withdrawn

  GBP0 million Class C: affirmed at 'Dsf'; RE0%; rating withdrawn

  GBP0 million Class D: affirmed at 'Dsf'; RE0%; rating withdrawn

Windermere XI was a securitization with one remaining loan backed
by three commercial real estate assets located across the UK.

KEY RATING DRIVERS

The downgrade of the class B notes reflects the final recovery
determination of the Government Income Portfolio loan at the July
2015 interest payment date following the sale of the last two
properties.

Since Fitch's last rating action, the sale of the last three
properties for an aggregate amount of EUR15.3 million resulted in
a partial repayment of GBP15.1 million to the class B notes. As a
result, the outstanding balance of the class B and C notes has now
been fully written-off.

Fitch is withdrawing the ratings of Windermere XI CMBS plc's as
the issuer has defaulted. Accordingly, Fitch will no longer
provide ratings or analytical coverage for Windermere XI CMBS plc.

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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


                            *********

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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