TCREUR_Public/151104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, November 4, 2015, Vol. 16, No. 218



SCFI RAHOITUSPALVELUT: Fitch Affirms BB+sf Rating on Class E Debt


TECHEM ENERGY: Moody's Affirms 'B1' CFR, Outlook Positive


ATTICA BANK: Denies Media Reports on Liquidation


BANCA POPOLARE SPOLETO: BoI Defends Conduct in Desio Takeover
BANCA SELLA: DBRS Assigns 'BB(high)' Rating to Tier 2 Notes
CLARIS SME 2015: DBRS Assigns 'BB(sf)' Rating to Class B Notes
HYDRO DRILLING: November 30 Bid Submission Deadline Set
ISTITUTO CENTRALE: Moody's Assigns '(P)Ba2' CFR, Outlook Stable

ISTITUTO CENTRALE: S&P Keeps 'BB+' CCR on CreditWatch Negative


PNB-KAZAKHSTAN: S&P Affirms 'B+/B' Counterparty Credit Ratings


MEAVITA: VVD Senator Loek Hermans Resigns Over Bankruptcy
SKELLIG ROCK BV: Moody's Raises Rating on Class E Notes to Ba1
ST. PAUL'S CLO 1: S&P Raises Rating on Class E Notes to B+


BASHNEFT PJSOC: Fitch Hikes Issuer Default Ratings to 'BB+'
MURMANSK REGION: Fitch Affirms 'BB-' LT Issuer Default Rating
RUSSIAN HELICOPTERS: Fitch Affirms 'BB' LT Issuer Default Ratings
SVYAZNOY BANK: Shareholders to Discuss Liquidation on Dec. 9
UTAIR AVIATION: Main Shareholder to Inject RUR25 Bil. in Funds


IM PRESTAMOS: Moody's Raises Rating on Class C Notes to B3
ISOLUX CORSAN: S&P Affirms 'B' Corp. Credit Rating, Outlook Neg.
PYMES SANTANDER 4: DBRS Lowers Series C Notes Rating to D

U N I T E D   K I N G D O M

CABOT FINANCIAL: S&P Affirms 'B+' ICR, Outlook Stable
ELLI INVESTMENTS: S&P Lowers CCR to 'CCC-', Outlook Negative
GLOBO PLC: Moody's Withdraws 'B2' Corporate Family Rating
HELLERMANNTYTON GROUP: S&P Keeps 'BB' CCR on CreditWatch Positive
WELLINGTON PUB: Fitch Affirms 'B-' Rating on Class B Notes



SCFI RAHOITUSPALVELUT: Fitch Affirms BB+sf Rating on Class E Debt
Fitch Ratings has upgraded SCFI Rahoituspalvelut Ltd's class B
notes and affirmed the others, as follows:

EUR246.6 million class A notes: affirmed at 'AAAsf'; Stable

EUR43.5 million class B notes: upgraded to'AA+sf' from 'AAsf';
Stable Outlook

EUR6.7 million class C notes: affirmed at 'A+sf'; Stable Outlook

EUR7.2 million class D notes: affirmed at 'Asf'; Stable Outlook

EUR8.2 million class E notes: affirmed at 'BB+sf'; Stable

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

The rating actions reflect that the underlying asset pool's
performance has been in line with or better than Fitch's
expectations, and credit enhancement (CE) has increased for all
classes of notes. About 38% of the pool has amortized since
closing. The remaining 62% pool composition hold similar
characteristics to the initial pool. The proportion of balloon
loans increased marginally, which is expected and reflected in
Fitch's asset assumptions.

High Recoveries

The recoveries achieved by SCF Oy are among the highest for rated
European auto ABS. Cumulative recoveries stand at 56%, which is
consistent with expectations given the time horizon allowed for
recoveries to take place.

Liquidity Coverage

A liquidity reserve provides liquidity coverage for the class A
and B notes. Fitch has capped the rating on the class C notes at
'A+sf' as they do not benefit from this reserve and therefore
timely payment of interest may not be achieved if there is a
servicing disruption.


Cumulative defaults were 0.32% as of end of August 2015 data. This
is in line with Fitch's expectation at this point in life of the
transaction. Given the solid asset performance and substantial
prepayments since closing, we have lowered the lifetime default
rate base case to 1.75%.

Economic Outlook Factored In

Weak economic growth is adversely affecting the labor market.
Unemployment has risen over the past year, standing at 9.7% in
July, 1.0% higher than a year ago. We expect unemployment to
average 9.5% this year before edging back to 8.8% by 2017.
Although the economy has fared slightly worse than expected during
the past year, the asset performance has held up well, and the
revised base case reflects the economic outlook over the next 12-
18 months.


Fitch revised its lifetime default base from 2% to 1.75%.
Recoveries base case remained at 70%.

Expected impact upon the note rating of increased defaults (class
Current ratings: 'AAAsf'/'AA+sf'/'A+sf'/'Asf'/'BB+sf'
Increase base case defaults by 25%:
Increase base case defaults by 50%: 'AAAsf'/'AA-sf'/'A+sf'/'A-

Expected impact upon the note rating of reduced recoveries (class
Current Ratings: 'AAAsf'/'AA+sf'/'A+sf'/'Asf'/'BB+sf'
Reduce base case recovery by 50%:

Expected impact upon the note rating of increased defaults and
decreased recoveries (class A/B/C/D/E):
Current Ratings: 'AAAsf'/'AA+sf'/'A+sf'/'Asf'/'BB+sf'
Increase default base case by 10%; reduce recovery base case by
Increase default base case by 25%; reduce recovery base case by
Increase default base case by 50%; reduce recovery base case by


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


Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
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

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio
information, which indicated no adverse findings material to the
rating analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the 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

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.


TECHEM ENERGY: Moody's Affirms 'B1' CFR, Outlook Positive
Moody's Investors Service has affirmed the B1 corporate family
rating and B1-PD probability of default rating (PDR) of German
energy services provider Techem Energy Metering Service GmbH & Co.
KG.  Concurrently, Moody's affirmed the B3 (LGD6) rating on
Techem's EUR325 million senior subordinated notes (due 2020) and
the Ba3 (LGD3) rating on the EUR410 million senior secured notes
(due 2019) issued by Techem GmbH.  The outlook on all ratings
remains positive.

List of Affected Ratings:


Issuer: Techem Energy Metering Service GmbH & Co. KG

  Corporate Family Rating, Affirmed B1
  Probability of Default Rating, Affirmed B1-PD
  Senior Subordinated Regular Bond/Debenture, Affirmed B3/LGD6

Issuer: Techem GmbH

  Backed Senior Secured Regular Bond/Debenture, Affirmed Ba3/LGD3

Outlook Actions:

Issuer: Techem Energy Metering Service GmbH & Co. KG
  Outlook, Remains Positive

Issuer: Techem GmbH
  Outlook, Remains Positive


"The rating affirmation follows the group's proposed amend and
extend (A&E) of its senior secured credit facilities which will
slightly increase Techem's debt and Moody's-adjusted leverage
initially.  Although this will soften the recently evolving upward
pressure on Techem's ratings, the positive outlook remains
unaffected given our expectation that Techem will be able to
sustainably restore its leverage to levels commensurate with a
higher rating over the next 12 to 18 months," says Goetz
Grossmann, Moody's lead analyst for Techem.  "Nonetheless, we
caution that an upgrade would also require the group to
demonstrate its ability to protect free cash flow generation,
which we expect to turn negative in the next two fiscal years,
predominantly owing to increasing shareholder distributions", adds
Mr. Grossmann.

Moody's said. "Pro forma for the proposed refinancing, which will
increase the group's senior secured term loan by EUR80 million to
EUR555 million, Techem's debt/EBITDA as adjusted by Moody's
increases by about 0.3x to close to 5x in the 12 months ended June
30, 2015. Considering Moody's leverage guidance for an upgrade of
sustainably below 5x, the transaction will initially alleviate the
positive rating pressure which has been building since the agency
raised its outlook to positive from stable in September last year.
That said, Moody's recognizes the group's solid performance over
the last 12 months, driven by a steady growth in its installed
base with strong demand in Germany (in particular for smoke
detectors) but also increasing volumes internationally supported
by favorable legislation in certain foreign core countries (e.g.,
the Netherlands).  Moreover, Moody's regards the prospects for
Techem's core industry of sub-metering to remain healthy in the
upcoming years, which should support annual revenue growth in the
mid-single-digit percentage range and continued growth in EBITDA
at Moody's-adjusted margins of around 39-40%.  As a result,
Moody's forecasts Techem's adjusted leverage to gradually reduce
towards 4.5x debt/EBITDA over the next two to three years which
would be commensurate with a higher rating, as reflected in the
positive outlook.  By contrast, however, the agency cautions that
Techem's future free cash flow generation will be constrained,
owing to higher (albeit business growth driven) capital
expenditures as well as strongly increasing shareholder
distributions of around EUR80-EUR90 million per annum (compared to
EUR40-50 million in the past).  While this will drive free cash
flow negative at least in the current fiscal year, an upgrade
would also require Techem to establish a more conservative
financial policy enabling the group to return to at least around
break-even free cash flow and to maintain its sound liquidity
profile.  In this respect, the agency recognizes the group's A&E
which will also provide for up to an additional EUR150 million
capex facility, thereby increasing total available capex facility
commitments to up to EUR210 million from EUR60 million currently.
This will improve Techem's flexibility to address expected
increases in success-based capital expenditures for smoke
detectors in Germany as well as progressively increasing sub-
metering demand internationally, particularly driven by European
legislation aimed at the promotion of energy efficiency.  Given
the increase in external liquidity sources we maintain our
assessment of Techem's liquidity profile as good overall, despite
the expected depressed free cash flow generation."

The B1 CFR is further supported by (1) Techem's very strong
profitability with a Moody's-adjusted EBITDA margin of 38.6% in
the 12 months ended June 2015, (2) good revenue visibility and
stability given the non-discretionary nature of demand and long-
term contracts with customers, (3) solid entry barriers with low
customer churn rates (well below 5% in Germany), high switching
disincentives and significant investment requirements to replicate
its business model, as well as (4) a supportive regulation focused
on energy efficiency.

The rating remains constrained by Techem's (1) elevated
indebtedness and leverage, (2) limited ability to pay down debt
due to a high interest burden, increasing capital expenditures and
substantial dividend payments, (3) modest geographic
diversification with around 23% of group revenue generated outside
of Germany, and (4) a shareholder-oriented financial policy.


Moody's regards Techem's liquidity profile over the next 12-18
months as good.  Pro forma for the envisaged refinancing as of
June 30, 2015, the group's cash sources comprised of EUR104
million of cash on balance sheet, EUR80 million raised via the
proposed A&E of its senior secured term loan as well as funds from
operations of around EUR160 million per annum.  These funds
together with up to EUR210 million available under the group's two
committed capex facilities (EUR60 million and up to EUR150
million, due June 2020) and the EUR50 million revolving credit
facility (fully drawn currently, due June 2020) will cover all
expected cash uses in the next 12-18 months.  Projected liquidity
needs mainly include capital expenditures of about EUR130 million
per annum, working capital consumption of around EUR10 million in
the next fiscal year (following a minor cash inflow in FY15/16) as
well as expected annual dividend payments of EUR80-90 million in
the next two years.  Moreover, the proposed A&E foresees the group
to comply with newly negotiated financial covenants, although
under which the agency expects Techem to maintain solid headroom.


The positive outlook reflects Moody's expectation that Techem will
be able to gradually deleverage towards an adjusted leverage ratio
of sustainably well below 5x debt/EBITDA, maintain its current
profitability, and to achieve at least break-even free cash flow
including dividend payments to its shareholder.


Moody's might upgrade Techem if the group was able to (1)
sustainably reduce leverage to well below 5x adjusted debt/EBITDA;
(2) maintain adjusted EBITDA margins at around 38%; and (3)
achieve at least break-even free cash flows, including expected
regular shareholder distributions.  In addition, an upgrade would
require Techem to demonstrate its ability to successfully realise
growth from international business opportunities as expected by

Moody's would consider downgrading Techem if (1) the group's
profitability were to unexpectedly come under pressure resulting
in adjusted leverage sustainably exceeding 6x debt/EBITDA; (2)
interest coverage fell below 1.2x EBIT/interest expense; and (3)
free cash flow turned materially negative and not only
temporarily.  In addition, negative rating pressure might further
evolve in case of a weakening liquidity profile or a material
negative outcome of the ongoing sector investigation initiated by
the German Bundeskartellamt in July 2015.


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

Headquartered in Eschborn, Germany, Techem is a leading provider
of energy services operating through two divisions: Energy
Services (accounting for 86% of group sales in fiscal year ended
March 31, 2015) and Energy Contracting (14%).  Energy Services
provides sub-metering services of measuring heating use and water
consumption of individual housing units and supplementary services
such as smoke detector installation and maintenance and legionella
analysis in drinking water.  Energy Contracting offers a holistic
management of clients' energy consumption through the planning,
financing, construction and operation of heat stations, boilers,
cooling equipment and combined heating and power units.  In fiscal
year ended March 31, 2015, (FY2015), Techem reported total
revenues of around EUR722 million of which approximately 77% were
generated in Germany.  Techem has been owned by funds advised by
the Macquarie Group Limited since 2007.


ATTICA BANK: Denies Media Reports on Liquidation
According to ANA-MPA, Attica Bank dismissed media reports that it
is under liquidation, following the results of the ECB's stress
tests, saying it will continue with its recapitalization process
as planned.

"Reports claiming the bank is insolvent and is thus entering into
liquidation by creating a 'good bank' and 'bad bank', are totally
untrue and misleading," ANA-MPA quotes the bank as saying in a
press release.

"Attica Bank will proceed successfully with the recapitalization
process, with the support of its main shareholder [the social
security fund] TSMEDE/ETAA which will continue to hold in the
future the same shares, but with the possible addition of new
private investors with whom it is at the consultation stage."

Any capital that may be missing after the above actions are
completed will be covered by the Hellenic Financial Stability Fund
(HFSF), as the recent law on bank recapitalization
stipulates, ANA-MPA notes.

Attica Bank is a small Greek lender.


BANCA POPOLARE SPOLETO: BoI Defends Conduct in Desio Takeover
ANSA reports that Bank of Italy (BoI) Senior Deputy Governor
Salvatore Rossi on Oct. 27 defended the central bank's "prompt and
proper" conduct in last year's takeover of Banca Popolare di
Spoleto (BPS) by Banca Desio.

BoI Governor Ignazio Visco is being probed for corruption, abuse
of office and fraud in connection with that takeover, ANSA

"The incident takes place in a climate of intense political
controversy, which occasionally targets the banking sector and the
Bank of Italy," ANSA quotes Mr. Rossi as saying in a letter to
employees.  "Suspecting that decisions taken (by the central
bank's commissioners) were improper also doubting of the
professional capacities and the honesty of many hundreds of

Prosecution papers confirmed Mr. Visco is under investigation
after former BPS shareholders alleged the Bank of Italy turned
down a buy offer from Hong Kong-based NIT Holdings Ltd. even
though it beat the Desio offer by EUR100 million, ANSA discloses.

The shareholders argued that the central bank commissioners turned
that offer down without providing clear motivation, ANSA relates.

BPS was placed into receivership before the sale to Desio, a move
Adusbef consumer group said led to "serious losses" for
shareholders, ANSA recounts.

Adusbef President Elio Lannutti estimated that the decision caused
BPS shareholders damages of EUR300 to EUR350 million, and called
on Premier Matteo Renzi to dismiss Visco with immediate effect,
ANSA states.

He said bank shareholders and depositors will be in "grave danger"
as of Jan. 1 next year, when a bail-in program to rid Italy's
banks of their non-performing loans could kick in under the
supervision of a central bank that has proven itself "incompatible
with the job of safeguarding public savings", according to ANSA.

The European Central Bank, as cited by ANSA, said it "welcomes
favorably" an Italian measure to bail in the country's banks,
which currently hold what Italian Banking Association (ABI) said
are EUR198.5 billion in gross non-performing loans.  A bail-in
forces the borrower's creditors to bear some of the burden by
having part of the debt they are owed written off, ANSA notes.

Banca Popolare di Spoleto is a small cooperative lender based in

BANCA SELLA: DBRS Assigns 'BB(high)' Rating to Tier 2 Notes
DBRS Ratings Limited assigned a BB (high) rating to the EUR25
million Mandatory Pay Subordinated Notes (the Notes), which are in
the form of Tier 2 instruments (ISIN: XS1311567314) issued by
Banca Sella SpA (the Issuer or the Bank) under its
EUR1,000,000,000 Medium Term Note Programme (EMTN Programme). The
program is for the issuance of either Senior or Subordinated
Notes. DBRS' existing ratings on the Bank include a Senior Long-
Term Debt and Deposit rating of BBB (low) and a Short-Term Debt
and Deposit rating of R-2 (low), both with a Negative trend. In
line with the Senior Long-Term Debt and Deposit rating, the trend
on the rating for the EUR25 million Mandatory Pay Subordinated
Notes is also Negative.

In assigning the BB (high) rating to the Notes, one notch below
the Bank's Intrinsic Assessment (IA) of BBB (low), DBRS highlights
that the Tier 2 Notes constitute direct, unsecured and
subordinated obligations of the Issuer and rank pari passu without
any preference among themselves. The Notes will be unsecured and
will rank junior in priority to the claims of unsubordinated,
unsecured creditors (including depositors) of the Issuer.

The BB (high) rating assigned to the Subordinated Notes is one
notch below the Bank's IA of BBB (low), in line with DBRS'
standard rating practice for Subordinated Debt. The Bank's IA is
in line with the IA of the parent company Banca Sella Holding SpA
(the Group) and consequently any change in the Group's Intrinsic
Assessment would lead to a change in the rating of the
Subordinated Debt. Negative rating pressure on the Group's ratings
could arise if the Group does not improve its capital position.
Upward rating pressure would require an improvement in asset
quality, further strengthening of capital, as well as additional
improvements in the Group's corporate governance.

CLARIS SME 2015: DBRS Assigns 'BB(sf)' Rating to Class B Notes
DBRS Ratings Limited assigned ratings to the Class A and Class B
Notes issued by Claris SME 2015 S.r.l. (the Issuer) as follows:

-- EUR1,270,000,000 Class A Asset Backed Floating Rate Notes
    due October 2062 rated A (high) (sf)

-- EUR290,000,000 Class B Asset Backed Floating Rate Notes due
    October 2062 rated BB (sf)

The transaction (Claris SME 2015) is a cash flow securitization
collateralized by a portfolio of bank loans to Italian small and
medium-sized enterprises, large corporates, producer families and
non-business entities. The loans were mainly originated by Veneto
Banca S.c.p.a. (VB) and bancApulia S.p.A. (BAP, part of VB group),
while 7.5% of the portfolio was originated by BAP, Cassa di
Risparmio di Fabriano e Cupramontana S.p.A., Banca Popolare di
Intra S.p.A. and Banca Popolare di Monza e Brianza S.p.A. before
their full integration into the VB group during 2007-2010.

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
Final Maturity Date, while the rating on Class B Notes addresses
the ultimate payment of interest and principal on or before the
Final Maturity Date. DBRS does not rate the Class J1 and J2 Notes.

VB and BAP (the Originators) transferred a first portfolio to the
Issuer in May 2015 and subsequently a second portfolio in October
2015, totalling EUR3,028 million. A portion of the purchase price
of the first portfolio was financed with a bridge loan granted by
JPMORGAN Chase Bank N.A., Milan Branch (the Lender). On 16 October
2015, the Originators repurchased all loans included in the first
portfolio (EUR908 million) that no longer met any of the transfer
criteria (including all loans in arrears) with economic effect as
of October 1, 2015. On the Issue Date, the proceeds of such
repurchase and of the issuance of the Notes together with interest
and principal collections received until 1 October 2015 from the
first portfolio will be used to (1) repay the bridge loan and
interest/expenses due on it, (2) pay the remaining purchase price
of the portfolio to the Originators and (3) fund the Cash Reserve
(CR) and expenses account.

Despite being a creditor of the Issuer, the Lender is not part of
the Intercreditor Agreement or any other transaction document.
However, DBRS has been provided with an extract of the executed
bridge loan agreement, which includes non-petition provisions
signed by the Lender in line with DBRS's expectations to ensure
bankruptcy remoteness of the Issuer in the context of Italian law.
Prospective investors should be aware that DBRS was not provided
with the entire copy of the bridge loan agreement and therefore
has been unable to verify if any additional liability could arise
against the Issuer from such agreement in the future.

As of October 1, 2015, the portfolio consisted of 13,074 loans
extended to 11,058 borrowers, with an aggregate par balance of
EUR1,953 million. Some loans included in this transaction
(approximately 30% of the initial portfolio) were also part of the
previous SME CLO of the Originators, Claris SME 2012 S.r.l., which
was unwound in September 2015.

HYDRO DRILLING: November 30 Bid Submission Deadline Set
Mario Leonardo Marta, the Receiver of Hydro Drilling International
S.p.A, disclosed that notice is given of the use, in Bankruptcy n.
62/2015, of a competitive bidding process for the sale, under the
condition set out in the Call for sale and annexes thereto,
through acts that are linked together for the purposes of a single
transaction, of:

   -- the 100% stake in a limited liability company, owned by the
      Bankrupt Entity, to which transfer shall be made, through
      disposal of contribution, of a company, owned by the
      Bankrupt Entity, active in well drilling for the oil
      industry and in mining energy resources, currently operated
      under a rental agreement by the above subsidiary; and,

   -- the receivables claimed by the Bankrupt Entity from the
      above subsidiary.

Sale conditions and competitive bidding: single lot; procedures
and conditions set out in the call for tender and annexes.

Bid submission deadline: no later than 11:00 a.m. on November 30,
2015, at the Office of Notary Ceraolo in Via C. Colombo n. 1

Parties interested in participating in the Sale Procedure may view
the Call for Sale and annexes prior to:

   -- appointment to be arranged by phone with the Receiver Mario
      Leonardo Marta (tel. 011.745.551);

   -- delivery to the Receiver's Office in Via Morghen n. 33,
      Turin of a statement signed by a party empowered to legally
      bind the company requesting access, in which the requesting
      company declares that the individual appearing before the
      Receiver is a delegate who has authorized to collect a copy
      of the documents;

   -- signing of a confidentiality undertaking based on the text
      drawn up by the Bankrupt Entity.

The Bankrupt Entity may deliver any other specific documents
and/or provide additional information and/or clarifications only
to those parties who have complied with the above and with the
additional conditions set forth in the Call for Sale.

This announcement does not constitute a public offering, pursuant
to art. 1336 of the Italian Civil Code, no a solicitation of
public savings, pursuant to art. 94 and ensuring articles of
Legislative Decree n. 58 of February 24, 1998.

ISTITUTO CENTRALE: Moody's Assigns '(P)Ba2' CFR, Outlook Stable
Moody's Investors Service has assigned a (P)Ba2 corporate family
rating (CFR) to Istituto Centrale delle Banche Popolari Italiane
S.p.a. (ICBPI).  The outlook on the rating is stable.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating.  A definitive rating may differ from a
provisional rating.


The (P)Ba2 CFR primarily reflects (1) ICBPI's high integration
into the Italian payment system with leading positions in the
different niche segments of this industry, (2) its good growth
prospects due to the structural shift towards digital payment, (3)
the high barriers to entry related to factors, including scale,
reputation, and track record, and (4) its good liquidity position.
However, these strengths are mitigated by (1) the relatively high
customer concentration due to the wholesale nature of most of its
services, (2) the concentration of its operations in Italy, and
(3) the leveraged nature of the acquisition of ICBPI by its new
private equity shareholders.

On June 19, 2015, Advent International, Bain Capital, and
Clessidra (together the Sponsors) entered into an agreement to
acquire ICBPI from a consortium of Italian banks.  The acquisition
is still pending approval by the European Commission, the Bank of
Italy, the European Central Bank and the competent antitrust
authorities.  Upon the completion of the transaction, the Sponsors
will own 89% of the share capital of ICBPI for a total
consideration of approximately EUR1,900 million including deferred
consideration of EUR89 million payable on May 31, 2016.  The
acquisition will be funded through equity from the Sponsors as
well as debt to be raised outside of the banking regulated group.

Moody's favorably considers the participation of ICBPI at
different stages of the payment value chain in Italy leading to
the high integration of the company into the Italian payment
system.  Through its issuing and acquiring activities under the
CartaSi brand, ICBPI covers roughly 75% of the total consumer card
spend in the country.  The company benefits from the fragmentation
of the Italian banking market, with outsourcing being attractive
for financial institutions lacking the scale of operations to
compete with the country's two largest banks.  ICBPI's competitive
advantage lies in processing large volumes of transactions across
multiple customer banks at a lower cost per transaction.

In addition, Moody's positively views the relatively high
concentration of the markets where ICBPI operates due to the
presence of only a limited number of players having the scale to
offer cost-effective outsourcing solutions for smaller Italian
banks.  Other barriers to entry include reputation and track
record of operations, and a large distribution network for retail
activities.  It is difficult for new entrants to replicate ICBPI's
penetration among Italian banks and large bank distribution
network, which allows the company to reach out to higher margin
and lower churn SMEs where it holds c.80% market share.  CartaSi
is the leading merchant acquirer at the point-of-sale and issuer
of credit and prepaid cards.  Moody's also views positively the
relatively benign competitive environment.

While ICBPI has shown limited 2% annual growth over the last three
years, growth prospects are good over the longer-term mainly
driven by increased card penetration and card spend.  Moody's
believes that there is significant headroom for card penetration
in Italy as card spend accounted for only 16% of total consumer
spending in 2014 -- well below the Western European average of 39%
(excluding Italy).  Alongside the cyclical increase in consumer
spending, Moody's expects ICBPI to benefit from government actions
to facilitate a switch away from cash as well as the growth in e-

CartaSi experiences significant volatility in working capital
needs.  In addition to the funding of customer receivables, there
is a requirement to fund differences in the timing of settlement
between counterparties in the merchant acquiring business.
Liquidity requirements are also seasonal in nature with the annual
peak funding requirement being in December and January due to the
higher spending in Christmas and during the summer season due to
the influx of tourists in Italy.  Moody's considers that ICBPI
enjoys a good liquidity profile underpinned by the full coverage
of bank borrowings with sizeable liquid assets, in particular
Italian government bonds, partly constrained by the relatively
high concentration of deposits among a limited number of
institutional customers.

However, constraints on the rating include the fact that ICBPI has
a relatively concentrated customer base due to the wholesale
nature of the services it offers to its bank clients -- these
services include issuing, banking and clearing services.  Indeed,
ICBPI's top 22 customers -- mainly co-operative banks - accounted
for approximately 70% of the company's revenues in 2014.

Additionally, with the need to upstream a significant proportion
of net income to service interest payment on the acquisition debt,
Moody's believes that ICBPI will experience reduced financial
flexibility in case of unexpected shocks.  In addition, the new
owners' debt burden may in time lead to changes in the company's
direction and risk profile.  Nonetheless, Moody's believes that
ICBPI's credit profile should continue to benefit from its status
as a regulated credit institution.  ICBPI showed a sound Common
Equity Tier 1 ratio of c.21.5% as of June 30, 2015, (pro-forma for
the removal of the capital add-on requirement imposed by the Bank
of Italy until 30 September 2015).  While Moody's projects the
bank's Common Equity Tier 1 ratio to decline over time driven by
the balance sheet growth on an organic basis and through
acquisitions and the fact that a significant portion of net income
is absorbed to service the buy-out interest payments, this
deterioration is projected to be gradual still leaving headroom
well above prudential requirements.  Thus Moody's considers that
regulatory supervision mitigates the risk of an aggressive
financial policy and creates a "ring-fence" for ICBPI's credit

The stable outlook incorporates Moody's view that ICBPI will
likely experience growth in net income moderately above the
interest payments of the acquisition debt.


Upwards pressure could arise if ICBPI experiences (i) sustainable
organic revenue growth at or above market rates, (ii) high renewal
rate for both merchant and institutional client contracts, (iii)
diversification of the deposit pool for its Securities business,
and (iv) a significant reduction of the net income distributable
to service acquisition debt interest payments.  Negative ratings
pressure could develop if (i) ICBPI experiences the loss of large
customer contracts or increased churn in merchant acquiring due to
increased competition, and (ii) reliance on wholesale funding
increases due to a decline of deposits.


The principal methodology used in this rating was Finance
Companies published October 2015.

ICBPI is the leading operator in the Italian card issuing,
acquiring, payments and securities services areas, providing a
large range of services to financial institutions and corporates.
The company holds a banking license from the Bank of Italy
reflective of its settlement and depositary activities.  ICBPI
generated pro-forma net revenues and EBITDA (as reported by the
company) of EUR670 million and EUR196 million, respectively, in
fiscal year ending December 31, 2014.

ISTITUTO CENTRALE: S&P Keeps 'BB+' CCR on CreditWatch Negative
Standard & Poor's Ratings Services said that it kept its 'BB+'
long-term corporate credit ratings on Istituto Centrale delle
Banche Popolari Italiane (ICBPI) and its core subsidiary CartaSi
SpA on CreditWatch with negative implications, where they were
originally placed on June 24, 2015.  At the same time, S&P
affirmed the 'B' short-term ratings on both entities.

S&P has also assigned a preliminary 'B' issuer rating to
MercuryBondCo PLC (MercuryBondCo), a new issuing vehicle
established by the private equity consortium acquiring ICBPI and
whose debt is expected to be guaranteed by the consortium's
holding companies, and a preliminary 'B' issue rating to the
around EUR1.1 billion PIK toggle notes (maturing in 2021) expected
to be issued by MercuryBondCo once the Bank of Italy has approved
the transaction.  The outlook on MercuryBondCo is stable.

S&P is keeping its long-term rating on ICBPI on CreditWatch
because the finalization of ICBPI's acquisition by a private
equity consortium -- comprising Bain Capital, Advent
International, and Clessidra -- remains subject to approval by the
Bank of Italy.

In S&P's view, the acquisition will likely diminish ICBPI's
creditworthiness mainly because of the double leverage that the
transaction is expected to generate for the wider group and the
broader potential implications it may have on ICBPI's financial
policy and strategy.

Under the proposed terms, S&P understands the consortium will
finance the ICBPI acquisition by raising debt of up to
EUR1.1 billion (through the issuance of senior PIK toggle notes by
MercuryBondCo).  The remainder, around EUR900 million, will be
financed through equity.  More specifically, MercuryBondCo will
issue the new debt instruments as senior PIK toggle notes.  The
interest payments on the PIK toggle notes will depend on the flows
of dividends upstreamed from ICBPI.

S&P would consequently regard ICBPI as part of a larger group, of
which it is by far the biggest component.  In S&P's view, ICBPI's
creditworthiness would be influenced by weaker (and more
leveraged) parts of the group.  To better assess the impact of the
increased leverage on ICBPI, S&P has broadly estimated the capital
position of the new group.  S&P estimates that, under the proposed
terms, the consolidated risk-adjusted capital (RAC) in 2016 and
beyond would be negative due to material intangible assets not
being offset by the retained earnings S&P expects during the
forecast period.  S&P views this as more negative than its
projected 7% RAC ratio for ICBPI.

As a result, S&P anticipates that the new entity's group credit
profile (GCP) will be weaker than ICBPI's current credit standing.
This would lead to a GCP of 'bb-'.  S&P would consider ICBPI a
core subsidiary of the new group and therefore S&P would align its
ratings on it at the group level.

S&P has consequently assigned its preliminary rating on
MercuryBondCo based on S&P's view that it is an issuing vehicle of
a nonoperating holding company (NOHC).  Under S&P's group rating
methodology for NOHCs, the gap between the issuer credit rating
(ICR) of a NOHC and the operating companies (OpCo) is at least two
notches when the GCP is lower than 'bbb-'.  S&P's assessment
incorporates the subordination of MercuryBondCo compared to ICBPI
(especially given the latter's regulated nature) and the debt-
servicing ability of MercuryBondCo.

S&P usually derives the ICR for a NOHC by applying standard
notching down from the group's main operating entity.  This is to
reflect the reliance of the NOHC on dividend distributions from
the OpCo to meet its obligations, as well as supervisory barriers
to payments, potentially different treatment in a default
situation, and the structural subordination of NOHC obligations to
those at the OpCo level.

S&P considers that Bank of Italy could restrict payment
distribution between ICBPI and the sponsors' HoldCos.  This is
primarily because ICBPI is a regulated entity.  Given this
subordination, S&P considers MercuryBondCo to carry more credit
risk than ICBPI.  S&P has not widened the gap beyond the two
notches because it believes that its assessment of the GCP already
captures the double leverage the transaction generates.

S&P equalizes the rating on the PIK toggle notes with the ICR of
the issuer, MercuryBondCo.  According to S&P's methodology, a PIK
feature does not cause an instrument to be rated lower than the
ICR on the issuer.

S&P intends to resolve the CreditWatch on ICBPI and its core
subsidiary CartaSi once the transaction is approved by the Bank of
Italy and is formally completed.  Based on the preliminary terms
of the proposed transaction, S&P would expect to lower the long-
term ratings on ICBPI by two notches to 'BB-'.

Under this scenario, S&P also expects to revise to final the
preliminary 'B' rating on MercuryBondCo and the PIK notes, and to
assign a stable outlook to MercuryBondCo upon the receipt and
satisfactory review of the final documentation.

If, contrary to S&P's current assumption, the acquisition is not
finalized, S&P would withdraw the preliminary ratings on
MercuryBondCo and the PIK notes, and S&P would likely affirm the
'BB+' long-term ratings on ICBPI.


PNB-KAZAKHSTAN: S&P Affirms 'B+/B' Counterparty Credit Ratings
Standard & Poor's Ratings Services affirmed its 'B+/B' long- and
short-term counterparty credit ratings on Kazakh bank PNB-
Kazakhstan.  The outlook remains negative.

S&P also affirmed its 'kzBBB-' Kazakh national scale rating.

The affirmation reflects S&P's view that, despite Punjab National
Bank (PNB) reducing its stake in PNB-Kazakhstan to less than 50%,
S&P continues to consider PNB-Kazakhstan moderately strategic to
the group and to factor one notch of group support from PNB into
our ratings on PNB-Kazakhstan.  The uplift for group support
reflects these factors:

   -- S&P's understanding that PNB is committed to following the
      state policy of strengthening ties and trade between India
      and Kazakhstan, allowing PNB-Kazakhstan to expand its
      client base through Indian companies present in the local

   -- PNB's still high level of involvement in PNB-Kazakhstan's
      fundamental decision-making processes through its presence
      in all the management board meetings, board of directors
      meetings, and other committees.

   -- S&P's view of PNB as able and willing to provide support to
      PNB-Kazakhstan if needed.

Following the change in PNB-Kazakhstan's ownership structure, a
new Kazakh management team took over and plans to streamline the
bank's decision-making procedures in order to become more dynamic
and client oriented.  Under S&P's base case, it believes PNB's
share in the bank will not fall below 35% in the coming two years,
because S&P sees limited needs for further capitalization (the
estimated risk-adjusted capital ratio after the equity inflow in
September 2015 was close to 95%-100%).  S&P believes this
minimizes the risk of changes in the ownership structure and
significant further dilution of PNB's stake.

PNB-Kazakhstan will play an important role in strengthening trade
between India and Kazakhstan.  Given that PNB is big government-
owned bank, it is strongly influenced by political decisions and
follows state policy.  As a result, PNB-Kazakhstan will be heavily
involved in the further development and support of Indian entities
in Kazakhstan, allowing the bank to benefit from a less
confidence-sensitive client base.  S&P assess the capacity of the
Kazakh market to develop the Indian part of business as high.
However, loans to Indian companies will be granted primarily on
the PNB level and PNB-Kazakhstan will provide the settlement
service and will participate in lending through syndication of
loans, given its small absolute size.

Although PNB's involvement in the management and development of
its Kazakh subsidiary has decreased -- following the reduction of
its share to less than 50% of total equity -- S&P still considers
it to be high, given PNB's presence in all management board and
board of directors meetings as well as other committees.
According to the shareholder agreement, all fundamental decisions
must be made by majority and supported by at least one member of
the board, or the management board, or committee (as applicable,
depending on the event) who has been nominated by PNB and one who
has been nominated by local Kazakh shareholders.

The negative outlook on PNB-Kazakhstan reflects S&P's expectation
that the negative trends in the Kazakh economy and banking sector
will persist in 2016 and may put pressure on the bank's
capitalization, profitability, and funding.

S&P could lower the ratings if the economic slowdown and increased
industry risks have a significantly adverse effect on PNB-
Kazakhstan's franchise, especially its earnings and funding
profile.  S&P could also remove the one notch of group support if
it sees evidence of diminishing support from PNB or more
restrained participation of PNB in the management and supervision
of PNB-Kazakhstan.

S&P would consider revising the outlook to stable if operating
conditions for the Kazakh banking sector as a whole stabilize,
notably with stable industry and economic risk trends.  To take
such an action, S&P would also need to see PNB-Kazakhstan
maintaining its very strong capital position and moderate risk


MEAVITA: VVD Senator Loek Hermans Resigns Over Bankruptcy
--------------------------------------------------------- reports that VVD senator Loek Hermans resigned on
Nov. 2 after the bankruptcy of Meavita was partly blamed on his

According to, the company court in Amsterdam said on
Nov. 2 Meavita went bust in 2009 and failed because its management
did not do their jobs properly.

In particular, the company court singled out former supervisory
board chairman Hermans for criticism, relates.  The
court, as cited by, said Mr. Hermans had not briefed
the rest of the board or new members of the executive board about
the company's internal or external problems.

The case against the directors and supervisory board of the
Meavita organization was brought by the FNV trade union, which
said its members had lost tens of thousands of euros because of
the bankruptcy, recounts.

Meavita, which had contracts with 60 local authorities, was formed
in 2007 following the merger of four separate home nursing groups
but never made a profit, notes.  The organization had
20,000 workers and turnover of around EUR500 million a year, discloses.

Meavita was a home nursing group.

SKELLIG ROCK BV: Moody's Raises Rating on Class E Notes to Ba1
Moody's Investors Service announced that it has taken rating
actions on these classes of notes issued by Skellig Rock B.V.:

  EUR101 mil. (current balance EUR 4.7 mil.) Class A-1 Senior
   Floating Rate Notes due 2022, Affirmed Aaa (sf); previously on
   Jan. 20, 2015, Affirmed Aaa (sf)

  EUR32.5 mil. (current balance EUR 7.5 mil.) Class A-2b Senior
   Floating Rate Notes due 2022, Affirmed Aaa (sf); previously on
   Jan. 20, 2015, Affirmed Aaa (sf)

  EUR6.5 mil. (current balance EUR 0.3 mil.) Class A-3 Senior
   Fixed Rate Notes due 2022, Affirmed Aaa (sf); previously on
   Jan. 20, 2015, Affirmed Aaa (sf)

  EUR38 mil. Class B Senior Floating Rate Notes due 2022,
   Affirmed Aaa (sf); previously on Jan. 20, 2015, Affirmed
   Aaa (sf)

  EUR34 mil. Class C Deferrable Interest Floating Rate Notes due
   2022, Upgraded to Aaa (sf); previously on Jan. 20, 2015,
   Upgraded to Aa1 (sf)

  EUR27 mil. Class D Deferrable Interest Floating Rate Notes due
   2022, Upgraded to A2 (sf); previously on Jan. 20, 2015,
   Upgraded to Baa1 (sf)

  EUR13.5 mil. Class E Deferrable Interest Floating Rate Notes
   due 2022, Upgraded to Ba1 (sf); previously on Jan. 20, 2015,
   Upgraded to Ba3 (sf)

  EUR7 mil. (current rated balance EUR4.5 mil.) Class Q
   Combination Notes due 2022, Upgraded to Aa1 (sf); previously
   on Jan. 20, 2015, Upgraded to Aa2 (sf)

  EUR10 mil. (current rated balance EUR2.2 mil.) Class S
   Combination Notes due 2022, Upgraded to Baa2 (sf); previously
   on Jan. 20, 2015, Upgraded to Ba1 (sf)

Skellig Rock B.V., issued in Nov. 2006, is a single currency
Collateralised Loan Obligation backed by a portfolio of mostly
high yield European senior secured loans managed by GSO Capital
Partners International LLP.  This transaction's reinvestment
period ended in Nov 2012.


According to Moody's, the rating actions taken on the notes are
the result of deleveraging on the last payment date and the
benefit of EUR15.6 million of principal proceeds reported in the
August 2015 trustee data.

Class A notes have paid down by approximately EUR26.4 million
(37.7% of closing balance) on the June 1, 2015, payment date, as a
result of which over-collateralization (OC) ratios of senior
classes of rated notes have increased significantly.  As per the
trustee report dated August 2015, Class A/B, Class C, Class D, and
Class E OC ratios are reported at 287.36%, 171.79%, 130.21%, and
116.15% compared to Nov. 2014 levels of 171.04%, 136.23%, 117.40%,
and 109.78 respectively.

Reported WARF has remained steady at around 3200 between November
2014 and August 2015, the reported diversity score has reduced
from 24 to 20, and the weighted average spread has remained close
to 3.9% over this period.  There are no reported defaults as of
Aug. 2015.

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity.  For Class Q
notes, the 'Rated Balance' is equal at any time to the principal
amount of the Combination Note on the Issue Date increased by the
Rated Coupon of 0.25% per annum, accrued on the Rated Balance on
the preceding payment date minus the aggregate of all payments
made from the Issue Date to such date, either through interest or
principal payments.  For Class S notes, the 'Rated Balance' is
equal at any time to the principal amount of the Combination Note
on the Issue Date minus the aggregate of all payments made from
the Issue Date to such date, either through interest or principal
payments.  The Rated Balances may not necessarily correspond to
the outstanding notional amounts reported by the trustee.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.  In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds of EUR 150.88 million, a
weighted average default probability of 26.10% (consistent with a
WARF of 3922 over a weighted average life of 3.76 years), a
weighted average recovery rate upon default of 47.98% for a Aaa
liability target rating, a diversity score of 19 and a weighted
average spread of 3.88%.

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

Moody's notes that after this analysis was completed, the
September 2015 trustee report has been issued.  There is no
material change in key portfolio metrics such as WARF, diversity
score, and weighted average spread as well as OC ratios for
Classes B, C, D, and E from their Aug. 2015 levels.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were unchanged compared to base-case results for Classes A-1,
A-2b, A-3, B and C, and within one notch of the base-case results
for Classes D and E.

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

Additional uncertainty about performance is due to:

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

  2) Around 42% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.

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

ST. PAUL'S CLO 1: S&P Raises Rating on Class E Notes to B+
Standard & Poor's Ratings Services raised its credit ratings on
all classes of St. Paul's CLO 1 B.V.'s notes.

In S&P's June 11, 2014 review of the transaction, its credit and
cash flow analysis indicated that the available credit enhancement
for the class D and E notes was commensurate with higher ratings.
However, the application of the largest obligor default test
constrained S&P's ratings on these classes of notes.

Upon publishing, S&P's updated criteria for rating for corporate
collateralized loan obligation (CLO) transactions, S&P placed
those ratings that could potentially be affected "under criteria

Following S&P's review of this transaction, its ratings that could
potentially be affected by the criteria are no longer under
criteria observation.

S&P's corporate CLO criteria incorporate supplemental tests
intended to address both event risk and model risk that may be
present in rated transactions.  These consist of (1) the "largest
obligor default test," which assesses whether a CLO tranche has
sufficient credit enhancement to withstand specified combinations
of underlying asset defaults based on the ratings on the
underlying assets, and (2) the "largest industry test," which
assesses whether or not it can withstand the default of all the
obligors in the largest industry category.

The updated criteria do not change the calculation of the loss
amounts for the supplemental tests.  However, the criteria now
allow the loss amounts calculated for the largest obligor default
test to be run through our cash flow model to take into account
excess spread and to ensure that the tranche subject to the test
receives timely interest and ultimate principal in S&P's analysis.

The upgrades follow S&P's assessment of the transaction's
performance using data from the Sept. 21, 2015 trustee report and
the application of its relevant criteria.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate (BDR) for each rated class
at each rating level.  The BDR represents our estimate of the
maximum level of gross defaults, based on our stress assumptions,
that a tranche can withstand and still fully repay the
noteholders.  In our analysis, we used the portfolio balance that
we consider to be performing (EUR207,235,064), the current
weighted-average spread (3.67%), and the weighted-average recovery
rates calculated in line with our corporate CLO criteria.  We
applied various cash flow stresses, using our standard default
patterns, in conjunction with different interest rate stress
scenarios," S&P said.

Since S&P's June 11, 2014 review, the aggregate collateral balance
has decreased by 25.72% to EUR211.22 million from EUR284.37
million.  The class A notes have amortized by EUR68.69 million
since S&P's previous review.  In S&P's view, this has increased
the available credit enhancement for all rated classes of notes.

Non-euro-denominated assets comprise 1.65% of the performing
assets.  A cross-currency swap agreement hedges these assets.  In
S&P's cash flow analysis, it considered scenarios where the
hedging counterparty does not perform, and where the transaction
is therefore exposed to changes in currency rates.

Following the application of the largest obligor default test
under S&P's corporate CLO criteria, the transaction can now
support higher ratings on the class D and E notes.  Taking into
account the results of S&P's credit and cash flow analysis and the
application of its current counterparty criteria, S&P considers
that the available credit enhancement for the class A, B, and C
notes is commensurate with higher ratings than those previously
assigned.  S&P has therefore raised its ratings on all classes of

St. Paul's CLO 1 is a cash flow CLO transaction that securitizes
loans to primarily speculative-grade corporate firms.  The
transaction closed in May 2007 and is managed by Intermediate
Capital Group PLC.


Class             Rating
            To                 From

St. Paul's CLO 1 B.V.
EUR335.942 Million Secured Floating-Rate Notes

Ratings Raised

A           AA+ (sf)            AA (sf)
B           AA- (sf)            A+ (sf)
C           A- (sf)             BBB+ (sf)
D           BB+ (sf)            B- (sf)
E           B+ (sf)             CCC (sf)


BASHNEFT PJSOC: Fitch Hikes Issuer Default Ratings to 'BB+'
Fitch Ratings has upgraded Russia-based PJSOC Bashneft's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) to 'BB+'
from 'BB'. The Outlook is Stable.

"An upgrade to 'BB+' reflects our assessment that Bashneft will
maintain a strong operational and financial performance over the
medium term despite depressed oil prices. We believe that there
are no material credit risks stemming from Bashneft's
nationalisation in December 2014. We expect Bashneft's upstream
output to keep rising at its newly operational Trebs and Titov
(T&T) and Burneftegaz (BNG) sites while its production in the
Republic of Bashkiria (Bashkortostan), its stronghold, is likely
to remain stable," Fitch said.

"We forecast Bashneft's financial profile to remain robust as
progressive taxation in the Russian oil industry and a flexible
rouble exchange rate partially alleviate the negative effect of
low oil prices, even after considering the recently announced 2016
tax increase. We continue rating Bashneft on a standalone basis
and do not incorporate any uplift for state support as we view its
legal, operational and strategic ties with Russia (BBB-/Negative),
its majority shareholder, as limited."

Bashneft is a medium-scale Russian oil producer that accounts for
5% of the country's oil production and 8% of oil refining output,
with assets located mainly in Bashkiria. Following the 2014
nationalization, the company is controlled by the Russian Federal
Property Management Agency (50%) and Bashkiria (25%). Bashneft's
'BB+' rating includes a two-notch discount for Russian corporate
governance and systemic eg taxation risks.


Rising Upstream Production

"We positively view the company's efforts to diversify its
reserves and production and to boost upstream output. In 2014
Bashneft's crude production was 356 thousand barrels per day
(mbpd), up 11% yoy, compared with the Russian average growth of
1%; it was up a further 12% yoy in 9M15. Higher production mainly
comes from newly operational Trebs and Titov fields in Timan-
Pechora and Burneftegas in Western Siberia acquired in March 2014.
These two assets produced on average around 30mbpd in 2014 and
60mbpd in 9M15. We assume the company's upstream production to
average 390mbpd in 2015 (+10% yoy) and to exceed 400mbpd in 2016,"
Fitch said.

Competitive Reserves and Costs

Bashneft's proven oil reserves of 2.1bn barrels at end-2014 imply
a 17-year reserve life, in line with that of large Russian peers.
We believe the company should be able to replenish its reserves
organically as its greenfield projects in Timan-Pechora and
Western Siberia have a substantial exploration potential. The
company believes its brownfields in Bashkiria can also provide
exploration upside. Bashneft's 6M15 lifting costs per barrel of
oil (bbl) stayed at USD4.9, down 35% yoy, on the rouble
depreciation, and is significantly below that of most
international peers.

Improving Downstream Performance

"Bashneft is the fourth-largest refiner in Russia; its three
Bashkiria-based refineries have 480mbbl/d total primary capacity
and a Nelson index of 8.93 (Russian overage: 5.1). We positively
view Bashneft's lower exposure to possible changes in refining
margins due to rising upstream production, as in 9M15 its
refining-to-upstream production ratio reduced to 1x, down from
1.2x in 9M14. In 2014, the downstream segment accounted for 37% of
Bashneft's EBITDA," Fitch said.

"Oil refining in Russia underperformed in 1Q15 as domestic prices
on oil products remained significantly below the export netback
(export price minus export duty and transportation costs). This
resulted from a combination of several factors, including the tax
manoeuvre undertaken by the Russian government, the rouble
depreciation and the seasonal pattern. The situation started to
improve in 2Q15, and we expect that the refining and retail
margins will further stabilise in 3Q15-4Q15. Bashneft's downstream
EBITDA contribution dropped to 7% in 1Q15 and recovered to 26% in
2Q15 as the seasonal demand picked up and Bashneft optimized its
product mix."

Updated Development Strategy

Bashneft's updated 2016-2020 strategy approved by the board
provides better visibility of its post-nationalization policies,
and is generally credit positive. It calls for expanding
Bashneft's resource base through exploration, maintaining
brownfield production in Bashkiria at around 300mbpd and boosting
overall upstream production by ramping up Trebs and Titov
(expected plateau production of 100mbpd by 2019) and the
Burneftegaz assets (expected production of 30mbpd starting from
2016). Bashneft intends to continue enhancing refining complexity
and to fully stop fuel oil production.

Stable Leverage Expected

"In 2014 Bashneft's funds from operations (FFO) net leverage rose
to 1.6x from 1.0x in 2013 on Burneftegaz's USD1 billion
acquisition, and we expect it to be relatively stable at around
1.5x in the medium term. While Bashneft announced its aim to
maintain net debt-to-EBITDA leverage at below 2x, approximately
equivalent to FFO net leverage of 2.5x, we expect that its
leverage will stay below this target due to only moderate negative
free cash flows, as well as funding constraints for Russian
companies abroad and relatively high cost of rouble-denominated
borrowings. As Bashneft's debt is mainly denominated in roubles,
rouble depreciation in 2H14-1H15 did not have a significant impact
on its leverage. We treat as debt Bashneft's prepayments received
under a long-term oil supply agreement of RUB17bn that it reported
at June 30, 2015," Fitch said.

"We expect Bashneft's dividends to stabilize at around RUB20
billion p.a., in line with its strategy."

Taxation Reduces Earnings Volatility

Russian oil and gas companies' earnings, including Bashneft's, are
less volatile than those of most international peers, primarily
due to progressive upstream taxation and flexibility of the rouble
exchange rate. In 1H15 Bashneft's dollar-denominated upstream
EBITDA per barrel of oil produced declined by 28% yoy while Brent
collapsed by 46%. In rouble terms, Bashneft's 1H15 upstream EBITDA
per barrel increased by 19% yoy. The recently announced hike in
oil taxation in 2016 will only have a moderate impact on the
company due to its high exposure to downstream; and the negative
effect should not exceed 5%-7% of Bashneft's 2016 EBITDA.

A possible comprehensive revision of oil & gas taxation aimed at
increasing the government's take presents some risk, though we
view this scenario as less likely at this stage.


Fitch's key assumptions within our rating case for the issuer
include the following.

-- Oil price deck for Brent: USD55/bbl in 2015; USD65 in 2016,
    USD75 in 2017 and USD80 thereafter;

-- USD/RUB average exchange rate: 60 in 2015; 55 in 2016 and 50

-- Russian progressive taxation cushioning the effect of
    declining oil prices on Bashneft's EBITDA;

-- Upstream production rising to around 390mbpd in 2015 and
    exceeding 400mbpd in 2016;

-- Dividend pay-out at around RUB20 billion annually;

-- Prepayments for long-term oil supplies included into
    financial leverage and treated as debt-like obligations.



Future developments that may result in a negative rating action

-- Oil production falling below 325mbpd;
-- Sustained deterioration of credit metrics, ie, FFO adjusted
    net leverage above 2.5x (approximately equivalent to net-
    debt-to-EBITDA above 2x), on higher capex and dividends or
    lower cash flow from operations;
-- Consistent underperformance of Bashneft's refining business.


Future developments that may result in a positive rating action

-- Oil production sustainably above 500mbpd
-- Management's commitments to maintain FFO adjusted net
    leverage below 1.5x, and net-debt-to- EBITDA below 1.25x on a
    sustained basis;
-- FFO interest coverage above 8x.


Sound Liquidity, Balanced Maturities

"We assess Bashneft's liquidity as sound. At June 30, 2015,
Bashneft had cash of RUB46 billion and committed credit lines from
Russian banks for RUB45 billion compared with short-term debt of
RUB18bn and dividends payable of RUB19.5 billion. Also, Bashneft
has good access to domestic bond market. It is not subject to US
or EU financial sanctions and may borrow abroad; however, we
assume that its access to international borrowings will remain

Bashneft also has balanced debt maturities. Its repayments in each
of 2016, 2017 and 2018 do not exceed RUB35 billion (including the
prepayment deal).


PJSOC Bashneft

  Long-Term Foreign and Local Currency IDRs: upgraded to 'BB+'
   from 'BB'; Outlook Stable
  Short-Term Foreign and Local Currency IDRs: affirmed at 'B'
  National Long-Term Rating: upgraded to 'AA(rus)' from 'AA-
   (rus)'; Outlook Stable
  Senior Unsecured Rating: upgraded to 'BB+' from 'BB';
  National Senior Unsecured Rating: upgraded to 'AA(rus)' from

MURMANSK REGION: Fitch Affirms 'BB-' LT Issuer Default Rating
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.


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 Fitch's 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 October 1, 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 RUB6bn 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 October 1,
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.


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

RUSSIAN HELICOPTERS: Fitch Affirms 'BB' LT Issuer Default Ratings
Fitch Ratings has affirmed Russian Helicopters JSC's (RH) Long-
term and Short-term Issuer Default Ratings (IDR) at 'BB' and 'B'
respectively. The Outlook on the Long-term IDR is Stable.

In line with Fitch's parent-subsidiary linkage methodology, the
ratings incorporate a one-notch uplift for support for the company
from its ultimate parent, the Russian Federation


Mixed Financial Profile

Notwithstanding the effect of the RUB devaluation over the past 12
months, RH's financial profile, on balance, is indicative of a
'BB' category industrial company. Earnings and cash flow from
operations (CFO) margins as well as free cash flow (FCF)
generation, leverage and liquidity are in line with industry
peers, although they are likely to deteriorate and return to
historical levels in the medium to long term as the positive
effect of the RUB devaluation wears off.

For the last 12 months (LTM) to June 30, 2015, the CFO margin was
3.3%, significantly down from the 13.4% achieved in 2014 and 8% in
2013 as a result of a material working capital built-up in 1H15,
which is expected to be at least partially reversed in 2H15. The
LTM 1H15 FCF margin was materially negative (-5%) due to the
working capital flows in 1H15, but is likely to turn positive in
FY15 and stay above 5% of revenue in the medium term as a result
of declining capex and development costs.

Improved Leverage

The company's debt remained stable at end-1H15, but because of the
currency induced improvement in FFO, gross leverage improved to
under 2.0x, from 2.5x at end-2014 and 4.8x at end-2013. Fitch
expects leverage to stabilize at around 2.0x-2.5x in the next two
to three years as the effect of the sharp swings in the RUB

Average Business Profile

RH has a strong market position, with a globally dominant role in
certain segments, such as attack and heavy-lift helicopters. These
are high-priced items on which RH can generate robust returns
thanks to efficient production and low labor costs. Nevertheless,
RH is only strong in certain types of helicopter segments
(although these constitute a significant share of the global
market). The company remains heavily reliant on the Russian
Ministry of Defence for much of its business, and its service
business is underdeveloped.


At present, the company's ratings are not affected by any
sanctions imposed by the European Union and the US government
against certain Russian companies, including RH's parent company,
Oboronprom, which is barred from raising funds in the EU and US.
As the sanctions also apply to all subsidiaries, RH is also
restricted from raising money on these capital markets. However,
given that RH is funded locally and for the most part via Russian
state-owned banks, these sanctions do not affect the company's
liquidity or financial flexibility.

If RH was to have new or additional sanctions placed on it in the
future, Fitch would treat it as event risk.


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

-- Helicopter deliveries to be flat in 2015 and decline
    marginally each year thereafter.

-- Gross and EBIT margin gradually return to historical average
    in the long term as the currency effect of 2014 is smoothed
    out via change in pricing; the benefit from present
    restructuring measures to have some positive effect on
    margins in the short to medium term.

-- Working capital cash flows to turn positive from 2016 owing
    to the decline in production/deliveries.

-- Capitalized development costs to decline after 2015 as
    development work peaks in 2014.

-- Tangible capex to also decline gradually after 2015.

-- Dividends to rise steadily in line with profits.


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

-- A visible reduction in state support.
-- CFO margin declining below 8% on a sustained basis.
-- FFO-adjusted gross leverage consistently above 4x.
-- Consistently negative FCF margin.
-- FFO fixed charge cover under 3.0x (2.9x in 2013) on a
    sustained basis.
-- Evidence of a lack of clarity in, or consistency in the
    execution of, the company's strategy.

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

-- Evidence of a greater state support, for example, in the form
    of state guarantees for external debt issued by non-state
    controlled banks.
-- CFO margin above 10%.
-- FCF margin over 2% on a sustained basis.
-- Tangible reduction in gross debt levels leading to FFO-
    adjusted gross leverage improving to below 3x on a sustained
-- Improvement in the liquidity position with adjusted cash
    levels and committed bank lines significantly in excess of
    short term debt maturities.


Weak to Moderate Liquidity

At end-1H15, the group had reported cash of RUB28.7 billion on its
balance sheet against short-term debt of RUB36.6bn which is
broadly in line with historical levels. The issue of long term RUB
bonds in 2013 has improved the balance of short-term to long-term
debt somewhat, although the company remains reliant on regular
refinancing of maturing debt. High investment needs as well as
possible large working capital swings mean that FCF was negative
in three of the past five years, although it is likely to be
positive in the short to medium term. For the purposes of
liquidity analysis, Fitch deducts RUB2bn for intra-year
operational needs and treats this as 'not readily available cash'


Russian Helicopters JSC

-- International foreign currency Long-term IDR affirmed at
    'BB'; Outlook Stable
-- International foreign currency Short-term IDR affirmed at 'B'
-- International local currency Long-term IDR affirmed at 'BB';
    Outlook Stable
-- National Long-term rating affirmed at 'AA-(rus)'; Outlook
-- National Short-term rating affirmed at 'F1+(rus)'

SVYAZNOY BANK: Shareholders to Discuss Liquidation on Dec. 9
ROS reports that shareholders of Svyaznoy Bank will discuss its
liquidation at the ESM on Dec. 9.

According to ROS, a lawyer says this measure will allow
shareholders and board members to avoid subsidiary liability.

The bank's statement said shareholders will discuss liquidation on
the grounds stipulated in Article 20.2.1 of the law on banks and
banking, ROS notes.  Under the law, the lending institution may
lose its license in case of the decline in capital adequacy ratio
below the minimum level set by the Central Bank of Russia (CBR),
ROS notes.  As of Sept. 30, Svyaznoy's capital adequacy ratio
stood at 0.98% compared to the required 10% set by the CBR, ROS

Under the law on banks and banking, if owners decide to liquidate
a bank, the CBR may revoke its license, ROS discloses.  The
grounds for license revocation include a decrease in capital
adequacy ratio below 2%, ROS states.  A temporary administration
will then be appointed to the bank that will take over business
operations from the bank's top executives, according to ROS.

Kirill Gorbatov, partner at Yurlov and Partners, notes that
holding a shareholders' meeting that may decide to file a request
with the CBR to have the bank's license revoked is necessary to
avoid subsidiary liability in case acts of bankruptcy are
uncovered, ROS relays.

Svyaznoy Bank is based in Russia.

UTAIR AVIATION: Main Shareholder to Inject RUR25 Bil. in Funds
Anna Baraulina and Jake Rudnitsky at Bloomberg News report that
Russia's fourth largest carrier UTair Aviation PJSC is close to
securing funds that will allow it to resume repayments on RUR83
billion (US$1.3 billion) of debt after almost a year of
negotiations, avoiding the fate of collapsed competitor Transaero

UTair's main shareholder, Surgutneftegas OJSC's pension fund, will
provide an injection of RUR25 billion, Bloomberg relays, citing
Sberbank PJSC, the airline's largest creditor,

According to Bloomberg, the bank's First Deputy Chief Executive
Officer Maxim Poletaev said some remaining debt will be
restructured under a state guarantee.

Anton Kukoba, an executive director at Raiffeisenbank AO, which is
advising the airline, said a government commission headed by First
Deputy Prime Minister Igor Shuvalov approved guarantees for a
RUR19 billion syndicated credit for UTair last month, Bloomberg

Mr. Kukoba, as cited by Bloomberg, said UTair, which had a net
loss of RUR3.5 billion in the first half and has shrunk its fleet
by two-fifths while laying off almost a third of employees, may
sign a deal for a seven-year RUR9.5 billion ruble syndicated loan
with creditors by the end this month.

He said the restructuring, which will also extend the terms of its
remaining debt, including bonds, should be finished by mid-
December, Bloomberg notes.

UTair is an airline with its head office at Khanty-Mansiysk
Airport in Russia.  It operates scheduled domestic and some
international passenger services, scheduled helicopter services
(e.g. from Surgut) plus extensive charter flights with fixed-wing
aircraft and helicopters in support of the oil and gas industry
across Western Siberia.


IM PRESTAMOS: Moody's Raises Rating on Class C Notes to B3
Moody's Investors Service announced that it has upgraded these
classes of notes issued by IM Prestamos Fondos Cedulas, FTA (IM
Prestamos), and affirmed the liquidity facility available to this

  EUR344.1 mil. (currently EUR68.9 mil. outstanding) Class A
   Notes, Upgraded to Ba1 (sf); previously on June 22, 2015,
   Upgraded to Ba2 (sf)

  EUR6.9 mil. (currently EUR0.66 mil. outstanding) Class B Notes,
   Upgraded to B1 (sf); previously on June 22, 2015, Upgraded to
   B3 (sf)

  EUR0.9 mil. Class C Notes, Upgraded to B3 (sf); previously on
   June 22, 2015, Upgraded to Caa1 (sf)

  Liquidity Facility Notes, Affirmed Aa2 (sf); previously on
   June 22, 2015, Upgraded to Aa2 (sf)

This transaction is a static cash CBO of portions of subordinated
loans funding the reserve funds of three (at closing 14) Spanish
multi-issuer covered bonds (SMICBs), which can be considered as a
securitization of a pool of Cedulas.  Each SMICB is backed by a
group of Cedulas which are bought by a Fund, which in turn issues
SMICBs.  Cedulas holders are secured by the issuer's entire
mortgage book.  The subordinated loans backing the IM Prestamos
transaction represent the first loss pieces in the respective
SMICB structures (or structured Cedulas).  Therefore this
transaction is exposed to the risk of several Spanish financial
institutions defaulting under their mortgage covered bonds

The liquidity facility may be drawn to fund the difference between
interest accrued and due on the subordinated loans of the three
SMICBs and interest actually received on these loans.  The amount
drawn under this facility is thus a function of (i) number and
value of underlying delinquent and defaulted Cedulas, (ii) level
of short term EURIBOR and (iii) time taken for final realization
of recoveries on defaulted Cedulas.  While the liquidity facility
is currently not drawn, Moody's analysis assumes that a portion of
it will be drawn at some time during the remaining life of this


Moody's said the rating action is a result of the upgrades to two
of the three SMICBs whose reserve funds make up the IM Prestamos

As a result, Moody's loss expectations for the majority of
underlying covered bonds within the SMICBs have reduced
significantly.  Moody's considers that should a C=E2=80=9Adulas issuer
default, it is likely that the reserve funds that form the
underlying portfolio of IM Prestamos would require to be drawn
upon to make good the potential shortfall suffered by the
underlying Cedulas holders.  The extent of such potential
shortfall is dependent on the level of over collateralization and
quality of the issuer's underlying mortgage pool.  Moody's
analysis indicates that in the light of such potential shortfalls,
the credit quality of the reserve funds of the 3 SMICBs that form
the portfolio of IM Prestamos Fondos Cedulas is presently more
consistent with ratings in a Ba2 (sf) -
Baa3 (sf) compared to a B2 (sf) - Baa3 (sf) range in June 2015, a
Caa1 (sf) - B1 (sf) range in August 2014, and a Caa2 (sf) - B2
(sf) range in March 2013.

The credit quality of the reserve funds of these 3 SMICBs is
substantially driven by high recovery rate assumptions on the
underlying Cedulas.  The ratings of the liquidity facility
available to IM Prestamos Fondos Cedulas, FTA and the issued notes
are therefore sensitive to these recovery rate assumptions.

In addition, the credit quality of the liquidity facility is
affected by the estimated level of draw-down, with higher draw-
downs resulting in declining credit quality.  As stated earlier,
draw-down is affected by (i) number and value of delinquent and
defaulted Cedulas, (ii) short-term EURIBOR rates and (iii) time
taken for realization of final recoveries on defaulted Cedulas.

Moody's base case scenario assumes that the liquidity facility is
drawn down to the extent of EUR2 mil.  This level of draw down
reflects (i) some of the current underlying pool of Cedulas being
delinquent or in default, (ii) ongoing short-term EURIBOR at about
two times current levels, and (iii) a two year period between
Cedulas default and final recoveries.

The rating of the Liquidity facility is compliant with Moody's
Approach to Counterparty Instrument Ratings published in
June 2015.

Methodology Underlying the Rating Action:

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

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

In addition to the base case run, Moody's undertook a number of
sensitivity runs assuming higher draw down amounts for the
liquidity facility.  The model output for an EUR4 mil. draw down
was the same as the base case result.

A multiple-notch downgrade of classes of notes of IM Prestamos
might occur in certain circumstances, such as (i) a sovereign
downgrade negatively affecting the SMICBs; (ii) a multiple-notch
lowering of the CB anchor or (iii) a material reduction of the
value of the cover pool.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes and liquidity facility as evidenced by 1)
uncertainties of credit conditions in the general economy
especially as 100% of the portfolio is exposed to obligors located
in Spain 2) fluctuations in EURIBOR and 3) amount and timing of
final recoveries on defaulted Cedulas.  Realization of lower than
expected recoveries would negatively impact the ratings of the
notes and the liquidity facility.

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

ISOLUX CORSAN: S&P Affirms 'B' Corp. Credit Rating, Outlook Neg.
Standard & Poor's Ratings Services said it affirmed its 'B' long-
term corporate credit rating on Spain-based Isolux Corsan S.A. and
removed the ratings from CreditWatch negative, where they were
placed on March 20, 2015.  The outlook is negative.

At the same time, S&P affirmed its 'B' short-term rating on the

S&P also affirmed its 'B' issue rating on the company's
EUR850 million senior unsecured notes.  The recovery rating on
this debt instrument is unchanged at '4', indicating S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.

The rating affirmation and negative outlook reflect S&P's view
that, although the group's credit metrics are broadly stable,
Isolux's liquidity is likely to remain "less than adequate," as
S&P's criteria defines the term, over its 12-month rating horizon.
This is despite Isolux recently concluding an agreement with PSP
Investment to dissolve their joint venture in Isolux
Infrastructure Netherlands.  As a result, PSP has taken ownership
of WETT and some additional assets, and will pay Isolux $197.5
million.  This is in addition to the $105 million already paid to
Isolux by PSP for this transaction.  In S&P's view, Isolux's weak
operational cash flows continue to come under heavy pressure from
a potentially high cash interest burden and sizable working
capital swings, which reduce the company's ability to absorb high-
impact, low probability events, with limited need for refinancing.

In 2014 and the first two quarters of 2015, Isolux's funds from
operations (FFO) were insufficient to cover working capital-
related cash outflows.  In total, the company faces approximately
EUR230 million of short-term debt maturities over the next 12
months, which is higher than freely available cash on balance
sheet and FFO, in S&P's view.  Isolux will have to dispose of
assets in order to raise sufficient cash to meet short-term debt
maturities going forward.  S&P assess the group's asset base as
having good flexibility in terms of further potential asset
disposals.  However, S&P only includes contracted asset sales in
its liquidity analysis and therefore have not factored in further
asset sales at this point.

"We continue to view the company's financial risk profile as
"highly leveraged," as defined under our criteria.  This is based
on a group approach, including the nonrecourse business, which we
reconsolidate to arrive at our adjusted credit ratios, using the
company's reported segment breakdown.  However, this only enables
us to arrive at approximate figures.  Our method reflects our
assumption that the company would have a strategic and economic
incentive to support most concessions' debt if projects came under
stress.  That said, there are cases were Isolux has not supported
loss-making projects, and nonrecourse operations since 2014 are
deconsolidated in the accounts," S&P said.

In S&P's base-case forecasts for 2015-2016, it assumes that FFO to
debt will remain below 4%, in part, due to the high debt stemming
from the concessions business.  On a consolidated approach, free
operating cash flows (FOCF) will likely remain negative.  This
also depends on working capital patterns over the next 12 months.

Under S&P's base case for 2016, it assumes:

   -- Consolidated EBITDA margin of about 19%-20%, supported by
      high and stable margins from the concessions;
   -- Corporate capex of up to EUR60 million;
   -- Potentially significant working capital related cash
      outflows; and
   -- No dividends.

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

   -- Standard & Poor's-adjusted debt of about 8x or higher; and
   -- FFO to debt below 4%.

The negative outlook reflects S&P's view that Isolux's liquidity
remains tight due to very low cash generation, high short-term
debt, and sizable working capital swings, and that Isolux will
most likely have to continue to dispose of its assets in order to
bolster liquidity.

S&P could lower the ratings on Isolux if the group's liquidity
profile weakened beyond S&P's base-case scenario -- in other
words, if sources over uses were less than 1x -- or if S&P
envisage any constraints to the covenant headroom, specifically
headroom of less than 10%.  Weaker-than-expected operating
performance or unforeseen events, such as project-related
execution problems or cost overruns, would also weigh on the
group's liquidity and the ratings.

S&P could revise the outlook to stable if Isolux were to use
proceeds from potential further asset sales to permanently reduce
debt and, at the same time, build a sustainable track record of
generating positive FOCF.  S&P would also expect Isolux to sustain
a liquidity descriptor of "adequate," including covenant headroom
of greater than 15%.

PYMES SANTANDER 4: DBRS Lowers Series C Notes Rating to D
DBRS Ratings Limited discontinued its rating of A (high) (sf) on
the Series B notes issued by FTA PYMES SANTANDER 4 (the Issuer).

DBRS has also downgraded its rating on the Series C notes to D
(sf) from C (sf) and subsequently discontinued this rating.

The transaction is a cash flow securitization collateralized
primarily by a portfolio of bank loans originated by Banco
Santander, SA to Spanish small and medium-sized enterprises and
self-employed individuals.

The rating action reflects:

  (1) The payment in full of the Series B notes as of October 15,
      2015. The remaining balance of the Series B notes prior to
      the final repayment was EUR 287,505,111.75

  (2) The failure to pay ultimate interest and principal of the
      Series C notes. After repayment of the Series B notes, the
      remaining proceeds accounted for only 96.65%
      (EUR512,273,412.42) of the outstanding balance
      (EUR530,000,000.00) of the Series C notes.

Final Rating of the Series C notes was initially assigned on
November 15, 2012.

U N I T E D   K I N G D O M

CABOT FINANCIAL: S&P Affirms 'B+' ICR, Outlook Stable
Standard & Poor's Ratings Services said that it affirmed its 'B+'
long-term issuer credit rating on U.K.-based finance company Cabot
Financial Ltd.  The outlook is stable.

At the same time, S&P assigned a 'B+' issue rating and recovery
rating of '3' (in the upper half of the range) to the proposed
EUR280 million senior secured notes of Cabot Financial
(Luxembourg) II S.A., a wholly owned subsidiary of Cabot.

U.K.-based distressed consumer debt purchaser CCM, owner of Cabot,
announced on Nov. 2, 2015, that its wholly owned subsidiary Cabot
Financial (Luxembourg) II S.A. will issue EUR280 million (GBP200
million) floating-rate notes.

S&P views a debt issuance as an expected subsequent step following
Cabot's acquisition of U.K. debt collection agency dlc, which was
funded through a GBP90 million senior secured bridge and drawing
GBP88 million on its existing RCF.  S&P understands that the
proceeds will be used to take out the senior secured bridge, repay
a significant part of the outstanding amounts under the RCF, and
pay related fees and expenses.

S&P is affirming its issuer credit rating of 'B+' on the group.
As a result of gross debt only marginally increasing, S&P's view
of Cabot's credit metrics remains in line with S&P's existing
expectations of its financial risk profile, namely:

   -- A ratio of gross debt/Standard & Poor's adjusted-EBITDA* of
      between 4x-5x.

   -- A ratio of adjusted-EBITDA*/interest expense of 2x-3x.

* Includes portfolio amortization (a noncash item).

S&P is assigning an issue rating to the proposed notes of 'B+', in
line with the rating on Cabot's existing senior secured notes.
This indicates that S&P expects the holders of Cabot's senior
secured notes to recover between 50%-70% of principal, at the
higher end of the range, in the event of a payment default.  The
recovery prospects map to a recovery rating of '3', under S&P's

S&P used a liquidation-value approach to analyze the combined
group's recovery prospects, given the likelihood that the business
would not retain value as an operating entity after bankruptcy.
S&P's calculation starts with the valuation of the group's
receivables, to which S&P applies a 25% discount, in line with the
approach S&P follows for Cabot's rated U.K. peers.

S&P also assumes that the RCF would be drawn up to 85% of its
limit to purchase additional receivables, on which the 25%
discount would also apply.  Moreover, S&P discounted the group's
total receivables by an additional 3% to take into account
administrative expenses upon liquidation.  The collateral value
available to senior secured noteholders (after the above haircuts)
is net of the full recovery on the RCF drawdown.

The stable outlook on Cabot reflects S&P's expectation that the
company's leverage and debt-servicing metrics will remain in line
with S&P's current assessment.  This reflects S&P's base-case
scenario, which is predicated on an increase in Cabot's earnings
capacity, continued growth in total collections, and the company
not materially raising debt.

S&P could lower the rating if it believed that Cabot were unable
to sustainably maintain stronger credit ratios.  Such a scenario
could unfold if S&P saw signs of a return to a more aggressive
financial policy, by, for example, raising additional debt to fund
a large debt-financed acquisition.  Specifically, S&P could lower
the rating if Cabot's leverage or debt-servicing metrics breach
the thresholds S&P ascribes to an "aggressive" financial risk
profile under its criteria, namely:

   -- A ratio of gross debt to Standard & Poor's-adjusted EBITDA
      plus portfolio amortization (a noncash item) above 5x, or;

   -- An adjusted EBITDA coverage of gross cash interest expenses
      below 2x.

S&P could also lower the rating if it observes material declines
in total collections, or an unanticipated rise in costs, which
reduce the group's earnings capacity.

At this time, S&P considers an upgrade unlikely.  S&P could
consider raising the rating if Cabot demonstrates further
significant deleveraging well beyond S&P's existing expectations.
S&P could also raise the rating if Cabot establishes diverse
geographical and business revenue streams, to the extent that
reducing concentrations act as a mitigating factor to the
regulatory and operational risks present in the U.K.

ELLI INVESTMENTS: S&P Lowers CCR to 'CCC-', Outlook Negative
Standard & Poor's Ratings Services lowered its corporate credit
rating on U.K.-based health and social care provider Elli
Investments Ltd. to 'CCC-' from 'CCC+'.  The outlook is negative.

At the same time, S&P lowered its issue rating on Elli's GBP40
million super-senior term loan, due 2017, to 'B-' from 'B+'.  The
recovery rating on the super-senior term loan is '1+', indicating
S&P's expectation of full (100%) recovery in the event of a
payment default.

S&P also lowered its issue rating on Elli's GBP350 million senior
secured notes, due 2019, to 'CCC-' from 'B'.  S&P revised down the
recovery rating on these notes to '3L', indicating its expectation
of very high (50%-70%; lower half of the range) recovery prospects
in the event of a payment default.

In addition, S&P lowered its issue rating on Elli's GBP175 million
senior unsecured notes, due 2020, to 'C' from 'CCC+'.  S&P revised
down the recovery rating on these notes to '6', indicating its
expectation of low recovery prospects (in the 0%-10% range) in the
event of a payment default.

The downgrade reflects S&P's view that FSHC's operating
performance will be weaker than S&P previously anticipated and
that it do not expect any material improvement in 2016, leading to
further pressure on the group's negative free operating cash flow
(FOCF) generation.  In S&P's view, absent additional funding, the
group's currently available liquidity will likely be consumed by
the first semester of 2016 from annual cash interest and rent
obligations totaling around GBP110 million, as well as capital
expenditure (capex) in relation to the group's ongoing
segmentation and refurbishments across its homes.  S&P believes
FSHC's capital structure is unsustainable and may lead to a
restructuring over the short term.

FSHC's weak operating performance is constraining S&P's view of
the business risk of the company.  The year 2015 was negatively
impacted by a more pronounced decline in profitability than
expected in the context of high investment in staffing to address
embargoes and associated agency usage.  S&P expects the group's
EBITDA base for full-year 2015 to be close to GBP45 million --
down from GBP55 million in our previous forecast -- depressed by a
combination of pressure on public fee reimbursement and
significant cost inflation.  S&P believes the company will focus
on repositioning services and disposing of underperforming sites
to stabilize profitability over the medium term.  However, as a
result, short-term profitability will likely be impacted by a
temporary loss of occupancy and the additional costs associated
with the group's segmentation plan.

FSHC relies on public funding in the U.K., as the majority of
revenues are derived from reimbursement by local authorities and
the NHS, both of which remain under substantial pressure to
realize cost savings amid the government's deficit-cutting
measures.  S&P do not expect any significant improvement in fee
rates for 2016, and believe any increases will continue to lag
cost inflation, characterized by rising staff costs as a result of
regulatory scrutiny, upward revisions to the national minimum
wage, and a shortage of qualified nurses throughout the sector.

These negative operating factors are partially offset by FSHC's
position as the largest provider of care homes for the elderly in
the U.K., with a focus on providing high-dependency services in
dementia care and nursing residential care.  In addition, the
company has a strong position in specialist services for mental
health through The Huntercombe Group division.  S&P also notes
that FSHC owns the freehold for about 60% of its property
portfolio, which helps moderate its fixed cost base.

The negative outlook reflects S&P's view that FSHC will face a
liquidity shortfall in the next six months absent any
restructuring of its capital structure, which S&P considers will
become unsustainable over the short term.  S&P will monitor FSHC's
cash balance closely and any decisions it takes following the
structural review it initiated at the end of October 2015.

S&P would lower the rating if the company were to breach its 1.2x
covenant on its super-senior debt instrument.  S&P would also
consider a rating action if it expects default to be a virtual
certainty in the event that the company announced it would miss
its next interest payment or expressed its intention to undertake
an exchange offer or similar restructuring that S&P classifies as

An upgrade would depend on a material improvement in FSHC's
liquidity position. It would be contingent upon the company
reaching a more stable and long-term capital structure.

GLOBO PLC: Moody's Withdraws 'B2' Corporate Family Rating
Moody's Investors Service has withdrawn Globo plc's B2 corporate
family rating and B1-PD probability of default rating (PDR) and
the provisional (P)B2 instrument rating on the USD180 million
Senior Secured Notes that were planned to be issued by Globo
Mobile Inc.


On Oct. 26, 2015, Globo announced that at a Board meeting held on
Oct. 24, 2015, Costis Papadimitrakopoulos, the Chief Executive
Officer of the company until his resignation on that day, brought
to the attention of the Board certain matters regarding the
falsification of data and the misrepresentation of the company's
financial situation.  Following the meeting and receipt of legal
advice, a committee of the board was set up, comprising the non-
executive Directors only (the Committee).  The Committee has
initiated discussions with appropriate advisers in relation to the
next steps and to ascertain the true financial position of the

Earlier on Oct. 21, 2015, Globo announced that it has postponed
the proposed issue of the Notes due to market conditions.

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

Headquartered in Palo Alto, USA, and Athens, Greece, and listed
since 2007 on AIM in London, UK, Globo is a provider of enterprise
and consumer mobility solutions.

HELLERMANNTYTON GROUP: S&P Keeps 'BB' CCR on CreditWatch Positive
Standard & Poor's Ratings Services said that it has kept its 'BB'
long-term corporate credit rating and issue rating on U.K.-based
cable management solutions provider HellermannTyton Group PLC on
CreditWatch with positive implications, where we placed them on
Aug. 4, 2015.  The '3' recovery rating on the company's senior
unsecured revolving credit facility (RCF) is unchanged.

The original CreditWatch placement on Aug. 4, 2015, followed
HellermannTyton's announcement that it had received an all-cash
offer from Michigan-based auto parts supplier Delphi Automotive
PLC for US$1.85 billion, including the assumption of debt.  Delphi
plans to finance the transaction with debt and cash.  S&P expects
that Delphi's debt-to-EBITDA metric will remain below 2x after
this transaction, which is in line with S&P's expectations for the
'BBB' rating on Delphi.

Shareholders of HellermannTyton voted in favor of the transaction,
but it is still subject to regulatory approval.

S&P will resolve the CreditWatch placement when the acquisition of
HellermannTyton closes, which S&P expects will happen within three
months.  At that time, S&P would expect to have enough information
to determine the level of uplift it would apply to its corporate
credit rating on HellermannTyton as a result of its ownership by
an entity with a stronger rating.  S&P will evaluate issue-level
ratings once final details become available, but S&P notes that
the RCF could be refinanced as part of the transaction.

WELLINGTON PUB: Fitch Affirms 'B-' Rating on Class B Notes
Fitch Ratings has affirmed Wellington Pub Company's senior class A
and B notes with Stable Outlooks, as follows:

GBP115.5 million class A fixed-rate notes due 2029: affirmed at
'B+'; Outlook Stable

GBP28.0 million class B fixed-rate notes due 2029: affirmed at 'B-
'; Outlook Stable.

The affirmation reflects Wellington's operating and financial
performance, which is in line with Fitch's base case expectations.
The Stable Outlook indicates that the agency does not anticipate a
change to the ratings over the next 12 to 24 months. However, the
deteriorating asset quality of the portfolio and continuing under-
investment represent a risk and may put pressure on the ratings
over the longer term.


Industry Profile - Midrange

While the pub sector in the UK has a long history, trading
performance for some assets has shown significant weakness in the
past. The sector is highly exposed to discretionary spending,
strong competition, and other macro factors such as minimum wages,
utility costs and changes in regulation, with the statutory pub
code introducing the market rent-only option (MRO) in the
tenanted/leased segment in 2016. MRO breaks the traditional tied-
model that requires tenants to buy drinks from the pubcos, usually
in exchange for lower rent. Finally, the implementation of the
national living wage could put margins under further pressure.
Despite the on-going contraction, the eating- and drinking-out
market is viewed as sustainable in the long term, supported by the
strong pub culture in the UK.

(Sub-KRDs: Operating environment: Weaker, Barriers to entry:
Midrange, Sustainability: Midrange)

Company Profile - Weaker:

The Wellington portfolio continues to be affected by weak
operational performance, reducing number of pubs and on-going low
capex spent. Total EBITDA has declined by a CAGR of 6.4% since the
peak in March 2008, while EBITDA per pub declined by a CAGR of
4.7% within the same period. Favourable UK macroeconomic trends
contributed to a pick-up in performance over the past 24 months.
As of June 2015, 12-month EBITDA grew by 1% compared with the
previous year. Revenue per pub is 2% higher on a YoY basis, while
operating expenses have also increased marginally.

Wellington is actively managing the portfolio by disposing of and
acquiring new pubs, but the number of acquisitions is not
sufficient to compensate for the closing number of pubs.
Positively, the number of pubs on the long lease hold has been
stable. The company's low capex adversely impacts the property
values and the profitability of the pubs, especially in current
market conditions when tenants do not have the financial strength
to make sufficient investments themselves. Fitch views this
strategy as credit negative. The asset manager estimates that
about 48% of the portfolio is suffering from noticeable deferred
maintenance (at least GBP5,000 per pub), with 12% experiencing
underinvestment of more than GBP20,000 per pub. The total average
deferred maintenance costs are estimated to be just under GBP10m.

The tenanted business model has less visibility of the tenants'
profitability. As such, the sustainability of the cash flows
generated by tenanted pubs is more difficult to estimate. On
balance, the nature of the free-of-tie portfolio implies a low
level of operational management. Fitch deems the number of
available alternative operators to be sufficient in the
competitive UK pub industry.

(Sub-KRDs Financial performance: Weaker, Company operations:
Weaker, Transparency: Weaker, Dependence on operator: Stronger,
Asset quality: Weaker)

Debt Structure - Weaker:

The class A and B notes are fully amortizing, secured and fixed-
rate. Additionally, the class B notes feature a fixed amortization
amount, which results in reducing class B debt service over time.
The security package for the class A and B notes is weakened by
the unfavorable ownership structure, whereby pubs are directly
owned by the issuer leading to a higher default risk compared with
standard WBS issuer-borrower structures. However, the security
package is strong, with typical first-ranking fixed and floating
charges over the issuer's assets. Notably, the class B notes rank
junior to the class A notes.

Structural features are weak due to the non-orphan SPV structure,
limited contractual provisions, an inadequate liquidity reserve
(covering approximately four months of class A debt service), in
addition to the lack of financial covenants, which in other WBS
transactions provides bondholders with more control by giving them
the option to appoint an administrative receiver well ahead of a
payment default. As the liquidity reserve is not tranched among
the class A and B notes, it could be depleted by drawings to
support the subordinated class B notes, leaving little support for
the senior notes. This makes the class A notes more vulnerable
than suggested by the average or median debt-service coverage
ratio (DSCR). Another weak structural feature is the restricted
payment conditions (RPC) covenant, which stipulates that the
transaction is subject to a lock-up if the DSCR falls below 1.25x.
In practice, despite actual DSCR levels being below 1.25x, a lock-
up has never been triggered, since a surplus cash account is taken
into consideration when DSCR is calculated under 'cash release
income cover test'.

Peer Group

Wellington is the only Fitch-rated free-of-tie pub transaction.
However, leased/tenanted pub WBS transactions relying on the beer-
tie with the Punch A and Punch B transactions are considered the
closest peers, albeit with different business models and revenue
streams. Wellington's free cash flow (FCF) DSCRs and debt-to-
EBITDA multiples are aligned with its peers relative to their
ratings after taking into account the differences in business
model and debt structure.

(Sub-KRDs Debt profile: Stronger, Security package: Weaker,
Structural features: Weaker)

Negative: A downgrade would reflect a further deterioration in FCF
beyond Fitch's base case assumptions as a result of increase in
arrears, pub vacancies and/or foreclosure rates and slower than
expected deleveraging.

Positive: Upgrade potential is currently limited.


Financial performance over the past 12 months has been stable with
debt metrics being in line with the previous year analysis.
Fitch's base case FCF DSCR (minimum of the average and median
DSCRs to the notes' legal final maturity) for the class A and B
notes is 1.23x and 0.98x versus 1.23x and 0.99x in 2014. The
minimum class A FCF DSCR under Fitch's base case is 1.14x and is
expected to be reached towards the end of the transaction's life.
Wellington retained around GBP11.8m of cash deposit as of end-
August 2015, which includes GBP6m in liquidity reserves and cash
from earlier disposals


Wellington is a securitization of rental income from 778 free-of-
tie pubs predominantly located in residential areas, mainly in the
south-east of the UK.


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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
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