TCREUR_Public/151117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, November 17, 2015, Vol. 16, No. 227

                            Headlines

C Y P R U S

CYPRUS: Moody's Raises Govt. Bond Rating to B1, Outlook Stable


D E N M A R K

DONG ENERGY: S&P Affirms BB+ Rating on EUR600M Hybrid Securities


F R A N C E

OBERTHUR TECHNOLOGIES: Fitch Puts 'B' IDR on Watch Positive


G E O R G I A

GEORGIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings


G R E E C E

GREECE: Fitch Affirms 'CCC' Long-Term Issuer Default Ratings


I R E L A N D

BANK OF IRELAND: Moody's Affirms B1(hyb) Rating on Jr. Sub. Bond


I T A L Y

SALINI IMPREGILO: Fitch Affirms 'BB' LT Issuer Default Rating


K A Z A K H S T A N

KAZMUNAYGAS: S&P Affirms 'BB+' CCR, Outlook Remains Negative


M O N T E N E G R O

MONTENEGRO: S&P Affirms 'B+/B' Sovereign Credit Ratings


N E T H E R L A N D S

FIAT CHRYSLER: Moody's Affirms B1 CFR & Changes Outlook to Pos.
MERCATOR CLO III: Moody's Raises Rating on Cl. B-2 Notes to Ba3


P O L A N D

JSW: Expects to Reach Debt Restructuring Deal with Bondholders


P O R T U G A L

BANCO ESPIRITO: Novo Banco Has Two Weeks to Fill Capital Deficit


R U S S I A

BANK GOROD: Placed Under Provisional Administration
BANK RSB 24: Moody's Lowers Then Withdraws Deposit Rating
BANK RSB 24: Moody's Lowers Long-Term Deposit Ratings to C
DERZHAVA LLC: Placed Under Provisional Administration
KURSK REGION: Fitch Affirms 'BB+' IDR, Outlook Negative

NOSTA BANK: Placed Under Provisional Administration
STAVROPOL REGION: Fitch Affirms 'BB' IDR, Outlook Stable
STRAZH-INVEST LLC: Placed Under Provisional Administration
TVER REGION: Fitch Affirms 'BB-/B' Long-Term IDRs, Outlook Stable
VITYAZ LLC: Placed Under Provisional Administration


S P A I N

ABENGOA SA: Posts EUR194MM Nine-Month Loss, Faces Cash Flow Woes
IBERCAJA BANCO: Moody's Affirms B1 Long-Term Deposit Ratings


S W E D E N

VATTENFALL AB: S&P Assigns 'BB+' Rating to US$400MM Securities


U N I T E D   K I N G D O M

CAPARO: MP James Morris Shows Optimism Despite Job Cuts
CLAYTON WEST DAY CARE: In Liquidation, Parents Seek Recovery
COOPER GAY: S&P Puts 'B-' CCR on CreditWatch Developing
DECO SERIES 2005-UK: Fitch Affirms, Then Withdraws 'Dsf' Ratings
DLG ACQUISITIONS: S&P Revises Outlook to Neg. & Affirms 'B+' CCR

GRAINGER PLC: Fitch Affirms 'BB' Long-term Issuer Default Rating
NEPTUNE RATED: Fitch Gives BB(EXP)sf Rating to Mezzanine Facility
NORTHERN ROCK: UK Government Sells GBP13-Bil. Loans to Cerberus
SEAGRASS RESTAURANT: In Administration Over Finc'l. Difficulties
VEDANTA RESOURCES: Moody's Lowers CFR to Ba2, Outlook Negative


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C Y P R U S
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CYPRUS: Moody's Raises Govt. Bond Rating to B1, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has upgraded Cyprus' government bond
rating by two notches to B1 from B3.  The outlook is stable.
Cyprus's short-term rating was affirmed at Not-Prime (NP).

The key drivers for the upgrade are:

  1) The faster than expected economic recovery and the
expectation of a continued more broad-based growth that extends
beyond exports.  Moreover, the economy has demonstrated
resiliency to external risks, emanating from Greece (Caa3,
stable) and Russia (Ba1, negative).  After three years of
contraction, real economic growth is expected to reach 1.2% in
2015 and 1.4% in 2016. Moreover, medium-term growth is expected
to be more balanced, supported by a recovery in domestic demand
helped by a stabilization of the financial sector, improved
competitiveness and the implementation of structural reforms.

  2) Consistent outperformance on fiscal targets have led to a
quicker reversal in the public debt ratio.  A combination of
better than expected growth and also strong budget execution
underscore fiscal outperformance.  Moody's expects fiscal
discipline to continue post program exit and through
parliamentary elections next year.  Under Moody's baseline
scenario, the government debt burden will now reach below 100% by
next year and around 80% of GDP by 2020.  Moreover, Moody's
expects the country to successfully exit the economic adjustment
program (financed by the European Stability Mechanism (ESM) (Aa1
stable) and the IMF) by mid-2016, further supported by the build-
up of significant liquidity buffers.

Concurrently, Moody's has raised the local-currency and foreign-
currency bond ceilings to Baa1 from Baa3.  The short-term
foreign-currency bond ceiling has been raised to Prime-2 (P-2)
from P-3.  Additionally, the local-currency and foreign-currency
deposit ceilings have been raised to Baa1 from B3 to reflect the
full removal of capital controls.  The short-term foreign-
currency deposit ceiling has been raised to P-2 from NP.

RATINGS RATIONALE

FIRST DRIVER: FASTER THAN EXPECTED ECONOMIC RECOVERY AND THE
EXPECTATION OF CONTINUED, MORE BROAD-BASED ECONOMIC GROWTH

The first driver of Moody's decision to upgrade Cyprus' rating to
B1 is the faster than expected economic recovery, and the
expectation that the export sector will continue to demonstrate
resilience and will now be augmented by growth in domestic
demand. Moreover, Moody's believes that structural reforms that
improve competitiveness along with prospective structural reforms
such as the reform of the public administration, privatization
and also the gradual strengthening of the financial sector will
improve the sustainability of medium-term growth.

Improvements in cost competitiveness underpin the potential of
the export sector as wage growth will likely remain moderate in
the coming years.  Importantly, the economy, and in particular
the tourism and banking sectors, have demonstrated resilience to
the economic downturn in Russia and the escalation of the
economic crisis in in Greece earlier this year.

The more balanced growth pattern is also driven by the
stabilization in the financial sector, which has resulted in a
slight uptick in corporate credit growth this year.  While still
very weak (with a weighted average Baseline Credit Assessment of
caa3), the financial sector reflects stable liquidity trends and
increasing prospects for a return to profitability.  Importantly,
deposits remain stable at a systemic level despite the full
lifting of capital controls on April 6, 2015.

Moody's also expects that recent laws implemented in the
financial sector, namely the insolvency and foreclosure
framework, will support the gradual reduction of non-performing
loans (NPLs) in the system, which are currently at a high 47% of
total loans.  That said, Moody's notes that both the corporate
and household sectors continue to have high, albeit reducing debt
burdens.

Cyprus' economic growth resumed again in the first half of 2015,
increasing 0.4% y-o-y, following a three-year contraction.  As a
result of the more broad-based recovery, Moody's has revised
upward its real GDP growth forecasts for Cyprus to 1.2% in 2015
from 0.5% and Moody's expects growth to reach around 1.4% in
2016.

SECOND DRIVER: CONSISTENT OUTPERFORMANCE OF FISCAL TARGETS
LEADING TO A TREND REVERSAL OF THE PUBLIC DEBT RATIO

The second driver for the upgrade is the consistent
outperformance of fiscal targets because of strong budget
execution and better than expected growth performance.
Consequently, Moody's expects that from this year onwards, public
debt ratio will start to decline.

Since the onset of the structural adjustment program, Cyprus's
fiscal metrics have consistently exceeded the targets set by the
EC and the IMF.  Mainly expenditure-related measures (reducing
public sector wages and benefits), aimed at permanently reducing
the deficit, were included in the 2013 budget, and resulted in
significant fiscal consolidation of 7.5% percentage points of GDP
over 2013-14, according to IMF data.  Strong fiscal discipline
and budget execution has persisted since then, supporting the
outperformance of fiscal targets.  Importantly, the program does
not require additional fiscal measures for next year to meet the
primary surplus target of 2.5% of GDP, implying a fiscally
neutral policy can be implemented with no impact on growth.

Consequently, Cyprus' government debt trajectory has improved
significantly, especially in relation to original program
targets.  General government debt peaked last year reaching
108.2% of GDP, one year earlier and lower than what was expected
at the time of the last rating action, when Moody's expected debt
to GDP ratio to peak in 2015 at 110% of GDP.

Moody's expects fiscal discipline to be sustained through the
upcoming parliamentary elections in May 2016 and also continue
after the country exits the economic adjustment program which is
also expected by the middle of next year.  Based on a primary
surplus assumption of 2.5% of GDP and 1.7% growth rate over the
next four years, Moody's expects general government debt to GDP
to fall below 100% next year and reach round 80% of GDP in 2020,
making Cyprus one of the few euro area countries to meet its
program debt-to-GDP target.

Additionally, the rating agency notes that Cyprus regained market
access last year and since then accumulated a substantial cash
buffer.  This buffer covers most of the country's repayment needs
for 2016, preparing the country for a successful exit from the
program in March 2016 when the ESM funded program finishes and
May 2016 when the IMF program ceases.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on Cyprus's B1 rating reflects evenly balanced
upside risks of improving growth and fiscal metrics with the
downside risks of a still very large and fragile banking system
with high NPLs, with the risk of contingent liabilities
crystallizing on the governments balance sheet still high.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on Cyprus's B1 government bond rating could
result from continued fiscal discipline after exiting the EC/IMF
program, e.g., if the government's primary surplus were to be
sustained at high levels.  In addition, evidence that the risks
to growth specifically emanating from the banking sector have
reduced would imply upward pressure; higher economic growth
and/or a more rapid reversal in the upward trend for banks' NPLs
would be credit positive.

Downward pressure on Cyprus's B1 government bond rating could
emerge if the government's commitment fiscal discipline reduces,
especially once the EC/IMF program concludes.  Evidence that the
banking sector needs further recapitalization support from the
government would also exert downward pressure on the rating.  A
re-emergence of elevated financial and debt market stress, which
could be triggered in the case of Greece exiting the euro area,
would also be credit negative.  Earlier this year, uncertainty
regarding Greece's euro membership and associated contagion risks
constrained positive movement on Cyprus' previous rating of B3.

RATIONALE FOR RAISING OF LOCAL- AND FOREIGN-CURRENCY CEILINGS

Cyprus' local- and foreign-currency ceilings have been raised to
Baa1/P-2 from Baa3/P-3.  These ceilings reflect a range of un-
diversifiable risks to which issuers in any jurisdiction are
exposed, including economic, legal and political risks.  Cyprus's
ceilings also incorporate the currently very low risk of euro
area exit and redenomination, consistent with Moody's treatment
of other sovereigns in a currency union.  The local- and foreign-
currency deposit ceilings were also raised to Baa1/P-2 from B3/NP
to reflect the complete removal of capital control measures, that
were previously instituted in March 2013.

  GDP per capita (PPP basis, US$): 30,882 (2014 Actual) (also
   known as Per Capita Income)

  Real GDP growth (% change): -2.5% (2014 Actual) (also known as
   GDP Growth)

  Inflation Rate (CPI, % change Dec/Dec): -1.5% (2014 Actual)

  Gen. Gov. Financial Balance/GDP: -8.9% (2014 Actual) (also
   known as Fiscal Balance)

  Current Account Balance/GDP: -4.6% (2014 Actual) (also known as
   External Balance)

  External debt/GDP: [not available]

  Level of economic development: Moderate level of economic
   resilience

  Default history: At least one default event (on bonds and/or
   loans) has been recorded since 1983.

On Nov. 10, 2015, a rating committee was called to discuss the
rating of the Cyprus, Government of.  The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased.  The
issuer's fiscal or financial strength, including its debt
profile, has materially increased.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in Sept. 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.



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D E N M A R K
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DONG ENERGY: S&P Affirms BB+ Rating on EUR600M Hybrid Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB+/A-2' long-
and short-term corporate credit ratings on Danish integrated
power and gas company DONG Energy A/S.  The outlook is stable.

S&P also affirmed its 'BBB+' long-term rating on DONG Energy's
senior unsecured debt and S&P's 'BB+' rating on its hybrid
security (XS1227607402, EUR600 million).

The affirmation reflects S&P's revised assessment of the equity
content of DONG Energy's hybrid equity to "intermediate" from
"minimal" on its most recent hybrid issuance, following DONG
Energy's announcement that it has, by a legally binding deed,
unconditionally and irrevocably waived a certain call option for
the hybrid related to a "rating event" appearing in the hybrid's
documentation.

The call option in question gives DONG Energy the right to call
the hybrid if "equity content" is lowered as a result of a change
in DONG Energy's rating.  As explained in S&P's announcement of
its removal of equity content from various issuances, this type
of clause weakens S&P's expectation that the issuance will remain
a permanent part of the issuer's capital structure.

In line with the appendix that S&P has added to "Criteria
Clarification On Hybrid Capital Step-Ups, Call Options, And
Replacement Provisions," to address several frequently asked
questions, S&P considered the deed's terms, its public nature,
the circumstances under which it could be modified, the
likelihood of its breach and whether the other features of the
hybrid are consistent with "intermediate" equity content.  S&P
concluded that DONG Energy's waiver of the call option
sufficiently mitigates the risk of call and S&P has, accordingly,
reassessed the equity content of DONG Energy's hybrid security to
"intermediate" from "minimal."  As a consequence, S&P now regards
the hybrid securities as 50% equity when calculating credit
ratios.  Although S&P has revised DONG Energy's credit ratios,
the change is within the tolerance of the ratings and outlook
and, accordingly, none of the ratings on DONG Energy are affected
by the revision of equity content to "intermediate."



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F R A N C E
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OBERTHUR TECHNOLOGIES: Fitch Puts 'B' IDR on Watch Positive
-----------------------------------------------------------
Fitch Ratings has placed Oberthur Technologies Group S.A.S.'s
(Oberthur) Issuer Default Rating (IDR) of 'B' on Rating Watch
Positive, (RWP) following the registration of the company's
initial public offering planned for early 2016. Fitch estimates a
successful IPO and deleveraging in line will management's
guidelines could lead to the IDR being upgraded by up to two
notches.

The outstanding instrument ratings of the group's debt are also
placed on RWP although we expect that some external debt will be
repaid with proceeds from the IPO and the balance refinanced with
new bank financing. In these circumstances the ratings of the
existing debt are likely to be withdrawn following the closing of
the relevant transactions and assuming the new debt structure is
put in place simultaneously.

Resolution of the RWP is expected to accompany closing of the IPO
and an associated debt refinancing broadly in line with the
parameters outlined in the registration document. Whether the IDR
is upgraded by one or two notches will depend on the continued
strength of operating results and the improving visibility of
future cash flow generation. Expectations around key cash flow
items -- in particular negative working capital and
non-recurring / restructuring items will be important in updating
our forecasts and understanding where FFO adjusted net leverage
is likely to stabilize.

KEY RATING DRIVERS

IPO and Deleveraging

The IPO registration document outlines Oberthur's intended near-
to medium-term financing structure. Proceeds from the IPO will in
part be used to refinance / repay existing debt with the
intention being to retire the senior unsecured bonds and replace
the existing secured bank debt with an unsecured debt package
consisting of a EUR200 million term loan A and EUR270 million
term loan B. In addition, the company's core debt of
approximately EUR690 million will be reduced by EUR220 million.

Management guidelines in the registration document indicate it
expects net debt-to-EBITDA to reduce to 2.5x at end-2015, pro-
forma for the IPO, from 4.2x. Subject to the company's current
operating and financial trends being sustained, a similar quantum
of deleveraging would be expected to accompany the IPO assuming
it goes ahead in the New Year. This quantum of deleveraging is
expected to lead to an IDR upgrade of up to two notches.

Resilient Business Model

Oberthur benefits from a solid market number-two position (behind
Gemalto) in secure card and SIM-based solutions to the financial
services, mobile network operator, connected devices and identity
sectors. Pricing pressure in the commoditized SIM market results
in margin pressure, the need to maintain operating efficiencies
and develop new technological solutions. Revenue growth in the
mobile network operator division and margin expansion at the
group level indicate these pressures are being managed. Long-
established relationships and the lead time to certify or
validate products with a new customer provide barriers to entry
within the financial services division.

Leverage and Cash Flow

With its current capital structure the legacy of an LBO, Oberthur
remains highly leveraged. Free cash flow (FCF) has remained weak
as a result of high interest costs, working capital pressures and
exceptional costs. Operationally the business is performing
well -- EBITDA for 9M15 is up 31% and EBITDA margin continues to
improve -- 15.9% for 9M15 (from 14.8% in 9M14).

Working capital trends continue to be negative and remain a
constraint on the ratings. A successful IPO would tangibly
improve leverage and FCF (given medium-term savings on interest
costs) and financial flexibility.

An IPO that raises proceeds broadly in line with the guidance in
the registration document is forecast to reduce funds from
operations (FFO) lease adjusted net leverage to below 3.5x, a
level Fitch considers to be in line with a rating in the 'B+' to
'BB-' range, given the company's other rating factors.

Diversified but Volatile Revenues

Under the new reporting structure 9M15 revenues are 61% derived
from financial service institutions (secure payment cards), 24%
mobile network operators (SIM cards and related technologies),
and 15% connected devices & identity (mobile solutions, e-
passports, e-ID cards, e-driving licenses). The mix provides some
diversification and counters cyclicality, although volatility
within the divisions can be pronounced.

"We view the company's position in financial services as a
strength given the company's solid customer relationships and
growth in this segment. Financial services revenues, for
instance, (9M15 growth of 43%) are currently being driven by the
adoption of the EMV (Europay, Mastercard, Visa) standard in the
US. We also consider both financial services and mobile network
customers to offer potential demand for shifting technologies and
growth in the use of secure digital personal data."

Technology Risk

Mobile money/wallet offers sound growth potential to service
operators, social media and technology providers. Determining who
benefits most in a complex and evolving business though is less
clear. Oberthur's main competitor, Gemalto, is better positioned
in NFC SIM while Oberthur is stronger in embedded secure element
(eSE). Concerns have been raised about the impact that embedded
SIMs could have on volumes in the telecom segment. Technology
risk along with financial leverage, are important risk drivers.

Non-Recurring Charges

Oberthur incurred a further EUR19.2 million of non-recurring
charges in 1H15, following non-recurring cash-flow charges in
2014 of EUR34.8 million, mainly associated with the European
manufacturing site consolidation currently underway. Non-
recurring charges are, in Fitch's view, better characterized as
non-operational but recurring, although they should, subject to
no further major announced management plans, decline from 2016.
This, along with the ability to deliver improved working capital
trends, will be an important driver of a stronger cash flow
profile. The expected deleveraging accompanying the IPO is
nonetheless an overriding near- term ratings driver in terms of
an expected upgrade from the current 'B' level.

KEY ASSUMPTIONS

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


-- Revenue growth of 15 % in 2015 vs. 22.5% in 9M15, and mid-
    single digit growth thereafter

-- EBITDA margin of 15.5% in 2015 and broadly stable thereafter

-- Capex of EUR65 million in 2015 and 5% of sales for 2016- 2018

-- Non recurring cash flow of (EUR40m) in 2015, comprising
    EUR22m payment of restructuring costs related to the 2014
    reorganization of the group's European manufacturing and
    EUR18 million costs of IPO and refinancing

-- Non-recurring cash flow charges in the region of EUR5m after
    2015

-- Negative working capital of EUR13 million in 2015. This is
    assumed to improve in future years but remain negative

RATING SENSITIVITIES

Negative: The ratings could be negatively affected by FFO net
adjusted leverage above 6.5x and FFO fixed charge cover below 2x
on a permanent basis and any material loss in market share in the
payment or telecom divisions.

Positive: The ratings could be positively affected by FFO net
adjusted leverage below 4.5x and FFO fixed charge cover above
2.5x on a permanent basis along with an expectation of consistent
positive FCF generation.

LIQUIDITY

The company had balance sheet cash of EUR57 million and an
available EUR53 million under a bank revolving credit facility of
(after EUR35 million was drawn) as at end-September 2015.

FULL LIST OF RATING ACTIONS

Oberthur Technologies Group SAS:
Issuer Default Rating: 'B' placed on RWP

Oberthur Technologies SA
Senior secured term loan B1 due 2019: 'BB-'/'RR2' placed on RWP

Oberthur Technologies of America Corp
Senior secured term loan B2 due 2019: 'BB-'/'RR2'; placed on RWP

Oberthur Technologies Finance SAS, Oberthur Technologies of
America Corp, and Oberthur Technologies SA
RCF due 2018: 'BB-'/'RR2'; placed on RWP

Oberthur Technologies Group SAS
Unsecured notes due 2020: 'CCC+'/'RR6'; placed on RWP



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G E O R G I A
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GEORGIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
the Government of Georgia.  The outlook remains stable.

RATIONALE

Since S&P's last review on May 15, 2015, recession in the
economies of key regional trading partners has continued to hit
Georgia's exports and hampered remittances, thereby weakening
external ratios and impeding economic growth.  S&P expects that
2016 economic performance will remain at similar levels to 2015,
as confidence effects linked to the upcoming general elections
weigh on consumption and investment.  However, S&P expects the
intensity of external pressure, which mainly stems from lower oil
prices, will reduce as growth returns to major regional
economies, particularly Russia.  S&P believes the pressures
behind exchange rate depreciation will continue and pass through
to higher inflation.  At the end of October, gross foreign
exchange reserves covered about 3.1 months of current account
payments.  Offsetting these risks are thus-far resilient foreign
direct investment (FDI) flows, which should limit increases in
external indebtedness.  The government's debt burden remains
modest and fiscal performance under control, in S&P's view.

Georgia's economy has grown at an average of nearly 6% per year
for the past decade, which illustrates resilience, particularly
given the 2008 conflict with Russia, one of its main economic
partners.  S&P believes Georgia's longer-term growth prospects
are positive and that the country will continue to pull in
significant amounts of FDI, which supports the ratings.

Existing external weaknesses have been exacerbated by a regional
slowdown and caused an increase in the government's stock of
debt.  S&P expects that the significant depreciation of the
Georgian lari against the U.S. dollar will also worsen the
banking sector's asset quality (because 60% of system assets are
denominated in foreign currency and the majority of borrowers
earn in local currency) and lead to lower credit growth.  As a
result, S&P has significantly lowered its growth assumptions for
2015 and 2016, and S&P now expects real GDP growth will average
3.0% over 2015 to 2018, in comparison with 3.8% previously.

One of Georgia's main weaknesses is its external position, as
illustrated by persistently high current account deficits, which
have averaged 10% of GDP between 2009 and 2014, and narrow net
external debt has averaged more than 75% of current account
receipts over the same period.  Georgia has faced external
pressures, including declining export receipts, lower
remittances, and currency depreciation since the war in Ukraine
erupted, which was followed by a sharp fall in oil prices.  The
resulting contraction in Russian growth has lowered trade demand
throughout the Commonwealth of Independent States (Georgia's main
export market, accounting for an average of 45% of total exports
between 2008 and 2014).  Although S&P anticipates that FDI will
remain resilient, the increasing external imbalance will likely
create a need for financing with increased debt.  This, in turn,
is likely to weaken Georgia's net external debt position as a
proportion of now-much-lower current account receipts.  S&P
consequently expects that Georgia's current account deficit will
widen to about 11% of GDP by year-end 2015, with further downside
potential if import growth doesn't reduce faster than the 11%
drop in the first half of 2015.  Data on goods exports over the
first half of 2015 show a 24% decline in goods exports over the
first half of 2014, and S&P assumes a 20% contraction over the
full year.  Another key source of foreign currency earnings is
remittances -- mainly from Russia, but also Greece and Ukraine --
which S&P expects will be 1%-2% of GDP lower than the past five-
year average of 9%.

However, S&P projects that regional growth will improve during
2016, alongside a slight increase in oil prices.  Therefore, S&P
views the likely marked contraction in export growth over 2015 to
be temporary and thinks that the denominator effect on narrow net
external debt from temporarily lower current account receipts
will subside as import demand increases alongside regional
growth.  S&P notes that about 40% of gross external debt belongs
to the public sector, which is at concessional rates and with a
long average maturity (22 years).  S&P also believes that the
current International Monetary Fund (IMF) program would be
expanded to provide extra external support if needed.

The lari has depreciated by about 27% versus the U.S. dollar
since January 2015, as a weakening Russian ruble fed through to
smaller regional currencies.

This happened through trade channels, but also through lower
remittance flows and fewer tourists, all of which are key
contributors of foreign currency for Georgia.  The high
proportion of foreign currency-denominated debt to borrowers that
earn in local currency could cause repayment pressures, which
could also hamper private sector consumption.  S&P expects that
the banking sector's asset quality could deteriorate as a result
and that credit growth will slow.

"In our opinion, the continuation of domestic political
uncertainty, highlighted by coalition infighting and cabinet
reshuffles, is clouding an already uncertain policy agenda.  As a
result, we have lowered our growth expectations for 2015 and
2016.  This mainly reflects much weaker external demand from key
regional trading partners Russia, Ukraine, Azerbaijan, and
Turkey.  But we also expect that confidence factors, linked to
the electoral cycle (the next election is scheduled for October
2016), could weaken domestic consumption and investment, and that
this will hamper growth.  We anticipate that the public sector
capital expenditures will remain at budgeted levels and that
investments will continue to rise, albeit at a much slower pace
than in 2014.  We also note that the impact of currency
depreciation against the U.S. dollar is not being fully
passed onto the real economy, partly because the lari has
remained relatively constant compared with the currencies of
regional trade partners.  We expect that this dip in growth will
be only temporary and that Georgia's long-term potential remains
strong, as demonstrated by increasing FDI figures.  Substantial
potential lies in the country's hydroelectricity-generating
capacity and vast, unexploited agricultural land, as well as an
increasingly popular tourist destination and as a strategic point
as a trade route from China to Europe, which could include the
construction of a new deep-water port," S&P said.

Data for 2015 so far indicate a widening fiscal deficit, but only
moderately (S&P expects it will remain under 4% of GDP through
2018), as revenues will likely be squeezed.  This is in line with
lower growth, as well as with the government's pledge to stick to
its budgeted capital expenditures and incremental increases in
social expenditures.  S&P expects that the government will
implement measures to stimulate revenues, if needed, such as the
sale of 4G telecoms licenses and assets from its real estate
portfolio.  S&P expects that deficits will mainly be narrowed by
domestic debt issuance.

Still, given that 80% of the government's debt stock is in
foreign currency -- mainly U.S. dollars -- the impact of exchange
rate depreciation, in S&P's opinion, will cause government debt
to increase by 5% of GDP in 2015.  While S&P do not expect
depreciation to cause such significant increases in debt in the
future, it anticipates that the stock of government debt, on a
gross and net basis, could increase to 40% of GDP from 2016.

S&P views Georgia's banking system as well capitalized and
liquid.  However, S&P anticipates that asset quality will
deteriorate, linked to repayment difficulties for those borrowers
that earn in local currency but hold U.S. dollar-denominated
debt. Dollarization is high in Georgia, and approximately 60% of
deposits are in foreign currency.  The IMF estimates that 90% of
foreign currency borrowings are unhedged.  Despite the major
currency depreciation, S&P understands that banks have received
few requests for restructuring arrangements, although S&P expects
this will have increased throughout 2015.  S&P don't anticipate
that this deterioration will result in the government needing to
support the recapitalization of banks.  S&P notes that
nonresident deposits are subject to high liquidity requirements
and that they have continued to increase over 2015 and account
for approximately 15% of liabilities.

The National Bank of Georgia has countered lari depreciation with
$230 million over 2015 (representing 10% of usable reserves at
the end of 2014), selling dollars to smooth spikes in the
exchange rate.  However, the significant depreciation shows that
the authorities are allowing an adjustment to take place, which
should help Georgia to maintain its regional competitiveness.
S&P expects that inflation will increase throughout the year as
higher debt service costs are passed through to customers.

OUTLOOK

The stable outlook reflects S&P's expectation that the current
external pressures will dissipate and that Georgia's relatively
healthy fiscal position and strong long-term growth potential
will provide space for the authorities to manage a period of
slower growth over the next few years.

S&P could lower the ratings if Georgia's external financing needs
increase markedly more than S&P currently expects, thereby
increasing external debt, particularly if prospects for FDI
deteriorate at the same time.

S&P could also consider lowering the ratings if domestic
political instability materially reduces the predictability and
coherence of policy-making and long-term growth prospects, or if
the regional slowdown is prolonged.

S&P could raise the ratings if external pressures subside and
support a recovery in exports, leading to growth levels stronger
than S&P's current base-case estimates.  At the same time,
improved prospects for investment and FDI, while maintaining
fiscal discipline and policy continuity, could also support a
positive rating action.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that all key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision.  The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

                                        Rating

                                        To             From
Georgia (Government of)
Sovereign credit rating
  Foreign and Local Currency           BB-/Stable/B   BB-
/Stable/B
Transfer & Convertibility Assessment   BB             BB
Senior Unsecured
  Foreign Currency                     BB-            BB-
Commercial Paper
  Local Currency                       B              B



===========
G R E E C E
===========


GREECE: Fitch Affirms 'CCC' Long-Term Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Greece's Long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'CCC'. The issue
ratings on Greece's senior unsecured foreign and local currency
bonds have also been affirmed at 'CCC'. The Short-term foreign
currency IDR has been affirmed at 'C' and the Country Ceiling at
'B-'.

KEY RATING DRIVERS

Greece's financial assistance program with the European Stability
Mechanism (ESM; AAA/Stable) of up to EUR86bn has reduced the risk
of Greece defaulting on its private sector debt obligations and
supports the rating at 'CCC'. The risks to the program remain
high. It will take some time for trust to be restored between
Greece and its creditors, and further deadlocks in negotiations
are possible. Meanwhile, the political situation in Greece
remains unpredictable.

An initial ESM disbursement of EUR13 billion in August relieved
the acute liquidity strains on the government. Progress under the
program so far has been steady, although completion of the first
review is unlikely before January, in our view. The program
conditionality is demanding and highly front-loaded. However,
successful completion of the first review should unlock the
promise of limited debt-relief on Greece's official loans,
providing an additional incentive.

The Greek government has completed most of the 49 "prior action"
milestones required for a partial disbursement of EUR2 billion as
well as funds to recapitalize the banking sector. Further
milestones will be set for the release of an additional EUR1
billion and formal completion of the first review. The
politically controversial issue of the Greek household insolvency
and foreclosure framework is currently the key sticking point
between the authorities and the institutions.

The recapitalization of Greek banks after the ECB's Comprehensive
Assessment is a step on the long road towards re-establishing the
banking system's viability and restoring financial stability. A
capital shortfall of EUR14.4 billion was identified, at least
EUR4.4 billion of which we expect to be raised by the banks
themselves, with the remainder to be covered by the authorities.
EUR10 billion has been set aside in a segregated ESM account for
this purpose, but will only be released upon completion of the 49
milestones. This is expected before the end of the year, assuming
that the household insolvency and foreclosure framework issue is
resolved.

The Greek banks have exceptionally large volumes of problem loans
that account for roughly 63% of the country's GDP and are high
relative to their capital bases. Once finally agreed, the new
legislative changes to improve Greece's insolvency framework may
facilitate foreclosures and restructurings, but we believe any
material improvement in asset quality will only arise in the
medium term. Until then, the sector's viability will remain weak.
The ECB is providing sufficient ELA liquidity to the Greek banks
although capital controls are likely to persist at least until
next year.

The final allocation of parliamentary seats from September's
election was remarkably similar to that of January's, with Syriza
forming a second coalition with the Independent Greeks, with a
slim majority of 155 of 300 seats. However, the removal of the
more vehemently "anti-memorandum" faction of Syriza looks to have
made the government more cohesive in its dealings with the
creditor institutions. Should the government lose its majority,
alternate coalition formations should be possible with centre-
left Potami or PASOK.

Relations between the Greek government and its creditors have
improved since their nadir of early July, as illustrated by the
speed with which the ESM program was agreed and the progress made
so far in the first review. However, it is reasonable to assume
that a repeat of the breakdown in relations seen in 1H15 would
substantially increase the risk of Grexit.

The role of the IMF in the context of the third bailout program
remains uncertain. The Fund states that it expects to remain
involved in the program but only if "significant" debt relief is
forthcoming. There are likely to be disagreements between the IMF
and Europe as to the scale of the debt relief on offer. We do not
expect principal haircuts on the official debt stock given the
political sensitivities around this issue.

Last year's recovery in Greek GDP continued into early 2015, with
GDP up 0.7% yoy in 1H15. The escalation of the crisis in July led
to a contraction in 3Q15 of 0.5% qoq (flash estimate), albeit
this was significantly shallower than we had forecast. The
combination of continued uncertainty over program success and
fiscal tightening will lead to weak growth dynamics over the
coming four quarters. We forecast GDP contractions of 0.3% in
2015, and 1.5% in 2016. Downside risks to the forecast could
arise from future uncertainty over Greece's euro membership, with
a knock-on impact on confidence. Conversely, upside risks could
arise from a faster rebound in sentiment as Grexit fears fade,
and from tourism, which remains a well-performing sector.

The draft 2016 budget targets a primary balance (program
definition) of -0.25% of GDP in 2015 and +0.5% in 2016, based on
real GDP forecasts of -2.3% in 2015 and -1.3% in 2016. The bulk
of the fiscal adjustment will fall in 2016 (EUR4.3 billion
compared with EUR2 billion in 2015). Overall the budget measures
are split roughly 40:60 between expenditure and revenue. The
fiscal tightening will be a headwind to growth, although it is an
order of magnitude less than that seen over the period 2010-13.

RATING SENSITIVITIES

Developments that could, individually or collectively, result in
a downgrade include:

-- A repeat of the prolonged break-down in relations between
    Greece and its creditors seen in January to July, for example
    in the context of a failure to meet ESM program targets.

-- Non-payment, redenomination and/or distressed debt exchange
    of government debt securities issued in the market or a
    government-declared moratorium on all debt service.

Future developments that could, individually or collectively,
result in an upgrade include:

-- A track record of successful implementation of the ESM
    program, brought about by an improved working relationship
    between Greece and its official creditors and a relatively
    stable political environment.

-- An economic recovery, further primary surpluses, and official
    sector debt relief would put upward pressure on the ratings
    over the medium term.

KEY ASSUMPTIONS

The ratings are sensitive to the following key assumptions:

Fitch assumes that any debt relief given to Greece under the ESM
program will apply to official-sector debt only, and would not
therefore constitute an event of default under the agency's
criteria.



=============
I R E L A N D
=============


BANK OF IRELAND: Moody's Affirms B1(hyb) Rating on Jr. Sub. Bond
----------------------------------------------------------------
Moody's Investors Service affirmed Bank of Ireland's (BoI) Baa2
long-term issuer, senior debt and deposit ratings and changed its
outlook on the ratings to positive from stable.  The rating
affirmation is supported by achievement of expected improvements
in the bank's credit fundamentals.  The positive outlook reflects
Moody's expectation that the favorable operating environment in
Ireland and the UK will help the bank to continue strengthening
its financial fundamentals.

Moody's has affirmed Bank of Ireland's baseline credit assessment
(BCA) and adjusted BCA at ba2, its counterparty risk assessment
(CRA) at Baa1(cr)/Prime-2(cr) and all other ratings of the bank.

"The positive outlook reflects our expectations that asset
quality and profitability metrics will continue to improve,
driven by the favorable operating environment in the bank's two
main operating markets.  It also reflects Bank of Ireland's
renewed ability to generate capital organically, which largely
offsets the uncertainty caused by the volatility of the bank's
regulatory capital ratio arising from the defined pension scheme
deficit." says Carlos Suarez Duarte, a Moody's Vice President --
Senior Analyst.

RATINGS RATIONALE

AFFIRMATION OF THE BANK'S BCA REFLECTS IMPROVEMENTS IN FINANCIAL
FUNDAMENTALS

Moody's affirmation of Bank of Ireland's ba2 BCA and adjusted BCA
reflects the improvement in asset quality ratios driven following
a decline in the bank's impaired loan ratio to 13.6% as of June
2015 from 15.0% as of December 2014.  The improvement in the
ratio has been driven by a decline in the amount of impaired
loans across all categories.  Moody's expects Bank of Ireland's
asset quality to continue improving, driven by reduced levels of
new arrears formation and a gradual reduction in the stock of
problem loans.  However Moody's expects that the recovery process
will be slow given the industry wide reluctance to repossess
properties in Ireland.  Moody's notes that despite the economic
recovery in Ireland, the bank's problem loan ratio remains
elevated.

Moody's also expects profitability to improve and to stabilize
gradually.  During the first half of 2015, the bank reported a
significant increase in profitability, with net income increasing
to EUR624 million compared to EUR344 million for the same period
in 2014.  Although the increase was partly driven by a one-off
gain due to the sale of assets, the decline in impairment
charges, which Moody's considers sustainable, has also
contributed positively to the results.  Despite some further
upside potential due to lower cost of funds and increased net
lending, Moody's expects the bank's profitability to stabilize
reflecting the challenges BoI will face in its core markets
including potential reduction in lending rates in Ireland and
increased competition in the UK.

Capital has also continued to strengthen with a tangible common
equity-to-risk weighted assets (TCE/RWA) ratio, excluding the
high trigger contingent convertible capital notes maturing in
July 2016, increasing to 11.4% as of June 2015 from 9.3% as of
December 2014.  In line with Moody's capital ratio, the bank
reported an increase in the regulatory "fully loaded" common
equity tier 1 ratio (CET1) ratio to 11.1% from 9.3% during the
same period. However, the CET1 ratio declined to 10.6% as of
Sept. 2015 driven by an increase in the defined pension deficit.
While Moody's believes that the bank's regulatory metrics will
remain volatile, its improved ability to generate capital
organically will largely offset the uncertainty caused by the
periodic movements arising from changes in its pension deficit.

Bank of Ireland's use of wholesale funding also declined and
Moody's expects more stability over the upcoming periods.
According to Moody's calculations the bank's market funds-to-
tangible banking assets ratio declined to 11.5% at the end of
June 2015 from 15.4% at end-2014.  This compares favorably with
similarly rated peers. The bank liquidity ratios remained
relatively stable with liquid assets-to-tangible banking assets
declining slightly to 19.4% from 20.1% during the same period,
according to Moody's calculations.

AFFIRMATION OF DEPOSITS AND SENIOR UNSECURED RATINGS INCORPORATES
REDEMPTIONS AND ISSUANCE PLANS

The Baa2 deposits and senior unsecured ratings incorporate two
notches of uplift from our Advanced LGF analysis.  Moody's
analysis is forward looking and incorporates the bank's public
plans to repurchase EUR1.3 billion of preference shares during
the first half of next year as well as the future issuance of
subordinated debt.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook on Bank of Ireland's long-term senior
deposit and debt ratings reflects the improving trends in asset
quality, profitability and funding.  It also reflects Moody's
expectation that the bank's organic capital generation will
mainly offset the expected decline in the TCE/RWA ratio due to
the maturity of the bank's high trigger contingent capital
instruments and the potential volatility arising from an
unexpected increase in its pension deficit.  An upgrade could be
prompted should Bank of Ireland sustain and further improve its
current credit metrics.

WHAT WOULD MOVE THE RATING UP/DOWN

Bank of Ireland's long-term debt and deposit ratings could be
upgraded as a result of (1) an increase of its standalone ba2
BCA; or (2) a significant increase in the bank's bail-in-able
debt.

Bank of Ireland's ba2 standalone BCA could be upgraded following
(1) a further reduction in non-performing loans; (2) an
additional increase in capital ratios to offset the volatility
arising from the pension deficit; (3) sustained improvement in
the bank's profitability and efficiency; and (4) maintenance of
adequate funding and liquidity metrics.

Upward rating pressure on the bank's deposit and senior unsecured
ratings would also develop if the bank significantly increased
the amount of subordinated debt which could be bailed-in.

Bank of Ireland's ratings could be downgraded as a result of (1)
a lowering of its standalone ba2 BCA; or (2) redemption of
maturing subordinated instruments without their replacement.

Downward pressure could be exerted on Bank of Ireland's ba2
standalone BCA following (1) a deterioration in the bank's asset
quality metrics; (2) a significant deterioration in the bank's
regulatory capital metrics; (3) a decline in profitability
metrics and (4) a significant deterioration in the bank's funding
or liquidity metrics.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Bank of Ireland

  LT Issuer Rating, Affirmed Baa2 Positive

  LT Deposit Rating (Foreign Currency and Local Currency),
   Affirmed Baa2 Positive

  ST Deposit Rating (Foreign Currency and Local Currency),
   Affirmed P-2

  Adjusted Baseline Credit Assessment, Affirmed ba2

  Baseline Credit Assessment, Affirmed ba2

  Counterparty Risk Assessment, Affirmed P-2(cr)

  Counterparty Risk Assessment, Affirmed Baa1(cr)

  Senior Unsecured Regular Bond/Debenture (Foreign Currency and
   Local Currency), Affirmed Baa2 Positive

  Junior Subordinated Regular Bond/Debenture (Foreign Currency),
   Affirmed B1 (hyb)

  Other Short Term (Foreign), Affirmed (P)P-2

  Subordinate MTN (Local Currency), Affirmed (P)Ba3

  Senior Unsecured MTN (Local Currency), Affirmed (P)Baa2

  Pref. Stock (Local Currency), Affirmed B2 (hyb)

  Pref. Stock Non-cumulative (Foreign Currency and Local
   Currency), Affirmed B3 (hyb)

  Subordinate Regular Bond/Debenture (Foreign Currency and Local

   Currency), Affirmed Ba3

  ST Deposit Note/CD Program (Local Currency), Affirmed P-2

  Commercial Paper (Foreign Currency and Local Currency),
  Affirmed P-2

Outlook Actions:

  Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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



=========
I T A L Y
=========


SALINI IMPREGILO: Fitch Affirms 'BB' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Italian construction group Salini
Impregilo S.p.A.'s (Salini) Long-term Issuer Default (IDR) and
senior unsecured ratings at 'BB'. The Outlook is Stable.

The rating actions follow Salini's announcement that it is
acquiring Lane Industries Inc., a US-based company engaged in
infrastructure projects and asphalt paving, for a total
consideration of around USD406 million -- before any closing
adjustments. Lane Industries Inc. generated USD1.4 billion
revenues in 2014. The closing of the deal is expected in January
2016, subject to the approval of Lane Industries shareholders and
antitrust.

Fitch already factored a potential M&A activity in the US in the
rating action taken on August 7. The affirmation now reflects
Salini increasing scale, diversification and improved access to
one of the largest markets for engineering and construction
(E&C).

KEY RATING DRIVERS

Improved Geographical Diversification

Fitch positively assesses the increasing presence in the US,
which enables the company to mitigate its exposure to emerging
markets and to reduce project concentration risk. Adding local
presence in the US would allow Salini to bid more effectively for
projects in one of the largest E&C markets.

A Sought-After Market

The US non-residential construction and transport infrastructure
market presents opportunities for E&C companies, underpinned by
projected economic growth of more than 2.5% on average over the
next three years. Although less remunerative than developing
countries, the North American region has recently attracted the
interest of several foreign players looking to de-risk their
portfolio.

Complementary Presence

Salini is already present in some US western states -- where it
recently delivered the Lake Mead Tunnel hydraulic system in
Nevada -- while Lane Industries Inc. operates mainly in the US
east coast. The entity resulting from the acquisition will
benefit from an enlarged footprint in the region. Also, as Salini
and Lane Industries specialize in different sub-sectors within
the construction industry, additional value could be unlocked
from synergies and increased magnitude.

Financing Structure

Salini intends to fund the acquisition through a mix of existing
cash and new debt in the form of a loan facility provided by
leading financial institutions. After the closing of the
transaction, the company could tap the capital market to repay
such bridge financing. Nonetheless, Fitch expects funds from
operations (FFO) adjusted net leverage to remain slightly below
2.5x at end-2016 after completion of the transaction.

Healthy Trading Figures

Results for the nine months to September 2015 were healthy, with
a order backlog of EUR33.7bn and revenues up 8.4% on a like-for-
like basis from the previous year. Margins remained flat at 10.1%
in 9M15 vs. 9.9% in 9M14.

KEY ASSUMPTIONS

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

-- Top line growth driven by the strong backlog
-- Double-digit EBITDA margin for 2015
-- Disciplined bidding for new projects
-- Full consolidation of Lane Industries Inc. from 2016

RATING SENSITIVITIES

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

-- FFO adjusted net leverage above 2.5x (2014; 1.9x) on a
    sustained basis.
-- Weak performance on major contracts with a material impact on
    profitability with EBITDA margin falling below 8% (2014:
    10.4%) on a sustained basis.
-- Problems in collecting receivables.
-- Increased activity in high-risk countries.

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

-- FFO adjusted net leverage of 1.0x or below on a sustained
    basis.
-- Reduced concentration in the top 10 contracts.



===================
K A Z A K H S T A N
===================


KAZMUNAYGAS: S&P Affirms 'BB+' CCR, Outlook Remains Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
long-term corporate credit rating on Kazakhstan-government-
controlled vertically integrated oil company KazMunayGas NC JSC
(KMG) and its core subsidiary KazMunaiGas Exploration Production
JSC at 'BB+'.  The outlook remains negative.

S&P also affirmed its 'kzAA-' Kazakhstan national scale rating on
KMG.

"We revised our assessment on KMG's financial risk profile to
"aggressive" from "highly leveraged" because we anticipate
leverage will improve following the sale of KMG's 50% stake in
Kashagan.  We currently project Standard & Poor's-adjusted debt
to EBITDA will average 2.5x-3.0x in the next 12-24 months and
free operating cash flow will remain negative.  However, we
believe that this improvement might be temporary, as we believe
the company could buy back its stake in Kashagan once oil prices
improve and the company can raise sufficient debt without
breaching its covenants.  This leads us to apply a two-notch
negative financial policy modifier, which brings the overall
stand-alone credit profile (SACP) down to 'b'.  We also continue
to incorporate a four-notch uplift in our ratings on KMG, based
on our expectation of a very high likelihood of extraordinary
government support," S&P said.

KMG is a 100% government-owned national oil company with stakes
in essentially all of Kazakhstan's oil-related assets and
priority access to new assets, which also benefit from vertical
integration into pipelines.  KMG holds stakes in all significant
oil operations in Kazakhstan.  It is one of the country's largest
exporters and taxpayers and has some social mandates, such as
supplying the local market with fuel at fairly low prices and
investing in socially important projects.  That said, KMG is
responsible for only about 28% of the country's oil production
(12% if only majority-owned operations are included).



===================
M O N T E N E G R O
===================


MONTENEGRO: S&P Affirms 'B+/B' Sovereign Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' long- and
short-term foreign and local currency sovereign credit ratings on
the Republic of Montenegro.  The outlook is stable.

RATIONALE

S&P's ratings on Montenegro are constrained by the country's
relatively low income levels (S&P estimates per capita GDP at
US$6,500 in 2015), high external debt relative to peers', and
lack of monetary policy flexibility arising from its unilateral
adoption of the euro.

Construction of the Bar-Boljare highway's priority section
started this year and this project will support economic growth
over the next five years, in S&P's view.  At the same time, S&P
expects it will lead to an increase in net imports because the
majority of construction materials and equipment will come from
abroad. Contrary to S&P's previous forecast, it now expects the
major stimulus on growth through construction activity to be felt
in 2016 rather than 2015, leading to S&P's revised real GDP
growth forecast of 3.3% this year and 3.8% in 2016.  On average,
S&P assumes Montenegro's economy will expand by 3.2% through to
2018, primarily due to investments, especially in the tourism and
energy sectors.  Downside risks to S&P's growth forecast could
materialize if large investment projects, including the highway,
were to stall, or if a deepening and protracted recession in
Russia greatly affected Montenegro's economy through lower
tourism receipts.  Similarly, long periods of low oil prices
might translate into lower foreign direct investment (FDI)
inflows, since more than 20% of FDI comes from oil-dependent
countries such as Russia and the United Arab Emirates.

According to S&P's projections, Montenegro's general government
debt is set to rise further, and will likely peak at about 73% of
GDP in 2018.  Despite the authorities' substantial fiscal
consolidation efforts in recent years, the construction of the
Bar-Boljare highway and annual drawings from a $944 million loan
(23% of 2015 GDP)from the Export-Import Bank of China (Chinese
Exim Bank) will sharply increase the country's deficit and debt
burden over the next five years.  S&P expects the general
government deficit to surpass 6% of GDP this year before
gradually narrowing to slightly less than 4% of GDP in 2018 as
Montenegro's underlying fiscal position -- excluding highway-
related expenditures -- continues to improve through tax reform
and the government's efforts to shrink the grey economy.  That
said, S&P has observed some elements of a loosening fiscal stance
ahead of next year's parliamentary elections, such as the removal
of the pension freeze and a reduction of the so-called crisis
tax -- a surtax on monthly incomes that exceed EUR720.

Risks to public finances could also materialize if the government
loses either of two arbitration cases involving the Central
European Aluminum Co. (CEAC), the former owner of aluminum
producer KAP.  CEAC is reportedly seeking up to EUR900 million
(25% of 2015 GDP) in payments from the government.  In addition,
potential cost overruns related to the highway construction, if
they have to be borne by the state, could increase the
government's financing needs.  Although the contract with China
Road and Bridge Corp. stipulates a maximum cost overrun of 10% of
the project's value (2.2% of 2015 GDP), it remains unclear who
will take over unexpected costs not covered by the contract.
Additional costs for the government therefore cannot be ruled
out, in S&P's view.

About 85% of the highway project will be financed through the
Chinese Exim Bank loan, which has favorable conditions, such as a
six-year grace period on principal payments.  However, Montenegro
must make biannual interest payments in U.S. dollars, which
commenced in July 2015.  The government is therefore exposed to
foreign exchange risk, but S&P understands it is contemplating
hedging options.

S&P expects net FDI to average 9% of GDP over 2015-2018, which is
lower than S&P's previous forecast because it sees less scope for
new large investment projects.

This is especially in light of additional infrastructure
development needs along the coastline, for which the government
has increasingly less fiscal space.  Large projects in the energy
sector, when completed, could make Montenegro a net energy
exporter and slightly improve its large current account deficit
(16.9% of GDP in 2015).  Material exposure to FDI inflows from
Russia (25% of FDI in 2014) and concentration of FDI into real
estate (36% of FDI in 2014) have made Montenegro vulnerable to
sudden reversals of capital flows.  Property-related FDI inflows,
which declined by more than 10% in 2014, are expected to decrease
further in 2015.

Montenegro's gross external financing needs remain high at about
148% of current account receipts plus usable reserves, on
average, through to year-end 2018.  Likewise, narrow net external
debt averages 175% of current account receipts over the period to
2018. Moreover, owing to Montenegro's high external refinancing
needs and low ability to absorb external shocks, it is exposed to
changes in market sentiment, which may be exacerbated by an
increase in U.S. interest rates and volatility in global
financial markets.

Large, persistent errors and omissions (which represented more
than 11% of GDP in 2014) indicate poor external data quality.  In
S&P's view, these errors and omissions largely reflect unrecorded
tourism export revenues and the underestimation of remittances,
among other factors.  This may mean that the current account
deficit and external leverage indicators, measured in current
account receipts, are overstated.  But this does not change S&P's
view that external finances are a major credit weakness for
Montenegro.

Domestic companies continue to face tight lending conditions,
demonstrated by high interest rate spreads.  High, but declining,
nonperforming loans (NPL; 15.5% of total loans on Aug. 31, 2015)
are constraining banks' appetite to lend and the newly adopted,
so-called "Podgorica" approach, intended to facilitate voluntary
out-of-court restructuring, has had limited success in expediting
NPL resolutions so far.  Credit growth was negative last year,
but S&P expects it will gradually pick up as the economy
recovers. Although Montenegro's small economy is already
overbanked, three new banks entered the market in 2015, bringing
the total number to 14.  However, because of low profitability
and lack of lending opportunities, S&P anticipates consolidation
in the banking system over the coming years.

In S&P's view, Montenegro's twin deficits are a source of
concern, given the country's unilateral use of the euro as its
currency. Despite increased cooperation with the European Central
Bank (ECB), Montenegro is not part of the eurozone and its banks
have no access to the ECB's liquidity facilities.  The
government's policy options are further constrained by shrinking
domestic credit and a relatively undeveloped capital market.

OUTLOOK

The stable outlook reflects S&P's view of the balance between
Montenegro's sound growth prospects and the potential risk of
deteriorating fiscal metrics.  That said, thanks to Montenegro's
fiscal consolidation efforts, S&P do not expect the weakening of
fiscal metrics as a result of the highway construction project to
exceed its projections.

S&P could lower the ratings, however, if:

   -- The country's fiscal metrics deteriorate more than S&P
      currently envisage.  This could result from cost overruns
      on the highway construction project, further costs related
      to legal proceedings and restructuring at KAP, or a
      loosening of the fiscal stance, potentially from
      expenditure overruns at lower levels of government.

   -- The country finds it harder to roll over its external debt
      as international investor risk sentiment changes.

   -- Large FDI projects stall or do not materialize, which could
      dampen Montenegro's growth prospects.

S&P could raise the ratings if economic growth in Montenegro
picks up faster than S&P anticipates and the country's government
and external debt reduces.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision. After the primary analyst gave opening remarks and
explained the recommendation, the Committee discussed key rating
factors and critical issues in accordance with the relevant
criteria. Qualitative and quantitative risk factors were
considered and discussed, looking at track-record and forecasts.

The committee agreed that the debt assessment had deteriorated.
All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

                                     Rating
                                     To                From
Montenegro (Republic of)
Sovereign credit rating
  Foreign and Local Currency         B+/Stable/B
B+/Stable/B
Transfer & Convertibility Assessment   AAA            AAA
Senior Unsecured
  Local Currency                     B+                B+



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


FIAT CHRYSLER: Moody's Affirms B1 CFR & Changes Outlook to Pos.
---------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on Fiat Chrysler Automobiles N.V.'s B1 corporate family
rating.  Concurrently, Moody's has affirmed FCA's B1 CFR, B1-PD
probability of default rating, the B2 long-term senior unsecured
rating assigned to the debt issued by FCA and its rated
subsidiaries, Fiat Chrysler Finance Europe SA, Fiat Chrysler
Finance North America Inc., as well as the (P)B2/(P)NP rating
assigned to FCA, Fiat Chrysler Finance Europe SA, Fiat Chrysler
Finance North America Inc. and (P)B2 rating assigned to Fiat
Chrysler Finance Canada Ltd.  In addition, Moody's has affirmed
the Ba1 rating assigned to FCA US LLC's first-lien secured term
loans and secured revolving credit facility and the B1 rating
assigned to its second-lien secured notes due 2021.

"The change in outlook to positive reflects the continuation of
the positive earnings trends reported by FCA in two of its core
regions, NAFTA and EMEA, supported by favorable growth in demand
for passenger cars and the success of some of its key brands,
especially Jeep", says Yasmina Serghini, a Moody's Senior Credit
Officer and lead analyst for FCA.  "We also expect that FCA will
further simplify its debt structure and will reduce its
indebtedness in the course of 2016, which will drive an
improvement in its financial profile", adds Mrs. Serghini.

RATINGS RATIONALE

The change of outlook to positive reflects Moody's expectation
that FCA will continue to benefit from favorable sales trends in
the NAFTA and EMEA regions in the next 12 months, which, combined
with the company's planned model launches and measures to enhance
its pricing power and capacity utilization, will support its
profitability.  In particular, Moody's believes that FCA will be
able to sustain a stronger EBIT margin (as adjusted by FCA) in
the NAFTA region in the next 12 months (between 5.5%-6% in 2015,
up from 4.1% in 2014) fuelled by the success of its Jeep brand,
the launch of new RAM and Chrysler brands models as well as
ongoing initiatives to enhance pricing power.

Moody's also expects that the recovery in demand for passenger
cars in Western Europe will support volume growth for FCA, such
that the rating agency expects some further profit growth in 2016
from an expected low base in 2015.  In this context, Moody's also
acknowledges the success of the Jeep brand in Europe as evidenced
by the increase in the brand market share by 30 basis points to
0.6% (according to ACEA, for the period January to September
2015).

Moreover, Moody's expects that FCA will take additional steps in
the coming months to simplify its debt structure.  Principally,
FCA will formally eliminate the ring fencing at the FCA US LLC
(FCA US) level and use the resulting enhanced cash balance to pay
down debt, which, in turn, will improve the company's gross
leverage metric.  In addition to the cash at FCA US, FCA's cash
position will also benefit from proceeds of approximately EUR2.5
billion (before set-off of intercompany balances) from its the
spin-off of Ferrari in January 2016.  By end-2016, Moody's
anticipates that FCA's Moody's-adjusted (gross) debt/EBITDA ratio
is likely to fall to 4.0x from 5.4x at end-September 2015.

However, Moody's cautions that the high level of competition in
the European market will continue to constrain pricing and that
the benefits from FCA's initiatives to leverage its European
industrial base to produce its global brand vehicles will only
gradually materialize.  Moreover, there is still uncertainty
regarding the success of FCA's strategy to revive its Alfa Romeo
brand, which requires high investments.  The first of a series of
new model launches is planned early next year and will help gauge
the appetite for new Alfa models in the face of highly
competitive near-premium and premium passenger car markets.  More
generally, FCA's ongoing strategic plan is calling for high
investments, expected to peak in 2016, which will weigh on free
cash flow.  In Moody's view, FCA's free cash flow is likely to
remain negative in 2016-17.

FCA also faces tougher market conditions in both Latin America
and in China, compared to when it first presented its 2014-18
strategic plan.  This has severely pressured the company's
profitability in these regions, and that of its luxury brand
Maserati, since the start of 2015.  Furthermore, whilst Moody's
forecasts a rebound in growth in demand for passenger cars in
China in 2016, the rating agency cautions that (1) FCA still has
a limited portion of its Chinese sales produced locally, which
weakens its competitiveness, though this will gradually improve
as its joint venture with a local partner gains traction; and (2)
recessionary macroeconomic conditions in Brazil and less
favorable financing conditions will severely constrain volume
growth in the country and for FCA in the next 12 to 18 months.

FCA's ratings are constrained by (1) the company's degree of
concentration in Europe, with Italy representing approximately
half of FCA's European car registrations; (2) a highly
competitive environment in Europe, which constrains pricing
activity; (3) FCA's ongoing capacity utilization optimization in
Europe, in particular in Italy; (4) weaker profitability in Latin
America, though FCA has outperformed its direct competitors
there, driven by declining demand, intense competition,
increasing capacities, price pressure and adverse exchange rates
effects against the euro; and (5) an expected reduced
contribution of FCA's Luxury Brands division following the spin-
off of Ferrari in January 2016 and weakening operating
performance at Maserati, although the launch of the Maserati
Levante SUV in 2016 should help mitigate this.

More positively, FCA's ratings also take into account (1)
improving profitability in NAFTA on the back of favourable demand
trends and the company's initiatives to increase volumes and its
pricing power in the region; (2) a recovery in demand for
passenger cars in Western Europe, which will support improved
earnings in the next 12 months; (3) a market leading presence in
Italy, with a passenger car market share of approximately 28%;
(4) FCA's leading market position in Brazil where the rating
agency expects some profit improvement in the next 12 months,
after a steep deterioration in recent years, helped by its new
and more efficient plant (which started production in the first
half of 2015) and model launches; and (5) expectations that FCA
will take additional steps in the coming months to establish free
access to the cash and cash flows of its subsidiary FCA US and to
reduce its indebtedness, which will result in a better financial
profile.

STRUCTURAL CONSIDERATIONS

The senior unsecured notes issued by FCA and FCA's treasury
companies are structurally subordinated to a significant portion
of financial and non-financial debt located at the level of FCA's
operating subsidiaries, largely trade payables.  Consequently,
the ratings of FCA's outstanding senior unsecured bonds are B2,
or one notch below the B1 CFR, according to Moody's Loss Given
Default Methodology.

Moody's will formally include FCA US in its notching
considerations when FCA eliminates the aforementioned ring
fencing.  At this time, the rating agency's assessment will focus
on the amount of non-financial and financial debt that the
company will ultimately retain within its operating subsidiaries
including the level of secured debt at FCA US, as well as a
significant amount of trade payables which we consider to rank
ahead of senior unsecured debt at the holding company level.
This might have the effect that notching will remain, even if
secured debt will have been repaid.

RATIONALE FOR A POSITIVE OUTLOOK

The outlook is positive.  It factors in Moody's expectation of an
improvement in FCA's financial profile in 2016 and some
improvement in its operating margins in NAFTA, the company's
largest market.  Moody's also anticipates a gradual increase in
FCA's profitability in Europe led by a recovery in demand and the
continued success of its Jeep brand, amidst sustained high demand
for SUV vehicles.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on FCA's rating could materialize if the company
successfully executes its 2014-18 plan, which would lead to
improved operational performance with a positive free cash flow
exceeding EUR1.0 billion that would be applied to debt reduction
and a Moody's-adjusted EBITA margin sustainably above 4%.  An
upgrade of FCA's rating would also require that the company
maintains a financial policy that balances both the interests of
shareholders and bondholders.

Moody's could downgrade FCA's ratings if (1) the company were to
lose significant market share in its key markets; (2) there is
evidence that its product renewal program for its key brands
stalls; and (3) its operating performance deteriorates with
limited prospect of improvement within a reasonable timeline as a
result of, for example, prolonged weakness in Latin America, a
major source of profits and cash flows for the company, which
would more than offset further improvements in other regions and
at Maserati.

Credit metrics that could support a rating downgrade include a
Moody's-adjusted EBITA margin below 2% and a Moody's-adjusted
(gross) debt/EBITDA above 6.0x, for a prolonged period of time.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Automobile Manufacturer Industry published in June 2011.

Fiat Chrysler Automobiles N.V. has its corporate seat in
Amsterdam, the Netherlands, with principal executive office in
the United Kingdom.  FCA owns 100% of FCA US LLC (previously
Chrysler Group LLC) and is one of the largest automotive
manufacturers by unit sales.  FCA common shares are listed on the
New York Stock Exchange and on the Mercato Telematico Azionario
(MTA) in Italy.

List of affected ratings

Affirmations:

Issuer: Fiat Chrysler Automobiles N.V.

  Corporate Family Rating, Affirmed B1
  Probability of Default Rating, Affirmed B1-PD
  Senior Unsecured Medium-Term Note Program, Affirmed (P)B2
  Senior Unsecured Medium-Term Note Program, Affirmed (P)NP
  Senior Unsecured Regular Bond/Debenture, Affirmed B2

Issuer: FCA US LLC

  Senior Secured Bank Credit Facility, Affirmed Ba1
  Senior Secured Regular Bond/Debenture, Affirmed B1

Issuer: Fiat Chrysler Finance Canada Ltd

  BACKED Senior Unsecured Medium-Term Note Program, Affirmed
  (P)B2

Issuer: Fiat Chrysler Finance Europe SA

  BACKED Senior Unsecured Medium-Term Note Program, Affirmed
  (P)B2
  BACKED Senior Unsecured Medium-Term Note Program, Affirmed
  (P)NP
  BACKED Senior Unsecured Regular Bond/Debenture, Affirmed B2

Issuer: Fiat Chrysler Finance North America Inc.

  BACKED Senior Unsecured Medium-Term Note Program, Affirmed
  (P)B2
  BACKED Senior Unsecured Medium-Term Note Program, Affirmed
  (P)NP
  BACKED Senior Unsecured Regular Bond/Debenture, Affirmed B2

Outlook Actions:

Issuer: Fiat Chrysler Automobiles N.V.
  Outlook, Changed To Positive From Stable

Issuer: FCA US LLC
  Outlook, Changed To Positive From Stable

Issuer: Fiat Chrysler Finance Canada Ltd
  Outlook, Changed To Positive From Stable

Issuer: Fiat Chrysler Finance Europe SA
  Outlook, Changed To Positive From Stable

Issuer: Fiat Chrysler Finance North America Inc.
  Outlook, Changed To Positive From Stable


MERCATOR CLO III: Moody's Raises Rating on Cl. B-2 Notes to Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on these notes
issued by Mercator CLO III Limited:

  EUR18 mil. Class A-3 Deferrable Senior Secured Floating Rate
   Notes due 2024, Upgraded to Aa1 (sf); previously on Oct. 31,
   2014, Upgraded to A1 (sf)

  EUR18 mil. Class B-1 Deferrable Senior Secured Floating Rate
   Notes due 2024, Upgraded to Baa1 (sf); previously on Oct. 31,
   2014, Upgraded to Baa3 (sf)

  EUR10.9 mil. (Current balance outstanding: EUR 10.4M) Class B-2
   Deferrable Senior Secured Floating Rate Notes due 2024,
   Upgraded to Ba3 (sf); previously on Oct. 31, 2014, Affirmed
   B2 (sf)

Moody's also affirmed the ratings on these notes issued by
Mercator CLO III Limited:

  EUR199.5 mil. (Current balance outstanding: EUR 9.5M) Class
   A-1 Senior Secured Floating Rate Notes due 2024, Affirmed
   Aaa (sf); previously on Oct. 31, 2014, Affirmed Aaa (sf)

  EUR31.5 mil. Class A-2 Senior Secured Floating Rate Notes
   due 2024, Affirmed Aaa (sf); previously on Oct. 31, 2014,
   Upgraded to Aaa (sf)

Mercator CLO III Limited, issued in August 2007, is a
Collateralised Loan Obligation backed by a portfolio of mostly
high yield European loans.  It is predominantly composed of
senior secured loans.  The portfolio is managed by NAC Management
(Cayman) Limited, and this transaction ended its reinvestment
period on Oct. 15, 2013.

The issued liabilities are denominated in EUR, whereas the assets
are denominated in EUR and GBP, with the GBP assets hedged by a
macro swap which has been modeled in Moody's analysis.

RATINGS RATIONALE

The rating actions on the notes are primarily a result of the
improvement in over-collateralization (OC) ratios since the last
rating action, where Class A notes were paid in total by EUR55M
or 27.6% of their original balance over the last four payment
dates.  As a result of the deleveraging, the OC ratios have
increased.  According to the October 2015 payment date trustee
report the OC ratios of Classes A-2, A-3, B-1 and B-2 are
203.60%, 155.27%, 125.49% and 112.92%, respectively, compared to
160.71%, 135.35%, 116.91% and 108.34%, respectively, in January
2015.  The OC ratios reported in the October 2015 payment date
trustee report do not account for deleveraging of the A-1 notes
that occurred on October 2015 payment date, the increased OC
levels will be captured in the October 2015 monthly trustee
report.

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 of EUR85.1 million and GBP10.7 million, zero
principal proceeds balance, no defaulted assets, a weighted
average default probability of 23.83% (consistent with a WARF of
3,059 with a weighted average life of 4.76 years), a weighted
average recovery rate upon default of 47.84% for an Aaa liability
target rating, a diversity score of 19 and a weighted average
spread of 3.78%.  The GBP-denominated assets are fully hedged
with a macro swap, which Moody's also modeled.

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

Methodology Underlying the Rating Action:

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

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

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

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

Additional uncertainty about performance is due to:

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

  2) Around 19.03% 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.



===========
P O L A N D
===========


JSW: Expects to Reach Debt Restructuring Deal with Bondholders
--------------------------------------------------------------
Anna Koper at Reuters reports that JSW was expected to reach an
agreement with bondholders on a debt restructuring on Nov. 13,
three days ahead of a deadline in the negotiations.

According to Reuters, state-controlled JSW is struggling to cope
with record low coal prices and high mining costs and has had to
cut costs.

Last year, JSW issued bonds worth PLN700 million (US$177.75
million) and US$164 million, which it spent on the purchase of
the Knurow-Szczyglowice coal mine from miner Kompania Weglowa,
Reuters recounts.

Earlier this year, ING Bank Slaski, ING's Polish business and
JSW's only private sector debt holder, demanded early redemption
of its bonds worth PLN26.3 million and US$13 million, adding to
the loss-making miner's troubles, Reuters relates.

In October, JSW, as cited by Reuters, said it had extended a
deadline for approving key conditions of its debt restructuring
talks with bondholders to Nov. 16.

JSW is a coking coal producer based in Poland.



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


BANCO ESPIRITO: Novo Banco Has Two Weeks to Fill Capital Deficit
----------------------------------------------------------------
Peter Wise at The Financial Times reports that Portugal's Novo
Banco, the so-called good bank salvaged from the ruins of Banco
Espirito Santo, has been ordered by the European Central Bank to
fill a EUR1.4 billion capital shortfall.

The ruling threatens further delays to the planned sale of the
country's third-largest lender by assets after the central bank
cancelled an auction in September, rejecting offers from Chinese
and US investors as too low, the FT notes.

It also raises questions over how Lisbon will deal with
Novo Banco after a leftwing anti-austerity majority in parliament
brought down the center-right government in an attempt to gain
office following an inconclusive general election, the FT says.
The ECB found that Novo Banco had a EUR1.4 billion capital
shortfall under an adverse scenario that simulates an economic
recession, projecting that its common equity tier one ratio, a
measure of capital strength, would fall to 2.4%, the FT
discloses.

Novo Banco was one of nine eurozone banks that underwent ECB
stress tests from March to November this year, a follow-up on
wider assessments of 130 banks in 2014, the FT states.  The
Portuguese lender was created in August last year following the
collapse of BES in one of Europe's largest financial failures,
the FT recounts.

The ECB, the FT says, has given Novo Banco two weeks to put
forward an action plan and nine months to redress its capital
shortfall.  The Bank of Portugal, as cited by the FT, said it was
working on a strategic plan to fill the gap, which would also be
addressed "by the outcome of the sale" of Novo Banco.

The plan would include the sale of Novo Banco's stake in GNB
Vida, a life insurer, and other non-core assets, according to the
FT.

However, the onus of recapitalizing the bank will fall to a
potential new owner, the FT notes.  This implies Novo Banco will
have to be sold for considerably less than the EUR4.9 billion
pumped into the lender by Portugal's other banks through a bank
resolution fund, which was expanded for the purpose by a state
loan, the FT states.

                  About Banco Espirito Santo

Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal.  It is 20% owned by Espirito Santo Financial
Group.



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


BANK GOROD: Placed Under Provisional Administration
---------------------------------------------------
The Bank of Russia, by Order No. OD-3182 dated November 16, 2015,
revoked the banking license of Moscow-based credit institution
BANK GOROD, JSC from November 16, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations.  The bank was also unable to satisfy creditors'
monetary claims and was subject to repeated measures envisaged by
the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)" over the past year.

BANK GOROD JSC failed to make loan loss provisions adequate to
risks assumed.  Due to the loss of liquidity, the credit
institution failed to meet its obligations to creditors on time.
The bank was also involved in suspicious transactions, including
those related to the withdrawal of large amounts of funds abroad.

The management and owners of the credit institution failed to
take effective measures to bring the situation back to normal and
restore its financial standing.  Under these circumstances, the
Bank of Russia guided by Article 20 of the Federal Law "On Banks
and Banking Activities" fulfilled its duty and revoked the
banking license from BANK GOROD JSC.

In pursuance of Bank of Russia Order No. OD-3183, dated
November 16, 2015, a provisional administration has been
appointed to BANK GOROD JSC for a term until the appointment of a
receiver in accordance with the Federal Law "On Insolvency
(Bankruptcy)" or a liquidator in accordance with Article 23.1 of
the Federal Law "On Banks and Banking Activities".  In compliance
with federal laws, the powers of the credit institution's
executive bodies have been suspended.

BANK GOROD JSC is a participant in the deposit insurance system.
The revocation of the banking license is recognized as an insured
event stipulated by Federal Law No. 177-FZ "On Insurance of
Household Deposits in Russian Banks" with regard to the bank's
obligations on household deposits identified in accordance with
the procedure established by law.  The said Federal Law provides
for the payment of indemnities to the bank's depositors,
including individual entrepreneurs, in the amount of 100% of the
balance of funds but no more than 1.4 million rubles per one
depositor.


BANK RSB 24: Moody's Lowers Then Withdraws Deposit Rating
---------------------------------------------------------
Moody's Interfax Rating Agency has downgraded to C.ru from Ba3.ru
the national scale long-term deposit rating (NSR) of Bank RSB 24
(JSC) (formerly Russlavbank).  The NSR carries no specific
outlook.

Moody's will withdraw Bank RSB 24 (JSC)'s NSR following the
withdrawal of the bank's banking license by the Central Bank of
Russia on Nov. 10, 2015.

RATINGS RATIONALE

Moody's rating action and subsequent rating withdrawal follow the
Central Bank of Russia's announcement on November 10, 2015 that
it had revoked Bank RSB 24 (JSC)'s banking license as a result of
the entity's violation of federal laws on banking activity and
anti-money laundering regulations.

The downgrade of Bank RSB 24 (JSC)'s NSR reflects Moody's
expectations of heavy losses that the bank's creditors are likely
to incur as a result of liquidation, given: (1) the bank's poor
asset quality and weak capital position; and (2) historical data
for similar cases in Russia, when banks' licenses have been
revoked.

According to Moody's, at the time of the rating withdrawal,
customer deposits represent the main source of Bank RSB 24
(JSC)'s non-equity funding.

Headquartered in Moscow, Russia, Bank RSB 24 (JSC) reported total
assets of RUB35.3 billion (US$628 million) and total equity of
RUB3.8 billion (US$68 million) under audited IFRS as of Jan. 1,
2015.


BANK RSB 24: Moody's Lowers Long-Term Deposit Ratings to C
----------------------------------------------------------
Moody's Investors Service has downgraded the long-term local- and
foreign-currency deposit ratings of Bank RSB 24 (JSC) (formerly
Russlavbank), as well as the bank's local-currency senior
unsecured debt rating to C from Caa1.  At the same time, Moody's
lowered the bank's baseline credit assessment (BCA)/Adjusted BCA
to c from caa1 and affirmed the bank's Not-Prime short-term
local- and foreign-currency deposit ratings.  The outlook on the
bank's long-term deposit and debt ratings is changed to no
outlook from negative.

Finally, Moody's lowered Bank RSB 24 (JSC)'s long-term
Counterparty Risk Assessment (CR Assessment) to C(cr) from B3(cr)
and affirmed the bank's short-term Not-Prime(cr) CR Assessment.

Moody's will withdraw all of Bank RSB 24 (JSC)'s ratings
following the withdrawal of its banking license by the Central
Bank of Russia on November 10, 2015.

RATINGS RATIONALE

Moody's rating actions and subsequent ratings withdrawal follow
the Central Bank of Russia's announcement on November 10, 2015
that it had revoked Bank RSB 24 (JSC)'s banking license as a
result of the entity's violation of federal laws on banking
activity and anti-money laundering regulations.

The downgrade of Bank RSB 24 (JSC)'s ratings reflects Moody's
expectations of heavy losses that the bank's creditors are likely
to incur as a result of liquidation, given: (1) the bank's poor
asset quality and weak capital position; and (2) historical data
for similar cases in Russia, when banks' licenses have been
revoked.

According to Moody's, at the time of the ratings withdrawal,
customer deposits represent the main source of Bank RSB 24
(JSC)'s non-equity funding.

PRINCIPAL METHODOLOGY

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

Headquartered in Moscow, Russia, Bank RSB 24 (JSC) reported total
assets of RUB35.3 billion ($628 million) and total equity of
RUB3.8 billion ($68 million) under audited IFRS as of Jan. 1,
2015.


DERZHAVA LLC: Placed Under Provisional Administration
-----------------------------------------------------
The Bank of Russia, by its Order No. OD-3144 dated November 12,
2015, took a decision to appoint from November 12, 2015, a
provisional administration to Insurance Company Derzhava, LLC.

The decision to appoint the provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-2700, dated October 7, 2015).

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

Vladimir P. Semyenov, member of the Non-profit Partnership of
Leading Receivers Dostoyanie, has been appointed as a head of the
provisional administration.


KURSK REGION: Fitch Affirms 'BB+' IDR, Outlook Negative
-------------------------------------------------------
Fitch Ratings has affirmed the Russian Kursk Region's Long-term
foreign and local currency Issuer Default Ratings (IDR) at 'BB+',
Short-term foreign currency IDR at 'B' and National Long-term
rating at 'AA(rus)'. The Outlooks on the Long-term ratings are
Negative.

The affirmation reflects Fitch's unchanged baseline scenario
regarding Kursk region's budgetary performance and moderate debt.
The Negative Outlook reflects the volatility of the region's
performance amid the adverse macroeconomic environment and the
risk that the region could not restore its operating balance to
its historically sound values over the medium term.

KEY RATING DRIVERS

The ratings reflect the region's moderate direct risk and a track
record of sound operating performance. The ratings also take into
account the moderately developed regional economy and slowdown of
the national economy, which put pressure on the region's
budgetary performance.

Based on 9M15 budget execution, Fitch expects the region's
operating balance to return to positive territory in 2015 after
falling to negative 2.4% of operating revenue in 2014. Fitch
projects the operating balance will account for 3%-5% in 2015-
2017, well below its strong 20% in 2010-2012. The modest
restoration will be supported by dynamic operating revenue (both
taxes and current transfers) accompanied by continuous control of
operating spending growth.

Fitch expects the region's direct risk to increase towards 35% by
the end-2017 (2014: 23%) due to an on-going deficit before debt
which will account for 4%-5% of total revenue over the medium
term. As of 1 November 2015, Kursk was free from market debt
(bank loans and issued debt). Fitch expects that closer to the
year-end the region will utilize up to RUB3 billion bank credit
lines (out of RUB12 billion contracted) to fund the expected
budget deficit, while budget loans will remain at RUB6.1 billion.

Fitch projects the proportion of budget loans will increase to
around 60% of total direct risk by end-2015 versus only 23% one
year before. In 2015, the region received RUB4.6 billion loans
from the federal government at 0.1% annual interest rates with
maturity in 2018. The enhanced reliance on budget funding will
help the region to save on interest payments over the medium
term.

Fitch expects the region's refinancing risk will be moderate in
2015-2017. As of November 1, 2015, Kursk had no repayments until
2017, when it has to redeem RUB0.2 billion budget loans
comprising only 3% total direct risk. In 2015, the administration
contracted two- and three- year bank credit lines that allow the
region to lengthen and even out its debt maturity profile as
historically, Kursk has relied on one-year bank loans.

During 2011-2014, the region's economic growth outpaced the
national average. In 2014, gross regional product (GRP) increased
by 5.5% yoy (national growth: 0.6%) supported mostly by
agriculture and energy production. Nevertheless, the region's
economy is still modest, with GRP per capita 8% lower than the
national median in 2013. Fitch forecasts a 4% decline of national
GDP in 2015 and assumes this could negatively influence the
region's economic performance.

RATING SENSITIVITIES

The inability to restore the operating margin amid debt growing
towards 50% of current revenues accompanied by high refinancing
pressure could lead to a downgrade.


NOSTA BANK: Placed Under Provisional Administration
---------------------------------------------------
The Bank of Russia, by its Order No. OD-3179 dated November 16,
2015, revoked the banking license of Novotroitsk-based credit
institution JSC Bank NOSTA from November 16, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, and application of supervisory measures envisaged by
the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)", taking into account a real threat to
creditors' and depositors' interests.

JSC NST-BANK implemented high-risk lending policy and failed to
create loan loss provisions adequate to the risks assumed.
Besides, the credit institution's activity was aimed at
aggressive borrowing of household funds.  In addition, JSC NST-
BANK failed to meet the supervisor's requirements aimed at
restricting these operations.  The management and owners of the
bank did not take measures to normalize its activities.

The Bank of Russia, by its Order No. OD-3180 dated
November 16, 2015, appointed a provisional administration to JSC
NST-BANK for the period until the appointment of a receiver
pursuant to the Federal Law "On Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities".  In accordance with federal laws, the powers
of the credit institution's executive bodies are suspended.

JSC NST-BANK is a member of the deposit insurance system.  The
revocation of banking license is an insured event envisaged by
Federal Law No. 177-FZ "On Insurance of Household Deposits with
Russian Banks" regarding the bank's obligations on deposits of
households determined in accordance with the legislation.  This
Federal Law provides for the payment of insurance indemnity to
the bank's depositors, including individual entrepreneurs, in the
amount of 100% of their balances but not exceeding the total of
1.4 million rubles per depositor.

According to the financial statements, as of November 1, 2015,
JSC NST-BANK ranked 533rd by assets in the Russian banking
system.


STAVROPOL REGION: Fitch Affirms 'BB' IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Russian Stavropol Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB'
and National Long-term rating at 'AA-(rus)' with Stable Outlooks.
The Short-term foreign currency IDR has been affirmed at 'B'.

The region's outstanding senior unsecured domestic bonds have
also been affirmed at 'BB' and 'AA-(rus)'.

The affirmation reflects Fitch's unchanged baseline scenario
regarding Stavropol region's satisfactory budgetary performance
and moderate direct risk over the medium term.

KEY RATING DRIVERS

The ratings reflect Stavropol's sustainable operating performance
and moderate, albeit growing, direct risk with high refinancing
needs. The ratings also factor in the persistent capex-driven
budget deficit and the region's modest economic indicators.

Fitch projects the region will record an operating balance at 6%-
8% of operating revenue over the medium term (2014: 10.6%). This
will be underpinned by strict control of operating expenditure
amid stagnating tax revenue. Fitch projects a 3.5% tax revenue
decline in 2015 and moderate growth in 2016-2017. The 2015
decline is a one-off as local corporates claim larger income tax
returns from the region's budget amid the deteriorated economic
environment. A modest increase in other taxes will not offset
this decline.

Fitch forecasts direct risk to steadily grow towards RUB45
billion by end-2017 (end-2014: RUB27.4 billion) driven by
continuing capex of about 18% of total expenditure. In relative
terms, direct risk will not be higher than 60% of current revenue
by end-2017 (2014: 39%), which in Fitch's view is still moderate
in the international context and commensurate with the 'BB'
rating.

Fitch notes that there is a risk the region's debt coverage
(direct risk to current balance) will deteriorate to above 10
years in 2015-2017 from 4.5 years in 2014 driven by higher debt
stock. Debt coverage will significantly exceed Stavropol's short
weighted-average debt maturity profile of about 2.6 years at end-
September 2015. Combined with the expected on-going deficit, this
amplifies the region's refinancing pressure and makes Stavropol
dependent on access to financial market for debt refinancing and
deficit funding.

As with most Russian sub-nationals, Stavropol is exposed to high
refinancing risk and about 60% of its direct risk is due 2015-
2016. By end-2015, Stavropol needs to repay RUB6.6 billion of
maturities. Fitch expects the region to cover its immediate
refinancing needs by part of undrawn RUB20.4 billion one- to
three-year credit lines and RUB2.7 billion budget loan that the
region expects to contract by year-end. In April 2015, Stavropol
obtained RUB3.5 billion budget loans to refinance part of the
maturing market debt (bank loans and domestic bonds), which
underpins Fitch's view that Stavropol would be eligible for
further government support.

Stavropol's socio-economic profile is historically weaker than
that of the average Russian region and is dominated by
agriculture, food processing and chemistry. Its per capita gross
regional product was about 65% of the national median in 2013.
However, the region's economy is less dependent on the external
environment, which can prove volatile. Fitch forecasts 4%
contraction of national GDP in 2015, and believes the region will
also face a slowdown of economic activity, albeit less than
nationally.

RATING SENSITIVITIES

A sustained sound operating balance at above 10% of operating
revenue and debt coverage (2014: 4.5 years) in line with the
average maturity profile (2014: 2.1 years) would lead to an
upgrade.

Weakening of the operating margin towards zero, coupled with an
increase in direct risk well above 60% of current revenue, would
lead to a downgrade.


STRAZH-INVEST LLC: Placed Under Provisional Administration
----------------------------------------------------------
The Bank of Russia, by its Order No. OD-3173 dated November 13,
2015, took a decision to appoint from November 13, 2015 a
provisional administration to Insurance Company Strazh-Invest,
LLC.

The decision to appoint the provisional administration was taken
due to the suspension of the Company's insurance license (Bank of
Russia Order No. OD-2695, dated October 7, 2015).

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

Sergey A. Knyazhev, member of the non-profit partnership
Interregional Self-regulatory Organisation of Professional
Receivers, has been appointed as a head of the provisional
administration.


TVER REGION: Fitch Affirms 'BB-/B' Long-Term IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Russian Tver Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at
'BB-', Short-term foreign currency IDR at 'B' and National Long-
term rating at 'A+(rus)'. The Outlooks on the Long-term ratings
are Stable. The region's outstanding senior unsecured domestic
bonds have been affirmed at 'BB-' and 'A+(rus)'.

The affirmation and Stable Outlook reflect Fitch's unchanged
baseline scenario regarding Tver's stable budgetary performance
and moderate direct risk over the medium term.

KEY RATING DRIVERS

The ratings reflect the consolidation of Tver's operating
performance at a satisfactory level after a period of high
volatility, as well as moderate debt and negligible contingent
risk. The ratings also factor in our expectation of a slowdown of
economic activity in the region following the negative national
trend.

Fitch projects Tver's operating margin will remain satisfactory
at 5%-6% in 2015-2017 (averaged 0.9% in 2011-2014) reflecting the
administrations' successful cost-cutting efforts amid moderately
growing revenues. Fitch expects the region's tax proceeds will
increase by 3% yoy in 2015 driven by the growing income of the
electric power generation sector and the higher collection of
property tax that will offset modest decline in excise duties.

Based on the 9M15 budget execution, Fitch expects the region's
deficit before debt variation to narrow to 3.2% of total revenue
from average 9.6% in 2011-2014. The deficit shrinkage will be
supported by cutbacks in capital expenditure and continuous
control over opex. Fitch therefore projects the growth of direct
risk will decelerate in 2015-2017, allowing it to stabilize at
65% of current revenue (2014: 62.7%). The region has no
outstanding guarantees and public sector entities' debt is
negligible.

Like most Russian regions, Tver is exposed to significant
refinancing pressure. In 2015-2017 the region faces 86% repayment
of total direct risk. By end-2015, the region has to refinance
RUB3.5 billion of bonds amortization, which corresponds to 12% of
direct risk. This will be covered by a portion of liquidity
cushion (RUB5.5 billion as of October 1, 2015) and the recently
contracted RUB1 billion bank loan.

The region has a diversified industrial sector represented by
electric power generation, machine building and engineering,
drinks bottling and transport. The local economy has a negative
population trend due to the social gravity of nearby developed
cities -- St. Petersburg and Moscow. Tver's economic profile is
modest and its GRP per capita was 17% below the national median
in 2013. In 2014, Tver's GRP grew by 0.4% yoy, which was below
the national growth of 0.6%. Fitch expects national GDP to shrink
by 4% yoy in 2015 placing a strain on the region's economic
performance.

RATING SENSITIVITIES

Improvement of operating balance towards 10% of operating revenue
coupled with debt coverage ratio (direct risk to current balance)
at around 10 years on a sustainable base could lead to an
upgrade.

The inability to maintain a positive operating balance on a
sustained basis or an increase in direct risk above 80% of
current revenue could lead to a downgrade.


VITYAZ LLC: Placed Under Provisional Administration
--------------------------------------------------
The Bank of Russia, by its Order No. OD-3184 dated November 16,
2015, revoked the banking license of Moscow-based credit
institution COMMERCIAL BANK VITYAZ, LLC from November 16, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, capital adequacy below 2%, decrease in equity
capital below the minimal amount of the authorized capital
established as of the date of the state registration of the
credit institution, inability to meet creditors' claims on
monetary obligations, and taking account of the repeated
application over the past year of supervisory measures envisaged
by the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)".

Due to the unsatisfactory quality of assets which failed to
generate sufficient cash flows, CB VITYAZ LLC failed to timely
honor its liabilities to creditors.  Besides, as a result of
asset revaluation the credit institution lost its equity capital.

The management and owners of CB VITYAZ LLC did not take measures
to normalize its activities and recover its financial status. In
these circumstances, pursuant to Article 20 of the Federal Law
"On Banks and Banking Activities", the Bank of Russia revoked the
banking license from CB VITYAZ LLC.

The Bank of Russia, by its Order No. OD-3185 dated November 16,
2015, appointed a provisional administration to CB VITYAZ LLC for
the period until the appointment of a receiver pursuant to the
Federal Law "On Insolvency (Bankruptcy)" or a liquidator under
Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.

CB VITYAZ LLC is a member of the deposit insurance system.  The
revocation of banking license is an insured event envisaged by
Federal Law No. 177-FZ "On Insurance of Household Deposits with
Russian Banks" regarding the bank's obligations on deposits of
households determined in accordance with the legislation.  This
Federal Law provides for the payment of insurance indemnity to
the bank's depositors, including individual entrepreneurs, in the
amount of 100% of their balances but not exceeding the total of
1.4 million rubles per depositor.

According to the financial statements, as of November 1, 2015, CB
VITYAZ LLC ranked 462nd by assets in the Russian banking system.



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


ABENGOA SA: Posts EUR194MM Nine-Month Loss, Faces Cash Flow Woes
----------------------------------------------------------------
Katie Linsell at Bloomberg News reports that analysts raised
concerns that Abengoa SA is burning through cash after it
reported a nine-month loss on Nov. 13.

Abengoa said it lost EUR194 million in the period, compared with
a profit a year earlier, and that it had negative corporate free
cash flow of EUR597 million, Bloomberg relates.  The Seville-
based company is seeking to raise funds from a capital increase
and by selling assets, including all or part of its stake in
Abengoa Yield, which owns renewable energy and power assets in
the Americas and Europe, Bloomberg discloses.

"Liquidity will run out shortly, unless the capital increase is
successful or Abengoa manages to dispose of its stake in Abengoa
Yield via a fire sale," Bloomberg quotes Felix Fischer, a credit
analyst at independent research provider Lucror Analytics in
Singapore, as saying in a note.  "Access to capital is
deteriorating rapidly and a default on its obligations is likely
if the capital increase fails."

"Our working capital, our corporate free cash flow and our
liquidity have been impacted by Abengoa's risk perception in the
market," Abengoa Chief Executive Officer Santiago, as cited by
Bloomberg, said on a conference call on Nov. 13 after the
results.  "We have announced a number of strategic actions that
are already in place in order to restore confidence and reinforce
a cash flow generation and liquidity."

Abengoa said it had EUR346 million of cash immediately available
at the end of the period, compared with EUR831 million in June,
Bloomberg relays.

Abengoa SA is a Spanish renewable-energy company.


IBERCAJA BANCO: Moody's Affirms B1 Long-Term Deposit Ratings
------------------------------------------------------------
Moody's Investors Service has affirmed Ibercaja Banco SA's long-
term deposit ratings at B1 and changed the outlook to stable from
negative.  The rating agency also affirmed the bank's baseline
credit assessment (BCA) and adjusted bca at b1, upgraded
Ibercaja's long-term Counterparty Risk Assessment (CR Assessment)
to Ba2(cr) from Ba3(cr) and affirmed the short-term CR Assessment
at NP(cr).  The bank's short-term deposit ratings were affirmed
at Not-Prime.  Finally, Moody's affirmed Ibercaja's subordinated
debt and preference shares ratings at B2 and Caa2(hyb)
respectively.

This rating action reflects the stabilization of the bank's
credit fundamentals on the back of the favorable economic
environment in Spain, as well as the results of Moody's Advanced
Loss Given Failure (LGF) analysis, following Ibercaja's recent
issuance of EUR500 million of subordinated Tier 2 debt.

RATINGS RATIONALE

   --- RATIONALE FOR AFFIRMING THE BCA

Ibercaja's affirmed b1 BCA continues to reflect the bank's good
franchise value in its home region of Aragon, which has been
reinforced after the integration of Banco Grupo Caja 3 (Caja 3)
as well as its favorable liquidity position, with modest
refinancing requirements and sizable liquid assets.  However, the
BCA also reflects Ibercaja's challenges and constrained financial
flexibility following its acquisition of Caja 3 in 2013, namely
in terms of asset risk and capital adequacy.  These indicators
have nevertheless shown a gradual stabilization since the sharp
deterioration observed in 2013 on the back of the more favorable
economic environment in Spain allowing the bank to also address
its weakness of a high stock of non-performing assets.

In this context, Moody's notes that Ibercaja recently announced
the sale of a EUR700 million commercial real-estate portfolio
which, according to the institution, will improve its problem
loan ratio (which stood at 10.3% as of Sept. 2015) by around 120
basis points.  While Moody's acknowledges the positive impact of
this transaction on Ibercaja's credit profile, further progress
will need to be achieved to ascertain a sustainable improvement
in its asset quality matrix and strengthening capital buffers.
The bank's b1 BCA remains primarily constrained by Moody's
assessment of the bank's weak capital position as measured by the
rating agency's core capital measure of 4.5% tangible common
equity ratio as of 1H 2015 owing to the large volume of deferred
tax assets held on its balance sheet (compared to the reported
11.5% CET 1 ratio as of the same date).

   --- RATIONALE FOR AFFIRMING THE DEPOSIT RATINGS

Moody's affirmation of Ibercaja's B1 deposit ratings are based on
the bank's BCA and the results of Moody's Advanced LGF analysis.

Ibercaja's deposits are likely to face moderate loss-given-
failure, driven by: (1) the modest amount of junior deposits and
outstanding senior unsecured debt; and (2) the volume of junior
debt instruments in the liability structure which provide a
cushion for deposits in loss absorption.  This results in a
Preliminary Rating Assessment (PRA) of b1 for deposits, in line
with the Adjusted BCA.

   --- RATIONALE FOR THE STABLE OUTLOOK ON THE LONG-TERM DEPOSIT
       RATINGS

The change in the outlook on the long-term deposit ratings to
stable from negative reflects Moody's expectation of a lower loss
severity for the bank's deposits in the event of resolution.
This is a result of an increased volume of bail-in-able debt
protecting deposits following the bank's recent EUR500 million
subordinated debt issuance.  This mitigates the uncertainty
regarding Ibercaja's balance sheet evolution, and therefore also
regarding the result of Moody's Advanced LGF analysis, in case
the bank does not meet its plan to substantially reduce its
securities portfolio.

While this uncertainty remains, any negative effect on Moody's
expectation of moderate loss-given-failure for deposits is now
less likely, following the subordinated debt issuance.

   --- RATIONALE FOR AFFIRMING THE JUNIOR DEBT RATINGS

Moody's affirmation of Ibercaja's B2 subordinated debt and
Caa2(hyb) preference shares ratings are based on the bank's BCA
and the results of Moody's Advanced LGF analysis.

For junior securities, Moody's Advanced LGF analysis indicates a
high level of loss-given-failure, given the small volume of debt
and limited protection from more subordinated instruments and
residual equity.  Moody's also incorporates additional downward
notching for preference shares instruments to reflect coupon
suspension risk ahead of a potential failure.  The resulting PRAs
for subordinated debt and preference shares are one and four
notches below the adjusted BCA respectively.

   --- RATIONALE FOR THE UPGRADE OF THE LONG-TERM CR ASSESSMENT

As part of the action, Moody's also upgraded to Ba2(cr) from
Ba3(cr) Ibercaja's long-term CR Assessment, which is two notches
above the adjusted BCA of b1.  The upgrade is driven by the
increase in bail-in-able debt in the liability structure,
following the recent issuance of EUR500 million subordinated Tier
2 debt, which will likely shield counterparty obligations from
losses.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward pressure on Ibercaja's BCA could arise primarily from
enhanced solvency levels, together with clear visibility of
asset-quality improvement and a sustainable recovery in its
recurring earnings.  As the bank's deposit ratings are linked to
the standalone BCA, a positive change in the bank's BCA would
likely affect the deposit ratings.  The deposit ratings could
also be upgraded if the bank changes its current liability
structure, which indicates a lower loss-given-failure to be faced
by deposits (e.g. by issuing a material amount of long-term
unsecured debt securities).

Downward pressure on the bank's BCA could arise: (1) if the bank
fails to maintain the problem assets ratio below the average for
the system; and/or (2) if the bank's liquidity profile
deteriorates significantly by becoming more reliant on market
funding.  The deposit ratings could also be downgraded due to
changes in the liability structure, which indicate a higher loss-
given-failure to be faced by deposits.

PRINCIPAL METHODOLOGY

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



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


VATTENFALL AB: S&P Assigns 'BB+' Rating to US$400MM Securities
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to the proposed $400 million long-dated, optionally
deferrable, and subordinated hybrid capital securities to be
issued by Vattenfall AB (BBB+/Negative/A-2), a Sweden-based
multi-utility.

S&P considers the proposed securities to have "intermediate"
equity content until the first call date in 2023, because they
meet S&P's criteria in terms of subordination, permanence, and
deferability at the company's discretion.

S&P understands that the proposed instrument will be used for
general corporate purposes.

The issuance of the hybrid securities does not affect S&P's view
of the intermediate equity content of Vattenfall's existing
hybrid capital of EUR1.65 billion.  S&P believes that the
deferral and subordination mechanisms in the new securities do
not conflict with S&P's classification of the existing
securities.

Vattenfall's total amount of hybrid securities remains at the
lower end of S&P's guideline of 15% of capitalization, even if
the issuer were to dispose of its German lignite assets.

S&P arrives at its 'BB+' issue rating on the proposed securities
by notching down from its 'bbb' stand-alone credit profile (SACP)
for Vattenfall.  The two-notch differential between the issue
rating and the SACP reflects S&P's methodology:

   -- A one-notch deduction for subordination, because S&P's
      corporate credit rating on Vattenfall is investment grade
      (that is, 'BBB-' or above); and

   -- An additional one-notch deduction for payment flexibility
      to reflect that the deferral of interest is optional.

The downward notching reflects S&P's view that there is a
relatively low likelihood that Vattenfall will defer interest.
Should S&P's view change, it may increase the number of downward
notches that it applies to the issue rating on the proposed
securities.

In addition, to reflect S&P's view of the "intermediate" equity
content of the proposed securities, we allocate 50% of the
related payments on these securities as a fixed charge and 50% as
equivalent to a common dividend, in line with S&P's hybrid
capital criteria.  The 50% treatment of principal and accrued
interest also applies to S&P's debt adjustment.

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENTS' PERMANENCE

Although the proposed securities are long-dated, they can be
called at any time for changes in tax, rating methodology, or in
the event of a substantial repurchase.

Vattenfall can redeem the securities for cash as of the first
call date, which S&P understands will fall not earlier than eight
years from issuance, and on every interest payment date
thereafter.  If any of these events occur, the issuer intends,
but is not obliged, to replace the securities.

In S&P's view, this statement of intent mitigates Vattenfall's
ability to repurchase the notes on the open market.  Furthermore,
S&P sees a repurchase of the securities as unlikely due to
Vattenfall's commitment to deleveraging.

S&P understands that the interest to be paid on the proposed
securities will increase with a step-up of 25 basis points (bps)
no earlier than 13 years from issuance, and by a material step-up
of 75 bps 20 years after the first call date.  S&P considers a
cumulative 100 bps as a material step-up, which is currently
unmitigated by any commitment to replace the respective
instruments at that time.  This step-up provides an incentive for
the issuer to redeem the instrument on the first call date.

Consequently, in accordance with S&P's criteria, it will no
longer recognize the instrument as having "intermediate" equity
content after the first call date because the remaining period
until economic maturity would, by then, be less than 20 years.
However, S&P will classify the instruments' equity content as
"intermediate" until the first call date, as long as S&P believes
that the loss of the beneficial "intermediate" equity content
treatment will not cause the issuer to call the instrument at
that point.  Vattenfall's willingness to maintain or replace the
instrument in the event of a reclassification of equity content
to "minimal" is underpinned by its statement of intent.

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENTS' DEFERABILITY

In S&P's view, the issuer's option to defer payment on the
proposed securities is discretionary.  This means that Vattenfall
may elect not to pay accrued interest on an interest payment date
because it has no obligation to do so.

However, any outstanding deferred interest payment will have to
be settled in cash if Vattenfall declares or pays an equity
dividend or interest on equally ranking securities, and if
Vattenfall redeems or repurchases shares or equally ranking
securities.  S&P sees this as a negative factor.  That said, this
condition remains acceptable under S&P's methodology, because
once the issuer has settled the deferred amount, it can still
choose to defer on the next interest payment date.

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENTS' SUBORDINATION

The proposed securities (and coupons) are intended to constitute
direct, unsecured, and subordinated obligations of the issuer,
ranking senior to their common shares.  They will rank pari passu
with Vattenfall's existing hybrid capital.



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


CAPARO: MP James Morris Shows Optimism Despite Job Cuts
--------------------------------------------------------
Adam Smith at Halesowen News reports that in this month's column,
Rowley MP James Morris talked about the devastating Caparo job
cuts, but says it is not all doom and gloom.

The report notes that October has seen the steel industry come
into both the local and national spotlight.  "Locally, we have
seen Caparo, a steel engineering firm, go into administration
which has resulted in job losses.  This is clearly going to have
a devastating effect on those workers affected and their families
and we need to act quickly to ensure alternative employment is
found," Mr. Morris said, according to Halesowen News.

The report relays that Mr. Morris said since Caparo went into
administration he has been holding talks with senior Government
ministers, local business groups and took part in the inaugural
Midlands Steel Taskforce summit.

"I presented ideas from the summit to Secretary of State for
Business, Innovation and Skills, Rt Hon Sajid Javid MP who has
called for an emergency EU meeting to discuss the state of the
steel sector across Europe and has announced that the steel
industry will be given additional time to meet European emissions
targets.  We cannot stand by while the steel industry across
Europe, not just in the UK, faces such unprecedented challenges,"
the report quoted Mr. Morris as saying.

The report relays that Mr. Morris said: "There is no
straightforward solution to these complex global challenges, but
I am determined to do what I can locally to help protect vital
jobs and an important industry in Black Country manufacturing."

Despite the challenges that Caparo is facing, the Black Country
economy is thriving, with the highest reported growth of any
other sub-region in England, the report notes.

Unemployment in Halesowen and Rowley Regis has fallen by over 50
per cent since 2010 -- that means that there are 1,356 fewer
people claiming unemployment benefit, the report relays.

The UK employment rate is at its highest in our history and real
wages are rising. Three quarters of all new jobs are full-time
and only 2.4 per cent are zero hour contracts, the report notes.

"Our economy is growing, but there is still much more to do to
ensure that our economic recovery is locked-in.  The Black
Country has a huge role to play in ensuring Britain's economic
security and I am determined to do all I can to make sure we
fulfil that role," Mr. Morris added, the report says.


CLAYTON WEST DAY CARE: In Liquidation, Parents Seek Recovery
------------------------------------------------------------
Phil Booth at The Huddersfield Daily Examiner reports that
Clayton West Day Care and Pre-Preparatory School, a children's
nursery which suddenly closed leaving around 15 staff without
jobs or pay, has gone into liquidation.

A creditors' meeting is scheduled to be held this week, according
to Huddersfield Daily Examiner, with parents who had paid in
advance for care of their children now facing a fight to get
their money back.

The report relays the parents are angry that the meeting is being
held in York, making it hard for some to attend.

One of the staff, according to the report, said wages for October
hadn't been paid.

The director of the nursery, Susan Walker, was unavailable for
comment, the report relays.

The report discloses that a letter has been sent to creditors
saying shareholders, at a meeting on November 4, passed a
resolution for Walker Day Care Nurseries to go into liquidation,
and Begbies Traynor of York has been appointed as liquidators.

A letter sent to creditors by the liquidators says Walker Day
Care Nurseries, trading as Clayton West Day Care and pre-prep
school, is 'insolvent and therefore cannot meet its liabilities
in full,' the report relays.

Joint liquidator Rob Sadler -- rob.sadler@begbies-traynor.com --,
of Begbies Traynor, said: "Unfortunately, the business ran out of
cash during the week commencing October 26 and, under pressure
from Her Majesty's Revenue and Custom, the directors took the
only responsible decision and closed the business at the end of
the week.

"They concluded that it would be irresponsible to ask the nursery
staff to work unpaid to look after the children.  We were
appointed liquidators last week and are working closely with the
directors to manage the liquidation of the business in a
controlled manner, whilst also seeking a buyer for the nursery,"
the report quoted Mr. Sadler as saying.


COOPER GAY: S&P Puts 'B-' CCR on CreditWatch Developing
-------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B-'
long-term corporate credit and debt ratings on Cooper Gay Swett &
Crawford Ltd. (CGSC) and its related subsidiaries on CreditWatch
with developing implications.

"The CreditWatch placement follows CGSC's announcement that it
will pursue a sale of its North American business unit, CGSC
North America.  The company indicated it will likely use sale
proceeds to reduce or eliminate company debt," said Standard &
Poor's credit analyst Julie Herman.  CGSC had created the North
American business unit when it purchased U.S. wholesale unit
Swett & Crawford in 2010.  Cooper Gay North America comprises a
significant component of the company's business.  For the first
nine months, the division comprised approximately 60% of group
revenues and 78% of group profits.  Accordingly, a potential sale
of this division and use of proceeds will have a material impact
on the group's credit profile.

S&P expects to update or resolve the CreditWatch listing within
90 days, when it has more information related to a possible
transaction and its implications on the company's competitive
position, earnings, and cash flow metrics.  S&P would consider
raising the rating if the company's credit profile shows material
improvement following a potential transaction, which could occur
if use of proceeds goes toward material debt repayment.
Conversely, S&P could consider lowering the rating if it believes
the company's credit profile will remain at current levels with
leverage of more than 10x.  This could occur if stand-alone
fundamentals continue to deteriorate in the fourth quarter, or if
the transaction happens but the capital structure does not
improve materially.


DECO SERIES 2005-UK: Fitch Affirms, Then Withdraws 'Dsf' Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed DECO Series 2005 - UK Conduit 1 plc's
class D and E floating rate notes due July 2017 ratings and
simultaneously withdrawn them as follows:

GBP0m class D (XS0222806514) affirmed at 'Dsf'; withdrawn
GBP0m class E (XS0222830811) affirmed at 'Dsf'; withdrawn

DECO Series 2005 - UK Conduit 1 plc was originally a
securitization of 23 commercial loans originated by Deutsche Bank
AG (A+/Negative). In October 2015, no loans remained.

KEY RATING DRIVERS

Fitch is withdrawing the ratings as DECO Series 2005 - UK Conduit
1 plc has defaulted. Accordingly, Fitch will no longer provide
ratings or analytical coverage for DECO Series 2005 - UK Conduit
1 plc.

The last loan to be resolved (I/S Scandinavian Property
Investments (EUR2.6 million - whole, EUR2.1 million - senior) was
repaid in full at maturity. Funds were disbursed to meet the
issuer's obligations in July, causing both class D and E notes to
suffer a loss. No issuer collateral remains, with outstanding
bond balances being written off.

RATING SENSITIVITIES

Not applicable

DUE DILIGENCE USAGE

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

DATA ADEQUACY

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

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

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


DLG ACQUISITIONS: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
the parent of U.K.-based All3 Media Group, DLG Acquisitions Ltd.,
to negative from stable.  S&P also affirmed its 'B+' long-term
corporate credit rating on DLG.

In addition, S&P affirmed its 'B+' issue ratings on the group's
GBP282 million first-lien term debt due 2021.  The recovery
rating on all the first-lien tranches is '3', indicating S&P's
expectation of meaningful recovery prospects (in the lower half
of the 50%-70% range) in the event of a payment default.

Finally, S&P affirmed its 'B-' issue rating on DLG's EUR100
million second-lien term loan maturing in 2022.  The recovery
rating on this instrument is '6', indicating S&P's expectation of
negligible (0%-10%) recovery in the event of a payment default.

The outlook revision reflects S&P's view of the rising risks to
DLG's credit quality, stemming from the marked increase in growth
spending in 2015 to date affecting its profitability margins and
cash generation.  S&P anticipates an improvement from 2016 onward
as the acquisitions' contribution to earnings grows, and
investment in scripted shows and start-ups bears return.  If the
company is unable to restore its adjusted EBITDA to interest of
at least 2x and start generating FOCF by the end of 2016, S&P
believes that credit quality will have declined and it could
consider a downgrade.

Since the acquisition by a joint-venture between Discovery
Communications Inc. and Liberty Global PLC was completed in
September 2014, All3 Media Group has invested more aggressively
in growth projects than was the case historically and compared to
S&P's earlier forecast.  These investments include ramping up
operations of All3 Media America, created in 2013, the Neal
Street acquisition which led to the dilution of its EBITDA
margin, and increased advances in All3 Media's distribution
business and start-ups leading to a significantly weaker cash
generation than S&P had anticipated.

S&P continues to assess DLG's financial risk profile as "highly
leveraged" and business risk profile as "fair".

S&P estimates that DLG will have an adjusted debt-to-EBITDA ratio
of around 8.5x-9.0x at the end of 2015.  This ratio includes
about GBP350 million equivalent reported debt, about GBP24
million of deferred considerations, and GBP20 million of the net
present value of operating leases.  S&P deducts surplus cash of
about GBP20 million that it estimates will be available to the
group by the end of 2015 and net of about GBP3 million that S&P
anticipates is required for ongoing operational needs.

S&P's estimate of DLG's 2015 EBITDA, after deducting an estimated
GBP15 million in transitional, transactional and exceptional
costs, is about GBP40 million-GBP45 million.  This amount
includes an upward adjustment of about GBP10 million for
operating leases and share-based compensation.

S&P estimates that by the end of 2015 DLG's ratio of adjusted
EBITDA to interest cover will be about 2x.  S&P also anticipates
negative FOCF of about GBP15 million in 2015, following negative
FOCF of GBP11 million which DLG generated in the 16 months to
Dec. 31, 2014.

S&P's assessment of DLG's "fair" business risk profile reflects
the group's strong positions in its main markets -- the U.K. and
Germany -- its growing presence in the U.S., and its balanced mix
of more than 300 television programs a year from 24 independent
production studios.  These positives are tempered by the group's
sole exposure to the TV program production market and its
relatively modest size.  Moreover, in S&P's view, the group
operates in a highly competitive and fragmented industry reliant
on unpredictable taste of the TV audience.

The combination of a "fair" business risk profile and a "highly
leveraged" financial risk profile results in an anchor of 'b'.
S&P then applies one notch of uplift on account of its comparable
rating adjustment (CRA), used to derive DLG's stand-alone credit
profile (SACP) of 'b+', in accordance with S&P's criteria.  S&P
applies the CRA in order to reflect its view that, compared to
other companies with the same level of business and financial
risk profile assessment, DLG is positioned favorably due to
ongoing support from the shareholders.  S&P believes that DLG
benefits from the expertise and industry connections that the
presence of shareholders on the board of directors provide to the
company, proven support in growth strategy -- as evidenced by the
GBP25 million equity contribution to part finance the Neal Street
acquisition in the first half of 2015 -- and the breadth and
depth of the management talent pool which the company can
potentially draw on.  At the same time, S&P sees limited
potential for extraordinary support because none of the
shareholders exercise full control of the company, provide debt
guarantees, have cross-default provisions, or explicitly commit
to any form of support in the case of DLG undergoing financial
distress.  Therefore, the rating on DLG is at the same level as
its SACP.

S&P expects DLG's earnings to grow steadily over the medium term,
primarily thanks to growth in the television shows and series
production market.  Earnings will also be helped by the group's
focus on growing its secondary revenues and continuous cost-
reduction efforts, implemented in order to withstand pricing
pressures that most of the group's customers are likely to
exercise.  These positives are tempered by the group's exposure
to the television program production and distribution market,
where it generates the majority of its earnings, and its
relatively modest size compared with larger, vertically
integrated, and diverse peers, such as ITV, RTL, and some film
studios.

S&P's base case assumes:

   -- GDP growth of 2.5%-2.7% per year in 2015-2017 in the U.K.
      and 2.3%-2.9% in the U.S., with more subdued growth
      prospects of less than 2% in the eurozone.

   -- Revenue growth of up to 15% in 2015, including contribution
      from acquisitions and in line with year-to-date trading.
      S&P anticipates growth of 5%-7% thereafter, supported by a
      strengthening economic recovery, expansion in the U.S., and
      the development of scripted segment and online digital
      business.

   -- Adjusted EBITDA margin of about 6.0%-6.5% in 2015, compared
      with 11.2% in the 16 months to Dec. 31, 2014, due to margin
      dilution as a result of the Neal Street acquisition.
      Moderate improvement thereafter to about 9.0%-9.5% in 2017,
      with cost-control measures partly offsetting pricing
      constraints from broadcasters and ongoing investment in
      growth projects.  S&P expects that investment in working
      capital and funding growth in the distribution business and
      scripted production will reach about GBP20 million-GBP25
      million per year.

   -- Capital expenditures (capex) of about GBP5 million per
      year.

   -- About GBP20 million-GBP25 million spending on acquisitions
      and deferred consideration payments until the end of 2016.

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

   -- Adjusted debt to EBITDA of about 9.0x in 2015, decreasing
      to about 5.5x by Dec. 31, 2017, based on EBITDA growth.

   -- EBITDA interest coverage of about 2.0x in 2015, growing to
      2.5x-3.0x in 2016-2017.

   -- Reported FOCF to turn moderately positive in 2016,
      following the outflow of about GBP15 million in 2015,
      assuming DLG will benefit from the reversal of some of its
      recent investments in it distribution business and
      start-ups.

The negative outlook reflects the possibility that S&P could
lower the rating on DLG Acquisitions in the next 12 months if the
company fails to restore its adjusted EBITDA to interest coverage
to at least 2x and is unable to generate positive FOCF.

S&P could lower the rating over the next 12 months if adjusted
EBITDA to interest coverage fails to reach at least 2x in the
next 12 months, if DLG fails to materially improve FOCF, or if
its liquidity weakens.  Likewise, S&P could lower the rating if
it no longer saw the ongoing support from shareholders as more
favorable compared with other companies.

S&P could consider revising the outlook to stable if the group
generates sufficient EBITDA -- including restructuring expenses
and investment in growth projects -- to sustainably cover its
interest expenses by at least 2x, while meaningfully improving
its FOCF generation.  This would need to be underpinned by DLG
maintaining "adequate" liquidity, including ample headroom under
the springing covenant.  Any positive rating action would be
reliant on S&P's assessment that shareholders' ongoing support
will continue and that DLG exhibits a financial policy promoting
credit metrics commensurate with a 'B+' rating.


GRAINGER PLC: Fitch Affirms 'BB' Long-term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the UK's largest residential landlord
Grainger Plc's (Grainger) Long-term Issuer Default Rating (IDR)
at 'BB' and its senior secured notes at 'BB+'. The Outlook on the
Long-term IDR is Stable.

KEY RATING DRIVERS

German Portfolio Recycling

The planned disposal of the German portfolio is in line with
Grainger's renewed focus on the UK. We expect the proceeds to be
recycled into UK market-rented assets along with proceeds from
its revisionary portfolio in both acquisitions and developments,
and as wholly owned and real estate partnerships. In addition to
the roughly 1,000 units acquired in the financial year ending 30
September 2015, Grainger has a secured pipeline of a further 600
built-to-rent units together with a significant number of
additional properties where it is the preferred bidder or at an
advance stage of appraisal.

Increasing Market Rent Assets

Grainger plans to recycle a greater proportion of its regulated
property assets back into market- rented properties to increase
its recurring income streams. This is likely to be achieved
through the development of market-rented properties such as
build-to-let schemes. The expected change in business profile is
unlikely to affect the rating as we believe the shift will be
gradual and we do not forecast a material change in the financial
profile. Fitch expects Grainger to adopt a cautious approach,
with a commitment to limit development assets to no more than 10%
of the group's total assets and the use of third party capital,
aided by its proven track record in establishing real estate
partnerships.

Stable Forecasts

"After years of deleveraging through net divestments, Grainger
has reached its management target for LTV, ending its delivering
program and we expect the majority of future proceeds to be
reinvested into market rented assets. We expect the Fitch-
adjusted LTV to remain below the current 55% level and Fitch-
adjusted EBITDA net interest coverage (NIC) to decline to 1.7x in
FY15 from 1.9x in FY14 and then improve in the coming years as
more market-rented assets come into the portfolio, increasing
rental cash flows. Our rating case expects Grainger to generate
on average GBP110m EBITDA, converting into cash flow expected to
be redeployed into property development and acquisition," Fitch
said.

Fitch includes net rental income, fee income and trading profits
into its EBITDA estimates in line with management's calculation
of operating profit less non-recurring and fair value items.
Fitch's LTV is roughly 8% higher than management's consolidated
reported LTV as we exclude net asset value from associated and JV
interests and development assets.

Stable Operating Risk Profile

"The ratings reflects Grainger's bias towards the London market,
a defensive GBP1.9 billion property portfolio focused on
regulated tenancies and recent deleveraging driven by
divestments. Grainger's business model is more focused on
proceeds from portfolio sales than wholly on recurring rental
income as with investment-grade REIT peers. Furthermore, its
financial metrics and debt structure -- although robust for the
ratings -- are likely to limit Grainger from reaching investment
grade. Our investment-grade REITs typically exhibit LTVs
comfortably below 50%," Fitch said.

London-focused Residential Portfolio

Grainger's portfolio of around 8,600 wholly owned units is spread
across the UK with London and the South East accounting for 42%
by value at end-1H FY15. The portfolio is defensive and largely
affordable housing units linked to regulated tenancies, where
tenants are often on state benefits with an average age of 71
years. The average value of a UK unit is around GBP230,000 based
on vacant possession value. For the time being, a further 2,800
units in Germany add modest geographical diversification and
these are all market-rented properties.

Syndicated Loan Refinanced

Grainger refinanced its core syndicated loan facilities in August
2015. The amount committed is GBP580 million, of which a term
loan is around GBP250 million and a revolving credit facility is
GBP330 million. Both mature in August 2020, extending average
maturities post-refinancing to 5.8 years from 4.4 years at end-
1H15 with lower interest rates (interest margin at 170 basis
points). The average cost of debt was reduced to 4.6% following
the refinancing from 5.4% in FY14 and 6.1% in FY13.

Solid Asset Cover

The GBP275 million secured notes are rated a notch higher than
Grainger's IDR to reflect above-average recovery expectations.
The secured notes benefit from a guarantor group providing a
floating charge over a large majority of Grainger's UK
residential portfolio, in turn providing an asset cover of around
1.4x as of end-March 2015 (asset cover is defined as the market
value of properties held by the secured notes core guarantors
over core gross debt facilities). The secured notes rank pari
passu with other secured lenders. Secured noteholders further
benefit from a parent guarantee and a sizeable net asset value
from non-guarantor wholly owned subsidiaries and JV investments
leading to an asset cover above 1.5x.

KEY ASSUMPTIONS

-- Low single digit house price inflation driving trading
    profits and gross rental income over the next three years.
-- Increased recurring rental income from its growing market-
    rented portfolio.
-- Trading profits in line with historical average as
    revisionary assets are vacated and sold leading to free cash
    flow.
-- Development capex spending of GBP200 million-GBP250 million
    during the next three years and a rising proportion of built-
    to-rent assets for its own balance sheet.
-- Lower interest costs as interest rates trend towards 4.6%
    average cost achieved in rent refinancing and swap expiry.
-- Disposal of the German portfolio and gradual reinvestment
    into UK assets in the coming three years.

RATING SENSITIVITIES

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

-- A material reduction in trading, rental and fee income
    resulting in EBITDA NIC below 1.25x on a consistent basis and
    LTV above 65%.

-- Declining asset cover to below 1.2x and shrinkage of the core
    guarantors' property portfolio to below GBP500 million for
    the secured group.

-- Liquidity score on an 18-month cycle below 1.25x (above 2.0x
    at end-March 2014) and a decline in average debt maturities
    to below three years (around five years at end-March 2014).

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

-- The likelihood of an upgrade is limited at this time
    considering the reliance on asset sales and the future capex
    requirement embedded in the change in business profile.

-- Sustainable recurring trading, rental and fee income
    resulting in EBITDA NIC above 1.75x on a consistent basis and
    LTV below 50%.

-- Increase asset cover to above 1.5x for the main secured
    group.

-- Improved diversification of funding sources with longer debt
    maturities.

LIQUIDITY

Solid Liquidity

Available liquidity remains good with GBP242 million available at
end-1H FY15 and its syndicated facilities renewed in 3Q.
Refinancing risk is low as Grainger has refinanced its main
facilities extending maturities to 2020, it maintains diversified
sources of capital and has demonstrated a strong track record in
deleveraging and obtaining support from relationship banks. The
group also has a solid track record of accessing equity markets
and establishing real estate partnerships that allow for third
party capital to grow the business.


NEPTUNE RATED: Fitch Gives BB(EXP)sf Rating to Mezzanine Facility
-----------------------------------------------------------------
Fitch Ratings has assigned the warehouse loan facilities under
the Neptune Rated Warehouse Limited transaction expected ratings,
as follows:

Facility A: 'AAA(EXP)sf', Outlook Stable
Facility B: 'AA(EXP)sf', Outlook Stable
Facility C: 'A(EXP)sf', Outlook Stable
Facility D: 'BBB+(EXP)sf', Outlook Stable
Mezzanine Facility: 'BB(EXP)sf', Outlook Stable
Facility F: not rated
Subordinate Note: not rated

The final ratings are subject to the receipt of final documents
conforming to information already received and no deviation in
the default and recovery levels resulting from the final closing
pool.

This transaction is a non-revolving warehouse facility used by
Cerberus European Residential Holdings B.V. (CERH) to finance the
purchase of the residential mortgage portfolio from UK Asset
Resolution Limited (UKAR). The warehouse loan facilities will be
provided by a consortium of four lenders to Neptune Rated
Warehouse Limited, an SPV incorporated in England and Wales.

The warehouse will be backed by a portfolio of seasoned prime UK
owner-occupied mortgage loans, predominantly originated between
2005 and 2007 by Northern Rock (NR). Following the
nationalization in 2008, NR was restructured into two separate
entities in January 2010: Northern Rock plc and Northern Rock
(Asset Management) plc (legally known as NRAM since May 2014) and
subsequently transferred to the state holding company UK Asset
Resolution Limited (UKAR).

The assets to be purchased are currently securitized in the
Granite Master Trust, which will be collapsed for the purpose of
this transaction at a later date. UKAR is selling the mortgages
to CERH, which is planning to subsequently on-sell a randomly
selected subset of the acquired mortgage loans into the
warehouse.

The credit enhancement (CE) on Facility A at 26.5% will be
provided by the subordination of the rated B to Mezzanine
Facilities and the unrated F Facility. The transaction also
contains a non-amortizing reserve fund sized at 1.5% of the
initial facility balance, which will be fully funded at close
through the proceeds of the Subordinated Note. Of this, 1.5% of
Facilities A and B outstanding consist of the liquidity reserve
portion whereby the remaining portion can be used to cure credit
losses. Once Facility D has been paid-off, the reserve fund is
released as available principal.

Facilities A and B are rated for timely payment of interest and
principal, while Facilities C to Mezzanine are rated for ultimate
interest and principal payments in accordance with the
transaction documentation. The transaction also contains
additional subordinated non-interest amounts owed by the
warehouse to the loan providers, which are not addressed in
Fitch's ratings.

KEY RATING DRIVERS

Seasoned Portfolio

The majority of the loans to be securitized are 'peak year'
(2005-7) vintages, which have a weighted average (WA) seasoning
of 113 months, an indexed WA current loan-to-value ratio (CLTV)
of 78.3% and a WA debt to income ratio (DTI) of 40.4%. 3% of the
portfolio is greater than three months in arrears. In addition,
17.4% of the borrowers in the pool are self-employed.

Warehouse Securitisation of Purchased Portfolio

The Granite assets will be sold by UKAR to CERH, which will
subsequently sell on a subset of the loans purchased to the
warehouse. Legal title will remain with NRAM and UKAR's share
sale of NRAM is expected to happen in 1H16. Fitch has reviewed
the portfolio acquisition history and deems the risk of assets
being clawed back remote.

Permitted Disposals Feature

A key feature of this transaction is CERH's ability to dispose of
the mortgage loans with a view to refinancing some or all of the
amounts owed by it to the lenders. The assets will be selected on
a random basis and such sales are subject to certain disposal
conditions such as among others, no recordings on the principal
deficiency ledgers, a minimum par sales price covering accrued
interest, and one and three month arrears not exceeding twice
their respective levels at close.

Limited Capacity for Repurchase

The seller (CERH) is not rated by Fitch and may have limited
resources to repurchase any mortgages if there is a breach of the
representations and warranties given to the warehouse. Fitch
analyzed historical losses and warranty breaches on the Granite
assets and has made an adjustment over the life of the
transaction.

Servicer Sale

Servicing is currently carried out by Bradford and Bingley plc
(B&B), which was placed into public ownership along with its
entire mortgage business with UKAR in November 2010. B&B's
servicing platform is currently undergoing a sale process, which
is expected to complete in 2016. Fitch has assessed the likely
impact of the integration of the successor entity ahead of the
sale process and believes the proposed arrangement will help
mitigate payment interruption risk.

More information on Fitch's rating analysis is below.

RATING SENSITIVITIES

The assigned ratings and the related analysis performed are based
on the assumptions in the existing criteria -- Criteria Addendum:
UK, dated June 11, 2015. Material increases in the frequency of
defaults and loss severity on defaulted receivables could produce
loss levels larger than Fitch's base case expectations, which in
turn may result in negative rating actions on the notes. Fitch's
analysis revealed that a 30% increase in the weighted average
(WA) foreclosure frequency, along with a 30% decrease in the WA
recovery rate, would result in a model-implied downgrade on the
rated facilities as follows: Facility A to 'A+sf', Facility B to
'BBB+sf', Facility C to 'BBB-sf', Facility D to 'BBsf' and the
Mezzanine Facility to 'Bsf'.

Fitch's exposure draft report -- Exposure Draft -- Criteria
Addendum: UK, dated September 22, 2015 has not been adopted (and
the related model has not been through the full validation
process), and these were not used in the rating analysis. Fitch
has performed a sensitivity analysis which shows that if the
criteria in that Exposure Draft (and the related model) were
used, the assigned expected ratings would remain unchanged from
the existing criteria.


NORTHERN ROCK: UK Government Sells GBP13-Bil. Loans to Cerberus
---------------------------------------------------------------
Emma Dunkley at The Financial Times reports that thousands of
homeowners' mortgages will be moved to a US private equity firm
following a landmark deal struck by the UK government to offload
a record-breaking GBP13 billion of former Northern Rock loans.

George Osborne, the chancellor, announced on Nov. 13 the sale of
mortgages and unsecured loans at a GBP280 million premium to
Cerberus, in the largest-ever financial asset sale by a
government in Europe, the FT relates.

The UK challenger bank TSB also revealed it had struck a deal to
acquire GBP3.3 billion of the mortgage loans from the private
equity group, the FT discloses.

According to the FT, about 125,000 homeowners will receive a
letter early next year warning they have been transferred, of
which about 34,000 will go to TSB and the remainder at this stage
to Cerberus.

                      About Northern Rock

Northern Rock was nationalized by the Government and taken into
public ownership in February 2008.  The organization was then
restructured on January 1, 2010 into two separate legal
entities -- Northern Rock plc and Northern Rock (Asset
Management) plc (NRAM) -- known as NRAM plc since 16th May 2014.
Northern Rock plc was then sold in 2012 to Virgin Money.


SEAGRASS RESTAURANT: In Administration Over Finc'l. Difficulties
----------------------------------------------------------------
Stephen Farrell at Insider Media Limited reports that Seagrass
Restaurant, an acclaimed seafood restaurant in St. Ives, which
featured in The Good Food Guide 2015, has entered administration
after experiencing "severe financial difficulties" following
disappointing summer trading.

Administrators said that all staff at Seagrass St. Ives were made
redundant prior to the restaurant's closure but that discussion
were ongoing to potentially reopen, according to Insider Media
Limited.

The report relates that the restaurant, which operated
seasonally, had been due to shut for the winter at the start of
November, but a high level of rent and disappointing summer
trading forced it to close.

Lisa Alford -- lisa@purnells.co.uk --and Chris Parkman --
chris@purnells.co.uk -- of Purnells were appointed as
administrators of Seagrass St Ives Ltd on October 27, 2015.

The report notes that Mr. Parkman said: "The company ran a
seasonal restaurant in St Ives Cornwall and had run into severe
financial difficulties due to the high level of rent being
charged and also a below average summer trading.

"The restaurant was due to close for the winter on the November
1, 2015 in any event.  However, the director took the decision to
close the restaurant on Saturday the October 24, 2015 and the
staff were made redundant.  The director then decided to place
the company into administration on the October 27, 2015," the
report quoted Mr. as saying.

The report notes that Mr. Parkman added that negotiations were
currently ongoing with the landlord to reopen the restaurant and
re-employ the company's former staff.

Seagrass offered Cornish fish and seafood, including "line caught
fish straight from St Ives Bay", meat, seasonal vegetables,
vegetarian options and desserts along with Cornish wine and
ciders.  The restaurant was featured in both The Good Food Guide
2015 and the Michelin Guide 2013, 2014 and 2015.


VEDANTA RESOURCES: Moody's Lowers CFR to Ba2, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded Vedanta Resources plc's
corporate family rating to Ba2 from Ba1.

Concurrently, Moody's has downgraded the company's senior
unsecured ratings to B1 from Ba3.

The outlook on all ratings remains negative.

RATINGS RATIONALE

"The downgrade of Vedanta's ratings primarily reflects our view
that the company's operating performance will remain weak against
the backdrop of persistently weak commodity prices," says
Kaustubh Chaubal, a Moody's Vice President and Senior Analyst.

Vedanta's results for the first half of the fiscal year ending
March 2016 (H1 FY2016) were weak, with reported consolidated
revenue of US$5.7 billion and consolidated EBITDA of US$1.3
billion, down 12% and 39% respectively from a year ago.

Despite management's best efforts in raising production --
particularly for aluminum, copper and zinc in India -- weak
prices and narrowing premiums led to the severe drop in EBITDA.

The decline in Brent oil prices was the sharpest, with a 47% fall
to US$56/boe from a year ago.  LME prices for aluminum of
US$1,675/tonne, copper of US$5,639/tonne and zinc of $2,013/tonne
were down 12%, 18% and 8% respectively.

"The rating actions have been prompted by Vedanta's weak
operating performance since H2 FY2015, a result -- as indicated -
- of current weak commodity prices, and our view of a low
probability of an immediate upside; ongoing refinancing needs
have also contributed to the rating actions," adds Chaubal, who
is also Moody's Lead Analyst for Vedanta.

Accordingly, a continued contraction in Vedanta's earnings will
occur, with FY2016 EBITDA falling below our earlier estimate of
US$3.2 billion -- US$3.7 billion, based on Moody's price deck for
Brent and base metals.

Despite production ramp-ups and cost savings, Moody's do not
expect EBITDA to return to earlier levels of $4.5 billion and
above, even in FY2017, in the current weak commodity price
environment.

Current spot prices and 3-month futures prices for most of
Vedanta's commodities are much lower than Moody's price deck.
Prices are also volatile, thereby obscuring their positions in
the commodities cycle.  Moody's now expects FY2016 EBITDA in the
range of US$2.8 billion - US$3.1 billion.

Vedanta's diversified products portfolio and its low-cost
operations have been the cornerstone of its historically superior
profitability, with consistent EBIT margins of 22% from FY2012
through FY2014.

However, low oil prices in H2 FY2015 softened EBIT margins to
15.4% in FY2015, and their persistent weakness since then --
coupled with soft base metal prices -- meant that they fell to
11.9% in last twelve months ending Sept. 2015.

Looking ahead, given the commodity price environment, any
meaningful improvement in profitability will be predicated on the
continued success of the company's cost-savings initiatives.

In the absence of any material debt repayments, leverage -- in
terms of adjusted debt/EBITDA -- will likely stand in the 4.6x --
4.9x range at March 2016.  Such a level would mean a continued
breach of our downward rating trigger for leverage of above
3.5x -- 4.0x on a sustained basis.

Weak earnings will also preclude any improvement in coverage
ratios, with the company's EBITA/interest ratio remaining in
breach of our downward rating trigger of 3.5x.

Moody's notes that Vedanta is looking to repay part of its
holding company maturities in June-July 2016 with $700 million -
$900 million of unsecured loans to be raised at the holding
company level; proposals for which are currently in advanced
stages of discussion.

The remainder of the holding company's maturities is expected to
be repaid out of funds up-streamed from Vedanta Ltd.  Vedanta Ltd
is in turn expected to fund this exercise out of its operating
cash flow, export finance, and release of working capital.

While these maturities are some time away, failure to complete
refinancing at least three months ahead of the actual maturity
dates will remain a key rating sensitivity.

Moreover, structural subordination of the senior unsecured debt
at Vedanta remains.  The successful completion of Vedanta Ltd's
(unrated) merger -- Vedanta's 62.9% owned subsidiary -- with
Cairn India Ltd. (CIL, unrated) will remove one layer between
Vedanta's senior unsecured debt and CIL's cash flow, but Vedanta
will still not have any operating assets and will stay dependent
on dividends up-stream from operating and intermediate companies.

Moreover, with its shareholding in Vedanta Ltd falling to 50.1%
from 62.9% -- following the proposed merger -- cash leakage to
minority shareholders will somewhat reduce Vedanta's access to
Vedanta Ltd's profits.

To narrow the notching between the corporate family rating and
the issue rating, Moody's would look for total priority debt to
fall below 35%-40% of total consolidated debt, and for total
priority debt fall below 15%-20% of total group assets.

As of Sept. 30, 2015, these ratios stood at 51% and 23%,
respectively.

Holding company interest coverage above at least 1.0x on a
sustained basis will also be a leading indicator for any
consideration of a reduction in notching.

Vedanta's consolidated liquidity is adequate.  At Sept. 30, 2015,
it had consolidated cash-on-hand and short-term investments of
US$8.9 billion, with reported debt of US$16.5 billion.

In addition, it had undrawn credit lines of US$1.5 billion.

However, of the US$8.9 billion in liquidity, some US$5.3 billion
is located at Hindustan Zinc Limited (HZL, unrated) and
unavailable for use elsewhere in the group.

On the other hand, CIL has a US$3 billion cash balance, which is
expected to be available to Vedanta following the successful
completion of the proposed merger.

The holding company's liquidity profile is weak, especially in
the absence of operating cash flows and because of very thin cash
balances.

However, the presence of an undrawn credit facility -- totaling
some US$100 million and targeted for refinancing agreements to be
implemented at least 3 months ahead of maturity dates -- somewhat
eases this liquidity pressure.

The negative outlook reflects Moody's view that Vedanta's credit
profile will remain sensitive to movements in commodity prices,
which are exposed to downside risks, keeping credit metrics
outside the tolerance levels for the current rating over the next
12-to-18 months.

Moody's could downgrade the ratings if: (1) weak commodity prices
persist, such that consolidated EBITDA for FY2016 drops below
US$2.8 billion - US$3.1 billion, despite Vedanta's efforts in
ramping up shipments; (2) the company is unable to sustain and
improve on its cost-reduction initiatives, such that
profitability weakens, with consolidated EBIT margins falling
below 10% on a sustained basis; and/or (3) its financial metrics
fail to improve over the next 12 months.

Credit metrics indicative of a downgrade include adjusted
debt/EBITDA remaining above 4.0x -- 4.5x, EBIT/interest coverage
below 3.0x, or cash flow from operations (CFO) less
dividends/adjusted debt staying below 15%.

A delay in completing refinancing at least three months prior to
the relevant maturity dates -- or an adverse ruling with respect
to CIL's disputed US$3.2 billion tax liability -- would also
exert negative pressure on the ratings.

There is limited upward ratings bias in the near-to-medium-term,
given the negative outlook.

But, the outlook could return to stable if commodity prices
recover or, on the back of its cost rationalization initiatives,
the company restores its previous superior level of
profitability.

The maintenance of adjusted leverage below 4.0x, EBIT/interest
above 3.0x, and CFO less dividends/adjusted debt above 15%, all
on a sustained basis, while consistently generating positive free
cash flow, would constitute leading indicators for returning the
outlook to stable.

Moody's also notes that timeline for the proposed merger of
Vedanta Ltd. with CIL that was announced in June 2015 has been
delayed by a quarter.  Timely completion of the merger followed
with substantial debt repayment would also be key for a revision
in the outlook to stable.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Headquartered in London, UK, Vedanta Resources plc is a
diversified resources company with interests mainly in India.
Its main operations are held by Vedanta Ltd ("Vedanta Ltd"), a
62.9%-owned subsidiary which produces zinc, lead, silver,
aluminum, iron ore and power.

In Dec. 2011, Vedanta acquired control, of Cairn India Ltd
("CIL"), an independent oil exploration and production company in
India, which is a 59.9%-owned subsidiary of Vedanta Ltd.

On June 14, 2015, Vedanta Ltd. announced the proposed merger of
CIL with itself, in a cashless all stock transaction, subject to
approvals.  If the merger goes through as announced, Vedanta's
shareholding in Vedanta Ltd will reduce to 50.1%.

Listed on the London Stock Exchange, Vedanta is 69.8% owned by
Volcan Investments Ltd.  For the year ended March 2015, Vedanta
reported revenues of US$12.9 billion and EBITDA of US$3.7
billion.

                            *********

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

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

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


                            *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
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Copyright 2015.  All rights reserved.  ISSN 1529-2754.

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