TCREUR_Public/151125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, November 25, 2015, Vol. 16, No. 233

                            Headlines

C Y P R U S

BANK OF CYPRUS: Fitch Raises Rating on Covered Bonds to 'B+'


F R A N C E

QOBUZ: Falls Into Receivership


G E R M A N Y

DEUTSCHE RASTSTAETTEN: S&P Affirms 'BB-' CCR, Outlook Stable


I R E L A N D

MCWILLIAM PARK: Owner to Seek High Court Protection This Week


I T A L Y

TELECOM ITALIA: S&P Affirms 'BB+' CCR, Outlook Stable
* ITALY: Launches Bank Rescue Plan Ahead of New EU Rules


L U X E M B O U R G

FINANCIERE LULLY: Moody's Affirms B2 Corporate Family Rating


N E T H E R L A N D S

DALRADIAN EUROPEAN: S&P Lowers Rating on Class E Notes to CCC
HALCYON STRUCTURED: Moody's Raises Rating on Cl. D Notes to Ba1


P O L A N D

ROOF POLAND: Fitch Assigns 'BB-(EXP)sf' Rating to Cl. B Debt


R U S S I A

AREL JSC: Put Under Provisional Administration, License Revoked
BALTICA PJSC: Placed Under Provisional Administration
NOTA-BANK PJSC: Placed Under Provisional Administration
SAMARA MORTGAGE: Placed Under Provisional Administration
SOVCOMFLOT PAO: Fitch Hikes LT Issuer Default Rating to 'BB'

SVYAZNOY BANK: Placed Under Provisional Administration


S P A I N

FONCAIXA PYMES 7: Moody's Assigns (P)Caa1 Rating to Serie B Notes
IM CAJAMAR 4: Moody's Raises Rating on Series C Notes to B2


U K R A I N E

MHP SA: Moody's Raises CFR to Caa2, Outlook Stable


U N I T E D   K I N G D O M

AVOCA CLO VIII: S&P Raises Rating on Class E def Notes to BB
CAPARO WIRE: Bought Out of Administration; 79 Jobs Saved
COMPASS MIDCO: Moody's Assigns B1 CFR, Outlook Stable
FOUR SEASONS: Losses Widen, Future Remains Uncertain
HUDSON AND PEARSON: Printer Falls Into Administration

JOHN WOODS: Administrators Confirm Redundancies
TRITON PLC: Fitch Cuts Ratings on Two Note Classes to 'Csf'


U Z B E K I S T A N

HALK BANK: S&P Affirms 'B+/B' Counterparty Ratings; Outlook Neg.


                            *********


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


BANK OF CYPRUS: Fitch Raises Rating on Covered Bonds to 'B+'
------------------------------------------------------------
Fitch Ratings has upgraded Bank of Cyprus Public Company Ltd's
(BoC, CCC/C, Viability Rating: ccc) EUR650 million covered bonds
to 'B+' from 'B' and removed them from Rating Watch Positive. The
Outlook is Stable.

The rating action follows a downward revision in Fitch's rating
spread level (RSL) assumptions for Cypriot cover pools of
residential mortgage loans to 650bps from 1,500bps at 'B'.

KEY RATING DRIVERS

The one-notch upgrade reflects the improved stressed valuation of
the cover pool under Fitch updated RSL assumptions of 659bps in a
'B+' scenario. Assuming recourse would switch from the issuer to
the cover pool, this would provide recoveries given default in
excess of 91% in a 'B+' stress scenario, commensurate with a
three-notch uplift above the covered bonds rating floor
represented by the bank's IDR of 'CCC', plus one notch
corresponding to the IDR uplift assigned to this program. The
previous cover pool valuation supported recoveries given default
commensurate with a two-notch uplift above the same floor.

The rating of the covered bonds is constrained by the level of
over-collateralization (OC) that the issuer commits to, which
stands at 47%. This level of protection does not support a timely
payment on the covered bonds in rating scenarios above the rating
floor. This is due to the high level of credit risk in the cover
pool. Fitch assumes a stressed credit loss of 37% in a 'B+'
rating scenario and 61% in a 'BB-' rating scenario.

Fitch has recalculated the breakeven OC at the relevant rating
scenarios with the revised RSLs. The 'B+' breakeven OC is 37%,
which compares with the previous 31% 'B' breakeven OC. The
covered bonds issued by BoC have a conditional pass-through
amortization profile and, in its cash flow analysis, Fitch does
not factor RSL assumptions to test OC for timely payments because
there is no forced sale of the assets. However, when measuring
recovery given default prospect, Fitch incorporates half of the
RSL in the stressed interest rate used to derive the net present
value of the cover pool in a given stress scenario.

The 'B+' rating is based on BoC's IDR of 'CCC', an unchanged IDR
uplift of 1 reflecting covered bonds exemption from bail-in and
the domestic importance of BoC, an unchanged Discontinuity Cap
(D-Cap) of 8 notches (Minimal Discontinuity) reflecting the
conditional pass-through profile of the covered bonds, and the
47% committed OC, which provides more protection than the 37%
'B+' breakeven OC.

RATING SENSITIVITIES

Factors that may lead to an upgrade of the covered bonds issued
by Bank of Cyprus Public Company Ltd (BoC) include (i) an upgrade
of BoC's Issuer Default Rating (IDR); (ii) a significant
improvement in the credit quality of the cover pool or in the
observed performance of the residential mortgage market in
Cyprus, such as measured by the level of non-performing loans;
and (iii) an increase in the level of protection for the covered
bonds.

Conversely, negative rating actions would be triggered by (i) a
downgrade of the IDR of BoC; (ii) a reduction in the total number
of notches for the IDR uplift and the D-Cap to zero; and (iii) a
decrease in the program over-collateralization (OC) below Fitch's
37% breakeven OC.

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



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


QOBUZ: Falls Into Receivership
------------------------------
MusicBusiness Worldwide reports that Qobuz, the French streaming
service which sells itself on high-quality, is in receivership
and looking for a rescue buyer.

Founder Yves Riesel confirmed that the platform was placed in
receivership by the Commercial Court of Paris on November 9,
following an observation period that began in August last year,
according to MusicBusiness Worldwide.

"No backup plan has been submitted and no investor has
specifically expressed interest during the observation period,
which made the [receivership] inevitable," the report quoted Mr.
Riesel as saying.

The French exec called for potential buyers to make themselves
known before a deadline of November 16, the report notes.

According to Le Figaro, Qobuz forecasts a turnover of EUR7.4
million in 2015, the report relays.

Founded in 2007 by Riesel, Qobuz went on to launch in the UK, The
Netherlands and Germany as well as its native France.  It offered
both an HQ (24-bit) sound format and a 'CD-quality' (16-bit)
tier.

News of its troubles comes six months after German streaming
player Simfy quit the business, the report adds.


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G E R M A N Y
=============


DEUTSCHE RASTSTAETTEN: S&P Affirms 'BB-' CCR, Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Deutsche Raststatten Gruppe IV GmbH
(Tank & Rast).  The outlook is stable.  Deutsche Raststatten
Gruppe IV is the parent of the leading concession holder for
German motorway services areas, Autobahn Tank & Rast GmbH and
Ostdeutsche Autobahntankstellengesellschaft mbH.  The new parent
company of the group is T&R Investment GmbH & Co. KG, which
together with its subsidiaries S&P refers to as Tank & Rast or
the group.

At the same time, S&P affirmed its 'BB' issue rating on the
EUR1.45 billion senior secured term loans due in 2018 and 2019.
The recovery rating is '2', indicating S&P's expectation of
substantial (70%-90%; lower half of the range) recovery prospects
in the event of a payment default.

In addition, S&P affirmed its 'B' issue rating on the EUR459.3
million second-lien notes due in 2020.  The recovery rating is
'6', indicating S&P's expectation of negligible (0%-10%) recovery
prospects in the event of a payment default.

The affirmation follows the completion of the buyout of Tank &
Rast by a global infrastructure investor consortium.  Following
this transaction, S&P understands Allianz Capital Partners (ACP),
Borealis Infrastructure, China Investment Corporation (CIC),
Infiniti Investments SA, a wholly-owned subsidiary of the Abu
Dhabi Investment Authority (ADIA), and MEAG, Munich Re group's
global asset management arm, will own the company.  Although a
change-of-control clause was triggered in the outstanding second-
lien and pay in kind (PIK) notes, only a handful tendered, and
the majority preferred to remain under the new ownership.

S&P continues to assess the group's financial risk profile as
"highly leveraged".  Tank & Rast's current capital structure
remains in place, with a slightly positive amendment in the
senior term loans' margins.  Tank & Rast also has access to a
EUR50 million revolving credit facility (RCF).  Preference shares
were repaid as part of the transaction.  However, the cash
contribution brought in by the new equity investors is largely in
the form of a shareholder loan, which S&P assess as non-common
equity in line with our criteria, and which significantly
deteriorates S&P's adjusted leverage metrics.

S&P's assessment of Tank & Rast's business risk profile as
"strong" reflects its leading market position in the German
motorway service areas (MSAs) with an approximately 90% market
share and a fundamental competitive advantage.

The stable outlook reflects S&P's view that Tank & Rast will
achieve mid-single EBITDA growth in 2016, thanks to its resilient
business model and strategic initiatives, including more capital
spend on new projects.  The stable outlook also reflects Tank &
Rast's ability to generate positive free operating cash flow
(FOCF).  S&P believes that the forecast EBITDA growth should
enable Tank & Rast to continue to moderately reduce adjusted debt
to EBITDA over the medium term.



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


MCWILLIAM PARK: Owner to Seek High Court Protection This Week
-------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that bubble-era
property developers such as Seamus Ross of Menolly Homes and
Garrett Kelleher of Shelbourne Developments are backing a high-
profile hotel seeking High Court protection from its creditors.

According to The Irish Times, Claremorris Tourism and MOPB
Developments, the owner and operator of McWilliam Park Hotel, in
Claremorris, Co Mayo, will ask the High Court this week to
confirm the appointment of Kieran Wallace of KPMG as examiner.

The move will allow the companies protection from their creditors
and give Mr. Wallace, recently appointed on an interim basis,
three months to come up with a rescue plan for the business that
could mean losses for at least some of those owed money, The
Irish Times says.

The tax-based investors are the hotel's landlord through a
company called Coney Investments, and are secured creditors along
with Ulster Bank, The Irish Times discloses.  It is not objecting
to the examinership, The Irish Times notes.



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


TELECOM ITALIA: S&P Affirms 'BB+' CCR, Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term and 'B' short-term corporate credit ratings on
Italy's incumbent telecommunications operator Telecom Italia SpA.
The outlook is stable.

At the same time, S&P affirmed its 'BB+' issue rating on Telecom
Italia's senior unsecured debt instruments.  The recovery rating
on these instruments remains unchanged at '3', with recovery
expected in the lower half of the 50%-70% range.  S&P also
affirmed its 'B+' issue rating on the mandatory convertible
junior subordinated hybrid.

The affirmation reflects S&P's base-case opinion that Telecom
Italia will stabilize its domestic EBITDA in 2016, thanks to
improving revenue trends and cost cutting.  S&P also thinks the
company will maintain healthy liquidity and keep its leverage in
check, owing to its still-positive, albeit modest, generation of
discretionary cash flows.  From 2017 onward S&P anticipates
stable underlying group EBITDA.

The affirmation also balances S&P's anticipation for somewhat
higher debt leverage than it previously foresaw with S&P's belief
that Telecom Italia has solidified its domestic competitive
position following its recent network rollouts for 4G/LTE and
fiber technology, successful mobile data monetization, and
several commercial initiatives, including the marketing of
bundles and beefed up Internet protocol TV (IPTV) and mobile
services platforms, together with a more benign wireless pricing
environment in an improving macroeconomic context.  S&P
furthermore thinks that the group's currently limited free
operating cash flow (FOCF) will likely rebound after the
completion of its 2015-2017 investment plan.

The stable outlook reflects S&P's view that the group will
sustain its improved domestic trends and it will stabilize its
domestic EBITDA in 2016 and drive its group EBITDA toward
stabilization thereafter, leveraging its massive investments in
LTE and fiber networks.  It also factors in Telecom Italia's
ability to defend its high margin, maintain a healthy liquidity
profile, positive discretionary cash flows, and fully adjusted
ratios of debt to EBITDA below 3.8x and FFO to debt of close to
20%.  It also factors S&P's belief that the group's FOCF will
likely rebound after 2017 following the likely diminishing
investments after the completion of its 2015-2017 strategic
industrial plan.

Downward rating pressure could occur if the group's adjusted
leverage increased more than S&P anticipates or failed to
decrease after the group has executed its heavy capital
expenditures and network upgrade program.  Unabating drops in the
earnings contributed by the Brazilian subsidiary, or any setbacks
encountered in the stabilization strategy in the domestic market,
could also bring about rating pressure.

In particular, rating pressure could stem from fully adjusted
ratios of debt to EBITDA above 3.8x and FFO to debt dropping near
15%, or if positive discretionary cash flow generation is
jeopardized by overly aggressive investments and dividends.

Rating upside seems remote at this stage, but could stem from
sustained stabilization of domestic operating performances and
debt leverage dropping to below 3.3x.


* ITALY: Launches Bank Rescue Plan Ahead of New EU Rules
--------------------------------------------------------
Stefano Bernabei at Reuters reports that Italy on Nov. 22
launched a new system set up by its central bank to save four
small savings banks from failure before stricter rules for
winding down lenders come in next year.

The rescue will be conducted by the Bank of Italy at a cost of
EUR3.6 billion (US$3.83 billion), Reuters discloses.  This will
be borne by the country's healthy banks, which pay into a newly-
formed National Resolution Fund, not by taxpayers, Reuters says.

According to Reuters, Italy wants to save the banks before
January, when new EU rules take effect under which depositors
with more than EUR100,000, as well as shareholders and
bondholders will have to bear losses before public money can be
used to prop up a bank.

Under the rescue plan announced on Nov. 22, shareholders and
junior bondholders in the banks will take a loss, but holders of
deposits, current accounts and ordinary bonds will not, Reuters
relays.

Banca delle Marche, Banca Popolare dell'Etruria, Cassa di
Risparmio di Ferrara and Cassa di Risparmio di Chieti were all
put under special administration in the last two years after
audits exposed holes in their accounts, Reuters states.

Prime Minister Matteo Renzi's government passed an emergency
decree on Nov. 22 to allow immediate implementation of the plan,
saying it had already been approved by the European Commission,
Reuters relates.

It envisages that the Bank of Italy, as the resolution authority,
will set up a "bad bank" containing the impaired assets of all
four failing lenders, and seek buyers for what will then be sound
banks, Reuters states.

Roberto Nicastro, former director general of Unicredit, will act
as president of all four sound or "good" banks until buyers have
been found, Reuters says.

According to Reuters, in order to immediately find the EUR3.6
billion needed to save the four troubled banks, the healthy banks
will pay three years of contributions in one go, with the help of
an 18-month bridge loan from three of the country's largest
lenders.

These are Unicredit, Intesa Sanpaolo and UBI Banca, Reuters
states.



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L U X E M B O U R G
===================


FINANCIERE LULLY: Moody's Affirms B2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service assigned a definitive B1 instrument
rating to the USD550.4 million First Lien Term Loan B-1 and
definitive Caa1 instrument rating to the USD200.6 million Second
Lien Term Loan B-1 raised by Lully Finance LLC.  Concurrently,
Moody's assigned a definitive B1 instrument rating to the EUR200
million First Lien Term Loan B-2 and EUR100 million Revolving
Credit Facility (RCF) and a definitive Caa1 instrument rating to
the EUR35 million Second Lien Term Loan B-2 raised by Lully
Finance S.a r.l.  In addition, Moody's affirmed Financiere Lully
C's (Linxens) B2 corporate family rating (CFR) and B2-PD
probability of default rating (PDR).  The outlook on the ratings
is stable.

RATINGS RATIONALE

The final terms of the facilities are mostly in line with the
drafts reviewed for the assignment of provisional ratings.
Moody's notes that the changes in the debt amounts as presented
in the final documentation compared to those assumed for the
purpose of the assignment of the provisional ratings have only a
marginal impact on the company's leverage.  Indeed, the increase
in size of the First Lien Term Loans is more than offset by a
similar reduction of the Second Lien Term Loans (based on foreign
exchange conversions as of the date of the execution of the
credit facility agreements on Oct. 16, 2015).

On Oct. 19, 2015, Linxens announced that CVC Capital Partners
(CVC) completed the acquisition of the company.  Astorg Partners
(Astorg) will remain a minority shareholder in the business.

The stable outlook reflects Moody's expectation that Linxens will
generate significant revenue growth and free cash flow (FCF) over
the next three years which will enable the company to reduce its
leverage from the high level at the closing.

WHAT COULD CHANGE THE RATING -- UP/DOWN

Whilst not expected in the near term, upward rating pressure
could develop over time if adjusted leverage decreases below
5.0x, FCF-to-Debt increases towards 10% on a sustainable basis,
and the company maintains a good liquidity profile.

On the other hand, negative pressure could arise if the company
fails to reduce its adjusted leverage towards 6.0x over the next
18 months, FCF-to-Debt is below 5% on a sustained basis, or the
liquidity position weakens.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Linxens is the world's leading manufacturer of connectors for
smart cards.  The company produces flexible etched connectors
used in several end-applications, including banking cards (55% of
2014 revenues), SIM cards for mobile phones (29%), and e-
government, including e-ID, e-passport, health cards and driving
licenses (7%).   The company employs c.1,200 employees across 5
production facilities.



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


DALRADIAN EUROPEAN: S&P Lowers Rating on Class E Notes to CCC
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Dalradian European CLO IV B.V.'s class B and C notes.  At the
same time, S&P has lowered its ratings on the class D and E
notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction and the application of its relevant criteria.

Since S&P's previous review on Dec. 20, 2013, the transaction has
benefited from a number of positive developments:

   -- The senior notes (the variable funding notes and the
      class A notes) have fully amortized and the class B notes
      have partially amortized;

   -- Overcollateralization has increased for all of the rated
      notes;

   -- None of the notes are currently deferring interest; and

   -- Assets rated in the 'CCC' category ('CCC+', 'CCC', and
      'CCC-') have reduced from 8.06% to 0.00%.

At the same time, the portfolio's weighted-average spread has
decreased to 3.71% compared with 3.94% in S&P's previous review.
Defaulted assets have increased to 1.64% from none last time and
the portfolio's obligor concentration has also increased.  This,
combined with the pool's negative rating migration, has increased
the scenario default rates (SDRs) at each rating level.  The SDR
is the minimum level of portfolio defaults that S&P expects each
collateralized debt obligation (CDO) tranche to be able to
support the specific rating level using our CDO Evaluator.

S&P subjected the capital structure to a cash flow analysis to
determine the breakeven default rates (BDRs) for each rated class
of notes.  The BDR represents our estimate of the maximum level
of gross defaults, based on stress assumptions, that a tranche
can withstand and still fully repay the noteholders.  In S&P's
analysis, it used the reported portfolio balance that it
considered to be performing, the current weighted-average
spreads, and the weighted-average recovery rates that S&P
considered to be appropriate.  S&P applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for
each liability rating category.

The issuer entered into currency options with Deutsche Bank AG,
London Branch (BBB+/Stable/A-2) to hedge the foreign exchange
risk arising from non-euro-denominated assets.  The documented
downgrade provisions are not in line with S&P's current
counterparty criteria.  Therefore, in scenarios above 'A', S&P
assumed nonperformance of the options provider.

Following S&P's analysis of the transaction's exposure to credit,
cash flow, and counterparty risks, as well as the transaction's
increased overcollateralization, S&P believes that the available
credit enhancement for the class B and C notes is commensurate
with higher ratings than those currently assigned.  S&P has
therefore raised its ratings on these classes of notes.

The downgrade of the class D notes reflects the application of
the largest obligor default test.  Although the results of S&P's
credit and cash flow analysis show that the available credit
enhancement is commensurate with the previously assigned rating
('BB+ (sf)'), the maximum achievable rating from the application
of the largest obligor default test is 'B+ (sf)'.  This
supplemental stress test addresses event and model risk that
might be present in the transaction and assesses whether a CDO
tranche has sufficient credit enhancement (not including excess
spread) to withstand specified combinations of underlying asset
defaults based on the ratings on the underlying assets, with a
flat recovery of 5%.  S&P has therefore lowered to 'B+ (sf)' from
'BB+ (sf)' its rating on this class of notes.

S&P's credit and cash flow analysis indicates that the available
credit enhancement for the class E notes is commensurate with a
lower rating.  S&P has therefore lowered to 'CCC (sf)' from
'CCC+ (sf)' its rating on this class of notes.

Dalradian European CLO IV is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans granted to
mainly speculative-grade corporate firms.  Elgin Capital LLP is
the transaction manager.  The transaction closed in August 2007
and entered its amortization period in August 2013.

RATINGS LIST

Dalradian European CLO IV B.V.
EUR400 mil floating-rate notes

                                    Rating
Class            Identifier         To                  From
B                XS0311182553       AAA (sf)            AA (sf)
C                XS0311183957       A+ (sf)             A (sf)
D                XS0311184682       B+ (sf)             BB+ (sf)
E                XS0311185069       CCC (sf)            CCC+ (sf)


HALCYON STRUCTURED: Moody's Raises Rating on Cl. D Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on these notes
issued by Halcyon Structured Asset Management European CLO 2006-
II B.V.:

  EIR27,100,000 Class C Senior Secured Deferrable Floating Rate
   Notes due 2023, Upgraded to A1 (sf); previously on May 14,
   2015, Upgraded to A2 (sf)

  EUR21,800,000 Class D Senior Secured Deferrable Floating Rate
   Notes due 2023, Upgraded to Ba1 (sf); previously on May 14,
   2015, Affirmed Ba2 (sf)

Moody's has also affirmed these ratings on these notes:

  EUR106,000,000 (current outstanding balance of EUR25.2 mil.)
   Class A-1 Senior Secured Floating Rate Notes due 2023,
   Affirmed Aaa (sf); previously on May 14, 2015, Affirmed
   Aaa (sf)

  EUR80,000,000 (current outstanding balance of EUR19.1 mil.)
   Class A-1D Senior Secured Floating Rate Delayed Funding Notes
   due 2023, Affirmed Aaa (sf); previously on May 14, 2015,
   Affirmed Aaa (sf)

  EUR80,000,000 (current outstanding balance of EUR19.4 mil.)
   Class A-1R Senior Secured Revolving Floating Rate Notes due
   2023, Affirmed Aaa (sf); previously on May 14, 2015, Affirmed
   Aaa (sf)

  EUR34,300,000 Class B Senior Secured Floating Rate Notes due
   2023, Affirmed Aa1 (sf); previously on May 14, 2015 Affirmed
   Aa1 (sf)

  EUR12,500,000 (current outstanding balance of EUR 12.1 mil.)
   Class E Senior Secured Deferrable Floating Rate Notes due
   2023, Affirmed B1 (sf); previously on May 14, 2015 Upgraded to
   B1 (sf)

Halcyon Structured Asset Management European CLO 2006-II B.V.,
issued in January 2007, is a Collateralised Loan Obligation
("CLO") backed by a portfolio of mostly high yield European
loans. The portfolio is managed by Halcyon Loan Investors L.P.
The transaction's reinvestment period ended in January 2013.

RATINGS RATIONALE

The rating actions on the notes are primarily the result of the
deleveraging that has occurred since last rating action in May
2015.

The Class A-1 notes have amortized by approximately EUR47.2
million in July 2015 payment date.  As a result of deleveraging,
over-collateralization (OC) ratios have increased.  According to
the October 2015 trustee report the OC ratios of Class B, C, D
and E are 176.9%, 138.6%, 118% and 109.1% compared to 151.9%,
127.9%, 113.5% and 106.8%, respectively in March 2015.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.  In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR165.9 million
and GBP13.8 million, defaulted par of EUR1.1 million, a weighted
average default probability of 28.7% (consistent with a WARF of
4041), a weighted average recovery rate upon default of 43.8% for
a Aaa liability target rating, a diversity score of 20 and a
weighted average spread of 3.8% and a weighted average coupon of
2.6%.  The GBP-denominated liabilities are naturally hedged by
the GBP assets.

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

Methodology Underlying the Rating Action:

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

Factors that would lead to an upgrade or downgrade of the 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 approximately a quarter of the Caa assets in
the portfolio defaulted up-front with a recovery rate of 41%.
The model generated outputs were unchanged for the Class A and
Class B and within one to two notches of the base-case results
for rest of the classes.

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 because of embedded ambiguities.

Additional uncertainty about performance is due to:

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

  Around 36% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.  As part of its base case, Moody's has stressed large
concentrations of single obligors bearing a credit estimate as
described in "Updated Approach to the Usage of Credit Estimates
in Rated Transactions," published in October 2009.

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

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

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

In addition to the quantitative factors that Moody's explicitly
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
===========


ROOF POLAND: Fitch Assigns 'BB-(EXP)sf' Rating to Cl. B Debt
------------------------------------------------------------
Fitch Ratings has assigned Roof Poland Leasing 2014 DAC (Roof)
expected ratings to as follows:

  PLN636 million Class A-1 floating rate secured notes: 'AA-
  (EXP)sf'; Outlook Stable

  PLN234.25 million Class A-2 floating rate secured notes: 'AA-
  (EXP)sf'; Outlook Stable

  PLN383.5 million Class B floating rate secured notes: 'BB-
  (EXP)sf'; Outlook Stable

  PLN221.25 million subordinated loan: not rated

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The transaction is a securitization of lease receivables
originated in Poland by Raiffeisen Leasing Polska S.A. (RLP).

KEY RATING DRIVERS

Established Performance

RLP is a major company in the Polish leasing market, operating
since 1998. Fitch derived performance assumptions based on
leasing data from 2005 onwards. The agency expects a weighted
average lifetime default rate of 4.4% under the transaction's
definition before any adjustment, and 5.7% if early lease
terminations are incorporated.

Originator Dependence

Fitch's analysis is significantly affected by the assumption of
RLP's insolvency. This is in particular because of the large
commingling exposure and because the transaction might not have
access to asset sale proceeds after RLP's insolvency. RLP is
currently in the process of being sold, and a new owner may
change origination policies. Fitch's stressed asset assumptions
are set to address relaxed underwriting standards during the
revolving period.

Controlled Revolving

In our view, the risk of portfolio deterioration is reduced by
the revolving covenants, as well as the random selection of new
leases, as stated within the eligibility criteria. We consider
the amortization events reasonably stringent, but the residual
risk of receivable repurchases decreasing the triggers'
efficiency cannot be entirely eliminated.

Class B Notes' Carry Cost

"We consider the structure particularly exposed, in high default
and interest rates scenarios, to the risk that collections may be
diverted away from the class A notes to service class B interest.
This is because the class B notes are always due to be paid
senior in the priority of payments, irrespective of portfolio
performance."

Sovereign-Related Cap

Default and recovery stresses applied at each rating scenario
depend on the sovereign's local currency IDR. Therefore, a rating
change on the sovereign may lead to a review of the notes'
rating.

Stable Asset Outlook

Fitch expects economic growth in Poland to remain favorable in
2015-2017 at 3.5% on average, driven mainly by domestic demand.
As a result we maintain a stable asset performance outlook for
Polish leasing.

RATING SENSITIVITIES

Rating sensitivity to increased default rate assumptions
(class A / class B)
Current ratings: 'AA-(EXP)sf' / 'BB-(EXP)sf'
Increase in default rate by 10%: 'Asf' / 'B+sf'
Increase in default rate by 25%: 'A-sf' / 'Bsf'
Increase in default rate by 50%: 'BBBsf' / below 'Bsf'

Rating sensitivity to reduced recovery rate assumptions
(class A / class B)
Current ratings: 'AA-(EXP)sf' / 'BB-(EXP)sf'
Decrease in recovery rate by 10%: 'A+sf' / 'B+sf'
Decrease in recovery rate by 25%: 'A+sf' / 'B+sf'
Decrease in recovery rate by 50%: 'A+sf' / 'B+sf'

Rating sensitivity to multiple factors (class A / class B)
Current ratings: 'AA-(EXP)sf' / 'BB-(EXP)sf'
Increase in default rate by 10%, decrease in recovery rate by
10%: 'Asf' / 'B+sf'
Increase in default rate by 25%, decrease in recovery rate by
25%: 'BBB+sf' / 'Bsf'
Increase in default rate by 50%, decrease in recovery rate by
50%: 'BBB-sf' / below 'Bsf'

DUE DILIGENCE USAGE

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

DATA ADEQUACY

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

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

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

SOURCES OF INFORMATION

The information below, provided by RLP, was used in the analysis.

-- Provisional lease-by-lease portfolio data as at July 28,
    2015;
-- Cumulative default data by vintage provided by RLP, and
    covering the period 1Q06 through to 2Q15. Fitch received (i)
    data with a default definition identical to the one of the
    transaction, and broken down by asset type (new cars, used
    cars, trucks / trailers and machinery / equipment); and (ii)
    data on terminations in arrears prior to 120dpd, for all
    asset types together;
-- Cumulative recovery data by vintage of default, for each
    asset type, with a distinction between asset sale recoveries
    and other recoveries;
-- Evolution of the arrears breakdown of RLP's eligible lease
    book, over the period January 2005 through to May 2015;
-- Prepayments on RLP's eligible lease book, over the period
    3Q06 through to 2Q15;
-- Monthly transaction investor reports, from December 2014
    (transaction closing date) through to September 2015.



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


AREL JSC: Put Under Provisional Administration, License Revoked
---------------------------------------------------------------
The Bank of Russia, by its Order No. OD-3239 dated November 19,
2015, cancelled license to carry out pension provision and
pension insurance of Non-governmental Pension Fund Arel, joint-
stock company.

The reasons for such an extreme measure by the Bank of Russia
were as follows:

   -- violations of the requirements of Federal Law No. 75-FZ,
      dated May 7, 1998, "On Non-governmental Pension Funds" by
      taking unilateral decisions, infringing on insured persons'
      rights;

   -- a repeated violation within a year of the requirements to
      disseminate, submit or disclose information envisaged by
      federal laws and regulations of the Russian Federation.

By Bank of Russia Order No. OD-3240 dated November 19, 2015, a
provisional administration has been appointed to manage Areldue
to the cancellation of its license.

The Bank of Russia will compensate pension savings to the insured
persons in the amount and in accordance with the procedure
established by the legislation of the Russian Federation.


BALTICA PJSC: Placed Under Provisional Administration
-----------------------------------------------------
The Bank of Russia, by its Order No. OD-3288 dated November 24,
2015, revoked the banking license of Moscow-based credit
institution PJSC JSCB Baltica from November 24, 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 the
interests of creditors and depositors.

PJSC JSCB Baltica placed funds into low-quality assets and did
not create loan loss provisions and provisions for other assets
adequate to the risks assumed.  Meeting the requirements of the
supervisory authority to create sufficient provisions resulted in
a substantial loss of the bank's equity capital.  Besides, the
credit institution was involved in dubious transit operations,
including large-value cash withdrawals abroad.  The management
and owners of the bank did not take required measures to
normalize its activities.

By its Order No. OD-3289, dated November 24, 2015, Bank of Russia
has appointed a provisional administration to PJSC JSCB Baltica
for the period until the appointment of a receiver pursuant to
the Federal Law "On the 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.

PJSC JSCB Baltica is a member of the deposit insurance system.
The revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by legislation.  The said
federal law stipulates the reimbursement of insurance premium to
the bank's depositors, including individual entrepreneurs, in 100
per cent amount of the balance of funds, but not more than 1.4
million roubles in aggregate per depositor.

According to the financial statements, as of November 1, 2015,
PJSC JSCB Baltica ranked 162nd by assets in the Russian banking
system.


NOTA-BANK PJSC: Placed Under Provisional Administration
-------------------------------------------------------
The Bank of Russia, by its Order No. OD-3292 dated November 24,
2015, revoked the banking license of Moscow-based credit
institution NOTA-Bank (Public joint-stock company) from
November 24, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- due to the credit institution's failure to
comply with federal banking laws and Bank of Russia regulations,
all capital adequacy ratios being below 2 percent, capital
decrease below the authorized capital minimal value set by the
Bank of Russia as of the date the credit institution was
registered, and the repeated application within a year of the
measures envisaged by the Federal Law "On the Central Bank of the
Russian Federation (Bank of Russia)".

Since the creditors' monetary claims were not met, the
provisional administration of NOTA-Bank (PJSC) appointed by Bank
of Russia Order No. OD-2746, dated October 13, 2015, analyzed the
bank's financial standing including the assessment of its assets
and found out that the bank's liabilities exceeded its assets by
over RUB26 billion not considering the risks arising from
possible claims as regards guarantees execution in the amount
over RUB8 billion.

Considering low quality assets, taking into account the bank's
liabilities to its depositors and the amount of insurance
responsibility of the state corporation Deposit Insurance Agency
(hereinafter, the Agency), any reasonable economic solution to
avoid NOTA-Bank (PJSC) bankruptcy was out of the question.  To
recover the bank through a Bank of Russia loan with the Deposit
Insurance Agency financial instruments of economic value equal to
the value of deposit insurance liability -- 2.6 billion rubles --
a voluntary conversion of all bank's liabilities to legal
entities in the amount of 95 percent in access of 1.4 million
rubles in perpetual loan was needed.  Subsequently, the bank
creditors would have been unable to substantially reduce their
losses caused by the bank's problems.

Given that, the Bank of Russia decided to go ahead with a
procedure to settle NOTA-Bank (PJSC) liabilities to its creditors
whose claims in accordance with bankruptcy legislation should be
met on the first priority basis including those individuals with
balances exceeding the amount of the earlier received insurance
compensation following the Bank of Russia decision to introduce
moratorium on the satisfaction of NOTA-Bank (PJSC) (hereinafter,
the moratorium) creditors' claims.  The amount of satisfied
claims will be augmented by the interest accrued over the
moratorium period at the rates set by Article 189.38 of the
Federal Law "On Insolvency (Bankruptcy)."  Satisfaction of claims
of other creditors will take place in the order established by
legislation when NOTA-Bank bankruptcy proceedings are in
progress.

In this connection, the Bank of Russia approved the Agency
participation plan to settle NOTA-Bank (PJSC) liabilities which
envisages the tender to be held by the Agency to select the
assets and liabilities acquirer in the terms which will allow it
to start servicing the NOTA-Bank (PJSC) first-priority creditors
in bank locations (or in the same settlements) not later than 14
days after the approval of the Agency participation plan to
settle the bank's liabilities.

By Bank of Russia Order No. OD-3293, dated November 24, 2015,
following the revocation of NOTA-Bank (PJSC) banking license and
the Agency decision to join the settlement of the bank's
liabilities, the functions of the provisional administration to
manage this credit institution are vested into the hands of the
Agency for the period until the appointment of a receiver
pursuant to the Federal Law "On the Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities".  In accordance with federal laws, the powers
of the credit institution's executive bodies are suspended.

According to reporting data, as of November 1, 2015, NOTA-Bank
(PJSC) ranked 97th in the Russian banking system in terms of
assets.


SAMARA MORTGAGE: Placed Under Provisional Administration
--------------------------------------------------------
The Bank of Russia, by its Order No. OD-3286 dated
November 24, 2015, revoked the banking license of the credit
institution Samara Mortgage & Land Bank LLC or LLC IPOZEMbank
from November 24, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- due to the credit institution's failure to
comply with federal banking laws and Bank of Russia regulations,
repeated violations over the last year of the requirements
stipulated by Article 7 (excluding Clause 3 of Article 7) of the
Federal Law "On Countering the Legalisation (Laundering) of
Criminally Obtained Incomes and the Financing of Terrorism", as
well as Bank of Russia regulations issued in compliance with the
said Federal Law and the application of measures envisaged by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)".

LLC IPOZEMbank failed to comply with legislation requirements and
Bank of Russia regulations as regards countering the legalization
(laundering) of criminally obtained incomes and the financing of
terrorism with respect to the timely data submission to the
authorized body.  Moreover, the credit institution was involved
in dubious transit operating in significant amounts.  Both the
management and owners of the credit institution did not take any
effective measures to bring the situation back to normal.

By its Order No. OD-3287, dated November 24, 2015, the Bank of
Russia has appointed a provisional administration to LLC
IPOZEMbank for the period until the appointment of a receiver
pursuant to the Federal Law "On the Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities".  In accordance with federal laws, the powers
of the credit institution's executive bodies are suspended.

According to reporting data, as of November 1, 2015, LLC
IPOZEMbank ranked 657th in the Russian banking system in terms of
assets.


SOVCOMFLOT PAO: Fitch Hikes LT Issuer Default Rating to 'BB'
------------------------------------------------------------
Fitch Ratings has upgraded Russia-based PAO Sovcomflot's Long-
term Issuer Default Rating (IDR) to 'BB' from 'BB-'. The Outlook
is Stable. Fitch has also upgraded SCF Capital Limited's senior
unsecured notes, which are guaranteed by PAO Sovcomflot, to 'BB'
from 'BB-'.

The upgrade reflects the steady improvement of Sovcomflot's
financial profile mainly driven by the tanker shipping sector's
recovery, while the company maintains heavy capex plans. Given
the volatile nature of the shipping sector, the sustainability of
improved tanker shipping fundamentals is key to further positive
rating momentum.

The company continues to benefit from a strong business profile,
which is compatible with that in the high 'BB' rating category.
Sovcomflot's 'BB' Long-term IDR incorporates a one-notch uplift
for state support to its standalone rating of 'BB-'. We continue
to align the senior unsecured rating with the company's Long-term
IDR.

KEY RATING DRIVERS

Stronger Financials Support an Upgrade

The upgrade reflects our expectation of Sovcomflot's stronger
than previously forecast financial performance in 2015 and over
2016-2018, primarily driven by improved tanker shipping sector
fundamentals and, to a lesser extent, by bunker price reduction.
The improvement in conventional fleet performance, along with the
shift of the company's portfolio to higher-margin segments (eg
gas and offshore) should support higher profitability and
visibility in the medium-term.

"We forecast funds from operations (FFO) adjusted net leverage to
drop to 4.4x in 2015 from 5.4x in 2014 and to remain well below
5x over 2016-2018. We expect FFO fixed charge cover to increase
to 3.4x in 2015 from 3.1x in 2014 and to remain above 3x in 2016-
2018. This forecast is driven mainly by sector fundamentals and
does not take into account the proceeds from the company's
potential IPO. Given the volatile nature of freight rates, we
have taken a through-the-cycle approach and assumed 10-year
average spot tanker rates for the company's spot operations from
2016."

Improving Tanker Shipping Fundamentals


"We continue to expect better supply/demand balance for tanker
shipping in 2016 due to moderate supply growth supporting
capacity discipline and growing oil consumption, coupled with
regional changes in oil demand patterns having a positive tonne-
mile effect on tanker demand. While the improving sector
fundamentals may lead to higher vessel orders, they are likely to
be contained by limited available funding as banks remain
cautious with shipping exposure and are therefore unlikely to
materially pressure tanker rates over the next two-to-three
years. We expect tanker rates to demonstrate stronger performance
in 2016 but to remain volatile."

Long-term Contracts

Sovcomflot's business profile benefits from a fairly high share
of long-term contracts coverage with USD8.1 billion of contracted
revenue, half of this will be generated over 2015-2022. About
two-thirds of the fleet operated on time charters in 1H15.
Operational strength is also underpinned by a gradual shift
towards more profitable segments (eg LNG and offshore), which are
expected to account for half of the company's revenue by 2020,
from just over a third in 2015. Strong operations are also
supported by the company's leading global position as tankers
owner and in certain niche markets, a fairly young fleet and
diversified customer base.

Sizeable Capex to Continue

"We expect Sovcomflot to remain highly capital-intensive in the
medium-term as the company maintains its modern and
technologically advanced fleet, and to support its LNG and
offshore business. Sovcomflot plans to acquire eight more new
vessels (including four Icebreakers, three shuttle tankers and
one LNG vessel) over 2016-2017 following the delivery of 1 VLCC
and 4 LNG carriers in 2014 and 2015, respectively. All vessels
are planned for operation under long-term contracts. "

"As a result, we do not expect a significant reduction of average
annual capex, which will remain around USD500 million.
Maintenance capex is low at around USD40 million annually. As a
result of the intensive capex program, we forecast that
Sovcomflot will remain free cash flow (FCF)-negative over 2015-
2018, despite rather solid cash flow from operations. This
implies that a large portion of its capex is debt-funded."

Diversified Customer Base

Sovcomflot has a diversified customer base consisting of large
international and Russian oil and gas players. Exposure to any
counterparty is limited to about 10% of revenue. The company has
purchased all of its LNG vessels for projects which are currently
operational, except for one vessel, which is on order now for the
Yamal project. According to Sovcomflot, the rate under long-term
contracts is set for the duration of the contract and not
dependent on oil or gas prices dynamics.

One-Notch Uplift for State Support

Sovcomflot's 'BB' Long-term IDR incorporates a one-notch uplift
to its standalone rating of 'BB-' for state support as Fitch
assesses the strategic, operational and, to a lesser extent,
legal ties between the group and its 100% parent (the state) to
be moderately strong, despite the planned partial privatization
of the company. The strength of the ties is supported by
Sovcomflot being integral to the Russian government's energy
strategy, Russia's growing oil and gas market, close working
relationship with state-owned oil and gas companies and previous
tangible financial support.

Senior Unsecured Rating

The rating of the senior unsecured notes remains aligned with the
company's Long-term IDR, given adequate unencumbered assets, the
value of which remains at 2x of unsecured debt. However, we would
consider decoupling the ratings, should the amount of
unencumbered assets fall below this level.

KEY ASSUMPTIONS

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

-- No proceeds received by the company from potential IPO.
-- 10-year average freight rates for spot operations from 2016;
    contractual rates for time charters
-- Capex and capacity expansion as per management business plan.

RATING SENSITIVITIES

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

-- Material improvement of the company's credit metrics, with
    FFO adjusted net leverage well below 4.5x and FFO fixed
    charge cover above 3.5x on a sustained basis, due to, among
    other things, strong recovery of the tanker industry,
    significant downsizing of the capex program and/or
    reinvestment of IPO proceeds
-- Evidence of stronger state support

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

-- Decline of tanker rates and/or more sizeable capex resulting
    in deterioration of the company's credit metrics (eg FFO
    adjusted net leverage above 5.5x and FFO fixed charge
    coverage below 2.5x on a sustained basis)
-- Evidence of weaker state support
-- Unencumbered assets falling below 2x of unsecured debt, which
    would lead to a downgrade of the senior unsecured rating.

LIQUIDITY

Fitch views Sovcomflot's liquidity as adequate. The company's
unrestricted cash position of USD388.1 million at end-9M15, along
with its undrawn portion of committed credit lines at USD515
million (81% of which is due in 2029), was sufficient to cover
its short-term debt of USD271.8 million. Its debt repayment
schedule is well balanced with a peak in 2017 due to the maturity
of its USD800 million eurobonds, which the management plans to
refinance with new bond issuance. As a global tanker shipping
player, the company has demonstrated good access to financial
markets, having raised USD920 million in bank financing during
December 2014-November 2015. Fitch expects Sovcomflot to remain
FCF-negative over 2015-2018.

FX risk is low due to natural hedge as the company generates
revenue and cash flow in USD and raises debt in USD. Capex is
also denominated in USD, while most of operating costs are in
USD.


SVYAZNOY BANK: Placed Under Provisional Administration
------------------------------------------------------
The Bank of Russia, by its Order No. OD-3290 dated November 24,
2015, revoked the banking license of Moscow-based credit
institution JSC SVYAZNOY BANK from November 24, 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, due to the fact that the values of all capital
adequacy ratios of the bank are below two percent, because of
decrease in the bank capital below the minimum amount of the
authorized capital established as of the date of the state
registration of the credit institution, and taking into account
the repeated application over the past year of measures envisaged
by the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)".

SVYAZNOY BANK violated baking laws and Bank of Russia regulations
by underestimating the credit risk.  As a result of creating
provisions adequate to the risks assumed, the credit institution
has lost its equity capital.

Due to unsatisfactory quality of assets, it was not feasible to
conduct financial rehabilitation of SVYAZNOY BANK with the
involvement of the state corporation Deposit Insurance Agency on
reasonable economic terms.  In these circumstances, guided by
Article 20 of the Federal Law "On Banks and Banking Activities",
the Bank of Russia performed its obligation and revoked the
banking license from the credit institution.

By its Order No. OD-3291, dated November 24, 2015, the Bank of
Russia has appointed a provisional administration to SVYAZNOY
BANK for the period until the appointment of a receiver pursuant
to the Federal Law "On the 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.

SVYAZNOY BANK is a member of the deposit insurance system. The
revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined 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 not more than 1.4 million rubles
per one depositor.

According to the financial statements, as of November 1, 2015,
SVYAZNOY BANK ranked 150th by assets in the Russian banking
system.



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


FONCAIXA PYMES 7: Moody's Assigns (P)Caa1 Rating to Serie B Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the notes to be issued by FONCAIXA PYMES 7, FT:

  EUR2150.5 mil. Serie A Notes due Dec, 2048, Assigned
   (P) A1 (sf)

  EUR379.5 mil. Serie B Notes due Dec. 2048, Assigned
   (P) Caa1 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings.  A definitive rating (if any) may
differ from a provisional rating.

FONCAIXA PYMES 7, FT is a securitization of loans and draw-downs
under lines of credit granted by Caixabank (Baa2/P-2, Stable
Outlook) to small and medium-sized enterprises (SMEs) and self-
employed individuals.

Caixabank will act as servicer of the loans and lines of credit,
while GestiCaixa, S.G.F.T., S.A. will be the management company
(Gestora) of the Issuer.

RATINGS RATIONALE

The ratings are primarily based on the credit quality of the
portfolio, its diversity, the structural features of the
transaction and its legal integrity.

The provisional pool analyzed was, as of October 2015, composed
of a portfolio of 60,281 contracts (3% of the total pool amount
being draw-downs from lines of credit) granted to obligors
located in Spain. Most of the assets were originated between 2000
and 2015, and have a weighted average seasoning of 1.3 years and
a weighted average remaining term of 4.6 years.  Around 4.5% of
the portfolio is secured by mortgages over residential and
commercial properties.  Geographically, the pool is located
mostly in the regions of Catalonia (30.6%), Valencia (11.8%) and
Madrid (10.8%). Delinquent assets up to 30 days in arrears
represent around 1.1% of the provisional portfolio, while assets
between 30 and 60 days in arrears represent around 0.2% of the
total pool notional.

In Moody's view, the credit positive features of this deal
include, among others: (i) performance of Caixabank originated
transactions has been better than the average observed in the
Spanish market; (ii) granular and well diversified pool across
industry sectors; (iii) exposure to the construction and building
sector, at around 11.6% of the pool volume (which includes a 2.9%
exposure to real estate developers, in terms of Moody's industry
classification), is below the average observed in the Spanish
market; and (iv) refinanced and restructured loans have been
excluded from the pool.  The transaction also shows a number of
credit weaknesses, including: (i) around 10.6% of the portfolio
is either currently under grace period or can allow future grace
periods or payment holidays; (ii) there is strong linkage to
Caixabank as it holds several roles in the transaction
(originator, servicer and accounts bank); (iii) no interest rate
hedge mechanism in place.

In its quantitative assessment, Moody's assumed an inverse normal
default distribution for this securitised portfolio due to its
granularity.  The rating agency derived the default distribution,
namely the relevant main inputs such as the mean default
probability and its related standard deviation, via the analysis
of: (i) the characteristics of the loan-by-loan portfolio
information, complemented by the available historical vintage
data; (ii) the potential fluctuations in the macroeconomic
environment during the lifetime of this transaction; and (iii)
the portfolio concentrations in terms of industry sectors and
single obligors.  Moody's assumed the cumulative default
probability of the portfolio to be equal to 7.4% with a
coefficient of variation (i.e. the ratio of standard deviation
over mean default rate) of 54.7%.  The rating agency has assumed
stochastic recoveries with a mean recovery rate of 35% and a
standard deviation of 20%.  In addition, Moody's has assumed the
prepayments to be 5% per year.

The principal methodology used in these ratings was Moody's
Global Approach to Rating SME Balance Sheet Securitizations
published in October 2015.

For rating this transaction, Moody's used these models:

(i) ABSROM to model the cash flows and determine the loss for
each tranche and (ii) CDOROM to determine the coefficient of
variation of the default definition applicable to this
transaction.

Moody's ABSROM cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of such
default scenarios as defined by the transaction-specific default
distribution.  On the recovery side Moody's assumes a stochastic
(normal) recovery distribution which is correlated to the default
distribution.  In each default scenario, the corresponding loss
for each class of notes is calculated given the incoming cash
flows from the assets and the outgoing payments to third parties
and noteholders.  Therefore, the expected loss for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario; and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.  As such,
Moody's analysis encompasses the assessment of stressed
scenarios.

Moody's used CDOROM to determine the coefficient of variation of
the default distribution for this transaction.  The Moody's
CDOROM model is a Monte Carlo simulation which takes borrower
specific Moody's default probabilities as input.  Each borrower
reference entity is modelled individually with a standard multi-
factor model incorporating intra- and inter-industry correlation.
The correlation structure is based on a Gaussian copula.  In each
Monte Carlo scenario, defaults are simulated.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal final
maturity.  Moody's ratings address only the credit risk
associated with the transaction, Other non-credit risks have not
been addressed but may have a significant effect on yield to
investors.

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

Factors or circumstances that could lead to a downgrade of the
ratings affected by today's action would be (1) worse-than-
expected performance of the underlying collateral; (2) an
increase in counterparty risk, such as a downgrade of the rating
of Caixabank.

Factors or circumstances that could lead to an upgrade of the
ratings affected by today's action would be the better-than-
expected performance of the underlying assets and a decline in
counterparty risk.

Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis.  If the assumed default probability of
7.4% used in determining the initial rating was changed to 9.4%
and the recovery rate of 35% was changed to 25%, the model-
indicated ratings for Serie A and Serie B of A1(sf) and Caa1(sf)
would be Baa1(sf) and Caa2(sf) respectively.

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed.  The analysis
assumes that the deal has not aged.  It is not intended to
measure how the rating of the security might migrate over time,
but rather, how the initial rating of the security might differ
as certain key parameters vary.


IM CAJAMAR 4: Moody's Raises Rating on Series C Notes to B2
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the IM
Cajamar Empresas 4, FTA Series B notes to Ba2 (sf) from B2 (sf)
and Series C notes to B2 (sf) from Ca (sf).

The upgrade reflects the increasing level of credit enhancement
observed during the last 12 months combined with better-than-
expected performance.

IM Cajamar Empresas 4, FTA is an asset-backed securities
transaction backed by loans granted to small and medium-sized
enterprises located in Spain and originated by Cajamar in 2012,
the former entity that is now part of Cajas Rurales Unidas
(unrated).  The transaction pool factor stands at 33%.

RATINGS RATIONALE

   -- Increasing Credit Enhancement

Both the Series B and Series C notes' credit enhancement (CE) has
significantly increased over the last 12 months.  Since January
2015, CE has increased to 25.9% from 18.8% for Series B.

The Series C notes were originally issued to fund the reserve
fund.  The Series C notes have amortized since closing from
EUR94.5 million to EUR52.3 million as a result of excess spread
as contemplated in the transaction documentation.  As the reserve
fund has not amortized or depleted, the protection for this
tranche has increased.  Reserve fund is currently held at Banco
Santander S.A (SPAIN) (A3/P-2) and remains fully funded at
EUR94.5 million.

   -- Better-than-expected performance

Arrears of 90 days and above in the pool have remained stable
between 1.5%-1.6% over the last 12 months.  At the same time,
cumulative defaults remained below 4%, and the reserve fund has
remained fully funded for the same period.

Moody's has revised its default probability on the pool to 10%
from 12% on the current balance and volatility of 59.3%,
corresponding with an unchanged recovery rate (RR) of 45% to a
portfolio credit enhancement (PCE)of 20%.  This reflects the
better-than-expected performance observed in this transaction.

Gross excess spread amounted to 2% per annum on average owing to
the pool's good performance, which has not affected the net yield
of the pool.

   -- Series B notes payment of interests

According to the transaction waterfall, the Series B notes'
interest payments are subordinated to the principal payment due
on the Series A notes.  In the event of a spike in monthly
defaults exceeding the gross excess spread, interest payments may
not be paid to the Series B notes during the period.  This has
been the case from June 2013 to December 2013.  The transaction
resumed interest B payments after a few interest payment dates
including the unpaid interest.  However, late payment of these
unpaid interest amounts did not bear any late payment penalty.
Yet, given the amount of unpaid interest and the actual interest
rate, the economic loss for the Series B notes of not receiving
interest on unpaid interest is negligible.  The upgrade of the
Series B notes to Ba2(sf) from B2(sf) takes into account this
risk of temporary non-payment of interest with negligible
economic loss.

   -- Exposure to Counterparties

The conclusion of Moody's review also reflects exposure to 1)
Cajas Rurales Unidas (unrated), which acts as servicer; and 2)
Banco Santander SA (A3/P-2) as issuer account bank.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral
that is better than Moody's expects, (2) deleveraging of the
capital structure, (3) improvements in the credit quality of the
transaction counterparties, and (4) a reduction in sovereign
risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) performance of the underlying collateral
that is worse than Moody's expects, (2) deterioration in the
notes' available credit enhancement, (3) deterioration in the
credit quality of the transaction counterparties, and (4) an
increase in sovereign risk.

List of Affected Ratings:

Issuer: IM CAJAMAR EMPRESAS 4, FTA

  EUR210 mil. B Notes, Upgraded to Ba2 (sf); previously on
   Jan. 23, 2015, Upgraded to B2 (sf)

  EUR94.5 mil. C Notes, Upgraded to B2 (sf); previously on
   Feb. 22, 2012, Definitive Rating Assigned Ca (sf)



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


MHP SA: Moody's Raises CFR to Caa2, Outlook Stable
--------------------------------------------------
Moody's Investors Service has upgraded to Caa2 from Caa3 the
corporate family rating (CFR) and to Caa2-PD from Caa3-PD the
probability of default rating (PDR) of MHP S.A., one of Ukraine's
leading agro-industrial groups.  Concurrently, Moody's has
upgraded MHP's national scale rating (NSR) to B1.ua from Caa2.ua.
The outlook on all the ratings is stable.

The rating action follows Moody's decision (on November 19, 2015)
to (1) upgrade the Government of Ukraine's sovereign (government
bond) rating to Caa3 from Ca with a stable outlook, and (2) raise
the country's foreign-currency bond country ceiling to Caa2 from
Caa3.  A country ceiling generally indicates the highest rating
level that any issuer domiciled in that country can attain for
instruments of that type and currency denomination.

The rating agency took no action on the ratings of the remaining
three Moody's-rated Ukranian companies, Metinvest B.V. (Caa3
negative) and Ferrexpo Plc (Caa3 negative) and DTEK ENERGY B.V.
(Ca negative).

RATINGS RATIONALE

The rating action primarily reflects the upgrade of Ukraine's
sovereign rating to Caa3 from Ca and the raising of its currency
bond country ceiling to Caa2 from Caa3, which remain the key
constraints for the company's ratings.  MHP is directly exposed
to Ukraine's political, legal, fiscal and regulatory environment,
given that all of its producing assets are located within the
country where it generates dominant portion of revenues.

The Caa2 ceiling level continues to reflect the exposure of MHP's
revenues and cash flows generated in the country to foreign-
currency transfer and convertibility risks, and the company's
exposure to potential actions the Ukrainian government could take
to preserve the country's foreign-exchange reserves.  Such
actions may negatively affect MHP's capacity to service its
foreign currency debt, which makes up the bulk of the company's
total debt.

At the same time, MHP's business profile and financial metrics
remain strong for a Caa2 rating.  Despite challenging
macroeconomic conditions and operating environment in the
country, the company demonstrates healthy operating results and
strong profitability supported by its (1) focus on cheaper
poultry meat, (2) vertically integrated business model, and (3)
gradually growing export volumes.

MHP also continues to adhere to a moderately conservative
financial policy.  The company's adjusted debt/EBITDA remained
healthy at 2.3x as of the 12 months ended June 2015 and Moody's
expects that it will not materially exceed 3.5x in 2015-16.  An
increase would be largely related to our expectation of (1) a
decrease in EBITDA caused by decline in revenues on the back of
weak hryvnia and lower corn and soya yields and lower margins
starting H2 2015; and (2) higher capex and debt as the company
proceeds with the second phase of the large Vynnitsia project in
that period.  The company's liquidity also remains adequate and
is supported by flexibility of its dividend policy and investment
programme, which it will likely adjust depending on the level of
cash flow generation as well as access to funding from large
international financial institutions such as the International
Finance Corporation (IFC, Aaa stable) and the European Bank for
Reconstruction and Development (EBRD, Aaa stable).

RATIONALE FOR STABLE OUTLOOK

The stable outlook is in line with the stable outlook for the
sovereign rating.  It also reflects Moody's expectation that the
company will sustain adequate operating and financial performance
despite high country and foreign-exchange risks.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The company's ratings will be ultimately dependent on further
developments at the sovereign level.  The ratings are likely to
be downgraded if there is a downgrade of Ukraine's sovereign
rating and/or lowering of the foreign-currency bond country
ceiling, or in case of a drastic deterioration of the company's
financial metrics and/or liquidity.

Conversely, positive pressure could be exerted on the ratings if
Moody's were to raise Ukraine's foreign-currency bond country
ceiling, provided there is no material deterioration in the
company-specific factors, including its operating and financial
performance, market positions and liquidity.

NO ACTION TAKEN ON REMAINING THREE UKRANIAN ISSUERS

   -- DTEK ENERGY B.V. —

Moody's took no action on the Ca CFR of DTEK Energy B.V. as it
continues to reflect (1) the rating agency's expectations that
DTEK's stressed liquidity position will persist over the next 12
months; (2) the process of debt restructuring and obtaining
waivers to the breached covenants are being under development and
has not been completed yet; and (3) that the company's operating
environment will remain weak over the next 12 months, which may
negatively affect its financial results.  The outlook on the
rating remains negative, which reflects DTEK's stressed liquidity
and weak operating environment.

   -- Metinvest B.V.--

Metinvest B.V.'s Caa3 CFR with a negative outlook remains
constrained by the company's weak liquidity and continuing
default on its debt obligations, as reflected by its D-PD
probability of default rating.  The CFR could be downgraded if
(1) Metinvest fails to complete a consensual restructuring of its
debt obligations until Jan. 31, 2016, when its creditors' consent
to waive certain events of default expires, which would possibly
result in bankruptcy; or (2) actual debt restructuring results in
a substantial loss, particularly in the form of severe write-
downs on the principal for creditors.

   -- Ferrexpo Plc --

Ferrexpo's Caa3 rating continues to reflect our concerns over the
ability of the company to manage its liquidity and debt repayment
profile in 2016.  This year, Ferrexpo has proactively extended
the maturity of its bonds, restructuring the repayments of US$173
million notes to 2018 and US$173 million notes to 2019.  The
company also said in its 2Q 2015 report that it continues efforts
to extend the group's bank debt amortization profile.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Protein and Agriculture Industry published in May 2013.

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

MHP S.A. is one of Ukraine's leading agro-industrial groups.  The
company's operations include the production of poultry and
sunflower oil, as well as the production and sale of convenience
foods.  In addition, MHP is vertically integrated into grain and
fodder production, and operates one of the largest land banks in
Ukraine.  As of the 12 months ended June 2015, the company's
dollar-denominated total revenue and adjusted EBITDA amounted to
around US$1.3 billion and US$562 million, respectively.

Headquartered in Kyiv, DTEK ENERGY B.V. is one of the major
energy companies in Ukraine and part of a financial and
industrial group System Capital Management (SCM) (not rated).

Metinvest B.V., registered in the Netherlands, is the holding
company of a vertically integrated group, Metinvest, which is one
of the largest steelmakers and iron ore producers in the
Commonwealth of Independent States (CIS).  In 2014, Metinvest
reported revenue of US$10.6 billion and EBITDA of US$2.7 billion.
The major shareholders of the group are System Capital Management
(SCM), with a 71.24% share in Metinvest, and Smart group, which
owns 23.76%.

Ferrexpo Plc, headquartered in Switzerland and incorporated in
the UK, is a mid-sized iron ore pellet producer with mining and
processing assets located in Ukraine.  The group has total Joint
Ore Reserves Committee Code (JORC) classified resources of 6.7
billion tonnes, around 1.5 billion tonnes of which are proved and
probable reserves.  The average grade of Ferrexpo's ore is
approximately 31% Fe.  In 2014 the group achieved a pellet
production of 11 million tonnes (8.7 million tonnes in 9 months
of 2015) and generated revenues of US$1.39 billion".



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


AVOCA CLO VIII: S&P Raises Rating on Class E def Notes to BB
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all classes of notes in Avoca CLO VIII Ltd.

The rating actions follow S&P's assessment of the transaction's
performance based on the October 2015 trustee report, its credit
and cash flow analysis, and recent transaction developments.  S&P
has applied its relevant criteria.

Since S&P's Jan. 23, 2013 review, it has observed a slight
decrease in the weighted-average spread earned on the collateral
pool (3.66% from 3.69%.  The transaction's weighted-average life
has also increased to five years from 4.58 years.

The proportion of assets that S&P considers to be rated in the
'CCC' category ('CCC+', 'CCC', or 'CCC-') has increased (in
percentage terms from 3.81% to 4.59%).  Assets that S&P considers
to be defaulted (assets rated 'CC', 'SD' [selective default], and
'D') have reduced since S&P's previous review to zero from 2.37%.
These developments have increased the available credit
enhancement for all classes of notes.

The class D and E notes' par value tests are now passing.

S&P subjected the capital structure to its cash flow analysis,
based on its updated cash flow corporate collateralized debt
obligations (CDO) criteria, to determine the break-even default
rate (BDR) at each rating level.  S&P used the reported portfolio
balance that S&P considered to be performing, the principal cash
balance, the weighted-average spread, and the weighted-average
recovery rates that S&P considered to be appropriate.

S&P incorporated various cash flow stress scenarios, using
various default patterns, levels, and timings for each liability
rating category, in conjunction with different interest rate
stress scenarios.  To help assess the collateral pool's credit
risk, S&P used CDO Evaluator 6.0.1 to generate scenario default
rates (SDRs) at each rating level.  S&P then compared these SDRs
with their respective BDRs.

Based on S&P's counterparty analysis, it has concluded that the
transaction documents for the derivative counterparties--Credit
Suisse International (A/Stable/A-1) and JP Morgan Chase Bank N.A.
(A+/Stable/A-1) do not comply with S&P's current counterparty
criteria.  S&P has analyzed the transaction's exposure to the
derivative counterparties, based on the maximum potential rating
that each derivative counterparty can support under S&P's
criteria.  The maximum potential rating can be no higher than one
notch above the rating on the counterparty, unless the available
credit enhancement for a class of notes can support higher
ratings, after adjusting the pool balance (i.e., adjustments made
to the foreign currency in S&P's cash flow analysis).

Taking into account the observations outlined above, S&P'
considers that the available credit enhancement for all classes
of notes is now commensurate with higher ratings than those
previously assigned.  S&P has therefore raised its ratings on all
classes of notes in the transaction.

Avoca CLO VIII is a cash flow corporate loan collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.

RATINGS LIST

Avoca CLO VIII Ltd.
EUR508 mil floating-rate notes

                                    Rating
Class            Identifier         To                  From
A1               XS0312372542       AAA (sf)            AA+ (sf)
A2               05381MAB5          AA+ (sf)            AA (sf)
B def            05381MAA7          AA- (sf)            A+ (sf)
C def            XS0312383317       A+ (sf)             BBB+ (sf)
D def            XS0312386179       BBB+ (sf)           B+ (sf)
E def            XS0312386336       BB (sf)             CCC+ (sf)


CAPARO WIRE: Bought Out of Administration; 79 Jobs Saved
--------------------------------------------------------
Owen Hughes at Wales Online reports that nearly 80 jobs have been
saved after Caparo Wire in Wrexham was bought out of
administration.

The jobs were under threat after the business -- part of the
Caparo Group -- went into administration last month, Wales Online
notes.

But on Nov. 23, administrators PwC announced that a buyer had
been found, thereby safeguarding 79 jobs, Wales Online relates.

The firm will now revert to its former name, Wrexham Wire, Wales
Online discloses.

Caparo Wire specializes in the manufacture of high quality
galvanised and engineering steel wire.


COMPASS MIDCO: Moody's Assigns B1 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to Compass Midco Limited.  Concurrently, Moody's has
assigned a B1 senior secured rating to the senior secured
facilities of Compass Holdco 2 Limited.  The facilities include
GBP530 million senior secured Term Loan B due 2022 and GBP40
million revolving credit facility due 2021.  Further, Moody's
assigned a probability of default rating (PDR) of B2-PD.  The
outlook for all ratings is stable.

RATINGS RATIONALE

Moody's assigned definitive ratings following the closing of the
transaction on November 10, 2015 as anticipated without any
material changes resulting from the Competition and Markets
Authority review.  Moody's previously assigned first-time (P)B1
corporate family rating.

The proceeds of the term loan were used to effect the merger of
Park Resorts, Parkdean, Southview & Manor Park and South Lakeland
Park.

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



FOUR SEASONS: Losses Widen, Future Remains Uncertain
----------------------------------------------------
Gill Plimmer at The Financial Times reports that Four Seasons'
future as Britain's biggest care home operator remained in doubt
on Nov. 23, after it revealed widening losses as a result of
rising costs and lower occupancy.

In its third-quarter results, the private equity-owned healthcare
group -- which has previously issued stark warnings about the
affect of a higher minimum wage -- reported a pre-tax loss of
GBP25.4 million, the FT relates.  This was 53% more than its loss
in the same period a year ago, the FT notes.  Revenues were down
by 4%, year-on-year, to GBP172.5 million in the period, the FT
discloses.

Four Seasons has been weighed down by annual interest payments of
GBP50 million, which it pays in two tranches: in December and
June, the FT says.  It has enough cash to cover the upcoming
December payment of GBP26 million and has reassured investors
that it "has medium-term finances for our needs", the FT relays.

Alongside other care home businesses, Four Seasons has warned
that the government's move to increase the UK minimum wage to ú9
an hour by 2020 will put huge pressure on its costs, the FT
states.  It has said it may be forced to close homes that are no
longer profitable, the FT recounts.

According to the FT, Care home operators and charities have
claimed that as many as half of Britain's care homes could go
bust next year, unless the government increases its financial aid
to local authorities to cover elderly care, in its Autumn budget
statement on Nov. 25.

Four Seasons Health Care -- http://www.fshc.co.uk/-- is the UK's
largest care home provider.


HUDSON AND PEARSON: Printer Falls Into Administration
-----------------------------------------------------
PrintWeek.com reports that an independently owned sheetfed
printer has gone into administration after more than 100 years in
business.

The directors of Burnley-based Hudson and Pearson, Graham and
Linda Holehouse, called in administrators on November 10, after
suffering a decline in turnover due to "a challenging economic
climate," according to PrintWeek.com.

The report notes that partners at Manchester-based accountancy
firm BDO UK, Kerry Bailey and Dermot Power, were appointed joint
administrators and immediately made all 34 staff redundant.

They have kept employees on temporarily to fulfil outstanding
orders but said that after that the company will cease to trade,
the report discloses.

The report relays that Mr. Bailey said: "Unfortunately, the
challenging economic climate and a decline in turnover severely
affected the company's working capital position and the directors
were left with no other option but to place the company into
administration.

"The joint administrators are taking all necessary steps to
maximise recoveries for creditors and are now seeking a sale of
the company's business and assets," the report quoted Mr. Bailey
as saying.

The report notes that the company was established in 1906 by
Burnley printer Solomon Hudson, who was working as a letterpress
printer for the Burnley Express, and print buyer Thomas Pearson,
who worked for a local wine and spirits dealer.

The business started by printing and supplying paper bags to
local businesses, the report relays.

The company was sold by Pearson's daughter to two brothers named
Bradley in 1962 who registered it as a limited company and turned
it into a litho business.  In 1988, current chairman Graham
Holehouse bought a major shareholding in the company.


JOHN WOODS: Administrators Confirm Redundancies
-----------------------------------------------
Ipswich Star reports that nearly 20 people are understood to have
been made redundant when John Woods Nurseries went into
administration earlier this month.

A spokesman for joint administrators Jamie Taylor and Lloyd
Biscoe, from the Southend-on-Sea office of insolvency specialist
Begbies Traynor, confirmed on Nov. 20 that all members of staff
at John Woods had been made redundant, Ipswich Star relates.

Although the spokesman was unable to confirm the number of
employees involved, the EADT understands that the total was
around 18, Ipswich Star notes.

The spokesman, as cited by Ipswich Star, said that John Woods
Nurseries had entered into a Company Voluntary Arrangement with
its creditors in November last year but the payment terms agreed,
GBP10,000 a month for the first six months and then rising to
GBP20,000 a month, had proved unsustainable.

The spokesman said as a result the company had accrued further
arrears to creditors, including its landlord, and this had
resulted in its lease on the Pettistree site being forfeited,
with control reverting to the landlord, Ipswich Star relays.

John Woods Nurseries, based at Pettistree, near Woodbridge, was
one of the UK's leading suppliers of plants for retail garden
centers, with its collection of some species being regarded as of
national importance.


TRITON PLC: Fitch Cuts Ratings on Two Note Classes to 'Csf'
-----------------------------------------------------------
Fitch Ratings has downgraded Triton (European Loan Conduit
No. 26) Plc's junior notes and revised the Outlook on the senior
tranches as follows:

  US$23.3 million Class B (XS0294620207) affirmed at 'Asf';
  Outlook revised to Stable from Negative

  GBP0.5 million Class C (XS0294603294) affirmed at 'Asf';
  Outlook revised to Stable from Negative

  GBP2 million Class F (XS0294604771) affirmed at 'CCsf';
  Recovery Estimate (RE) 100%

  GBP4.1 million Class G (XS0294607287) downgraded to 'Csf' from
  'CCsf'; RE 100%

  GBP4.8 million Class H (XS0294608335) downgraded to 'Csf' from
  'CCsf'; RE 95%

Triton was originally a securitization of four commercial
mortgage loans, totalling GBP601.15 million, originated by Morgan
Stanley. The three largest loans have since repaid in full
leaving the GBP23.3 million Nextra loan as the remaining loan.
The sequential trigger was never breached for this transaction
and hence a modified pro rata principal allocation has been
applied throughout. This has led to the class D and E notes being
repaid in full prior to the class B and C notes.

KEY RATING DRIVERS

The sale of the Rickmansworth asset, one of the two remaining
properties backing the Nextra loan, resulted in GBP17.6 million
loan principal proceeds. These will be applied against the notes
at the January 2016 interest payment date (IPD) and will result
in the full repayment of the class B and C notes. The class F
notes will then become the most senior class outstanding, with an
estimated balance of GBP1 million.

As highlighted in Fitch's last rating action, the transaction's
senior costs are forecast to be well above the interest receipts
accruing on a collateral balance of just over GBP5 million. The
transaction's inability to meet its senior expenses (including
interest on the most senior class of notes) will trigger a note
event of default. This is reflected in the ratings of the class F
G and H notes. At this stage, only an imminent disposal of the
last remaining asset would avoid a default of the class F notes,
while unpaid interest on the two most junior classes will not be
recoverable and a default is therefore seen as inevitable.

Fitch expects the Nextra loan to repay in full at its extended
maturity in October 2016, bringing to an end the CMBS financing.
Following a note event of default the class F noteholders would
have the option to trigger an enforcement of the transaction's
security, which would have the effect of combining the interest
and principal waterfalls.

A combined post-enforcement priority of payment would discharge
senior expenses in full and pay class F interest amounts, at the
expense of class H principal. Given the small amounts at stake
(loss of few quarters of interest on a GBP1m class of notes) and
the short time until the expected repayment, the senior
noteholders' chosen action remains uncertain. The recovery
estimate on the class H notes reflects Fitch's expectations of an
enforcement of the transaction's security.

RATING SENSITIVITIES

The ratings of the notes are unlikely to be sensitive to future
changes, with default the only likely option. An increase in
senior fees could lower recoveries on the class H notes further,
should the post-enforcement waterfall be 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
pools and the transactions. 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.

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



===================
U Z B E K I S T A N
===================


HALK BANK: S&P Affirms 'B+/B' Counterparty Ratings; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' long- and
short-term counterparty credit ratings on Uzbekistan-based Halk
Bank.  S&P removed the long-term rating from CreditWatch with
negative implications, where it placed it on Aug. 21, 2015.  The
outlook is negative.

The rating actions follow the strengthening of Halk Bank's
capitalization, with a regulatory capital ratio at 12.9% as of
Nov. 1, 2015 -- well above the current regulatory minimum of 10%.
This improvement is on the back a Uzbek sum (UZS) 39 billion
capital injection from the Central Bank of Uzbekistan and the
Ministry of Finance as part of the government's plan to inject
the bank with a total of UZS185 million over 2015-2017.  S&P
factored this short-term government support into the rating under
its previous review, and S&P has revised its assessment of Halk
Bank's stand-alone credit profile (SACP) to 'b+' from 'b-' to
reflect the bank's now strengthened capital position.

"The recapitalization program was approved by presidential decree
on March 25, 2015, and will be completed by the end of 2017; the
bank is scheduled to receive another UZS23 billion by end-2015,
UZS54 billion by mid-2016, and UZS69 billion over 2017.  Under
our base case, we expect that these capital increases will
sufficiently support Halk Bank's capitalization over 2015-2017,
sustaining the regulatory capital ratios above the minimum set by
the central bank.  We take into account the expected gradual
increase of the minimum regulatory capital ratio to 11.5% in
2016, incrementally increasing annually by 1% until it reaches
14.5% by the end of 2019.  At our 'B+' rating level, we expect a
bank to operate with capital levels sustainably and substantially
above the regulatory minimum.  Today's rating action incorporates
our belief that Halk Bank will gradually shift to a less
aggressive capital management approach," S&P said.

After factoring in the expected capital increases, S&P projects
its risk-adjusted capital ratio for the bank will stay between
5.5% and 6.0% over the coming two and a half years.  However, S&P
notes that its forecast is highly contingent on the pace of asset
growth.  In addition, control of operating expenses, which rose
substantially in 2014 and wiped out 74% of the revenues, is key
to generating enough profit to match asset growth and stabilize
capital ratios.

S&P's forecast is based on these main assumptions:

   -- No dividends.
   -- Capital injection of UZS62 billion in 2015, UZS54 billion
      in 2016, and
   -- UZS69 billion in 2017;
   -- Growth in loan portfolio and risk-weighted assets of 10%-
      15%; and
   -- Cost of risk (close to covering Standard & Poor's
      normalized losses) of about 2%.

S&P's ratings on Halk Bank continue to reflect S&P's view of the
bank's "adequate" business position, driven by its wide franchise
across the country and the bank's important role as the exclusive
manager of the country's pension fund deposits.  S&P also factors
in its opinion of the bank's "adequate" risk position, driven by
low single-name concentrations and loss experience comparable to
other Uzbek state-owned banks.  Furthermore, S&P regards the
bank's funding as "above average," due to a granular funding
profile, with a stable retail deposits share of almost 60% of
total deposits, and its liquidity as "adequate."

In addition, S&P views Halk Bank as of "high" systemic importance
due to its exclusive role as the pension fund deposits operator
and its wide franchise across the country with material
penetration in the retail segment, holding a 25% share of the
country's retail deposits.  Although S&P considers the Uzbek
government as "supportive," it do not give any uplift to the
rating, due to the relatively high SACP that already incorporates
the government's strong ongoing support to the bank.

The negative outlook indicates that the expected capital increase
from the government does not remove all S&P's concerns about the
bank's long-term capital management, which has been aggressive
over past years.  In particular, the bank still needs to
demonstrate it's ability to align growth in risk-weighted asset
and retained earnings, and to stabilize regulatory capital ratios
(temporarily boosted by the capital increase) well above the
minimum established by the central bank.

S&P could lower the ratings over the next 12-18 months if it saw,
contrary to its expectations, that the bank's historic aggressive
capital management persists, with a higher risk appetite than S&P
anticipated, leading to asset growth above the 10%-15% that it
currently projects under its base case.  In particular, if the
bank operates with capital close to the minimum regulatory
requirements (within less than 100 basis points), S&P would
reassess, based on its criteria, Halk Bank's capital and earnings
as "weak," at best, regardless of the forecast risk-adjusted
capital ratio.

S&P could revise outlook to stable if over the next 12-18 months
it observes that the bank's asset growth rates stabilized and the
bank follows more conservative capital management that leads to
maintaining its regulatory capital ratio above the minimum
requirement by more than 100 basis points.


                            *********

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,
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                            *********


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

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