TCREUR_Public/151202.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, December 2, 2015, Vol. 16, No. 238

                            Headlines

B E L A R U S

BELARUS RE: Fitch Affirms 'B' Financial Strength Rating
BELGOOSTRAKH: Fitch Affirms 'B' Financial Strength Rating


B E L G I U M

TRUVO NV: S&P Lowers CCR to 'CCC'; Outlook Negative


C Y P R U S

SOLWAY INVESTMENT: S&P Raises CCR to 'B-'; Outlook Positive


D E N M A R K

TDC A/S: S&P Lowers Rating on Jr. Subordinated Debt to 'BB'


G E R M A N Y

PROVIDE BLUE 2005-1: S&P Raises Rating on Class E Notes From BB-
WEPA HYGIENEPRODUKTE: S&P Raises CCR to 'BB'; Outlook Stable


G R E E C E

ERB HELLAS: S&P Raises Rating on EUR25BB Med-Term Program to 'C'


H U N G A R Y

HUNGARY: Fitch Says Operating Environment for Banks Improves


I R E L A N D

ALFA BOND: Fitch Affirms Assigns Final 'BB+' Rating on Eurobonds


K A Z A K H S T A N

VTB BANK: S&P Affirms 'BB/B' Counterparty Ratings; Outlook Neg.


L U X E M B O U R G

BILBAO LUXEMBOURG: S&P Affirms 'B' CCR & Revises Outlook to Pos.
CLARIS SME 2015: DBRS Keeps BB(sf) Rating on Class B Debt


M A C E D O N I A

SKOPJE MUNICIPALITY: S&P Affirms 'BB-' ICR; Outlook Stable


N E T H E R L A N D S

MESDAG DELTA: S&P Affirms B- Ratings on 3 Note Classes


P O L A N D

TVN SA: S&P Raises CCR to 'BBB' From 'B+'; Outlook Stable
ZABRZE CITY: Fitch Affirms 'BB+' Long-Term Issuer Default Ratings


P O R T U G A L

OCIDENTAL COMPANHIA: S&P Affirms 'BB+' Rating, then Withdraws


R U S S I A

KRASNOYARSK KRAI: S&P Affirms 'BB-' ICR; Outlook Negative
KRASNOYARSK REGION: Fitch Affirms 'BB+' Issuer Default Ratings
VOLZHSKIY CITY: Fitch Affirms 'B+' Issuer Default Ratings


S P A I N

BEFESA ZINC: S&P Revises Outlook to Positive & Affirms 'B' CCR
FTA PYMES 6: DBRS Confirms C(sf) Rating on Series C Notes
FTA SANTANDER 2014-1: DBRS Confirms C(sf) Rating on Cl. E Debt


U K R A I N E

KHARKOV CITY: Fitch Hikes FC Issuer Default Ratings to 'CCC'
LEMTRANS LLC: Fitch Affirms 'CCC' Issuer Default Ratings


U N I T E D   K I N G D O M

ALPHA BANK: S&P Raises Rating on EUR30BB Note Program to 'C'
GEMINI ECLIPSE 2006-3: Fitch Affirms 'Csf' Ratings on 5 Notes


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B E L A R U S
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BELARUS RE: Fitch Affirms 'B' Financial Strength Rating
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Fitch Ratings has affirmed Belarusian National Reinsurance
Organisation (Belarus Re) Insurer Financial Strength (IFS) rating
at 'B-'. The Outlook is Stable.

KEY RATING DRIVERS
The rating reflects Belarus Re's 100% state ownership, the
reinsurer's exclusive position in the local reinsurance sector
underpinned by legislation, and fairly strong underwriting
profitability. The rating also takes into account the fairly low
quality of the reinsurer's investment portfolio and significant
amount of reinsured domestic surety risks.

The Belarusian state has established an exclusive position for
Belarus Re as the national monopoly reinsurer. The aim is to
promote national reinsurance and raise the capacity of the local
insurance sector. Although there is no formal support agreement
between the state and the company, the track record of state
support is evident through significant capital injections at
inception and in recent years.

Regulation obliges local primary insurers to cede risks exceeding
the permitted net retention of 20% of their equity. These
obligatory cessions as well as any voluntary cessions of risks
below the threshold must be offered to Belarus Re first. The
reinsurer has the right to reject both types of cessions and in
practice is often involved in the primary underwriting of large
risks. Belarus Re's monopoly has been introduced gradually, with
its share in compulsory cessions growing to 100% in 2014 from 10%
in 2006.

Fitch assesses Belarus Re's risk-adjusted capital adequacy as
reasonable for the rating. The insurer maintains an exceptionally
strong nominal level of capital relative to its current business
volumes, with the Solvency I-like statutory ratio at 40x at end-
9M15. However, Fitch does not consider that Belarus Re's economic
capital adequacy is as strong as the statutory solvency ratio
implies since the regulator's formula does not take asset risk
into account. Risks on the asset side of the reinsurer's balance
sheet are highly concentrated and directly linked to the sovereign
credit profile.

Belarus Re has demonstrated strong underwriting results, with the
combined ratio averaging 67% in 2010-2014. Favourable claims
experience and conservative pricing in most lines of business have
been the key factors behind its strong results. The obligatory
inwards cessions and fairly strong bargaining power underpinned by
the legislation have helped Belarus Re to generate underwriting
profit.

Belarus Re's technical reserves remain under pressure from the
depreciation of the Belarusian rouble. The FX-driven increase in
the unearned premium reserve and loss reserves is expected to have
significant negative pressure on the underwriting result in 2015.
On the other hand, it should be offset by FX gains on the
investment side.

Belarus continues to be treated as a hyperinflationary domicile
under IFRS reporting. Belarus Re's hyperinflation loss on the net
monetary position reached BYR211 billion in 2014, almost fully
offsetting the reinsurer's operating profit of BYR218 billion in
the same year. As the country's peak inflation rate of 108.7% in
2011 will drop out from the three-year corridor for the purpose of
IFRS reporting, Belarus Re expects to demonstrate stronger net
income in 2015.

Belarus Re makes intensive use of retrocession with an average of
52% of premiums ceded in 2010-2014. Most cessions are made to
strong international reinsurers, although select single large
risks may be ceded to insurers in developing countries if the
risks involve the economic interests of those countries. The
effectiveness of Belarus Re's retrocession program has not been
tested since at least 2009, due to favorable claims experience.

At the sector level, Fitch believes Belarusian insurers have
significant exposure to financial risks insurance, which transfers
credit risks from the banking sector and bond investors. As there
is no reinsurance of high credit quality available for this kind
of risk, Belarusian insurers tend to spread these risks within the
country. Belarus Re is also exposed to these risks (15% of gross
written premiums (GWP) in 9M15 and the highest exposure per
borrower under this line peaked at 33% of the reinsurer's equity
at end-9M15, based on national accounting standards.

In Fitch's view, Belarus Re's investment portfolio is of fairly
low quality. This reflects the credit quality of local investment
instruments, constrained by sovereign risks, and the presence of
significant issuer concentration. However, Belarus Re's ability to
achieve better diversification is limited by the narrow local
investment market and strict regulation of the insurer's
investment policy.

RATING SENSITIVITIES
Changes in Fitch's view of the financial condition of the Republic
of Belarus or any significant change in Belarus Re's relationship
with the government would likely have a direct impact on the
insurer's ratings.


BELGOOSTRAKH: Fitch Affirms 'B' Financial Strength Rating
---------------------------------------------------------
Fitch Ratings has affirmed Belarusian Republican Unitary Insurance
Company's (Belgosstrakh) Insurer Financial Strength (IFS) rating
at 'B-'. The Outlook is Stable.

KEY RATING DRIVERS

The rating reflects Belgosstrakh's 100% state ownership and
presence of state guarantees for insurance liabilities under
compulsory lines, the insurer's leading market position, its
sustainable profit generation, and it's fairly strong capital
position. The rating also takes into account the insurer's
potential exposure to the reserving risk on employers' liability
insurance and the fairly low quality of its investment portfolio.
Belgosstrakh continues to demonstrate profitable operating
performance, with a net profit of BYR482 billion in 8M15 (2014:
BYR191 billion) with investment return and FX gains on investments
being the key contributor. The underwriting result was negative,
with a combined ratio of 100.8% (2014: 88.6%). The deterioration
of the combined ratio in 8M15 was mainly driven by FX losses on
FX-denominated reserves. The insurer continues to maintain a very
strong nominal level of capital relative to its current business
volumes, with a Solvency I-like statutory ratio of 14x at end-
6M15. However, Fitch does not consider that Belgosstrakh's
economic capital adequacy is as strong as the statutory solvency
ratio implies since the regulator's formula does not take asset
risk into account. Risks on the asset side of Belgosstrakh's
balance sheet are highly concentrated and directly linked with the
sovereign's credit profile. Belgosstrakh is the exclusive provider
of a number of compulsory lines, including state-guaranteed
employers' liability, homeowners' property, agricultural insurance
and a number of other minor lines. The Belarusian state has
established strong support for Belgosstrakh in the legal
framework, including direct guarantees on policyholder obligations
and significant capital injections in previous years. Fitch also
believes that the insurer may be exposed to reserving risk on the
employers' liability line due a non-standard reserving methodology
and the line's long tail. To a significant extent this risk is
offset by the availability of a direct government guarantee on
these policies. Belgosstrakh expects that this guarantee could be
removed only upon the transfer of these obligations to a
governmental social security agency. This option is currently not
under consideration. Belgosstrakh is currently the market leader
in all compulsory lines and a number of voluntary lines, including
commercial property and casualty, and travel insurance. Together
with its life subsidiary Stravita, Belgosstrakh wrote 53% of
sector premiums in 2014 (2013: 51%). The insurer's strong market
position is, to some extent, underpinned by the preferential
treatment provided in the legislation governing state-owned
insurers. In Fitch's view, Belgosstrakh's investment portfolio is
of fairly low quality. This reflects the credit quality of local
investment instruments, constrained by sovereign risks, and the
presence of significant issuer concentration. However,
Belgosstrakh's ability to achieve better diversification is
limited by the narrow local investment market and strict
regulation of the insurer's investment policy.

RATING SENSITIVITIES

Changes in Fitch's view of the financial condition of the Republic
of Belarus or any significant change in Belgosstrakh's
relationship with the government would likely have a direct impact
on the insurer's ratings


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TRUVO NV: S&P Lowers CCR to 'CCC'; Outlook Negative
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Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit ratings on Belgium-based publisher of
classified directories, Truvo N.V., and its subsidiary Stelara
PIKco S.A., to 'CCC' from 'CCC+'.  The outlooks are negative.

At the same time, S&P lowered its issue rating on the
EUR15 million senior secured facility issued by Truvo Belgium
Comm. V. to 'B-' from 'B'.  The recovery rating is unchanged at
'1', reflecting S&P's expectation of very high recovery (90%-100%)
in the event of a payment default.

S&P also lowered its issue rating on the EUR58 million payment-in-
kind (PIK) instrument issued by Stelara PIKco S.A. to 'CC' from
'CCC-'.  The recovery rating is unchanged at '6', reflecting S&P's
expectation of negligible (0%-10%) recovery in the event of a
payment default.

The downgrade reflects S&P's view that Truvo's credit risk and the
corresponding risk that Truvo will default in the next 12 months
have increased, due to the group's decreasing liquidity and
weaker-than-expected operating performance.

On Sept. 30, 2015, the company breached a financial covenant
related to the minimum cash balance requirement.  However, S&P
understands that the debt cannot be accelerated because of a
stand-still agreement related to this covenant breach.  The stand-
still agreement, whereby more than one-third of the lenders agree
not to accelerate the debt despite the covenant breach, will
expire after the March 2016 covenant test.

Additionally, after a weaker-than-expected performance in the
first nine months of 2015, S&P continues to see significant
uncertainties and limited visibility surrounding the timing and
extent of a turnaround in Truvo's revenues and earnings.

The negative outlook reflects S&P's view that Truvo's risk of
default within the next 12 months has increased, given the limited
visibility on the company's compliance with the minimum cash
balance covenant once the temporary waiver expires.

S&P could lower the rating on Truvo if S&P sees that near-term
risk of default is increasing.  This could result from a higher
likelihood of a covenant breach after the stand-still agreement
expires, or because of a further reduction of liquidity stemming
from weaker cash flow generation or higher working capital needs.

S&P could revise the outlook to stable if Truvo's performance and
cash position were to improve and the company was able to comply
with its covenants.


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SOLWAY INVESTMENT: S&P Raises CCR to 'B-'; Outlook Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on diversified metals and mining
producer Solway Investment Group Ltd. to 'B-' from 'CCC+'.  The
outlook is positive.

The upgrade reflects S&P's view on Solway's meaningfully improved
credit metrics after the company used the proceeds from the sale
of its SASA zinc and lead asset to reduce debt.  S&P believes
Solway's credit metrics will remain robust even in the current
low-price environment.  S&P now views Solway's financial risk as
modest, primarily reflecting only minimal balance-sheet debt.  S&P
expects that a financial guarantee on behalf of a related customer
outside the group will represent about 70% of the Standard &
Poor's-adjusted debt figure at year-end 2015.  S&P also expects
Solway to generate positive free cash flow, since key construction
projects have been completed.  Moreover, Solway's liquidity has
improved substantially and S&P now views it as adequate.

S&P continues to assess Solway's business risk profile as
vulnerable, reflecting the company's small scale and highly
volatile operating performance.  S&P understands that the sale of
SASA, which is one of several key EBITDA-generating assets, is
only partly compensated by the launch of the Russia-based gold
project Kurilgeo, which S&P expects to be one of the main
contributors to Solway's consolidated numbers in the next 12
months.  Therefore, S&P expects Solway's EBITDA to decline in
absolute terms over the next few quarters because S&P do not
expect a major improvement in metals prices and operating
performance at Fenix.  That said, S&P believes Solway's
diversification in terms of metals, asset base, and sales
geography could strengthen the company's business profile once the
Fenix project expands.

The rating is further constrained by uncertainty regarding the
company's strategy and financial policy following the sale of
SASA.  Although Solway has ambitious organic growth plans, S&P
sees a considerable risk of acquisitions and therefore apply a
negative financial policy modifier.  However, acquisitions might
have a positive impact on the rating if they were to result in
larger scale without materially eroding Solway's credit metrics
and liquidity.

The positive outlook indicates at least a one-in-three likelihood
of an upgrade over the next 12-18 months if Solway gains scale and
improves operating efficiency at its key Fenix project.  S&P
assumes that the company will maintain adequate liquidity in the
absence of material debt maturities in the next 12 months and
focus on organic growth.

To consider an upgrade, S&P would expect Solway's Fenix project to
reach its full production capacity and demonstrate efficiency in
the current low-price environment, rather than materially stronger
credit metrics, since Solway maintains sufficient leeway against
S&P's rating threshold of debt to EBITDA below 3x.

Moreover, S&P would need to gain more clarity on the company's
strategy and financial policy.  S&P understands that the company
might undertake acquisitions given its small size and significant
leeway on leverage.  S&P will analyze the impact of any potential
acquisition on Solway's leverage ratios, as well as on its
business risk, where S&P sees limited scale and volatility as key
rating constraints.

S&P could revise the outlook to stable if Fenix's operating
performance does not improve or Solway demonstrates a more
aggressive financial policy, including debt-financed acquisitions
or higher-than-expected dividend payouts.


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TDC A/S: S&P Lowers Rating on Jr. Subordinated Debt to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on Danish telecommunications
services provider TDC A/S to 'BBB-/A-3' from 'BBB/A-2'.  The
outlook is stable.

At the same time, S&P lowered its issue ratings on the company's
senior unsecured debt to 'BBB-' from 'BBB' and on its junior
subordinated debt to 'BB' from 'BB+'.

The downgrade primarily follows S&P's expectation that TDC's
recovery from the currently intense competition in mobile
telephony in Denmark is likely to be more protracted than S&P had
anticipated.  In the first nine months of 2015, group domestic
EBITDA declined by about 11%.  Given gradually steepening drop in
TDC's domestic EBITDA each quarter, S&P now expects stabilization
in the group's operating performance in 2017 rather than 2016.  In
2016 S&P anticipates a further 6%-8% fall in domestic EBITDA.
Consequently, S&P thinks it unlikely that TDC will deleverage to
Standard & Poor's-adjusted debt to EBITDA of about 3x in the near
term.  Rather, S&P estimates that debt to EBITDA will remain at
about 3.4x-3.5x in 2015-2016.

TDC's mobile products continue to face fierce competition in the
domestic market, particularly in its business-to-business (B2B)
division, but also in the business-to-consumer (B2C) segment.
These developments have recently led to a sharp decrease in
average revenues per user (ARPU) and in revenues and EBITDA.  In
the third quarter, average B2C mobile voice ARPU fell by about 4%
and average B2B ARPU plummeted by about 15% year-on-year.
Simultaneously, B2C and B2B EBITDA declined by about 8% and about
16%, respectively.  Moreover, S&P currently sees few signs of
immediate stabilization.  The unsuccessful attempt by competitors
TeliaSonera AB and Telenor ASA to combine their Danish operations
further weighs on prospects for domestic mobile market recovery,
in S&P's view.  In addition, S&P observes headwinds in selected
other sub-segments, such as broadband. DSL-based products have
been adversely affected by regulatory wholesale price cuts earlier
this year, and the national regulator is likely to introduce an
additional cable-based broadband wholesale product from 2016.

Aside from these considerations, TDC's business risk profile
continues to be supported by its position as the leading telecoms
provider in Denmark's residential customer segment, its well-
invested mobile network, and its ownership of Norwegian cable
operator Get.  As of June 30 2015, TDC had generally high market
shares in fixed-line telephony services (65%), fixed-line
broadband Internet (57%), mobile voice services (41%), and pay-TV
services through its Internet protocol TV and cable operations
(53%), according to company estimates.  S&P also thinks that TDC's
ownership of Get provides it with additional scale,
diversification, and growth opportunities in the less competitive
Norwegian market.  In other view, other positive aspects for TDC's
business risk are its ownership of both the leading domestic
copper and cable fixed-line networks, as well as its Standard &
Poor's adjusted EBIDTA margin of about 40%.  These strengths are
constrained by limited growth prospects and stiff competition in
Denmark.  Other weaknesses include TDC's limited geographic
diversification, a relatively small customer base, and S&P's
forecast of declining revenues and EBITDA in Denmark through 2017.

"Our assessment of TDC's financial risk profile primarily derives
from the company's increased debt burden after the acquisition of
Get.  We forecast broadly stable leverage for the company in our
base case, with debt to EBITDA at 3.4x?3.5x in the next 18 months.
We understand that management remains committed to reduce leverage
over time, but absent significant dividend cuts, we see limited
room for material improvements in the near term because of the
current weakness in TDC's domestic business.  We view the
company's relatively robust cash flow generation as a positive
factor, with free operating cash flow (FOCF) to debt, as adjusted
by Standard & Poor's, of about 10% and discretionary cash flow
(DCF) to debt of about 5% in the 12 months ended Sept. 30, 2015,"
S&P said.

In S&P's base case, it assumes:

   -- Reported revenue growth slightly above 4% in 2015, as the
      consolidation of Get outweighs declines in Denmark, and a
      revenue decline of 1%-2% in 2016, principally caused by
      further contraction in B2C and B2B revenues in Denmark,
      improving to about flat revenues in 2017.

   -- EBITDA margins, as adjusted by Standard & Poor's, narrowing
      by about 1 percentage point to about 41% in 2015 and
      approximately 40% in 2016 and 2017, resulting from
      significant EBITDA declines in TDC's Danish operations.

   -- Lower expenses on special items and taxes compared with
      historical levels.

   -- Broadly stable capital expenditures of about Danish kronor
      (DKK) 4.3 billion in 2015 and 2016, then decreasing
      modestly in 2017.

   -- Dividend payments, including DKK200 million in coupon
      payments on TDC's hybrid debt, of DKK1.8 billion?DKK2.0
      billion in 2016 and 2017.

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

   -- Debt to EBITDA, as adjusted by Standard & Poor's, of 3.3x?
      3.5x at the end of 2015, after 3.9x in 2014, and 3.5x in
      2016, and funds from operations (FFO) to debt, as adjusted
      by Standard & Poor's, of 21%-24% in 2015?2017.

   -- FOCF to debt, as adjusted by Standard & Poor's, of about
      10% in 2015 to 2017, and DCF to debt of 5%-7% in 2015 and
      3%-5% in 2016.

The stable outlook on TDC reflects S&P's view that the
deteriorating market conditions in Denmark will moderate in the
next two years and TDC will gradually halt erosion in its domestic
competitive position over the next 18?24 months.  S&P assumes that
this, coupled with potential reductions in dividend payments, will
enable TDC to maintain debt to EBITDA, as adjusted by Standard &
Poor's, at or below 3.5x and FFO to debt sustainably above 20%,
with FOCF to debt at about 10%.

S&P could consider upgrading TDC if it turns around its domestic
operations more rapidly and significantly than it currently
expects, enabling it to reduce Standard & Poor's-adjusted debt to
EBITDA to less than 3.0x, combined with FOCF to debt sustainably
above 10%.

S&P could consider a downgrade if TDC's operating performance
deteriorates more than S&P currently expects, causing Standard &
Poor's-adjusted debt to EBITDA to rise sustainably above 3.5x, FFO
to debt to fall below 20%, or FOCF to debt to weaken to less than
8% over a protracted period.


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PROVIDE BLUE 2005-1: S&P Raises Rating on Class E Notes From BB-
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Standard & Poor's Ratings Services raised to 'BBB- (sf)' from
'BB- (sf)' its credit rating on PROVIDE BLUE 2005-1 PLC's class E
notes.

The upgrade follows S&P's analysis of the transaction's
performance, using the data from the Sept. 2015 investor reports.

Since S&P's Nov. 26, 2012 review, cumulative net losses in the
transaction have further reduced the unrated class F notes'
balance to EUR5.7 million in August 2015, from EUR7.6 million in
November 2012, and EUR12.1 million at closing in June 2005.

The unrated class F notes provide credit enhancement to the rated
class E notes.  The class E notes became the most senior tranche
outstanding after the class D notes fully redeemed in May 2015.
The redemption of this class of notes resulted in the available
credit enhancement for the class E notes increasing to 5.1% in
August 2015 from 1.7% in November 2012.

Since S&P's previous review, defaulted reference claims (90+ days
delinquencies and bankruptcies, reported to the trustee) have
continued to decline since their peak in late 2007, to
EUR5.2 million in August 2015 from EUR19.1 million in November
2007.  Of the current pool balance, 90+ day delinquencies and
bankruptcies increased to 4.29% in August 2015 from 2.68% in
November 2012, as the pool factor (the outstanding collateral
balance as a proportion of the original collateral balance)
declined to 7.4% from 31%, over the same period.

The transaction's recovery rates have remained stable since S&P's
previous review, averaging 79%.

S&P has assessed the likelihood of future losses for both the
performing and nonperforming parts of the collateral pool by
considering realized losses and delinquencies to date, and by
taking into account historical recovery rates in the portfolio.

S&P applied an originator adjustment of 10% to reflect
inconsistencies on the reported prior ranking balances.  S&P also
applied a valuation haircut (discount) of 20% to account for below
average sale prices of some foreclosed properties, compared with
the respective initial valuations.

The upgrade of the class E notes reflects this class of notes'
stronger ability to withstand future losses due to the higher
available credit enhancement.  S&P also considered this tranche's
exposure to a default in one or more loans in the pool, which
could affect credit stability.  This scenario may arise as the
transaction's pool factor decreases.

PROVIDE BLUE 2005-1 is a partially funded synthetic German
residential mortgage-backed securities (RMBS) transaction using
the Provide Platform provided by Kreditanstalt f=C2=81r Wiederaufbau
(AAA/Stable/A-1+).


WEPA HYGIENEPRODUKTE: S&P Raises CCR to 'BB'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on German tissue producer WEPA
Hygieneprodukte GmbH to 'BB' from 'BB-'.  The outlook is stable.

At the same time, S&P revised its recovery rating on WEPA's EUR327
million senior secured notes to '4' from '5', and therefore raised
the issue rating on the notes to 'BB' from 'B+'.  The recovery
rating of '4' indicates S&P's expectation of recovery in the
higher half of the 30%-50% range in the event of a default.

The upgrade follows WEPA's improving performance in 2015 and
reflects S&P's view that WEPA's financial risk profile will
continue to improve slightly in the coming years.  S&P now assess
WEPA's financial risk profile as significant compared with
aggressive previously and believe that the company can maintain a
ratio of funds from operations (FFO) to debt of 20% or higher from
2016.  The improvement will likely stem primarily from EBITDA
growth because WEPA's investments could remain high if it
continues to pursue expansionary and efficiency investments, as it
has done over the past few years.

WEPA's profitability has improved in 2015, thanks to its internal
efficiency program and price increases, fully offsetting
increasing costs for important raw materials such as pulp and
recovered paper.  S&P notes that WEPA has benefitted from its
conservative hedging of pulp prices and its foreign exchange
exposure, since the price of short-fiber pulp has been strong in
2015.  Although the hedges will expire gradually from the fourth
quarter of 2015, S&P thinks that WEPA's announced price increases
will compensate for the rising costs.  As a result, S&P thinks
that WEPA's reported EBITDA margins will be in the 13.3%-13.5%
range, compared with 12.8% for 2014 (excluding a EUR7.5 million
nonrecurring item).  Sales growth will likely emanate from
increasing volumes from a mill WEPA acquired in Troyes, France,
this year, which adds capacity of some 32,000 tonnes of paper
production and 40,000 tonnes of paper conversion.  S&P thinks
operating performance can improve further in 2016 as two new paper
machines in Lille and Giershagen become fully operational,
allowing for lower purchases of paper from third-party sources.

S&P's assessment of WEPA's business risk profile as fair
incorporates the group's exposure to volatile input costs for pulp
and recovered paper, WEPA's relatively small size and scope, and
sales that are mostly geared toward mature western European tissue
markets.  In addition, WEPA is exposed to some customer
concentration because its three largest customers account for more
than one-third of group sales.  This is, nevertheless, partly
offset by the long-term relationships WEPA has with those
customers.  Key factors supporting WEPA's competitive position
include the group's strong position in the private-label tissue
segment in Germany, stable and noncyclical end-customer demand, a
well-invested asset base, and focus on portfolio optimization and
profitability improvements.

WEPA's significant financial risk profile reflects S&P's view of
the group's relatively high, although recently improved, debt
leverage, stemming from the acquisition of Italy-based tissue
producer Kartogroup in 2009 and a tough trading environment in
2010-2011.  This assessment also reflects WEPA's historically
volatile operating cash flow generation, due to changes in input
costs.  These constraints are partly moderated by a financial
policy that S&P considers to be quite conservative, underpinned by
stable family ownership and a history of low dividend payments.

The stable outlook reflects S&P's expectation that WEPA will
continue to carefully improve operational performance through
internal efficiency programs and cost improvements.  S&P thinks
that WEPA will manage expansionary investments without disrupting
the supply-demand balance in the market or eroding its credit
metrics.  Furthermore, S&P thinks WEPA will maintain its
conservative financial policy, with the ratio of FFO to debt
staying at 20% or higher and debt to EBITDA well below 4x.

Ratings downside could materialize if operating performance were
to deteriorate, for example, due to rapidly increasing input
costs, stiffer competition, and poor pricing discipline in
European tissue markets.  This, combined with expensive, ill-timed
expansionary investments and negative returns on investments,
could result in credit metrics that are no longer commensurate
with a 'BB' rating.  A ratio of debt to EBITDA that stays at about
4x and FFO to debt well below 20% could lead to a downgrade.

Upside to the rating is currently unlikely, due to WEPA's small
size and relatively narrow scope, which limit the improvement
prospects for its business risk profile.  In addition, S&P thinks
WEPA's growth strategy, whereby it will use a large part of its
cash flow on investments, will constrain material strengthening of
the financial risk profile over the next few years.


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G R E E C E
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ERB HELLAS: S&P Raises Rating on EUR25BB Med-Term Program to 'C'
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected an error by raising
to 'C' from 'D' its short-term debt rating on these programs:

   -- ERB Hellas plc's/EFG Hellas (Cayman Islands) Ltd.'s
      EUR25 bil med-term Program 02/07/2000;

   -- EFG Hellas (Cayman Islands) Ltd.'s US $2 bil med-term
      Program 03/31/2008.

On Nov. 26, 2015, S&P raised its rating on Eurobank Ergasias'
senior unsecured debt to 'CCC+' from 'D' and S&P's issue rating on
the subordinated debt to 'CC' from 'D'.  However, due to an error,
S&P did not raise the short-term rating on the above programs to
'C' from 'D'.

Eurobank announced on Nov. 23, 2015, that through private funds it
had fully covered the capital shortfall emerging from the European
Central Bank's stress test.  Consequently, S&P understood that its
outstanding senior and subordinated liabilities will not be
subject to mandatory bail-in in the near term.


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H U N G A R Y
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HUNGARY: Fitch Says Operating Environment for Banks Improves
------------------------------------------------------------
Fitch Ratings says in a new report that that the operating
environment for banks in Hungary has improved, due to positive
developments in the economy and the government's intention to
facilitate a gradual normalization of the banking business
environment. The latter reflects the government's commitment to
the EBRD (in February 2015) to refrain from implementing new
onerous banking legislation and its decision to reduce the bank
levy in 2016 and then further in 2017.

The inflows of impaired loans at all three Fitch-rated banks
materially subsided in 1H15 due to the supportive operating
environment and already seasoned legacy loan portfolios. However,
a material improvement in loan portfolio quality will take time,
due to muted demand for new credit and the slow workout of
defaulted loans. Credit risks in the retail portfolios during the
same period were significantly reduced by the conversion of
foreign currency residential mortgages into forint and smaller
monthly loan installments. The latter was driven by the Act on
Settlements and new rules on loan pricing. The Issuer Default
Ratings (IDRs) and Support Ratings of Kereskedelmi es Hitelbank
Zrt (K&H), CIB Bank Zrt (CIB) and Erste Bank Hungary Zrt (EBH)
reflect Fitch's opinion of a high probability of support, if
required, from their respective sole shareholders - KBC Bank (A-
/Stable/a-), Intesa Sanpaolo S.p.A. (BBB+/Stable/bbb+) and Erste
Group Bank AG (BBB+/Stable/bbb+).

The Viability Ratings (VRs) of CIB (b-) and EBH (b) reflect their
weak standalone credit risk profiles, which are constrained by
weak asset quality and profitability. Both banks have reported
large annual losses since 2010 and CIB remains unprofitable on an
operating basis. The VRs of EBH and CIB also reflect their
moderate capital buffers, comfortable funding and liquidity.
K&H's much stronger standalone creditworthiness (bb) mainly
reflects the bank's fairly resilient asset quality and more
moderate risk appetite through the cycle, ample liquidity and
stable funding. However, K&H's VR also reflects a fairly high
impaired loans ratio and only adequate capitalization.


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I R E L A N D
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ALFA BOND: Fitch Affirms Assigns Final 'BB+' Rating on Eurobonds
----------------------------------------------------------------
Fitch Ratings has assigned Alfa Bond Issuance plc's (ABI) USD500
million 5% fixed rate senior limited recourse loan participation
notes issue, due November 27, 2018, a final 'BB+' rating.

ABI, an Irish SPV issuer of the notes, on-lent the proceeds to
Russian JSC Alfa-Bank (Alfa; Long-term local and foreign currency
Issuer Default Ratings (IDR) 'BB+'/Negative, Short-term IDR 'B',
Viability Rating 'bb+', Support Rating '4', Support Rating Floor
'B' and National Long-term rating 'AA+(rus)'/Stable).

There are no financial covenants in the facility agreement except
compliance with regulatory capital requirements. The terms of the
issue include an event of default clause in case the parent
company ABH Financial Limited (ABHFL, BB/Negative) or its
successor (in case of potential reorganization) ceases to control
more than 50% of Alfa. The loan/notes are not guaranteed by ABHFL.

KEY RATING DRIVERS
The rating of the issue is driven by Alfa's Long-term Issuer
Default Rating (IDR) of 'BB+'.

RATING SENSITIVITIES
The rating of the issue is likely to move in tandem with Alfa's
Long-term IDR. The Negative Outlook on Alfa's Long-Term IDRs
mirrors that on the Russian sovereign rating and reflects the
potential for the bank's ratings to be downgraded due to pressure
on financial metrics from the now recessionary environment. At the
same time, Alfa remains the highest-rated Russian privately-owned
bank, reflecting its good management and track record of
navigating through past Russian crises, and its currently strong
balance sheet and solid financial metrics.


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K A Z A K H S T A N
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VTB BANK: S&P Affirms 'BB/B' Counterparty Ratings; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term Kazakhstan national scale rating on VTB Bank
(Kazakhstan) to 'kzA' from 'kzA+'.

At the same time, S&P affirmed its 'BB/B' long- and short-term
counterparty credit ratings on the bank.  The outlook remains
negative.

The lowering of the national scale rating reflects S&P's view that
VTB Bank (Kazakhstan)'s asset quality is weakening.  This is
demonstrated by the increase of its nonperforming loans to 11.4%
of total loans on Oct. 1, 2015, under local standards, from 5.4%
at the beginning of the year.  S&P thinks that the loan
portfolio's quality will likely deteriorate further in 2016, given
the difficult economic conditions in Kazakhstan.  S&P also sees as
a risk the concentration of the loan portfolio, with the 20
largest borrowers accounting for 35% of total loans and 2.3x the
bank's total adjusted capital at midyear 2015.  Although this is
comparable with local peers' concentrations, it is still high in
an international comparison.

S&P also expects that the bank's capital ratios will be under
pressure over the next two years, despite a significant capital
injection of Kazakhstani tenge 7.375 billion (about $24 million)
that the bank expects to receive by the end of 2015.  S&P
forecasts its risk-adjusted capital ratio for the bank--before
adjustments for concentration and diversification--at 5.6%-6.6%
over the next 12-18 months, under the weight of elevated credit
costs of 3.0%-3.5% of total loans and a net operating margin of
6.0%-6.5%.

At the same time, S&P believes that VTB Bank (Kazakhstan) will
remain a highly strategic subsidiary of VTB Bank JSC and continue
receiving operational, managerial, and financial support from its
parent under almost all foreseeable circumstances.  As a result,
S&P has affirmed its global scale ratings on VTB Bank
(Kazakhstan).

The negative outlook on VTB Bank (Kazakhstan) mirrors that on the
bank's parent, Russia-based VTB Bank JSC.  Rating actions on VTB
Bank (Kazakhstan) would follow the rating actions on VTB Bank JSC.
This is because, in accordance with S&P's criteria, it rates
highly strategic subsidiaries one notch below the group credit
profile (GCP), which for VTB Bank JSC is currently at 'bb+'.
Therefore, S&P's assessment of group support remains the major
rating driver for VTB Bank (Kazakhstan).

S&P would lower its ratings on VTB Bank (Kazakhstan) if S&P
downgraded VTB Bank JSC, or if VTB Bank JSC were to show reduced
commitment to developing its business in Kazakhstan.

A positive rating action on VTB Bank (Kazakhstan) is unlikely at
the moment, given the negative outlook on the parent.  However, if
S&P was to take a positive rating action on the parent, it would
likely take a similar rating action on VTB Bank (Kazakhstan), as
long as S&P continues to consider it a highly strategic
subsidiary.


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L U X E M B O U R G
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BILBAO LUXEMBOURG: S&P Affirms 'B' CCR & Revises Outlook to Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Bilbao
(Luxembourg) S.A., the parent holding company for leading European
steel and aluminum waste recycler Befesa Medio Ambiente (BMA), to
positive from stable.  At the same time, S&P affirmed its 'B'
long-term corporate credit rating on Bilbao (Luxembourg).

In addition, S&P affirmed its 'CCC+' issue rating on Bilbao
(Luxembourg)'s EUR150 million payment-in-kind (PIK) toggle notes.
The recovery rating on this instrument is '6', indicating S&P's
expectation of negligible (0%-10%) recovery for creditors in the
event of a payment default.

Despite the low zinc and aluminum price environment, S&P expects
that BMA will show improved credit metrics in 2016, potentially
supporting a higher rating.  Over the last 12 months, S&P
witnessed a reduction in the overall risk of the group, stemming
from the completion of two major projects, voluntary redemption of
debt, and improvement in the Standard & Poor's-adjusted debt-to-
EBITDA ratio.  A change in the rating would ultimately hinge on
some recovery in zinc prices; better visibility into the company's
refinancing plans; and BMA's ability to maintain adjusted debt to
EBITDA close to or below 5x.

The group completed the construction of the secondary aluminum
smelter in Germany earlier this year, and it is about to finalize
the expansion of the zinc recycling facility in South Korea.  S&P
expects that the EBITDA from the two projects would be slightly
above EUR10 million in 2016.  In S&P's view, current uncertainty
in the market and low metal prices may have an impact on the
company's willingness to embark on new projects (for example, an
expansion of the zinc recycling facility in Turkey and the
secondary aluminum facility in the Gulf).

S&P anticipates moderate capital expenditure (capex) in the coming
years under S&P's base-case forecast, with relatively stable or
slightly higher EBITDA, leading to free operating cash flows of
about EUR65 million-EUR70 million in 2016, and with further upside
in 2017.  S&P understands that the current capital structure
restricts the private equity owner, Triton Partners, from
extracting material dividends.  As a result, BMA may accumulate
more cash and take more opportunities to redeem expensive
instruments (like the EUR20 million Hankook facility the company
redeemed in the second quarter of the year).  These actions would
bolster the company's credit metrics.  The main facilities in the
capital structure (EUR300 million senior unsecured notes and
EUR150 million PIK notes) are only due in 2018 and bear interest
rates of more than 8.5%.

Under S&P's base-case scenario, it projects Bilbao's Standard &
Poor's-adjusted EBITDA to be EUR145 million in 2015 and EUR155
million-EUR165 million in 2016, compared with EUR135 million in
2014.  These assumptions underpin S&P's estimates:

   -- Zinc prices of $0.9/lb for 2015 and $0.95/lb for 2016.
      Currently, zinc is traded at $0.70/lb; if this persists,
      S&P could trim its 2016 EBITDA forecast by EUR20 million-
      EUR25 million.

   -- Aluminum prices of $0.75/lb for 2015 and 2016.  Currently,
      aluminum is traded at $0.65/lb.  Small EBITDA contribution
      from the expansion of the Korean facility in 2016.

   -- A deterioration in the EBITDA margin in 2015 to about 18%
      from a peak level of 21.6% in 2014, and EBITDA margin of
      about 19% in 2016.  Peak capex of about EUR55 million in
      2015, declining to about EUR40 million in 2016.  This
      figure takes into account maintenance capex of about EUR15
      million and investment of EUR25 million in the expansion of
      the Turkish facility in 2016.  Relative small amount of
      cash upstreamed, sufficient to repay the interest on the
      EUR150 million PIK loan.

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

   -- Funds from operations (FFO) of about EUR95 million in 2015,
      improving to about EUR110 million-EUR115 million in 2016.

   -- Debt to EBITDA slightly above 5x by the end of 2016 (or
      about 4.x excluding the deeply subordinated EUR257 million
      notes that are located at the ultimate parent company).

In S&P's view, the poor financial position of Abengoa, Befesa's
former owner, could result in Triton redeeming the EUR257 million
convertible notes Abengoa lent to the ultimate parent of BMA.
This scenario is one of several and there is no clear impact on
the group's leverage, as Triton may use the opportunity to make
additional changes in the capital structure of the entire group.

The positive outlook reflects a one-in-three probability of S&P
raising the rating on Bilbao (Luxembourg) to 'B+' in the next 12
months.

Despite the current low zinc and aluminum prices, an upgrade is
possible if the group maintains a supportive financial policy,
adequate liquidity, and further improvement of adjusted debt to
EBITDA close to or below 5x.  It would also require S&P having
visibility regarding the company's prospective refinancing plans,
as BMA will need to deal with maturities of about EUR450 million
in 2018.

S&P will revise the outlook back to stable if the group's adjusted
debt to EBITDA goes back to 6x.  This could be the case if the
group:

   -- Embarks on large-scale capex programs or makes a midsize
      acquisition, or

   -- Refinances the current capital structure while adding more
      debt.


CLARIS SME 2015: DBRS Keeps BB(sf) Rating on Class B Debt
---------------------------------------------------------
DBRS Ratings Limited released a report on Claris SME 2015 S.r.l.
that provides further detail on the recent assignment of its
ratings.

Issuer                 Debt Rated     Rating Action    Rating

Claris SME 2015 S.r.l.      Class A Notes  New Rating    A (high)
(sf) Claris SME 2015 S.r.l. Class B Notes  New Rating    BB (sf)


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M A C E D O N I A
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SKOPJE MUNICIPALITY: S&P Affirms 'BB-' ICR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' issuer
credit rating on the Macedonian capital, the Municipality of
Skopje.  The outlook is stable.

RATIONALE

The affirmation reflects S&P's view that Skopje's steady economic
development and tight control over operating spending will support
the city's budgetary performance.  The ratings are constrained, in
S&P's view, by the volatile and unbalanced institutional framework
under which it operates, weak financial management, a weak
economy, with national GDP per capita estimated at US$4,500 in
2015, weak budgetary flexibility, and high contingent liabilities.

The rating is supported by Skopje's average budgetary performance
with consistently sound operating balance.  Its tax-supported debt
remains low, albeit gradually increasing.  S&P currently views the
city's liquidity position as strong.  It has been boosted in the
current year by higher revenues, the quantum of which in future
years is hard to predict.

S&P's assessment of the city's stand-alone credit profile is
'bb-', the same as the issuer credit rating.

S&P views Skopje's revenue and expenditure flexibility as limited,
owing to the central government's control over municipalities'
finances within the context of the institutional framework in
which Macedonian municipalities operate.  A high proportion of
revenues still depends on central government decisions, such as
setting the base or range for most local tax rates.

The volatility of the real estate market further constrains the
predictability of the municipality's budgetary performance.  About
one-third of Skopje's revenues come both directly and indirectly
from real estate sales.

S&P views the city's financial management as weak.  The
municipality lacks medium-term financial planning for the core
budget and its enterprises, and S&P regards its annual budgeting
as unrealistic.  Nevertheless, the city government has a tight
grip on operating spending, and arranges funding from multilateral
financial institutions directly and via the state treasury in
advance.

Skopje's wealth levels are well below the international average.
S&P projects national GDP per capita to average just US$4,600 over
2015-2017.  Nevertheless, S&P acknowledges the relative strength
of the city's economy, hosting the manufacturing units of export-
oriented foreign companies as well as national companies that that
tend to be headquartered in Skopje.  S&P also expects the local
economy to gradually expand in line with the national economy,
achieving annual GDP growth of about 3% over 2015-2017.

S&P believes that these steady economic developments are likely to
buoy the city's budget performance.  S&P projects the operating
surplus to stay around a high of 22% of operating revenues over
2015-2017.  The surge in maintenance costs didn't lead to a modest
reduction in the city's operating surplus, as S&P earlier
expected, because it was more than offset by the direct and
indirect revenues generated through the sale of offices and land
this year.

S&P notes that Skopje has delayed the implementation of some
infrastructure projects.  As a result, its debt has accumulated
more gradually than S&P previously expected.  The one-off
exceptional performance this year temporarily reversed this trend.
Nevertheless, in S&P's base-case scenario, it assumes that the
city's investment in transport infrastructure and real estate will
cause its deficit after capital accounts to increase to an average
of 7.4% over 2016-2018 compared with 6.9% in 2012-2013, leading to
steady debt growth.

The central government has only recently allowed Macedonian
municipalities to take on debt, and borrowing limits are gradually
being relaxed.  S&P forecasts that Skopje's tax-supported debt
will increase to 27% of consolidated operating revenues by year-
end 2017 and over 30% by year-end 2018 in S&P's base-case
scenario.

Skopje's municipal company sector constitutes a credit weakness,
in S&P's view.  Several municipal companies have investment needs
and large payables, although these are set to decrease.
Additional contingent liabilities may come from the municipality's
plans to foster infrastructure development through public-private
partnerships.

LIQUIDITY

S&P regards Skopje's liquidity as strong.  S&P bases its
assessment on the combination of the city's very strong, but
volatile, debt service coverage ratio, strong internal cash-flow
generating capability, and limited access to external liquidity.

S&P expects the city's average cash holding, adjusted for the
deficit after capital accounts, to cover about 230% of debt
service falling due over the next 12 months, up from 93% in the
previous 12 months.  Nevertheless, S&P deems this surge in
liquidity to be temporary.  S&P believes it will return to the
usual adequate trend in 2017.  Skopje holds its cash in an account
at the state treasury.

Moreover, the city's internal cash flow-generating capability
remains strong, with an operating balance before interest that
exceeds its annual debt service by 5x.

These positive factors are mitigated by the city's access to
external liquidity, which S&P views as limited owing to the
relatively immature local banking system and capital markets for
municipal debt.

OUTLOOK

The stable outlook reflects S&P's expectations that the city will
retain control of operating expenditures and fund its investment
projects through borrowing.  By doing so, it should preserve its
sound operating surplus.

S&P could lower the rating on Skopje within the next 12 months if
its liquidity position becomes structurally weaker.  As S&P's
downside scenario indicates, relaxed control of operating spending
and increased investments would weaken the city's budgetary
performance and cause the deficit after capital accounts to exceed
5% of revenues.

If S&P was to raise the rating on the Republic of Macedonia, S&P
could raise the rating on Skopje within the next 12 months if it
met the assumptions embedded in S&P's upside scenario.  These
include higher revenues from property taxes and fees for
construction land, paving the way for stronger budgetary
performance, deficits below 5% of revenues, and a build-up of cash
reserves that consistently exceeds annual debt service.

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

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

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

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

RATINGS LIST

                                     Rating
                                     To              From
Skopje (Municipality of)
Issuer credit rating
  Foreign and Local Currency         BB-/Stable/--  BB-/Stable/--


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N E T H E R L A N D S
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MESDAG DELTA: S&P Affirms B- Ratings on 3 Note Classes
------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative its credit ratings on the class A senior, B mezzanine, C
mezzanine, and D junior notes in MESDAG (Delta) B.V.

On Oct. 27, 2015, S&P placed on CreditWatch negative its ratings
on these classes of notes because S&P understood that the issuer
may not apply principal collections after the December 2016 loan
maturity date sequentially.

After investigating the matter with the relevant transaction
parties, S&P has received confirmation that, in their view,
principal collections after the loan maturity date would result in
the remaining classes of notes amortizing sequentially, rather
than pro rata, which would have potentially exposed all the
classes of notes to principal losses.  S&P has therefore removed
from CreditWatch negative its ratings on the class A senior to D
junior notes.

MESDAG (Delta) is a single-loan Dutch commercial mortgage-backed
securities (CMBS) transaction that closed in July 2007, with an
initial note balance of EUR638.4 million.  It is secured on 57
Dutch commercial properties.

RATINGS LIST

MESDAG (Delta) B.V.
EUR638.4 mil commercial mortgage-backed floating-rate notes
                                Rating
Class           Identifier      To           From
A sr            XS0307565928    BB- (sf)     BB- (sf)/Watch Neg
B mezz          XS0307574599    B- (sf)      B- (sf)/Watch Neg
C mezz          XS0307576701    B- (sf)      B- (sf)/Watch Neg
D jr            XS0307578749    B- (sf)      B- (sf)/Watch Neg


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P O L A N D
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TVN SA: S&P Raises CCR to 'BBB' From 'B+'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Polish TV operator TVN SA to 'BBB' from 'B+'.
S&P also raised the long-term rating on TVN's parent company,
Polish Television Holding B.V. (PTH), to 'BBB' from 'B-'.  The
outlook on both entities is stable.

S&P also raised its issue rating on TVN's senior unsecured notes
due in 2020 to 'BBB' from 'B+'.  S&P withdrew the issue ratings on
PTH's senior toggle notes due in 2021 and TVN's senior unsecured
notes due in 2018 on their redemption.

At the same time, S&P removed all ratings from CreditWatch, where
it placed them with positive implications on March 20, 2015.

The rating actions follow U.S.-based cable network operator
Scripps Networks Interactive Inc.'s (BBB/Stable/--) completed
acquisition of PTH and TVN.  S&P believes that PTH and TVN will
remain core subsidiaries of Scripps, and, as per S&P's criteria,
it equalizes its ratings on TVN and PTH with that on their parent
company.  In addition, PTH's and TVN's outstanding debt has
reduced materially in 2015, and S&P expects further deleveraging
at TVN.  Moreover, S&P assumes that Scripps will fully
Integrate -- operationally and legally -- PTH and TVN into the
group going forward.

Over the course of 2015, Scripps initially acquired 100% of PTH,
which in turn held about 53% of TVN. Scripps then increased its
share in TVN to 100% through two tender offers.  In July, Scripps
assumed EUR300 million 11%/12% senior payment-in-kind (PIK) toggle
notes due in 2021 issued by PTH.  TVN fully redeemed EUR117
million 7.875% senior unsecured notes due in 2018 (at 102%) in
November.  Also, in September-November, TVN executed 20% optional
redemption of its 7.375% senior unsecured notes due in 2020 at
103% in the total principal amount of about EUR86 million, using
cash from the balance sheet and intercompany loans from Scripps.
S&P understands that Scripps intends to eliminate TVN's external
debt by the end of 2016.  Therefore, S&P anticipates that TVN will
fully repay its external debt -- the remaining senior unsecured
notes due in 2020 of about EUR344 million -- by the end of 2016
with its own cash from the balance sheet and intercompany loans.

S&P now regards PTH and TVN as core subsidiaries of Scripps,
primarily based on Scripps' full ownership of PTH and TVN, the
parent's support toward repayment of the two entities' entire
capital structure, and our expectations that PTH and TVN will be
fully integrated within Scripps over the coming months.
Additionally, TVN's and PTH's core status within the group is
supported by S&P's view that TVN's operations (and that of PTH)
are integral to Scripps, and TVN's business will be operated as a
division of the group.  Furthermore, TVN's risk management will be
closely linked to that of Scripps.  Overall, S&P believes that
Scripps is committed to support TVN over the longer term.

The stable outlook on TVN and PTH mirrors S&P's outlook on
Scripps, based on S&P's view that TVN and PTH will remain core
subsidiaries of Scripps.

S&P expects that Scripps will maintain adjusted leverage below
S&P's 3x threshold.  Although adjusted leverage will be above 3x
at the end of 2015, S&P expects Scripps will decrease leverage to
below 2.5x in 2016--in line with its publicly stated leverage
target of 2.0x-2.5x.  The stable outlook on Scripps also reflects
S&P's expectation that the company will face minimal challenges
with its integration of TVN.

S&P could lower the ratings on Scripps, and in turn on PTH and
TVN, if Scripps' adjusted leverage remains above 3x.  This could
occur with a debt-financed acquisition of the 31% stake in the
Food Network that Scripps does not own.  Alternately, S&P could
lower the ratings if Scripps' business trends weaken significantly
and it becomes clear that the company's core networks are no
longer key components of the cable bundle.  This could occur if
audience ratings were to decline materially, which over time,
could lead to advertising revenue declines, pressure on affiliate
fees, and depressed segment margins.

S&P could raise the ratings if Scripps broadens its cable network
business appreciably (likely through acquisitions) and manages its
balance sheet to achieve and maintain leverage of 2x or lower.
However, S&P believes this would require management to shift to a
more conservative financial policy than what it has stated to the
markets.


ZABRZE CITY: Fitch Affirms 'BB+' Long-Term Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed the Polish City of Zabrze's Long-term
foreign and local currency Issuer Default Ratings (IDR) at 'BB+'
and National Long-term rating at 'BBB+(pol)'. The Outlooks are
Stable.

The affirmation reflects our unchanged view that Zabrze's
operating performance will remain sufficient for full debt
servicing in the medium term.

KEY RATING DRIVERS

The 'BB+' rating reflect the operating balance covering the debt
service and the moderate, albeit expected to increase, net overall
risk and the still weak liquidity.

"We project the city's operating margin will be 7%-8% in 2016-2017
and the operating balance covering debt service by at least 1.3x
(2014: 1.5x). For 2015, we expect the operating margin to
deteriorate below 7% (2014: 7.7%) due to the unforeseen increase
of operating expenditure that will not be compensated by higher
tax revenues and transfers received. A weaker current balance and
the negative capital balance due to large investments will lead to
a historically high budgetary deficit of 12% of total revenue in
2015, to be mainly debt covered.

"We expect that Zabrze's direct debt may remain at a still
moderate level of 50%-60% of current revenue in 2015-2017 although
it will grow above the 2010-2014 average of 42% of current
revenue. Nominally direct debt may rise by 20% to PLN410m in 2015
to cover the high budgetary deficit expected in 2015. Further debt
increases are unlikely due to our projected balanced budgets in
2016-2017 and debt limit constraints.

"The city decided to pre-finance EU grants of PLN10 million in
2015. The grants' receipt has been postponed to 2016 but the
investment spending will be made in 2015. The bonds should be
repaid in full from the EU grants received and should not pose a
burden for Zabrze's budget. To finance investments under the EU
budget for 2014-2020, the city decided to rely more on advance
payments from the EU instead of refinancing as it did previously.
This should improve the city's still weak liquidity.

"Zabrze's indirect risk, eg. the debt of municipal companies and
guarantees issued by the city will peak at PLN310 million at end-
2016 from PLN206 million at end-2014. Thereafter it should
stabilize according to our projections. The already high indirect
risk to direct debt ratio of 60% in 2014 will increase to about
80% in 2016-2017. The increase results from the financing of the
reconstruction of the city's football stadium by Stadion w Zabrzu
Sp. z o.o. and from the bonds issued by the football company
Gornik Zabrze, guaranteed by the city.

"Zabrze's payments relating to the stadium project could increase
to about PLN30 million annually in 2016-2017, up from PLN24
million in 2015 due to the extension of construction works. We
assume that for the football club the city will spend (equity
injections and guarantee payments) about PLN13 million annually in
2016-2017 to assist the financially very weak company. This means
that about 33% of the projected city's capex in 2016-2017 will be
spent for those shareholdings, reducing the city's capex finance
flexibility," Fitch said.

RATING SENSITIVITIES

An improvement of Zabrze's operating performance on a sustained
basis with operating margins at 8%-9% coupled with net overall
risk stabilization below 100% of current revenue (2014: 91% and
for 2015 expected 109%) would lead to an upgrade.

The ratings could be downgraded if the operating margin falls
below 2%, leading to a debt payback ratio exceeding 20 years
and/or net overall risk growth significantly above 100% of current
revenue.

KEY RATING ASSUMPTIONS

Fitch assumes an unchanged time and cost schedule for the city's
and its companies investments in 2015.


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OCIDENTAL COMPANHIA: S&P Affirms 'BB+' Rating, then Withdraws
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its long-
term counterparty credit and insurer financial strength ratings on
the Portugal-based subsidiaries of the Belgian insurance group
Ageas.  In particular, S&P affirmed its 'BBB' ratings on Medis
Companhia Portuguesa de Seguros de Saude, S.A. and Ocidental
Companhia Portuguesa de Seguros S.A. (OCS), and S&P's 'BB+' rating
on Ocidental Companhia Portuguesa de Seguros de Vida S.A. (OCV).

All ratings were then withdrawn at the issuers' request.  The
outlook on all the ratings was stable at the time of withdrawal.

At the time of the withdrawal, S&P rated Medis and OCS at 'BBB',
two notches above the sovereign ratings on Portugal
(BB+/Stable/B), in accordance with S&P's criteria.  This
differential reflected the 'bbb' indicative stand-alone credit
profiles of Medis and OCS as well as their ability to pass S&P's
"Rating Above the Sovereign" (RAS) test.

The 'bbb' indicative stand-alone credit profiles on Medis and OCS
reflected S&P's view of their fair business risk profile and
moderately strong financial risk profile, mostly driven by above-
market average growth and performance, an average credit quality
of their diversified investment portfolio commensurate with a
'BBB' rating level (above S&P's ratings on Portugal), and the
insurers' extremely strong capital adequacy.

The 'BB+' ratings on OCV were in line with the company indicative
stand-alone credit profile of 'bb+' and reflected its fair
business risk profile and less-than-adequate financial risk
profile.  Its capital adequacy was negatively affected by the
significant dividend upstream in 2013 and 2014 (total EUR546
million), and S&P estimated that OCV's 2015 year-end
capitalization were likely to show a deficiency at the 'BBB'
level.  A EUR120 million subordinated loan underwritten by its
immediate parent company Milleniumbcp Ageas (not rated), does not
meet S&P's criteria to count as additional equity.  However, the
loan supports S&P's view of OCV's strengthened financial
flexibility.  The improved economic, credit, and financial
conditions in Portugal over the past months have also boosted
S&P's view of OCV's overall risk position.  The average credit
quality of the investment portfolio of OCV continued to be
commensurate with a 'BB' rating level (in line with S&P's ratings
on Portugal).  Owing to its material exposure to Portuguese
investments versus both its total investments and regulatory
capital, OCV did not qualify to be rated above the Portuguese
sovereign ratings.

S&P continued to regard the three companies as strategically
important subsidiaries of the parent Ageas (core companies of the
Ageas group are rated A/Stable/--).  However, S&P's ratings on the
Portuguese subsidiaries did not include any explicit parent group
support owing to the level of their indicative stand-alone credit-
profiles and the sovereign ratings on Portugal.  S&P's view of the
importance of the Portuguese market to the Ageas group was
nevertheless confirmed by Ageas' recent moves to acquire Axa
Portugal, subject to final regulatory approval.  S&P's assumption
is that the potential costs of this acquisition will be borne by
the parent in Belgium and not by Medis, OCS, or OCV.


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KRASNOYARSK KRAI: S&P Affirms 'BB-' ICR; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
issuer credit rating on Krasnoyarsk Krai, a region in Eastern
Siberia in Russia.  The outlook is negative.

At the same time, S&P affirmed the 'ruAA-' Russia national scale
rating on Krasnoyarsk Krai.

RATIONALE

The ratings on Krasnoyarsk Krai mainly reflect S&P's view of
Russia's volatile and unbalanced institutional framework and the
region's weak economy that is subject to high concentration,
although S&P views of the krai's long-term growth prospects as
favorable.  S&P also factors in to its ratings the krai's weak
budgetary flexibility and S&P's assessment of its financial
management as weak in an international context.  The weak
budgetary performance and the krai's less-than-adequate liquidity
also put pressure on the ratings.  The ratings are supported by
S&P's view of the krai's low, albeit growing, debt burden and very
low contingent liabilities.  The long-term rating is at the same
level as S&P's 'bb-' assessment of the krai's stand-alone credit
profile.

S&P continues to view Krasnoyarsk Krai's economy as weak in an
international comparison.  Over the next few years, S&P thinks
wealth will remain low by international standards.  S&P estimates
that gross regional product per capita will decline to about
US$8,500 in 2015-2017 from US$13,000 on average in 2012-2014,
purely due to the sharp ruble depreciation.  S&P also believes
that the economy will remain highly concentrated on oil and metal
production.  At the same time, S&P thinks that Krasnoyarsk Krai
has better long-term growth prospects than peers thanks to its
abundant natural resources.

Commodity exports continue to dominate the krai's economy.  In
S&P's view, the dependence on metals and mining group Norilsk
Nickel and oil company Rosneft, which both operate in cyclical
industries, exposes the krai's budget revenues to the volatility
of world commodity prices and to changes to the national tax
regime.  S&P estimates that in the next few years these two
companies will remain the krai's largest taxpayers, contributing
about 20% of total tax revenues.

Under Russia's volatile and unbalanced institutional framework,
S&P views Krasnoyarsk Krai's budgetary flexibility as weak.
Regions' budget revenues largely depend on the federal
government's decisions regarding tax legislation, tax rates, and
the distribution of transfers.

Krasnoyarsk's modifiable revenues account for about 6% of
operating revenues.  Leeway is also restricted on the expenditure
side, especially due to its high share of social spending, which
has expanded in recent years, owing to the need to raise public
wages in line with federal government mandates.  Although the
federal government softened its spending targets for regions in
2016, spending pressure is likely to stay high due to some
infrastructure development needs.

"In our base-case scenario, we continue to expect that, over the
next three years, the krai's budgetary performance will remain
weak on average, despite our expectation for gradual improvement
compared with very weak 2012-2014 results.  We anticipate the
operating balance will turn positive in 2015, equaling about 3% of
operating revenues in 2015-2017.  The deficit after capital
accounts will likely narrow to about 9% of total revenues in 2015
froma high 19% in 2013-2014, and will further improve to about 7%
on average in 2015-2017.  Under our base-case scenario, we assume
a strong recovery in tax revenues in 2015, and continued cost-
reduction measures by the krai's financial management over the
next three years.  We believe that Krasnoyarsk Krai's capital
spending will increase given that the region will host 2019
University Games (Universiade).  However, this will have a neutral
effect on the region's budgetary performance, since most of the
spending will be cofinanced by the federal government," S&P said.

Debt will continue to build in 2015-2017, in S&P's view, although
at a slower pace than in 2012-2014.  S&P forecasts Krasnoyarsk
Krai's tax-supported debt at about 58% of consolidated operating
revenues by the end of 2017, with interest payments not exceeding
5% of operating revenues.  Although the debt burden will remain
low compared with international peers', it will translate in
relatively high debt service at 15%-17% in 2016-2018 due to short-
to medium-term debt maturities.

S&P assess Krasnoyarsk Krai's contingent liabilities as very low.
S&P estimates the debt and payables of government-related entities
that the krai owns at less than 5% of its operating revenues, and
S&P believes they are unlikely to require significant
extraordinary financial support.  The municipal sector is also
generally healthy financially.

S&P views Krasnoyarsk Krai's financial management as weak in an
international comparison, as S&P do for most Russian local and
regional governments (LRGs).  In S&P's view, the krai lacks
reliable long-term financial planning and doesn't have sufficient
mechanisms to counterbalance the volatility that stems from the
concentrated nature of its economy and tax base.  Also, in S&P's
view, the management has only recently started implementing
tighter control over spending growth.

LIQUIDITY

S&P views Krasnoyarsk Krai's liquidity as less than adequate.  S&P
expects that in the next 12 months the krai's debt service
coverage will be adequate, based on S&P's estimate that average
free cash net of deficits after capital accounts, together with
committed credit facilities, will cover about 100% of annual debt
service.

At the same time, S&P incorporates the krai's limited access to
external liquidity in S&P's overall assessment.  This is due to
the weaknesses of the domestic capital market, and applies to all
Russian LRGs.

Over the past 12 months Krasnoyarsk Krai maintained average cash
at about Russian ruble (RUB) 7.2 billion (about US$111 million).
S&P expects that over the next 12 months average free cash net of
the deficit after capital accounts will equal about RUB3.5
billion, covering only 20% of the krai's annual debt service.  At
the same time, Krasnoyarsk Krai will also continue to rely on
committed credit facilities, as it has done over the past few
years.  As of Nov. 20, 2015, it had RUB11 billion of contracted
and undrawn lines.  The federal government has also committed to
provide the region with budget loans equivalent to half of its
commercial debt redemption.  It has already provided RUB8.8
billion to the krai, and we expect it will provide a similar
amount in 2016.  S&P forecasts that available cash together with
bank lines will cover about 100% of annual debt service in the
next 12 months.

At the same time, S&P notes that in 2015-2017, debt service will
reach a high 15%-17% of operating revenues on average, owing to
increasing bond and bank loan maturities and rising interest
costs.  Although S&P assumes that the federal government will
provide about RUB9 billion of low-interest three-year budget loans
to the krai in 2016, S&P believes the relief will be only
temporary, and over the next few years, refinancing risks will
remain high.

OUTLOOK

The negative outlook reflects S&P's view that Krasnoyarsk Krai's
volatile tax revenues and constrained capacity to implement cost-
cutting measures might lead to consistently large deficits after
capital accounts, which would put further pressure on liquidity.

S&P could lower the ratings within the next six months if, in line
with S&P's downside scenario, Krasnoyarsk Krai's liquidity
position deteriorates and the debt service coverage ratio falls
below 80% as a result of larger deficits or insufficient bank
lines.  Under such a scenario, S&P would revise down its
assessment of the krai's liquidity to weak.

S&P could revise the outlook to stable within the next six months
if, in line with S&P's base-case scenario, Krasnoyarsk Krai's
currently weak budgetary performance improved gradually, with a
consistently positive operating balance and balance after capital
accounts below 10%, and if the debt service liquidity coverage
remained above 80%.

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

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

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

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

RATINGS LIST

                               Rating
                               To                 From
Krasnoyarsk Krai
Issuer credit rating
  Foreign and Local Currency   BB-/Neg./--        BB-/Neg./--
  Russia National Scale        ruAA-/--/--        ruAA-/--/--


KRASNOYARSK REGION: Fitch Affirms 'BB+' Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has revised the Russian Krasnoyarsk Region's Outlook
to Negative from Stable and affirmed its Long-term foreign and
local currency Issuer Default Ratings (IDRs) at 'BB+'.

The agency has also affirmed the region's Short-term foreign
currency IDR at 'B' and National Long-term rating at 'AA(rus)'.
Krasnoyarsk region's outstanding senior unsecured domestic bonds
have also been affirmed at 'BB+' and 'AA(rus)'.

"The revision of Outlook to Negative from Stable reflects our
changed baseline view regarding the region's fiscal performance
over the medium term. We no longer expect a recovery of the
region's key credit metrics in 2015-2017. Krasnoyarsk region's
fiscal performance is likely to be negatively affected by Russia's
prolonged economic slowdown," Fitch said.

KEY RATING DRIVERS

The Outlook revision reflects the following rating drivers and
their relative weights:

HIGH

Fitch no longer expects Krasnoyarsk to restore its fiscal
performance over the medium term. According to our updated
baseline scenario the region is likely to post an operating
surplus of 4%-5% against the 7%-10% expected previously. Despite
an expected improvement in operating balance to RUB6 billion-RUB7
billion in 2015-2017 (2014: RUB3 billion), it would remain
insufficient to cover interest payments, leading to a consistently
negative current balance.

"We expect the region to post a deficit before debt variation of
8%-10% of total revenue in 2015-2017 (2014: 15%), as opposed to
the previously expected 3%-5% deficit. In Fitch's view structural
imbalances will likely prevail over the medium term, limiting
recovery prospects. Tax revenue is unlikely to see rapid growth
due to changes in fiscal regulations and a depressed macro-
economic environment. Additionally, the region's operating
expenditure is rigid, with current transfers and staff salaries
historically averaging about 90% of operating expenditure,"
Fitch said.

Fitch expects the region to cut its capex to about 10% of total
spending in the medium term, from an already lowered level of 15%
in 2014 (historical average of 26% annually in 2009-2013). The
region has completed most of its large-scale infrastructure
development projects that were funded in 2009-2013.

In the updated scenario we expect Krasnoyarsk region's direct risk
to increase above 50% of current revenue in 2015-2017 (2014: 47%).
The region's direct risk in absolute terms is forecast to increase
to RUB84 billion by end-2015 (2014: RUB67 billion). The region's
debt stock as of end-October 2015 was 66% composed of domestic
bonds, followed by bank loans (18%) and federal budget loans
(17%). The region's debt maturity profile is stretched till 2034.

MEDIUM

Fitch expects continued pressure on the region's fiscal
flexibility to persist over the medium term, despite its sound
economy and increased tax capacity. This is because new fiscal
regulation fails to compensate via transfers for inadequate
distribution of tax revenues from the federal government.

A weak institutional framework for Russian subnationals is a
constraint on the region's ratings. Frequent changes to the
allocation of revenue sources and assignment of expenditure
responsibilities between the tiers of government limit the
region's forecasting ability and negatively affect its fiscal
capacity and financial flexibility.

Krasnoyarsk region's ratings also reflect the following key rating
drivers:

Macro-economic trends in Russia remain negative. In our revised
forecasts we expect the economy to contract 4% in 2015 (3.5%
previously), due to weak oil prices and sanctions imposed by the
US and EU. Krasnoyarsk's administration in its draft 2016-2018
budget law expects the local economy to shrink 1%-2% in 2015, and
sees weak growth prospects in 2016-2017.

The region's strong industrial profile supports above-national
average wealth metrics, while economic prosperity is historically
linked to the power generation, oil and other natural resources
and non-ferrous metallurgy sectors. Recent commodity price
fluctuation and changes in fiscal regulation directly affecting
prime sectors have depressed the region's fiscal capacity through
reduced tax revenue.

The region's taxation revenue remains concentrated in the top 10
taxpayers, which contributed 45% of consolidated tax revenue in
2013-2014. The list of major taxpayers includes PJSC MMC Norilsk
Nickel (BBB-/Negative/F3), Polyus Gold International Limited (BBB-
/Negative/F3), Boguchanskaya HPP, Krasnoayrsk HPP and Rosneft.

RATING SENSITIVITIES

A consistently negative current balance in the medium term,
accompanied by continuous rapid growth of direct risk, could lead
to a downgrade.


VOLZHSKIY CITY: Fitch Affirms 'B+' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed the Russian City of Volzhskiy's Long-
term foreign and local currency Issuer Default Ratings (IDRs) at
'B+' with Stable Outlooks and a Short-term foreign currency IDR at
'B'. The agency also has affirmed the city's National Long-term
rating at 'A-(rus)' with Stable Outlook.

The city's outstanding senior unsecured debt has also been
affirmed at 'B+'/'A-(rus)'.

The affirmation reflects Fitch's unchanged expectation of the
city's weak operating performance in 2015-2017 but stable debt
levels.

KEY RATING DRIVERS

The 'B+' rating reflects the small size of Volzhskiy's budget and
the city's high dependence on the decisions of the regional and
federal authorities, which lead to volatile performance and low
shock resilience. The ratings also reflect the city's weak
liquidity, short-term direct risk, albeit moderate in absolute
terms and the recovery of the city's budgetary performance in 2014
and 2015.

Fitch expects Volzhskiy's operating margin to stabilize at 3%-4%
and the current margin to be close to zero in 2015-2017, while the
deficit before debt will narrow to RUB115 million in 2015 from
RUB140.7 million a year earlier. The city intends to balance the
budget over the medium term and Fitch projects a gradual narrowing
of the deficit before debt variation to 0.5%-1% of total revenue
in 2016-2017 from an average 2.6% in 2014-2015.

Volzhskiy's operating performance recovered strongly in 2014 with
an operating margin of 5.8%, compared with a negative 4% in 2012
and 2013. This was driven by a near doubling of current transfers
from Volgograd Region (B+/Stable/B), which compensated for the
city's tax revenue decline. Over the last three years, the city
has lost 10pp of its personal income tax (PIT) share in return for
the transfer of healthcare expenditure and staffing costs for pre-
school education to the regional budget.

Fitch expects Volzhskiy's direct risk to represent a moderate 38%
of current revenue by end-2015 (end-2014: 36%). Fitch expects the
city's absolute direct risk to remain constant or marginally
increase in 2016-2017, but to reduce relative to current revenue.
Despite its moderate overall debt burden, the city is highly
exposed to on-going refinancing pressure given its weak cash
position and high proportion of short-term bank loans due within
the next 12 months.

The city in early 2015 issued RUB300 million domestic 2020 bonds
to lengthen its debt maturity profile. The new bonds accounted for
27% of direct risk at November 1, 2015, and partly mitigate
refinancing pressure. However, the city faces a repayment of
RUB665m of bank loans (60% of direct risk) in 2016 and Fitch will
closely monitor its ability to cope with refinancing risk.

With 326,720 inhabitants, Volzhskiy is the second-largest city in
the Volgograd region after the regional capital, the City of
Volgograd. The city's economy is dominated by processing
industries and, together with the City of Volgograd, forms a
strong regional industrial agglomeration. In 2014, the region's
economy grew only 0.5% in real terms following the deterioration
of the domestic economy.

RATING SENSITIVITIES

An improvement in budgetary performance with a sustainable
positive current balance, and maintenance of moderate direct risk,
could lead to an upgrade.

Significant growth in direct risk above 70% of current revenue
with continuing reliance on short-term debt, along with a weak
operating balance insufficient to cover interest payments, would
lead to a downgrade.


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BEFESA ZINC: S&P Revises Outlook to Positive & Affirms 'B' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised the
outlook on Spain-based steel dust recycler Befesa Zinc S.A.U. to
positive from stable.  S&P affirmed the 'B' long-term corporate
credit rating.

At the same time, S&P affirmed its 'B' issue rating on Befesa's
EUR300 million senior secured proceeds loan, and S&P's 'B' issue
rating on special-purpose vehicle Zinc Capital S.A.'s 8.875%
secured notes.  The recovery rating on the EUR300 million senior
secured proceeds loan remains unchanged at '3', reflecting S&P's
expectation of meaningful recovery prospects in higher half of the
50%-70% range in the event of a payment default.

The positive outlook reflects the possibility that S&P could raise
the rating on Befesa if S&P took a similar rating on its parent,
Bilbao Luxemburg S.A. (Bilbao), in the coming 12 months.  S&P
currently caps the rating on Befesa at the level of the 'B' rating
on the parent.  Befesa's stand-alone credit profile -- S&P's
measure of its intrinsic creditworthiness, without accounting for
group or government influence -- remains at 'b+'.

Under S&P's base-case scenario, it projects Befesa's Standard &
Poor's-adjusted EBITDA to be about EUR85 million in 2015 and
EUR100 million-EUR110 million in 2016, compared with EUR92.5
million in 2014.  These assumptions underpin its estimates:

   -- Zinc prices of $0.9/lb for 2015 and $0.95/lb for 2016.
      Currently zinc is traded at $0.70/lb, which, if this
      persists, could trim S&P's 2016 EBITDA forecast by EUR20
      million?EUR25 million.

   -- A deterioration in the EBITDA margins in 2015 to about 32%,
      from a peak level of 35% in 2015.  Going forward, S&P
      expects the EBITDA margins will be stabilize around 34%.
      Capex of about EUR30 million in each of the years.  This
      figure takes into account maintenance capex of about EUR7
      million and investment of EUR25 million in the expansion of
      the Turkish facility in 2016.  Relative small cash
      upstreamed, sufficient to service the interest payments on
      the EUR150 million PIK loan at the parent level.

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

   -- Funds from operations (FFO) of about EUR45 million in 2015,
      improving to about EUR55 million-EUR60 million in 2016.

   -- Debt to EBITDA to improve to 3.0x by the end of 2016 from
      3.8x in 2014.

S&P assumes that the company's investment in Turkey will go ahead
in 2016, but the launch of the project could be delayed if zinc
prices remain less supportive, offsetting a potential impact on
the credit metrics.

S&P takes a favorable view of the company's decision to redeem its
EUR20 million Korean facility earlier this year.  Following the
redemption, the company has no material maturities in the coming
years.  In absence of further projects in the pipeline, S&P
believes that the company may use some of the excess liquidity
that cannot be upstreamed to the parent company to redeem some of
the expensive EUR300 million senior unsecured notes due 2018.

S&P continues to modify Befesa's 'bb-' anchor downward by one
notch to reach the 'b+' stand-alone credit profile.  This reflects
Befesa's ultimate private equity ownership and S&P's view that its
leverage could increase, despite the company's ring-fencing.  In
S&P's view, the scenario could become relevant toward 2018 when
the EUR300 million senior unsecured notes mature.

The positive outlook reflects the possibility that S&P could raise
the rating on Befesa in the next 12 months if S&P took a similar
rating action on Bilbao (Luxembourg).  Otherwise, the rating on
Befesa will remain constrained by the rating on Bilbao, in
accordance with S&P's criteria for parent/subsidiary links.

S&P would revise the outlook back to stable if it took a similar
action on Bilbao (Luxembourg).  This could be the case if the
group:

   -- Embarks on large-scale capex programs or makes a midsize
      acquisition; or

   -- Refinances the current capital structure while adding more
      debt.


FTA PYMES 6: DBRS Confirms C(sf) Rating on Series C Notes
---------------------------------------------------------
DBRS Ratings Limited (DBRS) confirmed and upgraded its ratings on
the following notes issued by FTA PYMES SANTANDER 6 (the Issuer):

-- EUR76,143,535.50 Series A Notes: Upgraded to AAA (sf) from AA
    (sf).

-- EUR105,400,000.00 Series B Notes: Upgraded to BB (high) (sf)
    from B (low) (sf).

-- EUR68,000,000.00 Series C Notes: Confirmed at C (sf).

The transaction is a cash flow securitization collateralized by a
portfolio of bank loans originated by Banco Santander S.A. to
self-employed individuals and small and medium-sized enterprises
(SMEs) based in Spain.

The rating on the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal payable on or
before the Legal Maturity Date in January 2056. The ratings on the
Series B and Series C Notes address the ultimate payment of
interest and the ultimate payment of principal payable on or
before the Legal Maturity Date in January 2056.

The rating actions reflect an annual review of the transaction.
The Series A Notes are currently at 32.46% of their initial
balance after two years since closing. Given this deleveraging,
the current available credit enhancement for the Series A and B
Notes has increased considerably, while the transaction
performance is in line with DBRS's expectations.

As of the October 27, 2015 payment date, 1-3 month delinquencies,
3-6 month delinquencies and over 6-month delinquencies were
5.911%, 0.957% and 1.596% of the outstanding principal balance,
respectively, while the cumulative gross default ratio was 3.915%
of the original principal balance.

The Reserve Fund (RF) is available to cover missed interest and
principal payments on the Series A and B notes throughout the life
of the deal. The current balance of the RF is EUR 65.4 million,
below the required RF level of 68 million.

Santander acts as a Servicer and Account Bank provider (as holder
of the Treasury Account) for this transaction. Santander Issuer
and Senior Debt public rating by DBRS is currently at A, which
complies with the Minimum Institution Rating given the rating
assigned to the Series A Notes, as described in DBRS's "Legal
Criteria for European Structured Finance Transactions"
methodology.


FTA SANTANDER 2014-1: DBRS Confirms C(sf) Rating on Cl. E Debt
--------------------------------------------------------------
DBRS Ratings Limited confirmed the following ratings on the notes
issued by FTA Santander Consumer Spain Auto 2014-1 (the Issuer):

-- Class A Notes confirmed at A (sf)
-- Class B Notes confirmed at BBB (sf)
-- Class C Notes confirmed at BB (low) (sf)
-- Class D Notes confirmed at B (low) (sf)
-- Class E Notes confirmed at C (sf)

The above-mentioned rating actions are based on the following
analytical considerations, as described more fully below:

-- Portfolio performance, in terms of defaults and level of
    delinquencies, as of the September 2015 payment date.
-- Actual gross default rate, recovery rate and expected losses
    are within DBRS's expectations.
-- Current available credit enhancement to the Class A, Class B,
    Class C, Class D and Class E notes to cover the expected
    losses.

FTA Santander Consumer Spain Auto 2014-1 is a securitization of a
portfolio of auto loan receivables issued in Spain and originated
by Santander Consumer E.F.C., S.A. (SCF). The transaction has used
the proceeds of Class A, Class B, Class C and Class D Notes to
purchase the EUR760 million portfolio.

The Fund also issued the Class E Notes to fund the EUR38 million
reserve fund. The portfolio is serviced by SCF. The transaction is
still in its four-year revolving period during which the seller
may sell additional receivables to the Issuer each quarter. There
are eligibility criteria and concentration limits in place in
order to restrict the portfolio concentration to borrower,
contract terms, vehicle type, scoring and geographical
distribution. To date, 18,072 loans have been added to the
portfolio (EUR175 million), and concentration limits have not been
breached. The portfolio is very granular with 85,504 loans, and it
consists of receivables of EUR760 million. The portfolio has 19.69
months weighted-average seasoning and a 51.90-month weighted-
average remaining term. Approximately 97% of the portfolio was
originated in 2013 and 2014 and 1% was originated in 2015.

Auto loan receivables to finance the purchase of new vehicles
represent 78.48% of the portfolio, and 100% of the loan
receivables are tied to fixed rates, with the portfolio of
receivables paying a weighted-average fixed interest rate of
8.72%. The portfolio is geographically well distributed across the
largest autonomous communities in Spain. The top three regions are
Andalusia (19.33%), Catalonia (13.70%) and Madrid (14.21%) and
together these account for 47.24% of the portfolio. The portfolio
is performing in line with DBRS's expectations. To date, there are
no defaulted receivables although the 90-day plus delinquency
ratio (as a percentage of the performing portfolio) increased to
0.28%. The 12.5% credit enhancement of the Class A Notes consists
of subordination of the Class B, Class C, Class D Notes and the
reserve fund. The Class B Notes' 8.90% credit enhancement consists
of subordination of the Class C, Class D Notes and the reserve
fund.

The Class C Notes' 6.90% credit enhancement consists of
subordination of the Class D Notes and the reserve fund. The Class
D Notes' 5% credit enhancement consists of subordination of the
reserve fund. The amortizing reserve fund is available to meet
payments on the senior fees, interest and principal on the Class
A, Class B, Class C and Class D Notes.

It will start to amortize on the occurrence of certain events. The
reserve fund is currently at the target level of EUR 38 million.
The transaction includes a liquidity reserve and commingling
reserve that will be made available upon breach of certain
triggers. Santander Consumer Finance S.A. serves as account bank
for the transaction.

Its DBRS private rating meets the Minimum Institution Rating
requirement given the rating assigned to the Class A notes, as
described in the DBRS methodology Legal Criteria for European
Structured Finance Transactions.


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U K R A I N E
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KHARKOV CITY: Fitch Hikes FC Issuer Default Ratings to 'CCC'
------------------------------------------------------------
Fitch Ratings has upgraded the City of Kharkov's Long-term foreign
currency Issuer Default Ratings (IDR) to 'CCC' from 'C'.

Under EU credit rating agency (CRA) regulation, the publication of
International Public Finance reviews is subject to restrictions
and must take place according to a published schedule, except
where it is necessary for CRAs to deviate from this in order to
comply with their legal obligations.

"Fitch interprets this provision as allowing us to publish a
rating review in situations where there is a material change in
the creditworthiness of the issuer that we believe makes it
inappropriate for us to wait until the next scheduled review date
to update the rating or Outlook/Watch status. In this case the
deviation was caused by the sovereign upgrade," Fitch said.

The next scheduled review date for the City of Kharkov will be
determined at a later stage in December 2015 when Fitch will
publish its Sovereign and Local and Regional Governments Rating
Review Calendars for 2016.

KEY RATING DRIVERS

The City of Kharkov's ratings are capped by the sovereign. The
weak institutional framework governing Ukrainian subnationals
remains a constraint on the city's ratings. The city is currently
free from external debt obligations and it continues to record a
satisfactory budgetary performance.

The rating drivers of the cities' Long-term local currency IDRs
are unaffected, leading to their affirmation.

RATING SENSITIVITIES

The city's ratings are constrained by the sovereign. A downgrade
of the sovereign's ratings would lead to a corresponding action on
the city's IDR. In the absence of a sovereign downgrade,
significant deterioration of Kharkov's credit profile could also
lead to negative rating action.

A sovereign upgrade could be reflected by Kharkov's ratings
provided that the city maintains a stable budgetary performance.

The rating actions are as follows:

-- Long-term foreign currency IDR: upgraded to 'CCC' from 'C'
-- Long-term local currency IDR: affirmed at 'CCC'
-- Short-term foreign currency IDR: affirmed at 'C'


LEMTRANS LLC: Fitch Affirms 'CCC' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based transport company
Lemtrans LLC's (Lemtrans) Long-term foreign and local currency
Issuer Default Ratings (IDRs) at 'CCC'.

The ratings reflect Lemtrans' position as the largest private
freight rail operator in Ukraine (CCC) with an estimated market
share of about 20% in freight transportation in open wagons, but
also consider its exposure to the operating environment in
Ukraine. Although Lemtrans' direct exposure to conflict areas is
limited, its major customers DTEK Holdings B.V. (DTEK, rated C)
and METINVEST B.V. (Metinvest, rated RD) that accounted for about
90% of the company's revenue in 6M15, have significant share of
assets in the conflict areas, which could undermine the
operational and financial stability of Lemtrans. The ratings
reflect Lemtrans' standalone profile.

KEY RATING DRIVERS

High Customer Concentration

Lemtrans' customer base remains highly concentrated as two main
clients -- DTEK and Metinvest -- are responsible for over 90% of
revenue adjusted for the pass-through infrastructure component
(adjusted revenue) in 2014-6M15. Although customer concentration
is higher than rated peers it is somewhat mitigated by both
companies being part of the same holding company as Lemtrans,
System Capital Management Limited (SCM). Further DTEK and
Metinvest are two largest industrial companies in Ukraine that
transport tens of millions of tons of coal, ore and metal products
every year by rail and have agreed to prepayment terms with its
customers that reduces non-payment risk.

Although DTEK and Metinvest reported decline in their output over
6M15-9M15 the effect on Lemtrans was smoothed by the increased
share of transportation covered by Lemtrans in these companies'
total transportation needs to about 90% in 6M15, from around 50%-
75% in 2014. ArcelorMitall Kriviy Rih and YuGok -- non-SCM group
companies -- cover the remaining revenue at 5% of adjusted revenue
each in 6M15. Although Lemtrans is seeking to expand its customer
base Fitch believes that at least over the medium term, DTEK and
Metinvest will continue to dominate Lemtrans' revenues and
volumes.

Political Uncertainty Remains

The political and economic environment in Ukraine remains
unstable, although the conflict in the Donetsk and Lugansk regions
has subsided. Lemtrans does not have any significant fixed assets
in these regions; however, a large portion of cargo is located
there, as both DTEK and Metinvest have a fairly significant share
of assets in these areas. Political instability and military
operations in Donetsk and Lugansk regions affected the customers
of Lemtrans and may lead to operational and financial uncertainty
especially if the conflict escalates.

Increase in Dividends

Lemtrans makes contributions to its shareholder in the form of
dividends and other financial contributions that in 2014 amounted
to UAH0.3 billion. For 2015 the company expects these
contributions to increase. Under the company's policy
contributions to the shareholder must not exceed 50% of the
company's trailing 2010-2015 net income. However, given the lower
cash flow generation of the shareholder's main assets (DTEK and
Metinvest) we are assuming a 100% dividend pay-out ratio in 2016-
2018 vs. management's expectation of 50%.

Tariffs Increase

From February 1, 2015 Ukrzaliznitsia (UZ, rated C) increased the
tariff for cargo transportation by 30% for all freights except
coal for which tariff was increased by 10% plus another 18.2% from
April 1, 2015. These tariffs, along with the cargo operators'
margins, are passed on to customers. Lemtrans is not directly
affected by the increase in tariffs of UZ, as it passes all
tariffs through to its customers.

The depreciation of hryvna, on the other hand, has positively
affected the revenue of Lemtrans, as the company's tariffs are
linked to UAH/USD exchange rate and provide a natural hedge for
its foreign currency debt (mostly leases).

FX-linked Debt

At end-1H15 Lemtrans reported debt of UAH3.4 billion, including
finance lease (97%) and loan (3%) from a related party bank, First
Ukrainian International Bank (FUIB). Lemtrans is subject to
foreign currency risk as all of its debt is either linked to RUB
or USD exchange rates (finance lease) or denominated in USD (bank
loan). However, foreign currency risk is mitigated by natural
hedge as the majority of Lemtrans' tariffs are linked to the
USD/UAH exchange rate, and by some foreign currency cash holdings.

At end-1H15 63% of total cash and cash equivalents (or UAH443m)
was kept in USD, EUR and RUB. However, with leases denominated in
foreign currencies a steep, sustained UAH weakening against the
USD and RUB as well as revision of the company's tariff policy
could weaken Lemtrans' credit metrics and put its ratings under
pressure.

Strong 1H15 Results

In 1H15 Lemtrans reported revenue of UAH3.6 billion, a 33% growth
year-on-year. This was driven by a 44% revenue increase from
freight transportation in its own rail fleet, which represented
over 80% of total revenue. This was mainly due to an increase in
infrastructure tariffs and to the hryvna depreciation, as the
company's tariffs are tagged to the UAH/USD exchange rate.

"The company's ability to keep most of the costs below inflation,
which Fitch forecasts at 48% in 2015, led to a stable EBITDA
margin at 28% in 1H15. However, we do not expect the company will
be able to keep the costs sustainably below inflation, which we
forecast to moderate to about 10%-16% over 2016-2017 and we
therefore forecast the EBITDA margin to drop from the current
level in 2016-2018," Fitch said.

Negative FCF Expected

Fitch expects Lemtrans to continue generating solid cash flow from
operations (CFO) of around UAH520 million on average over 2015-
2018; however, free cash flow (FCF) is likely to turn negative
over 2015-2018, due to the company's ambitious investment plans
for this period and our assumption of increasing dividends. Fitch
expects Lemtrans to rely on new borrowings to finance cash
shortfalls. However, Lemtrans' capex program is fairly flexible.

Capex Driven Leverage Increase Expected

At end-2014 Lemtrans reported fund from operation (FFO) adjusted
gross leverage of 2.3x, down from 4.2x at end-2013. This was
mainly driven by an increase in transportation volumes of DTEK and
Metinvest, hryvna depreciation and lower tax payments, following
large cash tax prepayment in 2013.

"Lemtrans expects to spend UAH1.5bn on average annually over 2015-
2018 vs UAH726 million on average over 2011-2014 to replace part
of aging fleet of UZ and to maintain its leading market position.
We expect capex to be partially debt (lease)-funded. This is
likely to increase FFO adjusted gross leverage to over 4.0x in
2016-2018. However, most of the capex is related to the
acquisition of a new rail fleet and modernization, meaning it can
be postponed in case of need," Fitch said.

KEY ASSUMPTIONS

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

-- Tariff growth slightly below inflation for 2016-2018, which
    Fitch forecasts at 10%-16%.
-- Transportation volumes to grow in line with GDP in 2016-2018,
    which Fitch forecasts at 1%-2%
-- Inflation driven cost increase over 2016-2018
-- Increasing dividends payments
-- Capex above the historical averages for 2011-2014


RATING SENSITIVITIES

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

-- Further deterioration of the liquidity position resulting in
    difficulties for the company to service its debt;
-- Disruption of the company's or its main customers'
    operations, undermining the company's operational and
    financial stability or customer's credit profile;
-- Further significant hryvna depreciation without tariff
    increases resulting in material weakening of Lemtrans' credit
    metrics;
-- Higher-than-expected dividend payments and contributions to
    the shareholder, which would result in a weakening of credit
    metrics.

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

-- Improvement of the macro-economic environment and of the
    company's liquidity position;
-- Improved customer diversification and cargo mix and stronger
    credit profile of key customers. However, given Ukraine's
    dependence on coal mining and steel production these changes
    are not likely over the medium term.

LIQUIDITY

"At end-1H15 reported cash and cash equivalents stood at UAH705
million, which are insufficient to cover upcoming short-term
maturities of UAH912 million, comprising UAH583 million of finance
lease and UAH329 million of bank borrowings. Lemtrans does not
have any open credit lines. We expect Lemtrans' CFO to be
positive, but liquidity will depend on capex, which has been
moderate so far this year, and on dividend pay-out. We expect
liquidity to remain tight.

"Lemtrans' liquidity position is weakened by its high exposure to
domestic banks. At end-1H15 over 86% of cash was deposited at
local banks, mostly at First Ukrainian International Bank (FUIB).
Although management views cash at a related party bank as
unrestricted, for our projections we assume a portion of cash held
at the Ukrainian banks as restricted, due to their low credit
quality and related-party status," Fitch said.


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ALPHA BANK: S&P Raises Rating on EUR30BB Note Program to 'C'
------------------------------------------------------------
Standard & Poor's Ratings Services corrected an error by raising
to 'C' from 'D' its short-term debt rating on these programs:

   -- Alpha Credit Group PLC's/Alpha Bank A.E's. EUR30 bil med-
      term note Program;

   -- Alpha Group Jersey Ltd.'s US$7.5 bil med-term note Program
      05/17/2008.

On Nov. 26, 2015, S&P raised its rating on Alpha Bank's senior
unsecured debt to 'CCC+' from 'D' and S&P's issue rating on the
subordinated debt to 'CC' from 'D'.  However, due to an error, S&P
did not raise the short-term rating on the above programs to 'C'
from 'D'.

Alpha Bank announced on Nov. 24, 2015 that through private funds
it had fully covered the capital shortfall emerging from the
European Central Bank's stress test.  Consequently, S&P understood
that its outstanding senior and subordinated liabilities will not
be subject to mandatory bail-in in the near term.


GEMINI ECLIPSE 2006-3: Fitch Affirms 'Csf' Ratings on 5 Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Gemini (Eclipse 2006-3) floating-rate
notes due 2019 as follows:

GBP569.2m class A (XS0273575107) affirmed at 'Csf'; Recovery
Estimate (RE) RE30%
GBP27.8m class B (XS0273576289): affirmed at 'Csf'; RE0%
GBP101.8m class C (XS0273576446): affirmed at 'Csf''; RE0%
GBP81.4m class D (XS0273576792) affirmed at 'Csf'; RE0%
GBP70.2m class E (XS0273576958): affirmed at 'Csf'; RE0%

The transaction is a securitization of a GBP850.4 million senior
loan originated in November 2006 by Barclays Bank plc (A/Outlook
Stable/F1). The loan has been in special servicing since 2008
following an uncured loan-to-value (LTV) covenant breach. In July
2015, the collateral consisted of 24 secondary UK commercial
properties valued at GBP278 million, resulting in a securitized
LTV of 349% (including rolled up interest and senior swap
liabilities).

KEY RATING DRIVERS

The affirmation reflects the imminent partial write-down of the
class A notes and full loss on the remaining tranches. This is
expected once the sale of the portfolio is completed. A sale price
of GBP311 million has been agreed, out of which certain costs,
swap and liquidity facility liabilities will have to be met prior
to principal payment on the notes.

The 30% Recovery Estimate for the class A notes reflects the
significant loss that will be incurred, albeit slightly down from
previous estimates. This is down to the sale price being firmer
than previously expected and also to a legal ruling on the
allocation of sales proceeds towards principal rather than
interest.

In October 2015, the courts ruled that all rental income should be
used for interest payments, and surrender premiums/sale proceeds
for principal payments. Prior to this decision, collateral cash
flow had been held back, with GBP15.5 million of rent escrowed.
This should be available to meet interest expenses, including the
portion of liquidity drawings that remains payable in the issuer
interest waterfall.

The remainder of the GBP56.5 million drawn liquidity facility
(GBP47.5 million) has, following a restructuring, been allocated
to the principal waterfall, where it ranks senior along with the
swap (valued at GBP81.7 million in July 2015). The restructuring
saw the same amount of the class A notes (GBP47.5 million) being
subordinated to the other notes. This was to simplify negotiations
with junior creditors, who stand to receive no principal in any
case. Available liquidity is down to GBP7.4 million, held as a
standby drawing.

RATING SENSITIVITIES

Failure to conclude the sale may reduce the recovery proceeds and
add senior costs, diminishing recoveries estimated on the class A
notes.

DUE DILIGENCE USAGE

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

DATA ADEQUACY

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

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

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


                            *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


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