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        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

          Thursday, December 17, 2015, Vol. 16, No. 249

                            Headlines

A U S T R I A

HETA ASSET: Creditors Won't Accept Losses on Holdings


F R A N C E

CODERE SA: Seeks Court Approval for Debt Restructuring Plan
TEREOS FINANCE: Moody's Withdraws B1 Corporate Family Rating


G E R M A N Y

SC GERMANY 2015-1: Fitch Finalizes BB(sf) Rating on Class D Debt
SC GERMANY 2015-1: S&P Assigns BB+ Rating to Class D-Dfrd Notes


K A Z A K H S T A N

SAMRUK-ENERGY JSC: S&P Affirms 'BB' CCRs, Outlook Stable


M A L T A

MALTESE CROSS: Court Orders Liquidation, Case v. Director Pending


N E T H E R L A N D S

JUBILEE CLO 2015-XVI: Moody's Assigns B2 Rating to Class F Notes
PANTHER CDO IV: S&P Lowers Rating on Class D Notes to CCC+
STORK TECHNICAL: S&P Puts 'B' CCR on CreditWatch Positive


R O M A N I A

ALBA IULIA: Moody's Changes Outlook to Pos. & Affirms Ba1 Rating
ASTRA ASIGURARI: KPMG to Draw Up Liquidation Strategy


R U S S I A

BANK URALSIB: S&P Raises Counterparty Credit Ratings to 'CCC+/C'


S P A I N

ABENGOA SA: Creditor Banks Call for Alternative Financing
BBVA-10 PYME: Moody's Assigns B3 Rating to Series B Notes
NH HOTEL: S&P Affirms 'B-' CCR, Outlook Remains Stable
RMBS SANTANDER 5: Moody's Assigns Ca Rating to Serie C Notes


S W E D E N

DOMETIC GROUP: Moody's Raises CFR to B1, Outlook Positive


U N I T E D   K I N G D O M

ENQUEST PLC: Moody's Lowers CFR to B3, Outlook Negative
LEHMAN BROTHERS HOLDINGS: January 5 Proofs of Debt Deadline Set
LEHMAN BROTHERS LEASE: January 5 Proofs of Debt Deadline Set
MULCAIR LTD: Explores Options to Avert Administration


                            *********


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


HETA ASSET: Creditors Won't Accept Losses on Holdings
-----------------------------------------------------
Alexander Weber at Bloomberg News reports that creditors of
Austrian "bad bank" Heta Asset Resolution AG owning more than
EUR5 billion (US$5.5 billion) of its debt said in a statement
they won't accept taking losses on their holdings, dealing a blow
to efforts to stop the Carinthia province from going bust.

The creditors, including Commerzbank AG, Dexia SA's German unit
and Deutsche Pfandbriefbank AG, together hold enough of Heta's
bonds to block a planned tender offer that would result in losses
for bondholders, Bloomberg notes.  The planned offer for a total
of EUR11 billion of Carinthia-guaranteed Heta bonds, to be
launched as soon as next week, needs the participation of two
thirds of creditors to succeed, Bloomberg discloses.

"An offer below par doesn't reflect Carinthia's assets and its
ability to serve debt," the creditors, as cited by Bloomberg,
said in the German version of the statement.  "Creditors,
however, signal their readiness to talk and to end the situation
that's unsatisfactory for both sides."

Heta Asset Resolution AG is a wind-down company owned by the
Republic of Austria.  Its statutory task is to dispose of the
non-performing portion of Hypo Alpe Adria, nationalized in 2009,
as effectively as possible while preserving value.



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


CODERE SA: Seeks Court Approval for Debt Restructuring Plan
-----------------------------------------------------------
Luca Casiraghi at Bloomberg News reports that Codere S.A. is
seeking court approval for its debt restructuring plan today,
Dec. 17.

The company said in a statement 100% of bondholders at a meeting
on Dec. 14 voted in favor of the plan, Bloomberg relates.

According to Bloomberg, bonds include EUR760 million 8.25% notes
due June 2015 and US$300 million 9.25% notes due February 2019.

                      About Codere S.A.

Codere SA is a Madrid-based gaming company.  It operates betting
shops and race tracks from Italy to Argentina.  The firm sought
preliminary creditor protection on Jan. 2 after reporting seven
consecutive quarters of losses


TEREOS FINANCE: Moody's Withdraws B1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service withdrew Tereos' B1 corporate family
rating and the B1-PDProbability of Default rating and the B1
senior unsecured rating of the EUR500 million bond issued at
Tereos Finance Group I, guaranteed by Tereos.

RATINGS RATIONALE

Moody's has withdrawn the rating because of insufficient
information to monitor the rating, due to the issuer's decision
to cease participation in the rating process.

Headquartered in Lille, France, Tereos is one of the top three
European producer of sugar from sugar beet, a top European
producer of starch and alcohol from cereals and a leading
Brazilian producer of sugar and ethanol from sugar cane.  The
company posted revenues of EUR4.3 billion as at March 31, 2015.



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


SC GERMANY 2015-1: Fitch Finalizes BB(sf) Rating on Class D Debt
----------------------------------------------------------------
DBRS Ratings Limited finalized provisional ratings on the Class
A, Class B, Class C and Class D Notes (collectively with the
unrated Class E Notes, the Notes) issued by SC Germany Consumer
2015-1 UG (the Issuer) as follows:

-- AA (sf) on the Class A Fixed-Rate Notes
-- A (sf) on the Class B Fixed-Rate Notes
-- BBB (sf) on the Class C Fixed-Rate Notes
-- BB (sf) on the Class D Floating-Rate Notes

The Notes are backed by a revolving pool of receivables from
consumer loans granted to individuals residing in Germany,
originated and serviced by Santander Consumer Bank AG (SCB),
which is owned by Santander Consumer Finance S.A.

The ratings are based on the considerations listed below:

-- The sufficiency of available credit enhancement in the form
    of subordination (17.5% for Class A, 10.25% for Class B,
    7.45% for Class C and 4.2% for Class D Notes), in addition to
    excess spread.

-- The ability of the transaction's structure and triggers to
    withstand stressed cash flow assumptions and repay the Notes
    according to the terms of the transaction documents.

-- SCB's capabilities with respect to originations, underwriting
    and servicing.

-- The legal structure and presence of legal opinions addressing
    the assignment of the assets to the Issuer and the
    consistency with DBRS's "Legal Criteria for European
    Structured Finance Transactions" methodology.

DBRS notes that there is a fixed and floating interest rate swap
on the lowest-ranked Class D and Class E Notes and the swap
payments (other than termination payments when the swap
counterparty is the defaulting party under the swap agreement)
rank ahead of the Class A, B and C Notes in the waterfalls. DBRS
has considered the relevant interest rate scenarios and the
impact of regular swap payments on the cash flows in accordance
with its methodologies. Unquantifiable termination payments in a
scenario when the Issuer is the defaulting party may also affect
the more senior classes of notes without hedge. However, such
circumstance is expected to be sufficiently remote for the
purpose of the rating assignment, as DBRS does not factor in
additional risks not related to rating scenarios (such as post-
enforcement or issuer liquidation).

The transaction was modelled in Intex Dealmaker and the default
rates at which the rated notes did not return all specified cash
flows in a timely manner were determined.


SC GERMANY 2015-1: S&P Assigns BB+ Rating to Class D-Dfrd Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
SC Germany Consumer 2015-1 UG (haftungsbeschraenkt)'s class A,
B-Dfrd, C-Dfrd, and D-Dfrd notes.  At closing, SC Germany
Consumer 2015-1 also issued unrated class E-Dfrd notes.

The securitized portfolio comprises receivables from consumer
loans, which Santander Consumer Bank AG granted to its German
retail client base.  This is Santander Consumer Bank's seventh
true sale consumer loan transaction.

During the transaction's revolving period, the issuer can
purchase additional loan receivables.  The revolving period is
scheduled to last for 12 months, followed by sequential note
amortization.  A combination of subordination and excess spread
provides credit enhancement for the rated classes of notes.  A
principal deficiency trigger is in place.  Once hit, it
subordinates the class B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes'
interest payments to the class A notes' principal payments and
accelerates the repayment of the class A notes.

Santander Consumer Bank is an indirect subsidiary of Spanish
Banco Santander S.A.  It is the largest noncaptive provider of
auto loans in Germany and is also a well-known originator in the
European securitization market.

S&P's ratings on the rated classes of notes reflect its
assessment of the underlying asset pool's credit and cash flow
characteristics, as well as S&P's analysis of the transaction's
exposure to counterparty and operational risks.  S&P's analysis
indicates that the available credit enhancement for the class A,
B-Dfrd, C-Dfrd, and D-Dfrd notes would be sufficient to absorb
credit and cash flow losses in 'AA', 'A', 'A-', and 'BB+' rating
scenarios, respectively.

There was no back-up servicer in place at closing.  The
combination of a borrower notification process, a liquidity
reserve, a commingling reserve, and general availability of
substitute servicers mitigate servicer disruption risk.

RATING RATIONALE

Economic Outlook

In S&P's base-case scenario, it forecasts that Germany will
record GDP growth of 1.7% in 2015, 2.0% in 2016, and 1.8% in
2017, compared with 1.6% in 2014.  At the same time, S&P expects
unemployment rates to stabilize at historically low levels.  S&P
forecasts unemployment to be 4.8% in 2015, and 4.6% in 2016 and
2017, compared with 5.0% in 2014.  In S&P's view, changes in GDP
growth and the unemployment rate largely determine portfolio
performance.  S&P sets its credit assumptions to reflect its
economic outlook.  S&P's near- to medium-term view is that the
German economy will remain resilient and record positive growth.

Credit Risk

S&P has analyzed credit risk under its European consumer finance
criteria using historical loss data from the originator's loan
book from January 2004 until August 2015.  S&P expects to see
6.5% of defaults in the securitized pool, which reflects S&P's
economic outlook for Germany, as well as S&P's view on the
originator's good servicing procedures.  Due to S&P's positive
forecast for Germany's economy in 2015 and 2016, it has lowered
by 50 basis points its base-case gross losses for this
transaction in comparison with its predecessor, SC Germany
Consumer 2014-1 UG (haftungsbeschraenkt).  This is also due to
the fact that S&P expects the securitized pool's performance to
be better than the performance of the originator's loan book, as
S&P has seen in the predecessor transaction.

Payment Structure

S&P's ratings reflect its assessment of the transaction's payment
structure, cash flow mechanics, and the results of S&P's cash
flow analysis to assess whether the notes would be repaid under
stress test scenarios.  Taking into account subordination and the
available excess spread in the transaction, S&P considers the
available credit enhancement for the rated notes to be
commensurate with the ratings that S&P has assigned.
Additionally, the class B-Dfrd to D-Dfrd notes are deferrable-
interest notes and S&P has treated them as such in its analysis.
Under the transaction documents, the issuer can defer interest
payments on these notes.  Consequently, any deferral of interest
on the class B-Dfrd to D-Dfrd notes would not constitute an event
of default.  While S&P's 'AA (sf)' rating on the class A notes
addresses the timely payment of interest and the ultimate payment
of principal, S&P's ratings on the class B-Dfrd to D-Dfrd notes
address the ultimate payment of principal and the ultimate
payment of interest.  Furthermore, S&P notes that there is no
compensation mechanism that would accrue interest on deferred
interest in this transaction.

Counterparty Risk

The transaction documents adequately mitigate counterparty risk
in line with S&P's current counterparty criteria.  The
transaction is exposed to The Bank of New York Mellon, Frankfurt
Branch as bank account provider, to Santander Consumer Bank as
commingling and set-off reserve provider, and to UniCredit Bank
AG as interest rate swap provider.

Operational risk

Santander Consumer Bank is an indirect subsidiary of Banco
Santander.  It is one of the largest German consumer banks, and
Germany's largest non-captive car finance bank.  It is also a
well-known originator in the European securitization market.  S&P
believes that the company's origination, underwriting, servicing
and risk management policies and procedures are in line with
market standards and are adequate to support the assigned
ratings. S&P's operational risk criteria focuses on key
transaction parties (KTPs) and the potential effect of a
disruption in the KTP's services on the issuer's cash flows, as
well as the ease with which the KTP could be replaced if needed.
In this transaction the servicer is the only KTP S&P has assessed
under this framework.  S&P's operational risk criteria do not
constrain its ratings in this transaction based on its view of
the servicer's capabilities.

Legal Risk

The transaction may be exposed to deposit set-off and commingling
risks, in S&P's opinion.  If it were to become ineligible as a
counterparty, Santander Consumer Bank would fund the set-off and
commingling reserves, which would mitigate these risks.  A
reserve partially mitigates commingling risk and S&P has sized
the unmitigated exposure as an additional credit loss.  S&P has
analyzed legal risk, including the special purpose entity's
bankruptcy remoteness, under its European legal criteria.

Ratings Stability

In line with S&P's scenario analysis approach, it has run two
scenarios to test the stability of the assigned rating.  The
results show that under the scenario modeling moderate stress
conditions (scenario 1), the rating on the notes would not suffer
more than the maximum projected deterioration that S&P would
associate with each rating level in the one-year horizon, as
contemplated in S&P's credit stability criteria.

RATINGS LIST

Ratings Assigned

SC Germany Consumer 2015-1 UG (haftungsbeschraenkt)
EUR1,400 Million Asset-Backed Fixed- And Floating-Rate Notes

Class        Rating           Amount
                            (mil. EUR)

A            AA (sf)         1,155.0
B-Dfrd       A (sf)            101.5
C-Dfrd       A- (sf)            39.2
D-Dfrd       BB+ (sf)           45.5
E-Dfrd       NR                 58.8

NR--Not rated.



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


SAMRUK-ENERGY JSC: S&P Affirms 'BB' CCRs, Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term and 'B' short-term corporate credit ratings on
Kazakhstan-based electricity group Samruk-Energy JSC.  The
outlook is stable.

At the same time, S&P affirmed its 'kzA+' Kazakhstan national
scale rating on the company.

S&P also affirmed its 'BB' issue rating on the group's
$500 million senior unsecured notes due 2017 and withdrew the '4'
recovery rating on the issue, due to a change in S&P's rating
approach.

The affirmation reflects S&P's unchanged view that there is a
high likelihood that Samruk-Energy would receive timely and
sufficient extraordinary support from the Kazakh government, if
needed.

This reflects S&P's assessment of Samruk-Energy's:

   -- Important role for the government, given its strategic
      position as a leading provider of electricity in
      Kazakhstan; and

   -- Very strong link with the government, which fully owns
      Samruk-Energy through Samruk-Kazyna.  S&P expects that the
      government will maintain majority ownership of Samruk-
      Energy for at least the next two years.  S&P also considers
      the government's involvement in strategic decision-making
      at the company, the risk to the country's reputation if
      Samruk-Energy were to default, and the government's track
      record of providing strong financial support to Samruk-
      Energy in the form of equity injections, asset transfers,
      low-interest-rate loans, debt guarantees, and tax benefits.

S&P continues to assess the group's stand-alone credit profile
(SACP) at 'b+', based on S&P's view of its weak business risk
profile and aggressive financial risk profile.  S&P expects that
the pressure on the group's credit metrics and liquidity stemming
from tenge devaluation, exposure on foreign currency-denominated
debt, its ambitious investment program, and $500 million Eurobond
repayment in December 2017 will be mitigated by supportive
government actions, as well as by Samruk-Energy's proactive
approach to refinancing and flexibility in the investment
program.

"We note that Kazakhstan's government -- via state-owned
investment vehicle Samruk-Kazyna -- has provided tangible support
to Samruk-Energy, including by financing the acquisition of a 50%
stake in Ekibastuz GRES-1 (worth $1.3 billion) through a
Kazakhstani tenge (KZT) 200 billion (about $1.3 billion) loan and
a KZT21 billion equity injection at the beginning of 2014.  In
October last year, Samruk-Energy received another equity
injection of KZT100 billion, which it used to repay half of the
loan to Samruk-Kazyna.  At the moment, we expect that the
interest rate on the remaining KZT100 billion of this loan will
decrease significantly before the end of 2015.  We also assume in
our base case that the group will receive another equity
injection in the first quarter of 2016 to repay this loan in
full.  In our view, these supportive measures would help
alleviate some of the pressure on Samruk-Energy's financial
metrics from the tenge's devaluation in 2015.  The group's U.S.
dollar-denominated debt totals about $750 million," S&P said.

S&P's SACP assessment includes a negative one-notch adjustment,
due to the negative capital structure modifier, reflecting
exposure from the foreign currency debt.  However, S&P includes a
positive adjustment from our comparable rating analysis to
reflect the large share of long-term government loans in Samruk-
Energy's debt portfolio, guarantees from Samruk-Kazyna and the
Ministry of Finance on several bank loans, and the government's
track record of providing tangible ongoing financial support to
Samruk-Energy.

The stable outlook reflects S&P's view that the risks associated
with Samruk-Energy's ambitious investment program, pressure on
the group's credit metrics, the large Eurobond debt repayment in
2017, and high debt leverage are balanced by our view of a high
likelihood of timely and sufficient extraordinary government
support if needed, as well as flexibility in Samruk-Energy's
investment program, sizable cash balances, and likely early
refinancing.  This is underpinned by Samruk-Energy's strategic
importance for and strong track record of receiving financial aid
from Kazakhstan's government, as well as Samruk-Energy's solid
market position and benefits of vertical integration.

According to S&P's methodology for rating government-related
entities, if the sovereign rating were lowered to 'BBB-', this
would not automatically result in a similar rating action on
Samruk-Energy, provided that Samruk-Energy's SACP and the
likelihood of extraordinary state support remained unchanged.

Downward pressure on the ratings might arise if the group adopts
more-aggressive financial policies that aren't commensurate with
S&P's current expectations, for example, if increased investments
or disposal of EBITDA-generating assets weakened Samruk-Energy's
financial position, with deterioration of credit measures and
liquidity, or poor covenant compliance.  S&P could also consider
a downgrade if Samruk-Energy makes no progress on refinancing the
Eurobond and the government does not provide financial support,
leading us to reassess the SACP and our view of the likelihood of
extraordinary state support.

S&P would likely lower the rating by one notch if Samruk-Energy's
SACP were to weaken to 'b-' or S&P considered that the likelihood
of extraordinary state support had reduced to moderately high,
even if the SACP and sovereign ratings remained unchanged.

S&P thinks that, currently, ratings upside is limited by the
group's high leverage and ambitious investment program, and
uncertainties related to the asset disposal plan and Eurobond
refinancing plan.  S&P might consider an upgrade if Samruk-
Energy's SACP strengthened to at least 'bb-', which might stem
from a sustainable improvement in the group's credit metrics to
the significant financial risk category, including debt to EBITDA
of 3x-4x and FFO to debt in the 20%-30% range.  Upside potential
could also stem from larger equity contributions than S&P
currently expects, aimed at reducing debt; or lower investments;
alongside stronger liquidity and debt maturity profiles.



=========
M A L T A
=========


MALTESE CROSS: Court Orders Liquidation, Case v. Director Pending
-----------------------------------------------------------------
Times of Malta reports that a court has ordered the liquidation
of failed investment firm Maltese Cross Finance Services Limited
following a successful application filed by two of its directors.

In August last year, the financial watchdog had suspended the
firm's license after it established that it was not in a position
to meet its obligations, after going some EUR6-EUR7 million in
the red, Times of Malta recounts.  Subsequently one of the
company directors Jean Claude Bugeja was charged with fraud and
misappropriation exceeding EUR4 million, Times of Malta relates.
He pleaded not guilty and the case is still pending, Times of
Malta notes.

According to Times of Malta, the court presided by Mr. Justice
Joseph Zammit Mckeon noted that it was of grave concern for
society, that whoever was trusted to managed this firm is now
facing criminal proceedings before a court.

It also noted that the two company directors filing the
application, were not aware of the real financial situation of
the company as these were "seemingly" kept hidden from them, and
that the audited accounts from 2008 to 2012 did not reflect its
real state, Times of Malta relays.

In view of this, the judge upheld the request to liquidate
Maltese Cross Financial Services Limited and appointed an
independent liquidator who shall filed a report, and verify its
assets and debts, Times of Malta discloses.

In addition, the liquidator shall also assume full control of the
firm and take all necessary measures to safeguard its remaining
assets, Times of Malta says.  The court, as cited by Times of
Malta, said that the report must be presented in three months'
time.



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


JUBILEE CLO 2015-XVI: Moody's Assigns B2 Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned these
definitive ratings to the notes issued by Jubilee CLO 2015-XVI
B.V.:

  EUR225,000,000 Class A-1 Senior Secured Floating Rate Notes due
   2029, Definitive Rating Assigned Aaa (sf)

  EUR5,000,000 Class A-2 Senior Secured Fixed Rate Notes due
   2029, Definitive Rating Assigned Aaa (sf)

  EUR19,000,000 Class B-1 Senior Secured Floating Rate Notes due
   2029, Definitive Rating Assigned Aa2 (sf)

  EUR37,000,000 Class B-2 Senior Secured Fixed Rate Notes due
   2029, Definitive Rating Assigned Aa2 (sf)

  EUR25,000,000 Class C Deferrable Mezzanine Floating Rate Notes
   due 2029, Definitive Rating Assigned A2 (sf)

  EUR20,000,000 Class D Deferrable Mezzanine Floating Rate Notes
   due 2029, Definitive Rating Assigned Baa2 (sf)

  EUR25,600,000 Class E Deferrable Junior Floating Rate Notes due
   2029, Definitive Rating Assigned Ba2 (sf)

  EUR13,000,000 Class F Deferrable Junior Floating Rate Notes due
   2029, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's rating of the rated notes addresses the expected loss
posed to noteholders by the legal final maturity of the notes in
2029.  The ratings reflect the risks due to defaults on the
underlying portfolio of loans given the characteristics and
eligibility criteria of the constituent assets, the relevant
portfolio tests and covenants as well as the transaction's
capital and legal structure.  Furthermore, Moody's is of the
opinion that the collateral manager, Alcentra Limited, has
sufficient experience and operational capacity and is capable of
managing this CLO.

Jubilee CLO is a managed cash flow CLO.  At least 90% of the
portfolio must consist of senior secured loans and senior secured
floating rate notes and up to 10% of the portfolio may consist of
unsecured loans, second-lien loans, mezzanine obligations and
high yield bonds.  The bond bucket gives the flexibility to
Jubilee CLO to hold bonds if Volcker Rule is changed.  The
portfolio is expected to be 75% ramped up as of the closing date
and to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe.

Alcentra will manage the CLO.  It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR43.2 mil. of subordinated notes, which are
not rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

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

The rated notes' performance is subject to uncertainty.  The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change.  Alcentra's investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3.2.1 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
December 2015. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders.  Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.  As such,
Moody's encompasses the assessment of stressed scenarios.

Moody's used these base-case modeling assumptions:

Par amount: EUR 400,000,000
Diversity Score: 36
Weighted Average Rating Factor (WARF): 2750
Weighted Average Spread (WAS): 4.05%
Weighted Average Recovery Rate (WARR): 42%
Weighted Average Life (WAL): 8 years

Moody's has analyzed the potential impact associated with
sovereign related risk of peripheral European countries.  As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below.  Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 5% of the pool would be domiciled in
countries with A3 and a maximum of 5% of the pool would be
domiciled in countries with Baa3 local currency country ceiling
each.  The remainder of the pool will be domiciled in countries
which currently have a local or foreign currency country ceiling
of Aaa or Aa1 to Aa3. Given this portfolio composition, the model
was run with different target par amounts depending on the target
rating of each class as further described in the methodology.
The portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 0.75% for the Class A-1 and A-2 notes, 0.50% for
the Class B-1 and B-2 notes, 0.375% for the Class C notes and 0%
for Classes D, E and F.

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive rating assigned to the
rated notes.  This sensitivity analysis includes increased
default probability relative to the base case.  Below is a
summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)
Ratings Impact in Rating Notches:
Class A-1 Senior Secured Floating Rate Notes: 0
Class A-2 Senior Secured Fixed Rate Notes: 0
Class B-1 Senior Secured Floating Rate Notes: -2
Class B-2 Senior Secured Fixed Rate Notes: -2
Class C Deferrable Mezzanine Floating Rate Notes: -2
Class D Deferrable Mezzanine Floating Rate Notes: -2
Class E Deferrable Junior Floating Rate Notes: -1
Class F Deferrable Junior Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3575 from 2750)

Ratings Impact in Rating Notches:
Class A-1 Senior Secured Floating Rate Notes: -1
Class A-2 Senior Secured Fixed Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -3
Class B-2 Senior Secured Fixed Rate Notes: -3
Class C Deferrable Mezzanine Floating Rate Notes: -4
Class D Deferrable Mezzanine Floating Rate Notes: -2
Class E Deferrable Junior Floating Rate Notes: -1
Class F Deferrable Junior Floating Rate Notes: -2

Given that the transaction allows for corporate rescue loans
which do not bear a Moody's rating or Credit Estimate, Moody's
has also tested the sensitivity of the ratings of the notes to
changes in the recovery rate assumption for corporate rescue
loans within the portfolio (up to 5% in aggregate).  This
analysis includes haircuts to the 50% base recovery rate which we
assume for corporate rescue loans if they satisfy certain
criteria, including having a Moody's rating or Credit Estimate.

Methodology Underlying the Rating Action:

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


PANTHER CDO IV: S&P Lowers Rating on Class D Notes to CCC+
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Panther CDO IV B.V.

Specifically, S&P has:

   -- Raised its ratings on the class A1, A2, and B notes;

   -- Affirmed its ratings on the class C, E1, E2, and P (combo)
      notes; and

   -- Lowered its rating on the class D notes.

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

              Amount
              as of
              Feb. 2013          OC as of
     Amount   (mil. EUR)   OC    Feb. 2013   Interest   DI
                                                        6mE+
A1   108.1    228.6        52%   33%         0.2%       N
                                                        6mE+
A2   34.0     34.0         35%   23%         0.3%       N
                                                        6mE+
B    28.0     29.7         22%   14%         0.4%       Y
                                                        6mE+
C    19.7     19.3         12%   9%          0.6%       Y
                                                        6mE+
D    13.1     12.4         6%    5%          1.6%       Y
E1   8.8      7.4          0%    1%          5.7%       Y
                                                        6mE+
E2   6.0      5.6          0%    1%          1.8%       Y
                                                        6mE+
Sub. 29.6     29.6         N/A   N/A         8.0%       N/A

OC--Overcollateralization.
DI--Deferrable interest.
6mE--Six-month EURIBOR (Euro Interbank Offered Rate).
N/A--Not applicable.

Since S&P's Feb. 21, 2013 review, the class B notes have paid
their entire amount of deferred interest and resumed current
interest payments.  The class C, D, E1, and E2 notes are still
deferring interest.  Taking into account the evolution of the
total collateral balance, overcollateralization has increased for
all the rated classes of notes, except for the class E1 and E2
notes.

S&P's portfolio average recovery expectations have decreased over
the same period, due to a higher proportion of structured finance
assets remaining in the portfolio.

At the same time, the class P (combo) notes have not received any
distribution from the class E1 notes and subordinated notes
components since S&P's previous review.

S&P subjected the capital structure to its cash flow analysis to
determine the break-even default rate (BDR) for each class of
notes at each rating level.  The BDRs represent S&P's estimate of
the level of asset defaults that the notes can withstand and
still fully pay interest and principal to the noteholders.

S&P has estimated future defaults in the portfolio in each rating
scenario by applying its updated corporate collateralized debt
obligation (CDO) criteria.

S&P's analysis shows that the available credit enhancement for
the class A1, A2, and B notes is now commensurate with higher
ratings than those previously assigned.  Therefore, S&P has
raised its ratings on these classes of notes.

S&P's analysis also indicates that the available credit
enhancement for the class C, E1, E2 notes, and P (combo) notes is
commensurate with the currently assigned ratings.  Therefore, S&P
has affirmed its ratings on these classes of notes.

S&P's analysis shows that the available credit enhancement for
the class D notes is commensurate with a lower rating than that
currently assigned.  Therefore, S&P has lowered to 'CCC+ (sf)'
from 'B+ (sf)' its rating on the class D notes.

None of the ratings were capped by the application of S&P's
largest obligor or largest industry test, which are supplemental
stress tests that S&P outlines in its corporate CDO criteria.

Panther CDO IV is a cash flow collateralized loan obligation
(CLO) transaction managed by M&G Investments Management Ltd.  A
portfolio of property B-notes, structured finance securities,
leveraged loans, high-yield securities, private placements, and
other debt obligations backs the transaction.  Panther CDO IV
closed in December 2006 and its reinvestment period ended in
March 2014.

RATINGS LIST

Panther CDO IV B.V.
EUR410 mil floating-rate notes
                                         Rating     Rating
Class              Identifier            To         From
A1                 XS0276082566          AA+ (sf)   AA- (sf)
A2                 XS0276083614          AA- (sf)   A+ (sf)
B                  XS0276084778          A+ (sf)    BBB+ (sf)
C                  XS0276085239          BB+ (sf)   BB+ (sf)
D                  XS0276085742          CCC+ (sf)  B+ (sf)
E1                 XS0276086633          CCC- (sf)  CCC- (sf)
E2                 XS0276161865          CCC- (sf)  CCC- (sf)
P (combo)          XS0276088175          CCC-p (sf) CCC-p (sf)


STORK TECHNICAL: S&P Puts 'B' CCR on CreditWatch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'B' long-term corporate credit rating on Stork Technical Services
Holdco B.V. on CreditWatch with positive implications.

At the same time, S&P placed its 'B-' issue rating on Stork's
senior secured notes due 2017 on CreditWatch positive.  The
recovery rating remains at '5', reflecting S&P's expectation of
recovery in the higher half of the 10%-30% range.

The CreditWatch placement follows Arle's announcement on Dec. 7,
2015, that it has agreed to sell Stork to Texas-based engineering
and construction company Fluor Corp. (A-/Stable/A-2) for EUR695
million.  The closing of the transaction is subject to anti-trust
approvals in several countries and is expected to be completed in
the first half of 2016.

The CreditWatch placement reflects S&P's expectation that Stork's
credit profile will improve following its acquisition by the
financially stronger Fluor group, which reported more than
$1 billion in net cash as of Sept. 30, 2015, and generated
$21.5 billion in revenue in 2014.  S&P's view of Stork's post-
acquisition credit profile will ultimately depend on S&P's
assessment of its strategic importance for the wider Fluor group,
given Fluor's stronger credit quality.

S&P expects that the group will address the change-of-control
clause, which was triggered by the acquisition announcement, on
time and that Stork's EUR272 million senior secured notes will be
refinanced in due course as per the debenture.

S&P's current rating on Stork reflects S&P's assessment of a weak
business risk profile and aggressive financial risk profile.  It
also factors in a one-notch negative adjustment under S&P's
comparable rating analysis to reflect that Stork's credit metrics
are at the lower end of our aggressive category.

S&P expects to resolve the CreditWatch at the closing of
acquisition and debt refinancing, at which point S&P would likely
withdraw the issue and recovery ratings on Stork's debt.  S&P
will assess Stork's status within the wider Fluor group,
including the ownership stake, importance of Stork's contribution
to Fluor's consolidated earnings and cash flow, as well as
Stork's strategic fit and level of integration with Fluor's
business lines. Depending on that assessment, S&P will likely
raise the long-term rating on Stork by several notches in line
with its group rating methodology.



=============
R O M A N I A
=============


ALBA IULIA: Moody's Changes Outlook to Pos. & Affirms Ba1 Rating
----------------------------------------------------------------
Moody's Public Sector Europe (MPSE) has changed the outlook to
positive from stable on the issuer rating of Municipality of Alba
Iulia in Romania.  At the same time, Moody's has affirmed the Ba1
rating.

The action on Alba Iulia follows (1) Moody's change of the
outlook to positive from stable on Romania's Baa3 government bond
rating reflecting close macroeconomic and financial linkages
between the state and local governments in Romania; and (2) the
consistent financial performance displayed by the Municipality of
Alba Iulia.

RATINGS RATIONALE

RATIONALE FOR OUTLOOK CHANGE

The positive outlook of Alba Iulia reflects the macroeconomic and
financial linkages between the sovereign and Romanian sub-
sovereigns.  In addition, the institutional linkages intensify
the close ties between the two levels of government through the
sovereign's ability to change the institutional framework, under
which the Romanian sub-sovereigns operate.

Moody's expects that the resilient national economic growth and
favorable medium-term prospects will translate into higher
revenues for sub-sovereigns and thus contribute to an improved
credit profile.  Alba Iulia is highly dependent on
intergovernmental revenues in the form of shared taxes and
central government transfers, collected and set at the national
level, representing approximately 75% of its operating revenue.

An increase in these allocations and tight expenditure controls
have enabled Alba Iulia to post strong budgetary results over the
past three years, with substantial average annual gross operating
surpluses of 29% of operating revenue.  The rising receipts from
shared taxes and central government transfers, coupled with
disciplined financial management and clearly defined internal
policies and procedures, will continue to support the
municipality to maintain its operating margins between 25%-28% of
operating revenue over 2015-16.

Moody's expects the municipality to release positive financing
results in 2015-16, which will lead to a gradual reduction of its
debt levels to below 70% of operating revenue by 2017 from 80%
projected in 2015.  Alba Iulia's rating is also underpinned by
its adequate liquidity position, averaging 12% of its operating
revenue in 2015, which sufficiently covers 1.2x of the
municipality's debt servicing costs

WHAT COULD CHANGE THE RATINGS UP/DOWN

Any upgrade in the sovereign rating would lead to an upward
pressure on the Municipality of Alba Iulia.  Moreover, the
municipality's ability to sustain its operating surpluses and
reduce its debt burden would be considered credit positive.

Conversely, a stabilization of the sovereign rating outlook would
lead to a stabilization of the rating outlook of Alba Iulia.  Any
material deterioration in the municipality's operating
performance or relevant increase into its debt and debt-servicing
needs is likely to exert downward pressure on the municipality's
rating.

The specific economic indicators, as required by EU regulation,
are not available for Alba Iulia, Municipality of.  These
national economic indicators are relevant to the sovereign
rating, which was used as an input to this credit rating action.

Sovereign Issuer: Romania, Government of

  GDP per capita (PPP basis, US$): 19,744 (2014 Actual) (also
   known as Per Capita Income)
  Real GDP growth (% change): 2.8% (2014 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 0.9% (2014 Actual)
  Gen. Gov. Financial Balance/GDP: -1.4% (2014 Actual) (also
   known as Fiscal Balance)
  Current Account Balance/GDP: -0.5% (2014 Actual) (also known as
   External Balance)
  External debt/GDP: 57.6%
  Level of economic development: Moderate level of economic
   resilience
  Default history: At least one default event (on bonds and/or
   loans) has been recorded since 1983.

On Dec. 10, 2015, a rating committee was called to discuss the
rating of the Alba Iulia, Municipality of.  The main points
raised during the discussion were: The systemic risk in which the
issuer operates has materially decreased.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.

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


ASTRA ASIGURARI: KPMG to Draw Up Liquidation Strategy
-----------------------------------------------------
SeeNews reports that consulting firm KPMG Restructuring said on
Dec. 16 it has started drafting a liquidation strategy for Astra
Asigurari after earlier this month a Bucharest court approved a
request for its bankruptcy submitted by the country's financial
regulator.

According to SeeNews, as part of this process, KPMG said it will
ensure the continuity of critical functions and systems, secure
databases and will elaborate a strategy for efficient liquidation
of assets, focused mainly on analyzing and valuing portfolios of
insurance under transfer of business operations and other assets.

Within 40 days KPMG must prepare a report on the causes for the
insurer's insolvency with suggestions regarding the liquidation
of its assets, SeeNews notes.

Astra's main creditor -- the Policyholders Guarantee Fund -- will
take over Astra's obligations to its other creditors, paying out
up to EUR100,000  (US$110,130) to each of them, SeeNews relays,
citing data posted on the website of Romania's financial
supervision authority, ASF.

In August, ASF ordered the closure of a financial recovery
procedure through special administration at Astra, SeeNews
recounts.  At the end of the month, the regulator decided to
revoke Astra's operating license and declared it insolvent after
its financial recovery plan failed to achieve its main
objectives, SeeNews discloses.

In early September, the regulator requested Astra's bankruptcy
after it failed to raise its capital by RON425 million (US$104
million/EUR94 million), SeeNews relates.

Astra Asigurari is a Romanian insurance company.



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


BANK URALSIB: S&P Raises Counterparty Credit Ratings to 'CCC+/C'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term counterparty credit ratings on Russia-based BANK URALSIB
(PJSC) to 'CCC+/C' from 'SD/SD' (selective default). The outlook
is positive.

The upgrade follows Bank URALSIB's cancellation of its
subordinated debts.  After the recent ownership change and
completed cleaning of impaired assets thanks to received
financial support, S&P sees the bank's creditworthiness as having
improved substantially.

On Nov. 16, 2015, Bank URALSIB cancelled all its outstanding
subordinated debts, including nonhybrid (under S&P's
classification) "old style" loans without loss-absorption
features.  S&P viewed the executed cancelation of two nonhybrid
"old style" subordinated bilateral loans of $73.6 million
maturing in 2017 (received in 2007), and Russian ruble (RUB) 6
billion maturing in 2019 (received in 2008), as equaling
nonpayment in full.

On Nov. 4, 2015, the Central Bank of Russia (CBR) announced
measures for Bank URALSIB's financial rehabilitation, including
having found an investor to buy an 82% stake in the bank.  The
new major investor is prominent Russian businessman Vladimir
Kogan. The Deposit Insurance Agency (DIA) provided Bank URALSIB
with several tranches of long-term loans totaling RUB81 billion
to help maintain Bank URALSIB's financial stability.  This,
together with the gain from cancellation of subordinated debts
totaling about RUB16.9 billion (net of taxation) and capital
injections of RUB16.8 billion received in July-August this year
from the bank's previous major owner Nikolai Tsvetkov, could help
to alleviate recognized losses for 2015 under International
Financial Reporting Standards (IFRS) stemming from impairment of
some of the bank's assets, namely investments in insurance
company SG URALSIB of RUB19.5 billion, goodwill of RUB4.5
billion, and anticipated credit costs for 2015 in the amount of
about RUB13 billion.

In S&P's opinion, these measures could result in substantial
reduction of the bank's risk-weighted assets, despite expected
only marginally positive bottom-line results for 2015.  S&P also
assumes the bank will struggle to break even in 2016 as recovery
of the margin is likely to be lengthy while credit costs will
likely mirror the market's general upward trend.  The path to
recovery will likely take the form of a stabilized provisioning
and cost optimization.  Furthermore, Bank URALSIB's earnings
metrics will probably continue to fall short of the pre-2008
financial crisis levels for a number of years.

At the same time, S&P projects the bank's risk-adjusted capital
(RAC) ratio will be within 7.0%-7.5% in the next 12-18 months,
increased substantially from the historic low of 2.9% at year-end
2014.  S&P understands that, under the CBR's decision the bank
operates within the agreed DIA's participation plan.  This is
what S&P calls "subject to regulatory forbearance".  That said,
although the projected RAC ratio is very likely to be within the
moderate to adequate category in the next 12-18 months, S&P caps
its assessment at very weak, determined by its criteria.  As of
Dec. 1, 2015, the bank's regulatory capital adequacy ratio N1
stood at around 7%, where minimal requirement is 10%.  This is
mostly because of the accounting differences between Russian
generally accepted accounting principles and IFRS as regards
treatment of the benefits from DIA's financial support.  S&P
understands that Bank URALSIB applied for Tier 2 capital support
under DIA's recapitalization program, and that the anticipated
injection could improve the bank's regulatory capital adequacy,
subject to the size of injection in the form of subordinated
debt. S&P also believes that the bank is willing to be compliant
with all regulatory requirements.  If S&P was to see sustainable
improvement in this aspect, it could be potentially resulted in a
positive rating action.

S&P continues to assess the bank's business position as weak, as
S&P believes URALSIB's market shares and capacity to deliver
stable earnings have significantly deteriorated in the past few
years.  Accumulated losses and an eroded capital buffer take a
significant toll on the bank's business stability.  In S&P's
view, it will take time for the bank to restore its previously
sound market footprint.  After significant boost in its capital
buffer, the bank is better prepared for recovery in business
dynamics.  S&P anticipate the bank's new major shareholder, Mr.
Kogan, and the managements team will prepare the bank's new
strategy in early 2016.  At the same time, S&P expects Bank
URALSIB to demonstrate anemic growth rates in real terms in 2016,
as economic conditions are not supportive for good-quality
business growth.

Although S&P envisage that Bank URALSIB's asset quality may
moderately deteriorate owing to weakening economic conditions in
Russia, S&P don't expect the share of nonperforming loans (NPLs;
impaired loans with repayment overdue by over 90 days) to
materially exceed the system average over 2015, mainly thanks to
low loan growth anticipated in 2015, and modest exposures to
higher risk segments, such as commercial property and unsecured
retail lending.  The bank's NPL ratio stood at about 14% as of
Sept. 30, 2015, and the provisioning coverage ratio at 73%.  S&P
therefore assess the bank's risk position as adequate.

"We assess Bank URALSIB's funding as average. Customer deposits
are Bank URALSIB's main source of funding, and its loan-to-
deposit ratio of 70% as of Sept. 30, 2015, is less aggressive
than the sector average.  The bank's customer base was broadly
stable during the past two months when Bank URALSIB entered the
financial rehabilitation program.  Bank URALSIB's liquidity is
currently adequate.  We understand that cash and money market
instruments compose about 20% of total assets.  An additional 10%
is represented by the placements with Russian government bonds.
We understand that the bank's consolidated leasing subsidiary is
now under negotiation of restructuring of its bilateral loan of
RUB3.5 billion.  We don't rate either this obligation or the
leasing company, and under our criteria the restructuring of the
subsidiary's debt would not necessarily result in a downside
pressure on the ratings on the bank.  At the same time, we expect
that Bank URALSIB will continue to honor its other obligations as
they come due, especially to its depositors," S&P said.

"We revised our assessment of the bank's systemic importance to
low from moderate.  Therefore, we no longer include any notches
of potential government support in our assessment of the bank's
stand-alone credit profile (SACP).  Although we view the Russian
government as supportive toward the domestic banking sector, we
note that support was not sufficient for all groups of the bank's
creditors, which then had to enter into the cancellation of all
subordinated debts including those issued before 2014, without
respective loss-absorption features," S&P noted.

For that reason, S&P caps its assessment of Bank URALSIB's SACP
at 'ccc+'.  According to S&P's criteria, the bank remains reliant
on business, financial, and economic conditions to meet its
financial commitments within next 12 months.

The positive outlook reflects S&P's view that the bank's capital
position has substantially improved.  S&P could raise the ratings
if, over the next 12 months, the bank demonstrates sustainable
enhancement in its earnings capacity while beconing compliant
with regulatory capital adequacy metrics, which is not the case
for now.

A positive rating action is conditional to the N1.0 regulatory
capital ratio sustainably exceeding to the minimum required by
the Russian regulator, but this would not be sufficient in itself
for an upgrade.  For an upgrade to the 'B' category, S&P needs to
be convinced that the new strategy to be unveiled in early 2016
can shore up the bank's weakened financial profile and that the
business model will prove sustainable over time, even amid the
difficult operating economic conditions S&P expects in Russia in
2016.

S&P could lower the ratings if it sees that additional losses
(currently unexpected) are not balanced by capital support from
the existing beneficiary or participation of a third party, or
other remedial actions.  S&P could take a negative rating action
if the new owners prove unable to quickly restore the bank's
financial profile or if S&P sees tangible signs of the bank's
liquidity erosion.



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


ABENGOA SA: Creditor Banks Call for Alternative Financing
---------------------------------------------------------
Jose Elias Rodriguez at Reuters reports that creditor banks in
Abengoa SA are piling up pressure on the company to find
alternative emergency financing and avoid becoming Spain's
largest-ever bankruptcy.

According to Reuters, sources familiar with the matter said on
Dec. 15 that a meeting held on Dec. 14 between Abengoa and the
lenders to agree on emergency financing did not reach any
conclusion and that the banks would now discuss with investment
funds a potential cash injection in the company.

The sources said the lenders have also approached Spain's
government lending arm, the Official Credit Institute (ICO), over
a potential loan of EUR15 million to EUR20 million  (US$16.5
million-US$22 million), Reuters relates.

Abengoa SA is a Spanish renewable-energy company.


                        *       *       *

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2015, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Spanish engineering and construction
company Abengoa S.A. to 'CCC-' from 'B+'.  S&P said the outlook
is negative.


BBVA-10 PYME: Moody's Assigns B3 Rating to Series B Notes
---------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the debts issued by BBVA-10 PYME FONDO DE TITULIZACION (the
Fondo):

  EUR596.7 mil. Series A Notes, Definitive Rating Assigned
   Aa2 (sf)

  EUR183.3 mil. Series B Notes, Definitive Rating Assigned
   B3 (sf)

BBVA-10 PYME FT is a securitization of standard loans granted by
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; A3 Not on Watch /P-2
Not on Watch; Outlook: Stable) to small and medium-sized
enterprises (SMEs) and self-employed individuals.

The Fondo -- a newly formed limited-liability entity incorporated
under the laws of Spain -- has issued two series of rated notes.
BBVA acts as servicer of the loans for the Fondo, while Europea
de Titulizacion S.G.F.T., S.A. is the management company
(Gestora) of the Fondo.

RATINGS RATIONALE

As of November 2015, the audited provisional asset pool of
underlying assets was composed of a portfolio of 4,943 contracts
granted to SMEs and self-employed individuals located in Spain.
The assets were originated mainly between 2007 and 2015 and have
a weighted average seasoning of 5.0 years and a weighted average
remaining term of 6.8 years.  Around 51% of the portfolio is
secured by first-lien mortgage guarantees over different types of
properties.  Geographically, the pool is concentrated mostly in
Catalonia (24.3%) and Andalusia (15.6%).  At closing, any loans
in arrears more than 30 days will be excluded from the final
pool.

In Moody's view, the strong credit positive features of this deal
include, among others: (i) a pool with a high seasoning of 5
years; (ii) a granular pool (the effective number of obligors
over 500); and (iii) a simple structure.  However, the
transaction has several challenging features: (i) high
concentration in the Construction and Building sector (28.7%);
(ii) no interest rate hedge mechanism in place; and (iii) a
strong linkage to BBVA related to its originator, servicer and
issuer account bank roles. These characteristics were reflected
in Moody's analysis and definitive ratings, where several
simulations tested the available credit enhancement and 5%
reserve fund to cover potential shortfalls in interest or
principal envisioned in the transaction structure.

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

In its quantitative assessment, Moody's assumed a mean default
rate of 13.78%, with a coefficient of variation of 43.1% and a
recovery rate of 55.0%.  Moody's also tested other set of
assumptions under its Parameter Sensitivities analysis.  For
instance, if the assumed default probability of 13.78% used in
determining the initial rating was changed to 17.91% and the
recovery rate of 55% was changed to 45%, the model-indicated
rating for Series A and Series B of Aa2(sf) and B3(sf) would be
A3(sf) and Caa2(sf) respectively.

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

In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche.  The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the Inverse Normal distribution
assumed for the portfolio default rate.  On the recovery side
Moody's assumes a stochastic (normal) recovery distribution which
is correlated to the default distribution.  In each default
scenario, the corresponding loss for each class of notes is
calculated given the incoming cash flows from the assets and the
outgoing payments to third parties and noteholders.  Therefore,
the expected loss or EL for each tranche is the sum product of
(i) the probability of occurrence of each default scenario; and
(ii) the loss derived from the cash flow model in each default
scenario for each tranche.

Therefore, Moody's analysis encompasses the assessment of stress
scenarios.

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

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

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


NH HOTEL: S&P Affirms 'B-' CCR, Outlook Remains Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B-' long-term corporate credit rating on Spain-based NH Hotel
Group S.A.  The outlook remains stable.

At the same time, S&P affirmed the 'B' issue ratings on NH's
senior secured debt.  The recovery rating of '2' indicates S&P's
expectation of recovery in the higher half of the 70%-90% range
in the event of a payment default.

"We revised our assessment of NH's liquidity to less than
adequate from adequate.  This is because we no longer believe
that the company's available liquidity sources, including cash,
funds from operations, and completed asset disposals can cover,
by more than 1.2x, its expected cash uses over the next 12
months.  The uses include repayment of maturing debt, capital
expenditures (capex), and working capital outflows.  We
understand that NH has several commercial paper, factoring, and
short-term credit lines available, but we do not factor these
into our analysis given that the terms are less than 12 months.
Overall, we view NH's liquidity as dependent on its planned asset
disposals, which we currently do not consider unless a sale
agreement has been signed. Nonetheless, we recognize that NH has
some flexibility to cut capex if asset disposals do not
materialize, since we understand a significant portion relates to
repositioning capex that, if not executed, would affect only
potential returns but not the business itself," S&P said.

"We continue to assess NH's business risk profile as weak.  This
reflects our view of the company's business model, which is
centered on the operation of owned and leased hotels
(approximately 75% of the total rooms).  In our opinion, this
concentration contributes to a high and relatively inflexible
fixed-cost base.  Our adjusted EBITDA margins of close to 30% for
NH in the current financial year are broadly in line with that of
NH's peers.  However, we think cyclical downturns will put more
pressure on the company's earnings than on asset-light franchised
or managed businesses," S&P noted.

In addition, although S&P views midsize properties as having
lower cost bases than luxury hotels, S&P believes that NH's key
market segment has relatively low barriers to entry and is
therefore more exposed to competition.  On the positive side, S&P
recognizes NH's strong position in the midsize hotel markets of
Spain and Italy, with an urban focus; and its positive operating
performance overall, with improving available daily rates and
revenue per available room.

S&P views NH's presence outside Europe as relatively limited.
Overall, S&P believes that NH's current strategy could continue
to strengthen its business risk profile in the medium term.  The
company's strategy is to move toward an asset-light ownership
model and a more upmarket segment, while restructuring its cost
base to keep improving profitability.

S&P's assessment of NH's financial risk profile as highly
leveraged reflects S&P's projections for the company's credit
metrics.  A large share (about 75%) of the company's adjusted
debt stems from S&P's operating lease adjustment.  But even on an
unadjusted basis, S&P views the level of projected financial debt
to EBITDA as high.  S&P notes that the Standard & Poor's-adjusted
debt to EBITDA had decreased to 9.1x as of Dec. 31, 2014, from
10.2x a year before, and S&P expects it to decrease further to
about 8.7x by Dec. 31, 2015.  Still, S&P expects NH's capacity to
generate free operating cash flow to remain constrained over the
next 12 to 18 months as the company finalizes its ongoing
investment program.  S&P understands that NH plans to finance
some of its investments through asset disposals and has the
capacity to cut capex if planned disposals do not materialize.

The stable outlook reflects S&P's view that NH will contain its
debt, so as to keep adjusted interest coverage at 1.5x-2.0x,
preserve sufficient liquidity for its operating needs, and
maintain adequate headroom under its maintenance covenants.  In
particular, S&P anticipates that NH's recurring profitability
will continue to improve in 2016, thanks to favorable economic
conditions and the effects of the company's turnaround strategy.

Rating downside could arise if adverse operating developments, a
subsequent decline in profitability, or shortfalls in the
company's asset disposal plan cause NH's liquidity and credit
metrics to deteriorate beyond S&P's expectations.  In addition,
the rating could come under pressure if NH's headroom under its
covenants were to deteriorate from the current levels or if NH's
adjusted EBITDA interest coverage declines to less than 1.0x.

A positive rating action on NH would be contingent on the
company's liquidity assessment being adequate.  In addition, S&P
could take a positive rating action if NH's adjusted EBITDA
interest coverage ratio reaches 2.0x for a long period.


RMBS SANTANDER 5: Moody's Assigns Ca Rating to Serie C Notes
------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
three classes of notes issued by RMBS Santander 5:

  EUR1,013.6 mil. Serie A Notes, Definitive Rating Assigned
   A2 (sf)

  EUR261.4 mil. Serie B Notes, Definitive Rating Assigned
   Caa1 (sf)

  EUR63.7 mil. Serie C Notes, Definitive Rating Assigned Ca (sf)

The transaction is a securitization of Spanish prime mortgage
loans originated by Banco Santander S.A. (Spain) (A3 / P-2),
Banco Espanol de Credito, S.A. (Banesto) and Banco Banif, S.A.U
(Banif) to obligors located in Spain.  The portfolio consists of
high Loan To Value mortgage loans secured by residential
properties including a high percentage of renegotiated loans
(29.5%).

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

RATINGS RATIONALE

RMBS Santander 5 is a securitization of loans granted by Banco
Santander S.A. (Spain) (A3 / P-2), Banesto and Banif to Spanish
individuals. Banco Santander S.A. (Spain) is acting as Servicer
of the loans while Santander de Titulizacion S.G.F.T., S.A. is
the Management Company ("Gestora").

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Credit Enhancement and the portfolio expected loss.

The key drivers for the portfolio expected loss of 10.5% are (i)
benchmarking with comparable transactions in the Spanish market
via analysis of book data provided by the seller, (ii) the very
high proportion of renegotiated loans in the pool (29.5%), and
(iii) Moody's outlook on Spanish RMBS in combination with
historic recovery data of foreclosures received from the seller.

The key drivers for the 27% MILAN Credit Enhancement number,
which is higher than other Spanish HLTV RMBS transactions, are
(i) renegotiated loans represent 29.5% of the portfolio and 11.2%
of the pool corresponds to loans in principal grace periods; (ii)
the proportion of HLTV loans in the pool (33.0% with current LTV
> 80% based on original valuations) with Current Weighted Average
LTV of 105.4% (based on revaluations as from 2013); (iii)
approximately 12.6% of the portfolio correspond to self-employed
debtors; (iv) 53% of the loans have been in arrears at least once
since the loans was granted (v) weighted average seasoning of
6.28 years and (vi) the geographical concentration in Madrid
(24.4%) and Andalusia (19.0%).

According to Moody's, the deal has these credit strengths: (i)
sequential amortization of the notes (ii) a reserve fund fully
funded upfront equal to 5% of the Serie A and B notes to cover
potential shortfall in interest and principal.  The reserve fund
may amortise if certain conditions are met.

The portfolio mainly contains floating-rate loans linked to 12-
month EURIBOR, and most of them reset annually; whereas the notes
are linked to three-month EURIBOR and reset quarterly.  There is
no interest rate swap in place to cover this interest rate risk.
Moody's takes into account the potential interest rate exposure
as part of its cash flow analysis when determining the ratings of
the notes.

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

Factors that may lead to an upgrade of the ratings include a
significantly better than expected performance of the pool,
together with an increase in credit enhancement for the notes.

Factors that may cause a downgrade of the ratings include
significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
Finally, a change in Spain's sovereign risk may also result in
subsequent upgrade or downgrade of the notes.

Stress Scenarios:

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.

The analysis assumes that the deal has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security
might have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

At the time the rating was assigned, the model output indicated
that the Serie A notes would have achieved an A2 even if the
expected loss was as high as 13.1% and the MILAN CE was 27% and
all other factors were constant.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.



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


DOMETIC GROUP: Moody's Raises CFR to B1, Outlook Positive
---------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Dometic Group AB to B1 from B3 after Dometic successfully
completed an initial public offering (IPO) on Nasdaq Stockholm.
Concurrently, Moody's has withdrawn the B3-PD probability of
default rating.  The rating outlook is positive.

This rating action concludes the review for upgrade initiated on
Nov. 12, 2015, and follows Dometic's successful IPO on Nov. 25,
2015.  Dometic used the SEK4,600 million IPO proceeds to
completely repay the outstanding SEK2,662 million equivalent PIK
Toggle Notes on 2 December 2015 and to reduce the bank debt.
Dometic also completely refinanced the remaining bank debt with
newly arranged bank debt, which pays a significantly lower
margin.

"We expect Dometic's leverage as measured by Moody's Adjusted
Gross Debt-to-EBITDA to decrease towards 3.9x by year end 2015
from 7.8x in 2014 mainly because of the material (-3.4x) debt
reduction after the IPO, the full year integration of Atwood (-
0.5x) and improved performance driven by good volume trends
across Dometic's major product lines in the US and EMEA.
Dometic's newly arranged bank credit facilities will provide
significant savings on interest expenses and will thus improve
Dometic's Free Cash Flow generation albeit this will be partly
offset by an announced dividend policy of at least 40% of net
income.  The change of the rating outlook to positive reflects
our expectation that Dometic will likely deleverage further
towards 3.2x in the next 12-18 months on the back of more
conservative financial targets post IPO, improved aftermarket
sales, cost savings and new product launches" says Andrey
Bekasov, AVP and lead analyst for Dometic at Moody's.

RATINGS RATIONALE

The B1 corporate family rating (CFR) reflects (i) Dometic's
exposure to cyclical auto and marine original equipment
manufacturers (OEM) sectors; (ii) moderate expected leverage as
measured by Moody's Adjusted Gross Debt-to-EBITDA of around 3.9x
in 2015; and (iii) exposure to foreign currency fluctuations.

More positively, the rating also reflects: (i) Dometic's leading
position in a niche leisure products industry providing solutions
for recreational vehicles, yachts, commercial and passenger
vehicles; (ii) attractive leisure and recreation spending trends;
and (iii) good volume trends across major Dometic's product lines
in the US and EMEA.

Dometic's liquidity is good, Moody's expects Dometic to have
approximately SEK600 million of cash at the end of 2015 and
approximately SEK950 million available under the newly arranged
SEK1,224 million equivalent revolving credit facility (RCF).
Moody's expects Dometic to maintain good headroom under the
financial maintenance covenants governing the bank credit
facilities (to be tested from June 2016 onwards).  Finally,
Moody's expects Dometic to generate good Free Cash Flow because
of significantly reduced interest expenses and improved
operational performance over the next 12-18 months.

The positive outlook reflects Moody's expectation that Dometic
will likely deleverage towards 3.2x in the next 12-18 months
because of more conservative financial targets post IPO, improved
aftermarket sales, cost savings and new product launches.  The
positive outlook does not assume any significant debt-financed
acquisitions.

WHAT COULD CHANGE THE RATING UP/DOWN

The rating can be upgraded if:

  Moody's Adjusted Gross Debt-to-EBITDA reduces towards 3.0x

  Gross margin continue to improve and revenues continue to grow
   in the mid-single digit

  Dometic achieves reduced exposure to the more cyclical OEM RV
   part of the business

The rating can be downgraded and/or the rating outlook may change
to Stable if:

  Moody's Adjusted Gross Debt-to-EBITDA increases above 4.5x
  Free Cash Flow turns negative
  There are any liquidity or covenant headroom concerns

Dometic Group AB, headquartered in Solna (Sweden), is a leading
global manufacturer of various products for five major markets:
recreation vehicles (64% of SEK8,962 million revenue for the nine
months ended 30 September 2015), commercial and passenger cars
(16%), marine (9%), retail (8%), and lodging (3%) markets in
approximately 100 countries.  Dometic manufactures approximately
85% of its products in-house across 22 manufacturing sites in 9
countries under various brands including Dometic (the main brand)
and other supporting brands: WAECO, Atwood, MOBICOOL, Marine Air
Systems, Condaria, Cruisair and SeaLand.  Dometic's regions
include North America (48% of revenue), EMEA (40%), and APAC
(11%).  As of Sept. 30, 2015, Dometic had approximately 6,369
employees.  Dometic become a publicly listed company on Nasdaq
Stockholm on Nov. 25, 2015.  The private equity fund managed and
advised by EQT owns approximately 57% of Dometic's shares.



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


ENQUEST PLC: Moody's Lowers CFR to B3, Outlook Negative
-------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of EnQuest plc to B3 from B1 and probability of default ratings
to B3-PD from B1-PD.  The rating on the company's 2022 senior
unsecured notes was also downgraded to Caa2/LGD 5 from B3/LGD 5.
The outlook on all ratings remains negative.

RATINGS RATIONALE

The two notch downgrade of the rating reflects the continuous
decline in the oil prices in 2015 and Moody's expectation of no
significant improvement in the market conditions in 2016.  The B3
CFR rating reflects EnQuest's weak credit profile, with gross
leverage exceeding $54,000/boe of average daily production at the
end of 1H 2015, as well as the expectation that the company will
continue to add to its leverage in 2016 and also likely in 2017,
as it continues to invest in its key development project amid
declining Brent oil prices and will generate negative FCF next
year.

EnQuest's capital structure is reflective of a higher oil price
environment, and with $1.6 billion in gross debt outstanding at
the end of 1H 2015 against current market cap of approximately
$250 million, the company is increasingly dependent on the timely
delivery on production growth in 2016-2017 to stabilize the
balance sheet.  At the end of 1H 2015 it held $294 million in
unrestricted balances.

In 2016/2017, EnQuest faces a high level of investment and
material execution risk as it targets continued growth in
production levels through bringing on-stream its key project
Kraken (2017).  These risks are mitigated in part by solid
economics of the project, which Moody's believes remains economic
at around $40 Brent oil price, and by Enquest's successful
production growth with the completion on Alma/Galia project in
2015 and strong growth delivered on its Malaysian assets, as well
as several of its UK assets, leading to updated production
guidance for 2016 of 44,000 -- 48,000 boed.  Moody's continues to
see EnQuest as an efficient and strong operator, as demonstrated
by its ability to quickly bring operating costs down.
Nevertheless, with its sizeable capital commitments, EnQuest will
generate a larger than expected negative FCF position in 2016-
2017 under our lower oil price assumptions and will need to rely
more heavily on its committed bank facilities to fund the
completion of its key Kraken project.

Finally, EnQuest has been managing commodity price risk
proactively and benefits from the existing hedging arrangements
(that cover around 60-75% of next year production guidance, with
8 million boe of production hedged at $68 and 2 million boe of
production at $65/boe).  As the existing hedging will gradually
expire in 2016, the company will become increasingly sensitive to
the oil price weakness.

Liquidity Position

EnQuest's liquidity is underpinned by a USD1.2 billion 2019
revolving credit facility (RCF), of which around USD490 million
was available as of the end of June 2015.  The facility has
several financial covenants.  EnQuest has reset its net leverage
covenant at the beginning of 2015, but as Brent prices continue
to press below $40/boe, the headroom under the financial
covenants will be eroding, at the time when the company will
continue to invest and consume cash in 2016-2017.

The company maintains a sizable $294 million cash balance (net of
restricted cash balances), that was recently boosted by the
divestment of real estate asset.

Drivers of Rating Change

While Moody's does not see near-term prospects for an upgrade,
measures to rebalance the debt/equity balance, including
divestments, could lead to an upgrade on the B3 rating.

The B3 corporate family rating could however come under pressure
should there be (i) a material delay and/or cost overruns in the
development key oil fields, such as Kraken; or (ii) any
significant deterioration in liquidity position of the company,
as a result of lower price realisations or operating issues.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011.


LEHMAN BROTHERS HOLDINGS: January 5 Proofs of Debt Deadline Set
---------------------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, A.V. Lomas,
S.A. Pearson, G.E. Bruce and J.G. Parr, the Joint Administrators
of Lehman Brothers Holdings plc, intend to make a distribution
(by way of paying an interim dividend) to the preferential
creditors (if any) and to the unsecured, non-preferential
creditors of LBH.

Proofs of debt may be lodged at any point up to (and including)
January 5, 2016, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt
forms, please visit http://is.gd/TPoaZt

Please complete and return a proof of debt form, together with
relevant supporting documents to PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT marked for the attention of
Jennifer Hills.  Alternatively, you can email a completed proof
of debt form to lehman.affiliates@uk.pwc.com

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the
prescribed part of LBH's net property which is required to be
made available for the satisfaction of LBH's unsecured debts
pursuant to section 176A of the Insolvency Act 1986.  There are
no floating charges over the assets of LBH and accordingly, there
shall be no prescribed part.  All of LBH's net property will be
available for the satisfaction of LBH's unsecured debts.


LEHMAN BROTHERS LEASE: January 5 Proofs of Debt Deadline Set
------------------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, A.V. Lomas,
S.A. Pearson, G.E. Bruce and J.G. Parr, the Joint Administrators
of Lehman Brothers Lease & Finance No. 1 Limited, intend to make
a distribution (by way of paying a fourth and final dividend) to
the preferential creditors (if any) and to the unsecured,
non-preferential creditors of LBL&F.

Proofs of debt may be lodged at any point up to (and including)
January 5, 2015, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt
forms, please visit http://is.gd/Zl6D1d

Please complete and return a proof of debt form, together with
relevant supporting documents to PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT marked for the attention of
Jennifer Hills.  Alternatively, you can email a completed proof
of debt form to lehman.affiliates@uk.pwc.com

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the
prescribed part of LBL&F's net property which is required to be
made available for the satisfaction of LBL&F's unsecured debts
pursuant to section 176A of the Insolvency Act 1986.  There are
no floating charges over the assets of LBL&F and accordingly,
there shall be no prescribed part.  All of LBL&F's net property
will be available for the satisfaction of LBL&F's unsecured
debts.


MULCAIR LTD: Explores Options to Avert Administration
-----------------------------------------------------
Owen Hughes at The Daily Post reports that bosses at Caernarfon
firm Mulcair said they were "exploring all options" in a bid to
save the firm from entering administration tomorrow, Dec. 18.

The Daily Post revealed last week that staff had been told they
were being made redundant, The Daily Post relates.

According to The Daily Post, Mulcair -- which had worked with
local authorities and Dwr Cymru/Welsh Water -- said it was due to
enter voluntary administration tomorrow, Dec. 18.

They have already made around 50 staff redundant with a skeleton
team left at the base at Cibyn Industrial Estate in Caernarfon,
The Daily Post discloses.

On Dec. 15, a spokesman, as cited by The Daily Post, said they
were still working to try to stop the firm entering
administration at the end of the week.

Mulcair Limited is one of Wales's leading civil engineering
companies.


                            *********

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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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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