TCREUR_Public/151223.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 23, 2015, Vol. 16, No. 253



LION/SENECA FRANCE: S&P Affirms 'B' CCR, Outlook Stable


HECKLER & KOCH: Moody's Changes PDR to Caa3-PD/LD, Outlook Neg.


REYKJAVIK ENERGY: Fitch Affirms 'BB-' LT Issuer Default Rating


SVG DIAMOND: S&P Raises Ratings on 2 Note Classes to 'B'


ARCELORMITTAL: S&P Revises Outlook to Neg. & Affirms 'BB/B' CCRs


BANCO ESPIRITO: Ex-Chief Released From House Arrest


ASKO SKEL: Placed Under Provisional Administration
ENEL RUSSIA: Fitch Assigns 'BB+' Long-Term Foreign Currency IDR
FIRST CONTAINER: Fitch Assigns Final 'BB' Rating to RUB5BB Notes
NOVY VEK: Placed Under Provisional Administration
RAIFFEISENBANK AO: Moody's Affirms 'Ba2' Bank Deposit Rating

SIBERIAN CAPITAL: Placed Under Provisional Administration
TINKOFF BANK: Moody's Changes Outlook on B2 Ratings to Stable
URALSIB BANK: Fitch Hikes Long-Term Issuer Default Rating to 'B'
VNESHPROMBANK LLC: Moratorium Imposed on Creditor Claims

S L O V A K   R E P U B L I C

SBERBANK SLOVENSKO: Fitch Puts 'BB+' IDR on Negative Watch


BBVA-10 PYME: DBRS Finalizes Provisional CCC Rating on Cl B Notes
SANTANDER PYMES 5: DBRS Downgrades Rating on Series C Notes to D
SANTANDER RMBS 5: DBRS Finalizes Provisional C Rating on C Notes

U N I T E D   K I N G D O M

BIRCHTREE REMOVALS: In Liquidation, Owes GBP91,000
LAIDLAW INTERIORS: Goes Into Administration
MEMPHIS MEDIA: Goes Into Liquidation
PARAGON OFFSHORE: Moody's Lowers CFR to Ca, Outlook Negative
TATA STEEL UK: In Talks Over Long Products Europe Business Sale



LION/SENECA FRANCE: S&P Affirms 'B' CCR, Outlook Stable
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on France-based prescription frames and
sunglasses designer and optical retailer Lion/Seneca France 2 SAS
(Alain Afflelou).  The outlook is stable.

At the same time, S&P affirmed:

   -- The 'B+' issue rating on the EUR30 million super senior
      revolving credit facility (RCF) with a recovery rating of
      '2', indicating its expectation of substantial (70%-90%)
      recovery in the event of a payment default(in the higher
      half of the range).  The 'B' issue rating and '3' recovery
      rating (lower half of the 50% to 70% range) on the
      EUR365 million senior secured notes due 2019.

   -- The 'CCC+' issue rating with a '6' recovery rating on the
      EUR75 million senior subordinated notes.

The affirmation reflects S&P's view that, despite the recent
disappointing financial results for full-year 2015, S&P considers
that Alain Afflelou's positive free cash flow generation
continues to underpin the current rating within the 'B' category.
In S&P's view, Alain Afflelou's poor financial results for its
financial year ended July 31, 2015, reflect the tough environment
in France, where Afflelou derives the major part of its revenues.
They also reflect increasing pressure from health care networks
that have eroded the group's operating margins.  S&P has
therefore revised its assessment of Alain Afflelou's business
risk profile to weak from fair, reflecting the continuing decline
in the operating performance of directly owned stores that are
burdening the group's profitability.  S&P believes that health
care networks will continue to further bear down on the group's
profitability despite a positive contribution on the group's

S&P considers that Alain Afflelou's high capital expenditures
over 2012-2014 reflect the group's aggressive strategy to retain
market shares.  S&P believes that the directly owned stores
should be able to control their cost structure and cut back
excessive spending that has weighed on the group's overall
profitability, thereby maintaining healthy free cash flow
generation.  Despite the difficult market conditions in which
Alain Afflelou is operating in France, the group's Spanish
operations continue to benefit from a positive momentum in the
Spanish economy.

S&P's lower business risk profile assessment does not affect the
corporate credit rating because, under its criteria, the
combination of a weak business profile and highly leveraged
financial risk profile still leaves room for a 'b' anchor if S&P
believes the company has stronger coverage ratios.  In Alain
Afflelou's case, S&P considers that the group's funds from
operations (FFO) cash interest coverage ratio in excess of 3x are
relatively solid.

The stable outlook on Alain Afflelou reflects the group's ability
to generate positive free cash despite a quite challenging market
environment resulting from both a gloomy environment and
deflationist pressure coming from health care networks on the
group's domestic market.

The rating on the group is further underpinned by an adequate
liquidity cushion, FFO cash interest coverage comfortably above
3x, and positive free cash flow generation that S&P continues to
view as commensurate with the 'B' rating.

Given Alain Afflelou's high debt-to-EBITDA ratio and financial-
sponsor ownership, S&P views an upgrade as remote at this stage.
Still, S&P could envisage a positive rating action if Alain
Afflelou's debt to EBITDA decreased sustainably below 5x on a
fully adjusted basis.

S&P could downgrade the group if free cash flow generation
decreased to less than EUR25 million per year on a sustainable
basis or it its healthy cash flow generation became more heavily
affected by directly owned stores' burdensome cost structure.  A
fall in Alain Afflelou's FFO cash interest coverage ratio below
the 2.5x threshold that S&P considers as commensurate with the
current rating could also result in a negative rating action.  If
adjusted debt to EBITDA (including PIK and PECs instruments)
deteriorated significantly, following a large debt-financed
acquisition, S&P could also revise its financial policy modifier
downward to 'FS-6 (minus)' from 'FS-6'.


HECKLER & KOCH: Moody's Changes PDR to Caa3-PD/LD, Outlook Neg.
Moody's Investors Service changed Heckler & Koch GmbH's (HK)
probability of default rating (PDR) to Caa3-PD/LD from Caa3-PD.
The Caa3 corporate family rating and the Caa3 senior secured
rating have been affirmed.  The outlook remains negative.  The
change of the PDR follows HK's announcement, that it repurchased
a nominal amount of EUR45 million for a consideration of around
EUR40 million of the company's EUR295 million senior secured
notes due in May 2018, which in Moody's view constitutes a
distressed exchange.  The company also stated its intention to
conduct further debt purchases if market conditions are
attractive and liquidity is deemed sufficient.

The /LD designation reflects Moody's view that the recent debt
repurchase constitutes a distressed exchange under Moody's
definition of default.  Moody's definition of default is intended
to capture events whereby issuers fail to meet debt service
obligations outlined in their original debt agreements.  Moody's
will remove the /LD designation from the PDR in three business


On Nov. 16, 2015, HK announced that its parent company H&K AG had
received a EUR60 million cash injection from its majority
shareholder, Andreas Heeschen.  HK used parts of these proceeds
to repurchase around 15% of the nominal value of its outstanding
senior secured notes.

The recent bond repurchase reduced amounts outstanding under its
senior secured notes to around EUR250 million, resulting in an
improvement in leverage and more importantly reducing the
company's annual interest payments on the senior secured notes by
around EUR4 million to around EUR24 million.  Proforma the
repurchase the company's adjusted debt/EBITDA for the twelve
month period ending September 2015 decreases to around 11.5x from
around 13x.

Despite these improvements in HK's capital structure its CFR
remains unchanged at Caa3, reflecting the still high leverage,
limited earnings visibility for 2016 and the company's continued
weak liquidity profile, which could result in an inability to
meet semi-annual interest payments of EUR12 million in respect of
its senior secured notes.  Interest payments fall due on November
15 and May 15 each year.  As of Dec. 11, 2015, the company had
cash and cash equivalents of around EUR26 million of which it
intends to use EUR15 million to repay amounts drawn under its
revolving credit facility (RCF).  Drawings under the RCF were
made to cover the November coupon payment on its senior secured

The RCF matures in June 2017 and provides for a liquidity
cushion. If until then there will be no sustainable improvement
in the company's cash balances and internal cash generation, HK
would only have limited headroom to sustain negative swings in
working capital or operational underperformance, which would
increase the risk of a default due to missed interest payments.

HK's ability to generate sufficient cash flows remains limited
owing to continuing earning pressures (mainly due to delayed
export license approvals to certain non-NATO countries) as well
as high working capital swings, despite recent improvements
mainly driven by strong sales to the US commercial market.

Positive rating action demands a more long- term solution to HK's
currently unsustainable capital structure.


The negative outlook reflects the company's limited available
liquidity which, despite the EUR30 million RCF, leaves very
limited cushion against unexpected volatility in earnings or
working capital.  Moreover, Moody's expects free cash flow
generation will be insufficient in the short to medium term to
materially improve cash on balance sheet and sufficiently build a
liquidity buffer to prepare for the refinancing of its bond once
it falls due in 2018.

What Could Change the Rating UP/DOWN

The rating could be upgraded in case of sustained improvements in
the group's weak liquidity profile with readily available cash on
balance and available committed long-term credit lines sufficient
to cover interest payments of EUR24 million per year as well as
seasonal swings in working capital and capex.  Moody's would
expect a minimum sustainable cash balance of EUR20 million in
addition to undrawn committed credit facilities.

Further downward pressure is highly likely where available
liquidity (cash and undrawn committed credit facilities) would be
insufficient to cover scheduled semi-annual interest payments on
senior secured notes.  Moody's may also consider negative rating
action if after consideration of any forthcoming interest
payments, headroom to sustain less favorable working capital
movements, or operational issues( i.e. further delays in
deliveries or rejection of export licenses) falls below EUR5

The principal methodology used in these ratings was Global
Aerospace and Defense Industry published in April 2014.

Company Profile

Headquartered in Oberndorf, Germany, Heckler & Koch GmbH is a
leading, privately-owned defense contractor in the small arms
sector.  HK predominantly supplies the armed forces of NATO and
NATO's allies, European and US Special Forces, European police
forces and US federal law enforcement agencies.  The company also
serves the US commercial market.  It designs, produces and
distributes small arms, including rifles, side arms, fully
automatic weapons and grenade launchers, as well as a variety of
other related products.  As at Sept. 9, 2015, LTM the company
generated revenues of EUR175 million.


REYKJAVIK ENERGY: Fitch Affirms 'BB-' LT Issuer Default Rating
Fitch Ratings has affirmed Orkuveita Reykjavikur's (Reykjavik
Energy; RE) Long-term Issuer Default Rating (IDR) at 'BB-'. The
Outlook is Stable.

The rating reflects significant EBITDA contribution (expected 68%
in 2015; 65% in 2014) from the regulated electricity, hot water,
cold water and sewage networks of RE, with tariffs covering
costs. The remaining 32% of 2015 EBITDA is from electricity
generation (predominantly geo-thermal), part of which is exposed
to commodity prices, and its fibre-optic network.

The rating also reflects the concentrated Icelandic operations of
RE, its high exposure to market risk, including foreign exchange
risk, aluminium and interest rate price risk, and its high funds
from operations (FFO) adjusted net leverage averaging 6.4x for
2015-2017. These constraints are offset by an expected strong FFO
interest cover of 5.7x on average for 2015-2017 due to RE's low
cost of debt.

The Stable Outlook takes into account the company's strong
performance against its existing five-year business plan (2011-
2016), and improved economic growth prospects in Iceland


Shareholder Support

The IDR incorporates a single-notch uplift over RE's standalone
rating to reflect moderate-to-strong links between the company
and its three municipality shareholders, the City of Reykjavik
(approx. 93.5%), the Municipality of Akranes (approx. 5.5%) and
the Municipality of Borgarbyggd (approx.1%).

Over the business plan period of 2011-2016, the municipalities
have provided supportive measures to help improve the financial
position of RE. The company's existing agreement with the
shareholders, which is valid until 2016, includes no dividend
payments, costs and investment reductions, an at least 5% return
on investments, and inflation linking of tariffs.

In November 2015, RE's board proposed to revise the company's
dividend policy from 2017, and as a result, moderate dividend
payments are likely with the maximum pay-out of 50% but a number
of financial targets need to be met simultaneously before and
after any dividends are paid.

"We expect shareholder support and fully cost-reflective tariffs
to continue after 2016 given that Iceland has some of the lowest
water and electricity tariffs in Europe due to the purity of the
available water, and low electricity prices due to the abundance
and low running costs of hydro and geothermal power sources.
Therefore, it does not face the same energy affordability issues
as other European countries. "

Regulated Earnings Dominant

For 2015, Fitch expects the share of regulated networks to
increase to 68% of EBITDA from 65% in 2014 as a result of a steep
increase in Building Cost Index (BCI), to which some of the
regulated tariffs are linked. Fitch estimates the contribution
from the regulated networks to decrease to 64% of EBITDA by 2019
as a result of lower expected tariff increases over the forecast
period. Our forecast is based on the assumption that RE's tariffs
will continue to be index-linked (to the Consumer Price Index
(CPI) or BCI) and will cover all efficiently incurred costs and
provide a return on investment at similar levels to the return
agreed with shareholders of at least 5% up to 2016.

Benign Regulation, Political Risk

Tariffs are monitored and approved by government bodies, rather
than a fully independent regulator. In Fitch's view, the
regulatory environment for the different regulated businesses is
less robust and transparent than in other European countries.
Although, Fitch considers it to be benign, Fitch also believes
there is scope for political interference because RE's board is
elected by the Reykjavik and Akranes city councils, and tariffs
and investment plans are subject to influence from government
bodies rather than an independent regulator.

Expected Deleverage, Strong Coverage

"We forecast FFO net adjusted leverage at 7.2x in 2015, up from
6.9x in 2014, mainly due to a decrease in aluminium prices which
affects revenues from electricity generation and the negative
impact on the associated aluminium hedges. We expect leverage to
decrease to 6.3x in 2016 due to the maturity of the aluminium-
linked bond asset in 2016, increasing prices of aluminium on the
forward markets, increases in tariffs, and Fitch's assumption
that no dividends will be paid. However, the company's ability to
continue deleveraging beyond 2016 will be dependent on measures
agreed by shareholders following the completion of the 2011- 2016
business plan and dividend payments."

Interest coverage is strong due to RE's access to low-priced
funding across a basket of currencies. However, this has exposed
the company to significant FX risk, which is managed with RE's US
dollar-denominated power generation earnings and hedged over a
five-year horizon.

Outperformance of Five-year Business Plan

"We view positively management's stance to achieve operational
efficiencies, which have significantly contributed to
deleveraging since the business plan was implemented. The company
has outperformed most of its targets under the 2011-2016 business
plan a year and a half ahead of its completion in December 2016."

The business plan was agreed in March 2011 between the company
and its shareholders to improve the company's cash balance by
ISK50 billion by end-2016 and repay large debt maturities from
2013. This included sales of assets, reduction of investments,
tariff corrections and reductions in operational costs. Fitch
believes management should be able to continue to achieve cost
efficiencies beyond 2016 given their track record although Fitch
expects these to be considerably less than those achieved in the

Hedging Mitigates Market Risk

RE's cash flows are exposed to currency fluctuations (largest
exposures being to USD and EUR), interest rates and to aluminium
prices to which some of the company's generation contracts are
linked. In Fitch's view, this exposure, though mitigated through
hedging, may affect the pace at which RE will deleverage as the
fluctuations can be substantial. RE has significantly reduced
balance-sheet exposure to FX fluctuations by denominating the
generation subsidiary in USD, but its cash flow exposure remains
a rating risk. The company manages exposure to other currencies
through currency hedges to smooth volatility. Cash flow risk is
also mitigated by the company maintaining enough liquidity to
meet cash outflow in each currency six months in advance.

At September 30, 2015, the company's total debt was ISK169.8
billion, of which 73.6% was denominated in foreign currencies
compared with 83% of the company's revenues in krona. Variable-
rate debt was 76.6% and interest rate hedges covered on average
65% of the variable-rate debt for 2016-2019 and on average 51%
for 2017-2021. The company has also hedged 51% of its exposure to
aluminium prices a year ahead and some of its exposure up to
2018. RE has also hedged some of its foreign currency exposure up
to 2020.

Lifting Capital Controls in Iceland

"In June 2015, the Icelandic government announced its strategy
for the liberalization of capital controls that have been in
place since 2008. We believe there is a risk of exchange rate
volatility as a result, the magnitude of which may depend on the
speed of implementation and resulting effect on the country's
economic activities," Fitch said.

"A weakening of the krona is possible after capital controls are
lifted, via a rise in inflation as prices of imported goods
increase. We expect the government to implement its strategy over
the next few months, followed by the lifting of capital controls
at a later date. A related uncertainty is the extent to which
Iceland's balance of payments will be affected by capital flows
in a post-capital controls environment. A substantial weakening
of the krona could have a negative impact on RE's debt in local
currency equivalent and the scope for deleveraging."


Fitch's key assumptions within its rating case for the issuer

-- Majority of wholesale electricity generation earnings are
    linked to aluminium forward prices. Retail earnings,
    including earnings from the regulated business, are
    inflation-linked throughout the rating horizon.

-- EBITDA on average of ISK26 billion for 2015-2018

-- Capex is forecast to average ISK12 billion a year for 2015-
    2018 following capex deferrals since 2012.

-- Positive free cash flow (FCF) of ISK9.8bn on average for

-- An inflow of ISK8.9bn is forecast in 2016 due to the maturity
    of the bond asset that RE owns.

-- No dividends in 2015-2016, dividend payout of 30% in 2017-


Positive: Future developments that could, individually or
collectively, lead to positive rating action include:

-- Continued tariff increases and operational outperformance
    leading to FFO net adjusted leverage below 6x and FFO
    interest cover over 5x on a sustained basis.

-- Increased parent support including unconditional guarantees.

Negative: Future developments that could, individually or
collectively, lead to negative rating action include:

-- Restrictions on tariff increases and higher investments, or
    no proceeds on the 2016 bond asset, leading to FFO net
    adjusted leverage above 7x from FY16 and FFO interest cover
    under 4x on a sustained basis.

-- Weaker parent support, including de-linkage of tariffs to
    inflation or withdrawal of other support.


As of September 30, 2015, the company had ISK10.86 billion in
cash and cash equivalents and ISK8.3 billion of undrawn committed
facilities against short-term debt maturities of ISK14.3 billion.
Fitch assesses the company's liquidity as adequate to cover
operational requirements over the next 24 months due to our
expectation that it will remain significantly FCF positive over
the rating horizon. Fitch considers 24 months of available
liquidity as appropriate due to the high market volatility RE
faces on its aluminium, interest rate and foreign exchange


SVG DIAMOND: S&P Raises Ratings on 2 Note Classes to 'B'
Standard & Poor's Ratings Services raised its ratings on class C,
tranche M-1, and tranche M-2 from SVG Diamond Private Equity II

SVG Diamond Private Equity II PLC is a private equity
collateralized fund obligation (CFO) backed by a diversified pool
of limited partnership interests in private equity funds.

The upgrades were based on the increase in credit support, which
was primarily due to paydowns on the senior notes (the Class B-1
and B-2 notes were paid in full on the September 2015 payment
date).  The transaction is in its amortization phase and
continues to pay-down the class C notes, which -- following the
September 2015 payment period -- are now at about 20% of the
original balance.

As of Sept. 30, 2015, the transaction's liquidity position and
expected distributions were, in S&P's opinion, adequate to fund
the remaining obligations.

S&P will continue to review whether, in its view, the ratings
currently assigned to the notes remain consistent with the credit
enhancement available to support them, and we will take further
rating actions as S&P deems necessary


SVG Diamond Private Equity II PLC

Class/tranche             Rating
                To                   From
C               BB (sf)              B (sf)
M-1             B (sf)               CCC (sf)
M-2             B (sf)               CCC (sf)


ARCELORMITTAL: S&P Revises Outlook to Neg. & Affirms 'BB/B' CCRs
Standard & Poor's Ratings Services said it revised the outlook on
global integrated steel producer ArcelorMittal to negative from
stable and affirmed S&P's 'BB/B' long-term and short-term
corporate credit ratings on the company.

At the same time, S&P also affirmed its 'BB' issue and '4'
recovery ratings.

The outlook revision reflects the further weakening of actual and
forecast operating performance in very weak steel markets and the
consequent loss of headroom for S&P's ratings on ArcelorMittal.
S&P now projects credit metrics to be relatively weak for the
rating, with funds from operations (FFO) to debt approaching 12%,
which, if sustained, could result in a downgrade of the company
in the next three-to-six months.  S&P now projects EBITDA for
2015 in line with company guidance at about $5.3 billion and
forecast a similar level in 2016.  This could result in Standard
& Poor's-adjusted FFO to debt of 12% or 13% on S&P's current

S&P's downside concerns for average steel margins have
materialized.  S&P believes reducing raw material prices are not
translating into sustainably higher margins as the supply-demand
balance in the steel industry remains relatively weak.  Steel
pricing and profits remain constrained, given Chinese exports and
destocking.  This is in spite of the solid order book for
automotive steel -- notably in Europe, where the major part of
ArcelorMittal's steel shipments is to the auto industry -- a
supportive market environment in the U.S., and benefits of the
continued weakening of the Brazilian real.  S&P estimates mining
operations themselves remain only modestly above break-even

S&P's view of ArcelorMittal's business risk profile balances the
cyclical and capital-intensive nature of the steel sector against
the company's large scale and the diversity of its operations.
This is supported by ArcelorMittal's partial vertical integration
into iron ore and, to a lesser extent, coal.  Although, at this
low point in the cycle, the short-term EBITDA contribution from
the group's mining activities is smaller.  The group's business
risk profile is constrained, however, by only average operating
efficiency and profitability, with recent EBITDA margins just
above 8%, notwithstanding the progress made in asset
optimization, notably in the European operations.

S&P's base-case scenario factors in:

   -- EBITDA of about $5.3 billion-$5.4 billion in 2015 and a
      similar level in 2016 with the inclusion announced
      offsetting measures;

   -- Low capital expenditure of up to $2.8 billion per year; and

   -- No dividends in 2016.

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

   -- FFO to debt of 12%-13% in 2015 and 2016;

   -- An adjusted debt-to-EBITDA ratio of about 5x in 2015 and
      2016; and

   -- EBITDA interest coverage above 3.5x and sustained positive
      cash flows after capital investment and dividends.

The negative outlook on ArcelorMittal captures S&P's view that it
could lower the rating by one notch in the next three-to-six
months.  This will depend on the extent and effectiveness of
management actions as well as any improvement in industry
conditions from a very weak fourth quarter, particularly for
steel.  S&P notes current conditions are affected by destocking
and the "wait and see" tactic of customers.  Operational
performance in late 2015 and the first half of 2016 is likely to
be weak and could result in credit measures such as FFO to debt
remaining clearly below the 15% threshold that S&P sees as
commensurate with the ratings.  S&P believes the group retains
some capacity to protect credit quality, focus on efficiency
improvements, and generate at least neutral cash flow.

The prevailing weak steel demand and pricing in the group's core
markets are concerns and will continue to result in a weak
operating performance.  If S&P projects ArcelorMittal's adjusted
FFO to debt to remain about 12% for a year or more, and S&P
believes cash flow after investment (and dividends) could be
markedly negative, S&P could lower the ratings to 'BB-'.  If FFO
to debt deteriorates to below 12% and S&P do not forecast an
improvement within two years or an improving trend, this could
also result in a downgrade, even if cash flow is positive.

S&P could revise the outlook to stable if it sees a sustained
improvement in steel market conditions and margins, or if mining
profits recover.  This could lead to a rebound in EBITDA and
deleveraging with FFO to debt of 15% of more.


BANCO ESPIRITO: Ex-Chief Released From House Arrest
Peter Wise at The Financial Times reports that after being held
for more than four months at his villa on the wind-swept Atlantic
coast near Lisbon, Ricardo Espirito Santo Salgado, patriarch of
the ruined business empire that bears his name, was released from
house arrest this month after posting bail of EUR3 million.

A suspect in two police investigations and a defendant in
numerous civil lawsuits arising from the collapse last year of
Banco Espirito Santo, once Portugal's largest listed bank, Mr.
Salgado, its former chief executive, faces a series of court
battles, the FT discloses.

Adding to the cases his lawyers have to deal with, a claim for
EUR105 million in damages filed by US and European investors
alleges that investors who subscribed to a EUR1 billion capital
increase by BES in mid-2014 were misled by a prospectus
containing "false information" and deliberate "omissions", the FT

According to the FT, the claim, filed almost a year ago and
expected to reach court next year, purports to "join up the dots"
in what a parliamentary investigation into the case has described
as a "complex web of financial engineering" allegedly designed to
shore up heavily indebted non-financial companies owned by the
family controlled Espirito Santo Group (GES).

It alleges that Mr. Salgado, 71, and others, used their influence
over BES in an attempt to stave off the imminent bankruptcy of
companies in the crumbling Espirito Santo family business empire
to the detriment of other shareholders and investors in the bank,
from whom the full facts were concealed, the FT relays.

In the claim, the plaintiffs, represented by Deminor Recovery
Services, an investor rights group, allege that the former BES
board misled subscribers to the capital increase into making "an
investment with practically no return" involving "risks of which
they were totally unaware", the FT states.

The companies and individuals being sued include the former BES
board of directors, Banco Espirito Santo de Investimento (BESI),
lead manager of the offer, since renamed Haitong Bank following
its purchase by China's Haitong Securities, and KPMG &
Associados, BES's auditors, the FT says.

                   About Banco Espirito Santo

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


ASKO SKEL: Placed Under Provisional Administration
The Bank of Russia, by its Order No. OD-3609 dated December 15,
2015, took the decision to appoint from December 15, 2015, a
provisional administration to insurance company ASKO SKEL Plus,

The decision to appoint a provisional administration was taken
following the suspension of the Company's insurance license (Bank
of Russia Order No. OD-3234, dated November 19, 2015).

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

Ilya Pavlikov, a receiver, member of the non-profit partnership
Self-Regulatory Organisation of Receivers "Interregional Centre
of Experts and Professional Managers" has been approved as head
of the provisional administration of the Company.

ENEL RUSSIA: Fitch Assigns 'BB+' Long-Term Foreign Currency IDR
Fitch Ratings has assigned Russia-based electricity generator
PJSC Enel Russia a Long-term foreign currency Issuer Default
Rating (IDR) of 'BB+' with Stable Outlook.

Enel Russia's 'BB+' rating is supported by the company's strong
credit metrics, steady generation of solid cash flows through
capacity supply agreements (CSAs), ability to generate positive
free cash flow (FCF) in contrast to other rated Russian
utilities, and diversified operations across number of plants,
geography, fuel mix and customer base. It has the highest
diversity of fuel mix among Russian peers. At the same time, the
rating incorporates Enel Russia's exposure to FX risk, volume and
power price risk, volatility of fuel prices, weak Russian power
market fundamentals, and high regulatory risk. We rate the
company on a standalone basis.


Diversified and Sizeable Operations

Enel Russia's business profile benefits from its sizeable market
share of the Russian power market and diversity of operations by
the number of plants, fuel mix, geography and customer base. With
installed power capacity of 9.7GW and heat capacity of
2,382Gcal/h in 2014, the company is comparable with PJSC
Mosenergo (BB+/Stable) but is smaller than PJSC Inter RAO (BBB-
/Negative) or PJSC RusHydro (BB+/Negative). The company has a
market share of 5.7% in the first pricing zone. Both power
capacity and output are fairly balanced among the four plants
operated by the company, limiting its exposure to potential
operational disruptions at one of the plants. Enel Russia is the
most diversified by fuel mix among Russian utilities, with its
fuel mix almost equally split between gas and coal with a
marginal contribution of fuel oil.

CSAs Key to Cash Flow Generation

Capacity sales under the CSAs are the key factor supporting Enel
Russia's rating as they contribute to stability and
predictability of its cash flow and, therefore, mitigate its
exposure to volume and price risk. CSAs provide for a guarantee
for capacity payment for 10 years (15-year period is being
considered now) from the date of the plant commissioning and thus
support healthy profitability and greater visibility of cash
flow. Capacity sales under the CSA framework contributed about
20% to Enel Russia's EBITDA in 2014 and their share is likely to
increase to almost half of EBITDA in 2015 due to pricing pressure
on the Russian power market and, as a result, lower contribution
to EBITDA from electricity sales and capacity sales in the
competitive capacity market.

Overcapacity to Weigh on Power Prices

Enel Russia is exposed to competition from other Russian
generating companies, especially its Konakovskaya power plant
(16% of company's gross output in 1H15). This is located in
proximity to several plants of the Russian nuclear company JSC
Atomic Energy Power Corporation (Atomenergoprom) (BBB-/Negative),
which is actively expanding capacity. We expect steady capacity
increases, modest demand growth and moderate domestic gas prices
growth to keep Russian power prices under pressure in 2015-2016.

Exposure to Fuel Price Volatility

The company mitigates its exposure to fuel price volatility
through long-term contracts for gas supplies, multiple suppliers
and diversity of fuel mix (coal and gas). Russian domestic gas
prices are regulated and a moderate gas tariff increase is
expected over 2015-2018. The company also benefits from cheap
coal supplies from Kazakhstan. However, coal prices can be
volatile, albeit well below gas prices, and expose the company to
KZT/RUB exchange rate fluctuations.

Positive Free Cash Flow

Enel Russia's rating is supported by its strong financial profile
and disciplined financial policy. The company is the only rated
Russian utility that generated positive FCF over 2012-2014 and we
expect it to remain positive over 2015-2019. This is due to
strong cash flow generation supported by capacity payments under
the CSA framework and relatively moderate capex spending as the
company completed its investments in new CCGT units in 2011.

"Enel Russia's leverage and coverage metrics are strong compared
with Russian and international peers. We forecast its average
funds from operations (FFO) net adjusted leverage over 2015-2019
to stay well below 1.5x (at 1.1x) and its FFO interest coverage
to be well above 7x over 2015-2019. The credit metrics will be
supported by steady cash flow generated from the CSAs, moderate
gas prices growth, marginal recovery of the power prices,
stabilization of KZT/RUB exchange rate following the tenge's
devaluation and cost containment," Fitch said.

High Regulatory Risk

The expected weak growth of the Russian economy in 2016 along
with the government's social responsibilities will continue to
exacerbate the regulatory and political risks that weigh on Enel
Russia's and other Russian utilities' business and financial
profiles. The unpredictability of the Russian regulatory
framework in the power markets constrains Russian utilities'
standalone profiles to sub-investment grade.

Rating on Standalone Basis

"We rate Enel Russia on a standalone basis as we assess the
legal, operational and strategic ties between the company and its
ultimate majority shareholder Enel SpA (BBB+/Stable) to be
moderate, in accordance with Fitch's Parent and Subsidiary
Linkage methodology. While Enel SpA has strong operational
control over Enel Russia and invested about EUR2.6 billion in the
acquisition of its stake in the company in the pursuit of its
international expansion strategy, the legal ties are limited as
there no guarantees or cross default provisions. Enel Russia has
an independent debt and cash management policy. It raises debt
and manages cash independently, although it tends to use the same
banks as its majority parent. There is no centralised treasury
with the parent. Enel SpA has not provided any financial support
to Enel Russia due to the latter's strong credit metrics," Fitch


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

-- Net power output growth at CAGR of below 1% over 2014-2019

-- Power prices decline in 2015, marginal growth in 2016 and
    growth in line with gas prices increase afterwards

-- Gas tariffs indexation by 7.6% from July 2015, 2% from July
    2016, and 3% from July 2017 and 2018

-- Dividends at 40% of net income

-- Capex of RUB41.3bn over 2015-2019


Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

-- A more transparent and predictable regulatory framework,
    coupled with the company's strong financial profile and
    disciplined financial policy.

-- Reduction in FX exposure.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

-- Shareholder-friendly actions resulting in material
    deterioration of the company's credit metrics.

-- Generation of negative FCF on a sustained basis.

-- Weaker than expected power prices, significant rise in coal
    prices and/or more ambitious capex program resulting in
    deterioration of the financial profile (eg FFO net adjusted
    leverage above 2.5x and FFO fixed charge cover below 5x on a
    sustained basis).


Comfortable Liquidity

"Enel Russia has a comfortable liquidity position as its cash of
RUB6.5 billion and available RCFs of RUB22.5 billion were more
than sufficient to cover short-term debt of RUB2.9 billion at
end-9M15. The RCFs include loan agreements with Sberbank (BBB-
/Negative), Banca Intesa (BBB-/Negative) and Alfa-Bank
(BB+/Negative). We expect the company to continue generating
positive FCF over 2015-2019. Its debt repayment schedule is well
balanced. The company has issued RUB5 billion domestic bonds in
2015. As at September 30, 2015, 75% of cash was in RUB with the
remaining portion in USD and EUR. Cash is held at UniCredit Bank,
Sberbank and Nordea," Fitch said.

FX Risk

"Enel Russia has the highest exposure to the FX risk among the
rated Russian utilities as most of its debt (83% at end-9M15) is
euro-denominated but it generates cash flows in roubles. The
company's financial risk management policy provides for hedging
of up to 100% of foreign currency debt. Enel Russia uses forward
contracts up to one year and currency swaps for up to five years
as hedging instruments. Hedging costs increased in 2015 and the
duration of hedging contracts declined to up to one year due to
high rouble volatility on the market. We expect some market
stabilization in 2016 but hedging costs are likely to remain
high," Fitch said.

In addition, Enel Russia is exposed to tenge fluctuations through
prices for coal which the company purchases in Kazakhstan. The
significant rise in coal prices in 9M15 was driven by the time
lag in tenge devaluation following the rouble depreciation. We
expect the tenge to fluctuate in tandem with the rouble following
its devaluation and the Kazakh government's decision to let float
its currency freely.


  Long-term foreign currency IDR assigned at 'BB+', Outlook

  Long-term local currency IDR assigned at 'BB+', Outlook Stable

  Short-term foreign currency IDR assigned at 'B'

  Short-term local currency IDR assigned at 'B'

  National Long-term Rating assigned at 'AA(rus)', Outlook Stable

  Foreign and local currency senior unsecured ratings assigned at

FIRST CONTAINER: Fitch Assigns Final 'BB' Rating to RUB5BB Notes
Fitch Ratings has assigned First Container Terminal's (FCT) RUB5
billion notes a final senior unsecured rating of 'BB' with Stable
Outlook. The rating of the notes is aligned with the Long-term
Issuer Default Rating (IDR) of parent Global Port Investment Plc
(GPI), which has a public irrevocable offer to repurchase the

GPI is rated at Long-term IDR 'BB'.


The bond bears a coupon of 13.1% per year and has a maturity of
10 years with a mandatory call option for FCT to buy back the
bond in December 2020 (effectively a five-year maturity). On the
closing date, FCT swapped the rouble-denominated bond into USD.

GPI's Op co to Issue Bonds

FCT is one of GPI's main operating subsidiaries. The RUB5 billion
bond is part of FCT's plan to issue RUB15bn bonds under a RUB30
billion domestic bond program. FCT is a 100%-owned GPI
subsidiary, fully consolidated in the group accounts, and
generates 35% of GPI's operating cash flow. Outside of the GPI
group, FCT is a fairly small player with little market power and
exposed to competition. Under Fitch rating case, we expect its
leverage at the end of the forecast period (2020) to be close to
a high 4x.

Irrevocable Offer

Bondholders benefit from an irrevocable offer by GPI. Under this
offer, GPI irrevocably and publicly undertakes to purchase the
bond following non-payment of interest or principal. This
obligation ranks pari-passu with all other direct, unsecured GPI

If and when the bondholders accept the offer, it turns into a
sale and purchase agreement of the bond where GPI is obliged to
pay principal, coupon and accrued interest on the 13th business
day after non-payment of the rated bond. The mechanism of
irrevocable offer brings the probability of default of the rated
bond in line with that of the parent GPI. Under this structure,
the parent is strongly incentivized to financially support the
issuing entity before it defaults linking the probability of
default of the rated bond to that of GPI. As a result, Fitch has
assigned the notes a local currency senior unsecured rating in
line with GPI's Long-term local currency IDR.

Bonds Proceeds for Refinancing

The bonds' proceeds are being used to refinance FCT's outstanding
bank loans. GPI's consolidated leverage will therefore not
increase as a result of this transaction.

NOVY VEK: Placed Under Provisional Administration
The Bank of Russia, by its Order No. OD-3647 dated December 17,
2015, cancelled the license to carry out pension provision and
pension insurance of JSC Non-governmental Pension Fund Novy Vek

This decision was taken following the violation of Federal Law
No. 75-FZ, dated May 7, 1998, "On Non-governmental Pension Funds"
with regard to the repeated failure over the past year to meet
the Bank of Russia instruction on removing violations of federal
laws or related regulations of the Russian Federation and the
Bank of Russia under which the Fund conducts its activity
pursuant to the license.

Due to the license cancellation, by Order No. OD-3649 dated
December 17, 2015, the Bank of Russia appointed a provisional
administration to manage the joint-stock company Non-governmental
Pension Fund Novy Vek OPS.

The Bank of Russia will indemnify pension savings to policy
holders in the amount and under procedure stipulated by the
Russian law.

RAIFFEISENBANK AO: Moody's Affirms 'Ba2' Bank Deposit Rating
Moody's Investors Service changed the outlook to stable from
negative on the long-term debt and deposit ratings of AO
Raiffeisenbank and Bank Saint-Petersburg PJSC.  At the same time,
the long-term and short-term debt and deposit ratings have been
affirmed.  The rating action reflects Moody's view that these two
banks are relatively resilient to current pressures stemming from
the challenging operating environment in Russia.

The standalone Baseline Credit Assessment (BCA), adjusted BCA and
Counterparty Risk (CR) Assessments were affirmed as part of this
rating action.




Moody's change of outlook on the bank's deposit rating of Ba2 to
stable from negative is driven by Moody's view that the bank's
solvency metrics are relatively resilient to credit challenges.
In particular, the agency considers that the bank benefits from
(1) robust pre-provision income sufficient to absorb likely
credit costs; and (2) an adequate capital cushion.

Unlike many Russian banks, AO Raiffeisenbank was able to pass on
rising funding costs to its borrowers, so in January-September
2015 its net interest margin contracted only moderately to 5%
from 5.7% in 2014.  Since the bank's net interest margin and
commission income continued to remain strong, it has proved
sufficient to absorb growing credit costs to date, with loan-loss
provisioning expenses accounting for 2.2% of the average gross
loan book over the nine months of 2015 (2014: 1.4%).  As a
result, AO Raiffeisenbank reported strong annualized return on
equity of 24% in January-September 2015, supporting its solid
capital profile with Tier 1 capital adequacy of 16% as at Oct. 1,

   -- Bank Saint-Petersburg PJSC

The stable outlook on Bank Saint Petersburg's ratings is prompted
by: (1) robust profitability throughout 2015; and (2) signs of
stabilization in the bank's credit costs.

Moody's notes that the bank's interim profitability metrics have
been resilient, as reflected in its annualized pre-provision
income of 2.8% of average assets for the nine months ending 30
September 2015, compared with 2.8% for the full year 2014 under
IFRS.  Robust profitability has been underpinned by both strong
income from foreign currency derivatives and upward revision of
the interest rates on existing and newly-originated loans
following the hike of the key interest rate by the Central Bank
of Russia (CBR) at the end of 2014.  The rating agency expects
profitability to somewhat improve in 2016, aided by the
redemption of expensive deposits sourced in late 2014 and early
2015, while credit costs are likely to stabilize at the current

Amid moderate asset growth in 2015, the bank's capital cushion
has been bolstered by subordinated debt of RUB14.6 billion
received from the Deposit Insurance Agency in the form of
government securities (OFZ).  Moody's considers that the bank
holds a sufficient capital buffer to absorb credit losses, with a
regulatory capital adequacy ratio (CAR) of 14.7% as of Dec. 1,
2015, calculated under Russian accounting standards (RAS) and a
total CAR of 16.3% as of end-September 2015 under Basel I.


Moody's considers that upward pressure on the ratings of these
two banks is unlikely in the near term because the operating
environment in Russia remains challenging and volatile.

Moody's could downgrade the banks' ratings in the event of a
significant deterioration in the outlook for their standalone
credit profiles, resulting from the prospect of a further
substantial worsening in asset quality and profitability metrics,
weaker capitalization, or difficulties in funding or liquidity.

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

These actions were taken:



  LT Bank Deposits (Foreign Currency and Local Currency),
   Affirmed Ba2 outlook changed to stable from negative
  ST Bank Deposits (Foreign Currency and Local Currency),
   Affirmed NP
  Senior Unsecured Regular Bond/Debenture (Local Currency),
   Affirmed Ba2 changed to stable from negative
  Adjusted Baseline Credit Assessment, Affirmed ba2
  Baseline Credit Assessment, Affirmed ba2
  Counterparty Risk Assessment, Affirmed NP(cr)
  Counterparty Risk Assessment, Affirmed Ba1(cr)

Issuer: Bank Saint-Petersburg PJSC

  LT Bank Deposits (Foreign Currency), Affirmed B1 changed to
   stable from negative
  ST Bank Deposits (Foreign Currency), Affirmed NP
  Senior Unsecured MTN (Foreign Currency), Affirmed (P)B1
  Adjusted Baseline Credit Assessment, Affirmed b1
  Baseline Credit Assessment, Affirmed b1
  Counterparty Risk Assessment, Affirmed NP(cr)
  Counterparty Risk Assessment, Affirmed Ba3(cr)

Outlook Actions:


  Outlook, Changed To Stable From Negative

Issuer: Bank Saint-Petersburg PJSC

  Outlook, Changed To Stable From Negative

SIBERIAN CAPITAL: Placed Under Provisional Administration
The Bank of Russia, by its Order No. OD-3641 dated December 17,
2015, cancelled the license to carry out pension provision and
pension insurance of the public joint-stock company Non-
governmental Pension Fund Siberian Capital.

This decision was taken following the violation of Federal Law
No. 75-FZ, dated May 7, 1998, "On Non-governmental Pension Funds"
with regard to the repeated failure over the past year to meet
the Bank of Russia instruction on removing violations of federal
laws or related regulations of the Russian Federation and the
Bank of Russia under which the Fund conducts its activity
pursuant to the license.

Due to the license cancellation, by Order No. OD-3643, dated
December 17, 2015, the Bank of Russia appointed a provisional
administration to manage the public joint-stock company Non-
governmental Pension Fund Siberian Capital.

The Bank of Russia will indemnify pension savings to
policyholders in the amount and under procedure stipulated by the
Russian law.

TINKOFF BANK: Moody's Changes Outlook on B2 Ratings to Stable
Moody's Investors Service changed the outlook to stable from
negative on the B2 local currency long-term debt and B2 local and
foreign currency long-term deposit ratings of Tinkoff Bank.  At
the same time, the long-term debt and deposit ratings, and Not-
Prime local and foreign currency short-term deposit ratings have
been affirmed.  The rating action was driven by the bank's
resilience to current pressures stemming from the challenging
operating environment in Russia.

The standalone Baseline Credit Assessment (BCA) of Tinkoff Bank
at b2, its adjusted BCA of b2 and Counterparty Risk (CR)
Assessment at B1(cr)/Not-Prime (cr) were affirmed as part of this
rating action.


The outlook change to stable from negative on Tinkoff Bank's
long-term ratings is largely driven by the: (1) robust
profitability and asset quality metrics throughout 2015 despite
the high interest rate environment; and (2) stabilsation of
credit costs, which peaked in Q1-2015.  The affirmation of the
ratings reflects Moody's expectation that Tinkoff Bank's credit
profile will be resilient to the challenges in Russia's operating
environment and pressures on its asset quality and profitability.
The rating agency expects that the bank will maintain healthy
capital and liquidity ratios in the next 12 to 18 months.

Moody's notes that the bank's interim profitability metrics have
materially improved over the last two quarters, as reflected in
the return on average equity of 5.8% for the nine months ending
Sept. 30, 2015.  The bottom line results have been underpinned by
the steady recovery of net interest income, contained credit and
operational costs.  Without any further material external shocks,
the rating agency expects a decline in credit costs along with
net interest margin recovery in 2016.

In addition, the bank's asset quality and capital adequacy levels
will likely remain solid in 2016.  As of Q3-2015, the bank
reported a nonperforming loan ratio of 13.9%, with its non-
performing loans sufficiently covered by loan loss reserves (over
140%); and healthy capital buffers, with a Tier 1 ratio of 15.8%
and a total capital adequacy ratio (CAR) of 21.1% under Basel
III. Moody's views these levels as robust, which would give it a
sufficient cushion to absorb potential credit losses stemming
from the challenging operating environment.  The rating agency
expects the bank's capital adequacy metrics to stabilize at the
current level, amid: (1) moderate expected growth of risk-
weighted assets; (2) positive bottom line results; and (3)
possible dividend payouts in 2016.


Moody's considers that upward pressure on the ratings of Tinkoff
Bank is unlikely in the near term because the operating
environment in Russia remains challenging and volatile.

The bank's ratings could be adversely affected if (1) Tinkoff
Bank loses control over its credit costs or pre-provision income;
(2) its loss absorption capacity of Tier 1 capital adequacy or
loan loss reserves significantly deteriorates, or (3) the bank
experiences funding or liquidity difficulties.

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

URALSIB BANK: Fitch Hikes Long-Term Issuer Default Rating to 'B'
Fitch Ratings has upgraded Uralsib Bank's (UB) Long-term Issuer
Default Rating (IDR) to 'B' from 'B-' and removed it from Rating
Watch Negative (RWN). The Outlook is Negative. Fitch has also
downgraded the bank's Viability Rating (VR) to 'f' from 'b-' and
subsequently upgraded the VR to 'b'.


The downgrade of the VR to 'f' from 'b-' reflects Fitch's view
that the bank has failed, following extraordinary financial
support from the Russian Deposit Insurance Agency (DIA) and
write-off of outstanding subordinated obligations to restore its
solvency. The subsequent upgrade of the VR to 'b' reflects the
agency's assessment of the bank's credit profile and prospects
following the completion of these measures.

The upgrade of the Long-term IDR to 'B' from 'B-' reflects the
upgrade of the VR. Fitch has not downgraded the Long-term IDR to
'RD' (Restricted Default) as the IDRs reflect the agency's view
of the default risks on senior, rather than subordinated,
obligations, which the bank has continued to service. The RWN on
the IDRs had reflected the risk that senior creditors may also
face losses as a result of the bank's potential failure and

The bank's 'B' Long-term IDR and 'b' VR capture UB's improved
capitalization, liquidity and provisioning of a large non-core
asset following the measures to support the bank. However, the
ratings also reflect UB's expected weak performance, still
significant non-core assets and that the bank is unlikely in the
near term to meet minimum regulatory capital requirements. The
Negative Outlook reflects the potential for the weak economic
environment, operating losses and further impairment charges on
non-core assets to result in pressure on the bank's

The DIA provided financial assistance to UB in the form of RUB67
billion 10-year and RUB14 billion six-year loans at 0.51% and 6%
interest rates, respectively. Based on reference interest rates
communicated by management to Fitch, the agency estimates that
these loans will result in a RUB35 billion fair value gain (after
tax) in the bank's IFRS accounts. The bank will also record a
RUB15 billion gain (after tax) on the write-off of its
subordinated liabilities (net of reserves created against
potential litigation risks relating to the write-off of 'old-
style' subordinated debt). The bank partially utilized this
strengthening of its core capital position to create additional
impairment provisions, mostly on its equity investment in
insurance group SG Uralsib (equal to 1.1x Fitch Core Capital
(FCC) at end-1H15), which was almost fully written down.

As a result, Fitch estimates the FCC ratio to have increased to
16% currently from 5% at end-1H15. At the same time, the agency
estimates that total non-core assets and related party exposures
should have fallen to about 0.5x FCC currently, from 2.8x at end-
1H15, reflecting both the SG Uralsib write-down and the increase
in the absolute amount of core capital. Exposures to land
investments and loans to the previous majority shareholder should
have reduced to 30% and 20% of FCC, respectively, from 100% and
65% at end-1H15. Higher provisions on these assets might still be
required, in Fitch's view, but even in case of their full write-
off (an unduly harsh scenario, as these assets have some value)
the FCC ratio would still be broadly consistent with the current
rating level.

Fitch expects pre-impairment losses to result in moderate capital
erosion in the bank's IFRS accounts. UB's 1H15 pre-impairment
loss, annualized, was equal to 10% of estimated post-support FCC.
Margins should benefit from a gradual reduction in deposit costs
driven by base-rate reductions, but will be burdened by the bank
accruing back through the income statement the initial fair-value
gain on the DIA funding. UB will need to build up interest-
earning assets, refinance high-cost deposits and reduce operating
expenses to return to pre-impairment profitability, measures that
will take time to implement.

UB's regulatory capital ratios have fallen below minimum levels
as Russian accounting standards do not allow for the recognition
of fair-value gains on below-market rate funding, while the SG
Uralsib investment has been largely written down. At end-November
2015 UB's regulatory tier 1 and total capital ratios were
moderately below the 6.625% and 8.625% minimum regulatory levels
that are expected to come into force on January 1, 2016.
Pre-impairment profitability in statutory accounts should be
firmer than under IFRS (due to the low interest accrued on the
DIA loans), but internal capital generation is likely to be still

In Fitch's view, the risk of recognition of large loan impairment
losses following the bank's rescue is low. This view is based on
the bank's recently stable loan delinquency metrics and the solid
reserve coverage of overdue loans. Non-performing loans (more
than 90 days overdue) made up 14% of gross loans at end-3Q15 and
were 95% covered by total loan impairment reserves; reported
restructured loans comprised a moderate 4% of the portfolio at
end-1H15. At the same time, Fitch believes loan quality for UB,
as for other Russian banks, could come under pressure in the weak
operating environment, in particular if the bank starts to lend
more actively to utilize the DIA funding and support its

The DIA intervention has helped UB stabilize its liquidity after
a significant RUB50 billion customer and interbank funding
outflow (equal to about 20% of total liabilities) in July-
November 2015. Liquid assets were equal to a comfortable 30% of
customer deposits at end-November 2015, and wholesale funding
comprised a limited 2% of liabilities.

As a condition of DIA support for UB, the previous majority
shareholder, Nikolai Tsvetkov, sold an 82% stake to a new
investor, Vladimir Kogan, for a nominal amount. Neither the DIA
nor other state-controlled entities have acquired an equity stake
in the bank, while Mr. Tsvetkov retained 15.2%. Most of UB's
senior management have remained in place following the takeover,
but some uncertainty remains over the strategy the bank will
formulate and implement in the near- to medium-term.


The affirmation of UB's Support Rating at '5' and Support Rating
Floor at 'No Floor' reflects Fitch's opinion that extraordinary
support from the state authorities cannot be fully relied upon in
the future.

Fitch recognizes that the bank's rescue has been structured in a
way that avoided losses for senior creditors. However, given the
bank's small market shares, possible further erosion of its
franchise and the exhaustion of possibilities to write down
subordinated creditors, the agency does not assume that such
support will be forthcoming again, in case of need.


The Negative Outlook on UB's Long-term IDR reflects the potential
for the ratings to be downgraded if pre-impairment losses,
additional provisions on non-core assets and the weaker operating
environment result in considerable erosion of the bank's
capitalization. The Outlook could be revised to Stable if
pressure on capital is moderate and the operating environment


Fitch has withdrawn the ratings of UB's wholly owned subsidiary
ULG because the latter has chosen to stop participating in the
rating process. The agency will no longer have sufficient
information to maintain the ratings and provide analytical
coverage for ULG.

On October 19, 2015 Fitch downgraded ULG's Long-term foreign-
currency IDR to 'RD' from 'B', due to the company's default on
some of its bank loans, and the Long-term local-currency IDR to
'CCC' from 'B'. The ratings of ULG have been withdrawn without
affirmation due to insufficient information to assess whether the
restructuring of the defaulted debt has been completed and hence
the company's credit profile.

The rating actions are as follows:

Uralsib Bank

  Long-term IDR: upgraded to 'B' from 'B-'; off RWN; Outlook
  Short-term IDR: affirmed at 'B'; off RWN
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'No Floor'
  Viability Rating:; downgraded to 'f' from 'b-'; off RWN,
   upgraded to 'b' from 'f'

Uralsib Leasing Group

  The following ratings have been withdrawn without affirmation:

  Long and short-term foreign currency IDR: 'RD'
  Long term local currency IDR: 'CCC'
  Support Rating: '5'

VNESHPROMBANK LLC: Moratorium Imposed on Creditor Claims
Due to the delays in satisfying creditors' claims on monetary
obligations for more than seven days from the date of their
satisfaction and guided by Article 18938 of the Federal Law "On
Insolvency (Bankruptcy)", starting from December 22, 2015, the
Bank of Russia has imposed a three-month moratorium on
satisfaction of claims of creditors of the Foreign Economic
Industrial Bank, limited liability company (Vneshprombank LLC).

In accordance with the Federal Law "On Insurance of Household
Deposits in Russian Banks", the imposition of a moratorium on
satisfaction of bank creditors' claims is an insured event.
Payments to Vneshprombank depositors, including individual
entrepreneurs, will start no later than 14 days since the date
the moratorium has been imposed.  The state corporation Deposit
Insurance Agency will determine the procedure for paying

S L O V A K   R E P U B L I C

SBERBANK SLOVENSKO: Fitch Puts 'BB+' IDR on Negative Watch
Fitch Ratings has placed Sberbank Slovensko a.s.'s (SBSK) 'BB+'
Long-term Issuer Default Rating (IDR) on Rating Watch Negative
(RWN). The rating action follows the announcement of SBSK's
parent, Sberbank Europe AG (SBEU; BB+/Negative), that it has
signed an agreement with Penta Investments to sell SBSK.


The transaction is subject to regulatory approvals from the
Antimonopoly Office of the Slovak Republic and the European
Central Bank. The RWN on SBSK's IDR and Support Rating reflects
that as a result of the change in the ownership the bank's
ratings will cease to benefit from the potential institutional
support from its ultimate parent Sberbank of Russia (SBRF,
BBB-/Negative) and will reflect the intrinsic creditworthiness of
SBSK, which is expressed by its 'bb-' Viability Rating (VR).
Fitch does not rate Penta Investments and therefore cannot
reliably assess its ability to provide support to SBSK.

Fitch believes that SBRF would have a high propensity to support
SBSK until the disposal is completed. This view is based on (i)
the track record of providing capital and funding; (ii) common
branding and high reputational risks for SBRF from a default of
SBSK; and (iii) SBSK's small size relative to the parent,
limiting the cost of any support.

SBSK's VR and Short-term IDR are not affected by this rating
action due to Fitch's view that the change in the bank's
ownership would not significantly alter its standalone


Fitch expects to resolve the Rating Watches on SBSK's ratings
upon the completion of the transaction. The bank expects the
transaction to be completed within six months, upon receipt of
regulatory approvals. Depending on the timing of the transaction
and the availability of information, the resolution of the Rating
Watches could extend beyond the typical six-month horizon. When
resolving RWN, Fitch is likely to downgrade SBSK's IDR to the
level of its VR and its Support Rating to '5' from '3'.

The rating actions are as follows:

Long-term foreign currency IDR: 'BB+'; placed on RWN
Short-term foreign currency IDR: 'B'; unaffected
Support Rating: '3'; placed on RWN
Viability Rating: 'bb-'; unaffected


BBVA-10 PYME: DBRS Finalizes Provisional CCC Rating on Cl B Notes
DBRS Ratings Limited has finalized its provisional ratings on the
following notes issued by BBVA-10 PYME FT (the Issuer):

-- EUR596.7 million Series A Notes: A (low) (sf) (the Series A

-- EUR183.3 million Series B Notes: CCC (low) (sf) (the
    Series B Notes, together, the Notes)

The transaction is a cash flow securitization collateralised by a
portfolio of term loans originated by Banco Bilbao Vizcaya
Argentaria, S.A. (BBVA or the Originator) to small and medium-
sized enterprises (SMEs) and self-employed individuals based in
Spain. As of 18 November 2015, the transaction's provisional
portfolio included 4,943 loans to 4,511 obligor groups, totalling
EUR880.0 million. At closing, the Originator has selected the
final portfolio of EUR 780.0 million from the above-mentioned
provisional portfolio.

The rating on the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
Legal Maturity Date in January 2048. The rating on the Series B
Notes addresses the ultimate payment of interest and the ultimate
payment of principal on or before the Legal Maturity Date in
January 2048.

The provisional portfolio is highly exposed to the Building &
Development industry, representing 28.2% of the outstanding
balance. Business Equipment & Services (7.6%) and Retailers
(except food and drug) (5.6%) complete the top three industries
based on the DBRS industry classification. The provisional
portfolio exhibits low obligor concentration. The top obligor and
the largest ten obligor groups represent 0.9% and 8.2% of the
outstanding balance, respectively. The portfolio exhibits a
moderate regional concentration. The top three regions for
borrower concentration are Catalonia, Andalusia and Madrid,
representing approximately 24.3%, 15.6% and 9.7% of the portfolio
balance, respectively.

BBVA provided historical cohort performance data based on
defaulted amounts, rather than defaulted number of loans, which
is DBRS's preferable data format. DBRS considered the data as
provided and did not apply any additional stresses, as the PD
calculated was considered to be conservative, considering other
comparable transactions recently reviewed.

These ratings are based upon DBRS's review of the following

  -- The transaction structure, the form and sufficiency of
     available credit enhancement and the portfolio

  -- At closing, the Series A Notes benefit from a total credit
     enhancement of 28.5%, which DBRS considers to be sufficient
     to support the A (low) (sf) rating. The Series B Notes
     benefit from a credit enhancement of 5%, which DBRS
     considers to be sufficient to support the CCC (low) (sf)
     rating. Credit enhancement is provided by subordination and
     the Reserve Fund.

  -- The Reserve Fund will be allowed to amortise after the first
     three years if certain conditions relating to the
     performance of the portfolio and deleveraging of the
     transaction are met. The Reserve Fund cannot amortize below
     EUR19.5 million.

  -- The transaction parties' financial strength and capabilities
     to perform their respective duties and the quality of
     origination, underwriting and servicing practices.

  -- An assessment of the operational capabilities of key
     transaction participants.

  -- The ability of the transaction to withstand stressed cash
     flow assumptions and repay investors according to the
     approved terms. Interest and principal payments on the Notes
     will be made quarterly on the 20th day of January, April,
     July and October, with the first payment date being on
     April 20, 2016.

  -- The soundness of the legal structure and the presence of
     legal opinions which address the true sale of the assets to
     the trust and the non-consolidation of the special-purpose
     vehicle, as well as consistency with DBRS's Legal Criteria
     for European Structured Finance Transactions methodology.

SANTANDER PYMES 5: DBRS Downgrades Rating on Series C Notes to D
DBRS Ratings Limited has discontinued its ratings of AA (sf) and
BBB (high) (sf) on the Series A notes and Series B notes,
respectively, issued by FTA PYMES Santander 5 (the Issuer) due to
repayment. DBRS has also downgraded its rating on the Series C
notes to D (sf) from C (sf) and subsequently discontinued this

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

The rating action reflects:

(1) The payment in full of the Series A notes and Series B notes
     as of November 18, 2015. The remaining balance prior to the
     final repayment of the Series A notes was EUR126,933,352.00
     and the balance of the Series B notes was EUR342,000,000.00.
(2) The failure to pay ultimate interest and principal of the
     Series C notes. After repayment of the Series A notes and
     Series B notes, the remaining proceeds accounted for 94.89%
     (EUR324,542,665.41) of the outstanding balance
     (EUR342,000,000.00) of the Series C notes. A final rating on
     the Series C notes was initially assigned on May 17, 2013.

SANTANDER RMBS 5: DBRS Finalizes Provisional C Rating on C Notes
DBRS Ratings Limited has finalized the provisional ratings on the
following notes issued by FT RMBS Santander 5 (Santander 5):

-- EUR1,013,600,000 Series A at A (low) (sf)
-- EUR261,400,000 Series B at CCC (sf)
-- EUR63,700,000 Series C at C (sf)

Santander 5 is a securitization of prime residential mortgage
loans, including a portion of borrowers with higher risk
characteristics, secured by first-ranking lien mortgages on
residential properties in Spain. The mortgage loans are
originated by Banco Santander SA (Santander), Banco Espanol de
Credito (Banesto) and Banco Banif S.A.U. (Banif). At the closing
of the transaction, Santander 5 will use the proceeds of the
Series A and Series B notes to fund the purchase of the mortgage
portfolio from the Seller, Santander, who will also service the
portfolio. In addition, the Series C notes proceeds will fund the
reserve fund. The securitization will take place in the form of a
fund, in accordance with Spanish Securitisation Law.

The ratings are based upon a review by DBRS of the following
analytical considerations:

-- The transaction's capital structure and the form and
    sufficiency of available credit enhancement. The Series A
    notes benefit from EUR261.4 million (25.5%) of credit
    enhancement in the form of 20.5% subordination of the Series
    B notes and the EUR63.7 million (5.0%) reserve fund, which is
    available to cover senior fees as well as interest and
    principal payments on the Series A and Series B notes. The
    Series A notes will benefit from full sequential
    amortization, as principal on the Series B notes will not be
    paid until the Series A notes have redeemed in full. The
    Series C notes will be repaid according to the reserve fund

-- The main characteristics of the portfolio as of December 16,
    2015 include: (i) 71.0% weighted average current loan to
    value (WA CLTV) and 84.3% Indexed WA CLTV (INE HPI Q3 2015);
   (ii) the top three geographical concentrations of Madrid
   (25.9%), Andalucia (17.7%) and Cataluna (13.4%); (iii) 12.7%
    self-employed borrowers; (iv) 4.2% foreign national
    borrowers; and, (v) weighted average seasoning of 6.2 years.

-- Of the mortgage portfolio, 96.5% pay a variable interest rate
    indexed to 12-month Euribor and 3.5% pay a rate indexed to
    the Indice de Referencia de Prestamos Hipotecarios (IRPH).
    The notes are floating rate liabilities indexed to three-
    month Euribor. DBRS considers there to be limited basis risk
    in the transaction, which is mitigated by (i) the historical
    spread between 12-month Euribor and three-month Euribor in
    favor of 12-month Euribor;(ii) the available credit
    enhancement to cover for potential shortfalls from the
    mismatch. DBRS stressed the interest rates as described in
    the DBRS methodology "Unified Interest Rate Model for
    European Securitisations".

-- 28.3% of the underlying borrowers were classified as higher-
    risk by DBRS. DBRS considers higher risk borrowers to be
    those with (i) a loan modification or (ii) no loan
    modification, but (a) the loan has a principal grace period
    or (b) had a missed payment date within the past two years
    and had an amendment in the loan agreement. In DBRS' view,
    these characteristics indicate a higher degree of potential
    future payment problems, as they do not occur frequently and
    in combination. According to Santander's annual financial
    statement, modified loans are part of Santander's forbearance
    portfolio, which contains borrowers likely to incur problems
    on paying their outstanding debts (including debt other than
    mortgage loans) with Santander, but have never been more than
    three months in arrears (which would classify them as non-
    performing). As a result, borrowers might apply for some form
    of debt consolidation or may be given a principal payment
    holiday or an extension of the maturity. Currently, 7.59% of
    the mortgage loans are in a grace period, with an average
    remaining term of 12.7 months. The furthest grace period
    ending date is in 2020. DBRS applied higher default
    probabilities to borrowers classified as higher-risk and
    adjusted its cash flow modelling for the loans with a current
    grace period.

-- The credit quality of the mortgages backing the notes and the
    ability of the servicer to perform its servicing
    responsibilities. DBRS was provided with Santander's
    historical mortgage performance data, as well as loan-level
    data for the mortgage portfolio. The probability of default
    (PD), loss given default (LGD) and expected losses (EL)
    resulting from DBRS' credit analysis of the mortgage
    portfolio at A (low), CCC (sf) and C (sf) stress scenarios
    are detailed below. In accordance with the transaction
    documentation, the Servicer is able to grant loan
    modifications, within the range of permitted variations,
    without the consent of the management company. According to
    the documentation, permitted variations include the reduction
    of the loan margins to a weighted-average of 1.0% for the
    mortgage portfolio and maturity extension for 10% of the
    portfolio, up to the final payment date in August 2059. DBRS
    stressed the margin of loans with a margin above 1.0% and
    repayment of the portfolio for longer amortization in its
    cash flow analysis.

-- The transaction's account bank agreement and respective
    replacement trigger require Santander acting as the treasury
    account bank to find (i) a replacement account bank or (ii)
    an account bank guarantor upon loss of a BBB (high) rating.
    DBRS concluded that the assigned ratings are consistent with
    the account bank criteria.

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

As a result of the analytical considerations, DBRS derived a base
case PD of 25.7% and LGD of 42.2%, which results in an EL of
10.8% using the European RMBS Credit Model. DBRS cash flow model
assumptions stress the timing of defaults and recoveries,
prepayment speeds and interest rates. Based on a combination of
these assumptions, a total of 16 cash flow scenarios were applied
to test the capital structure and ratings of the notes.

U N I T E D   K I N G D O M

BIRCHTREE REMOVALS: In Liquidation, Owes GBP91,000
Commercial Motor reports that Cambridgeshire removal and
agricultural haulier Birchtree Removals has entered liquidation,
owing creditors an estimated รบ91,000.

The company appointed liquidators from Begbies Traynor on Nov. 16
following a meeting with creditors, according to Commercial

The liquidators said the firm had struggled during the downturn
and turnover was affected by a shorter harvest in 2015, the
report notes.  In a statement of affairs filed at Companies
House, it was estimated that there could be a shortfall of almost
GBP437,000 for all classes of creditors, the report relays.

The firm traded from depots in Peterborough and Wisbech.  The
Office of the Traffic Commissioner said its licence authorised
13 HGVs and 15 trailers, the report adds.

LAIDLAW INTERIORS: Goes Into Administration
------------------------------------------- reports that the owner of door manufacturers
Leaderflush Shapland and Longden Doors went into administration.

Administrators at Deloitte were appointed to Laidlaw Interiors
Group (LIG) after several years of difficult trading, according

A buyer -- investment company Valtegra -- has already been
secured for Longden Doors, along with three other LIG businesses,
Komfort, Fitzpatrick and Cubicle Systems, the report notes.

The report relays that Deloitte said it was hopeful of securing
sales of other parts of the LIG business.  Custom-door specialist
Longden is based in Sheffield, while Nottingham-based Leaderflush
Shapland focuses on doorsets for the healthcare, education,
leisure and commercial markets, the report discloses.

Despite group cost-cutting measures and re-organisation in recent
years, the group has continued to experience tough trading
conditions, the report adds.

MEMPHIS MEDIA: Goes Into Liquidation
------------------------------------ reports that Memphis Media, organiser of the
Airline Retail Conference (ARC), has gone into liquidation.

The company was due to host two inflight retail events in 2016 --
the ARC Asia-Pacific at Marina Bay Sands Singapore on 25-26
February; and the ARC Conference Europe on June 7-8 at Olympia
Conference Centre, London, according to

The report notes that Memphis Media has been attempting to
transfer paid delegates from the Singapore and UK event to other
conferences organised by Terrapin (also in Singapore) -- the
well-established Aviation Festival Asia (February 23-24),
organised by Terrapinn in Singapore
( --festival-
asia/C58307.stm) and a similar event in London on September 8 and

It is reliably understood that Memphis Media lacked the client
numbers to run the events effectively, the report notes.  A
factor accentuated by what it saw as increasing pressures on the
inflight retail channel, the report says.

As a result of the closure, popular and respected ARC Senior
Sales Manager Karen Lindsay is now seeking alternative roles in
travel retail, the report adds.

PARAGON OFFSHORE: Moody's Lowers CFR to Ca, Outlook Negative
Moody's Investors Service downgraded Paragon Offshore plc's
Corporate Family Rating to Ca from Caa2, Probability of Default
Rating (PDR) to Ca-PD from Caa2-PD, senior unsecured notes to C
from Caa3, senior secured term loan to Caa2 from B3 and senior
secured revolver to Caa2 from B3.  The outlook is negative and
the SGL-4 Speculative Grade Liquidity Rating remains unchanged.

"Offshore drilling markets continue to experience severe stress
and we expect Paragon to announce a formal debt restructuring
plan in the near future to cope with diminishing revenue
prospects, asset value, and debt service capacity, commented
Sajjad Alam, Moody's AVP-Analyst.  "The company is currently
evaluating strategic alternatives, which will inflict steep
principal losses to some of its lenders.

Issuer: Paragon Offshore plc


  Corporate Family Rating, Downgraded to Ca from Caa2

  Probability of Default Rating, Downgraded to Ca-PD from Caa2-PD

  Senior Unsecured Notes, Downgraded to C (LGD5) from Caa3 (LGD5)

  Senior Secured Term Loan, Downgraded to Caa2 (LGD2) from B3

  Senior Secured Revolver, Downgraded to Caa2 (LGD2) from B3


  Speculative Grade Liquidity Rating, SGL-4

  Outlook is Negative


The Ca CFR reflects Paragon's untenable capital structure and
elevated risks of a debt restructuring and covenant violation in
2016.  The company had total consolidated debt of about
$2.6 billion as of Sept. 30, 2015, (including Moody's operating
lease adjustments) -- an extremely high amount for a driller of
its size.  The rating also reflects the company's older
generation standard specification rigs, high re-contracting risks
under challenging industry conditions and sharply deteriorating
credit metrics.  There is significant downside risk to Paragon's
cash flows and leverage based on additional anticipated capex
reductions by the upstream sector in 2016.  Paragon's standard
specification rigs will face stiff competition from newer
generation rigs, the supply of which continues to climb.  The
company has already stacked a significant portion of its fleet,
including two of its four drillships, in order to avoid
operating, maintenance and inspection costs.  The Ca rating is
supported by Paragon's significant and diversified jackup rig
fleet, $1.3 billion contracted revenue backlog (as of Sept. 30,
2015) providing a degree of revenue visibility, and our
expectation of small but positive free cash flow generation
through mid-2016.

The CFR could be lowered if Paragon files for creditor protection
or restructures its debt that leads to significant economic
losses to existing debt holders.  Absent a major reduction in
Paragon's debt level, a positive rating action is unlikely.

Paragon has weak liquidity, which is captured in the SGL-4
liquidity rating.  Despite its large unrestricted cash balance of
about $733 million at Sept. 30, 2015, following the $332 million
revolver drawings in September, the company has no revolver
availability today.  The company is increasingly likely to
violate its covenants in 2016.  Additionally, the company has
restricted access to capital markets, with the delisting of its
shares from the New York Stock Exchange on Dec. 18, and limited
ability to raise alternative liquidity.

The term loan and the revolver are rated Caa2, two notches above
the Ca CFR under Moody's Loss Given Default Methodology,
reflecting their priority claim to the company's assets.  The
senior notes are rated C, one notch below the CFR because of
their subordination to the secured debt.  Prospector's sale-
leaseback counterparties have preferential claims to the
Prospector rigs and are non-recourse to Paragon.

The principal methodology used in this rating was Global Oilfield
Services Industry Rating Methodology published in December 2014.

Paragon Offshore plc is a publicly traded offshore drilling
contractor incorporated in the United Kingdom that operates in
several major offshore markets around the world.

TATA STEEL UK: In Talks Over Long Products Europe Business Sale
Julia Bradshaw at The Telegraph reports that Tata Steel UK is in
exclusive talks with Greybull Capital over a potential sale of
its "Long Products Europe" business, offering a lifeline for
several thousand jobs at UK steel plants currently earmarked for

If the sale were to go ahead, it would include a number of UK-
based assets, including Tata Steel UK's Scunthorpe steelworks,
mills in Teesside and northern France, an engineering workshop in
Workington, a design consultancy in York, and associated
distribution facilities, The Telegraph discloses.  It also
includes Tata Steel's Scottish mills in Dalzell and Clydebridge,
which are currently being mothballed, The Telegraph notes.

According to The Telegraph, the Long Products Europe business
generates around GBP1.6 billion of sales annually but is on
course to post losses of GBP100 million this year.

However, as reported in The Telegraph last week, advisers are
confident that if full restructuring were implemented, the
struggling operations could be making a GBO100 million profit
within 24 months.

"We will now move into detailed negotiations with Greybull
Capital.  It is too early to give any certainty about the
potential outcome of these discussions."

Tata Steel is the UK's biggest steel company.


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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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

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