TCREUR_Public/160127.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, January 27, 2016, Vol. 17, No. 017



CHIMCO AD: NSN Investment Wins Tender to Acquire Assets


NOKIA OYJ: Narrows Performance Gap with Ericsson, Moody's Says


BUDA-CASH: Liquidator Initiates Court Proceedings Against Saxo


BANCA POPOLARE: Fitch Affirms 19 Tranches of Berica RMBS Series
PORTO SAN ROCCO: February 25 Bid Submission Deadline Set
TIBET CMBS: DBRS Confirms BB(low) Rating on Class D Notes


ALLIANCE POLIS: Fitch Puts 'B' IFS Rating on Watch Negative


ACTION HOLDING: Moody's Affirms B1 CFR, Outlook Stable
PEER HOLDING: S&P Assigns Preliminary 'B+' CCR, Outlook Stable


ASTRA ASIGURARI: Bucharest Tribunal Confirms Bankruptcy


O'KEY GROUP: Fitch Affirms 'B+' Long-Term IDRs, Outlook Stable
RENAISSANCE FINANCIAL: Fitch Affirms 'B-' IDR, Outlook Negative
VNESPROMBANK: Moody's Lowers Nat'l. LT Deposit Rating to
VNESHPROMBANK: Moody's Lowers Sr. Unsecured Debt Rating to C


ABENGOA SA: Mulls Sale of Biofuel Business Under Debt Plan
CAJAMAR 1: DBRS Finalizes C Rating on Series B Notes


FINANSBANK AS: Moody's Puts Ba2 Rating on Review for Upgrade


RIVNE MATCH: Rivne Economic Court Opts to Dissolve Business
UKRBURSHTYN: Termination of Bankruptcy Proceedings Validated

U N I T E D   K I N G D O M

EQUINITI CLEANCO: S&P Raises CCR to 'BB-' on Lower Leverage
HAIG MINING MUSEUM: Administrators Brought in After Liquidation
MALLINCKRODT PLC: S&P Affirms BB- CCR & Revises Outlook to Stable
ROAD MANAGEMENT: S&P Raises Rating on GBP165MM Bonds to 'B+'
* Fewer Scottish Firms Went into Liquidation in 2015



CHIMCO AD: NSN Investment Wins Tender to Acquire Assets
SeeNews reports that Bulgarian company NSN Investment has won a
tender to acquire the assets of insolvent Bulgarian fertilizer
plant Chimco.

The company, which is majority-owned by controversial businessman
Delyan Peevski, was the only bidder for the Chimco plant assets,
SeeNews says, citing business daily Capital.

A public auction notice indicated that earlier in January,
Chimco's assets were put up for sale at a starting price of
BGN11.7 million (US$6.4 million/EUR6 million), SeeNews discloses.

The sale attempt came after the company's assets were offered for
sale in November at a starting price of BGN18.4 million but failed
to attract buyers, SeeNews relays.

                         About Chimco AD

Chimco is located in Vratsa, in the northwest of Bulgaria.  It
used to be Bulgaria's biggest area producer with an output
capacity of 800,000 tonnes annually, accounting for approximately
3.5% of global production.  The plant also produced ammonia,
carbon dioxide, argon and various types of catalysts.  The company
halted operations in 2003 and was declared bankrupt in 2004.


NOKIA OYJ: Narrows Performance Gap with Ericsson, Moody's Says
In 2016, Finnish telecoms company Nokia Oyj (Nokia, Ba2 stable)
will continue to narrow the gap with its larger-scale Swedish peer
Telefonaktiebolaget LM Ericsson (Ericsson, Baa1 stable) across a
broad range of credit metrics such as sales growth, margins and
operating cash flow, says Moody's Investors Service in a report
published on January 25.

Moody's report compares the business and financial profiles of two
of the Nordic region's largest telecommunications companies --
Ericsson and Nokia.

The Moody's report is entitled "Ericsson-Nokia Peer Comparison --
After the Pain, Nokia is Gaining on Ericsson".

"We expect the gap between Nokia and Ericsson to tighten in 2016,
with Nokia having already overtaken its larger rival in terms of
sales growth and free cash flow generation at a time when
Ericsson's operating performance and credit metrics are lagging,"
says Alejandro Nunez, a Moody's Vice President -- Senior Analyst
and author of the report.

While Ericsson remains the industry leader in terms of scale and
market share in some wireless equipment markets, Nokia's merger
with Alcatel-Lucent (B2 review for upgrade), which closed in
January 2016, could make Nokia a more formidable challenger as it
expands its footprint, benefits from scale economies and becomes a
stronger player among fewer competitors.

Although the scale of the merger poses integration risks for
Nokia, the combined entity could threaten Ericsson's top market
position in the global networking equipment market, particularly
in key market areas such as IP networking, LTE and in Asia.

Despite Ericsson's operating margins remaining below Moody's
expectation of low double-digits at the company's current rating,
the rating agency anticipates improvement in the company's credit
metrics beginning in 2017 as more of the benefits of its
restructuring programme kick in.


BUDA-CASH: Liquidator Initiates Court Proceedings Against Saxo
MTI-Econews, citing the daily Vilaggazdasag, reports that
financial institutions' liquidator Penzugyi Stabilitasi es
Felszamolo (PSFN) has initiated court proceedings against Saxo
Bank to recover securities and cash the clients of Buda-Cash
invested with the Danish bank.

Buda-Cash went under liquidation in March 2015, MTI-Econews

PSFN did not wish to comment on the daily's information that the
case involves assets worth about HUF12 billion, MTI-Econews notes.

According to MTI-Econews, Saxo is reportedly holding back the
assets citing debt accumulated by clients on FX positions after
the Swiss central bank scrapped the more than three-year-old cap
of the franc against the euro in January 2015.  It said that the
clients failed to provide additional coverage when the Swiss franc
sharply strengthened, MTI-ECONEWS relays.

Mr. Vilaggazdasag, as cited by MTI-Econews, said the Danish
financial market regulator had cited Saxo Bank on the matter for
breaching investment protection regulations and for failing to
give sufficient information to clients.

Buda-Cash is a Hungarian brokerage.


BANCA POPOLARE: Fitch Affirms 19 Tranches of Berica RMBS Series
Fitch Ratings has affirmed 19 tranches of the Berica RMBS series,
originated by Banca Popolare di Vicenza (BPVi; B+/RWE/B) and its
subsidiaries Banca Nuova and Cariprato (now part of BPVi).


Adequate Credit Enhancement

Credit support available to the outstanding notes has built up
over the last year as a result of sequential amortization (in
Berica 6 pro rata pay-down ceased in April 2015) and swift
repayment of the underlying portfolios, at an average annual rate
between 11% (Berica 9) and 15% (Berica ABS 3). In addition, in
Berica 9, Berica ABS 2 and Berica ABS 3, excess spread is fully
retained within the structure and used to accelerate the
redemption of the notes, which also explains the robust credit
support. This explains the revision of the Outlook to Positive
from Stable on the class B notes of Berica ABS 3.

In its analysis, Fitch found that the available credit enhancement
is sufficient to withstand stresses associated with the current
ratings, resulting in today's affirmation of the notes.

Diverging Asset Performance Continues

Over the last 12 months, the more seasoned transactions, Berica
MBS 1, Berica 5 and Berica 6, have continued to show weak asset
performance, with the volume of defaulted assets increasing 1.1 pp
in Berica 5 to 9.1% of the initial pool, 0.9 pp in Berica 6 to 10%
and 0.6 pp in Berica MBS 1 to 5.9%.

At the same time, the proportion of late-stage arrears (loans with
three or more monthly payments overdue) remained large, at 3.3% in
Berica 6, 6.4% in Berica MBS 1 and 7.4% in Berica 5, higher than
the Italian RMBS index of 1.6%. Fitch cannot rule out further
underperformance going forward, especially in Berica 5 and, to a
lesser extent, in Berica MBS 1, as the late-stage arrears include
a large portion of loans in advanced arrears. Fitch factored this
in the analysis of Berica MBS 1 by increasing the performance
adjustment factor to 1. This is reflected in the Negative Outlook
associated to the class C of Berica MBS 1, Berica 5 and Berica 6.

The other transactions have performed broadly in line with the
market as the volume of defaulted mortgages ranges between 0.6%
(Berica ABS 3) and 6.1% (Berica 8), while the proportion of late-
stage arrears stands between 1% (Berica 9) and 2% (Berica 8).
Fitch believes that Berica 8 may see further performance
volatility due to its pronounced exposure to Southern Italy, where
a large portion of delinquent loans are concentrated.

Adequate Structural Mitigants

Fitch found that payment interruption risk is sufficiently
mitigated by the available mitigants providing adequate liquidity
in case of servicer disruption for more than one payment date in a
rising Euribor scenario. The transactions have a back-up servicer
(Credito Valtellinese) or back-up servicer facilitator (Zenith
Service). In addition, all the transactions except Berica 9 have a
cash reserve, while Berica MBS 1 and Berica 5 have also a
liquidity reserve, and Berica 9 has a dedicated liquidity reserve
to cover only interest shortfalls.

Fitch also assessed commingling risk across transactions and found
that the available commingling reserves in Berica 5, 6, 8, 9 and
ABS 2 adequately cover this risk. As no commingling reserve is
available in the other transactions and collections are
concentrated in the last days of each month, Fitch reduced the
available credit enhancement by the estimated one-month
commingling loss (between 1.4% and 1.9% of the portfolio balance).
The notes' ratings were found to be resilient to this stress.

Lengthy Recovery Timing

Recovery proceeds to date have remained limited due to lengthy
recovery timing, typical in Italian RMBS. The transactions have
been tested with a recovery lag of 12.5 years. The agency factored
in low recoveries in the analysis by applying a maximum recovery
equal to 100% of the defaulted balance also to loans with a low
current loan-to-value ratio. The robust credit support meant the
low recoveries had no effect on the ratings.

Interest Rate Step-up

Fitch reduced the available excess spread in Berica MBS 1, Berica
5, Berica 6, Berica ABS 3 and Berica ABS 4 to account for future
note margin step-up. Margins will step up between July 2016 and
July 2017 for Berica MBS 1, Berica 5 and Berica 6. The adjustment
had no impact on the ratings of the notes.

Payment Holidays and Maturity Extensions

Berica MBS 1, Berica 5 and Berica 6 underlying portfolios include
between 1.4% and 1.9% of loans in payment holidays. In the other
transactions, payment holidays reach a maximum of 0.15% (Berica 9)
of the underlying pool, while loans with an extended maturity do
not exceed 1.7% of the portfolio (Berica 8). As no information on
maturity extensions is available in Berica MBS 1, Berica 5 and
Berica 6, Fitch conservatively assumed that 5% of the underlying
pools were subject to this type of renegotiation.

Since payment holidays and maturity extensions are usually granted
to borrowers in financial distress, Fitch has associated a higher
probability of default (PD) to these loans. The adjustment had no
effect on the ratings.

Account Bank Rating in Breach

In Berica 9, Berica ABS 2 and Berica ABS 3, the transaction
account bank, Deutsche Bank (DB; A-/Stable/F1), following its
recent downgrade, is in breach of the transactions' eligibility
criteria of account bank of a minimum Issuer Default Rating (IDR)
of 'A'/'F1'. Fitch also notes that, upon the downgrade, the
account bank has not undertaken any of the committed remedial
actions such as counterparty replacement or finding an eligible
guarantor. Nevertheless, as per Fitch's counterparty criteria, the
current IDR of DB is sufficient to support a maximum rating of
'AA+sf' on the notes.


Changes to Italy's Long-term IDR (BBB+/Stable) and the rating cap
for Italian structured finance transactions, currently 'AA+sf',
could trigger rating changes on the notes rated at that level.

Deterioration in asset performance beyond Fitch's assumptions
could trigger negative rating actions, especially in Berica MBS 1,
Berica 5 and Berica 6. Asset deterioration beyond Fitch's stresses
may also trigger severe reserve fund draws, which would lead to
unmitigated payment interruption risk exposure in Berica 6.

An abrupt increase in reference interest rates beyond Fitch's
assumed stresses could have a negative impact on un-capped
floating-rate loans originated in a low interest rate environment
(between 37% in Berica ABS 2 and 68% of the current pool in Berica
ABS 3).


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


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

Berica MBS 1, Berica 5, Berica 6 and Berica 8

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

Berica 9 and Berica ABS 4

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

Berica ABS 2 and Berica ABS 3

Prior to the transactions closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio
information, which indicated errors or missing data related to the
property value and valuation date information. These findings were
not considered in this analysis as they are immaterial.
Prior to the transactions closing, Fitch conducted a review of a
small targeted sample of the originators' origination files and
found the information contained in the reviewed files to be
adequately consistent with the originators' policies and practices
and the other information provided to the agency about the asset

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

PORTO SAN ROCCO: February 25 Bid Submission Deadline Set
The official receiver of Bankr. Porto San Rocco s.r.l., in
liquidation, Avv. Paolo D'Agostini, is selling the company's
property complex, in addition to the fittings, located in Muggia
(Trieste), specifically in the Porto San Rocco area, indicated as
follows: no. 305 property units, no. 117 of which used as
dwellings -- tourist accommodations, several of which furnished,
no. 11 business premises, no. 22 cellars, no. 152 roofed parking
spaces and no. 3 unroofed parking spaces, spread over 13 UMIs
(Minimal Units of Intervention), divided into 7 apartment
buildings, named from letter A to letter H, except for letter E.

The complex is sold in accordance with art. 107 of the bankruptcy
law, using a competitive bidding procedure, through private bids
at the starting price of EUR15,525,000.00, EUR12,729,262.99 of
which relating to the housing units -- tourist accommodations,
EUR2,780,802.97 to the non-residential property units, and
EUR15,000.00 to the existing fittings partly of the housing units,
it being specified that the above sale rules out any possibility
of the sale of a company or business unit, as a whole and not on a
per unit of measure basis, all as in fact and in law, as resulting
in the 20-year report drawn up by notary Alfonso Colucci of Rome,
and in the report drawn up by the court-appointed expert of the
Bankruptcy, surveyor Sergio Cruciani.

The complex is sold unencumbered by mortgages and other adverse
entries and registrations, with the charges thereof borne by the
successful bidder.

The bid should be enclosed in a sealed envelope and submitted by
11:00 a.m. on February 25, 2016, at the office of notary Alfonso
Colucci, in Via Emanuele Gianturco no. 1 Rome.  The sealed bid
should also include a bank draft/bank drafts made payable to Avv.
Paolo D'Agostini, official receiver of Bankr. Porto San Rocco
s.r.l. (no. 189/15 Court of Rome), equal to 10% of the bid amount,
as a deposit, on pain of nullity.  The envelopes shall be opened
on the same day at 12:00 a.m.; should more than one envelope
containing the purchase bid be submitted, the tender among the
bidders shall take place immediately before notary Alfonso
Colucci; in the tender, if any, the bid shall start from a minimum
of EUR100,000.

The conditions and procedures for the submission of the bids, for
the tender, if any, among the bidders, and for the sale, are
indicated in the winding-up scheme approved by order the
Bankruptcy Judge on January 5, 2015.

The documents are made available to the interested parties on the
website of the procedure, . Information
may be requested from the official receiver Avv. Paolo D'
Agostini, via Girolamo da Carpi no. 6, Rome, tel. 06-3227850, or
from Claudio Santini, tel 06-80693292.

TIBET CMBS: DBRS Confirms BB(low) Rating on Class D Notes
DBRS Ratings Limited confirmed its ratings on the following
classes of Commercial Mortgage-Backed Floating-Rate Notes Due
December 2026 issued by Tibet CMBS S.R.L.:

-- Class A at AA (sf)
-- Class B at A (high) (sf)
-- Class C at A (low) (sf)
-- Class D at BB (low) (sf)

All trends are Stable.

Tibet CMBS S.R.L. is the securitization of a single floating-rate
loan granted by Banca IMI S.p.A. to the borrower. At closing, the
loan had a securitized balance of EUR203,000,000. It is hedged
with a borrower-level interest rate cap. The borrower is
Montenapoleone Retail S.R.L. The sponsor for the loan is Statuto
Lux Holding RE S.R.L., an entity ultimately owned and managed by
Mr. Giuseppe Statuto, a high net worth Italian national.

The purpose of the loan was to provide refinancing of existing
indebtedness, to partially pay closing costs for the loan and for
general corporate purposes. The collateral securing this loan
consists of a single retail property located on Via Monte
Napoleone in central Milan, Italy. The property contains 5,738
square meters of leasable area situated across a lower ground
level and five floors above ground.

According to the November 2015 Investor Report, the property
continues to be 100% leased to the same five tenants (five luxury
retailers) as at issuance. An adjacent luxury hotel leased the top
two floors of the building to be used as luxury suites.

DBRS's underwritten net cash flow (DBRS UW NCF) in Year 1 of the
loan was EUR12.9 million, 1.9% lower than the Issuer's average
projected cash flow over the term of the loan. Per the latest
investor report from November 2015, the projected annual rental
income for YE2015 is EUR13,609,167, which is 13.8% higher than the
annual rental income of EUR11,957,708 in YE2014 and 5.7% higher
than the DBRS UW NCF figure. The YE2015 projected amount is in
line with the Issuer's expected cash flow for Year 2, but 2.3%
lower than the Issuer's average projected cash flow over the term
of the loan, as the leases have future contractual rental uplifts.

Utilizing the cash flow assumptions presented above, at issuance
DBRS calculated the stressed interest coverage ratio (ICR) for the
loan to be 1.35x. As of November 2015, the ICR for the loan was
1.5x. The loan has event of default covenants (actual and
prospective ICR) of 1.30x in Year 2 of the loan. DBRS does not
anticipate the loan breaching its financial covenants during the
term of the loan. DBRS believes that the cash flow from the
property will be sufficient for the loan to remain in compliance
with the covenanted event of default ICR ratios during the term of
the loan.

DTZ valued the property on 1 July 2014, and at that time estimated
the market value of the property at EUR314,700,000. To arrive at
this valuation, DTZ applied a 5.5% discount rate to the property's
rental cash flow. DBRS applied a capitalization rate of 5.7% to
its stabilized cash flow. The result was a DBRS Stressed Value of
EUR223,925,410. According to the November 2015 Investor Report,
DTZ revalued the property on July 2015 and estimated a current
market value of EUR320,900,000, which represents a 2.0% increase
since issuance. The DBRS Value represents a 30.0% haircut to DTZ's
current July 2015 valuation. The current LTV for the loan is
62.9%. The loan has a loan-to-value (LTV) event of default
covenant test of a maximum of 70.0% and is not in risk to be
breached at this point in time.

The final legal maturity of the Notes is in December 2026, seven
years beyond the maturity of the loans. If necessary, this is
believed to be sufficient time, given the security structure and
jurisdiction of the underlying loans, to enforce on the loan
collateral and repay bondholders.

The ratings assigned to the Notes by DBRS are based exclusively on
the credit provided by the transaction structure and underlying
trust assets. All classes will be subject to ongoing surveillance,
which could result in upgrades or downgrades by DBRS after the
date of issuance.


ALLIANCE POLIS: Fitch Puts 'B' IFS Rating on Watch Negative
Fitch Ratings has placed Kazakhstan-based JSC IC Alliance Polis's
(Alliance Polis) Insurer Financial Strength (IFS) rating of 'B'
and National IFS rating of 'BB+ (kaz)' on Rating Watch Negative

The placement on RWN follows Alliance Polis's decision to transfer
most of its portfolio to a smaller local insurer JSC Insurance
Company 'Standard' (IC 'Standard') from February 1, 2016. This
decision reflects the intent of Alliance Polis's shareholder to
withdraw from the insurance sector.


According to the Kazakh regulation, Alliance Polis would need to
obtain a written consent from every policyholder to be able to
transfer each individual policy to IC 'Standard'. Fitch does not
expect this to complete by February 1, 2016, which raises the
possibility that at least some part of the portfolio will remain
with Alliance Polis.

The liabilities relating to the expired workers compensation
policies will remain on the balance sheet of Alliance Polis to be
managed in run-off till end-2018. According to Alliance Polis's
assessment these liabilities amount to KZT1.7 billion.

Fitch will look to resolve the RWN upon the review of the
independent actuarial assessment of the liabilities, in addition
to the assessment of the liabilities to remain on the balance
sheet of Alliance Polis and the distribution of assets covering
the transferred and remaining liabilities as soon as the factual
transfer is done.

Local regulation requires the accepting party, IC 'Standard', to
comply with prudential requirements after the transfer. The
regulatory approval has not yet been received, while an assessment
of the assets, liabilities and required regulatory capital has yet
to be completed.

Both Alliance Polis and IC 'Standard' had significant buffers in
their regulatory solvency margin at 330% and 252% at end-November
2015, respectively. However, Alliance Polis's portfolio may put
pressure on IC 'Standard's regulatory capital since the accepting
party is a smaller company with only KZT2.4 billion of net written
premiums in 11M15, compared with KZT4.8 billion written by
Alliance Polis in the same period.

The commitment of Alliance Polis's shareholder to support the
insurer, is also uncertain, should the liabilities managed in the
run-off mode exceed the assessment made at the transfer.


Failure to obtain regulatory approval for the transfer or, failure
to receive policyholder acceptance for a significant part of the
portfolio or, retention of assets of weaker quality to cover the
remaining liabilities, will trigger a downgrade.

An upgrade is unlikely given the switch to the run-off mode and
the willingness of the shareholder to cease activity in the
insurance sector.


ACTION HOLDING: Moody's Affirms B1 CFR, Outlook Stable
Moody's Investors Service has affirmed the B1 corporate family
rating, probability of default rating, and ratings on the existing
senior secured facilities of Action Holding B.V. (Action or the
company).  Concurrently, the rating agency has assigned a (P)B1
rating to the envisaged EUR1,200 million senior secured credit
facilities, comprising a EUR1,125 million term loan B and EUR75
million revolving credit facility (RCF), being made available to
Action's immediate parent, Peer Holding B.V. (Peer).  The outlook
on all ratings is stable.

Proceeds from the new loan will be used to effect full repayment
of the existing EUR730 million term loan B borrowed by Action. The
surplus, together with a portion of Action's cash on balance
sheet, will be used to pay a dividend of approximately
EUR500 million to Peer's ultimate shareholders, including
majority-owners 3i Group and funds managed by 3i.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the facilities, and in this instance
anticipates moving the CFR from Action to Peer at that stage.  A
definitive rating may differ from a provisional rating.


Action's B1 CFR recognizes the company's (1) limited, but
increasing geographic diversity, with over 60% of store EBITDA in
2015 generated in the Netherlands; (2) exposure to the competitive
and fragmented discount retail segment; (3) sizeable number of new
store openings, leading to execution risk, particularly in terms
of site selection.  Additionally, Action's leverage, pro-forma for
the latest recapitalization is high for the rating category.

However, the B1 rating also reflects the company's (1) scale in
its core Benelux markets and growing presence and profitability in
more recently entered Germany and France; (2) business model
underpinning strong like-for-like sales development and earnings
growth as well as high returns on investment associated with new
store openings; (3) the positive market share momentum being
experienced by discount players; and (4) Action's good liquidity

"Since the buyout by 3i in 2011, Action has delivered consistently
strong profit growth, driven by a combination of impressive like-
for-like sales and significant new store roll-out, increasingly
internationally" said David Beadle, a Moody's Vice President and
lead analyst for Action.  "This has seen the company gather a
strong following in the loan market, which has in turn enabled the
shareholders to launch successive dividend recapitalizations.
This latest transaction, the third since mid 2013, will see pro-
forma leverage of 5.1x, as adjusted by Moodys, which represents an
elevated level for the B1 rating category.  However, we expect
revenue and profit growth to follow historic trends and therefore
anticipate deleveraging over the next 12 to 18 months."

Action's size remains limited compared to the majority of Moody's
rated retailers but the company has scale in the discount segment.
Dependency on the Netherlands stores has reduced as new store
roll-out has been most significant in the more recently entered
France and Germany.  Furthermore, while network expansion,
particularly in new countries, bears some level of execution risk
related to site availability and selection, these risks are
balanced against the company's strong track record of returns on
new store investments.  Underlying cash generation is strong as
the new store capex costs are relatively low, resulting in a rapid
cash-pay back on these investments, while working capital is
structurally negative.

Moody's views Action's liquidity profile as good, notwithstanding
the consumption of a significant proportion of existing cash on
balance sheet in the proposed recapitalization.  The transaction
will leave the group with a pro-forma cash balance of EUR30
million at financial year end December 2015, which Moody's expect
to be sufficient to cover working capital (primarily in Q1) and
investment needs in the near-term, along with the new 5-year
EUR75 million revolving credit facility to remain undrawn at
closing.  The new facilities will only have one maintenance
covenant under which Moody's forecast material headroom.

Action's B1 senior secured instrument ratings are in line with the
CFR.  The company's probability of default (PDR) rating of B1-PD,
is in line with the CFR, and reflects the use of a 50% family
recovery rate resulting from a lightly-covenanted debt package.
The new facilities include flexibility for a pari-passu ranking
accordion facility of an unlimited amount provided pro-forma
leverage, as per the documentation, does not exceed the opening
level, as well as an additional basket of up to EUR 125 million,
which is also capped at opening net leverage with respect to
additional dividends.

The stable rating outlook reflects Moody's view that Action's
product offering and positioning will continue to resonate with
consumers, and that the company will continue to appropriately
control its expenses and store roll-out plan such that its credit
metrics will continue to improve over the next 12 -18 months, with
adjusted debt/EBITDA trending towards 4.5x in this period.

Action's rating currently has limited headroom within the B1
category and therefore positive ratings pressure is not expected
in the short term.  However, it could arise if Action continues to
improve its operating performance and credit metrics, as well as
pursue a more conservative financial policy resulting in lower
distributions to shareholders.  Quantitatively, Moody's could
upgrade the rating if debt/EBITDA was sustained below 4.0x and
EBIT/interest would rise above 3.0x.

Conversely, Moody's could downgrade the ratings if Action's
operating performance declines (as a result of negative like-for-
likes or material decrease in profit margins).  Similarly, Moody's
could also downgrade the ratings if Action were unable to maintain
adequate liquidity or its financial policy became more aggressive,
with FCF turning negative, such that adjusted debt/EBITDA remained
above 5.5x or adjusted EBIT/interest expense fell below 2.0x.

PEER HOLDING: S&P Assigns Preliminary 'B+' CCR, Outlook Stable
Standard & Poor's Ratings Services said that it has assigned its
preliminary 'B+' long-term corporate credit rating to Peer Holding
B.V., the parent of Netherlands-based discounter Action Holding
B.V.  The outlook is stable.

At the same time, S&P assigned its preliminary 'B+' issue-level
rating and preliminary '3' recovery ratings to the group's
proposed EUR75 million revolver maturing 2020 and to its proposed
EUR1,125 million term loan B due in 2021.  The '3' recovery rating
indicates S&P's expectation for meaningful (50%-70%; lower half of
the range) recovery in the event of a payment default.

The preliminary rating is subject to the successful issuance of
the term loans, and S&P's review of the final documentation.  If
Standard & Poor's does not receive the final documentation within
a reasonable time frame, or if the final documentation departs
from the materials S&P has already reviewed, it reserves the right
to withdraw or revise its ratings.

The ratings reflect S&P's view of Peer Holding's highly leveraged
financial risk profile and satisfactory business risk profile,
according to S&P's criteria.

The proposed transaction is the third major dividend
recapitalization since 3i Group PLC and investment entities
managed by 3i Group companies (collectively, 3i) acquired Action
Holdings in 2011.  Following a dividend recapitalization in 2013
and more recently in January 2015, the group has been able to
rapidly reduce leverage on the back of EBITDA growth and cash flow
generation.  It achieved this through a successful store expansion
strategy, which has led to strong sales and profit growth.  The
group also repaid about EUR50 million of the EUR780 million term
loans issued in January 2015, resulting in a balance of around
EUR730 million.

Under the latest proposed recapitalization transaction, the group
aims to issue EUR1,125 million of new term loans.  The new loans,
together with cash on the balance sheet of about EUR142 million,
will be used to refinance the EUR730 million of existing bank
loans, distribute dividends of about EUR527 million, and pay about
EUR10 million in transaction fees.

S&P views Action Holding's financial risk profile as highly
leveraged.  This mainly reflects the group's aggressive financial
policy with respect to shareholder returns under its ownership by
a financial sponsor.  Nevertheless, S&P recognizes that some of
its adjusted credit ratios are better than this assessment would
suggest.  Given its relatively short-dated operating lease
structure, S&P considers that the lease-adjusted ratios (in
particular, adjusted debt to EBITDA) are best complemented by
other ratios, such as the unadjusted EBITDAR (EBITDA including
rent costs) to interest plus rent coverage ratio (EBITDAR
coverage, a ratio that measures an issuer's lease-related
obligations by capturing actual rents instead of minimum
contractual rents).

Following the transaction, and through profit growth over 2016,
S&P forecasts that Peer Holding's adjusted debt to EBITDA will
remain below 5x (4.3x in 2016) and decrease gradually.  At the
same time, due to its ongoing store expansion growth strategy and
higher interest costs, S&P anticipates that its EBITDAR coverage
ratio will remain at just over 2.2x, at a level which is just at
the borderline of S&P's aggressive financial risk profile
category.  That said, S&P still considers its overall financial
risk profile as highly leveraged, reflecting the group's
aggressive financial policy with respect to shareholder returns
under its ownership by a financial sponsor.  S&P's view of
financial policy also factors in certain execution risks based on
management's ambitious expansion strategy.

S&P's assessment of Action's business risk profile as satisfactory
(albeit at the lower end of the category) mainly incorporates
S&P's view of the group's above-average profitability and its
position as the leading discounter in The Netherlands and Belgium.
It also has a growing presence in Germany and France.  Action has
an ongoing roll-out strategy and has actively extended its
international presence to Belgium, Germany, France, Luxembourg,
and Austria.  The group currently operates 655 stores, of which
314 stores are outside The Netherlands (including 116 stores in
Belgium, 76 in Germany, and 120 in France).  Of the group's
expected sales for 2015, 43% came from outside The Netherlands,
and recently international sales have exceeded 50%.

Action's discount retail format, which includes a broad range of
mostly nonfood merchandise, has performed particularly well in
recent years, partly because of weak economic conditions.  Given
its low prices, S&P expects the group should be able to grow sales
from positive like-for-like store sales and opening new stores,
particularly outside the Benelux region.  That said, consumers
from a wide demographic profile have also embraced Action's low
prices and product offerings.

Action has developed a track record of expanding reported sales by
more than 30% over the past three financial years, mostly on back
of aggressive store expansion.  Over this period, although its
Standard & Poor's adjusted EBITDA margins have moderately
declined, they have remained consistently above 14%.  S&P
anticipates further moderate decline in these adjusted EBITDA
margins, by up to 30 basis points (bps) over the next two years,
as the group continues to invest in prices.

The business risk profile is constrained by tough price
competition in all of its key markets, which caps any meaningful
gross profit margin expansion.  S&P also considers the group's
ability to push suppliers to offer low prices so that Action may
raise its gross margins is somewhat limited, because its sourcing
model is predominantly indirect.  That said, S&P understands that
Action is looking to actively increase its share of direct
sourcing going forward.

S&P's base case assumes:

   -- Strong revenue growth for the next two years, owing to new
      store growth and low levels of positive like-for-like
      revenue growth from existing tores.  Most revenue growth in
      2016 will stem from rapid growth in new stores.

   -- Strong pipeline of new store growth; management's base case
      suggests an increase of about 60 stores a year in 2016 and
      2017.  Historically, however, the group has increased the
      number of stores significantly in excess of its base case.

   -- The addition of 60 new stores every year from 2016 could
      result in revenue growth of about 12% in 2016, normalizing
      to around 10% in 2017.

   -- Continued investment in prices should see the gross margin
      decline by 30 bps-40 bps per year to around 29.5% in 2016,
      after which it should stabilize at about 29%.

   -- Higher store operating costs, mainly as a result of the
      changing country mix.  In France and Germany, store costs
      are slightly higher, due to start-up costs and somewhat
      different cost structures, linked to lower current volume.
      This should be somewhat offset by decreased general
      expenses as increasing store portfolio leads to
      productivity gains and economies of scale.

   -- Working capital to be slightly positive to neutral,
      benefitting from higher inventory turnover.

   -- Capital expenditure (capex) to continue to grow and remain
      high at over EUR90 million for 2016.

Based on these assumptions, and following the expected completion
of the recapitalization transaction, S&P arrives at these credit
measures for 2016 and 2017:

   -- Adjusted debt to EBITDA at 4.3x in 2016, reducing gradually
      to 4.1x in 2017.

   -- Adjusted funds from operations (FFO) to debt of about 15%-
      16%.  EBITDAR coverage ratio to remain at just over 2.2x.

   -- Positive free operating cash flow (FOCF) on a reported
      basis of EUR60 million-EUR70 million.

The outlook is stable, and reflects S&P's view that Action will
continue to successfully implement its growth strategy, resulting
in sales and profits growth.  Due to significant profit growth,
S&P forecasts that Standard & Poor's-adjusted debt to EBITDA will
remain below 5x toward the end of 2016, accompanied by a moderate
reduction in debt leverage.  At the same time, due to its ongoing
store expansion growth strategy and higher interest costs, S&P
anticipates that Action's EBITDAR coverage ratio will remain at
just over 2.2x.

Although S&P anticipates that the group's credit metrics will
continue to improve as a result of the business' rapid growth, as
demonstrated by these recapitalization transactions, S&P considers
that the risk of releveraging from shareholder returns will
remain.  This constrains the group's financial risk profile to
highly leveraged.

S&P considers most downside rating scenarios to be accompanied by
further aggressive financial policy toward shareholder
remuneration, which could cause S&P to lower its financial policy
assessment to FS-6 (minus).  S&P could also lower the rating if it
saw excessive capex spending on increasing the number of stores,
without corresponding sales and profit growth.

S&P could lower the rating if the group is unable to execute its
growth strategy or experiences operating setbacks, unexpected loss
of market share, or considerable revenue or profit decline in its
major markets.  This could lead to lower profitability, which
could cause S&P to lower the business risk profile to fair.

S&P could also lower the rating if, due to increased capex
spending or lower EBITDA, the EBITDAR coverage ratio weakens
materially below 2x.

Although S&P expects a moderate improvement in leverage, it do not
expect a positive rating action over the next year due to the
financial sponsor's track record of regular shareholder returns.
However, S&P may consider raising the ratings if the group commits
to a more conservative financial policy on shareholder returns,
such that adjusted leverage could remain well below 5x, with the
EBITDAR coverage ratio remaining comfortably in excess of 2.2x, on
a sustainable basis, and a low risk of releveraging.


ASTRA ASIGURARI: Bucharest Tribunal Confirms Bankruptcy
Romania Insider reports that the Bucharest Tribunal confirmed the
bankruptcy of Astra Asigurari.

Once the Bucharest Court of Appeal also passes its final sentence,
the Guarantee Fund will start paying damages to the people who
have outstanding insurance policies at Astra, Romania Insider
notes.  According to Romania Insider, specialists cited by local said the court procedure will be completed in maximum
one month.

The Insurance Guarantee Fund needs a final court decision to start
making payments to the insured, according to the fund's
representatives, Romania Insider says.  The fund will have to pay
some RON680 million (EUR150 million), according to the first
estimates, Romania Insider states.

Astra had 1.8 million clients who held 2.5 million outstanding
insurance policies, Romania Insider discloses.  About 11,200
people have submitted claims to the Insurance Guarantee Fund,
Romania Insider relays.

Astra Asigurari is a Romanian insurance company.


O'KEY GROUP: Fitch Affirms 'B+' Long-Term IDRs, Outlook Stable
Fitch Ratings has affirmed Russia-based food retailer O'key Group
S.A.'s (O'key) Long-term foreign and local currency Issuer Default
Ratings (IDRs) at 'B+'. Fitch has also affirmed LLC O'key's senior
unsecured debt at 'B+'/'A(rus)' with a Recovery Rating of 'RR4'.
The National Long-term rating has been affirmed at 'A(rus)'. The
Outlook is Stable for all issuer Long-term ratings.

The affirmation reflects Fitch's view that O'key will maintain
stable credit metrics in the medium-term despite projected weaker
profitability for 2016-2017 due to the launch of a new discounter
format and subdued consumer sentiment. Fitch views positively the
recent changes in strategy toward less capital-intensive
hypermarket openings, focusing on operating efficiencies and the
acceleration in discounter format openings in 2016-2017. As a
result, we expect O'key's free cash flow (FCF) generation ability
to improve compared with previous expectations.

The ratings continue to reflect O'key's strong positioning in the
hypermarket food retail segment in Russia, high profit margins and
customer loyalty owing to a strong brand. This is balanced with
temporary stretched credit metrics expected in 2015, albeit still
in line with its ratings, as a result of weak consumer and the
competitive environment. The ratings also reflect execution risks
around the expansion of the group's new discounter format
following further changes in senior management during 2015.


Early Signs of Improvement

In response to the difficult trading environment in the Russian
retail sector, O'key has adapted its product assortment and
pricing policy during 2H14 and 1H15. Based on its 3Q15 results,
O'key saw early signs of improvement in LFL footfall (-0.4% in
3Q15 vs. -5.2% in 2Q15). Fitch expects LFL sales growth should
stabilise from end-2015. More importantly, we consider that
changes in product mix and price proposition, together with its
strong brand and customer loyalty, should help protect LFL sales
in 2016 and 2017.

Change in Management

During 2015, the company saw another set of management changes.
Heigo Kera was appointed as Chief Executive Officer and Chairman
in April 2015, succeeding Tony Maher who had been with O'key since
February 2014. Fitch considers that Mr. Kera has strong knowledge
of the company and the market as he has been on the Board of
Directors of O'key since 2010 and was first employed by
shareholders in 2000 as a consultant where he was responsible for
O'key's modern chain concept.

Other appointments included new heads of store formats, supplies,
logistics and marketing. Although these individuals come with vast
industry experience and have in-depth knowledge of the Russian
market, Fitch sees execution risks in the company's strategy,
which include expanding the discounter format in a challenging
trading environment.

Tough Operating Environment

Fitch expects limited improvement in O'key due to the tough
operating environment in 2016. O'key will face more intense
competition from major market players. This will translate into
downward pressure on operating margins, especially if the Russian
consumer environment remains subdued and price-sensitive.

Fitch also expects the discounter format will negatively impact
group profit margin in 2016 before improving in 2017 once O'key
achieves some critical mass in this channel.

Stretched Credit Metrics

In 2014, O'key's leverage increased sharply due to higher capex
while revenue growth decelerated to 9% from 18.8% in 2013 and
EBITDA margins fell to 7.4% from 7.8% during the same period.
Despite material reduction in capex in 2015 and 2016, Fitch
expects funds from operations (FFO) adjusted gross leverage will
remain close to the upper end of but within the agency's 4.5x
guidance for negative rating action. This is due to lower EBITDA
resulting from the launch of the new format in 2015, which is
expected to generate losses in the first two years of operations.
Fitch expects O'key to be able to navigate through this difficult
period and deleverage toward 4x by 2018.

In addition, increased rents associated with the discount channel,
together with high financing costs due to high interest rates
prevailing in Russia will translate into weak FFO fixed charge
cover just above 1.5x in 2015 before improving towards 1.7x by


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

-- Revenue to have increased 6% in 2015, and growth accelerates
    to 10%-13% pa over 2016-2019, driven by discounter format

-- EBITDA margin at 6.3% in 2015-2016 (2014: 7.4%) mostly due to
    losses incurred by the new discounter format, but also due to
    pressure from increased competition. Gradual recovery from
    2017 onwards to 7%.

-- Capex at 6% of revenue and lower at 3%-4% over 2017-2019,
    reflecting fewer store openings.

-- Negative FCF margin of 4% in 2015 (2014:-8%) with neutral FCF
    from 2016 onwards.

-- Dividend payout ratio of 25%.

-- Adequate liquidity.


Negative: Future developments that could lead to a negative rating
action including but not limited to the Outlook being revised to
Negative, are:

-- Continued contraction in LFL sales growth relative to peers
    and failure in executing its expansion plan

-- EBITDAR margin erosion to below 9% sustainably (2014: 9.9%)

-- FFO-adjusted gross leverage above 4.5x on a sustained basis;

-- FFO fixed charge coverage contracting to below 1.7x on a
    sustained basis

-- Deterioration of liquidity position as a result of high capex
    and weakened financing conditions in the country.

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

-- Solid execution of its expansion plan with faster revenue
    growth from improved LFL sales and accelerated store
    expansion, while preserving its market position and financial

-- Ability to maintain the group's EBITDAR margin of above 9.5%

-- FFO-adjusted gross leverage below 3.5x on a sustained basis;

-- FFO fixed charge coverage around 2.0x on a sustained basis.


Available cash totalled RUB3.1 billion and undrawn committed
credit facilities amounted to RUB12.3 billion as of 20 December
2015, which is sufficient to cover RUB4.3 billion of short-term
debt maturing in 2015 and 2106. At 20 December 2015 87% of O'key's
debt was long-term (RUB29 billion) and most short-term debt
maturities were revolving credit facilities. In addition, O'key
has a bond program with a total value of RUB25 billion, including
six tranches (RUB3 billion-5 billion) of five-year maturity each.
Three tranches have been issued.

RENAISSANCE FINANCIAL: Fitch Affirms 'B-' IDR, Outlook Negative
Fitch Ratings has affirmed Renaissance Financial Holdings
Limited's (RFHL) Long-term Issuer Default Rating (IDR) at 'B-'
with a Negative Outlook. RFHL is the holding company of the
Russia-headquartered investment banking group Renaissance Capital,
known as RenCap.



The ratings reflect RFHL's weak asset quality and solvency, and
potentially vulnerable liquidity. The ratings also reflect a
challenging Russian operating environment, which will continue to
put pressure on RFHL's volumes, performance and business

Fitch views RFHL's asset quality and capitalization as weak
primarily due to related party exposures equal to a combined 3x
RFHL's equity at end-1H15. These included a USD853 million
exposure to RFHL's holding company Renaissance Capital Investments
Limited (RCIL) and a USD193 million exposure to an RCIL subsidiary
(equal to a combined 2.3x equity). Fitch believes the unwinding of
these exposures would require the sale of sister bank CB
Renaissance Credit (Rencredit), also owned by RCIL. However, in
Fitch's view this will be problematic in the foreseeable future,
due to Rencredit's loss-making performance in the last two years
and the negative outlook for the consumer finance segment.

RFHL's related-party exposures also included a USD232 million
(0.5x equity) reverse repo transaction with a company related to
Onexim, RFHL's ultimate shareholder (executed on market terms and
repaid in July 2015 according to management). Additionally, RFHL
had USD100 million (0.2x equity) of non-core investments,
primarily in a Ukrainian agricultural holding, also with remote
recovery prospects.

As a result of the large size of the RCIL exposure and non-core
assets, RFHL's short-term liabilities significantly exceed its
liquid assets. However, funding has been fairly stable, mainly
because of large securities holdings that RFHL borrows from
customer brokerage accounts (mainly from one client as at end-
1H15) and pledges against on-balance sheet repo funding. In
Fitch's view, the non-market terms of the securities borrowings
(unsecured and at low cost) suggest that these are likely to be
from a related party. The long-term stability of these borrowings,
on which RFHL's liquidity largely depends, is uncertain in Fitch's

Overall, repo funding comprised 59% of total liabilities at end-
1H15, with the remainder mainly comprising broker/customer
payables and short positions in securities. The repos are
collateralized with equities and bonds with reasonable
terms/haircuts, entered into with market counterparties, and
finance (in addition to the related-party exposures) similarly
collateralized margin loans on the asset side. The company
maintains about USD100 million-USD120 million of liquidity to
finance potential margin calls in case of sharp and rapid market
falls (up to 7%), as there may be a small delay (one or two days)
in receiving corresponding collateral from its borrowers under
margin loans. Liquidity is less sensitive to gradual market falls.

RFHL has to repay a USD56 million eurobond in April 2016 and,
according to management, currently has sufficient available
(unrestricted) liquidity of about USD102 million in excess of its
operating needs.

Profitability is weak and cyclical, but positively the company
managed to achieve a small USD10 million net profit in 1H15 and
operating profit of USD40 million in 2014 (but a net loss of
USD112.5 as a result of non-recurring items, primarily a write-
down of non-core assets).

Market risk relating to potential proprietary trading is modest,
as RenCap has limited amounts of such operations, reflected in low
value at risk (USD1 million at end-2015). Historical stress value-
at-risk reached a maximum of USD2 million during 2015, which, we
believe, is not significant.

RFHL has benefited from support provided by Onexim, including
USD350 million emergency liquidity support in 4Q12 (later repaid)
and USD186 million to fund a eurobond repayment in April 2014.
Onexim has expressed its commitment to RFHL and provided business
to the company. However, uncertainty remains about Onexim's
propensity to provide support over the long term and in all
circumstances, in particular given the absence to date of measures
to decisively strengthen the company's solvency.



The Negative Outlook reflects the possibility of RFHL being
downgraded if funding, which is used to finance the RCIL
exposure/non-core assets, is withdrawn; or (ii) the company's
performance deteriorates significantly; or (iii) the performance
of Rencredit continues to weaken, to the extent that it materially
increases contingent risks for RFHL.

A positive rating action would be contingent on (i) a considerable
strengthening of the company's solvency through the unwinding of
at least part of the related-party exposure/ non-core investments,
or recapitalization by Onexim/a potential new investor; (ii) a
decrease of contingent risks related to sister bank Rencredit and
reduced reliance on securities borrowings to support liquidity;
and (iii) a stabilization of the operating environment.

The rating actions are as follows:

  Long-term foreign currency IDR: affirmed at 'B-'; Outlook

  Short-term IDR: affirmed at 'B'

  Renaissance Securities Trading Limited's long-term senior
  unsecured debt rating: affirmed at 'B-', Recovery Rating 'RR4'

VNESPROMBANK: Moody's Lowers Nat'l. LT Deposit Rating to
Moody's Interfax Rating Agency has downgraded to from
the national scale long-term deposit rating (NSR) of
Vneshprombank.  The NSR carries no specific outlook.

Moody's Interfax will withdraw the bank's rating following the
withdrawal of its banking license by the Central Bank of Russia

This rating action concludes the review with direction uncertain
and follows an announcement by the CBR -- on Jan. 21, 2016, --
that it had revoked Vneshprombank's banking license.


The rating action and Moody's Interfax subsequent ratings
withdrawal follow the CBR's announcement on 21 January 2016 that
it had revoked Vneshprombank's banking license, as a result of the
entity's violation of federal banking laws and CBR regulation, its
capital shortfall and fraudulent activity.

According to the CBR, the analysis of financial position of
Vneshprombank revealed that the bank's liabilities exceeded its
assets by about 187.4 billion rubles or around 70% of its reported
total assets.

The downgrade of Vneshprombank's ratings reflects Moody's Interfax
expectations of heavy losses that the bank's creditors are likely
to incur as a result of liquidation, given (1) the bank's poor
asset quality; (2) significant capital shortfall; and (3)
historically low recovery rates for similar cases in Russia, when
banks' licenses have been revoked.


The principal methodology used in this rating was Banks published
in January 2016.

Headquartered in Moscow, Russia, Vneshprombank reported total
assets of RUB281.5 billion under unaudited local GAAP on Dec. 1,

VNESHPROMBANK: Moody's Lowers Sr. Unsecured Debt Rating to C
Moody's Investors Service has downgraded Vneshprombank's long-term
global, local and foreign currency deposit and senior unsecured
debt ratings to C from Caa3.  Moody's also affirmed the bank's
Not-Prime short-term local and foreign currency deposit ratings.

Concurrently, Moody's downgraded the bank's baseline credit
assessment (BCA) and adjusted BCA to c from ca and the bank's
long-term Counterparty Risk Assessment (CR Assessment) to C(cr)
from Caa2(cr).  The rating agency also affirmed the bank's short-
term CR Assessment of Not-Prime(cr).

Moody's will withdraw all the bank's ratings following the
withdrawal of its banking license by the Central Bank of Russia

This rating action concludes the review with direction uncertain
and follows the announcement by the CBR -- on Jan. 21, 2016, --
that it had revoked Vneshprombank's banking license.


The rating action and Moody's subsequent ratings withdrawal follow
the CBR's announcement on Jan. 21, 2016, that it had revoked
Vneshprombank's banking license, as a result of the entity's
violation of federal banking laws and CBR regulation, its capital
shortfall and fraudulent activity.

According to the CBR, the analysis of financial position of
Vneshprombank revealed that the bank's liabilities exceeded its
assets by about RUB187.4 billion or around 70% of its total

The downgrade of Vneshprombank's ratings reflects Moody's
expectations of heavy losses that the bank's creditors are likely
to incur as a result of liquidation, given (1) the bank's poor
asset quality; (2) significant capital shortfall; and (3)
historically low recovery rates for similar cases in Russia, when
banks' licenses have been revoked.


The principal methodology used in these ratings was Banks
published in January 2016.

Headquartered in Moscow, Russia, Vneshprombank reported total
assets of RUB281.5 billion under unaudited local GAAP on Dec. 1,


ABENGOA SA: Mulls Sale of Biofuel Business Under Debt Plan
Rodrigo Orihuela at Bloomberg News reports that Abengoa SA, which
is on the verge of insolvency, will seek to sell its biofuel
business as part of a debt restructuring plan to avoid bankruptcy.

According to Bloomberg, the company said in an e-mailed statement
a plan presented Jan. 25 to the board establishes "the sale of all
non-core assets including all the first generation biofuel ones".

The company has been working with auditors and financial advisers
KPMG and Alvarez & Marsal on mapping its debt and outlining a
recovery plan, Bloomberg relays.  It must now deliver the
feasibility plan to a group of creditor banks, Bloomberg notes.

Abengoa SA is a Spanish renewable-energy company.

                        *       *       *

As reported by the Troubled Company Reporter-Europe on Dec. 21,
2015, Standard & Poor's Ratings Services lowered to 'SD'
(selective default) from 'CCC-' its long-term corporate credit
rating on Spanish engineering and construction company Abengoa
S.A.  S&P also lowered the short-term corporate credit rating on
Abengoa to 'SD' from 'C'.  S&P said the downgrade reflects
Abengoa's failure to pay scheduled maturities under its EUR750
million Euro-Commercial Paper Program.

CAJAMAR 1: DBRS Finalizes C Rating on Series B Notes
DBRS Ratings Limited finalized its provisional ratings on the
following notes issued by IM BCC Cajamar 1 (Cajamar 1 or the

-- EUR 615,000,000 Series A at A (high) (sf)
-- EUR 135,000,000 Series B at C (sf) (collectively, the Notes)

The Issuer is a securitization of residential mortgage loans
secured by first- and second-ranking lien mortgages on properties
in Spain originated by Cajamar. At the closing of the transaction,
the Issuer will use the proceeds of the Notes to fund the purchase
of the mortgage portfolio from the Seller, Cajamar. Cajamar will
also be the servicer of the portfolio. In addition, Cajamar will
provide a subordinated loan to fund the initial expenses while
Banco de Credito Cooperativo will provide a subordinate loan to
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 EUR135.0 million (18.0%) subordination of
    the Series B notes and the EUR22.5 million (3.0%) Reserve
    Fund, which is available to cover senior fees as well as
    interest and principal of the Series A notes until paid in
    full. The Reserve Fund target will remain at 3.0% of the
    initial balance of the Notes. The Series A notes will benefit
    from full sequential amortization, where principal on the
    Series B notes will not be paid until the Series A notes have
    been redeemed in full. Additionally, the Series A principal
    will be senior to the Series B interest payments in the
    priority of payments.

-- The main characteristics of the portfolio as of January 15,
    2016 include: (1) 68.6% weighted-average current loan-to-
    value (WACLTV) and 79.5% indexed WA CLTV (INE Q3 2015); (2)
    the top three geographical concentrations of Andalucia
   (38.8%), Murcia (22.9%) and Valencia (14.9%); (3) 11.3% of the
    borrowers are classified as self-employed; (4) 4.2% of the
    borrowers are non-nationals; (5) WA loan seasoning of 5.3
    years; (6) the WA remaining term of the portfolio is 25.7
    years with 27.6% of the loans having a remaining term greater
    than 30 years; and (7) 4.2% of the loans are second liens
    where the first lien is also included in the securitized

-- The loans are floating-rate mortgages primarily linked to 12-
    month Euribor (97.8%). Of the portfolio, 59.5% is subject to
    an interest rate cap ranging from 5.0% to 28.0%, with the
    majority capped at 15.0%. The notes are floating-rate
    liabilities indexed to one-month Euribor. DBRS considers the
    basis risk to be limited in the transaction and is mitigated
    by (1) the payment frequency of the loans of which 97.8% are
    monthly, 1.3% pay semi-annually and the remainder either
    quarterly or annually; and (2) the amounts credited to the
    Reserve Fund. DBRS stressed the interest rates as described
    in the DBRS "Unified Interest Rate Model for European
    Securitisations" methodology.

-- The credit quality of the mortgages backing the Notes and the
    ability of the servicer to perform its servicing
    responsibilities. DBRS was provided with Cajamar's historical
    mortgage performance data separated between loans with an
    original LTV (OLTV) greater than 80.0% and loans with an OLTV
    equal to or less than 80.0%, covering the period from Q4 2010
    through Q3 2015. DBRS was also provided with loan-level data
    for the mortgage portfolio. Details of the probability of
    default (PD), loss given default (LGD) and expected losses
    (EL) resulting from DBRS's credit analysis of the mortgage
    portfolio at A (high) and C (sf) stress scenarios are
    detailed below. In accordance with the transaction documents,
    the servicers are able to grant loan modifications without
    consent of the management company within the range of
    permitted variations. According to the documents, permitted
    variations for up to 10.0% of the initial portfolio balance
    include the reduction of the loan margins down to a portfolio
    spread equal to 1.00% and maturity extension up to the final
    payment date in September 2055. DBRS stressed 10.0% of the
    portfolio to have a margin equal to 1.00% and extended the
    maturity up to September 2055 in its cash flow analysis.

-- The transaction account bank agreement and respective
    replacement trigger require Banco Santander, S.A., acting as
    the treasury account bank, to find (1) a replacement account
    bank or (2) an account bank guarantor upon loss of a "A"
    rating. DBRS has 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" methodology.

As a result of the analytical considerations, DBRS derived a base-
case PD of 12.6% and LGD of 42.6%, which resulted in an EL of 5.5%
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.


FINANSBANK AS: Moody's Puts Ba2 Rating on Review for Upgrade
Moody's Investors Service has placed on review for upgrade the
long-term bank deposit and senior unsecured Ba2 ratings of
Finansbank AS.  At the same time, the bank's standalone b1
baseline credit assessment (BCA) was also placed on review for

The rating action follows the announcement of a definitive
agreement with Qatar National Bank (QNB) (deposits Aa3 stable; BCA
baa1) to purchase a 99.8% stake in Finansbank from its current
parent, National Bank of Greece (NBG) (deposits Caa3 negative; BCA


The review for upgrade is driven by Moody's view that the planned
change in ownership will be beneficial for Finansbank's credit
profile and its standalone BCA, and consequently long-term ratings
will no longer be constrained by its association with NBG.

With total assets of USD31 billion as at September 2015,
Finansbank is an established second-tier bank in Turkey with
financial fundamentals comparable to its higher-rated Turkish
peers.  Its capitalisation, albeit declining, remains solid and
profitability (return on average equity [ROAE] at 10% as at
September 2015) is in line with its peer group.  The bank's non-
performing loans (6% as at September 2015) have historically
remained higher than its peers, due to its exposure to unsecured
consumer lending, with a conservative coverage by provisions.

However, despite the relative independence of Finansbank from its
current parent NBG, its BCA of b1 is constrained by NBG's low
rating positioning.  This is because, in Moody's opinion, the
creditworthiness of the parent and the subsidiary cannot be fully

Consequently, a change in ownership in favor of a new, higher-
rated parent company (QNB) will lead to upward pressure on the
ratings of Finansbank, with the bank's own financial fundamentals
influencing the positioning of the BCA.

In addition, the long-term debt and deposit ratings of Finansbank
are likely to incorporate a support uplift from the new parent,
which will be driven by Moody's assessment of the probability of
affiliate support.

The review will therefore focus on the standalone analysis of
Finansbank's financial fundamentals in the context of the
challenging Turkish operating environment, as well as the
probability of affiliate support.  Moody's will conclude the
review once the transaction is legally completed and approved by
the relevant authorities.


The legal completion of the sale transaction will likely result in
an upgrade of the ratings (as explained above).  Given the current
outlook, downward pressure is unlikely in the near-term.

The principal methodology used in these ratings was Banks
published in January 2016.

On Review for Upgrade:

Issuer: Finansbank AS

  Adjusted Baseline Credit Assessment, Placed on Review for
   Upgrade, currently b1
  Baseline Credit Assessment, Placed on Review for Upgrade,
   currently b1
  Long-Term Counterparty Risk Assessment, Placed on Review for
   Upgrade, currently Ba2(cr)
  Short-Term Counterparty Risk Assessment, Placed on Review for
   Upgrade, currently NP(cr)
  Long-Term Deposit Ratings, Placed on Review for Upgrade,
   currently Ba2
  Short-Term Deposit Ratings, Placed on Review for Upgrade,
   currently NP
  Senior Unsecured Medium-Term Note Program, Place on review for
   Upgrade, currently (P) Ba2
  Short-Term Medium-Term Note Program, Placed on Review for
   Upgrade, currently (P)NP
  Senior Unsecured Regular Bond/Debenture, Placed on Review for
   Upgrade, currently Ba2
  Outlook, Changed To Rating Under Review From Negative


RIVNE MATCH: Rivne Economic Court Opts to Dissolve Business
Ukrainian News Agency reports that on December 25, 2015, the
Economic Court of Rivne Region decided to dissolve the state-owned
enterprise Rivne Match Factory.

In the course of the liquidation procedure, the receiver revealed
the bankrupt's properties, which was then sold at an auction for
UAH5 million, Ukrainian News relates.  The receiver included in
the debtor's liquidation estate the factory's account balance of
UAH55,600, Ukrainian News notes.

The tribunal decided to accept the receiver's report and Rivne
Match Factory's liquidation balance-sheet, to liquidate it as a
legal entity, and declare all creditors' claims as extinguished,
Ukrainian News discloses.

The Economic Court of Rivne Region declared Rivne Match Factory
bankrupt on August 28, 2013, Ukrainian News recounts.

Rivne Match Factory is Ukraine's sole match producer, part of
Rivnelis state association, which supplies it with lumber,
according to Ukrainian News.

UKRBURSHTYN: Termination of Bankruptcy Proceedings Validated
Ukrainian News Agency reports that the Higher Economic Court has
validated the termination of proceedings in bankruptcy of the
state-owned enterprise Ukrburshtyn.

Ukrainian Polymetals state joint-stock company in November 2015
reckoned that Ukrburshtyn would receive a 20-year special permit
for commercial amber production in the village of Oleksiyivka,
Rivne Region within three or six months, Ukrainian News recounts.

On October 7, 2015, the Rivne Economic Court of Appeals upheld the
judgment with which the Economic Court of Rivne Region
discontinued the Ukrburshtyn bankruptcy proceedings, Ukrainian
News relates.

U N I T E D   K I N G D O M

EQUINITI CLEANCO: S&P Raises CCR to 'BB-' on Lower Leverage
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on U.K.-based provider of technology and solutions
for administration and payment, Equiniti Cleanco Ltd., to 'BB-'
from 'B'.  At the same time, S&P removed the rating from
CreditWatch with positive implications, where it placed it on Oct.
13, 2015.

Subsequently, S&P is withdrawing the rating on Equiniti, along
with the issue ratings, at the issuer's request.

The upgrade reflects the material reduction in Equiniti's debt-to-
EBITDA ratio to about 4.5x from about 15x, following the
successful completion of its IPO and concurrent refinancing in
October 2015.  As a result, Equiniti's gross debt -- including
preference shares and loans from its parent company -- declined to
about GBP300 million from about GBP940 million.  S&P believes the
significant reduction in cash interest payments, along with
management's guidance of reduced exceptional costs, will enable
the company to generate meaningful free operating cash flow of
about GBP30 million-GBP40 million in 2016, compared with S&P's
forecast of GBP1 million in 2015.

S&P understands that post IPO, Advent International's shareholding
in Equiniti declined below 40%, but that Advent will continue to
be the largest shareholder.  However, due to the presence of
significant independent board members and the material public
holding of the shares, S&P views the risk that the company would
materially increase leverage from current levels as limited.
Therefore, S&P has revised its financial risk profile assessment
to aggressive from highly leveraged.

S&P's business risk profile assessment continues to reflect its
view on the group's U.K.-based operations in the niche share
registrar services and pension administration segment, where
Equiniti, historically, has demonstrated good client retention
rates.  Recent acquisitions, undertaken by the group in the last
two years, have broadened Equiniti's market reach, while its
ability to cross sell services will be an important driver toward
steady organic revenue growth.  S&P's assessment also incorporates
Equiniti's exposure to transactional income--depending on
corporate actions such as dividend payments, bonuses, and right
issues--and the current low interest rate environment which
adversely affects the group's interest income.

At the time of the rating withdrawal, the outlook was stable.

HAIG MINING MUSEUM: Administrators Brought in After Liquidation
Margaret Crosby at News and Star reports that administrators have
been brought in after a Cumbrian museum went into liquidation.

Following a meeting of the Board of Trustees, North East
accountancy firm Rowlands has been asked to wind up Haig Mining
Museum and place the organization into creditors' voluntary
liquidation, according to News and Star.

The museum closed unexpectedly earlier and meetings will now be
held on the advice of Rowlands towards voluntarily winding up of
the company. Haig trustee Kay Dempsey said it was "a very sad
day," the report notes.

Meanwhile, the Heritage Lottery Fund (HLF) and Copeland Community
Fund (CCF) have confirmed they will not make any further financial
contributions to Haig, the report relays.

In a joint statement, the HLF and CCF said: "The closure of the
Haig is very sad news that puts at risk the ability to tell the
story of Whitehaven's proud industrial past.

"First and foremost, our thoughts are with the members of staff
who have lost their jobs and everyone who has worked so hard on
the site's redevelopment.

"These are challenging and uncertain times for the museum which
has experienced significant funding and financial problems.

"CCF and HLF have been working diligently to resolve the situation
to try and find a way forward, and will continue to do what we can
to help find a sustainable future for this important site.

"However we are unable to make any further funding contribution
available given Haig's current financial position.

"Our funding has achieved much already including securing the
condition of a scheduled ancient monument and bringing many more
visitors to Haig since it reopened last year. We hope that the
Haig is able to reopen at some point in the future."

MALLINCKRODT PLC: S&P Affirms BB- CCR & Revises Outlook to Stable
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Dublin, Ireland-based Mallinckrodt PLC and
revised the outlook to stable from negative.  S&P also affirmed
all existing issue-level ratings on Mallinckrodt's outstanding
debt.  The recovery ratings are unchanged.

"The outlook revision reflects our assessment that Mallinckrodt
will be able to improve its leverage to the mid-4.0x range in 2016
as a result of increased profitability and strong cash flow
generation, despite its continued appetite for medium-size
acquisitions," said Standard & Poor's credit analyst Maryna

The company's 2015 EBITDA margin expanded to 39.5%, compared to
S&P's previous projection of 31.5%, following successful
acquisition/integration of higher-margin branded products and
recent divestiture of the lower margin contrast media and delivery
systems (CMDS) business.  S&P expects the company to sustain its
margins at the improved level and are revising S&P's 2016 adjusted
leverage projection to 4.5x, modestly lower than its previous
projection of 4.9x and consistent with S&P's current assessment of
its financial risk profile as aggressive.

The stable rating outlook reflects S&P's expectation that 10%
revenue growth, increased EBITDA margins, and strong cash flow
generation will result in Mallinckrodt's leverage improving to
4.5x in 2016 and sustained in that range going forward.

S&P could lower the rating if there is a risk to the expected
improvement in the company's 2016 credit measures.  Such risk
could materialize if the company's operating performance
deteriorates due to increased competition and intensifying pricing
pressures resulting in flat revenues and a 300-basis-point margin
contraction.  In addition, more aggressive financial policy
manifesting through additional debt-financed acquisitions or share
repurchases and resulting in leverage above 5.0x could lead to a
downgrade.  S&P estimates that a transaction that results in
additional $1.4 billion in debt (on top of $1 billion of
acquisitions included into S&P's base case projections) would
alter its expectation for the company's long-term leverage levels
and lead to a downgrade.

S&P could raise the rating if Mallinckrodt successfully grows its
product portfolio and product pipeline or adds blockbuster drugs,
although this would have to be done to a degree that would prompt
reconsideration of the company's business risk.  S&P could also
raise the rating if EBITDA growth is higher than its base-case
expectation (from higher revenues or margin expansion of 300 basis
points) and, when coupled with accumulation of cash (or debt
repayment), results in leverage of 4x or less.  Commensurate with
this scenario would be management's commitment to maintain
leverage at or below 4x.  S&P views the current pace of
acquisition activity to be aggressive and this strategy could
limit upside potential over the next year.

ROAD MANAGEMENT: S&P Raises Rating on GBP165MM Bonds to 'B+'
Standard & Poor's Ratings Services raised its issue rating on the
GBP165 million of fixed rate bonds due 2021 issued by U.K.-based
limited purpose entity Road Management Consolidated PLC (RMC) to
'B+' from 'B'.  The outlook is stable.

RMC issued the fixed rate bonds to fund the construction of two
shadow toll roads: the A1(M) between Alconbury and Peterborough;
and the A419/A417 between Swindon and Gloucester.  Construction of
both roads was completed in 1998.  The two road projects are

The upgrade reflects S&P's view that improved traffic performance
over the last two years, along with the build-up of significant
levels of trapped cash in reserve accounts, helps to mitigate
revenue volatility caused by the ineffective shadow toll banding
mechanism on both roads.

Although the rate of traffic growth on both roads has fluctuated
on a year-on-year basis, growth for both vehicle types, ordinary
vehicles (OVs) and heavy goods vehicles (HGVs), has been positive
since 2011, primarily thanks to fuel prices and GDP growth for the
U.K.  In 2015, OVs grew by 3.3% and 4.6% on the A419/A417 and
A1(M) respectively.  Meanwhile, HGVs generated a stronger growth
rate of 5.9% on both roads.  These rates exceed the economic
performance indicators for the U.K. and have led S&P to revise its
base-case assumptions to 2.0% in 2016 and 1.5% in 2017 from 1.0%
previously for both years.  S&P anticipates growth at 1.0%
thereafter, which is a conservative assumption that reflects the
mature nature of the two roads.

Despite the track record of solid growth, OV volumes remain in the
lowest traffic payment band for both roads. As such, the OV shadow
toll banding mechanism is ineffective and RMC's financial
performance is weak.

The project remains in contractual lock-up and, consequently, has
built up a sizable cash reserve, including GBP19 million (as of
Sept. 30, 2015) of cash held in a supplemental reserve account
(SRA) that can be used to support senior lenders.  The SRA must
hold a balance equivalent to the next 12 months of debt service
costs for a period of two to four years, depending on the level of
the forecast contractual ratios: A contractual ratio of less than
1.35x means that the SRA must hold a balance equal to the debt
service costs for 24 months; and for less than 1.25x, 48 months.
The SRA will remain in place until the senior debt has been repaid
in March 2021, and S&P forecasts that it will represent 17.5% on
average (substantially more in the last year) of the outstanding
senior debt (currently GBP134.8 million).  The build-up of cash
reserves is comparable to the approach adopted by peer shadow and
real toll projects with underperforming traffic.

The bonds retain an unconditional and irrevocable guarantee
provided by Ambac Assurance Corp. of payment of scheduled interest
and principal.  According to S&P's criteria, the rating on a
monoline-insured debt issue reflects the higher of either the
rating on the monoline or the Standard & Poor's underlying rating
(SPUR).  Therefore, the long-term rating on the bonds reflects the
SPUR as Standard & Poor's no longer rates Ambac.  The SPUR is
driven by the operations phase stand-alone credit profile (SACP)
given that the project is not exposed to construction risk.

The stable outlook reflects S&P's opinion that, despite solid
traffic growth over 2014-2015, traffic volume growth on the two
mature roads, A419/A417 and A1(M), is unlikely to materially
outperform U.K. economic performance indicators over the remainder
of the debt repayment period.  Consequently, the volume of OV road
users on both roads, which constitute the bulk of the project's
revenues, will stay in the lowest payment band, resulting in
revenue receipts from OVs behaving akin to a real toll road.
Annual consolidated debt service coverage ratios (ADSCRs) will
remain below 1x, per S&P's base case.  The outlook also
incorporates S&P's assumption that the additional cash reserves
built up in the project's SRA will remain in place to provide
additional protection to lenders and, overall, bolster financial
strength under stress performance scenarios.

S&P currently sees limited scope for rating upside.  That said,
S&P could raise the rating if traffic growth rises materially
above its base-case forecast or if funds from the SRA are used to
repay senior debt, leading to a forecast minimum ADSCR comfortably
above 1x.  In the longer term, S&P could raise the rating if the
senior debt approaches its full repayment date of March 2021 and
the outstanding senior debt is largely covered by the amount of
trapped cash reserves.

S&P could lower the rating if traffic volumes reach levels
materially below its base-case assumptions.  An increase in
lifecycle expenditure or deteriorated liquidity due to a release
from funds from the SRA could also negatively affect the rating as
it would remove the protection currently afforded to lenders under
stress conditions.

* Fewer Scottish Firms Went into Liquidation in 2015
Janice Burns at The National reports that the number of businesses
failing in Scotland has dropped by four per cent in the past year.

New statistics from professional services firm KPMG revealed the
number of firms going into liquidation or administration fell from
943 in 2015 to 902 in 2015, according to The National.

However, the final three months of 2015 saw a 30 per cent increase
in insolvencies compared to the same period in 2014, up from 210
to 275, the report notes.

Blair Nimmo, head of restructuring for KPMG in Scotland, said:
"While there has been a continuing downward trend in corporate
insolvencies since 2011, numbers have now levelled out."


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, Editors.

Copyright 2016.  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

                 * * * End of Transmission * * *