TCREUR_Public/160202.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

           Tuesday, February 2, 2016, Vol. 17, No. 022



AZERBAIJAN: Closes Six Banks Due to Lack of Capital Requirements
AZERBAIJAN: S&P Cuts Sovereign Ratings to BB+/B, Outlook Stable


CROATIA: Fitch Affirms 'BB/BB+' Long-Term IDRs, Outlook Negative


PFLEIDERER GMBH: S&P Raises CCR to 'B', Outlook Positive


GREECE: Creditors' First Bailout Review Set to Start This Week


LEOPARD CLO V: Moody's Affirms Caa3 Rating on Class F Notes
METINVEST BV: UK Court Okays Eurobond Repayment Moratorium
STORM 2016-I: Fitch Assigns 'BB+sf' Rating to Class E Notes
ZIGGO GROUP: S&P Affirms 'BB-' Long-Term CCR, Outlook Stable


ROMANIAN AUTHORITY: Goes Bankrupt, Administrator Appointed


ANTONOV: Denies Liquidation Reports


ABENGOA SA: To Mothball Solar-Thermal Power Plant in Chile
AYT GOYA IV: DBRS Confirms B(sf) Rating on Class B Notes


SPUTNIK ENGINEERING: Schaffner EMV to Dispute CHF2.9MM Claims


GOLDEN DERRICK: Donetsk Court Commences Liquidation Procedure

U N I T E D   K I N G D O M

DREAMWATER LOUNGE: Gets Noise Abatement Notice Amid Fin'l Woes


* S&P Raises Ratings on 17 European Companies' Debt Instruments



AZERBAIJAN: Closes Six Banks Due to Lack of Capital Requirements
Zulfugar Agayev at Bloomberg News reports that Azerbaijan closed
down two more private lenders, bringing to six the total number
of banks shuttered in the past 10 days before parliament approves
a law on insuring retail deposits in full.

The central bank on Jan. 27 revoked the licenses of Atrabank ASC
and Qafqaz Inkisaf Banki ASC, also known as Caucasus Development
Bank, for failing to meet a minimum capital requirement of AZN50
million (US$31.3 million).  It said the lenders couldn't meet
their requirements to creditors and their management wasn't
"reliable or prudential."

Authorities are culling the banking industry to keep it immune to
contagion from a currency crisis roiling the economy of the
third-largest oil exporter in the former Soviet Union, Bloomberg

According to Bloomberg, Azerbaijan imposed some restrictions on
the movement of capital and announced plans to insure all retail
deposits, with central bank Governor Elman Rustamov saying that
five to seven banks may be merged to consolidate the industry.

"The reason for this rush is clear," Samir Aliyev, an analyst at
the Economic Research Center in the Azeri capital, Baku, as cited
by Bloomberg, said on Facebook.  "The central bank is trying to
decide the fate of banks before parliament approves a law this
month to insure bank deposits fully.  The government doesn't want
to return in full the deposits of banks that are going to be

The collapse in crude prices has sent the manat to the weakest on
record after the central bank relinquished control of the
exchange rate in December, Bloomberg discloses.

AZERBAIJAN: S&P Cuts Sovereign Ratings to BB+/B, Outlook Stable
Standard & Poor's Ratings Services lowered its long- and short-
term foreign and local currency sovereign credit ratings on
Azerbaijan to 'BB+/B' from 'BBB-/A-3'.  The outlook on the long-
term ratings is stable.


The downgrade follows S&P's most recent revision of oil price
assumptions.  Azerbaijan depends heavily on the hydrocarbons
sector; it represented about 40% of GDP and 95% of merchandise
exports in 2013-2014.  S&P now expects the economy will contract
by 1% in 2016 as exports decline and consumption falls in the
wake of the sizable devaluation of the Azerbaijani manat at the
end of last year.

Although the manat devaluation boosts the government's fiscal
performance, the continued decline in oil prices largely offsets
this.  Consequently, S&P now forecasts the general government
sector to run deficits on a consolidated basis (including the
sovereign oil fund, SOFAZ) through 2018.  S&P also expects per
capita GDP, in U.S. dollar terms, to almost halve between 2014
and 2016.

Since S&P's last publication, global oil prices have fallen
materially.  Furthermore, the foreign exchange reserves of the
Central Bank of Azerbaijan (CBA) have dropped by over 40% in six
months to about US$5 billion.  This compares to a peak of about
US$15 billion in mid-2014.  Subsequently, the CBA has abandoned
its peg of the manat to a basket of dollars and euros, leading to
the local currency weakening by more than 30% at the end of last
year against the U.S. dollar.  Even though manat devaluation will
help the CBA conserve remaining foreign exchange reserves and
ease fiscal pressures, it will also lead to a significant decline
in income levels.  In particular, S&P expects GDP per capita to
fall from nearly $8,000 in 2014 to about $4,100 in 2016 while
inflation will spike at 15% this year compared to an average of
2% over 2012-2015.

S&P forecasts that this acceleration of inflation will cut
private consumption in 2016, resulting in an overall economic
contraction of 1%.  Growth will also be held back by a fall in
government spending in real terms and reduced export volumes,
which reflect the depletion of oil fields as they age.  S&P
understands that, absent sustained investment, oil production
will likely fall by 1%-2% a year.

Over the long term, Azerbaijan should benefit from production at
new gas fields, which S&P expects to partly compensate for
declining oil production at existing fields.  In 2018, the major
Shah Deniz II field in the Caspian Sea, which will bring gas from
Azerbaijan to Europe, is expected to come on stream.

Gas will be transported via the Trans-Anatolian (TANAP) and
Trans-Adriatic (TAP) pipelines.  S&P understands that this gas
project remains on track and the construction of TAP and TANAP
started as planned last year.  Heavy investments in the run-up to
the launch of the field should return the Azerbaijani economy to
real positive growth by early 2017.

The weaker terms of trade have also pressured Azerbaijan's fiscal
position.  As a result, following more than a decade of general
government surpluses, the government reported a fiscal deficit of
about 5% of GDP last year (when calculating the general
government balance, S&P consolidates the state budget revenues
and expenditures with those of the social protection fund and

However, this figure excludes government borrowing in relation to
projects financed externally. Including these expenditures, the
deficit amounted to about 7% of GDP.

"We also now forecast deficits averaging close to 2% of GDP over
2016-2018.  This contrasts with the 2% of GDP surpluses we
previously expected for the same period.  Moreover, we see
downside risks to our revised projections.  In particular, the
government could find it challenging to keep spending under
control while maintaining social peace.  For instance, the manat
devaluation at the end of last year has eased fiscal pressures
from the oil price decline, but this effect will somewhat fade as
the government increases certain social spending to ameliorate
the decline in living standards," S&P said.

Even though S&P views Azerbaijan's contingent liabilities as
limited, as S&P's criteria defines the term, S&P also sees fiscal
and balance-of-payment risks from ailing public sector financial
and nonfinancial enterprises.  In S&P's view, a number of public
entities could require government support to meet their external
debt commitments.

S&P anticipates that the manat devaluation will also hurt the
asset quality of Azerbaijan's banks.  In particular, the
aggregate banking system has a sizable portfolio of foreign
currency loans to local residents with no underlying foreign
exchange earnings. S&P anticipates a material increase in
nonperforming loans, weakening the banking system's capital
buffers.  This in turn could have implications for the
government's fiscal position in a downside scenario should the
sovereign step in to provide support.

"Although Azerbaijan's fiscal position has weakened, it still
remains strong.  It is largely supported by the sovereign oil
fund, SOFAZ, whose assets are mostly invested abroad.  SOFAZ
assets increased to about 100% of GDP last year owing to the
effect of manat devaluation.  That said, SOFAZ assets expressed
in U.S. dollars are on a downward trend:  They have already
declined from $37 billion in 2014 to under $34 billion at the end
of last year.  We anticipate they will drop further, to below $31
billion by 2017, based on our current oil price projections," S&P

Substantial SOFAZ assets also underpin Azerbaijan's strong
external position: S&P estimates that the country's net external
asset position peaked at about 70% of GDP as of end-2015.  That
said, Azerbaijan does not publish official International
Investment Position statistics and S&P believes its estimates
could understate external risks.

Following a decade of strong current account surpluses of more
than 20% of GDP on average, Azerbaijan's current account surplus
declined to an estimated 0.3%of GDP last year.  Even with oil
prices now being significantly lower, S&P do not expect the
current account to go into deficit given that the consumption
decline will lead to a sharp contraction in imports this year.
S&P expects the current account surplus will gradually recuperate
toward the end of S&P's four year forecast horizon, especially as
gas exports from the new Shah Deniz II field begin.  The
surpluses will remain much smaller than previously, even as the
gas exports kick in, because of depletion in existing oilfields
and profit repatriation to the foreign partners in the new gas

"We continue to view Azerbaijan as having low monetary policy
effectiveness.  Even though the CBA abandoned the manat's peg to
a basket of dollars and euros at the end of last year, we are yet
to see if this will materially improve the sovereign's monetary
flexibility.  We estimate that, following the December 2015
currency devaluation, resident deposit dollarization has risen to
about 80%, which severely limits the CBA's attempts to influence
domestic monetary conditions.  The CBA is also reluctant to use
policy rates to defend its external position: Even though the
local currency has tumbled, the central bank's key refinancing
rate has remained flat at 3% since mid-2015," S&P said.

In S&P's view, a fully floating exchange rate would help
safeguard CBA's reserves, which have declined by two-thirds since
mid-2014. However, the latest government decisions--to introduce
limits on foreign currency exchange and an "exit tax" of 20% on
foreign investments--suggest that the authorities still want to
adopt distortive measures in the foreign exchange market to
staunch further external pressure.

Azerbaijan continues to face a number of domestic political and
geopolitical risks.  S&P believes decision-making is highly
centralized and lacks transparency, which can reduce policymaking
predictability.  The risks of outbreaks of violence with
neighbouring Armenia over the Nagorno-Karabakh territory remain,
but S&P don't expect them to escalate into open, armed
confrontation over the medium term.


The stable outlook indicates S&P's view of balanced risks to the
ratings over the next 12 months.

S&P could lower the ratings if economic prospects weaken more
than it currently expects, for instance as a result of delayed
implementation of the Shah Deniz II gas project leading to
reduced investments and ultimately lower exports.  S&P could also
lower the ratings if external vulnerabilities were to escalate,
resulting, for instance, in a further persistent decline in
central bank reserves, or if domestic political risks increased
in response to a significant decline in real incomes, possibly
restricting the government's ability to adjust its spending.

S&P could raise the ratings if Azerbaijan's growth prospects were
to materially improve while the effectiveness of monetary policy

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

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

The committee agreed that the economic assessment had
deteriorated.  All other key rating factors were unchanged.

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


                                       To            From
Azerbaijan (Republic of)
Sovereign Credit Rating
  Foreign and Local Currency        BB+/Stable/B   BBB-/Neg./A-3
Transfer & Convertibility Assessment   BB+          BBB-


CROATIA: Fitch Affirms 'BB/BB+' Long-Term IDRs, Outlook Negative
Fitch Ratings has affirmed Croatia's Long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'BB' and 'BB+'
respectively. The Outlooks on the IDRs are Negative. The issue
ratings on Croatia's senior unsecured foreign and local currency
bonds are also affirmed at 'BB' and 'BB+' respectively. The
Country Ceiling is affirmed at 'BBB-' and the Short-term foreign-
currency IDR at 'B'.


The ratings balance Croatia's high public and external debt
burdens, large fiscal deficits and weak growth performance
against fairly favorable structural features. General government
gross debt rose to an estimated 89% of GDP in 2015, well above
the 'BB' median of 43.6%, and is only expected by Fitch to peak
in 2017, at 92.4%. Gross and net external debt reached an
estimated 110% and 55.3% of GDP, respectively, in 2015. However,
structural features including per capita income, human
development and governance indicators score well above peer

A new coalition government including the centre-right Croatian
Democratic Union (HDZ) and a new pro-reform party, MOST (Bridge),
took power in January 2016. The new administration aims to bring
down public debt and implement reforms that would address many of
the structural impediments to growth identified by the European
Commission. However, there are doubts about the ability of the
government to achieve these objectives and about the unity of the
coalition as a whole. In addition, the new technocratic Prime
Minister, Tihomir Oreskovic, has no experience in Croatian

Fitch estimates that the general government deficit narrowed to
5% of GDP in 2015 (BB median: 3.5%) from 5.6% in 2014, mostly
reflecting stronger revenue growth on the back of an economic
recovery. There is a high degree of uncertainty around fiscal
forecasts for 2016-17 given the arrival of the new government. At
present there is no full 2016 budget; a draft is expected to be
presented to parliament by end-March. Under the most recent
Convergence Programme (April 2015), Croatia is committed to
correcting its excessive deficit (bringing the shortfall to below
3% of GDP) by 2017. The new government has announced plans to
shave 1.5pp off the deficit ratio this year, but this appears
optimistic. Fitch's baseline scenario is for the fiscal deficit
to narrow to 4.5% of GDP in 2016 and 4% in 2017.

Fitch estimates that the economy expanded 1.7% in real terms in
2015, following six consecutive years of contraction. Growth was
underpinned by a strong tourism season and a boost to real net
incomes from an income tax cut and low oil prices. Fitch expects
the economy to grow 1.4% in 2016, rising to 1.8% in 2017. Tourism
should remain an important driver of growth, helped by heightened
political and security risks in many competitor markets. Oil
prices will remain low, underpinning real income growth, and the
labor market should continue to recover. However, the high level
of corporate debt, at over 100% of GDP, is preventing a recovery
of investment growth and is hindering the reallocation of
resources to more productive parts of the economy.

The current account surplus rose to an estimated 4.3% of GDP in
2015, from 0.7% a year ago. The increased surplus in 2015
reflected the impact of the conversion of Swiss franc retail
loans into euros, which saw debits on the primary income account
fall sharply in 3Q15. However, a rise in the services surplus as
a result of the strong tourism season was also a contributor.
Fitch forecasts a current account surplus of 2.3% of GDP in 2016.

The conversion of Swiss franc retail loans imposed one-off losses
on the banking sector estimated at HRK8bn (just over 2% of GDP).
However, the impact was cushioned by sizeable capital buffers,
with the regulatory capital adequacy ratio at a still robust
19.9% at end-3Q15. The conversion could help prevent a further
deterioration of loan portfolios. Non-performing loan (NPLs)
totalled 17.1% of total gross loans at end-3Q15. High foreign
ownership (over 90%) in the banking sector mitigates contingent
liabilities to the sovereign balance sheet.

The exchange rate was fairly stable in 2015, appreciating by 0.3%
against the euro for the year as a whole. The Croatian National
Bank seeks to limit fluctuations in the kuna-euro exchange rate,
given the economy's high level of euroisation, and has adequate
reserves to do so.


The Negative Outlook reflects the following risk factors that
may, individually or collectively, result in a downgrade:

-- Continued escalation of the public debt/GDP ratio, whether
    through fiscal underperformance, rising financing costs, or
    weaker nominal GDP growth.

Future developments that may, individually or collectively,
result in a revision of the Outlook to Stable include:

-- Progress on fiscal consolidation leading to greater
    confidence that public debt/GDP will stabilize over the
    medium term.
-- Strengthening growth prospects and competitiveness,
    particularly through the implementation of structural


Croatia's track record of monetary and exchange rate stability
remains intact, minimizing the risks to household, corporate and
public sector balance sheets, all of which are heavily euroised.


PFLEIDERER GMBH: S&P Raises CCR to 'B', Outlook Positive
Standard & Poor's Ratings Services said that it raised to 'B'
from 'B-' its long-term corporate credit rating on wood panel
producer Pfleiderer GmbH.  At the same time, S&P assigned its 'B'
corporate credit rating to Pfleiderer Grajewo S.A., the new
parent company of the consolidated group.  The outlook on both
ratings is positive.

In addition, S&P is raising its issue rating on the company's
EUR322 million senior secured notes issued by Pfleiderer GmbH to
'B-' from 'CCC+'.  The recovery rating on the notes remains at
'5' but has moved to the higher half of the range, indicating
S&P's expectation of modest recovery in the event of a payment

S&P is also raising its issue rating on the company's EUR60
million super senior revolving credit facility (RCF) due in 2019
to 'BB-' from 'B+' and withdrawing the rating at the company's
request.  At the time of withdrawal, the recovery rating on the
super senior RCF was '1', indicating very high (90%-100%)
recovery in the event of a payment default.

The upgrade follows the recent announcement that Pfleiderer
Grajewo has completed the capital increase and the acquisition of
Pfleiderer GmbH.  As part of the transaction, Pfleiderer Grajewo
raised Polish zloty (PLN) 362 million (about EUR81 million) on
the Warsaw Stock Exchange, which was used to fund the acquisition
of its parent company Pfleiderer GmbH.  Following the
transaction, Pfleiderer Grajewo will be 25.3%-owned by Atlantik
(a Luxembourg-based investment vehicle and previously sole owner
of Pfleiderer GmbH) and 25.9% owned by investment firm SVPGlobal,
while the remaining 49% will be free float.  The rating on
Pfleiderer Grajewo is based on S&P's assessment of the
consolidated Pfleiderer group.  The rating on Pfleiderer GmbH
reflects its position as a core subsidiary of Pfleiderer Grajewo.

"We consider the transaction as credit positive as it improves
the financial risk profile of the consolidated Pfleiderer group
(Pfleiderer) and leads to a more balanced shareholder structure.
Nevertheless, the two major shareholders can still have
significant influence over the company's financial policy due to
their combined majority stake.  We no longer consider the debt at
Atlantik in our calculations of the adjusted credit metrics at
the group and hence we estimate adjusted leverage of around 4.0x
as of end-2015 (reported debt is adjusted by adding factoring,
asset-backed securities [ABS], pension liabilities, and operating
leasing liabilities to reported debt).  We think that leverage
will improve slightly in the coming years, although this will
largely depend on the company's relatively shareholder friendly
dividend policy, which allows it to pay out 70% of net income.
We also consider it positive that the group will now be
integrated with limited dividend leakage to outside investors as
was previously the case when Pfleiderer GmbH held 65% of the
shares in Pfleiderer Grajewo.  We also take a favorable view of
the opportunities for operational synergies within the group and
think this could support improving EBITDA margins in the coming
three years," S&P said.

"We still consider Pfleiderer's business risk profile to be
constrained by its exposure to the highly cyclical and
commoditized wood-based panels industry, characterized by price-
based competition, volatile demand, high sensitivity to raw
material costs, and relatively high market fragmentation.  Our
assessment also reflects Pfleiderer's relatively limited size and
scope, with production concentrated at eight sites in Germany and
Poland, a high degree of sales geared toward mature Western
European markets, and historical underinvestment in core assets.
We believe that Pfleiderer's profitability will continue to
remain highly dependent on the general economic environment and
that a decline in consumer confidence can lead to sharp declines
in sales and earnings for the company.  That said, the company
has performed well since the bond transaction in 2014,
outperforming its financial targets, supported by an improving
market environment and internal efficiency measures.  We think
that Pfleiderer will continue to benefit from strong market
sentiment in Germany and Poland, its focus on value-added
products, and a continued strong internal focus on cost savings
and greater integration of the German and Polish business units,"
S&P noted.

S&P considers Pfleiderer's lack of established operating and
financial track record following the bankruptcy and restructuring
as a constraint for the rating.  This is reflected in S&P's
negative comparable ratings analysis modifier, which could be
removed if Pfleiderer continued to show resilient performance in
the coming year and if S&P was to assess it as likely that
Pfleiderer's cash flow generation would be less volatile than in
the past.

S&P's base case assumes:

   -- GDP growth in Germany of 2.0% in 2016 and 1.8% in 2017,
      supported by domestic consumption and lower energy prices.
      S&P also assumes GDP growth to be stronger in Poland and
      other parts of Eastern Europe, increasing in Poland by 3.4%
      in 2016 and 3.3% in 2017.

   -- Pfleiderer group revenues in 2016 and 2017 to grow around
      3% assuming a stable pricing environment and volume growth
      in line with GDP.

   -- Adjusted EBITDA margins of about 14%-15% in 2016 and 2017
      (compared with an estimated 14% for 2015), supported by the
      group's internal efficiency improvement program.

   -- Capital expenditures of around EUR50 million a year for

   -- Dividend payments in line with the stated dividend policy
      of up to 70% of net income.

   -- ABS and factoring utilization (which is added to S&P's
      adjusted debt metrics) to remain steady at EUR90 million.

   -- No significant mergers or acquisitions.  Any such debt
      funded activity could represent downside to S&P's

Based on these assumptions, S&P arrives at these credit measures
for 2016 and 2017:

   -- Funds from operations (FFO) to debt of about 17%-19%.
   -- Debt to EBITDA of below 4x.
   -- FFO cash interest cover of around 5x.

The positive outlook indicates at least a one-in-three likelihood
that S&P could raise the ratings by one notch to 'B+' over the
next 12 months.

S&P could raise the ratings if Pfleiderer continues to deliver a
steadily improving operational performance through increasing
sales and at least maintained margins.  This, combined with
strong cash flow generation, could lead to credit metrics
improving to such an extent that S&P thinks it is likely that the
company could maintain FFO to debt of around 20%, which would be
commensurate with a higher rating.  A maintained adequate
liquidity profile and a prudent expansion strategy would be a
pre-requisite for a higher rating.

S&P could change the outlook to stable if Pfleiderer's operating
performance were to fall below our base case, for example due to
worsening economic outlook in Pfleiderer's core markets, which
would negatively impact pricing and demand for processed wood
products.  S&P could also change the outlook to stable if credit
metrics were to decline, which could be the result of a large
acquisition or excessive dividend payments, although S&P thinks
such a scenario is unlikely in the coming year.


GREECE: Creditors' First Bailout Review Set to Start This Week
DPA reports that EU Economy Commissioner Pierre Moscovici said on
Jan. 28 Greece's creditors will begin their first review of
progress made under the country's new bailout this week after
technical issues had caused some delays.

Athens has been required to implement painful economic reforms in
return for international bailouts that have prevented the country
from going bankrupt, DPA relays.

A successful completion of the review will pave the way for
Greece to receive further bailout funding, DPA says.  It has also
been set as a condition to start a highly anticipated discussion
on debt relief and the role of the International Monetary Fund in
the latest bailout, DPA notes.

According to DPA, a quick completion of the review is also needed
because Greece's liquidity situation could soon become "tight"
again, Klaus Regling, the head of the eurozone bailout fund,
warned earlier last month.

Mr. Regling noted Athens has to meet EUR4 billion (US$4.24
billion) in debt-service obligations by the end of March, DPA

Technical teams on the ground in Athens are making progress on
"difficult issues related to fiscal targets and pensions,"
Mr. Moscovici, as cited by DPA, said on Jan. 28, adding that
senior officials will return to the Greek capital in the coming
days, "to start the talks early this week."


LEOPARD CLO V: Moody's Affirms Caa3 Rating on Class F Notes
Moody's Investors Service announced that it has taken rating
actions on these classes of notes issued by Leopard CLO V. B.V.:

  EUR168 mil. (current outstanding balance of EUR12.1M) Class A
   Senior Secured Floating Rate Notes due 2023, Affirmed
   Aaa (sf); previously on Aug. 26, 2015, Affirmed Aaa (sf)

  EUR28 mil. Class B Secured Deferrable Floating Rate Notes due
   2023, Affirmed Aaa (sf); previously on Aug. 26, 2015, Upgraded
   to Aaa (sf)

  EUR13 mil. Class C-1 Secured Deferrable Floating Rate Notes due
   2023, Upgraded to Aaa (sf); previously on Aug. 26, 2015,
   Upgraded to Aa1 (sf)

  EUR7 mil. Class C-2 Secured Deferrable Fixed Rate Notes due
   2023, Upgraded to Aaa (sf); previously on Aug. 26, 2015,
   Upgraded to Aa1 (sf)

  EUR26 mil. Class D Secured Deferrable Floating Rate Notes due
   2023, Upgraded to Baa1 (sf); previously on Aug. 26, 2015,
   Upgraded to Baa3 (sf)

  EUR13 mil. Class E-1 Secured Deferrable Floating Rate Notes due
   2023, Affirmed B3 (sf); previously on Aug. 26, 2015, Affirmed
   B3 (sf)

  EUR3 mil. Class E-2 Secured Deferrable Fixed Rate Notes due
   2023, Affirmed B3 (sf); previously on Aug. 26, 2015, Affirmed
   B3 (sf)

  EUR7 mil. (current outstanding balance of EUR7.7 mil.) Class F
   Secured Deferrable Floating Rate Notes due 2023, Affirmed
   Caa3 (sf); previously on Aug. 26, 2015, Affirmed Caa3 (sf)

  EUR100 mil. (current outstanding balance of EUR4.7 mil.)
   Multicurrency Senior Secured Floating Rate Variable Funding
   Notes due 2023, Affirmed Aaa (sf); previously on
   Aug. 26, 2015, Affirmed Aaa (sf)

Leopard CLO V B.V., issued in May 2007, is a multi-currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European loans managed by M&G
Investment Management Limited.  This transaction passed its
reinvestment period in July 2013.  The majority of the
transaction's assets and rated liabilities are denominated in
EUR; GBP assets are naturally hedged by GBP drawings under
Variable Funding Notes.


The upgrades to the ratings are primarily the result of the
substantial deleveraging that has occurred over the last two
payment dates in July 2015 and January 2016.

Over the last two payment dates the Multicurrency Variable
Funding Notes (VFN) and the Class A Notes have amortized
approximately by EUR19.5 million and 47.1 million, respectively.
As a result the over-collateralization (OC) ratio have increased.
As per the trustee report dated December 2015, the Class A
(Senior), Class B, Class C, Class D, Class E and Class F OC
ratios are reported at 381.7%, 207.1%, 156.1%, 118.2%, 102.9% and
96.8% compared to July 2015 levels of 209.2%, 157.1%, 133.3%,
111.4%, 101.2% and 97.0%, respectively.  Despite the OC increase
the Class E and Class F are still failing their over-
collateralization tests.  Moody's notes that the January 2016
principal payments are not reflected in the OC ratios reported.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.  In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR93.7 million
and GBP15.6 million, defaulted par of EUR1.7 million, a weighted
average default probability of 21.3% (consistent with a WARF of
2,841), a weighted average recovery rate upon default of 46.3%
for a Aaa liability target rating, a diversity score of 21 and a
weighted average spread of 3.9%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool.  The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool.  In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors.  Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is

Methodology Underlying the Rating Action:

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

Factors that would lead to an upgrade or downgrade of the

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio.  Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were unchanged for the VFN, Class A, Class B, class C, Class
D and Class F and within one notch of the base-case results for
Class E.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy.  CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

Additional uncertainty about performance is due to:

  Portfolio amortization: The main source of uncertainty in this
   transaction is the pace of amortization of the underlying
   portfolio, which can vary significantly depending on market
   conditions and have a significant impact on the notes'

   Amortization could accelerate as a consequence of high loan
   prepayment levels or collateral sales the collateral manager
   or be delayed by an increase in loan amend-and-extend
   restructurings.  Fast amortization would usually benefit the
   ratings of the notes beginning with the notes having the
   highest prepayment priority.

  Around 6.4% of the collateral pool consists of debt obligations
   whose credit quality Moody's has assessed by using credit
   estimates.  As part of its base case, Moody's has stressed
   large concentrations of single obligors bearing a credit
   estimate as described in "Updated Approach to the Usage of
   Credit Estimates in Rated Transactions", published in October
   2009 and available at:

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

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

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

In addition to the quantitative factors that Moody's explicitly
modeled, qualitative factors are part of the rating committee's
considerations.  These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio.  All information available
to rating committees, including macroeconomic forecasts, input
from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, can influence the final rating decision.

METINVEST BV: UK Court Okays Eurobond Repayment Moratorium
Interfax-Ukraine reports that the High Court of Justice of
England and Wales has sanctioned a temporary moratorium on the
repayment of the eurobonds of Metinvest B.V. with a total nominal
value of US$1.125 billion until May 27, 2016.

On Jan. 27, the holders of the eurobonds of Metinvest approved a
temporary moratorium on the repayment of the securities,
Interfax-Ukraine relates.  This moratorium was to come into force
if approved by the High Court of Justice of England and Wales,
Interfax-Ukraine notes.

The proposal concerns the owners of eurobonds for US$85 million
with maturity in 2016, those worth US$289.734 million with a
maturity term in 2017, and US$750 million with maturity in 2018,
Interfax-Ukraine discloses.

According to Interfax-Ukraine, during the validity of the
moratorium the company intends to achieve an agreement on the
restructuring of these eurobonds, as well as pre-export financing
in the amount of US$1.089 billion.

Metinvest BV is Ukraine's largest steelmaker.

STORM 2016-I: Fitch Assigns 'BB+sf' Rating to Class E Notes
Fitch Ratings has assigned STORM 2016-I B.V.'s notes final
ratings as follows:

  EUR405 million Class A1 floating-rate notes: 'AAAsf'; Outlook

  EUR1,395 million Class A2 floating-rate notes: 'AAAsf'; Outlook

  EUR37 million Class B floating-rate notes: 'AAsf'; Outlook

  EUR29 million Class C floating-rate notes: 'A-sf'; Outlook

  EUR29 million Class D floating-rate notes: 'BB+sf'; Outlook

  EUR19 million Class E floating-rate notes: 'BBsf'; Outlook

This transaction is a true sale securitization of prime Dutch
residential mortgage loans originated and serviced by Obvion N.V.
Since May 2012, Obvion has been 100%-owned by Cooperatieve
Rabobank U.A. (Rabobank), previously known as Cooperatieve
Centrale Raiffeisen-Boerenleenbank B.A. and has an established
track record as a mortgage lender and issuer of securitizations
in the Netherlands.

The class A notes are rated for timely payment of interest,
including the step-up margin that will be accrued from the
payment date falling in January 2021, and the full repayment of
principal by legal final maturity. The remaining notes in the
structure are rated for ultimate interest and principal payments,
in accordance with the transaction documentation.

Credit enhancement (CE) for the class A notes is 6% at closing,
provided by the subordination of the junior notes and a non-
amortizing cash reserve (1%), fully funded at closing through the
class E notes.


Market Average Portfolio

This is a 50-month seasoned portfolio consisting of prime
residential mortgage loans, with a weighted average (WA) original
loan-to-market-value (OLTMV) of 88.5% and a WA debt-to-income
ratio (DTI) of 28%, both of which are typical for Fitch-rated
Dutch RMBS transactions and in line with previous STORM

NHG Loans

Within the portfolio 32.6% of the loans benefit from a Nationale
Hypotheek Garantie (NHG) guarantee. Fitch received historical
claims data to determine a compliance ratio assumption, which it
deemed to be in line with market average. No reduction in
foreclosure frequency for the NHG loans was applied, since
historical data provided did not show a clear pattern of lower
defaults for NHG loans. Fitch has also tested the transaction
without giving any credit to the NHG-guarantee and found the
ratings on the class A notes to be identical.

Lower CE

Over-collateralization through assets and a non-amortizing
reserve of 1%, funded through the class E notes, provide CE of
6%, which is lower than the 7% typically seen in the STORM
series. The transaction also contains a liquidity facility (2% of
the notes, floored at 1.45%) and a margin-guaranteed total return
swap, which is in line with previous Fitch-rated STORM
Rabobank Main Counterparty

This transaction relies strongly on the creditworthiness of
Rabobank, which fulfils a number of roles. Fitch gave full credit
to the structural features in place, including those mitigating
construction deposit set-off and commingling risk embedded in the

Robust Performance

Past performance of transactions in the STORM series, as well as
data received on Obvion's loan book, indicate sound historical
performance in terms of low arrears and losses.


Material increases in the frequency of defaults and loss severity
on defaulted receivables could produce losses larger than Fitch's
base case expectations, which in turn may result in negative
rating actions on the notes. Fitch's analysis revealed that a 30%
increase in the WA foreclosure frequency, along with a 30%
decrease in the WA recovery rate, would result in a model-
implied-downgrade of the class A notes to 'Asf', class B notes to
'BBBsf', class C notes to 'BBsf' and the class D and E notes to
below 'Bsf'


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


For its ratings analysis, Fitch received a data template with all
fields fully completed.

Fitch reviewed the results of a third party assessment conducted
on the asset portfolio information. Each year, an internationally
recognized accounting firm conducts the report on a single
eligible mortgage pool, which will be used for all transactions
in the respective year. The report indicated no adverse findings
material to the rating analysis.

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

Sources of Information:

The information below was used in the analysis:

-- Loan-by-loan data tape in Fitch's ResiEMEA template provided
    by Obvion as at 1 January 2016
-- Transaction reporting provided by Obvion as at end-August
-- Static vintage defaults, loss figures and dynamic performance
    data on Obvion's mortgage loan book
-- Investor reports for the existing STORM transactions
-- A portfolio of 3,331 foreclosed properties (after correcting
    for missing data), representing all loans foreclosed since
    2002, provided by Obvion
-- The House Price Index from the CBS (Statistics Netherlands)


A comparison of the transaction's Representations, Warranties &
Enforcement Mechanisms to those typical for that asset class is
available by accessing the appendix that accompanies the new
issue report.

ZIGGO GROUP: S&P Affirms 'BB-' Long-Term CCR, Outlook Stable
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Netherlands-based Ziggo Group Holding
B.V.  The outlook is stable.

S&P also affirmed its 'BB-' issue rating on Ziggo's senior
secured debt.  The recovery rating remains unchanged at '3',
indicating S&P's expectation of meaningful recovery, in the
higher half of the 50%-70%, range in the event of a payment

Additionally, S&P affirmed the 'B' issue rating on Ziggo's
exchanged senior notes.  The recovery rating on these notes
remains unchanged at '6', indicating S&P's expectation of
negligible recovery (0-10%) in the event of a payment default.

The affirmation reflects that, despite the downward revision of
S&P's assessment of Ziggo's stand-alone credit profile (SACP) to
'b+' from 'bb-' on weaker credit ratios, S&P continues to
equalize its ratings on Ziggo with those on its parent, Liberty
Global plc (LGP), given our view of its core status within the

"Our view of Ziggo's financial risk profile has weakened, due to
pressure on revenues and margins from intense competition in the
Dutch market in 2015, and we expect this trend will continue in
2016.  Aggressive offers and pricing by incumbent player
Koninklijke KPN N.V. have contributed to a more competitive
market and increased churn rates for Ziggo.  The company lost
over 150,000 revenue-generating units in the first nine months of
2015 (excluding mobile), and, while slowing, we believe
competition will keep churn rates elevated and reduce pricing
power, constraining revenues and margins.  We expect that margin
pressure will be somewhat mitigated in 2016 by labor, marketing,
and procurement synergies related to the 2015 merger of the
former Ziggo N.V. with UPC Nederland, once integration
costs begin to decline.  We expect Standard & Poor's-adjusted debt
to EBITDA will rise to 5.2x-5.3x and free cash flow to debt of 3%-4%
for the next two years.  Our assessment also reflects our
expectation of operating profitability that, despite headwinds,
remains above average for the industry.  We forecast free cash
generation after intercompany interest payments of about EUR150
million in 2016 and 2017.  However, we believe Ziggo will likely
upstream a large chunk of that, within the company's leverage
guideline," S&P said.

S&P's view of Ziggo's financial policy no longer has a negative
impact on the company's credit profile.  Although S&P expects LGP
will maintain an aggressive distribution policy and upstream most
excess cash from Ziggo, S&P thinks such policies are unlikely to
significantly weaken the company's financial profile from S&P's
revised assessment.

Since S&P views Ziggo as a core entity within the LGP group
because of its strong operational, financial, and strategic
links, S&P's 'BB-' rating on Ziggo is equalized with the rating
on LGP, as per S&P's group rating methodology.

The stable outlook on Ziggo mirrors S&P's stable outlook on LGP,
because S&P considers Ziggo to be a core subsidiary of LGP, as
per S&P's group rating methodology.

S&P currently does not expect to raise its assessment of Ziggo's
SACP, owing to strong market competition and LGP's aggressive
debt policy for Ziggo.  S&P could, however, revise upward its
assessment if competitive conditions improved leading to a marked
rise in EBITDA, or a significant debt reduction due to a change
in the group's financial policy.  For example, if S&P expected
Standard & Poor's-adjusted debt to EBITDA sustainably below 5.0x,
S&P could revise upward its assessment of Ziggo's SACP.  However,
the issuer credit rating would remain at 'BB-' unless S&P
upgraded LGP.

S&P is unlikely to revise downward its assessment of Ziggo's
SACP, but could consider it if operating performance materially
deteriorated from current levels such that market conditions and
Ziggo's competitive profile weakened S&P's view of the company's
business risk profile.  S&P could also lower the SACP if LGP
adopted a more aggressive financial policy for Ziggo than S&P
currently expects.  For example, if an increase in acquisition
activity or leveraged shareholder returns caused Ziggo's Standard
& Poor's-adjusted debt to EBITDA to remain sustainably above
6.0x, it would be negative for the SACP.  However, the issuer
credit rating would remain at 'BB-' unless S&P downgraded LGP or
S&P's assessment of Ziggo's strategic importance to the group


ROMANIAN AUTHORITY: Goes Bankrupt, Administrator Appointed
Romania Insider, citing a decision of the Mehedinti Court,
reports that the Romanian Authority for Nuclear Activities (RAAN)
went bankrupt.

The court appointed Euro Insol SPRL the company's temporary
judicial administrator, Romania Insider relays, citing local

Euro Insol is an insolvency house controlled by Remus Borza,
Romania Insider discloses.  According to Romania Insider,
Mr. Borza said that he might refuse the mandate because his
insolvency house doesn't take on bankrupt companies that can't be

RAAN produced heavy water needed for the electricity production
in nuclear reactors of the Cernavoda nuclear power plant, as well
as thermal energy to heat the residents of Drobeta-Turnu Severin
city, according to Romania Insider.


ANTONOV: Denies Liquidation Reports
Aircargo News reports that Antonov has denied reports that the
company has been liquidated, pointing out that the manufacturer
has actually been transferred to a different state concern.

Several media reports have carried stories on the demise on the
iconic aircraft manufacturer over the last few days, according to
Aircargo News.

In response, the company said it had transferred the management
of Antonov State Company, Kharkiv State Aircraft Manufacturing
Company (KSAMC) and State enterprise Plant 410 of Civil Aviation
from Antonov State Concern to UKROBORONPROM State Concern, the
report notes.

In line with the transfer, it had then liquidated Antonov State
Concern, but Antonov State Company would continue to perform the
full cycle of the aircraft creation; from pre-project scientific
research to construction, tests, and certification and serial
production to after sale maintenance, the report discloses.


ABENGOA SA: To Mothball Solar-Thermal Power Plant in Chile
Javiera Quiroga and Macarena Munoz at Bloomberg News report that
Abengoa SA, which is on the verge of insolvency, and EIG Global
Energy Partners LLP are said to be mothballing what would have
been the first solar-thermal power plant in Latin America.

According to Bloomberg, three people with knowledge of the more
than $1 billion project said APW-1, owned jointly by Spain's
Abengoa and private equity firm EIG, fired 1,500 workers at the
Atacama 1 project in northern Chile.

The last workers were scheduled to leave the plant this week, one
of the people, as cited by Bloomberg, said, abandoning the 200-
meter-high tower and hundreds of reflecting mirrors to the sands
of Chile's northern desert.  Two of the people said the owners
plan to review the project and may resume work later this year,
Bloomberg relates.

Pedro Maureira, who supplied drills to a contractor at the site,
said his company had already withdrawn equipment after payments
dried up, 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.

AYT GOYA IV: DBRS Confirms B(sf) Rating on Class B Notes
DBRS Ratings Limited (DBRS) has taken the following rating
actions on the Notes issued by AyT Goya Hipotecario IV, Fondo de
Titulizacion de Activos (the Issuer):

-- Class A Notes rating is confirmed at A (high) (sf)
-- Class B Notes rating is confirmed at B (sf)

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

-- Portfolio performance, in terms of delinquencies and
    defaults, as of September 2015.
-- Portfolio default rate, loss given default and expected loss
    assumptions for the remaining collateral pool.
-- Current available credit enhancement to cover the expected
    losses at the A (high) (sf) and B (sf) rating levels.

AyT Goya Hipotecario IV, Fondo de Titulizacion de Activos closed
in April 2011 and is a securitization of Spanish prime
residential mortgages originated and serviced by Barclays Bank
S.A. On 14 May 2015, CaixaBank S.A. acquired Barclays Bank S.A.
and assumed all of the functions in this transaction.

The portfolio is performing in line with DBRS's expectations. As
of the September 2015 payment date, the cumulative gross default
(loans more than 18 months in arrears) as a percentage of
collateral balance at transaction closing was at 1.15%. The 90+
delinquency ratio as a percentage of the outstanding collateral
portfolio balance is low at 0.63%.

Credit enhancement to the Class A Notes is provided by
subordination of the Class B Notes and the Cash Reserve Fund.
Credit enhancement to the Class B Notes is solely provided by the
Cash Reserve Fund. Current credit enhancements as a percentage of
the performing balance of the portfolio for the Class A and Class
B Notes is 32.41% and 6.13%, respectively.

As of the September 2015 payment date, the Cash Reserve Fund
target was EUR 65 million, representing 7.29% of the total
outstanding balance of the Class A and Class B Notes. The Cash
Reserve Fund balance was EUR55.18 million, EUR9.8 million below
the target.

CaixaBank S.A. (A (low)/R-1 (low)) is the Treasury Account Bank
for the transaction. Its rating complies with the Minimum
Institution Rating requirement given the rating assigned to the
Class A Notes, as described in DBRS's "Legal Criteria for
European Structured Finance Transactions" methodology.

The transaction benefits from a basis swap entered into with
Barclays Bank PLC, Sucursal en Espana. Its DBRS private rating
meets the rating requirement given the rating assigned to the
Class A Notes.


SPUTNIK ENGINEERING: Schaffner EMV to Dispute CHF2.9MM Claims
The Schaffner Group was informed on Jan. 29 that the bankruptcy
estate of Sputnik Engineering AG, in liquidation, has filed an
action against Schaffner EMV AG in the Commercial Court in Berne
in connection with alleged product deficiencies.  The amount
claimed by Sputnik Engineering AG in liquidation is CHF2.9
million for the time being.

Schaffner EMV AG contests the action filed by the bankruptcy
estate of Sputnik Engineering in liquidation and will respond in
the context of the legal proceedings.

Sputnik Engineering AG is a Swiss company specializing in the
development, production, distribution, and maintenance of
grid-connected photovoltaic inverters.

Sputnik Engineering filed for insolvency in November 2014.


GOLDEN DERRICK: Donetsk Court Commences Liquidation Procedure
Interfax Ukraine reports that the business court of Donetsk
region on Jan. 27 decided to liquidate PJSC Golden Derrick.

According to Interfax Ukraine, the liquidation procedure will
last for 12 months.

The company's net asset value is UAH197.353 million, its
liabilities total UAH95.232 million, equity capital is UAH10.134
million (information from the audited annual report).

In 2015, the higher administrative court of Ukraine has upheld
the ruling of a court of lower instance that Golden Derrick LLC
was deprived of 19 permits to produce oil and gas, Interfax
Ukraine relates.

PJSC Golden Derrick is a drilling company.

U N I T E D   K I N G D O M

DREAMWATER LOUNGE: Gets Noise Abatement Notice Amid Fin'l Woes
Warrington Guardian reports that a struggling Stockton Heath wine
bar and health spa was ordered to 'reduce noise levels' before
going into liquidation earlier this month.

Dreamwater Lounge, on Grappenhall Road, announced it would no
longer be operating around two weeks ago, according to Warrington

And the Warrington Guardian can reveal that apart from financial
struggles, the business was the subject of a noise abatement
notice from Warrington Borough Council last year, the report

"We received complaints about noise from three local residents
last spring.  These were found to be fully justified and a noise
abatement notice was served to protect the residents from
excessive noise," the report quoted a council spokesman as

"We are committed to supporting responsible businesses to comply
with the law and we were able to secure an action plan to reduce
noise levels.  The premises were aware of their responsibilities
-- we have had no further involvement in this matter since August
2015," the council spokesman added.

Since the lounge went into liquidation concerned residents have
enquired over whether they will still be able to use Group On
vouchers, having purchased them before the future of the company
was revealed, the report relays.

And there has been speculation over whether staff were receiving
their wages, the report notes.

But a former employee, who wishes to remain anonymous, said all
of the workers have been paid correctly, the report discloses.

The report notes that the former employee added: "It was a
venture and I did have my concerns -- it failed because of the
amount of work which needed to be carried out, the company could
not recover from that.

"People have no idea what has gone into it.  We were also under
great strains from the council about noise levels.  The staff
have been paid fully but the owner is now at risk of losing
everything," the report quoted the former employee as saying.

The source also said the owner did not want to continue operating
without a 'guarantee' that staff would be paid, the report notes.


* S&P Raises Ratings on 17 European Companies' Debt Instruments
Standard & Poor's Ratings Services said that it is revising
upward the recovery ratings of 17 European companies' debt
instruments. As a result, S&P is also raising the issue ratings
on these instruments by one or two notches.  At the same time,
S&P is affirming the existing recovery ratings on 21 debt

This follows the publication of the list of issuers that were
placed under criteria observation (UCO) on Jan. 20, 2016.  These
rating changes are solely due to the changes in the ranking of
the relevant insolvency regimes (France, Spain, and South
Africa).  The ratings are no longer under criteria observation.



                         To        From
NH Hotel Group S.A.
Senior Secured           B+        B
Recovery Rating          1         2H

Europcar Groupe S.A.
Senior Secured           BB        BB-
Recovery Rating          1         2H

Picard Groupe S.A.S.
Senior Secured           BB-       B+
Recovery Rating          2H        3H

Financiere Quick S.A.S.
Super Senior Secured     BB-       B
Recovery Rating          1+        2H

LuxGeo SARLSuper
Senior Secured           BB-       B+
Recovery Rating          1         2H

Super Senior Secured     BB        B+
Recovery Rating          1+        2H

3AB Optique Developpement
Super Senior Secured     BB        B+
Recovery Rating          1+        2H

Gestamp Funding Luxemburg SA
Senior Secured           BB+       BB
Recovery Rating          2H        3H

Magnolia (BC) S.A. (Maisons du Monde)
Super Senior Secured     BB        B+
Recovery Rating          1+        2H

Super Senior Secured     BB-       B+
Recovery Rating          1         2H

Super Senior Secured     BB        BB-
Recovery Rating          1         2H

THOM Europe S.A.S.
Super Senior Secured     BB-       B+
Recovery Rating          1         2H

Dry Mix Solutions Investissements S.A.S.
Super Senior Secured     BB-       B+
Recovery Rating          1         2H

Super Senior Secured     BB        B+
Recovery Rating          1+        2H

Super Senior Secured     BB-       B+
Recovery Rating          1         2H

Ephios Bondco PLC
Super Senior Secured     BB+        BB-
Recovery Rating          1+         2H

FL Investco
Senior Secured           BB         BB-
Recovery Rating          1          2H


Europcar Groupe S.A.
Secured Subordinated     B-
Recovery Rating          6

EC Finance PLC
Secured Subordinated     B+
Recovery Rating          3L

Picard Bondco S.A.
Senior Unsecured         B-
Recovery Rating          6

Picard PIKco. S.A.
Senior Unsecured         B-
Recovery Rating          6

Financiere Quick S.A.S.
Senior Secured           B-
Recovery Rating          3H

Financiere Quick S.A.S.
Junior Subordinated      CCC
Recovery Rating          6

Geo Debt Finance S.C.A.
Senior Unsecured         B
Recovery Rating          4L

Geo Travel Finance SCA Luxembourg
Senior Unsecured         CCC+
Recovery Rating          6

Senior Secured           B
Recovery Rating          3L

3AB Optique Developpement
Senior Secured           B
Recovery Rating          3L

Lion / Seneca France 2 SAS
Subordinated             CCC+
Recovery Rating          6

Magnolia (BC) S.A. (Maisons du Monde)
Senior Secured           B
Recovery Rating          3H

PIK Toggle notes         B
Recovery Rating          4L

Dakar Finance S.A. (part of Autodis)
PIK Toggle notes         CCC+
Recovery Rating          6

Senior Secured           B+
Recovery Rating          4L

THOM Europe S.A.S.
Senior Secured           B
Recovery Rating          4H

Dry Mix Solutions Investissements S.A.S.
Senior Secured           B
Recovery Rating          4L

Senior Secured           B
Recovery Rating          4H

Home Vi
Senior Secured           B
Recovery Rating          4L

Ephios Bondco PLC
Senior Secured           B+
Recovery Rating          4H

Ephios Holdco II Plc
Senior Secured           B-
Recovery Rating          6


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 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

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