TCREUR_Public/160204.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

          Thursday, February 4, 2016, Vol. 17, No. 024


                            Headlines


A Z E R B A I J A N

AZERENERJI: S&P Lowers Corporate Credit Ratings to 'BB+/B'


D E N M A R K

TDC A/S: S&P Affirms 'BB' Rating on Junior Subordinated Debt


F R A N C E

ALLIANCE AUTOMOTIVE: S&P Affirms 'B+' CCR, Outlook Negative
VALLOUREC: S&P Lowers CCR to 'BB-', Outlook Negative
WFS GLOBAL: S&P Affirms 'B' CCR & Rates EUR90MM Add-On Notes 'B'


G E R M A N Y

MUFFLER PLASTIC: Grupo Cosmos Acquires Insolvent German Molder


I R E L A N D

ANGLO IRISH: Lehman Pulled Out Money Days Prior to Bankruptcy
AQUILAE CLO II: Moody's Raises Rating on Class E Notes to Ba2


I T A L Y

DIAPHORA1 FUND: February 19 Bid Submission Deadline Set
* Italian RMBS Delinquencies Increase in Nov. 2015, Moody's Says


K A Z A K H S T A N

NURBANK: S&P Revises Outlook to Neg. & Affirms 'B/B' Ratings


N E T H E R L A N D S

FAB CBO 2003-1: Moody's Raises Ratings on Two Note Classes to B1
METINVEST BV: Obtains Temporary Creditor Shield Under Chapter 15


N O R W A Y

NORSKE SKOG: Secured Bondholders Sue in N.Y Over Debt Exchange


P O L A N D

POLAND: Fitch Says Tax, Mortgage Reform Hits Bank Credit Profiles


R O M A N I A

ROMANIA: Prepares New Rules on Insolvency


R U S S I A

ALFA BANK: Fitch Affirms 'BB+' Long-Term IDRs, Outlook Negative
* Russian Telcos Under Pressure from Competition, Moody's Says


S P A I N

ABENGOA SA: Set to Discuss Viability Plan with Creditors
MBS BANCAJA 2: Fitch Affirms 'CCsf' Rating on Class F Debt


T U R K E Y

AYNES GIDA: Seeks to Delay Insolvency After Bond Default


U N I T E D   K I N G D O M

ALLIANCE AUTOMOTIVE: Moody's Affirms B1 CFR; Outlook Stable
BEATBULLYING: Nearly GBP2MM of Claims Made in Liquidation
RILEY BROTHERS: 100 Staff Told Not to Expect Redundancy Pay
RILEY BROTHERS: Some Trailers, Vehicles Still Missing, KMPG Says
SANTANDER ASSET: S&P Affirms 'BB' Counterparty Credit Rating

THE DAFFODIL: Restaurant Placed Into Liquidation
WYNNSTAY HOTEL: Ex-Owners Set to Step in Following Receivership


                            *********


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A Z E R B A I J A N
===================


AZERENERJI: S&P Lowers Corporate Credit Ratings to 'BB+/B'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long- and short-term corporate credit ratings on electricity
utility Azerenerji JSC to 'BB+/B' from 'BBB-/A-3'.  The ratings
remain on CreditWatch with negative implications, where S&P
placed them on Jan. 11, 2016.

The rating action mirrors that on the sovereign rating.  S&P's
rating on Azerenerji reflects S&P's assessment of an almost
certain likelihood that Azerbaijan would provide timely and
sufficient extraordinary support to the company in the event of
financial distress, according to S&P's criteria for government-
related entities.  It also reflects S&P's assessment of
Azerenerji's stand-alone credit profile at 'ccc+'.

However, S&P could reassess the likelihood of extraordinary
financial state support for Azerenerji.  S&P might assign a much
weaker state support qualifier, resulting in a multiple-notch
downgrade, if S&P saw that government control and support
administrative mechanisms for Azerenerji had weakened.

S&P's current assessment of an almost certain likelihood of state
support is based on S&P's view of Azerenerji's critical role for
and integral link with the Azerbaijan government.

The state's track record of support to Azerenerji includes equity
injections, debt guarantees, direct state borrowings, asset
transfers, low-interest-rate loans, and financial aid provisions.
Although Azerenerji is subject to various taxes, the government
has a history of approving tax payment delays for the company.
In addition, Azerenerji's payables of about US$2.0 billion to the
sole fuel provider, state-owned State Oil Company of Azerbaijan
Republic, were written off with the government's consent in 2010.
In the same year, Azerenerji's receivables of a similar amount
from other state companies were also written off.

The negative CreditWatch signifies that S&P could lower the
ratings if it reassess the likelihood of extraordinary financial
state support for Azerenerji.  S&P might assign a much weaker
state support qualifier, resulting in a multiple-notch downgrade,
if there is a lack of tangible financial aid available to the
company aimed at supporting its financial profile, or if S&P saw
that government control and support administrative mechanisms for
Azerenerji had weakened.  S&P notes, however, that the Ministry
of Finance of Azerbaijan guarantees all of Azerenerji's debt.

S&P expects to resolve the CreditWatch within the next 90 days,
during which time S&P expects to gain a clearer view of the
government's intentions and administrative capacity to provide
support to Azerenerji.


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D E N M A R K
=============


TDC A/S: S&P Affirms 'BB' Rating on Junior Subordinated Debt
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
long- and short-term corporate credit ratings on Danish
telecommunications services provider TDC A/S at 'BBB-/A-3'.  The
outlook is stable.

At the same time, S&P affirmed its issue ratings on TDC's senior
unsecured debt at 'BBB-' and on its junior subordinated debt at
'BB'.

The affirmation follows TDC's announcement that it expects its
group EBITDA to decline to about Danish kroner (DKK) 8.8 billion
in 2016 as well as its decision to suspend dividend payouts in
2016 and reduce them significantly in 2017 compared with payouts
in 2015.  In S&P's view, the dividend reductions mitigate the
effect of lower EBITDA in the near term and credit metrics remain
adequate for the current rating.  S&P estimates that TDC will
maintain debt to EBITDA, as adjusted by Standard & Poor's, at
about 3.5x in 2016-2017 and funds from operations (FFO) to debt
at 21%-24% in 2016-2017, which is in line with S&P's previous
forecast.

"TDC's mobile products continue to face fierce competition in the
domestic market, particularly in its business-to-business (B2B)
division, but also in the business-to-consumer (B2C) segment.
These developments have recently led to a sharp decrease in
revenues and EBITDA.  In 2015, TDC's B2C and B2B EBITDA declined
by about 6% and about 16%, respectively.  TDC and a number of
other operators recently raised selected price points in the
market, but these are still at a lower level than prices charged
to a material share of TDC's client base.  As a result, we think
the average revenue per user (ARPU) will further decline from
current levels and we do not expect a material stabilization of
market conditions until 2017. In addition, we observe headwinds
in selected other sub-segments, such as fixed line broadband for
public, enterprise, and small and midsize business customers
where intense competition also continues to weigh on ARPUs," S&P
said.

"Aside from these considerations, TDC's business risk profile
continues to be supported by its position as the leading telecoms
provider in Denmark's residential customer segment, its well-
invested mobile network, and its ownership of Norwegian cable
operator Get.  We think that TDC's ownership of Get gives it
additional scale, diversification, and growth opportunities in
the less competitive Norwegian market.  In our view, another
positive aspect for TDC's business risk is its ownership of both
the leading domestic copper and cable fixed-line networks.  Other
weaknesses include TDC's limited geographic diversification, a
relatively small customer base, and our forecast of declining
revenues and EBITDA in Denmark through 2017," S&P noted.

"We derive our assessment of TDC's financial risk profile
primarily from the company's increased debt burden after the
acquisition of Get, and from expected steep declines in EBITDA
and free cash flow as a result of the current weakness in TDC's
domestic market.  Nevertheless, in our base case, we forecast
that communicated cuts in shareholder distributions to zero in
2016 and to about DKK 0.8 billion in 2017 will help to stabilize
debt to EBITDA, as adjusted by Standard and Poor's, at about 3.5x
in the next 18 months.  We project that these measures will also
support relatively robust discretionary cash flow (DCF)
generation, with adjusted DCF to debt of more than 6% in the next
24 months," S&P said.

S&P's base case assumes:

   -- Revenue decline of 3%-5% in 2016, principally caused by
      further contraction in B2C and B2B revenues in Denmark,
      improving to about flat revenues in 2017.

   -- Adjusted EBITDA margins narrowing by about 2.5 percentage
      points to about 38%-40% in 2016 and 2017, resulting from
      significant EBITDA declines in TDC's Danish operations.

   -- Capital expenditures, including payments for mobile
      licenses, of about DKK4.5 billion-DKK4.9 billion in 2016,
      then decreasing moderately in 2017.

   -- No dividend payments in 2016, in line with TDC's guidance,
      and shareholder pay-outs of about DKK0.8 billion in 2017.

   -- DKK200 million in coupon payments on TDC's hybrid debt.

   -- Some spending on small bolt-on mergers and acquisitions.

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

   -- Adjusted debt to EBITDA of about 3.5x in 2016 and 2017,
      after 3.4x in 2015, and adjusted FFO to debt of 21%-24% in
      2016-2017.

   -- Adjusted free operating cash flow (FOCF) to debt of about
      8% in 2016, strengthening to 8%-9% in 2017, and DCF to debt
      of 6%-9% in 2016 and 5%-7% in 2017.

The stable outlook on TDC reflects S&P's view that the difficult
market conditions in Denmark will stabilize in the next 18 months
and that market prices will not further deteriorate materially
from current levels.  S&P thinks that this will allow TDC to
achieve broadly flat EBITDA in 2017 compared with 2016.  This,
coupled with committed reductions in dividend payments, will
enable it to maintain adjusted debt to EBITDA at or below 3.5x,
FFO to debt sustainably above 20%, and FOCF to debt at about 8%-
10%.

S&P could consider a downgrade if TDC's operating performance
deteriorates more than S&P currently expects, for example by
visibly deviating from the path to achieving stable EBITDA in
2017, causing Standard & Poor's-adjusted debt to EBITDA to rise
sustainably above 3.5x, FFO to debt to fall below 20%, or FOCF to
debt to weaken to less than 8% over a protracted period.

S&P thinks that rating upside is limited at this stage.  S&P
could consider upgrading TDC if domestic market conditions and
operations improve more rapidly and significantly than S&P
currently expects, combined with a financial policy that targets
Standard & Poor's-adjusted debt to EBITDA of sustainably less
than 3.0x and FOCF to debt sustainably above 10%.



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F R A N C E
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ALLIANCE AUTOMOTIVE: S&P Affirms 'B+' CCR, Outlook Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on France-based Alliance
Automotive Holding Ltd.  The outlook is negative.

At the same time, S&P affirmed its 'B+' issue rating on
instruments issued by Alliance Automotive Finance Plc: EUR290
million of fixed-rate notes, which could be upsized by about
EUR50 million, and EUR100 million of floating-rate notes.  The
recovery rating remains at '4', indicating S&P's expectation of
recovery in the lower half of the 30%-50% range in the event of a
payment default.

In addition, S&P affirmed its 'BB' issue rating on the EUR50
million super senior revolving credit facility (RCF) issued by
Alliance Automotive Investment Ltd.  The recovery rating on this
facility remains at '1', indicating S&P's expectation of 90%-100%
recovery in the event of a payment default.

Alliance Automotive plans to do a second bond tap of about EUR50
million that would bring the total amount of its fixed-rate notes
to EUR340 million.  The company intends to use the proceeds
mainly to fund further acquisitions.  S&P believes the increase
in debt will be offset by stronger EBITDA generation on a like-
for-like basis and that EBITDA-accretive acquisitions will
typically be completed at attractive prices.

The additional bond issue and EUR40 million gross debt Alliance
Automotive assumed as part of its acquisition of Coler in 2015,
some of which S&P expects will be repaid this year, will increase
the group's gross debt to about EUR500 million at the end of
2016. S&P's adjustments to reported debt include about EUR30
million of operating leases and EUR5 million of pension
obligations.

S&P anticipates that the adjusted debt-to-EBITDA ratio will have
peaked at 5.0x in 2015, but expect it will improve to 4.5x in
2016-2017 on the back of strong EBITDA growth.  S&P expects that
acquisitions completed in 2015 will contribute about EUR20
million to EBITDA, including synergies from better purchasing
terms and about EUR10 million from Coler.  In addition, the
company demonstrated strong organic growth of about 5% last year
that supports stronger EBITDA.  S&P estimates the company's
adjusted EBITDA margin at 7.6% in 2015, which S&P expects will
remain broadly stable or improve slightly in 2016.

In S&P's view, the company's acquisition strategy is rather
aggressive.  However, S&P also thinks that as long as the
acquisitions are completed at a price reflecting low EBITDA
multiples of 4.0x-5.0x, they may have a positive impact on
profitability, thanks to purchasing synergies and economies of
scale, and should offset potential debt increases.  The company
generally makes small bolt-on acquisitions of distribution
entities, which it integrates successfully.

S&P continues to apply a negative adjustment of one notch to the
anchor because, based on S&P's comparable ratings analysis,
Alliance Automotive has a less favorable position than its peer
Rhiag, which enjoys a dominant share of its domestic Italian
market, where it sells mainly to wholesalers.

The negative outlook reflects the possibility of a downgrade if
continued sizable acquisitions resulted in higher debt, pushing
the company's adjusted debt-to-EBITDA ratio above 5.0x, with no
sufficient offsetting EBITDA contributions.  In S&P's base case,
it assumes that Alliance Automotive will be able to balance its
acquisition appetite with its capacity to integrate acquired
companies, especially in the German market.

S&P could lower the rating if the company's adjusted debt to
EBITDA increased beyond 5.0x.  This could occur if acquisition
spending outpaced FOCF generation and led to higher gross debt,
and the increase in leverage were not entirely offset by EBITDA
growth.  S&P would also consider a more aggressive financial
policy to be negative for the rating.

S&P could revise its outlook to stable if the company
demonstrated a supportive financial policy and balanced
acquisition approach, under which the adjusted debt-to-EBITDA
ratio remained in the middle of the 4.0x-5.0x range in 2016-2017.
A steady performance and EBITDA growth, in particular from
acquisitions and an expanding footprint, would support a positive
rating action.


VALLOUREC: S&P Lowers CCR to 'BB-', Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on France-based seamless steel tube
producer Vallourec to 'BB-' from 'BB+'.  S&P affirmed its 'B'
short-term rating.  The outlook is negative.

At the same time, S&P lowered its long-term issue rating on
Vallourec's senior unsecured debt to 'BB-' from 'BB+'.  The '3'
recovery rating remains unchanged, reflecting S&P's expectation
for recovery in the higher half of the 50%-70% range.

The two-notch downgrade reflects our much more pessimistic
assumptions regarding the prolonged trough in demand and pricing
pressures in the oil and gas sector.

The rating action follows S&P's recent, sharp downward revision
of its oil and gas price assumptions.  S&P believes low prices
will hurt Vallourec's key clients' investments globally, notably
those of U.S. shale producers.  Additionally, S&P continues to
view the demand from Brazil-based Petrobras -- one of Vallourec's
largest clients -- as an area of uncertainty, even if Petrobras'
long-term investment plan in its core presalt offshore projects
remains largely unaffected by its large capital expenditure cuts
to date.

In light of difficult market conditions, S&P now expects
Vallourec's EBITDA will remain negative in 2016 (negative EUR100
million-EUR200 million), well below S&P's previous estimate of
EUR0.4 billion (in August 2015).  Furthermore, 2016 free
operating cash flow (FOCF) is likely to be heavily negative (S&P
foresees about negative EUR600 million).  Although S&P has
limited visibility, it assumes Vallourec's EBITDA will recover to
at least EUR300 million in 2017 in S&P's base case on the back of
the implementation of cost savings and restructuring measures,
both in Europe and Brazil, and some restocking at key clients, as
well as to a lesser extent a marginal improvement in market
conditions.  On this basis, debt to EBITDA could reach 3.5x-4.5x
(with funds from operations to debt about 15%) in 2017, even
after S&P factors in the announced sizable EUR1 billion capital
increase. Consequently, S&P has lowered its assessment of
Vallourec's financial risk profile to aggressive from
significant.

S&P recognizes that Vallourec is taking steps to accelerate its
cost-savings plan and improve its competitiveness following its
announcements on Feb. 1, 2016.  This includes the reduction of
capacity in Europe, focusing on high-value and specialized
activities, the acquisition of low-cost capacity in China, and
restructuring of its Brazilian activity with its partners.  S&P
views this plan as wide-ranging, aiming to restore margins by
lowering the company's too high fixed-cost base.  Some execution
risks exist, as the plan involves a major cut in overcapacity by
its European plants.

S&P continues to view Vallourec's business risk profile as fair,
on the basis that the restructuring will have a positive impact
on profitability from 2017.  Key strengths are the company's
strong market positions in the concentrated premium oil country
tubular goods pipe industry, high barriers to entry given its
premium products, sound geographic diversification, and relative
client concentration.  S&P factors in Vallourec's exposure to the
oil and gas industry.  Oil and gas is inherently cyclical,
competitive, and capital-intensive, with long lead times to
increase capacity. The main negative factor, however, has been
Vallourec's sharply contracting EBITDA margin in 2015-2016 and
thus the high volatility of profitability and end-markets.

Under S&P's base case for Vallourec, S&P assumes:

   -- Brent oil at $40 per barrel (/bbl) in 2016, $45/bbl in
      2017, and $50/bbl in 2018 on average;

   -- Negative reported EBITDA in 2016 between EUR(100) million
      and EUR(200) million, recovering to at least EUR300 million
      in 2017 as margins strengthen on the back of restructuring
      measures and demand starts recovering globally;

   -- Materially negative FOCF in 2016 of about EUR600 million,
      given negative EBITDA, working capital outflows reflecting
      restructuring cash costs, and despite some limited capital
      expenditure reduction compared with 2015;

   -- A substantial capital increase of up to EUR1 billion in
      first half of 2016.

   -- Acquisition of the Chinese Tianda mill for $150 million to
      $200 million in early 2016.

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

   -- Negative Standard & Poor's adjusted FFO to debt in 2015-
      2016, but rising to about 15% in 2017; and

   -- Standard & Poor's adjusted debt to EBITDA improving to
      between 3.5x-4.5x by 2017.

The negative outlook reflects the prolonged uncertain oil market
and limited visibility S&P currently has on the pace of
Vallourec's future EBITDA improvements from its cost-saving and
restructuring program.  In particular, S&P expects EBITDA will
continue to be negative in the next quarters.  S&P sees limited
execution risk on the capital increase in the coming months.

S&P takes into account that 2016 financial performance will be
very weak for the ratings but that credit measures will improve
by 2017 on the back of Vallourec's transformational plan and some
market recovery.  S&P sees adjusted debt to EBITDA in the range
of 3.5x to 4.5x in 2017 (with FFO to debt of about 15%) as
commensurate with the current 'BB-' rating.

Assuming the material capital increase takes place, S&P don't
anticipate a downgrade in the near term.  It could, however,
occur if the company's quarterly EBITDA fails to turn positive in
the second half of the year and show a strongly improving trend
in 2017.  If S&P thought that the Standard & Poor's adjusted debt
to EBITDA may stay above 4.5x-5.0x in 2017 and beyond, S&P might
lower the rating.

S&P could revise its outlook to stable later in 2016 if market
conditions improve and if Vallourec makes meaningful progress on
its transformation plan, resulting in a material reduction of
fixed costs and better visibility on demand, such that S&P can
more confidently anticipate improving and positive EBITDA.


WFS GLOBAL: S&P Affirms 'B' CCR & Rates EUR90MM Add-On Notes 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has affirmed its 'B'
long-term corporate credit rating on French airport ground
handler WFS Global Holding SAS (WFS).  The outlook is stable.

At the same time, S&P assigned its 'B' issue rating to the
proposed EUR90 million add-on of senior secured notes due 2022 to
be issued by WFS.  The recovery rating on the notes is '3',
indicating S&P's expectation of recovery prospects in the lower
half of the 50%-70% range in the event of a payment default.  S&P
also affirmed its 'B' rating on the existing EUR225 million notes
due 2022, and revised the recovery rating on the notes to '3'
from '4'.  Recovery prospects are in the lower half of the 50%-
70% range.

S&P also assigned its 'CCC+' issue rating to the proposed EUR150
million senior notes due 2022 to be issued by WFS.  The recovery
rating on the notes is '6'.  S&P's recovery prospects are in the
lower half of the 0%-10% range.

The affirmation follows WFS' announcement that it plans to raise
a EUR90 million add-on of senior secured notes and EUR150 million
of new senior notes to fund the $319 million (about EUR294
million) acquisition of Consolidated Aviation Services (CAS).
Private equity owner Platinum Equity will also invest EUR78.6
million of equity to fund the transaction.  While S&P understands
that WFS and CAS have signed a sale and purchase agreement, the
transaction is subject to regulatory approval and other customary
closing conditions.

CAS is one of the leading North American providers of logistics
and ground handling services to the aviation industry.  If the
acquisition goes ahead as expected in the next couple of months,
the combined group will have greater scale and diversity of
operations, which is very important in an industry where
customers are continuing to consolidate the number of cargo
providers that they utilize.  CAS currently operates out of more
than 45 stations throughout the U.S., Canada, Brazil (two
stations), and Ecuador (one station), and therefore will enable
WFS to benefit from expected growth in the U.S. market.  In 2014,
the company generated over $246 million (about EUR225 million) in
revenues, and the combined group is expected to generate sales of
about EUR1 billion in 2016 on a pro forma basis.  That said, the
group will remain relatively small -- in terms of total revenues
and EBITDA generation -- compared with its peers.

WFS is a global leader in the cargo handling market and expects
to gain significant cost synergies from the consolidation in
operational overlap and the integration of systems.  S&P notes
that several key members of CAS' management team used to work for
WFS, and so S&P would expect the integration risk of CAS to be
relatively low.  Nevertheless, S&P continues to assess WFS'
business risk profile as weak, reflecting S&P's view of the
company's large exposure to the cyclical air cargo handling
market, which S&P generally views as more volatile than ramp and
passenger handling activities.  S&P considers cargo to be
sensitive to the general economic environment and therefore to
depend on the recovery and future growth of the global economy.
Cargo handling activities will account for about two-thirds of
the combined group's operations.  WFS' geographical diversity
will be improved but the group will still be reliant on growth in
Europe, in particular France, where it generated 40% of sales in
the nine months to Sept. 30, 2015.

These weaknesses are partly offset by S&P's view of WFS' position
as a leading niche player in the global air cargo handling
market, its ownership of warehouses, and its road feeder system--
which S believes enhances the company's competitive position and
operating efficiency.  The ground and cargo handling market is
very fragmented and WFS' scale as an established player provides
the company with a competitive edge in terms of reputation, and
helps it to afford the capital outlay and offer complementary
services at any given airport.  S&P's assessment of the company's
profitability is supported by industry-average profitability
measures under its base case, including return on capital of over
6%.

S&P's highly leveraged financial risk profile assessment reflects
its view that WFS will generate adjusted FFO-to-debt and debt-to-
EBITDA ratios on a pro forma basis of about 7.5% and over 6x,
respectively, in 2016, improving to about 10% and over 5x in
2017. S&P believes that WFS' financial strength is constrained by
its fairly low absolute EBITDA and cash flow, which renders its
financial measures susceptible to underperformance relative to
S&P's base case.  Platinum Equity completed its purchase of WFS
in October 2015 and S&P views financial policy as aggressive
(hence our "FS-6" financial policy modifier).

S&P's base case for the combined group assumes:

   -- That the acquisition of CAS goes ahead as expected in the
      next few months funded as described above, including
      EUR78.6 million of equity from WFS' private equity owners;

   -- A stable pricing environment which, combined with improving
      volumes, is likely to lead to about 1.5%-2.5% revenue
      growth in the cargo business unit.  S&P notes that WFS'
      acquisitions of 51% of Fraport Cargo Services will drive
      about EUR25 million of top-line growth in 2016;

   -- Good performance in the ramp and passenger unit, leading to
      revenue growth of about 4%;

   -- Significant operational synergies in the next three years,
      although S&P has prudently assumed synergies somewhat lower
      than management guidance.  Any outperformance will
      represent an upside to S&P's forecasts;

   -- Capital expenditure (capex) in line with management
      guidance of about EUR16 million per annum in 2016 and 2017;

   -- Reported EBITDA margins increasing closer to 6% and over
      14% on an adjusted basis; and

   -- High interest costs on debt.

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

   -- Adjusted and pro forma FFO to debt of about 7.5%-10% in
      2016 and 2017;

   -- Adjusted and pro forma debt to EBITDA of over 6x in 2016,
      dropping to over 5x in 2017; and

   -- EBITDA interest coverage of about 3x over the same period.

S&P notes that its adjustment to debt for operating leases is a
material increase to reported debt, almost doubling reported debt
in 2014 (adjustment of EUR182 million).  Furthermore, S&P treats
the adjusted lease-related expense as a combination of
depreciation and expense.  Therefore, S&P's standard operating
lease adjustment also increases reported EBITDA, interest
expense, and operating cash flow generation.

The stable outlook reflects S&P's expectation that WFS will be
able to maintain an adjusted pro forma FFO-to-debt ratio in
excess of 6% in the next 12 months.  S&P expects the company to
deliver a fairly stable operating performance in 2016 and 2017,
but to gain some synergies following the acquisition.  S&P views
significant deleveraging as unlikely over the short-to-medium
term, due to the lack of amortizing debt in the pro forma capital
structure. Furthermore, given the still relatively small scale of
operations, S&P considers the company's consistently adequate
liquidity--with sources covering uses by at least 1.2x for the
next 12 months--to be an important rating factor.

S&P might consider a negative rating action if WFS' debt
increases materially as a result of further sizable debt-financed
acquisitions or aggressive shareholder distributions, to the
extent that FFO to debt falls below 6%.  S&P could also lower the
ratings if the company's liquidity position deteriorates
significantly as a result of weaker-than-anticipated operating
performance or cash flow generation.

S&P could consider a positive rating action if WFS reduces debt
through improved operating performance, leading to stronger
credit metrics such as adjusted FFO to debt of more than 12% and
debt to EBITDA of less than 5x, on a sustainable basis.  This
would also require S&P to believe that the company's private
equity shareholders were unlikely to recapitalize the business to
further increase leverage, which S&P views as relatively unlikely
over the medium term.



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


MUFFLER PLASTIC: Grupo Cosmos Acquires Insolvent German Molder
--------------------------------------------------------------
PlasticsNews reports that Spanish plastics and metal auto
components producer Grupo Cosmos has stepped in to rescue the
insolvent German car part injection moulder Muffler Plastic GmbH.

PlasticsNews relates that Navarra, Spain-based Cosmos, which has
nine plants across Spain and in the Czech Republic, acquired the
plant and assets of Muffler-Plastic at Pfullendorf, Germany, for
an undisclosed sum at the start of 2016. It is expected to retain
the firm's remaining 45-strong workforce, the report says.

In July 2014, family owned Muffler is reported to have been
forced to file for insolvency when bank credit was withdrawn
after the failure of a tool supplier. The molder faced an
economic loss along with high tool pre-financing costs, the
report notes.

According to PlasticsNews, the court appointed insolvency
administrator Matthaus Rosch managed to stabilize the German
business which continued operating, initially with 65 employees.
In talks with Muffler's leading automotive customers Audi and VW,
he sought to attract potential new investors while maintaining
customer parts supply.

PlasticsNews says Rosch announced the sale of the Muffler Plastic
holding company to Grupo Cosmos, which was the strongest bidder
to take it over, along with a long term supply agreement with the
main customer.

The Spanish buyer, formed in 1995, has grown through the addition
of a number of plants mainly in northern and central Spain. The
group now employs more than 400 at its businesses.

Muffler Plastic, formed 30 years ago to produce plastic parts for
the office supplies sector, specialized in large volume injection
molded components for the automotive industry since 1988. It now
has 15,500 square meters of molding capacity and warehousing at
its Pfullendorf site.



=============
I R E L A N D
=============


ANGLO IRISH: Lehman Pulled Out Money Days Prior to Bankruptcy
-------------------------------------------------------------
Joe Brennan at Bloomberg News reports that days before Lehman
Brothers Holdings Inc. filed for bankruptcy in 2008, the U.S.
investment bank pulled EUR350 million (US$380 million) out of
Anglo Irish Bank Corp., exacerbating the Irish lender's funding
crisis.

An internal e-mail circulated between Anglo Irish executives on
Sept. 12, 2008, showed the lender lost EUR2 billion in deposits
over seven days, including from Lehman Brothers, Bloomberg relays
citing documents shown to jurors at a trial of former finance
executives in Dublin on Jan. 29.

The U.S. bank's withdrawal "was interesting as the Lehman crisis
or collapse was only days away," Una Ni Raifeartaigh, a
prosecutor in the case against four former Irish bankers, as
cited by Bloomberg, said in the Dublin Circuit Criminal Court.

The documents showed Anglo Irish's fast-deteriorating financial
position in September 2008 caused it to increasingly target Irish
Life & Permanent Plc, a bank and life assurance company, for
funding as its fiscal year drew to a close at the end of that
month, Bloomberg relates.

Prosecutors say Irish Life's life assurance arm provided Anglo
Irish with EUR7.2 billion of short-term deposits that month to
deceive depositors and investors about Anglo Irish's financial
health, Bloomberg discloses.  The deposits, backed by cash
collateral from Anglo Irish, did nothing to help the bank's
liquidity position, Bloomberg states.

The case, which started Jan. 20, is the Director of Public
Prosecutions vs Bowe, Fitzpatrick, McAteer and Casey,
DUDP0529/2014, in the Dublin Circuit Criminal Court.  It is
expected to last 20 weeks, Bloomberg says.

                      About Anglo Irish

Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011.  It went into wind-down mode after nationalization
in 2009.  In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation (IBRC).

Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Irish Bank
Resolution Corp. Ltd. (IBRC) to 'D/D' from 'B-/C'.   S&P also
lowered the senior unsecured ratings to 'D' from 'B-'.  S&P then
withdrew the counterparty credit ratings, the senior unsecured
ratings, and the preferred stock ratings on IBRC.  At the same
time, S&P affirmed its 'BBB+' issue rating on three government-
guaranteed debt issues.

The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.

The former Irish bank sought protection from creditors under
Chapter 15 of the U.S. Bankruptcy Code on Aug. 26, 2013 (Bankr.
D. Del., Case No. 13-12159).  The former bank's Foreign
Representatives are Kieran Wallace and Eamonn Richardson.  Its
U.S. bankruptcy counsel are Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware.


AQUILAE CLO II: Moody's Raises Rating on Class E Notes to Ba2
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on these notes
issued by Aquilae CLO II p.l.c.:

  EUR17.1 mil. Class C Deferrable Floating Rate Notes, due 2023,
   Upgraded to Aaa (sf); previously on May 8, 2015, Upgraded to
   Aa1 (sf)

  EUR15.3 mil. Class D Deferrable Floating Rate Notes, due 2023,
   Upgraded to A2 (sf); previously on May 8, 2015, Upgraded to
   A3 (sf)

  EUR15 mil. Class E Deferrable Floating Rate Notes, due 2023,
   Upgraded to Ba2 (sf); previously on May 8, 2015, Affirmed
   Ba3 (sf)

Moody's has affirmed the ratings on these notes:

  EUR207 mil. (Current outstanding balance of EUR15.4 mil.) Class
   A Floating Rate Notes, due 2023, Affirmed Aaa (sf); previously
   on May 8, 2015, Affirmed Aaa (sf)

  EUR21.6 mil. Class B Floating Rate Notes, due 2023, Affirmed
   Aaa (sf); previously on May 8, 2015, Affirmed Aaa (sf)

  EUR8 mil. Class Y Combination Notes, due 2023, Affirmed
   Aaa (sf); previously on May 8, 2015, Upgraded to Aaa (sf)

  EUR1.5 mil. Class Z Combination Notes, due 2023, Affirmed
   Aaa (sf); previously on May 8, 2015, Upgraded to Aaa (sf)

Aquilae CLO II p.l.c., issued in November 2006, is a single
currency Collateralised Loan Obligation backed by a portfolio of
mostly high yield senior secured European loans.  The portfolio
is managed by Henderson Global Investors Ltd.  The transaction's
reinvestment period ended in January 2013.

RATINGS RATIONALE

The rating actions on the notes are primarily the result of the
deleveraging that has occurred over the last year.  The Class A
notes have amortized by approximately EUR33.4 million (16% of its
initial notional amount) in the last two payment dates.  As a
result of deleveraging, over-collateralization (OC) ratios have
increased.  According to the January 2016 trustee report the OC
ratios of Class A/B, C, D and E are 205.7%, 152.7%, 124% and
104.8% compared to 153.2%, 131.1%, 116.2% and 104.5%,
respectively in January 2015.  Moody's notes that the January
2016 principal payments are not reflected in the OC ratios
reported.

The ratings on the combination notes address the repayment of the
rated balance on or before the legal final maturity.  For the
Class Z notes, the 'rated balance' at any time is equal to the
principal amount of the combination note on the issue date times
a rated coupon of 0.125% per annum, accrued on the rated balance
on the preceding payment date, minus the sum of all payments made
from the issue date to such date, of either interest or
principal. For the Class Y, the rated balance at any time is
equal to the principal amount of the combination note on the
issue date minus the sum of all payments made from the issue date
to such date, of either interest or principal.  The rated balance
will not necessarily correspond to the outstanding notional
amount reported by the trustee.

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 EUR
104.9million, defaulted par of EUR0.97 million, a weighted
average default probability of 23.6% (consistent with a WARF of
3230), a weighted average recovery rate upon default of 50.3% for
a Aaa liability target rating, a diversity score of 16 and a
weighted average spread of 3.7%.

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
analyzing.

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
ratings:

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
were unchanged for the Class A and Class B and within one notch
of the base-case results for rest of the classes.

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'
   ratings.

   Amortization could accelerate as a consequence of high loan
   prepayment levels or collateral sales by 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 4.1% 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:

    http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461

  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'
   ratings.

  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.

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.



=========
I T A L Y
=========


DIAPHORA1 FUND: February 19 Bid Submission Deadline Set
-------------------------------------------------------
Diaphora1 Fund, in liquidation, pursuant to Art. 57 TUF, put up
for sale the following properties:

Lot 1: wellness and fitness center, approximately 2,100 square
meters, spread on two levels, above the ground, including
basement, located in Via Bedollo no. 110, Rome (Infernetto area),
listed in the Buildings Registry of the Municipality of Rome,
sheet 1118 - parcel 1271 - sub-section 503, Category D/6, income
EUR26,556.00.

Starting price EUR1,900,000 = in addition to applicable tax

Lot 2: building plot, approximately 30,000 square meters, with
building area of 76,160 cubic meters, or approximately 23,800
cubic meters of residential surface area, located in Via delle
Cerquete, Rome (Lunghezza area), listed in the Land
Registry of the Municipality of Rome, sheet 666, parcels: 397,
wooded pasture, class 1, 04 ares, 80 centiares, A5 deduction,
farmland income EUR0.91; 398 arable land, class 3, 01 ares, 60
centiares, A5 deduction farmland EUR1.45, agricultural income
EUR0.62; 407, arable alnd, class 3, 03 hectares, 97 ares, 10
centiareas, A5 deduction, farmland income EUR359.31, agricultural
income EUR153.81;

Starting price EUR18,000,000 =in addition to applicable tax

Lot 3: building plot, approximately 4,000 square meters, with
building area of 3,645 square meters, or approximately 2,000
square meters of residential surface area, located in Via Hugo
Pratt, Rome (Torrino Mezzocammino area) - co-ownership quota
equal to 377.81 thousandths of the plot, surface area of 2,984
cubic meters, listed in sheet 1126, parcel 2347, arable land,
class 3,000 hectares, 26 ares, 68 centiares, farmland income
EUR15.98, agricultural income EUR6.84, for the realization of a
volume of 1,513.12 for residential purposes, as well as co-
ownership quota equal to 88.65 thousandths of the multiple
outline common free sub-district areas, listed in the Land
Registry, sheet 1126: parcel 2341, arable land, class 3, 42.12
hectares, A6 deduction, farmland income EUR38.11; parcel
2345,arable land, class 3, 17.66 hectares, A6 deduction, farmland
income EUR15.98.

Starting price EUR1,100,000 = in addition to applicable tax

Interested parties have until February 19, 2016, to submit their
bids to the office of Notary Federico Basile in Viale Liegi
no. 1, Rome.

The sale will be conducted at 10:30 a.m. on February 22, 2016, at
the Notary's office.

Further information and sale procedures is available at
http://www.liquidagest.it


* Italian RMBS Delinquencies Increase in Nov. 2015, Moody's Says
----------------------------------------------------------------
The 60+ day delinquency index over the current pool balance of
the Italian residential mortgage-backed securities (RMBS) market
marginally increased to 2.3% in November 2015 from 2.1% in May
2015, and the 90+ day delinquency rate rose to 1.8% in November
2015 from 1.6% in May 2015, according to the latest indices
published by Moody's Investors Service.

The index of cumulative defaults increased slightly to 4.5% in
November 2015 from 4.3% in May 2015.

The prepayment rate index increased to 5.1% in November 2015 from
3.5% in May 2015, reaching a its highest level since mid-2012
(when the reading was 5.4%).

As of November 2015, Moody's rated 106 transactions in the
Italian RMBS market, with a total outstanding pool balance of
EUR59.2 billion, a 5.4% decrease from EUR62.6 billion in August
2015.

As of November 2015, the reserve funds of 31 transactions, 10 of
which are fully drawn, were below their target levels.

Overall, Italian RMBS exhibited stable to mildly deteriorating
performance over the past year on average, with a few outliers
still showing increasing delinquencies and defaults.  Arrears and
defaults rose in 23 Italian RMBS in the past 12 months, leading
us to increase our expected loss (EL).  The increase in EL was
contained and did not lead to any negative rating actions on
Italian RMBS.

Moody's outlook for Italy is stable, with the expectation that
the Italian GDP will increase marginally by 1.2% in 2016.



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


NURBANK: S&P Revises Outlook to Neg. & Affirms 'B/B' Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Kazakhstan-based Nurbank JSC to negative from stable.
The 'B/B' long- and short-term counterparty credit ratings were
affirmed.

S&P also lowered its long-term Kazakhstan national scale rating
on Nurbank to 'kzBB' from 'kzBB+'.

The outlook revision stems from S&P's expectation that Nurbank's
deteriorating capitalization, combined with negative trends in
Kazakhstan's economy and banking sector, will put further
pressure on the bank's creditworthiness over the next 12 months.

S&P now regards the bank's capitalization as moderate rather than
adequate, due to low expected earnings capacity.  In S&P's view,
Nurbank will be unable to build up capital in 2016 without equity
injections, taking into account growth of risk-weighted assets.
Nevertheless, both moderate and adequate capital and earnings are
neutral rating factors for a bank with a 'bb-' anchor, which
starts S&P's rating analysis of banks in Kazakhstan.

S&P's RAC ratio for Nurbank was 6.9% at year-end 2014, and S&P
estimates it will decrease to approximately 5.8%-6.4% in 2015-
2016 in the absence of shareholder capital injections.  The
bank's capitalization is being eroded by depreciation of the
Kazakhstani tenge, because the share of foreign-currency
denominated assets is increasing due to the exchange rate,
whereas capital is denominated in tenge.  Positively, net of the
devaluation effect, S&P assess the bank's growth strategy to be
reasonable under the difficult economic conditions.

S&P's forecast for Nurbank in 2016 reflects these base-case
assumptions:

   -- Loan growth of about 7%, net of devaluation effects.
   -- No known shareholder capital injections.
   -- Low earnings contribution to the capital base, with the
      return on assets (ROA) at about 0.2%.
   -- Cost of risk at about 2%, although this could be higher.
      Nurbank has sufficient provisions to cover overdue loans,
      but S&P notes that restructured loans form about half of
      the loan book and total provisions cover only 27% of total
      loans.

S&P considers that Nurbank's profitability has historically been
poor and S&P expects it will be low in 2016. In the first 11
months of 2015, Nurbank achieved a low ROA of 0.35% and a return
on equity of 2.6%, according to S&P's estimates.  S&P expects a
lower net interest margin in 2016 than in 2015, due to the
continuing lack of tenge liquidity, which is pushing up funding
costs.  In S&P's view, Nurbank's preprovisioning earnings will be
insufficient in the event of a sudden rise in credit costs; for
example, if the economic environment deteriorates further or
underwriting standards weaken in the retail segment.

The bank's exposure to the construction and real estate sectors
was reportedly 26% of total loans as of Sept. 1, 2015, which is
in line with the industry average.  This represents a decline
from 39% as of June 1, 2012, following the sale of problem loans
in this segment to third-party collectors and transfers to a
special-purpose vehicle.  However, the share is still high and
weighs on the RAC ratio.

The negative outlook indicates that S&P might lower the ratings
over the next 12 months if weakening capitalization and negative
trends in Kazakhstan's economy and banking sector erode Nurbank's
creditworthiness.  It also reflects S&P's expectation that
Nurbank may face difficulties in developing new business and
generating sufficient stable revenues to maintain capital over
that period.

S&P could lower the ratings if it saw significantly higher
industry risks for banks in Kazakhstan or if Nurbank's
nonperforming loans started increasing, especially if the
increase exceeded that of peers and stemmed from loans granted
after 2011. Likewise, a further reduction of Nurbank's loss-
absorption capacity, due, for example, to higher provisioning
expenses than S&P currently assumes; or material one-time charges
that reduce S&P's projected RAC ratio to below 5%, would lead to
a downgrade.

S&P could revise the outlook to stable if the bank is able to
improve its capitalization to adequate levels, according to S&P's
methodology.  This is after taking into account forecast growth
of the bank's risk-weighted assets, including devaluation and
organic growth, and its internal capital generation over the next
two years, subject to S&P's view of negative trends in the Kazakh
banking industry at that time.



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


FAB CBO 2003-1: Moody's Raises Ratings on Two Note Classes to B1
----------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on these classes of notes issued by Fab CBO 2003-1 B.V.:

  EUR217.5 mil. (current outstanding balance of EUR6.9M) Class A-
   1E Floating Rate Notes, Affirmed Aaa (sf); previously on
   Aug. 20, 2015, Upgraded to Aaa (sf)

  EUR10 mil. (current outstanding balance of EUR0.3M) Class A-1F
   Zero Coupon Notes, Affirmed Aaa (sf); previously on Aug. 20,
   2015, Upgraded to Aaa (sf)

  EUR10.5 mil. Class A-2aE Floating Rate Notes, Upgraded to
   Aa2 (sf); previously on Aug. 20, 2015 Upgraded to Aa3 (sf)

  EUR12.9 mil. Class A-2bE Floating Rate Notes, Upgraded to
   Aa2 (sf); previously on Aug. 20, 2015, Upgraded to Aa3 (sf)

  EUR6.6 mil. Class A-2F Fixed Rate Notes, Upgraded to Aa2 (sf);
   previously on Aug. 20, 2015, Upgraded to Aa3 (sf)

  EUR14.5 mil. Class A-3E Floating Rate Notes, Upgraded to
   B1 (sf); previously on Aug. 20, 2015, Upgraded to Caa1 (sf)

  EUR8 mil. Class A-3F Fixed Rate Notes, Upgraded to B1 (sf);
   previously on Aug. 20, 2015, Upgraded to Caa1 (sf)

  EUR8 mil. (current outstanding balance of EUR8.2 mil.) Class
   BE Floating Rate Notes, Affirmed Ca (sf); previously on
   Aug. 20, 2015, Affirmed Ca (sf)

  EUR7 mil. (current outstanding balance of EUR7.4 mil.)
   Class BF Fixed Rate Notes, Affirmed Ca (sf); previously on
   Aug. 20, 2015, Affirmed Ca (sf)

  EUR12.3 mil. (Current rated balance: EUR0.075M) Class S1
   Combination Notes, Affirmed Aaa (sf); previously on Aug. 20,
   2015, Upgraded to Aaa (sf)

  EUR15 mil. (Current rated balance: EUR8.4 mil.) Class S2
   Combination Notes, Upgraded to Aa2 (sf); previously on
   Aug. 20, 2015, Upgraded to Aa3 (sf)

  EUR5 mil. (Current rated balance: EUR1.5 mil.) Class S3
   Combination Notes, Upgraded to Aa2 (sf); previously on
   Aug. 20, 2015, Upgraded to Aa3 (sf)

This transaction is a managed cash CDO of European structured
finance assets, composed primarily of RMBS (81.7%) and CLOs
(18.3%).

RATINGS RATIONALE

The rating actions on the notes are a result of the deleveraging
of the Class A-1 notes.  Since the last rating action, Class A-1E
and A-1F have repaid EUR 6.4 mil.  As per the December 2015
trustee report, Class A coverage test is reported at 120.16%
compared to 113.66% as per the July 2015 trustee report.

Since the last rating action, 22.7% of the assets included in the
current portfolio have been upgraded and on average the magnitude
of the upgrades was 2.9 notches.  The Moody's Caa bucket has
increased from 5.9% in July 2015 to 8.4% of the current
performing par.

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity.  For classes
S1, S2 and S3, the 'Rated Balance' is equal at any time to the
principal amount of the combination notes on the issue date minus
the aggregate of all payments made from the issue date, either
through interest or principal payments.  The Rated Balance may
not necessarily correspond to the outstanding notional amount
reported by the trustee.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in July 2015.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes.

Defaulted all Caa Referenced Entities - Moody's considered a
model run where the Caa assets in the portfolio were assumed to
be defaulted.  The model outputs for these runs are within one
notch from today's ratings.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of 1) uncertainty about credit conditions in the
general economy and 2) divergence in the legal interpretation of
CDO documentation by different transactional parties due to or
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'
   ratings. Amortization could accelerate as a consequence of
   high prepayment levels or collateral sales by the collateral
   manager.  Fast amortization would usually benefit the ratings
   of the notes beginning with the notes having the highest
   prepayment priority.

  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.
   Recoveries higher than Moody's expectations would have a
   positive impact on the notes' ratings.

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: Obtains Temporary Creditor Shield Under Chapter 15
----------------------------------------------------------------
Matt Chiappardi at Law360 reports that a Delaware bankruptcy
judge gave Metinvest BV a temporary shield in the United States
from some creditors on Jan. 29 until the firm devastated by armed
conflict in the Eastern European country has a hearing to fully
recognize its court-supervised US$2 billion debt restructuring in
London.

During a hearing in Wilmington, U.S. Bankruptcy Judge Laurie
Selber Silverstein granted provisional relief under Chapter 15 of
the Bankruptcy Code, which bars certain creditors from taking
action against Metinvest's U.S. subsidiaries, involved in the
coal business, on bonds with roughly US$85 million outstanding
and due Jan. 31, Law360 relates.

Metinvest, which is organized in the Netherlands but has the bulk
of its operations in Ukraine, filed for Chapter 15 recognition
Jan. 13, severely hampered by civil unrest in the country and the
conflict that saw Russia annex the territory of Crimea in 2014,
Law360 relays, citing court papers.

Metinvest is represented by Joseph M. Barry of Young Conaway
Stargatt & Taylor LLP and Daniel Guyder and Mark Nixdorf of Allen
& Overy LLP, Law360 discloses.

The case is In re: Metinvest BV, case number 1:16-bk-10105, in
the U.S. Bankruptcy Court for the District of Delaware.

Metinvest BV is Ukraine's largest steelmaker.



===========
N O R W A Y
===========


NORSKE SKOG: Secured Bondholders Sue in N.Y Over Debt Exchange
--------------------------------------------------------------
Chris Dolmetsch and Sally Bakewell at Bloomberg News report that
a group of Norske Skogindustrier ASA's secured bondholders sued
the Norwegian paper maker in New York to block a planned debt
exchange.

According to Bloomberg, a trustee representing the group is
seeking to stop the proposal, which was put forward by a unit of
Blackstone Group LP.  Holders of EUR326 million (US$356 million)
of Norske Skog's bonds had until Feb. 3 to decide whether to swap
their notes for longer-term securities or face severe losses,
Bloomberg discloses.

The trustee said in a court filing the offer violates an
agreement governing the notes because it allows the company to
incur new secured debt obligations, Bloomberg relates.

The exchange would cause "irreparable harm" to secured
bondholders, Bloomberg says, citing the lawsuit.

                       About Norske Skog

Norske Skogindustrier ASA or Norske Skog, which translates as
Norwegian Forest Industries, is a Norwegian pulp and paper
company based in Oslo, Norway and established in 1962.

As reported by the Troubled Company Reporter-Europe in mid-
November 2015, Moody's Investors Service downgraded Norske
Skogindustrier ASA's (Norske Skog) Corporate Family Rating
("CFR") to Caa3 from Caa2 and its Probability of Default Rating
(PDR) to Ca-PD from Caa2-PD. Standard & Poor's Ratings Service
also downgraded the Company's long-term corporate credit rating
to CC from CCC.



===========
P O L A N D
===========


POLAND: Fitch Says Tax, Mortgage Reform Hits Bank Credit Profiles
-----------------------------------------------------------------
Poland's new bank tax and proposal to help customers with
foreign-currency mortgages will weaken the standalone credit
profiles of Polish banks and put pressure on Viability Ratings
(VRs), Fitch Ratings says.

"However, the scale of the impact is unknown as yet because of
potential offsetting action by banks and because we expect delays
and revisions to the mortgage proposal. Issuer Default Ratings
(IDRs) will come under less pressure than standalone VRs because
many are driven by parent bank ratings," Fitch said.

Banks will start paying the tax of 44bp of assets, net of
regulatory capital and government securities, from February.
Banks with a tax base below PLN4 billion, state-owned BGK (A-
/Stable) and banks under rehabilitation programs are exempt.

The biggest impact will be on banks that already report weaker
profits, including Bank Ochrony Srodowiska (BOS, BB/bb/Negative)
and Getin Noble Bank (Getin, BB/bb/Stable). The tax may raise
questions about their medium-term structural profitability. Our
assessment of profitability and capitalization may become
constraining factors for their VRs and put their Long-Term IDRs
under pressure. The impact on VRs for Eurobank (A-/Stable/bb-),
mBank (BBB-/Positive/bbb-), Bank Millennium (BBB-/Stable/bbb-)
and Alior (BB/Stable/bb) is likely to be smaller due to their
stronger performance.

"We reviewed Bank Pekao (Pekao, A-/Stable/a-), Bank Zachodni WBK
(BZ WBK, BBB+/Stable/bbb+), ING Bank Slaski (Bank Slaski, A-
/Stable/bbb+), and Bank Handlowy (Handlowy, A-/Stable/bbb+) in
November 2015 and concluded their VRs face only moderate
pressures from the tax as they have sufficient profitability
buffers to absorb it," Fitch said.

The President's proposal to help foreign-currency (FC) mortgage
borrowers includes returning the FX spread to customers,
voluntary restructuring, mandatory restructuring (at the
customer's request) with future repayments at a 'fair exchange
rate,' and handing the property to the bank in exchange for full
debt relief.

According to the authors, the proposal is designed to let banks
recognize the impact in their financial statements over time. But
it was prepared without consulting the Ministry of Finance,
Polish Central Bank or the Financial Supervision Authority (KNF).
Market participants' estimates of the potential impact vary
between PLN30 billion (US$7.4 billion) and PLN60 billion,
compared to aggregate Tier 1 capital of PLN137 billion at end-
3Q15. A KNF impact study will take time to complete. A solution
involving converting FC loans into local currency would probably
need the Central Bank to provide FC liquidity to facilitate
closing open positions.

"Given the potential impact we expect the solution to be delayed
and undergo changes. The impact of conversion on capitalization
would not be one-to-one; particularly for banks using the
standardized approach for capital, converted loans should have
much lower risk weights. Capital buffers imposed to address FC
mortgage risks are also likely to be removed. However, as
proposed the impact on capitalization and leverage would be
significant for banks with high FC mortgage exposure relative to
Fitch Core Capital," Fitch said.

"This includes Getin (FC mortgages equal about 30% of total gross
loans and FCC ratio of 10% at end-3Q15), Bank Millennium (39.1%,
16.5%), mBank (31%, 16.1%), BOS (16.5%, 9.6%) and Eurobank
(14.0%, 13.6% at end-1H15). BZ WBK is also exposed as FC
mortgages comprise 16% of its consolidated gross loans, but has a
greater ability to absorb losses through capital (FCC: 15.6%).
The impact on other banks would be small.

"We believe parental support would be forthcoming for
subsidiaries if needed. Therefore any impact on mBank, Eurobank
and BZ WBK's VRs should not affect IDRs. For exposed banks whose
IDRs are driven by VRs (Getin, Bank Millennium, BOS), negative
pressures on VRs would affect IDRs.

"We will review the ratings of Polish banks with large exposures
to FC mortgages over the next month."



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


ROMANIA: Prepares New Rules on Insolvency
-----------------------------------------
Romania-Insider.com reports that the Romanian Government is
developing new rules on insolvency, upon the demand of the Tax
Authority ANAF.

The report, citing Profit.ro, says the government will remove the
current legal norms that prevent the prosecuting authorities from
blocking the insolvency account or the assets of a company
suspected of producing damages after entering insolvency.

If an insolvent company does not pay its current liabilities, it
will go bankrupt, Romania-Insider.com relates citing new rules.
Also, a company that enters insolvency will not be able to
nominate its judicial administrator anymore.

A company that is very close to insolvency will not be allowed to
merge with another company to be removed from the Trade Register,
the report notes.

Romania-Insider.com adds that the insolvency procedure needs to
undergo changes, as the current one still proves a useful
instrument in defrauding creditors, according to the ministry
document drafted at the proposal of ANAF.



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


ALFA BANK: Fitch Affirms 'BB+' Long-Term IDRs, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed Alfa Bank's (Alfa) Long-term Issuer
Default Ratings (IDRs) at 'BB+' and its Cyprus-based holding
company ABH Financial Limited's (ABHFL) IDRs at 'BB'. The
Outlooks are Negative.

KEY RATING DRIVERS - ALFA BANK

The affirmation of Alfa's ratings with a Negative Outlook
reflects the weak Russian operating environment, which will
continue to put pressure on the bank's asset quality and
performance. It also reflects Fitch's view that it is appropriate
to maintain a one-notch differential between the ratings of the
bank and the Russian sovereign (BBB-/Negative). At the same time,
Alfa remains the highest-rated Russian privately-owned bank,
reflecting its good management, considerable resilience due to
solid pre-impairment profitability and reasonable capital
buffers, and good track record of navigating through past Russian
crises.

Asset quality deteriorated in 2015. NPLs increased to 6.2% of
gross loans at end-1H15 from 2.7% at end-2014, and remained
roughly stable in 2H15, according to management. The spike in
1H15 mainly reflects increased corporate defaults (corporate NPLs
increased to 6.7% from 2.8%), and also Alfa's focus on active
work-outs of problem loans as opposed to deferral of loss
recognition via prolongations. Retail NPLs increased less
dramatically in 1H15, to 3.7% from 2.5%, but the respective NPL
origination ratio (calculated as increase in NPLs plus write-offs
and divided by average performing loans; a good proxy for credit
losses) jumped to 13% (which is close to the break-even level,
Fitch estimates) in 1H15 from 7.3% in 2014.

NPL reserve coverage reduced, but was still a solid 1.1x at end-
1H15 (2.1x at end-2014). New corporate NPLs were only moderately
provisioned due to strong expected recoveries, as some big
overdue exposures are well secured or have financially strong
shareholders or government backing. The weak Russian economic
outlook suggests pressure on asset quality is likely to persist
in 2016. However, Alfa's pre-impairment profit, amounting to
about US$1.1 billion in both 2014 and 1H15 (annualized), is
sufficient to reserve about 5% of net loans, which is a
significant safety buffer.

Net performance remained weak (annualized ROE of 1.5% in 1H15,
0.7% in 2014) partially due to impairment driven US$S100 million
net loss in ATB but also due to high impairment charges and a
compression of the net interest margin to 3.7% in 1H15 from 5.4%
in 2014 following the Central Bank of Russia's (CBR) rate hike.
Fitch expects net profitability to remain modestly positive in
2016.

Capitalization moderately improved due to the depreciation-driven
decrease in dollar terms (Alfa's IFRS reporting currency) of the
rouble-denominated risk-weighted assets, while the dollar value
of capital was preserved through open currency position
management with derivatives. Basel Tier 1 and total capital
ratios stood at a solid 14.4% and 19.8%, respectively, at end-
1H15 (12.8% and 17.7% at end-2014).

Regulatory capitalization is tighter, reflecting more
formal/conservative loan provisioning compared with IFRS, with
ratios at end-11M15 of core Tier 1 8% (minimum from January 2016:
4.5%), Tier 1 8% (6%) and total 12.4% (8%). In December 2015,
Alfa received RUB63 billion of Tier 2 capital under the state
capital support program from the Depositary Insurance Agency,
which should significantly improve the total regulatory capital
ratio (by about 240bp). Alfa did not take advantage of regulatory
forbearance measures offered by the CBR in calculating its
regulatory ratios and therefore they would not fall due to the
withdrawal of FX forbearance from January 1, 2016. At the same
time, the regulatory Tier 1 ratio has only moderate headroom,
especially considering the gradual implementation of capital
buffers, which require systemically important banks (of which
Alfa is one) to have a Tier 1 ratio of at least 6.775% from 2016,
rising to 9.5% by 2019.

According to management, Alfa will not need external capital in
the medium term, as it forecasts modest growth and moderate
profit in 2016, and no equity contributions are currently
planned. Capitalization should also be viewed in the context of
Alfa's decent quality largest loans and strong recovery track
record, robust pre-impairment profitability and its owners'
apparent ability to provide capital if needed.

Alfa has ample liquidity reserves sufficient to repay over 50% of
customer accounts at end-11M15. These were further boosted by the
Tier 2 capital injection in December 2015. Refinancing risk is
limited: of the US$6 billion of wholesale debt at end-1H15, only
US$0.6 billion is due in 2016 (about 2% of liabilities).
Importantly, as Alfa is not under sanctions, it retains market
access having made several deals in 2015, including a US$500
million senior Eurobond in November and several issues of rouble
bonds.

Alfa's owners have supported the bank in the past, and, in
Fitch's view, would have a strong propensity to do so again, if
required. Their ability to provide support is also likely to be
significant, as they seem to have little debt and significant
cash reserves following recent asset sales. However, Fitch does
not formally factor shareholder support into the ratings given
limited visibility of the shareholders' current position and
Alfa's significant size.

Given the bank's broad franchise, there is also a moderate
probability of support from the Russian authorities, as reflected
in the '4' Support Rating and 'B' Support Rating Floor.

Senior debt is rated in line with the IDRs and National rating.
The subordinated debt rating is notched down once from the bank's
VR. This incorporates zero notches for incremental non-
performance risk relative to the VR and a notch for higher loss
severity.

KEY RATING DRIVERS AND SENSITIVITIES - ABHFL

The affirmation of ABHFL's ratings reflect Fitch's view that
default risk at the bank and the holding company are likely to be
highly correlated in view of the high degree of fungibility of
capital and liquidity within the group, which is managed as a
single entity. The currently limited volume of holding company
debt to non-related parties also supports the close alignment of
its ratings with Alfa.

The one-notch difference between the bank and holding company
ratings reflects the absence of any regulation of the
consolidated group, the fact that the holding company is
incorporated in a different jurisdiction and the high level of
double leverage at the holding company. The latter, defined by
Fitch as equity investments in subsidiaries divided by holdco
equity, stood at 140% at end-11M15 having reduced from 165% at
end-2014 due to the effective conversion of some related party
liabilities into equity. If all the remaining related party
funding was converted the double leverage ratio would have fallen
to around 120%, or even lower if some equity investments had been
restated at fair value.

ABHFL is shielded from any potential Cyprus transfer risks by
having substantial foreign assets and earnings and limited
domestic liabilities. Fitch understands that ABHFL's ability to
repay/pay interest on external liabilities is not dependent on
the local financial system, because this will be done by ABHFL
transferring funds from accounts with Alfa directly to the paying
agents/creditors.

RATING SENSITIVITIES

IDRS AND SENIOR DEBT

A further marked deterioration in Russia's economic prospects, or
a weakening of Alfa's asset quality and capitalization, could
result in a downgrade of the bank's ratings. A stabilization of
the operating environment, and a revision of the Outlook on the
sovereign ratings to Stable, could result in the Outlook on
Alfa's ratings also being revised to Stable.

An upgrade or downgrade of Alfa would be likely to result in a
similar rating action on ABHFL. In addition, ABHFL could be
downgraded if its planned future debt issuance results in a
marked increase in double leverage or gives rise to significantly
increased liquidity risks at the holdco level.

The rating actions are as follows:

Alfa-Bank

Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
Negative
Long-term local currency IDR: affirmed at 'BB+'; Outlook Negative
Short-term foreign currency IDR: affirmed at 'B'
National Long-term rating: affirmed at 'AA+(rus)'; Outlook Stable
Viability Rating: affirmed at 'bb+'
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B
Senior unsecured debt: affirmed at 'BB+'/ 'AA+(rus)'
Subordinated debt: affirmed at 'BB'
Senior unsecured debt of Alfa Bond Issuance Public Limited
Company: affirmed at 'BB+'
Subordinated debt of Alfa Bond Issuance Public Limited Company:
affirmed at 'BB'

ABH Financial Limited

Long-term foreign currency IDR: affirmed at 'BB'; Outlook
Negative
Short-term foreign currency IDR: affirmed at 'B'
Senior unsecured debt of Alfa Holding Issuance plc: affirmed at
'BB'/'BB (emr)'


* Russian Telcos Under Pressure from Competition, Moody's Says
--------------------------------------------------------------
The profitability of Russian telecommunications companies will
remain under pressure due to high inflation and foreign exchange
losses, as well as rising mobile market competition, says Moody's
Investors Service.

"Inflation will pressure the profitability of the 'Big Three'
mobile operators given their focus on the domestic market," said
Julia Pribytkova, a Moody's Vice President -- Senior Analyst.
"EBITDA margins will weaken as a result of cost inflation driven
by rouble depreciation, which operators will only be able to
partially pass on to subscribers in a highly competitive and
saturated market."

However, Moody's expects the Big Three -- Mobile TeleSystems PJSC
(Ba1 stable), Vimpel-Communications PJSC, the main Russia-
domiciled asset of VimpelCom Ltd (Ba3 stable) and MegaFon PJSC
(Ba1 stable) -- to see stable or slightly higher rouble revenues
in the next 12-18 months.  Services remain adequately priced and
demand is relatively inelastic.

Furthermore, data usage will likely increase as consumers seek
alternatives to expensive entertainment, according to a Moody's
report published.

"Still, as Tele2, a new entrant in the Moscow mobile market,
rolls out its network in Moscow, competition in the Russian
telecoms market will increase," added Pribytkova.  "However,
given the near-term scope of investment planned by Tele2 compared
to the Big Three, Tele2 will lag behind them in terms of service
quality, at least in the next two or three years".

In addition, heightened competition will drive the Big Three to
focus on service quality, network enhancement and marketing to
retain price sensitive customers.  Sustainably high capex will
protect revenue stability and stimulate growth in the medium
term, though it will weigh on profitability and free cash flow
generation in the next 12-18 months.

Subscribers can access this report via this link:

     http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1012616



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


ABENGOA SA: Set to Discuss Viability Plan with Creditors
--------------------------------------------------------
Jose Elias Rodriguez at Reuters reports that Abengoa S.A. was set
to present its long-awaited viability plan to creditors on Feb. 3
in a bid to avoid becoming Spain's biggest bankruptcy.

The company must agree on a restructuring plan with creditors
before the end of March or enter into a full-blown insolvency
process, Reuters notes.

According to Reuters, three sources familiar with the matter said
on Feb. 2 banks, bondholders and their advisors were set to meet
Abengoa to scrutinize the plan, which company's board agreed on
last week and would see it focus on its engineering and
construction units and sell non-core assets such as its biofuel
business.

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.


MBS BANCAJA 2: Fitch Affirms 'CCsf' Rating on Class F Debt
----------------------------------------------------------
Fitch Ratings has downgraded three tranches and affirmed 20
tranches of six MBS Bancaja FTA transactions, a series of Spanish
prime MBS comprising loans serviced by Bankia S.A.
(BB+/Positive/B). The Outlooks have been revised to Stable from
Negative on six tranches.

KEY RATING DRIVERS

Stable Credit Enhancement

The structural credit enhancement (CE) across all the notes is
improving or has remained stable since Fitch's last annual review
in February 2015, as the notes are amortizing sequentially and
the balance of reserve funds is improving. Fitch considers the
existing and projected CE sufficient to support the ratings, as
reflected in the affirmation of all the notes in MBS Bancaja 1,
2, 4, 7 and 8, and the revision of the Outlooks to Stable from
Negative on various tranches. Conversely, Fitch considers the CE
within MBS Bancaja 3 does not provide sufficient credit
protection to sustain the ratings, leading to their downgrade.

Stable Arrears Performance

The affirmations reflect Fitch's expectation of stable asset
performance, supported by the decreasing trend of arrears over
the past 12 months in most of the transactions. As of November
2015, three-months plus arrears (excluding defaults) ranged from
1.05% (MBS Bancaja 1) to 2.6% (MBS Bancaja 7) of the current pool
balances down from 1.8% (MBS Bancaja 1) and 3.5% (MBS Bancaja 8)
as of November 2014. While these levels are above the Fitch
Spanish Prime index of 1.05%, Fitch views the downward trend as
positive and expects it to continue.

Cumulative gross defaults (defined as loans in arrears for more
than 18 months) are low and stable for MBS Bancaja 1 and 2 and
low but growing in MBS Bancaja 3, ranging between 0.9% (MBS
Bancaja 1) and 3.7% (MBS Bancaja 3) of the initial portfolio
balance. In MBS Bancaja 4, 7 and 8, cumulative gross defaults are
higher at 5.9%, 9.0% and 9.3%, respectively, and above the
average 5.2% for other prime Spanish RMBS.

The lower pace of new entries into default has allowed the
reserve fund balance in MBS Bancaja 4 to replenish to 70% of its
target level from 29% 12 months ago. In MBS Bancaja 7 and 8, the
reserve funds cannot be used to provision for defaults and are
only available to meet interest and senior fees in case of senior
notes interest shortfalls. Hence, the reserve funds in these
transactions are fully funded and the outstanding principal
deficiency ledger on the Class B notes is EUR12.9 million and
EUR10.1 million, respectively, as of November 2015.

Foreclosure Frequency Adjustment

Fitch has reduced the magnitude of the foreclosure frequency
adjustment to broker-originated loans and foreign borrowers to
50% and 90%, respectively (from 200% in both cases). While Fitch
believes broker-originated loans and loans granted to foreign
borrowers are typically exposed to greater performance volatility
than traditional loans, the large seasoning of the loans in scope
and their payment history track record suggest these assets
having demonstrated resilience in periods of economic crisis.

On the other hand, Fitch has increased the foreclosure frequency
by 35% to loans secured by non-residential properties,
considering the weaker performance of these assets when compared
with residential backed mortgages.

These calibrations are explained by the comparable performance
observed on broker-originated loans versus loans originated via
traditional channels, foreign borrowers versus Spanish borrowers
and residential backed mortgages versus non-residential backed
mortgages, which has been possible via the loan-by-loan data sets
provided by the European Data Warehouse.

Commingling Exposure

Fitch believes the transactions are exposed to a commingling loss
of around 50% of the monthly collections in the event of default
of the collection account bank. This is based on information
provided by the servicer regarding borrower payment distribution,
which indicates payments are concentrated in few particular dates
of every month. The agency has captured this additional stress in
its analysis.

Lack of Hedging

Fitch believes the absence of interest rate hedge agreements on
MBS Bancaja 7 and 8 introduces basis and reset risks to the
transactions. Therefore, the agency applied an additional stress
in its analysis, which we believe the available and projected CE
is sufficient to withstand.

Refinanced Loans

Fitch believes the presence of refinanced loans on MBS Bancaja 7
and 8 introduces an additional risk to the transactions.
Therefore, the agency increased the foreclosure frequency by 100%
in its analysis, which we believe the available and projected CE
is sufficient to withstand.

Account Bank Exposure in MBS Bancaja 7 and 8
In accordance with Fitch's counterparty criteria, the ratings in
MBS Bancaja 7 and 8 are capped at 'A+sf', as the account bank
rating trigger of 'BBB+'/'F2' can support note ratings only up to
'A+sf'.

RATING SENSITIVITIES

A worsening of the Spanish macroeconomic environment, especially
employment conditions, or an abrupt shift of interest rates could
jeopardise the underlying borrowers' affordability.

As MBS Bancaja 7 and 8 are unhedged, an unexpected sharp rise or
high volatility in interest rates beyond Fitch's stresses could
cause the transactions to suffer cash shortfalls, which may
result in negative rating actions.

The ratings are also sensitive to changes to Spain's Country
Ceiling (AA+) and, consequently, changes to the highest
achievable rating of Spanish structured finance notes (AA+sf).

DUE DILIGENCE USAGE

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
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 portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided
about the underlying asset 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.

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.

The rating actions are as follows:

MBS Bancaja 1, FTA
Class A (ES0361794003) affirmed at 'AA+sf'; Outlook Stable
Class B (ES0361794011) affirmed at 'AA+sf'; Outlook Stable
Class C (ES0361794029) affirmed at 'AA-sf'; Outlook Stable
Class D (ES0361794037) affirmed at 'A-sf'; Outlook Stable

MBS Bancaja 2, FTA
Class A (ES0361795000) affirmed at 'AA+sf'; Outlook Stable
Class B (ES0361795018) affirmed at 'AA+sf'; Outlook Stable
Class C (ES0361795026) affirmed at 'AA-sf'; Outlook Stable
Class D (ES0361795034) affirmed at 'A-sf'; Outlook Stable
Class E (ES0361795042) affirmed at 'BB+sf'; Outlook Stable
Class F (ES0361795059) affirmed at 'CCsf'; Recovery Estimate 90%

MBS Bancaja 3, FTA
Class A2 (ES0361796016) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0361796024) downgraded to 'A+sf' from 'AA-sf'; Outlook
revised to Stable from Negative
Class C (ES0361796032) downgraded to 'BBB+sf' from 'Asf'';
Outlook revised to Stable from Negative
Class D (ES0361796040) downgraded to 'BBsf' from 'BB+sf'; Outlook
revised to Stable from Negative
Class E (ES0361796057) affirmed at 'CCsf'; Recovery Estimate 45%

MBS Bancaja 4, FTA
Class A2 (ES0361797014) affirmed at 'A+sf'; Outlook revised to
Stable from Negative
Class A3 (ES0361797022) affirmed at 'A+sf'; Outlook revised to
Stable from Negative
Class B (ES0361797030) affirmed at 'BBB-sf'; Outlook Stable
Class C (ES0361797048) affirmed at 'BBsf'; Outlook Stable
Class D (ES0361797055) affirmed at 'Bsf'; Outlook revised to
Stable from Negative
Class E (ES0361797063) affirmed at 'CCsf'; Recovery Estimate
revised to 50% from 0%

MBS Bancaja 7, FTA
Class A (ES0361746003) affirmed at 'A+sf''; Outlook Stable



===========
T U R K E Y
===========


AYNES GIDA: Seeks to Delay Insolvency After Bond Default
--------------------------------------------------------
Tugce Ozsoy at Bloomberg News reports that Aynes Gida Sanayi
sought to postpone bankruptcy a day after failing to make a
payment on a bond as Russia's economic sanctions on Turkey claim
their first high-profile corporate victim.

According to Bloomberg, Chairman Nevzat Serin told Sabah
newspaper in an interview published on Feb. 3 Aynes's application
to delay insolvency is part of its plan to suspend bank payments.

The private company that won a national tender to distribute milk
to Turkish schoolchildren missed a TRY1.83 million (US$621,000)
payment on a TRY50 million debt on Feb. 2, Bloomberg relates.

Mr. Serin blamed the breakdown of diplomatic relations between
Turkey and Russia and the failure to raise milk prices for "using
up" the company's cash, according to his comments published in
Sabah, Bloomberg notes.

Aynes has three debts due in the next year, including TRY50
million due in May, TRY30 million in November and TRY20 million
due next February, according to data compiled by Bloomberg.

Aynes Gida Sanayi is a Turkish dairy producer.



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


ALLIANCE AUTOMOTIVE: Moody's Affirms B1 CFR; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed Alliance Automotive
Holding Limited's ('AAG' or 'the company') corporate family
rating of B1, and the probability of default rating (PDR) of B1-
PD. Concurrently, Moody's has affirmed the B2 instrument rating
on the EUR390 million existing senior secured notes issued by
Alliance Automotive Finance Plc, and assigned a B2 instrument
rating to the EUR50 million tap, issued by the same entity.  The
outlook on all ratings is stable.

RATINGS RATIONALE

The net proceeds of the tap issuance will be used to fund AAG's
further acquisitive growth.  AAG has identified several
acquisition targets across France, the UK and Germany, out of
which 5 could be completed during Q1 2016.  Pro forma for these
2016 acquisitions, Moody's expects AAG's adjusted leverage to be
in the region of 4.6x as at year-end 2016 (gross leverage as
adjusted by Moody's).  However, Moody's expects the company's
growth profile to further enhance its business profile by (1)
strategically widening its product offering and by (2) leveraging
additional volumes to improve purchasing conditions.
"Furthermore, we take comfort from the company's track record in
integrating smaller bolt-on acquisitions, which limits overall
M&A execution risks", says Pieter Rommens, Moody's lead analyst
for AAG.

At the end of 2015, AAG's Moody's adjusted gross leverage is
around 4.2x, pro forma for the 2015 acquisitions, but excluding
the new tap.  Current trading, as at Sept. 30, 2015, is strong.
Year-to-date September 2015 revenue of EUR994 million grew by
12.3% compared to the same period in the prior year.  Net revenue
growth was primarily driven by (1) strong organic growth with
like-for-like sales supported by increased loyalty rates achieved
at the company's UK and French trading groups, (2) acquisitive
growth from 10 small bolt-on during the first nine months of 2015
and (3) FX tailwinds from the British Pound strengthening against
the Euro.  Concurrently, management reported YTD Q3 EBITDA growth
of 22.9% to EUR62.9 million from EUR51.2 million in the same
period last year, highlighting the scale effect of leveraging
additional volumes with suppliers to obtain higher rebates and
aligning purchasing conditions when adding bolt-on acquisitions
to the group.  Supported by operational leverage, FX tailwinds
and disciplined cost control, reported EBITDA margin rose to 6.3%
in Q3 2015 from 5.8% in Q3 2014.

Pro forma for the tap issuance, Moody's considers AAG's liquidity
position as good, supported by a cash balance of EUR67 million,
as well as net proceeds from the EUR50 million tap issuance.
Furthermore, AAG has access to a fully undrawn EUR50 million RCF.
The capital structure benefits from a springing utilization ratio
covenant test on the RCF that will be triggered when more than
30% of the RCF is drawn, currently showing ample headroom.

With the French, UK and German automotive aftermarket expected to
show limited near-term growth, the company's growth plans will
therefore depend on the ability of the company to continue to
acquire businesses.  Competition will remain focused on customer
loyalty, timely service quality and through an attractive package
of training and support to affiliated clients.

STRUCTURAL CONSIDERATIONS

The B2 rating on the senior secured notes, one notch below the
CFR, reflects the limited amount of guarantees from operational
entities for the notes, and Moody's view that the liabilities
(RCF and trade payables) rank ahead of the notes in the capital
structure.  Both the notes and RCF will benefit from first
ranking security and will be guaranteed by part of the
subsidiaries which, as at 30 September 2015, represented 40.4%
and 59.6% of AAG the group's EBITDA and total assets,
respectively.

OUTLOOK

The stable outlook reflects Moody's view that the company's
operating performance will benefit from its acquisition growth
strategy, and will maintain or improve its market position while
generating modest, but positive free cash flow.

WHAT COULD CHANGE THE RATINGS UP

Pro forma for the tap issuance, Moody's do not expect any upward
changes in the rating the next 6-12 months.  Upward pressure on
the rating could develop over time if Moody's adjusted gross
Debt/EBITDA ratio falls sustainably below 4.0x and RCF/Debt ratio
stays well above 10%, whilst maintaining a solid liquidity
profile.

WHAT COULD CHANGE THE RATINGS DOWN

Downward pressure on the rating could develop if AAG's liquidity
position were to deteriorate, Moody's adjusted gross Debt/EBITDA
ratio sustainably exceeds 5.0x, or RCF/Debt ratio falls below 5%.

The principal methodology used in these ratings was Distribution
& Supply Chain Services Industry published in December 2015.


BEATBULLYING: Nearly GBP2MM of Claims Made in Liquidation
---------------------------------------------------------
Third Sector News reports that almost GBP2 million of unsecured
claims have been made by creditors after the collapse of the
charity Beatbullying, according to a liquidator's progress report
filed with Companies House.

Among the 91 creditors that have submitted claims, ITV Text Santa
says it is owed GBP850,000 and Her Majesty's Revenue & Customs
has made a claim of almost GBP438,000, according to Third Sector
News.

But the liquidator's report, by Stephen Evans of Antony Batty &
Company LLP, says there are insufficient funds to pay unsecured
creditors, with Beatbullying's assets worth between GBP7,500 and
GBP8,800 when it went into liquidation on November 7, 2014, the
report notes.

Unsecured creditors include more than 50 subcontractors, many of
whom advised the liquidator that they were employees and were
helped to make claims through the Redundancy Payments Service,
the report notes.  The service rejected the claims, saying the
subcontractors were not employees and should therefore be treated
as unsecured creditors, the report relays.

The liquidator's report says the Pension Protection Fund has
confirmed that Beatbullying's group personal pension scheme was
not eligible to make a claim to the National Insurance Fund, and
all unpaid contributions now rank as unsecured claims in the
liquidation, the report discloses.

The bank HSBC is a secured creditor and is due GBP26,676,
although there was no formal claim from the bank at the time the
liquidator's report was drawn up, the report notes.

Former Beatbullying employees, who are preferential creditors,
have submitted a claim valued at GBP42,602 to the Redundancy
Payments Office, the report relays.

During the course of a creditors' meeting on November 21, 2014,
the landlord "forced re-entry of the trading premises, distrained
and removed any assets of value", the liquidator's report says.

It says that when the liquidator gained access afterwards to
remove any remaining assets, all that was recovered was of little
value, the report discloses.

The liquidator says it would usually distribute 50 per cent of
the first GBP10,000 of net property proceeds to unsecured
creditors, but in this case it believes this would be
disproportionate because the value of the assets is so low, the
report says.

The liquidator's report also details failed attempts to sell
Beatbullying's intellectual property rights, the report notes.
Its sister charity Mindfull was seen as having a considerably
higher value than the rest of the assets combined and the
liquidators focused on finding a buyer, the report adds.

One potential buyer for the Mindfull model withdrew their offer
after a third party made "an unsupported retention of title claim
to the IPR which clearly affected the confidence of the
interested party," the report relays.

Other offers put forward were not substantial enough to fund the
solicitors needed to alleviate any data protection risks, and the
sale of IPR assets has therefore been abandoned, the report says.

Time costs for the liquidator's report are GBP82,575, although no
fees have been taken since the liquidator was appointed, the
report discloses.

In the liquidation process, any money recovered goes first to
liquidation expenses and secured creditors, the report notes.

Next come preferential creditors, which include staff claiming
for unpaid salaries, holiday pay and contributions to pension
schemes, the report adds.


RILEY BROTHERS: 100 Staff Told Not to Expect Redundancy Pay
-----------------------------------------------------------
thisislancashire.co.uk reports that more than 100 staff have been
told they should not expect any redundancy payments from the
Government following the collapse of the Riley Brothers wholesale
meats empire near Burnley.

Furious workers at the former Dunnockshaw operation have been
informed by the Redundancy Payments Service (RPS) that an unusual
anomaly, concerning how the family business was run, is likely to
leave them without compensation from the Government scheme,
according to the report.

thisislancashire.co.uk says Riley Brothers, which had been
trading for around 110 years, folded on December 18, with the
loss of around 130 posts, blaming trading difficulties caused by
the strong pound.

It appears that those employed by the meat firm's logistics
division, Riley Brothers International Haulage, may still receive
payouts, the report states.

thisislancashire.co.uk notes that Insolvency officials have
confirmed the slaughterhouse section was run as an unincorporated
partnership between Geoffrey Riley, Mandy Riley, Kevan Riley and
Stephen Riley.  And because not all of the partners face becoming
personally insolvent, any liability could not be enforced against
the partnership as a whole, according to the RPS.

The report relates that the administrator for Riley Brothers,
Manchester-based KPMG, said it was unable to confirm which of the
four partners are facing bankruptcy.

According to thisislancashire.co.uk, one senior member of staff,
who asked not to be named, said: "I've had grown men ringing me
up in tears. I just feel disgusted that we've been left in this
situation ? it was bad enough before Christmas but now we've been
told we'll be getting nothing.

"There were people who were owed their last wages, holiday pay
and their notice who have been left high and dry."

thisislancashire.co.uk relates that a spokesman for RPS said it
appeared that the majority of workers involved in the case seemed
to be employed by B Riley, run by the four named members of Riley
family.

"If this is the case, and if the second named company (B Riley)
was not a limited liability partnership, but a ‘regular'
unincorporated partnership, this means that the partnership has
no liability for breach of contract. In such cases, it is the
individual partners that are responsible," thisislancashire.co.uk
quotes the RPS spokesman as saying.

"For that reason, we cannot make payments to the partners' former
employees unless and until all partners enter into individual
insolvency proceedings.

"If the Redundancy Payments Service was to make payments based on
only the unincorporated partnership's insolvency, there would be
no mechanism with which to enforce the debt against the solvent
partners and recover funds for the National Insurance Fund, from
where those who do qualify for redundancy are paid."

It is understood workers could still take legal action against
the solvent partners, adds thisislancashire.co.uk.


RILEY BROTHERS: Some Trailers, Vehicles Still Missing, KMPG Says
----------------------------------------------------------------
thisislancashire.co.uk reports that Riley Brothers administrators
on Jan. 29 confirmed that a number of business assets, including
trailers and vehicles, were still missing from the Dunnockshaw
site.

Several items were traced to the Bacup area but some property
still remains outstanding, the report says.

thisislancashire.co.uk relates that police have confirmed there
is no criminal inquiry in relation to the matter.

"It has come to light that a significant amount of the
partnership's assets, including plant and machinery, trailers and
vehicles, were removed from the site in Dunnockshaw before the
joint administrators' appointment," thisislancashire.co.uk quotes
a KPMG spokesman as saying.

"Since then, a proportion of the plant and machinery has been
located, but the remainder has not yet been found. The joint
administrators are currently marketing the business for sale and
finding these assets will assist in this process."

Those with knowledge of the missing vehicles or plant are urged
to call Emma Hill on 0161 246 4000, thisislancashire.co.uk adds.


SANTANDER ASSET: S&P Affirms 'BB' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
long-term counterparty credit rating on Jersey-based Santander
Asset Management Investment Holdings Ltd. (SAM) and removed the
rating from CreditWatch with negative implications, where it was
placed on April 27, 2015.

At the same time, S&P affirmed its 'B' short-term counterparty
credit rating on SAM and S&P's 'BB' issue rating on the company's
senior secured debt.

The affirmation reflects S&P's base-case view that any additional
debt to finance the planned merger between SAM and Pioneer
Investments will not result in a material increase in leverage at
the consolidated SAM group level, which would include Pioneer's
businesses outside the U.S. (RowCo).  S&P's current ratings on
SAM assume that debt to EBITDA (by S&P's measures) will be in the
middle of 4x-5x and S&P expects leverage to remain within this
range once the new financing arrangements have been put in place.

Under the proposed structure, Pioneer's businesses in the U.S.
will not be part of RowCo.  They will be in a separate company
jointly owned by UniCredit (50%), and Warburg Pincus and General
Atlantic (50%).  Notwithstanding the separate ownership structure
and financing arrangements, the new ultimate holding company
(TopCo) will consolidate all businesses on both legs of the
transaction (RowCo and Pioneer US) under a single management and
governance structure and will share the Pioneer Investments
brand. Therefore, in line with S&P's group rating methodology, it
expects to assess the creditworthiness of RowCo based on the
consolidated group credit profile of the enlarged group including
Pioneer's business in the U.S.  Even on this basis, S&P expects
overall leverage to remain within the 4x-5x range and support the
current aggressive assessment of financial risk profile.

The SAM and Pioneer merger will create one of the top 10 European
asset managers, with over EUR390 billion AUM and a broad
diversity of products, geographies, and customer segments.  The
limited overlap between SAM and Pioneer's capabilities does
present opportunities for realizing revenue synergies, in S&P's
view.  That said, S&P remains cautious on the integration risks
associated with the merger.  Asset management is ultimately a
business where track record, client confidence, and the ability
to retain and attract talent are important elements of success.
Prolonged corporate uncertainty and restructuring could partly
offset any scale benefits of the merger.  Furthermore, the
operational integration of local asset management subsidiaries
across SAM and Pioneer is likely to be a complex and lengthy
effort.

The negative outlook over the next 12 months reflects integration
risks associated with the merger such as an erosion of the client
franchise due to prolonged organizational restructuring.  This
could adversely affect S&P's view of SAM's business stability.
It also reflects the uncertainty with respect to steady-state,
post-transaction leverage at the consolidated group level.

Although not S&P's base-case expectation, it could lower the
rating if it observes loss of market share in key markets shown
by a persistent decline in AUM and net flows and/or expect
sustainably higher leverage with debt to EBITDA at the
consolidated group level of greater than 5x.

S&P could revise the outlook to stable if, upon successful
completion of the merger, S&P perceives that leverage is unlikely
to exceed 5x and there is evidence that the client franchise is
not affected by prolonged integration and restructuring efforts.


THE DAFFODIL: Restaurant Placed Into Liquidation
------------------------------------------------
gloucestershireecho.co.uk reports that MB Insolvency have been
called in by the owners of the Daffodil restaurant to handle its
liquidation and have confirmed that the business is closed from
Jan. 29.

gloucestershireecho.co.uk quotes Justin Brown from the company
which has offices in Cheltenham, Birmingham, Worcester and Newton
Abbott as saying that: "We took instructions to put the business
into liquidation this morning [Jan. 29]. "I can't say any more
because there are members of staff who need to speak to me about
being paid and I need to make them my priority."

It seems that the closure has come as a surprise to members of
staff and suppliers to the business, and it is understood that
about 35 people have lost their jobs, gloucestershireecho.co.uk
says.

Members of the public who have gift vouchers for the restaurant
or creditors of the restaurant and next door delicatessen are
being advised to contact MB Insolvency on 01905 776 771 or via
mb-i.co.uk, the report notes.


WYNNSTAY HOTEL: Ex-Owners Set to Step in Following Receivership
---------------------------------------------------------------
Cambrian News reports that the former owners of a prominent now-
closed Machynlleth hotel and restaurant are set to step in to
rescue the business after it went into receivership with debts
believed to be over GBP1 million.

The historic Wynnstay Hotel on Heol Maengwyn has been closed and
staff laid off since late December, according to Cambrian News.

It went into receivership in early January, but Charles and
Sheila Dark -- previous owners of the hotel between 1998 and 2008
-- are confident of a "rescue package" that will see the hotel
re-opened in February, the report notes.

Mr. Dark told the Cambrian News that he was "hopeful" for the re-
opening, subject to finishing the final steps of the financing of
the sale.

"It's a great shame that it is currently closed, but we are now
planning to come back and relaunch it," the report quoted Mr.
Dark as saying.

"It will be hard work, but this place is terribly important to
the town and the whole Dyfi Valley, and we are looking forward to
the challenge," Mr. Dark added.

Residents had raised concerns over the hotel's sudden closure,
with confusion caused by the hotel's website saying it will
reopen on 1 February and is currently closed for an "annual
break", but a sign on the door of the hotel saying it is closed
"until further notice," the report notes.

Machynlleth councilor Michael Williams said residents in the town
were keen to know what was happening because of the importance of
the hotel to the town, the report adds.


                            *********

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

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

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


                            *********


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

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

Copyright 2016.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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or balance thereof are US$25 each.  For subscription information,
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