TCREUR_Public/160209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Tuesday, February 9, 2016, Vol. 17, No. 027


                            Headlines


A L B A N I A

ALBANIA REPUBLIC: S&P Raises Sovereign Credit Ratings to 'B+'


A U S T R I A

MEINL BANK: Fitch Affirms 'B-' Long-Term Issuer Default Rating


G R E E C E

AEOLOS SA: S&P Raises Rating on EUR355MM Class A Notes to 'B-'


H U N G A R Y

SIKER: Files Bankruptcy Protection Due to Stiff Competition


I R E L A N D

DECO 2015-HARP: Moody's Affirms 'Ba3' Rating on Class D Notes


I T A L Y

BAUER GROUP: Enters Into EUR110-Mil. Debt Restructuring
TAURUS 2015-1: Fitch Affirms 'BB' Rating on EUR21.2MM Cl. D Debt


N E T H E R L A N D S

NEPTUNO CLO I: Moody's Raises Ratings on 2 Note Classes to Ba3
PARAGON OFFSHORE: Creditors May Opt to Sue Parent Over Woes


R O M A N I A

INTERAGRO SRL: Enters Insolvency Following Losses


R U S S I A

ALTA-BANK CJSC: Placed Under Provisional Administration
ANTALBANK LLC: Bank of Russia Ends Provisional Administration
NOSTA JSC: Bank of Russia Ends Provisional Administration
SVERDLOVSK OBLAST: S&P Affirms 'BB' ICR, Outlook Remains Stable
TRUSTBANK PJSB: Fitch Affirms 'B-' Long-term Foreign Currency IDR

UNIBANK OJSC: Moody's Lowers Currency Deposit Ratings to B3
YAMAL-NENETS: S&P Affirms 'BB+' Issuer Credit Rating; Outlook Neg


U N I T E D   K I N G D O M

DECO 12 - UK: Fitch Raises Rating on Class C Notes to 'BBsf'
MELTON RENEWABLE: Fitch Affirms 'BB' LT Issuer Default Rating
* UK: Steel Industry Faces Risk of Impending Collapse


X X X X X X X X

* More Restructuring Activity Expected in Shipping Industry


                            *********



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A L B A N I A
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ALBANIA REPUBLIC: S&P Raises Sovereign Credit Ratings to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
and local currency sovereign credit ratings on the Republic of
Albania to 'B+' from 'B'.  At the same time, S&P affirmed its
short-term foreign and local currency sovereign credit ratings at
'B'.  The outlook is stable.

S&P also revised upward its transfer and convertibility (T&C)
assessment to 'BB'.

RATIONALE

The upgrade reflects S&P's view that Albania's fiscal performance
will remain strong over 2016-2019 as authorities continue to make
progress under an International Monetary Fund (IMF) program that
targets fiscal and structural reforms.  As a result, S&P expects
general government debt to decline to under 60% of GDP in 2019
from about 70% of GDP in 2015.  S&P includes debt issued mainly by
the electricity sector and guaranteed by the government (nearly 4%
of 2015 GDP) in S&P's calculation of general government debt to
reflect its view that the probability of these guarantees being
called is high.  Under the IMF program, the government has also
cleared the arrears -- mostly related to VAT refunds -- that it
recognized in 2013.

S&P anticipates that Albania's arrangement with the IMF (the
Extended Fund Facility [EFF] or the arrangement), in place since
2014, will serve as an important anchor not only for fiscal
consolidation but also for structural reforms in several key
areas, such as improvements in the functioning of the judiciary.

Despite weaker revenue performance in 2015, the fiscal deficit, at
an estimated 3.8% of GDP, outperformed our expectations (4.6% of
GDP) due to lower expenditure, particularly on investment
projects.  To improve revenue performance going forward, the
government is strengthening fiscal institutions and public-sector
financial management.  Efforts in the energy sector have been
particularly successful in raising revenues and thus freeing up
fiscal resources in the central government's budget.

Some of the tax-measures implemented by the current government
since it took office in 2013 had the effect of inadvertently
further increasing activity in the informal sector and hence
contributed to lackluster revenue performance.  In response--and
also to comply with the strictures of the IMF arrangement--the
government has implemented measures to bring a greater share of
output into the official economy and to reduce tax evasion. S&P
observes that tax collection in Albania is challenged by evasion
and administrative deficiencies; at 26% of GDP general government
revenues are much lower than in Montenegro (40%).  S&P therefore
believes that measures to improve tax compliance will aid an
improvement in government finances, albeit gradually.

S&P expects that Albania's economy will grow by an annual average
of nearly 4% over 2016-2019, with domestic demand contributing
more prominently to growth performance over the next one or two
years, in contrast with recent years when net exports were the
primary growth engine.

"We project significant net foreign direct investment (FDI),
especially in the hydropower sector and the Trans-Adriatic
Pipeline project in 2016-2018.  In our view, FDI inflows will
likely fund most of Albania's large current account deficit of 11%
of GDP on average in 2016-2018.  Given Albania's links with
Greece, home to a substantial Albanian population, developments
there have affected remittances, which have declined materially in
recent years as workers returned.  We currently project
remittances to remain subdued at about 7% of GDP in the next few
years (compared with an average 13% of GDP over 2004-2008), but
migration of Albanians to other countries will contribute to
further diversifying remittance sources," S&P said.

Albania's gross external financing needs, which S&P estimates at
115% of current account receipts in 2016, are significant.  Its
external indebtedness is relatively low as financing for the
current account deficit has historically been more in the form of
net foreign investment, particularly in the energy sector, rather
than debt-creating inflows.  While narrow net external debt, by
S&P's measures, increased in 2014-2015, we project that it will
decrease relative to current account receipts from 2016.

The government has extended its debt maturity profile considerably
over the past three years.  However, for the domestic portion of
debt, average maturity remains short, at 663 days as of Sept. 30,
2015.  Domestic debt currently accounts for over 50% of the total.
Although Albania markedly reduced its financing in the domestic
market in 2015 in favor of external borrowing -- and will continue
to have relatively low domestic borrowing needs in 2016 -- S&P
still views the links between the government, banks, and
investment funds as a potential refinancing risk.  Albania's
banking system still holds the largest share of domestic debt, and
about 30% of the banking system's assets are government
securities.

The government has tackled several reform areas over the past
years, such as pensions, local government, and energy supply.  S&P
believes that implementation of the judiciary reform, currently
under preparation, and a successful track record in that area
would be key to improving the business climate and could help
Albania progress toward opening EU accession negotiations
following the granting of candidate status in 2014.

Improvements in the legal system are also important in order to
reduce nonperforming loans (NPLs).  The high level of NPLs in the
financial sector hampers lending and constrains economic recovery.
The government's efforts, in coordination with the IMF, to write
off NPLs and improve the realization of collateral could lead NPL
levels to drop to well below 20% of total loans in 2016 from their
end-2015 level of about 20%.

S&P projects that the deposit-funded financial sector will remain
in a net external creditor position over the next few years.
Capital buffers in the banking system are well above minimum
capital requirements.  The increase of the financial sector's net
foreign assets -- in part the reflection of high liquidity --
mirrors the country's weak growth performance and limited lending
opportunities for banks in recent years.  S&P estimates bank
credit to the private sector to have grown only slightly at about
2% over 2014-2015.  Subsidiaries of Greek banks maintain a sizable
presence in Albania and the authorities have taken measures to
limit exposure to their parents and prevent contagion risks to the
rest of the sector.

The central bank's policy of monetary easing will likely continue
in 2016 -- as inflation will remain below the 3% target.  However,
the high share of foreign currency loans (at about 60%) and
deposits (at about 50%) is hindering the effectiveness of
Albania's monetary policy, as it does in several economies across
the region.

S&P notes that Albania's central bank intervened only marginally
in the foreign exchange market in 2014-2015 to increase its
foreign currency reserves in line with its targets.  Otherwise, it
maintains a free-floating exchange rate regime.

Although Albania's monetary flexibility benefits from this regime
on the one hand, it is challenged by the relatively shallow
foreign exchange and capital markets as well as the relatively
high share of loans and deposits denominated in foreign currency.

                            OUTLOOK

The stable outlook reflects S&P's view of the balanced risks to
the ratings on Albania and the underlying expectation that Albania
will continue to comply with its IMF EFF program, including
progress on its fiscal consolidation path, which will bring the
general government debt-to-GDP ratio on a downward trajectory.

S&P could raise the ratings if structural reforms established a
track record of more robust fiscal institutions and strengthened
economic growth prospects.  A significant government debt
reduction beyond S&P's current forecasts, potentially alongside
higher-than-expected economic growth, would also be positive for
the ratings.

S&P could lower the ratings if, as in 2013, a deterioration in
government finances re-emerged, along with potential financing
pressures, potentially tied to noncompliance with the conditions
of Albania's IMF arrangement.  S&P could also lower the ratings if
it saw a significant deterioration in Albania's external position
and ability to fund its current account deficit.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the fiscal flexibility and performance
assessment had improved.  All other key rating factors were
unchanged.

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

RATINGS LIST

                                        Rating         Rating
                                        To             From
Albania (Republic of)
Sovereign Credit Rating
  Foreign and Local Currency             B+/Stable/B   B/Pos./B
Transfer & Convertibility Assessment    BB            BB-
Senior Unsecured
  Foreign Currency                       B+            B



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A U S T R I A
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MEINL BANK: Fitch Affirms 'B-' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Austria-based Meinl Bank AG's Long-term
Issuer Default Rating (IDR) at 'B-' and Viability Rating (VR) at
'b-' and removed them from Rating Watch Negative (RWN), where they
were placed on August 12, 2015. The Outlook on the Long-term IDR
is Stable.

KEY RATING DRIVERS -- IDRs and VR

Meinl Bank's Long-term IDR is driven by its standalone
creditworthiness as expressed by its VR. Fitch's assessment of the
bank's management and strategy has a high influence on the VR and
remains a major rating constraint. Fitch views corporate
governance as very weak, notably in light of the high complexity
and limited transparency of the control, ownership and group
structure, and our view of weaknesses in the checks and balances
that are in place. High related-party lending in comparison to the
bank's equity is an additional rating risk.

The VR also reflects the limited stability and diversification of
the bank's narrow and opportunistic business model and the absence
of meaningful franchise in its business segments comprising
corporate and investment banking, asset management and sales and
trading.

The bank's newly appointed management board will have to continue
to remedy the shortcomings identified in 2015 by the Austrian
Financial Market Authority (FMA) in the bank's management
practices, organization, procedures and internal controls. The new
management will also need to continue to restore the bank's
reputation and stabilize its performance to stop the capital
erosion arising from years of litigation costs. The new management
team will also need to demonstrate its ability to maintain and
develop a sustainable client base.

Despite these challenges, the rating actions reflect Fitch's view
that the management change and its commitment to and progress in
implementing corrective actions remove an immediate risk for the
bank's viability from regulatory intervention. The Stable Outlook
also reflects our expectation that the management transition will
not alter clients' confidence to an extent that could jeopardize
the bank's ability to generate sufficient new business.

High legal, operational and reputational risks are inherent to the
bank's niche franchise. The latter has relied thus far on
opportunistic transactions with many clients based in high-risk
jurisdictions and often driven by regulatory arbitrage
considerations, giving rise to litigation risk. Fitch believes
that a transition to a more traditional and conservative type of
wealth management business would take years and with uncertain
chances of success.

The weak operating profitability arising from fluctuating business
volumes and burdened by high litigation cost has continuously
eroded the bank's capitalization in the past few years. Fitch
believes that capitalization is particularly vulnerable to ongoing
tax investigations related to past transactions with a former
subsidiary, Meinl European Land (MEL, now Atrium European Real
Estate Limited, BBB/Stable). An unfavorable outcome of these
investigations could result in a tax liability equivalent to a
multiple of the bank's equity. This could threaten the bank's
viability, despite guarantees provided by the owner.

The investigations related to MEL also continue to expose the
bank's modest capitalization to high legal and operational costs
and risks. Despite continued settlement progress, it remains
exposed to high claims (including a class action) from MEL's
numerous former investors.

The volume of problem loans is manageable but Fitch views the
bank's risk appetite and loan concentration as high. Moreover, its
equity investments in largely illiquid special-purpose vehicles
bear significant valuation risk. Deposits are also highly
concentrated, which is only partly mitigated by the fact that some
of them are pledged for secured lending.

SUPPORT RATING AND SUPPORT RATING FLOOR

The affirmation of the Support Rating at '5' and Support Rating
Floor at 'No Floor' reflects our view that the bank is not
systemically important, and that the EU's Bank Recovery and
Resolution Directive (BRRD) and Single Resolution Mechanism (SRM)
provide a framework for resolving banks that is likely to impose
losses on senior creditors, if necessary, instead of or ahead of a
bank receiving sovereign support.

RATING SENSITIVITIES

IDRs and VR

The ratings are primarily sensitive to the further developments of
litigation and tax investigations. A downgrade is most likely if
future related costs continue to deplete the modest capitalisation
by significantly exceeding the existing provisions unless the bank
manages to restore solid capital generation.

An upgrade would be contingent upon a material improvement of the
bank's corporate governance practices. It would also be dependent
upon restoring stable profits from a more sustainable business
model. An upgrade would further require significant progress in
resolving the MEL-related litigation.

SUPPORT RATING AND SUPPORT RATING FLOOR

Any upgrade of the Support Rating and upward revision of the
Support Rating Floor would be contingent on a positive change in
the sovereign's propensity to provide support to the bank. This is
highly unlikely, in our view.

Meinl Bank AG

  Long-term IDR: affirmed at 'B-', removed from RWN , Outlook
  Stable

  Short-term IDR: affirmed at 'B', removed from RWN

  Viability Rating: affirmed at 'b-', removed from RWN

  Support Rating: affirmed at '5'

  Support Rating Floor: affirmed at 'No Floor'



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G R E E C E
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AEOLOS SA: S&P Raises Rating on EUR355MM Class A Notes to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'B-' from 'CCC+' its
credit rating on Aeolos S.A.'s EUR355 million floating-rate asset-
backed class A notes.

The upgrade of the class A notes follows S&P's Jan. 22, 2016
raising to 'B-' from 'CCC+' of its long-term sovereign rating on
Greece (Hellenic Republic), which acts as the guarantor of Aeolos.

S&P's current counterparty criteria link its rating on Aeolos'
class A notes to S&P's long-term sovereign rating on Greece as the
guarantor.

Therefore, following S&P's recent rating action on Greece, it has
consequently raised to 'B-' from 'CCC+' its rating on Aeolos'
class A notes.

Aeolos is a Greek repack transaction.  The underlying collateral
consists of receivables due from The European Organisation for the
Safety of Air Navigation for the provision of air traffic control
services in Greece.



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H U N G A R Y
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SIKER: Files Bankruptcy Protection Due to Stiff Competition
-----------------------------------------------------------
MTI-Econews reports that 24 Ora on Feb. 6 said Siker has filed for
bankruptcy protection.

Ferenc Blazsik, the company's owner, blamed the step on a
Competition Office procedure that had dragged on for years as well
as a decision by banks and credit insurers to stop financing the
company, MTI-Econews relates.

Mr. Blazsik, as cited by MTI-Econews, said Siker started
renovating its mill in Szekszard with credit from Szechenyi Bank,
which went bust late in 2014, and was unable to suspend the
project because of the grant money it had won.

He said that competition is so fierce on the domestic milling
market that players are selling their products at a loss just to
protect their market share, MTI-Econews relays.

Siker is a Hungarian-owned milling company.



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I R E L A N D
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DECO 2015-HARP: Moody's Affirms 'Ba3' Rating on Class D Notes
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of four classes
of Notes issued by DECO 2015 -- Harp Limited.

Moody's rating action is:

  EUR90 mil. Class A Notes, Affirmed Aa2 (sf); previously on
   April 10, 2015, Definitive Rating Assigned Aa2 (sf)

  EUR55 mil. Class B Notes, Affirmed Aa3 (sf); previously on
   April 10, 2015, Definitive Rating Assigned Aa3 (sf)

  EUR17.5 mil. Class C Notes, Affirmed Baa3 (sf); previously on
   April 10, 2015, Definitive Rating Assigned Baa3 (sf)

  EUR12.5 mil. Class D Notes, Affirmed Ba3 (sf); previously on
   April 10, 2015, Definitive Rating Assigned Ba3 (sf)

Moody's does not rate the Class X Notes.

RATINGS RATIONALE

The affirmation reflects the stable performance of the transaction
since closing.  The default probability of the securitized loans
(both during the term and at maturity) as well as Moody's value
assessment of the collateral remain unchanged.  Moody's default
risk assumptions continue to remain low for the Shamrock loan and
medium for the New York and Boland loans.

The ratings on the Class A Notes and the Class B Notes are
constrained at four to five notches above the current Irish
government bond rating, which remains stable at Baa1.

Moody's affirmation reflects a base expected loss in the range of
0%-10% of the current balance, unchanged since closing.  Moody's
derives this loss expectation from the analysis of the default
probability of the securitized loans (both during the term and at
maturity) and its value assessment of the collateral.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was Moody's
Approach to Rating EMEA CMBS Transactions published in July 2015.

Other factors used in these ratings are described in European
CMBS: 2014-16 Central Scenarios published in March 2014.

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

Main factors or circumstances that could lead to a downgrade of
the ratings are (i) a decline in the property values backing the
underlying loans, (ii) an increase in the default probability
driven by declining loan performance or increase in refinancing
risk, (iii) an increase in the risk to the notes stemming from
transaction counterparty exposure (most notably the account bank,
the liquidity facility provider or borrower hedging
counterparties); (iv) a negative change in the Irish government
bond rating impacting the Class A and B notes.

Main factors or circumstances that could lead to an upgrade of the
rating are generally (i) an increase in the property values
backing the underlying loans, or (ii) a decrease in the default
probability driven by improving loan performance or decrease in
refinancing risk; (iii) a positive change in the Irish government
bond rating impacting the Class A and B notes.

UNPAID CLASS X INTEREST

Currently, there is unpaid interest outstanding on Class X (Class
X Shortfall) which began at the July Interest Payment Date.  This
was triggered because in calculating excess spread, interest fees
on the stand-by liquidity drawing are excluded.  However, the
Class X Shortfall does not constitute a Note Event of Default even
though interest payments on Class X ranks pari passu with Class A
payments in the pre-enforcement waterfall.  This is because the
payments due to the Class X is capped at the Class X Maximum
Payment Amount.  This amount is defined as the aggregate of the
Class X Interest Amount and the Unpaid Deferred Interest in
respect of the Class X Note less the Class X Shortfall, which
equates to the unpaid interest amount.



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I T A L Y
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BAUER GROUP: Enters Into EUR110-Mil. Debt Restructuring
-------------------------------------------------------
Andrew McIntyre at Law360 reports that four law firms steered
Italian hotel group Bauer and Blue Skye Investment Group through a
bankruptcy restructuring of Bauer's EUR110 million (US$123
million) debt, which includes a new bond issuance and the sale of
hotels and farm businesses.

Craca Di Carlo Guffanti Pisapia Tatozzi & Associati, Studio Legale
RCC and F&C Studio Legale Tributario represented Blue Skye, a
special opportunity fund that arranged the restructuring, while
Gattai Minoli Agostinelli & Partners advised Bauer, Law360
discloses.

According to Law360, as part of the reorganization, Bauer is
issuing four-year senior bonds -- via Italian bankruptcy Article
67 -- which have a EUR20 million tranche to be used for future
developments and investments in Bauer's main hotel, in Venice.

Bauer, Law360 says, is also selling its Aziende Agricole Bennati
farming businesses and Palladio Hotel & Spa and Villa F hotels,
located on Venice's Giudecca island.

Cassiopea Partners acted as financial adviser in connection with
the refinancing, Law360 states.

Bauer is represented by Riccardo Agostinelli of Gattai Minoli
Agostinelli & Partners on matters related to the restructuring,
Law360 notes.

Bauer is based in Venice.


TAURUS 2015-1: Fitch Affirms 'BB' Rating on EUR21.2MM Cl. D Debt
----------------------------------------------------------------
Fitch Ratings has affirmed Taurus 2015-1 IT S.r.l.'s
commercial mortgage backed securities as follows:

  EUR189.2 million Class A due February 2027 (ISIN:
  IT0005085615): affirmed at 'A+sf'; Outlook Stable

  EUR21.1 million Class B due February 2027 (ISIN: IT0005085664):
  affirmed at 'Asf'; Outlook Stable

  EUR31.4 million Class C due February 2027 (ISIN: IT0005085672):
  affirmed at 'BBBsf'; Outlook Stable

  EUR21.2 million Class D due February 2027 (ISIN: IT0005085680):
  affirmed at 'BBsf'; Outlook Stable

The transaction is a securitization of three commercial real
estate loans totalling EUR301.5 million at closing. The loans were
granted by Bank of America N.A., Milan Branch to three Italian
limited liability companies and two Italian funds to finance the
acquisition/refinance of certain Italian real estate assets: a
portfolio of five office properties and four telecom exchanges
(Calvino loan), two fashion outlet centers (Fashion District loan)
and three retail galleries (Globe loan).

KEY RATING DRIVERS

The affirmation is driven by the stable performance of all three
loans, in line with Fitch's expectations at closing in February
2015. The key metrics of the Fashion District and Globe loan
remain stable while the Calvino loan has slightly deleveraged,
despite a downwards revaluation. The slight reduction in credit
risk for Calvino was expected at closing of the transaction.

The LTV of the Globe loan (EUR109.2 million, or 41.5% of the
pool), secured by three retail galleries in northern Italy, is
unchanged at 55.0%, whilst the forward-looking debt service
coverage ratio (DSCR) has slightly increased to 5.16x from 5.12x
at closing. The performance of the collateral is constant, with no
material movement in annual rent (EUR14.4 million), an occupancy
rate (97.7%) or weighted average lease term (WALT) to break (4.6
years).

The Fashion District loan (EUR80.7 million; 30.7%) is secured by
two fashion outlet centers in Mantova and Molfetta. The first LTV
test date in February 2017 will be a useful indicator of
performance of the collateral, which continues to suffer a high
vacancy rate of 19.9% (concentrated in the Molfetta property as at
closing).

The Calvino loan (EUR73.0 million; 27.7%), originally secured by a
portfolio of five office properties and four telecom exchanges,
has improved following the sale of a telecom exchange in Torino
for EUR32 million. This is in line with its market value at
closing (EUR32.1 million), allowing for a principal repayment of
EUR24.6 million at the August 2015 interest payment date (IPD). As
a result, the loan will remain compliant with its amortization
target (it will be below its maximum loan balance of EUR79.0
million) at least until the May 2017 loan IPD.

Despite a like-for-like reduction in the market value of the
Calvino portfolio by 3.2% following the June 2015 revaluation, the
LTV has decreased to 62.8% from 63.6%. The Ivrea property fell in
value by almost 30% after the main tenant, Vodafone (BBB+/Stable),
initially indicated its intention to vacate the property. Since
then it has expressed an interest in remaining in occupation and
has started lease renegotiations with the borrower.

RATING SENSITIVITIES

A material change in the loan metrics (eg Calvino amortization
target, Fashion District first LTV test date in February 2017, the
income profile or the occupancy rate of the collateral, etc) or in
market conditions in the relevant markets (as monitored by Fitch
on a quarterly basis) may lead to a change in the ratings.

Fitch estimate 'Bsf' debt proceeds of EUR263.0 million.

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
pool and the transaction. 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.

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

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.

SOURCES OF INFORMATION

The information below was used in the analysis.
-- Transaction reporting provided by Mount Street Mortgage
    Servicing Limited as at the November 2015 IPD



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N E T H E R L A N D S
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NEPTUNO CLO I: Moody's Raises Ratings on 2 Note Classes to Ba3
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Neptuno CLO I B.V.:

  EUR44 mil. Class B-1 Senior Secured Floating Rate Notes due
   2023, Upgraded to Aaa (sf); previously on May 20, 2014,
   Upgraded to Aa1 (sf)

  EUR4 mil. Class B-2 Senior Secured Fixed Rate Notes due 2023,
   Upgraded to Aaa (sf); previously on May 20, 2014, Upgraded to
   Aa1 (sf)

  EUR25 mil. Class C Senior Secured Deferrable Floating Rate
   Notes due 2023, Upgraded to Aa2 (sf); previously on May 20,
   2014, Upgraded to A1 (sf)

  EUR28 mil. Class D Senior Secured Deferrable Floating Rate
   Notes due 2023, Upgraded to Baa1 (sf); previously on May 20,
   2014, Upgraded to Baa3 (sf)

  EUR24 mil. Class E-1 Senior Secured Deferrable Floating Rate
   Notes due 2023, Upgraded to Ba3 (sf); previously on May 20,
   2014, Affirmed B1 (sf)

  EUR2 mil. Class E-2 Senior Secured Deferrable Fixed Rate Notes
   due 2023, Upgraded to Ba3 (sf); previously on May 20, 2014,
   Affirmed B1 (sf)

Moody's also affirms EUR174.1 mil. notes:

  EUR100 mil. (current outstanding balance of EUR29.1 mil.) Class
   A-R Senior Secured Revolving Floating Rate Notes due 2023,
   Affirmed Aaa (sf); previously on May 20, 2014, Affirmed
   Aaa (sf)

  EUR223 mil. (current outstanding balance of EUR145M) Class A-T
   Senior Secured Floating Rate Notes due 2023, Affirmed
   Aaa (sf); previously on May 20, 2014, Affirmed Aaa (sf)

Neptuno CLO I B.V., issued in May 2007, is a collateralized loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans.  The portfolio is managed by BNP Paribas.
The transaction ended its reinvestment period in November 2014.

RATINGS RATIONALE

The upgrades of the notes are primarily a result of deleveraging
since the last two payment dates in May 2015 and November 2015.
As a result, the class AT and AR notes have collectively paid down
approximately EUR95 million resulting in increases in over-
collateralization levels.  As of the January 2016 trustee report,
the Class B, C, D and E overcollateralization ratios are reported
at 144.93%, 130.27%, 117.01% and 106.91% respectively compared
with 131.36%, 121.79%, 112.61%, and 105.24% in April 2015.

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
EUR pool with performing par and principal proceeds balance of
EUR314.2 million, a defaulted par of EUR0 million, a weighted
average default probability of 19.22% (consistent with a WARF of
2566 over a weighted average life of 4.98 years), a weighted
average recovery rate upon default of 46.56% for a Aaa liability
target rating, a diversity score of 36 and a weighted average
spread of 3.72%.

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 in the
portfolio.  Moody's ran a model in which it reduced the weighted
average recovery rate by 5%; the model generated outputs that were
within two notches of the base-case results for class C but one
notch for classes D and E.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, 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 due to embedded ambiguities.

Additional uncertainty about performance is due to:

  1) 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 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.

  2) Around 14% 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

  3) Recoveries on 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.

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.


PARAGON OFFSHORE: Creditors May Opt to Sue Parent Over Woes
-----------------------------------------------------------
Tiffany Kary and David Wethe at Bloomberg News report that Paragon
Offshore Plc, a fledgling oil rig contractor struggling to pay its
lenders, is weighing what some analysts say is a risky strategy:
blame the parent.

Noble Corp. spun Paragon off in 2014, Bloomberg recounts.  It's
been under strain since then and in September, Paragon hired
outside advisers to help restructure its US$2.3 billion in debt,
Bloomberg notes.  Two months later, the company warned of
"substantial doubt regarding our ability to continue as a going
concern", Bloomberg relates.  Three weeks ago, Paragon said it
would skip an interest payment while negotiating with debtholders,
Bloomberg relays.

Should its restructuring efforts fail, Paragon could wind up in
bankruptcy court, Bloomberg states.  That could offer a silver
lining for creditors: the chance to sue Noble, arguing that its
offspring was doomed to fail from the outset, according to
Bloomberg.  Such so-called fraudulent-conveyance suits are often
used by creditors looking to boost their recovery in a bankruptcy,
Bloomberg says.

Noble and Paragon declined to comment about the possibility of
such litigation, although both companies' CEOs have addressed the
issue publicly, as analysts have raised the possibility Paragon
may file for Chapter 11 -- and whether that would trigger a
lawsuit against Noble, Bloomberg discloses.

Paragon Offshore is a provider of standard specification offshore
drilling units serving the oil and gas industry.  The company's
European division is based in the Netherlands.



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


INTERAGRO SRL: Enters Insolvency Following Losses
-------------------------------------------------
Romania Insider reports that the agriculture companies InterAgro
SRL Zimnicea and InterAgro SA, owned by the Romanian billionaire
Ioan Niculae, entered insolvency.

The Teleorman Court admitted the demand of several creditors for
the insolvency of the two companies run by Ioan Niculae, Romania
Insider relates.  The two insolvent companies had cumulative
losses of over EUR40 million in 2014, Romania Insider discloses.

In April last year, Mr. Niculae has been sentenced to two years
and six months in jail for illegally financing the presidential
campaign of Mircea Geoana, Romania Insider recounts.

According to Romania Insider, the prosecutors are also
investigating Mr. Niculae for buying influence, tax evasion, and
money laundering.



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


ALTA-BANK CJSC: Placed Under Provisional Administration
-------------------------------------------------------
The Bank of Russia, by its Order No. OD-402, revoked the banking
license of Moscow-based credit institution Commercial Bank Alta-
Bank, CJSC, from February 8, 2016.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's failure
to comply with federal banking laws and Bank of Russia
regulations, inability to meet creditors' claims on monetary
obligations, and due to repeated application within a year of
measures envisaged by the Federal Law "On the Central Bank of the
Russian Federation (Bank of Russia)".

Due to the loss of liquidity, CB Alta-Bank CJSC failed to meet its
obligations to creditors on a timely basis.  The management and
owners of the credit institution did not take effective measures
to normalize its activities.  Under these circumstances, the Bank
of Russia performed its duty on the revocation of the banking
license from the credit institution in accordance with Article 20
of the Federal Law "On Banks and Banking Activities".

The Bank of Russia, by its Order No. OD-403, dated February 8,
2016, appointed a provisional administration to CB Alta-Bank CJSC
for the period until the appointment of a receiver pursuant to the
Federal Law "On the Insolvency (Bankruptcy)" or a liquidator under
Article 23.1 of the Federal Law "On Banks and Banking Activities".
In accordance with federal laws, the powers of the credit
institution's executive bodies are suspended.

CB Alta-Bank CJSC is a member of the deposit insurance system. The
revocation of the banking license is an insured event envisaged by
Federal Law No. 177-FZ "On Insurance of Household Deposits with
Russian Banks" regarding the bank's liabilities on deposits of
households determined in accordance with the legislation.  The
said Federal Law stipulates the insurance premium as one hundred
per cent reimbursement of the entire deposit to bank depositors,
including individual entrepreneurs, but not more than 1.4 million
rubles in aggregate per depositor.

According to the financial statements, as of January 1, 2016, CB
Alta-Bank CJSC ranked 186th by assets in the Russian banking
system.


ANTALBANK LLC: Bank of Russia Ends Provisional Administration
-------------------------------------------------------------
The Bank of Russia has taken a decision to terminate as of
February 4, 2016, the activity of the provisional administration
of Commercial Bank Antalbank, LLC. The decision is noted under
Order No. OD-336, dated February 3, 2016.

The decision was issued due to the ruling of the Arbitration court
of the city of Moscow (case No. A40-223182/15-88-417 B), dated
January 11, 2016, finding that Antalbank is insolvent and
appointing a liquidator.

Back in September 2015, the Bank of Russia revoked Antalbank's
banking license and appointed provisional administration to manage
the Bank.


NOSTA JSC: Bank of Russia Ends Provisional Administration
---------------------------------------------------------
The Bank of Russia took a decision to terminate as of February 4,
2016, the activity of the provisional administration of Joint-
stock Commercial Bank NOSTA, JSC or JSC NST-BANK (the Orenburg
Region, the town of Novotroitsk).  The decision is under Order No.
OD-335, dated February 3, 2016.

The decision was issued due to the ruling of the Arbitration court
of the Orenburg Region (case No. A47-12571/2015), dated January
11, 2016, on finding NOSTA insolvent and ordering the appointment
of a liquidator.

Previously, on November 16, 2015, under Order No. OD-3180, the
Bank of Russia revoked the banking license of NOSTA and appointed
provisional administration on the Bank.


SVERDLOVSK OBLAST: S&P Affirms 'BB' ICR, Outlook Remains Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
issuer credit rating on the Russian region of Sverdlovsk Oblast.
The outlook remains stable.

RATIONALE

S&P's rating on Sverdlovsk Oblast, which is located in the Urals
Federal District, is constrained by S&P's view of the Russia's
volatile and unbalanced institutional framework, and the oblast's
weak economy, very weak budgetary flexibility, average budgetary
performance, and weak management in an international context, in
line with most Russian peers.  However, Sverdlovsk Oblast's
creditworthiness benefits from the oblast's low debt burden by
international standards, adequate liquidity, and very low
contingent liabilities.

The issuer credit rating on Sverdlovsk Oblast is equivalent to
S&P's 'bb' assessment of the oblast's stand-alone credit profile
(SACP).

Like many other Russian regions, the oblast's financial policy
lacks predictability and stability, owing to what S&P regards as a
volatile and unbalanced institutional framework.  The federal
authorities regulate more than 85% of regional government revenues
and continuously pressure regional governments to raise salaries
of local public employees.  Also, as a host of the 2018 FIFA World
Cup, the oblast faces sizable spending needs to enhance its
transport infrastructure.

In addition to very weak budgetary flexibility, Sverdlovsk
Oblast's economy and revenues are volatile, since they depend on
metallurgy and pipe production, which are driven by global
commodity markets and economic cycles.

Together, these sectors account for more than 20% of both local
GDP and the oblast's tax revenues.  S&P notes, however, that
Sverdlovsk Oblast generally posts higher economic growth rates
than the Russian average, which mitigates the volatility of the
regional economy.

Sverdlovsk Oblast's budgetary performance will remain average, in
S&P's view.  Despite weak budgetary flexibility in 2015, the
oblast has introduced cost containing measures which, if
implemented consistently, will enable it to gradually recover its
operating performance in the next few years.  S&P expects that the
oblast's operating surpluses in 2016-2018 will average about 2%,
versus about breakeven reported in 2014-2015.  Based on the
federal government's budgeted commitment to invest in the oblast's
infrastructure ahead of the 2018 FIFA World Cup, S&P assumes that
Sverdlovsk Oblast's deficits after capital accounts will represent
about 4% of revenues on average in 2016-2018, compared with 10% in
2014-2015.  S&P bases its assessment on the actual results for
2014 and forecast data for 2015-2018.

Thanks to its moderate deficits, Sverdlovsk Oblast's direct debt
will increase only gradually and tax-supported debt will remain
low, in S&P's view.  Under S&P's base-case scenario, it assumes
that the oblast's tax-supported debt (in which S&P includes direct
debt, guarantees, and debt of non-self-supporting government-
related entities [GREs]) will stay under 45% of consolidated
operating revenues by 2018.

Sverdlovsk Oblast's contingent liabilities are very low, in S&P's
view.  They mostly consist of accumulated payables of the oblast's
self-supporting GREs and debt of local governments (with other
types of contingent liabilities being very limited).  Together,
these account for only 15% of budgeted operating revenues.  S&P
also estimates that self-supporting GREs are unlikely to require
more than 2% of consolidated operating revenues in the event of
financial distress.

S&P regards the oblast's financial management as weak in an
international context, matching S&P's view for most Russian
regional governments.  This is mainly due to weak long-term
financial planning and a limited ability to manage external risks,
such as a potential sharp correction in the world commodity and
metals markets.  At the same time, S&P notes that Sverdlovsk
Oblast compares well with its Russian peers in terms of debt
management.

LIQUIDITY

S&P views Sverdlovsk Oblast's liquidity as adequate, as defined in
S&P's criteria.  S&P expects the oblast's debt service coverage
will be strong, and that net average cash together with undrawn
committed bank lines will cover debt service falling due within
the next 12 months by more than 120%.  At the same time, S&P views
the oblast's access to external liquidity as limited, given the
weaknesses of the domestic capital market.

Throughout 2015, Sverdlovsk Oblast maintained about Russian ruble
(RUB) 15 billion (about $197 million at the time of publication)
in unused medium-term bank lines on average.  S&P expects that in
2016, the oblast will continue its practice of rolling over credit
lines, which will enable it to meet a relatively high debt service
of about 10% of operating revenues.  In S&P's base-case scenario,
it therefore assumes that Sverdlovsk's average net free cash and
committed facilities will exceed 120% of debt service due over the
next 12 months.

OUTLOOK

The stable outlook reflects S&P's view that in the next 12 months,
Sverdlovsk Oblast's cautious spending policy will enable it to
gradually consolidate its budget.  This, together with keeping
sufficient amount of committed facilities, will support the
oblast's debt service coverage ratio at more than 120%.

S&P would consider a negative rating action if, over the next 12
months, the oblast's higher deficits after capital accounts or
reduction in the amount of undrawn committed facilities triggered
a fall in the debt service coverage ratio to below 120%.  This
would lead S&P to revise down its assessments of the oblast's
budgetary performance and liquidity.

S&P might take a positive rating action if, over the next 12
months, Sverdlovsk Oblast's cost-containment measures led to a
consistent operating surplus, at more than 5% of operating
revenues, and a deficit after capital accounts of less than 5% of
revenues on average, which would keep its tax-support debt at less
than 30% of consolidated operating revenues through 2018.

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

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

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

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

RATINGS LIST

                                 Rating           Rating
                                 To               From
Sverdlovsk Oblast
Issuer Credit Rating
  Foreign and Local Currency     BB/Stable/--     BB/Stable/--


TRUSTBANK PJSB: Fitch Affirms 'B-' Long-term Foreign Currency IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed PJSB Trustbank's (TB) and Ipak Yuli's
Bank (IY) Long-term foreign currency Issuer Default Ratings (IDR)
at 'B-' with Stable Outlooks, and assigned Universalbank (UB) a
'CCC' Long-term foreign currency IDR. A full list of rating
actions is at the end of this rating action commentary.

KEY RATING DRIVERS

The banks' IDRs are driven by their standalone strength, as
reflected in their Viability Ratings (VR) of 'b-' for IY and TB
and 'ccc' for UB. The VRs consider the challenging operating
environment, including difficult business climate, structural
weaknesses in the economy, high concentration risk and external
pressures. The latter are due to the fall in commodity prices,
most notably for oil and cotton, and deterioration of key trading
partners, in particular, Russia, to which the country has a large
exposure through both workers' remittances and export flows.

The ratings are also constrained by the high transfer and
convertibility risks in the economy due to the country's tightly
regulated FX market and the banks' modest franchises in the state-
dominant banking sector. The latter is more acute for UB, which is
rated one notch lower than its peers, given its very small scale,
geographical concentration and higher risk credit profile, and its
access to better quality clients being weaker than its peers. This
was also constrained by past regulatory issues resulting in the
withdrawal of its license on foreign currency operations in 2012.
However, in June 2015, the Central Bank of Uzbekistan (CBU)
returned the bank's license and its foreign currency operations
were restored. Following this, Fitch has assigned UB a 'CCC' Long-
term foreign currency IDR.

The Stable Outlook on TB and IY reflects Fitch's expectations of
further economic growth and government-led investments into major
manufacturing sectors, which will support the banks' lending
growth and profitability.

Reported problem exposures remain moderate, with impaired loans at
below 4% of gross loans at all three banks at end-3Q15 (local
GAAP). However, this should be viewed in light of largely
unseasoned lending after previous rapid growth, and limitations in
local GAAP disclosure. We consider UB's asset quality metrics as
weaker than its peers given its large and weakly provisioned (31%)
NPLs (loans overdue for more than 90 days) at 15% of gross loans
at end-2014 (IFRS). Both IY and TB had NPLs at below 2% on the
same date, fully covered by reserves. Concentration risks remain
high, particularly at TB and UB, with the 25 largest borrowers
accounting for 63% and 72% of loans, respectively, at end-3Q15. IY
has a more granular loan book, with the top 25 largest exposures
below 25% of total loans.

The capitalization of all three banks remained stable with Fitch
Core Capital ratios at a reasonable 17% at TB, 23% at UB and lower
11% at IY at end-2015. The regulatory capital ratios of all three
banks had decreased significantly at end-2015, as the CBU
introduced several changes into calculation of capital adequacy
ratios (CAR). TB's and UB's total CARs at 16% and 20%,
respectively, remained above the regulatory minimum, which was
increased to 11.5% from 10.0% in January 2016. These capital
cushions provided TB and UB comfortable additional loss absorption
capacity of 9% and 20% of gross loans, respectively.

IY's total CAR was 11% at end-2015 and is expected to be below the
regulatory minimum level in January 2016. A new UZS10 billion
capital injection expected in 1H16 should stabilize its
capitalization at about 12%. Fitch understands there will be no
regulatory sanctions in relation to the temporary incompliance.

Core funding is from customer deposits (60% of total liabilities
at IY, 87% at TB and 95% at UB), which are short term but
relatively stable at all three banks. Liquidity cushions were
reasonable but should be viewed in light of deposit concentrations
(particularly, at TB). At end-3Q15, highly liquid assets net of
potential debt repayments were sufficient to cover around 24% of
customer deposits at UB, 30% at IY and 46% at TB.

The banks' Support Rating Floors of 'No Floor' and their '5'
Support Ratings reflect their limited systemic importance and that
rendering of extraordinary support from Uzbek authorities is
unlikely. The ability of the banks' shareholders to provide
support cannot be reliably assessed and, therefore this support is
not factored into the ratings.

RATING SENSITIVITIES

An upgrade of TB and IY would depend on the overall notable
improvement in the operating environment. UB's ratings may be
upgraded if the bank is able to significantly improve its
franchise along with asset quality and tightening of risk
policies.

A downgrade could result from significant deterioration in the
operating environment resulting in the marked deterioration of
asset quality and capitalization.

Fitch does not anticipate changes to the Support Ratings and SRFs
given the banks' limited systemic importance.

The rating actions are as follows:

Ipak Yuli Bank

Long-term foreign and local currency IDRs: affirmed at 'B-',
Outlook 'Stable'
Short-term foreign and local currency IDRs: affirmed at 'B'
Viability Rating: affirmed at 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'NF'

Trustbank

Long-term foreign and local currency IDRs: affirmed at 'B-',
Outlook 'Stable'
Short-term foreign and local currency IDRs: affirmed at 'B'
Viability Rating: affirmed at 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'NF'

Universalbank

Long-term foreign currency IDR: assigned 'CCC'
Long-term local currency IDR: affirmed at 'CCC'
Short-term foreign currency IDR: assigned 'C'
Short-term local currency IDR: affirmed at 'C'
Viability Rating: affirmed at 'ccc'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'NF'


UNIBANK OJSC: Moody's Lowers Currency Deposit Ratings to B3
-----------------------------------------------------------
Moody's Investors Service has downgraded Unibank OJSC's long-term
local and foreign currency deposit ratings to B3 from B2.  The
rating agency has also affirmed the bank's Not-Prime short-term
local and foreign currency deposit ratings.  At the same time,
Moody's has downgraded the bank's Baseline Credit Assessment (BCA)
and adjusted BCA to caa1 from b3.  The outlook on the long term
deposit ratings is stable.

Moody's has also downgraded Unibank's long-term Counterparty Risk
Assessment (CR Assessment) to B2(cr) from B1(cr) and affirmed the
bank's short-term CR Assessment of Not-Prime(cr).

"The downgrade of Unibank's ratings is driven by significant asset
quality deterioration, a weak loss absorption cushion and the
bank's high exposure to foreign currency risk," says Svetlana
Pavlova, an Assistant Vice President at Moody's.

At the same time, Unibank's deposit ratings continue to benefit
from a moderate probability of government support, which results
in one-notch of uplift for the bank's long-term deposit ratings
from its BCA.

RATINGS RATIONALE

Moody's downgrade of Unibank's ratings was driven by: (1)
Significant asset quality deterioration, which creates risks for
the bank's limited capital cushion amid low loan loss reserves and
moderate operating profitability; and (2) high exposure to foreign
currency risk.  At the same time, Unibank's deposit ratings
continue to benefit from a moderate probability of government
support, which results in one-notch of uplift for the bank's long-
term deposit ratings from its BCA.

Following significant growth of delinquencies in Unibank's small
and medium-sized enterprise (SME) loan book, the bank reported
non-performing loans (NPLs; defined as 90+ days overdue) of 16.4%
of gross loans as at Q3 2015 (YE2014: 12.1%).  At the same time,
loan loss reserves covered only 22% of NPLs (YE2014: 30%).
Moody's notes the risks of further asset-quality weakening, as the
Armenian economy continues to face headwinds from the decline in
remittances from Russia.  As such, if the recovery value of
problem loans is lower than Unibank's current expectations, the
bank's asset-quality profile would create substantial risks for
its earnings and, ultimately, its capital cushion.  An additional
risk for the bank's asset quality and capital profile stems from
its high exposure to foreign currency risk, since around 70% of
its loans are denominated in foreign currency, and given that
Moody's expects an FX growth rate of up to 9% by the end of 2016.

Moody's evaluates Unibank's ability to absorb substantial
provisioning charges as limited, given that the challenging
operating environment is exerting pressure on the bank's moderate
pre-provision earnings.  Pre-provision earnings accounted for 1.9%
of average total assets in 2015 (down from 2.9% in 2014), with the
decline attributed predominantly to a lower net interest margin.

Despite Unibank's recent IPO, which raised AMD2.45billion in 2015,
Unibank's capital cushion is modest for its asset quality profile.
According to Moody's estimates, following the capitalization of
the IPO proceeds, the bank's regulatory capital ratio will
increase to approximately 13.5% from a very tight 12.1% as of YE
2015 (the regulatory minimum is 12%).  However, as of Q3 2015, the
gap between NPLs and loan loss reserves was material at AMD13.4
billion, or almost 60% of the bank's equity post-IPO, indicating
risks of capital impairment.  Moody's notes that Unibank plans to
increase its capital to meet the Central Bank requirement of a
revised minimum (AMD30 billion compared to Unibank's AMD20.5
billion post- IPO) level of regulatory capital, effective in 2017.
The bank aims to raise around AMD10 billion via two additional IPO
tranches in 2016.

WHAT COULD MOVE THE RATINGS UP/DOWN

Material improvements in Unibank's asset quality and/or loss-
absorption would be credit positive for the bank's BCA, as its
liquidity profile remains adequate.

Unibank's BCA could be downgraded if asset quality continues to
deteriorate, eroding the bank's capital cushion.  A material
weakening of the bank's market positions and/or of the Armenian
government's capacity to support the country's banks would also
negatively affect the bank's deposit ratings, which currently
include one notch of government support.

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


YAMAL-NENETS: S&P Affirms 'BB+' Issuer Credit Rating; Outlook Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit rating and its 'ruAA+' Russia national scale rating
on Russian region Yamal-Nenets Autonomous Okrug (YANAO).  The
outlook is negative.

RATIONALE

The long-term rating on YANAO reflects, and is capped by, the
'BB+' foreign currency long-term rating on the Russian Federation,
because S&P believes that Russian local and regional governments
(LRGs) cannot be rated above the sovereign.  This incorporates
S&P's view of Russia's volatile and unbalanced institutional
framework, in which Russian LRGs have very restricted revenue
autonomy and are unable to withstand possible negative
intervention from the federal government.

S&P assess the stand-alone credit profile (SACP) for YANAO at
'bbb-'.  The SACP is not a rating but a means of assessing an
LRG's intrinsic creditworthiness under the assumption that there
is no sovereign rating cap.

"The 'bbb-' SACP reflects our view of YANAO's average economy,
which enjoys very high wealth, but is subject to concentration and
has limited growth prospects.  We also factor into our SACP
assessment the region's strong liquidity, very low debt, and very
low contingent liabilities.  Average budgetary performance, which
is subject to volatility, and average budgetary flexibility, are
neutral for YANAO's creditworthiness.  The SACP is constrained by
our view of Russia's volatile and unbalanced institutional
framework and weak financial management in an international
context," S&P said.

"YANAO's economy is dominated by gas production, which underpins
very high wealth, but also leads to high economic and tax base
concentration and volatility.  YANAO holds about 70% of Russia's
total proven gas reserves, and the world's largest gas producer,
Gazprom, remains the main investor, employer, and taxpayer in the
region.  We expect that oil and gas production will continue to
make up over 50% of the region's gross regional product and about
40% of its budgeted revenues in 2016-2018.  At the same time, we
forecast that, over the next few years, the region's economic
growth prospects will be limited, mainly due to stagnating gas
output," S&P noted.

S&P views YANAO's budgetary performance as average compared with
that of peers, because S&P expects that, although operating
margins will remain strong and deficits after capital accounts
will be relatively small over the next three years, financial
indicators will be subject to market volatility.  Large
fluctuations in YANAO's tax revenues stem from its dependence on a
single taxpayer and from frequent changes in federal tax
legislation.  This is evidenced by an over 20% decline of
corporate profit tax -- the region's key revenue source -- in 2015
as a result of lower payments from Gazprom -- after a strong
recovery in this tax in 2014.

"We expect the region's operating margins will exceed 15% of
operating revenues in 2016-2018 while remaining on average below
the 20% seen in 2014, due to what we regard as only moderate tax
revenue growth (including CPI and personal income tax).  Growth in
tax revenues will likely be supported by the increase in the
property tax, after the cancellation of federally imposed tax
exemptions granted to infrastructure companies, and a broadening
of the tax base, thanks to the commissioning of new industrial
facilities in coming years," S&P said.

"In the next several years, deficits after capital accounts will
likely stay below 5% of total revenues, compared with more than
10% in 2011-2013.  In our view, YANAO might limit the deficits by
using its existing spending flexibility.  The large capital
spending program, which stood at over 25% of total expenditures in
2010-2015, provides YANAO with room to maneuver.  The region could
cut back or postpone some projects because its regional
infrastructure is in better shape than that of most Russian peers,
in our opinion.  YANAO used some of its flexibility in 2015 when
it reduced its capital spending program significantly after not
receiving the usual capital grant from Gazprom.  This, together
with containing operating costs, by our estimate, enabled the
region to post on almost balanced budget in 2015," S&P said.

"YANAO's tax-supported debt will likely modestly exceed 30% of
consolidated operating revenues until 2018, in our view.  This
modest debt burden is nevertheless counterbalanced by what we see
as its strong operating performance.  YANAO's direct debt
represents less than three years of its operating margin.  Apart
from direct debt, we include budget guarantees and the debt of
government-related entities into our assessment of the region's
tax-supported debt.  We also factor in its plans to provide a new
Russian ruble (RUB) 5 billion (about $65 million) guarantee to the
construction company it owns (which handles the region's program
for resettling inhabitants of dilapidated housing).  We regard
YANAO's contingent liabilities as very low, given the small size
of its sector of owned companies and the region's healthy
municipal government finances," S&P said.

S&P views YANAO's financial management as weak in an international
comparison, as S&P do for most Russian LRGs.  This primarily
reflects Russia's institutional framework, which limits regions'
ability to implement long-term planning and budgeting.  Recently,
however, YANAO's management has been more cautious in terms of
control over expenditures and debt management.

S&P might revise the SACP downward if it sees consistently larger
deficits after capital accounts than we currently forecast or if
YANAO's efforts to secure refinancing ahead of repayment put
pressure on its liquidity.

                              LIQUIDITY

S&P views YANAO's liquidity as strong.  In S&P's view, during the
next 12 months, the debt service coverage will be exceptional,
with average free cash covering more than 100% of debt service.
S&P forecasts that, for this period, YANAO's cash net of the
deficit after capital accounts adjusted for interest payments will
equal about RUB18.345 billion on average.  It will exceed the debt
service of about RUB15.9 billion due in the coming 12 months.

In 2016, debt service will likely peak at about 15% of operating
revenues because YANAO will have to repay RUB13.6 billion in bank
loans.  The region's refinancing plan includes the placement of a
RUB20 billion bond issue.

As for its Russian peers, S&P regards YANAO's access to external
liquidity as limited, given the weaknesses of the domestic capital
market and the banking system.

                              OUTLOOK

The negative outlook on YANAO mirrors that on Russia.  Any rating
action S&P takes on the sovereign would likely be followed by a
similar action on YANAO, as long as the region's intrinsic credit
characteristics remain aligned with S&P's base-case scenario.

S&P views a downside scenario as highly unlikely at this stage
because its SACP assessment is higher than its long-term rating on
YANAO.

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

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

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.

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

RATINGS LIST

                                  Rating           Rating
                                  To               From
Yamal-Nenets Autonomous Okrug
Issuer Credit Rating
  Foreign and Local Currency      BB+/Neg./--      BB+/Neg./--
  Russia National Scale           ruAA+/--/--      ruAA+/--/--



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


DECO 12 - UK: Fitch Raises Rating on Class C Notes to 'BBsf'
------------------------------------------------------------
Fitch Ratings has upgraded DECO 12 - UK 4 p.l.c's class C notes
due 2020 and affirmed the others, as follows:

  GBP174.0 million class A1 (XS0289644121) affirmed at 'BB+sf';
  Outlook Negative

  GBP113.6 million class A2 (XS0289644477) affirmed at 'BB+sf';
  Outlook Negative

  GBP34.6 million class B (XS0289644550) affirmed at 'BB+sf';
  Outlook Negative

  GBP27.7 million class C (XS0289644634) upgraded to 'BBsf' from
  'Bsf'; Outlook Stable

  GBP8.5 million class D (XS0289644717) affirmed at 'Dsf';
  Recovery Estimate (RE) 80%

  GBP0 million class E (XS0289644808) affirmed at 'Dsf'; RE 0%

  GBP0 million class F (XS0289644980) affirmed at 'Dsf'; RE 0%

The transaction is a securitization of originally 10 UK loans
originated by Deutsche Bank AG, with a cumulative balance of
GBP672.9m secured by 41 properties. Since closing in March 2007,
four loans have been repaid in full (Merry Hill, Quattro
Syndicate, Hiltongrove portfolio, Chesterton Commercial loan) and
another four loans have suffered losses (LMM, Industrial
Realisation, Group 7 loan and Borehamwood). The transaction is now
backed by two loans with a cumulative balance of GBP358.4 million.

KEY RATING DRIVERS

The affirmations reflect the stable performance of the Tesco loan.
The notes' ratings have been capped at Tesco plc's Issuer Default
Rating (IDR; BB+/Negative) given the reliance of collateral value
(and therefore proceeds) on lease income. The upgrade of the class
C notes reflects the higher than expected recovery from the now
resolved Borehamwood loan.

The performing Tesco loan accounts for 97% of the remaining
transaction balance. It is interest-only, due in January 2017 and
secured on 12 Tesco Superstores and four Tesco Extra format stores
across the UK, with a concentration in the South East. For its
analysis, Fitch assumes the retailer's leases run until 2026 (we
understand that a break option in December 2016 can be exercised
only if the borrower (a joint-venture controlled by Tesco)
simultaneously repays the loan in full.

Fitch downgraded Tesco plc to 'BB+'/Negative from 'BBB-'/Negative
in April 2015. The downgrade reflected a weakening outlook for the
group's near term profitability in its core UK operations relative
to our prior expectations as the company implements its wide-
ranging turnaround plan, which has started to support volume and
market share gains in the UK.

The GBP11.0 million Regent Capital loan has been cash-
collateralized since closing (it was originally a construction
development and has failed to let up). All interest and principal
amounts have been escrowed, although there is a risk of costs
absorbing a small proportion of the proceeds. While both vacant,
the two office buildings in county Durham that act as collateral
could make up for any shortfall. Given the small size of the loan,
Fitch expects any losses to be absorbed by the already 'Dsf' rated
class D notes.

RATING SENSITIVITIES

Any rating action on Tesco plc's IDR would result in a
corresponding action on the class A1, A2 and B notes. The class C
notes could also be negatively affected given the knock-on effect
on collateral value, or if the tenant is downgraded below 'BB'.

Fitch estimates 'Bsf' proceeds of GBP358.4 million.

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
pool and the transaction. 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 pool ahead of the transaction's initial
closing. The subsequent performance of the transaction 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.


MELTON RENEWABLE: Fitch Affirms 'BB' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Melton Renewable Energy UK PLC (MRE
UK)'s Long-term Issuer Default Rating (IDR) at 'BB' with Stable
Outlook and senior secured notes at 'BB'.

The affirmation reflects Fitch's expectations of positive free
cash flow generation, supported by dividend covenants restricting
net debt/ EBITDA to 3.25x. However, the company's size is limited
and last year's removal of the Climate Change Levy (CCL) exemption
for renewable generators and, in particular, lower UK wholesale
power prices will have a negative impact on EBITDA. Although MRE
UK has an option to redeem up to 10% of the senior secured notes
by February 2017, these factors will affect the cash build and
capacity to refinance the GBP171 million bond due in 2020.
Accordingly, faster deleveraging is necessary to reduce
refinancing risk and maintain the rating.

KEY RATING DRIVERS

Largely Supportive UK Regulation

Approximately 47% of MRE UK's revenues benefit from the renewables
obligation incentive scheme. The government has confirmed its
commitment to safeguarding existing incentive schemes and we
assume revenues will continue to receive the same level of support
until 2027. The majority of the group's support revenues,
renewables obligation certificates (ROC) Buy-Out, are indexed to
inflation. The smaller element, ROC Re-cycle, should increase as
long as the UK's renewable obligation (set by Department of Energy
and Climate Change annually) increases at a faster rate than the
increase in volume of renewable electricity generated. The
government announced last July its intention to discontinue the
CCL exemption for renewable electricity from August 2015. The move
was unexpected and the impact will be to lower revenues and EBITDA
of around GBP4.5 million or 10% in FY17.

Power Price Exposure

Around 41% of revenues are exposed to power prices. This could
lead to price volatility and have a substantial impact on cash
flows and the rating. Weak gas prices, coal prices and demand have
meant further continued weakness in UK wholesale baseload
electricity prices. Although MRE UK fixes its electricity selling
price up to 12 months forward for biomass output (currently up to
September 2016) and up to six months forward for landfill gas
output (currently to March 2016), these are only short-term
hedges. Latest forward electricity prices indicate low GBP30s per
MWh through FY20, versus around GBP50 previously. For every GBP1
fall in the power price, EBITDA falls by around GBP1 million.

Declining Output Based on Landfill

For landfill gas, which accounts for 35% of EBITDA, Fitch expects
output to show a gradual continuous decline of around 4% pa. For
the six months to September 2015, landfill gas output was 173 GWh,
a decrease of 7.7% year-on-year, as a result of a general
reduction in output from its closed sites and gas collection
issues at two large sites, Whinney Hill & Cathkin, due to high
leachate and delays in getting gas infrastructure deployed. At the
group level, Fitch expects the decline in landfill to be largely
offset by good availability and output from biomass in FY16.

Refinancing Risk

The GBP171 million bond matures in February 2020. Lower wholesale
prices add risk to the refinancing process. However, MRE UK
redeemed 10% of the senior secured notes at a cost of GBP19
million in August 2015. It has an option to pay down a further 10%
at any time between February 2016 and February 2017, potentially
lowering debt to GBP154 million. Given that regulatory change was
a trigger for the August 2015 repayment, Fitch believes that the
fall in wholesale prices may have a similar effect. Fitch would
therefore expect the company to proceed with a further bond
redemption, lowering refinancing risk. However, MRE UK currently
has no such plans but will keep this under review.

KEY ASSUMPTIONS

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

-- In view of slight shortfalls for FY14 & FY15 and expected
    difficulties in landfill in FY16, slightly lower output
    figures from FY17.

-- Substantially lower UK baseload forwards versus previous
    expectations. These are currently in the low GBP30's (winter
    GBP45/MWh, summer GBP33/MWh FY17, winter and summer low
    thirties from FY18).

-- Biomass output is sold forward at GBP43.40 until September
    2016, landfill at an average GBP43.60/MWh until March 2016.
    After these dates, output is sold at UK forwards above, with
    a substantial impact on EBITDA.

-- Dividends are assumed at the highest level permitted by a
    covenant that prevents net debt/EBITDA increasing above 3.25x
    prior to the date that is three years from the bond issue and
    2.5x thereafter.

RATING SENSITIVITIES

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

-- Increased wholesale electricity prices or output above
    Fitch's expectations leading to FFO gross adjusted leverage
    sustainably below 2.5x and FFO gross interest cover
    sustainably above 4.0x.

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

-- Lower wholesale electricity prices or output below Fitch's
    expectations leading to FFO adjusted net leverage sustainably
    above 4.0x and FFO gross interest cover sustainably below
    2.5x.

-- Any further changes to the regulatory framework with a
    material impact on profitability and cash flow.

LIQUIDITY

MRE UK's cash position in September 2015 was GBP10.9 million.
Following the partial redemption of the senior secured bond in
August 2015, the company's debt comprises GBP171 million senior
secured notes due February 2020 and a subordinated shareholder
loan of GBP126.1 million. Fitch excluded the shareholder loan,
which is subordinated to all current and future indebtedness of
the company and due to be repaid no earlier than February 2021,
from the Restricted Group's IDR perimeter in our analysis. MRE UK
also has access to the GBP20 million RCF due in 2019. In view of
moderately low capex and working capital requirements, Fitch
expects MRE UK to be substantially free cash flow positive.


* UK: Steel Industry Faces Risk of Impending Collapse
-----------------------------------------------------
Alan Tovey at The Daily Telegraph reports that the steel industry
in Britain and Europe faces a "significant and impending risk of
collapse", business ministers have warned in a letter to European
Commissioners demanding action to save steel makers.

Ministers including Sajid Javid, the UK Business Secretary, and
his counterparts from France, Italy, Germany and Poland have
written to the EC spelling out the dangers that imports of
subsidized Chinese steel pose to the industry, and calling for the
rapid introduction of anti-dumping measures, The Daily Telegraph
relates.

The letter, seen by The Daily Telegraph, appeals for the
Commission to "use every means available and take strong action".
According to The Daily Telegraph, the letter said the EU "cannot
remain passive when rising job losses and steelworks closures show
there is a significant and impending risk of collapse in the
European steel sector".

Britain's steel industry is in the grip of an unprecedented
crisis, with the loss of more than 5,000 jobs since the summer,
The Daily Telegraph relays.  UK producers say they cannot compete
with cheap steel from China flooding the market, The Daily
Telegraph discloses.  They also claim to have been harder hit than
European rivals because of higher costs and taxes, The Daily
Telegraph notes.

In the letter, ministers call for the EC to speed up
investigations before they introduce anti-dumping measures that
put a tariff on subsidized steel imports which allow non-EU
producers to run at a loss, The Daily Telegraph relates.

According to The Daily Telegraph, ministers also use the letter to
call for European-level support for energy intensive industries
such as steelmaking, giving relief on carbon taxes to the most
efficient plants, and aid to help develop new steel processes and
technologies.



===============
X X X X X X X X
===============


* More Restructuring Activity Expected in Shipping Industry
-----------------------------------------------------------
According to Bloomberg News, Jamie O'Connell, a partner at the
restructuring and special situations group at PJT Partners Inc.,
said a decline in the Baltic Dry Index -- a gauge of supply and
demand for moving commodities by sea on bulk carriers -- may
portend more restructuring activity in the shipping industry.

Mr. O Connell told Bloomberg Brief's Aleksandrs "On the supply
side a number of financial institutions have previously invested
in new ships.  We also have China adding to supply but
experiencing a huge slowdown in demand. Indeed, on
the demand side we have seen a significant slowdown in the
movement of commodities.  The dry bulk sector is where you see the
transportation of commodities, so it really affects this sector.
We have worked in this sector for a number of years and it is the
most dire that it has been."

When asked if he expects more restructurings of shipbuilders or
shipping companies, Mr. O'Connell said, "We continue to see
restructurings of both.  A recent example is Eagle Bulk, which
went through a Chapter 11 process in 2014 and equitized a
significant amount of its debt.  Its remaining debt has issues,
and the lenders are currently forbearing on exercising remedies.
That's an example where the company was able to use
Chapter 11 to delever and improve its balance sheet dramatically,
but then rates continued to fall and the company once again finds
the need to restructure.  A combination of excess supply and
declining demand has put pressure on charter rates."

"We are seeing a number of foreign dry bulk operators go through
insolvency proceedings abroad.  Several large dry bulk operators
have gone through Ch. 11 processes already.  We have seen that in
the container ship sector and tanker sector as well."


                            *********

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-
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Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
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Copyright 2016.  All rights reserved.  ISSN 1529-2754.

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                 * * * End of Transmission * * *