TCREUR_Public/160218.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 18, 2016, Vol. 17, No. 034



AIR MEDITERRANEE: Failure to Find Buyers Prompts Liquidation
GIE PSA TRESORERIE: Fitch Assigns 'BB' LT Issuer Default Rating


DECO 15 - PAN EUROPE: S&P Affirms 'D' Rating on Class G Notes
MAPLE BANK: Seeks U.S. Recognition of German Proceeding
MAPLE BANK: U.S. Chapter 15 Case Summary
MAPLE BANK: Bafin Declares Bank An Indemnification Case


LISBURN GLASS: In Administration, 30 Jobs Affected
TITAN EUROPE 2006-5: S&P Lowers Rating on Cl. A1 Notes to 'D'


POPOLARE DI MILANO: S&P Affirms BB-/B Counterparty Credit Ratings
CERVED GROUP: S&P Affirms 'BB-' CCR Then Withdraws Ratings


V&D: 8,000 Jobs at Risk After Rescue Talks Fail
WOOD STREET III: Moody's Raises Rating on Class D Notes to Ba2


CARGOLINK AS: Rail Freight Operator Files For Insolvency


INTERAGRO SA: Agribusiness Holding Goes Into Insolvency


BANKIA SA: To Compensate Retail Investors in Ill-Fated 2011 IPO
PARQUES REUNIDOS: S&P Puts 'B-' CCR on CreditWatch Negative


SWISSPORT GROUP: Moody's Assigns B3 CFR & Rates EUR660MM Loan B1


TK KREDIT: Ukraine National Bank declares bank insolvent

U N I T E D   K I N G D O M

ASCENTIAL: S&P Raises CCR to 'B+', Outlook Positive
BRIDGE HOLDCO: S&P Puts 'B-' CCR on CreditWatch Positive
FORCE TWO: Fitch to Withdraw 'CC' Rating on Class D Notes
MET STEEL: In Administration, Grant Thornton Reviews Affairs
NEWDAY PARTNERSHIP: Fitch Affirms 'Bsf' Rating on Series F Notes

PARAGON OFFSHORE: Taps KCC as Claims and Noticing Agent
RESLOC UK 2007-1: Fitch Affirms 'Bsf' Rating on Class E1b Notes
TURBO FINANCE: Moody's Assigns Ba1 Rating to Class C Notes



AIR MEDITERRANEE: Failure to Find Buyers Prompts Liquidation
Alan Dron at Air Transport World reports that Air Mediterranee
has gone into liquidation, after no new buyers materialized to
save it.

The airline was placed in administration in January 2015 after
several years of financial losses, in the hope that a purchaser
would emerge, ATW relates.

According to ATW, Tarbes Commercial Court set a deadline of
Feb. 15 for potential buyers to lodge bids, but none appeared.
It is understood there were two possible buyers, a French
investment company and an Algerian businessman, but neither came
forward with an offer, ATW discloses.

A short message on the airline's website said the carrier had
been placed in liquidation and that refunds to passengers for
future flights would be made as soon as possible, ATW notes.

The president of the Commercial Court, Jean Baseilhac, said
everything possible had been done to extend the deadline for bids
and that it was "very unfortunate" that none had been received,
ATW relays, citing French media reports.

Air Mediterranee is a French low-cost carrier.  It is based at
Tarbes-Lourdes-Pyrenees Airport in southwest France.

GIE PSA TRESORERIE: Fitch Assigns 'BB' LT Issuer Default Rating
Fitch Ratings has assigned GIE PSA Tresorerie a Long-term Issuer
Default Rating (IDR) of 'BB', in line with the entity's ultimate
parent, Peugeot S.A. (PSA; BB/Stable). The Outlook on the Long-
term IDR is Stable.


GIE PSA Tresorerie is jointly owned by PSA and its subsidiaries
Peugeot Citroen Automobiles S.A., Automobiles Peugeot S.A. and
Automobiles Citroen S.A, all members of the GIE group. The entity
acts as the group's cash pooling and treasury service provider,
and is a guarantor to bonds issued by PSA under their EUR5
billion EMTN program. It does not carry out operating activities
in its own right. Due to strong legal, operational and strategic
ties the rating of GIE PSA Tresorerie is equalized with that of
the parent, PSA.


The ratings are driven by that of PSA, the rating sensitivities
of which are as follows:

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

-- Larger scale and further diversification in sales, combined
    with a track record of:

-- Automotive operating margins above 3% (2014: 0.2%, 2015E:
    3.2%, 2016E: 2.9%)

-- Free cash flow (FCF) margin above 1.5% (2014: 1.8%, 2015E:
    1.8%, 2016E: 1.5%)

-- Funds from operations (FFO) adjusted net leverage below 1x
    (2014: 1.6x, 2015E: 0.7x, 2016E: 0.1x)

-- Cash flow from operations (CFO)/adjusted debt above 40%
    (2014: 28%, 2015E: 46%, 2016E: 53%)

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

-- Automotive operating margins below 2%

-- FCF margin below 1%

-- FFO adjusted net leverage above 2x

-- CFO/adjusted debt below 25%


DECO 15 - PAN EUROPE: S&P Affirms 'D' Rating on Class G Notes
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes in DECO 15 - Pan Europe 6 Ltd.

The affirmations follow the repayment of the Mansford OBI loan on
the Jan 2016 interest payment date (IPD) and S&P's review of the
two remaining loans in this transaction in light of the
approaching legal final maturity date in April 2018.

DECO 15 - Pan Europe 6 closed in 2007, with notes totaling
EUR1.445 billion.  The original 10 loans were secured on
commercial properties in Germany, Switzerland, and Austria.

                      MAIN (84% OF THE POOL)

The whole loan and securitized balance is EUR63.0 million.  The
loan transferred to special servicing in July 2011 after failing
to fully repay at maturity.

The loan is currently secured by 31 predominantly retail
properties in Germany, anchored by retail tenants such as TOOM,
Netto, and Kaufland.  Approximately 55% of the assets are in
western Germany and 45% in eastern Germany.

As of the October 2015 servicer report, the reported securitized
loan-to-value (LTV) ratio was 131.4%, based on a November 2014
valuation of EUR49.4 million.

S&P has assumed principal losses in its 'B' rating stress

                      PLUS (14% OF THE POOL)

The whole loan and securitized balance is EUR11.8 million.  The
loan transferred to special servicing in January 2012 after
failing to fully repay at maturity.

Five retail properties in Brandenburg and Mecklenburg-Western
Pomerania secure the loan.  The major tenant, Plus, a discount
supermarket chain, contributes 59% of rental income.

As of the October 2015 servicer report, the reported securitized
LTV ratio was 147.9%, based on a May 2015 valuation of EUR8.0

S&P has assumed principal losses in its 'B' rating stress

                        INTEREST SHORTFALLS

The class D to G notes have experienced interest shortfalls in
the past but are current as of the January 2016 IPD.

With only two loans remaining, there is a potential risk of cash
flow disruption for all classes of notes.  This is due to spread
compression between the loan and the notes combined with periods
where there are higher than normal transaction expenses.
Together, these factors mean that there may be insufficient funds
to meet all interest payments due on the notes.

                         RATING RATIONALE

S&P's ratings address timely payment of interest, payable
quarterly in arrears, and payment of principal not later than the
legal final maturity date in April 2018.

Although S&P considers the available credit enhancement for the
class D and E notes to be sufficient to mitigate the risk of
losses from the underlying loans in higher stress scenarios, the
transaction's legal final maturity date is 26 months away.  The
transaction is exposed to timing risk relating to the repayment
of principal not later than the legal final maturity date.
Additionally, these classes of notes are vulnerable to cash flow
disruptions, in S&P's view.  Therefore, in accordance with S&P's
credit stability criteria and its European commercial mortgage-
backed securities (CMBS) criteria, S&P has affirmed its 'B- (sf)'
ratings on the class D and E notes.

S&P continues to believe that the repayment of the class F notes
depends on favorable economic conditions.  Therefore, in line
with S&P's criteria for assigning 'CCC' category ratings, it has
affirmed its 'CCC- (sf)' rating on the class F notes.

In accordance with S&P's criteria, it has affirmed its 'D (sf)'
rating on the class G notes.  This class of notes has experienced
interest shortfalls in the past and a nonaccruing interest amount
has been allocated to these notes.


DECO 15 - Pan Europe 6 Ltd.
EUR1.445 bil commercial mortgage-backed floating-rate notes

                                Rating         Rating
Class     Identifier            To             From
D         233180AG3             B- (sf)        B- (sf)
E         233180AH1             B- (sf)        B- (sf)
F         233180AJ7             CCC- (sf)      CCC- (sf)
G         233180AK4             D (sf)         D (sf)

MAPLE BANK: Seeks U.S. Recognition of German Proceeding
Maple Bank GmbH, through Dr. Michael C. Frege, in his capacity as
duly appointed insolvency administrator and putative foreign
representative, had filed a Chapter 15 petition in the U.S.
Bankruptcy Court for the Southern District of New York seeking
recognition in the United States of an insolvency proceeding
currently pending in Germany.

Germany's Federal Supervisory Authority, Bundesanstalt fur
Finanzdienstleistungsaufsicht ("BaFin") filed on Feb. 10, 2016,
an application for the opening of insolvency proceedings with the
insolvency court at the Frankfurt am Main Lower District Court
(Amtsgericht Frankfurt am Main).  The Application followed
BaFin's issuance on February 6 of a moratorium under Section 46a
of the German Banking Act (Kreditwesengesetz), which resulted to
Maple Bank's inability to undertake its normal business

According to a document filed with the Court, the February 6
Order is the culmination of an investigation by German
authorities focusing on selected trading activities by Maple
Bank, and certain of its current and former employees, during
taxation years 2006 through 2010.  The German authorities have
alleged that these trading activities violated German tax laws
and are seeking to hold Maple Bank liable for alleged tax
liabilities of up to EUR392 million.

Maple Bank has branches in Toronto, Canada and Den Haag,
Netherlands, which are subject to German and local banking
regulation (including Canada's Office of the Superintendent of
Financial Institutions (OSFI) and the Dutch Imperial Bank
(Rijksbank), and operates regulated broker-dealer subsidiaries in
London, England; Jersey City, New Jersey, U.S.A. and Toronto,
Ontario, Canada.  Maple Bank has no offices or employees in the

The Petitioner believes that the German Proceeding can be
completed most efficiently if he is entrusted with the
administration, realization and distribution of any assets in the
U.S. in accordance with the German Proceeding and the German
Insolvency Act.  As Maple Bank's duly appointed Insolvency
Administrator, the Petitioner immediately assumes possession and
management of the assets belonging to the insolvency estate
pursuant to Section 148 of the German Insolvency Act.

The majority of Maple Bank's assets in the U.S. are located in
New York.  Currently, Maple Bank has a bank account with Deutsche
Bank Trust Company in New York, New York that holds cash
deposits.  Additionally, Maple Bank has a separate United States
bank account with BMO Harris Bank N.A. holding cash deposits and
is the sole shareholder of United States subsidiaries
incorporated under Delaware law.

Court document shows that Maple Bank owns assets with a net book
value of approximately EUR2.6 billion as of Feb. 10, 2016, of
which approximately EUR1.8 billion is located within Germany.

Aside from BaFin, Maple Bank has been subject to the regulation
and control of the German Federal Reserve Bank and is a member of
the Association of German Banks and the Auditing Association of
German Banks.

The Chapter 15 case is under (Bankr. S.D.N.Y. Case No. 16-10336).

Dentons US LLP serves as the Petitioner's counsel.  CMS Hasche
Sigle acts as the German counsel to the Petitioner.

MAPLE BANK: U.S. Chapter 15 Case Summary
Chapter 15 Petitioner: Dr. Michael C. Frege

Chapter 15 Debtor: Maple Bank GmbH
                   Neue Mainzer Strae 2-4 60311

Chapter 15 Case No.: 16-10336

Type of Business: Foreign commercial bank

Chapter 15 Petition Date: February 15, 2016

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Chapter 15 Petitioner's    David Farrington Yates, Esq.
Counsel:                   DENTONS US LLP
                           1221 Avenue of the Americas
                           24th Floor
                           New York, NY 10020
                           Tel: (212) 768-6700
                           Fax: (212) 768-6800

Estimated Assets: Unknown

Estimated Debts: Unknown

MAPLE BANK: Bafin Declares Bank An Indemnification Case
Georgina Prodhan at Reuters reports that German financial
watchdog Bafin declared Maple Bank GmbH to be an indemnification
case, meaning that deposits of up to EUR60 million ($68 million)
per client will be covered by Germany's banking association's
guarantee fund.

Insolvency proceedings have been started for the German unit of
Canada's Maple Financial, whose operations Bafin closed on Feb. 7
on impending financial over-indebtedness related to tax-evasion

In September, German prosecutors searched offices and residences
linked to Maple Bank in a probe of serious tax evasion and money-
laundering connected to so-called dividend-stripping trades,
Reuters recalls.

Reuters says the trades involve buying a stock just before losing
rights to a dividend, then selling it, taking advantage of a now-
closed legal loophole that allowed both buyer and seller to
reclaim capital gains tax.

According to Reuters, Bafin said on Feb. 12 it had established
that Maple Bank was no longer in a position to pay back all its
customers' deposits, and that the guarantee fund would soon
contact the bank's creditors.

Deposits of up to EUR100,000 are safeguarded by Germany's
deposits protection scheme. Reuters adds that Bafin said in
exceptional circumstances this could be raised to EUR500,000.

According to Reuters, German daily Sueddeutsche Zeitung has
reported that Frankfurt prosecutors allege that Maple Bank and
its business partners have deprived German taxpayers of about
EUR450 million ($508 million).

The bank, which shot to fame in Germany in 2008 when it helped
Porsche in its failed takeover attempt of Volkswagen, has an
equity capital of just EUR300 million, Reuters states.

Bafin has said the lender, with EUR5 billion in assets, poses no
threat to Germany's financial stability, adds Reuters.

Maple Bank GmbH is based in Frankfurt.


LISBURN GLASS: In Administration, 30 Jobs Affected
John Mulgrew at Belfast Telegraph reports that Lisburn Glass
Group Limited has been placed into administration, with Gareth
Latimer -- -- and Stephen Tennant -- -- of Grant Thornton appointed joint

According to Belfast Telegraph, the company, which had employed
around 30 staff, has now ceased trading, with all jobs lost.

"We have been working with the directors since the start of the
year and reviewed the options available but creditor pressure has
increased leaving the directors with no alternative but to seek
the protection of an Administration appointment," Belfast
Telegraph quotes Mr. Latimer as saying.

"The business has ceased trading and all employees have been made
redundant.  We will be carrying out a sales process in order to
maximise value for creditors".

Lisburn Glass Group Limited, which had traded for more than 40
years, was based at Blaris Industrial Estate, Altona Road.

TITAN EUROPE 2006-5: S&P Lowers Rating on Cl. A1 Notes to 'D'
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CCC (sf)' its credit rating on Titan Europe 2006-5 PLC's class
A1 notes.  At the same time, S&P has affirmed its 'D (sf)'
ratings on the class A2, A3, B, C, D, E, and F notes.

The rating actions follow the issuer's failure to pay interest
due on the class A1 notes on the January 2016 interest payment
date (IPD).

Four loans remain in the pool, but only two paid interest on the
January 2016 IPD.  The issuer collected only EUR2.4 million in
borrower interest collections, which is significantly below the
EUR6.8 million in interest due on the notes.

As a result, the issuer did not have sufficient interest
collections on the January 2016 IPD to pay prior-ranking expenses
and note interest.  Furthermore, the available collections were
only sufficient to partially pay the swap provider.

As a result of the failure of the class A1 notes to receive full
interest due on the January 2015 IPD, a note event of default
occurred.  Following the note event of default, the trustee
delivered a note enforcement notice declaring the notes to be due
and repayable.

The note enforcement notice also triggered a liquidity facility
default.  As such, amounts owed to the liquidity facility will be
payable before any interest and principal due under the notes,
until such time as the facility is repaid.  Currently, EUR17.5
million is due and payable to the liquidity facility provider.

S&P's ratings address the timely payment of interest quarterly in
arrears, and the payment of principal no later than the legal
final maturity date in July 2019.

The class A1 notes have suffered an interest shortfall.  S&P do
not expect accrued interest on the class A1 notes to be repaid in
the near term.

In accordance with S&P's interest shortfall criteria, it has
lowered to 'D (sf)' from 'CCC (sf)' its rating on the class A1

At the same time, S&P has affirmed its 'D (sf)' ratings on the
class A2, A3, B, C, D, E, and F notes following continued
interest shortfalls on the January 2016 IPD.

Titan Europe 2006-5 is a European commercial mortgage-backed
securities (CMBS) transaction, currently backed by four loans.
The transaction closed in December 2006 and is scheduled to
mature in July 2019.


POPOLARE DI MILANO: S&P Affirms BB-/B Counterparty Credit Ratings
Standard & Poor's Rating Services said it affirmed its 'BB-/B'
long- and short-term counterparty credit ratings on Italy-based
Banca Popolare di Milano (BPM) and its subsidiary Banca Akros.
S&P then withdrew the ratings at the issuer's request.  S&P also
withdrew the issue ratings on the bank's senior, subordinated,
and hybrid debt.

The affirmation reflects S&P's expectation the BPM's sound
franchise in the wealthy northern regions of Italy, particularly
Lombardy, will continue to support the bank's performance.  S&P
also believes that the bank's corporate governance -- which is
weaker than peers -- is likely to improve further once the bank
has completed its announced transformation into a joint-stock
company, expected by June 2016.  In addition, the affirmation
also reflects S&P's view that BPM's projected preprovisioning
income will be enough to absorb the expected credit losses and
support its organic generation.  BPM's management has recently
confirmed they are exploring a potential merger with other
Italian banks and press reports indicate they might conclude a
deal in the coming weeks.  That said, S&P's assessment does not
factor in any potential merger, and solely reflects its view of
BPM's stand-alone creditworthiness.

At the time of the withdrawal, the stable outlook reflected S&P's
expectation that, over the next two years, BPM's stock of
nonperforming assets would gradually stabilize and its risk-
adjusted capital ratio would moderately improve to about 6.2% in
2016 -- compared with 5.7% in 2014 -- mainly due to decreasing
credit losses.

CERVED GROUP: S&P Affirms 'BB-' CCR Then Withdraws Ratings
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Italian-based information services
provider Cerved Group S.p.A.  Subsequently, S&P withdrew its
ratings on Cerved and its debt, at the issuer's request.

In January 2016, Cerved refinanced its EUR300 million senior
secured fixed-rate notes, which we rated 'BB-', with a recovery
rating of '4'.  It also refinanced its EUR230 million
subordinated notes, which S&P rated 'B', with a recovery rating
of '6'.  All of the company's rated obligations have been
satisfied and, as such, S&P has withdrawn all of its ratings at
the issuer's request.

At the time of the withdrawal, the rating was supported by
Cerved's leading position in the credit information services
sector in Italy and the company's stable generation of positive
free operating cash flows.  The rating was constrained by
Cerved's relative small operational scale, compared with its
global peers, and its weaker geographic diversification.

S&P revised its view of Cerved's financial policy to neutral from
negative before the withdrawal, because its former financial-
sponsor owner, private equity firm CVC Capital Partners, sold its
stake in Cerved to the market.


V&D: 8,000 Jobs at Risk After Rescue Talks Fail
----------------------------------------------- reports that talks on restarting bankrupt department
store group V&D ended on Feb. 16 after negotiations between the
receivers and retail investor Roland Kahn ended without result.

According to, the failure to relaunch the company
ends V&D's 130-year history and puts some 8,000 people out of a
job.  The receivers said in a statement that it had been
"impossible to solve the puzzle involving potential buyers,
landlords and banks" and the company would now be dismantled, relates.

The talks ran into trouble on Feb. 15 when it emerged the owners
of 15 of the 45 properties, which Mr. Kahn wanted to take over
refused to back the deal, relays.

The Volkskrant, as cited by, said in addition, the
banks had not reached agreement with Kahn over the financing.

V&D was declared bankrupt at the end of 2015 after its owner,
private equity group Sun Capitol refused to put any more money
into the company, recounts.

WOOD STREET III: Moody's Raises Rating on Class D Notes to Ba2
Moody's Investors Service has taken a variety of rating actions
on these notes issued by Wood Street CLO III B.V.:

  EUR137.5 mil. (currently outstanding EUR34.4 mil.) Class A-1
   Senior Secured Floating Rate Notes due 2022, Affirmed
   Aaa (sf); previously on Nov. 21, 2014, Affirmed Aaa (sf)

  EUR187 mil. (currently outstanding EUR46.8 mil.) Class A-2A
   Senior Secured Floating Rate Notes due 2022, Affirmed
   Aaa (sf); previously on Nov. 21, 2014, Affirmed Aaa (sf)

  EUR33 mil. (currently outstanding EUR8.3 mil.) Class A-2B
   Senior Secured Floating Rate Notes due 2022, Affirmed
   Aaa (sf); previously on Nov 21, 2014, Affirmed Aaa (sf)

  EUR49.5 mil. Class B Senior Secured Floating Rate Notes due
   2022, Upgraded to Aaa (sf); previously on Nov. 21, 2014,
   Upgraded to Aa1 (sf)

  EUR44 mil. Class C Senior Secured Deferrable Floating Rate
   Notes due 2022, Upgraded to A1 (sf); previously on Nov. 21,
   2014, Upgraded to Baa1 (sf)

  EUR24.75 mil. Class D Senior Secured Deferrable Floating Rate
   Notes due 2022, Upgraded to Ba2 (sf); previously on Nov. 21,
   2014, Affirmed Ba3 (sf)

  EUR16.5 mil. (currently outstanding EUR7.4 mil.) Class E
   Senior Secured Deferrable Floating Rate Notes due 2022,
   Upgraded to Ba3 (sf); previously on Nov. 21, 2014, Affirmed
   B1 (sf)

  EUR6 mil. Class W Combination Notes due 2022, Upgraded to
   Aa3 (sf); previously on Nov. 21, 2014, Upgraded to A3 (sf)

Wood Street CLO III B.V., issued in June 2006, is a
collateralized Loan Obligation backed by a portfolio of mostly
high yield European loans.  The portfolio is managed by Alcentra
Limited. This transaction exited its reinvestment period in
August 2012.  It is predominantly composed of senior secured

                         RATINGS RATIONALE

The rating actions on the notes are primarily a result of
deleveraging of the senior notes and subsequent improvement of
over-collateralization ratios.  Classes A-1, A-2A and A-2B notes
have paid down in total by EUR 89.1 mil. since the last rating
action in November 2014.  Moody's notes that Class E notes have
paid down by EUR 6.5 mil. in February 2015 following the Class E
OC test breach and the consequent activation of its turbo
repayment feature.  The Class E OC test is now back in

As a result of the deleveraging, over-collateralization has
increased.  As per the latest trustee report dated January 2016,
the Classes A/B, C, D and E overcollateralization ratios are
reported at 168.45% 127.95%, 112.71% and 108.85% respectively,
compared to 145.43%, 121.92%, 111.75% and 106.74% in the October
2014 report.

The rating on the combination notes address the repayment of the
rated balance on or before the legal final maturity.  For Class
W, 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 0.25% 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.
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 EUR252.6
million, defaulted par of EUR4.1 million, a weighted average
default probability of 26.66% (consistent with a WARF of 3757), a
weighted average recovery rate upon default of 46.17% for a Aaa
liability target rating, a diversity score of 19 and a weighted
average spread of 4.28%.

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

Methodology Underlying the Rating Action:

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

Factors that would lead to an upgrade or downgrade of the

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate in
the portfolio.  Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
were within two notches of the base-case result.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) 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
   liquidation agent/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

Around 19.6% of the collateral pool consists of debt obligations
   whose credit quality Moody's has assessed by using credit
   estimates.  As part of its base case, Moody's has stressed
   large concentrations of single obligors bearing a credit
   estimate as described in "Updated Approach to the Usage of
   Credit Estimates in Rated Transactions," published in October
   2009 and available at:

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

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

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.


CARGOLINK AS: Rail Freight Operator Files For Insolvency
Keith Barrow at International Railway Journal reports that
Norwegian open-access rail freight operator Cargolink ceased
operations on February 11 after the company's board decided to
file for insolvency.

According to the report, Cargolink said it has struggled
financially in the face of "challenging competitive conditions."

The report relates that the company employed 70 staff and the NLF
train driver's union has said it will help drivers at Cargolink
and Train Link to find alternative employment.

Other railfreight operators are expected to take over Cargolink's
business, International Railway Journal says.

Founded in 2008, Cargolink operated freight trains across Norway,
including regular intermodal services from the terminal at
Alnabru in Oslo to Bergen, Trondheim, Stavanger and Andalsnes.


INTERAGRO SA: Agribusiness Holding Goes Into Insolvency
UkrAgroConsult reports that InterAgro SA and InterAgro SRL, some
of the largest agribusiness companies in Romania and the two
holding companies of InterAgro Group, went into insolvency in the
first week of February, multiple Court decisions showed. The two
insolvencies were requested by several of InterAgro's lenders.
Among the lenders are banks, suppliers and business partners.

UkrAgroConsult relates that the insolvency for the two holding
companies of InterAgro came several months after other businesses
that are part of the group went into the same direction.

Amurco, Ga-Pro-Co and Nitroporos, three of the six fertilizer
plants of InterAgro, went into insolvency last year and Bio Fuel,
the group's ethanol plant is also insolvent, the report notes.

UkrAgroConsult notes that the insolvency spree started several
months before Ioan Niculae, the founder and president of
InterAgro, was sentenced to two and a half years in jail on
bribery charges.

Ioan Niculae is considered to be one of the richest entrepreneurs
in Romania, the report states.

InterAgro SA and InterAgro SRL are the core of InterAgro Groups
operations in Romania. The Group has activities that span from
agricultural production, to grain and oilseeds trading, food
processing and fertilizer production and trade.


BANKIA SA: To Compensate Retail Investors in Ill-Fated 2011 IPO
Ian Mount at The Financial Times reports that the nationalized
Spanish lender Bankia will compensate in full thousands of retail
investors who participated in the bank's ill-fated initial public
offering in 2011.

According to the FT, small investors who bought shares in the
public offering will receive 100% of their investment, plus 1%
annual interest.  The bank, as cited by the Ft, said those who
have already sold the shares will be compensated for their loss,
if any, plus interest.  Bankia estimates that retail investors
put EUR1.855 billion into the IPO, the FT discloses.

This move comes as Bankia attempts to restructure after its
controversial flotation and subsequent collapse and bailout,
which came to symbolize Spain's banking crisis and saw the fall
of Rodrigo Rato, the former Spanish economy minister and later
International Monetary Fund head who was chairman of Bankia
during its IPO, the FT relays.

After bailing out Bankia with an injection of EUR22 billion, the
Spanish state now owns 64% of the lender, the FT notes.

A wave of small investors had already begun filing claims asking
for compensation for investments wiped out by the bailout, and
Bankia has lost more than 90% of the cases, the FT relates.

Bankia appealed two of these lower court rulings to Spain's
Supreme Court, the FT recounts.  But in January, the Supreme
Court upheld the two lower court rulings on the basis that
Bankia's offering documents had contained "serious inaccuracies",
according to the FT.

Jose Sevilla, Bankia chief executive, has estimated that the bank
would incur EUR500 million in legal costs if it were to fight all
the lawsuits, the FT discloses.

Bankia, the FT says, will open the compensation process today,
Feb. 18, and it will last for three months.

Bankia SA is a Spanish banking conglomerate that was formed in
December 2010, consolidating the operations of seven regional
savings banks.  As of 2012, Bankia is the fourth largest bank of
Spain with 12 million customers.

PARQUES REUNIDOS: S&P Puts 'B-' CCR on CreditWatch Negative
Standard & Poor's Ratings Services said that it has placed its
'B-' long-term corporate credit rating on Spain-based Parques
Reunidos Centrales S.A.U. on CreditWatch with negative
implications.  S&P also placed related debt ratings on
CreditWatch negative.

The CreditWatch placement reflects S&P's opinion that Parques
Reunidos faces meaningful refinancing risk over the next year,
which is exacerbated by the current challenging market
conditions. In S&P's view, this refinancing risk overshadows the
company's improving fundamentals, as strengthening discretionary
spending by consumers in Spain and the U.S. is helping to reduce
financial leverage.

About one-third of Parques Reunidos' debt, comprising $430
million of bonds at its U.S. subsidiary Palace Entertainment
Holdings Corp., matures on April 15, 2017.  S&P understands that
the company is actively discussing various refinancing options
with banks and investors, and that it is committed to executing
one of these options by the end of May 2016.  However, this plan
faces execution risks, in S&P's view, because debt and equity
markets are likely to remain volatile and could effectively close
for Parques Reunidos in the coming months.

In addition, the company's $120 million revolving credit facility
matures in less than one year, on Jan. 15, 2017.  S&P sees the
renewal of this facility as an additional risk factor, since
Parques Reunidos' material seasonal working capital requirements
peak in the first quarter of the calendar year.  S&P does not
include the facility in its liquidity analysis as a source of
funds because it expires in less than one year.

The rating action stems specifically from Parques Reunidos' near-
term refinancing risk, and not its underlying fundamentals, which
S&P sees as improving.  The 15% increase in reported EBITDA in
financial-year 2015 (ending Sept. 30) builds on a 17% improvement
in financial 2014, and results from strong organic growth from
supportive discretionary spending trends in the U.S. and Spain,
as well as expansion capital expenditure (capex) in previous
years resulting in three new water parks opening in 2015.  If the
company is able to continue this trend while reducing its high
seasonality, for example, by expanding its indoor activities, S&P
sees the possibility that it could take positive rating action on
Parques Reunidos over the next year or two -- assuming that the
refinancing is successful and Parques Reunidos' owners do not
adopt a more aggressive financial policy.

S&P understands that current private equity owner Arle Capital is
looking to exit its investment in Parques Reunidos.  Resolution
of the ownership question would further support S&P's view of the
company's creditworthiness, and could result in upward rating
pressure if the new owners adopt a less aggressive financial

S&P's view of Parques Reunidos' weak business risk profile
continues to reflect its highly seasonal operations (about 95% of
EBITDA generated in the summer months), and its meaningful
exposure to event risks (mainly related to weather, safety, and
epidemics).  Supporting the business risk profile are the
company's diversified portfolio (55 parks located in 12
countries), its strong market position, and relatively high
barriers to entry.

S&P continues to assess Parques Reunidos' financial risk profile
as highly leveraged, given its high Standard & Poor's-adjusted
leverage metrics and the financial policy of its private equity
owners, which S&P considers aggressive.

In S&P's base case, it assumes:

   -- Low- to mid-single-digit annual revenue growth in 2016 and
      2017, which reflects its forecast for GDP and leisure
      spending growth in Spain and the U.S., and the opening of
      new attractions.

   -- Mid-single-digit annual growth in EBITDA over the same
      period, due to rising revenues and a slight increase in

   -- Capex in line with historical trends at about 10% of

   -- No large acquisitions or dividend payments.

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

   -- Adjusted debt to EBITDA of about 6x in 2016 and about 5x in

   -- Adjusted EBITDA interest coverage of 2.0x-2.5x in 2016 and
      2.5x-3.0x in 2017.

S&P assesses Parques Reunidos' liquidity as less than adequate
due to the refinancing risk associated with its debt maturities
in 2017, and S&P's expectation that covenant headroom at the
European operations will remain marginally above 15%, on average,
during 2016.  S&P do not consider the $120 million committed bank
line as a source of funds because it expires in less than 12

S&P calculates Parques Reunidos' principal sources of liquidity

   -- Cash and liquid investments of EUR151 million at Sept. 30,
      2015; and

   -- S&P's assumption of funds from operations of about EUR100
      million for financial 2016.

S&P forecasts these uses of liquidity in the 2016 financial year:

   -- Estimated capex of about EUR82 million in financial 2016;

   -- Seasonal working capital requirements of about EUR100

S&P currently views the company's resources as sufficient to
prevent a covenant breach in the next 12 months.  That said, S&P
estimates that the headroom will be only just above its 15%
threshold for an assessment of adequate liquidity, on average,
during 2016.

S&P aims to resolve the CreditWatch within 90 days.

If, within this period, S&P believes that Parques Reunidos has
agreed a realizable plan with its creditors to refinance its
April 2017 U.S. bonds, and has also renewed its committed
facility for a period of at least 12 months, S&P would likely
affirm the ratings.

On the other hand, if S&P believes that there remains refinancing
risk and there is less than 12 months before the maturity of the
U.S. bonds, S&P would likely lower the ratings to the 'CCC'
category.  The number of notches would depend on S&P's assessment
of the probability of a default, according to its definitions,
within a 12-month period.


SWISSPORT GROUP: Moody's Assigns B3 CFR & Rates EUR660MM Loan B1
Moody's Investors Service assigned a B3 corporate family rating
and a B3-PD probability of default rating to Swissport Group
S.A.R.L..  Additionally, Moody's has assigned a B1 definitive
rating to the EUR660 million term loan B, a B1 definitive rating
to the EUR400 million senior secured notes, and a Caa1 definitive
rating to the EUR290 million senior notes issued by Swissport
Investments S.A.  Moody's has also assigned a B1 definitive
rating to the new CHF110 million revolving credit facility issued
by Swissport International AG.

The outlook on all ratings is stable.

Concurrently, Moody's has withdrawn the existing B3 corporate
family rating and B3-PD probability of default rating of Aguila 3

                         RATINGS RATIONALE

Moody's rating action follows the successful closing of the
acquisition of Swissport by HNA Group as announced by the company
on 10 February 2016 and Moody's review of the final documentation
associated with the loans and bonds issued to finance the
acquisition and to which Moody's had previously assigned
provisional ratings.  The CFR assigned to Swissport Group
S.a.r.l. also reflects its role as the top entity of the newly
created restricted group.

The proceeds from the TLB, SSN, and SN will be used to redeem the
existing USD945 million and CHF350 million senior secured notes
previously issued by Aguila 3 S.A.  The B3 rating on the existing
senior secured notes will be withdrawn upon redemption.

The B1 rating on the TLB, SSN, and RCF is two notches above the
CFR because of the sizeable amount of SN being issued, which
provides loss absorption in our Loss Given Default model and an
uplift to the rating of the TLB, SSN, and RCF.  Conversely, the
Caa1 rating on the SN reflects the subordination of the
instrument in the capital structure.  The TLB, SSN, and RCF
benefit from the same security and guarantees on a pari-passu
basis from subsidiaries representing minimum 80% of assets and
EBITDA excluding JVs, while the SN are guaranteed on a senior
subordinated basis.

Moody's notes that compared to the time of Moody's assigning
provisional ratings, the size of the RCF has reduced to CHF110
million from CHF150 million.  However, our assessment of the
liquidity of the company as adequate is unchanged.


The stable outlook reflects Moody's expectation that Swissport
will maintain adequate liquidity, continue to successfully
achieve organic growth while renewing existing contracts, and
focus on measures aimed at improving profitability across its
network. Moody's has not included any large debt funded
acquisitions in its forecast.


Upward pressure on the ratings would develop if Moody's adjusted
debt to EBITDA falls sustainably below 5.5x and Moody's
EBITA/Interest increases above 1.5x.

Downward pressure on the ratings would develop in case of a
deterioration in liquidity or substantially negative free cash

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.


TK KREDIT: Ukraine National Bank declares bank insolvent
Ukrinform reports that the National Bank of Ukraine on February 9
decided to declare TK Kredit JSC CB insolvent because of the non-
transparent ownership structure of financial institutions.

According to Ukrinform, the regulator notes that since the middle
of 2014 the NBU has repeatedly warned the bank to comply with
requirements for transparency regarding its ownership structure.
However, the bank ignored demands of the regulator and did not
submit the requested documents.

Ukrinform relates that the National Bank said that funds owned by
98.9 percent of depositors will be reimbursed by the Deposit
Guarantee Fund of private entities in full. The Fund will provide
payments guaranteed amount of deposits in the amount of about
UAH0.6 million.

The report notes that all Ukrainian banks must have provided
information to the NBU to prove transparency of their ownership
until the end of 2015.

U N I T E D   K I N G D O M

ASCENTIAL: S&P Raises CCR to 'B+', Outlook Positive
Standard & Poor's Ratings Services said that it has raised to
'B+' from 'B' its long-term corporate credit rating on Ascential
Holdings Ltd., the subsidiary of Ascential PLC and a holding
company of Ascential Group, the U.K.-based business-to-business
information provider and events group.  The outlook is positive.

At the same time, S&P assigned its 'B+' long-term issue rating to
the senior secured GBP360 million-equivalent first-lien
facilities, comprising a GBP66 million term loan A, $96 million
term loan B, EUR171 million term loan C, and a GBP95 million-
equivalent revolving credit facility (RCF).  The recovery rating
on all the loans is '3', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.
S&P's recovery expectations are in the higher half of the range.

At the same time, S&P is withdrawing the issue and recovery
ratings on the GBP435 million-equivalent term loans due 2022 and
GBP75 million-equivalent RCF due 2021, as they have been repaid.

The upgrade follows Ascential's successful IPO and subsequent
debt reduction.  The company received net proceeds of GBP183
million from the IPO, which allowed it to reduce its bank debt to
about GBP265 million from GBP413 million as of Sept. 30, 2015.
In addition, Ascential's shareholders converted all of their
debt-like instruments to equity.

Following the IPO, entities controlled by private equity
financial sponsor Apax reduced their equity positions in
Ascential to about 35.6%.  S&P understands that the sponsors may
continue to reduce their equity holdings.  The lower private
equity ownership, debt reduction, and the appointment of three
independent nonexecutive directors to Ascential's board should,
in S&P's opinion, lead the company to pursue a more moderate and
predictable financial policy, particularly with respect to
shareholder returns.

S&P views further releveraging as unlikely because of Ascential's
reduced private equity ownership and the broader oversight and
fiduciary responsibility it has as a public firm.  Furthermore,
S&P estimates Ascential's Standard & Poor's-adjusted leverage at
just below 4x by the end of 2016, down from more than 10x before
the IPO.

As a result of Ascential's improved credit measures and S&P's
belief that the company will pursue a more moderate financial
policy, S&P has revised its assessment of its financial risk
profile upward to aggressive from highly leveraged.

Over calendar-year 2016, S&P forecasts Ascential's Standard &
Poor's-adjusted EBITDA at about GBP80 million and anticipate
positive adjusted free operating cash flow of more than GBP40
million.  At the same time, S&P believes that a ratio of funds
from operations (FFO) to debt of just above 12% and an EBITDA-to-
interest ratio of close to 2x reflect a limited headroom within
the aggressive financial risk profile category.

S&P continues to assess Ascential's overall scale as relatively
modest compared with its main rated peers.  As a result, weaker
performance at one of its businesses could disproportionately hit
operating and financial flexibility at the group level.
Ascential's smaller scale relative to leading players in the
events and professional publishing segments is also reflected in
lower profitability.  In 2014, Ascential's Standard &
Poor's-adjusted EBITDA margin was 23.5% -- comparable to the
Daily Mail and General Trust, which has much more pronounced
exposure to the low-margin U.K. print advertising end-market, and
lower than the 30.6% margin generated by UBM, the leading player
in the events market. In addition, Ascential demonstrates a fair
degree of geographical concentration, with over 50% of its
revenues generated in the U.K., while Europe overall accounts for

These factors are partly offset by the predictability of the
revenue and earnings Ascential generates through its exhibitions
and events businesses -- such as i2i and Lions, which together
represent over 45% of group revenues -- and by the recurring
revenues from subscriptions that have good renewal rates.  These
account for over a third of revenues.  Recurring revenues are
supported, in S&P's opinion, by the group's solid competitive
positions across its main niche markets.  In addition, the group
has limited exposure to cyclical advertising revenues -- less
than 10% of group revenues -- and benefits from healthy
conversion of its earnings to cash flow.  S&P's overall
assessment of Ascential's business risk profile is fair.

S&P's base case assumes:

   -- Revenue growth of about 2%-2.5% per year in 2016-2017,
      underpinned by its expectation of real GDP growing by 2.7%-
      2.5% in the U.K. and 1.5%-1.8% in the eurozone;

   -- An adjusted EBITDA margin of about 25%-26% in 2016-2017;

   -- Capital expenditures of about GBP13 million-GBP15 million
      per year; and

   -- FOCF of about GBP45 million-GBP50 million per year.

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

   -- An adjusted debt-to-EBITDA ratio of 3.5x-4x in 2016 and

   -- Adjusted FFO-to-debt ratio of 12%-15% in 2016 and 2017; and

   -- Adjusted EBITDA interest coverage of about 2x-2.3x.

Ascential has one maintenance financial covenant, which will be
tested semiannually and tighten from 4.5x as of June 2016 to 4x
as of December 2017.  Under S&P's base-case scenario, Ascential
will have adequate headroom under the covenant over the forecast
period.  S&P's assessment of the company's liquidity is limited
to adequate by S&P's view of its limited track record of prudent
financial policy, no proven high standing in capital markets, and
level of headroom under the covenant.

The positive outlook on Ascential reflects S&P's view that the
company's revenues and profitability will continue to improve,
enabling it to further improve its strengthened financial
metrics. S&P bases this view on the visibility and resilience of
Ascential's earnings, underpinned by its high share of
subscription-based and recurring revenues, and recent debt
reduction.  S&P could raise the rating in the next 12 months if
the company pursues a more moderate financial policy and
continues to strengthen its coverage ratios.  S&P considers
credit metrics that are comfortably in line with an aggressive
financial risk profile to be commensurate with a higher rating:
specifically, FFO-to-debt of more than 12%, EBITDA-to-interest
over 2x, and debt-to-EBITDA no higher than 5x.

S&P could revise the outlook to stable if it sees adverse
operating developments or signs of Ascential adopting a looser
financial policy.  Specifically, the ratings could come under
pressure if Ascential fails to improve its FFO-to-debt ratio
sustainably above 12% or its EBITDA-to-interest ratio sustainably
above 2x or if there is a material decline in Ascential's free
cash flow generation.

BRIDGE HOLDCO: S&P Puts 'B-' CCR on CreditWatch Positive
Standard & Poor's Ratings Services said that it has placed its
'B-' long-term corporate credit rating on U.K.-based wire rope
manufacturer Bridge Holdco 4 Ltd. (Bridon) on CreditWatch with
positive implications.

At the same time, S&P placed on CreditWatch positive its 'B-'
issue ratings on Bridon's first-lien secured $286 million term
loan B and $40 million revolving credit facility (RCF).  The
recovery rating remains at '3', reflecting S&P's expectation of
recovery in the higher half of the 50%-70% range.

S&P also placed its 'CCC' issue rating on the company's $111
million second-lien facility on CreditWatch positive.  The
recovery rating of '6' reflects S&P's expectations of 0%-10%

The CreditWatch placement follows the announcement that Bridon's
current owner -- the Ontario Teachers' Pension Plan (OTTP) -- has
reached an agreement with Bekaert, global producer of steel wire
and coating technologies, to establish Bridon Bekaert Ropes
Group. Bekaert will own a 67% equity share in the new joint
venture and OTTP 33%.

S&P understands that the cash-neutral transaction is subject to
regulatory approvals only, and S&P expects it will close during
the next 90 days or at the latest during the first half of 2016.

S&P expects that Bridon's credit profile may benefit from the
merger with Bekaert's ropes and advanced cords segments, closer
ties with Bekaert, and the likely strategic importance of the
joint venture to the new financially stronger majority

S&P's current ratings reflect its assessment of Bridon's
financial risk profile as highly leveraged and its business risk
profile as weak.  S&P views Bridon's liquidity position as less
than adequate, and expect this will improve after the pending
merger closes.

S&P expects to resolve the CreditWatch after the transaction
closes, which it understands is likely to occur in the first half
of this year, at the latest.  S&P expects the ratings will be
withdrawn after the new entity is formed.

Should the transaction unexpectedly not close, S&P anticipates
further weakening of Bridon's stand-alone business profile.  This
would likely lead to a negative rating action, given the rapidly
deteriorating market conditions in Bridon's important oil and gas
end markets, leading to further erosion of Bridon's already very
weak credit ratios and less-than-adequate liquidity.  In such a
scenario, S&P would also review its issue and recovery ratings.

FORCE TWO: Fitch to Withdraw 'CC' Rating on Class D Notes
Fitch Ratings plans to withdraw the ratings on Force Two Limited
Partnership on or around March 17, 2016, for commercial reasons.

Fitch reserves the right in its sole discretion to withdraw or
maintain any rating at any time for any reason it deems
sufficient. Fitch believes that investors benefit from increased
rating coverage by Fitch and is providing approximately 30 days'
notice to the market of the rating withdrawal of Force Two
Limited Partnership. Ratings are subject to analytical review and
may change up to the time Fitch withdraws the ratings.

Fitch's last rating action for Force Two Limited Partnership was
on March 20, 2015. The class D notes were affirmed at 'CCsf'
reflecting Fitch's view that default is probable. The Recovery
Estimate for the class D notes was raised to 70% from 50%. The
affirmation of the class E notes at 'Csf' reflected Fitch's view
that default is inevitable.

MET STEEL: In Administration, Grant Thornton Reviews Affairs
John Campbell at BBC News reports that The Met Steel Group has
been put into administration.

The administrators, Grant Thornton, said they are reviewing the
affairs of the group and will be in contact with all
stakeholders, BBC relates.

According to BBC, the last published accounts for the Met Steel
Group show it made a pre-tax profit of GBP73,000 profit on
turnover of GBP16 million.

At that time, it was listed as employing 36 staff, BBC discloses.

The Met Steel Group is a steel supplier based in Mallusk, County

NEWDAY PARTNERSHIP: Fitch Affirms 'Bsf' Rating on Series F Notes
Fitch Ratings has affirmed NewDay Partnership Funding's 2015-1,
2014-1 and 2014-VFN notes and also NewDay Funding's 2015-2, 2015-
1 and 2015-VFN notes, as follows:

NewDay Partnership Funding (NPF)
GBP185.3 million Series 2015-1 A: 'AAAsf'; Outlook Stable
GBP22.5 million Series 2015-1 B: 'AAsf'; Outlook Stable
GBP14 million Series 2015-1 C: 'A-sf'; Outlook Stable
GBP10.1 million Series 2015-1 D: 'BBBsf'; Outlook Stable
GBP6.9 million Series 2015-1 E: 'BBsf'; Outlook Stable
GBP5.5 million Series 2015-1 F: 'Bsf'; Outlook Stable
GBP222.3 million Series 2014-1 A: 'AAAsf'; Outlook Stable
GBP27 million Series 2014-1 B: 'AAsf'; Outlook Stable
GBP16.8 million Series 2014-1 C: 'A-sf'; Outlook Stable
GBP12.6 million Series 2014-1 D: 'BBBsf'; Outlook Stable
GBP7.8 million Series 2014-1 E: 'BBsf'; Outlook Stable
GBP6.6 million Series 2014-1 F: 'Bsf'; Outlook Stable
GBP175 million Series 2014-VFN: 'BBBsf; Outlook Stable

NewDay Funding (NF)
GBP146.7 million Series 2015-2 A: 'AAAsf'; Outlook Stable
GBP21.3 million Series 2015-2 B: 'AAsf'; Outlook Stable
GBP31.5 million Series 2015-2 C: 'Asf'; Outlook Stable
GBP44.1 million Series 2015-2 D: 'BBBsf'; Outlook Stable
GBP22.8 million Series 2015-2 E: 'BBsf'; Outlook Stable
GBP15.6 million Series 2015-2 F: 'Bsf'; Outlook Stable
GBP147.3 million Series 2015-1 A: 'AAAsf'; Outlook Stable
GBP21.6 million Series 2015-1 B: 'AAsf'; Outlook Stable
GBP31.8 million Series 2015-1 C: 'Asf'; Outlook Stable
GBP44.1 million Series 2015-1 D: 'BBBsf'; Outlook Stable
GBP22.8 million Series 2015-1 E: 'BBsf'; Outlook Stable
GBP15.3 million Series 2015-1 F: 'Bsf'; Outlook Stable
GBP300 million Series 2015-VFN: 'BBBsf'; Outlook Stable

The notes issued by NPF are collateralized by a pool of UK
co-branded credit card, store card and instalment credit
receivables originated by NewDay Ltd and beneficially held by
NewDay Partnership Receivables Trustee Ltd. NewDay acquired the
portfolio in 2013 from Santander UK plc, from which it also took
ownership of the related origination and servicing platform.

The notes issued by NF are collateralized by a pool of non-prime
UK credit card receivables. The collateralized pool consists of
an organic book originated by NewDay Ltd, with continued
originations of new accounts, and a closed book consisting of two
legacy pools acquired by the originator in 2007 and 2010.


The affirmation reflects the unchanged credit enhancement (CE)
for all aforementioned classes of notes and our expectation that
the trust's performance will remain largely stable.

Delinquency levels were stable or on a declining trend in 2015,
with total 30+ day delinquencies at 1.9% and 6.9% as of end-
December 2015 for NPF and NF and 90-180 day delinquencies at just
over 0.9% and 3.6%, respectively. Given the recent stable macro-
economic environment, both portfolios have continued to
outperform expectations, with charge-offs fluctuating around 4%
for NPF and 12% for NF during 2H15, compared with the 8% and 18%
base case assumptions respectively.

Over the same period, the gross yield has averaged just below 24%
for NPF and 36% for NF while the monthly payment rate (MPR) has
been continuously above 22% for NPF, beating our expectation of
19% and mostly above 12% for NF, also above the agency's
expectation of 10%.

Fitch does not expect a significant change in the asset
performance of the transactions in 2016. In general, we expect a
stable performance of UK credit card ABS in the near term, with
rising levels of unsecured borrowing from British households
counterbalancing the otherwise positive employment and wage
developments and preventing a further improvement in trust
collateral performance.

Fitch has maintained asset assumptions despite the firmer-than-
expected performance as they reflect our medium-term steady state
expectations. In the case of NF, our assumptions are also based
on a continuing shift towards the organic book, which has a
slightly worse charge-off performance than the two legacy pools.

In addition, no direct effect on trust performances is expected
from the interchange cap that came into force in December 2015,
as commented on in previous publications. The agency will monitor
trust data for any second-order effects, such as changing
portfolio composition or cardholder behavior resulting from a
change to the card value proposition.


In Fitch's view, the main rating drivers for credit card
transactions are charge-offs, the MPR and the portfolio yield.
Based on the latest reports on the performance of the trust, the
notes could withstand additional shocks with limited rating
impact; only a combined deterioration of the rating drivers is
expected to put the ratings under pressure.

Key Rating Drivers and Rating Sensitivities are further described
in the NewDay Partnership Funding's 2015-1 New Issue Report
published on March 10, 2015, and NewDay Funding's Series 2015-2
New Issue Report published on November 12, 2015, and remain
unchanged at the time of this review.


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


Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis.

Prior to the latest closings, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio
information for both transactions. The assessments 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.

PARAGON OFFSHORE: Taps KCC as Claims and Noticing Agent
Paragon Offshore plc and its affiliated debtors seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Kurtzman Carson Consultants LLC as their claims and
noticing agent nunc pro tunc to the Petition Date, with
full responsibility for the distribution of notices and the
maintenance, processing, and docketing of proofs of claim filed
in their Chapter 11 cases.

The Debtors anticipate that by appointing KCC, the distribution
of notices and the processing of claims will be expedited, and
the office of the Clerk of the Bankruptcy Court for the District
of Delaware will be relieved of the administrative burden of
processing what may be an overwhelming number of claims.

KCC's currently hourly rates are:

     Position                                 Hourly Rate
     --------                                 -----------
     Executive Vice President                   Waived
     Director/Senior Managing Consultant         $180
     Consultant/Senior Consultant              $75-$165
     Technology/Programming Consultant         $35-$70
     Clerical                                  $30-$50
     Solicitation Lead/Securities Director      $215
     Securities Senior Consultant               $200

The Debtors request that the undisputed fees and expenses
incurred by KCC in the performance of the Claims and Noticing
Services in accordance with the terms of the Services Agreement
be treated as administrative expenses of their Chapter 11 estates
and be paid in the ordinary course of business without further
application to or order of the Court.

Prior to the Petition Date, the Debtors provided KCC a retainer
in the amount of $40,000, to be held by KCC during these Chapter
11 cases as security for the Debtors' payment obligations under
the Services Agreement.  Following termination of the Services

Agreement, KCC will return to the Debtors any unused portion of
the retainer.

Under the terms of the Services Agreement, the Debtors have
agreed to indemnify, defend and hold harmless KCC and its
affiliates, members, directors, officers, employees, consultants,
subcontractors and agents under certain circumstances specified
in the Services Agreement, except in circumstances resulting
solely from KCC's gross negligence or willful misconduct or as
otherwise provided in the Services Agreement or any order
authorizing the employment and retention of KCC.

KCC represented that it is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code, as modified
by Section 1107(b).

                      About Paragon Offshore

Paragon Offshore plc --
is a global provider of offshore drilling rigs.  Paragon's
operated fleet includes 34 jackups, including two high
specification heavy duty/harsh environment jackups, and six
floaters (four drillships and two semisubmersibles). Paragon's
primary business is contracting its rigs, related equipment and
work crews to conduct oil and gas drilling and workover
operations for its exploration and production customers on a
dayrate basis around the world. Paragon's principal executive
offices are located in Houston, Texas. Paragon is a public
limited company registered in England and Wales and its ordinary
shares have been trading on the over-the-counter markets under
the trading symbol "PGNPF" since December 18, 2015.

Paragon Offshore Plc, et al., filed separate Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10385 to 16-
10410) on
Feb. 14, 2016, after reaching a deal with lenders on a
reorganization plan that would eliminate $1.1 billion in debt.

The petitions were signed by Randall D. Stilley as authorized
representative.  Judge Christopher S. Sontchi is assigned to the

The Debtors reported total assets of $2.47 billion and total
debts of $2.96 billion as of Sept. 30, 2015.

The Debtors have engaged Weil, Gotshal & Manges LLP as general
counsel, Richards, Layton & Finger, P.A. as local counsel, Lazard
Freres & Co. LLC as financial advisor, Alixpartners, LLP as
restructuring advisor, and Kurtzman Carson Consultants as claims
and noticing agent.

RESLOC UK 2007-1: Fitch Affirms 'Bsf' Rating on Class E1b Notes
Fitch Ratings has affirmed 12 tranches of ResLoc UK 2007-1.

The transaction comprises a combination of mortgage loans that
were either originated by Advantage or purchased by Advantage
from GMAC-RFC, Amber Homeloans Limited and Victoria Mortgage
Funding. The loans in the portfolio are serviced by Homeloan
Management Limited.


Asset Performance

The transaction has shown sound asset performance over the last
12 months. As of end- December 2015, three-months-plus arrears
(excluding loans in possession) stood at 5.4% of the current pool
balance, which is well below Fitch's UK non-conforming three-
month-plus index (9%). The cumulative balance of loans with
properties taken into possession has increased by 41bp over the
past year, reaching 9% of the original portfolio balance; below
Fitch's UK non-conforming cumulative possessions index (10.5%).

This stable asset performance, in combination with sound levels
of credit enhancement, has led Fitch to affirm the current
ratings with Stable Outlooks.

Pro-rata Amortization
The notes in ResLoc 2007-1 are currently amortizing on a pro rata
basis which is expected to continue until the notes reach 10% of
their initial balance, barring any significant deterioration in

Interest-only Concentration
Over 72% of the pool consists of interest only (IO) loans (where
loans have an interest-only schedule, whether in full or in part,
Fitch assumes the loan to be IO). Fitch has analyzed the
concentration of maturities to assess the effect of a period of
limited lending availability coinciding with a significant
proportion of expected bullet repayments. The IO loans maturing
between 2030 and 2034 account for more than 20% of the portfolio

To account for this risk a sensitivity analysis was conducted
where a 50% foreclosure frequency was applied to the IO loans
maturing in that period. The analysis showed that this higher
stress did not have a rating impact. Nevertheless, Fitch will
monitor this exposure as the transaction pays down.

Non-Amortizing Reserves

A fully funded amortizing reserve fund (1.25% of initial note
balance) and liquidity facility (LF) (5.5% of initial note
balance) are in place. Neither is able to amortize due to a
breach in the performance trigger on aggregate principal losses
(i.e. 3.2% versus a trigger limit of 1.8%).

The LF is only available to cover senior fees and interest
shortfalls for the class A notes and is able do so without
restriction. However, the LF will not be available to fund
interest on the class M1 or M2 notes if the principal deficiency
ledger on each is greater than 50% of the then outstanding
principal on that tranche (and similarly for the class B1 and B2


The transaction is backed by 100% floating-interest-rate loans.
In the current low interest rate environment, borrowers are
benefiting from low borrowing costs. An increase in interest
rates and subsequent increase in arrears and losses beyond
Fitch's stresses may trigger negative rating action on the notes,
if not offset by the increase in credit enhancement.


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


Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
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

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 has been 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.

Fitch has affirmed the following ratings:

ResLoC UK 2007-1 plc
Class A3a notes (ISIN XS0300468385): affirmed at 'AAAsf'; Outlook
Class A3b notes (ISIN XS0300470365): affirmed at 'AAAsf'; Outlook
Class A3c notes (ISIN XS0300472817): affirmed at 'AAAsf'; Outlook
Class M1a notes (ISIN XS0300473203): affirmed at 'AAAsf'; Outlook
Class M1b notes (ISIN XS0300473542): affirmed at 'AAAsf'; Outlook
Class B1a notes (ISIN XS0300474193): affirmed at 'AAsf'; off
Rating Watch Positive; Outlook Stable
Class B1b notes (ISIN XS0300474607): affirmed at 'AAsf'; off
Rating Watch Positive; Outlook Stable
Class C1a notes (ISIN XS0300474789): affirmed at 'A-sf'; off
Rating Watch Positive; Outlook Stable
Class C1b notes (ISIN XS0300475083): affirmed at 'A-sf'; off
Rating Watch Positive; Outlook Stable
Class D1a notes (ISIN XS0300475323): affirmed at 'BBsf'; off
Rating Watch Positive; Outlook Stable
Class D1b notes (ISIN XS0300476057): affirmed at 'BBsf'; off
Rating Watch Positive; Outlook Stable
Class E1b notes (ISIN XS0300477022): affirmed at 'Bsf'; off
Rating Watch Positive; Outlook Stable

TURBO FINANCE: Moody's Assigns Ba1 Rating to Class C Notes
Moody's Investors Service has assigned these definitive ratings
to the Notes issued by Turbo Finance 6 plc:

  GBP352,800,000 Class A Floating Rate Asset Backed Notes due
   February 2023, Definitive Rating Assigned Aaa(sf)

  GBP29,400,000 Class B Floating Rate Asset Backed Notes due
   February 2023, Definitive Rating Assigned Aa2(sf)

  GBP9,830,000 Class C Fixed Rate Asset Backed Notes due February
   2023, Definitive Rating Assigned Ba1(sf)

Moody's has not assigned ratings to the subordinated Class D
Notes.  The proceeds of the Class D Notes will be applied to fund
the reserve fund in the transaction.

                         RATINGS RATIONALE

The transaction is a revolving cash securitization of hire
purchase agreements (auto leases) extended to obligors in the
United Kingdom by MotoNovo Finance Ltd, a business segment of
FirstRand Bank Limited ("FRB") (Baa2/P-2/Baa1(cr)/Negative
Outlook) acting through its London Branch ("FRB London").  This
will be the sixth public securitization transaction in the United
Kingdom sponsored by FRB London.  The sponsor will also act as
the servicer of the portfolio during the life of the transaction.

The portfolio of receivables backing the notes consists of hire
purchase agreements granted to individuals and companies resident
in the United Kingdom collateralized by mostly used vehicles.  In
each underlying agreement, the obligor is required to pay a
monthly installment of interest and principal during the term of
the contract.  Title to the vehicle passes to them only once they
have paid all the installments under their agreements.  The
majority of the hire purchase agreements in the portfolio do not
have any balloon risk, and the replenishment criteria limit
balloon agreements to a maximum of 3%.  As of Dec. 31, 2015, the
portfolio consists of 53,342 hire purchase contracts, with a
weighted average seasoning of 4 months and a weighted average
remaining term of 48 months.

The transaction's main credit strengths are the granular
portfolio, relatively simple waterfall, significant excess spread
and counterparty support through the back-up servicer, swap
provider and independent cash manager.  The 0.7% reserve fund
(which will grow to 1.3% of the portfolio balance and can
amortize subject to a floor of 0.5% of the initial pool balance)
will be available to cover liquidity shortfalls on Classes A and
B throughout the life of the transaction and can serve as credit
enhancement following repayment of the Class A and B Notes.  The
transaction benefits from a weighted-average minimum yield of
12.5% for replenished assets, and has 12.7% currently.  Available
excess spread can be trapped to cover defaults and losses, as
well as to build the reserve fund to its target level through the
waterfall mechanism present in the structure.

However, Moody's notes some credit weaknesses.  As with all auto
hire purchase agreements in the UK, the portfolio is exposed to
the risk of voluntary termination ("VT").  The obligor has the
option to return the vehicle to the originator as long as the
obligor has made payments equal to at least one half of the total
amount which would have been payable under the contract.  If the
obligor returns the vehicle, then the issuer may be exposed to
residual value risk.  Moody's did not receive gross VT default
data from the originator, but only net VT default data (i.e. with
recoveries included).  In addition, Moody's did not receive
static recovery data for a full product cycle, as prior to 2012
only dynamic recovery data was available.  Furthermore, the
revolving period introduces an element of uncertainty into the
portfolio credit quality through time.  These aspects were
factored in Moody's overall analysis.

The Class C Notes do not benefit from the cash reserve until
Classes A and B are repaid, and Class C interest and principal is
subordinated to interest and principal payments on Classes A and
B in the waterfall.  Hence, there is an increased possibility of
interest deferral on the Class C Notes.  Moody's took this into
account in its quantitative analysis.

Moody's analysis focused, among other factors, on (i) an
evaluation of the underlying portfolio; (ii) historical
performance information; (iii) the credit enhancement provided by
subordination, by the excess spread and the reserve fund; (iv)
the liquidity support available in the transaction, by way of
principal to pay interest and the reserve fund; (v) the back-up
servicing arrangement of the transaction; (vi) the independent
cash manager and (vii) the legal and structural integrity of the

                      MAIN MODEL ASSUMPTIONS

Moody's assumed a mean default rate of 4.75% for the entire pool,
which takes into account both defaults arising from normal
payment defaults by the obligors and losses arising from the
exercise of the obligors' VT rights.  The fixed recovery rate
assumption is 45.0%.  A portfolio credit enhancement (PCE) of
15.0% and a coefficient of variation of 48.6%, respectively, are
used as the other main inputs for Moody's cash flow model ABSROM.
Whilst the historical default rate for older vintages showed
default rates higher than the assumed gross loss level, Moody's
has given benefit to the lower default rate observed in more
recent vintages as a result of updated underwriting and credit
scoring methods used by the originator.  Commingling risk and
set-off risk were assessed to be commensurate with the ratings
assigned on the Notes.


The principal methodology used in these ratings was Moody's
Approach to Rating Auto Loan-and Lease-Backed ABS published in
December 2015.

Provisional ratings were assigned on Feb. 1, 2016.  The Class B
and Class C notes provisional ratings differed from the
definitive ratings (upgraded by one notch each).


Factors that may cause an upgrade of the ratings include
significantly better than expected performance of the pool
together with an increase in credit enhancement of the Notes.
Factors that may cause a downgrade of the ratings include a
significant decline in the overall performance of the pool and/or
a significant deterioration of the credit profile of the

The ratings address the expected loss posed to investors by the
legal final maturity of the Notes.  In Moody's opinion the
structure allows for timely payment of interest on the Class A
and Class B Notes, ultimate repayment of interest on the Class C
Notes and ultimate payment of principal on or before the rated
final legal maturity date on the Class A, B and C Notes.  Moody's
ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.


In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche.  The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate.  In each default
scenario, the corresponding loss for each Class of the Notes is
calculated given the incoming cash flows from the assets and the
outgoing payments to third parties and noteholders.  Therefore,
the expected loss or EL for each tranche is the sum product of
(i) the probability of occurrence of each default scenario; and
(ii) the loss derived from the cash flow model in each default
scenario for each tranche.


Parameter sensitivities for this transaction have been calculated
in the following manner: Moody's tested 9 scenarios derived from
the combination of the mean default rate: 4.75% (base case),
5.00% (base case +0.25%), 5.25% (base case + 0.5%) and recovery
rate: 45% (base case), 40% (base case - 5%), 35% (base case -
10%).  The 4.75% / 45% scenario would represent the base case
assumptions used in the initial rating process.  At the time the
rating was assigned, the model output indicated that Class A
would have achieved Aa1 even if mean default was as high as 5.25%
with a recovery as low as 35% (all other factors unchanged).
Under the same assumptions, the Class B would have achieved A2
and the Class C would have achieved B1.  Parameter sensitivities
provide a quantitative, model-indicated calculation of the number
of notches that a Moody's-rated structured finance security may
vary if certain input parameters used in the initial rating
process differed.  The analysis assumes that the deal has not
aged.  It is not intended to measure how the rating of the
security might migrate over time, but rather, how the initial
rating of the tranches might differ as certain key parameters
vary.  Therefore, Moody's analysis encompasses the assessment of
stress scenarios.


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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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