TCREUR_Public/160219.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

           Friday, February 19, 2016, Vol. 17, No. 035



KAPITAL BANK: S&P Changes Outlook to Negative Over Economic Risk


UPM-KYMMENE: Moody's Changes All Ratings Outlook to Positive


VIVARTE SAS: Lenders Agree to Extend Loan Waiver Until November


BAYERISCHE LANDESBANK: Moody's Hikes Jr. Debt Ratings to Ba1(hyb)


ANGLO IRISH: ILP Halted EUR3-Bil. Transfer in December 2008


ITALY: PM Faces Challenges as Banks Grapple with Bad Loans


APERAM SA: Moody's Raises Corporate Family Rating to Ba1
SWISSPORT GROUP: S&P Affirms 'B' LT CCR on HNA Acquisition


GREEN PARK: S&P Hikes Rating on Class E Notes to 'BB+'


* Norwegian Junk Bond Market Braces for Last Big Repricing


ABSOLUT BANK: Moody's Assigns 'B1' LT Local Currency Debt Ratings
UNIFIN: Moody's Cuts Nat'l Scale Long-Term Deposit Rating to
VNESHECONOMBANK: Dmitriev to Be Replaced by Sberbank Executive


ABENGOA SA: Needs EUR826 Million of Fresh Cash in 2016

U N I T E D   K I N G D O M

AJ DESIGN: Director Banned for 7 Years for Hiring Illegal Workers
ANGLO AMERICAN: Fitch Cuts Long-Term IDR to 'BB+', Outlook Neg.
PENTAGON CAPITAL: SEC Settles Case Over Market-Timing Scheme
TIB LTD: Insolvency Service Bans Director for 10 Years
VEDANTA RESOURCES: S&P Cuts LT Corp. Credit Ratings to 'B'


* Global Bank Regulators Should Allow "Moderate" Contagion
* BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles



KAPITAL BANK: S&P Changes Outlook to Negative Over Economic Risk
Standard & Poor's Ratings Services said it had revised its
outlook on Azerbaijan-based Kapital Bank OJSC to negative from
stable. The 'BB-/B' long- and short-term counterparty ratings
were affirmed.

"At the same time, we affirmed our 'BB-/B' long- and short-term
counterparty credit ratings on PASHA Bank, and our 'B-/C' long-
and short-term counterparty credit ratings on Muganbank. The
outlooks on both banks remain negative," said S&P.

The rating actions follow the lowering of S&P's ratings on
Azerbaijan to 'BB+/B' from 'BBB-/A-3'.

In S&P's opinion, economic risks for Azerbaijani banks have
increased because of expected contraction of GDP in 2016, the
local currency's sharp depreciation in 2015, and increased credit
risk in the economy, largely due to the drop in oil prices. As a
result, S&P has revised its assessment of Azerbaijan's banking
industry to group '9' from group '8' under our Banking Industry
Country Risk Assessment methodology. In turn, this has led S&P to
revise its anchor for rating banks operating in Azerbaijan to
'b+' from 'bb-'. S&P views the economic risk trend in Azerbaijan
as negative and believe that the worsening environment could
weigh on domestic banks' financial standing through deteriorating
asset quality. This will likely result in higher provisioning
needs, which could erode banks' capital bases.

Azerbaijan remains heavily dependent on the hydrocarbons sector,
which accounted for about 40% of GDP and 95% of merchandise
exports in 2013-2014. Furthermore, last year, the foreign
exchange reserves of the Central Bank of Azerbaijan (CBA) reduced
by more than 40% in six months to about $5 billion, compared with
a peak of about $15 billion at midyear 2014. The CBA subsequently
abandoned its peg of the manat to a basket of dollars and euros,
causing the local currency to weaken by more than 30% against the
U.S. dollar by year-end 2015. Even though the manat's
depreciation will help the CBA protect its remaining foreign
exchange reserves and ease fiscal pressures, it will also lead to
a significant decline in income levels. In particular, S&P
expects that GDP per capita will fall to about $4,100 in 2016
from nearly $8,000 in 2014, while inflation will likely soar to
15% this year from an average of 2% over 2012-2015.

S&P said, "We assume that the price of Brent crude oil will
likely be $40-$45 per barrel in 2016-2017, and our base-case
assumption is a real GDP contraction of 1% in Azerbaijan in 2016.
Falling oil prices have weakened economic growth prospects
in Azerbaijan, while the manat's depreciation has further
depressed domestic demand and fueled inflation, reducing real
disposable income and investments. We now believe that
Azerbaijan's economy is in a correction phase, which has
had a high impact on the banking sector, as shown by banks'
elevated credit costs and nonperforming loans (NPLs; loans
overdue by more than 90 days). A prolonged period of low oil
prices may test the government's ability to maintain its spending
initiatives, in our view. This could put additional
pressure on banks' financial fundamentals if asset quality
deteriorates because of borrowers' reducing debt-servicing
capacity. We expect the erosion of asset quality to accelerate in
2016, with NPLs and restructured loans potentially reaching 23%-
25% of systemwide loans; banks' officially reported NPL ratios
didn't exceed 7% at year-end 2015."

Unlike banks in peer countries such as Hungary or Georgia,
Azerbaijani banks had limited risks from foreign currency lending
before 2015, due to the CBA's fixed manat-to-U.S. dollar exchange
rate. However, currency risks intensified after the CBA abandoned
the currency peg last year and the manat's resulting
depreciation. We now think that such substantial exchange rate
volatility is not only reducing borrowers' debt-servicing
capacity, but also indirectly hurting the economy through higher
domestic prices and increased uncertainty. Consequently, lower
confidence in the manat has widened the currency mismatch
on banks' balance sheets, since customers converted large amounts
of manat deposits into foreign currency in 2015. In S&P's view,
this trend will likely continue in the coming years, putting
additional strain on the sector's financial performance and
liquidity management.

Credit risk in the economy is extremely high, in S&P's opinion.
Recent rapid growth of household and corporate debt is
exacerbating risks brought by the decline in commodity prices,
although leverage metrics remain low in a global context. Over
2008-2014, lending in foreign currency decreased somewhat, due
to the stability of the local currency. However, due to the
manat's decline, these levels increased as of Jan. 1, 2016,
following loan revaluations. "We anticipate that by the end of
this year, the share of loans denominated in foreign currencies
will likely reach 50% of systemwide loans, compared with
27% as of year-end 2014. This increases banks' vulnerability to
currency volatility and the credit risks in their loan
portfolios. The banking regulator has reported NPLs at 6.6% of
system loans as of Nov. 30, 2015. At the same time, because the
shadow economy in Azerbaijan is large, it's difficult to assess
borrowers' real debt-servicing capacity and therefore also
the true extent of problem loans," said S&P.

S&P said, "Regarding industry risk in the banking sector, we see
notable market distortions, owing to the dominance of state-owned
banks. Although International Bank of Azerbaijan's presence is
reducing, influence from large banks directly or indirectly
controlled by the ruling elite has been increasing. Moreover,
although the banking system has a relatively high level of core
customer deposits and is not reliant on external funding, the
rapid manat depreciation in 2015 could lead to a protracted
currency mismatch on banks' balance sheets. This is because
foreign currency funding had increased to about 80% of banks'
customer funds by year-end 2015, but the banks have limited
abilities to match this with foreign currency denominated loans.

"We view the trend for industry risk in Azerbaijan's banking
sector as stable, and expect that the industry structure will
remain broadly the same. This backs our view of Azerbaijan's
government as supportive of the domestic banking sector. We
believe that although the current turmoil could reduce the
number of banks in the system, it is unlikely to change the
overall competitive landscape materially."


S&P said, "We revised our outlook on Kapital Bank to negative
from stable because the deteriorating economic environment is
increasingly weighing on the bank's credit profile. Nevertheless,
in our view, the bank's solid capital position currently
counterbalances this pressure, so we have affirmed the ratings.
We think that if the economy weakens further, the bank might
adjust its strategy, scaling back growth. Sustainable, high
margins and one-time income from revaluation of foreign currency
assets helped the bank achieve a net profit of Azerbaijan manat
(AZN) 64 million (about $55 million using an average exchange
rate in 2015) last year, under Azerbaijani generally accepted
accounting principles.

"At the same time, we believe that Kapital Bank is not immune to
systemwide risks and, like other banks in the system, will be
affected by worsening economic conditions. We believe the NPL
ratio could deteriorate to 13%-15% in the next 12 months from 9%
as of June 30, 2015, as households' real disposable incomes
diminish, in line with the general trend in the banking sector.
But we don't expect the share of NPLs will exceed that of the
system during 2016. We note that about 20% of the bank's loan
book is guaranteed by the Ministry of Finance of Azerbaijan,
since the respective loans relate to certain government-related
project finance agreements. These sovereign guarantees
partly mitigate potential credit risks on the loan book.

"We could lower the ratings over the next 12-18 months if
Azerbaijan's economic prospects weakened further, making
operating conditions even more difficult for the banking sector.
This could result in faster deterioration of Kapital Bank's asset
quality than we currently anticipate, leading to the capital
adequacy metric decreasing below 7%, with a negative impact on
the bank's stand-alone credit profile. A downgrade could also
follow if the bank's funding structure comes under pressure
because of sharp lending growth that is not matched by a rise in
customer deposits, thereby threatening the stability of the
bank's funding base.

"The likelihood of a positive rating action in the next 12 months
is currently remote because of the difficult operating conditions
in Azerbaijan. However, if the situation eases sustainably and
the bank demonstrates resilience to the weaker environment, we
could consider revising the outlook to stable."


S&P said, "The affirmation reflects our view that PASHA Bank
still has a sound market position and strong capital buffer,
which could provide some protection against the tough market
conditions. We also consider that the bank has high importance in
the domestic banking sector and therefore may receive
extraordinary government support if needed. Rating weaknesses
include a worsening loan loss track record and uncertainties
regarding the bank's future NPL levels, highly concentrated loan
book, and funding base.

"The negative outlook reflects our concerns about potential
further asset quality deterioration due to unfavorable economic
conditions in Azerbaijan. This could lead to higher provisioning
needs and increased pressure on the bank's capital.

"We may lower our ratings on PASHA Bank in the next 12 months if
asset quality deteriorated by more than we currently expect and
remains substantially weaker than that of peers for a long
period, with NPLs exceeding 20% of the loan book. We could also
consider a downgrade if the risk-adjusted capital (RAC) ratio
declined below 10%, due for example to increased provisioning
needs and the absence of capital support from shareholders.

"The likelihood of a positive rating action in the next 12 months
is currently remote because of the highly challenging operating
conditions in Azerbaijan. We might revise the outlook to stable
if we see that the workout of NPLs is progressing faster than we
expect and the bank has maintained its strong capital."


S&P said, "The affirmation reflects our view that Muganbank's
business profile is somewhat more sustainable than that of many
midsize banks in Azerbaijan, Russia, or Kazakhstan. Muganbank has
a well-established position in most of Azerbaijan's regions, an
adequate business mix, and a less aggressive growth strategy.
Because of its track record of sound core banking profitability,
we consider Muganbank's business position to be moderate.

"In our view, Muganbank's asset quality will deteriorate in 2016,
reflecting households' diminishing real disposable income, as
well as the partial transformation of currency risk into credit
risk on the back of significant local currency depreciation
(about 20% of the bank's loan book is denominated in hard
currencies). We also think that funding sources within the
banking sector are shrinking, given the influence of low oil
prices on the deposits of government-related entities,
Azerbaijan's contracting economy, and increased deposit
turbulence due to the manat's depreciation.

"The negative outlook reflects our view that the difficult
operating environment, the weaker manat, and higher provisioning
needs could erode the bank's capital buffer if not offset by
shareholder support within the next 12 months.

"We could lower the ratings in the next 12-18 months if we saw
Muganbank's funding and liquidity position deteriorating
significantly. Similarly, a downgrade would follow if Muganbank's
capital position declines significantly more than we currently
expect, with our forecast RAC ratio falling below 5%.

"The likelihood of a positive rating action in the next 12 months
is currently remote because of the highly challenging operating
conditions in Azerbaijan. We may revise the outlook to stable if
the bank were to demonstrate resilience to deteriorating market
conditions and sustain asset quality throughout 2016."

Azerbaijan                      To              From

BICRA Group                     9               8
Economic risk                  9               8
   Economic resilience          Very high       High
   Economic imbalances          High            Intermediate
   Credit risk in the economy   Extremely high  Extremely high
  Trend                         Negative        Negative

Industry risk                  8               8
   Institutional framework      Very high       Very high
   Competitive dynamics         High            High
   Systemwide funding           Very high       Very high
  Trend                         Stable          Stable

*Banking Industry Country Risk Assessment (BICRA) economic risk
and industry risk scores are on a scale from 1 (lowest risk) to
10 (highest risk).


Ratings Affirmed; Outlook Action

                               To                 From
Kapital Bank OJSC
Counterparty Credit Ra        BB-/Negative/B     BB-/Stable/B

Ratings Affirmed

Counterparty Credit Rating    BB-/Negative/B

Muganbank OJSC
Counterparty Credit Rating    B-/Negative/C


UPM-KYMMENE: Moody's Changes All Ratings Outlook to Positive
Moody's Investors Service changed to positive from stable the
outlook on all ratings of UPM-Kymmene (UPM) and its subsidiary
UPM-Kymmene Finance B.V. Concurrently, the company's Ba1
corporate family rating (CFR), Ba1-PD probability of default
rating (PDR), the Ba1 ratings on the various senior unsecured
debt instruments and the (P)Ba1 senior unsecured MTN program
ratings of UPM and UPM-Kymmene Finance B.V. have been affirmed.


"The outlook change to positive reflects the achieved track
record in financial performance and resilience of UPM's business
model over the past years despite challenging economic conditions
as well as our expectation of sustainability in recent
performance improvements, that should allow the group to achieve
and maintain credit metrics in line with an investment grade
rating over the next 12-18 months" says Matthias Volkmer, a
Moody's Vice President -- Senior Analyst and lead analyst for
UPM. "We note that UPM's strategy of profitable growth may
incorporate sizeable investments as well as potential M&A but
understand that management is unlikely to deviate from the
current conservative financial profile until UPM's business mix
has fundamentally changed to allow for a higher through-the-cycle
financial leverage supported by stable profit and cash flow
generation", Mr. Volkmer added.

The Ba1 rating reflects UPM's (i) solid business risk profile, in
terms of its size, as one of the leading paper and forest
products companies in Europe; (ii) diversified activities in
communication paper grades, wood and energy operations and label
materials; and (iii) presence in three geographic regions,
although with a major share from the mature European and North
American paper market. UPM's good vertical integration into
forest, pulp and energy is a further supportive factor of its
business profile, and has sheltered the company's paper and
specialty paper production somewhat from market price
fluctuations of main input factors relative to its peers. In
terms of capital structure, Moody's notes that UPM has been
strongly positioned at the Ba1 rating level for some time with
adjusted preliminary debt/EBITDA of about 2.4x (excluding certain
fair value adjustments to biological assets during Q315) and
preliminary RCF/debt of around 23% as of December 2015 and a
strong liquidity profile.

Moody's notes that UPM's deleveraging including substantial debt
repayments in recent years has helped rebalance the interests of
creditors and shareholders while another positive rating factor
has been the gradual reduction of UPM's dependence on the mature
European and North American paper markets, where UPM generated
around 50% (down from 53% in 2014) of its sales yet only 15.8% (
down from 30% in 2014) of its EBITDA during 2015 (as reported).
The graphic paper market continues to be in structural decline
with shrinking volumes due to digital substitution. Weak pricing
levels as a result of a highly competitive market environment
with a significant periodic overcapacities in most paper grades
and continued high input costs are weighing on its margins. In
response, UPM's strategy is to achieve more than 50% of its sales
from growth businesses by the end of this decade, such as paper
production in less developed markets, bio refining and label
production (per FY 2015 about 48% up from 44% in FY2014).
However, these shifts in UPM's business profile will only
gradually contribute to this goal in the short to medium term,
leaving UPM vulnerable to the weak state of developed paper
markets for the time being. In addition, the industry's inherent
cyclicality has historically resulted in considerable volatility
of UPM's credit metrics, although we note that volatility was
clearly lower compared to other `Ba' rated peers.


The positive outlook reflects our expectation of UPM being able
to sustain its profitability during 2016 and onwards, allowing
the group to maintain a through-the-cycle leverage well below
3.0x debt/EBITDA while management continues to pursue a balanced
approach towards shareholders and creditors interest, in
particular with regards to dividends, potential M&A activity and
growth investments.


Further positive pressure could result from (1) further reduction
of UPM's dependence on the mature European and North American
paper markets and (2) a continued track record of a sustainable
and balanced financial policy maintaining financial metric
commensurate with an investment grade rating including EBITDA
margins in the mid to high teen percentages translating into
retained cash flow/debt above 20% and a leverage of debt/EBITDA
below 3 times through the cycle.

Although unlikely at this juncture, Moody's could consider
downgrading UPM if the group's profitability were to come under
pressure, resulting in its debt/EBITDA ratio rising towards 4x or
higher with EBITDA-margins below the mid-teens and periods of
negative free cash flow generation. Moreover, negative ratings
pressure could develop if UPM were to engage in larger
transactions and fail to return to a debt/EBITDA ratio
comfortably below 4.0x in the intermediate term.

List of affected ratings:


Issuer: UPM-Kymmene

-- Probability of Default Rating, Affirmed Ba1-PD

-- Corporate Family Rating, Affirmed Ba1

-- Senior Unsecured Regular Bond/Debenture January 2017,
    Affirmed Ba1 (LGD 4)

-- Senior Unsecured Regular Bond/Debenture January 2018,
    Affirmed Ba1 (LGD 4)

-- Senior Unsecured Regular Bond/Debenture November 2027,
    Affirmed Ba1 (LGD 4)

-- Senior Unsecured MTN, Affirmed (P)Ba1

Issuer: UPM-Kymmene Finance B.V.

-- Backed Senior Unsecured MTN, Affirmed (P)Ba1

Outlook Actions:

Issuer: UPM-Kymmene

-- Outlook, Changed To Positive From Stable

Issuer: UPM-Kymmene Finance B.V.

-- Outlook, Changed To Positive From Stable

Headquartered in Helsinki, Finland, UPM is one of the world's
largest forest products companies. UPM is active in pulp and
energy production, specialty paper, label materials and wood
products and has leading positions in communication paper grades
(newsprint, magazine, fine paper). The group's revenues were
EUR9.9 billion during the year 2015. The group has production
plants in 13 countries and employs around 20,000 employees. UPM
is publicly listed on the NASDAQ Helsinki stock exchange with
approximately 90,000 shareholders and over 95% of its shares in
free float.


VIVARTE SAS: Lenders Agree to Extend Loan Waiver Until November
Edith Fishta at Bloomberg News reports that Vivarte SAS won a
waiver to terms of a EUR535 million (US$596 million) loan after
terror attacks in Paris and warm winter weather hurt the
company's earnings late last year.

According to Bloomberg, two people familiar with the matter said
lenders agreed to extend until November a waiver on quarterly
minimum-earnings tests in order to avoid breaching loan

The company in 2014 was taken over by creditors who agreed to
restructure EUR2.8 billion of loans after France's sluggish
economy and high unemployment took its toll on earnings,
Bloomberg recounts.

The request extends an amendment agreed to in December 2014 and
which was due to expire this month, Bloomberg relays, citing a
person familiar with the matter.  The so-called super-senior loan
was obtained after the restructuring, Bloomberg notes.

Vivarte SAS is a French fashion retailer.  It owns brands
including Kookai and Naf Naf.


BAYERISCHE LANDESBANK: Moody's Hikes Jr. Debt Ratings to Ba1(hyb)
Moody's Investors Service upgraded the ratings of Bayerische
Landesbank's (BayernLB) junior subordinated debt
('Genussscheine') and preferred securities (Tier 1 instruments)
issued by BayernLB Capital Trust I.

The rating actions follow BayernLB's announcement on February 3,
2016, to write-up and resume coupon payments on these
instruments. The announcement is a result of management's clear
expectation of sufficient profits for fiscal year 2015 under
local GAAP, and follows the bank's intention to repay more than
half of its remaining EUR2.3 billion tranche of participation
capital it received from the Free State of Bavaria (Aaa stable)
to weather the financial crisis.

Moody's changed its rating approach for these instruments back to
normal notching from expected loss. All other ratings or rating
inputs of BayernLB remain unaffected by today's rating action.



On February 3, 2016, BayernLB announced its intention to repay
EUR1.3 billion of silent participations to the Free State of
Bavaria once its 2015 annual report has been adopted by the
bank's supervisory board. The planned repayment has received
approval by the European Central Bank, BayernLB's regulatory
supervisor. In connection with this repayment, BayernLB announced
to fully replenish its junior subordinated debt instruments and
resume coupon payments on these instruments as well as its
preferred securities.

The rating action on BayernLB's junior subordinated debt
('Genussscheine') reflects the bank's expectation that 2015 local
GAAP results will allow a full write-back of principal and
deferred and current coupon payments on these instruments. As a
result, these instruments have been upgraded by six notches,
according to Moody's notching approach, to Ba1(hyb) from
Caa1(hyb). The ratings reflect the junior subordinated claim in
liquidation and cumulative coupon deferral features tied to the
breach of a balance sheet loss trigger.

The rating action on BayernLB's perpetual non-cumulative
preferred securities (Tier 1 instruments) issued by BayernLB
Capital Trust I reflects the resumption of coupon payments on
these instruments, which were triggered by a payment on a parity
or junior ranking security (dividend pusher). These instruments
have been upgraded by seven notches, according to Moody's
notching approach, to Ba3(hyb) from Ca(hyb). The ratings reflect
their deeply subordinated claim in liquidation and non-cumulative
coupon deferral features tied to the breach of a balance sheet
loss trigger. However, the rating also reflects that these equity
capital instruments cannot be voluntarily serviced from capital
reserves or retained earnings as long as BayernLB is under EU
state aid proceedings ("hybrid ban"). This hybrid ban makes the
instruments more comparable to non-cumulative preferred
securities with a net loss trigger. This leads to positioning
these instruments at the bank's Adjusted Baseline Credit
Assessment (Adjusted BCA) minus four notches, compared with the
typical positioning for non-cumulative preferred securities with
a balance sheet loss trigger at Adjusted BCA minus three notches.

The rating agency has positioned the ratings according to its
notching guidelines as set out in the banks rating methodology,
assuming that all instruments are back to performing on a
sustained basis. The new rating levels depend on the terms and
conditions of these securities and their respective coupon skip


Upward (or downward) pressure could be exerted on BayernLB's
junior subordinated and non-cumulative preferred securities as a
result of an upgrade (or downgrade) of the bank's baa2 Adjusted

Upward pressure on BayernLB's Adjusted BCA would result from an
upgrade of its BCA, which would require: (1) A further
improvement of the bank's asset risk, including a reduction of
sector concentrations; (2) an improvement of its fully-loaded
capital ratios and balance sheet leverage; and (3) a persistent
strengthening of the bank's recurring earnings.

Upward pressure on BayernLB's non-cumulative preferred securities
issued by BayernLB Capital Trust I would also be triggered by the
termination of the bank's EU state aid proceedings, which would
allow servicing these instruments from capital reserves or
retained earnings, thereby effectively moving these instruments
back to a balance sheet loss trigger.

Downward pressure on BayernLB's Adjusted BCA could result from a
reassessment of Moody's affiliate support assumption, or a
downgrade of BayernLB's BCA, which could be triggered by: (1) A
weakening of the bank's Macro Profile; (2) significant,
unexpected setbacks in its asset quality and capital adequacy.

In addition, Moody's would also reconsider the ratings in the
event of an increased probability of a coupon suspension.


The following ratings of BayernLB were upgraded:

-- Junior subordinate debt ratings to Ba1(hyb) from Caa1(hyb)

The following ratings of BayernLB Capital Trust 1 were upgraded:

-- Non-cumulative preferred securities to Ba3(hyb) from Ca(hyb)


ANGLO IRISH: ILP Halted EUR3-Bil. Transfer in December 2008
The Irish Times reports that the trial of four senior bankers has
heard that Irish Life and Permanent stopped a EUR3 billion
transfer from Anglo in December 2008 because of a fear over
"reputational damage".

Former Irish Life and Permanent (ILP) CEO Denis Casey and Anglo's
former head of finance Willie McAteer and two others are accused
of conspiring to mislead investors by using interbank loans to
make Anglo appear EUR7.2 billion more valuable than it was, The
Irish Times relates.

Mr. McAteer (65) of Greenrath, Tipperary Town, Co. Tipperary and
Mr. Casey (56), from Raheny, Dublin are on trial alongside Peter
Fitzpatrick (63), from Malahide, Dublin, who had been ILP's
former director of finance and John Bowe (52), from Glasnevin in
Dublin, who had been Anglo's head of capital markets, The Irish
Times discloses.

They have all pleaded not guilty at Dublin Circuit Criminal Court
to conspiring together and with others to mislead investors
through financial transactions to make the bank appear EUR7.2
billion more valuable than it was between March 1 and
September 30, 2008, The Irish Times notes.

Mike Nurse, who worked in the risk section of the treasury
department of Anglo, told the trial that he was aware that the
first steps of a financial transaction between Anglo and ILP had
begun in December 2008, The Irish Times relates.

He said that ILP would receive funds from Anglo and use that
money to reduce its borrowings from the European Central Bank
before its financial year end report was prepared for the market,
The Irish Times relays.

According to The Irish Times, Brendan Grehan SC, for Mr.
Fitzpatrick, noted that the Financial Regulator had agreed to
that transaction "to the extent of EUR3 billion".  But he also
noted that while it had started, it was then "unwound", The Irish
Times discloses.

                  About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.

Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.

                       About Anglo Irish

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

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

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

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


ITALY: PM Faces Challenges as Banks Grapple with Bad Loans
The Financial Times reports that two years into his term of
office, Matteo Renzi, Italy's prime minister, faces challenges on
all fronts.

According to the FT, the question that may yet derail the center-
left leader is the uncertainty engulfing the country's banks.

The scale of the challenge has assumed forbidding proportions,
the FT notes.  The EUR350 billion of non-performing loans sitting
on bank balance sheets represents nearly a fifth of all lending
and a similar proportion of Italian gross domestic product, the
FT discloses.  This is by far the highest in the G7 leading
industrial nations, the FT states.  It threatens the stability of
some of Italy's important financial institutions, according to
the FT.

Italy's big stock of bad loans is not only a growing concern for
investors, who have been selling bank shares heavily since the
start of the year, but it curbs the extension of new loans and
thus diminishes the chances of an economic recovery, the FT says.
Most worryingly, it holds back the possibility of a sector-wide
restructuring -- something that is urgently needed in the case of
Italy's fragmented regional banks, the FT notes.

Mr. Renzi has passed a law designed to promote mergers between
the ten largest "popolari" banks, the FT relates.  He has also
grasped the necessity of bolstering weaker institutions to make
deals palatable to those with stronger balance sheets, the FT

Where Mr. Renzi has fallen short is in producing a blueprint that
both cleans up loan books and lives within EU rules, the FT
states.  He initially wasted energy trying to persuade the
commission to allow him to create a taxpayer-funded bad bank to
hoover up the losses -- a measure that would constitute
illegitimate state aid, the FT discloses.  More recently, he has
struck a deal with Brussels that allows Rome to issue guarantees
that help banks sell loans to third parties such as hedge funds,
the FT relays.  Given the EU's prohibition on subsidy, it is hard
to see what good this half-baked proposal can do, the FT states.

According to the FT, Mr. Renzi's fundamental difficulty is that
any effective solution requires politically painful action he is
unwilling to take.  To resolve the problems at overstretched
banks, he may need to bail in bondholders, whose ranks may
include small retail investors, the FT says.  This is precisely
what happened last autumn when the government decided to rescue
four failing regional banks, the FT recounts.


APERAM SA: Moody's Raises Corporate Family Rating to Ba1
Moody's Investors Service upgraded its ratings for Aperam S.A.,
upgrading its corporate family rating (CFR) to Ba1 from Ba2 and
probability of default ratings (PDR) to Ba1-PD from Ba2-PD.
Moody's also upgraded the rating of the $200 million convertible
Euro bonds due 2020 to Ba2 from B1. The outlook on all the
ratings is stable.


The upgrade of the CFR reflects the strong operational
performance of the company over the last two years and Moody's
view that Aperam will be able to maintain its EBIT and EBITDA
margins at current levels in 2016. Moody's further believes that
significant operational improvement will be sustained by the
gains realised through the topline strategy, the expansion of the
'Leadership Journey' and the positive development on anti-dumping
measures in the European Union.

Despite the improvement in profitability, Moody's remains
vigilant on the development of market conditions in Europe and in
Brazil with notably an increased pressure on base prices.

More broadly, Aperam's CFR reflects (1) the company's improved
operating performance since the implementation of the 'Leadership
Journey' and active capital structure management, which resulted
in a substantial margin increase year on year and a much reduced
gross leverage ratio; (2) its strong market position in Europe
and high market share in Brazil; (3) a background of improved
global demand from the main end-markets of automotive, consumer
goods and capital goods; and (4) definitive anti-dumping duties
on imports of cold-rolled flat stainless steel in the EU from
China and Taiwan until 2020.

However, these positives are mitigated by (1) the cyclicality of
Aperam's end markets, with high correlation to GDP growth level
and consumer spending; (2) the highly competitive industry, still
showing global excess capacity despite restructuring by several
European players; (3) the company's exposure to raw material
price volatility, particularly nickel and scrap; and (4) exposure
to the declining Brazilian market which represents a high
proportion of the company's profitability.

Moody's believes that Aperam has been able to capitalize on the
slowdown of Chinese imports in the European market resulting in a
higher volume and capacity utilization rate. In Brazil, the other
main market for Aperam, the company enjoys local status, high
market share in flat-rolled sheets and also benefits from anti-
dumping duties implemented by the Brazilian government in 2013.

Finally, the gains realised through the restructuring and cost
efficiency measures implemented since 2011 allow the company to
report a significant improvement in margins, with both EBIT and
EBITDA margins being positive since H1 2014 and now standing at
6.9% and 10.8% respectively on a Moody's adjusted basis.

Moody's expects that cash flow generation will remain positive,
helped by moderate capex and reduced financial expenses following
the company's active liability management, with notably the
issuance of the convertible bonds and early repayment of the last
outstanding high yield bonds in April 2015. Moody's views the
solid positive free cash-flow generation and adequate liquidity
position as supportive of the rating. The company has so far
implemented a rather conservative financial policy despite having
resumed its dividend payment but having announced its target to
keep the net financial debt to EBITDA below 1x through the cycle.
The current rating and outlook does not incorporate a substantial
step up of payment to shareholders, nor a debt financed material

Liquidity Profile

Moody's sees the company as having adequate liquidity, with
sources of approximately $548 million, consisting of cash and
cash equivalents of $148 million (end of 2015 reported amount)
and credit lines of $400 million (Borrowing Base Facility, BBF).
Moody's also notes that Aperam has recently reduced the committed
amount of its BBF by $100 million but could benefit from a $50
million swing line facility in the form of a sub limit and also
extended the maturity of the facility to 2018, with possibility
of further extension for one year. Aperam can also rely on
various banking facilities for up to $150 million. Finally, the
company uses True Sale of Receivables programs of up to maximum
of EUR280 million that helps in managing its working capital


Aperam has a mix of secured and unsecured debt. Its largest piece
of secured debt is its $400 million borrowing base revolving
credit facility, which is secured by inventories and receivables,
and benefits from upstream guarantees of certain operating
subsidiaries. The company has repaid all its outstanding high
yield bonds and only reports $500 million of convertible bonds
(including Equity portion) due in 2020 and 2021, that are
unsecured and do not benefit from any operating entities'
upstream guarantees.


Moody's remains cautious on the European stainless steel sector.
The stable outlook assumes that the ongoing operational
improvements from the 'Leadership Journey' should enable the
company to solidify its operating performance despite the
recession in Brazil and the recent decline in nickel price.


While some of Aperam's current credit metrics would point towards
a higher rating, an upgrade to investment grade status would
entail a track record of moderate volatility in the company's
financial results with the company being able to withstand the
inherent volatility of its market demand and / or price.

An upgrade could be considered if Moody's witnesses (1) continued
growth in stainless steel demand and stability of stainless steel
base prices, together leading to sustained EBIT margin of above
6% on a Moody's adjusted basis and trending towards 8%; (2)
persistent high capacity utilization rate; (3) continued strong
liquidity profile, notably with positive free cash flow and
consistent CFO-Div to Debt around 30%; and (4) sustained Moody's
adjusted gross leverage of below 2x.

A downgrade is likely if, (1) underlying markets slowdown leading
to EBIT margin to decline to level of 5% or less; (2) Moody's
adjusted debt/EBITDA sustainably rises above 3.0x; (3) liquidity
becomes tight, with FCF becoming negative on a sustained basis;
or (4) the company increases pro forma leverage as a result of a
debt-financed acquisition.

Aperam is a leading global stainless and specialty steel producer
based on an annual production capacity of 2.5 million tons in
2015. They are the largest stainless and electrical steel
producer in South America (mainly Brazil), the second largest
stainless steel producer in Europe and fourth largest producer in
nickel alloys worldwide. In 2015, Aperam had sales of $4.7
billion and shipments of 1.88 million tonnes.

SWISSPORT GROUP: S&P Affirms 'B' LT CCR on HNA Acquisition
Standard & Poor's Ratings Services said it has affirmed its 'B'
long-term corporate credit rating on Luxembourg-based airport
services provider Swissport Group S.a.r.l (Swissport,
the new parent company of the Swissport Group) and related
entities. The outlook is stable.

At the same time, S&P assigned its 'B' issue rating to the CHF110
million senior secured revolving credit facilities (RCF), the
EUR660 million (CHF714 million equivalent) term loan B, and the
EUR400 million (CHF433 million equivalent) senior secured notes
issued by Swissport International Ltd. and Swissport Investment
S.A. The recovery rating on these instruments is '3', reflecting
that our recovery expectations are in the higher half of the
50%-70% range, in the event of a payment default.

In addition, S&P is assigning its 'CCC+' issue rating to the
EUR290 million (CHF314 million equivalent) senior unsecured notes
issued by Swissport Investment S.A., two notches below the
corporate credit rating. The recovery on the proposed notes is
'6', indicating S&P's expectation of negligible recovery (0%-10%)
in the event of a default.

S&P said, "Finally, we are withdrawing our rating on the former
parent of the group Aguila 3 S.A. at the company's request.
Following the refinancing, the existing CHF350 million and $945
million notes issued by Aguila 3 S.A. were fully repaid on Feb.
16, 2016, and as such we are withdrawing our 'B' issue
and '4' recovery ratings."

The affirmation follows Swissport's announcement that HNA Group
has finalized its acquisition of the airport services provider
from private equity firm PAI Partners. Swissport has raised
CHF1.5 billion equivalent debt, which together with HNA's equity
injection, have been used to fund its acquisition, repay
existing debt, pay transaction fees, and as additional cash on
balance sheet. HNA has contributed CHF1.6 billion of equity into
the group and, as a result, the mandatory convertible preference
shares -- that S&P treated as debt in its adjusted credit
metrics  -- longer exist. S&P is withdrawing its rating on the
former parent of the group Aguila 3 S.A.

The rating reflects S&P's continuing view of the company's fair
business risk profile and its highly leveraged financial risk
profile. There has been some deterioration in Swissport's EBITDA
margin over the last year, in part driven by increased pricing
pressures on the renewal of contracts, adverse foreign exchange
movements, and losses at certain stations. In addition, the
company's increased exposure to the higher-margin de-icing
activities introduced volatility to its operations. That said,
S&P believes that, under HNA Group's ownership, Swissport could
benefit from further higher-margin opportunities in Asia and
Africa, which could support a recovery of margins. However, in
S&P's view, significant improvement in profitability is unlikely
over the short term. This is because potential new contract wins
require significant capital outlays and involve start-up costs,
particularly in regions where the company does not have an
established network. Nevertheless, S&P expects Swissport should
be able to maintain profitability at least at its current levels,
including adjusted EBITDA of 10%-11% over the next 12 months.

S&P said, "Our business risk assessment continues to reflect
Swissport's position as a leading independent provider of ground
handling services and its well-diversified customer base, in what
we consider to be a highly fragmented market.

"We continue to view Swissport's financial risk profile as highly
leveraged. We forecast that cash flow generation will contribute
to some leverage reduction over the medium term. That said, under
our base-case scenario, we forecast that the company will
maintain Standard & Poor's-adjusted debt to EBITDA of about 5.7x-
6.2x and EBITDA interest coverage of more than 2.5x, over 2016
and 2017, which is commensurate with our 'B' rating.

"We believe that the acquirer, a legal entity of the HNA Group,
is effectively acting as a financial sponsor by following an
aggressive financial strategy using debt to maximize shareholder
returns. Accordingly, the financial risk profiles we assign to
companies controlled by financial sponsors ordinarily reflect our
presumption of high leverage. Our 'FS-6' assessment constrains
our financial risk profile assessment at highly leveraged, unless
there is evidence of a material shift in financial policy and
commitment to lower leverage materially."

S&P's base case assumes:

Revenue growth in the low to mid-single-digits in 2016 following
a reduction in revenues in 2015.

The strengthening of the Swiss franc accounted for a significant
part of the deterioration in 2015, with the remaining decline a
direct result of disposed or discontinued businesses.

S&P expects Swissport's reported EBITDA margin to improve to
around 7%-8% in 2016 (from nearer to 6% in 2015), driven by
direct cost savings and the divestment of loss-making stations.

Small bolt-on acquisitions of up to CHF15 million in 2016.

Based on these assumptions, S&P arrives at the following credit
measures for the years to Dec. 31, 2016 and 2017:

Adjusted funds from operations (FFO) to debt of about 9%-11%.

Adjusted debt to EBITDA of about 5.7x-6.2x.

EBITDA interest coverage of about 2.5x.

The stable outlook reflects S&P's view that Swissport should be
able to maintain its profitability at least at current levels.
S&P believes that an improvement in profitability is possible
over the medium term if Swissport fully realizes synergies from
its recent acquisitions and successfully executes its growth
ambitions in Asia and Africa. Furthermore, S&P believes that
following the recent transaction, Swissport's annual interest
bill will be reduced, which will contribute to free cash flow
generation and some leverage reduction over the medium term. S&P
expects Swissport to maintain debt to EBITDA of around or
below 6x and EBITDA interest cost of at least 2x over the next
two years. S&P also anticipates that the company will maintain
adequate liquidity.

S&P said, "We could lower the rating on Swissport if its revenues
and profitability decline as a result of a loss of multi-year
contracts, or if we observe a significant cash outflow due to
higher-than-expected integration and start-up costs for new
businesses. This could lead the company's cash flow generation
and credit metrics to fall below levels that we consider
commensurate with a 'B' rating. We could also lower the rating if
Swissport's interest coverage ratio falls to less than 2x, or its
liquidity weakens significantly.

"We could raise the rating on Swissport if the company reduces
its debt through improved operating performance, leading to
stronger credit metrics with adjusted debt to EBITDA decreasing
to less than 5x, on a sustainable basis. However, given the
current high levels of absolute debt, we think this
scenario is unlikely to materialize over the next year."


GREEN PARK: S&P Hikes Rating on Class E Notes to 'BB+'
Standard & Poor's Ratings Services raised its credit ratings on
Green Park CDO B.V.'s class A, B, C, D, and E notes.

The upgrades follow S&P's credit and cash flow analysis of the
transaction using data from the latest trustee report and the
application of S&P's relevant criteria.

Green Park is a cash flow collateralized loan obligation (CLO)
transaction managed by Blackstone Debt Advisors L.P. It is backed
by a portfolio of loans to primarily speculative-grade corporate
firms. The transaction closed in December 2006 and entered its
post-reinvestment period in March 2013.

S&P said, "According to our analysis, since our June 3, 2014
review, the rated liabilities have significantly deleveraged,
which has raised the available credit enhancement for all classes
of notes. The class A notes have deleveraged by approximately
EUR148 million, which represents an almost 68% reduction in the
principal amount outstanding of the class A notes.

"We factored in the above observations and subjected the capital
structure to our cash flow analysis, based on the methodology and
assumptions outlined in our updated corporate collateralized debt
obligation (CDO) criteria, to determine the break-even default
rate (BDR) (see "Global Methodologies And Assumptions For
Corporate Cash Flow And Synthetic CDOs," published on Sept.
17, 2015). In our analysis, we used the reported portfolio
balance that we considered to be performing, the principal cash
balance, the current weighted-average spread, and the weighted-
average recovery rates that we considered to be appropriate. We
incorporated various cash flow stress scenarios using various
default patterns, levels, and timings for each liability rating
category, in conjunction with different interest rate stress

"Upon publishing our updated corporate CDO criteria, we placed
those ratings that could potentially be affected "under criteria
observation" (see "Ratings On European Corporate Cash Flow CDOs
Placed Under Criteria Observation Due To Revised Criteria,"
published on Sept. 30, 2015). Following our review of this
transaction, our ratings that could potentially be affected by
the criteria are no longer under criteria observation.

"In our opinion, the significant deleveraging of the A notes has
increased the available credit enhancement for all classes of
rated notes. Our credit and cash flow analysis indicates that all
classes of notes are now able to achieve higher ratings that
those currently assigned. We have therefore raised our ratings on
these classes of notes."


Class       Rating            Rating
            To                From

Green Park CDO B.V.
EUR462.6 Million Senior Secured Floating-Rate Notes

Ratings Raised

A           AAA (sf)          AA+ (sf)
B           AAA (sf)          AA+ (sf)
C           AA+ (sf)          A+ (sf)
D           A+ (sf)           BB+ (sf)
E           BB+ (sf)          B- (sf)


* Norwegian Junk Bond Market Braces for Last Big Repricing
Jonas Cho Walsgard at Bloomberg News reports that the final blow
is about to land on the Norwegian junk bond market.

"We're hopefully in the last big repricing of the market,"
Bloomberg quotes Paal Ringholm, head of credit research at
Swedbank AB, said in an interview on Feb. 8.  "We're in a wave
where the next best or best are getting a sharp repricing."

The junk bond market of Western Europe's largest oil producer has
plunged since oil prices started to fall in 2014, Bloomberg
discloses.  The primary market is effectively closed for
oil-related issuers as spreads have widened so much that it's too
expensive for companies to issue new debt, Bloomberg states.

"There's more realism in this wave," Mr. Ringholm, as cited by
Bloomberg, said.  "It's pricing in that several companies will
restructure and they will -- it hits harder and on all types of
credit profiles."

He said the market needs one last "big repricing" to convince
investors that it's cheap before it begins to function more
normally again, Bloomberg relays.

According to Bloomberg, vulture funds, private investors and
shareholders who see opportunities in company debt in addition to
or instead of stock will be the first to take the plunge, but
buyers will have to be wary about what they pick up.


ABSOLUT BANK: Moody's Assigns 'B1' LT Local Currency Debt Ratings
Moody's Investors Service has assigned B1 long-term global scale
local currency debt ratings to two senior unsecured debt
instruments issued by Absolut Bank. The ratings carry a negative
outlook. Any subsequent local currency senior unsecured debt
issuance by Absolut Bank will be rated at the same rating level
subject to there being no material change in the bank's overall
credit profile.

The following debt instruments were assigned ratings:

  RUB5,000M Senior Unsecured Regular Bond series BO-05 maturing
  on April 29, 2020 -- B1, negative outlook

  RUB1,500M Senior Unsecured Regular Bonds series BO-001R-02
  maturing on February 17, 2019 -- B1, negative outlook


The assigned ratings are in line with Absolut Bank's global scale
local currency deposit rating, which is, in turn, based on the
bank's standalone baseline credit assessment (BCA) of b1 and does
not incorporate any external support uplift.

Moody's considers Absolut Bank's standalone BCA constrained by
the bank's loss-making performance in 2015, resulting from
elevated funding costs and increasing provisioning charges. At
the same time, Absolut Bank's standalone BCA is underpinned by
the bank's adequate credit underwriting standards resulting in
better-than-market average asset quality metrics to date, its
relatively good capital cushion (with a large proportion of core
Tier 1 capital), and its solid liquidity profile.

The key drivers of the negative outlook assigned to Absolut
Bank's ratings reflect the weakening trends in the bank's credit
profile, owing to the current unfavorable operating environment
in Russia.


Upward pressure on Absolut Bank's deposit and debt ratings is
unlikely in the near term given the negative outlook assigned to
these ratings. The outlook on the bank's long-term ratings could
be changed to stable if Moody's observes a reversal of the
current weakening trends in the bank's asset quality and
profitability, and if this is coupled with a sustainable good
capital position.

The rating agency could downgrade Absolut Bank's deposit and debt
ratings if the asset quality deterioration continues, leading to
further erosion of the bank's profitability and capital cushion.

UNIFIN: Moody's Cuts Nat'l Scale Long-Term Deposit Rating to
Moody's Interfax Rating Agency (MIRA) downgraded to from the national scale long-term deposit rating (NSR) of
UNIFIN. The NSR carries no specific outlook.

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

This rating action follows an announcement by the CBR -- on
February 15, 2016 -- that it had revoked UNIFIN's banking


The rating action and Moody's Interfax subsequent ratings
withdrawal follow the CBR's announcement on February 15, 2016
that it had revoked UNIFIN's banking license, as a result of the
entity's violation of federal banking laws and CBR regulation, as
well as its inability to meet creditors' claims.

The downgrade of UNIFIN's ratings reflects Moody's Interfax
expectations of heavy losses that the bank's creditors are likely
to incur as a result of liquidation, given: (1) The bank's thin
capital buffer with total regulatory CAR of 10.2% as at 1 January
2016 (marginally above regulatory minimum of 10%); and (2)
historically low recovery rates for similar cases in Russia, when
banks' licenses have been revoked.

VNESHECONOMBANK: Dmitriev to Be Replaced by Sberbank Executive
Darya Korsunskaya and Oksana Kobzeva at Reuters report that the
head of Russia's ailing state development bank Vnesheconombank
(VEB) could be replaced soon by a senior banker from Sberbank.

According to Reuters, sources familiar with the situation said
the decision to replace VEB's Vladimir Dmitriev with Sberbank
Deputy Chairman Sergei Gorkov could be announced as soon as
Feb. 18.

The Finance Ministry is reluctant to provide large-scale
assistance when the Russian budget is already under severe strain
because of a slump in global oil prices, Reuters discloses.

Vnesheconombank operates to enhance competitiveness of the
Russian economy, diversify it and stimulate investment activity.
It is not a commercial bank, its activity is governed by special
Law - 82-FZ which came into force on June 4, 2007.


ABENGOA SA: Needs EUR826 Million of Fresh Cash in 2016
Julien Toyer at Reuters reports that Abengoa needs EUR826 million
(US$922 million) of fresh cash to make it until the end of the
year and a further EUR304 million in 2017.

The company could become the country's biggest-ever bankruptcy if
it fails to agree on a wide-ranging debt restructuring with
creditor banks and bondholders by March 28, Reuters notes.

Talks had made little headway after Abengoa delayed the
presentation of a new viability plan to re-focus the firm on its
core engineering and construction business while lenders had
expressed doubts over the group's liquidity needs, Reuters

According to Reuters, under the plan, detailed for the first time
on Feb. 16, Abengoa said it also would need new financial
guarantees of EUR525 million in order to develop existing
projects in 2016.

It also estimated its enterprise value at EUR5.4 billion,
although this figure takes into account forecasts until 2020 that
may be hard to achieve, Reuters states.

The plan was drafted by consultancy firm Alvarez & Marsal which
however said it had not carried out a due diligence on the firm's
financial situation and focused on the group level without
analyzing Abengoa's multiple legal entities, Reuters relates.

A banking source, as cited by Reuters, said lenders would now
review the plan and give their opinion on it likely towards the
end of next week.

Abengoa SA is a Spanish renewable-energy company.

                        *       *       *

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

U N I T E D   K I N G D O M

AJ DESIGN: Director Banned for 7 Years for Hiring Illegal Workers
Asimali Alihusen, the director of AJ Design (Leic) Ltd., a
Leicester clothing company, has signed a disqualification
undertaking, banning him from acting as a director for seven
years, from February 18, for allowing the company to employ
illegal workers.

This follows an investigation by the Insolvency Service, working
with the Home Office.

The Undertaking, to the Secretary of State for Business,
Innovation & Skills, accepted on January 28, bans Mr. Alihusen
from acting as a company director or from managing or in any way
controlling a limited company until 2023.

Mr. Alihusen of Leicester was a director of AJ Design (Leic) Ltd
from January 15, 2013 to June 12, 2015.  On April 15, 2015, a
time when he was a director, the company was found to be
employing 17 workers who were not eligible to work in the UK.

The business, a manufacturer of clothing, went into liquidation
on June 12, 2015, owing GBP270,600 to creditors, including
GBP255,000 for a fine imposed by Home Office Immigration and
Enforcement for employing illegal workers.

Sue MacLeod, Chief Investigator of Insolvent Investigations,
Midlands & West at the Insolvency Service, said:

Illegal workers are not protected under employment law, and cheat
legitimate job seekers out of employment opportunities.  Those
who employ them defraud the taxpayer and undercut honest
competitors. This should serve as a warning to other directors
who may feel tempted to break the law.

The Immigration law makes employers responsible for preventing
illegal working in the UK.  To comply with the law, a company
must check and be able to prove documents have been checked prior
to recruitment, showing a person's entitlement to work.

ANGLO AMERICAN: Fitch Cuts Long-Term IDR to 'BB+', Outlook Neg.
Fitch Ratings has downgraded Anglo American Plc's (AA) Long-term
Issuer Default Rating (IDR) and senior unsecured rating to 'BB+'
from 'BBB-'. The Outlook on the Long-term IDR is Negative. The
Short-term IDR has also been downgraded to 'B' from 'F3'. All
ratings have been removed from Rating Watch Negative (RWN), where
they were placed on December 11, 2015.

The downgrade follows the release of additional information on
the group's operational restructuring, which includes the sale of
approximately 25 assets, and if completed will result in AA
becoming a materially smaller mining company focused on diamonds,
copper and platinum. We believe the reduced scale of the group
together with the current weak credit metrics and uncertainty
related to the timing and execution of the restructuring
plan/asset sales are more commensurate with a 'BB' category

The Negative Outlook primarily reflects the high level of
uncertainty regarding the ultimate success of the group's
restructuring plan. In part, this comes from the large number of
mining assets currently available for purchase, creating a
buyers' market. With several of AA's available assets being
marginally profitable or lossmaking, this raises the question of
whether they will attract a purchase multiple that is acceptable
to AA's management. Failure to sell assets as currently envisaged
would result in the current elevated credit metrics being
sustained for an extended period and in the absence of other
factors would result in negative rating action.


New Business Model

Assuming a successful implementation of the current restructuring
program, AA will have a leaner structure focused on three
commodities -- diamonds, platinum and copper. Fitch notes that AA
will retain a meaningful market position in each of these
commodities with cost-competitive assets. However, the business
will be less diversified overall with a dependence on a smaller
number of commodities and high exposure to Africa (around 54% of
EBITDA), particularly South Africa. Fitch believes South Africa
is a less favorable country for mining companies to operate,
given the recent history of an active, unionized workforce and
comparatively higher wage and electricity cost inflation.

Addressing High Leverage

Management is addressing its elevated leverage primarily through
asset sales as current free cash flow (FCF) generation is
limited, given the weakness in commodity markets. Fitch believes
the company retains various strategic options to make a step
change reduction in debt through the sale of its iron ore, coal
and nickel assets. However, there is a high level of uncertainty
regarding the timing and execution of asset sales and
management's ability to deliver on cost-cutting measures. If
management is able to successfully implement the measures its
taking, it would support credit metrics as Fitch would expect any
cash received from the disposal program to be used to pay down
debt. However, Fitch does not expect credit metrics to be in line
with the current rating over the next 18-24 months.

Continued Cash Flow Preservation

"We have already seen signs of the implementation of the new
strategy, which include the announcement of the sale of assets
(Dartbrook, Callide coal mine, Rustenburg, Kimberly), placing
assets on care and maintenance (Snap Lake, Twickenham, closure of
Thabazimbi) and reorganisation of some assets such as Kumba,
where the company began the consultation process about workforce
reductions," Fitch said.

These actions will continue to support FCF in the medium term, in
addition to a further reduction of capex given the leaner
business model. However, Fitch believes there are material risks
to AA's strategy and notes that AA may face obstacles for example
in reducing its work force, which could be an initial strain on
cash flows.

Weak Performance in 2016

"We expect 2016 to be another challenging year for AA, not only
because of its major restructuring program, but also due to the
ongoing weakness in the commodities markets. Fitch recently
updated its mid-cycle commodity price; which reflected downward
price revisions due to evidence of a further weakening of Chinese
demand for commodities, together with the impact of investor
sentiment towards commodities, which is likely to remain deeply
negative into 1H16 at least," Fitch said.


-- Gradual sales of non-core assets between 2016-2018 at an
    average EBITDA sales multiple of between 3x-4x.

-- Price assumptions for selected commodities: iron ore ($US
    45/t in 2016, $US 45/t in 2017, $US 50/t), platinum ($US
    800/oz gradually increasing in 2017-2018), copper ($US
    4,800/t in 2016, $US 5,200/t in 2017 and $US 6,000
    thereafter), gradual price recovery in diamonds post 2017.

-- No dividends paid until 2018.


Positive: Future developments that could lead to a stabilization
of Outlook:

-- Meaningful progress with asset sales and debt reduction
    together with the expectation of funds from operations (FFO)
    gross leverage below 3.0x by 2018.

-- EBITDA margins above 25%.

-- Sustained positive FCF.

Negative: Future developments that could lead to negative rating
action include:

-- The inability to successfully implement the proposed
    restructuring plan leading to FFO gross leverage being
    sustained above 3.5x by end-2018.

-- EBITDA margin remaining below 20% with no expectation that
    FCF will reverse to positive.


AA's liquidity remains strong with around US$7 billion of cash
and US$8 billion of undrawn committed facilities as at end-2015
while short-term borrowings amounted to around US$2 billion.
Cumulative repayments for 2016-2018 amount to US$8.8 billion.


Anglo American Plc:

  Long-term IDR: downgraded to 'BB+' from 'BBB-'; removed from
  RWN; Outlook Negative

  Short-term IDR: downgraded to 'B' from 'F3'; removed from RWN

Anglo American Capital Plc:

  Senior unsecured debt guaranteed by Anglo American Plc:
  downgraded to 'BB+' from 'BBB-'; removed from RWN

PENTAGON CAPITAL: SEC Settles Case Over Market-Timing Scheme
Carmen Germaine at Law360 reports that the U.S. Securities and
Exchange Commission has reached a settlement with bankrupt
British hedge fund Pentagon Capital Management over an alleged
market-timing scheme, agreeing to not seek a civil penalty that
was once set at US$38 million before being cut by the Second

The SEC told U.S. District Judge Robert W. Sweet in a letter
filed on Feb. 12 that it has approved a settlement with Pentagon
Capital Management PLC to resolve claims the hedge fund profited
by manipulating the timing of orders for mutual funds, saying it
plans to file an agreement in Pentagon's bankruptcy proceedings
in the U.K. shortly, Law360 relates.

While the SEC didn't outline the terms of the settlement, the
agency did say it has agreed not to seek a penalty against the
hedge fund, ending a long-running fight after the Second Circuit
in August 2013 upheld an order requiring the fund to pay US$38
million in disgorgement and US$21 million in interest but vacated
an equal US$38 million civil penalty, Law360 notes.

The SEC charged Pentagon and its principal Lewis Chester in 2008
with engaging in late trading of mutual funds -- placing and
executing an order as though it occurred at or before the time a
mutual fund price was determined, Law360 recounts.

In 2012, Judge Sweet found the firm and Chester liable and
ordered Pentagon to pay US$99 million in disgorgement, penalties
and interest, Law360 relays.

According to the SEC, Pentagon filed for administration in the
U.K., equivalent to filing for bankruptcy, after the 2012
judgment, Law360 discloses.  The agency said in a December court
filing it applied to enforce the judgment after the Second
Circuit's decision and was granted permission to bring its
proceeding, but began settlement negotiations with Pentagon and
Chester before filing, Law360 relates.

TIB LTD: Insolvency Service Bans Director for 10 Years
Gemma Louise Reilly, 31, of Stockport, the director of T.I.B
(North) Limited (TIB) gave a disqualification undertaking to the
Secretary of State for Business, Innovation and Skills not to
promote, manage, or be a director of a limited company from 18
February 2016 until 2026.

TIB, which stands for "Teenage Information Bureau", commenced
trading from the Stockport area around November 2010.  According
to Ms. Reilly, the aim of the company was to promote sexual
awareness in young people through the production and distribution
of a booklet to schools/colleges/youth centers, the funding for
which would be sought from both individuals and small businesses.
Company accounts suggest that over a period of 3 years the
company had a turnover in the order of GBP404,844.  The booklet
had no official endorsement.

On December 3, 2013, the Secretary of State for Business,
Innovation and Skills presented a petition to wind-up the company
on grounds of public interest.  On February 10, 2014, eight days
prior to the hearing, the company was placed into Creditors
Voluntary Liquidation.  A compulsory winding up order was
subsequently made on February 18, 2014.

In providing an undertaking, Ms. Reilly did not dispute that she
caused or allowed TIB to make false and misleading statements
designed to pressure individuals and/or businesses to pay for
sponsorship.  In addition to this, she did not dispute the
allegation that she failed to maintain, preserve and/or deliver
up adequate accounting records.

Commenting on the disqualifications, Ken Beasley, Official
Receiver at the Insolvency Service's Public Interest Unit, said:

"This company received hundreds of thousands of pounds in funding
from individuals and small businesses who believed that their
funds were being put to good use.

"Ms. Reilly's behavior falls below the standards expected for
responsible directors of a limited company.

"The Insolvency Service has strong enforcement powers and we will
not hesitate to remove directors from the business environment
when they have failed to demonstrate the level of care and
responsibility that is required of them."

VEDANTA RESOURCES: S&P Cuts LT Corp. Credit Ratings to 'B'
Standard & Poor's Ratings Services said it had lowered its
foreign currency long-term corporate credit rating on Vedanta
Resources PLC and the long-term issue ratings on the company's
guaranteed notes and loans to 'B' from 'B+'. S&P also
placed all the ratings on CreditWatch with negative implications.

Vedanta Resources is a London-headquartered oil and metals
company with most of its operations in India.

"We downgraded Vedanta Resources because we expect the company's
financial performance to remain weak for the next 12-15 months,"
said Standard & Poor's credit analyst Mehul Sukkawala. "Low
commodity prices have hurt Vedanta Resources' cash flows, which
were already weakened by the company's high debt. In addition, we
placed the ratings on CreditWatch with negative implications
to reflect the refinancing risk for Vedanta Resources' mid-2016
debt maturities due to its complex organization structure. The
risk further increases on account of covenant pressures."

In S&P's view, Vedanta Resources increasingly faces refinancing
risk. This is because of low financial flexibility at the
ultimate holding company (Vedanta Resources), limitations on cash
flow fungibility between companies due to the organization
structure and Indian regulations, and weakening access to
non-Indian banks. The company has US$1.35 billion of debt
outstanding of the US$1.9 billion maturing in mid-2016.

Vedanta Resources already faces the risk of breaching two
financial covenants in its loans, for which it has requested
banks for waivers and relaxations. However, the company has made
progress in addressing the risk. "We also believe the access to
short-term working capital facility from Indian banks will help
Vedanta Ltd. tide over any potential refinancing risk for the
local commercial paper market (currently US$1.5 billion
outstanding) stemming from its weakening credit profile. We also
believe Vedanta Ltd. will be able to rollover the US$1.25 billion
loan from subsidiary Cairn India Ltd. due in mid-2016," S&P said.

"We expect Vedanta Resources' financial ratios to remain weak
despite our expectation of improved performance over the next 12-
15 months and positive free operating cash flows. This reflects
the adverse impact from the downward revision of our zinc and oil
price assumptions. We now expect Vedanta Resources' funds from
operations (FFO) interest coverage to be less than 1.75x and
ratio of FFO to debt (on a proportionate consolidation basis) to
remain below 7.5% until fiscal 2017 (year ending March 31). This
would still be much better than the very weak levels of 1.3x
interest coverage and 3% FFO-to-debt for the six months ended
Dec. 31, 2015. Our financial ratios are calculated on
a proportionate consolidation basis to reflect the company's
current organization structure. Also, we have not factored in any
potential impact of the proposed merger of Cairn India and
Vedanta Ltd," said S&P.

"We expect Vedanta Resources' operating performance to improve
over the next 24 months, helping the financial ratios to recover.
The improvement is likely to largely result from Vedanta
Resources' planned commissioning of about 1.3 million tons of
aluminum capacity in India, turnaround in the operating
performance of the Zambian copper business, and higher commodity
prices," S&P said.

Vedanta Resources is also cutting costs, especially in its
aluminum and copper business in Zambia.

S&P said, "On a proportionate consolidated basis, we assess
Vedanta Resources' liquidity as less than adequate because we
expect the company's sources of liquidity to be less than 1.2x
over the next 12 months. Also, we believe the company is
facing pressure on some of its covenants, resulting in requests
for waivers and relaxations from banks. Nevertheless, we believe
Vedanta Resources can manage its liquidity and covenants, given
its fair banking relationships with Indian banks.

"We aim to resolve the CreditWatch placement over the next two to
three months based on the progress of Vedanta Resources' funding
plans for the upcoming refinancing and the status of covenant
waivers and relaxations," said Mr. Sukkawala.

S&P said, "We could lower the rating by one or more notches if we
believe the company is facing challenges in: (1) arranging
funding for the remaining mid-2016 maturities of US$1.35 billion;
(2) rolling over short-term debt; or (2) getting waivers and
relaxations for its upcoming covenant testing.

"We could affirm the rating if we believe Vedanta Resources has
the ability to fund the refinancing and has received waivers and
relaxations from banks to address the covenant pressure. This
assumes that our expectations of the company's production ramp-up
and commodity prices do not significantly weaken."


* Global Bank Regulators Should Allow "Moderate" Contagion
Boris Groendahl at Bloomberg News reports that global bank
regulators should allow "moderate" contagion to spread across the
financial system should one of the world's biggest lenders fail,
preventing a fatal blow hitting the unregulated, non-bank part.

According to Bloomberg, the European Banking Federation said the
Basel Committee on Banking Supervision should allow less-
connected banks to buy the debt of the world's globally
systemically important banks, even if the securities are designed
to take losses in a collapse.  The group commented on the
committee's planned rules for total loss-absorbing capacity, or
TLAC, Bloomberg notes.

The Financial Stability Board set out the criteria for TLAC-
eligible bonds last year, seven years after the collapse of
Lehman Brothers Holdings Inc. roiled the global economy, to
ensure giant lenders can be wound down and recapitalized in an
orderly way and without taxpayer bailouts, Bloomberg recounts.
The move, which applies only to the world's 30 biggest banks,
makes new sources of capital available following a collapse by
allowing the senior unsecured bonds of the failed lender to be
converted to equity or written down in much the same way as
already occurs with the notes of a non-financial company that
goes bust, Bloomberg states.

* BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles
Author: Sallie Tisdale
Publisher: BeardBooks
Softcover: 270 pages
List Price: $34.95
Review by Henry Berry

Order your own personal copy at

An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her
subject of the wide nd engrossing field of health and illness the
perspective, as well as the special sympathies and sensitivities,
of a registered nurse. She is an exceptionally skilled writer.
Again and again, her descriptions of ill individuals and images
of illnesses such as cancer and meningitis make a lasting

Tisdale accomplishes the tricky business of bringing the reader
to an understanding of what persons experience when they are ill;
and in doing this, to understand more about the nature of illness
as well. Her style and aim as a writer are like that of a medical
or science journalist for leading major newspaper, say the "New
York Times" or "Los Angeles Times." To this informative, readable
style is added the probing interest and concern of the
philosopher trying to shed some light on one of the central and
most unsettling aspects of human existence. In this insightful,
illuminating, probing exploration of the mystery of illness,
Tisdale also outlines the limits of the effectiveness of
treatments and cures, even with modern medicine's store of
technology and drugs. These are often called "miracles" of modern
medicine. But from this author's perspective, with the most
serious, life-threatening, illnesses, doctors and other
healthcare professionals are like sorcerer's trying to work magic
on them. They hope to bring improvement, but can never be sure
what they do will bring it about. Tisdale's intent is not to
debunk modern medicine, belittle its resources and ways, or
suggest that the medical profession holds out false hopes. Her
intent is do report on the mystery of serious illness as she has
witnessed it and from this, imagined what it is like in her
varied work as a registered nurse. She also writes from her own
experiences in being chronically ill when she was younger and the
pain and surgery going with this.

She writes, "I want to get at the reasons for the strange state
of amnesia we in the health professions find ourselves in. I want
to find clues to my weird experiences, try to sense the nature of
being sick." The amnesia of health professionals is their state
of mind from the demands placed on them all the time by patients,
employers, and society, as well as themselves, to cure illness,
to save lives, to make sick people feel better. Doctors,
surgeons, nurses, and other health-care professionals become
primarily technicians applying the wonders of modern medicine.
Because of the volume of patients, they do not get to spend much
time with any one or a few of them. It's all they can do to apply
the prescribed treatment, apply more of it if it doesn't work the
first time, and try something else if this treatment doesn't seem
to be effective. Added to this is keeping up with the new medical
studies and treatments. But Tisdale stepped out of this problem
solving outlook, can-do, perfectionist mentality by opting to
spend most of her time in nursing homes, where she would be among
old persons she would see regularly, away from the high-charged
atmosphere of a hospital with its "many medical students,
technicians, administrators, and insurance review artists." To
stay on her "medical toes," she balanced this with working
occasional shifts in a nearby hospital. In her hospital work, she
worked in a neonatal intensive care unit (NICU), intensive care
unit (ICU), a burn center, and in a surgery room. From this
combination of work with the infirm, ill, and the latest medical
technology and procedures among highly-skilled professionals,
Tisdale learned that "being sick is the strangest of states."

This is not the lesson nearly all other health-care workers come
away with. For them, sick persons are like something that has to
be "fixed." They're focused on the practical, physical matter of
treating a malady. Unlike this author, they're not focused
consciously on the nature of pain and what the patient is
experiencing. The pragmatic, results-oriented medical profession
is focused on the effects of treatment. Tisdale brings into the
picture of health care and seriously-ill patients all of what the
medical profession in its amnesia, as she called it, overlooks.
Simply in describing what she observes, Tisdale leads those in
the medical profession as well as other interested readers to see
what they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel
and cuts -- the top of the hip to a third of the way down the
thigh -- and cuts again through the globular yellow fat, and
deeper. The resident follows with a cautery, holding tiny
spraying blood vessels and burning them shut with an electric
current. One small, throbbing arteriole escapes, and his glasses
and cheek are splattered." One learns more about what is actually
going on in an operation from this and following passages than
from seeing one of those glimpses of operations commonly shown on
TV. The author explains the illness of meningitis, "The brain
becomes swollen with blood and tissue fluid, its entire surface
layered with pus . . . The pressure in the skull increases until
the winding convolutions of the brain are flattened out...The
spreading infection and pressure from the growing turbulent ocean
sitting on top of the brain cause permanent weakness and
paralysis, blindness, deafness . . . . " This dramatic depiction
of meningitis brings together medical facts, symptoms, and
effects on the patient. Tisdale does this repeatedly to present
illness and the persons whose lives revolve around it from
patients and relatives to doctors and nurses in a light readers
could never imagine, even those who are immersed in this world.

Tisdale's main point is that the miracles of modern medicine do
not unquestionably end the miseries of illness, or even
unquestionably alleviate them. As much as they bring some relief
to ill individuals and sometimes cure illness, in many cases they
bring on other kinds of pains and sorrows. Tisdale reminds
readers that the mystery of illness does, and always will, elude
the miracle of medical technology, drugs, and practices. Part of
the mystery of the paradoxes of treatment and the elusiveness of
restored health for ill persons she focuses on is "simply the
mystery of illness. Erosion, obviously, is natural. Our bodies
are essentially entropic." This is what many persons, both among
the public and medical professionals, tend to forget. "The
Sorcerer's Apprentice" serves as a reminder that the faith and
hope placed in modern medicine need to be balanced with an
awareness of the mystery of illness which will always be a part
of human life.


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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at

                 * * * End of Transmission * * *