TCREUR_Public/160317.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, March 17, 2016, Vol. 17, No. 054



HRVATSKA BANKA: Moody's Cuts FC Issuer Rating to Ba2, Outlook Neg
HRVATSKA ELEKTROPRIVREDA: Moody's Affirms Ba2 CFR, Outlook Neg.
ZAGREB CITY: Moody's Cuts Issuer Rating to Ba2, Outlook Neg.
ZAGREBACKI HOLDING: Moody's Lowers Rating to Ba3, Outlook Neg.


FAURECIA SA: Moody's Raises CFR to Ba2, Outlook Stable
FAURECIA SA: Fitch Assigns 'BB-' Rating to EUR500MM Sr. Notes


GEORGIA: Moody's Affirms Ba3 Bond Ratings, Outlook Stable
* Fitch Says Georgian Banks' Buffers Offset Macro Challenges


HP PELZER: Fitch Affirms 'B' Issuer Default Rating
SAPPI PAPIER: Moody's Rates Proposed EUR350MM Sr. Sec. Notes Ba2


ALPSTAR CLO: Moody's Affirms 'B1' Rating on Class E Debt


BAROLO MIDCO: Moody's Assigns B3 CFR, Outlook Stable
CARTIERE PAOLO: April 12 Deadline Set for Share Capital Offers
* Italian ABS SME Loan Delinquencies Slightly Up, Moody's Says


* Moody's Maintains Neg. Outlook for Kazakhstan's Banking System


KKR RETAIL: Moody's Puts B2 CFR on Review for Upgrade


EURO GALAXY II: Moody's Raises Rating on Class D Notes to Ba1


NORSKE SKOG: Wants Auditor Replaced Following Disagreements


CB FDB: Deemed Insolvent, Provisional Administration Halted
KOGALYMAVIA: Federal Tax Service Files Bankruptcy Petition
MTS BANK: Fitch Affirms 'B+' Long-Term Issuer Default Rating
SAMARA MORTGAGE: Deemed Insolvent, Prov. Administration Halted
SVYAZINVESTNEFTEKHIM OAO: Moody's Reviews Ba2 CFR for Downgrade

* Moody's Says Recession Continues to Hit Russian Banking Sector


CORPORATE COMMERCIAL: Tsvetan Vasilev to Face Trial Over Collapse


ABENGOA SA: Moody's Cuts Corporate Family Rating to Ca


UBS GROUP: Moody's Rates $1.5BB AT1 Capital Notes 'Ba1'

U N I T E D   K I N G D O M

AERO INVENTORY: April 21 Claims Filing Deadline Set
AMAN RESORTS: Doronin Gets Legal Victories in Bankruptcy Dispute
SAGA PLC: Moody's Raises CFR to Ba1, Outlook Stable
STH 500: Owner Reaches Settlement with Cerberus in Nama Row



HRVATSKA BANKA: Moody's Cuts FC Issuer Rating to Ba2, Outlook Neg
Moody's Investors Service has downgraded the Croatian Bank for
Reconstruction and Development's (Hrvatska banka za obnovu i
razvitak or HBOR) foreign-currency issuer rating to Ba2 from Ba1
and its foreign-currency backed senior unsecured medium-term note
programme rating to (P)Ba2 from (P)Ba1.  The outlook on the
issuer rating remains negative.  At the same time, Moody's has
affirmed the bank's standalone baseline credit assessment (BCA)
of ba2.

The rating actions were prompted by the weakening of the Croatian
government's credit profile, as captured by Moody's downgrade of
the government bond rating to Ba2 (negative) from Ba1 (negative)
on March 11.

                         RATINGS RATIONALE

The downgrade of the issuer and debt program ratings of HBOR, a
100% government-owned development bank, reflects the reduced
ability of the government to provide support, as indicated by the
downgrade of Croatia's sovereign ratings to Ba2 from Ba1.  As
HBOR's obligations benefit from an unconditional, explicit and
irrevocable state guarantee, Moody's aligns the bank's issuer and
debt ratings with Croatia's local-currency bond rating.

The negative outlook on HBOR's issuer rating is aligned with the
negative outlook on Croatia's government bond rating and reflects
(1) the interlinkages between HBOR's credit profile and that of
the sovereign, given the bank's development mandate and
operations in Croatia; and (2) the challenging domestic operating
environment, which Moody's expects will continue to constrain
lending growth and pressure the bank's asset quality and
profitability.  In 2015, Croatia emerged from a six-year
recession with real GDP expanding by a modest 1.6%.  For 2016,
Moody's expects growth will remain subdued at around 1.5%, as
debt accumulation in the household and corporate sector and high
unemployment (at 16.4% at end-January 2016) continue to constrain
private investment and consumption and offset the impact of
growing exports to Europe.  Moody's expects the bank's weak asset
quality metrics -- non-performing loans (NPLs) stood at 6.6% of
loans as of September 2015 -- to continue to constrain
profitability through high provisioning requirements.  In the
nine months ending September 2015, return-on-average assets stood
at 0.6%, while provisioning expenses absorbed 53% of pre-
provision income.

However, Moody's affirmation of HBOR's ba2 BCA reflects the
bank's strong capitalization and high loan loss reserve buffers,
which the rating agency expects will continue to provide the bank
with a substantial cushion against unforeseen credit losses.  As
of end-September 2015, shareholders' equity stood at 38% of total
assets, while loan loss reserves stood at a high 194% of NPLs,
providing a high buffer to absorb losses.  In addition, HBOR's
BCA reflects its continued access to bilateral agency funding of
long maturities, which partly mitigates reliance on confidence-
sensitive funding from international capital markets.


As indicated by the negative outlook, there is currently limited
upward pressure on HBOR's ratings.  A weakening in the
creditworthiness of the government of Croatia -- as signalled by
a downgrade of Croatia's local-currency bond rating -- would
exert downward pressure on HBOR's ratings.


   -- Long-term issuer rating: downgraded to Ba2 from Ba1;
      outlook remains negative

   -- Backed Senior Unsecured MTN downgraded to (P)Ba2 from

  -- Baseline credit assessment; affirmed at ba2

The methodologies used in these ratings were Banks published in
January 2016, and Government-Related Issuers published in October

As of the end of September 2015, HBOR had total assets of HRK25.3
billion (US$3.7 billion).  HBOR is headquartered in Zagreb,

HRVATSKA ELEKTROPRIVREDA: Moody's Affirms Ba2 CFR, Outlook Neg.
Moody's Investors Service has affirmed the Ba2 corporate family
rating (CFR), Ba2-PD probability of default rating (PDR), and Ba2
senior unsecured ratings of Croatian national electricity company
Hrvatska Elektroprivreda d.d. (HEP).  The LGD4 assessment of
HEP's senior unsecured notes remains unchanged.  While the
ratings have been affirmed, the outlook has been changed to
negative from stable.

                          RATINGS RATIONALE

The outlook change follows the recent downgrade of the Croatian
government's rating to Ba2 with a negative outlook from Ba1 with
a negative outlook on March 11, 2016.

Given its 100% ownership by the Government of Croatia, HEP's Ba2
rating incorporates a one-notch uplift to the group's standalone
credit quality, expressed by Moody's as the baseline credit
assessment (BCA) of ba3.  Moody's would not expect a government
related issuer to be rated higher than its supporting government
purely by virtue of the likelihood of un-contracted support being
forthcoming if needed.  Consequently, any downgrade of the
government of Croatia's rating will likely result in a downgrade
to HEP's ratings.

HEP's Ba2 CFR reflects (1) HEP's vertically integrated position
in the Croatian electricity market, where the group enjoys 84%
market share; (2) its electricity generation mix, with a high
share of low cost and low CO2 hydro and nuclear output; and (3)
the group's sound financial profile with low leverage levels and
strong credit metrics.

However, the ratings are significantly constrained by (1) HEP's
lack of diversification in terms of market presence; (2) the
developing profile of the regulatory framework in Croatia, with a
limited track record of transparent and consistent application;
(3) HEP's underlying earnings volatility driven by its dependence
on volatile hydro-based electricity generation; and (4) its
considerable investment program, which includes new generation
capacity and replacement of an aging asset base.

The rating also reflects the significant financial flexibility
that HEP has at its current rating level, with key ratios of
funds from operations (FFO)/interest cover of 9.3x and FFO/net
debt of 87.0% as of June 30, 2015, vs.  Moody's guidance of a
minimum of 4.0x and 20% respectively.  This should allow the
company to absorb significant cash flow pressures in the medium-
term at the current rating level.

The one-notch uplift applied to the company BCA of ba3 reflects
HEP's beneficial relationship with the government, which has
helped its ability to access debt markets.  Due to HEP's
strategic importance to Croatia's economy, Moody's considers
there to be high likelihood of extraordinary support from the
government in case of financial distress at the company.


Any downgrade in the rating of the government of Croatia would
likely result in a downgrade of HEP's ratings.  The negative
outlook on HEP's Ba2 ratings therefore reflects the negative
outlook on the rating of the government of Croatia.


Given the negative outlook on the Croatian sovereign rating,
Moody's does not expect any upwards rating pressures for the
final rating in the near term.  Nevertheless, HEP's BCA of ba3
could come under positive pressure if the company was able to
demonstrate a more stabilized operating and cash flow profile.
This might be achieved by a change to the current generation mix
and/or a change to the regulatory environment once Moody's sees
evidence of consistent and transparent application of economic
principles to the business of the group.

HEP's earnings remain exposed to a number of factors outside of
management control, most notably domestic rainfall, as well as
commodity and regional power prices.  Being the dominant energy
company in the country, HEP is also exposed to any additional
loss of market share in the supply segment as a result of market
liberalization.  Downward pressure could develop if any of these
risks translate into a weakening of HEP's liquidity and/or
financial position, which would be evidenced by credit metrics of
FFO/net debt of less than 20% or FFO interest cover below 4.0x.
Also, a further downgrade of the sovereign rating of Croatia
would eliminate the one-notch uplift currently applied to HEP's
BCA of ba3.

The methodologies used in these ratings were Unregulated
Utilities and Unregulated Power Companies published in October
2014, and Government-Related Issuers published in October 2014.

Headquartered in Zagreb, Croatia, HEP is the holding company for
Croatia's incumbent vertically integrated utility group.  HEP
operates across three main energy industry segments of (1)
electricity generation, transmission, distribution and supply;
(2) district heating generation, distribution and supply; and (3)
natural gas distribution and supply.  HEP is 100% owned by the
Government of Croatia (Ba2 negative).  For the six months ended
June 30, 2015, HEP generated 6.2 terawatt hours of electricity
and HRK6.6 billion in sales revenue.

ZAGREB CITY: Moody's Cuts Issuer Rating to Ba2, Outlook Neg.
Moody's Public Sector Europe (MPSE) has downgraded the City of
Zagreb's issuer rating to Ba2 from Ba1; the rating outlook
remains negative.

The rating action follows Moody's recent decision to downgrade
the sovereign bond rating of Croatia to Ba2 negative from Ba1
negative.  For full details please refer to the Sovereign press


                         RATINGS RATIONALE

Moody's action on the City of Zagreb reflects the close financial
and operational linkages between the state and local governments
in Croatia.  Zagreb is highly dependent on intergovernmental
revenues in a form of shared taxes and central government
transfers, representing more than 70% of operating revenues in
the past few years.

In addition Zagreb's wealthy status among Croatian cities exposes
the city to adverse decisions from central government either
aimed at redistributing resources to other cities or to
contribute achieving fiscal consolidation.

The country's poor medium-term economic growth prospects are
expected to affect the city's revenue base and its tax proceeds
in particular.  The limited flexibility over the revenue and
expenditure is likely to translate into increased budgetary

Zagreb's rating is underpinned by (1) its solid operating
surpluses, albeit challenged by poor growth prospects of national
economy growth and recent changes in income tax law; (2) the
city's manageable direct debt burden, (3) its overall good fiscal
discipline; and (4) its crucial role in the national economy as
the capital city of Croatia.  Conversely, the rating also
reflects the challenges associated with the city's significant
indirect debt exposure through its majority-owned company,
Zagrebacki Holding D.O.O. (Ba3 negative), and the country's
impaired medium-term growth outlook, which can negatively affect
the city's tax base and its tax proceeds.


Any positive change of the sovereign rating could determine
upward pressure on the City of Zagreb, only if associated with a
significant improvement in the city's liquidity position combined
with sustained decrease in net direct and indirect debt.

Any deterioration of Croatia's rating will determine a downward
change of Zagreb's rating.  Further downward pressure could be
also exerted by an overall growth in the debt exposure.

The specific economic indicators, as required by EU regulation,
are not available for this entity.  These national economic
indicators are relevant to the sovereign rating, which was used
as an input to this credit rating action.

  GDP per capita (PPP basis, US$): 20,947 (2014 Actual) (also
   known as Per Capita Income)

  Real GDP growth (% change): 1.6% (2015 Actual) (also known as
   GDP Growth)

  Inflation Rate (CPI, % change Dec/Dec): -0.4% (2015 Actual)
  Gen. Gov. Financial Balance/GDP: -4.2% (2015 Actual) (also
  known as Fiscal Balance)

  Current Account Balance/GDP: 3.8% (2015 Actual) (also known as
   External Balance)

  External debt/GDP: [not available]

  Level of economic development: Moderate level of economic

  Default history: At least one default event (on bonds and/or
   loans) has been recorded since 1983.*

*Events related to the debts of the Former Yugoslavia.

On March 10, 2016, a rating committee was called to discuss the
rating of the Zagreb, City of.  The main points raised during the
discussion were: The systemic risk in which the issuer operates
has materially increased.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.

ZAGREBACKI HOLDING: Moody's Lowers Rating to Ba3, Outlook Neg.
Moody's Public Sector Europe (MPSE) has downgraded to Ba3 from
Ba2 the debt rating of the Zagrebacki Holding D.O.O.(the
Holding), a 100%-owned utility company of the City of Zagreb (the
City); the rating outlook remains negative.

                        RATINGS RATIONALE

The rating action follows Moody's decision to downgrade the City
of Zagreb's issuer rating to Ba2 negative from Ba1 negative,
following the recent downgrade of the sovereign bond rating of
Croatia to Ba2 negative from Ba1 negative.

For full details please refer to the press releases on the
sovereign and on the city's downgrades:

The downgrade of Zagrebacki Holding's debt rating is
predominantly based on its strong institutional and financial
links with the City of Zagreb.  The deterioration in the
Croatia's creditworthiness and its poor medium-term economic
growth prospects will put additional pressure on both City of
Zagreb's and Holding's revenue.

Thus the ongoing support from the City will continue to be key in
helping the Holding to preserve its recently recovered
profitability (EBIT margin at 5.2% in 2014) and operational

The Holding's rating is underpinned by the company's critical
role as the statutory services provider within the city's
boundaries, coupled with strict control over the company's
operations exercised by the City of Zagreb.

The rating also takes into account the company's satisfactory
financial performance and improved liquidity position.
Conversely, the rating also reflects Zagrebacki Holding's
declining, but still sizeable debt burden and potential risks
arising from EUR300 million bullet bond due in 2017.


Upward pressure on Zagrebacki Holding's rating would result from
(1) a similar action on the City of Zagreb's rating, given their
close financial and operational linkages; and (2) further
improvement of the Holding's financial performance and a
substantial reduction of its debt levels.

A downgrade of Zagrebacki Holding's rating could result from (1)
a downgrade of the City of Zagreb's rating; (2) a material
deterioration in the Holding's financial performance; and/or (3)
an increase in its debt and debt-servicing needs.

The principal methodology used in this rating was Government --
Related Issuers published in October 2014.


FAURECIA SA: Moody's Raises CFR to Ba2, Outlook Stable
Moody's Investors Service has upgraded to Ba2 from Ba3 the
Corporate Family Rating and to Ba2-PD from Ba3-PD the Probability
of Default Rating (PDR) of Faurecia S.A.  At the same time, the
rating agency assigned a Ba3 rating to the company's issuance of
approximately EUR500 million senior unsecured notes, upgraded to
Ba3 from B1 the rating of the EUR700 million outstanding notes
maturing in 2022 and upgraded to Ba2 from Ba3 the rating of the
EUR490 million notes which will be prepaid after completion of
the new issuance.  The outlook on the ratings has been changed to
stable from positive.



Issuer: Faurecia SA

  Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD
  Corporate Family Rating, Upgraded to Ba2 from Ba3
  Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from
  B1 Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2
  from Ba3


Issuer: Faurecia SA

  Senior Unsecured Regular Bond/Debenture, Assigned Ba3

Outlook Actions:

Issuer: Faurecia SA

  Outlook, Changed To Stable From Positive

                         RATINGS RATIONALE

The rating action was prompted by the strong improvement in
profitability and net debt reduction Faurecia has achieved in
2015 leading to key credit metrics commensurate with a solid Ba2
credit.  In addition, Moody's takes comfort from the expected
strengthening of Faurecia's business profile, resulting from the
pending disposal of almost all of the automotive exterior
activities to Compagnie Plastic Omnium SA (unrated), which will
lead to greater diversification in terms of end customers and by
region, as well as to margin improvements.

"The one notch upgrade of the Corporate Family Rating by Moody's
acknowledges that the profitability improvement seen in 2015 is
well founded by improvements in all three divisions and all key
regions and thus assists to reduce Faurecia's vulnerability to
cyclical swings", commented Oliver Giani, Moody's lead analyst
for the European automotive supplier industry.  "The stable
outlook reflects the solid positioning of the credit within the
Ba2 rating category but also Moody's assessment that while
further improvements are expected, upward pressure will only
gradually develop and requires Faurecia to build a track record
of sustaining its financial profile at the current level through
the cycle.

The Ba2 corporate family rating is supported by Faurecia's solid
business profile.  In particular, (i) the large size of
Faurecia's operations, (ii) its global presence, (iii) solid
market positions (among top three players in relevant markets
according to management data) and (iv) established customer
relationships with most of the global original equipment
manufacturers (OEMs) are considered as credit strengths.

The rating remains constrained by Faurecia's strong reliance on
cyclical new light vehicle production volumes as it lacks non-
automotive activities or a material aftermarket business.  Profit
margins are still low compared to other automotive suppliers,
however with some cushion for cyclical underperformance.  Moody's
notes positively progress made over the last quarters in raising
profitability on the back of strong sales performance and the
success of the restructuring programs undertaken in the past
supported by lower steel and plastic prices.  In addition, free
cash flow generation which was negative and weighed on the rating
over the last couple of years turned positive in 2015 and is
expected to further strengthen in line with a further improvement
in Faurecia's performance in the next 12-18 months.  Despite the
disposal of the automotive exterior business, Moody's notes that
the group continues to have a strong exposure to its European
home market and is strongly exposed to core customers Volkswagen
Aktiengesellschaft (A3 negative), Ford Motor Company (Baa2
stable) and Peugeot S.A. (Ba3 positive).  The rating also
reflects Faurecia's weak liquidity profile which, albeit
improved, still is characterized by reliance on short-term
funding as well as the general risks to which virtually all
automotive suppliers are exposed, including the high level of
competition and strong bargaining power of OEM customers.

As of December 2015, Faurecia had a sizeable cash position of
EUR933 million and full availability under its EUR1.2 billion
long-term core credit facility due in December 2019.  For the
next twelve months Moody's expects Faurecia to further grow its
generation of funds from operation (FFO) to a level above EUR 1
billion, which compares to EUR1.1 billion shown for 2015
including the exterior activities.  Main cash uses during the
next twelve months include capex (which Moody's estimates can
reach approximately EUR1 billion in 2016, including capitalized
development costs), sizeable short-term debt maturities (EUR919
million as of December 2015), relatively high off-balance sheet
short-term factoring activities (EUR959 million), a minimum cash
level assumed to manage day-to-day activities (estimated by
Moody's to be around 3% of turnover) as well as dividend payments
in the range of EUR150 to 160 million (Moody's estimate including
dividend to minority shareholders).  Moody's views positively
Faurecia's ability to rely on its relationship banks during the
2009 recession and also the fact that, according to management
data, its factoring arrangements also worked well in the middle
of the industry downturn.

The stable outlook reflects Moody's expectation that Faurecia
will be able to further improve profitability and cash flow
generation -- albeit at a slower pace than seen in 2015 -- and to
return to a sustainable positive free cash flow (FCF) generation.
In addition, Moody's assumes that Faurecia will successfully
complete the disposal of its automotive exterior business and
prudently use the proceeds to further strengthen its business

Moody's would consider a positive rating action should Faurecia
sustainably achieve EBITA margins well above 5% (3.6% in 2015),
if it further improves FCF generation (2015: EUR23 million),
indicated by FCF/debt of around mid-single digits (2015: 0.6%
after full factoring adjustment) through the cycle and if the
company can manage its leverage ratio to a level materially below
3.0x debt/EBITDA on a sustainable basis (2015: 3.1x).  A further
improvement of Faurecia's liquidity profile is also a critical
consideration for a possible upgrade.  The rating incorporates
the expectation that profitability can be further strengthened
and FCF generation will remain positive.  Any indication, that
this cannot be achieved, indicated for instance by EBITA margin
approaching 3% or recurring negative free cash flow would put
downward pressure on the ratings.  Moody's would also consider
downgrading Faurecia's ratings if its leverage ratio increases to
a level of sustainably above 3.5x debt/EBITDA.  Likewise, a
weakening liquidity profile or a tightening of covenant headroom
could result in a downgrade.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in May 2013.

Headquartered in Paris, France, Faurecia group is one of the
world's largest automotive suppliers for seats, exhaust systems,
interiors and exteriors.  During 2015 group revenues amounted to
EUR18.8 billion.

The parent holding company, Faurecia S.A., is listed on the Paris
stock exchange.  The largest shareholder is Peugeot S.A. (PSA),
which holds 46.62% of the capital and 63.22% of the voting rights
(data as of December 31, 2015).  The remaining shares of Faurecia
are in free float.

FAURECIA SA: Fitch Assigns 'BB-' Rating to EUR500MM Sr. Notes
Fitch Ratings has assigned Faurecia S.A.'s (Faurecia; BB-/Stable)
EUR500 million senior unsecured notes maturing in June 2023 a
senior unsecured rating of 'BB-', in line with Faurecia's Long-
term Issuer Default Rating.

The net proceeds from the notes will be used to redeem the
EUR490m notes due in December 2016. As a result of the make-whole
redemption of the 2016 notes, all existing upstream guarantees on
other instruments will fall and will lead all senior unsecured
debt issued by Faurecia to become unguaranteed and pari passu
with all existing and future senior unsecured indebtedness.

"Fitch believes that the issuance simplifies the group's
financial structure and further strengthens its financial
flexibility. In addition, we expect further positive rating
pressure on the group in the short term following the solid
results posted in 2015 and improving prospects in the foreseeable

The note prospectus incorporates covenants in line with
Faurecia's 2022 senior notes, including a cap on additional
indebtedness, a limitation on dividends and other distributions,
consolidations as well as cross default and change of control
provisions. A debt incurrence covenant of the consolidated senior
net indebtedness ratio not exceeding 0.75x has been added to this
issuance, in a supplement to the debt incurrence covenant of the
fixed charge coverage ratio not exceeding 2.0x.


Weak but Strengthening Financial Structure

"Faurecia's financial structure was commensurate with the 'B'
category at end-2014, including funds from operations (FFO)
adjusted net leverage at 3.1x, and cash from operations (CFO) on
debt around 20%. However, it improved at end-2015, proforma of
the disposal of the Automotive Exterior (FAE) business whose cash
proceeds should be received in 2016. We expect a modest increase
in capex and potential small acquisitions with the proceeds of
FAE to limit the improvement in free cash flow (FCF) and

Improving Profitability and FCF
"The operating margin recovered in 2014 and strengthened further
to 4.4% in 2015. We expect a further progression towards 5% in
2016, a level more in line with close peers and a 'BB' rating.
Cash generation is also improving to levels more commensurate
with the 'BB' category with the FFO margin increasing to more
than 5.0% in 2015, from 3.9% in 2014 and 2.9% in 2013. The FCF
margin remains weak for the rating after adjusting for
derecognized trade receivables that boosted working capital and,
in turn CFO and FCF, but became positive in 2015. We also project
that the FCF margin will increase gradually through 2018."

Leading Market Positions
Faurecia's ratings are supported by its diversification, size and
leading market positions as the seventh largest global automotive
supplier. Its large and diversified portfolio is a strength in
the global automotive market, which is being reshaped by the
development of global platforms and concentration among large
manufacturers. Fitch also believes that the group is well
positioned in some fast-growing segments to outperform the
overall auto supply market, notably by offering products
increasing the fuel efficiency of its customers' vehicles.

Sound Diversification
Faurecia's healthy diversification by product, customer and
geography can smooth the potential sales decline in one
particular region or lower orders from one specific manufacturer.
Its broad industrial footprint matching its customers' production
sites and needs enables Faurecia to follow its customers in their
international expansion.


Fitch's key assumptions within the rating case for Faurecia

-- Revenues to increase by mid-single digits in 2016-2018.
-- Operating margins to increase toward 6% by 2018.
-- Restructuring cash outflows to remain around EUR70m per year
    over 2016-2018.
-- Capex of around 4.5% of revenue.
-- Dividend pay-out ratio of around 20%-25%.
-- Proceeds of the FAE disposal in 2016, small acquisitions with
    the proceeds in 2016-2018.


Negative: Future developments that could, individually or
collectively, lead to a downgrade include:

-- Inability to sustain the improvement in profitability and
    cash generation, leading in particular to operating margins
    remaining below 3%.
-- FCF margins remaining below 1%.
-- Inability to sustain the decrease in leverage, leading in
    particular to FFO adjusted net leverage remaining above 3x.
-- Deteriorating liquidity, notably through difficult or
    expensive refinancing.

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

-- Sustained increase of operating margins above 5%.
-- Sustained increase of FCF margins above 2%.


GEORGIA: Moody's Affirms Ba3 Bond Ratings, Outlook Stable
Moody's Investors Service has changed the outlook to stable from
positive on Georgia's government bond ratings, while affirming
the Ba3 issuer and senior unsecured ratings.

The key drivers of the outlook change to stable are:

  1. Lower growth levels and higher current account deficits due
     to slower regional growth.

  2. An increase in the cost of servicing external and government
     debt due to the roughly 28% depreciation in the local
     currency since September 2014.

The affirmation of the Ba3 rating reflects Georgia's high
institutional strength and its future growth prospects related to
its trade agreements with the European Union (EU) and other
countries, and Moody's expectation that foreign direct investment
(FDI) levels will remain high.

The following country ceilings for Georgia are unchanged: a
Baa3/NP local-currency country risk ceiling, a Baa3/NP local-
currency deposit ceiling, a Ba1/NP foreign-currency bond ceiling,
and a B1/NP foreign-currency deposit ceiling.

                        RATINGS RATIONALE


Economic trends in Georgia have deteriorated since mid-2014.
Moody's estimates that real GDP growth fell in 2015 to 2.8%,
below 4.6% recorded in 2014 and the 5.4% average for 2011 to
2014.  This was mainly due to the slowdown in the Commonwealth of
Independent States (CIS) region.  For 2015, money transfers to
Georgia (mostly remittances) were down 25% and merchandise
exports were down 23%. Moreover, we forecast that real GDP growth
will remain subdued in 2016, at 3.0%.  Georgia's current account
deficit as a percentage of GDP has also deteriorated since mid-
2014, to 10.5% for all of 2014, from 5.7% in 2013, which
increases Georgia's reliance on foreign capital to finance this
deficit.  Moody's estimates that Georgia's current account
deficit will remain elevated, at 11.6% in 2015 and 11.8% in 2016.


As a consequence of the roughly 28% depreciation in the Georgian
lari since September 2014, Georgia's external debt as a
percentage of GDP has increased from 81% in September 2014 to 97%
in September 2015.  Some of this debt is in the form of
multilateral loans, which are mostly on concessional terms and of
longer tenors, posing less immediate refinancing risks.
Nonetheless, this increase in Georgia's external debt raises
Georgia's external vulnerability risks from a sudden shock.  The
depreciation of the lari also makes amortization and interest
payments more expensive in lari terms, which also subdues growth
prospects further.

In addition to the increase in external debt, the debt-to-GDP
ratio of government debt has also risen, given that 75% of
government debt was in foreign currency at end-2014.  As a
consequence, Moody's estimates that Georgia's debt-to-GDP ratio
will rise to 41.4% in 2015 from 32.5% in 2012, an increase of
roughly 9 percentage points, weakening Georgia's fiscal strength.


The affirmation of the Ba3 rating reflects Georgia's high
institutional strength and its future growth prospects.  The
Association Agreement (AA) and Deep and Comprehensive Free Trade
Agreement (DCFTA) with the EU are major catalysts for reforms and
provide institutional support for Georgia.  Moody's anticipates
that Georgia's institutional framework will continue to improve
over the medium term as Georgia further aligns its institutional
standards with EU norms.  This will also increase Georgia's
economic strength and resilience to external vulnerabilities, as
Georgia exports become more competitive and exports to the EU

Georgia's policies to diversify its access to markets is another
strength, with the conclusion of a new free trade agreement (FTA)
with the European Free Trade Association in February and the
likely conclusion of an FTA with China in 2016.  As such, foreign
business can take advantage of Georgia's trade agreements with
other countries to export products made in Georgia duty free.
FDI has thus increased in recent years, with investment
increasing by US$817 (87%) in 2014 over the prior year and two
large projects worth over US$7.5 billion (or 54% of GDP)
announced in early 2016.


Upward pressure on Georgia's rating could develop if external
vulnerabilities posed by high current account deficits and
external debt were to decline, particularly as the expected
benefits of the AA / DCFTA start to materialize.  Further
progress on institutional reforms that lead to an improvement in
medium term growth prospects, as well as improvements in
government debt metrics, would also be credit positive.

Downward pressure on the rating could develop from an increase in
external vulnerability risks or geopolitical risks, as well as if
growth levels were to decline to very low or negative levels.  A
deterioration in fiscal metrics could also put downward pressure
on the rating.

  GDP per capita (PPP basis, US$): 9,209 (2014 Actual) (also
   known as Per Capita Income)
  Real GDP growth (% change): 4.6% (2014 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 2.0% (2014 Actual)
  Gen. Gov. Financial Balance/GDP: -2.0% (2014 Actual) (also
   known as Fiscal Balance)
  Current Account Balance/GDP: -10.5% (2014 Actual) (also known
   as External Balance)
  External debt/GDP: 83.0% (2014 Actual)
  Level of economic development: Moderate level of economic
  Default history: No default events (on bonds or loans) have
   been recorded since 1983.

On March 9, 2016, a rating committee was called to discuss the
rating of the Georgia, Government of.  The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased.  The
issuer's institutional strength/ framework, have not materially
changed.  The issuer's fiscal or financial strength, including
its debt profile, has materially decreased.  The systemic risk in
which the issuer operates has materially increased.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in December 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.

* Fitch Says Georgian Banks' Buffers Offset Macro Challenges
Fitch Ratings says in a new report that Georgian banks' sizeable
capital buffers are sufficient to absorb moderate deterioration
in asset quality following the depreciation of the lari and
slower economic growth. This view is reflected in the overall
Stable Outlooks on the Georgian banks' ratings.

The banks reviewed in the peer report are Bank of Georgia (BB-
/Stable/bb-), TBC Bank (BB-/Stable/bb-), Liberty Bank
(B/Stable/b), ProCredit Bank (BB/Stable/bb-), Cartu Bank
(B+/Stable/b+), Basisbank (B/Stable/b) and Halyk Bank Georgia

Despite 30% depreciation of the local currency in 2015 and high
dollarization of the banks' balance sheets, the sector non-
performing loans (NPLs, over 90 days overdue) remained moderate
at 2.9% of total loans at end-3Q15. Reserve coverage of problem
exposures is adequate. However, given the low share of naturally
hedged borrowers in the country, Fitch expects some further
pressure on the banks' asset quality. Maintaining NPLs at
moderate levels will be key to the banks' future profitability
metrics, in Fitch's view, though performance will likely remain
volatile through the cycle.

The banks' ratings may come under pressure from a marked
deterioration in the operating environment, especially one that
leads to a negative action on the sovereign rating. A material
weakening of financial metrics and/or banks' loss absorption
capacity would also be negative for the banks' Viability Ratings

If the macroeconomic environment in Georgia strengthens and
political stability continues then this could be positive for the
banks' ratings, but upgrades would in most cases be dependent on
an upgrade to the sovereign rating.


HP PELZER: Fitch Affirms 'B' Issuer Default Rating
Fitch Ratings has affirmed HP Pelzer Holding GmbH's (Pelzer)
Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Fitch
has downgraded Pelzer's senior secured rating to 'BB-'/'RR2' from

The downgrade of the senior secured notes does not reflect a
deterioration in the credit quality of Pelzer, but a change in
the recovery analysis of the company's EUR280 million bond, based
on a slight increase in gross debt over 2015, reclassification of
a portion of local debt as super senior and a somewhat lower
multiple applied to the going concern value of the business. The
lower multiple stems from Fitch's reassessment of the recovery
prospects related to operations in countries such as China and
Turkey, in which Pelzer has joint ventures (JVs) and where the
enforceability of creditor claims may be variable.

"Pelzer's ratings reflect our assessment of a business profile
that we consider firmly placed in the high end of the 'B'
category. The company benefits from its strong position in the
global automotive acoustic and thermal insulation materials
markets, its long-standing relationships with most of the largest
global original equipment manufacturers (OEM), its worldwide
industrial footprint close to automotive manufacturers production
hubs and balanced geographic diversification. Negative factors
include Pelzer's relatively small size with last 12 months (LTM)
3Q15 sales of EUR1.1 billion, exposure to narrowly defined
markets with a product portfolio mostly composed of relatively
low to mid-value added products out of sight of end-customers."

"Pelzer's ratings also reflect a financial profile characterized
by leverage metrics in line with the ratings, but with limited
headroom, and historically negative free cash flow (FCF), at a
level not commensurate with a 'B' rating. However, we expect
Pelzer's' FCF to turn positive over 2015 and gradually rise to
just below 1.0% by 2017."


Improving Operating Performance

Pelzer continued to post strong sales growth over the year to
date to 3Q15 benefiting from higher production volume, the
consolidation of the Adler-related auto businesses and favorable
movements in foreign exchange. Operating EBIT margin also
continued to strengthen and is now more in line with a 'B'
rating, reaching 5.2% over LTM ending September 2015 from 4.5% in
2014 and 2.9% in 2013, on the previously stated higher business
level, procurements optimization and falling basic materials and
energy costs.

"We expect operating margins to strengthen further over the
coming years with the EBIT margins projected to trend towards
5.5% by 2018. We believe favorable oil-based materials costs and
higher global automotive production volume, albeit at a slower
growth pace, should offset the short-term pressure from adverse
conditions in several emerging markets, notably in the Mercosur
area. This will also provide time to further enhance the cost
position and gradually address the need for higher R&D spending."

Positive FCF Expected

For LTM to end-September 2015, FCF was negative and remains weak
for the rating despite more solid underlying funds from
operations (FFO) and cash flow from operations generation. Fitch
believes FCF will be slightly positive for the full year 2015 and
continue to rise to around 1.0% by 2017, a level more in line
with the rating. This will be driven by our expectations of
greater operating cash flow thanks to strengthening operating
margins and Pelzer's efforts to better manage its working capital
and capital spending.

Weak Financial Structure

"We expect EBITDA adjusted gross and net leverage to remain
relatively stable at around 3.5x and 2.7x, respectively, at end-
2015 from 3.5x and 2.8x at end-2014, providing some headroom
under the rating. The impact of the EUR50m tap issue is projected
to broadly offset the expected improvement in EBITDA generation
over 2015. Our expectations of higher EBITDA and positive FCF
should strengthen Pelzer's financial structure as we expect
EBITDA adjusted gross and net leverage to improve to 3.2x and
2.4x, respectively, at end-2017."


Fitch's key assumptions within its rating case for the issuer

-- Revenues to increase by more than 13% in 2015, broadly stable
    in 2016 and 1.5-2.0% in 2017 and 2018.
-- Operating EBIT margins to trend towards 5.5% by 2018.
-- More gradual increase in the positive net working capital
-- Average capex intensity of 3.5% over 2015-2018.
-- No acquisitions assumed.
-- No dividends assumed. "


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

-- Sustained increase of consolidated FCF margins toward 1.0%
    (2014: -1.8%; 2015E: 0.1%; 2016E: 1.1%).
-- Sustained increase in consolidated FFO margins (2014: 5.7%;
    2015E: 5.4%; 2016E: 5.4%); and consolidated EBIT margins to
    above 5% (2014: 4.5%; 2015E: 5.2%; 2016E: 5.3%).
-- Consolidated EBITDA adjusted gross leverage below 3.5x on a
    sustained basis (2014: 3.5x; 2015E: 3.5x; 2016E: 3.3x).

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

-- An unexpected sharp decline in global auto production.
-- A sustained period of negative consolidated FCF.
-- Sustained decrease in consolidated FFO margins and EBIT
    margins to below 3%.
-- EBITDA adjusted net leverage above 4.0x on a sustained basis,
    using a de-consolidated EBITDA adjusted for cash dividends
    from JVs (2014: 3.6x; LTM1H15: 3.7x).

The ratio is calculated by de-consolidating the EBITDA of all JVs
from the consolidated accounts of Pelzer and adding back the cash
dividend received by Pelzer from its JVs


Adequate Liquidity

At end-September 2015, readily available cash was about EUR60
million with no material debt due before 2021. Pelzer does not
have access to a revolving credit facility, but a number of lines
of credit, renewable on a yearly basis, are available at the
subsidiary level to fund working capital needs. This includes a
partially drawn EUR15 million RCF at HP Pelzer ks. Fitch expects
Pelzer's liquidity to remain adequate over the medium term as FCF
turns positive on higher profitability, further attention on
working capital management and capex control.

SAPPI PAPIER: Moody's Rates Proposed EUR350MM Sr. Sec. Notes Ba2
Moody's Investors Service assigned a Ba2 rating to the proposed
issuance of EUR350 million non-call-3-year senior secured notes
due in 2023, by Sappi Papier Holding GmbH, a direct subsidiary of
Sappi Limited.  The group's Ba3 corporate family rating and all
other instrument ratings remain unchanged.  The outlook on all
ratings is stable.

The proceeds from the proposed bond issuance will be used to
redeem the outstanding equivalent of the existing USD350 million
2021 notes, which is expected to occur on April 15, 2016.  The
refinancing aims to reduce finance costs and extend the debt
maturity profile.

The Ba2 (LGD3) rating assigned to the group's new senior secured
notes is one notch above the company's Ba3 corporate family
rating (CFR) and reflects the relative seniority and security
package of the instruments in Sappi's capital structure.  The
group's secured notes benefit from the same guarantee and
security package as Sappi Papier Holding GmbH's existing secured
notes and its secured bank credit facility, as well as certain
other indebtedness.  These aforementioned instruments benefit
from upstream guarantees on a senior basis of essentially all
material operating subsidiaries of Sappi's international
business, excluding South African operations.  In addition, these
instruments are partially secured as they benefit from a first-
lien security interest in certain of Sappi's subsidiaries'
property, plant and equipment, real estate and inventories, as
well as share pledges on the stock of certain of Sappi's
operating subsidiaries.  Furthermore, the notes benefit from a
senior downstream guarantee provided by the ultimate holding
company Sappi Ltd.

                         RATINGS RATIONALE

Sappi's Ba3 rating reflects operating profitability, which
remains under pressure from difficult market conditions,
particularly in Europe.  While Moody's expects that market
conditions will remain challenging for some time, in both Europe
and North America, moderate paper price and dissolving wood pulp
price improvements as well as ongoing cost containment
initiatives will bolster the company's credit metrics.  More
recently, Sappi's operating results have also been positively
affected by the stronger USD relative to the South African Rand
which additionally stimulates the company's dissolving wood pulp
exports.  These factors should support positive free cash flow
generation and help maintain healthy liquidity over the next 12-
18 months.  In this context, Sappi's key credit metrics including
debt/EBITDA of 3.9x as per December 2015, are fully commensurate
with our requirements for the Ba3 rating.

In addition, the rating not only reflects the exposure to the
highly cyclical paper and forest products industry, but also the
challenges linked to the structural decline in demand that the
paper and forest products industry faces.  This decline obliges
Sappi to implement stringent capacity management and continuous
cost reduction measures to turn around profitability in its
European and South African (excl. dissolving wood pulp)

Moody's notes, however, Sappi's still fairly balanced business
profile and absolute scale, with revenues of USD5.3 billion in
the last twelve months ending December 2015, underpinned by
leading market positions in the high-quality publication paper
market for coated fine paper as well as solid geographic
diversification. Sappi's good vertical integration into forest,
pulp and energy is a further supportive factor of its business
profile, and has partially sheltered the company from market
price fluctuations of these main input cost factors relative to
its peers.  In addition, the rating benefits from Sappi's solid
liquidity profile, with USD383 million cash resources as of
December 2015 and access to approximately undrawn USD576 million
revolving credit facilities in South Africa and Europe, as well
as a fairly balanced debt maturity profile.

                          Rating Outlook

The stable rating outlook is based on our expectation of Sappi
maintaining its achieved profitability improvements through 2016
while retaining credit metrics that are currently at the higher
end of our requirements for a Ba3 rating.

                 What Could Change the Rating - Up

Upward rating pressure could occur if Sappi sustains respectively
further improves its credit metrics, as reflected in RCF/debt
above 15% (16.3% as per LTM December 2015), EBITDA margins above
12% (12.6% as per LTM December 2015), EBIT/interest expense ratio
above 2.0x (3.3x adjusted as per LTM December 2015) as well as
continued positive free cash flow generation.

               What Could Change the Rating - Down

Although less likely at this point, the ratings could experience
downward pressure over the coming quarters in case of material
weakening of profitability, or the inability to sustain current
credit metrics, reflected in EBITDA margins decreasing to single
digits in percentage terms and/or RCF/debt falling towards the
single digits.  In addition, the rating could come under pressure
in case Sappi makes sizable debt-funded acquisitions or
shareholder distributions.

The principal methodology used in this rating was Global Paper
and Forest Products Industry published in October 2013.

Sappi Limited, with its head offices in Johannesburg, South
Africa and reported group sales of USD5.3 billion in the last
twelve months ending December 2015, is a leading global producer
of coated fine paper and dissolving wood pulp.  The company has
operations across Europe, Southern Africa and North America.


ALPSTAR CLO: Moody's Affirms 'B1' Rating on Class E Debt
Moody's Investors Service has upgraded the ratings on the
following notes issued by Alpstar CLO 1 Plc:

-- EUR8.4 million Class C-1 Deferrable Senior Secured Floating
    Rate Notes due 2022, Upgraded to Aa1 (sf); previously on Aug
    5, 2015 Upgraded to A1 (sf)

-- EUR6.8 million Class C-2 Deferrable Senior Secured Fixed Rate
    Notes due 2022, Upgraded to Aa1 (sf); previously on Aug 5,
    2015 Upgraded to A1 (sf)

-- EUR13.2 million Class D Deferrable Senior Secured Floating
    Rate Notes due 2022, Upgraded to Baa2 (sf); previously on Aug
    5, 2015 Affirmed Ba1 (sf)

-- EUR10 million Class P Combination Notes due 2022, Upgraded to
    Aaa (sf); previously on Aug 5, 2015 Upgraded to Aa3 (sf)

Moody's also affirmed the ratings on the following notes issued
by Alpstar CLO 1 Plc:

-- EUR44.9 million (currently EUR 19.0 million outstanding)
    Class A2 Senior Secured Floating Rate Notes due 2022,
    Affirmed Aaa (sf); previously on Aug 5, 2015 Affirmed
    Aaa (sf)

-- EUR33.2 million Class B Deferrable Senior Secured Floating
    Rate Notes due 2022, Affirmed Aaa (sf); previously on Aug 5,
    2015 Upgraded to Aaa (sf)

-- EUR13.5 million Class E Deferrable Senior Secured Floating
    Rate Notes due 2022, Affirmed B1 (sf); previously on Aug 5,
    2015 Affirmed B1 (sf)

Alpstar CLO 1 Plc, issued in April 2006, is a collateralized loan
obligation ("CLO") backed by a portfolio of mostly senior secured
European loans. The portfolio is managed by Toro S.a r.l. The
transaction's reinvestment period ended in April 2012.


According to Moody's, the upgrade to the ratings of classes C and
D is a result of a combination of the increase in principal
proceeds since the last payment date in October 2015 and the
improvement in the credit quality of the underlying collateral
pool since the last rating action in August 2015.

Per the February 2016 monthly trustee report, principal proceeds
stand at EUR13.4 million (or 12.7% of the aggregate collateral
balance), which is expected to be used towards the redemption of
the class A2 notes on the April 2016 payment date. Moody's
expects the OC ratios as reported by the trustee to increase for
classes A, B, C, D and E in excess of 1635.02%, 236.82%, 170.19%,
136.77% and 113.90%, respectively from 554.54%, 201.78%, 156.27%,
130.67% and 111.92% in February 2016.

The credit quality has improved as reflected in the improvement
in the average credit rating of the portfolio (measured by the
weighted average rating factor, or WARF). As per Moody's
analysis, the modelled base case WARF has improved to 3371 from
3607 at the time of the last rating action in August 2015.

The rating of the class P combination notes addresses the
repayment of the rated balance on or before the legal final
maturity. The rated balance at any time is equal to the principal
amount of the combination note on the issue date minus the sum of
all payments made from the issue date to such date, of either
interest or principal. The rated balance will not necessarily
correspond to the outstanding notional amount reported by the

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 EUR104.65
million, defaulted par of EUR2.9 million, a weighted average
default probability of 24.8% (consistent with a WARF of 3371 with
a weighted average life of 4.6 years), a weighted average
recovery rate upon default of 48.2% for a Aaa liability target
rating, a diversity score of 16 and a weighted average spread of

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


BAROLO MIDCO: Moody's Assigns B3 CFR, Outlook Stable
Moody's Investors Service has assigned a B3 corporate family
rating and a B3-PD probability of default rating to Barolo MidCo
S.p.A. (TeamSystem, the company).  Concurrently, Moody's has
withdrawn the B2 CFR of TeamSystem Holding S.p.A. including its
B2-PD probability of default rating.  Moody's has also affirmed
the B2 rating on the EUR430 million senior secured notes issued
by TeamSystem Holding S.p.A. and assigned a Caa2 rating to the
EUR150 million senior notes issued by Barolo MidCo S.p.A.  The
outlook on the existing EUR430 million senior secured notes was
changed to stable from negative and a stable outlook was assigned
to the new CFR and new EUR150 million senior notes.

The proceeds from the transaction have been used to partially
finance the acquisition of TeamSystem by funds managed by Hellman
& Friedman LLC (H&F) and pay related fees.  Barolo MidCo S.p.A.
is the top company within the restricted group in relation to the
senior notes.  As part of the transaction the company has also
issued a new super senior revolving credit facility (RCF) of
EUR65 million.  H&F owns approximately 77% stake of TeamSystem
with the remainder held by HG Capital and management.

                         RATINGS RATIONALE

The B3 CFR reflects (i) TeamSystem's strong market position in
the Italian ERP market supported by high retention rates; (ii)
the high proportion of recurring revenues provided by its
maintenance services and frequent fiscal and accounting upgrades;
(iii) the complex local accounting and legal framework which
provides a degree of protection against larger international
competitors; (iv) the high profitability, with Moody's adjusted
EBITDA margins above 30%; and (v) the strong track record of
performance with positive growth prospects in its micro and cloud

However the rating is constrained by (i) TeamSystem's high
opening leverage, with pro forma Moody's adjusted debt to EBITDA
at 7.7x as of December 2015; (ii) the amount of adjustments made
in arriving at pro forma EBITDA; (iii) its geographic
concentration which exposes the company to the Italian economy;
and (iv) the weak free cash flow generation due to its high
finance costs.

Pro forma for the transaction Moody's adjusted leverage is at
7.7x as of December 2015.  This includes part of the bad debt
provisions and exceptional costs which we consider recurring
whilst adding EUR9 million run rate adjustments for cost savings
and synergies that the company reports it has already auctioned.
Whilst the leverage is high, Moody's takes comfort from the
revenue growth visibility in the mid-term given the high level of
recurring revenues and strong track record of growth.  Moody's
recognizes the complex and transformational nature of the
acquisitions integration processes which have incurred large
exceptional costs and expected to reduce going forward.
Furthermore we understand that the synergies and costs saving
initiatives associated with recent acquisitions and further
rationalization of operations have been completed or are well
advanced, which should support a gradual deleveraging pace
towards 7.0x within the next 12-18 months.  Moody's do however
consider there to be an element of risk in achieving the forecast
cost savings given the wide scope of the initiatives.

For FY2015, TeamSystem is expected to report an organic revenue
growth of approximately 8% compared to the same period last year,
primarily driven by its core software business as well as strong
growth from its micro and cloud segment.  This is partially
supported by the improved macroeconomic environment in Italy and
the ongoing regulatory changes and updates resulting in increased
number of customer upgrades and add-ons.  The slow but increased
adoption of cloud-based solutions will also provide further
opportunities to penetrate new markets.  Margins are expected to
improve as cost saving measures and synergies are realized with
some benefits from future operational leverage as the company
continues to grow.

The company's liquidity position is adequate.  Pro forma for the
transaction cash on balance sheet is nil with access to the EUR65
million RCF.  Moody's expects a small RCF drawing of
approximately EUR15-EUR20 million in the first quarter to support
working capital movements and for the facility to be undrawn
during the rest of the year.  Free cash flow (FCF) generation is
expected to improve over the next 12-18 months although it will
remain limited.  The company is expected to maintain a good
headroom under its minimum EBITDA springing covenant test, only
applicable when the RCF is drawn above 35%.

Using Moody's Loss Given Default (LGD) methodology, the PDR is in
line with the CFR based on a 50% recovery rate.  The existing
senior secured notes due 2020 are rated B2, one notch above the
CFR, whilst the private senior notes due 2023 are rated Caa2, two
notches below the CFR, reflecting their junior position in the
capital structure.

                          RATING OUTLOOK

The stable outlook reflects Moody's expectation that the company
will gradually reduce leverage backed by its well progressed cost
saving initiatives and will sustain its current operating
performance.  It also assumes that the company will maintain a
conservative financial policy with no large debt-funded
acquisitions or dividend distributions.


Positive ratings pressure could develop if TeamSystem reduces
Moody's adjusted leverage towards 6.5x on a sustainable basis,
whilst improving its FCF generation and liquidity profile.


Negative rating pressure could arise if Moody's adjusted leverage
moves above its opening level on a sustainable basis, if
liquidity profile deteriorates, or if FCF stays negative for a
prolonged period.

The principal methodology used in these ratings was Software
Industry published in December 2015.

TeamSystem is primarily a provider of enterprise resource
planning (ERP) software to small and medium-sized enterprises
(SMEs) and professionals in Italy.  The group is expected to
generate around EUR258 million in revenues in 2015.

CARTIERE PAOLO: April 12 Deadline Set for Share Capital Offers
Carlo Pagliughi, Claudio Ferrario and M.G. Giampieretti, the
appointed commissioners of Concordato Preventivo Cartiere Paolo
Pigna SpA, put up for sale with open auctions, the share capital
owned by Cartiere Pigna SpA in the following companies:

   -- Pigna Romania Impex SA (50% - production and sale of
      cartotechnics products), and

   -- Pigna Envelopes S.r.l. (18% - envelopes production).

The auction base price is EUR1,100,000 for Pigna Romania Impex SA
and EUR500,000 for Pigna Envelopes S.r.l.

The auctions will take place at 10:00 a.m. on April 13, 2016, at
the Court of Bergmao, and the offers must be sent by midnight on
April 12, 2016.

The financial information will be available at a virtual data
room that will be accessible only after the signature of the NDA
has been provided.

For further information concerning the announcement and the NDA,
please contact the commissioners at

* Italian ABS SME Loan Delinquencies Slightly Up, Moody's Says
The total delinquencies of the Italian asset-backed securities
(ABS) backed by loans and leases to small and medium-sized
enterprises (SMEs) slightly increased to 7.7% in January 2016
from 7.2% in October 2015.  However, the 60-to-90 day
delinquencies marginally decreased over the last quarter to 0.7%
in January 2016 from 0.8% in October 2015, says Moody's Investors

The average constant prepayment rate decreased to 4.6% in January
2016 from 5.7% in October 2015.

As of January 2016, the 32 Moody's-rated transactions in the
Italian ABS SME Loan and Lease market had an outstanding pool
balance of EUR19.4 billion, representing a year-over-year
decrease of 10.4%.

Moody's 2016 collateral outlook for Italian Leasing/SME ABS is
stable (see "2016 Outlook - Credit Quality of European RMBS and
ABS Will Improve", Dec. 9, 2015).

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


* Moody's Maintains Neg. Outlook for Kazakhstan's Banking System
Moody's Investors Service is maintaining its negative outlook for
the Kazakhstan banking system over the next 12-18 months,
according to its latest outlook, as banks confront mounting
challenges from currency depreciation and declining global oil

"The 46% slump in the tenge since August 2015 and the decline in
global prices for oil -- Kazakhstan's top export -- is creating
headwinds for banks on multiple fronts," says Semyon Isakov, an
Associate Vice President at Moody's.  "This difficult operating
environment will weigh on banks' financial fundamentals over the
outlook horizon."

As a result of the currency depreciation, interest rates have
risen and inflation has accelerated, contributing to a decline in
investor confidence and consumer demand.  The currency
depreciation will also make it more difficult for borrowers to
stay current on foreign currency denominated loans, which account
for 34% of banks' gross loans, according to the rating agency.

This is likely to create knock-on effects for banks' overall
corporate and retail portfolios, in Moody's view.  As real
disposable income declines and borrowers' repayment capacity
remains under pressure, non-performing loans are likely to rise,
driving up credit costs.

Moody's also expects several banks in Kazakhstan to report losses
in 2016, with rising credit and funding costs -- and the
resulting drop in retained earnings -- exerting further pressure
on capital. "The aggregate Tier 1 Ratio for the banking system in
Kazakhstan has dropped to 13.1% as of Jan. 1, 2016, from 15.0% in
mid-2015, with many banks reporting a decline in their Common
Equity Tier 1 and Tier 1 ratios of more than 200 basis points,"
explains Mr. Isakov.

While liquidity buffers are currently healthy -- due to liquidity
support from the National Bank of Kazakhstan -- a shortage of
local-currency liquidity will continue to negatively affect
banks' funding dynamics over the outlook horizon, in Moody's

Finally, Moody's considers it likely that the Kazakh authorities
would provide some assistance to banks that encounter financial
stress to maintain the stability of the overall system.  Due to
the relatively small size of the Kazakhstan banking system, the
capacity of the government to recapitalize banks that face
increasing solvency risks remains strong, according to the rating


KKR RETAIL: Moody's Puts B2 CFR on Review for Upgrade
Moody's Investors Service has placed on review for upgrade the B2
corporate family rating (CFR) and B1-PD probability of default
rating (PDR) of KKR Retail Partners Midco S.a.r.l (SMCP).
Concurrently, Moody's placed on review for upgrade the B3
instrument rating on the EUR290 million senior secured notes due
2020 issued by SMCP S.A.S.

                        RATINGS RATIONALE

"The decision to place the ratings on review for upgrade follows
the company's announcement that it plans to use proceeds from a
potential initial public offering to reduce outstanding debt,"
says David Beadle, a Moody's Vice President -- Senior Analyst and
lead analyst for SMCP.  "Under the proposed terms, a successful
IPO will result in stronger credit metrics, including lower
leverage and increased interest coverage" he added.

On March 8, SMCP announced that a document de base had been filed
with the French Financial Markets Authority, AMF, as a first
formal step towards a potential initial public offering of shares
on the Euronext Paris stock market.  The filing states SMCP
intends to raise gross proceeds of between EUR150 million and
EUR175 million.  It also includes details of a planned
refinancing of the company's debt facilities which would commence
at the time of the IPO and once complete would result in
pro-forma reported net leverage as at Dec. 31, 2015, reducing to
2.0x from 3.0x, on the basis calculated by the company.  Using
the same assumptions in respect of the refinancing, Moody's
calculate pro-forma adjusted gross leverage (including
adjustments for leases) would reduce to 3.4x from 4.0x.
Furthermore given a meaningful saving in respect of borrowing
costs -- the Euribor plus 2% margin for the new credit facilities
compares to a coupon of 8.875% for the senior secured notes --
Moody's calculate pro-forma adjusted interest cover would
increase to at least 2.6x from 1.6x.

The rating agency revised the outlook on SMCP's ratings to
positive from stable in December 2015, recognizing the strong
growth in the company's profitability driven by a combination of
solid like-for-like sales and ongoing significant roll-out of
additional points of sales, particularly outside SMCP's French
domestic base.  At that time Moody's highlighted the ratings
could be upgraded if, alongside sustained positive operational
performance, adjusted debt/EBITDA fell comfortably below 4x and
adjusted EBIT/interest expense approached 2.5x.

In addition to a full evaluation of the impact of the new capital
structure post IPO Moody's review will incorporate evaluation of
the company's new ownership structure, financial policy
(including with respect to dividends) and strategic objectives.
At this stage any uplift to the CFR is likely to be limited to
one notch.

                      PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
Industry published in October 2015.

SMCP is the parent company of an apparel retail group, focussed
on the affordable luxury segment, trading under the brands
Sandro, Maje and Claudie Pierlot.  As of Dec. 31, 2015, the
company had 906 directly operated points of sale, including 334
stores and 437 concessions, with a further 212 points of sale
operated by distribution partners.  In the fiscal year ended
Dec. 31, 2015, the company recorded net sales (before deducting
concession fees) of EUR675.4 million and reported EBITDA of
EUR106.5 million.


EURO GALAXY II: Moody's Raises Rating on Class D Notes to Ba1
Moody's Investors Service has taken a variety of rating actions
on these notes issued by Euro Galaxy II CLO BV:

  EUR275 mil. (current outstanding balance: EUR 165.6 mil.) Class
   A Senior Floating Rate Notes due 2022, Affirmed Aaa (sf);
   previously on Sept. 28, 2011, Upgraded to Aaa (sf)

  EUR36 mil. Class B Senior Floating Rate Notes due 2022,
   Upgraded to Aaa (sf); previously on Sept. 28, 2011, Upgraded
   to Aa3 (sf)

  EUR27.5 mil. Class C Deferrable Interest Floating Rate Notes
   due 2022, Upgraded to A2 (sf); previously on Sept. 28, 2011,
   Upgraded to A3 (sf)

  EUR20 mil. Class D Deferrable Interest Floating Rate Notes due
   2022, Upgraded to Ba1 (sf); previously on Sept. 28, 2011,
   Upgraded to Ba2 (sf)

  EUR13.5 mil. (current outstanding balance: EUR 9.6 mil.)
   Class E Deferrable Interest Floating Rate Notes due 2022,
   Upgraded to Ba3 (sf); previously on Sept. 28, 2011, Upgraded
   to B1 (sf)

Euro Galaxy II CLO BV, issued in July 2007, is a Collateralised
Loan Obligation ("CLO") backed by a portfolio of mostly high
yield European loans.  The portfolio is managed by PineBridge
Investments.  This transaction exited its reinvestment period in
October 2014.  It is predominantly composed of senior secured

                         RATINGS RATIONALE

The rating actions on the notes are primarily a result of the
deleveraging of the senior notes and subsequent improvement of
over-collateralization ratios.  Class A notes have paid down in
total by EUR109.4M over the last 2 payment dates.

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 137.33%, 120.85%, 111.15% and 107.03% respectively,
compared to 124.24%, 114.02%, 107.58% and 104.75% in the January
2015 report.

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 EUR276.9
million, defaulted par of EUR0.6 million, a weighted average
default probability of 20.68% (consistent with a WARF of 2759 and
a weighted average life of 4.89 years), a weighted average
recovery rate upon default of 46.97% for a Aaa liability target
rating, a diversity score of 35 and a weighted average spread of

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.  Moody's generally applies recovery rates
for CLO securities as published in "Moody's Approach to Rating SF
CDOs".  In some cases, alternative recovery assumptions may be
considered based on the specifics of the analysis of the CLO
transaction.  In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors.  Moody's incorporates these default and
recovery characteristics of the collateral pool into its cash
flow model analysis, subjecting them to stresses as a function of
the target rating of each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

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

Factors that would lead to an upgrade or downgrade of the

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'
   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 priority.

  Recovery of defaulted assets: Market value fluctuations in
   trustee-reported defaulted assets and those Moody's assumes
   have defaulted can result in volatility in the deal's over-
   collateralization levels.  Further, the timing of recoveries
   and the manager's decision whether to work out or sell
   defaulted assets can also result in additional uncertainty.
   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.


NORSKE SKOG: Wants Auditor Replaced Following Disagreements
Luca Casiraghi at Bloomberg News reports that Norske
Skogindustrier ASA said it's seeking to replace its auditor
because of "significant disagreements" over the valuation of its

The distressed company said it will write down NOK482 million
(US$56 million) of deferred tax assets in Norway and Australasia,
but not fixed assets including paper mills, Bloomberg relates.
Norske Skog flagged disagreements with its auditor Ernst & Young
over the valuation of assets and the industry outlook last month,
Bloomberg recounts.

"Due to the significant disagreements that have arisen in the
audit process for the financial year 2015, Norske Skog and the
auditor have mutually agreed that a new auditor should be elected
for Norske Skog at the annual general meeting in April 2016,"
Bloomberg quotes the company as saying in a statement on
March 16.  "Norske Skog is in the process of engaging a new
auditor, and a proposal will be announced prior to the annual
general meeting."

                      About Norske Skog

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

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


CB FDB: Deemed Insolvent, Provisional Administration Halted
The Court of Arbitration of the city of Moscow entered a ruling,
dated February 20, 2016, on case No. A40-242061/15-124-277B on
recognizing that credit institution Commercial Bank FDB, LLC is
insolvent and ordering the appointment of a receiver for the

Accordingly, by virtue of the Arbitration Court ruling, the Bank
of Russia decided (via Order No. OD-835, dated March 14, 2016) to
terminate from March 15, 2016, the activity of the provisional
administration of Commercial Bank FDB, LLC.

The Bank of Russia previously appointed the provisional
administration of Commercial Bank FDB, LLC, via Order No.
OD-3467, dated December 4, 2015, following the revocation of the
entity's banking license.

KOGALYMAVIA: Federal Tax Service Files Bankruptcy Petition
PRIME reports that the Federal Tax Service on March 15 filed for
bankruptcy of Russian airline Kogalymavia.

On October 31, 2015, a Kogalymavia's Airbus A321 flying from
Sharm el-Sheikh to St. Petersburg crashed over the Sinai
Peninsula, and killed all 224 people on board, PRIME relates.

According to PRIME, the Federal Security Service believes the
cause of the accident was an explosion of a 1-kilogram-TNT-
equivalent bomb on board

MTS BANK: Fitch Affirms 'B+' Long-Term Issuer Default Rating
Fitch Ratings has affirmed PJSC MTS Bank's (MTSB) Long-term
Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable.


MTSB's IDRs, and National Long-term and Support Ratings reflect
the support it can expect to receive if needed from the majority
shareholder, Sistema Joint Stock Financial Corp. (Sistema;
BB-/Stable) and/or its subsidiaries.

In Fitch's view, Sistema's propensity to provide support is
likely to be high, given the majority ownership; MTSB's role as a
treasury for the group; the track record of capital support,
including RUB5 billion subordinated debt converted into equity in
1Q16; and the brand association with OJSC Mobile TeleSystems
(MTS, BB+/Stable), a major operating subsidiary of Sistema.
Although a default of the bank would not trigger a cross-default
of Sistema, as the former does not qualify as a 'core subsidiary'
in Sistema's eurobond offering circulars, this would cause
significant reputational risks and damage the group's market
access. Fitch also considers that the cost of any potential
support would likely be manageable, relative to the size and
financial ability of the broader group.

At the same time, the one-notch difference between the ratings of
Sistema and MTSB reflects the bank's weak performance to date and
its limited franchise and therefore strategic importance for the


MTSB's 'b-' VR reflects the bank's weak asset quality metrics
resulted in weak financial performance and downward pressure on
its capitalization. However, the VR is supported by adequate
liquidity position and improved capital buffer following the
subordinated debt-to-equity conversion in 1Q16.

MTSB's asset quality is weak with non-performing (NPLs, including
all loans over 90 days) and restructured loans of 34% and 15%,
respectively, at end-2015. Together these were reserved by only
67%, with the unreserved portion equal to 1.2x of Fitch core
capital (FCC). Fitch also believes there are risks stemming from
certain letters of credit (18% of end-2015 FCC; reduced to about
10% of FCC in 2M16 according to the management).

Corporate loans (55% of total loans) contributed nearly half of
NPLs originated in 2015. Fitch's review of the 25 largest
borrowers, accounting for about 70% of the total corporate loan
book, revealed that most of them are quite risky exposures, which
were either overdue or restructured at end-2015, while some,
including a loan to failed airline company, would require
significant additional provisioning.

MTSB's unsecured retail cash loan portfolio (RUB37 billion or
about 28% of total loans) are of weak quality, as reflected by
its NPL origination (calculated as net increase in NPLs plus
write-offs divided by average performing loans) of a high 23% in
2015. In 2015, the bank's cash loan portfolio decreased by RUB11
billion or 21% and MTSB plans to reduce it further in 2016 by
focusing only on minimum loan disbursement to lower-risk clients.
However, Fitch does not expect any significant near-term
improvements in asset quality given negative trends in the
operating environment.

Market risk is limited, as securities book (held via National
Depository) is of good quality, while average duration is 1.8
years. Dollarization of loans is moderate around 20%, while the
bank had a small short open currency position of 5% of total
equity at end-2015.

MTSB's reported capital ratios were moderate with an FCC ratio of
13%, however, Tier 1 under local GAAP was more tight 6.7%
(minimum 6%) at end-2015. In 1Q16, MTSB converted into equity
Sistema's subordinated debt of RUB5 billion (4% of end-2015
RWAs), but this buffer is likely to be used quickly to reserve
the airline exposure. Fitch believes that MTSB's capital position
is vulnerable given the bank's weak internal capital generation
and additional downside asset quality risks.

The bank was deeply loss making in 2015 and 2014 (ROAE of -49%
and -48%, respectively), given high loan loss provision charges.
The bank is likely to remain loss making in 2016 due to weak
asset quality and the difficult operating environment.

MTSB's liquidity position is a rating strength, supported by
significant and relatively cheap related party funding (45% of
total liabilities at end-2015). The bank has a solid level of
highly liquid assets (cash, non-restricted short-term bank
placements and repoable securities) sufficient to cover more than
50% of MTSB's deposits at end-1M16.



An upgrade of Sistema would likely result in an upgrade of MTSB's
support-driven ratings. However, a prolonged period of weak
performance at MTSB could negatively impact the group's long-term
commitment to the bank's development, perhaps limiting the
potential for rating upside. Failure of the parent to provide
timely support, if needed, could result in a downgrade of the
support-driven ratings.

A marked deterioration in the capital position as a result of
further asset quality problems and/or significant operational
losses could lead to a downgrade of the VR. The VR could
stabilize at the current level in case of a stabilization of the
operating environment and improvements in asset quality,
resulting in stronger financial performance.

The rating actions are as follows:

Long-term IDR affirmed at 'B+', Stable Outlook

Short-term IDR affirmed at 'B'

National Long-term Rating affirmed at 'A-(rus)', Stable Outlook

Viability Rating affirmed at 'b-'

Support Rating affirmed at '4'

SAMARA MORTGAGE: Deemed Insolvent, Prov. Administration Halted
The Court of Arbitration of the Samara Region issued a ruling
dated February 20, 2016, with regard to case No. A55-31891/2015,
recognizing that Samara Mortgage & Land Bank, LLC is insolvent
(bankrupt) and ordering the appointment of a receiver for the

Accordingly, by virtue of the Arbitration Court's ruling, the
Bank of Russia entered a decision, Order No. OD-832, to terminate
from March 15, 2016, the activity of the provisional
administration of Samara Mortgage & Land Bank, LLC.

The Bank of Russia previously appointed the provisional
administration of Samara Mortgage & Land Bank, LLC, by Order No.
OD-3287, dated November 24, 2015, following the revocation of the
entity's banking license.

SVYAZINVESTNEFTEKHIM OAO: Moody's Reviews Ba2 CFR for Downgrade
Moody's Investors Service has placed on review for downgrade the
Ba2 corporate family rating (CFR) and Ba2-PD probability of
default rating (PDR) of Svyazinvestneftekhim OAO (SINEK), a 100%
state-owned investment holding company of the Republic of

The action was prompted by the review for downgrade of the Ba2
sub-sovereign rating of the Republic of Tatarstan, the company's
single shareholder.  Moody's launched the Tatarstan sub-sovereign
rating review on March 9, 2016, following the review of Russia's
sovereign rating on March 4, 2016.

                        RATINGS RATIONALE

The review for downgrade of SINEK's ratings reflects the
company's strong linkages with the government of Tatarstan as a
100% state-owned entity.  Government support provides for a one-
notch uplift for SINEK's standalone creditworthiness bringing the
company's rating in-line with that of the government.  SINEK
holds the government's stakes in key Tatarstan-based assets and
as such is exposed to the same macroeconomic challenges that face

A material deterioration of the operating environment and hence
Tatarstan's credit profile, the risk of which is reflected by the
review for downgrade of the Tatarstan sub-sovereign rating, could
both pressure SINEK's standalone credit quality and decrease the
scope of support by the weaker sub-sovereign.  As part of the
review process, Moody's will reassess the Tatarstan government's
willingness and ability to provide support to SINEK.

In addition, SINEK is facing the increasing company-specific risk
of a developing debt profile, with limited visibility of a
targeted debt structure and the lack of direct government
guarantees for any of the debt.  This risk, combined with the
respective pressures at the sub-sovereign level, could
potentially drive SINEK's ratings down below that of the sub-


The review for downgrade of SINEK will be focused on an analysis
of whether, and to what degree, pressures on Tatarstan's credit
profile will likely drive a weakening of the company's credit
quality.  The review will also assess SINEK's standalone
resilience to the increased risk arising from the prevailing
negative operating conditions, in the context of its evolving
debt structure and credit linkages with Commercial Bank AK BARS,
PJSC (B2 long-term deposit and senior unsecured ratings with
negative outlook, caa1 baseline credit assessment).

In addition, Moody's will also consider the need for adjustments
to its assumptions regarding the Tatarstan government's
willingness and ability to provide support to SINEK, in the event
of need.

Moody's will aim to finalise the review following completion of
the sub-sovereign review.


There is no upward rating pressure for SINEK given the review for
downgrade.  Ratings could be confirmed at their current level if
(1) the Tatarstan sub-sovereign rating were to be confirmed at
Ba2, as a result of the sub-sovereign rating review; and (2)
there were to be no material deterioration in operating
conditions, SINEK's standalone credit quality and Moody's
assessment of the likelihood of the Tatarstan government's
extraordinary support.

A downgrade of Tatarstan's rating will result in a downgrade of
SINEK's ratings, with the magnitude of the downgrade of the
company's ratings dependent on (1) that of the sub-sovereign
downgrade, (2) SINEK's standalone credit strength and resilience
to increased economic pressures and (3) the likelihood of
extraordinary support from the Tatarstan government for SINEK.

                       PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in December 2015.
Other methodologies used include the Government-Related Issuers
methodology published in October 2014.

Svyazinvestneftekhim OAO is a 100% state-owned investment holding
company of the Republic of Tatarstan.  The company manages an
investment portfolio of key companies, in which Tatarstan has
either a controlling or a blocking stake (along with the golden

* Moody's Says Recession Continues to Hit Russian Banking Sector
Economic recession in Russia will continue to negatively affect
the operating environment for Russian banks in 2016, as the
impact of low oil prices and large depreciation of the ruble
continues, says Moody's Investors Service in a report published.
This is likely to have a knock-on negative effect on Russian
banks' asset quality and capital adequacy.

The rating agency's report is an update to the markets and does
not constitute a rating action.

"We expect problem loans of rated banks to rise to an average of
14%-16% of their total loans over 2016 from our estimate of
around 11% as of year-end 2015," says Olga Ulyanova, a Vice
President at Moody's.  "We also expect a higher delinquency rate
for foreign-currency denominated loans disbursed to corporates
domiciled in Russia -- which comprise around 20% of the sector
total loan book -- given the significant ruble depreciation."
The ruble has depreciated over 25% against the US dollar between
year-end 2014 and March 1, 2016, putting pressure on banks' loan
performance and capital.

Although government injections supported capital ratios of
Russia's largest banks, capital remains under pressure, according
to Moody's.  "In 2016, we do not expect any large-scale
recapitalization measures will be taken either by the government
or by private shareholders," explains Ms. Ulyanova.  "Instead, we
anticipate low internal capital creation rates and projected
growth in risk-weighted assets will lead to a declining trend in
capital adequacy."

While Moody's expects the banking system to post an aggregate
loss under IFRS for the whole of 2015, it expects the sector to
return to break-even in 2016 due to a gradual recovery of net
interest margins, but partially also due to under-provisioning
practices, which are likely to persist.  The above being said,
the rating agency expects the coverage of problem loans by loan
loss reserves to slightly improve over 2016 compared to the
relatively low 60% coverage ratio reported at mid-2015 under


CORPORATE COMMERCIAL: Tsvetan Vasilev to Face Trial Over Collapse
FOCUS News reports that Serbia's Supreme Court is to sit on the
trial over Bulgaria's request for extradition of Bulgarian banker
Tsvetan Vasilev.

Authorities in Bulgaria require Mr. Vasilev to be handed to Sofia
so as to face the court over the bankruptcy of Corporate
Commercial Bank (CorpBank), FOCUS News relates.

Nearly a year ago, the Supreme Court allowed the extradition of
the banker but his lawyers appealed against the court ruling with
the motive that there was a violation of the right of defense,
FOCUS News recounts.  Their motives were respected and the
Supreme Court had to launch the trial all over again,
FOCUS News relays.


ABENGOA SA: Moody's Cuts Corporate Family Rating to Ca
Moody's Investors Service downgraded the corporate family rating
(CFR) of Abengoa S.A. (Abengoa), and the senior unsecured ratings
at Abengoa, Abengoa Finance, S.A.U. and Abengoa Greenfield, S.A.,
to Ca, from Caa3. The outlook on the ratings remains negative.


The downgrade reflects Moody's view that based on the company's
reported year end 2015 debt levels and the viability plan
published on February 16, 2016, the expected recovery rate will
no longer be commensurate with a Caa3 rating and more likely be
in a range consistent with a Ca rating level. In addition, an
event of default is highly likely and chances to avert this are
diminishing the longer the current creditor protection process
according to Article 5 bis of the Spanish Insolvency Lay (Ley
Concursal) lasts.

In the context of the abovementioned process, which was announced
on November 25, 2015, and which is expected to take approximately
four months, we understand that the company is currently
undergoing a debt restructuring process that has caused Abengoa
to temporarily suspend certain financial commitments. Abengoa
already had limited defaults on several individual payments, such
as on the 2017 convertible bond (early February 2016) and on its
EUR750 million Euro-Commercial Paper Programme (early December
2015). Furthermore, Moody's understands that the company has not
paid interest on two bond tranches, which were due early February
2016. Further payment defaults after the grace period has elapsed
are highly likely, in Moody's view.

The viability plan presented by the company suggests an
enterprise value of approximately EUR5.4 billion under the base
case scenario. As per year end 2015, Abengoa has reported
consolidated gross debt of EUR9.4 billion and corporate gross
debt of EUR8.4 billion (including non-recourse debt in process,
NRDP). Based on this, Moody's expects a recovery value to be
within a range of 35% - 65%, which is consistent with a CFR of Ca
and a probability of default rating (PDR) of Ca-PD. If Abengoa
failed to agree a debt restructuring with its creditors, it will
likely enter into a more formal administration process, with a
possibly even lower recovery value.


The negative outlook reflects the ongoing uncertainty as the
company has entered the final phase of negotiations with its
creditors, the high likelihood of further payment defaults due to
missed interest payment on two of Abengoa's outstanding bonds
(once the grace period has elapsed), as well as the payment risk
on additional upcoming interest and 2016 debt maturity payments.
It also reflects the high likelihood that the 5 bis filing may be
followed by a more formal filing, which could result in a
recovery value of below 35%.


Abengoa's ratings and outlook could be upgraded, if the company
improved its capital structure as well as its liquidity situation
to sufficient levels. A liquidity improvement to sufficient
levels would need to include the refinancing of the short-term
debt maturities and increasing short-term credit lines.
Furthermore, an improved rating would require substantial
progress in the existing EUR1.2 billion asset disposal programme.

The rating of the CFR and the existing bonds could be further
downgraded if the existing 5bis process would be unsuccessful,
and result in a subsequent formal insolvency procedure and/or if
the company formally defaulted on its debt obligations, such as
by a distressed exchange on its outstanding bonds, or by the
inability to pay bond coupons and/or redeem its March 2016 bond


UBS GROUP: Moody's Rates $1.5BB AT1 Capital Notes 'Ba1'
Moody's Investors Service has assigned a Ba1(hyb) rating to the
$1.5 billion high trigger additional tier 1 (AT1) capital notes
to be issued by UBS Group AG in March 2016.

These perpetual non-cumulative AT1 securities rank junior to all
liabilities of UBS Group AG, including subordinated liabilities
other than parity securities, but they rank senior to
participation securities and all classes of shares.  Coupons may
be cancelled on a non-cumulative basis at the issuer's option and
on a mandatory basis, subject to the availability of
distributable items, the meeting of solvency conditions and
regulatory discretion.  The principal of the AT1 securities will
be fully and permanently written-down if UBS Group AG's
consolidated Trigger CET1 ratio falls below 7%.

The rating for these AT1 securities was initiated by Moody's and
was not requested by the rated entity.

Moody's also assigned a stable ratings outlook for UBS Group AG,
reflecting the stable outlook on the deposit and senior debt
ratings of its main bank subsidiary, UBS AG (LT deposits Aa3; LT
senior unsecured A1; baseline credit assessment baa1).

                         RATINGS RATIONALE

The Ba1(hyb) rating is based on the likelihood of UBS Group AG's
Trigger CET1 capital ratio reaching the write-down trigger, the
probability of a bank-wide failure, and the expected loss
severity if either or both these events occur.  Moody's assesses
the probability of a trigger breach using a model-based approach
incorporating the group's creditworthiness, its most recent
Trigger CET1 ratio and qualitative considerations, particularly
with regard to how the bank may manage its CET1 ratio on a
forward-looking basis.

Under Moody's approach to rating high-trigger contingent capital
securities, as described in its "Banks" rating methodology,
published in January 2016, Moody's rates high-trigger AT1
securities to the lower of the model-based outcome and UBS Group
AG's non-viability security rating.

The Trigger CET1 ratio is defined as UBS Group AG's consolidated
transitional (or phase-in) Basel III Common Equity Tier 1 (CET1)
capital ratio as determined in accordance with the relevant Swiss
regulations as applied by The Swiss Financial Market Supervisory
Authority (FINMA) plus the outstanding amount of high-trigger
contingent capital securities with a trigger above 7%.  At end-
September 2015 UBS had approximately CHF 37 million of such
securities outstanding, resulting in a Trigger CET1 ratio that is
2 basis points higher than UBS Group AG's transitional Basel III
CET1 ratio.

UBS Group AG is the parent bank holding company for UBS AG, which
accounts for the vast majority of UBS Group AG's assets.  As
such, the group's intrinsic financial strength corresponds to the
baa1 baseline credit assessment (BCA) of UBS AG, and the group's
Trigger CET1 ratio was 19.04% at end-December 2015.  Moody's used
these two values as inputs to its model, which leads to a model
output of Baa3 (hyb).

In the absence of a non-viability security being rated, the model
outcome was then compared with the rating of a hypothetical UBS
Group AG non-viability security, which would be positioned at
Ba1(hyb) which is three notches below the BCA of baa1 based on
Moody's advanced Loss Given Failure (LGF) analysis.  The non-
viability rating captures the probability of a bank-wide failure,
the risk of coupon suspension on a non-cumulative basis, and loss
severity if one or both of these events happen.

When comparing the Baa3 (hyb) model output and the hypothetical
Ba1 (hyb) non-viability security rating, the 'high trigger'
security rating is constrained by the rating on the non-viability
security, leading to the assignment of a Ba1 (hyb) rating to UBS
Group AG's 'high trigger' AT1 security.  Moody's also considered
the AT1 securities' full principal write-down upon trigger breach
and believes the heightened loss severity is captured by the non-
viability rating constraint.

The outcome of Moody's model sensitivity analysis on UBS Group
AG, which considers changes to the group-level CET1 ratio,
confirms that the Ba1 (hyb) rating is resilient under the main
plausible scenarios.

The rating agency notes that the AT1 securities also contain a
clause which allows principal to be permanently and fully
written-down in the case of a viability event, which can occur if
the FINMA identifies the bank needs capital and customary
measures to improve capital are not adequate or infeasible or if
the bank were to receive direct or indirect support from the
public sector.  A viability event can occur ahead of a trigger
breach.  Moody's believes that the probability of this event
occurring is already factored into the assigned rating level.


The rating of UBS Group AG's AT1 securities is currently
constrained by the rating on the issuer's non-viability security,
which in turn could be upgraded if UBS AG's baa1 BCA were to

Conversely, a downgrade of the rating on the AT1 securities could
materialize if UBS AG's BCA was reduced and/or if UBS Group AG's
consolidated Trigger CET1 ratio were to decline substantially on
a sustained basis.  Moody's would also reconsider the rating in
the event of an increased probability of a coupon suspension.

U N I T E D   K I N G D O M

AERO INVENTORY: April 21 Claims Filing Deadline Set
Court-appointed joint administrator, J R Trucker, intends to make
a final distribution to the unsecured creditors of Aero Inventory
(UK) Limited within two months from April 21, 2016, pursuant to
the Rule 2.95 of the Insolvency Rules 1986.

Creditors who have not already done so, must send details in
writing, of any claim against the Company at the joint
administrator at 15 Canada Square, Canary Wharf, London E14 5GL,
England by April 21, 2016, or they will be excluded from the
benefit of any distribution.

   J R Trucker
   James Robert Tucker
   Richard Heis
   Allan Watson Graham
   15 Canada Square, Canary Wharf
   London, England E14 5GL
   Tel: +44 (0) 20 7311 8091

AMAN RESORTS: Doronin Gets Legal Victories in Bankruptcy Dispute
Lillian Rizzo at The Wall Street Journal reports that Russian
billionaire Vladislav Doronin has scored victories in London and
New York in a long-running dispute over a former business partner
in his Aman Resorts luxury hotel chain.

Mr. Doronin's first victory occurred earlier last week, when the
High Court in London issued an order confirming the settlement
between the Russian hotel operator and the U.K. liquidators of a
company founded by U.S. venture capitalist Omar Amanat,
Mr. Doronin's ex-partner, the Journal relates.

The settlement order came just days after creditors tried to push
the defunct shell company and former owner of the resort chain,
Aman Resorts Group Ltd., into bankruptcy in New York, the Journal
notes.  An involuntary bankruptcy petition had been filed listing
creditors, including Mr. Amanat and other former directors,
claiming they were owed about US$70 million, the Journal states.

However, just days after the involuntary petition was filed in
the U.S. Bankruptcy Court in New York, the involuntary case took
a sudden turn when a new legal team moved in to dismiss the case
and the company's bankruptcy lawyer withdrew from the
proceedings, the Journal recounts.

Mr. Doronin's spokesman, Luke Chauveau, as cited by the Journal,
said Mr. Amanat's "reckless actions" in filing the involuntary
bankruptcy against Aman Resorts Group Ltd. "were an attempt to
mislead the New York Courts through bogus creditor claims."

According to the Journal, Mr. Chauveau said the involuntary
bankruptcy petition was filed by Carpenteria Management Services
Ltd., an entity controlled by Mr. Amanat and considered a
"renegade director on the board".

William R. Baldiga, a bankruptcy lawyer at Brown Rudnick LLP, who
initially represented Aman Resorts Group Ltd. in the involuntary
bankruptcy, said in court papers he was withdrawing from the case
because "it would be inconsistent with the Rule 1.16 of the
New York Rules of Professional Conduct", the Journal relays.

A hearing regarding the matter and Brown Rudnick's withdrawal is
slated for March 28 before Judge Shelley C. Chapman, the Journal

SAGA PLC: Moody's Raises CFR to Ba1, Outlook Stable
Moody's Investors Services upgraded Saga Plc's corporate family
rating to Ba1 from Ba2 and probability of default rating (PDR) to
Ba2-PD from Ba3-PD.  Consequently, Moody's also upgraded Saga
MidCo Limited's instrument ratings on the Term Loan A and
Revolving Credit Facility (RCF) to Ba1 from Ba2.  The outlook is

Saga is a UK based group, listed on the London Stock Exchange,
providing a range of branded products to the over-50s consumer
segment.  Saga's products mainly span across financial services
including motor, home, travel and private medical insurance
underwriting and broking services, as well as travel with a
packaged and cruise holidays offering.

                        RATINGS RATIONALE

The rating upgrade is primarily driven by the material
improvement in Saga's financial flexibility metrics following the
voluntary prepayment of GBP200 million of the Group's GBP700
million Term Loan A during the first half of 2015.  The rating
upgrade is also supported by the group's good underlying
profitability growth and overall strong cash-flow generation.

As a result of the aforementioned voluntary debt repayment,
partially offset by the GBP70 million RCF drawdown, Saga's debt-
to-EBITDA (calculated on a Moody's basis) reduced from 3.2x as at
January 31, 2015, to an around 2.6x as at July 31, 2015, which is
below Moody's 3.0x upgrade trigger to a Ba1 corporate family
rating.  Over the next 12-18 months, Moody's expects Saga will
continue to reduce its leverage position and increase earnings
coverage of interest supported by both underlying EBITDA growth
and further voluntary debt repayments.  However, Moody's analysis
incorporates the expected hike in leverage in 2019, following the
decision to buy a new cruise ship, which will be funded by debt.

With regard to profitability, Moody's notes that although Saga
reported a GBP 134 million net loss for the year-ended Jan. 31,
2015, (YE2015), on a like-for-like basis (i.e. excluding the
losses on the discontinued healthcare operations and before IPO
expenses), profit before tax increased by 10% to GBP196 million.
Similarly, YE2015 trading EBITDA from continued operations grew
by 6% to GBP227 million, which was primarily driven by improved
underwriting results from the motor insurance segment, also
reflected in the 10.5 percentage point improvement in the
combined ratio to 78%, partially offset by lower add-on sales.

In Moody's view, a key credit strength of the group is its well-
establish and highly trusted affinity brand, which benefits from
a loyal customer base and ability to cross-sell its products.
However, offsetting these benefits to a certain extent is Saga's
limited scale and relatively modest share of both the UK personal
insurance market and travel industry, even within its target
customer segment.  Saga's reliance on a single country and the UK
personal insurance market, which accounted for 45% of group
revenues and 93% of group EBITDA for YE2015, is also a rating
constraint.  Furthermore, in Moody's view, the on-going difficult
trading environment across both UK personal motor and homes lines
could hamper Saga's ability to grow profitability.

                         -- DEBT RATINGS --

Saga's PDR of Ba2-PD, which is one notch below the CFR, reflects
Moody's assumption of a 65% family recovery rate as is customary
for capital structures including senior bank debt only with
maintenance covenants.

The Ba1 rating of the Term Loan A and RCF, which rank pari passu
to one another, are at the same level as the CFR.  This is a
result of the relatively small amount of super senior pension
liabilities and other non-financial debt liabilities at the
operating companies ranking ahead.  The senior bank facilities
benefit from only limited guarantees (i.e. there is no guarantees
provided by the regulated entities including Saga's underwriting
and travel businesses) and remain subject to financial covenants
(leverage and interest cover).

                  -- OUTLOOK AND RATING DRIVERS --

The stable outlook reflects Moody's expectation that the group
will continue to expand its motor insurance footprint through its
new panel whilst maintaining a better than industry combined
operating ratio (COR) on its portfolio; enjoy stable EBITDA
margins and sustained cash generating; and that Saga will
continues to implement its strategy to profitably grow its travel

Moody's says the following factors could put upward pressure on
Saga's ratings: (1) meaningful growth in the group's share of the
UK insurance market without a decline in the underwriting or
broking EBITDA margins; (2) net profit margins consistently above
10%; (3) a successful expansion across a range of new and
existing products targeting the over-50 market segment; and (4)
debt-to-EBITDA towards the lower end of Saga's internal 1.5x-2x
target on a long-term sustainable basis.

Downward rating pressure could develop if: (1) the company's
leverage increases above 3x on a debt-to-EBITDA basis; (2)
profitability deteriorates materially, reflected in EBTIDA
margins consistently below 20% or Net Profit Margin below 8%; (3)
adverse loss development drives a material deterioration in
Saga's COR; or (4) the group's revenue and/or market share
reduces significantly in its core lines of business.

Moody's has upgraded these ratings:

  Saga Limited: Corporate family rating to Ba1 from Ba2
  Saga Limited: Probability of default rating to Ba2-PD from Ba3-
  Saga MidCo Limited: Backed Senior Secured Term Loan A to Ba1
   (LGD3) from Ba2 (LGD3)
  Saga MidCo Limited: Backed Senior Secured Revolving Credit
  Facility from Ba1 (LGD3) from Ba2 (LGD3)

The outlook for both Saga Limited and Saga MidCo Limited is

In fiscal year ended Jan. 31, 2015, Saga reported revenues from
continued operations of GBP900.5 million (YE2014: GBP944 million)
and profit before tax from continued operations of GBP 113.8
million (YE14: GPB171.3 million).  Saga Plc's reported total
equity at GBP1,024.3 million and total assets of
GBP2,731.4 million as at July 31, 2015.

                       PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in December 2015.

STH 500: Owner Reaches Settlement with Cerberus in Nama Row
Alan Erwin at Belfast Telegraph reports that Belfast businessman
Gareth Graham is to regain control of companies as part of the
settlement reached in his legal battle with US investment fund

According to Belfast Telegraph, the High Court was told
applications to put development firms STH 500 and Lehill
Properties into administration are to be withdrawn.

Confirmation came as a judge was informed that a confidential
resolution has been reached in the action, Belfast Telegraph

Mr. Graham had been locked in a legal fight with Cerberus over
the right to appoint receivers and administrators to his
companies which own commercial and residential premises in
Belfast, Belfast Telegraph relates.

The firms' loans were among those transferred over to the
National Asset Management Agency, the Irish government's so-
called "bad bank", Belfast Telegraph discloses.

In 2014 Cerberus snapped up Nama's entire Northern Ireland
portfolio, Project Eagle, in a deal worth more than GBP1 billion,
Belfast Telegraph recounts.

Mr. Graham had been challenging the fund's right to put his
companies into administration, claiming the businesses were
financially strong and never missed a repayment, Belfast
Telegraph relays.

In a surprise development last week, it emerged that an out-of-
court settlement had been reached, Belfast Telegraph recounts.


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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Information contained herein is obtained from sources believed to
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