TCREUR_Public/160413.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

          Wednesday, April 13, 2016, Vol. 17, No. 072


                            Headlines


A U S T R I A

HYPO ALPE-ADRIA: Creditors to Face 54% Debt Haircut


B U L G A R I A

CORPORATE COMMERCIAL: April 18 Letter of Interest Deadline Set


C Y P R U S

CAMPOSOL HOLDING: Fitch Affirms B- IDR & Rates $200M Notes B-


C Z E C H   R E P U B L I C

NEW WORLD: Owners Fail to Persuade Czech Gov't to Give Bailout


F R A N C E

FAURECIA SA: Fitch Hikes LT Issuer Default Rating to BB


G R E E C E

DRYSHIPS INC: Egan-Jones Cuts Senior Unsecured Rating to C


I R E L A N D

CARLYLE GLOBAL 2016-1: Moody's Rates Class D Notes (P)Ba2(sf)


I T A L Y

ITALY: To Create EUR5BB Backstop Bailout Fund for Banking Sector
PERMICRO SPA: S&P Assigns 'B-' LT Counterparty Credit Rating


L U X E M B O U R G

GLOBAL CLOSURE: S&P Affirms Then Withdraws B Corp. Credit Rating


N E T H E R L A N D S

CADOGAN SQUARE VII: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
INTERXION HOLDING: Moody's Assigns B2 Rating to EUR150MM Bond Tap
INTERXION HOLDING: S&P Rates Proposed EUR150-Mil. Tap BB-


N O R W A Y

ATLANTIC OFFSHORE: Files for Bankruptcy; Sold for NOK16.9 Million
PETRO MEDIA: Files for Bankruptcy Following Financial Woes


R U S S I A

EVRAZ GROUP: Moody's Puts Ba3 CFR on Review for Downgrade
FIA-BANK JSC: Placed Under Provisional Administration
SIBUR HOLDING: Amur Plant Project Won't Affect Moody's Ba1 Rating
SOVEREN BANK: Placed Under Provisional Administration


U N I T E D   K I N G D O M

EUROSAIL-UK 2007-3BL: Moody's Lifts Ratings on Two Notes to B2
TATA STEEL: Part-Nationalization of Port Talbot Among Options


X X X X X X X X

* Fitch Says Slower Growth in EU Cable Sector to Spur Value Focus
* Fitch Says Euro Adoption Neutral to Positive for CEE Members


                            *********


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A U S T R I A
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HYPO ALPE-ADRIA: Creditors to Face 54% Debt Haircut
---------------------------------------------------
Deutsche Presse-Agentur reports that Austria's financial market
authority on April 10 said creditors of failed Austrian bank
Hypo Alpe Adria will face a haircut of 54%.

The haircut means that creditors only get some EUR5 billion
(US$5.7 billion) of the outstanding EUR11 billion, DPA says.

German banks and insurers including Commerzbank, NordLB and
Allianz have been trying to recover a total of EUR7 billion that
they had lent to Hypo, DPA relays.  The dispute over the
outstanding money has caused tensions between Austria and
neighboring Germany, DPA notes.

The regional Hypo bank had run into trouble after it had
overexpanded in risky markets in the Balkans, DPA relates.  It
was nationalized by Austria in 2009, and its assets have been
partly sold and partly parked in a restructuring unit -- or bad
bank -- known as Heta Asset Resolution, DPA recounts.

Last year, Austria's finance ministry announced that Heta would
stop paying back loans, in a step that forced German creditors to
make major adjustments on their balance sheets, DPA discloses.

                      About Hypo Alpe-Adria

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.

Hypo Alpe has received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo faced
possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5.



===============
B U L G A R I A
===============


CORPORATE COMMERCIAL: April 18 Letter of Interest Deadline Set
--------------------------------------------------------------
The 100% of shares in Commercial Bank Victoria EAD, Bulgaria,
wholly owned by Corporate Commercial Bank AD (in insolvency), are
offered for sale under a procedure performed in accordance with
the Bulgarian Bank Insolvency Act.  The bank was established and
licensed in 1994.  In 2012, it became a wholly owned subsidiary
of Credit Agricole S.A. France.  Following its acquisition by
Corporate Commercial Bank AD in 2014, it was rebranded as
Commercial Bank Victoria EAD.

Key investment highlights:


   -- full banking license to conduct banking operations in
      Bulgaria and abroad;

   -- Visa International membership license;

   -- completed reorganization in 2015 (branch network and
      personnel);

   -- opportunity for penetrating nice market segments;

   -- experienced team;

   -- operational and IT infrastructural capacity to perform all
      banking activities;

   -- conservatively provisioned loan portfolio.

Interested investors are invited to submit non-binding letter of
interest by April 18, 2016 to:

          Valia Iordanova, Senior Partner
          AFA OOD
          38, Oborishte St., 1504 Sofia, Bulgaria
          Valia.Iordanova@afa.bg

The bank's teaser as well as detailed information on the sale
process is available at:

     http://www.afa.bg/en/news-2649.html?landing=done

Corporate Commercial Bank AD is the fourth largest bank in
Bulgaria in terms of assets, third in terms of net profit, and
first in terms of deposit growth.

Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run
drained the bank of cash to meet client demands.



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C Y P R U S
===========


CAMPOSOL HOLDING: Fitch Affirms B- IDR & Rates $200M Notes B-
-------------------------------------------------------------
Fitch Ratings has affirmed at 'B-' the foreign and local currency
Issuer Default Ratings for Camposol Holding Ltd (Camposol) and
its wholly-owned subsidiary Camposol S.A. In addition, Fitch has
affirmed Camposol S.A.'s $US200 million senior unsecured existing
notes at 'B-/RR4'and assigned a 'B-/RR4exp' rating to its five-
year $US200 million proposed senior secured notes. The Rating
Outlook was revised to Negative from Stable.

Camposol is proposing to exchange any and all of its outstanding
$US200 million 9.875% notes due Feb. 2, 2017 for a 10.5% senior
secured notes due 2021. The purpose is to extend the maturity of
its existing notes. The exchange offer commences on April 11,
2016 and will expire at midnight on May 6, 2016. If the exchange
offer does not consummate as expected, a multi-notch downgrade
would follow to reflect limited refinancing options for the 2017
notes.

KEY RATING DRIVERS

Negative Outlook

The Negative Outlook reflects the company's tight cash flow
situation. The company covered its interest expenses by only 1.7x
during 2015 and ended the year with $US27 million of cash and
$US46 million of short-term debt. Any unexpected downturn in
prices or volumes would further tighten liquidity and would lead
to financial stress higher at the existing 'B-' level.

Debt Exchange Neutral to Ratings

Fitch considers Camposol's debt exchange offer neutral for the
existing bondholders because the new notes do not impose a
material reduction in terms compared with the existing
contractual terms of its outstanding senior unsecured notes. The
debt exchange is done at par until April 22, 2016. The coupon is
being increased to 10.5% from 9.875%. The new notes are secured
on a first-priority basis by collateral consisting of land,
biological assets, machinery and equipment and all licenses,
including water licenses. These assets have an estimated
immediate realization value of approximately $US300 million,
which is equivalent to about half of the company's total assets.
The covenant package for the new notes will be the same as the
existing notes and will provide capacity for any remaining
existing notes to be secured by the same collateral package on a
pari passu basis.

Shareholders Tangible Support

Fitch factors into its affirmation the shareholders' continued
commitment to the company. In March 2016, $US5 million were
injected by the shareholders. In addition, a shareholders's
subordinated debt to the existing and new notes for$US10 million
was approved by the board to fund expansion capex of 540 Has for
additional blueberry plantations. The subordinated debt will be
drawn only if Camposol is not able to increase its lines of
credit from banks.

Leverage to Improve

Camposol's net leverage was 5.3x as of YE 2015, which is lower
than 6.7x during 2014 and Fitch's 5.6x projection. Higher prices
for avocados and blueberries, as well as robust fourth quarter
sales of blueberries were driving factors in the improvement. In
contrast to asparagus and shrimp, the yield on blueberries was
not impacted by El Nino. Fitch projects that the company's net
leverage will decline to around 4.0x by the end of 2016. The
deleveraging is due to a projected increase in EBITDA to $US54
million in 2016 from $US42 million in 2015. The growth in EBITDA
is projected to come from increased yields by the company's
avocado and blueberry plantations, as only 57% of total planted
areas have reached peak yields, and improvements in shrimp
production.

Strategy Focused on Profitability

Camposol has focused its strategy on expanding into the fresh and
frozen segment where the company is more competitive. Fresh
product sales accounted for 56% of total sales during 2015 and it
is expected to increase in the next year as the company is
exiting the preserved business. During 2015, avocado, blueberry
and asparagus accounted for 19.7%, 17.6% and 15.7% of the
company's sales, respectively. This differs from 2014 when
asparagus accounted for 25.7%, while blueberries were only 3.8%
of sales. Blueberry output will grow materially as 74% of 1,050
hectares of plantations are still in an unproductive phase. The
company's goal is to double blueberry plantations as this crop
has much higher margins than others. Sales of shrimp and other
seafood products represented about 21% of revenues. The company
expects to improve profitability in this business through
investments in intensive ponds and the development of other
seafood products to maximize utilization of processing plants.

Negative FCF for 2016

Free cash flow generation (FCF) for 2015 was positive due to
lower capex and a better working capital management. This is
explained by the reduction on inventories of preserved products
given the company's focus on the fresh and frozen segments.
Following years of intensive capex oriented to increase and
diversify the product portfolio, capex for 2015 was $US28.6
million and it is expected to be around $US36.2 million in 2016.
For 2016, FCF is expected to be negative due to increased capex
for new blueberry plantations.

Exposure to Climatic Risks and International Prices

Camposol is exposed to seasonality, volatility on prices and
external factors such as climatic events like the 'El Nino' or
'La Nina' phenomenon. The proliferation of existing or new crop
diseases also poses risk. All of which could negatively impact
production yields and cash flow generation. Camposol has faced
multiple weather related changes during the last five years that
have negatively impacted crop yields and caused higher mortality
for the company's shrimp farms. For 2016, Fitch expects a
recovery of seafood segment due to the conversion of shrimp semi-
intensive ponds to intensive ponds.

High Product and Geographical Concentration:

Camposol's product, customer and regions are concentrated. 100%
of production is located in the north of Peru. The company has
been diversifying its production, but 50% of Camposol's revenues
are based on three products (avocados, blueberries and
asparagus). Any variation in prices, costs and volumes of these
products have an important impact on the company's results. In
addition, 90% of Camposol's revenues are originated in Europe
(50%) and the United States (40%).

KEY ASSUMPTIONS

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

-- Increasing production mainly in blueberries and avocados as
    new plantations are entering into high-yield phases;

-- Recovery in shrimp production and processing other seafood
    products in order to maximize utilization capacity of new
    facilities;

-- Three-year average prices for most agriculture products;

-- Fixed costs at level reduced in 2015 (13% of revenues);

-- Capex at $US36 million for 2016, $US25 million for 2017 and
    thereafter;

-- No dividend payments;

-- Successful refinancing of its $US200 million senior unsecured
    notes;

-- Shareholders' tangible support;

-- A strong 'El Nino' impact is not considered into base case
    assumptions.

RATING SENSITIVITIES

Negative Rating Action: Factors that could lead to a rating
downgrade include failure to refinance by mid-2016, further
deterioration of Camposol's liquidity without any tangible
support from shareholders and/or profitability as a result of
lower production volumes and yields due to climatic events.
Another potential detriment to Camposol's ratings would be a
decline of product prices due to lower demand for its key markets
resulting in gross leverage levels consistently above 6.0x and/or
interest coverage declining to 1.5x or lower. Shareholder-
friendly actions such as aggressive dividend payouts and/or debt-
funded acquisitions negatively affecting Camposol's credit
profile could also lead to Fitch taking a negative rating action.

Positive Rating Action: Factors that could lead to Fitch
reversing the outlook to stable would be successful on
refinancing coupled with improvement in Camposol's cash flow
generation leading to lower gross adjusted leverage at levels
consistently below 5.0x and a material improvement in liquidity.

LIQUIDITY

Camposol's liquidity has deteriorated over the last year. As of
December 2015, liquidity relies primarily on cash on hand of
$US27 million while Camposol's debt is primarily composed of its
$US200 million unsecured bond due on Feb. 2, 2017. The company is
in process to refinance its bond prior to maturity. The interest
coverage ratio (EBITDA/interest) was 1.7x in 2015 and it is
expected to be more than 2.0x in 2016 following EBITDA
improvement and successful on refinancing.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Camposol Holding Ltd.
-- Long-term foreign currency IDR 'B-';
-- Long-term local currency IDR 'B-'.

Camposol S.A.
-- Long-term foreign currency IDR 'B-';
-- Long-term local currency IDR 'B-';
-- Senior unsecured notes 'B-/RR4'.

Fitch has assigned the following rating:

Camposol S.A.
-- Senior secured notes 'B-/RR4exp'.

The Rating Outlook is Negative.



===========================
C Z E C H   R E P U B L I C
===========================


NEW WORLD: Owners Fail to Persuade Czech Gov't to Give Bailout
--------------------------------------------------------------
Ladka Bauerova at Bloomberg News reports that New World Resources
Plc's owners failed to persuade the Czech government to bail out
the coal company before a debt deadline this week as they seek to
stave off a collapse that threatens the jobs of 13,000 miners.

According to Bloomberg, Finance Minister Andrej Babis said after
a meeting in Prague the government asked creditors including
Ashmore Investment Management Ltd. that took control of NWR in
February for more information before deciding on any aid.

While NWR says a deal by April 13 is a key condition for a
temporary waiver on its credit facility, Mr. Babis says the
company has until the end of the month, Bloomberg notes.

"We agreed on a list of information they will provide to us
relatively quickly," Bloomberg quotes Mr. Babis as saying.  "We
will not be blackmailed.  They cannot give ultimatums to the
government."

The last Czech producer of coking and thermal coal faces default
less than two years after restructuring debt and receiving cash
from investors including founder Zdenek Bakala, Bloomberg
discloses.

In a separate report, Bloomberg News' Bauerova relates the
Czech government said the owners of NWR were using the prospect
of an expensive bankruptcy to blackmail it on the eve of a
crucial meeting in which the two sides will seek a way to avert
the company's collapse.

Ad Hoc Group, NWR creditors including Ashmore Investment
Management, that assumed control of the troubled company in
February, as cited by Bloomberg, said the social fallout from an
"uncontrolled" bankruptcy could cost the Czech state CZK33
billion (US$1.4 billion), while an orderly phasing out of
operations could limit the cost to CZK17 billion, according to a
Deloitte LLP study it commissioned.

Failure to reach a deal with the government would put 13,000
miners and 8,000 affiliated workers out of work in the eastern
region of Moravia-Silesia, which has the nation's second-highest
unemployment rate, Bloomberg states.

New World Resources Plc is the largest Czech producer of coking
coal.



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F R A N C E
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FAURECIA SA: Fitch Hikes LT Issuer Default Rating to BB
-------------------------------------------------------
Fitch Ratings has upgraded Faurecia S.A.'s Long-term Issuer
Default Rating (IDR) and senior unsecured debt to 'BB' from
'BB-'. The Outlook on the Long-term IDR is Stable.

The upgrade reflects Fitch's expectations of stronger credit
metrics in 2016 and beyond, following improved results in 2015
and the disposal of about 95% of the automotive exteriors (FAE)
business. In particular, free cash flow (FCF) became positive in
2015 and funds from operations (FFO) adjusted net leverage
declined to 2x at end-2015 (or 1.4x pro-forma of the FAE sale
proceeds to be received in 2016) from 3.1x at end-2014.

"We project that Faurecia's FCF margin will remain weak for the
rating in the next 18-24 months. However, this is offset by the
group's lower indebtedness and leverage. Furthermore, we believe
that FCF will remain at low levels because of sustained high
investment and the resumption of dividends, which could be
reduced or cut, respectively, in case of financial stress, rather
than weak underlying profitability."

"We believe that part of the FAE proceeds will be used in
acquisitions over 2016-2018, but we have not factored any
specific purchase in the next couple of years in our rating case
due to lack of public guidance and visibility on details.
However, we believe that the weight of acquisitions on the
deleveraging path will be limited and have no direct effect on
the rating if they are bolt-on transactions and additional debt
does not push the leverage outside our negative rating
guidelines."

KEY RATING DRIVERS

Stronger Financial Structure

"Fitch expects FFO adjusted net leverage to decline further to
1.4x at end-2016, once cash proceeds from the FAE business have
been received. Faurecia's financial structure is substantially
improved, with FFO adjusted net leverage at 2x, and cash from
operations (CFO) on debt around 36% at end-2015, from 3.1x and
20%, respectively at end-2014. We believe that a modest increase
in capex and dividends and potential small acquisitions with part
of the FAE proceeds will limit the improvement in FCF generation
and leverage reduction in 2017-2018 however."

Weak Albeit Improving FCF

"We expect a further progression in operating margin to 5% in
2016 from 4.4% in 2015, more in line with close peers and the
rating. Cash generation is also improving to levels more
commensurate with the 'BB' category with the FFO margin
increasing to 5.5% in 2015, from 3.8% in 2014. The FCF margin
became positive in 2015, but remains weak for the rating after
adjusting for derecognized trade receivables that boosted working
capital and, in turn CFO and FCF. We project that the FCF margin
will increase gradually to about 1.5% by 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.

Business Refocus

"We believe that the FAE disposal is an illustration of the
group's aim to gradually refocus its business. We expect Faurecia
to use some of the FAE proceeds to acquire businesses in faster-
growing segments with better margins and to accelerate the
vertical integration of its interior business. A successful
strengthening in more profitable and higher added-value
businesses will be crucial to support further positive rating
action."

Weak Linkage with PSA

"We applied our Parent and Subsidiary Rating Linkage methodology
and assessed that Faurecia has a slightly weaker credit profile
than its parent PSA (46.6% stake and 63.2% voting rights). We
also deem the legal, operational and strategic ties between the
two entities weak enough to rate Faurecia on a standalone basis."

KEY ASSUMPTIONS

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

-- Revenue to increase by mid-single digits in 2016-2018.
-- Operating margins to increase to 5.1%-5.5% in 2016-2018.
-- Restructuring cash outflows to remain around EUR75m per year
    over 2016-2018.
-- Capex of around 4.8%-5.0% of revenue.
-- Dividend pay-out ratio of around 20%-25%.
-- Proceeds of the FAE disposal to be received in 2016.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include, all on a
sustained basis:

-- Operating margins above 6%.
-- FCF margins around 2%.
-- FFO adjusted net leverage of 1.5x or below.

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

-- Operating margins below 4% on a sustained basis.
-- FCF margins below 1% on a sustained basis.
-- FFO adjusted net leverage above 2.5x at any point.

LIQUIDITY

Sound Liquidity

"Liquidity is supported by EUR0.5bn of readily available cash
after Fitch's adjustments for minimum operational cash of about
EUR0.4 billion, and total committed and unutilized credit lines
were EUR1.2 billion at end-2015, largely covering short-term debt
of EUR0.9 billion at end-2015. Subsequently, we expect the
group's issuance of EUR700 million in senior unsecured notes in
March 2016 maturing in 2023, to redeem EUR490 million notes due
in December 2016."

All existing upstream guarantees on Faurecia's other instruments
will lapse as a result of the make-whole redemption of the 2016
notes.

Summary of Financial Statement Adjustments

-- Readily Available Cash: As at December 2015, Fitch considered
    that EUR395 million of cash, or around 2% of net sales, is
    needed for day-to-day operational activities, therefore not
    readily available for debt repayment.

-- Leases: Fitch has adjusted the debt by adding 8x of yearly
    operating lease expense related to long term assets of EUR54
    million for the year 2015.

-- Factoring: Fitch has adjusted leverage calculations for
    Faurecia by reintegrating EUR840 million of off-balance-sheet
    non- recourse receivables factoring into the company-reported
    gross debt as at year-end 2015. The EUR92 million of
    factoring increase during the year has been moved from
    working capital inflow to cash flow from financing
    activities.



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G R E E C E
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DRYSHIPS INC: Egan-Jones Cuts Senior Unsecured Rating to C
----------------------------------------------------------
Egan-Jones Ratings Company downgraded the senior unsecured rating
of debt issued by DryShips Inc. to C from CC on March 16, 2016.

DryShips Inc is a dry bulk shipping company based in Athens,
Greece. It is a Marshall Islands corporation, formed in 2004.
The Company transports commodities such as major bulks, which
include iron ore, coal, and grain, and minor bulks such as
bauxite, phosphate and steel products. DryShips also owns Ultra
Deep Water Rigs.



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I R E L A N D
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CARLYLE GLOBAL 2016-1: Moody's Rates Class D Notes (P)Ba2(sf)
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
five classes of debt to be issued by Carlyle Global Market
Strategies Euro CLO 2016-1 Designated Activity Company:

  EUR246,000,000 Class A-1 Senior Secured Floating Rate Notes
   due 2029, Assigned (P)Aaa (sf)
  EUR43,000,000 Class A-2 Senior Secured Floating Rate Notes due
   2029, Assigned (P)Aa2 (sf)
  EUR24,000,000 Class B Senior Secured Deferrable Floating Rate
   Notes due 2029, Assigned (P)A2 (sf)
  EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
   Notes due 2029, Assigned (P)Baa2 (sf)
  EUR24,000,000 Class D Senior Secured Deferrable Floating Rate
   Notes due 2029, Assigned (P)Ba2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings.  A definitive rating (if any) may
differ from a provisional rating.

                         RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2029.  The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure.  Furthermore, Moody's
is of the opinion that the collateral manager, CELF Advisors LLP
("CELF Advisors") has sufficient experience and operational
capacity and is capable of managing this CLO.

CGMSE 2016-1 is a managed cash flow CLO.  At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds.  The portfolio is expected to be at least 80% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

CELF Advisors will manage the CLO.  It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

In addition to the five classes of notes rated by Moody's, the
Issuer issued EUR 52,000,000 of subordinated notes (Class S-1 and
Class S-2) which will not be rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

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

The rated notes' performance is subject to uncertainty.  The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change.  CELF Advisors' investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published
December 2015.  The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders.  Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.  As such,
Moody's encompasses the assessment of stressed scenarios.

Moody's used these base-case modeling assumptions:

Par Amount: EUR 400,000,000
Diversity Score: 38
  Weighted Average Rating Factor (WARF): 2750
  Weighted Average Spread (WAS): 4.175%
  Weighted Average Coupon (WAC): 5.5%
  Weighted Average Recovery Rate (WARR): 43.5%
  Weighted Average Life (WAL): 8 years

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional rating assigned to the
rated notes.  This sensitivity analysis includes increased
default probability relative to the base case.  Below is a
summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)
Ratings Impact in Rating Notches:
  Class A-1 Senior Secured Floating Rate Notes due 2029: 0
  Class A-2 Senior Secured Floating Rate Notes due 2029: -2
  Class B Senior Secured Deferrable Floating Rate Notes due 2029:
   -2
  Class C Senior Secured Deferrable Floating Rate Notes due 2029:
   -2
  Class D Senior Secured Deferrable Floating Rate Notes due 2029:
   -1
  Percentage Change in WARF: WARF +30% (to 3575 from 2750)

Ratings Impact in Rating Notches:

  Class A-1 Senior Secured Floating Rate Notes due 2029: -1
  Class A-2 Senior Secured Floating Rate Notes due 2029: -3
  Class B Senior Secured Deferrable Floating Rate Notes due 2029:
   -3
  Class C Senior Secured Deferrable Floating Rate Notes due 2029:
   -3
  Class D Senior Secured Deferrable Floating Rate Notes due 2029:
   -2

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.



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


ITALY: To Create EUR5BB Backstop Bailout Fund for Banking Sector
----------------------------------------------------------------
Rachel Sanderson and Martin Arnold at The Financial Times report
that Italy's strongest banks, insurers and asset managers have
agreed to create a EUR5 billion backstop fund to bail out weaker
lenders in an effort to calm growing investor concern about the
stability of the banking sector of the eurozone's third-largest
economy.

The rescue fund, announced by prime minister Matteo Renzi and
finance minister Pier Carlo Padoan on April 11 after a six-hour
meeting of financiers, regulators and ministers in Rome, comes
after a plunge in the value of Italian bank shares this year on
growing concerns about the effect of EUR360 billion of
non-performing loans on Italy's financial stability, the FT
relates.

Dubbed "Atlas" after the mythological god who held up the sky,
the privately-run fund will see UniCredit, Intesa Sanpaolo and
UBI Banca, Italy's strongest banks, handing over hundreds of
millions of euros to a vehicle that will mop up unsold shares
from cash calls demanded by European regulators at several
distressed smaller lenders, the FT discloses.

In return, the government has agreed to bring the country's
laggard bankruptcy laws, seen as an impediment to the sale of bad
loans, in line with European norms, the FT relays.

"In the next days, we will make the bankruptcy procedure faster
and more simple so that everyone can be assured of getting their
money back in a reasonable timeframe," the FT quotes Mr. Renzi as
saying.


PERMICRO SPA: S&P Assigns 'B-' LT Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'B-'
long-term counterparty credit rating to Italian micro lender
PerMicro S.p.A.  The outlook is stable.

S&P's assessment of PerMicro's stand-alone credit profile
reflects the company's exposure to a high-risk concentrated niche
market, characterized by the unsecured nature of loan exposures
and relatively low quality of borrowers.  It also reflects
PerMicro's weak earnings track record; the company has been loss-
making since its foundation.  These weaknesses are partly
mitigated by PerMicro's ongoing partnership with BNL, which holds
23% of PerMicro's shares.  The bank provides operational and
funding support, covering PerMicro's funding needs.  BNL also
provides the company with office space, legal support, and a
distribution network.

S&P's overall rating assessment is based on PerMicro's stand-
alone creditworthiness.  The company has a diverse ownership
structure of 10 institutional shareholders and a number of
private individuals, but holds no subsidiaries.  Therefore, S&P
has not assigned a group credit profile to PerMicro.  Most of the
institutional shareholders are government agencies, private
charity and banking foundations, or social development-focused
venture funds.  None of the shareholders own the controlling
share in PerMicro.

Established in 2007, PerMicro is the first and only Italian
microcredit company.  It has a clear mission of creating
employment and promoting social inclusion through the provision
of microcredits and related services.  PerMicro essentially
provides only two types of installment credit products: loans of
up to EUR25,000 to individual entrepreneurs and micro enterprises
for micro-business development purposes, and unsecured loans for
families of up to EUR10,000 to cover urgent financial needs.
PerMicro operates in 11 Italian regions and has no foreign
operations.  Its customer base consists of low income borrowers,
mostly migrants, who have no access to traditional banking
services.  PerMicro's revenue base is very limited; in 2015, its
revenues stood at about EUR5 million, substantially lower than
other rated consumer finance companies.

There is no direct competition between PerMicro and Italian banks
as they target two distinct groups of customers.  S&P understands
that, with time, PerMicro's best borrowers tend to become
bankable and leave the company, which is the ultimate social goal
of PerMicro.  As a result, PerMicro's customer base is limited to
low income borrowers.

PerMicro is actively cooperating with governmental and not-for-
profit development institutions.  It has been able to secure
cheap and stable funding from the European Investment Fund and
the Council of Europe Development Bank.  PerMicro also benefits
from the European Commission's (EC) new Programme for Employment
and Social Innovation guarantee on business loans of EUR20
million, whereby 80% of the losses of up to EUR2.24 million will
be reimbursed by the EC.

S&P's rating assessment also reflects PerMicro's highly leveraged
financial risk profile.  In S&P's base-case scenario, it expects
the company's average total debt to Standard & Poor's-adjusted
EBITDA to stand at an extremely high 54x (estimated average over
2015-2017, and based on a 20% weight for 2015 and 40% weights for
2016 and 2017 forecasts).  When analyzing PerMicro's financial
metrics, S&P adjusts EBITDA to account for impairment costs as
they are likely to be a recurring expense.

"We assess PerMicro's capital structure as negative due to the
company's debt maturity profile, which had a weighted-average
maturity of debt of one-and-a-half years in 2015.  PerMicro is
highly reliant on short-term revolving credit lines from BNL,
which accounted for 71% of PerMicro's debt.  We understand that
the credit line is reviewed and renewed every year, however,
there is no contractual obligation for the bank to continue doing
so, and any disruption--even technical--in the renewal process,
could create material liquidity risks for PerMicro.  At the same
time, we believe BNL has incentives to continue providing funding
support to PerMicro, therefore, we do not expect the company to
default in the next 12 months.  As a result, we have kept the
long-term credit rating at 'B-' despite the negative anchor
adjustment related to capital structure.  All other modifiers
have a neutral impact on PerMicro's anchor," S&P said.

The stable outlook on PerMicro reflects S&P's view that the
company will maintain its focus on providing credit to
individuals excluded from the traditional banking sector in the
next 12 months.  S&P expects PerMicro to continue receiving
ongoing funding and operational support from BNL.  The stable
outlook also factors in S&P's expectation that PerMicro will be
profitable in 2016 and gradually reduce its currently very high
leverage.

S&P could lower the ratings on PerMicro if S&P believes that
BNL's ongoing funding and liquidity support has become less
predictable or is unlikely to be commensurate with what S&P
currently factors into its liquidity assessment.  The emergence
of unexpected regulatory risks could also lead S&P to take a
negative rating action.

Given PerMicro's very high leverage and significant funding
concentrations, an upgrade appears unlikely at this stage.



===================
L U X E M B O U R G
===================


GLOBAL CLOSURE: S&P Affirms Then Withdraws B Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has affirmed its
ratings on Financiere Daunou 5 S.a.r.l. and its debt-issuing
subsidiary GCS Holdco Finance I S.A. (together referred to as
Global Closure Systems or GCS), including its 'B' long-term
corporate credit rating and issue rating on EUR350 million senior
secured notes due 2018.  S&P subsequently withdrew the ratings at
the issuer's request.

S&P understands that RPC Group, a leading U.K.-based plastic
products design and engineering company specializing in polymer
conversion, has recently completed its acquisition of GCS from
its previous owner, private-equity firm PAI Partners, which was
announced in December 2015. GCS' outstanding bonds were called
and redeemed.  As such, S&P has withdrawn the ratings at the
issuer's request.

While S&P understands that the company will now be integrated
into the wider RPC group, S&P lacks information about the degree
of this integration as well as its future financial policy and
the parent's view of GCS' strategic importance within the larger
group.



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


CADOGAN SQUARE VII: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
----------------------------------------------------------------
Moody's assigns provisional ratings to five classes of notes to
be issued by Cadogan Square CLO VII B.V.:

  EUR241,000,000 Class A Senior Secured Floating Rate Notes due
   2029, Assigned (P)Aaa (sf)

  EUR44,000,000 Class B Senior Secured Floating Rate Notes due
   2029, Assigned (P)Aa2 (sf)

  EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
   Notes due 2029, Assigned (P)A2 (sf)

  EUR17,500,000 Class D Senior Secured Deferrable Floating Rate
   Notes due 2029, Assigned (P)Baa2 (sf)

  EUR27,500,000 Class E Senior Secured Deferrable Floating Rate
   Notes due 2029, Assigned (P)Ba2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings.  A definitive rating (if any) may
differ from a provisional rating.

                         RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2029.  The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure.  Furthermore, Moody's
is of the opinion that the collateral manager, Credit Suisse
Asset Management Limited ("CSAM"), has sufficient experience and
operational capacity and is capable of managing this CLO.

Cadogan Square CLO VII B.V. is a managed cash flow CLO with a
target portfolio made up of EUR 400,000,000 equivalent par value
of mainly European corporate leveraged loans.  At least 90% of
the portfolio must consist of senior secured loans or senior
secured bonds, and up to 10% of the portfolio may consist of
second-lien loans, unsecured loans, mezzanine obligations and
high yield bonds.  The portfolio may also consist of up to 12.5%
of fixed rate obligations and between 0% and 5% of principal
hedged assets and unhedged assets denominated in GBP.  The
portfolio is expected to be around 70% ramped up as of the
closing date and to be comprised predominantly of corporate loans
to obligors domiciled in Western Europe.  The remainder of the
portfolio will be acquired during the six month ramp-up period in
compliance with the portfolio guidelines.

CSAM will manage the CLO.  It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, collateral purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk/improved obligations, and are subject to
certain restrictions.

In addition to the five classes of notes rated by Moody's, the
Issuer will issue EUR53.65 mil. of subordinated notes, which will
not be rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

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

The rated notes' performance is subject to uncertainty.  The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change.  CSAM's investment decisions
and management of the transaction will also affect the notes'
performance.

Loss and Cash Flow Analysis:

Moody's modelled the transaction using its European Cash Flow
Model, a cash flow model based on the Binomial Expansion
Technique, as described in Section 2.3 of the "Moody's Global
Approach to Rating Collateralized Loan Obligations" rating
methodology published in December 2015.  The cash flow model
evaluates all default scenarios that are then weighted
considering the probabilities of the binomial distribution
assumed for the portfolio default rate.  In each default
scenario, the corresponding loss for each class of notes is
calculated given the incoming cash flows from the assets and the
outgoing payments to third parties and noteholders.  Therefore,
the expected loss or EL for each tranche is the sum product of
(i) the probability of occurrence of each default scenario and
(ii) the loss derived from the cash flow model in each default
scenario for each tranche.  As such, Moody's encompasses the
assessment of stressed scenarios.

Moody's used these base-case modeling assumptions:

  Par amount: EUR 400,000,000
  Diversity Score: 44
  Weighted Average Rating Factor (WARF): 2750
  Weighted Average Spread (WAS): 4.2%
  Weighted Average Coupon (WAC): 6.0%
  Weighted Average Recovery Rate (WARR): 42%
  Weighted Average Life (WAL): 8 years.

Moody's has analyzed the potential impact associated with
sovereign related risk of peripheral European countries.  As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below.  Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum of 10% of the pool would be domiciled in
countries with Baa3 local currency country ceiling each.  The
remainder of the pool will be domiciled in countries which
currently have a local or foreign currency country ceiling of Aaa
or Aa1 to Aa3.  Given this portfolio composition, the model was
run with different target par amounts depending on the target
rating of each class as further described in the methodology.
The portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 1.5% for the Class A notes, 1.0% for the Class B
notes, 0.75% for the Class C notes and 0% for Classes D and E.

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional rating assigned to the
rated notes.  This sensitivity analysis includes increased
default probability relative to the base case.  Below is a
summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)
Ratings Impact in Rating Notches:
  Class A Senior Secured Floating Rate Notes: 0
  Class B Senior Secured Floating Rate Notes: -1
  Class C Senior Secured Deferrable Floating Rate Notes: -2
  Class D Senior Secured Deferrable Floating Rate Notes: -2
  Class E Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3575 from 2750)
Ratings Impact in Rating Notches:
  Class A Senior Secured Floating Rate Notes: -1
  Class B Senior Secured Floating Rate Notes: -3
  Class C Senior Secured Deferrable Floating Rate Notes: -4
  Class D Senior Secured Deferrable Floating Rate Notes: -3
  Class E Senior Secured Deferrable Floating Rate Notes: -2

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.


INTERXION HOLDING: Moody's Assigns B2 Rating to EUR150MM Bond Tap
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 instrument rating to
the EUR150 million tap issuance to Interxion Holding N.V. (B1
stable) existing EUR475 million 6.00% senior secured notes due
2020.  "Interxion's issuance of additional notes will increase
leverage while improving the company's ability to respond to
customer demand", says Maria Maslovsky, Vice President -- Senior
Analyst and the Lead analyst for Interxion.

The notes are rated B2, one notch below the company's CFR to
reflect their contractual subordination to the EUR100 million
revolving credit facility (unrated).

Interxion has said that its existing expansion plans are fully
funded prior to the issuance of additional notes.  The additional
funds should be used mainly for capital expenditures related to
expansions of Interxion's data centres.  Demand for data centre
services has been strong in recent years and Moody's expects
favourable near to medium-term growth trends.

Moody's expects the additional debt will cause leverage, as
measured by adjusted debt/EBITDA, to rise to around 5.1x
immediately after the new issuance from 4.2x at year-end 2015.
Moody's expects leverage to improve following the generation of
incremental earnings from the company's ongoing investments to
expand capacity.  The rating agency expects leverage to trend
below 5.0x during 2016 provided the company continues to pay no
dividend.  Moody's also expects that the company will continue to
maintain sound liquidity.

                        RATINGS RATIONALE

Interxion's B1 CFR is supported by (1) the company's leading
position in Europe as a provider of co-location data centre
services, providing connectivity with reduced response times to
businesses that work with each other; (2) the favorable medium-
term demand/supply dynamics of the data centre industry; and (3)
the stability of Interxion's profitability and cash flows given
the limited customer churn.

However, the CFR is constrained by (1) the modest size and scope
of the company's operations relative to its globally rated peers;
(2) shifting industry landscape with active M&A and potential for
over-supply longer term; (3) the risks relating to the returns on
the company's developments and its ability to retain high
utilization rates; and (4) the negative free cash flow that is
generated by Interxion as it pursues those development
opportunities.

RATIONALE FOR STABLE OUTLOOK

The rating outlook is stable, reflecting Moody's expectation that
Interxion will maintain sound liquidity and metrics within the
target set for the current rating category, despite the continued
high level of capital expenditure made to realize the company's
expansion plan.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward ratings pressure could develop if demand and supply
dynamics continue to support pricing and high utilisation rates
in the medium term, leading to an adjusted Debt/EBITDA ratio
towards 3.5x and positive free cash flow generation.

Negative ratings pressure could emerge if the company is unable
to sustain levels of profitability and utilization rates such
that adjusted Debt/EBITDA were to trend above 5.0x.

The principal methodology used in this rating was Global
Communications Infrastructure Rating Methodology published in
June 2011.


INTERXION HOLDING: S&P Rates Proposed EUR150-Mil. Tap BB-
---------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned a 'BB-'
issue rating to the proposed EUR150 million tap to be issued by
Dutch data center operator Interxion Holding N.V. (BB-/Stable).
The recovery rating is '3', with recovery expectations in the
lower half of the 50%-70% range.

The terms of the proposed additional notes are the same as those
of the outstanding notes and S&P expects the proposed tap to be
fully fungible with the existing notes.  The company intends to
use the net proceeds of the proposed notes for capital
expenditures relating to the expansion of existing and new data
centers, as well as for general corporate purposes.

At the same time, S&P is affirming its 'BB+' issue rating on the
company's revolving credit facility (RCF) and S&P's 'BB-' issue
rating on the company's existing EUR475 million senior secured
notes due 2020.  The recovery ratings are '1' and '3',
respectively.

Recovery prospects for noteholders remain constrained by the
EUR100 million super senior RCF which would rank ahead of the
notes in terms of enforcement proceeds in a default scenario.

S&P's hypothetical scenario envisages a default in 2020,
triggered by oversupply in the colocation industry, leading to
pricing constraints.

S&P values Interxion as a going concern, given its leading market
position in Europe's key Internet hubs, and its valuable long-
term relationships and contracts with a diversified and
established customer base.  Furthermore, S&P's valuation takes
into account specific industry characteristics, such as moderate
barriers to entry and the cash-generative nature of the business.

SIMULATED DEFAULT ASSUMPTIONS

   -- Year of default: 2020
   -- EBITDA at emergence: EUR95 million
   -- Implied enterprise value multiple: 5.5x
   -- Jurisdiction: The Netherlands

SIMPLIFIED WATERFALL

   -- Gross enterprise value at default: EUR520 million
   -- Administrative costs: EUR40 million
   -- Net value available to creditors: EUR480 million
   -- Priority claims: EUR65 million
   -- Super secured debt claims: EUR88 million*
      -- Recovery expectation: 90%-100%
   -- Secured debt claims: EUR645 million*
      -- Recovery expectation: 50%-70% (lower half of the range)

*All debt amounts include six months of prepetition interest.



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


ATLANTIC OFFSHORE: Files for Bankruptcy; Sold for NOK16.9 Million
-----------------------------------------------------------------
Phil Allan at Energy Voice reports that Atlantic Offshore has
been bought by a newly established Norwegian business for NOK16.9
million, but the deal sees some its subsidiary companies going
bust, including operations in Aberdeen.

Atlantic and the Norwegian group companies will file for
bankruptcy, Energy Voice says.  The Scottish group companies,
Altantic Offshore Rescue and Atlantic Offshore Aberdeen, have
gone into administration, with EY appointed administrator, Energy
Voice discloses.

Atlantic issued a statement to the Norwegian stock exchange on
April 12 saying the business had been sold in order to carry on
operations, Energy Voice relates.

According to Energy Voice, the company said it has entered into
and completed an agreement "securing continued operation and
fulfilment of contractual obligations towards customers and
employees".

Atlantic Offshore is a Norwegian shipping company.


PETRO MEDIA: Files for Bankruptcy Following Financial Woes
----------------------------------------------------------
Offshore Energy Today reports that Petro Media News has announced
bankruptcy in the Stavanger District Court.

The court decided that the company's financial difficulties were
not temporary, and therefore the company fulfils the conditions
to file for bankruptcy, Offshore Energy Today relays, citing
Dagsavisen, a daily newspaper in Oslo, Norway.  The company's
business will remain ongoing, Offshore Energy Today notes.

The newspaper further reported that Petro Media has a debt of
NOK1.2 million, and the assets valued at about NOK200,000,
Offshore Energy Today relates.

Petro Media News is a media and communications company with a
focus on the oil and gas industry.



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


EVRAZ GROUP: Moody's Puts Ba3 CFR on Review for Downgrade
---------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba3 corporate family rating and Ba3-PD probability of default
rating (PDR) of Russian vertically integrated steel and mining
company Evraz Group S.A., and the B1 (LGD 5) senior unsecured
ratings assigned to the notes issued by Evraz and Raspadskaya
Securities Ltd.

List of Affected Ratings:

On Review for Downgrade:

Issuer: Evraz Group S.A.

  Corporate Family Rating, Placed on Review for Downgrade,
   currently Ba3

  Probability of Default Rating, Placed on Review for Downgrade,
   currently Ba3-PD

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
   Downgrade, currently B1

Issuer: Raspadskaya Securities Ltd.

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
   Downgrade, currently B1

Outlook Actions:

Issuer: Evraz Group S.A.
  Outlook, Changed To Rating Under Review From Stable

Issuer: Raspadskaya Securities Ltd.
  Outlook, Changed To Rating Under Review From Stable

                         RATINGS RATIONALE

The rating action reflects the material deterioration in Evraz's
financial performance in the second half of 2015, which led to
Evraz's year-end 2015 financial metrics weakening substantially
beyond Moody's expectations.  As of year-end 2015, the company's
gross debt/EBITDA rose to 4.7x from 2.8x at year-end 2014 and
EBIT interest coverage fell to 1.8x from 2.7x (all metrics are
Moody's-adjusted).  This deterioration in metrics was driven
primarily by the company's reported 40% decline in EBITDA due to
weakened steel prices in the Russian and international markets.
Moody's notes that Evraz's leverage is stronger on a net debt
basis, with Moody's-adjusted net debt/EBITDA of 3.7x at end-2015.

Moody's does not expect any meaningful sustainable recovery in
steel prices over the next 12-18 months in light of the
continuing weak domestic demand in Russia and steel overcapacity
in international markets.  Nevertheless, Moody's recognizes that
the company maintains a prudent financial policy and will pursue
cost cutting.  The rating agency also positively notes the
company's solid liquidity and recent measures to extend its debt
maturity profile.

The review for downgrade will focus on the assessment of Evraz's
ability to reduce its adjusted gross debt/EBITDA below 3.5x over
the next 12-18 months, while maintaining positive free cash flow
generation.  The review will also take into account the company's
potential measures to improve its financial performance.

In addition to the deterioration of Evraz's financial metrics,
the company's Ba3 rating factors in (1) weak demand for steel in
Russia as a result of GDP decline, in particular shrinking
construction, against the background of long steel capacity
additions in 2013-14; (2) the structural oversupply of steel,
exacerbated by weakening steel demand in China and growing export
volumes from South-East Asia, which exert negative pressure on
prices in key international markets; and (3) low oil and gas
prices, which will continue exerting pressure on the company's US
and Canadian assets' operations and financial performance in
2016.

More positively, the rating takes into account (1) Evraz's
profile as a low-cost integrated steelmaker; (2) increased
barriers to entry in the Russian market for imported steel
products owing to the weak rouble; (3) the reduced cash costs of
the company's coking coal and iron ore production; (4) the
company's strong market position in long steel products in
Russia; (5) its product, operational and geographic
diversification; (6) its financial policy focus on deleveraging;
and (7) the company's solid liquidity.

                       PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.

Evraz Group S.A. is one of the largest vertically integrated
steel, mining and vanadium companies in Russia.  Evraz's
principal assets are steel plants (in Russia, North America,
Europe, South Africa, Kazakhstan and Ukraine), iron ore and coal
mining facilities, as well as logistics and trading assets
located predominantly in Russia.  In 2015, Evraz generated
revenues of $8.8 billion (2014: $13.1 billion) and Moody's-
adjusted EBITDA of $1.4 billion (2014: $2.3 billion).  EVRAZ plc
currently holds 100% of the company's share capital and is itself
jointly controlled by Mr. Roman Abramovich, Mr. Alexander
Abramov, Mr. Alexander Frolov and Mr. Eugene Shvidler.


FIA-BANK JSC: Placed Under Provisional Administration
-----------------------------------------------------
The Bank of Russia, by its Order No. OD-1179, dated April 8,
2016, revoked the banking license of credit institution JSC
FIA-BANK from April 8, 2016.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, because the capital adequacy ratio of this credit
institution was below 2% and its equity capital dropped down
below the minimum authorized capital established by the Bank of
Russia as of the date of the state registration of the credit
institution, and taking into account the repeated application
within a year of measures envisaged by the Federal Law "On the
Central Bank of the Russian Federation (Bank of Russia)".

JSC FIA-BANK failed to adequately assess the risks assumed as the
quality of assets was bad. The competent assessment of credit
risk at the supervisor's request revealed a full loss of the
bank's equity capital.

Due to the low asset quality the financial resolution of JSC FIA-
BANK involving the state corporation Deposit Insurance Agency on
reasonable economic terms seemed impossible.  Under these
circumstances, the Bank of Russia performed its duty on the
revocation of the banking license of the credit institution in
accordance with Article 20 of the Federal Law "On Banks and
Banking Activities".

The Bank of Russia, by its Order No. OD-1180, dated April 8,
2016, appointed a provisional administration to JSC FIA-BANK for
the period until the appointment of a receiver pursuant to the
Federal Law "On Insolvency (Bankruptcy)" or a liquidator under
Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with the federal laws, the powers of
the credit institution's executive bodies have been suspended.

JSC FIA-BANK is a member of the deposit insurance system.  The
revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by law.  The said Federal
Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than 1.4 million per one
depositor.  Over 95% of JSC FIA-BANK obligations to households
and individual entrepreneurs are subject to indemnities in full.

According to reporting data, as of March 1, 2016, JSC FIA-BANK
ranked 175th in the Russian banking system in terms of assets.


SIBUR HOLDING: Amur Plant Project Won't Affect Moody's Ba1 Rating
-----------------------------------------------------------------
Moody's Investors Service has said that gas processing and
petrochemical company Sibur Holding, PJSC's (Ba1 under review for
downgrade) significant new potential investment project to build
the Amur gas chemical plant (AGCP) in Russia's Far East does not
pose an immediate threat to the company's credit profile.  This
is because the project implementation is not likely to start
before 2019-20.  Sibur's AGCP is therefore a distant future
project and should not challenge the company's credit profile in
the next three to four years.

By that time, Sibur's key on-going $9.5 billion ZapSibNeftekhim
project is likely to be close to completion, relieving pressure
on the company's cash flow and also likely increasing cash flow
as the newly constructed ZapSibNeftekhim facilities are launched
in 2020.  As a result, the AGCP project, which could be similar
to ZapSibNeftekhim in value, will be implemented by the larger
and financially stronger Sibur and will not compete for
investments with any other comparably sizable project within the
company, which will mitigate investment pressure on Sibur's
credit profile.

On March 31, Mr. Konov, CEO of Sibur, told the media that the
company is discussing the AGCP project with a few potential
investors, including China Petroleum and Chemical Corporation
(Sinopec, Aa3 negative).  The latter became a strategic investor
in Sibur after purchasing a 10% stake in the company at end-2015.

The AGCP project is preliminarily seen by the company as
comparable to the $9.5 billion ZapSibNeftekhim project.  However,
Moody's understands that the project remains under discussion,
and is dependent on progress in certain projects by Gazprom, PJSC
(Ba1 under review for downgrade).  To supply gas from Eastern
Siberia to China under a 2014-signed 30-year contract, Gazprom is
building the Power of Siberia gas pipeline and the Amur gas
processing plant (AGPP) in Russia's Far East.  This facility will
extract valuable components, like helium and ethane, from the
pipelined gas.  Once connected with Gazprom's AGPP, Sibur's AGCP
will be supplied with around 2 million tonnes of ethane per year,
in order to produce 1.5-1.7 million tonnes of polymers, mainly
for China and the South Asian markets.

Moody's understands that Sibur will not give the green light to
its AGCP project before (1) the construction of both Gazprom's
pipeline and AGPP significantly advances; and (2) Sibur is
reasonably sure that the cost of ethane for its AGCP will ensure
the competitiveness of its products.  Given the current stages of
the implementation of Gazprom's projects, Moody's does not
currently expect that Sibur will proceed with its AGPP project
before 2019-20.

Moody's also notes that Sibur is well positioned to make a well-
informed, timely decision on its AGCP project, because the
company is deeply involved in the design and construction of
Gazprom's AGPP.  Gazprom partnered Sibur on the AGPP, with the
latter providing design expertise, and managing construction and
equipment supply.

If there were no current pressure at Russia's sovereign level,
which prompted the current review for downgrade of Russia's Ba1
sovereign rating and hence of Sibur's same-level rating, Sibur's
credit quality would remain stable, commensurate with its current
Ba1 rating in the next 12-24 months.

Aside from sovereign-related pressures, Sibur's credit quality
benefits from its export competitiveness and high margins,
additionally helped by the weak rouble, its domestic market
leadership and access to long-term low-cost debt funding for the
on-going ZapSibNeftekhim project.  These advantages, together
with management's commitment to a conservative financial policy,
continue to mitigate Sibur's susceptibility to those risks
inherent to the petrochemical industry and active investment
phase.  In December 2015, Sibur raised $1.75 billion from
Russia's National Wealth Fund (NWF) through the Russian Direct
Investment Fund (RDIF), to fund ZapSibNeftekhim. Combined with
the local currency shocks, this temporarily held Sibur's adjusted
debt/EBITDA at slightly above 4.0x.  However, Moody's expects
that the ratio will decline towards 2.0x over the next 12-24
months. The rating agency also expects that the company's net
debt coverage by retained cash flow ratio will remain well above
20% in the next 12-24 months, on the back of strong cash flow
generation.


SOVEREN BANK: Placed Under Provisional Administration
-----------------------------------------------------
The Bank of Russia, by its Order No. OD-1181, dated April 8,
2016, revoked the banking license of Moscow-based credit
institution JSC Soveren Bank from April 8, 2016.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, application of supervisory measures envisaged by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)", and considering a real threat to the creditors' and
depositors' interests.

JSC Soveren Bank implemented a high-risk lending policy connected
with the placement of funds in low-quality assets.  The credit
institution's rules of internal controls on anti-money laundering
and the financing of terrorism did not comply with Bank of Russia
regulations.  At the same time, JSC Soveren Bank was involved in
dubious transactions connected with overseas money diversion. The
management and owners of the credit institution failed to take
effective measures to bring the situation back to normal.

The Bank of Russia, by its Order No. OD-1182, dated April 8,
2016, appointed a provisional administration to JSC Soveren Bank
for the period until the appointment of a receiver pursuant to
the Federal Law "On the Insolvency (Bankruptcy)" or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.

JSC Soveren Bank is a member of the deposit insurance system.
The revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by law.  The said Federal
Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than 1.4 million rubles
per one depositor.

According to the financial statements, as of March 1, 2016, JSC
Soveren Bank ranked 485th by assets in the Russian banking
system.



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


EUROSAIL-UK 2007-3BL: Moody's Lifts Ratings on Two Notes to B2
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 9 notes and
affirmed the ratings of 2 notes in Eurosail-UK 2007-3BL PLC.  The
rating action reflects the effects of the transaction's
restructuring in February 2016.

Issuer: Eurosail-UK 2007-3BL PLC

  GBP64.5 mil. Class A2a Notes, Upgraded to Aa2 (sf); previously
   on Dec. 17, 2015, Confirmed at Ba2 (sf)
  GBP100 mil. Class A2b Notes, Upgraded to Aa2 (sf); previously
   on Dec. 17, 2015, Confirmed at Ba2 (sf)
  GBP63 mil. Class A2c Notes, Upgraded to Aa2 (sf); previously on
   Dec. 17, 2015, Confirmed at Ba2 (sf)
  GBP215 mil. Class A3a Notes, Upgraded to Aa2 (sf); previously
   on Dec. 17, 2015, Affirmed B2 (sf)
  GBP64.5 mil. Class A3c Notes, Upgraded to Aa2 (sf); previously
   on Dec 17, 2015 Affirmed B2 (sf)
  GBP 15 mil. Class B1a Notes, Upgraded to A2 (sf); previously on
   Dec. 17, 2015, Affirmed Ca (sf)
  GBP23 mil. Class B1c Notes, Upgraded to A2 (sf); previously on
   Dec. 17, 2015, Affirmed Ca (sf)
  GBP25 mil. Class C1a Notes, Upgraded to B2 (sf); previously on
   Dec. 17, 2015, Affirmed Ca (sf)
  GBP 10 mil. Class C1c Notes, Upgraded to B2 (sf); previously on
   Dec. 17, 2015, Affirmed Ca (sf)
  GBP 25.5 mil. Class D1a Notes, Affirmed Ca (sf); previously on
   Dec. 17, 2015, Affirmed Ca (sf)
  GBP5.525 mil. Class E1c Notes, Affirmed Ca (sf); previously on
   Dec. 17, 2015, Affirmed Ca (sf)

                          RATINGS RATIONALE

The rating action is prompted by the restructuring, implemented
in February 2016, which comprised, amongst others, the
redenomination of all non-sterling notes and the application of
cash receipts relating to the claims against the original swap
counterparties leading to the partial extraordinary repayment of
the Class A3, B, C, D and E notes.

The restructuring eliminated the deal's exposure to currency
risk, which was present since the event of default on the swap
agreement that the bankruptcy filing of Lehman Brothers Holdings
Inc. triggered in 2008.

   --- RATING DRIVERS FOR CLASS A NOTES

The rating upgrades of the Class A2 and A3 notes reflect, amongst
others, the redenomination from euro (EUR) and US Dollar (USD) to
British pound sterling (GBP), repayment of the Class A3 notes
through the application of cash receipts and the revised margins
of the notes.

Interest payment to the Class A3 notes became subordinated to the
payment of interest to the Class A2 notes and both classes now
have separate principal deficiency ledgers.

The obligation to replace the swap has been terminated and the
cash receipts relating to the claims against the original swap
counterparties were applied towards the extraordinary repayment
of the Class A3, B, C, D and E notes.  As a result, the
undercollateralization that had been caused by the depreciation
of GBP to EUR and USD has been eliminated and credit enhancement
increased.  Following the restructuring, the notes balance is
aligned with the mortgage pool balance.

Acenden Limited (NR) acts as servicer and cash manager, with
Homeloan Management Limited (NR) acting as back-up servicer and
back-up cash manager.  Following the restructuring, the only
source of liquidity is the reserve fund which can also be used to
cover principal losses.  Therefore, the A2 and A3 notes are
constrained by limited liquidity as well as lack of estimation
language in case of transfer to back-up servicer.

  --- RATING DRIVERS FOR CLASS B, C AND D NOTES

The rating upgrades of the Class B and C notes also follow the
redenomination to GBP, the extraordinary repayment of the notes
and increase in credit enhancement.  The margins on the Class B
and C notes were not changed.

The affirmations of the Class D and E notes reflect Moody's view
on the level of available credit enhancement on these notes in
comparison to its collateral assumptions.

   --- COLLATERAL ASSUMPTIONS

As part of this review, Moody's did not revise its key collateral
assumptions.  The life-time expected loss and MILAN CE remain in
line with Moody's expectations.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) deleveraging of the capital
structure and (3) improvements in the credit quality of the
transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expected, (3) deterioration in the notes' available
credit enhancement and (4) deterioration in the credit quality of
the transaction counterparties.


TATA STEEL: Part-Nationalization of Port Talbot Among Options
-------------------------------------------------------------
Jim Pickard and Michael Pooler at The Financial Times report that
Sajid Javid, the business secretary, opened up the possibility of
a part-nationalization of Port Talbot steelworks after offering
to "co-invest" with a buyer "on commercial terms".

Pressed on what he meant by "co-invest", Mr. Javid told MPs that
"there is no option that is off the table", the FT relates.
Later, a government aide, as cited by the FT, said that an equity
investment represented a "last resort" for ministers.

The government has appointed Ernst & Young to advise it on the
matter as Tata Steel, which owns the south Wales steel plant,
looks to exit its lossmaking UK operations, the FT discloses.

Mr. Javid has previously ruled out full nationalization of the
business but his comments signal the potential for the government
to take a stake in the industry, which has been plunged into
crisis because of a slump in price driven by a global supply
glut, the FT recounts.

Mr. Javid is aware that if the government took an equity stake in
the business, it would almost certainly fall foul of European
state aid rules, the FT notes.

Tata Steel is the UK's biggest steel company.



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


* Fitch Says Slower Growth in EU Cable Sector to Spur Value Focus
-----------------------------------------------------------------
Slowing revenue growth for western European cable operators is
likely to lead to greater value focus, Fitch Ratings says. We
expect cable operators to focus more on maintaining market value,
optimising cost structures and sustaining competitive positions
than on pursuing market share growth.

The impact on cable operators will vary by market as differing
characteristics lead to differing operating risks. Cable
operators in markets such as Belgium (Telenet, 'BB-'/Stable) and
the UK (Virgin Media, 'BB-'/Stable) will have relatively stronger
operating profiles, reflecting well-entrenched market shares in
broadband and TV, low competition from alternative broadband
suppliers (in Belgium), limited fibre-to-the home deployment and
the evolution of improved market structure as a result of
consolidation in the mobile segment.

Slowing growth will strengthen the rationale for mobile M&A and
could lead to improved competitive dynamics in some markets by
establishing stronger, network-based duopolies (incumbent and
cable operator) that compete less on price and focus more on
churn reduction. This would support the credit profile of cable
operators. But there may be few opportunities for further
consolidation due to regulatory and other obstacles.

Slower growth in the cable sector also supports the ratings of
western European incumbent operators, although investment in
fibre local access networks will continue to subdue incumbent
free cash flow generation over the next two to three years.

"We expect revenue growth for the cable sector to continue
slowing over the next two to three years, having already fallen
to 0%-4% annually from 5%-10% five years ago. Cable penetration
levels are high and opportunities to significantly increase
broadband market share profitably are reducing. Ongoing declines
in analogue video revenue due to competitive churn or the
substitution to digital products, increasing use of over-the-top
(OTT) applications such as Netflix, and new cable regulation in
certain markets will also restrain growth."

Changes in the way audiences view TV are likely to affect cable
and satellite pay-TV operators. Growth of internet-based content
providers or OTT applications that can be viewed anytime and
anywhere is a growing risk to cable operator pay-TV revenues. The
greatest impact in western Europe is likely to be from pay-TV
subscribers trading down to lower-value bundles and potential
pricing pressure for premium-rate bundles. The ownership of cable
infrastructure provides some hedge against the trend as OTT
services are predicated on high-speed connections.


* Fitch Says Euro Adoption Neutral to Positive for CEE Members
--------------------------------------------------------------
Fitch Ratings says in a new report that euro adoption in non-euro
central and eastern Europe (CEE) countries would be neutral to
positive on sovereign creditworthiness, with foreign currency
ratings likely to be upgraded by up to one notch, or two in
exceptional cases.

The biggest beneficiaries would be Croatia (BB/Negative) and
Bulgaria (BBB-/Stable) while the Czech Republic (A+/Stable) and
Poland (A-/Stable) would likely benefit least. Hungary
(BB+/Positive) and Romania (BBB-/Stable) are more intermediate
cases. However, euro membership remains a remote prospect as it
has disappeared from the political agenda in all the six
countries.

Drawing on lessons learnt from the euro crisis, and consistent
with Fitch's longstanding approach, those gaining most from euro
adoption would be countries with weak external finances, as they
would benefit from the reserve currency status of the euro, high
level of loans in euros to the private and government sectors (or
high "euroisation") which would benefit from the neutralisation
of exchange rate risk on the economy, and a fixed exchange rate.
A fairly low level of government debt and a flexible economy
would support adjustment to shocks and would be strong assets
within the European Monetary Union (EMU).

Croatia and Bulgaria could gain most from joining the EMU. Their
currencies are already tied to the euro, so they would not lose
the benefits of independent monetary policy. The two economies
are highly euroised, especially Croatia where euro loans to the
private and government sectors are equivalent to 46% and 57% of
GDP, respectively; euro adoption would also strengthen weak
external finances. Key challenges within the EMU would include
weak economic flexibility, as evidenced by high unemployment
rates (16.9% in Croatia and 11.5% in Bulgaria) and high
government debt in Croatia (86% of GDP in 2015).

Hungary and Romania would lose the benefits of independent
monetary policy. Euroisation in the two countries is also more
limited than in Bulgaria and Croatia, although in Hungary
government debt in euros is high (23% of GDP). Given both
countries' sizeable net external debt , the adoption of a reserve
currency would strengthen external finances in both. Romania's
low government debt would leave the country with some policy
flexibility and Hungary's open economy would benefit from reduced
transaction costs.

Poland and the Czech Republic would likely benefit least from
euro adoption. The two countries would abandon a credible and
independent monetary policy framework that has helped support
macroeconomic adjustments. In Poland, the EMU would strengthen
external finances, a key rating weakness, but the bulk of foreign
currency loans to households are in Swiss francs. The Czech
Republic's strong external balance sheet means it would benefit
less than the others from the reserve currency status of the
euro.

Euro adoption is not on the political agenda. None of the six
countries have set an official date for entry in the Exchange
Rate Mechanism (ERM) II, and euro adoption. Euroscepticism is
especially strong among the governments in Poland and Hungary.
The recent economic and financial crisis might be a key factor in
explaining this low enthusiasm. Fitch does not expect political
debate over euro adoption to start in the near term.

Based on Fitch's calculation, Bulgaria, the Czech Republic,
Poland and Romania meet all the convergence criteria except
participation in the Exchange Rate Mechanism II; Hungary meets
three criteria; Croatia only meets two criteria. All countries
recorded general government deficits below the required 3% of GDP
in 2015, except Croatia. General government debt is below the 60%
of GDP reference value in all countries, except Croatia and
Hungary. Inflation has remained subdued in all countries and
long-term interest rates are lower than the reference rate in
every country.


                            *********

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

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

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


                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                 * * * End of Transmission * * *