TCREUR_Public/160520.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, May 20, 2016, Vol. 17, No. 099



* BULGARIA: EU Commission Proposes Reform of Insolvency Framework

C Z E C H   R E P U B L I C

NEW WORLD: External Debt Totals EUR599 Million


GEORGIA: S&P Affirms BB-/B Sovereign Credit Ratings


NAVIOS PARTNERS: Moody's Lowers CFR to B3, Outlook Negative


ANGLO IRISH: High Court Allows Receiver to Sell Two Sites
LJM IRELAND: High Court Appoints Interim Examiner


UNICREDIT SPA: Moody's Affirms Ba1 Subordinated Debenture Rating


EURASIA INSURANCE: S&P Affirms BB+ Credit Ratings; Outlook Stable


ALLNEX LUXEMBOURG: Moody's Affirms B1 CFR, Outlook Stable
AXIUS EUROPEAN: Moody's Affirms B1 Rating on Class E Senior Notes
HANESBRANDS FINANCE: Moody's Rates Proposed EUR450MM Notes Ba1


NXP BV: Moody's Assigns Ba2 Rating to New Senior Notes


DTEK ENERGY: Moody's Cuts Probability of Default Rating to D-PD

U N I T E D   K I N G D O M

QUIRINUS PLC: S&P Lowers Rating on Class E Notes to CCC-
THOMAS COOK: Moody's Assigns B1 Corporate Family Rating


* Europe's Bank Bail-ins Unfavorable to Retail Investors
* BOOK REVIEW: Hospitals, Health and People



* BULGARIA: EU Commission Proposes Reform of Insolvency Framework
----------------------------------------------------------------- reports that the European Commission also proposed
that Bulgaria enhance the efficiency of the health system by
improving access and funding, and health outcomes.

Attention is also paid to the need to reform the insolvency
framework to accelerate recovery and resolution procedures and
improve their effectiveness and transparency,

To that end, the Commission recommended that Bulgaria increase
the capacity of its courts regarding insolvency procedures,
strengthen the capacity of the Public Procurement Agency and
contracting authorities and improve the design and control of
public tendering procedures, discloses.

C Z E C H   R E P U B L I C

NEW WORLD: External Debt Totals EUR599 Million
Ladka Bauerova at Bloomberg News reports that New World
Resources, whose OKD unit was declared insolvent, said in a
regulatory filing it had total external debt of EUR599 million.

According to Bloomberg, debt includes EUR352 million senior
secured notes due 2020, EUR162 million convertible notes due
2020, EUR50 million export credit agency-backed facility and
EUR35 million super senior credit facility.

New World Resources Plc is the largest Czech producer of coking

                          *     *     *

As reported by the Troubled Company Reporter-Europe on May 12,
2016, Moody's Investors Service downgraded the probability of
default rating (PDR) of New World Resources N.V. to D-PD from
C-PD, while its corporate family rating was affirmed at C.
Moody's also downgraded the rating on the company's EUR300
million senior secured notes due in 2020 from Ca to C.
Subsequent to the rating action, Moody's would withdraw all NWR's

The rating action follows the announcement by NWR that the Board
of OKD, a.s., the only operating and trading subsidiary of the
NWR group, filed for insolvency with the Czech court.  The
rating agency expects that this administrative process will
ultimately result in the liquidation of OKD and the entire NWR


GEORGIA: S&P Affirms BB-/B Sovereign Credit Ratings
S&P Global Ratings affirmed its 'BB-/B' long- and short-term
foreign and local currency sovereign credit ratings on the
Government of Georgia.  The outlook is stable.

At the same time, S&P revised its transfer and convertibility
(T&C) assessment on Georgia to 'BB+' from 'BB'.


In S&P's view, Georgia's creditworthiness is supported by the
country's resilient economic growth and the government's
relatively prudent fiscal position, with net general government
debt below 40% of GDP.  The ratings are primarily constrained by
income levels -- which remain low in a global comparison -- and
considerable balance of payments vulnerabilities, including
significant import dependence, high current account deficits, and
sizable external debt.  S&P also believes that the ratings remain
constrained by the limited monetary policy flexibility, given
Georgia's shallow domestic capital markets and high levels of

Georgia is set to hold general elections in October 2016.  In
S&P's opinion, the outcome of the upcoming vote remains very
uncertain.  The incumbent Georgian Dream (GD) coalition, which
has ruled the country since winning the legislative elections in
2012, effectively dissolved at the end of March when the
Republican Party announced its intention to run independently.

In S&P's view, these recent developments could complicate the
post-election political dynamics, particularly if neither of the
key Georgian parties secures a clear lead.  S&P notes that,
according to the latest opinion polls, support for both the
Georgian Dream and the main opposition, United National Movement,
remains low at about 15%.  Although this is not S&P's baseline
expectation, S&P believes the election outcome could result in
the formation of a relatively weak government with a reduced
ability to form a strong policy agenda and to implement reforms.
This is particularly the case given that the uncertainty over the
government's policy objectives has increased in recent years and
will persist in the run-up to the October elections, in S&P's

That said, regardless of the election's outcome, S&P expects that
the key attributes that have defined Georgian policymaking in the
past will continue.  These include a broad focus on closer
integration with the EU, strengthening the business climate, and
efforts to diversify the economy, including by attracting foreign
investments in the priority energy and tourism sectors.  S&P also
believes that Georgia's institutional framework remains among the
strongest in the region, and S&P don't expect this to change
materially following the elections.  Historically, the Georgian
authorities have largely maintained reform focus and prudent
public finances despite considerable challenges at times,
including a brief war with Russia in 2008 and the transition of
power in 2012.

In S&P's view, Georgia's economic growth has also remained
relatively resilient.

Preliminary official estimates suggest that output expanded by
2.8% in 2015.  Even though last year's performance marks a
slowdown from an average 4% growth in 2013-2014, S&P believes it
must be viewed in the context of the regional macroeconomic
environment.  In 2015, a number of Georgia's important trading
partners faced considerable hurdles; specifically, growth in
Azerbaijan saw a sharp slowdown, while output contracted in

Last year's growth was primarily supported by domestic demand,
particularly investments, as a number of largely foreign-funded
projects in the energy and hospitality sectors continued to be
carried out.  At the same time, S&P estimates that net exports
made a sizable negative contribution to real GDP growth.  S&P
projects similar trends in the short term.  S&P anticipates a
marginal further slowdown in growth in 2016 as exports continue
to reduce given the continued output contraction in Russia and
Azerbaijan's first recession in more than 10 years.

"While we project growth to gradually strengthen starting next
year, we also see considerable downside risks, particularly if
Georgia's key trading partner performance is lower than we
currently expect.  Since a number of the country's main trading
partners are heavily reliant on oil exports, such a scenario
could materialize if oil prices started to fall again, as they
did at the beginning of 2016.  We also see longer-term structural
challenges for the Georgian economy.  At present, the country
remains highly reliant on imports, while its export basket is
characterized by predominantly low value-added goods.  We
understand that there is substantial potential in developing the
country's hydroelectricity-generation, agricultural production,
and tourism sectors.  Although the government continues to target
the development of these sectors, we believe this is a long
process and that most benefits will likely materialize beyond our
forecast horizon," said S&P.

The ratings on Georgia remain supported by the sovereign's strong
fiscal policy settings.  The general government deficits have
averaged close to 3% of GDP over the last five years, which
compares favorably to many other sovereigns S&P rates in the 'BB'
category.  S&P presently forecasts similar deficit levels over
the next four years, although there are a number of downside

S&P believes that revenues may underperform if economic growth is
weaker than S&P currently expects while social spending rises in
the run-up to the October 2016 parliamentary elections.  The
government is also introducing the so-called Estonian model,
under which only distributed dividends will be subject to the
corporate income tax with reinvested earnings being exempt.
While this could attract more private sector investment, it also
presents downside fiscal risks, in S&P's view.

S&P anticipates that change in general government debt in 2016-
2018 will be somewhat higher than the headline deficits imply
amounting to about 4% of GDP.

This is mainly due to the projected moderate lari depreciation
inflating debt, nearly 80% of which is in foreign currency.
Nevertheless, the debt-to-GDP trajectory remains favorable, and
S&P expects debt to start declining as a share of the economy
following a peak of 43% in 2018.  According to S&P's present
projections, gross and net debt would have increased by about 5%
of GDP over 2010-2019.  S&P also views the government's
contingent liabilities stemming from the public enterprises and
the domestic banking system as limited.

Georgia's weak external position remains one of the primary
constraints on the ratings.  The country's external current
account deficit has remained persistently wide and reached a
four-year high in 2015 amounting to 12% of GDP.  This has taken
place as exports contracted while remittances declined,
particularly from recession-affected Russia, where many Georgians
live and work.

"We believe, however, that the headline current account deficits
somewhat overestimate Georgia's external vulnerabilities given
that they have been predominantly financed by foreign direct
investment (FDI) inflows in recent years.  During 2013-2015, net
FDI financed four-fifths of Georgia's current account deficit.
The FDI has been particularly concentrated in the energy sector
reflecting several projects including the expansion of South
Caucasus Pipeline (SCP) intended to bring gas from Azerbaijan to
Turkey via Georgia.  This project alone accounted for an
estimated 40% of total FDI inflows in 2015.  There are also
several hotels being constructed in central Tbilisi.  Most of
these FDI-related projects are heavily import-intensive, which
contribute to Georgia's wide trade deficits," S&P said.

"Although we generally consider FDI financing as presenting
smaller risks as compared to external debt, there are still
significant vulnerabilities.  Specifically, while a hypothetical
sizable reduction in FDI inflows may not necessarily lead to a
disorderly adjustment involving an abrupt depreciation of the
lari (due to a simultaneous corresponding sizable contraction in
FDI-related imports), it will likely have implications for
Georgia's growth and employment.  The accumulated stock of inward
FDI also remains substantial at about 150% of the country's
generated current account receipts, exposing the sovereign to
risks should foreign investors decide to leave, for example, due
to changes in business environment or a deterioration in economic
outlook," said S&P.

In S&P's view, the ratings on Georgia also remain constrained by
the limited flexibility of the National Bank of Georgia's (NBG's)
monetary policy.  In particular, S&P believes the shallow
domestic capital markets, as well as high resident deposit and
loan dollarization, hamper the NBG's ability to influence
domestic monetary conditions through influencing local currency

At the same time, S&P believes that the more flexible exchange
rate arrangement maintained by the central bank has largely
facilitated Georgia's speedy adjustment to the changed external
environment.  The NBG allowed the lari to depreciate by about 30%
against the U.S. dollar in 2015 with only occasional
interventions to smooth volatility.  As a result, the NBG's
foreign exchange reserves have declined by only about 10% since
their peak in 2012, which is a much better dynamic compared to
other regional sovereigns that have attempted to defend more
rigid foreign exchange regimes.

Given the limited amount of NBG interventions in 2015, S&P now
views Georgia's foreign exchange regime as more open.  Combined
with the government's broad outward-oriented macroeconomic
policies, this has led S&P to revise its T&C assessment upward by
one notch to 'BB+' from 'BB'.  S&P notes, however, that Georgia's
import dependency remains relatively high.


The stable outlook reflects S&P's expectation of Georgia's
continued economic growth over the next 12 months, while its
fiscal and external performance do not deviate materially from
our baseline forecasts.

S&P could raise the ratings if growth materially exceeds its
current forecasts or if S&P sees significant improvements in the
effectiveness of monetary policy that allows the authorities a
wider arsenal of tools to smoothen cyclical economic shocks over
the next 12 months.  S&P could also raise the ratings if
Georgia's institutional settings and policymaking effectiveness
were to improve.

S&P could lower the ratings if Georgia's external performance was
to deteriorate over the next 12 months, in contrast to S&P's
current forecasts.  S&P could also lower the ratings were fiscal
performance to weaken materially.

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

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

The committee agreed that all key rating factors were unchanged.

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


                                      Rating        Rating
                                      To            From
Georgia (Government of)
Sovereign Credit Rating
  Foreign and Local Currency          BB-/Stable/B  BB-/Stable/B
Transfer & Convertibility Assessment BB+           BB
Senior Unsecured
  Foreign Currency                    BB-           BB-
Commercial Paper
  Local Currency                      B             B


NAVIOS PARTNERS: Moody's Lowers CFR to B3, Outlook Negative
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Navios Maritime Partners L.P. (Navios Partners),
an international owner and operator of dry bulk and container
vessels, to B3 from B2, its probability of default rating (PDR)
to B3-PD from B2-PD and the rating on Navios Partners' $408.3
million (as at 31 March 2016) senior secured term loan B due in
June 2018 to B3 from B2. The outlook on all ratings of Navios
Partners is negative.

"Our downgrade reflects the weakening of Navios Partners'
liquidity profile, as the company had to make certain debt
prepayments recently, as well as the rising risk of contagion
facing Navios Partners from challenges affecting Navios Holdings,
its parent company," says Marie Fischer-Sabatie, a Moody's Senior
Vice President and lead analyst for the issuer. "It also reflects
the difficulties faced by two of Navios Partners' largest
customers which could eventually affect its performance ," adds
Ms. Fischer-Sabatie.


The downgrade of Navios Partners' rating to B3 reflects (1) the
weakening of Navios Partners' liquidity profile, driven by the
recent debt prepayments that the company had to make; (2) the
rising risk of contagion facing Navios Partners from challenges
affecting its parent company, Navios Maritime Holdings, Inc.
(Navios Holdings, Caa3 negative); and (3) the difficulties faced
by two of Navios Partners' largest customers which could
eventually affect its performance.

Navios Partners made recently a couple of debt prepayments in
order to comply with the loan-to-value covenant of its term loan
B, which limit is set at 80%. Declining vessel values in dry bulk
have increased the loan-to-value ratio of Navios Partners above
the set limit. Navios Partners made a cash payment of $25 million
under its term loan B and reimbursed $28.4 million of commercial
bank debt in order to free up collateral and add one vessel to
the term loan B collateral. These cash payments weighed on the
company's liquidity and, in April, Navios Partners had, in
particular, to temporarily draw $21 million on the $60 million
revolving credit facility provided by Navios Holdings.

Moody's said, "our views positively the suspension of its
dividend distribution, which enables Navios Partners to preserve
cash (as a master limited partnership, Navios Partners used to
pay the vast majority of its free cash flow in dividend), but
cautions that this has been so far in 2016 offset by debt
prepayments. As at March 31, 2016, Navios Partners had a cash
balance of $36 million and we project that Navios Partners will
generate around $80 million of free cash flow in the next 12
months. However, Navios Partners will have to repay $38m of debt
maturing within the next 12 months (this includes the $28.4
million outstanding balance under its ABN AMRO facility which it
repaid in April to free up related collateral) and it also
prepaid $25 million of its term loan B in May. Navios Partners
will then also have a $58 million bullet payment of a facility
maturing in mid-2017, which may not be covered by existing
liquidity sources. The $60 million revolving credit facility
provided by Navios Holdings matures in early January 2017, which
we caution could not be renewed, as per the financial and
liquidity issues that Navios Holdings is facing."

Indeed, the downgrade also reflects the increased contagion risk
facing Navios Partners as a result of the challenges faced by its
parent company. Navios Holdings' weak liquidity profile, with
very challenging dry bulk market conditions driving continued
negative free cash flow generation, and the increased risk of a
distressed exchange or default led Moody's to downgrade the
company on April 26 to Caa3 from Caa1. As a result, Navios
Holdings is becoming increasingly dependent on the financial
flexibility of its subsidiaries.

Finally, the downgrade also factors in the financial problems two
of Navios Partners' largest customers are having, which could
ultimately affect the company's own performance. Both Hyundai
Merchant Marine Co., Ltd (HMM, unrated), which accounts for
approximately 29% of Navios Partners' 2016 contracted revenues
and Hanjin Shipping Co. Ltd (Hanjin, unrated), which accounts for
11%, have long-term charters with Navios Partners and are
currently experiencing financial difficulties. Any material
changes to existing charter terms (e.g., charter rate reduction)
or the loss of charters could affect Navios Partners' performance
and weigh on its financial profile.


ANGLO IRISH: High Court Allows Receiver to Sell Two Sites
The Irish Times reports that a receiver has been given the
go-ahead by the High Court to sell two sites in Dalkey, Co
Dublin, for EUR1.15 million after a judge rejected a
businessman's claim over the properties.

Mr. Justice Brian McGovern said receiver Tom O'Brien is entitled
to orders permitting the sale of the sites, comprising 0.83
acres, at "The Orchard", Green Road, The Irish Times relates.

Mr. O'Brien was appointed receiver last January by Launceston
Property Finance who had acquired a EUR2.3 million unpaid loan
given to a firm called Anglo Irish Assurance Company (AIAC) in
2001/2, The Irish Times recounts.

AIAC borrowed the money to buy the Dalkey sites and the loan was
secured on the property itself, The Irish Times notes.

Mr. Justice McGovern rejected arguments by businessman
Thomas O'Mahony, who claimed to have an interest in the sites,
that the receiver should not be allowed to sell them due to
alleged failure to obtain a fair and reasonable price, The Irish
Times relays.

The judge, as cited by The Irish Times, said Mr. O'Mahony had
offered EUR1.2 million but the receiver rejected this because it
was a contradiction of Mr. O'Mahony's previous position where he
had challenged the receiver's entitlement to sell.

LJM IRELAND: High Court Appoints Interim Examiner
Ray Managh at The Irish Times reports that LJM Ireland Limited
has gone into examinership.

The High Court appointed an interim examiner to the company,
which is based at Stephen Street, Dunlavin, Co Wicklow and is now
insolvent, The Irish Times relates.

Seeking the appointment, the company, as cited by The Irish
Times, said its financial difficulties have been caused by a
number of factors, including debts it has built up due to its
decision some years ago to acquire development land.

The land was acquired with finance from AIB Bank, which the
company now owes more than EUR4 million, The Irish Times

The company has also encountered problems with a contract it has
to carry out work at the VEC school in Enniscorthy, Co Wexford,
The Irish Times relays.

At the High Court on May 18, Mr. Justice Michael Twomey said he
was satisfied to appoint insolvency practitioner Joseph Walsh of
Hughes Blake Chartered Accountants as interim examiner of the
company, The Irish Times notes.

The judge made the appointment after an independent expert's
report said the company has a reasonable prospect of survival as
a going concern, according to The Irish Times.

Barrister Ross Gorman for LJM Ireland Limited said the company
hopes the examiner can put together a scheme of arrangement with
the firm's creditors, The Irish Times recounts.

LJM Ireland Limited is a Wicklow building construction company.


UNICREDIT SPA: Moody's Affirms Ba1 Subordinated Debenture Rating
Moody's Investors Service affirmed UniCredit SpA's Baa1 long-term
senior debt and deposit ratings, Prime-2 short-term ratings, ba1
standalone baseline credit assessment (BCA) and its subordinated
debt instruments and programmes. The ratings of Unicredit SpA's
supported entities have also been affirmed.

The affirmation of UniCredit's ratings with a stable outlook
incorporates the bank's limited headroom relative to its
prudential capital requirements, its large stock of problem
loans, and the risk from its investment in the Atlante fund. The
affirmation also reflects the bank's continued profitability,
underpinned by broad diversification, and a slowly improving
operating environment in Italy, resulting in a reduced inflow of
problem loans.


The ratings affirmation with a stable outlook reflects pressure
from the bank's high asset risk and limited capital headroom
above prudential requirements, which is somewhat offset by an
improving operating environment.

UniCredit reported a consolidated Common Equity Tier 1 (CET1)
ratio, on a transitional basis, of 10.5% at end-March 2016,
compared to a 10% prudential requirement set by the ECB. Moody's
regards this level of capitalization as weaker than many other
internationally active banking groups, given UniCredit's very
high problem loan stock, at 15% of gross loans and 84% of equity
and loan loss reserves at end-March 2016. Given the low economic
growth and the lengthy recovery process for problem loans in
Italy (typically over six years), it will likely take many years
before the bank is able to complete the cleansing of its balance

In addition, Moody's views UniCredit's investment in Italy's bad
loan and recapitalization fund Atlante as a net negative for the
group because it increases its exposure to weaker banks and their
low-quality assets and puts additional pressure on its capital
ratios. UniCredit's investment in Atlante could reduce its CET1
ratio by up to 20 basis points, further reducing its capital
headroom and increasing the risk of restrictions on distributions
on some capital instruments in the event of large unexpected

Nevertheless, the risk of distribution restrictions applies
primarily to Additional Tier 1 instruments, which Moody's does
not rate, and such an event is unlikely to herald a resolution of
the bank, in the rating agency's view.

Indeed, Moody's sees Unicredit's provisioning coverage as better
than the average within Italy, while its broad geographical
diversification provides additional protection from potential
further write-downs in asset values. This will be further
supported by the gradual economic recovery in Italy, the
reduction in the formation of new problem loans, and over time,
government measures to accelerate the bad loan recovery process.


Moody's said that UniCredit's ratings have a stable outlook,
reflecting the modest recovery in Italy's economy and
incorporating a gradual strengthening of the bank's financials.

Moody's could upgrade the BCA in the event of: (1) a significant
reduction in problem loans as a proportion of equity and loan
loss reserves; (2) a material increase in capitalization to a
level decisively above prudential requirements; and/or (3) a
significant improvement in profitability. An upgrade in the BCA
would result in an upgrade of all UniCredit's debt and deposit

Conversely, Moody's could downgrade the BCA if: (1) the bank's
profits were to fall materially short of its targets; (2) the
group's CET1 were to fall close to or below its prudential
requirement; or (3) Italy's economic recovery were to falter,
resulting in renewed problem loan formation. A downgrade in the
BCA would result in a downgrade to all UniCredit's debt and
deposit ratings. UniCredit's senior debt could also be downgraded
if the bank were to reduce its currently substantial subordinated
debt cushion.


Issuer: UniCredit SpA

-- Affirmations:

-- Adjusted Baseline Credit Assessment, affirmed ba1

-- Baseline Credit Assessment, affirmed ba1

-- Short-term Counterparty Risk Assessment, affirmed P-2(cr)

-- Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

-- Long-term Deposit Ratings, affirmed Baa1 Stable

-- Short-term Deposit Ratings, affirmed P-2

-- Junior Subordinated Regular Bond/Debenture, affirmed Ba3(hyb)

-- Subordinate Medium-Term Note Program, affirmed (P)Ba1

-- Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

-- Other Short Term, affirmed (P)P-2

-- Pref. Stock Non-cumulative, affirmed B1(hyb)

-- Subordinate Regular Bond/Debenture, affirmed Ba1

-- Deposit Note/CD Program, affirmed (P)Baa1

-- Senior Unsecured Regular Bond/Debenture, affirmed Baa1 Stable

-- Outlook Actions:

-- Outlook, remains Stable

Issuer: UniCredit Int'l Bank (Luxembourg) S.A.

-- Affirmations:

-- Backed Pref. Stock Non-cumulative, affirmed B1(hyb)

-- Backed Commercial Paper, affirmed P-2

-- Backed Other Short Term, affirmed (P)P-2

-- Backed Senior Unsecured Medium-Term Note Program, affirmed

-- Backed Senior Unsecured Regular Bond/Debenture, affirmed Baa1

-- Outlook Actions:

-- Outlook, Remains Stable

Issuer: UniCredit Luxembourg Finance S.A.

-- Backed Subordinate Medium-Term Note Program, affirmed (P)Ba1

-- Backed Other Short Term, affirmed (P)P-2

-- Backed Senior Unsecured Medium-Term Note Program, affirmed

-- Backed Subordinate Regular Bond/Debenture, affirmed Ba1

-- Outlook Actions:

-- No Outlook assigned

Issuer: UniCredito Italiano Delaware, Inc.

-- Backed Commercial Paper, affirmed P-2

-- Outlook Actions:

-- No Outlook assigned

Issuer: UniCredit Bank Ireland p.l.c.

-- Affirmations:

-- Backed Commercial Paper, affirmed P-2

-- Backed Other Short Term, affirmed (P)P-2

-- Backed Senior Unsecured Medium-Term Note Program, affirmed

-- Backed Senior Unsecured Regular Bond/Debenture, affirmed Baa1

-- Outlook Actions:

-- Outlook, remains Stable

Issuer: Unicredito SpA, New York Branch

-- Affirmations:

-- Short-term Counterparty Risk Assessment, affirmed P-2(cr)

-- Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

-- Long-term Deposit Rating, affirmed Baa1 stable

-- Outlook Actions:

-- Outlook, remains Stable


EURASIA INSURANCE: S&P Affirms BB+ Credit Ratings; Outlook Stable
S&P Global Ratings revised its outlook on Kazakhstan-based
Eurasia Insurance Co. to stable from positive.  At the same time,
S&P affirmed the 'BB+' long-term counterparty credit and
financial strength ratings on the insurer, as well as the 'kzAA-'
Kazakhstan national scale rating.

The outlook revision balances Eurasia Insurance's positive track
record in improving the credit quality of its investment
portfolio with volatile results and growing industry and country
risks.  In S&P's view, insurance companies in Kazakhstan will
likely face further challenges in 2016, owing to the constrained
economic prospects in Kazakhstan, GDP stagnation, a sharp
devaluation of the Kazakhstani tenge in 2015 and appreciation in
2016, and increased risks related to Kazakhstan's banking sector.

Eurasia Insurance's financial risk profile continues to be
supported by solid capitalization, including extremely strong
risk-based capital adequacy, and bottom-line operating
performance over the past several years.

Despite some improvements in the credit quality of Eurasia
Insurance's investment portfolio, however, S&P continues to view
the company's risk position as high, reflecting high currency
risk with a long unhedged position in U.S. dollars and the
complexity of insurance risks that Eurasia Insurance writes, in
particular some international risks in its inward reinsurance

S&P continues to view Eurasia Insurance's competitive position as
adequate, owing to its diverse portfolio of risks and leading
positions in Kazakhstan, especially in inward reinsurance.

S&P notes that the company is retaining more risks, which makes
it more susceptible to large losses.  It is hard to forecast the
intrinsic technical results for 2016 and thereafter because of
the extreme tenge volatility.  Under S&P's base case, it
estimates that the 2016 net combined (claims and expense) ratio
should gradually return closer to the five-year average of 93%
(excluding 2015 results) but remain elevated.

S&P believes that, considering the interest rate environment in
Kazakhstan, the investment return on the Kazakh portfolio will
remain high, but the ongoing revaluation of the tenge could bring
negative foreign exchange results.  Still, S&P expects that
Eurasia Insurance will report net income of Kazakhstani tenge
(KZT) 9 billion-KZT12 billion (US$27 million-US$37 million) in
2016-2018, resulting in a return on equity of about 10%.

The stable outlook reflects S&P's opinion that Eurasia Insurance
will continue to improve the average credit quality of its
investments while maintaining an adequate competitive position
and very strong capital and earnings.

S&P would upgrade Eurasia Insurance if it observed an improvement
in its credit quality to S&P's 'BBB-' category or higher.  Such a
sustained improvement would likely trigger an upgrade, but no
more than one notch from the current rating level.  However, such
an upgrade would hinge on no further increase in the country and
industry risk and or deterioration in the creditworthiness of

A negative rating action could occur if S&P believes that the
deterioration in insurance technical results S&P observed last
year would continue, even with stabilization of the tenge
exchange rate.


ALLNEX LUXEMBOURG: Moody's Affirms B1 CFR, Outlook Stable
Moody's Investors Service has affirmed the B1 corporate family
rating (CFR) of Allnex (Luxembourg) & CY S.C.A. ('Allnex'), and
has upgraded the Probability of Default Rating (PDR) to B1-PD,
from B2-PD. Concurrently, Moody's has assigned (P)B1 ratings to a
new EUR1,270 million equivalent of senior secured First Lien term
loan facility and to a new EUR160 million equivalent senior
secured revolving credit facility. These bank facilities will be
used, together with existing cash balances, to fund the
acquisition of Nuplex Industries Limited (Nuplex, unrated), repay
the existing indebtedness of Allnex and Nuplex, and pay
transaction related fees including early debt repayment charges.
The new facilities will be borrowed by Allnex S.a.r.l. and Allnex
USA Inc., two sub-holdings of Allnex. The outlook on all ratings
is stable.

The B1 ratings on the existing senior secured term loan and
revolving credit facility of Allnex are affirmed, with a stable
outlook. However, these ratings will be withdrawn once the
existing debt instruments are repaid in full upon closing of the
transaction, as currently contemplated by Allnex management. The
transaction remains subject to customary antitrust and regulatory
approvals in various jurisdictions and to Nuplex shareholders'
approval according to the terms of a Scheme of Implementation
Agreement Nuplex entered with Allnex on April 11, 2016.
Completion is expected to occur before September 2016.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, as well as the final terms of
the transaction, Moody's will endeavor to assign definitive
ratings to the new contemplated bank facilities. A definitive
rating may differ from a provisional rating.


The affirmation of the CFR at B1 reflects Moody's view that the
contemplated acquisition of Nuplex will strengthen the business
profile of Allnex, while the contemplated funding structure for
the transaction will still keep key credit metrics commensurate
with the current rating, albeit with limited headroom for

Pro-forma for the acquisition of Nuplex, Moody's expects that the
resulting combined group will be much larger with revenues
increasing by at least 40% to over EUR 2 billion, with a broader
portfolio of products and technological solutions, and with a
better global coverage. Nuplex will provide access to the growing
Asian-Pacific markets, to which Allnex has limited exposure, and
will contribute to increase the already well-established position
of Allnex in Europe and North America. Furthermore, Nuplex has a
patented portfolio of products, which will broaden and complement
the portfolio of Allnex. The combination will be however
initially dilutive, given that Nuplex's EBITDA margin (c. 10.5%
for 2015) is much lower than Allnex (17%). However, taking into
account targeted synergies of approximately EUR 39 million p.a.
by 2019, the combined EBITDA margin including targeted synergies
would be around 16%. This is closer to Allnex's current EBITDA
margin, which is on the upper end of the reference coating
resins' industry EBITDA margin range of 9% to 16%.

Once complete, the transaction will temporarily weaken Allnex's
key credit metrics. Given the acquisition is large and entirely
debt funded, the pro-forma adjusted gross debt/EBITDA ratio of
Allnex and Nuplex combined is approximately 5.1x at closing,
before all targeted synergies. This represents a sizeable
releveraging from the 3.7x adjusted gross leverage of Allnex
stand-alone at the end of 2015. The financial flexibility that
Allnex has built up at the current rating level will be used up
by the contemplated transaction. The expected completion of such
acquisition during H2 2016 will likely bring adjusted gross
leverage (before synergies) of the combined group to around 5x by
the end of 2016. This is close to the level of around 5x when
Moody's first assigned a B1 rating on Allnex in 2013, on the back
of the LBO sponsored by Advent International.

Moody's said, "notwithstanding the projected weakening of key
credit metrics in 2016 as a result of the transaction, we expect
a relatively fast deleveraging profile. We estimate that gross
adjusted leverage will fall towards 4x by 2018. By that time we
expect that the vast majority of the targeted cost and revenue
synergies (around EUR30 million p.a. by 2018) is achieved."

Moody's anticipates that the combined group will be able to
generate free cash flows over the business plan period, in the
region of EUR100 to EUR130 million per annum from 2017 onwards.
This is because operating cash flows will be supported by a
growing EBITDA, which is projected to rise as a result of
positive underlying coating resins market dynamics and targeted
synergies being gradually achieved. At the same time, scheduled
cash outflows are anticipated to remain modest. These will mainly
consist in maintenance and expansionary capex, in the region of
EUR90 million to EUR110 million per annum, as well as limited
working capital requirements, while dividends are not
contemplated over the business plan period. Positive free cash
flows should support a relatively fast deleveraging, also
considering that projected positive excess cash flows must be
partly used to prepay debt, based on the cash sweep mechanism
contemplated in the loan documentation, which is applicable to
the excess cash flows generated from 2017 onwards.

The liquidity position will remain good, based on the projected
positive free cash flows and large availabilities under the new
EUR160 million revolving credit facility. This facility, after an
initial temporary drawdown at closing for nearly half of its
amount to cover significant one-off transaction related fees, is
likely to remain entirely available from 2017 onwards.

Structural Considerations

The assignment of the (P) B1 provisional ratings on the new
contemplated Term Loan and Revolving Credit Facility reflects the
dominant position of these new debt instruments in the capital
structure of Allnex, pro-forma for the acquisition of Nuplex and
post full repayment and cancellation of the existing indebtedness
of Allnex and Nuplex at transaction closing. The new Term Loan
will rank pari-passu with the new RCF. This is because both
facilities will benefit from (1) upstream guarantees from the
main operating subsidiaries representing in aggregate no less
than 65% of consolidated pro-forma combined EBITDA and assets;
and (2) a comprehensive collateral package, including the main
assets of both Allnex and Nuplex. Pro-forma for the contemplated
transaction, the Term Loan facility and the Revolving Credit
Facility will represent the bulk of the secured debt in the
future capital structure, with no other meaningful financial
liabilities, except for Allnex's existing securitization
facility, which will continue to remain in place post transaction
closing. Given the anticipated cov-lite capital structure, its
expected average recovery rate is 50%, to which corresponds a B1-
PD PDR, in line with the B1 CFR.


The stable outlook reflects Moody's expectation of a sustainable
deleveraging trend after closing of the contemplated transaction,
good liquidity at all times, and a smooth integration process of
Nuplex within Allnex, with the achievement of most of the
targeted synergies within 18 to 24 months from closing.

What Could Change the Rating -- Up

Positive pressure on the rating could materialize if Allnex (1)
maintains or improves its current operating performance and
extract most of the contemplated synergies from the acquisition
of Nuplex; (2) generates a sustained positive FCF/debt ratio of
around 8% or higher; and (3) improves its leverage profile such
that its Moody's-adjusted debt/EBITDA ratio falls solidly below

What Could Change the Rating - Down

Conversely, negative pressure on the ratings would emerge if
Allnex's liquidity profile and credit metrics deteriorate, with a
company's Moody's-adjusted gross debt/EBITDA ratio rising above
5.0x on a sustained basis and its Moody's-adjusted FCF/debt ratio
falling towards the low single digit.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Headquartered in Brussels, Belgium, Allnex is a global producer
of resins for coatings. A spin-off from Cytec, it was acquired
with an LBO by private equity fund Advent International in April
2013. Allnex has a broad product portfolio and well established
market positions. Coatings and inks are used for decorative,
protective and functional treatment of surfaces. Resins are a
critical component in the manufacture of coatings -- the
properties and characteristics of which are determined
principally by the resins each contains. The company's end
markets include industrial coatings; packaging coatings and inks;
and automotive coatings. It operates globally with 17
manufacturing facilities, 13 research and technology support
centers and joint ventures throughout Europe, North America and

In 2015, the company reported revenues of approximately US$1,300
million, with nearly half of it generated in Europe, and the rest
spread among North America and the Asia Pacific region. Latin
America accounts for a modest portion below 10% pro-forma for
recent acquisition of a Brasilian chemical manufacturer.

On April 11, 2016, Allnex and Nuplex announced that they have
entered into a Scheme Implementation Agreement, based on the
terms of the cash offer made by Allnex on February 15, 2016,
which valued Nuplex at NZ$5.55 cash per share. The price offered
represents a premium of 44% to Nuplex's closing price of NZ$3.86
on February 12, 2016, the date before the offer. The implied
valuation of EUR775 million is approximately a 8.7x multiple
pro-forma for the adjusted EBITDA of Nuplex of EUR89 million as
of December 2015.

AXIUS EUROPEAN: Moody's Affirms B1 Rating on Class E Senior Notes
Moody's Investors Service has upgraded the ratings on the
following notes issued by Axius European CLO S.A.:

-- EUR10,000,000 Class B1 Senior Secured Deferrable Floating
    Rate Notes due 2023, Upgraded to Aaa (sf); previously on Oct
    13, 2015 Upgraded to Aa1 (sf)

-- EUR9,000,000 Class B2 Senior Secured Deferrable Fixed Rate
    Notes due 2023, Upgraded to Aaa (sf); previously on Oct 13,
    2015 Upgraded to Aa1 (sf)

-- EUR16,500,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2023, Upgraded to Aa3 (sf); previously on Oct 13, \
    2015 Upgraded to A2 (sf)

-- EUR16,000,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2023, Upgraded to Baa3 (sf); previously on Oct 13,
    2015 Affirmed Ba1 (sf)

Moody's has also affirmed the ratings on the following notes:

-- EUR250,000,000 (current outstanding balance of
    EUR85,648,126.24) Class A Senior Secured Floating Rate Notes
    due 2023, Affirmed Aaa (sf); previously on Oct 13, 2015
    Affirmed Aaa (sf)

-- EUR15,000,000 (current outstanding balance of
    EUR10,815,841.99) Class E Senior Secured Deferrable Floating
    Rate Notes due 2023, Affirmed B1 (sf); previously on Oct 13,
    2015 Affirmed B1 (sf)

Axius European CLO S.A., issued in October 2007, is a
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European loans. The portfolio is
managed by 3i Group plc. This transaction ended its reinvestment
period in November 2013.


The upgrade of the notes is primarily a result of deleveraging
since November 2015. As a result, the class A notes have paid
down approximately EUR40 million (16% of initial balance)
resulting in increases in over-collateralization levels. As of
the March 2016 trustee report, the Class A, B, C, D and E
overcollateralization ratios are reported at 187.12%, 153.16%,
132.30%, 116.86% and 108.32% respectively compared with 159.76%,
138.72%, 124.49%, 113.22% and 106.69% in October 2015.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having
performing par and principal proceeds balance of EUR161.7
million, a defaulted par of EUR2.2 million, a weighted average
default probability of 20.62% (consistent with a WARF of 2819
over a weighted average life of 4.66 years), a weighted average
recovery rate upon default of 44.97% for a Aaa liability target
rating, a diversity score of 26 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.

HANESBRANDS FINANCE: Moody's Rates Proposed EUR450MM Notes Ba1
Moody's Investors Service assigned a Ba1 rating to Hanesbrands
Finance Luxembourg S.C.A.'s ("HF Lux") proposed EUR450 mil.
Senior Unsecured Notes offering. HF Lux is a new indirect
subsidiary of Hanesbrands, Inc. created for the purpose of
issuing the proposed notes.  Hanesbrands' Ba1 Corporate Family
Rating, Ba1-PD Probability of Default Rating, Baa3 Secured
Ratings, Ba2 Unsecured Ratings, and SGL-2 Speculative Grade
Liquidity Rating are affirmed.  Concurrently, Moody's upgraded
MFB International Holdings S.a.r.l.'s ("MFB") Secured Term Loan
rating to Baa2 from Baa3 reflecting the increased structural
benefits provided by the growing international operations that
guarantee the obligation. The ratings outlook is stable.

Net proceeds from the proposed notes together with cash on hand,
borrowing under Hanesbrands' revolving credit facility and future
debt financings will be used to fund Hanesbrands' previously-
announced Champion Europe and Pacific Brands acquisitions.  The
ratings are subject to completion of the offering as proposed,
and review of final documentation.

The Baa3 rating assigned to Hanesbrands' senior secured credit
facilities reflect the first lien on substantially all tangible
and intangible assets of Hanesbrands and its material domestic
subsidiaries as well as the level of cushion provided by the
sizeable level of senior unsecured notes in the proforma capital
structure.  The upgrade of MFB's Euro Term Loan, to Baa2 form
Baa3, reflects that it has the same collateral as Hanesbrands'
domestic secured credit facilities and is guaranteed by
Hanesbrands and the revolver guarantors.  The Euro term loan also
benefits from a moderate degree of structural seniority relative
to a portion of Hanesbrands' international assets and earnings,
as the US secured credit facilities are not guaranteed by MFB or
foreign entities.  The pending acquisitions of Champion Europe
and Pacific Brands (Australia) will add material sales, earnings
and assets to the foreign guarantee structure.  Thus the foreign
guarantee is expected to become more meaningful.  The Ba1 rating
assigned to HF Lux's proposed notes reflects the obligation's
guarantee structure, which is largely similar to that of the MFB
Euro Term Loan except for the exclusion of Maidenform Brands
Spain, S.R.L. Unipersonal, and Hanesbrands' subsidiaries in
Honduras and El Salvador.  The Ba2 rating assigned to
Hanesbrands' unsecured notes reflects their effective and
structural subordination in the company's capital structure.

These rating actions were taken:

Issuer: Hanesbrands Finance Luxembourg S.C.A.

  Proposed EUR450 million Senior Unsecured Notes assigned
   Ba1 (LGD4)

Issuer: Hanesbrands, Inc.

  Corporate Family Rating affirmed at Ba1
  Probability of Default Rating affirmed at Ba1-PD
  Senior Secured Revolving Credit Facility affirmed at
   Baa3 (LGD2)
  Senior Secured Term Loans affirmed at Baa3 (LGD2)
  Senior Unsecured Notes affirmed at Ba2 (LGD5)
  Speculative Grade Liquidity Rating affirmed at SGL-2
   Stable outlook

Issuer: MFB International Holdings S.a.r.l

  Senior Secured Term Loan upgraded to Baa2 (LGD2) from Baa3
  Stable outlook

                        RATINGS RATIONALE

Hanesbrands' Ba1 Corporate Family Rating reflects the company's
significant scale in the global apparel industry along with the
company's well-known brands and leading share in the inner wear
product category.  Also considered is the company's relatively
modest, albeit, variable leverage and strong interest coverage.
When considering the recently-announced Champion Europe and
Pacific Brands Limited acquisitions, along with first quarter
working capital build and share repurchases, proforma lease-
adjusted leverage has increased to around 4.4x from 3.2 at year-
end 2015.  Moody's expects leverage to return closer to
Hanesbrands' more typical range of 3.0x-3.5x though debt
reduction over the next 12-18 months.  Favorable credit
considerations include Hanesbrands' double digit operating
margins that are a result of product innovation, a low cost
supply chain, and the company's ability to successfully leverage
its brands.  Key concerns include Hanesbrands' significant
customer concentration, three of the company's largest customers
accounted for 43% of its 2015 revenues and its exposure to
volatile input costs, such as cotton, which can have a meaningful
and unfavorable impact on earnings and cash flows.  The ratings
also incorporate Moody's expectation that the company will remain
acquisitive over time, but that it will pause acquisitions and
share repurchases in the near term in order to quickly reduce

The stable rating outlook reflects Moody's expectation that
Hanesbrands will materially reduce debt with free cash flow over
the next 12-18 months while sustaining high operating margins,
and that it will make progress achieving cost savings associated
with recent acquisitions.

Upward rating improvement is limited by the significant amount of
secured debt in Hanesbrands' capital structure and by the
company's current financial policy that Moody's believes targets
credit metrics at a level too high for an investment grade
rating. A higher rating would require that Hanesbrands
demonstrate the ability and willingness to maintain debt/EBITDA
below 3.0 times as well as materially reduce its reliance on
secured financing.

Ratings could be lowered if the company experienced market share
losses or brand erosion that resulted in negative trends in
revenues or operating earnings.  Ratings could also be lowered if
Hanesbrands were pursue additional material debt-financed
acquisitions or share repurchases before reducing leverage well
below 3.75x.

Headquartered in Winston-Salem, NC, Hanesbrands is a manufacturer
and distributor of basic apparel products under brands that
include: Hanes, Champion, Playtex, Bali, L'Eggs, Maidenform and
Just My Size.  Annual revenue exceeded $5.7 billion in the latest
twelve month period ended April 2, 2016.

The principal methodology used in these ratings was Global
Apparel Companies published in May 2013.


NXP BV: Moody's Assigns Ba2 Rating to New Senior Notes
Moody's Investors Service rated NXP B.V.'s new Senior Notes at
Ba2, upgraded the NXP and Freescale Semiconductor Inc
("Freescale") senior secured debt to Baa2 from Baa3, and affirmed
NXP's other ratings -- Corporate Family Rating ("CFR") at Ba1,
Probability of Default Rating ("PDR") at Ba1-PD, senior unsecured
rating at Ba2, and Speculative Grade Liquidity ("SGL") at SGL-1.
The outlook remains stable.

The upgrade of the senior secured rating to Baa2 reflects Moody's
expectation that NXP will redeem the $500 million of Freescale 5%
Senior Secured Notes due 2021 and repay $500 million of NXP's
$2.7 billion Senior Secured Term Loan B due 2020 using the
anticipated $1 billion proceeds of this Senior Notes offering.

Following repayment of Freescale's 5% Senior Secured Notes due
2021, Moody's plans to withdraw the rating of this debt


The Ba1 CFR reflects NXP's leadership position in automotive
semiconductors and consistent free cash flow ("FCF") generation
due to NXP's fab-lite manufacturing model. Moody's expects debt
to EBITDA (Moody's adjusted) to remain above 3x over the near
term, which is high given the significant execution risks
involved in integrating NXP and Freescale due to the large
operating scale of both companies. Nevertheless, Moody's expects
that NXP will direct a majority of FCF to reduce debt such that
through the combination of debt reduction and EBITDA growth, debt
to EBITDA (Moody's adjusted) will decline to below 3x in 2017.

Moody's says, "The stable outlook reflects our expectation that
the integration of Freescale will proceed smoothly over the next
year and that NXP will direct FCF for debt repayment. Moody's
expects that FCF will remain strong in spite of near term revenue
headwinds driven by a slowing global economy."

The rating could be upgraded if NXP successfully integrates
Freescale and is making progress in capturing the anticipated
$500 million of operating synergies. Moody's would expect NXP to
sustain leverage of around 2.5x debt to EBITDA (Moody's adjusted)
and to remain committed to a conservative financial policy.

The rating could be downgraded if the integration encounters
significant operational disruptions or the business otherwise
deteriorates such that Moody's expects that debt to EBITDA
(Moody's adjusted) will be maintained above 3.5x.

The Baa2 (LGD2) senior secured rating reflects the collateral,
the guarantees from operating subsidiaries, and the significant
cushion of unsecured liabilities. Freescale's Senior Secured
Notes and NXP's senior secured debt share in each other's
collateral and guarantees. The Ba2 (LGD4) senior unsecured rating
reflects the significant quantity of secured debt, which is
structurally senior to the senior unsecured debt, and the
guarantees from operating subsidiaries. The Ba2 (LGD6) rating of
the cash convertible notes of NXP Semiconductors reflects both
the absence of collateral and the absence of upstream guarantees
from operating subsidiaries, which renders the cash convertible
notes structurally subordinated to the debt of NXP. Although the
cash convertible notes are expected to have lower recovery in a
default scenario than the guaranteed unsecured notes, the
expected recovery differential is not sufficient to lead to a
notching differential.

Moody's says, "The SGL-1 rating reflects the company's very
strong liquidity profile, which is supported by strong FCF and a
large cash balance which we expect will remain about $1.0


Issuer: NXP B.V.

-- Senior Unsecured Regular Bond/Debentures (New Senior Notes),
    Ba2 (LGD5)


Issuer: Freescale Semiconductor, Inc.

-- Senior Secured (6% Senior Secured Notes), Upgraded to Baa2
    (LGD2) from Baa3 (LGD2)

Issuer: NXP B.V.

-- Senior Secured Bank Credit Facility, Upgraded to Baa2 (LGD2)
    from Baa3 (LGD2)


Issuer: NXP B.V.

-- Corporate Family Rating (Foreign Currency), Ba1

-- Probability of Default Rating, Ba1-PD

-- Speculative Grade Liquidity Rating, SGL-1

-- Senior Unsecured Regular Bond/Debentures, affirmed at Ba2

Issuer: NXP Semiconductors N.V.

-- Senior Unsecured Conv./Exch. Bond/Debenture, Ba2 (LGD6)

Outlook Actions:

Issuer: NXP B.V.

-- Outlook, Stable

Issuer: NXP Semiconductors N.V.

-- Outlook, Stable

NXP B.V., based in Eindhoven, Netherlands, makes high performance
mixed signal integrated circuits and discrete semiconductors used
in a wide range of applications, including automotive,
identification, wireless infrastructure, lighting, industrial,
mobile, consumer and computing.


DTEK ENERGY: Moody's Cuts Probability of Default Rating to D-PD
Moody's Investor Service downgraded the probability of default
rating of DTEK ENERGY B.V (DTEK) to D-PD from Ca-PD. At the same
time, Moody's affirmed DTEK's corporate family rating (CFR) Ca
rating and also the Ca rating of DTEK Finance Plc's $750 million
7.875% notes due April 4, 2018 with a loss given default (LGD)
assessment of LGD4/50%. The outlook on all ratings remains


Moody's said: "The rating action was prompted by DTEK's inability
to make the $29.5 million scheduled interest payment on its $750
million notes and the $8.3 Million on its $160 million notes
(unrated) within the 30-days grace period following its due date
on April 4th 2016 and March 28th 2016, respectively, as
stipulated in the notes' terms. Moody's sees this event as a
default. However, on April 26th 2016 the company managed to enter
into a standstill agreement with noteholders until October 28th,
2016. These missed interest payments followed the company's
failure to make scheduled principal and interest payments due to
its bank creditors. We understand that as of April 1st 2016,
DTEK's missed interest and principal payments to the banks
totaled around $720 million."

DTEK's inability to meet its debt obligations in full arises from
its exposure to a very weak operating environment in the Ukraine
and unresolved armed conflict in the Donbass region; (2) the
currency mismatch between predominantly foreign-currency
denominated debt and mainly local-currency revenues against the
background of the depreciating local currency; and (3) no access
to international debt markets. Moody's views DTEK's liquidity
position as stressed and likely to remain so over the next 12
months given its limited cash generation capacity and currency
mismatch between debt and revenues.

Moody's said, "The affirmation of DTEK's CFR and DTEK Finance
Plc's senior unsecured debt rating acknowledges that DTEK entered
into a standstill agreement with the note holders. The terms of
the agreement provide that during the moratorium period ending
October 28th the note holders will not seek to enforce any due
remedies against the company in exchange for the payment by DTEK
of a consideration fee, 10% of the notes' coupons due on April
4th 2016 and March 28th 2016, monthly payments of 10% of the
scheduled interest, and a cash sweep if DTEK's month-end cash
balance exceeds $110 million. We expect DTEK to conclude the
agreement under similar terms with its bank creditors by the end
of May-2016. These agreements will allow DTEK to continue
operations and provide the company with the timeframe to
negotiate a long-term debt restructuring with its creditors."


The outlook on the rating is negative, which reflects (1) the
missed interest and principal payments on DTEK's debt facilities;
and (2) the risk that economic losses to note holders will be
significantly higher than would be normally expected from a
corporate bond in case of default. Moody's rating currently
assumes that economic losses to note holders would be in a range
of around 35% to 65%.


The ratings would be upgraded if the economic loss to note
holders from the debt restructuring was expected to be
significantly less than Moody's current assumption.

The rating would be downgraded if the economic loss to note
holders from the debt restructuring was expected to be
significantly higher than Moody's current assumption.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October

Headquartered in Kyiv, DTEK ENERGY B.V. is one of the major
energy companies in Ukraine and part of the financial and
industrial group System Capital Management. In 2015 DTEK
generated revenue of UAH93.6 billion, or $4.3 billion, including
heat tariff compensation.

U N I T E D   K I N G D O M

QUIRINUS PLC: S&P Lowers Rating on Class E Notes to CCC-
S&P Global Ratings lowered its credit ratings on Quirinus
(European Loan Conduit No. 23) PLC's class A, B, C, D, and E
notes.  At the same time, S&P has affirmed its 'D (sf)' rating on
the class F notes.

Quirinus (European Loan Conduit No. 23) is a commercial mortgage-
backed securities (CMBS) transaction that closed in July 2006.
It was originally backed by 10 loans.  Seven of these loans fully
repaid and one loan repaid at a loss.  The rating actions follow
S&P's review of the two remaining loans in this transaction.

                  EUROCASTLE LOAN (78% OF THE POOL)

The whole loan and securitized balance is EUR82.7 million.  The
loan is in special servicing after failing to repay at maturity
in February 2016.

It is secured by 41 local supermarkets and is currently let to 48
tenants in secondary neighborhood locations in Germany.  The top
five tenants are Rewe Group, Netto, Lidl Stiftung & Co. KG,
Optimal GMBH, and EDEKA ZentralE AG & Co. KG.

According to the February 2016 servicer report, the borrower is
talking to a number of bidders and the sale is at an advanced
stage.  S&P understands that the bids currently being negotiated
are all below the senior loan balance.

As of the February 2016 servicer report, the reported securitized
loan-to-value (LTV) ratio was 79.0%, based on a December 2005
valuation of EUR104.7 million.  S&P believes the 2005 value is
unlikely to reflect current market conditions.

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

                     H&B 3 LOAN (22% OF THE POOL)

The whole loan and securitized balance is EUR23.1 million.  The
loan failed to repay at maturity in November 2012 and is now in
special servicing.

The loan is secured by five retail assets located throughout
Germany.  The top three tenants are EDEKA, Rewe, and toom

In December 2015, the administrator and purchaser agreed to a
sale and purchase agreement for the sale of the five assets for a
gross sales price of EUR17.8 million.

S&P has assumed principal losses.

                         INTEREST SHORTFALLS

The class F notes have experienced interest shortfalls in the
past.  The shortfalls are a result of the non-accruing interest
(NAI) amount that has been allocated to this class of notes and
of the special servicing fees related to the H&B 3 Loan, which
are not covered by the excess spread in the transaction.  On the
May 2016 IPD, all deferred interest relating to the special
servicing fees was paid.  This was due to default interest being
paid on the Eurocastle loan, which is not included in the
calculation of the amountdue to the class X2 notes.

                         RATING RATIONALE

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

Following S&P's review of the performance of the remaining loan
pool, it considers that the available credit enhancement for the
class A, B, and C notes is no longer sufficient to mitigate the
risk of losses from the underlying loans at the currently
assigned ratings.  S&P has therefore lowered its ratings on the
class A, B, and C notes.

S&P has lowered to 'CCC+ (sf)' and 'CCC- (sf)' from 'B- (sf)' its
ratings on the class D and E notes, respectively, in line with
S&P's criteria.  S&P believes these classes of notes have become
vulnerable to nonpayment, and are dependent upon favorable
business, financial, and economic conditions.  In S&P's view,
these notes face at least a one-in-two likelihood of default.

The class F notes are currently rated 'D (sf)' following NAI
amounts and interest shortfalls on the previous interest payment
dates.  Therefore, S&P has affirmed its 'D (sf)' rating on the
class F notes.


Quirinus (European Loan Conduit No. 23) PLC
EUR700.82 mil commercial mortgage-backed variable- and floating-
rate notes
Class             Identifier       To                   From
A                 74880RAA8        B (sf)               BB+ (sf)
B                 74880RAB6        B- (sf)              BB (sf)
C                 74880RAC4        B- (sf)              B+ (sf)
D                 74880RAD2        CCC+ (sf)            B- (sf)
E                 74880RAE0        CCC- (sf)            B- (sf)
F                 74880RAF7        D (sf)               D (sf)

THOMAS COOK: Moody's Assigns B1 Corporate Family Rating
Moody's Investors Service assigned a first-time B1 corporate
family rating to Thomas Cook Group plc. The outlook on the rating
is stable.

"Our assignment of a B1 corporate family rating to Thomas Cook
reflects its solid market position as Europe's second-largest
tourism company and the strong improvements in its financial
profile since 2012, driven by higher operating profitability and
debt reduction," says Sven Reinke, a Moody's Vice President -
Senior Credit Officer and lead analyst for Thomas Cook.

"However, the B1 rating also considers Thomas Cook's exposure to
declining demand for certain destinations owing to geopolitical
risks, which we expect will slow the company's progress against
its 2018 profitability targets," Mr. Reinke adds.


The assignment of Thomas Cook's B1 corporate family rating
reflects the company's leading market positions, with earnings
that have materially improved since fiscal year (FY) 2011 (12
months to September) and FY2012, which Moody's expects will
remain largely resilient. This is despite the company operating
in a sector that is highly dependent on discretionary spending
and is prone to disruptions and geopolitical events.

Thomas Cook is Europe's second-largest tourism business, with a
significant scale advantage over every other tour operator with
the exception of market leader TUI AG (Ba2 stable). Thomas Cook
is not only well diversified in terms of its geographical
customer breakdown, but also in terms of its holiday
destinations. The latter are predominately focused at popular
Mediterranean tourist destinations, notably Spain, Greece and
Turkey. However, Moody's also notes that Thomas Cook's reliance
on Spain has increased, given recent capacity shifts from
Tunisia, Egypt and Turkey particularly towards Spain.

Moody's said, "For FY2016, we expect that Thomas Cook will remain
resilient, as we anticipate that the company will manage to
offset the challenges from the impact of geopolitical shocks.
However, it is unlikely that the company will be able to make
significant progress towards its 2018 profitability targets in
FY2016. After two years of fast-improving operating performance,
Thomas Cook's business was negatively impacted by the recent
terrorist attacks in Tunisia, Egypt and Turkey, resulting in
slower underlying profitability growth in FY2015 and Q1 2016."

In FY2015, Thomas Cook's revenues fell by 9%, predominately owing
to foreign-exchange (FX) translation effects driven by the
stronger GBP. On a like-for-like basis, revenues increased
slightly by 1.1% as lower sales for holidays in Tunisia and
Turkey were offset by other destinations. The stronger GBP also
had a GBP38 million negative impact on Thomas Cook's EBIT
generation. However, on a constant FX rate basis and adjusted for
disposals, the company's underlying EBIT improved by 10.7%. At
the same time, exceptional items have reduced substantially to
GBP120 million in FY2015 from GBP296 million in FY2014. This
resulted in a much improved reported EBIT of GBP211 million
compared with GBP52 million in FY2014.

Adverse external shocks negatively impacted Thomas Cook's
operations in Q1 FY2016, with overall bookings for the summer
2016 program down 2%, as the demand for Turkish holidays in
particular suffered from terrorist attacks in the region.
However, overall sales remained largely flat with a 1% increase
if adjusted for FX translation effects, and the underlying
seasonal operating loss lowered by 11% to GBP49 million.

Thomas Cook's financial profile strengthened substantially over
the last three years, driven by higher operating profitability
and net debt reduction. In 2013, the capital structure
substantially improved with a GBP425 million rights issue and the
issuance of long-term bond and bank facilities, leading to a
material reduction in net financial debt and an improved debt
maturity profile. At the same time, the company disposed of non-
core businesses, took more than GBP500 million costs out of the
business and adjusted its operational strategy, for example with
a stronger focus on higher margin, differentiated holiday offers.
Moody's expects that Thomas Cook's financial profile will improve
over the next 12-18 months, albeit at a more gradual pace than in
the last three years.

Moody's said, "At FYE2015, Thomas Cook's gross adjusted leverage
was 4.7x, compared with 5.8x in FY2014, supported by a 27%
increase in adjusted EBITDA. The retained cash flow (RCF)/net
debt metric improved to 19.7% compared with 12.0% in FY2014,
which positions the company relatively strongly in the B1 rating
category. Thomas Cook's debt levels have increased in Q1 FY2016
owing to the seasonal pattern of its cash flows, with Q1 of
Thomas Cook's fiscal year (October -- December) typically being
characterized by large cash outflows for the payment of hotels
and other services from the previous summer season. We estimate
that the company's gross adjusted leverage is more than a turn
higher at the end of Q1 FY2016 compared with FYE2015."

However, the strength of the company's credit profile is
partially offset by (1) the high seasonality of the business; (2)
large working capital swings during the year; and (3) Thomas
Cook's exposure to the macroeconomic and geopolitical environment
in some holiday destinations such as Spain, Greece and Turkey. In
addition, Thomas Cook has announced plans to reinstate dividends,
but at a conservative payout ratio of 20-30% of net profit.

Moody's views Thomas Cook's liquidity position as solid, with (1)
a syndicated credit facility of GBP500 million maturing in May
2019 (of this, just a small proportion is currently drawn in
respect of bonding requirements); and (2) substantial cash and
cash equivalents at March 2016, in line with the company's
cashflow profile at this time of the year. Thomas Cook's
liquidity is sufficiently flexible to meet its high seasonal cash
swings, in particular in the first quarter of the fiscal year, as
well as to meet the fairly low debt maturities over the next few


The stable outlook reflects Moody's view that (1) Thomas Cook's
operating performance will remain largely resilient to
geopolitical events; and (2) the material decline in bookings for
holidays in Turkey for the 2016 summer season can be offset with
growth at other destinations. The outlook assumes that the
company's operating profitability will only improve gradually in
the current fiscal year. Overall, the rating agency expects
Thomas Cook's financial profile to continue to improve, driven by
debt reduction owing to positive free cash flow generation. As
the rating is currently relatively strongly positioned in the B1
rating category, progress towards the 2018 financial targets
would lead to positive rating pressure.


Moody's would consider upgrading Thomas Cook's rating if the
company (1) were to demonstrate further the resilience of its
business model to external shocks; and (2) continues to improve
its operating performance. Quantitatively, positive pressure
could arise if the group's gross adjusted leverage were to fall
sustainably below 4.5x and the RCF/net debt metric were to
increase above 20% at fiscal year-end in September, with the
group retaining a solid liquidity profile to address the high
seasonal cash swings.

The rating could be downgraded if leverage were to increase above
5.5x at fiscal year-end in September and RCF/net debt were to
fall towards 15.0% over the next 12 to 18 months, or if the
group's liquidity profile were to deteriorate materially.

Thomas Cook Group plc, based in London, UK, is Europe's second-
largest tourism company. The company retains leading positions in
the important outbound markets of Germany, the UK and Northern
European countries, and offers a broad range of travel products,
predominately comprising integrated package holidays. In FY2015,
the group generated revenues of GBP7.8 billion and underlying
EBIT (before exceptionals) of GBP310 million.


* Europe's Bank Bail-ins Unfavorable to Retail Investors
Thomas Hale at The Financial Times reports that when
Ignazio Visco, governor of the Bank of Italy, spoke in Florence
this month, his focus turned to regulation.

At a sensitive moment for Italian lenders, whose shares had
collapsed over recent months, the governor chose to address what
he called "regulatory uncertainty" in the wake of new European-
wide rules for failing banks, the FT relates.

"We must strike the right balance," the FT quotes Mr. Visco as
saying.  "We should not rule out the possibility of temporary
public support in the event of systemic bank crises, when the use
of a bail-in is not sufficient."

Taxpayer support for banks, however, was precisely what the
European rules introduced at the start of this year aimed to
avoid, the FT notes.  To protect taxpayers, investors in bank
bonds -- mostly untouched during the bailouts of the last crisis
-- now face losses, or "bail-ins", the FT says.

The tension between the Italian central bank and European
regulations is related to who owns this debt, the FT states.  In
Italy, many retail investors hold exposed bank bonds, and a
"bail-in" of small Italian banks in November last year was
politically sensitive for this reason, the FT discloses.

But Mr. Visco's comments also reflect the challenges of
implementing continent-wide rules in very different individual
countries, with contrasting banking systems, according to the FT.

Under the Bank Recovery and Resolution Directive (BRRD), European
banks are now required to have a certain amount of bonds that are
exposed to losses.  The key issue is who suffers losses first,
the FT discloses.  Whereas senior bank bonds ranked alongside
depositors during the crisis, new bonds need to be subordinated
to take losses, the FT states.

But the actual instruments that count towards this measure are
determined by national legislation, according to the FT.  As a
result, different countries have taken different approaches, the
FT states.

* BOOK REVIEW: Hospitals, Health and People
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Review by Francoise C. Arsenault
Order your personal copy today at

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of
today's health care system. Although much has changed in
hospital administration and health care since the book was first
published in 1987, Dr. Snoke's discussion of the evolution of
the modern hospital provides a unique and very valuable
perspective for readers who wish to better understand the forces
at work in our current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr.
Snoke between the late 1930's through 1969, when he served first
as assistant director of the Strong Memorial Hospital in
Rochester, New York, and then as the director of the Grace-New
Haven Hospital in Connecticut. In these first chapters, Dr.
Snoke examines the evolution and institutionalization of a
number of aspects of the hospital system, including the
financial and community responsibilities of the hospital
administrator, education and training in hospital
administration, the role of the governing board of a hospital,
the dynamics between the hospital administrator and the medical
staff, and the unique role of the teaching hospital.

The importance of Hospitals, Health and People for today's
readers is due in large part to the author's pivotal role in
creating the modern-day hospital. Dr. Snoke and others in
similar positions played a large part in advocating or forcing
change in our hospital system, particularly in recognizing the
importance of the nursing profession and the contributions of
non-physician professionals, such as psychologists, hearing and
speech specialists, and social workers, to the overall care of
the patient. Throughout the first chapters, there are also many
observations on the factors that are contributing to today's
cost of care. Malpractice is just one example. According to
Dr. Snoke, "malpractice premiums were negligible in the 1950's
and 1960's. In 1970, Yale-New Haven's annual malpractice
premiums had mounted to about $150,000." By the time of the
first publication of the book, the hospital's premiums were
costing about $10 million a year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know
it, including insurance and cost containment; the role of the
government in health care; health care for the elderly; home
health care; and the changing role of ethics in health care. It
is particularly interesting to note the role that Senator Wilbur
Mills from Arkansas played in the allocation of costs of
hospital-based specialty components under Part B rather than
Part A of the Medicare bill. Dr. Snoke comments: "This was
considered a great victory by the hospital-based specialists. I
was disappointed because I knew it would cause confusion in
working relationships between hospitals and specialists and
among patients covered by Medicare. I was also concerned about
potential cost increases. My fears were realized. Not only
have health costs increased in certain areas more than
anticipated, but confusion is rampant among the elderly patients
and their families, as well as in hospital business offices and
among physicians' secretaries." This aspect of Medicare caused
such confusion that Congress amended Medicare in 1967 to provide
that the professional components of radiological and
pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the copayment
provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole
question of the responsibility of the physician, of the
hospital, of the health agency, brings vividly to mind a small
statue which I saw a great many years is a pathetic
little figure of a man, coat collar turned up and shoulders
hunched against the chill winds, clutching his belongings in a
paper bag-shaking, tremulous, discouraged. He's clearly unfit
for work-no employer would dare to take a chance on hiring him.
You know that he will need much more help before he can face the
world with shoulders back and confidence in himself. The
statuette epitomizes the task of medical rehabilitation: to
bridge the gap between the sick and a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and
accept today as part of our medical care was almost nonexistent
when Dr. Snoke began his career in the 1930's. Throughout his
50 years in hospital administration, Dr. Snoke frequently had to
focus on the big picture and the bottom line. He never forgot
the importance of Discharged Cured, however, and his book
provides us with a great appreciation of how compassionate
administrators such as Dr. Snoke have contributed to the state
of patient care today.

Albert Waldo Snoke was director of the Grace-New Haven Hospital
in New Haven, Connecticut from 1946 until 1969. In New Haven,
Dr. Snoke also taught hospital administration at Yale University
and oversaw the development of the Yale-New Haven Hospital,
serving as its executive director from 1965-1968. From 1969-
1973, Dr. Snoke worked in Illinois as coordinator of health
services in the Office of the Governor and later as acting
executive director of the Illinois Comprehensive State Health
Planning Agency. Dr. Snoke died in April 1988.


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

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

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


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

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

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

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

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

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

                 * * * End of Transmission * * *