TCREUR_Public/160608.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, June 8, 2016, Vol. 17, No. 112



TRANS BALKAN: Bulgarian Government Abandons Liquidation


ELDORADO INT'L: Fitch Rates 2023 Senior Notes 'B+/RR4(EXP)'




EIRCOM FINANCE: Fitch Rates Proposed EUR350MM Bond Issue B+(EXP)
JPDC: NAMA Takes Control of Business, Appoints Receivers
PROVIDE-VR 2003-1: S&P Lowers Rating on Class D Notes to D


BRAAS MONIER: Moody's Assigns (P)Ba3 Rating to EUR435MM Sr. Notes
BRAAS MONIER: S&P Affirms 'BB-' CCR, Outlook Stable


MONASTERY 2006-I: S&P Raises Rating on Class C Notes to BB


CAIXA GERAL: Moody's Reviews B1 Deposit Ratings for Downgrade


BUROVOYA KOMPANIYA: Fitch Rates RUR-Denominated Bonds 'BB(EXP)'
LENSPETSSMU: S&P Revises Outlook to Stable & Affirms 'B+' CCR

U N I T E D   K I N G D O M

BHS GROUP: Pensions Authorities Not Approached Yet by Green
COVENTRY AND RUGBY: Moody's Affirms Ba2 Rating on GBP407MM Bonds
RANGERS FOOTBALL: Crown's Proceedings Against Administrators End
TATA STEEL UK: Government Offers Incentives to Save Port Talbot



TRANS BALKAN: Bulgarian Government Abandons Liquidation
SeeNews reports that Bulgaria has abandoned the liquidation of
Trans Balkan Pipeline (TBP), the company created for the
implementation of the Burgas-Alexandroupolis oil pipeline
project, which the country ditched in 2011.

According to SeeNews, Bulgaria's finance minister Vladislav
Goranov said as quoted by "We terminated the
liquidation case because the Greek side offered the company to
continue to exist as a basis for future joint projects such as

In 2007, Russia, Bulgaria, and Greece signed an agreement on the
construction of the Burgas-Alexandroupolis pipeline, which should
carry Russian and Caspian oil from the Bulgarian Black Sea port
of Burgas to the Greek Aegean port of Alexandroupolis, SeeNews

The project, which was estimated to cost around one billion euro,
was suspended in 2011 as the Bulgarian authorities questioned the
environmental safety of the scheme, SeeNews recounts.


ELDORADO INT'L: Fitch Rates 2023 Senior Notes 'B+/RR4(EXP)'
Fitch Ratings has assigned a 'B+/RR4(EXP)' rating to the proposed
2023 notes to be issued by Eldorado Intl. Finance GmbH, and
guaranteed by Eldorado Brasil Celulose S.A. (Eldorado) and
Cellulose Eldorado Austria GmbH. Proceeds from these senior
unsecured notes, which are expected to total $US500 million, will
be used to extend the company's debt maturity profile.

The rating reflects Eldorado's stronger cash flow due to the
depreciation of the Brazilian real during 2015, which accelerated
the deleveraging of the company's balance sheet. The ratings
incorporate that Eldorado will likely enter into a new investment
cycle and leverage will temporarily increase during 2017 and
2018. After 2019, a fast deleveraging is expected due to stronger
cash flow generation capacity from the second pulp mill. Eldorado
has a manageable liquidity, and Fitch expects an improvement in
the company's liquidity and lower refinancing risk. Eldorado's
limited financial flexibility from its forest base was also
incorporated in the analysis.


Operational Cash Flow Improved

Eldorado's EBITDA generation benefited from the depreciation of
the Brazilian real against the U.S. dollar, and to lesser extent
higher pulp prices. In the latest 12 months (LTM) ended March
2016, Eldorado generated BRL1.7 billion of EBITDA, compared to
BRL592 million reported in 2014. Fitch expects EBITDA to be
stable at BRL1.7 billion in 2016, considering net pulp prices of
$US550/ton. The company's cash flow generation is still strongly
affected by high financial expenses due to high indebtedness with
cash flow from operations (CFO) at BRL845 million in the LTM
ended March 2016.

Investments of about BRL10 billion for the construction of its
new pulp mill will pressure free cash flow (FCF) generation,
which is expected to be negative until 2019. In the LTM ended
March 2016, FCF was positive at BRL319 million, after investments
of BRL526 million. Expected funding for the expansion project
should consist of BRL7 billion of debt from the Brazilian
Development Bank (BNDES), Midwest Development Fund (FDCO),
foreign export credit agency and FGTS, and BRL3 billion of
equity. Fitch's base case projections considered that Eldorado
will not proceed with the expansion project without the equity

Leverage to Increase Due to New Pulp Project

Eldorado's leverage reduced faster than expected due to stronger
operational cash flow. In the LTM ended March 2016, net
debt/EBITDA was 4.9x, a reduction compared with 5.2x in 2015 and
12.6x in 2014, as per Fitch's methodology. As of March 31, 2016,
Eldorado reported total debt of BRL8.9 billion, with strong
participation of BNDES (44% of total debt). Fitch's base case
projections considered that Eldorado will build a second pulp
production line, with a production capacity of 2.3 million tons,
preventing the company from deleveraging in the medium term. With
investments of BRL10 billion, including an equity portion of BRL3
billion with the remainder comprised of new debt, Fitch expects
net leverage to peak at 7.7x in 2018. A quick deleveraging is
expected once the new mill becomes operational.

Dependence on Third Party Wood Still High

Eldorado exhibits state of art technology and high productivity
at its mill, with an annual production capacity of 1.7 million
tons of hardwood pulp. Eldorado's cash cost is in line with its
peers in Brazil, although the company has high dependence of wood
from third parties and longer average distance from the forest to
the mill. Eldorado also has some financial flexibility from its
forest base, with the accounting value of the biological assets
of its forest plantations of BRL1.8 billion as of March 31, 2016.
The nearly ideal conditions for growing trees in Brazil make
these plantations extremely efficient by global standards and
give the company a sustainable advantage in terms of cost of


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

-- Net pulp prices between $US550 and $US575 per ton during

-- Pulp sales volume of 1.65 million tons in 2016 and 1.7
    million tons in 2017;

-- Startup of the new pulp mill in 2019, with an additional pulp
    sales volume of 1.4 million tons in 2019, reaching full
    capacity in 2020;

-- Investments of BRL1.3 billion in 2016, BRL5.4 billion in 2017
    and BRL4 billion in 2018;

-- Equity increase of BRL3 billion during 2016-2018.


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

-- Expectation that leverage will not quickly reduce after the
    startup of the new pulp mill;

-- Liquidity falling to levels that considerably weaken short-
    term debt coverage.

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

-- Rating upgrades are not expected until the company concludes
    its new investment cycle;

-- Faster than expected deleveraging if Eldorado decides not to
    proceed with the investments for the construction of the
    second pulp production line, resulting in higher than
    expected free cash flow generation.


Liquidity is manageable. As of March 31, 2016, cash and
marketable securities was BRL727 million and short-term debt was
BRL2.7 billion, including about BRL1.2 billion of pre-export
financing. Eldorado has BRL833 million of debt maturing from
April to December 2017 and BRL1.2 billion in 2018. The reduction
in the company's cash reserves, compared to a cash position of
BRL1.4 billion at the end of 2015, was due a loss from
derivatives transactions of BRL746 million during the first
quarter of 2016. In 2015, Eldorado reported gains from
derivatives transactions of BRL1.7 billion. In Fitch's opinion,
Eldorado's hedging strategy is aggressive and speculative. Fitch
expects the company to refinance part of debt maturities and new
intercompany loans are not expected, but will depend on
Eldorado's access to the market to extend debt amortization


Fitch assigns the following rating:

Eldorado Intl. Finance GmbH

-- Proposed senior unsecured notes, up to $US500 million, and up
    to seven years 'B+/RR4(EXP)'.

Transaction will be issued by Eldorado Intl. Finance GmbH and
guaranteed by Eldorado Brasil Celulose S.A. and Cellulose
Eldorado Austria GmbH.

Fitch currently rates Eldorado Brasil Celulose S.A. as follows:

-- Long-Term Foreign Currency IDR 'B+';
-- Long-Term Local Currency IDR 'B+';
-- Long-Term National Scale 'BBB+(bra)'.

The Rating Outlook for the corporate ratings is Stable.


Christian Keszthelyi at Budapest Business Journal reports that
some 130 employees of Zsolnay Porcelanmanufaktura resigned from
their jobs effective immediately, abandoning the company for the
newly formed Ledina Keramia.

Ledina Keramia was created by Zsolnay's minority owner Pecs
Council, to take over operations from Zsolnay in the event that
it is liquidated pursuant to the Hungarian Development Bank (MFB)
canceling the HUF413 million loan provided to Zsolnay in the
event that the company fails to comply with the repayment
schedule of less than two weeks, BBJ discloses.

According to BBJ, Hungarian news agency MTI reported that the
council of Pecs believes the liquidation is inevitable and the
staff is transferring to the new company to save a heritage of a
company that spans more than one and a half centuries.

Zsolnay said on June 3 that it is suing state-owned Hungarian
Development Bank (MFB) for the cancellation of its loan, BBJ
relays, citing MTI.

According to earlier reports, the local council of Pecs had
already set up Ledina Keramia to take over the operation of the
porcelain manufacturer in the event that it is liquidated, BBJ

Zsolnay Porcelanmanufaktura is a Hungarian porcelain maker.


EIRCOM FINANCE: Fitch Rates Proposed EUR350MM Bond Issue B+(EXP)
Fitch Ratings has assigned eircom Finance DAC's proposed EUR350
million bond issue an expected rating of 'B+(EXP)'/'RR3'. The
proposed issuance has a maturity of 2022, is being issued on a
senior secured basis, and will rank pari passu and benefit from
the same security package as the group's EUR2.0 billion secured
bank facilities (rated B+/RR3, borrowed at the eircom Finco
S.a.r.l level).

Fitch said, "Proceeds of the issuance will be used to refinance
the group's existing EUR350 million2020 secured notes, which
currently pay a coupon of 9.25%. Pricing of the proposed
transaction is expected to result in significant cash interest
savings, and provide stronger free cash flow (FCF) over time,
although transaction and break fees will have a negative impact
in the financial year ending June 2016 (FY2016). Relative to
Fitch's previous rating case, we estimate FCF improvements of
around EUR10 million on a full year basis and FY17 FCF now in the
region of EUR70 million, including forecast commitment fees
payable on the revolving credit facility (RCF) the group is also
currently arranging."

The final rating is contingent upon the receipt of final
documents conforming to the information already received.


Bond Issuance and RCF

Pricing on the proposed bonds should represent a material
improvement on the 9.25% coupon currently paid on the 2020
maturity. The bonds will benefit from the same security and
guarantor package as the existing bonds and the group's core
EUR2.0 billion bank facilities and therefore receive a similar
instrument and Recovery Rating. The transaction will achieve
maturity and cash flow benefits over the term of the issuance,
reflecting what Fitch views as active and effective treasury
management. The company is also establishing a EUR150 million RCF
maturing 2021, on pari passu terms with the rest of the capital
structure. Fitch views the RCF as prudent liquidity management
and a further sign of proactive management, potentially allowing
the company better use of its balance sheet cash given the
marginal returns available in the low policy rate environment.

Security Structure

Similar to the structure of the existing bonds and the bank loan,
security includes guarantees from principal operating
subsidiaries, security over group operating assets along with
down/cross- stream guarantees from the principal holdcos, share
pledges over the latter's shares in subsidiaries and security
given by the issuer over the intercompany loan used to pass on
the proceeds of the notes within the group; a similar pledge is
provided over the intercompany loan used to channel the bank loan
on within the group.

For the 12 months to March 2016, guarantor subsidiaries
represented 100% and 99.85%, respectively, of group consolidated
adjusted EBITDA and assets. The terms of payment priority in the
event of enforcement are governed by an intercreditor agreement.
Hedging liabilities are treated on a super senior basis. Fitch
views the security package as comprehensive and characteristic of
the type of structure typical for an infrastructure type telecoms
business in the 'B' rating category.

FCF, Leverage

The revision of eir's Outlook to Positive in April 2016 was
underpinned by Fitch's view that the business profile supports a
stronger rating than the current 'B' and that forecast FCF
performance in FY17 suggests cash flow and leverage metrics more
consistent with a 'B+' rating. The proposed transaction will be
mildly negative for FCF in FY16, relative to Fitch's previous
rating case, given associated arrangement and break fees. Fitch's
forecast FFO lease adjusted net leverage for FY16 is largely
unchanged at 5.2x. FCF performance in subsequent years is
forecast to be stronger given the improved funding costs on the
bonds. A stronger forecast FCF performance in particular is
supportive of the Positive Outlook, while Fitch's rating case
expects FFO net leverage of around 4.8x by FY17, compared with
the upgrade guideline of at or below 5.0x.


Recoveries on the proposed issuance are based on a going concern
approach to the business, given the company's underlying
operating profile and substantial fixed asset base. Fitch's
bespoke assumptions in general, include the premise that
availability under an RCF would be fully utilized in the event of
corporate distress. The addition of a EUR150 million RCF in eir's
case is therefore marginally negative in Fitch's recovery
analysis, while Fitch acknowledges the benefits in terms of the
company's strengthened and more diversified liquidity. Including
super senior hedging liabilities in Fitch's revised recovery
analysis, recoveries on the proposed bonds are assessed at around
65%, consistent with an 'RR3' Recovery Rating. This is the same
as that applied to the existing 2020 bonds and bank debt."


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

-- Low single-digit revenue growth through to FY19
-- Stable EBITDA margin of around 39% from FY16 to FY19
-- Cash tax above EUR20 million p.a. from FY16
-- Non-recurring cash outflows related to restructuring
    provisions and onerous contracts around EUR30 million in FY16
    and EUR10 million in FY17
-- Capital expenditure at 21% of revenues in FY16 and FY17,
    reducing to 19% and 18% in the following two years
-- No further acquisitions beyond Setanta Sports
-- Around EUR20 million in break costs and arrangement fees
    associated with the planned bond issuance in FY16


Positive: Future developments that may, individually or
collectively, lead to an upgrade include:

-- FFO adjusted net leverage expected to remain at or below 5.0x
    on a sustained basis when combined with:
-- FCF margin expected to be consistently in the mid-single
    digit range.
-- Ongoing revenue stability and EBITDA improvement, achieved
    through the ongoing stabilization of fixed key performance
    indicators (KPIs) and improving mobile trends.

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

-- FFO adjusted net leverage approaching 6.0x accompanied by
    negative FCF. This would imply the stabilization so far
    achieved has not been sustained or that competition is
    continuing to force higher levels of capex than envisaged in
    Fitch's base case, while deteriorating operating trends would
    be a greater risk.
-- A material reversal in positive operating trends -- key
    measures being fixed access losses, overall broadband
    accesses and the mix in pre- and post-paid mobile customers.


Liquidity is provided by the company's underlying balance sheet
cash -- unrestricted cash was EUR156 million at end-March 2016.
The proposed RCF will add EUR150 million, which given balance
sheet cash and the path to FCF envisaged in Fitch's forecasts
provides substantial liquidity. Fitch believes management may
choose to use some of its cash to prepay part of the bank loan
given the low returns currently achievable across the eurozone on
cash balances.

JPDC: NAMA Takes Control of Business, Appoints Receivers
Barry O'Halloran at The Irish Times reports that the National
Asset Management Agency has taken control of JPDC, a subsidiary
of building group BAM, on foot of a debt dating back to a 2007
land deal.

NAMA recently appointed Jim Hamilton and David O'Connor of
accountants BDO as receivers to JPDC, The Irish Times relates.

JPDC is a property holding company that sold a site in
Carrigtowhill, Co Cork in 2007 to construction company John F
Supple, whose debts NAMA took over in 2010 and which was finally
wound up two years later, The Irish Times discloses.

While JPDC sold the property, it agreed to hold on to the legal
title until John F Supple could develop it and sell it on, The
Irish Times notes.

However, as the building company was subsequently wound up, JPDC
was left with the title, The Irish Times states.  Its directors,
including BAM Ireland chief executive Theo Cullinane, agreed NAMA
should appoint receivers as it was the easiest way for the agency
to take control of the site, which it plans to sell, The Irish
Times relays.

According to The Irish Times, in a statement, BAM said the
receivership solely related to its subsidiary's interest in the
legal title to the Carrigtwohill site.

It also pointed out that the receivership had no implications for
the wider BAM Group, The Irish Times says.

BAM has offices in Cork and Kildare.

PROVIDE-VR 2003-1: S&P Lowers Rating on Class D Notes to D
S&P Global Ratings lowered to 'D (sf)' from 'CC (sf)' its credit
rating on PROVIDE-VR 2003-1 PLC's class D notes.  At the same
time, S&P has affirmed its 'D (sf)' rating on the class E notes.

The rating actions follow the loss allocation to the 'D (sf)'
rated class E notes and the allocation of losses to the class D

Since closing, sequential amortization and net losses have
reduced the principal balance of the remaining notes to
approximately EUR0.7 million, from EUR449.0 million at closing in
December 2003. The class A+ to C notes have fully redeemed.

Since S&P's previous review, cumulative net losses have further
increased and amount to approximately EUR10.1 million, or 2.3% of
the closing balance.  According to the latest investor report
(for the March 2016 payment date), additional net losses have led
to a full loss allocation to the class E notes.  S&P has observed
regular net loss allocations in this transaction since 2006.

Average recovery rates since closing have remained low, at about
41%, due to a relatively high amount of second-lien mortgages.

Following the allocation of losses to the class D notes in an
amount of approximately EUR22,400, or 0.27% of the closing class
D notes' balance, S&P has lowered to 'D (sf)' from 'CC (sf)' its
rating on the class D notes.  Taking into account credit events
and delinquencies to date, and considering historical recovery
rates in this particular portfolio, S&P expects that further
losses will be allocated to the class D notes before the
transaction reaches legal final maturity.

S&P has affirmed its 'D (sf)' rating on the class E notes as
losses have been allocated to this tranche since May 2010, which
led to a full loss allocation on the March 2016 payment date.

PROVIDE-VR 2003-1 is a partially funded synthetic German
residential mortgage-backed securities (RMBS) transaction.


BRAAS MONIER: Moody's Assigns (P)Ba3 Rating to EUR435MM Sr. Notes
Moody's Investors Service has assigned a provisional (P)Ba3
(LGD3) rating to the proposed new EUR435 million senior secured
notes (due 2021) to be issued by BMBG Bond Finance S.C.A., a
direct subsidiary of Luxembourg-based roof tiles and roofing
components manufacturer Braas Monier Building Group S.A.  Moody's
has also assigned a provisional (P)Ba3 (LGD3) rating to the
proposed new EUR200 million multicurrency revolving credit
facility (RCF, maturing 2021) to be raised by Braas Monier
Building Group Holding S.a r.l. and certain other subsidiaries of
the group.  At the same time, Moody's has affirmed Braas Monier's
B1 corporate family rating (CFR) and B1-PD probability of default
rating (PDR).  The outlook on all ratings has been changed to
positive from stable.

Proceeds from the proposed EUR435 million bond issuance together
with around EUR108 million of expected drawings under the new RCF
at closing of the transaction and EUR20 million of cash on
balance sheet will be used to extend the maturity profile by
redeeming all outstanding debt of Braas Monier, including the
EUR315 million 2020 senior secured floating rate notes, EUR200
million senior secured term loan (maturing 2020), to repay
drawings under the existing RCF and pay expenses related to the

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect the rating agency's
preliminary assessment regarding the transaction.  Upon a
conclusive review of the final documentation, Moody's will
endeavor to assign definitive ratings to the proposed senior
secured notes and RCF.  The definitive ratings may differ from
provisional ratings.

List of affected ratings:


Issuer: BMBG Bond Finance S.C.A.
  Backed Senior Secured Regular Bond/Debenture (Local Currency),
   Assigned (P)Ba3 (LGD 3)

Issuer: Braas Monier Building Group Holding S.a r.l.
  Backed Senior Secured Bank Credit Facility (Local Currency),
   Assigned (P)Ba3 (LGD 3)


Issuer: Braas Monier Building Group S.A.
  Corporate Family Rating, Affirmed B1
  Probability of Default Rating, Affirmed B1-PD

Issuer: BMBG Bond Finance S.C.A.
  Backed Senior Secured Regular Bond/Debenture, Affirmed Ba3

Issuer: Braas Monier Building Group Holding S.a r.l.
  Backed Senior Secured Bank Credit Facility, Affirmed Ba3

Issuer: Monier Finance S.a r.l.
  Backed Senior Secured Bank Credit Facility, Affirmed Ba3

Outlook Actions:

Issuer: BMBG Bond Finance S.C.A.
  Outlook, Changed To Positive From Stable

Issuer: Braas Monier Building Group Holding S.a r.l.
  Outlook, Changed To Positive From Stable

Issuer: Braas Monier Building Group S.A.
  Outlook, Changed To Positive From Stable

Issuer: Monier Finance S.a r.l.
  Outlook, Changed To Positive From Stable

                         RATINGS RATIONALE

The outlook change to positive reflects Moody's expectation of
Braas Monier's leverage on a Moody's-adjusted basis to
meaningfully reduce over the next six quarters, supported by
projected solid growth in profits and gross debt reduction
following the proposed refinancing.  Deleveraging will also be
supported by Braas Monier's solid free cash flow generation,
which should enable the group to swiftly repay an initial drawing
of around EUR108 million under the new revolving credit facility
at closing of the refinancing.  The cash interest reduction from
the refinancing, contributing to a lower average cost of debt,
will further bolster the group's cash flow generation going

Although unfavourable currency effects (mainly from a weakening
MYR, RUB and GBP) and exceptional charges in connection with
reorganisation efforts, certain strategic projects and changes in
group management still affected earnings during the first quarter
2016 (Q1-16), the rating agency forecasts adjusted earnings to
noticeably increase in 2016 and next year.  This should be mainly
driven by operating leverage on the back of moderate volume
growth in Europe, evidenced, for example, by a 20% uptick in
building approvals in Germany, a market which represents more
than 20% of revenues and a 10% increase in deposits in France for
single family homes pointing to 2016 growth in France.  This more
than offsets currently slowing demand in China and overall stable
volumes in Malaysia, the group's key markets in its Asia/Africa
segment.  In addition, Moody's anticipates no material
restructuring cost to repeat in 2016 and beyond and (absent
significant currency volatility and/or acquisitions) expects
lease- and pension-adjusted EBITDA to reach close to EUR230
million by year-end 2017.  Correspondingly, this will translate
into a material reduction in Braas Monier's leverage as adjusted
by Moody's to around 4x gross debt/EBITDA by the end of 2017,
which Moody's considers appropriate for a Ba3 rating, as
reflected in the positive outlook.

Moreover, Moody's recognizes the group's maintained solid
liquidity following the proposed refinancing, reflecting its
increased new EUR200 million RCF (EUR108 million of which
expected to be drawn initially) and improving free cash flow
generation given the lower interest burden associated with the
new debt facilities.

The rating action also takes into account the group's
strengthened performance over the last quarters, evidenced by its
sustained robust profitability supported by modestly recovering
volumes in Europe as well as a continued focus on cost control
and efficiency improvement measures.  This together with an
impact from the first-time consolidation of bolt-on acquisitions
closed in 2015 and in Q1-16 has resulted in reported operating
EBITDA slightly rising to EUR197.7 million in the 12 months ended
March 2016 from EUR195.4 million in fiscal year 2014.

That said, Moody's regards the group's current leverage of 5x
debt/EBITDA at March 2016 (Moody's-adjusted and pro forma for the
refinancing) as high for the affirmed B1 CFR, a figure that is
temporarily higher due to seasonal working capital-related RCF
drawings.  Furthermore, Moody's adjusts the group's debt for
sizeable pensions, which is reflected in adjusted leverage
accordingly.  Since year-end 2011, Braas Monier's pension deficit
increased from EUR256 million to EUR385 million at December 2015,
representing about 40% of total adjusted debt or 2x of the 5x pro
forma leverage at March-end 2016, driven by a considerable
reduction in discount rates.  Despite the increasing pension
deficit, the group's annual pension cash payments have remained
stable over the period at around EUR15 million.


The (P)Ba3 (LGD3) ratings on the new senior secured notes and the
new RCF reflect these instruments (together with trade payables)
ranking pari passu and ahead of pension obligations (EUR385
million as of 31 December 2015) and EUR19 million lease rejection
claims in Moody's Loss Given Default (LGD) assessment.

The notes and the RCF share the same security interests over
share pledges, intercompany receivables and certain tangible
assets of the guarantors and are guaranteed by material
subsidiaries of the group, which represented around 80% of
consolidated EBITDA and 76% and total assets of the group at
year-end 2015.  Given the substantial amount of junior ranking
pensions and short-term lease commitments, which provide for
significant loss absorption in case of a potential default, the
senior secured notes and the RCF receive a one notch higher
rating of (P)Ba3 than the assigned


The positive outlook, changed from stable, reflects Moody's
expectation that Braas Monier will be able to meaningfully de-
lever its business during 2016 and next year, exemplified by a
Moody's-adjusted leverage ratio of close to 4x gross debt/EBITDA
by year-end 2017.  This should be achieved through gradual profit
improvements, supported by higher demand in certain key European
countries (e.g. UK, the Netherlands or France), contributions
from recent acquisitions and continued focus on cost reduction
and operational improvement measures.


Braas Monier's short-term liquidity is good, considering
available cash sources which Moody's expects to comfortably cover
all cash uses over the next 12-18 months.  The group has access
to approximately EUR60 million of cash and cash equivalents on
the balance sheet pro forma for the envisaged refinancing at
March-end 2016 (around EUR20 million of cash is expected to be
used for the repayment of existing debt).  However, Moody's notes
that a material portion of the cash balance (around EUR25
million) is not immediately available since being constrained in
countries with limitations on the transfer of foreign currency.
Other cash sources comprise annual funds from operations of more
than EUR140 million and access to about EUR90 million under the
proposed new RCF at closing of the transaction.  These funds
should comfortably cover Braas Monier's expected cash uses over
the next 12-18 months, including capital expenditures of
approximately EUR70 million in 2016 and around EUR16 million of
dividends proposed by management to be paid in Q2-16.

The liquidity assessment of Braas Monier also considers financial
maintenance covenants (leverage and interest cover ratios) to be
negotiated in the new RCF documentation, under which Moody's
expects the group to establish ample headroom.


Moody's might consider upgrading Braas Monier, if (1) Moody's-
adjusted debt/EBITDA trended towards 4x, (2) EBIT/interest
expense (Moody's-adjusted) sustainably exceeded 2x, and (3) the
group maintained a conservative financial policy and showed
further improving free cash flow generation.

Conversely, downward pressure on Braas Monier's rating would
evolve, if (1) debt/EBITDA (Moody's-adjusted) moved consistently
above 5x (taking into consideration the impact of volatile
pension obligations), (2) EBIT/interest expense (Moody's-
adjusted) fell well below 1.5x, or (3) free cash flow generation
and liquidity were to deteriorate materially.


The principal methodology used in these ratings was Building
Materials Industry published in September 2014.

Headquartered in Luxembourg, Braas Monier is a leading global
supplier of concrete and clay tiles and building materials for
pitched roofs with operations in 37 countries through 118
production plants as of December 2015.  The group offers a wide
range of products including roof, chimney and energy systems.
Braas Monier mainly competes with Wienerberger AG (Ba2 stable),
Etex (unrated), Imerys S.A. (Baa2 stable) and Terreal (unrated).
The group reported consolidated revenues of almost EUR1.3 billion
and operating EBITDA of about EUR198 million for the 12 months
ended March 31, 2016, and employed 7,709 people worldwide.

BRAAS MONIER: S&P Affirms 'BB-' CCR, Outlook Stable
S&P Global Ratings said it has affirmed its 'BB-' long-term
corporate credit rating on Luxembourg-based building materials
manufacturer Braas Monier Building Group S.A.  The outlook is

At the same time, S&P affirmed the short-term rating on Brass
Monier at 'B'.

S&P also affirmed its 'BB-' issue ratings on the EUR315 million
senior secured floating-rate debt instruments, EUR100 million
RCF, and EUR200 million term loan issued by Braas Monier.  The
recovery rating on these facilities is '4', indicating S&P's
expectation of average recovery, in the higher half of the 30%-
50% range, in the event of a payment default.

Additionally, S&P assigned its 'BB-' long-term and 'B' short-term
corporate credit ratings to 100%-owned finance company BMBG Bond
Finance S.C.A.  The outlook is stable.  S&P assigned its 'BB-'
issue ratings to the company's proposed EUR435 million fixed rate
notes, due 2021.  S&P also assigned its 'BB-' issue rating to
Braas Monier's proposed EUR200 million RCF.  The recovery rating
on both of these facilities is '4', indicating S&P's expectation
of average recovery, in the lower half of the 30%-50% range, in
the event of a payment default.

In the past two years, Braas Monier's management has improved the
group's profitability, including significantly reducing its cost
base, both in terms of fixed and labor costs.  S&P forecasts the
group will continue to exhibit an S&P Global Ratings-adjusted
EBITDA margin of about 18% for the next 12 months.

Braas Monier continues to exhibit slightly positive growth in its
core markets, offset by volume declines in Asia-Pacific and some
negative foreign exchange headwinds, which S&P expects to
continue through 2016.  The group has made several bolt-on
acquisitions and again, S&P expects this trend to continue as
management looks to continuously strengthen the group's
geographic spread.

Braas Monier's management has a pro forma reported net leverage
target of 2x or less at fiscal year-end.  Once S&P adjusts the
group's debt for pensions, factoring, and operating leases, this
translates to a leverage target of less than 4x.  S&P considers
adjusted debt to EBITDA of less than 4x and funds from operations
(FFO) to debt of more than 20% to be commensurate with a
significant financial risk profile.

S&P notes that Monier Holdings S.C.A., an entity that holds a
stake in Braas Monier of slightly less than 40%, has recently
agreed to sell a large portion of this stake to 40 North, a U.S.-
based investment fund.  The transaction is expected to close in
the coming weeks, and will result in 40 North owning about a 29%
stake in Braas Monier.  As Braas Monier is incorporated in
Luxembourg, we understand that Luxembourg law will apply and,
should the stake rise to 33.3%, 40 North would be obligated to
make an offer for the rest of the shares in Braas Monier.

S&P continues to view Monier Holdings S.C.A as a financial
sponsor because private equity firms hold majority ownership in
that entity.  However, S&P also acknowledges that publicly traded
companies tend to exercise less aggressive financial policies
than firms owned entirely by private equity interests.  S&P notes
that the majority of the directors on Brass Monier's board are
independent and would likely be in a position to protect the
interests of other stakeholders in the business against any
potentially aggressive recommendations from its largest
shareholder.  Consequently, S&P is retaining its assessment of
the group's financial policy as neutral.

S&P applies a negative comparable rating adjustment to reflect
its view that Braas Monier's business risk profile is at the
lower end of the fair category.

Under S&P's base case for 2016, it assumes:

   -- Flat revenue growth, with volume declines in Asia-Pacific
      dampening the slightly positive growth in most of Braas
      Monier's core European markets;

   -- Adjusted EBITDA margin of about 18%;

   -- A focus on organic growth, but potentially supplemented by
      intelligent, EBITDA accretive bolt-on acquisitions;

   -- Corporate capital expenditure (capex) of up to
      EUR60 million; and

   -- Cash dividends of about 25%-50% of the group's net profit
      (as guided by management).

Based on these assumptions, S&P arrives at these credit measures
in 2016:

   -- Adjusted debt to EBITDA of about 3.5x; and

   -- FFO to debt of about 20%.

The stable outlook reflects S&P's view that Braas Monier should
continue to preserve its leading market position and recent
margin gains due to its more efficient cost base for at least the
next 12 months.

S&P could lower the ratings if Braas Monier failed to sustain
recently improved profitability at the levels we forecast under
our base case.  S&P might also consider lowering the ratings if
the group's credit metrics weakened to a level more commensurate
with an aggressive financial risk profile, specifically debt to
EBITDA of more than 4x or FFO to debt of less than 20%.  This
could be caused by several factors, for example, the group's core
markets weakening materially below S&P's base case or Braas
Monier becoming less able to pass on increased input prices,
particularly in cement and energy.

S&P could raise the ratings on Braas Monier if the group were to
further reduce leverage and sustain credit metrics commensurate
with an intermediate financial risk profile, specifically debt to
EBITDA of less than 3x and FFO to debt of more than 30% on a
sustained basis.  S&P could consider raising the ratings if, over
the medium term, the group were to exhibit profitability that was
more stable than the high volatility shown previously.


MONASTERY 2006-I: S&P Raises Rating on Class C Notes to BB
S&P Global Ratings raised and removed from CreditWatch positive
its credit ratings on Monastery 2006-I B.V.'s class B and C
notes. At the same time, S&P has affirmed its ratings on the
class A2 and D notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction and the application of its current counterparty
criteria and its Dutch RMBS criteria.  S&P's analysis also
considered setoff risk as a result of duty of care claims.  S&P
bases its setoff risk assessment on information provided by the
note trustee in relation to the framework agreement between DSB
Bank N.V.'s insolvency administrator, consumer organizations, and
legal insurers.

On March 3, 2016, S&P placed on CreditWatch positive its ratings
on Monastery 2006-I's class B and C notes to reflect the
possibility of a full principal payout to the issuer on the duty
of care setoff claims.

As of the May 2016 payment date, the setoff recoveries have
helped replenish the reserve fund to EUR6.95 million from
EUR3.82 million, thereby increasing the available credit
enhancement for the rated notes.

As a result of the increased available credit enhancement, the
class B and C notes can withstand the 'BBB+' and 'BB' credit and
cash flow stresses, respectively, under S&P's Dutch RMBS
criteria. Consequently, S&P has raised and removed from
CreditWatch positive its ratings on the class B and C notes to
'BBB+ (sf)' from 'BBB- (sf)' and to 'BB (sf)' from 'B- (sf)',

The increased credit enhancement is having a positive effect on
the class A2 notes in S&P's analysis.  However, as S&P do not
consider the swap agreements for the transaction to be in line
with its current counterparty criteria, the maximum potential
rating for the notes is constrained at one notch above the long-
term issuer credit rating on the swap guarantor, Cooperatieve
Rabobank U.A. (A+/Stable/A-1).  S&P has therefore affirmed its
'AA- (sf)' rating on the class A2 notes.

As the period for borrowers to apply for compensation ended on
Nov. 8, 2015, the possible risk of future duty of care setoff
losses has reduced.  To date, the total realized compensation is
EUR12.95 million, compared with the total estimate of
EUR13 million.  Although the bankruptcy trustee has agreed to buy
future claims, any amounts greater than the estimate could still
possibly be set off against the transaction should the bankruptcy
trustee not have sufficient funds.  In S&P's view, due to their
position in the capital structure, the class D notes remain most
at risk of loss should the abovementioned factors occur.  As the
class D notes are still dependent upon favorable economic
conditions to pay principal and interest, in accordance with
S&P's criteria for assigning 'CCC' category ratings, it has
affirmed its 'CCC (sf)' rating on the class D notes.

Monastery 2006-I is backed by residential mortgage loans granted
to individuals in the Netherlands.  DSB Bank (now insolvent)
originated the loans.


Class               Rating
          To                    From

Monastery 2006-I B.V.
EUR875 Million Secured Mortgage-Backed Floating-Rate Notes

Ratings Raised And Removed From CreditWatch Positive

B         BBB+ (sf)             BBB- (sf)/Watch Pos
C         BB (sf)               B- (sf)/Watch Pos

Ratings Affirmed

A2        AA- (sf)
D         CCC (sf)


CAIXA GERAL: Moody's Reviews B1 Deposit Ratings for Downgrade
Moody's Investors Service has placed on review for downgrade
Caixa Geral de Depositos, S.A.'s (CGD) B1 long-term deposit and
senior debt ratings.  At the same time, the rating agency has
placed on review with direction uncertain: (1) The bank's
baseline credit assessment (BCA) and adjusted BCA of b3; (2) the
bank's subordinated debt ratings of Caa1; (3) the junior
subordinated debt ratings of Caa2(hyb) issued by CGD's Paris
branch; (4) the backed preference stock ratings of Caa3(hyb)
issued by Caixa Geral Finance Limited; and (5) the bank's long-
term Counterparty Risk Assessment (CR Assessment) of Ba2(cr).

CGD's Not Prime short-term deposit and senior debt ratings were
unaffected by today's rating action as well as the short-term CRA
of Not-Prime(cr).

The review with direction uncertain of the bank's BCA reflects
Moody's uncertainties regarding the evolution of CGD's standalone
credit profile that displays substantial downside risks given its
very weak risk-absorption capacity and thin capital buffers
relative to prudential requirements set by the European Central
Bank (ECB) and the Bank of Portugal.  However, the review with
direction uncertain also reflects the rating agency's view that
the bank's credit profile could be bolstered in case it receives
a capital injection from its parent the Portuguese government
(Ba1 stable).

The review for downgrade of CGD's long-term deposit and senior
debt ratings reflects downside risks to these ratings that could
arise as a result of Moody's Advanced Loss Given Failure (LGF)
Analysis after incorporating the bank's balance sheet structure
at end-December 2015 and its near-term funding plan.  Downward
pressure on CGD's long-term deposit and senior debt rating could
be offset by a positive evolution of the bank's BCA.

Moody's expects to conclude the review on CGD's ratings once the
rating agency will have further visibility on the feasibility and
size of the government's capital injection and the extent of
restructuring measures approved as part of the capital support
provided to the bank.  The rating agency anticipates that further
clarity is likely to be achieved before year-end 2016.



The review with direction uncertain of CGD's b3 BCA reflects
Moody's uncertainties regarding the likelihood of a capital
injection from the Portuguese government, that is required to
offset pressures on the bank's tight solvency levels.  CGD
currently displays a very weak risk-absorption capacity that
namely stems from its loss-making operations and lack of
flexibility to raise capital from internal resources.  In the
absence of the planned capital increase by its parent, Moody's
views there are significant downside risks to the bank's BCA.

CGD reported a phased-in Common Equity Tier 1 (CET 1) ratio of
10.4% at end-March 2016 compared to 10.9% at end-December 2015.
Moody's considers CGD's level of capitalization to be very weak
compared to upcoming prudential capital requirements (SREP
requirements have not been publicly disclosed), which will also
add a 1% CET1 buffer as systemic institution in Portugal from
January 2017 onwards.  In addition, CGD's capital will be further
eroded in the coming months as the bank is likely to remain loss-
making in 2016 (at end-March 2016 CGD reported a loss of EUR68

Moody's review with direction uncertain also reflects upside
pressure that could develop on the bank's BCA if its capital
position is bolstered by a capital injection.  Being a fully-
government owned institution, CGD will have to resort to the
Portuguese state and any government funded equity provision will
have to be compatible with European state aid rules, potentially
leading to an approval by the European Commission (EC) subject to
certain conditions.  In concluding the rating review, the rating
agency expects to incorporate the medium term benefits of any
restructuring measures or other EC requirements likely to
accompany the government's capital injection.  However, as the
materialization and size of the capital injection, as well as the
scope of the restructuring measures are still undefined Moody's
has therefore not taken a more positive stance on CGD's credit
profile, given the persistent and substantial challenges to its
financial fundamentals.

Moody's bases its view of a likely capital support to CGD from
its parent, on the government's recent statement, which outlined
its strong commitment to maintain its ownership of CGD as a state
owned-bank and the government's confidence that the bank could be
recapitalized under the same terms and conditions as any other
privately owned bank, while complying with the European state aid
rules.  The capital injection is still pending to receive
relevant approvals by the European authorities.


The review for downgrade of CGD's B1 long-term deposit and senior
debt ratings reflect (1) the review with direction uncertain of
the bank's BCA and (2) the results of Moody's Advanced Loss Given
Failure (LGF) Analysis.

Taking account of CGD's balance sheet structure at end-December
2015 and its near term funding plan, the rating agency's LGF
Analysis indicates that the bank's deposits and senior debt are
likely to face moderate loss-given failure, due to the loss
absorption provided by subordinated debt, as well as the volume
of deposits and senior debt themselves.  This results in a
Preliminary Rating Assessment (PRA) of b3 for deposits and senior
debt, in line with the BCA.  This is lower than under the
previous analysis, which was based on data as of end December
2014 and resulted in a PRA of b2, because CGD has since amortized
significant volume of debt instruments, which have reduced the
loss absorption for deposit and senior debt liabilities issued by
the bank.

However, positive developments for CGD's b3 BCA could offset
downside risks for CGD's deposit and senior debt ratings and
hence the review for downgrade instead of a straight downgrade of
the ratings as indicated by Moody's LGF updated LGF analysis.

Moody's assumption of a moderate probability of government
support for CGD's deposit and senior debt results in a one-notch
uplift, incorporated into the long-term deposit and senior debt
ratings of B1.


CGD's subordinated debt ratings of Caa1, the junior subordinated
debt ratings of Caa2(hyb) issued by CGD's Paris branch and the
backed preference stock ratings of Caa3(hyb) issued by Caixa
Geral Finance Limited were placed on review with direction
uncertain, reflecting the respective review placement of the
bank's BCA and Moody's approach of notching off these ratings
from the bank's baseline assessment.


As part of the action, Moody's also placed on review with
direction uncertain CGD's long-term CR Assessment of Ba2(cr),
which is four notches above the adjusted BCA of b3.  The rating
review of the CR Assessment follows the review with direction
uncertain of CGD's b3 BCA.  The CR Assessment is driven by
standalone assessment and by the considerable amount of
subordinated instruments likely to shield counterparty
obligations from losses, accounting for three notches of uplift
relative to the BCA, as well as one notch of government support,
in line with the agency's support assumptions on the bank's
deposits and senior debt.


An improvement of the BCA could be driven by visible progress in
the bank's risk absorption capacity after the planned government
capital injection.

Downward pressure on CGD's standalone BCA could arise following
any failure to receive the relevant approvals for a capital
injection or if such provision of capital is insufficient to
bolster the bank's very weak risk absorption capacity in Moody's

As the bank's debt and deposit ratings are linked to the
standalone BCA, any change to the BCA would likely also affect
these ratings.  Positive developments for CGD's b3 BCA could
offset downside risks for its deposit and senior debt ratings as
a result of increased loss-given failure following significant
debt redemptions.  A confirmation of the bank's BCA could lead to
a one notch downgrade of deposit and debt ratings based on the
increased loss-given failure while a downgrade of the bank's BCA
could result in multi-notch downgrades of its long-term ratings.


Issuer: Caixa Geral de Depositos, S.A.

Placed on Review for Downgrade:

  Senior Unsecured Medium-Term Note Program, currently (P)B1
  Senior Unsecured Regular Bond/Debenture, currently B1, outlook
   changed to Rating Under Review from Negative
  Long-term Deposit Ratings, currently B1, outlook changed to
   Rating Under Review from Stable
  Placed on Review Direction Uncertain:
  Adjusted Baseline Credit Assessment, currently b3
  Baseline Credit Assessment, currently b3
  Long-term Counterparty Risk Assessment, currently Ba2(cr)
  Subordinate Medium-Term Note Program, currently (P)Caa1
  Subordinate Regular Bond/Debenture, currently Caa1

Outlook Actions:

  Outlook, changed to Rating Under Review from Stable(m)

Issuer: Caixa Geral Finance Limited

  Placed on Review Direction Uncertain:
  Backed Pref. Stock Non-cumulative, currently Caa3(hyb)
  Outlook Actions:
  No Outlook

Issuer: Caixa Geral de Depositos Finance

  Placed on Review for Downgrade:
  Backed Senior Unsecured Medium-Term Note Program, currently
  Placed on Review Direction Uncertain:
  Backed Junior Subordinated Regular Bond/Debenture, currently
  Backed Subordinate Regular Bond/Debenture, currently Caa1

Outlook Actions:
  No Outlook

Issuer: Caixa Geral de Depositos, S.A. (London)

Placed on Review Direction Uncertain:
  Long-term Counterparty Risk Assessment, currently Ba2(cr)

Outlook Actions:
  No Outlook

Issuer: Caixa Geral de Depositos, S.A. (Madeira)

  Placed on Review Direction Uncertain:
  Long-term Counterparty Risk Assessment, currently Ba2(cr)

Outlook Actions:
  No Outlook

Issuer: Caixa Geral de Depositos, S.A. (Paris)

Placed on Review for Downgrade:
  Senior Unsecured Medium-Term Note Program, currently (P)B1
  Senior Unsecured Regular Bond/Debenture, currently B1, outlook
   changed to Rating Under Review from Negative
  Placed on Review Direction Uncertain:
  Long-term Counterparty Risk Assessment, currently Ba2(cr)
  Junior Subordinated Regular Bond/Debenture, currently Caa2(hyb)
  Subordinate Medium-Term Note Program, currently (P)Caa1
  Subordinate Regular Bond/Debenture, currently Caa1

Outlook Actions:
  Outlook, changed to Rating Under Review from Negative

Issuer: Caixa Geral de Depositos/New York
  Placed on Review for Downgrade:
  Long-term Deposit Rating, currently B1, outlook changed to
Rating Under Review from Stable

  Placed on Review Direction Uncertain:
  Long-term Counterparty Risk Assessment, currently Ba2(cr)

Outlook Actions:
  Outlook, changed to Rating Under Review from Stable

                        PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in January 2016.


BUROVOYA KOMPANIYA: Fitch Rates RUR-Denominated Bonds 'BB(EXP)'
Fitch Ratings has assigned OOO Burovoya Kompaniya Eurasia's (BKE)
prospective rouble-denominated bonds an expected local currency
senior unsecured rating of 'BB(EXP)' and an expected National
senior unsecured rating of 'AA-(rus)(EXP)'. The planned notes
will be issued under BKE's RUB100 billion bond issuance program.
The final bond ratings are contingent on the receipt of final
documents conforming materially to information already received
and details regarding the amount and tenor of the bonds.

Fitch said, "BKE is the indirectly wholly owned operating
subsidiary of Eurasia Drilling Company Limited (EDC, BB/Negative)
and is EDC's principal onshore drilling service provider in
Russia. BKE's customers include PJSC Lukoil (BBB-/Negative), PJSC
Gazprom Neft (GPN, BBB-/Negative) and others. We expect EDC to
provide BKE with a legally binding irrevocable offer to purchase
the prospective bonds in case of certain events of default.
According to its audited 2015 IFRS accounts, BKE had revenues and
EBITDA of $US998 million and $US259 million, or 57% and 56% of
EDC's consolidated numbers for the period, respectively."

Fitch said, "EDC is Russia's leading drilling and oilfield
services (OFS) company by onshore metres drilled, with a market
share of approximately 21% in 2015. The Negative Outlook on EDC's
rating reflects the expected deterioration in its financial
performance in 2016-2017, eg, funds from operations (FFO)
adjusted net leverage of around 3x and FFO interest coverage of
around 5x, exceeding our negative rating guidance, as well as
medium-term market pressures that OFS providers face on volumes
and rates, and EDC's high current FX risk exposure. We forecast
that in 2018-2019 EDC's leverage and coverage will return to
within our guidance levels of 2.5x and 6x, respectively."

EDC's other ratings are Long-term local currency Issuer Default
Rating (IDR) of 'BB', National Long-term rating of 'AA-(rus)' and
Short-term foreign and local currency IDR of 'B'. The Outlook on
the Long-term ratings is Negative.

Stable Recent Operating Performance
In January-April 2016, EDC's total metres drilled were down 1.7%
on 4M15, while its horizontal metres drilled edged up 8% over the
same period. The fairly stable 4M16 operating results are in
contrast with 2015, when total footage declined 17% yoy, whereas
horizontal metres were 27% up compared to 2014. The overall
decrease in 2015 volumes was mainly the result of weaker orders
from Lukoil, EDC's anchor customer, which accounted for 61% of
EDC's gross revenues and 53% of total metres drilled in 2015.

BKE's total footage dropped by 6% in 4M16 yoy while its
horizontal footage was up nearly 20% yoy. BKE's 2015 total metres
drilled were 3.6m, or 18% down on 2014, while its horizontal
metres drilled were up 27% and reached 35% of total metres
drilled. Fitch expects BKE to benefit from the rebound in
Lukoil's drilling volumes in 2016, which is likely to occur if
oil prices stabilize at the current levels of $US50 per barrel
(bbl) of Brent.

Rouble, Metres Drive Financial Results
Fitch said, "EDC's total revenue from drilling and related
services in 2015 was down 41% yoy to $US1.8 billion on a
significantly weaker rouble, lower total drilling metres and a
deteriorating Caspian Sea drilling market. We estimate that the
company's 2015 rouble-denominated revenue declined 6% yoy, while
the average $US/RUB exchange rate dropped 37% yoy. GPN, EDC's
second-largest customer, accounted for nearly 14% of the
company's gross 2015 revenues, up from 9% in 2014, and made up
the largest share of EDC's horizontal drilling orders in 2015."

BKE's rouble-denominated revenues fell 10% and its EBITDA
decreased 19% in 2015, primarily a result of lower total drilling
volumes and flat drilling rates.

Post-Buyout Leverage Increases
Fitch said, "EDC paid $US370 million to holders of global
depository receipts (GDR) in 2015 and projects further total
payments of $US107 million to dissenting GDR holders in 2016,
with $US28 million already paid to date. We include the remaining
$US79 million cash outflow in our 2016 forecast as the most
likely outcome.

"To finance the buyout, EDC used its cash balances and raised
debt, ie, a $US150million amortising secured loan from Rosbank
(BBB-/Negative) due in 2018 and a $US150 million short-term
bullet loan from LUKOIL, due in late 2017. The Rosbank loan was
guaranteed by EDC and BKE. The LUKOIL loan is secured on the BKE
stake, valued at $US180 million (around 23% of BKE's book value
at end-2015) and has an option for LUKOIL to convert the loan
principal into a stake in BKE at any time until the loan is
repaid in full. We do not expect LUKOIL to convert its loan into
BKE equity.

Capex, Dividend Reduction Boost FCF
"EDC's 2015 capex dropped by 60% yoy on rouble depreciation, the
end of expansionary investments in marine jack-up rigs and lower
land rig orders. EDC's 2015 Fitch-calculated free cash flow (FCF)
reached a record high of $US240m. The company's management does
not expect large capex in 2016-2019 as its rigs are among the
newest in Russia. Our estimates of EDC's future capex are higher
than the company's. However, we expect that capex could be
reduced due to weakening rouble and fewer fleet upgrades in the
medium term.

"EDC's management intends to pay no dividends in 2016-2019 until
the company substantially reduces its leverage and improves cash
flow generation. EDC did not pay dividends for 2015 and plans no
dividends for 2016. We will assess the impact on EDC's credit
profile should the company deviate from its no-dividend policy.

Positive Long-Term Market Fundamentals
"We expect EDC to remain the largest onshore driller in Russia
over the medium term, despite competitive pressures. As
production from Russian brownfields continues declining, we
expect Russian oil companies to intensify drilling across all
traditional oil regions to maintain overall production levels. We
also forecast a pick-up in greenfield production drilling
following a number of fields being ramped up. According to the
Russian Energy Ministry, total drilling meterage in Russia
increased by 10% in 2015, with OJSC OC Rosneft's metres drilled
up 32% and GPN's up 6%, while LUKOIL drilled 27% fewer metres
than in 2014.

"While demand for oilfield services by Russian oil companies
should benefit EDC over the medium to long term, we
conservatively estimate that its total onshore drilling metres
will edge lower by 5% in 2016 before improving by around 5% per
year from 2017. EDC's management expects a 1% total onshore
meterage decline in 2016. Furthermore, we forecast a very modest
annual increase in rouble-denominated onshore drilling rates, as
the OFS industry operates under a significant cost pressure from
the oil companies, exacerbated by the risk of a taxation increase
in Russia potentially forcing oil and gas producers to optimize
opex including drilling."

Customer Diversification Slowly Improving
EDC's ratings are constrained in the 'BB' category due to high
but declining customer concentration, and limited geographical
diversification. In 2015, LUKOIL accounted for 53% of EDC's total
onshore metres drilled (63% in 2014, 57% in 2013), GPN for 35%
(22% in 2014, 12% in 2013) and Rosneft for 3% (7% in 2014, 24% in
2013). LUKOIL's share in EDC's revenues has historically been
higher as it also includes EDC's drilling services on the Caspian
Sea shelf as well as other onshore non-metre drilling services
such as workover.

Fitch said, "Rosneft has considerably increased drilling orders
from EDC in 2016, which should strengthen EDC's operating
profile. EDC's total meterage already contracted by Rosneft
increased four times in 2016 yoy. Rosneft, EDC's second-largest
customer in 2013, contributed 1.5% to EDC's total revenues in
2015. We understand that EDC is bidding or has already been
awarded drilling work for a number of other Russian oil
companies, eg, PJSOC Bashneft (BB+/Stable). We expect its
customer diversification to improve gradually over the medium

Foreign Currency Debt Exposure
"EDC has traditionally had a significant portion of its
borrowings in US dollars, or 92% at end-2015, while most of its
cash flow, or nearly 90% in 2015, has been generated in roubles.
Thus, EDC is substantially exposed to fluctuations in the rouble-
US dollar exchange rate, which weakens its credit profile. We
expect EDC to reduce its FX exposure in 2016.

"EDC's management considers both derivative instruments and
refinancing of FX debt with RUB borrowings or domestic bonds to
mitigate the FX debt exposure. We believe that this is the right
step for the company and, once completed, it will strengthen the
company's balance sheet.

"Corporate Governance Weakens
As a private company, EDC does not disclose the names of the
directors, but we understand that there is one at least
independent director on its board. We believe that although EDC's
corporate governance has weakened since the company became
private, it is still commensurate with a 'BB' rating for a
Russia-based issuer. EDC is committed to regularly publishing
accounts and disclosing other operating and financial data.
Should the quality of EDC's corporate governance or financial
disclosures worsen considerably, we may review the company's
ratings and introduce an additional notch down."

Fitch's key assumptions for EDC include:

-- Moderate drop in total onshore drilling volumes in 2016 and
    moderate increase starting in 2017.
-- Increases in RUB-denominated onshore drilling rates in line
    with changes in Russia's producer price index.
-- Offshore segment revenues falling 35% in 2016 and gradually
    recovering by 2019 due the increase in orders driven by
    higher oil prices.
-- EBITDA margin averaging 25% in 2016-2019.
-- Average exchange rate of RUB70/$US in 2016 and thereafter.
-- Capex for 2016-2019 gradually increasing from $US130m in 2016
    to $US180 million in 2019, excluding payments for rigs
    delivered on credit.
-- No dividends paid to shareholders in 2016-2019.


Positive: Future developments that may, individually or
collectively, lead to stabilization of the Outlook on EDC:

-- FFO adjusted net leverage below 2.5x (2015: 2.6x) and FFO
    interest cover above 6x (2015: 7.8x) on a sustained basis.
-- Positive free cash flows in 2016 and thereafter (2015:
    positive $US198 million).
-- Improved customer diversification.
-- More limited FX exposure.

Negative: Future developments that may, individually or
collectively, lead to a downgrade of EDC's rating:

-- FFO adjusted net leverage above 2.5x on a sustained basis due
    to high dividend payout, sizeable capex or weak operating
-- FFO interest cover below 6x on a sustained basis.
-- Material weakening of corporate governance or financial
    transparency, timeliness and completeness of information
    disclosures to a level weaker than that of the average Fitch-
    rated Russian corporate.


Liquidity Supported by Bank Facilities
At end-2015, EDC's unrestricted cash balance of $US259 million
broadly matched its short-term debt of $US279 million. EDC's
liquidity improved significantly after the company extended
maturity of the $US150 million loan from LUKOIL to 2017 from 2016
and $US40 million shareholder loan to 2019 from 2016. Rouble
balances accounted for 36% of EDC's cash of $US265 million at
end-February 2016, with US dollars largely accounting for the
rest. For 2016, Fitch forecasts that EDC will generate FCF of
$US132 million and it estimates that it will be able to maintain
sufficient liquidity over the medium term. EDC has a good track
record of accessing banks and capital markets for liquidity. It
has large undrawn uncommitted facilities from several
international and Russian banks, which it may draw to cover its
2017 debt maturities of roughly $US330 million. EDC has
negligible repayments in 2018-2019 before its $US600 million
Eurobond is due in 2020.

BKE's cash and cash equivalents equalled RUB6.6 billion at 30
April 2016, according to the company's management. BKE's short-
term maturities at April 30, 2016 included financial debt of
RUB5.6 billion, mainly the RUB5 billion bond, plus RUB2.2 billion
in liabilities for purchased equipment. Funds from operations
generated by BKE were equal to RUB15.1 billion in 2015.

LENSPETSSMU: S&P Revises Outlook to Stable & Affirms 'B+' CCR
S&P Global Ratings revised its outlook to stable from negative on
Russia-based residential real estate developer JSC SSMO
LenSpetsSMU.  At the same time, S&P affirmed its 'B+' long-term
and 'B' short-term global scale corporate credit ratings and
'ruA' Russia national scale rating on the company.

S&P also affirmed its 'B+' issue and 'ruA' national scale ratings
on LenSpetsSMU's senior unsecured debt.

The outlook revision reflects S&P's view that LenSpetsSMU's
consistently prudent liquidity management and sound capital
structure continue to mitigate some weakening in operating
performance and an increase in its debt leverage.  The company
has a track record of refinancing its debt in advance and a
preference for manageable repayment schedules linked to its
operating cycle. Its average debt maturity is consistently more
than two years (2.8 years as of March 2016), and it has no
exposure to foreign currency risks on the debt side.  Its
maturities in the next two years are sizable but fully covered by
large cash balances and undrawn long-term credit lines.

The affirmation of the 'ruA' national scale rating incorporates
S&P's view of LenSpetsSMU's credit quality at the lower end of
what S&P sees as commensurate for a 'B+' global scale rating.
Under S&P's current base-case forecast, the company's leverage
will likely increase further, with EBITDA interest coverage
declining to about 2.2x-2.5x in the next several years from 4.2x
in 2015, due to decreasing EBITDA and rising interest costs.  S&P
continues to assess the company's financial risk profile as

Russia's macroeconomic environment remains weak, with falling
real disposable incomes and consequently sluggish demand for
residential real estate.  The government's subsidized mortgage
program partially offsets the higher cost of mortgages and the
slumping demand.  The current government program is available
until December 2016, but S&P expects that the government will
continue some forms of support given that the affordability of
housing remains a social issue in Russia.

S&P continues to think that primary residential real estate
markets outside Moscow are particularly sensitive to the
difficult economic conditions.  At the same time, S&P considers
that LenSpetsSMU's competitive position is supported by its
larger size than peers' and favorable position in St. Petersburg.

LenSpetsSMU currently owns one Moscow-based project, Etalon-city,
and expects three other projects to be transferred from its
parent holding company Etalon Group in the second half of 2016.
S&P understands these projects are currently debt free.  As a
result, S&P expects that volumes of Moscow projects, based on
completions, will comprise 30%-50% of the company's total volumes
to be delivered in 2016-2018.

S&P regards LenSpetsSMU's established track record of completing
projects and selling flats as additional support for the rating.
S&P also thinks that the company's control of all the stages of
property development should give it a competitive advantage in
managing its costs. Still, rising construction and marketing
costs will likely erode EBITDA margins.

S&P forecasts that LenSpetsSMU will increase its investments in
construction in 2016-2018 to about Russian ruble (RUB) 30 billion
($450 million) per year and that operating cash flow before
development rights and land acquisitions will remain negative in
2016.  This is due to insufficient working capital funding
available from new sales and presales to customers, with positive
operating cash flow expected only in 2017, when the size of
presales of Moscow projects will increase.

In S&P base case for LenSpetsSMU, S&P assumes:

   -- In Russia, inflation of 8.5% in 2016 and 5.7% in 2017, and
      a 1.3% contraction in GDP in 2016.  This will put pressure
      on real disposable incomes in 2016, with recovery expected
      in 2017.

   -- A 10%-15% volume decline in sales and presales of
      residential apartments in 2016 and a low-single-digit
      increase in volumes in 2017-2018, with below-inflation
      price growth for all three years.  High-single-digit
      revenue decline under International Financial Reporting
      Standards (IFRS) in 2016 and significant recovery starting
      from 2017, reflecting an increasing contribution from
      deliveries in Moscow-based projects.  IFRS revenue reflects
      actual building completions and lags in the recognition of
      actual presales.

   -- An EBITDA margin narrowing to about 14%, due to rising
      construction and marketing costs.

   -- Average cost of debt of about 14%.

   -- Negative free operating cash flow in 2016 in the range of
      RUB2 billion-RUB3 billion, mostly due to working capital
      outflows, and then turning positive in 2017.

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

   -- Gross EBITDA interest coverage of 2.2x in 2016, improving
      to about 2.5x in 2017.

   -- Gross debt to EBITDA of 4.0x in 2016, decreasing to about
      3.5x in 2017.

S&P assesses LenSpetsSMU as a core subsidiary of Russian real
estate developer Etalon Group, mainly because the company
accounts for more than 70% of Etalon Group's revenues.  S&P
assess Etalon Group's group credit profile at 'b+'.

S&P equalizes its issue ratings on the senior unsecured bonds
with its corporate credit rating on the company.

S&P considers that recovery prospects for these bonds will exceed
30% because the share of priority liabilities is less than 15% of
adjusted assets.

The stable outlook reflects S&P's view that LenSpetsSMU's
established track record of prudent financial management should
help it to withstand the adverse market conditions and declining
demand for new properties in Russia.  S&P assumes that the
company's management will continue its prudent financial policy
of tailoring cash outflows into ongoing construction to the cash
inflows from committed and partly prepaid sales.  S&P expects
LenSpetsSMU's debt to EBITDA will not exceed the threshold of 4x
for the current rating, with EBITDA interest coverage remaining
at more than 2x.

"We could lower our long-term global scale rating if LenSpetsSMU
is unable to maintain its adequate liquidity as it faces higher-
than-expected working capital outflows over the next year.  We
might also lower the rating if LenSpetsSMU does not maintain its
credit metrics in line with an aggressive financial risk profile,
with debt to EBITDA exceeding 4x and EBITDA interest coverage
declining and remaining significantly below 2x.  This would
likely stem from a continued fall in demand in St. Petersburg and
insufficient demand for apartments in the company's Moscow
projects.   We will monitor the amount and maturity profile of
secured debt loans expected to be used in LenSpetsSMU's Moscow-
based projects.  We might then lower the rating because of a
potential negative impact on liquidity or we could lower our
issue rating on the company's bonds if we see an increased
proportion of priority liabilities," S&P said.

Rating upside is currently remote, but could follow stabilization
of demand for residential properties in Russia and an overall
improvement in the macroeconomic backdrop.  Rating upside also
hinges on LenSpetsSMU's ability to consistently generate material
positive free operating cash flow.

U N I T E D   K I N G D O M

BHS GROUP: Pensions Authorities Not Approached Yet by Green
Emily Gosden at The Telegraph reports that Sir Philip Green has
made no new approach to pensions authorities about restructuring
the BHS pension scheme, it has emerged, despite claims he was
trying to broker a last-minute deal.

According to The Telegraph, the retail tycoon, who is due to face
a grilling from MPs next week, was said to be "desperately
trying" to draw up a restructuring plan that would secure a
better deal for pension scheme members than if the scheme was
bailed out by the Pension Protection Fund (PPF).

BHS, which has a GBP571 million pensions black hole, went into
administration in April, and after no buyer was found, last week
administrators began the process of winding up the business,
with the loss of up to 11,000 jobs, The Telegraph relates.

Sir Philip, who owned the chain for 15 years, has faced calls to
contribute to closing the pension deficit, The Telegraph relays.
Under the PPF, which is funded by a levy on all pension schemes,
about 13,000 current and former BHS staff who are yet to retire
will see their pensions cut by 10pc, The Telegraph states.

Weekend reports suggested Sir Philip had approached the PPF for
help in presenting a restructuring plan to the Pensions
Regulator, The Telegraph recounts.  They also claimed the
regulator had refused to speak to Sir Philip due to its ongoing
anti-avoidance investigation, which could result in it ordering
BHS's former owner to contribute, The Telegraph discloses.

But both the PPF and the Pensions Regulator in June 4 insisted
they have had no approach from Sir Philip, according to The

According to The Telegraph, a source close to Sir Philip insisted
he was considering options for a possible restructuring offer.

One option is said to be similar to the "Project Thor" plan that
Sir Philip considered in 2014, which would have seen him
contribute GBP80 million and would have encouraged scheme members
with smaller pension pots to withdraw them as a lump sum, The
Telegraph notes.

BHS Group is a department store chain.  The company employs
10,000 people and has 164 shops.

COVENTRY AND RUGBY: Moody's Affirms Ba2 Rating on GBP407MM Bonds
Moody's Investors Service has affirmed the Ba2 rating of GBP407
million of index-linked senior secured bonds due 2040 issued by
Coventry and Rugby Hospital Company plc.  The rating outlook was
changed to positive from developing.

                         RATINGS RATIONALE

The change in outlook reflects the signing of a settlement
agreement between CRHC and the main offtaker University Hospitals
Coventry and Warwickshire NHS Trust regarding claimed fire
protection deficiencies.  The Settlement has the following credit
positive features:

   -- UHC agreed not to make further unavailability claims
      provided a remedial works program is completed by August

   -- The construction contractor Skanska is procuring the
      remedial works, and CRHC has a capped exposure to the
      associated costs.

   -- CRHC's financial metrics would remain above distribution
      lock-up levels even if the company had to absorb the
      maximum possible remedial costs.

   -- The required works are not technically complex and the
      proposed timetable is reasonable.

However CRHC retains exposure to execution and timing risk for
the remedial works.  If CRHC continues to demonstrate successful
progress, and if relationships with the Trusts do not
deteriorate, the company's credit profile would improve.

The Ba2 rating reflects as positives (1) the Settlement with UHC,
with CRHC's maximum potential liability capped at a level that
would still result in financial metrics being above lock-up
levels; (2) CRHC's long-term PFI contract with two NHS Trusts;
(3) satisfactory performance of facilities management ("FM") and
medical equipment services ("MES"); and (4) a range of creditor
protections included within CRHC's financing structure, such as
debt service and maintenance reserves.

The rating is constrained, however, by (1) CRHC's ongoing
remedial works, albeit these are not technically complex; (2)
CRHC's high leverage, with minimum and average debt-service
coverage ratios of 1.15x and 1.22x, respectively, which reduces
its ability to withstand unexpected stress; (3) the uneven DSCR
profile is smoothed through CRHC's use of non-contractual cash
reserving; (4) exposure to lower interest rates, which would lead
to reduced interest income from CRHC's relatively large lifecycle
reserves; and (5) a MES obligation that is moderately riskier
than for comparable issuers.

The outlook on the rating is positive, reflecting Moody's view
that a timely completion of remedial works by August 2017 will
further improve CRHC's credit profile.

The Bonds benefit from an unconditional and irrevocable guarantee
of scheduled principal and interest from MBIA UK Insurance
Limited ("MBIA", rated Ba2).  The underlying rating of Ba2
reflects the credit risk of the Bonds absent the benefit of the
guarantee from MBIA.  Since the underlying rating is equal to
MBIA's rating, the rating of the Bonds is determined by the
underlying rating.


Moody's could consider a rating upgrade if CRHC successfully
progresses with the remedial works program, and if FM and MES
provision remains satisfactory.

Moody's could consider downgrading the rating in case of a
significant delay to remedial works, or if there is a
deterioration in relationships with either Trust.

The principal methodology used in these ratings was Operational
Privately Financed Public Infrastructure (PFI/PPP/P3) Projects
published in March 2015.

CRHC is a special purpose vehicle formed in 2002 to (i) build an
approximately 1,200 bed acute hospital, medical school facilities
and a 130-bed mental health unit in Coventry, England; and (ii)
provide FM and MES.  CRHC's primary contractual relationship is
with two NHS Trusts under a 40-year project agreement.  The
majority of services are provided to UHC, which accounts for 93%
of CRHC's unitary payment income.

RANGERS FOOTBALL: Crown's Proceedings Against Administrators End
Rangers Football Club on June 3 issued the following statement:

"On February 14, 2012, David Whitehouse and Paul Clark were
appointed as joint administrators of Rangers Football Club.

"For reasons that were never made clear to the administrators,
the Crown decided to bring criminal charges against them in late
2014.  On Friday, November 14, 2014, both Messrs. Whitehouse and
Clark were arrested, held in a police station for the weekend,
and taken to court.  This process was repeated in September 2015.
From the outset, both Messrs. Whitehouse and Clark have
emphatically denied all allegations of criminal conduct against
them.  With the assistance of their lawyers, they have
consistently argued that the Crown's charges against them were
entirely without foundation.

"At a hearing in February 2016, the Crown finally accepted the
defence position in relation to the majority of the charges
brought against the administrators.  The remaining two charges
were then dismissed by the court.  Since then, the defense has
repeatedly asked the Crown to confirm that the case against David
Whitehouse and Paul Clark is at an end. That has at last been

"This brings the proceedings against David Whitehouse and Paul
Clark to an end.  They are no longer the subject of any
investigations or allegations.  David Whitehouse and Paul Clark
are relieved at the outcome.  They are grateful to their
families, friends, colleagues and legal teams for their support
during a very difficult period.  They will now be considering
what further steps might be open to them to address the damage
caused to their reputations and careers by a prosecution which
should never have been brought."

                    About Rangers Football Club

Rangers Football Club PLC --
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station,  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.

TATA STEEL UK: Government Offers Incentives to Save Port Talbot
The Financial Times reports that Sajid Javid has expended a great
deal of political energy trying to keep Tata's steel plant at
Port Talbot from closing.

Now, after weeks of lobbying, the business secretary's efforts
may be about to pay off, the FT says.

In March, the Indian conglomerate caused shockwaves when it
announced it would no longer support its lossmaking UK
operations, putting 15,000 employees at risk, the FT recounts.

According to the FT, following the offer of generous financial
incentives by the government, Tata appears open to the idea of
remaining in the UK after all.

South Wales is so dependent on steel production that a sudden
closure of the Port Talbot works could cause considerable
hardship, the FT notes.  The government is also determined to
avoid a collapse of the company with thousands of job losses in
the run-up to this month's EU referendum, the FT states.

A final deal between the government and Tata may still be some
weeks from completion, the FT says.

The company is also hampered by the legacy of the GBP15 billion
British Steel pension scheme with an estimated deficit of GBP700
million, the FT discloses.

Mr. Javid, the FT says, is now offering to legislate in order to
change the conditions of the pensions fund, watering down
benefits for its members in order to slash its liabilities.
Unusually Tata would be able to shrug these off while remaining
the owner of the steel company's assets.

Even better for the Indian company, the business secretary is
considering offering Tata a loan worth hundreds of millions of
pounds on "commercial terms", the FT relays.  That would be used
to refinance an existing GBP900 million loan that Tata's parent
company has made to Tata Steel UK, the FT discloses.  It would
effectively reduce the Indian group's financial exposure,
substituting the British taxpayer in its place, according to the

Tata Steel is the UK's biggest steel company.


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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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