---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, August 11, 2016, Vol. 17, No. 158


                            Headlines


B E L G I U M

IDEAL STANDARD: Fitch Affirms 'CC' LT Issuer Default Rating


B U L G A R I A

MARINOPOULOS GROUP: Carrefour Hypermarket Fails to Attract Bids


F I N L A N D

STORA ENSO: Moody's Affirms Ba2 CFR & Changes Outlook to Positive


F R A N C E

SOLOCAL GROUP: Moody's Cuts Corporate Family Rating to Ca
TAKE EAT: French Food Delivery Couriers Mull Suit After Collapse


G R E E C E

SINEPIA DAC: Fitch Assigns 'B-sf' Ratings to Four Note Classes


I T A L Y

PRIVATBANK AS: Money-Laundering Prompts Closure of Italian Unit


N E T H E R L A N D S

ACCUNIA EUROPEAN: Moody's Assigns Ba2 Def. Rating to Cl. E Notes
OI SA: Court Okays Request for Dutch Unit Creditor Protection
ZIGGO SECURED: Moody's Assigns Ba3 Rating to EUR750MM Term Loan C


R U S S I A

WEST SIBERIAN: S&P Affirms 'B+/B' Counterparty Credit Ratings


S L O V E N I A

ABANKA DD: Moody's Places B3 Deposit Rating on Review for Upgrade


S P A I N

GRUPO ALDESA: Fitch Affirms 'B' Issuer Default Rating


U K R A I N E

FERREXPO PLC: Fitch Hikes LT Issuer Default Rating to 'CCC'


U N I T E D   K I N G D O M

CARGO: To Close Store in Barnstaple, Cut Jobs
DUNNE GROUP: Maggie's Centre Work Resumes After Firm's Collapse
ENTERPRISE INSURANCE: Collapse Sparks Questions in EU Parliament
HUDSONS OF ENGLAND: Report Lifts Lid on Firm's Administration
SLATE NO.1: Moody's Affirms Ba3 Rating on Class E Notes

SOUTH MARSTON HOTEL: In Administration, Cuts 40 Jobs


                            *********



=============
B E L G I U M
=============


IDEAL STANDARD: Fitch Affirms 'CC' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed bathroom ceramics and fittings
producer Ideal Standard International SA's (ISI) Long-Term Issuer
Default Rating (IDR) at 'CC' and Short-Term IDR at 'C'.

The affirmation reflects ISI's unsustainable capital structure,
high liquidity risk and substantial refinancing risk.  Fitch
said, "We do expect limited deleveraging before the group's
bullet maturity in 2018, as growing funds from operations (FFO)
are likely to be offset by the potential issue of EUR80 million
first-lien notes (AAA notes) notes and large PIK interest on
existing debt."

Liquidity challenges will arise if the group's EUR25 million
super-senior revolving credit facility (RCF) is not refinanced
before maturity in May 2017 or if the intended EUR80 million AAA
senior secured notes cannot be drawn from January 1, 2017.
Although not part of Fitch's rating case, ISI is highly unlikely
to be able repay the RCF and fund working capital without the AAA
notes, leading to imminent default. However, the issue of the AAA
notes requires prior consent by either of ISI's sponsors, Bain
Capital or Achorage Capital Group, LLC.

Fitch said, "We expect solid trading over the next 12 to 18
months to partially mitigate some of these credit risks.
Management's refocus on brand and more resilient, innovative
products is credit-positive in the long-term, but additional
investments will put further near-term pressure on credit
metrics."

KEY RATING DRIVERS

Unsustainable Capital Structure

The group's unsustainable leverage and excessive refinancing
risks constrain the ratings, despite FFO improvement. We expect
FFO adjusted gross and net leverage to remain in the double
digits until the maturity of the senior secured notes in 2018,
due to the intended AAA EUR80 million notes and PIK interest on
its existing debt which accrues at 15.75% and 17.75% annually.
Free cash flow (FCF) is likely to remain neutral-to-negative,
providing support to neither leverage reduction nor to liquidity.

Trading Performance Improving

Fitch expects modest revenue growth and flat-to-improving
margins, driven by recovering construction activity in Europe and
receding restructuring costs. We forecast healthy growth in two
thirds of ISI's end-markets for the remainder of the year,
although the UK, where 27% of revenues are generated, will slow
down. Fitch said, "We expect modest growth in ISI's other core-
markets, France, Italy and Germany to continue in 2016, based on
trading results in 1Q16 and 2015, which were ahead of our
expectations. Revenue for 2015 grew 4.6% yoy (at constant FX) and
Fitch-calculated EBITDA margin (post restructuring costs)
improved to 9.9% from 2.6%."

Operational Restructuring Complete

ISI is better positioned to benefit from its leading market
positions, following the completion of its multi-year
restructuring program. The group owns a portfolio of strong
brands and ranks first or second in various European ceramics and
fittings markets, but EBITDA has historically lagged peers, due
to higher cost manufacturing and restructuring charges during the
years of its operational turnaround.

Premium Strategy Strains Metrics

Fitch expects ISI's strategy to focus on higher-margin, less
volatile products to strengthen the business against price
competition. Measures include building the brands, new product
innovation and a rebalancing of the product portfolio. However,
Fitch cautions that the intended AAA notes to fund management's
business plan will strain the group's already stretched credit
metrics.

Going Concern Recovery

Fitch has altered its approach to recoveries to going-concern,
from balance sheet liquidation. This follows the improvements in
ISI's trading and cost structure, which leads to a higher
recovery for creditors on a going concern basis compared with
balance sheet liquidation.

As a result Fitch calculates above-average recoveries for ISI's
AA senior secured notes, resulting in a rating of
'CCC'/'rr2'/88%. The rating for ISI's A and B senior secured
notes is 'C'/'rr6'/0%. Our recovery is based on an estimated
post-distress EBITDA of EUR35 million (adjusted to reflect 60%
stake in MENA) as a minimum required for the company to continue
operating as a going concern. Fitch said, "We also apply a 5.0x
distress enterprise value /EBITDA multiple, consistent with ISI's
peers, and deduct a 10% administrative charge."

"We expect the issue of the AAA notes to result in the downgrade
of the 'AA' notes to 'C'/rr6/0%, as we expect the new issue to
subordinate the existing senior secured notes. The AAA notes will
rank junior only to the super-senior RCF and senior to all other
debt in the capital structure."

KEY ASSUMPTIONS

   -- Modest revenue growth driven by slow recovery in end-
      markets.

   -- Flat-to-improving margins from improved capacity
      utilization, lower production costs and receding
      restructuring charges.

   -- FCF constrained by growing capex, taxes and working capital
      needs.

   -- EUR80m AAA notes will be issued in 1H17.

RATING SENSITIVITIES

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

   -- Significant margin improvement, with sustainable positive
      FCF and material deleveraging leading to a manageable
      capital structure.

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

   -- Imminent default from inability to service near-term
      interest or principal maturity, or further debt
      restructuring measures.

LIQUIDITY

Liquidity is poor. Cash of EUR49 million at end-1Q16 will be
sufficient to cover around EUR30 million in intra-year working
capital swings. However, the group is reliant on the roll-over of
EUR29 million in local credit facilities, the draw-down of EUR80
million new AAA notes and the refinancing of a fully-drawn EUR25
million RCF in May 2017. ISI's working capital typically unwinds
in 2H and is lowest at end-4Q. This provides some headroom until
the AAA notes are available from 1 January 2017 to cover working
capital build-up in 1Q16. However, ISI may not be able to repay
the RCF without the issue of the AAA notes, if the RCF cannot be
extended or refinanced. However, the issue of the AAA notes will
require the prior consent of Bain Capital or Achorage Capital
Group, LLC.

FULL LIST OF RATING ACTIONS

Long-Term IDR: affirmed at 'CC'

   -- Short-Term IDR: affirmed at 'C'

   -- Super senior AA notes: affirmed at 'CCC'/'RR2'

   -- Senior secured A notes: affirmed at 'C'/'RR6'

   -- Senior secured B notes: affirmed at 'C'/'RR6'


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


MARINOPOULOS GROUP: Carrefour Hypermarket Fails to Attract Bids
---------------------------------------------------------------
SeeNews reports that a Carrefour-branded hypermarket owned by
CMB Bulgaria, a unit of Greece's Marinopoulos Group, which was
put up for sale by a private enforcement agent for BGN22.68
million (US$12.9 million/EUR11.6 million), has attracted no bids.

Gergana Ilcheva, the private enforcement agent, told SeeNews that
another attempt will be made to sell the property at a 20% lower
starting price.

In June, Greek media reported that Marinopoulos Group has filed
for bankruptcy protection in Greece, SeeNews recounts.

Marinopoulos, which became Carrefour's exclusive franchisee in
southeast Europe in 2012 after the French retailer exited the
50/50 Carrefour Marinopoulos joint venture, had ambitious
expansion plans for Bulgaria and the whole region, SeeNews
relates.  However, its financial difficulties started surfacing
out already in 2014, with more and more goods disappearing from
the shelves of its supermarkets throughout Bulgaria, SeeNews
discloses.

Earlier this year, private enforcement agents put up for sale two
Carrefour-branded supermarkets, located in shopping malls in
Bulgaria's capital Sofia, seeking a total of BGN45.3 million over
unpaid debts, SeeNews relays.

Marinopoulos is a Greek supermarket chain.



=============
F I N L A N D
=============


STORA ENSO: Moody's Affirms Ba2 CFR & Changes Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service changed to positive from stable the
outlook on all the ratings of Helsinki-based Stora Enso Oyj
(Stora Enso), one of the world's largest paper and forest
products companies.

"Our decision to change the outlook on Stora Enso's ratings to
positive factors in our view that the company can sustain and
build on recent financial performance improvements. It also
considers Stora Enso's strong liquidity profile and successful
efforts to diversify its geographic and product line-up making it
less dependent on the structurally declining paper market," says
Matthias Volkmer, a Moody's Vice President -- Senior Credit
Officer and lead analyst for Stora Enso.

Concurrently, the rating agency affirmed Stora Enso's Ba2
corporate family rating (CFR) and Ba2-PD probability of default
rating (PDR), as well as the Ba2 ratings on its various senior
unsecured debt instruments and the (P)Ba2 senior unsecured MTN
program ratings.

RATINGS RATIONALE

Moody's said, "The outlook change to positive reflects Stora
Enso's track record of financial performance improvements and its
successful business model transition over the past few years from
a pure paper and paper board producer to a more diversified
global paper and forest company, all against the backdrop of
challenging economic conditions and with significant financial
investments. As these projects now come to fruition, we believe
that execution risk is reducing and Stora Enso should return to
sustainable positive free cash flow generation, which should then
also help to bring down the still high debt levels."

It also factors in Moody's expectation that the company will
sustain recent performance improvements, allowing the group to
bolster its credit metrics and potentially move them in line with
a higher rating over the next 12-18 months.

However, Moody's notes that Stora Enso's strategy of further
diversifying its product mix from a traditional paper and board
producer towards a growing renewable paper-packaging company may
incorporate sizeable investments as well as potential M&A. That
said, the rating agency understands that Stora Enso's management
is committed to protecting its credit profile by maintaining an
unadjusted net debt/operational EBITDA ratio of below 3x (2.3x as
of LTM June 2016 compared to Moody's adjusted net debt/ EBITDA of
3.4x).

The Ba2 rating reflects Stora Enso's (1) strong market position
among leading global producers of renewable fibre-based packaging
solutions, biomaterials, wooden constructions and publication and
fine papers; (2) overall size with annual sales of approximately
EUR10 billion; (3) promising industry fundamentals with positive
structural growth for fibre-based packaging products and wood
products as well as its increased pulp business, where Stora Enso
has built a significant long position, which will help support
its new consumer board operations.

Moreover, Moody's positively notes that Stora Enso's
deleveraging   -- including substantial debt repayments of over
20% since 2012 -- has helped rebalance the interests of creditors
and shareholders.

Another positive rating factor has been the gradual reduction of
Stora Enso's dependence on the mature European and paper markets,
where Stora Enso generated around 25% of its sales during LTM
June 2016 yet only 20% of its EBITDA during LTM June 2016 (as
reported).

Following the recent investment period, capex is expected to
decrease towards depreciation levels in the coming years and
Moody's expects that the group will benefit from the gradual
ramp-up in new production capacity (Beihai and Varkaus)
contributing to profitability and generating positive free cash
flow, which will allow further deleveraging.

Today's outlook change also considers Stora Enso's strong
liquidity profile with cash sources comprising cash on hand of
approximately EUR519 million as at June 2016, internal cash flow
generation with funds from operations for the next 12 months of
around EUR1.15 billion. In addition the group has access to
various long-term funding sources including an undrawn EUR700
million syndicated revolving credit facility which matures in
January 2019.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's expectations that Stora
Enso will be able to sustain its profitability through 2016 and
onwards, allowing the group to maintain a through-the-cycle
leverage of below 4.0x debt/EBITDA while management continues to
pursue a balanced approach towards shareholders and creditors
interest, in particular with regards to dividends, potential M&A
activity and growth investments which should allow for
sustainable positive free cash flow generation going forward.

WHAT COULD CHANGE THE RATING UP/ DOWN

Further positive pressure could result from (1) further reduction
of Stora Enso's dependence on the mature magazine and fine paper
markets; and (2) a continued track record of a sustainable and
balanced financial policy maintaining financial metrics
commensurate with a Ba1 rating. This would include EBITDA margins
towards mid-teen percentages translating into retained cash
flow/debt towards 20% and a return to free cash flow positive
during 2016.

Although unlikely at this juncture, Moody's could consider
downgrading Stora Enso if the group's profitability were to come
under pressure, resulting in its debt/EBITDA ratio rising towards
4.5x, below 10% EBITDA-margins, below 15% retained cash flow/debt
and consecutive periods of negative free cash flow generation.
Moreover, negative ratings pressure could develop if Stora Enso
were to engage in larger transactions and fail to return to a
debt/EBITDA ratio comfortably below 4.5x in the medium term.

List of affected ratings:

Affirmations:

-- Issuer: Stora Enso Oyj

-- Probability of Default Rating, Affirmed Ba2-PD

-- Corporate Family Rating, Affirmed Ba2

-- Senior Unsecured Commercial Paper Program, Affirmed NP

-- Senior Unsecured MTN Program, Affirmed (P)Ba2

-- Senior Unsecured MTN Program, Affirmed (P)NP

-- Senior Unsecured Bonds, Affirmed Ba2 (LGD4)

-- Senior Unsecured MTN Floating Rate Notes, Affirmed Ba2 (LGD4)

-- Senior Unsecured MTN Fixed Rate Notes, Affirmed Ba2 (LGD4)

Outlook Actions:

-- Issuer: Stora Enso Oyj

-- Outlook, Changed To Positive From Stable


===========
F R A N C E
===========


SOLOCAL GROUP: Moody's Cuts Corporate Family Rating to Ca
---------------------------------------------------------
Moody's Investors Service downgraded the ratings of SoLocal Group
S.A.'s ("SoLocal"), including the Corporate Family Rating (CFR)
to Ca from Caa2, the Probability of Default Rating (PDR) to Ca-PD
from Caa2-PD and the rating of the EUR350 million senior secured
notes due 2018 issued by PagesJaunes Finance & Co. S.C.A. to Ca
from Caa2. The outlook on all ratings is negative.

The downgrade of SoLocal's ratings follows the announcement of
its Financial Restructuring Plan ("FRP") on August 1, 2016. The
FRP proposes a reduction in gross debt to EUR400 million from
EUR1,164 million based on a mixture of prepayment, equitization
and distressed exchange.

The FRP is subject to final approval from the Board of Directors
as well as shareholder and creditor approval. SoLocal is being
assisted in the restructuring process by a court-appointed
mandataire ad hoc. Moody's expects the restructuring process to
be concluded in Q4 2016.

RATINGS RATIONALE

The rating action reflects the proximity to a distressed
exchange, which is a default under Moody's methodologies, if the
FRP is successfully completed as planned. In light of SoLocal's
recent performance and future prospects, as well as the debt
reduction planned under the announced FRP, Moody's expects
SoLocal's family recovery rate to be in the 35%-65% range, which
is consistent with a CFR of Ca.

The FRP envisages a EUR400 million equity rights issue at
EUR1 per share raising net proceeds of EUR384 million, assuming
100% take-up. On this basis, shareholders would retain 84.4% of
the company's equity. If there were to be a 0% take-up of the
rights issue, the equity raising gap would be bridged with the
issue of a EUR200 million 5 year zero-rate mandatory convertible
bond. In this case, shareholders would retain 6.3% of the
company's equity.

Under the terms of the FRP, creditors would receive, pro-rata to
their shares of the existing loans and bonds, EUR400 million of
new debt, EUR380 million of cash and 15.6% of the equity of the
company. Creditors will also receive certain equity warrants
which, if exercised after 5 years, may give them ownership of up
to 33% of the share capital of the company.

As part of the FRP, the company will retain EUR20 million of
equity issue proceeds, to ensure adequate post-restructuring
liquidity. In addition, as at 30th June 2016, the company
reported cash and equivalents on balance sheet of EUR108 million,
which is considered sufficient to support the business through
the restructuring process.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the lack of visibility on the final
capital structure as well as the execution risk on the rights
issue. Failure to complete the financial restructuring as planned
could lead to lower recoveries than those currently assumed in
the CFR of Ca. The negative outlook also reflects the company's
continuing decline in revenues and profitability.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure may arise should SoLocal (1) resolve covenant and
capital structure issues, leading to a material reduction in
gross leverage; and (2) maintain adequate liquidity. In addition,
SoLocal will need to provide a clear and credible post-
restructuring business plan.

Downward pressure on the ratings could result from (1) a weakened
liquidity profile; or (2) amendments to the FRP which are adverse
to creditor recoveries.

LIST OF AFFECTED RATINGS

Downgrades:

-- Issuer: Solocal Group S.A.

-- Corporate Family Rating, Downgraded to Ca from Caa2

-- Probability of Default Rating, Downgraded to Ca-PD from Caa2-
    PD

-- Issuer: PagesJaunes Finance & Co. S.C.A.

-- Senior Secured Regular Bond/Debenture, Downgraded to Ca from
    Caa2

Outlook Actions:

-- Issuer: Solocal Group S.A.

-- Outlook, Remains Negative

-- Issuer: PagesJaunes Finance & Co. S.C.A.

-- Outlook, Remains Negative


TAKE EAT: French Food Delivery Couriers Mull Suit After Collapse
----------------------------------------------------------------
FRANCE 24 reports that a collective of French food delivery
couriers is considering a class action lawsuit against Take Eat
Easy, an online delivery business that ceased trading on July 26.

According to FRANCE 24, the firm's fleet of couriers aims to be
reclassified as employees instead of independent contractors to
recoup lost earnings.

The Paris Courier Collective (Collectif des Coursiers
Franciliens) said on its Facebook page that it was organising a
class action lawsuit to reclassify its delivery people as
employees to make them eligible for compensation after Take Eat
Easy went bust, FRANCE 24 relates.  Several restaurant owners and
couriers told French media that they were not paid for meals or
deliveries made between the end of June and July 26, FRANCE 24
discloses.

"We are talking with a lawyer who is specialized in this sort of
issue to see who would be eligible to be reclassified as an
employee," Matthieu Dumas, the head of Paris Courier Collective,
told FRANCE 24.

The group, which represents 700 independent contractors who use
their own bicycles to deliver food, hopes to recoup some of the
money lost when the Belgian foodtech company filed for "judicial
restructuring", FRANCE 24 relays.


===========
G R E E C E
===========


SINEPIA DAC: Fitch Assigns 'B-sf' Ratings to Four Note Classes
--------------------------------------------------------------
Fitch Ratings has assigned Sinepia D.A.C. asset-backed floating-
rate notes final ratings as follows:

   -- EUR150m Class A1: 'B-sf'; Outlook Stable

   -- EUR35m Class A2: 'B-sf'; Outlook Stable

   -- EUR50m Class A3: 'B-sf'; Outlook Stable

   -- EUR88.8m Class A4: 'B-sf'; Outlook Stable

   -- EUR259.1m Class M: Not rated

   -- EUR64.9m Class Z: Not rated

The transaction is a granular cash flow securitization of a
EUR648 million static pool of fully drawn floating-rate loans to
Greek SMEs, originated and serviced by National Bank of Greece
S.A. (NBG).

KEY RATING DRIVERS

Sovereign Cap

The class A notes are capped at 'B-sf', driven by sovereign
dependency, in accordance with Fitch's Criteria for Sovereign
Risk in Developed Markets for Structured Finance and Covered
Bonds.

Significant Amount of Protection

The rated notes (EUR323.8 million) benefit from solid credit
enhancement, provided by: 100% over-collateralization (OC) from
the EUR647.8 million portfolio; strictly sequential amortization
during the life of the transaction; an initial gross excess
spread of about 2.4% provided by the difference between the
weighted average (WA) margin of the loans (4.2% at closing) and
the WA margin of the rated notes; and a short portfolio weighted
average life (WAL) of 2.3 years.

Positive Portfolio Selection

Against a backdrop of exceptionally high levels of credit risk,
due to the severe economic crisis, the portfolio has been
positively selected from the originator's balance sheet. This was
mainly achieved via the removal of refinanced and delinquent
loans. Based on internal ratings, Fitch has assigned a one-year
probability of default (PD) to the securitization portfolio of
7.7%, which implies an average five-year PD of 5.1% and a
lifetime portfolio default probability of 26.4% at the 'B-sf'
stress level.

Limited Recoveries

Given the limited amount of historically data available on
recovery rates, Fitch has assumed a lifetime base case recovery
rate of 15% on defaulted receivables. The portfolio comprises
82.5% secured loans, mainly secured by commercial real estate
property. Fitch has given no credit to real estate collateral in
the portfolio, given that secured recoveries remain depressed due
to various factors such as government moratoriums on
repossessions, drop in real estate valuations and a dysfunctional
secondary market.

RATING SENSITIVITIES

The structure is resilient to the potential variability of key
model assumptions, given the large OC buffer provided to the
rated notes and that limited recoveries are already captured in
Fitch's base case assumption.

The model-implied ratings on stressed defaults and recovery rates
as follows:

   -- Current ratings: Class A notes: 'B-sf'

   -- Increase in default rates by 50% and decrease in recovery
      rates by 50%

   -- Class A notes: 'B-sf'

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch reviewed the results of a third party assessment conducted
on the asset portfolio information, which indicated no adverse
findings material to the rating analysis.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

The information below was used in the analysis.

   -- Loan-by-loan data provided by the servicer as at
      July 7, 2016

   -- Originator's observed default rates for the period
      2011-2015

   -- Dynamic arrears and prepayment for the period 2011-2015

   -- Static recovery data for the period 2007-2015


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


PRIVATBANK AS: Money-Laundering Prompts Closure of Italian Unit
---------------------------------------------------------------
Deutsche Presse-Agentur reports that the Bank of Italy said on
Aug. 9 Italian operations of Latvian bank AS PrivatBank will be
shut down due to money-laundering offenses.

The Bank of Italy said in a statement PrivatBank will have to
close its subsidiary and stop all financial operations, save for
allowing its customers to withdraw their money or transfer them
to other financial institutions, DPA relates.

According to DPA, the central bank said the measure was taken
after inspections carried out from March 16 to April 6 produced
evidence "of serious breaches of anti-money-laundering
legislation, with a risk of reiteration".

In a separate statement, PrivatBank Italy confirmed the decision
from the Bank of Italy, but described it as "temporary", DPA
notes.


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


ACCUNIA EUROPEAN: Moody's Assigns Ba2 Def. Rating to Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Accunia European
CLO I B.V. (the "Issuer"):

-- EUR237,750,000 Class A Senior Secured Floating Rate Notes due
    2029, Definitive Rating Assigned Aaa (sf)

-- EUR52,250,000 Class B Senior Secured Floating Rate Notes due
    2029, Definitive Rating Assigned Aa2 (sf)

-- EUR29,750,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2029, Definitive Rating Assigned A2 (sf)

-- EUR18,500,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2029, Definitive Rating Assigned Baa2 (sf)

-- EUR27,750,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2029, Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

Moody's rating of the rated notes addresses the expected loss
posed to noteholders by the legal final maturity of the notes in
2029. The ratings reflect the risks due to defaults on the
underlying portfolio of loans given the characteristics and
eligibility criteria of the constituent assets, the relevant
portfolio tests and covenants as well as the transaction's
capital and legal structure. Furthermore, Moody's is of the
opinion that the collateral manager, Accunia Credit Management
Fondsmëglerselskab A/S ("Accunia Credit Management"), has a team
with sufficient experience and operational capacity and is
capable of managing this CLO. Additionally, PGIM Limited is a
designated successor collateral manager and will step in subject
to certain performance or key person events occurring.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
loans, second-lien loans, and high yield bonds. The portfolio is
expected to be approximately 60% ramped up as of the closing date
and to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe. The remaining of the portfolio will
be acquired during the 90 days expected ramp-up period.

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

In addition to the five classes of notes rated by Moody's, the
Issuer will issue EUR 55.23 million of subordinated notes, which
will not be rated.

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

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

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


OI SA: Court Okays Request for Dutch Unit Creditor Protection
-------------------------------------------------------------
Guillermo Parra-Bernal and Ana Mano at Reuters report that a
Dutch court has accepted a request by Brazilian phone carrier
Oi SA to put one of its Netherlands-based units under protection
from creditors, handing creditors a victory as they seek to
recoup billions of dollars in losses.

According to Reuters, two people with direct knowledge of the
situation, who requested anonymity since the matter is
confidential, Oi's request for "suspension of payment" in an
Amsterdam bankruptcy court allows for an independent trustee to
be appointed.  The suspension creates a standstill for
payments to creditors for companies in the Netherlands, Reuters
notes.

One of the sources said the trustee, who will look after the
interests of creditors during the unit's bankruptcy proceedings,
will be lawyer Jasper Berkenbosch -- jberkenbosch@jonesday.com --
of law firm JonesDay, Reuters relates.

In recent months, several creditors including Aurelius Capital
Management LP asked the Dutch court to start bankruptcy
proceedings against Oi Brasil Holdings Cooperatief UA, as the Oi
unit is formally known, Reuters recounts.  Under Dutch law, if
the court approves the petition, the trustee will be appointed to
defend the interests of creditors, Reuters discloses.

                          About Oi SA

Headquartered in Rio de Janeiro, and operating almost exclusively
within Brazil, the Oi Group provides services like fixed-line
data transmission and network usage for phones, internet, and
cable, Wi-Fi hot-spots in public areas, and mobile phone and data
services, and employs approximately 142,000 direct and indirect
employees.

Ojas N. Shah filed a Chapter 15 petition for Oi S.A. (Bankr.
S.D.N.Y. Case No. 16-11791), Oi Movel S.A. (Bankr. S.D.N.Y. Case
No. 16-11792), Telemar Norte Leste S.A. (Bankr. S.D.N.Y. Case No.
16-11793), and Oi Brasil Holdings Cooperatief U.A. (Bankr.
S.D.N.Y. Case No. 16-11794) on June 21, 2016.  The case is
assigned to Judge Sean H. Lane.

The Chapter 15 Petitioner is represented by John K. Cunningham,
Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York;
and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L.
Femino, Esq., at White & Case LLP, in Miami, Florida.


ZIGGO SECURED: Moody's Assigns Ba3 Rating to EUR750MM Term Loan C
-----------------------------------------------------------------
Moody's Investors Service assigned Ba3 ratings to the
EUR750 million Term Loan C (due 2024) issued by Ziggo Secured
Finance B.V. and the USD750 million Term Loan D (due 2024) issued
by Ziggo Secured Finance Partnership (Ziggo Secured Partnership).
Ziggo Secured Finance B.V. and Ziggo Secured Partnership are SPV
borrowing vehicles, indirectly owned by a Dutch Foundation.  The
proceeds of the term loans issued by these entities will enter
the ring-fenced group under Ziggo Group Holding B.V. (Ziggo,
rated Ba3/stable) via senior secured proceeds loans.  The outlook
on all ratings is stable.

The rating action takes into consideration the cross guarantee
and collateral sharing arrangements put in place to ensure a
pari-passu position of the claims under the existing senior
secured debt at Ziggo B.V. (rated Ba3/stable) and the new senior
secured term loans issued by Ziggo Secured Finance B.V. and Ziggo
Secured Partnership, respectively.

The transaction is leverage neutral as the proceeds from the new
term loans will be used to refinance the EUR690 million term loan
maturing in 2021, which was completed in January 2015 to finance
the contribution of UPC Netherlands to Ziggo Group Holding B.V.,
and part of the EUR1.95 billion and USD2.35 billion term loan
(due 2022) taken out in 2014 to back Liberty Global's acquisition
of the company.

                         RATINGS RATIONALE

The Ba3 ratings for the new term loans are in line with the Ba3
ratings for the senior secured term loans and senior secured
notes issued by Ziggo B.V.  This is because the new term loans
enter the ring-fenced group under Ziggo Group Holding B.V. in the
form of senior secured proceeds loans and effectively benefit
from the same security and guarantee package as for the senior
secured debt at Ziggo B.V., an indirect subsidiary of Ziggo Group
Holding B.V.

Ziggo's Ba3 CFR reflects (1) the company's strong market position
as the only significant cable communications operator and leading
provider of broadband and TV services to consumers in the
Netherlands, (2) the competitive advantages from Ziggo's DOCSIS
3.0-based broadband network, which include a capex-light upgrade
path to DOCSIS 3.1; (3) the expectation that the company can
achieve projected cost savings from the Ziggo/UPC integration and
(4) growth potential in B2B and mobile.

However, Ziggo's ratings also reflect the intensely competitive
nature of the mature Dutch consumer market for communications
services where Koninklijke KPN N.V. (KPN, rated Baa3/stable), the
integrated telecom incumbent has recently gained ground as well
as the challenge to reverse negative Revenue Generating Unit
(RGU) trends and to rekindle revenue growth.  Ziggo's ratings are
also constrained by its significant leverage of around 5.7x
Debt/EBITDA (as calculated by Moody's) as of Dec. 31, 2015, and
by the fact that Ziggo is fully controlled by Liberty Global and
is therefore unlikely to reduce leverage materially from the 2015
year-end level.

In February 2015 Liberty Global plc (rated Ba3/stable) and
Vodafone Group Plc (Vodafone, rated Baa1/stable) announced an
agreement to set up a 50-50 joint venture (`the JV') of their
local businesses in the Netherlands (Ziggo and Vodafone NL).
Vodafone NL reported revenue of almost EUR2 billion for 2015.  In
order to equalize the different equity valuations of the two
Dutch operations, Vodafone will make a EUR1 billion payment to
Liberty Global.  Following completion of the transaction neither
Liberty Global nor Vodafone will consolidate the JV.  The JV is
expected to close around the end of 2016 and has received the go-
ahead from the European Commission in August 2016 subject to
divestment of Vodafone Netherlands' consumer fixed business.

Moody's regards the joint venture agreement as credit positive
for Ziggo.  The planned asset combination will enhance Ziggo's
business position in the Netherlands and strengthen the JV's
competitive position versus KPN.  The JV is expected to yield
cost and capex synergies of EUR280 million by the end of the
fifth year after closing.  Synergies are incremental to the
unrealized portion of synergies of the UPC NL and Ziggo
integration. Notwithstanding the strong industrial logic of the
JV and Liberty Global's proven track record in achieving
synergies, we still see some execution risks given the untested
nature of the collaboration of the two companies in a joint
control environment.

                          RATING OUTLOOK

Ziggo is currently weakly positioned at the Ba3 rating level and
maintaining a stable outlook requires a gradual return to EBITDA
growth and some leverage reduction.

                WHAT COULD CHANGE THE RATING - DOWN

Given the current weak positioning of Ziggo's CFR within the Ba3
category, failure to reduce leverage so that Ziggo's Debt/EBITDA
ratio (as defined by Moody's) moves towards 5.25x could result in
downward pressure as could a prolonged weakness in operating
performance.

Following completion of the Vodafone NL transaction we anticipate
that the Vodafone NL assets will become part of the existing
Ziggo borrowing group.  While there is currently no debt at
Vodafone NL the JV partners have signaled their intention to
increase debt so that a target leverage of 4.5x-5.0x Total Net
Debt to Annualized EBITDA (as defined in Ziggo's existing senior
credit facilities) is achieved.  The corresponding Moody's-
adjusted leverage ratio is likely to be higher by 0.5x to 1.0 x
depending on the level of add-backs/exclusions factored into the
JVs leverage ratio.  While we believe that the improved business
risk of the JV will allow for somewhat higher debt tolerance,
Ziggo's Ba3 CFR would likely come under downward pressure if
post-transaction leverage exceeded 5.5x (Moody's adjusted).

                 WHAT COULD CHANGE THE RATING - UP

While positive ratings development is unlikely in the near term,
strong operating performance and solid revenue growth together
with debt reduction so that leverage as measured by the
Debt/EBITDA ratio (as adjusted by Moody's) falls sustainably
below 4.25x could lead to a ratings upgrade.

Ziggo Group Holding B.V., headquartered in Utrecht, The
Netherlands is through its subsidiaries the largest cable
operator in the Netherlands.  In 2015, the group generated
revenues of EUR2.5 billion and the group generated EUR2.5 billion
in revenue and EUR1.4 billion in operating cash flow (OCF- as
calculated by the company).  In H12016, revenues were EUR1.4
billion and reported OCF was EUR0.7 billion.

The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 2013.


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


WEST SIBERIAN: S&P Affirms 'B+/B' Counterparty Credit Ratings
-------------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'B+/B' long- and
short-term counterparty credit ratings on Russia-based West
Siberian Commercial Bank (WSCB).  The outlook is negative.

The 'ruA' Russia national scale rating on WSCB was affirmed.

In 2016, WSCB's capitalization levels have improved beyond S&P's
expectations, supported by some strengthening of margins since
2015.  S&P thinks the bank will maintain at least adequate
capitalization over the next 12-18 months.  Specifically, S&P
forecasts its risk-adjusted capital (RAC) ratio for the bank
(before adjustments for diversification and concentration) at
8.1%-8.3% over the next 12-18 months, compared with 8.45% at
year-end 2015.

S&P believes the bank's net interest margin will gradually
recover to 5.0%-5.5% by 2018 as assets and liabilities are
repriced, but remain significantly below the 7.3% observed in
2012-2014.  Also, S&P do not expect growth of risk-weighted
assets to exceed 10% per annum because WSCB continues to exhibit
a low appetite for growth, particularly in risky segments.  S&P's
forecast is based on its assumption of relatively moderate
dividend payouts of Russian ruble (RUB) 100 million (about $1.5
million) to RUB300 million or 15%-20% of net income in 2016-2018.
S&P do not incorporate new capital injections from the
shareholders because, according to S&P's understanding,
management considers the bank's internal capital buffers to be
sufficient.

S&P expects WSCB's annualized credit cost to stay within the
1.4%-1.6% range, reflecting rather good operational performance
through the economic cycle.  The average cost of risk was 1.1%-
1.2% over the past 10 years, which is better than that of most
peers.

Although the share of equity formed by property revaluation
remains material (13% of total adjusted capital at year-end
2015), it does not exceed that of comparable banks.

At the same time, S&P notes that the macroeconomic conditions in
Russia remain challenging for the banking sector.  Therefore,
there is significant risk to S&P's base-case forecasts, which
ight result in WSCB's new business generation being considerably
weaker, cost of risk higher, and profitability and capitalization
lower than S&P currently expects, as is reflected in S&P's
outlook.

The negative outlook on WSCB reflects the difficult operating
environment and its potential effect on WSCB's profitability and
cost of risk.

S&P might lower the ratings if the bank faced material challenges
due to the economic slowdown in Russia leading to further erosion
of asset quality and substantially higher credit losses than S&P
currently expects.  S&P could also consider lowering the ratings
if any strain on capitalization caused the RAC ratio before
adjustments to fall below 5%.

S&P could revise the outlook to stable if macroeconomic
conditions in Russia were to improve significantly, which S&P
considers to be a remote probability in the next 12-18 months.


===============
S L O V E N I A
===============


ABANKA DD: Moody's Places B3 Deposit Rating on Review for Upgrade
-----------------------------------------------------------------
Moody's Investors Service taken rating actions on three Slovenian
banks, prompted by the rating agency's change of Slovenia's Macro
Profile to "Moderate-" from "Weak+". The strengthening of the
Macro Profile is driven by the improvement in the Slovenian
banks' operating environment, in particular a significant
improvement in the banks' funding conditions following a
reduction in wholesale borrowings in the past few years. A
gradual recovery in credit demand should support banks' lending
growth and revenues after several years of loan book contraction.

As a result of the change in the Macro Profile, the following
banks' ratings were placed on review for upgrade:

-- All long-term ratings and rating inputs of Nova Ljubljanska
    banka d.d. were placed on review for upgrade;

-- The long-term deposit ratings, baseline credit assessment
    (BCA) and adjusted BCA of Nova Kreditna banka Maribor d.d.
    were placed on review for upgrade, while its long-term
    Counterparty Risk Assessments (CRA) was affirmed;

-- All long-term ratings and rating inputs of Abanka d.d. were
    placed on review for upgrade.

During the review, Moody's will assess the impact of improved
operating conditions and of the change in the Macro Profile of
Slovenia on these banks' credit fundamentals, which would likely
lead to upgrades of the banks' long-term ratings by one to three
notches. The rating agency strives to conclude the rating reviews
within two months.

All other ratings and rating inputs of the banks captured by the
rating actions remain unaffected.

RATINGS RATIONALE

(1) CHANGED MACRO PROFILE REFLECTS IMPROVING OPERATING
ENVIRONEMENT IN SLOVENIA AND EXERTS UPWARDS PRESSURE ON RATINGS

The change of Slovenia's Macro Profile to "Moderate-" from
"Weak+" will positively affect the rated Slovenian banks' BCAs
and the outcomes of Moody's Advanced Loss Given Failure (LGF)
analysis. The Macro Profile constitutes an assessment of the
macroeconomic environment in which a bank operates.

The change of the Macro Profile illustrates Moody's assessment of
the improvement in Slovenian banks' operating environment, in
particular a significant improvement in banks' funding conditions
following a reduction in wholesale borrowings in the past few
years, thereby lowering vulnerability to potential dislocations
in funding markets. A gradual recovery in credit demand should
also support banks' lending growth and revenues after several
years of loan book contraction. The improving operating
environment will benefit Slovenian banks' credit profiles by
containing funding risks, helping to reduce the high level of
problem loans and restoring their profitability.

The application of a lower loss rate in Moody's Advanced LGF
analysis of Slovenian banks has the potential to result in
increased rating uplifts due to lower severity of loss faced by
the different liability classes in resolution. In combination
with a number of parameters in its Advanced LGF analysis, Moody's
applies a certain loss rate on banks' tangible banking assets at
failure. The loss rate used for banks with a Macro Profile of
"Moderate-" and higher is 8% of tangible banking assets, as
opposed to 13% for banks with a lower Macro Profile.

Consequently, the combination of potentially higher BCAs and/or
increased rating uplifts from Moody's Advanced LGF analysis will
likely result in upgrades of one to three notches upon completion
of the ratings review.

2) BANK-SPECIFIC CONSIDERATIONS

Nova Ljubljanska banka d.d. (NLB)

The review for upgrade of NLB's B2 long-term deposit ratings and
its Ba3(cr) long-term CRA was driven by: (1) upward pressure on
the bank's caa1 BCA and adjusted BCA; (2) likely higher rating
uplift from Moody's Advanced LGF analysis (one notch uplift
currently); and (3) unchanged moderate government support
assumption for NLB, as Slovenia's largest bank, which provides
one notch of rating uplift.

The review for upgrade of NLB's caa1 BCA reflects the improved
Moderate- Macro Profile combined with improvements in asset
quality and profitability, as well as the maintaining of strong
capital adequacy. In 2015 NLB reported a 47% year-on-year
increase in net income, which translates to a return on average
assets (RoAA) of 0.81%. The bank's reported NPL ratio declined
significantly to 22.5% as of year-end 2015, from 30.9% as of
year-end 2014, owing mainly to sale and writ-off of some of the
problem loans. Limited lending growth and moderate profitability
will underpin NLB's good capital adequacy with its Tier 1 ratio
at 16.2% as of year-end 2015. NLB is largely deposit-funded, with
a gross loan-to-deposit ratio of 93% as of year-end 2015.

The application of the Moderate- Macro Profile in Moody's
Advanced LGF analysis, including a lower 8% loss at failure
assumption, has the potential to result in lower loss-given
failure and higher rating uplift for deposit ratings, which
combined with a likely upgrade of the BCA could result in one or
two notches of upgrade for the bank's long-term deposit ratings
and CRA.

Nova Kreditna banka Maribor d.d. (NKBM)

The review for upgrade of NKBM's B3 long-term deposit ratings was
driven by: (1) the upward pressure on the bank's caa1 BCA and
adjusted BCA; (2) potential rating uplift from Moody's Advanced
LGF analysis (no uplift currently); and (3) likely removal of the
current one notch uplift from government support following the
completion of the bank's privatisation in April 2016.

The review for upgrade of NKBM's caa1 BCA reflects the improved
Moderate- Macro Profile combined with improvements in asset
quality and capital adequacy. The bank's NPLs ratio declined
modestly to 36.3% as of year-end 2015 from 40.3%. While solvency
risks from such a high level of problem loans is considerable,
rising NPLs coverage with loan loss reserves at 70.5% and strong
capital adequacy with a Tier 1 ratio of 25.1% as of year-end 2015
are important mitigants. NKBM is predominantly deposit-funded,
with a gross loan-to-deposit ratio of 81% as of year-end 2015.

The application of the Moderate- Macro Profile in Moody's
Advanced LGF analysis, including a lower 8% loss at failure
assumption, has the potential to result in lower loss-given
failure and higher rating uplift, which combined with a likely
upgrade of the BCA but also removed uplift from government
support could result in zero to one notch of upgrade for the
bank's long-term deposit ratings. These factors, however, will
have no impact on NKBM's long-term CRA which was therefore
affirmed at Ba3(cr).

Abanka d.d. (Abanka)

The review for upgrade of Abanka's B3 long-term deposit ratings
and its Ba3(cr) long-term CRA was driven by: (1) upward pressure
on the bank's caa1 BCA and adjusted BCA; (2) likely higher rating
uplift from Moody's Advanced LGF analysis (no uplift currently);
and (3) likely removal of the current one notch uplift from
government support as Abanka has to be privatized over the next
few years as part of the conditions of government aid it received
in 2013 and 2014.

The review for upgrade of Abanka's caa1 BCA reflects the improved
Moderate- Macro Profile combined with improvements in asset
quality, profitability and capital adequacy. The bank's reported
NPL ratio declined to 15.9% as of year-end 2015, from 18.2% as of
year-end 2014, while the NPLs coverage with loan loss reserves
rose to a comfortable level of 89.1%. Abanka's return to
profitability in 2015 after several years of large losses further
strengthened its capital with Tier 1 ratio increasing to 23% as
of year-end 2015, from 19% a year earlier.

The application of the Moderate- Macro Profile in Moody's
Advanced LGF analysis, including a lower 8% loss at failure
assumption, has the potential to result in lower loss-given
failure and higher rating uplift, which combined with a likely
upgrade of the BCA but also removed uplift from government
support could result in between one and three notches of upgrade
for the bank's long-term deposit ratings and CRA.

-- WHAT COULD MOVE THE RATINGS UP/DOWN

During the review, Moody's will assess the impact of improved
operating conditions and of the change in the Macro Profile of
Slovenia on these banks' credit fundamentals, which would likely
lead to upgrades of the banks' long-term ratings by one to three
notches.

Moody's said, "The improving operating environment as reflected
in the stronger Macro Profile of Moderate- for Slovenia will
benefit banks' asset quality, profitability and capitalisation as
well as impact our assumption of 8% loss at failure (versus 13%
previously) and is therefore considered a key driver for
potential ratings upgrade."

Ratings downgrades are unlikely in the short-term given the
upward pressure on the ratings. However, a deterioration in the
country's Macro Profile and/or in individual banks' standalone
financial metrics may have negative rating implications.

Furthermore, alterations in the bank's liability structure may
change the amount of uplift provided by Moody's Advanced LGF
analysis and lead to a higher or lower notching from the banks'
adjusted BCAs, thereby affecting deposit ratings.

LIST OF AFFECTED CREDIT RATINGS

These ratings are on Review for Upgrade:

Issuer: Abanka d.d.

-- LT Bank Deposits (Local & Foreign), Placed on Review for
    Upgrade, currently B3 Stable

-- Adjusted Baseline Credit Assessment, Placed on Review for
    Upgrade, currently caa1

-- Baseline Credit Assessment, Placed on Review for Upgrade,
    currently caa1

-- Counterparty Risk Assessment, Placed on Review for Upgrade,
    currently Ba3(cr)

Issuer: Nova Kreditna banka Maribor d.d.

-- LT Bank Deposits (Local & Foreign), Placed on Review for
    Upgrade, currently B3 Positive

-- Adjusted Baseline Credit Assessment, Placed on Review for
    Upgrade, currently caa1

-- Baseline Credit Assessment, Placed on Review for Upgrade,
    currently caa1

Issuer: Nova Ljubljanska banka d.d.

-- LT Bank Deposits (Local & Foreign), Placed on Review for
    Upgrade, currently B2 Positive

-- Adjusted Baseline Credit Assessment, Placed on Review for
    Upgrade, currently caa1

-- Baseline Credit Assessment, Placed on Review for Upgrade,
    currently caa1

-- Counterparty Risk Assessment, Placed on Review for Upgrade,
    currently Ba3(cr)

Affirmations:

Issuer: Nova Kreditna banka Maribor d.d.

-- Counterparty Risk Assessment, Affirmed Ba3(cr)

Outlook Actions:

Issuer: Abanka d.d.

-- Outlook, Changed To Rating Under Review From Stable

Issuer: Nova Kreditna banka Maribor d.d.

-- Outlook, Changed To Rating Under Review From Positive

Issuer: Nova Ljubljanska banka d.d.

-- Outlook, Changed To Rating Under Review From Positive


=========
S P A I N
=========


GRUPO ALDESA: Fitch Affirms 'B' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed Spain-based engineering and
construction group Grupo Aldesa, S.A.'s Issuer Default Rating
(IDR) at 'B' and maintained the Negative Outlook. At the same
time, Fitch has affirmed wholly owned subsidiary Aldesa Financial
Services S.A.'s senior secured rating at 'B'/'RR4'/'49%'.

KEY RATING DRIVERS

Improving Operating Performance: In 2015 the operating
performance of Aldesa's recourse business improved for the first
time since the financial crisis. Aldesa posted strong sales
growth with net turnover increasing by 35% with expansion in all
regions where it operates. The main cause was a higher level of
execution of works following strong backlog growth over 2013 and
2014.

This translated into material improvement in EBITDA and FFO
generation on the back of a strong recovery in the profitability
of the industrial business. Conversely, construction activities
profitability has deteriorated further because of a less
favorable project and customer mix.

Negative Outlook: The Negative Outlook reflects the risk Fitch's
expectations of improvements in revenue and profitability are not
realised, and that Aldesa's financial profile remains outside the
sensitivities for a 'B' rating. Fitch will focus on Aldesa's
ability to generate sustainable FFO, allowing for material
deleveraging towards an FFO adjusted net leverage of 4.5x.

Diversified Niche Player: Aldesa benefits from strong technical
skills in niche sub-segments of the construction industry, such
as tunnelling and railways. The rating is also underpinned by a
robust and geographically diversified order book, satisfactory
end-market diversification, a solid record in risk management and
by the absence of material maturities over the coming years.
Aldesa's relatively small size with sales of less than EUR1
billion in 2015 remains a concern.

Risks to FFO Improvement: Fitch said, "We expect FFO generation
to recover further over the foreseeable future. We believe Aldesa
will continue to be able to leverage its technical skills,
notably in tunnelling and railways, to increase its level of
activity in the profitable segments of the construction industry.
However, shifts in project and customer mix as well as fiercer
competition in its key markets could dampen any sustained
recovery in FFO."

"Fragile Spanish Sector: The recovery of Spain's construction
industry remains fragile, and pressure on profitability will only
gradually ease. In Spain and Mexico, "we expect growth to be
driven by increasing demand from the private sector as public-
sector investment will be held back by constraints on government
spending. The underlying shifts in project mix and customer mix
are likely to weigh on FFO generation growth as civil works
contracts are typically more profitable and competition is
fiercer with private customers. In Poland, competition is
expected to remain a significant factor, pushing down price and
margins," Fitch said.

Unwinding of the Net Working Capital: Fitch now expects a
reduction in advanced payments in Mexico, a higher rate of
construction activity and further reduction in days payable to
lead to an unwinding of the current negative position, mostly
over 2016. Fitch deems the current liquidity of the company
sufficient to withstand the expected resorption of the negative
net working-capital (NWC) position.

Over the past years, a fast-growing backlog in Mexico, where
contracts generally featured advance payments, and shorter
payment delays from clients in Spain have translated into a
Fitch's calculated negative NWC position.

Weak Financial Structure: Fitch's adjusted FFO net leverage
metrics improved to 4.9x in 2015, above our expectations for the
rating, from 6.8x in 2014. The main drivers were stronger FFO
improvement and lower than expected net debt as the partial
reduction of the NWC position did not materialize over 2015. "We
expect the delayed NWC unwinding to lead to an FFO adjusted net
leverage of 6.0x in 2016, reflecting a modest overall improvement
in Aldesa's financial position from 2014," Fitch said.

The sustained strengthening of Aldesa's financial structure to
come more in line with a 'B' rating will be determined by the
extent of the FFO generation improvement, given the limited
opportunity to crystallize dividends or value from the portfolio
of investments.

"Backlog Remains Robust: The total backlog decreased 4% in 2015
to EUR1.4bn, of which EUR1.1bn related to construction projects.
For the time being, the decline in the order book is not a
negative rating factor, as we expect new contracts to result in
higher margins. The deterioration remains limited and has been
driven by the high level of construction activity, more than
offsetting the increase in new orders of 5%. We view the
resulting decline in the backlog-to-revenue coverage ratio to
1.7x in 2015 from 2.4x in 2014 as more sustainable." Fitch said.

Project concentration risk remains high, but this is mitigated by
management's prudent approach and the geographical
diversification of the backlog mostly in high investment-grade
countries.

Solid Track Record: Aldesa has robust risk management policies in
place with no large loss-making contracts, a record of good
execution and no evidence of large disputes. Management has taken
a number of strategic steps that have helped the company avoid
the restructuring or even bankruptcy that has affected its
competitors. Aldesa was one of the few second-tier contractors to
diversify outside Spain by concentrating on niche sub-segments
such as railways and tunnelling. Using its presence in these sub-
segments, it has managed to achieve a top 10 market position in
Mexico.

Fitch's Adjustments: Fitch focuses its analysis on cash flow
generated at the recourse group (Fitch's rating perimeter),
primarily the engineering and construction (E&C) segment. Fitch
adjusts leverage calculations for Aldesa to reflect the non-
recourse nature of concessions by excluding related FFO and non-
recourse debt, but including sustainable dividends.

Fitch said, "Our net debt calculation is substantially higher
than that reported by Aldesa. We take into account off-balance --
sheet obligations related to working-capital management
facilities (EUR72 million at end 2015 of factoring and
confirming) and operating leases (EUR12 million at end2015). We
also assume that an additional EUR71 million of cash is not
readily available for debt repayment because of seasonal working-
capital swings (over Q1) and cash held in countries with foreign-
exchange restrictions and other barriers to accessing liquidity."

KEY ASSUMPTIONS

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

   -- Growth to remain positive, albeit at a much moderate rate
      than in 2015 (3%-4% in 2016-2018)

   -- Annual Recourse EBITDA around EUR49m-EUR55m in 2016-2018

   -- Reversal of the current negative NWC position

   -- No dividends from non-recourse subsidiaries

   -- No material assets disposal over the foreseeable future

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

   -- FFO adjusted net leverage around 4.5x and FFO fixed charge
      cover around 2.0x on a sustained basis.

   -- Significant improvement in the operating risk profile
      driven by increased scale and internationalization, reduced
      concentration risk and funding diversification.

   -- A material increase in steady income upstreamed from the
      concession business without a releveraging of assets.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action


   -- FFO adjusted net leverage failing to decline towards 4.5x
      and FFO fixed charge cover failing to improve towards 2.0x.

   -- Failure to significantly improve FFO generation in 2016.

   -- Deterioration of the liquidity profile with liquidity score
      below 1.0x and an increased dependency on factoring and
      short-term lines.

   -- Negative FCF on a sustained basis.

   -- Evidence of supporting weakening non-recourse activities or
      a material increase in new concessions leading to equity
      contributions from the recourse business.

LIQUIDITY

Fitch views Aldesa's liquidity as adequate. At year-end 2015,
available liquidity consisted of readily available cash for
EUR155 million and EUR104 million of undrawn committed banking
facilities, of which EUR100 million is related to a revolving
credit facility maturing in March 2018. In Fitch's view, this
provides ample headroom to cover debt maturities of EUR12 million
(including the Cofides put option) in the next twelve months, the
expected reversal of the NWC position and a sudden loss in
working-capital management facilities.

FULL LIST OF RATING ACTIONS

Issuer Default Rating (IDR) affirmed at 'B' and the Negative
Outlook maintained. At the same time, Fitch has affirmed wholly
owned subsidiary Aldesa Financial Services S.A.'s senior secured
rating at 'B'/'RR4'/'49%'.

Grupo Aldesa S.A.

   -- Issuer Default Rating 'B';

Aldesa Financial Services

   -- Senior secured 'B'/'RR4'/'49%';


=============
U K R A I N E
=============


FERREXPO PLC: Fitch Hikes LT Issuer Default Rating to 'CCC'
-----------------------------------------------------------
Fitch Ratings has upgraded Ferrexpo plc's (Ferrexpo) Long-Term
Issuer Default Rating (IDR) and Ferrexpo Finance Plc's senior
unsecured rating to 'CCC' from 'CC'. The Recovery Rating on the
senior unsecured rating is 'RR4'. Ferrexpo's Short-term IDR has
been affirmed at 'C'.

Fitch said, "The upgrade reflects the improvement in Ferrexpo's
liquidity position in comparison with our previous expectations
due to higher than expected iron ore prices in 1H16 (average
USD52/t vs. USD45/t expected by Fitch) and sustainably high
pellet premiums (USD25/t). In July, Ferrexpo paid the final
amortization of its USD420 million pre-export financing (PXF)
from internally generated cash flow.

The group has a further USD350 million PXF, which starts to
amortize in November 2016 with eight quarterly payments of
USD43.8 million ending August 2018. Fitch assumes that Ferrexpo's
FCF will be around USD250 million for 2016 and 2017 and as a
result the group will be able to fund these debt payments from
internally generated cash.

The group's other significant debt instrument is a USD346 million
Eurobond that matures in two equal instalments in April 2018 and
April 2019. Fitch believes Ferrexpo will able to fund the first
instalment of USD173.2 million through internally generated cash.
However, there is high potential downside risk as iron ore prices
remain volatile. "

Despite its sound operational profile, refinancing risk for the
company remains elevated due to its Ukrainian exposure.

KEY RATING DRIVERS

Competitive Cost Producer

Ferrexpo's operating cost position sits within the first quartile
of the global pellets cost curve. In 1H16, cash costs improved
significantly compared with the previous two years, mainly due to
currency depreciation dynamics (50% of operating costs are linked
to the hryvnia) and a sustained drop in energy prices. These
positive dynamics plus operating efficiency gains resulted in a
23% decrease in year-on-year costs in 1H16, reaching USD25.7 per
tonne, down from USD33.4 in 1H15. Energy costs now represent
around 40% to 50% of total costs, and should contribute to a
further reduction in comparative cost levels in 2H16.

Ukrainian Risk Exposure

Ferrexpo's operating base is in Ukraine. In the past two to three
years the country has experienced high domestic inflation,
combined with significant currency depreciation (85% in 2015 vs.
USD and greater than 125% since 2014), and some delays in VAT
repayment by the state. However, military conflict in the Donbass
region has not directly impacted Ferrexpo's operations and
transport infrastructure due to their location in the Poltava
region, approximately 425km north of Donetsk. For 2016 our
forecasts assume an average rate of around USD/UAH26, which is in
line with the 1H16 rate of USD/UAH of 25.47.

Continuing Profitability

Cash costs improvements, together with the pellet premium
received over the benchmark 62% iron ore price, have partly
offset the 11% drop in top line revenues that followed the fall
in iron ore prices in 1H16 compared with 1H15. As a result, Fitch
expects Ferrexpo's profitability to remain stable, with an EBITDA
margin ranging between 30%-35% (1H16: 35%) in the medium term.
Ferrexpo's funds from operations- (FFO) adjusted gross leverage
was 3.4x in 2015 (vs. 3.6x in 2014) and will decline in 2017 due
to our expectations of a slight EBITDA improvement resulting from
momentum iron ore prices recovery in 1H16, as well as debt
reduction, both in absolute terms.

Iron Ore Premium Pellet Producer

In 1H16, 62% iron ore prices averaged USD52 per tonne, down
approximately 15% yoy and down 58% since February 2014,
reflecting oversupply in the global market and in particular a
slowdown in demand from the Chinese steel industry.

However, Fitch expects the demand for premium quality pellets,
which are used to make steel, to remain sound. "We expect premium
pellet supply to be limited in the next couple of years due to
the disrupted supply from Samarco and the high capital cost of
new pellet plants additions. Ferrexpo compares favourably with
its competitors in the premium pellet market. It has long-term
contracts with European producers and North East Asian producers.
The headline long-term contract pellet premium in the key markets
of Western Europe and North East Asia was on average USD31 per
tonne in 1H16 compared with an average of USD17 per tonne over
the same period in China," Fitch said.

KEY ASSUMPTIONS

   -- Fitch iron ore price deck: USD45/t in 2016 and 2017,
      USD50/t in 2018, USD50/t in the long term

   -- USD25/t -USD30/t price premium for pellets

   -- Production volumes: 11.7mt per year iron ore pellets in
      2016-2018

   -- USD40m capex in 2016 and 2017

   -- USD/UAH26 in 2016 and USD/UAH28 in 2017

RATING SENSITIVITIES

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

   -- Lowering of Ukraine's Country Ceiling.

   -- Material shortfall in pellet premiums or iron ore prices
      beyond our assumptions without access to alternative
      sources of liquidity.

   -- Default becoming imminent or inevitable, including a
      payment default or a debt restructuring in a form Fitch
      would consider a distressed debt exchange.

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

   -- Strengthening of Ferrexpo's liquidity position due to new
      sources of financing, a sustainable renegotiated debt
      maturity profile or higher than expected iron ore prices
      and/or pellet premiums.

   -- An improvement in Ukraine's Country Celling, or sufficient
      evidence that Ferrexpo should not be constrained by it.

LIQUIDITY

At end July 2016, according to Fitch's estimates the company's
cash balance was around USD50 million vs. USD158 million in
short-term debt (USD56 million in 2H2016 and USD102 million in
1H2017), and USD47 million coupon/interest (USD24 million in 2H16
and USD23 million in 1H17). The USD156 million short-term debt is
composed of USD136 million of quarterly PXF instalments starting
in November 2016 and USD20 million of other debt.

Fitch said, "We forecast that the company will generate
approximately USD250 million of FCF over the next 12 months (post
interest/coupon). This should be just enough to service the
company's debt, working capital and capital expenditures for the
next 6 to 12 months, but leaving it exposed to further
fluctuations in iron ore prices, currency and energy costs."

In accordance with Fitch's policies the issuer appealed and
provided additional information to Fitch that resulted in a
rating action which is different than the original rating
committee outcome.


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


CARGO: To Close Store in Barnstaple, Cut Jobs
---------------------------------------------
North Devon Gazette reports that Cargo in Barnstaple High Street
is to close, with JD Sports moving in.

Store manager Kieran Kidd said Cargo staff were told they would
be made redundant and August 31 was the last day of trading,
according to North Devon Gazette.  A sale is now running with 70
per cent off homeware and up to 60 per cent on furniture.

Mr. Kidd said JD Sports was moving in to revamp the premises
sometime after August 31, the report notes.

"JD Sports has bought out the lease of the property," Mr. Kidd
said, the report relays.

Last month we revealed how the Cargo store was now operating as a
Cargo Clearance Outlet, with staff under the impression it would
continue 'for years to come,' the report notes.

The Cargo brand is owned by Steinhoff International, whose brands
include Harvey's and Bensons for Beds, the report adds.

The Gazette has asked JD Sports and Cargo for a comment.


DUNNE GROUP: Maggie's Centre Work Resumes After Firm's Collapse
---------------------------------------------------------------
stv.tv reports that the new Maggie's Centre at Forth Valley Royal
Hospital has been on hold for a month because of the collapse of
the Dunne Group, which was carrying out the work.

Sir Robert McAlpine has been chosen to complete the center and
workers are back on site, according to stv.tv.

The report notes that a Maggie's spokesperson said: "Maggie's is
delighted to announce that we have appointed Sir Robert McAlpine
to complete work on our new Centre at the Forth Valley Royal
Hospital in Larbert, taking over from Dunne Group, who went into
administration last month.

"Thanks to the swift transfer to Sir Robert McAlpine, we
anticipate any delays to the completion of the project to be kept
to a minimum and look forward to seeing Maggie's Forth Valley
opening its doors to welcome people with cancer, as well as their
family and friends, from across the Forth Valley area later this
year," the spokesman added.

The first Maggie's Centre opened in Edinburgh in 1996.


ENTERPRISE INSURANCE: Collapse Sparks Questions in EU Parliament
----------------------------------------------------------------
Gibraltar Chronicle reports that the collapse of Enterprise
Insurance, a Gibraltar-based insurance firm, has sparked a series
of questions in the European Parliament.

Enterprise Insurance went into liquidation last month, leaving
thousands of policy holders across Europe in limbo, Irish MEP
Mairead McGuinness said, adding that 14,000 Irish consumers have
been affected by the liquidation, Gibraltar Chronicle relates.

"Although the insurance contracts remain in force legally, it is
unclear whether pending or future claims can be paid by the
company given its financial situation," Gibraltar Chronicle
quotes Ms. McGuiness as saying.  "Irish consumers appear to be
safe for now because the relevant underwriter has agreed to repay
the insurance premiums."

This is a cross-border issue affecting consumers from all over
Europe, Ms. McGuinness, as cited by Gibraltar Chronicle, said
before tabling a series of questions before the Parliament.

According to Gibraltar Chronicle, she asked: "Are there any
safeguards in EC law to protect consumers whose insurers go into
liquidation, by means of refunds or alternative cover?"

"Under EC law, are there any reporting obligations on brokers to
inform consumers of their potential lack of insurance in such a
situation?"

Ms. McGuinness further told the Parliament that many affected
consumers were not immediately aware of their situation because
they were sold insurance by a broker, and were unaware that
Enterprise Insurance was their insurance provider, Gibraltar
Chronicle relays.


HUDSONS OF ENGLAND: Report Lifts Lid on Firm's Administration
-------------------------------------------------------------
Storm Rannard at Insider Media Limited reports that the
introduction of the government's National Living Wage and
cancelled orders from overseas customers have been blamed for the
administration of a Stoke-on-Trent pottery business that can
trace its roots back to 1875, new documents seen by Insider have
claimed.  It was also revealed that unsecured creditors look set
to miss out on almost GBP1.3 million, according to Insider Media
Limited.

Hudsons of England Ltd, which trades as Hudson and Middleton,
entered administration on June 15, 2016 with Darren Brookes and
Gary Corbett of Milner Boardman appointed to handle the case, the
report notes.

A new report to creditors revealed the business had sought
investment from late 2015 but entered the year with poor
cashflow, Insider Media Limited discloses.

The introduction of the Living Wage in April led to a 12.5 per
cent increase in costs, which "significantly" impacted profit
margins, the report says.

Meanwhile, economic volatility led to a Chinese customer
cancelling its order along with distributors in the Far East who
had been rocked by exchange rates, the report relays.  Customers
based in Russia, Korea, Japan and Taiwan were affected.

Furthermore, orders did not materialize for a newly developed new
range, a UK client cancelled a major line and a "significant"
project was delated for four months, impacting Hudson's
resources, the report relates.

Hudson and Middleton has since been bought out of administration
by investor BID Group International.

Managing Director Lee Smith told Insider in July that up to 25
staff would be rehired and outlined plans to develop the export
side of the business.

"We know Hudsons can be profitable," Mr. Smith added, notes the
report. "I've already held discussions with a major player in
China which wants to licence the brand."

The report revealed further details of the rescue deal, including
the sum paid by BID. A payment of GBP80,000 was agreed with a
consideration of GBP55,000 paid on completion.

Unsecured creditor claims are estimated to be GBP1.29 million,
but administrators said realizations will not be sufficient to
enable a dividend, Insider Media Limited says.  These include
Chinese investor Annvita, which backed Hudson and Middleton in
2014 and is owed GBP513,078, the report notes.

Secured creditor Bibby Financial Services will be paid in full
and a dividend should be possible for preferential creditors, the
report adds.


SLATE NO.1: Moody's Affirms Ba3 Rating on Class E Notes
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the Ca and
Cc notes to Aa3 (sf) from A2 (sf) in Leek Finance Number Eighteen
PLC.  The ratings of the other notes were affirmed.  The rating
action reflects the increased levels of credit enhancement due to
amortization combined with the related reduced counter party
exposure.

The ratings of the C and D notes in Slate No.1 PLC (Public) were
upgraded to Aa3 (sf) from A2 (sf) and to Baa1 (sf) from Baa3 (sf)
respectively.  The ratings of the other notes were affirmed.  The
rating action for the upgraded notes reflects the increased
levels of credit enhancement due to amortization.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain current rating on the affected
notes.

                        RATINGS RATIONALE

Leek Finance Number Eighteen PLC is a UK Non-Conforming RMBS
transaction whose performance is in line with expectations.  The
amortization of the pool has resulted in (i) an increased credit
enhancement for the various tranches, and related to that (ii) a
reduction in the total exposure of the transaction to FX risk via
the swap counterparty.  In particular the tranches Ca and Cc
which were previously constrained by swap counterparty risk are
now mainly driven by performance.  With a credit enhancement of
44.7% compared to a Milan CE of 14%, those tranches have ample
credit enhancement to withstand stressed scenario.  In particular
due to the prolonged period of uncertainty faced by the UK
economy following the UK's vote to leave the European Union, a
number of stressed scenario reflecting various combinations of
stressed Expected Loss and Milan CE assumptions were run.  The
results indicate that the transaction can withstand high levels
of stress.

For Slate No.1 PLC (Public), a Prime RMBS transaction whose
performance is in line with expectations, the rating action is
prompted by deal deleveraging resulting in an increase in credit
enhancement for the affected tranches.  In particular credit
enhancement for tranches C and D have now reached 12.68% and
9.89% compared to a Milan of 10%.  Similarly these tranches can
withstand severe downside scenarios when our key collateral
assumptions are stressed.

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

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

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

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

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

LIST OF AFFECTED RATINGS:

Issuer: Leek Finance Number Eighteen PLC
  GBP171.1 mil. A2a Notes, Affirmed Aaa (sf); previously on
   June 24, 2015, Affirmed Aaa (sf)
  US$475 mil. A2b Notes, Affirmed Aaa (sf); previously on
   June 24, 2015, Affirmed Aaa (sf)
  EUR128 mil. A2c Notes, Affirmed Aaa (sf); previously on
   June 24, 2015, Affirmed Aaa (sf)
  US$350 mil. A2d Notes, Affirmed Aaa (sf); previously on
   June 24, 2015, Affirmed Aaa (sf)
  GBP25.9 mil. Ba Notes, Affirmed Aa1 (sf); previously on
   Oct. 14, 2015, Upgraded to Aa1 (sf)
  EUR26 mil. Bc Notes, Affirmed Aa1 (sf); previously on Oct. 14,
   2015, Upgraded to Aa1 (sf)
  GBP6 mil. Ca Notes, Upgraded to Aa3 (sf); previously on
   June 24, 2015, Upgraded to A2 (sf)
  EUR49 mil. Cc Notes, Upgraded to Aa3 (sf); previously on
   June 24, 2015, Upgraded to A2 (sf)
  GBP12.5 mil. Ma Notes, Affirmed Aaa (sf); previously on
   Oct. 14, 2015, Upgraded to Aaa (sf)
  EUR83.7 mil. Mc Notes, Affirmed Aaa (sf); previously on
   Oct. 14, 2015, Upgraded to Aaa (sf)

Issuer: Slate No.1 PLC (Public)

  GBP1931.31 mil. A Notes, Affirmed Aaa (sf); previously on
   Oct. 27, 2014, Definitive Rating Assigned Aaa (sf)
  GBP202.668 mil. B Notes, Affirmed Aa1 (sf); previously on
   Oct. 27, 2014, Definitive Rating Assigned Aa1 (sf)
  GBP101.334 mil. C Notes, Upgraded to Aa3 (sf); previously on
   Oct. 27, 2014, Definitive Rating Assigned A2 (sf)
  GBP41.726 mil. D Notes, Upgraded to Baa1 (sf); previously on
   Oct. 27, 2014, Definitive Rating Assigned Baa3 (sf)
  GBP47.686 mil. E Notes, Affirmed Ba3 (sf); previously on
   Oct. 27, 2014, Definitive Rating Assigned Ba3 (sf)
  X Certificates, Affirmed Aaa (sf); previously on Oct. 27, 2014,
   Definitive Rating Assigned Aaa (sf)


SOUTH MARSTON HOTEL: In Administration, Cuts 40 Jobs
----------------------------------------------------
Insider Media Limited reports that more than 40 jobs have been
lost after a hotel and leisure club in Swindon entered
administration.

South Marston Hotel and Leisure Club has now ceased trading, with
43 staff made redundant due to the impact of "historic and other
losses," according to Insider Media Limited.

Sam Talby, Mark Phillips and Julie Swan of PCR Insolvency in
Bristol were appointed as joint administrators of Nightingale
Hotel and Leisure Club Ltd, trading as South Marston Hotel and
Leisure Club, on August 1, 2016, the report notes.

The administrators are now seeking a buyer for the company's
assets.

Sam Talby, of PCR (Bristol) -- samtalby@pcrllp.co.uk -- said: "At
this stage we are assessing the cash and asset value but think it
unlikely that monies already paid in advance for rooms and
functions in the hotel and for leisure center memberships will be
refunded.

"On a positive note we are pleased that we have been able, with
the support of the Hotel's employees, to honor the booking for a
wedding reception being held on Saturday 30 July but sadly have
had to inform all those with future bookings that the company
will not be able to honor their bookings.

"We would ask that any parties interested in the company's
disposable assets to contact us."

South Marston Hotel and Leisure Club featured 60 hotel bedrooms
as well as a health and beauty spa, gym and swimming pool.


                            *********

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *