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        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, October 6, 2016, Vol. 17, No. 198


                            Headlines


C Z E C H   R E P U B L I C

NEW WORLD: State Street Requests Meeting on Liquidation


F R A N C E

SOLOCAL GROUP: Creditors Agree on Financial Restructuring Terms


H U N G A R Y

MALEV: Liquidation Generates HUF3.5 Billion


I R E L A N D

ARBOUR CLO IV: Moody's Assigns (P)B2 Rating to Class F Notes
DOBBINS: High Court Appoints Liquidator


I T A L Y

ICCREA HOLDING: S&P Affirms Then Withdraws 'BB/B' Ratings
LSF9 CANTO: Moody's Assigns Provisional B2 CFR, Outlook Stable
LSF9 CANTO: S&P Assigns Preliminary 'B' CCR, Outlook Stable


L U X E M B O U R G

CONVATEC HEALTHCARE: Moody's Assigns Ba3 Rating to New Facilities


N E T H E R L A N D S

EURO-GALAXY V: Moody's Assigns (P)B2 Rating to Class F Notes
HARBOURMASTER CLO 5: Fitch Withdraws D Ratings on 2 Note Classes
PANTHER CDO III: S&P Lowers Ratings on 2 Note Classes to B-


R U S S I A

ALJBA ALLIANCE: S&P Affirms 'B/B' Counterparty Credit Ratings
CB OBRAZOVANIE: Moody's Withdraws B3 LT Deposit Ratings
MTS BANK: Moody's Withdraws B3 Foreign-Currency Deposit Ratings


U N I T E D   K I N G D O M

AIC STEEL: In Administration, 101 Jobs Affected
BRIGHTHOUSE GROUP: Moody's Lowers CFR to B2, Outlook Negative
CYBG PLC: Fitch Affirms 'BB-' Additional Tier 1 Debt Rating
DONCASTERS GROUP: Moody's Affirms B2 CFR, Outlook Negative
INVESTEC BANK: Fitch Affirms 'BB' Junior Subordinated Debt Rating

KAIM TODNER: Four Ex-Directors Fined Over Collapse
PERA TECHNOLOGY: Has Fallen Into Administration
QUICKFLIX: Bought For $1.3 Million by US Entrepreneur
REDTOP ACQUISITIONS: Moody's Affirms B1 Corporate Family Rating
VOYAGE BIDCO: Fitch Affirms 'B' Long-Term Issuer Default Rating

WILD PHEASANT: Bought Out From Administration


                            *********



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


NEW WORLD: State Street Requests Meeting on Liquidation
-------------------------------------------------------
Ladka Bauerova at Bloomberg News reports that State Street
Nominees Ltd., representing holders of at least 5% of New World
Resources' capital, have requested a general shareholder meeting
at earliest possible date to resolve to place the company into
liquidation and to appoint liquidators.

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



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


SOLOCAL GROUP: Creditors Agree on Financial Restructuring Terms
---------------------------------------------------------------
SoLocal Group on Oct. 5 disclosed that creditors representing
about 43% of the debt of SoLocal Group (funds managed or advised
by Paulson & Co., Inc., Monarch Alternative Capital (Europe)
Ltd., Farallon Capital Europe LLP and Amber Capital UK Holdings
Ltd.), have agreed on the terms of the financial restructuring
plan presented by the Company to which some precisions on
governance described below have been added.

These creditors have accordingly agreed to vote in favor of the
plan during the creditors committee on October 12, 2016.

These creditors have in particular agreed the substitution of
warrants with an exercise price of EUR1.50, as initially planned,
by free shares as proposed by the Company.

Following this agreement, the corporate governance arrangements
have been clarified.

It is reminded that the Board of Directors is currently composed
of eight Directors (including six independent) and the Board of
Directors proposed to the General Shareholders' Meeting to be
held October 19, 2016, the appointment of five additional
members, of whom two candidates representing creditors and two
candidates representing individual shareholders.  Among the five
proposed appointment, the Board of Directors has considered
Monica Menghini, Anne-Marie Cravero et Alexandre Loussert as
independent with regard to the AFEP-MEDEF rules in terms of
independency.  These appointments would bring the number of
directors to thirteen, including nine independent.

Depending on the cash subscription rate to the rights issue of
EUR400M to be launched as part of the financial restructuring
(the "Rights Issue") and thus the proportion of their claims
converted into equity and their resulting stake in the capital
following the Rights Issue, the main creditors could increase
their representation at the Board of Directors following
completion of the financial restructuring.

The number of representatives of main creditors would go up from
two members out of thirteen in case cash subscription to the
Rigths Issue exceeds EUR300M (i.e. 75% of cash subscription to
the rights issue), to five members out of thirteen in case cash
subscription to the Rights Issue represents less than EUR100M
(i.e. 25% of cash subscription to the Rights issue), meaning that
the creditors would hold together between 68% and 86% of the
post-financial restructuring capital1). These changes could
require co-optation, but some of the current directors have
already agreed to resign in such cases.

In addition, as stated in the press release of September 28,
2016, a General Shareholders' Meeting would be convened within
three months of the completion of the financial restructuring to
examine potential changes to the composition of the Board of
Directors.

Moreover, creditors involved in the agreement have agreed,
subject to resolutary condition of the adoption of the financial
restructuring plan, not to accelerate SoLocal's debt, following
the breach of leverage covenant as of June 30, 2016 and
potentially as of September 30, 2016.

Solocal Group is a French directories publisher.



=============
H U N G A R Y
=============


MALEV: Liquidation Generates HUF3.5 Billion
-------------------------------------------
MTI-Econews, citing daily Nepszabadsag, reports that the
liquidation of former national carrier Malev generated about
HUF3.5 billion, all of which went to the airline's staff.

According to MTI-Econews, bailiff Iren Jakab said the liquidation
of the airline would be closed in days and the company wound up
for good in February, five years after it was grounded because of
financial troubles.

Ms. Jakab said the liquidation brought in HUF735 million from the
sale of assets, HUF2.6 billion from receivables and HUF207
million from collateral, MTI-Econews relates.

Malev is Hungary's former national carrier.



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I R E L A N D
=============


ARBOUR CLO IV: Moody's Assigns (P)B2 Rating to Class F Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned these
provisional ratings to notes to be issued by Arbour CLO IV
Designated Activity Company:

  EUR30,000,000 Class A-1 Senior Secured Fixed Rate Notes due
   2030, Assigned (P)Aaa (sf)
  EUR214,000,000 Class A-2 Senior Secured Floating Rate Notes due
   2030, Assigned (P)Aaa (sf)
  EUR42,200,000 Class B Senior Secured Floating Rate Notes due
   2030, Assigned (P)Aa2 (sf)
  EUR25,000,000 Class C Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)A2 (sf)
  EUR21,500,000 Class D Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)Baa2 (sf)
  EUR26,750,000 Class E Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)Ba2 (sf)
  EUR11,000,000 Class F Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)B2 (sf)

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

                       RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030.  The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure.  Furthermore, Moody's
is of the opinion that the collateral manager, Oaktree Capital
Management (UK) LLP, has sufficient experience and operational
capacity and is capable of managing this CLO.

Arbour CLO IV is a managed cash flow CLO.  At least 90% of the
portfolio must consist of senior secured loans and senior secured
floating rate notes and up to 10% of the portfolio may consist of
unsecured loans, second-lien loans, mezzanine obligations and
high yield bonds.  The bond bucket gives the flexibility to
Arbour CLO IV to hold bonds.  The portfolio is expected to be
between 50% to 60% ramped up as of the closing date and to be
comprised predominantly of corporate loans to obligors domiciled
in Western Europe.

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

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 43.0 mil. of subordinated notes, which will
not be rated.

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

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

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

Loss and Cash Flow Analysis:

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

Moody's used these base-case modeling assumptions:

Par amount: EUR 400,000,000
Diversity Score: 35
Weighted Average Rating Factor (WARF): 2750
Weighted Average Spread (WAS): 3.9%
Weighted Average Recovery Rate (WARR): 42%
Weighted Average Life (WAL): 8 years.

Moody's has analyzed the potential impact associated with
sovereign related risk of peripheral European countries.  As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below.  Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 10% of the pool would be domiciled in
countries with A3 local currency country ceiling.  The remainder
of the pool will be domiciled in countries which currently have a
local or foreign currency country ceiling of Aaa or Aa1 to Aa3.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)
Ratings Impact in Rating Notches:
Class A-1 Senior Secured Fixed Rate Notes: 0
Class A-2 Senior Secured Floating Rate Note: 0
Class B Senior Secured Floating Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -1
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3575 from 2750)
Ratings Impact in Rating Notches:
Class A-1 Senior Secured Fixed Rate Notes: -1
Class A-2 Senior Secured Floating Rate Note: -1
Class B Senior Secured Floating Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -4
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -2
Class F Senior Secured Deferrable Floating Rate Notes: -3

Given that the transaction allows for corporate rescue loans
which do not bear a Moody's rating or Credit Estimate, Moody's
has also tested the sensitivity of the ratings of the notes to
changes in the recovery rate assumption for corporate rescue
loans within the portfolio (up to 5% in aggregate).  This
analysis includes haircuts to the 50% base recovery rate which
Moody's assumes for corporate rescue loans if they satisfy
certain criteria, including having a Moody's rating or Credit
Estimate.


DOBBINS: High Court Appoints Liquidator
---------------------------------------
Mary Carolan at The Irish Times reports that a liquidator has
been appointed by the High Court to two companies operating the
well-known Dublin restaurant, Dobbins, after efforts to finalize
an investment agreement failed.

However, it is expected a survival scheme prepared for two other
companies operating the 10-bedroom Beckett's Hotel ion Leixlip,
Co Kildare, will be put before the court for approval later this
week, The Irish Times relates.

An investment agreement has been negotiated for them and was set
to be put before creditors on Oct. 5, The Irish Times discloses.
If supported by creditors it will then be put before the High
Court later this week, The Irish Times notes.

The High Court heard on Oct. 4 the Revenue Commissioners has
indicated it will oppose the survival scheme proposed, The Irish
Times relays.

All four companies, which employ some 60 people, had secured
court protection last June due to cash-flow difficulties caused
by loss of business contracts and historic bank debt, The Irish
Times discloses.

The High Court was told on Oct. 4 efforts by examiner Kieran
Wallace to secure an investor for the Dobbins companies had
failed, The Irish Times recounts.

According to The Irish Times, Rossa Fanning, for Mr. Wallace,
said there had been talks with KBC Bank, Dobbins's largest
creditor, on funding after a preferred investor for the Dobbins
companies had been selected.  However, he said no investment
agreement had been reached, The Irish Times notes.

In the circumstances, Mr. Fanning, as cited by The Irish Times,
said Mr. Wallace wished to be discharged as examiner to those
companies -- Dobbins Holding Company Ltd. and Dobbins Wine Bistro
Ltd.  There was also agreement a liquidator could be appointed to
those entities whose directors -- Gary Flynn, Fonthill Court,
Rathfarnham, Dublin, and Patrick Walsh, Templeroan, Rathfarnham
?- were previously the restaurant manager and head chef at
Dobbins, The Irish Times states.

On the application of Gavin Simons, solicitor for the Dobbins
companies, Mr. Justice Brian McGovern agreed to discharge
Mr. Wallace as examiner of the Dobbins companies and to appoint
Andrew O'Leary of KPMG as liquidator of those, The Irish Times
relays.

Andrew Fitzpatrick, for KBC Bank, said it had appointed a
receiver over the Dobbins companies and was anxious the leasehold
property occupied by the restaurant at Stephen's Lane, Dublin 2,
be surrendered to the bank as soon as possible, according to The
Irish Times.



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


ICCREA HOLDING: S&P Affirms Then Withdraws 'BB/B' Ratings
---------------------------------------------------------
S&P Global Ratings affirmed and withdrew its 'BB/B' long- and
short-term counterparty credit ratings on Italy-based Iccrea
Holding SpA.  At the time of the withdrawal, the outlook was
stable.

At the same time, S&P affirmed the 'BB/B' long- and short-term
counterparty credit ratings on Iccrea Banca SpA and its
subsidiary Iccrea BancaImpresa SpA.  The outlook on both entities
remains stable.

After being announced in July 2016, the reverse merger between
Iccrea Holding and Iccrea Banca came into effect on Oct. 1, 2016.
On this date, Iccrea Banca fully absorbed Iccrea Holding, which
ceased to exist.

Although the merger streamlines the group structure, S&P
considers that it has no material financial and governance
effects on the creditworthiness of Iccrea Banca.  As a result,
S&P has affirmed its ratings on Iccrea Banca and assigned a
stand-alone credit profile of 'bb', in line with that previously
held by Iccrea Holding.  S&P now considers Iccrea Banca Impresa
to be a core subsidiary of Iccrea Banca.

This change in the group structure was triggered by a specific
regulatory request that the group ensure the parent company had a
banking license.  It also fits within the framework of
cooperative banking reform recently approved by the Italian
government.

At the time of the withdrawal, S&P had no senior unsecured or
hybrid debt issue credit ratings assigned or guaranteed by Iccrea
Holding.  All the rated debt is issued out of Iccrea Banca and
Iccrea BancaImpresa.

The stable outlook on Iccrea (comprising Iccrea Banca and Iccrea
BancaImpresa; together, the Iccrea Banking Group) reflects S&P's
view that the Banche di Credito Cooperativo (BCC) network should
be able to maintain a strong liquidity position and adequate
capitalization in the next 12-24 months.  S&P also expects that
the BCC network will remain committed to supporting Iccrea in any
circumstance.

S&P could lower the ratings on Iccrea if, against S&P's current
expectations, the BCC network's capitalization were to decline
over the next 24 months to push its RAC ratio below 5.0% (S&P
currently expects it to be about 6%) or if its strong liquidity
position deteriorated to a level more akin to domestic peers'.

An upgrade could follow an improvement in Italy's economic and
operating environment and a strengthening of the BCC network's
financial profile.  This could happen if we anticipated the RAC
ratio increasing comfortably above 7%, together with a tightening
of intragroup relationships, leading to higher synergies and
lower governance issues.


LSF9 CANTO: Moody's Assigns Provisional B2 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
(P)B2 corporate family rating to LSF9 Canto Investments S.p.A., a
holding company fully owning N&W Global Vending S.p.A, the
leading European manufacturer of automatic vending machines.
Concurrently, Moody's has assigned a (P)B2 instrument rating to
the EUR300 million first lien senior secured notes raised by LSF9
Canto Investments S.p.A. with upstream guarantees from certain
operating subsidiaries.  The outlook on the ratings is stable.

Moody's issues provisional ratings for debt instruments in
advance of the final sale of securities or conclusion of credit
agreements.  Upon the successful closing of the bond issuance and
a conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the different capital
instruments.  A definitive rating may differ from a provisional
rating.  The (P)B2 CFR is contingent upon the successful issuance
of the proposed debt package of in total EUR400 million notes
(only EUR300 million rated) as well as a visibility of a
successful completion of the post-completion merger by Dec. 22,
2016.

"The (P)B2 CFR balances the company's strong operating profile
evidenced by its very high profitability and its ability to
generate good cash flows with high leverage and small operations
in a fairly mature market", says Martin Fujerik, the lead analyst
on N&W.

                          RATINGS RATIONALE

RATIONALE FOR CFR

The (P)B2 CFR is primarily constrained by N&W's (1) small size,
with revenues of roughly EUR300 million and limited product
diversification; (2) high leverage, with Moody's-adjusted
debt/EBITDA of around 6.0x for the 12 months to June 2016 period,
pro-forma for the transaction, which positions N&W weakly in the
B2 rating category and includes the expectation of gradual
improvements in the next 12-18 months; (3) some concentration
risk in terms of geographies, with the majority of revenues being
generated in Western Europe, and customers, with the top three
customers representing almost one third of revenues; and (4)
limited revenue visibility, with a backlog of around one month of
sales.

The vending machines market is largely mature with limited growth
potential, but following a period of operators' underinvestment,
the park's average age is reaching the end of its useful life as
per the company's expectation.  This development could boost
investments into the park and, with its strong and comprehensive
offering, N&W would benefit from it.  However, the timing of that
development is uncertain.  If there is no meaningful improvement
in investments in the next 12-18 months, there is a risk that
N&W's leverage on a gross debt basis will remain high, given the
limited scope of further major profitability improvements from an
already very high level.  A further factor is that some players
in the industry are going through financial difficulties, which
could significantly limit their willingness and ability to invest
into the machine park.  However, even in such a scenario, Moody's
expects N&W to generate meaningful positive free cash flow, in
line with its historical track record, which supports the
company's positioning at (P)B2 level.

The (P)B2 ratings are further supported by the company's (1)
clear market leadership in its key European markets; (2) very
high profitability, with a Moody's-adjusted EBITA margin at
approximately 19% in 2015, enabled by the breadth of the
company's portfolio, constant innovation, profitable accessories
and spare parts business, and strong ties to the key customers in
the industry; and (3) asset-light business model, with fairly low
tangible capex requirements and a variable cost structure that
helps to maintain stability of margins and support free cash flow
generation.

                  RATIONALE FOR INSTRUMENT RATING

The EUR300 million first lien senior secured notes issued by
LSF9 Canto Investments S.p.A. are rated (P)B2, in line with the
CFR, despite the fact that they rank ahead of EUR100 million
second lien senior secured notes (unrated) that could provide
some rating uplift from the level of CFR.  However, given a weak
positioning of N&W at (P)B2, we decided not to notch up the
EUR300 million above the level of the CFR.

In a default scenario, the super senior revolving facility
(unrated) ranks at the top of the Loss Given Default waterfall,
followed by the EUR300 million first lien senior secured notes
and trade payables at second rank, the EUR100 million second lien
senior secured bond ranking third and limited amount of lease
rejection claims and pensions at the bottom of the waterfall.
The guarantors for senior secured debt represent at least 80% of
group sales, EBITDA and assets.

                   RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that in the next
12-18 months N&W will manage to maintain a Moody's-adjusted EBITA
margin at around 20% and debt/EBITDA at around or below 6.0x,
while generating positive free cash flow.

              WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's could upgrade N&W's ratings, if N&W shows the ability to
sustain its strong profitability with Moody's adjusted EBITA
margin at around 20% and healthy free cash flow generation, while
improving Moody's adjusted gross debt/EBITDA sustainably below
5.0x (around 6.0x for the 12 months to June 2016 period, pro
forma).

Moody's could downgrade N&W's ratings, if the company's (1) gross
debt/EBITDA, as adjusted by Moody's, sustainably remains above
6.0x; (2) EBITA margin, as adjusted by Moody's, deteriorates well
below 20%; (3) free cash flow, as adjusted by Moody's,
deteriorates significantly towards breakeven; or (4) liquidity
position tightens.  In addition, any signs of deteriorating
market conditions on a sustained basis could put pressure on the
ratings. The rating could also come under pressure if there is an
evidence that N&W is unable to complete post-completion merger by
22 December 2016.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Headquartered in Bergamo, Italy, N&W is the leading European
manufacturer of automatic vending machines for hot and cold
drinks and other food and beverage produces.  It also produces
coffee machines designed for use in hotels, restaurants,
cafeterias and offices.  The company operates under the two main
brands: Necta (focused on Western and Southern Europe, US and
Emerging markets) and Wittenborg (focused on Northern and Central
Europe markets). In 2015, N&W reported revenue of around EUR300
million, employing more than 1,400 workforce.  N&W was acquired
by funds controlled by private equity firm Lone Star (unrated)
for a total consideration of roughly EUR670 million in March
2016.


LSF9 CANTO: S&P Assigns Preliminary 'B' CCR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings said that it assigned its preliminary 'B'
long-term corporate credit rating to LSF9 Canto Investments SpA
(N&W Global Vending Group or N&W Group), an Italy-based
manufacturer of vending and coffee machines products.  The
outlook is stable.

At the same time, S&P assigned its preliminary 'B' issue rating
to the group's EUR300 million first-lien senior secured notes
(maturing in 2023) with a recovery rating of '3' (in the upper
half of the 50%-70% range).  Furthermore, S&P assigned a
preliminary issue rating of 'CCC+' to the EUR100 million second-
lien notes due 2023 with a recovery rating of '6'.  Finally, S&P
assigned a preliminary issue rating of 'B+' to the EUR40 million
revolving credit facility with a recovery rating of '2',
reflecting its super senior position in the structure.

The final rating will depend on S&P's receipt and satisfactory
review of all final transaction documentation.  Accordingly, the
preliminary rating should not be construed as evidence of the
final rating.  If the terms and conditions of the final
transaction depart from the material S&P has already reviewed, or
if the transaction does not close within what S&P considers to be
a reasonable time frame, it reserves the right to withdraw or
revise its ratings.

N&W Group is a leading manufacturer of vending machine products
in Europe, with about EUR300 million in revenues at year-end 2015
and an estimated market share of about 40% in its core markets.
The company also benefits from relatively good diversification in
its European markets (Italy being its top market with about 30%
of sales in 2015).  Furthermore, S&P evaluates positively the
solid profitability margin, which is above the industry average,
with an adjusted EBITDA of about 22% at the end of 2015.  Despite
weak industry conditions in the past few years, the company has
proven resilient showing moderate sales growth and improvements
in profitability.  S&P thinks these results stem from cost-saving
measures implemented since 2012, as well as the company's high
level of profitability in accessories and spare product division
(about 20% of total sales).

However, the business risk profile is constrained by the maturity
of the vending machine sector, which represents a hurdle to
future growth, in S&P's view.  Over 2009-2015, for example, many
vending operators cut spending on the acquisition of new vending
machines to counter repercussions of the weaker economic
conditions in Europe and a high degree of saturation of vending
machine networks, especially in some core regions, such as Italy.
Finally, S&P notices that there is some customer concentration,
which constrains its assessment of the company's business risk
profile.

N&W Group's financial profile assessment is underpinned by Lone
Star Funds' financial-sponsor ownership.  The S&P Global Ratings-
adjusted ratio of debt to EBITDA is about 9.9x.  The adjusted
debt includes EUR400 million first- and second-lien senior
secured notes due 2023) and a EUR262 million non-common equity
financing which does not pay cash interests issued at the top of
the group structure.  S&P classifies this non-common equity
financing provided by the shareholders as debt, according to
S&P's criteria. The adjusted debt-to-leverage ratio without the
shareholder loan would be in the range of 6.0x.  S&P anticipates
that the company will maintain a good cash conversion and will
generate positive free operating cash flow over 2016-2018.
However, given the significant amount of outstanding debt, this
will not be sufficient to materially deleverage, under S&P's base
case.

In S&P's base-case scenario for 2016-2018, it assumes:

   -- Flat revenue growth for year-end 2016, supported by the
      accessories and spare part division, but depressed by the
      vending machines and OCS (Office Coffee Services) segments.

   -- An S&P Global Ratings-adjusted EBITDA margin of about 23%
      over the next two years.

   -- Approximately EUR14 million of reported capital expenditure
      by year-end 2016 due to investments in tangible assets and
      in research and development (R&D).

   -- No dividends or additional sizable acquisitions.

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

   -- Adjusted debt-to-EBITDA of about 9.9x in 2016 and 2017
      (including the non-common equity financing at the top of
      group structure) and about 6.0x excluding it.

   -- Adjusted funds from operations (FFO) cash interest coverage
      of about 2.2x over the next two years.

The stable outlook reflects S&P's forecasts that N&W Group's
operational performance should be resilient and that the company
will generate a stable adjusted EBITDA margin of about 23% during
the next 12 months.  In S&P's view, the company's EBITDA margin
is supported by a favorable product/market mix and recent cost-
saving measures implemented by the company at the operating
level.  S&P expects that the company will generate positive free
operating cash flow ranging around EUR15 million per year thanks
to its above-average profitability and relatively low capital
investment requirements.  Under S&P's base case, it assumes that
the company will maintain FFO to cash interest coverage above 2x
over S&P's forecast horizon.

S&P could lower its rating on N&W Group if its FFO cash interest
coverage slips below 2x or if the free operating cash flow turns
negative.  This scenario could arise if the operating conditions
in the company's relevant markets worsen, for example, because
European vending operators continue to cut spending.

S&P could take a positive rating action if the company achieves
and consistently maintains FFO cash interest coverage above 3x
and adjusted debt to EBITDA at about 5x, demonstrating its
ability to report substantial positive net cash flow generation
above S&P's current base-case assumption and to use it to reduce
debt.


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


CONVATEC HEALTHCARE: Moody's Assigns Ba3 Rating to New Facilities
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the new first
lien senior secured credit facilities of ConvaTec Healthcare D
S.a.r.l.  The new senior secured credit facilities will include
two term loans and a revolving credit facility.  Moody's also
placed the existing ratings of ConvaTec Healthcare A S.a.r.l.,
including the B2 Corporate Family Rating (CFR) and B2-PD
Probability of Default Rating (PDR) under review for upgrade.
Ratings on all existing debt are unchanged, and will be withdrawn
when they are repaid as part of the contemplated transaction.  If
the IPO is not consummated and new debt is not issued, then
ratings on all existing debt will remain outstanding.  Also, if
the IPO is not consummated, then Moody's expects that the three
new bank credit facilities will not close, and that the rating
agency will withdraw the newly assigned Ba3 ratings on those bank
credit facilities.

ConvaTec plans to use proceeds from the $1.8 billion of
aforementioned senior secured term loans and another estimated
$1.8 billion from an initial public offering to refinance debt
and reduce its financial leverage.  Moody's estimates that pro
forma adjusted debt to EBITDA as of June 30, 2016, will be
approximately 4.3 times, which would be a dramatic improvement in
ConvaTec's leverage which is currently around 8.2 times.

"The material reduction in debt and hence interest expense will
boost ConvaTec's free cash flow and provide the means of further
deleveraging," stated Jonathan Kanarek, Moody's Vice President
and Senior Analyst.  "Generating an approximate $200 million per
annum in free cash flow after common dividends should help bring
leverage to around 3.5 times debt/EBITDA by the end of 2017,"
added Kanarek.

If the IPO and deleveraging is completed in its currently
contemplated form, Moody's expects to upgrade ConvaTec's CFR and
PDR to Ba3 and B1-PD, respectively.  Material deviations from
this plan -- either in the form of lower IPO proceeds,
deleveraging, or the priority-of-claim profile of debt in the
capital structure -- could cause Moody's to alter its
expectations of ConvaTec's ultimate ratings.

Ratings Assigned

ConvaTec Healthcare D S.a.r.l & ConvaTec Inc. (as co-borrower)

Senior secured revolving credit facility expiring 2021 Ba3
   (LGD 3)
  Senior secured term loan A due 2021 Ba3 (LGD 3)
  Senior secured term loan B due 2023 Ba3 (LGD 3)
The outlook is stable.

Ratings Under Review

ConvaTec Healthcare A S.a.r.l.
  Corporate Family Rating (CFR) at B2
  Probability of Default Rating (PDR) at B2-PD

Ratings Unchanged

ConvaTec Inc.
  Senior secured EUR/USD term loans at Ba2 (LGD 2)

The outlook is negative.

ConvaTec Healthcare E S.A.
  Senior secured revolving credit facility due 2020 at Ba2 (LGD
2)
  Senior unsecured notes due 2018 at B3 (LGD 4)

The outlook is negative.

ConvaTec Finance International S.A.
  Backed subordinated PIK debentures due 2019 at Caa1 (LGD 6)

The outlook is negative.

Moody's rating review will focus upon the cash proceeds ConvaTec
raises from its debt and equity issuance, its post-IPO capital
structure, and the potential for further deleveraging over the
next 12-18 months.  In its review, Moody's will also consider how
operating performance will be affected by ConvaTec's margin
improvement program and growth opportunities within each of its
business segments.  Lastly, the review will include an evaluation
of changes to the firm's financial policy.

                         RATINGS RATIONALE

ConvaTec's B2 CFR (currently under review for upgrade) reflects
its high financial leverage.  The rating also incorporates the
company's high business risks due to on-going operational
challenges as well as lingering compliance, legal and regulatory
issues.  While Moody's expects the company's leverage to decline
gradually over the next year even absent an IPO, there are
potential downside risks to earnings and cash flows.  These are
due to uncertainty arising from the above challenges, hindering
the company's ability to de-lever.  Moody's is also mindful of
the company's historically aggressive financial policies that
resulted in repeated re-leveraging in recent years via
acquisitions and a significant dividend payment.  ConvaTec's B2
CFR also reflects Moody's expectation for the company to maintain
an attractive EBITDA margin of 29%, consistently positive free
cash flow, and good liquidity.  The company has a leading
position in relatively predictable markets and a recurring
revenue stream.  Its breadth of products, track record of product
life-cycle management and innovation, solid geographic
diversification, and limited customer concentration partially
mitigate the company's high leverage.

Moody's expectation of upgrading ConvaTec's CFR to Ba3 post IPO
reflects the company's materially improved financial flexibility
and credit profile following the planned deleveraging, which
would be more in line with that revised rating.  Moody's view of
ConvaTec's other business challenges and strengths would remain
largely unchanged.  The expectation of upgrading ConvaTec's PDR
to B1-PD reflects the expectation of using a 65% family recovery
rate under the new, all-bank capital structure, in line with
Moody's Loss Given Default methodology.

The principal methodology used in these ratings was Global
Medical Product and Device Industry published in October 2012.

ConvaTec Healthcare A S.a.r.l. is a leading developer,
manufacturer and marketer of products for ostomy management,
advanced chronic and acute wound care, continence & critical
care, sterile single-use medical devices for hospitals, and
infusion sets used in diabetes treatment.  Revenues are
approximately $1.7 billion.  ConvaTec is owned by Nordic Capital
(70%) and Avista Capital Partners (30%).  Post IPO, Moody's
expects the combined ownership of these partners to decline
appreciably, with the current owners making a complete exit over
the next couple of years.


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


EURO-GALAXY V: Moody's Assigns (P)B2 Rating to Class F Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned these
provisional ratings to notes to be issued by Euro-Galaxy V CLO
B.V.:

  EUR60,000,000 Class A-R Senior Secured Variable Funding Notes
   due 2030, Assigned (P)Aaa (sf)
  EUR184,000,000 Class A Senior Secured Floating Rate Notes due
   2030, Assigned (P)Aaa (sf)
  EUR49,200,000 Class B Senior Secured Floating Rate Notes due
   2030, Assigned (P)Aa2 (sf)
  EUR23,200,000 Class C Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)A2 (sf)
  EUR19,200,000 Class D Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)Baa2 (sf)
  EUR23,300,000 Class E Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)Ba2 (sf)
  EUR12,300,000 Class F Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)B2 (sf)

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

                      RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030.  The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure.  Furthermore, Moody's
is of the opinion that the collateral manager, PineBridge
Investments Europe Limited, has sufficient experience and
operational capacity and is capable of managing this CLO.

Euro-Galaxy V is a managed cash flow CLO.  At least 90% of the
portfolio must consist of senior secured loans and secured senior
bonds and up to 10% of the portfolio may consist of unsecured
senior obligations, second-lien loans, mezzanine obligations and
high yield bonds.  The portfolio is expected to be approximately
63% ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

PineBridge will manage the CLO in collaboration with the Junior
Collateral Manager, Credit Industriel et Commercial SA.  They
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 impaired and
credit improved obligations, and are subject to certain
restrictions.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 40,200,000 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.  PineBridge's and CIC's
investment decisions and management of the transaction will also
affect the notes' performance.

Loss and Cash Flow Analysis:

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

Moody's used these base-case modeling assumptions:

Par amount: EUR 400,000,000
Diversity Score: 37
Weighted Average Rating Factor (WARF): 2720
Weighted Average Spread (WAS): 4.00%
Weighted Average Coupon (WAC): 5.25%
Weighted Average Recovery Rate (WARR): 43.75%
Weighted Average Life (WAL): 8 years.

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local a currency
country risk ceiling (LCC) of A1 or below.  As per the portfolio
constraints, exposures to countries with a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 5%.  Following the effective date, and
given these portfolio constraints and the current sovereign
ratings of eligible countries, the total exposure to countries
with a LCC of A1 or below may not exceed 10% of the total
portfolio.  As a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with LCCs of Baa1 to Baa3 while
an additional 5% would be domiciled in countries with LCCs of A1
to A3.  The remainder of the pool will be domiciled in countries
which currently have a LCC of Aa3 and above.  Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class of notes
as further described in the methodology.  The portfolio haircuts
are a function of the exposure size to peripheral countries and
the target ratings of the rated notes and amount to 0.75% for the
Class A notes, 0.50% for the Class B notes, 0.38% for the Class C
notes and 0% for Classes D, E and F.

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional rating assigned to the
rated notes.  This sensitivity analysis includes increased
default probability relative to the base case.  Below is a
summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:
Percentage Change in WARF: WARF + 15% (to 3128 from 2720)
Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0
Class A-R Senior Secured Variable Funding Notes: 0
Class B Senior Secured Floating Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3536 from 2720)

Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: -1
Class A-R Senior Secured Variable Funding Notes: -1
Class B Senior Secured Floating Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -4
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: -2
Methodology Underlying the Rating Action:


HARBOURMASTER CLO 5: Fitch Withdraws D Ratings on 2 Note Classes
----------------------------------------------------------------
Fitch Ratings has downgraded and withdrawn Harbourmaster CLO 5
B.V.'s notes, as follows:

   -- Class B2E (XS0223503821): downgraded to 'Dsf' from 'CCCsf'
      and withdrawn

   -- Class B2F (XS0223504043): downgraded to 'Dsf' from 'CCCsf'
      and withdrawn

Harbourmaster CLO 5 B.V. closed in 2005 and was a managed cash
arbitrage securitization of secured leveraged loans, primarily
domiciled in Europe. The portfolio was managed by Blackstone/GSO
Debt Funds Europe Limited.

KEY RATING DRIVERS

The portfolio has been liquidated and the remaining A4 and B1
notes paid in full. The transaction was unable to fully pay down
the class B2 notes, leaving EUR827,251.21 or 5.5% of their
original outstanding balance (EUR15m) unpaid as of the 15
September trustee report. Fitch has since been informed that the
class B2 notes have been cancelled and delisted. Fitch has
therefore downgraded the notes to 'Dsf' and withdrawn the
ratings.

The class B2 notes comprised the B2E and B2F tranches and were
originally rated 'BBsf' by Fitch. At issuance the B2 notes had
4.9% credit enhancement, which is below the average credit
enhancement for 'Bsf' rated in tranches in current CLO 2.0
transactions.

Fitch had downgraded the notes to 'Bsf' in March 2009 and to
'CCCsf' in January 2014.

RATING SENSITIVITIES

Not applicable.

DUE DILIGENCE USAGE

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transaction's
initial closing. The subsequent performance of the transaction
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.

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


PANTHER CDO III: S&P Lowers Ratings on 2 Note Classes to B-
------------------------------------------------------------
S&P Global Ratings took various rating actions in Panther CDO III
B.V.

Specifically, S&P has:

   -- Raised its ratings on the class A and B notes, and the
      class Q combination notes;
   -- Affirmed its ratings on the class C1 and C2 notes; and
   -- Lowered its ratings on the class D1 and D2 notes.

The rating actions follow S&P's assessment of the transaction's
performance using data from the July 29, 2016, investor report.

Upon publishing our structured finance ratings above the
sovereign criteria (RAS criteria), S&P placed those ratings that
could potentially be affected under criteria observation.
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class of
notes at the respective rating level.  In S&P's analysis, it used
the reported portfolio balance that it considers to be
performing, the current weighted-average spread, and the
weighted-average recovery rates that S&P considered to be
appropriate.  S&P applied various cash flow stress scenarios,
using different default patterns, in conjunction with different
interest rate stress scenarios for each liability rating category
as outlined in S&P's criteria.

In S&P's analysis, it has observed that the portfolio balance has
reduced since its previous review on July 31, 2015.  This is
partly due to the deleveraging of the senior notes following the
reinvestment period, which has increased the available credit
enhancement for the class A, B, C1, and C2 notes, and partly due
to the occurrence of defaults in the underlying portfolio, which
has decreased the available credit enhancement for the junior
class D1 and D2 notes.  The class A notes, which S&P rates based
on the timely payment of interest and ultimate repayment of
principal, have amortized to a note factor (the current notional
amount divided by the notional amount at closing) of
approximately 10.37%.

S&P has observed that the assets that it considers to be rated in
the 'CCC' category ('CCC+', 'CCC', and 'CCC-') have reduced to
4.41% of the performing portfolio, compared with 4.59% at S&P's
previous review.  As a result, the collateral portfolio has
experienced a positive rating migration.  However, defaulted
assets (rated 'CC', 'C', 'SD' [selective default], or 'D') have
increased significantly to 13.37% from 2.74% of collateral
balance, over the same period, thereby eroding the credit
protection available to the rated notes.

The weighted-average spread earned on the portfolio has
marginally decreased to 1.31% from 1.35% at S&P's previous
review.  The par coverage tests continue to be above the required
levels for all classes of notes.  The interest coverage tests are
passing too, except for the class D notes' interest coverage
test, which is failing due a decrease in the weighted-average
spread and the occurrence of additional defaults.

The issuer entered into a fixed-to-floating interest rate swap
with Merrill Lynch International (A/Positive/A-1) at closing.  In
S&P's opinion, the documented downgrade provisions do not fully
comply with its current counterparty criteria.  Therefore, in
S&P's cash flow analysis, it ran scenarios with no interest rate
swap in the transaction in rating scenarios that are above the
long-term issuer credit rating on the counterparty plus one
notch.

Under S&P's RAS criteria, it applied an additional stress in
rating scenarios above the rating of the sovereign, subject to
certain diversification thresholds outlined in its criteria.

S&P's cash flow results show that the available credit
enhancement for the class A and B notes is commensurate with
higher ratings than those currently assigned.  S&P has therefore
raised to 'AAA (sf)' from 'AA- (sf)' its rating on the class A
notes and to 'AA- (sf)' from 'A+ (sf)' its rating on the class B
notes.

At the same time, the available credit enhancement for the class
C1 and C2 notes is commensurate with the currently assigned
ratings.  Therefore, S&P has affirmed its 'BBB+ (sf)' ratings on
these classes of notes.

The available credit enhancement for the class D1 and D2 notes
has reduced since S&P's previous review and is no longer
commensurate with the currently assigned ratings, in its view.
S&P has therefore lowered to 'B- (sf)' from 'B (sf)' its ratings
on the class D1 and D2 notes.

The class Q combination (Comb) notes comprise the class C2
(66.7%) and subordinated notes' (33.3%) components.  Their rated
balance has decreased to EUR3.78 million from EUR8.10 million at
closing through interest distributions from their components.
The results of our cash flow analysis indicate that the class Q
Comb notes can sustain the stresses that S&P applies at a 'A+p
(sf)' rating level.  S&P has therefore raised to 'A+p (sf)' from
'A-p (sf)' its rating on the class Q Comb notes.

Panther CDO III is a cash flow collateralized debt obligation
(CDO) of mixed assets that closed in 2005.  The transaction
consists of bonds, structured finance securities, leveraged
loans, high-yield securities, and other debt obligations.  M&G
Investment Management Ltd. acts as transaction manager.

RATINGS LIST

Class                 Rating
                To             From

Panther CDO III B.V.
EUR401.65 Million Fixed- And Floating-Rate Notes

Ratings Raised

A               AAA (sf)       AA- (sf)
B               AA- (sf)       A+ (sf)
Q Comb          A+p (sf)       A-p (sf)

Ratings Affirmed

C1              BBB+ (sf)
C2              BBB+ (sf)

Ratings Lowered

D1              B- (sf)         B (sf)
D2              B- (sf)         B (sf)



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


ALJBA ALLIANCE: S&P Affirms 'B/B' Counterparty Credit Ratings
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term
counterparty credit and 'ruBBB+' Russia national scale ratings on
Russia-based bank Aljba Alliance.  S&P also affirmed its'B/B'
long- and short-term counterparty credit ratings on Aljba
Alliance's subsidiary, S.L. Capital Services Ltd.

S&P subsequently withdrew all the ratings at the issuer's
request. At the time of withdrawal, the outlooks on Aljba
Alliance and S.L. Capital Services were negative.

In S&P's view, Aljba Alliance's business prospects remain
vulnerable in the currently unfavorable economic environment in
Russia.  S&P notes that since the beginning of 2016, the bank has
faced large deposit outflows and a shrinking loan portfolio.

The contraction in the balance sheet contributes to S&P's
expectations that the bank will maintain its strong capital
metrics, which S&P reflects in its risk-adjusted capital ratio
for Aljba Alliance in the next 12-18 months.  S&P also considers
that the large liquidity reserves the bank has accumulated this
year will enable it to withstand further deposit outflows.

S&P thinks that S.L. Capital Services will keep its role as a
booking center for proprietary securities investments and client-
driven brokerage.  S&P anticipates that it will remain a core
subsidiary for Aljba Alliance.  In addition, S&P thinks the
parent will continue supporting S.L. Capital Services as it has
in the past.

The negative outlook on the long-term rating on Aljba Alliance at
the time of withdrawal reflected the potential risk of further
weakening in the bank's business position if management is unable
to neutralize risks associated with the bank's loss of lending
and deposit volumes and stemming from the current adverse
economic conditions in Russia.


CB OBRAZOVANIE: Moody's Withdraws B3 LT Deposit Ratings
-------------------------------------------------------
Moody's Investors Service has withdrawn Commercial Bank
OBRAZOVANIE's these ratings:

   -- LT Deposit Rating (Local & Foreign Currency) of B3
   -- ST Deposit Rating (Local & Foreign Currency) of Not Prime
   -- LT Counterparty Risk Assessment of B2(cr)
   -- ST Counterparty Risk Assessment of Not Prime(cr)
   -- Baseline Credit Assessment (BCA) of b3
   -- Adjusted Baseline Credit Assessment of b3

At the time of the withdrawal, the long-term bank deposit ratings
carried a stable outlook.

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

Headquartered in Moscow, Russia, Commercial Bank OBRAZOVANIE
reported total assets of RUB60.2 billion, total shareholders'
equity of RUB4.7 billion and net income of RUB436.4 million,
according to audited International Financial Reporting Standards
as of Dec. 31, 2015.


MTS BANK: Moody's Withdraws B3 Foreign-Currency Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service has withdrawn the B3/Not-Prime local
and foreign-currency deposit ratings, caa1/b3 baseline credit
assessment (BCA)/Adjusted BCA and the B2(cr)/Not-Prime(cr)
Counterparty Risk Assessments of MTS Bank PJSC, based in Russia
(Ba1 negative).  At the time of the withdrawal the bank's long-
term deposit ratings carried a negative outlook.

Moody's has withdrawn the rating for its own business reasons.

Headquartered in Moscow, Russia, MTS Bank PJSC reported total
assets of RUB175 billion and total equity of RUB19.3 billion
under un-audited IFRS as of July 1, 2016.



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


AIC STEEL: In Administration, 101 Jobs Affected
-----------------------------------------------
BBC News reports that more than 100 jobs have been lost in
Newport due to AIC Steel Limited going into administration.

The company was set up in 2013 to buy another steel firm in the
city, Rowecord Engineering, which also went into administration
three years ago, BBC recounts.

According to BBC, joint administrators David Hill --
david.hill@begbies-traynor.com -- and Huw Powell --
Huw.Powell@begbies-traynor.com -- from Begbies Traynor, said on
Oct. 5 that 101 posts had been made redundant.

A further 29 staff will stay on to assist with the business, BBC
discloses.

The administrators said they are looking at the viability of
continuing trading, BBC relates.

AIC Steel Limited is a steel firm.


BRIGHTHOUSE GROUP: Moody's Lowers CFR to B2, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of
BrightHouse Group PLC's, the UK's leading rent-to-own market
operator.  Moody's has downgraded Brighthouse's corporate family
rating B2 from B1 and the rating on its GBP220 million senior
secured notes to B2 from B1.  The outlook on all ratings has
changed to negative from stable.

The rating action primarily reflects these drivers:

   -- Weakening of the company's credit metrics driven by
      regulatory changes and adverse product mix
   -- Moody's expectation of further negative pressure on the
      company's business
   -- Upcoming refinancing risk on its senior secured notes
      maturing in May 2018

Concurrently, Moody's has affirmed BrightHouse's probability of
default (PDR) at B1-PD.

                         RATINGS RATIONALE

The company's performance has been adversely affected by
regulatory changes following the ongoing review of the business
by the Financial Conduct Authority (FCA) as part of its
authorization process.  The changes so far included a stricter
affordability processes and tightened credit criteria in the
rent-to-own industry leading to a decline in new customer
acceptance, reduction in contract portfolio and higher compliance
costs.  The company's topline declined by 4% quarter-on-quarter
during the quarter ended June 2016 whereas LTM June 2016 EBITDA
(defined by management) declined to GBP52 million from GPB56
million in financial year ended March 2016 (FY16).  This included
an impact from the company's decision to temporarily suspend the
charging of late fees, shift in sales mix towards more short-
term, technology products and high price deflation on furniture
and electrical products.  Furthermore, total number of customers
declined year-on-year by 5% to approximately 263 thousand at the
end of June 2016 and contract portfolio, defined as an aggregate
amount of remaining payments due under hire purchase agreements
on a given date, if they run to full term, declined year-on-year
by 13%.

Moody's adjusted gross debt / EBITDA rose to 4.6x as of June 2016
from 4.2x as of the end of March 2016 and Moody's expects further
increase towards 5.0x by the end of FY17.  Moody's incorporates
some further negative impact from the FCA authorization process
in its expectations, although at this stage this is difficult to
assess.

The B2 CFR reflects (i) BrightHouse's well-established leading
position in the UK rent-to-own market supported by over 300
branches over the UK; (ii) fairly unique product offering,
notably product rentals over three years with the right to
purchase at the end of the contract, differentiating it from most
mainstream retailers; (iii) growth potential of rent-to-own
industry fundamentals supported by limited disposal income of
consumers and limited competition from other forms of credit
financing which Moody's expects to continue, although at a much
slower pace as the market matures.

The rating is constrained primarily by (i) the negative impact on
the industry and BrightHouse from the recent FCA's authorization
process and increased regulatory scrutiny overall, including the
contraction of BrighHouse's contract portfolio; (ii) the
company's small scale in the context of the broader retail market
and competition from low cost and online retailers; and (iii)
credit risk given the company's customer base of low-income
households with poor credit history, so far well managed.

Moody's expects the liquidity to remain adequate, despite the
fact that the company cancelled its GBP25 million revolving
credit facility (RCF) maturing in 2017.  As of June 2016, the
company reported cash on balance sheet of GBP55 million
(including GBP10 million restricted cash).  The slowdown in
activity has resulted in the release in working capital and
reduction in purchase from rental assets benefitting the cash
flow generation.  The liquidity assessment does not take into
account the maturity of BrightHouse's GBP220 million 7.875%
senior secured notes due in May 2018 and the associated
refinancing risk.  Given the recent trading performance and the
tougher regulatory environment, the company may incur higher cost
on its debt than current notes carry upon refinancing.

The PDR is affirmed at B1-PD due to a 35% recovery rate applied
to all-bond debt structure.

                 RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook is driven by Moody's expectation of further
pressure on the company's top line and profitability driven by
regulatory changes and adverse product mix, partially offset by
the company's efforts to adapt to regulatory pressures and
further cost savings initiatives.  The outlook also reflects the
uncertainty surrounding further impact from the FCA authorization
process.  Furthermore, negative outlook reflects the risk of
refinancing of its debt maturing in May 2018.

              WHAT COULD CHANGE THE RATING UP/DOWN

Given the negative outlook, the positive pressure on the ratings
is unlikely.  However, it could be exerted if, as a result of
better than expected operational performance leading to
improvement in profitability and customer retention, Moody's
adjusted leverage declined below 4.0x and EBIT/Interest expense
increased towards 2.0x.

Conversely, there could be downward pressure if, as a result of
failing to curtail customer loss and contract portfolio
contraction, Moody's adjusted leverage were to rise sustainably
above 5.0x or EBIT/Interest expense declined substantially below
1.5x or if liquidity concerns arise.

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

                         CORPORATE PROFILE

BrightHouse Group PLC, based in Watford, is a leader in the rent-
to-own market in the United Kingdom.  For the last twelve months
ended 2 July 2016, the company reported revenues of GBP358
million, with 312 stores as of April 30, 2016.


CYBG PLC: Fitch Affirms 'BB-' Additional Tier 1 Debt Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Clydesdale Bank Plc's (CB) and its
parent's CYBG PLC's Long-Term Issuer Default Ratings (IDR) at
'BBB+'. The Outlooks are Stable. Fitch has also affirmed the
Viability Ratings (VR) at 'bbb+' and Support Ratings (SR) at '5'.

KEY RATING DRIVERS

IDRS and VR

CYBG's and CB's IDRs and VR reflect the group's strong balance
sheet, with healthy asset quality, showing very low levels of
impairments, combined with healthy liquidity and sound
capitalization. However, profitability is still very low and is
likely to remain under pressure from the low base rates
prevailing in the UK, and by a still high cost base. Capital is
somewhat protected by the indemnity provided against conduct
charges by its previous owner, National Australia Bank Ltd (NAB;
AA-/Stable).

CYBG has reported full-year losses since 2012, mostly the result
of legacy conduct charges. Pre-impairment profitability has also
been modest, as a result of an undiversified revenue stream,
deleveraging of higher risk-higher return business and a high
cost base. The bank has been seeking to improve profitability by
growing loans, particularly buy-to-let mortgages. However,
following revised projections of UK economic growth following the
outcome of the EU referendum, the bank has set down a revised
strategic plan, which is set to reduce its cost base
significantly, largely through closing branches, increasing
digitalization and reducing its work force.

The bank still has a number of ongoing separation projects
following the demerger of CB from NAB in February 2016, and
restructuring costs are expected to be significant over the next
12-18 months. Fitch said, "However, we expect that associated
risks will be manageable for the bank and as it progresses with
these investments, it is possible that its regulatory capital
requirements will also fall."

The bank has transitioned well in terms of funding following its
separation from NAB. It has been able to develop its large and
stable retail deposit franchise and its loans/customer deposits
ratio has improved (end-March 2016: 110%) with customer deposits
forming 82% of end-March 2016 funding (excluding derivatives).
The bank continues to access the wholesale markets via its
secured funding platform. On-balance sheet liquidity is
maintained at adequate levels, with liquid assets comprising
mainly cash and high-quality sovereign exposures. This is
complemented by good access to contingency liquidity sources.

Asset quality is healthy with low levels of arrears. The
proportion of defaulted loans (defined as IFRS impaired loans
plus loans which are over 90 days past due but not impaired) was
1.4% at end-March 2016. Impaired loans were just 0.9% of gross
loans at the same date. However, the bank has some sector
concentrations, including loans to the agriculture industry,
which accounted for 24% of total business lending at end-March
2016.

CYBG's capitalization is adequate for the bank's risk appetite,
benefiting from capital injections from NAB prior to the
demerger. At end-March 2016 CYBG reported a CET1 ratio of 13.2%.
Fitch said, "This provides a management buffer over regulatory
minimum requirements, which we believe to be necessary for
supporting CYBG's activities as a standalone entity."

CYBG is the holding company of the CB group and is the entity
listed on the London and Sydney stock exchanges. It is also
intended that it will serve as the group's resolution entity
should this become necessary. CYBG's ratings are equalized with
those of its subsidiary CB because of CYBG's holding company role
in the group, similar regulation being applicable to both
companies (the UK's PRA regulates CYBG and CB on a consolidated
basis), the lack of holding company double leverage and the very
limited materiality of its non-bank subsidiaries. CB's dividends
and interest payments are the main source of income for CYBG and
CB's assets represented 99% of CYBG's total assets at end-March
2016.

SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

The group's SR and SRF reflect Fitch's view that senior creditors
cannot rely on extraordinary support from the UK authorities in
the event the group becomes non-viable given its low systemic
importance. In our opinion, the UK has implemented legislation
and regulations that provide a framework that is likely to
require senior creditors to participate in losses for resolving
the group.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and other hybrid capital issued by CYBG are
notched down from its VR in accordance with Fitch's assessment of
each instrument's respective non-performance risk and relative
loss severity. Tier 2 debt is rated one notch below the VR for
loss severity, reflecting below-average recoveries.

CYBG's fixed rate reset perpetual subordinated contingent
convertible notes are additional Tier 1 (AT1) instruments with
fully discretionary interest payments and are subject to
conversion into CYBG's ordinary shares on breach of a
consolidated 7% CRD IV CET1 ratio, which is calculated on a
fully-loaded basis. The securities are rated five notches below
CYBG's VR. The securities are notched twice for loss severity to
reflect the conversion into common shares on a breach of the 7%
fully loaded CET1 ratio trigger, and three times for incremental
non-performance risk relative to the VR. The notching for non-
performance risk reflects the instruments' fully discretionary
coupons, which Fitch considers as the most easily activated form
of loss absorption.

RATING SENSITIVITIES

IDRS and VR

CYBG's and CB's VRs and IDRs are primarily sensitive to
structural deterioration in profitability, through tighter
margins and higher loan impairment charges, and weaker asset
quality. This could be caused by a material weakening of the
operating environment in the UK if the economic effect of the
UK's decision to leave the EU is particularly severe.

CYBG's and CB's IDRs and VRs are also sensitive to a change in
Fitch's assumptions around their moderate risk appetite and
ability to improve profitability without raising risk materially.
Upside potential is limited in the medium term given CYBG's
constrained profitability and execution risks associated with the
bank's restructuring program.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support its banks. While not impossible, this is highly unlikely,
in Fitch's view.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

As the subordinated debt rating is notched down from CYBG's VR,
the rating is primarily sensitive to any change in the VR. The
securities' ratings are also sensitive to any change in their
notching, which could arise if Fitch changes its assessment of
the probability of their non-performance or loss-severity
relative to the risk captured in CYBG's VR.

With respect to the AT1 securities, this could arise from a
change in Fitch's assessment of capital management at CYBG,
reducing the holding company's flexibility to service the
securities or an unexpected shift in regulatory buffer
requirements, for example.

HOLDING COMPANIES

CYBG's VR and IDRs are sensitive to CYBG maintaining either no or
a modest amount of holding company double leverage. A material
increase in holding company double leverage, or a change to the
role of the holding company, could result in a downgrade of
CYBG's VR and IDRs.

Together with the creation of separately capitalized
subsidiaries, over time further expected debt issuance by CYBG
could change the relative position of creditors of different
group entities, which would be reflected in different entity
ratings, including the holding company's VR and IDRs.

The rating actions are as follows:

   Clydesdale Bank

   -- Long-Term IDR: affirmed at 'BBB+'; Outlook Stable

   -- Short-Term IDR: affirmed at 'F2'

   -- Viability Rating: affirmed at 'bbb+'

   -- Support Rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'No Floor'

   CYBG

   -- Long-Term IDR: affirmed at 'BBB+'; Outlook Stable

   -- Short-Term IDR: affirmed at 'F2'

   -- Viability Rating: affirmed at 'bbb+'

   -- Support Rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'No Floor'

   -- Additional Tier 1 debt: affirmed at 'BB-'

   -- Tier 2 Debt: affirmed at 'BBB'


DONCASTERS GROUP: Moody's Affirms B2 CFR, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has changed the outlook to negative,
from stable, on all of the ratings pertaining to Doncasters Group
Ltd and its subsidiary Doncasters Finance US LLC.  Concurrently,
Moody's has affirmed the B2 corporate family rating and B2-PD
probability of default rating of Doncasters as well as the B2 and
Caa1 senior secured ratings assigned to the first and second lien
facilities respectively of Doncasters Finance US LLC.

                        RATINGS RATIONALE

"The change in outlook primarily reflects Doncasters' elevated
leverage, which stood around 8 times at the end of June 2016,"
says Scott Phillips, a Moody's Vice President -- Senior Analyst
and Lead Analyst for Doncasters.  "While we believe that recent
manufacturing issues will be resolved by the end of the year,
allowing profitability to recover to historical levels in 2017,
there remains limited visibility and high execution risk to this
view," added Mr. Phillips.

As of June 2016, Moody's estimates that Doncasters' leverage was
around 8x gross debt / EBITDA (as adjusted by Moody's), which is
significantly higher than its expectations for the B2 rating (of
less than 6x).  The deterioration in earnings in H1-2016
primarily reflects a high incidence of manufacturing delays
relating to new product introduction in the Power Systems
division as well as a downturn in commercial vehicle production
in the US, which has negatively affected the group's Fasteners
and Specialised Engineering divisions.  Nevertheless, Moody's
anticipates that profitability will recover in 2017 reflecting:
(1) that the company will resolve ramp-up issues in its Turbine
Airfoils business by the end of 2016, allowing manufacturing
throughput to return to historical levels; (2) expectations for
an increase in revenue and profitability as the company increases
production for aerospace customers; and (3) adequate levels of
liquidity, supported by good access to the group's GBP110 million
asset backed lending facility.  The negative outlook reflects,
however, the limited visibility and high execution risk
associated with group's manufacturing ramp-up.  Moody's also
considers the ratings to be weakly positioned.

Moody's revised base case anticipates that Doncasters will
deliver 5-6% organic revenue growth in 2017 driven almost
entirely by its Power Systems division, which includes Industrial
Gas Turbines and Aerospace.  The rating agency also anticipates
that the financial performance of the group's Specialised
Engineering and Fasteners business will stabilize albeit with
limited growth expected. Similarly, Moody's expects that EBITDA
margins (company adjusted) will rise in 2017 -- reflecting
primarily fixed cost absorption -- to around 18% (compared with
around 16% expected in 2016) which is still weaker than the 20%
and 19% reported in 2014 and 2015 respectively.  On this basis,
while Moody's still expects leverage to remain elevated, the
agency anticipates that it will be close to its guidance level at
the end of 2017 and in-line in 2018.

              WHAT COULD CHANGE THE RATING UP / DOWN

Given the negative outlook and weak rating positioning, Moody's
believes an upgrade of Doncasters' ratings is unlikely in the
short-term.  Nevertheless, Moody's could consider an upgrade if
Doncasters is able to deliver sufficient growth that would enable
sustained levels of positive free cash flow to be generated and a
reduction in leverage to below 5x (including Moody's standard
adjustments).  Conversely, the ratings could be downgraded if the
company fails to reduce leverage towards 6x debt / EBITDA by the
end of 2017.  This could occur, for example, if the company fails
to resolve its manufacturing issues or if there is a further
deterioration in its end markets.  Negative free cash flow or a
deterioration in liquidity would also be factors that could
result in a downgrade.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.


INVESTEC BANK: Fitch Affirms 'BB' Junior Subordinated Debt Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Investec Bank plc's (IBP) Long-Term
Issuer Default Rating (IDR) at 'BBB' and Viability Rating (VR) at
'bbb'. The Outlook on the Long-term IDR is Stable.

KEY RATING DRIVERS

IDRs, VR AND SENIOR DEBT

IBP's IDRs, VR and senior debt ratings reflect the bank's
appetite for lending to and investing in higher-risk asset
classes, the risk of which is partly counterbalanced by its
strong liquidity and capital buffers over regulatory
requirements. Nonetheless, the bank's risk appetite has caused
some volatility for its performance through the business cycle.
The bank's company profile has been improving, with the reduction
of legacy problematic assets, and increased focus on less
capital-intensive businesses, such as wealth management, advisory
and transactional banking. However, its profitability remains
only moderate as a result of its high cost base.

Fitch's assessment of risk appetite takes into account the bank's
appetite for higher-risk structured corporate assets and
commercial real estate (CRE) loans, which although reducing,
remain high compared with peers, as the bank has maintained an
appetite for CRE exposure, a highly cyclical industry. Impairment
charges have declined, helped by the current low unemployment and
interest rates and higher real estate prices. Reserve coverage of
impaired loans is prudent.

IBP's revenues have become more diversified and less volatile as
a result of the repositioning of its businesses and the bank's
increased focus on its wealth management business. However, the
high costs are partially due to its business model, rendering
profitability at the bank just average. Profitability has been
supported by very low loan impairment charges that have reached
cyclical lows. Fitch said, "Given the higher risks of the bank's
assets, we believe they are likely to remain at the higher end of
the spectrum. Furthermore, valuation movements in the bank's
income statement are likely to give rise to additional
volatility, given IBP's sizeable exposure to equity and other
more volatile investments."

Funding and liquidity are managed prudently. IBP has consistently
maintained a large on-balance sheet liquidity buffer. Its healthy
funding profile is diversified and has improved over recent years
by extending the maturity profile of the deposit book. IBP has no
reliance on wholesale funding; nevertheless it has access to the
wholesale markets through occasional senior and subordinated,
secured and unsecured bond issuance. IBP's strong liquidity
drives the bank's 'F2' Short-Term IDR, which is the higher of the
two Short-Term IDRs that map to the bank's Long-Term IDR.

IBP's capitalization is in line with its risk profile, with
adequate buffers maintained over the regulatory minimum. The CET1
ratio was 11.9% at end-FY16, calculated on a standardized
approach. Its leverage is low, with a strong fully loaded Basel
III leverage ratio of 7.5% at end-FY16.

SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

IBP's SR and SRF reflect Fitch's view that senior creditors
cannot rely on extraordinary support from the UK authorities in
the event the bank becomes non-viable given UK legislation and
regulations that provide a framework that is likely to require
senior creditors to participate in losses after a failure and
because of the bank's low systemic importance.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and other hybrid capital issued by IBP are all
notched down from its VR in accordance with Fitch's assessment of
each instrument's respective non-performance and relative loss
severity risk profiles. Subordinated (lower Tier 2) debt is rated
one notch below IBP's VR to reflect higher loss severity. The
junior subordinated debt securities are rated three notches below
IBP's VR to reflect the higher loss severity risk (one notch) as
well as incremental risk of non-performance due to the
discretionary, albeit often constrained, coupon deferral features
of this instrument (an additional two notches).

RATING SENSITIVITIES

IDRs, VR AND SENIOR DEBT

IBP's VR, IDRs and senior debt ratings are primarily sensitive to
structural deterioration in profitability, through tighter
margins and higher loan impairment charges, and weaker asset
quality. This could be caused by a material weakening of the
operating environment in the UK if the economic effect of the
UK's decision to leave the EU is particularly severe. In
particular, weaker prospects for CRE would put IBP's ratings
under pressure, given the bank's exposure to this segment.

IBP's ratings could also be sensitive to material changes in the
ratings of Investec Bank Limited (BBB-/Stable/F3). Fitch said,
"Due to a dual listing company structure between Investec plc,
the UK holding company, and Investec Limited, the South African
holding company, we believe that there is a link between IBP's
ratings and the ratings of the group's banking operations in
South Africa. Creditors of each entity are ring-fenced and there
are no cross guarantees between the companies. However, Investec
plc and Investec Ltd. (the holding companies) share a brand, have
a common management and culture and are run with the same boards
of directors. Therefore, Fitch believes that a deteriorating
credit profile at Investec Bank Limited, for instance through
reputational risk, could have an effect on IBP's business or on
its funding and liquidity, which could put pressure on its
ratings."

IBP's ratings would also come under pressure from a material
deterioration of capitalization, or if loan impairment charges
were significantly higher than expected or if there are large
losses in its investment portfolio. Evidence of an increase in
risk appetite or a weakening of the bank's liquidity and funding
could also put pressure on the ratings.

"We do not expect an upgrade of the bank in the short term. Any
upgrade would be contingent on a further rebalancing of its
business model towards less capital-intensive businesses,
stronger earnings and improvement in asset performance while
maintaining sound capital and funding," Fitch said.

SUPPORT RATING AND SUPPORT RATING FLOOR

Fitch does not expect any changes to IBP's SR and SRF given the
low systemic importance of the bank as well as the legislation in
place which is likely to require senior creditors to participate
in losses for resolving IBP.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The ratings are primarily sensitive to changes in the VR from
which they are notched. The ratings are also sensitive to a
change in their notching, which could arise if Fitch changes its
assessment of the probability of their non-performance relative
to the risk captured in the VR. The ratings are also sensitive to
a change in Fitch's assessment of each instrument's loss
severity, which could reflect a change in the expected treatment
of liability classes during a resolution.

The rating actions are as follows:

   -- Long-Term IDR affirmed at 'BBB'; Outlook Stable

   -- Short-Term IDR affirmed at 'F2'

   -- VR affirmed at 'bbb'

   -- Support Rating affirmed at '5'

   -- Support Rating Floor affirmed at 'No Floor'

   -- Senior unsecured certificates of deposit Long- and Short-

   -- Term ratings affirmed at 'BBB'/'F2'

   -- Senior unsecured EMTN Programme Long- and Short-Term
      ratings affirmed at 'BBB'/'F2'

   -- Subordinated debt (ISIN: XS0593062788) affirmed at 'BBB-'

   -- Junior subordinated debt (ISIN: XS0283613437) affirmed at
      'BB'


KAIM TODNER: Four Ex-Directors Fined Over Collapse
--------------------------------------------------
John Hyde at The Law Society Gazette reports that four former
directors of London practice Kaim Todner have been fined for
failing to report the firm's financial difficulties to the
regulator.

Four former directors of London practice Kaim Todner have been
fined for failing to report the firm's financial difficulties to
the regulator, The Law Society Gazette relates.

Claire Anderson, Hulusi Ali, Stephen Garland and Heidi Leaney
were each found in breach of two Solicitors Regulation Authority
principles by not "promptly" reporting that the firm was
encountering serious problems in 2012 and 2013, The Law Society
Gazette recounts.

The quartet, who all resigned as directors this year after its
acquisition by One Legal, were each ordered to pay a financial
penalty of GBP1,000, The Law Society Gazette discloses.

They must also pay GBP362.50 in relation to the SRA's costs and
an additional GBP50 in respect of an unsuccessful appeal against
the findings of an adjudicator, The Law Society Gazette states.
The decision was made in July and details were published on Oct.
3, The Law Society Gazette notes.

Kaim, who now works for London firm Leslie Franks Solicitors, was
rebuked in February 2015 for failing to inform the SRA about
financial difficulties at Kaim Todner, although the decision was
only published on Oct. 3, The Law Society Gazette relays.

In January 2015, Kaim was told he could only act as an employee
solicitor and could not be a sole practitioner, or manager or
owner of an authorized body, The Law Society Gazette recounts.

According to documents filed with Companies House, Kaim Todner
had a company voluntary arrangement approved by its creditors in
June 2013, with agreed monthly contributions of GBP20,000 paid
for 44 months, The Law Society Gazette states.

The company then suffered as a result of legal aid funding cuts
and in consequence the level of contributions was not viable, The
Law Society Gazette discloses.  The creditors agreed to a
variation of the CVA at a meeting held in March this year, The
Law Society Gazette relates.

The company's original statement of affairs, following the CVA,
identified 19 creditors who were owed a total of GBP815,943, The
Law Society Gazette relays.  When creditors were asked to prove
their claims to CVA supervisor RSM Restructuring Advisory LLP,
eight unsecured creditor claims were received and approved
totaling GBP863,841, according to The Law Society Gazette.


PERA TECHNOLOGY: Has Fallen Into Administration
-----------------------------------------------
The Business Desk reports that Pera Technology Solutions (PTS),
the Melton Mowbray consultancy firm which was set up just six
months ago after a management buy-out, has fallen into
administration.

Duff & Phelps has been called in to the business, according to
The Business Desk.

The report notes the move comes after PTS was set up by a
management team led by chief executive Paul Tranter bought the
company out of administration in April, saving some 80 jobs.

It's predecessor Pera Technology, which was established in 1946
to try and stimulate activity in post-War Britain, entered
administration owing GBP9.5 million, the report relays.  In June
its creditors were offered 1.24p for every pound they were owed,
the report says.

Last month, TheBusinessDesk.com received several calls informing
us that PTS had entered administration after another one of the
Pera "family", Pera Consulting, axed 45 jobs after being placed
into administration, the report discloses.  However, despite
repeated efforts to contact PTS we couldn't confirm the news
until it became official October 3, the report notes.

PTS is the third Pera firm to be placed into administration this
year, with Pera Management Services being wound up in March, the
report discloses.

Duff & Phelps were unavailable for comment this morning, the
report notes.


QUICKFLIX: Bought For $1.3 Million by US Entrepreneur
-----------------------------------------------------
Daily Mail reports that Quickflix has emerged from administration
after the online video streaming site was snapped up for $1.3
million.

US media entrepreneur Erik Pence signed and sealed the deal for
the streaming and subscription service, with Karma Media Holdings
taking over the troubled company which went into administration
in May this year, according to Daily Mail.

The report notes the news comes the same day Foxtel revealed its
plans to shut down its own streaming service, Presto, after Seven
West Media sold its stake in the company.

The Perth-based Quickflix was set up as an Australian equivalent
to Netflix and the new deal is a good outcome for all
stakeholders, according to joint voluntary administrator, Jason
Tracy, the report discloses.

"Quickflix has encountered corporate challenges and impediments
in a highly competitive environment.  As Administrators we have
been able to continue trading the business since our appointment,
reduce costs, retain value, keep employing the majority of staff,
and conduct a global sale process," the report quoted Mr. Tracy
as saying.

Karma Media plans to keep 24 employees and pay all what's owed to
former employees of the online video streaming and DVD/Blue-ray
postal rental company, the report relays.

The company plans to invest into money for marketing and a
'planned shift in content strategy towards niche markets,' the
report notes.

The deal is expected to be finished by February 2017, the report
discloses.

Karma Media plans to keep 24 employees and pay all what's owed to
former employees of the online video streaming and DVD/Blue-ray
postal rental company, the report relates.

The report says the company plans to invest into money for
marketing and a "planned shift in content strategy towards niche
markets."

The deal is expected to be finished by February 2017, the report
notes.

Fellow Netflix rival, Presto, revealed less positive news on
Tuesday, announcing it will close at the end of January after
Seven West Media agreed to sell its 50 per cent stake in the
streaming service to co-owner Foxtel, the report relays.

Pay-TV giant Foxtel, itself a joint venture between Rupert
Murdoch's News Corp and Telstra, has agreed to buy the stake and
will transfer subscribers to its Foxtel Play on-demand service,
the report relates.

The report says neither Foxtel nor Seven West gave reasons for
the move but Presto, which launched in March 2014, has faced
stiff competition from the likes of US giant Netflix and Stan, a
local joint venture by Fairfax Media and Nine Entertainment.

Roy Morgan Research released in June said Presto lagged a distant
third in Australia's on-demand market, with 142,000 subscribers
to Stan's 332,000 and 1.878 million for clear market leader
Netflix, the report discloses.

"It has been great working with the team at Seven on Presto and
we look forward to future collaborations," Foxtel chief executive
Peter Tonagh said, the report notes.

Presto subscribers will transfer to Foxtel Play in December and
Presto will close on January 31, the report adds.


REDTOP ACQUISITIONS: Moody's Affirms B1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed Redtop Acquisitions
Limited's corporate family rating of B1, the probability of
default rating of B1-PD, and the B3 instrument ratings on the
outstanding USD224 million and EUR50 million second lien senior
secured term loans due 2021.

Concurrently, Moody's has downgraded to B1 from Ba3 the senior
secured instrument ratings on the first lien term loans due 2020
and the revolving credit facility (RCF) due 2018, issued by
Redtop Acquisitions Limited.  The outlook on all ratings is
stable.

The downgrade of the first lien term loans and the RCF follows
the company's announcement to issue an incremental tap on the
first lien term loans of GBP121 million equivalent.  The proceeds
from the incremental first lien term loans, together with GBP23
million of cash on balance sheet, will be used to effect partial
repayment of the existing second lien term loans and for
transaction costs.

                        RATINGS RATIONALE

The net proceeds of the tap issuance will be used to repay part
of the USD224 million and EUR50 million second lien term loans
outstanding.  Moody's positively notes that the expected
transaction will reduce annual cash interest by approximately
GBP6 million on a run-rate basis.

Moody's adjusted gross leverage at the end of July 2016, based on
unaudited 2016 annual accounts, is expected at 6.9x as the
leverage is impacted by currency translation mechanisms.
Adjusted for FX impact, Moody's adjusted gross leverage at the
end of July 2016 is estimated at 5.7x (5.6x pro-forma for the
refinancing transaction).

The company reported unaudited 2016 Gross Income growth of +4.8%,
on a constant currency, and EBITDA growth of +5.4%, on a constant
currency.  Moody's positively notes the improvement in the patent
renewal business, representing 63% of 2016 CPA's Gross Income,
which reported a +4.6% underlying growth in 2016 supported by
growth in both volume (+4%) and GI per case (+0.6%).  Moody's
recognizes that the sale of Thomson Reuters Corp oration's
Intellectual Property & Science business (Camelot UK Holdco
Limited, B3 stable) to PE firms Onex and Baring Asia in July 2016
could increase competitive pressure in the medium term but the
impact in the short term may be limited as the new entity will
likely focus on cost savings initiatives.

CPA's B1 corporate family rating (CFR) derives considerable
support from the company's strong business profile including (1)
CPA's leading market position in the patent renewal niche market;
(2) a degree of revenue predictability from CPA's resilient
patent renewal business, which represents about 63% of the
company's gross income; and (3) CPA's history of low customer
churn of less than 5%.

The CFR also reflects (1) the company's high Moody's adjusted
leverage at 6.9x FY July 2016 (5.6x if adjusted for FX impact and
proposed transaction); (2) the company's high level of operating
leverage which is partially mitigated by the good track record of
managing its fixed cost base; (3) the potential EBITDA margin
dilution as the company diversifies its revenue stream away from
its renewal business and into Software and Services; and (4) the
execution risks as the company expands its Software and Services
units especially if further growth will continue to be achieved
via acquisitions.

Moody's expects the liquidity profile to remain good supported by
GBP20 million cash balance at the end of July 2016, pro-forma for
the refinancing transaction, and by USD80 million-equivalent
undrawn revolving credit facility (RCF).

The RCF has one springing covenant (first lien net leverage -- as
calculated by the management) that is tested when the facility is
drawn for more than 30%.  First lien net leverage covenant level
is set at 6.75x.  Moody's notes that at the end of July 2016, the
reported first lien net leverage, based on unaudited data, was
4.7x impacted by translation FX (3.8x adjusted for FX).
According to the proposed SFA amendment, going forward the
leverage ratios are expected to be calculated on a comparable FX
for both EBITDA and Debt.

                      STRUCTURAL CONSIDERATIONS

The B1 ratings of CPA's senior secured first lien loans and RCF
are in line with the CFR.  The debt facilities benefit from
guarantees by all material subsidiaries representing at least 80
% of the group's EBITDA and gross assets.  The B3 rating of the
second lien term loans reflects their contractual subordination
to the RCF and senior secured first lien loans.

                              OUTLOOK

The stable outlook reflects Moody's expectation that the company
will reduce Moody's adjusted leverage below 6.0x by the end of
July 2017 through EBITDA growth and/or prepayment of the debt
facilities.  It also assumes that the company will maintain a
solid liquidity profile and it will limit any additional debt-
funded M&A.

                  WHAT COULD CHANGE THE RATINGS UP

Positive pressure on the ratings could develop if CPA is able to
reduce adjusted leverage comfortably below 5.0x, while
maintaining a solid liquidity profile.

                WHAT COULD CHANGE THE RATINGS DOWN

Negative pressure could develop if credit metrics do not improve
as projected or if debt-to-EBITDA moves above 6.0x by the end of
July 2017.  Any concerns regarding the company's liquidity
profile could also exert negative pressure on the ratings.

                        PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

                         CORPORATE PROFILE

Headquartered in Jersey, CPA, formerly known as Computer Patent
Annuities, is a leading global provider of intellectual property
(IP) management services and software.  The company has two main
business areas (1) renewals (accounting for 69% of the company's
gross income in the financial year ended July 2016), which
include monitoring and renewing patents and trademarks on behalf
of corporate clients or patent lawyers; and (2) non-renewals (31%
of gross income), which include software solutions for IP
management, trademark infringement surveillance, and patent
research services. In August 2014, CPA acquired Landon IP, a
provider of patent search and analytics services, and in November
2015, CPA acquired Innography, an Intellectual Property (IP)
analytics business providing provides subscription-based online
patent search and analysis software tools.  Both the acquisitions
are aiming at further develop the non-renewal revenues.

CPA is majority-owned by funds managed or advised by private
equity firm Cinven.  For the fiscal year ending July 31, 2016,
CPA generated revenues of GBP1,071 million.


VOYAGE BIDCO: Fitch Affirms 'B' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Voyage Bidco Limited's Long-Term
Issuer Default Rating at 'B' with a Stable Outlook. It has also
affirmed Voyage BondCo plc's senior secured notes at
'BB'/'RR1'/100% and upgraded the second lien notes to
'B-'/'RR5'/23% from 'CCC+'/'RR6'/8%.

The affirmation reflects Voyage's position as the UK's largest
independent provider of support to people with learning
disabilities and its focus on high acuity care, which provides
some resilience to government spending pressures. However, the
rating remains constrained by the group's high leverage,
pressures on profitability due to rising staff costs and high
dependence on local authority funding.

The Stable Outlook reflects our expectation that Voyage will
operate with reasonably consistent debt protection ratios inside
our formulated rating sensitivities.

KEY RATING DRIVERS

Solid Market Positioning

Voyage's IDR is supported by its position as the largest
independent provider of support to people with learning
disabilities in the UK. Occupancy levels tend to be high at over
90%, with average lengths of stay of around nine years due to the
high acuity, non-discretionary nature of the services it
provides. The UK learning disabilities market is a highly
fragmented market dominated by independent providers.

Defensive Business Model

Voyage covers the full spectrum of social care services for
people with learning disabilities in either a registered care
home, a supported living setting or as outreach services. The
diversification of Voyage's service lines provides some
resilience to the on-going tightening in registered care homes
eligibility criteria set by local authorities pushing towards
less costly services options like supported living and
domiciliary care. Nevertheless, we consider the ratings
constrained by Voyage's high dependence on local authorities'
funding (approximately 90% of its funding).

Cost Inflation, Margin Pressure

"We believe Voyage's profitability will remain under pressure
following the introduction of the National Living Wage (NLW),
which came into effect in April 2016. We project a substantial
increase in payroll costs (roughly 50% of Voyage staff are
receiving the NLW) in addition to the effects of adjusting the
wage hierarchy across the organization," Fitch said.

The 'social care' levy introduced by the UK treasury to increase
funding for care has been adopted by the majority of local
authorities and has led to a moderate increase in fee rates
during 2016. Fitch said, "However, we expect these to be
insufficient to fully restore profitability in the near term. We
estimate EBITDAR margin to gradually erode to just below 20% by
FY18 (ending in March) from 23% in FY15, which remains ahead of
peers with lower acuity."

Credit Metrics Weak

Based on conservative projections, Fitch expects funds from
operations (FFO) adjusted net leverage to remain around 6.x and
FFO fixed charge coverage just below 2.0x. Fitch said, "We expect
annual free cash flow (FCF) margins of between 3.5%-4.5%, which
places the group's financial risk profile at the 'B' rating. We
forecast that a significant proportion of Voyage's cash flow
generation will be used to pay interest on the notes and expenses
related to maintenance capex."

Significant Owned Asset Base

Voyage's rating is supported by its significant asset base
through its ownership of 70% of its properties. These were valued
in May 2014 at GBP410.4m (freehold and long leasehold assets).
Voyage's strong portfolio of freehold assets properties gives the
company greater operating flexibility thanks to lower rental
costs.

Recovery Prospects

In its recovery analysis, Fitch adopted the liquidation value
approach as the resultant enterprise value is higher than the
going concern enterprise value, primarily derived from the
group's freehold and long leasehold properties. Fitch believes
that a 30% discount on the assets' latest market valuation dated
May 2014 is fair in a distress case.

The recovery expectation for the senior secured notes is high at
'RR1'/100%, while the recovery expectation on the second lien
notes is 'RR5'/23%.

KEY ASSUMPTIONS

Fitch's expectations are based on the agency's internally
produced, conservative rating case forecasts. They do not
represent the forecasts of rated issuers individually or in
aggregate. Fitch's key assumptions for the rating case to 2018
(at which point the current capital structure matures) include:

   -- Moderate increase in sales of 2% on average driven by
      stable occupancy rates and moderate increases in average
      weekly fee rates.

   -- EBITDAR margins softening to just below 20% mainly due to
      an increase in staffing costs

   -- Capex around 5% of sales. Capex is essentially maintenance
      capex, which is compulsory for the reputation and the
      occupancy rate of the business.

   -- Continued positive FCF generation of around 3.5%-4.5% of
      sales.

RATING SENSITIVITIES

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

   -- FFO adjusted leverage of 6.0x (net 5.0x) or below on a
      sustained basis.

   -- FFO fixed charge coverage above 2.5x.

   -- Sustained FCF generation of GBP20m or more translating into
      FCF margin in the high single digits as percentage of
      sales.

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

   -- FFO adjusted leverage above 7.0x (net 6.5x);

   -- FFO fixed charge coverage below 1.5x;

   -- FCF margin below 3% on a sustained basis.

LIQUIDITY

Fitch considers Voyage's liquidity satisfactory with no debt
maturity until August 2018. At the end of June 2016, the company
also had cash balances available of GBP21.9m in addition to its
GBP37.5m committed undrawn RCF.

Voyage GBP222 million senior secured notes mature in August 2018.
Its GBP50 million second lien notes mature in February 2019.
Fitch said, "We believe that Voyage will aim for a timely
refinancing of the capital structure."


WILD PHEASANT: Bought Out From Administration
---------------------------------------------
Insider Media reports that The Wild Pheasant at Llangollen, a
North Wales hotel and wedding venue that closed in August after
falling into administration, has been acquired by hotel group
Everbright Lodge.

Everbright Lodge has purchased the Wild Pheasant at Llangollen in
Denbighshire, and plans to refurbish the 46-bedroom property,
according to Insider Media.

Everbright Lodge is a chain that owns Rossett Hall Hotel in
Wrexham, the report notes.  The company was advised on the
acquisition by hotel turnaround and management specialist Onecall
Hospitality, which will operate the site on its behalf, the
report relays.

The Wild Pheasant was closed on August 4, 2016 by administrator
Duff & Phelps and all staff were made redundant, the report
recalls.

Andrew Addison, regional operations manager with Onecall
Hospitality, said that the refurbishments, which include
improvements to the bedrooms, bar, restaurant and function rooms,
are due to start almost immediately with the hotel scheduled to
reopen in early November, the report relays.  A recruitment
process will start in the next couple of weeks, the report
discloses.

"The Wild Pheasant was one of North Wales' best-known hotels. It
was well-loved by locals and a popular stop-off point for coach
parties," the report quoted Mr. Addison as saying.

"However, in recent years it has suffered from a lack of
investment. We aim to restore it to its former position as a
focal point within the community, as a venue for dining out and
for events and functions, and also to rebuild the tourist trade,"
Mr. Addison added.

"Ultimately, the Wild Pheasant will be part of a unique
collection of hotels of character under the ownership of
Everbright Lodge," Mr. Addison added.

Ryan Lynn of Christie & Co acted as agent for the sale of the
property, while Bermans provided legal advice to the buyer, the
report notes.


                            *********

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, Julie Anne L. Toledo, 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
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Information contained herein is obtained from sources believed to
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