---

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

                           E U R O P E

          Friday, October 21, 2016, Vol. 17, No. 209


                            Headlines


B E L G I U M

IDEAL STANDARD: Moody's Affirms Ca Corporate Family Rating


F R A N C E

SOLOCAL SA: Shareholders Block EUR1.2BB Debt Restructuring Plan
STX OFFSHORE: Court to Allow STX France to be Sold Separately


I R E L A N D

DEPFA BANK: Moody's Hikes Senior Unsecured Debt Ratings From Ba1
ROTHBURY ESTATES: Promontoria (Aran) Appoints Receiver


I T A L Y

MONTE DEI PASCHI: Passera Explains Rescue Plan to Consob


K A Z A K H S T A N

KAZAKHSTAN TEMIR: S&P Cuts LT Corp. Rating to 'BB-', Outlook Neg.
KAZKOMMERTSBANK: S&P Raises Counterparty Credit Rating to 'B-'


L U X E M B O U R G

BRAAS MONIER: Moody's Says B1 Rating Strongly Positioned


N E T H E R L A N D S

NIBC BANK: S&P Affirms 'BB' Rating on Subordinated Debt
UPC HOLDING: Moody's Affirms Ba3 Corporate Family Rating


R U S S I A

PERESVET BANK: Fitch Puts 'B+' IDR on CreditWatch Negative


S P A I N

ABENGOA SA: Extends Deadline to Approve Revamp Plan
NH HOTEL: Moody's Assigns B2-PD Probability of Default Rating


U N I T E D   K I N G D O M

BHS GROUP: 115 MPs to Back Move to Strip Green's Knighthood
CROUCH COMMODITIES: Director Banned for 15 Years Over Tax Evasion
FAREPAK FOOD: Thousands Hit by Collapse Yet to Claim Their Cash
INOVYN LTD: S&P Revises Outlook to Positive & Affirms 'B' CCR
INTEROUTE COMMUNICATIONS: S&P Affirms 'B+' CCR, Outlook Stable

UNIQUE PUB: S&P Removes B Class N Notes Rating from Watch Neg.


X X X X X X X X

* BOOK REVIEW: Landmarks in Medicine - Laity Lectures


                            *********



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


IDEAL STANDARD: Moody's Affirms Ca Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service, affirmed Ideal Standard International
S.A. ("Ideal Standard" or "the company") corporate family rating
(CFR) of Ca and the B3 instrument rating of the Series AA Notes
(15.75% Priority PIK Senior Secured Notes due 2018).
Concurrently, Moody's has upgraded the instrument ratings of the
Series A Notes (15.75% Priority PIK Senior Secured Notes due
2018) and the Series B Notes (15.75% / 11.75% PIK Toggle Senior
Subordinated Secured Notes due 2018) to Caa1 and Caa2 from Caa3
and Ca, respectively. Moody's has also downgraded the company's
probability of default rating (PDR) to Ca-PD from Caa3-PD. All
instruments are issued by Ideal Standard International S.A. and
the outlook for all ratings is negative.

RATINGS RATIONALE

Ideal Standard's Ca and negative outlook reflects the company's
i) unsustainably high Moody's adjusted leverage at more than
40.0x expected 2016 EBITDA (including shareholder loans and 9.0x
excluding); (ii) continued negative free cash flow to fund capex,
working capital outflows, interest payments and restructuring
costs and (iii) nearing debt maturity of the Revolving Credit
Facility (RCF) in April 2017 and the Senior Secured Notes on
May 1, 2018.

Moody's treats the shareholder funding in the form of Preferred
Equity Certificates (PECs) and intercompany loans as debt.
Including approximately EUR2.3 billion PECs and intercompany
loans (as of June 30, 2016), Moody's adjusted leverage is
expected to increase to around 40.0x in December 2016.

The high leverage and maturity profile outweighs the company's
recent track record of recovering operational performance and
improved cash flow generation through sales growth and gross
margin improvements.

The upgrades of the instrument ratings on the Series A and Series
B Notes reflect the higher expected recovery value driven by the
sustainable improvement in operational performance. Management
adjusted EBITDA in 2015 almost doubled to EUR71.2 million from
EUR39.6 million last year and increased to EUR73.1 million in the
12 months to June 2016. The strong improvement in EBITDA was
mainly driven by the cost reductions of the restructuring
programs completed in 2015, continued cost efficiency actions and
operational leverage from top-line growth.

However, the company's liquidity remains weak. Although the debt
restructuring in June 2014 removed a cash interest burden of
approximately EUR32 million per annum, the company continues to
rely on new liquidity lines to fund its working capital, capex
and restructuring needs.

As of June 30, 2016, liquidity consisted of EUR45.1 million cash
balance, with its EUR25 million RCF fully drawn and a new EUR20
million Series AA Notes issued in February 2016 provided by the
shareholders. Additional liquidity is limited with most of EUR65
million local credit and factoring lines (in Egypt, Bulgaria,
Italy, France and the UK) drawn as of June 2016. In February
2016, the company announced the intention of the shareholders to
provide an EUR80 million uncommitted financing line in the form
of Series AAA Notes, available for drawing from January 1, 2017
to September 30, 2017 to replace the EUR25 million RCF and
approximately EUR65 million local credit facilities that mature
starting April 2017.

RATING OUTLOOK

The negative outlook reflects the continued uncertainty over the
company's liquidity position and recovery prospects.

FACTORS THAT COULD LEAD TO AN UPGRADE

Positive pressure on the ratings is unlikely at this stage, but
could occur in case of a very material operational turnaround
leading to a significant improvement in liquidity and de-
leveraging.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Negative pressure is likely to occur in case of a delay of the
restructuring measures and/or triggering of the EBITDA trigger
cash coupon or any other events leading to further deterioration
in liquidity.

The principal methodology used in these ratings was Consumer
Durables Industry published in September 2014.

COMPANY PROFILE

Headquartered in Belgium, Ideal Standard is a manufacturer of
bathroom fixtures, fittings and furniture, including ceramic
fixtures (sinks, toilets), brass fittings (taps), acrylic
fixtures (spa and whirlpool tubs) and furniture (towel racks,
toilet seats). The company operates under the brand names of
Ideal Standard, Armitage Shanks, Jado, Porcher, Vidima and
Ceramica Dolomite. In 2015, the company generated EUR726 million
revenues, operating through 20 manufacturing plants in Europe and
in Egypt and employed almost 10,000 people.

Currently joint voting and board control is shared between Bain
Capital, Anchorage Capital Group and Third Avenue Focused Credit
Fund.


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


SOLOCAL SA: Shareholders Block EUR1.2BB Debt Restructuring Plan
---------------------------------------------------------------
Joe Mayes and Luca Casiraghi at Bloomberg News report that
Solocal SA's shareholders blocked a plan to restructure EUR1.2
billion (US$1.3 billion) of debt, casting doubt over its second
financial reorganization in two years.

According to Bloomberg, an external company spokeswoman said
Solocal failed to secure the backing of two-thirds of
shareholders at a meeting in Paris on Oct. 19 and management must
now draw up a new restructuring plan.

The company, previously known as PagesJaunes, obtained creditors'
support last week to cut its debt by 70% and raise fresh capital
as it shifts focus to digital products amid declining demand for
printed directories, Bloomberg relates.

The plan was opposed by Regroupement PPLocal, a grouping of
minority backers, who said the restructuring was too favorable to
bondholders, Bloomberg notes.

Trading of Solocal shares was suspended on Oct. 19 in Paris,
according to a stock exchange statement, Bloomberg discloses.


STX OFFSHORE: Court to Allow STX France to be Sold Separately
-------------------------------------------------------------
A South Korean court has decided to allow two units of the
collapsed STX shipbuilding group to be sold either separately or
together, according to a sales notice seen by Reuters on Oct. 18,
opening the prospect of a separate sale of STX France.

Reuters relates that the French business, which specializes in
building cruise ships at its former naval yard in Saint-Nazaire
and is profitable, is expected by analysts to attract buying
interest.

Bids are due in by Nov. 4 for STX Offshore & Shipbuilding Co Ltd
and a 66.7% stake in STX France SA that is held by STX Europe AS,
Reuters relates citing a sales notice from advisor Samil
PricewaterhouseCoopers that was due to appear in South Korean
newspapers on Oct. 19.

According to Reuters, the French state holds the remaining stake
in STX France and said last week that it was not planning to buy
a majority stake in the unit but would retain its minority
blocking stake and is expected to have a say in any ownership
change.

Reuters says the Seoul Central District Court, which is managing
STX Offshore's receivership, approved the sale plan this week
after discussions with stakeholders including creditor banks, an
STX Offshore spokesman said, declining to comment on possible
sales prices or potential interested parties.

While the court overseeing STX Offshore's receivership would
prefer that a single buyer acquire both assets, it has agreed
that they can be sold separately, the spokesman said, adds
Reuters.

STX Offshore & Shipbuilding Co. Ltd. is a Korea-based company
mainly engaged in the shipbuilding and offshore business. The
company operates its business through five segments: merchant
vessel, cruise, offshore and specialized vessel (OSV), vessel
apparatus and other segment. The merchant vessel segment engages
in the manufacture of liquefied natural gas (LNG) and liquefied
petroleum gas (LPG) carriers, container ships, tankers, very
large ore carriers (VLOCs), bulk carriers as well as pure cars
and truck carriers. The cruise segment provides cruise ships. The
OSV segment engages in the manufacture of offshore patrol
vessels, corvettes and others. The vessel apparatus segment
produces vessel engines, deck houses and others. The other
segment mainly engages in the plant construction business, rental
business, crane business and others.

STX Offshore & Shipbuilding Co. Ltd. filed court receivership on
May 27, 2016.


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


DEPFA BANK: Moody's Hikes Senior Unsecured Debt Ratings From Ba1
----------------------------------------------------------------
Moody's Investors Service upgraded to Baa2 from Ba1 the long-term
senior unsecured debt ratings of DEPFA Bank plc (DEPFA), and to
Baa2/Prime-2 from Ba1/Non-Prime the deposit ratings of DEPFA and
its fully-owned subsidiary DEPFA ACS BANK (DEPFA ACS).
Concurrently, Moody's upgraded the Counterparty Risk Assessments
of the two banks to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr), and
their baseline credit assessments (BCAs) to ba3 from b2. The
outlook on DEPFA's long-term debt and deposit ratings and on
DEPFA ACS's long-term deposit ratings is stable.

The rating actions reflect Moody's assessment that DEPFA's and
DEPFA ACS's fundamental credit profiles benefit from improving
capitalization and a stable funding profile owing to their
progress in unwinding DEPFA group's assets and preserving capital
in the process. The upgrade also takes account of the additional
positive impact on the group's credit profile that the rating
agency expects from the EUR5.3 billion asset sale which DEPFA
group announced on 14 October 2016, and which Moody's understands
will be concluded within the next few weeks. Given DEPFA's focus
on a capital preserving run-down of its balance sheet, Moody's
expects that the transaction will enhance the group's
capitalization and reduce market risk linked to the portfolios
that will be sold.

In addition, Moody's affirmed the Ca(hyb) ratings of the backed
hybrid securities issued by DEPFA Funding II LP and DEPFA Funding
III LP, and upgraded the backed hybrid instrument issued by DEPFA
Funding IV LP to Caa2(hyb) from Ca(hyb), based on its assumptions
for the future impairment of these perpetual instruments from
skipped coupons.

RATINGS RATIONALE

THE BCA UPGRADES DRIVE THE UPGRADE OF THE GROUP'S LONG TERM
RATINGS

The upgrade of DEPFA's debt and deposit ratings, as well as DEPFA
ACS' deposit ratings, reflects the upgrade of their BCAs by two
notches to ba3. In particular, this is due to a combination of
DEPFA's:

   -- Good progress in unwinding the group's balance sheet and
      risk-weighted assets during 2015 and 2016 to date, combined
      with the prospect of a material acceleration on the
      run-down through asset sales later in Q4 2016, which
      Moody's expects will be capital-accretive;

   -- Sustained efforts to contain operating losses, which will
      help the group to continue the unwinding of its balance
      sheet in a capital-preserving fashion; and

   -- The group's improved funding profile, which benefits from
      committed, unsecured funding support from its German owner,
      the government agency FMS Wertmanagement (FMS-WM, long-term
      issuer and debt ratings Aaa stable).

HIGHER GOVERNMENT SUPPORT OFFSETS EXCLUSION OF MOODY'S LOSS GIVEN
FAILURE ANALYSIS

Moody's said that it has factored into the group's debt and
deposit ratings higher government support of four notches
(instead of two notches previously), and excluded from the
group's rating architecture the result of its Advanced Loss Given
Failure (LGF) analysis. The LGF analysis, which takes into
account the severity of loss faced by the different liability
classes in resolution, had previously resulted in two notches of
rating uplift for DEPFA's and DEPFA ACS's long-term ratings. The
two changes had a neutral effect on the group's ratings.

DEPFA group's debt and deposit ratings now take into account: (1)
the ba3 BCA, which reflects the group's improving financial
profile, but also the banks' mono-line, highly concentrated asset
profile that weighs on the ratings; and (2) four notches of
rating uplift from Moody's government support assumptions.

The higher government support factored into DEPFA's ratings takes
into account Moody's assessment of FMS-WM's ongoing, strongly
supportive assistance in the group's unwinding, which aims at
avoiding distress and subsequent resolution and ensuring a smooth
run-down of DEPFA's assets and liabilities. This assistance is
illustrated by FMS-WM's direct funding support, as well as its
systematic purchase of DEPFA group's liabilities in order to
facilitate an accelerated run-down.

Against the background of the substantial financial assistance
from FMS-WM to date, Moody's takes the view that resolution
measures, including the use of bail-in tools are -- although not
ruled out -- unlikely to be applied to DEPFA. As a result,
Moody's no longer applies its Advanced LGF analysis to DEPFA.

STABLE OUTLOOK REFLECTS MOODY'S EXPECTATION OF DEPFA'S CONTINUED
SMOOTH UNWINDING

The stable outlook on the Baa2 debt and deposit ratings reflects
Moody's expectation that over the next five years, DEPFA group's
continued efforts of preserving its financial resources will
ensure satisfactory or even very solid regulatory capital ratios
and thereby an adequate capital cushion to shield senior
creditors against unexpected losses.

Moody's said that it does not rule out further fundamental
improvements during the unwinding, with potential positive
implications on the banks' ba3 BCAs; however, rating upside will
remain constrained by the long-term uncertainties linked to the
group's structural losses that will gradually reduce its capital
resources over a potentially very long time horizon.

AFFIRMATION OF TWO HYBRID RATINGS AND UPGRADE OF ONE HYBRID
INSTRUMENT

Moody's affirmed the backed Ca(hyb) ratings of the Tier 1
preferred securities of DEPFA Funding II and III LP, based on its
expectation that DEPFA will never pay any coupons on these non-
performing, perpetual instruments. The ratings reflect Moody's
approach of discounting expected coupon losses, in DEPFA's case
for a term of 15 years, to calculate the respective expected
total impairment.

Moody's upgraded the backed rating of DEPFA Funding IV LP to
Caa2(hyb) from Ca(hyb) based on the same assumptions it made for
DEPFA Funding II and III LP, but taking into account the lower
contractual coupon, and therefore a lower present value of the
impairment from coupon losses of this instrument.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The banks' long-term ratings could be up- (or down-) graded due
to revisions of the banks' BCAs and/or Moody's assumptions for
government support. A single-notch upgrade (or downgrade) of the
BCAs will not necessarily lead to higher (or lower) long-term
ratings, as Moody's may consider an offsetting reduction (or
increase) of government support.

The banks' BCAs could be upgraded due to: (i) a sustainable
reduction of operating losses; (ii) higher capital levels; and/or
(iii) measures that will materially shorten the expected duration
of the banks' unwinding.

The banks' BCAs could be downgraded due to: (i) a material
deterioration in its asset quality; and/or (ii) a failure to
contain operating losses, especially if these losses reduce
capital levels faster than currently anticipated.

LIST OF AFFECTED RATINGS

DEPFA Bank plc:

The following ratings, rating inputs and rating assessments
assigned to DEPFA Bank plc were upgraded:

   -- long- and short-term bank deposit ratings (local and
      foreign currency): upgrade to Baa2 stable/Prime-2, from Ba1
      on review for upgrade/Non-Prime

   -- long-term senior unsecured debt ratings (local and foreign
      currency): upgrade to Baa2 stable, from Ba1 on review for
      upgrade

   -- the BCA and Adjusted BCA: upgrade to ba3 from b2

   -- long- and short-term Counterparty Risk Assessment: upgrade
      to Baa2(cr)/Prime-2(cr), from Baa3(cr)/Prime-3(cr)

DEPFA ACS BANK:

The following ratings, rating inputs and rating assessments
assigned to DEPFA ACS BANK were upgraded:

   -- long- and short-term bank deposit ratings (local and
      foreign currency): upgrade to Baa2 stable/Prime-2, from Ba1
      on review for upgrade/Non-Prime

   -- the BCA and Adjusted BCA: upgrade to ba3 from b2

   -- long- and short-term Counterparty Risk Assessment: upgrade
      to Baa2(cr)/Prime-2(cr), from Baa3(cr)/Prime-3(cr)

DEPFA Bank Plc New York Branch:

The following ratings and rating assessments assigned to DEPFA
Bank Plc New York Branch were upgraded:

   -- long- and short-term bank deposit ratings (local and
      foreign currency): upgrade to Baa2 stable/Prime-2, from Ba1
      on review for upgrade/Non-Prime

   -- long-term deposit note/CD program (local currency): upgrade
      to Baa2 stable, from Ba1 on review for upgrade

   -- long- and short-term Counterparty Risk Assessment: upgrade
      to Baa2(cr)/Prime-2(cr), from Baa3(cr)/Prime-3(cr)

DEPFA Funding II, III and IV LP:

The following ratings were affirmed:

   -- The backed Ca(hyb) ratings of the hybrid instruments issued
      by DEPFA Funding II and III LP

The following ratings were upgraded:

   -- The backed hybrid instrument rating of DEPFA Funding IV LP:
      upgrade to Caa2(hyb), from Ca(hyb)

PRINCIPAL METHODOLOGY

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


ROTHBURY ESTATES: Promontoria (Aran) Appoints Receiver
------------------------------------------------------
John Mulligan at Independent.ie reports that an Irish unit of US
fund giant Cerberus has appointed a receiver to Rothbury Estates,
a company that planned a EUR100 million redevelopment of an
iconic industrial site in Cork.

Promontoria (Aran) has had a receiver appointed to Rothbury
Estates, Independent.ie discloses.

Promontoria (Aran), owned by Cerberus, was the winning bidder for
GBP4.8 billion of loans that were sold by Ulster Bank in 2014,
Independent.ie recounts.  When they were acquired, over 90% of
the loans were in default, Independent.ie notes.

Those loans had a carrying value of about GBP1 billion when they
were offloaded, Independent.ie states.

The receiver is Paul McCleary of Grant Thornton, Independent.ie
relays.

According to Independent.ie, the Rothbury Estates accounts show
that it had a deficiency of assets totalling EUR544,000 at the
end of June last year, and that it was dependent on the
continuing support of its lenders for its ongoing ability to meet
its obligations.


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


MONTE DEI PASCHI: Passera Explains Rescue Plan to Consob
--------------------------------------------------------
Paola Arosio at Reuters reports that former industry minister
Corrado Passera was set to explain his alternative rescue plan
for Monte dei Paschi di Siena to Italian market watchdog Consob
on Oct. 18.

According to Reuters, Mr. Passera's plan represents a challenge
to a JP Morgan EUR5 billion (US$5.5 billion) recapitalization
scheme for the Tuscan lender that appears to have stalled because
of scant investor interest.

Monte dei Paschi's board was meeting to examine Passera's plan
and was expected to issue a statement later on Oct. 18, Reuters
discloses.

                     About Monte dei Paschi

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.


===================
K A Z A K H S T A N
===================


KAZAKHSTAN TEMIR: S&P Cuts LT Corp. Rating to 'BB-', Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate ratings on
Kazakhstan's national railroad company, Kazakhstan Temir Zholy
(KTZ), and its core subsidiary, freight-wagon owner JSC
Kaztemirtrans (KTT), to 'BB-' from 'BB'.  The outlook is
negative.

S&P also lowered its Kazakhstan national scale ratings on these
entities to 'kzBBB+' from 'kzA'.

At the same time, S&P lowered its issue ratings on KTZ' senior
unsecured bonds, including those issued by its financing
subsidiary, Kazakhstan Temir Zholy Finance B.V., to 'BB-' from
'BB'.

The rating action primarily reflects S&P's view that the
likelihood that the Kazakhstan government would provide timely
and sufficient extraordinary support to KTZ in a potential stress
scenario has weakened to high from very high previously.  This is
based on these considerations:

   -- The government has tolerated a sharp deterioration of KTZ'
      stand-alone credit quality since the beginning of 2015 and
      did not provide the funds to reduce its leverage.  KTZ'
      adjusted debt-to-EBITDA ratio increased to about 8.6x at
      end-2015 from about 3.4x at end-2014, and its funds from
      operations (FFO)-to-debt ratio dropped to about 7.5% in
      2015 from 24.7% in 2014.  S&P has thus lowered the group's
      stand-alone credit profile (SACP) by three notches to 'b-'
      from 'bb-' since the beginning of 2015.  In S&P's view, the
      continued deterioration in the company's stand-alone
      creditworthiness may signal that the government's readiness
      to support the institution is diminishing.

   -- In addition, S&P believes that government oversight may not
      be sufficient to monitor debt repayments at all levels of
      the group, notably within the smaller subsidiaries, which
      may have material amounts of debt service.  S&P notes that
      the government did not intervene in a timely manner to
      prevent late payment by Vostokmashzavod (VMZ), a relatively
      small subsidiary of KTZ, by more than five business days on
      its payments to Halyk Bank on its loan of $31.9 million
      partially guaranteed by the parent company.  Although S&P
      do not see the situation as a selective default, it
      believes that were such a case to occur again and on a
      marginally bigger scale, it could have negative
      implications for the ratings.  This could happen, for
      example, if the subsidiary's late payment triggers the
      cross-default clauses on the bonds of the main parent
      company KTZ.

   -- S&P has observed that in the case of KTZ, the
      administrative procedures for receiving extraordinary
      support have been complex and time consuming.  S&P now sees
      lower visibility on government support and heightened risk
      of support being delayed should it be needed again in cases
      of financial stress.

That said, S&P assess the likelihood of extraordinary government
support as high based on S&P's assessment of KTZ':

   -- Very important role in Kazakhstan's economy as the national
      railroad company responsible for about one-half of all
      freight traffic in Kazakhstan.  KTZ plays a key role in
      land-locked Kazakhstan's national transport sector, which
      lacks access to the sea or navigable rivers; and

   -- Strong link with the Kazakh government, which wholly owns
      KTZ indirectly via the sovereign wealth fund Samruk-Kazyna,
      and provides stable ongoing support.  S&P notes that the
      government ultimately provided $150 million in
      extraordinary support to KTZ in relation to the refinancing
      of a $350 million Eurobond in May 2016.

S&P has lowered its assessment of KTZ' SACP to 'b-' from 'b' as
part of S&P's review, reflecting the company's handling of the
late payments at VMZ.  VMZ' lateness on payments to Halyk Bank by
significantly more than five business days could technically make
its outstanding debt of Kazakhstani tenge (KZT) 10.6 billion
($31.9 million) due.  S&P do not consider this situation a
selective default on the group's financial obligations because
KTZ' guarantee of part of this debt (about KZT5.9 billion or
$17.2 million) does not meet S&P's criteria for guarantees.
Additionally, this did not trigger a cross-default with KTZ'
bonds since the amount of debt outstanding is below the $35
million threshold set out by the bond documentation.  The
situation was resolved on July 31, 2016, with a new amortization
schedule providing a grace period until January 2018 for VMZ.
S&P sees the situation as providing evidence that certain
internal controls in the group may not be working efficiently and
have therefore S&P lowered its assessment of KTZ' management and
governance to weak from fair.

S&P's view of KTZ' SACP at 'b-' also reflects the company's
strong market position in Kazakhstan and its exposure to
commodity traffic volatility.  The company's SACP also reflects
its high leverage, stemming from inflation of its foreign
currency debt and lower EBITDA generation, reflecting the fall in
cargo transportation volumes.  The group's adjusted debt-to-
EBITDA ratio increased to about 8.6x at end-2015 from about 3.4x
at end-2014 and its FFO-to-debt ratio dropped to about 7.5% in
2015 from 24.7% in 2014.  KTZ' operating performance has improved
moderately so far in 2016, on the back of recovering freight
volumes and revenues from transit operations.  S&P currently
expects that KTZ' adjusted debt to EBITDA will improve to 6.5x-
8.0x and FFO to debt to 7.5%-9.0% this year.

The negative outlook on KTZ and KTT mirrors the outlook on
Kazakhstan.

S&P could lower the ratings on KTZ if S&P downgrades the
sovereign.  S&P could also downgrade KTZ if S&P believes the
likelihood of extraordinary government support has weakened
further, because of the state's reduced willingness or ability to
provide tangible financial aid, subsidies, and equity injections.
Lessened government support could also result from KTZ' partial
privatization.

S&P would likely revise its outlook on KTZ to stable if S&P
revised its outlook on the sovereign to stable.


KAZKOMMERTSBANK: S&P Raises Counterparty Credit Rating to 'B-'
--------------------------------------------------------------
S&P Global Ratings raised its long-term counterparty credit
rating on Kazakhstan-based Kazkommertsbank JSC (KKB) to 'B-' from
'CCC+'. The outlook is negative.  S&P affirmed the 'C' short-term
rating.

At the same time, S&P raised the Kazakhstan national scale rating
on KKB to 'kzB+' from 'kzB-'.

The upgrade reflects KKB's strengthened capitalization, as
measured by S&P's risk-adjusted capital ratio (RAC), thanks to
small positive net income in the first half of 2016.  S&P now
expects the RAC ratio (4.5% on June 30, 2016) to remain
comfortably above 3% in the next 18 months, contrary to S&P's
previous expectation that it would fall below this threshold.
S&P's forecast is based on a low growth rate in total loans and
assets of 3%-7% in 2016-2018, limited positive results, and the
rebalancing of the loan portfolio to the retail and small and
midsize enterprise (SME) sector from the construction and real
estate industries.  While S&P no longer considers the bank's
financial commitments to be unsustainable in the long term, KKB's
management team continues to face difficulty in developing new
business while addressing a legacy of poor asset quality, amid
unsupportive operating conditions in Kazakhstan and weak
capitalization.  The bank's profits also remain dependent on the
continued performance of BTA, a workout entity to which it
remains heavily exposed.

The ratings on KKB continue to reflect the 'bb-' anchor, which is
the starting point for rating commercial banks operating in
Kazakhstan.  S&P also factors in its opinion of the bank's
moderate business position, given that it is the largest bank in
Kazakhstan by loans and deposits, albeit new management's
untested track record in turning around the bank.  The bank's
majority shareholder, Kenes Rakishev, installed the new
management team in spring 2016, and S&P assumes it will be more
proactive in developing new business (mainly retail and SME) and
recovering problem assets than the bank's previous management and
shareholders, under which these problem assets materialized.

"Our assessment of KKB's risk position as weak, compared to other
banks in the countries with the same economic risk as Kazakhstan,
reflects the bank's high exposure to construction and real estate
on its loan books.  In addition, KKB remains heavily exposed to
problem assets of twice-defaulted BTA through a Kazakhstani tenge
(KZT) 630 billion and US$5.6 billion credit line (at a current
exchange rate, amounting to about KZT2.5 trillion, or
approximately US$7.5 billion), which KKB opened to BTA until June
2024 with quarterly repayments of principal and interest in fixed
amounts.  This loan accounts for a sizable 62% of KKB's net
loans, or 16% of loans in the Kazakh banking system.  Although
this loan is classified as performing and KKB's shareholder is
involved in overseeing BTA as its ultimate shareholder, BTA's
ability to service the much higher repayments from 2019 remains
uncertain," S&P said.

KKB's high exposure to construction and real estate sectors
represented 38% of total loans (excluding a loan to BTA) as of
June 30, 2016.  Many of the projects in this portfolio started
before the 2008 financial crisis, were restructured, and have
bullet repayments of principal at the end of their long maturity.

KKB's reported nonperforming loans (NPLs; loans more than 90 days
overdue) of 8.0%, according to local reporting standards, were in
line with the system's average on Sept. 1, 2016.  The bank
reported stable NPLs under International Financial Reporting
Standards of 11.3% as of mid-2016.  S&P expects a rise in KKB's
NPLs and credit costs in the next two years, due to a slowdown in
economic growth and significant tenge's depreciation by more than
45% since devaluation in August 2015.  S&P anticipates that loans
in foreign currencies (36% of total loans at KKB, excluding the
loan to BTA) are particularly vulnerable to deterioration.

S&P continues to assess KKB's funding as average, reflecting
S&P's view of the bank's diversified funding profile of retail
and corporate depositors, Eurobonds, subordinated debt, and
government-related funding.  S&P regards KKB's liquidity as
adequate. On July 27, 2016, KKB repaid on schedule and in full
its $200 million subordinated debt issued in 2006.  Wholesale
foreign debt repayments for the remainder of 2016 and for 2017
total KZT307 billion, including: KZT95 billion Eurobonds in
November 2016; KZT140 billion Eurobonds in February 2017; and
KZT72 billion subordinated debt in June 2017.  In S&P's view,
KKB's liquid assets accounting for about 15% of total assets as
of Oct. 1, 2016, are sufficient to cover the aforementioned
wholesale debt repayments.

Also, S&P still views the bank as having high systemic importance
in Kazakhstan, and that the government is supportive of the
domestic banking sector.  S&P's assessment of the bank's systemic
importance reflects its strong market share of 25% in total
lending and 19% in retail deposits as of Sept. 1, 2016.  KKB is
also the largest recipient of funding under government support
programs (KZT430 billion outstanding, including KZT250 billion
from Distressed Assets Fund for 10 years).  S&P therefore
incorporates in the ratings a two-notch uplift for government
support.

S&P also factors in its view that KKB remains a poor performer in
its peer group, mainly local Kazakh banks.  S&P notes, for
example, KKB's higher credit risk than its peers, due to its
highly concentrated exposure to BTA, and a track record of
volatile profitability with losses posted in 2012 and 2015.

The negative outlook on KKB reflects pressure on the bank's
capitalization, profitability, and asset quality from the
negative trends in the Kazakh economy and banking sector.  S&P
believes these trends will persist in the next 12 months,
potentially undermining management's attempts to turn around the
bank's profitability.

S&P could take a negative rating action in the next 12 months if
it observed material deterioration in the bank's asset quality or
creation of significant additional provisions.  This could
significantly weaken its capital buffers, resulting in the
projected RAC ratio declining to below 3%.  A notable reduction
in the bank's liquid assets, which raises concerns about the
bank's ability to repay forthcoming wholesale debt repayments,
will also be negative for the ratings.

S&P would consider revising the outlook to stable in the next 12
months if it has greater confidence in the bank management's
ability to deliver profitable growth and improve asset quality.
This could be supported by stabilized operating conditions in the
Kazakh banking sector.  An outlook revision to stable would also
hinge on KKB's ability to maintain stable funding and liquidity
indicators and for the Kazakh government to continue supporting
the bank.


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


BRAAS MONIER: Moody's Says B1 Rating Strongly Positioned
--------------------------------------------------------
Braas Monier Building Group S.A.'s B1 rating is the most strongly
positioned within its rating category of five high-yield European
building materials firms as reflected in the positive outlook,
which recognizes the group's sustained improvements in
profitability and free cash flow generation over the last two
years, says Moody's Investors Service in a new report.

Moody's report, titled "European Building Materials and
Construction Chemicals Industry - Relative Comparison:
Performance and Credit Metrics of Five High-Yield European
Building Materials Companies", is available on www.moodys.com.

Dry Mix Solutions Investissements S.A.S. (Parex, B1 negative)
positioning has weakened following its dividend recapitalization
in March 2016, although downgrade pressure has eased recently
after strong H1 2016 results. All other companies -- Paroc Group
Oy (Paroc, B2 stable), Wienerberger AG (Wienerberger, Ba2 stable)
and Xella International Holdings S.a r.l. (Xella, B1 stable) --
are solidly positioned in their respective rating categories.

Of the five rated high-yield European building materials
companies, potentially slowing house-building activity in the UK
following the country's vote to leave the EU would mostly affect
Wienerberger and Braas Monier. Both companies generate more than
10% of group sales in the UK.

Profit margins for the rated high-yield building materials
companies will remain stable overall into 2018. While
profitability is mixed across the five firms, most saw
improvements in H1 2016 thanks to lower input costs,
restructuring and process efficiency measures. Paroc's margins
remained stable due to negative currency effects and weaker
demand in some end-markets (e.g., Russia) offsetting overall
volume gains and productivity improvements.

Liquidity remains solid overall among the five companies,
underpinned by good cash balances and expected positive free cash
flow generation. Their liquidity is further bolstered by access
to undrawn committed credit lines and no material debt maturities
over the next 12-18 months. In addition, all companies will
likely maintain comfortable headroom under their financial
covenants, if applicable.


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


NIBC BANK: S&P Affirms 'BB' Rating on Subordinated Debt
-------------------------------------------------------
S&P Global Ratings revised its outlook on Dutch-based NIBC Bank
N.V. to positive from stable.  At the same time, S&P affirmed the
'BBB-/A-3' long- and short-term counterparty credit ratings on
the bank.

S&P also affirmed the 'BB' issue rating on NIBC's subordinated
debt, and 'B+' issue rating on its junior subordinated debt.

S&P's outlook revision reflects its view that NIBC is enhancing
its funding profile by deepening its retail deposit base,
reducing its proportionate reliance on wholesale funding sources,
and broadening its range of long-term wholesale issuance.  Over
time, these developments could continue to reduce the bank's
confidence-sensitive profile relative to larger Dutch banking
peers. Increasing access to stable sources of funding could also
provide NIBC with the appropriate funding mix to continue the
faster pace of growth in its consumer banking franchise.  S&P
views the revenue profile of NIBC's consumer banking operations
as more stable relative to its corporate lending, which is
potentially more volatile given its focus on lending across the
capital spectrum in a number of niche segments.

"We calculate total deposits, which includes institutional
deposits that are mainly gathered under the ESF guarantee scheme,
to contribute 62% of NIBC's total funding base at June 30, 2016.
During the past five years, this ratio has steadily increased
from about 30%.  This compares to the simple average of about 69%
at the four larger Dutch peers (ABN AMRO, ING, Rabobank, and
SNS). Over the same time frame, the loans to customer deposits
ratio has fallen to 139% from 269%, reflecting the bank's
conscious move to reduce its reliance on wholesale funding
sources following years of post-financial-crisis retrenchment and
restructuring.  We expect these ratios to remain broadly stable
over our ratings outlook horizon of 18 to 24 months as NIBC has
approached a steady state of funding suitable for its future
strategy.  We also expect the stable funding ratio to remain
comfortably above 100% and NIBC's wholesale funding to be
strongly biased toward long-term maturities, supporting an
improving assessment over time," S&P said.

In line with net lending growth over the past 12 months, S&P
expects faster pace of growth in NIBC's consumer banking
operations could enhance the stability of its revenue profile,
which has been a rating weakness in past years.  In the 12 months
to June 30, 2016, NIBC's net growth in its consumer banking
assets of about EUR600 million compares with growth of just over
EUR200 million in its drawn and undrawn corporate banking assets.
S&P notes that the majority of its consumer banking growth stems
from increasing its proportion of long-term residential mortgages
in The Netherlands.  S&P considers that a continuation of this
trend, supported by further evidence of growth and improving
quality of its deposit franchise, could support the stability of
earnings.  An improving funding and earnings profile, bolstering
resilience to external shocks and operating through economic
cycles, would validate the long-term viability of NIBC's business
model.

"Although we do not expect NIBC to challenge the larger incumbent
banks in the Dutch market, we consider its retail deposit
franchise to be limited relative to such peers.  Based on its
modest market shares, we consider further development of its
deposit base to be challenging, albeit achievable based on recent
evidence.  This is supported by the material share of term
deposits in NIBC's overall book, the good granularity, and the
stable track record of stability even after a series of
reductions in pricing.  Additionally, we believe that the low
interest rate environment and NIBC's small share of the Dutch
mortgage market present challenges in gaining critical mass to
support earnings. However, evidence of growth in mortgage
production in recent years, the bank's expansion of its
operations in Germany, and its reducing funding costs are
supportive of its potential progress," S&P said.

Notwithstanding the possible enduring improvement in the bank's
funding profile and earnings prospects, S&P's assessments of
other factors underpinning the ratings on NIBC remain unchanged.
Specifically, although S&P thinks that earnings stability and
capacity may improve, S&P's business position assessment remains
constrained by its modest market shares and exposure to potential
volatility in its chosen corporate sectors.  S&P expects its
combined capital and earnings and risk position assessments to
remain positive for the ratings.  This reflects the bank's strong
capitalization (S&P expects its risk-adjusted capital ratio to be
in the 10.5%-11.0% range over the next 24 months); well
collateralized loan book; and good risk management
capabilities -- despite noteworthy concentrations in the
corporate loan book. NIBC's liquidity position is supported by a
stock of high-quality liquid assets and the absence of material
short-term wholesale funding.

The long-term rating on NIBC remains at the level of its stand-
alone credit profile (SACP), as S&P considers NIBC to be of low
systemic importance in The Netherlands.  This is based on the
bank's modest share of the overall Dutch banking system and S&P's
view of its limited domestic retail franchise.  NIBC does not
also qualify for notches of uplift under S&P's ALAC methodology.
In S&P's opinion, this is partly because -- as a Dutch bank of
low systemic importance -- it would be unlikely to be subject to
a well-defined bail-in resolution process whose key objective is
to ensure the timely and full payment of all the bank's senior
unsecured obligations.

The positive outlook reflects the possibility that S&P could
raise its long- and short-term ratings on NIBC by one notch if
recent progress and further strengthening of the funding profile
is supportive of its stand-alone creditworthiness.  S&P intends
to focus on its funding profile balance over its two-year rating
horizon, and assess how supportive stable funding sources are to
further growing NIBC's stable revenue sources.

S&P could raise the long- and short-term ratings on NIBC by one
notch if the bank continues to make progress evolving its funding
profile, leading to a reduction in the bank's overall confidence
sensitivity and improving earnings prospects.  Specifically, S&P
could revise its funding assessment to average from below average
if NIBC:

   -- Maintains funding ratios broadly in line with the Dutch
      industry average;
   -- Demonstrates further growth in retail term deposits and
      stickiness in retail on-demand deposits, supporting a
      strengthening of its deposit franchise; and
   -- Provides evidence that its balanced funding mix leads to
      further controlled growth in stable sources of revenue,
      such as long-term residential mortgages.

S&P could revise the outlook back to stable if NIBC reverted to
overreliance on wholesale sources of funding or if an improving
mix of funding sources did not support a strengthening in revenue
stability or reduce recent pressure on profitability.

S&P could also revise the outlook back to stable if it saw a
deterioration in the bank's asset quality, particularly in some
of the more vulnerable segments such as shipping or oil and gas;
an increase in risk appetite; or a material shift in the bank's
pace of credit growth.  This scenario could be relevant
especially if our RAC forecast is very close to the 10% threshold
for the current strong capital and earnings assessment.


UPC HOLDING: Moody's Affirms Ba3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed the Ba3 Corporate Family
Rating (CFR) and the Ba3-PD Probability of Default Rating (PDR)
of UPC Holding B.V. ("UPC" or "the company") as well as the
company's B2 senior unsecured ratings. Concurrently, Moody's
affirmed the Ba3 ratings on the senior secured debt issued by
UPC's finance subsidiaries.

The outlook for all of UPC's rated entities is stable.

The ratings affirmation follows the announcement of Liberty
Global plc (parent of UPC; rated Ba3, stable) that its subsidiary
UPC Poland (100% owned by UPC) has agreed to acquire Multimedia
Polska ("MMP") for a total cash consideration of PLN3.0 billion
(USD760 million equivalent). Moody's has assumed that the
acquisition will be funded via a combination of cash, funds
down-streamed from Liberty Global and limited (if any)
incremental debt at the UPC level. The agency has further assumed
that the downstream of funds from Liberty Global to help finance
the deal will be via equity or shareholder loans that meet the
equity criteria under Moody's methodologies. The acquisition is
strategically positive for UPC as it will enhance its market
position in Poland and will offer potential for operational
synergies.

"UPC's acquisition of Multimedia Polska will be immediately de-
leveraging as it will bring about PLN363 million of annual EBITDA
to the business. At the end of 2016, we expect UPC's leverage to
improve to below 5.25x Moody's adjusted Debt/ EBITDA (pro-forma
for the acquisition), assuming steady operating momentum in H2
2016 and no material incremental debt at the UPC level," says
Gunjan Dixit, a Moody's Vice President -- Senior Analyst, and
lead analyst for UPC.

"However, UPC's ratings will remain weakly positioned as we
expect free cash flow generation to remain constrained due to
elevated expansionary capex from H2 2016 and beyond," adds Ms.
Dixit.

RATINGS RATIONALE

MMP is being valued at an enterprise value of PLN3.0 billion
(approximately USD760 million), with the final purchase price
subject to potential downward adjustments for the operational and
financial performance of Multimedia prior to closing. The
acquisition will help UPC to strengthen its market position in
Poland. UPC also expects to realize annual run rate synergies of
USD30 million from revenue and cost related items. The
transaction excludes MMP's existing insurance, gas and energy
operations, which will be retained by the shareholders of MMP.
The transaction is subject to customary closing conditions,
including regulatory approval, and is expected to close within
the next twelve months.

As of June 30, 2016, UPC reported just under EUR6 billion of
third-party debt, which translated into a Moody's adjusted Gross
Debt/EBITDA ratio of around 5.5x (on a last-two quarters
annualized basis), above Moody's leverage threshold for UPC's Ba3
rating. Pro-forma for the acquisition of MMP, Moody's
nevertheless expects the adjusted Gross Debt/ EBITDA for UPC at
the end of 2016 to reduce to below 5.25x, assuming no material
incremental debt at UPC level to fund the acquisition. The de-
leveraging will be facilitated by the pro forma EBITDA
contribution of PLN363 from MMP in combination with improved
growth in UPC's EBITDA in H2 2016. Given UPC's high leverage
prior to MMP's acquisition, UPC's ratings could come under
pressure if the acquisition does not go through or if the company
incurs additional debt and fails to reduce leverage in line with
Moody's expectations.

UPC's reported leverage ratio of Total Debt to Annualized EBITDA
(last two quarters annualized), as calculated in accordance with
the definition in the UPC Broadband Holding Bank Facility, stood
at 4.49x at the end of Q2 2016 and was therefore within the 4.0x
to 5.0x Debt/EBITDA (UPC indenture definition) corridor within
which Liberty Global generally manages leverage for its group
companies. Helped by the EBITDA contribution from this
acquisition, UPC's leverage will be at the lower end of this
range.

However given the expectation of continued constrained free cash
flow generation (as calculated by Moody's - see below), Moody's
would expect the company not to incur any material incremental
debt in the near term and focus on keeping its leverage towards
the low-end of its corridor. Moody's recognizes that UPC's ratio
is flattered by the exclusion of vendor loans and by the add-back
to EBITDA of certain related party fees and allocations, the
majority of which Moody's views as ongoing operating costs for
UPC and does not add back to EBITDA.

After growing by 2.2% in FY 2015, UPC's rebased revenue grew by
2.4% in H1 2016. In Switzerland/Austria, the company's revenue
growth has been slightly slower at around 2.0% during the same
period (compared to 3.3% in H1 2015) but the revenue performance
in the Central and Eastern Europe ("CEE") region has improved to
3.0% compared to 1.1% in H1 2015. The reported Operating Cash
Flow ("OCF") margin for H1 2016 was weaker at 52.5% compared to
53.5% in 2015 due to higher programming costs, additional staff-
related and marketing costs associated with new build
initiatives, and increased network-related costs in the CEE
region. The OCF decline in CEE region was not offset by the
steady OCF growth in Switzerland and Austria in H1 2016. Moody's
expects UPC's operating performance to improve from H2 2016
onwards helped in particular by the execution of its network
expansion projects.

UPC's total accrued capex (property and equipment additions)
increased to EUR278.8 million or 20.1% of revenue in H1 2016
(from EUR261.3 million and 17.8% respectively for the previous
year period). This reflects footprint expansion, as UPC built or
upgraded over 200,000 new homes in CEE and over 20,000 in
Switzerland and Austria during the first half of 2016. The
company remains on track to connect its network or upgrade to
two-way service in approximately 50,000 homes in
Switzerland/Austria and 600,000 homes in the CEE region. Moody's
said, "We expect total capex (including non-cash P&E additions)
to sales levels to increase to 22%-24% in 2016 and approach the
mid-twenties, and possibly higher over the next two to three
years as the company considers new build projects particularly in
CEE." In this regard, Moody's cautiously takes into account the
execution risks associated with the timely and effective delivery
of the company's network expansion plans.

At the end of 2015, UPC's Moody's adjusted cash flow from
operations ("CFO")/ Debt ratio was 9.3%. Moody's expects this
ratio to improve over time helped by the improvement in UPC's
operating performance facilitated in particular by its
investments in new build projects. The company's free cash flow
generation (after capex including vendor financing repayments)
could however remain negative due to elevated capex.

Moody's regards UPC's liquidity provision as adequate for its
near-term requirements. As of 30 June 2016, UPC reported EUR54.8
million of cash on hand, almost exclusively at subsidiary and
intermediate holdco levels. This is complemented by EUR990
million of unused borrowing capacity under the company's credit
facility, of which EUR624 million were available for borrowing
following completion of Q2 2016 covenant compliance reporting
requirements.

UPC's near term repayment obligations were limited to EUR600
million of vendor financing (as of 30 June 2016) that falls due
within one year. Following several refinancing transactions
during 2015/16 at improved conditions, the next maturity of long-
term third party debt does not occur before 2021. Moody's expects
the company to upstream cash to its parent company through
shareholder loan repayments or loan advances from time to time,
while maintaining sufficient flexibility for its operational
needs over the next 12 to 18 months.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on the ratings reflects Moody's expectation
that UPC (1) will successfully complete the acquisition of MMP
and integrate the asset achieving the expected synergies; (2) can
improve its overall revenue and EBITDA growth rates supported by
its new build initiatives; and (3) can keep its Moody's adjusted
Gross Debt/ EBITDA leverage ratio below 5.25x.

WHAT COULD CHANGE THE RATING - DOWN

Downward ratings pressure could develop if (1) UPC fails to
maintain its Moody's adjusted Gross Debt/ EBITDA ratio at below
or around 5.25x on a sustained basis; and/or (2) cash flow
generation does not improve such that its Moody's adjusted CFO/
Debt ratio remains materially below 12% and its free cash flow
(after capex including vendor financing repayments) remains
negative on a sustained basis.

WHAT COULD CHANGE THE RATING - UP

Positive pressure on the rating could develop over time if (1)
UPC's operating performance improves materially and its rebased
revenue growth trends to (at least) around 5% on a sustained
basis; (2) its adjusted Gross Debt/ EBITDA ratio (as calculated
by Moody's) falls below 4.25x on a sustained basis; and (3) its
cash flow generation improves such that it achieves a Moody's
adjusted CFO/ Debt ratio above 17%.

LIST OF AFFECTED RATINGS

Affirmations:

   Issuer: UPC Broadband Holding B.V.

   -- Senior Secured Bank Credit Facility, Affirmed Ba3

   Issuer: UPC Financing Partnership

   -- Senior Secured Bank Credit Facility, Affirmed Ba3

   Issuer: UPC Holding B.V.

   -- LT Corporate Family Rating, Affirmed Ba3

   -- Probability of Default Rating, Affirmed Ba3-PD

   -- Senior Unsecured Regular Bond/Debenture, Affirmed B2

   Issuer: UPCB Finance IV Limited

   -- Senior Secured Regular Bond/Debenture, Affirmed Ba3

   Issuer: UPCB Finance VI Limited

   -- Senior Secured Regular Bond/Debenture, Affirmed Ba3

Outlook Actions:

   Issuer: UPC Broadband Holding B.V.

   -- Outlook, Remains Stable

   Issuer: UPC Financing Partnership

   -- Outlook, Remains Stable

   Issuer: UPC Holding B.V.

   -- Outlook, Remains Stable

   Issuer: UPCB Finance IV Limited

   -- Outlook, Remains Stable

   Issuer: UPCB Finance VI Limited

   -- Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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

UPC Holding B.V., an indirect wholly-owned subsidiary of Liberty
Global plc is headquartered in Schiphol-Rijk, The Netherlands.
The company operates in 7 countries, including Switzerland,
Austria and a number of Central and Eastern Europe countries
(Hungary, Romania, Czech Republic, Poland and Slovakia). For the
first six months ending 30 June 2016, UPC generated EUR1,272
million in revenues and EUR668 million in OCF.


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


PERESVET BANK: Fitch Puts 'B+' IDR on CreditWatch Negative
----------------------------------------------------------
Fitch Ratings has placed the ratings of Russia-based Peresvet
Bank, including its 'B+' Long-term Issuer Default Rating, on
Rating Watch Negative.

                        KEY RATING DRIVERS

The RWN primarily reflects an increase in funding and liquidity
pressures at the bank.  In addition, the RWN reflects uncertainty
related to the recent change to the bank's CEO.  These
developments have occurred since the affirmation of the bank's
ratings on Sept. 30, 2016.

In Fitch's view liquidity has tightened at PB in October 2016 due
to repayments of interbank funding.  This in turn has led to
reported restrictions on maximum daily retail customer deposit
withdrawals (of RUB100,000 or USD1,500) and (moderate) increases
in deposit rates to limit outflows.  The yield on PB's domestic
bond spiked to 60%-70% on 18 October, suggesting that the bank's
access to liquidity on the interbank market is likely to be very
limited.

According to PB's regulatory accounts, at end-3Q16 reported
liquid and potentially liquid assets comprised RUB11.5 bil. of
cash and placements with CBR and RUB6.5 bil. of securities not
pledged under repo with the central bank. Short-term bank
placements with PB (excluding secured repo) were RUB7.3 bil.,
meaning that net of these the bank held close to RUB11bn of
liquid or potentially liquid assets.

Effectively on demand customer funding at the same date comprised
RUB18.1 bil. of corporate current accounts and RUB22.4 bil. of
retail funding (under Russian law, retail term deposits, like
current accounts, can be withdrawn on demand).  This suggests
potentially material coverage of short-term customer funding by
liquid assets, but still a significant sensitivity to deposit
outflows.  There were no significant wholesale funding maturities
in October and November, although some term deposits of legal
entities (RUB67.3 bil. at end-3Q16) may be due in 4Q16.

On 14 October, PB announced that the bank's CEO had been replaced
by a 'temporary acting' CEO.  This creates some uncertainty as to
the future management and strategy of the bank given the former
CEO's key role at PB and lack of clarity in respect to the
circumstances surrounding his departure.

                       RATING SENSITIVITIES

The RWN on PB's ratings will be resolved based primarily on the
evolution of PB's funding and liquidity profile.  Fitch will
downgrade PB's ratings if pressures on PB's funding and liquidity
intensify.  The IDRs could be downgraded to 'RD' (Restricted
Default) if deposit withdrawal limits become more restrictive or
long-standing.

Conversely, the ratings could be affirmed at their current levels
if funding and liquidity pressures abate and the bank resumes
stable operations following the change in management.

The rating actions are:

Peresvet Bank
  Long-Term Foreign and Local Currency IDRs: 'B+', placed on RWN
  Short-Term Foreign Currency IDR: 'B', placed on RWN
  National Long-Term Rating: 'A-(rus)', placed on RWN
  Viability Rating: 'b+', placed on RWN
  Support Rating: '5', unaffected
  Support Rating Floor: 'No Floor', unaffected
  Senior unsecured debt: 'B+'/'A-(rus)'; Recovery Rating 'RR4',
   placed on RWN


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


ABENGOA SA: Extends Deadline to Approve Revamp Plan
---------------------------------------------------
Katharina Rosskopf at Bloomberg reports that Abengoa SA is
extending by one week the deadline for approval of its revamp
plan.

According to Bloomberg, El Confidencial, citing unidentified
people familiar with the company, reports that only 48% of
creditors approved of the plan so far.

Under Abengoa's plan the company would receive fresh loans with
additional 4% premium interest additional to normal interest
rate, Bloomberg discloses.

Response by most hedge funds, banks was "rather cool", Bloomberg
notes.

The deadline ended last Friday, now running until this Friday,
Bloomberg states.

Abengoa has to receive approval of at least 75% of its creditors
to be allowed to conduct its restructuring plan, according to
Bloomberg.

                     About Abengoa S.A.

Spanish energy giant Abengoa S.A. is an engineering and
clean technology company with operations in more than 50
countries worldwide that provides innovative solutions for a
diverse range of customers in the energy and environmental
sectors.  Abengoa is one of the world's top builders of power
lines transporting energy across Latin America and a top
engineering and construction business, making massive renewable-
energy power plants worldwide.

As of the end of 2015, Abengoa, S.A. was the parent company of
687 other companies around the world, including 577 subsidiaries,
78 associates, 31 joint ventures, and 211 Spanish partnerships.
Additionally, the Abengoa Group held a number of other interests
of less than 20% in other entities.

On Nov. 25, 2015 in Spain, Abengoa S.A. announced its intention
to seek protection under Article 5bis of Spanish insolvency law,
a pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs.  The Spanish company is facing a March 28,
2016, deadline to agree on a viability plan or restructuring plan
with its banks and bondholders, without which it could be forced
to declare bankruptcy.

On March 16, 2016, Abengoa presented its Business Plan and
Financial Restructuring Plan in Madrid to all of its
stakeholders.

                        U.S. Bankruptcies

Abengoa, S.A., and 24 of its subsidiaries filed Chapter 15
petitions (Bankr. D. Del. Case Nos. 16-10754 to 16-10778) on
March 28, 2016, to seek U.S. recognition of its restructuring
proceedings in Spain.  Christopher Morris signed the petitions as
foreign representative.  DLA Piper LLP (US) represents the
Debtors as counsel.

Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary
Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC
("ABNE") and on Feb. 11, 2016, filed an involuntary Chapter 7
petition for Abengoa Bioenergy Company, LLC ("ABC").  ABC's
involuntary Chapter 7 case is Bankr. D. Kan. Case No. 16-20178.
ABNE's involuntary case is Bankr. D. Neb. Case No. 16-80141.  An
order for relief has not been entered, and no interim Chapter 7
trustee has been appointed in the Involuntary Cases.  The
petitioning creditors are represented by McGrath, North, Mullin &
Kratz, P.C.

On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and 5 five
other U.S. units of Abengoa S.A., which collectively own,
operate, and/or service four ethanol plants in Ravenna, York,
Colwich, and Portales, each filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the Eastern District of

Missouri.  The cases are pending before the Honorable Kathy A.
Surratt-States and are jointly administered under Case No. 16-
41161.

Abeinsa Holding Inc., and 12 other affiliates, which are energy,
engineering and environmental companies and indirect subsidiaries
of Abengoa, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Proposed Lead Case No. 16-10790) on March 29, 2016.


NH HOTEL: Moody's Assigns B2-PD Probability of Default Rating
-------------------------------------------------------------
Moody's Investors Service, ("Moody's") has assigned a B2-PD
probability of default rating to NH Hotel Group S.A.

RATINGS RATIONALE

Moody's assigned a B2-PD probability of default rating in line
with B2 corporate family rating reflecting both bank debt and
bond instruments present within NH Hotel Group's capital
structure.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of
debt, this announcement provides certain regulatory disclosures
in relation to each rating of a subsequently issued bond or note
of the same series or category/class of debt or pursuant to a
program for which the ratings are derived exclusively from
existing ratings in accordance with Moody's rating practices. For
ratings issued on a support provider, this announcement provides
certain regulatory disclosures in relation to the credit rating
action on the support provider and in relation to each particular
credit rating action for securities that derive their credit
ratings from the support provider's credit rating. For
provisional ratings, this announcement provides certain
regulatory disclosures in relation to the provisional rating
assigned, and in relation to a definitive rating that may be
assigned subsequent to the final issuance of the debt, in each
case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that
would have affected the rating.

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this credit rating
action, and whose ratings may change as a result of this credit
rating action, the associated regulatory disclosures will be
those of the guarantor entity. Exceptions to this approach exist
for the following disclosures, if applicable to jurisdiction:
Ancillary Services, Disclosure to rated entity, Disclosure from
rated entity.


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


BHS GROUP: 115 MPs to Back Move to Strip Green's Knighthood
-----------------------------------------------------------
BBC News reports that some 115 MPs will back a move to strip Sir
Philip Green of his knighthood.

According to BBC, MPs are debating the proposal, the first time
they will attempt to remove a knighthood from a member of the
public in this way.

The move comes as Sir Philip is set to meet the Pensions
Regulator this week to try to secure a deal over the collapse of
the BHS's pension fund, BBC notes.

BHS, sold by Sir Philip last year, then collapsed with 11,000
jobs lost and a GBP571 million pension deficit, BBC recounts.

MPs mounted a cross-party attack on the businessman, with
Labour's David Winnick branding Sir Philip "a billionaire spiv
who should never have received a knighthood, BBC relays.  A
billionaire spiv who has shamed British capitalism", BBC relates.

He added that his "billionaire's lifestyle" was a "form of
provocation" to BHS employees and pensioners, BBC relays.

Frank Field, chairman of the Work and Pensions committee, began
the debate about the collapse of BHS, BBC discloses.

According to BBC, he said one of the main findings of his
committee's report is that "literally nothing happened in BHS or
Arcadia without Sir Philip knowing directly".

Sir Philip's knighthood hinges on whether he makes good on a
promise to secure the future of 20,000 BHS pension scheme
members, BBC notes.

As things stand, many of them face a cut in their pension
benefits if the scheme ends up in the industry backed pension
protection fund, BBC states.

Despite repeated assurances, so far he has tabled no firm offer,
BBC says.

But, the BBC has leaned that a meeting with the pensions
regulator to work through obstacles to a final deal is scheduled
before the end of the week, BBC relays.

The decision on whether to have a vote on his knighthood rests
with the speaker of the House of Commons, BBC notes.  It falls to
him to decide whether it is worth waiting to see if Sir Philip
can produce a deal before MPs vote on whether to start the
process of removing his title, according to BBC.

BHS Group was a high street retailer offering fashion for the
whole family, furniture and home accessories.


CROUCH COMMODITIES: Director Banned for 15 Years Over Tax Evasion
-----------------------------------------------------------------
Mark Robert Cook, a director of Crouch Commodities Ltd, a mobile
phone wholesaler based in Braintree, Essex has been disqualified
by the High Court for 15 years for causing the company to
participate in transactions which were connected with the
fraudulent evasion of VAT.

The investigation found Mr. Cook either knew or should have known
about such connections. Between April and July 2006 Mr. Cook
caused Crouch Commodities Ltd to wrongfully claim the sum of
GBP19,376,461 from HM Revenue and Customs (HMRC) for four input
tax reclaims for VAT periods March to June 2006.

The disqualification regime exists to protect the public and Mr.
Cook's disqualification from 31 August 2016 means he cannot
promote, manage, or be a director of a limited company until
2031.

This disqualification follows investigation by the Public
Interest Unit, a specialist team of the Insolvency Service, whose
involvement commenced with the winding up of the company, for
unpaid VAT owed to HMRC.

The investigation uncovered that Crouch Commodities Limited
participated in 'missing trader fraud'. This is commonly known as
"Carousel" fraud, as large consignments of electrical or other
small item size high value goods are invoiced rapidly and
repeatedly around trading chains, speeded up by movement on
paper, with actual movement of goods only taking place as they
enter or exit the UK.

Such missing trader fraud indicators included, the rapid
succession of same day trades without deliveries within the UK of
goods sitting at a shared freight forwarder, the common use of
the same offshore bank, and entering into payment arrangements
involving third parties who were neither suppliers nor customers.
All traders banked with the First Curacao International Bank
which was shut down by the Netherlands Antilles authorities in
September 2006 in order to prevent money laundering.

Commenting on this case Anthony Hannon, Official Receiver in the
Public Interest Unit, part of the Insolvency Service, said:

"Crouch Commodities Ltd was involved in trading and making
wrongful reclaims in a fraudulent VAT scheme which had been
costing the UK Exchequer significant amounts of money at the time
the fraud was perpetrated.

"This is not a victimless crime, the main impact being on honest
tax payers and their families who as a result suffered the
effects of funding shortages in healthcare, education and other
front line services."

Regulatory changes, investigative action and legal proceedings
have reduced the scale of this fraud from 2007 onwards.

The Insolvency Service will not hesitate to use its enforcement
powers to investigate and disqualify directors whose companies
defraud the public purse.

Crouch Commodities Ltd (CRO No.04593081) was incorporated on
Nov. 18, 2002.

The petition to wind up the company was presented by HM Revenue &
Customs in respect of unpaid VAT. The winding up order was made
on March 10, 2014.


FAREPAK FOOD: Thousands Hit by Collapse Yet to Claim Their Cash
---------------------------------------------------------------
thisiswiltshire.co.uk reports that thousands of people who were
left distraught by the collapse of Christmas hamper firm,
Farepak, have yet to claim what they are owed.

The report says 10 years after the Swindon-based firm folded, the
government's insolvency service is still holding a pot of almost
GBP1.1 million earmarked for former Farepak savers.

The company's demise in 2006 hit thousands of families very hard
coming, as it did, so close to Christmas. Now, as we approach
this year's festive season, they are being urged to take back
what they are rightly owed, says the report.

"It's a real shame that this money is just sitting there.  We
managed to secure GBP32 back out of every GBP100 saved the
average person affected lost GBP400.  It's not a huge amount of
money but it's not insignificant either, especially in the run up
to Christmas," the report quotes Louise McDaid, Chairman of the
Farepak Victims Committee, as saying.  "You've got to remember
that these weren't wealthy people, we're talking about people who
were saving all year to be ready for Christmas."

According to thisiswiltshire.co.uk, the latest estimates are that
11,163 people have yet to make their claim -- these are people
that the liquidators could not trace or people to whom they sent
cheques that were never cashed.

Campaigners believe that because it took so long to reach the end
of legal proceedings, many people had either moved house, given
up hope, or in some cases, died, the report states.

Farepak Food & Gifts Ltd. (fka Floatraise Ltd., Kleeneze U.K.
Ltd. and Kleeneze Investments Ltd.) and Farepak Mail Order Ltd.
(fka Farepak Hampers Ltd., Farepak Ltd. and Farepak Hampers
Ltd.) called in Martha H. Thompson and Dermot Power of BDO Stoy
Hayward as joint liquidators on Oct. 4, 2007, for the creditor's
voluntary winding-up proceeding.

Farepak moved from administration to creditors' voluntary
liquidation following the joint administrators' proposals, a
course of action approved by 97% of the company's creditors.

Farepak Food & Gifts Ltd., Farepak Hampers Ltd., Farepak
Holdings Ltd., and Farepak Mail Order Ltd. appointed BDO Stoy
Hayward LLP as joint administrators on Oct. 13, 2006.


INOVYN LTD: S&P Revises Outlook to Positive & Affirms 'B' CCR
-------------------------------------------------------------
S&P Global Ratings said that it has revised its outlook on U.K.-
headquartered chlorvinyl producer Inovyn Ltd. to positive from
stable and affirmed the long-term corporate credit rating at 'B'.

At the same time, S&P affirmed its 'B' issue ratings on the
outstanding bond and term loans.  The recovery rating remains at
'3'.

The outlook revision reflects S&P's view that Inovyn will report
strong results in 2016, and will be able to maintain stronger
profitability than S&P previously anticipated.

The company has introduced cost savings and synergies since its
formation in mid-2015 that have supported its year-to-date
results.  The savings and synergies benefited EBITDA by
approximately EUR55 million, of which EUR20 million was achieved
in the third quarter.

S&P currently anticipates that Inovyn's operating performance
will remain at current high levels, leading to S&P Global
Ratings-adjusted EBITDA margins of up to 16% over 2016-2017.
S&P's assessment of Inovyn's financial strength takes into
account current industry conditions and the cyclical nature of
the business.  For a 'B' rating, S&P would expect debt to EBITDA
of 3x-5x through the cycle.  The current performance would
therefore be in line with S&P's current rating if Inovyn does not
achieve a leverage ratio below 3x.  S&P's assessment also takes
into account how the company would perform under low-cycle
conditions, where S&P would expect a debt to EBITDA to remain
below 5x.

Based on adjusted debt of EUR1.6 billion at the end of the second
quarter, which S&P expects to remain relatively stable, S&P
anticipates that Inovyn's leverage will move toward 3x by end of
the year and that the company will generate substantial free
operating cash flow (FOCF) of up to EUR200 million in 2016.

S&P also notes that the company is aiming to reprice its
EUR534 million term loan B to EURIBOR plus 375-400 basis points
(bps) with a 1% floor, from EURIBOR plus 525 bps, thereby
improving its interest coverage ratios.

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

   -- Stable PVC and caustic soda volumes;
   -- EBITDA margins of about 16%, supported by favorable cost of
      feedstock and operational efficiencies;
   -- Fairly high capital expenditure (capex) of about
      EUR160 million-EUR170 million; and
   -- A pension deficit of about EUR380 million (after tax).

Based on these assumptions, S&P arrives at these forecasts for
2016 and 2017:

   -- Reported EBITDA (after restructuring charges) of about
      EUR460 million in 2016 and 2017;

   -- An S&P Global Ratings-adjusted debt to EBITDA ratio of
      about 3x in 2016 and 2017; and

   -- Strong free operating cash flow.

The positive outlook reflects S&P's view that Inovyn's adjusted
gross debt to EBITDA will likely be about 3x over 2016, with
potential to further decrease below 3x in 2017.  S&P anticipates
that the timely realization of synergies will support the
resilience of Inovyn's profitability and lead to EBITDA margins
(after restructuring charges) of about 16%.  S&P considers an
adjusted gross debt-to-EBITDA ratio of 3x-5x to be in line with a
'B' rating, depending on S&P's view of prevailing industry
cycles.

S&P would upgrade Inovyn if S&P would believe that the company
will be able to achieve a debt-to-EBITDA ratio of about 2x-3x on
sustainable basis, and will not decline below 4x-4.5x in a
downturn.  This could be achieved by ongoing strong operating
performance and increased synergies and cost savings, as well as
more clarity around Inovyn's dividends and financial policies.

S&P would revise its outlook back to stable if it considered that
Inovyn's debt to EBITDA would decline close to 5x at bottom-of-
the-cycle conditions.  S&P could also revise the outlook if
Inovyn used its strong free operating cash flow for large
dividend payments or increased capital expenditures.


INTEROUTE COMMUNICATIONS: S&P Affirms 'B+' CCR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said that it affirmed its 'B+' long-term
corporate credit rating on U.K.-based European information
communication technology and cloud computing company Interoute
Communications Holdings Ltd.  The outlook is stable.

S&P also assigned its 'B+' long-term corporate credit rating to
Interoute Finco PLC, the group's financing vehicle.

At the same time, S&P affirmed its 'B+' issue rating on the
company's EUR590 million senior secured notes.

The affirmation reflects S&P's anticipation that Interoute will
show a meaningful improvement in credit metrics and cash flow
generation from 2017 onward, even though its operating
performance is set to be lower than S&P previously expected in
2016.

There have been stronger-than-anticipated revenue declines at
Easynet on the back of higher customer churn from legacy issues,
lower nonrecurring dark fiber sales, and a meaningful peak in
working capital due to one-off effects at the end of 2015.  This
has caused Interoute's recent performance to be weaker than S&P
previously anticipated.  S&P forecasts an increase in S&P Global
Ratings-adjusted leverage to about 4.7x and one-off negative free
cash flows of EUR40 million-EUR45 million in 2016.

"However, we also forecast a meaningful improvement in both
EBITDA and free cash flow in 2017. Interoute should generate
improved revenue on the back of lower customer churn, which it
has shown since the second quarter of 2016, and we anticipate
lower impact of nonrecurring revenues and continued high demand
for the company's cloud computing and VPN products, in line with
expected market trends.  We expect lower integration costs and
meaningfully higher realization of merger-related synergies, as
well as a decline in working capital outflows to historical
levels of about EUR10 million-EUR15 million.  As a result, we
forecast that adjusted debt to EBITDA will decline to just below
4x, and that free operating cash flow (FOCF) will improve to
about EUR10 million.  In our view, there is some headroom within
our base case for 2017 because, even if revenues do not grow in
line with our assumptions, synergies and positive (albeit very
limited) free cash flows should be sufficient to reduce adjusted
leverage to below 4.5x," S&P said.

S&P's calculation of Interoute's adjusted EBITDA includes
capitalized development costs and integration costs.  S&P's
assessment of Interoute's financial risk profile is constrained
by Interoute's weak FOCF generation, on the back of high capital
expenditure, but S&P notes that nearly 50% of capex is related to
growth of its revenue base and on the back of one-off costs.

S&P's assessment of Interoute's business risk profile continues
to be supported by its high level of recurring revenues,
relatively meaningful switching costs, and Interoute's strategy
of leveraging its own pan-European fiber network within its
enterprise segment, which creates a key competitive advantage.

S&P's assessment is constrained by the highly competitive network
segment, which leads to pricing pressure constraints, Interoute's
limited scale in comparison with peers, and its lack of
meaningful operating leverage, which results in relatively low
EBITDA margins of about 20%.

S&P assess Interoute's credit quality as weaker than peers such
as Level 3 and Interxion.

S&P's base case assumes:

   -- Revenue decline of 3% in 2016 on a like-for-like basis,
      mainly due to customer churn at Easynet, currency
      fluctuations, and lower nonrecurring revenues, somewhat
      offset by continued solid demand for the company's
      enterprise solutions.

   -- About 2%-3% revenue increase in 2017 as growth in
      enterprise services more than offsets a continued minor
      decline at Easynet.

   -- Adjusted EBITDA margins improving by about 400 basis points
      in 2017 to about 22%, as integration costs decline and
      synergies increase.

   -- Capex to sales of 12%-13%, reflecting continued high
      growth-related capex.

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

   -- Debt to EBITDA of about 4.7x in 2016, declining to about
      3.8x in 2017;
   -- EBITDA interest coverage of 3x-4x; and
   -- Meaningfully negative FOCF in 2016, but FOCF to debt
      increasing to about
   -- 2% in 2017 (reflecting 3%-4% on an adjusted basis).

The stable outlook reflects S&P's anticipation that Interoute
will stabilize its revenues and generate positive FOCF from 2017,
after realizing most of the merger-related synergies.  This
should enable Interoute to reduce its adjusted leverage to well
below 4.5x.

S&P could lower the rating if Interoute continues to suffer from
negative operating trends, notably from Easynet customers as well
as reduced growth in its enterprise services, resulting in
continued cash burn in the coming quarters.  S&P could also lower
the rating if Interoute makes significant debt-funded
acquisitions that increase its adjusted leverage enduringly above
4.5x.

S&P views an upgrade over the next 12 months as unlikely, given
its anticipation of continued limited cash flow generation.  S&P
could raise the ratings if EBITDA margins improve to more than
25%, adjusted leverage improves to less than 4x, and FOCF to debt
increases to more than 5%.  S&P do not envisage this happening
over the next 12 months.


UNIQUE PUB: S&P Removes B Class N Notes Rating from Watch Neg.
--------------------------------------------------------------
S&P Global Ratings removed from CreditWatch negative its credit
rating on The Unique Pub Finance Co. PLC's class N notes.

On Aug. 2, 2016, S&P lowered to 'B (sf)' from 'B+ (sf)' and
placed on CreditWatch negative its rating on the class N notes
pending S&P's assessment of the potential effect of Brexit on the
pub sector, which S&P expected may put pressure on its rating on
the class N notes.

At this point, S&P do not anticipate that Brexit will have an
effect on consumer-facing sectors.  By extension, S&P do not
anticipate an effect on the pub industry as a whole that would
affect the borrower in the near term or, thereby, the rating on
the class N notes, which is closely aligned to the
creditworthiness of the borrower.

S&P has reviewed the underlying credit of the borrower, Unique
Pub Properties, with consideration given to any potential effects
of Brexit on the pub sector and S&P's continued view of the
borrower's business risk profile as fair.

Following S&P's review, it has removed from CreditWatch negative
its 'B (sf)' rating on the class N notes.  S&P's rating reflects
the borrowing group's fair business risk profile, the estate's
performance and cash flow generating potential, and any
structural protections available to the noteholders.

Unique Pub Finance Co. is a whole business securitization (WBS)
of Unique's operating business of a tenanted pub estate in the
U.K. This transaction closed in 1999, and has been tapped several
times since, most recently in 2005.

RATINGS LIST

Unique Pub Finance Co. PLC
GBP1.778 Billion Fixed- And Floating-Rate Asset-Backed Notes

Class         Rating
         To             From

Rating Removed From CreditWatch Negative

N        B (sf)         B (sf)/Watch Neg


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


* BOOK REVIEW: Landmarks in Medicine - Laity Lectures
-----------------------------------------------------
Introduction by James Alexander Miller, M.D.
Publisher: Beard Books
Softcover: 355 pages
List Price: $34.95
Review by Henry Berry

Order your own personal copy today at http://bit.ly/1sTKOm6
As the subtitle points out, the seven lectures reproduced in this
collection are meant especially for general readers with an
interest in medicine, including its history and the cultural
context it works within. James Miller, president of the New York
Academy of Medicine which sponsored the lectures, states in his
brief "Introduction" that this leading medical organization "has
long recognized as an obligation the interpretation of the
progress of medical knowledge to the public." The lectures
collected here succeed admirably in fulfilling this obligation.
The authors are all doctors, most specialists in different areas
of medicine. Lewis Gregory Cole, whose lecture is "X-ray Within
the Memory of Man," is a consulting roentgenologist at New York's
Fifth Avenue Hospital. Harrison Stanford Martland is a professor
of forensic medicine at New York University College of Medicine.
Many readers will undoubtedly find his lecture titled "Dr. Watson
and Mr. Sherlock Holmes" the most engrossing one. Other doctor
authors are more involved in academic areas of medicine and
teaching. Reginald Burbank is the chairman of the Section of
Historical and Cultural Medicine at the New York Academy of
Medicine. He lectured on "Medicine and the Progress of
Civilization." Raymond Pearl, whose selection is "The Search for
Longevity," is a professor of biology at Johns Hopkins
University.

The authors' high professional standing and involvement in
specialized areas do not get in the way of their aim to speak to
a general audience. They are all skilled writers and effective
communicators. As the titles of some of the lectures noted in the
previous paragraph indicate, the seven selections of "Landmarks
in Medicine" focus on the human-interest side of medicine rather
than the scientific or technological. Even the two with titles
which seem to suggest concern with technical aspects of medicine
show when read to take up the human-interest nature of these
topics.

"The Meaning of Medical Research", by Dr. Alfred E. Cohn of the
Rockefeller Institute for Medical Research, is not so much about
methods, techniques, and equipment of medical research, but is
mostly about the interinvolvement of medical research, the
perennial concern of individuals with keeping and recovering good
health, and social concerns and pressures of the day. "The
meaning of medical research must regard these various social and
personal aspects," Cohn writes. In this essay, the doctor does
answer the questions of what is studied in medical research and
how it is studied. And he answers the related question of who
does the research. But his discussion of these questions leads to
the final and most significant question "for what reason does the
study take place?" His answer is "to understand the mechanisms at
play and to be concerned with their alleviation and cure." By
"mechanisms," Cohn means the natural--i. e., biological -- causes
of disease and illness. The lay person may take it for granted
that medical research is always principally concerned with
finding cures for medical problems. But as Cohn goes into in part
of his lecture, competition for government grants or professional
or public notoriety, the lure of novel experimentation, or
research mainly to justify a university or government agency can,
and often do, distract medical researchers and their associates
from what Cohn specifies should be the constant purpose of
medical research. Such purpose gives medicine meaning to
humankind.

The second lecture with a title sounding as if it might be about
a technical feature of medicine, "X-ray Within the Memory of
Man," is a historical perspective on the beginnings of the use of
x-ray in medicine. Its author Lewis Cole was a pioneer in the
development of x-rays in the late 1800s and early1900s. He mostly
talks about the development of x-ray within his memory. In doing
so, he also covers the work of other pioneers, notably William
Konrad Roentgen and Thomas Edison. Roentgen was a "pure
scientist" who discovered x-rays almost by accident and at first
resented the application of his discovery to practical uses such
as medical diagnosis. Edison, the prodigious inventor who was
interested only in the practical application of scientific
discoveries, and his co-worker Clarence Dally enthusiastically
investigated the practical possibilities of the discoveries in
the new field of radiation. Dally became so committed to his work
in this field that he shortly developed an illness and died. At
the time, no one knew about the dangers of prolonged exposure to
x-rays. But sensing some connection between his co-worker's
untimely death and his work with x-rays, Edison stopped his own
investigations.

Cole himself became involved in work with x-rays during his
internship at Roosevelt Hospital in New York City in 1898 and
1899. His contribution to this important field was in the area of
interpretation of what were at the time primitive x-rays and
diagnosis of ailments such as tuberculosis and kidney stones.
Cole writes in such a way that the reader feels she or he is
right with him in the steps he makes in improving the use of x-
rays. He adds drama and human interest to the origins of this
important medical technology. The lecture "Dr. Watson and Mr.
Sherlock Holmes" uses the popular mystery stories of Arthur Conan
Doyle to explore the role of medicine in solving crimes,
particularly murder. In some cases, medical tests are required to
figure out if a crime was even committed. This lecture in
particular demonstrates the fundamental role played by medicine
in nearly all major areas of society throughout history. The
seven collected lectures have broad appeal. All of them are
informative and educational in an engaging way. Each is on an
always interesting topic taken up by a professional in the field
of medicine obviously skilled in communicating to the general
reader. The authors seem almost mind readers in picking out the
most fascinating aspects of their subjects which will appeal to
the lay readers who are their intended audience. While meant
mainly for lay persons, the lectures will appeal as well to
doctors, nurses, and other professionals in the field of medicine
for putting their work in a broader social context and bringing
more clearly to mind the interests, as well as the stake, of the
public in medicine.


                            *********

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

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

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


                 * * * End of Transmission * * *