TCREUR_Public/161104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, November 4, 2016, Vol. 17, No. 219


                            Headlines


F R A N C E

OBERTHUR TECHNOLOGIES: S&P Affirms 'B-' CCR, Outlook Positive


H U N G A R Y

FHB MORTGAGE: Moody's Hikes LT Currency Deposit Ratings to B3


I R E L A N D

RUSH CREDIT: Put on Provisional Liquidation
TALISMAN-5 FINANCE: S&P Lowers Ratings on Two Note Classes to D
TALISMAN-6 FINANCE: S&P Withdraws 'D' Rating on Class C Notes


I T A L Y

GUALA CLOSURES: S&P Affirms 'B' CCR, Outlook Stable
STEFANEL SPA: Board Files Procedure to Seek Creditor Deal


L U X E M B O U R G

AI AQUA: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
DAKAR FINANCE: Moody's Affirms B2 CFR, Outlook Stable
DAKAR FINANCE: S&P Affirms 'B' CCR, Outlook Stable


N E T H E R L A N D S

CADOGAN SQUARE VIII: Moody's Assigns (P)B2 Rating to Cl. F Notes
CADOGAN SQUARE VIII: S&P Assigns Prelim. B- Rating to Cl. F Notes
WOOD STREET CLO III: Moody's Affirms Ba3 Class E Notes Rating


P O L A N D

GETIN NOBLE: Moody's Affirms Ba2 LT Currency Deposit Ratings


R O M A N I A

* ROMANIA: Has Second-Highest Insolvency Incidence in the Region


S P A I N

BANCO DE SABADELL: S&P Affirms 'BB+/B' Ratings, Outlook Positive
CELLNEX TELECOM: S&P Affirms 'BB+' CCR, Outlook Stable
TOMCOEX: Conesa Mulls Acquisition, Viability Plan Put Under Vote


U K R A I N E

ROSINKA: Declared Bankrupt by Court, Liquidation Commenced


U N I T E D   K I N G D O M

BHS GROUP: Philip Green May Be Forced to Pay Towards Pensions
EXPRO HOLDINGS: S&P Raises Corporate Credit Rating to 'CCC+'
INTEROUTE FINCO: Moody's Assigns B1 Rating to New Term Loan B
QUOTIENT LIMITED: Reports Q2 Fiscal 2017 Financial Results

* SCOTLAND: Number of Corporate Insolvencies Drop to 218 in Q2


X X X X X X X X

* BOOK REVIEW: Landmarks in Medicine - Laity Lectures


                            *********


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F R A N C E
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OBERTHUR TECHNOLOGIES: S&P Affirms 'B-' CCR, Outlook Positive
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
rating on French smart card provider Oberthur Technologies Group
SAS.  The outlook is positive.

At the same time, S&P affirmed its 'B-' issue rating on Oberthur
Technologies' senior secured debt and S&P's 'CCC' issue rating on
its senior unsecured notes.  The recovery rating on the senior
secured debt issued by Oberthur Technologies' subsidiaries,
Oberthur Technologies S.A. and Oberthur Technologies of America
Corp., is '3', indicating S&P's expectation of meaningful
recovery (50%-70%; higher half of the range) in the event of a
payment default.  The recovery rating on the senior unsecured
notes issued by Oberthur Technologies Group SAS remains '6',
indicating S&P's expectation of negligible recovery (0%-10%) in
the event of a payment default.

The affirmation reflects S&P's view that, despite Oberthur
Technologies' larger scale and stronger market position
postmerger, S&P sees execution risks arising from the integration
process.  S&P now thinks that free operating cash flow (FOCF)
will remain negative in 2017 due to likely integration and
restructuring costs.  Previously, S&P expected Oberthur
Technologies to generate positive FOCF in 2017.  However, the
outlook remains positive because S&P thinks the combined entity
could report sustainably positive FOCF in 2018, which would
warrant a one-notch upgrade.

French manufacturer Safran S.A. announced on Sept. 29, 2016 that
it had received from Advent International, which currently
controls Oberthur Technologies, a firm and irrevocable offer to
acquire its identity and security activities (Safran I&S) and has
entered into exclusive negotiations on this basis.  S&P
understands that, effectively, Oberthur Technologies will acquire
Safran I&S and the two companies will be merged.  The acquisition
of Safran I&S, worth EUR2,425 million on a cash- and debt-free
basis, will be financed by issuing new debt.  As a result, S&P
anticipates that the combined group will remain highly leveraged
post-closing.  The transaction is subject to regulatory approvals
in Europe and in the U.S., but S&P understands it could close in
2017.

Oberthur Technologies' business risk profile signifies that it
ranks No. 2 globally, after world-leader Gemalto, in the overall
digital security and authentication market.  The combined
revenues of Oberthur Technologies and Safran I&S are EUR2.8
billion--smart card market leader Gemalto reported revenues of
about EUR3.1 billion in 2015.  On a stand-alone basis, Oberthur
Technologies has a market share of 23% in the payment segment
(60% of total revenues in 2015) and 10% in telecommunications
(24% of revenues). Furthermore, Oberthur Technologies has been
able to increase its market share in the payment segment,
especially in the U.S., where it is the market leader with a
market share of 39%.  Safran I&S is the global leader in the
identification market, where it has a market share of about 25%.
It has the leading positions worldwide in identification
documents that integrate biometrics.  The combined group benefits
from a diversified customer base and resilient business model,
with growth opportunities and significant barriers to entry.

These strengths continue to be offset by strong competition from
Gemalto, medium-term risks associated with technology changes,
and moderate profitability.  S&P also thinks that integrating
Safran I&S is likely to lead to some restructuring and implies
certain execution risks.  Both Oberthur Technologies and Safran
I&S report only modest profitability.  Oberthur Technologies' S&P
Global Ratings-adjusted EBITDA margin was 11.8% in 2015, and S&P
estimates that Safran I&S's margin was slightly lower.  S&P's
adjusted EBITDA is calculated after deducting capitalized
research and development (R&D) and restructuring costs.  S&P also
expects margins to remain below average, at least in the short
term.  That said, S&P thinks that the combined entity's adjusted
EBITDA margin could improve over time, once integration and
restructuring are completed.

Oberthur Technologies' financial risk reflects high adjusted
leverage and limited FOCF generation.  Due to the lack of
detailed information, S&P has not updated its base case yet, but
S&P expects the adjusted debt-to-EBITDA ratio to remain at very
high levels and FOCF to be negative, at least in 2017.

S&P's base case from April 2016 for Oberthur Technologies' on a
stand-alone basis assumes:

   -- Annual consolidated revenue growth of 2%-4%, supported by
      continued positive developments in the payment segment.
      S&P expects further growth for payment smart cards in the
      U.S. in 2016-2017, and also in emerging markets.  In the
      telecoms segment, S&P expects flat revenues as price
      declines offset volume growth.  In the smallest connected
      devices and identity market segment (16% of revenues),
      which S&P views as volatile, S&P expects about 10% growth
      in 2016, based on a strong order backlog at end-2015, but
      flat revenues thereafter.

   -- Nonrecurring costs of EUR20 million-EUR30 million in 2016,
      decreasing to about EUR10 million in 2017.  Cash outflow
      from nonrecurring items of about EUR40 million in 2016.

   -- Adjusted EBITDA margin to increase to above 12.0% in 2016
      (from 11.8% in 2015) as cost savings will be depressed by
      restructuring costs.  However, S&P expects the margin will
      increase further in the following years.

   -- Negative working capital in 2016, mainly caused by the
      inventory build-up and increase in receivables after
      positive development at end-2015.

   -- Annual capital expenditures (capex), excluding capitalized
      R&D costs, of EUR35 million-EUR45 million.

The positive outlook reflects the possibility that S&P could
upgrade Oberthur Technologies by one notch in the next 12 months
if the combined group demonstrates a clear and sustainable path
to reach positive FOCF in 2018.

S&P could raise the ratings if revenues and profitability
continue to improve, leading to an adjusted EBITDA margin
approaching 15%. This should translate into FOCF-to-debt of at
least 2% in 2018.

S&P could revise the outlook to stable if Oberthur Technologies'
FOCF remains negative for a prolonged period.  This could happen
if integration takes longer than expected, restructuring costs
are higher than S&P currently anticipate , or revenue performance
proves to be weaker than forecast.  S&P could also revise the
outlook to stable if the merger leads to a material increase in
Oberthur Technologies' leverage.


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H U N G A R Y
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FHB MORTGAGE: Moody's Hikes LT Currency Deposit Ratings to B3
-------------------------------------------------------------
Moody's Investors Service upgraded to B3 from Caa1 the long-term
local and foreign-currency deposit ratings of FHB Mortgage Bank
Co. Plc. (FHB). Concurrently, the bank's long-term Counterparty
Risk Assessment (CRA) was upgraded to B1(cr) from B2(cr), its
adjusted BCA was upgraded to caa1 from caa2 and its baseline
credit assessment (BCA) was confirmed at caa2. The outlook on the
long-term deposit ratings is stable. FHB's short-term Not-Prime
deposit ratings and Not-Prime(cr) CRA remain unaffected.

FHB's ratings were placed on review for downgrade on 21 June 2016
driven by rising concerns about its solvency and franchise
viability. According to Moody's, the upgrade of FHB's long term
deposit ratings with a stable outlook primarily reflects the
significant reduction in the aforementioned risks on the back of
the progressive closer integration of FHB into Hungary's saving
cooperatives sector that further significantly increased its
ownership in FHB during October 2016. At the same time, FHB's
fundamental credit profile remains constrained by weak
profitability witnessing structural efficiency challenges as well
as a high, albeit gradually declining, stock of problematic
assets.

The rating action concludes the review of FHB's ratings which was
opened on June 21, 2016.

RATINGS RATIONALE

Today's upgrade of FHB's long-term deposit ratings to B3 from
Caa1 was driven by: (1) the confirmation of the bank's BCA of
caa2 due to a significant reduction in the aforementioned
solvency and franchise viability risks; (2) the rating agency's
introduction of moderate affiliate support assumption from the
Integration Organization of Hungary's Saving Cooperatives (SZHISZ
or Integration Organization; unrated), resulting in a one-notch
rating uplift and a higher adjusted BCA of caa1 from caa2
previously; and (3) maintaining a one-notch rating uplift on
deposits from Moody's Advanced LGF analysis.

STANDALONE CREDIT PROFILE -- BCA CONFIRMED AT caa2

The confirmation of FHB's caa2 BCA reflects Moody's assessment
that the risks to the bank's solvency stemming from measures
taken by the Hungarian authorities in early June 2016, including
the bank's involvement in a police investigation and the
imposition by the central bank (MNB) of fines on FHB for previous
market misconduct, have not escalated further and have not led to
a material reputational and financial damage to the bank. In
October 2016 the bank's chairman and a key shareholder Zolt†n
SpÇder, whose other businesses were also involved in the police
investigation, resigned from the bank and sold his 16.6% stake in
FHB to two companies that are members of the Integration
Organization. Moody's expects that FHB's closer ties with the
Integration Organization significantly reduces the risks to its
solvency and franchise viability stemming from adverse measures
by the Hungarian authorities.

Further, FHB achieved some stabilisation in revenue generation in
Q2 2016, which coupled with lower loan loss provisions and a one-
off gain from the sale of shares in VISA Europe helped the bank
to nearly break-even after sizable losses during Q1 2016 and in
2015. Without the gain from the VISA Europe transaction FHB would
have a loss equivalent to an annualized return on assets of -
0.5%. The bank's core profitability remains weak and is a key
rating constraint owing to structural efficiency challenges as
reflected in a persistently high cost-to-income ratio at 94.3% as
of end-H1 2016.

FHB's loan book quality is weak similar to most Hungarian banks.
The bank's non-performing loans (NPL) ratio declined to 12.6% as
of end-Q2 2016 from 13.5% as of end-Q1 2016 and 14.7% as of year-
end 2015, mainly owing to the sale of problem loans. The coverage
of NPLs with total loan loss reserves was at 57% as of end-Q2
2016, moderately lower compared with the average levels of the
Moody's-rated banks in Hungary of 79.2% as of year-end 2015.
Therefore, loan loss reserves may increase further and continue
to pressure profitability.

FHB's repurchase of its EUR112 million perpetual capital
securities (additional Tier 1 instrument) in June 2016 resulted
in a significant decline in the bank's Total CAR to 14.6% as of
end-Q2 2016 from 25.9% as of end-Q1 2016. The bank's reported
CET1 ratio was 13.1% as of end-Q2 2016 and is likely to weaken
moderately over the next few quarters due to ongoing losses.

In terms of funding and liquidity, the negative publicity around
FHB stemming from the aforementioned events in June 2016 resulted
in 12.5% decline in customer deposits. Nevertheless, this has not
led to a material weakening of the bank's liquidity profile -- as
of end-Q2 2016 liquid assets accounted for a still adequate 35.9%
of the total tangible banking assets, down from 46.5% as of end-
Q1 2016. According to FHB, the outflow of customer deposits
(mainly corporate) has stopped and the overall customer funding
has stabilised since July.

AFFILIATE SUPPORT FROM INTEGRATION ORGANIZATION LEADS TO caa1
ADJUSTED BCA

Moody's incorporates a moderate support assumption in FHB'S
ratings from the Integration Organization, which results in a 1-
notch of rating uplift to caa1 from the bank's caa2 standalone
BCA. This assessment is based on the progressive closer
integration of FHB into the saving cooperatives sector as well as
the statutory sector support scheme which Moody's considers to
provide for some level of sector cohesion, benefitting FHB.

In September 2015 FHB became a member of SZHISZ with Takarekbank
Zrt. (unrated) as their central institution being in charge of
managing liquidity and solvency of all sector members and
consolidating them in its financial statements. According to the
recently amended law of the Integration Organization it should
provide for support to member institutions that experience
capital pressures through temporary capital injections. According
to Takarekbank Zrt.'s financial statements the Integration
Organization had total assets of HUF2,398 billion (EUR7.6
billion), total capital of HUF327 billion (EUR1 billion) and a
capital adequacy ratio of 31.7% as of year-end 2015. Following
the recent share sale by FHB's former key shareholder, the
combined stake of members of the Integration Organization
increased to 46.67% of FHB's total voting shares.

DEPOSIT RATINGS BENEFIT FROM UPLIFT UNDER ADVANCED LOSS GIVEN
FAILURE ANALYSIS

FHB's deposit ratings continue to receive a one-notch rating
uplift from Moody's Advanced Loss Given Failure (LGF) analysis
despite the repurchase of the additional Tier 1 debt that
previously supported this uplift. This is due to the rating
agency's change of its Macro Profile for Hungary to "Moderate-"
from "Weak+" on 28 June 2016. The loss rate Moody's uses for
banks with a Macro Profile of "Moderate-" and higher is 8% of
tangible banking assets, as opposed to 13% for banks with a lower
Macro Profile. Consequently, the loss given failure in resolution
for FHB's deposits remains low under the new Macro Profile.

STABLE OUTLOOK ON DEPOSIT RATINGS

The stable outlook reflects Moody's expectation that FHB's credit
profile will be balanced by the gradually stabilising revenue
generation and asset quality on the one hand and additional
significant provisions on the other hand. Further, refinancing
risks from a material reliance on wholesale funding is cushioned
by the sizable holdings of liquid assets.

WHAT COULD MOVE THE RATINGS UP/DOWN

A considerable reduction in FHB's problem loans and improvement
in profitability, including improvements in its structurally weak
efficiency, could have positive rating implications. A lower
level of reliance on wholesale funding will also support the
bank's credit profile.

A material deterioration in the bank's loan book quality
affecting its profitability and capital adequacy may have
negative rating implications.

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

LIST OF AFFECTED RATINGS

Issuer: FHB Mortgage Bank Co. Plc.

Upgrades:

   -- Adjusted Baseline Credit Assessment, Upgraded to caa1 from
      caa2

   -- LT Counterparty Risk Assessment, Upgraded to B1(cr) from
      B2(cr)

   -- LT Bank Deposits (Local & Foreign Currency), Upgraded to B3
      Stable from Caa1 Rating Under Review

Confirmations:

   -- Baseline Credit Assessment, Confirmed at caa2

Outlook Actions:

   -- Outlook, Changed To Stable From Rating Under Review

PRINCIPAL METHODOLOGY

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


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I R E L A N D
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RUSH CREDIT: Put on Provisional Liquidation
-------------------------------------------
Ciaran Hancock at The Irish Times reports that Rush Credit Union
was placed into provisional liquidation following an application
by the Central Bank of Ireland amid allegations of money-
laundering, the misappropriation of funds and other financial
improprieties.

The President of the High Court, Mr. Justice Peter Kelly,
approved the appointment of Jim Luby -- lubyj@mcstayluby.ie --
and Tom Rogers -- rogerst@mcstayluby.ie -- of McStay Luby as
provisional liquidators following an application by the
regulator, The Irish Times relates.

The court was told that criminal prosecutions may be brought
arising out of investigations into RCU with gardai notified of
suspected money-laundering, The Irish Times discloses.

It heard that RCU had net liabilities of EUR2 million and had a
EUR4.73 million hole in its reserves, The Irish Times relays.

According to The Irish Times, in relation to its decision to seek
the appointment of provisional liquidators, the regulator cited
issues relating to governance, internal controls, lending
practices and the valuation of its premises.

"Despite assurances given by Rush Credit Union to the Central
Bank, and the credit union having been provided with an
opportunity to address the issues concerned . . . they have not
been adequately addressed," The Irish Times quotes the Central
Bank as saying.

"In applying for winding-up, the Central Bank has also considered
Rush Credit Union's recent financial performance and its
constrained capacity to ameliorate its distressed financial
position.  In particular, Rush Credit Union is currently balance-
sheet insolvent (based on August 31st, 2016, management accounts
submitted to the Central Bank by the credit union).

"The Central Bank believes it is necessary to apply for the
winding-up having regard to the concerns which it has relating to
certain governance and financial issues faced by Rush Credit
Union, some of which are already in the public domain.  In the
absence of taking the proposed action, the nature of the
financial, governance and internal controls issues could lead to
a disorderly collapse of Rush Credit Union."

The winding-up application was made by Paul Gallagher SC, for the
Central Bank, who asked that certain material in the petition and
affidavits before the court not be published as criminal
prosecutions might arise, The Irish Times recounts.

The judge granted the order on the grounds there was commercially
sensitive information, which it would not be in the interest of
the credit union to be revealed, The Irish Times notes.


TALISMAN-5 FINANCE: S&P Lowers Ratings on Two Note Classes to D
---------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' its credit ratings on
Talisman-5 Finance PLC's class B and C notes.  At the same time,
S&P has affirmed its 'D (sf)' ratings on the class D and E notes.
S&P will subsequently withdraw its ratings on these four classes
of notes, effective in 30 days' time.

The rating actions reflect the issuer's failure to repay the
remaining note principal balance on Oct. 24, 2016, the legal
final maturity date.

Talisman-5 Finance is a 2006-vintage transaction, currently
backed by two loans.  Only one of the loans is secured by assets
located in France.  The underlying pool initially had seven
loans, which were secured on European commercial real estate
assets including retail, office, mixed-use, and residential
units.

                 THE PENGUIN LOAN (70% OF THE POOL)

The loan has a securitized loan balance of EUR39.6 million as of
the October 2016 interest payment date.  The loan was transferred
into special servicing in September 2013 after the borrower
failed to repay at the scheduled maturity date.

As of the October 2016 interest payment date, the loan is secured
by five properties located in France with a total netable area of
33,376 square meters (sq m).  The property portfolio is 79.5%
vacant.

The loan did not repay on the Oct. 24, 2016, the legal final
maturity date.

                THE REINDEER LOAN (30% OF THE POOL)

The loan has a securitized loan balance of EUR17.0 million as of
the October 2016 interest payment date.  The loan was transferred
into special servicing in January 2013 after failing to repay at
its scheduled maturity date.

The property portfolio was sold in February 2016 and the
principal funds were used to repay the loan at the April 2016
interest payment date.  The special servicer is in the process of
assessing the options to winding up the corporate structure,
which consist of eleven propcos in Finland, one holdco in
Luxembourg, and one Dutch stitching.

The remaining debt will remain in place until the winding up is
completed.  The corporate structure is expected to be liquidated
in Q4 2016.

The loan did not repay on the Oct. 24, 2016, the legal final
maturity date.

                          RATING RATIONALE

S&P's ratings in Talisman-5 Finance address timely payment of
interest and repayment of principal no later than the legal final
maturity date on Oct. 24, 2016.

The issuer failed to repay the notes on the legal final maturity
date.

S&P has therefore lowered to 'D (sf)' its ratings on the class B
and C notes in line with S&P's criteria.  This is due to the
issuer's failure to repay the notes on Oct. 24, 2016.

At the same time, S&P has affirmed its 'D (sf)' ratings on the
class D and E notes as they have previously experienced principal
losses .

S&P will subsequently withdraw its ratings on all classes of
notes in this transaction.  The ratings will remain at 'D (sf)'
for a period of 30 days before the withdrawals become effective.

Talisman-5 Finance is a 2006-vintage transaction, currently
backed by two loans, one of which is secured by assets located in
France.

RATINGS LIST

Talisman-5 Finance PLC
EUR544.25 mil commercial mortgage-backed floating-rate notes
                                          Rating
Class             Identifier              To          From
B                 XS0278334460            D (sf)      CCC- (sf)
C                 XS0278334973            D (sf)      CC (sf)
D                 XS0278335277            D (sf)      D (sf)
E                 XS0278335863            D (sf)      D (sf)


TALISMAN-6 FINANCE: S&P Withdraws 'D' Rating on Class C Notes
-------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' from 'CCC- (sf)' its
credit rating on Talisman-6 Finance PLC's class C notes.  At the
same time, S&P has affirmed its 'D (sf)' ratings on the class D,
E, and F notes.  S&P has subsequently withdrawn its ratings on
these four classes of notes, effective in 30 days' time.

The rating actions reflect the issuer's failure to repay the
remaining note principal balance on Oct. 24, 2016, the legal
final maturity date.

Talisman-6 Finance is a 2007-vintage transaction, currently
backed by four loans.  Two of the four loans are secured by
assets located in Germany.  The underlying pool initially had
nine loans, which were secured on European commercial real estate
assets including retail, retail/logistic, mixed-use, residential
units, commercial units, multi-family, and parking spaces.

                 THE APPLE LOAN (38% OF THE POOL)

The loan has an outstanding balance of EUR30.5 million as of the
October 2016 interest payment date.  The loan transferred into
special servicing in January 2013 after the borrower failed to
repay at the scheduled loan maturity date.

As of the October 2016 interest payment date, all properties that
were securing the loan had been sold.

The loan did not repay on the Oct. 24, 2016 legal final maturity
date.

                 THE ORANGE LOAN (32% OF THE POOL)

The loan has an outstanding balance of EUR25.4 million as of the
October 2016 interest payment date.  The loan transferred into
special servicing in July 2012 after the borrower failed to repay
at the scheduled loan maturity date.

As of the October 2016 interest payment date, there were four
retail properties securing the loan located in Germany.

The loan did not repay on the Oct. 24, 2016 legal final maturity
date.

                 THE PEACH LOAN (20% OF THE POOL)

The loan has an outstanding balance of EUR15.7 million as of the
October 2016 interest payment date.  The loan transferred into
special servicing in July 2012 after failing to repay at its
scheduled loan maturity date.

As of the October 2016 interest payment date, the loan was
secured by two retail properties located in Germany.

The loan did not repay on the Oct. 24, 2016 legal final maturity
date.

                THE COCONUT LOAN (10% OF THE POOL)

The loan has an outstanding balance of EUR7.8 million as of the
October 2016 interest payment date.  The loan transferred into
special servicing in January 2012 after failing to repay at its
scheduled loan maturity date.

As of the October 2016 interest payment date, all properties
securing the loan had been sold.  The borrower is working on the
structure's wind down.

The loan did not repay on the Oct. 24, 2016 legal final maturity
date.

                           RATING RATIONALE

S&P's ratings in Talisman-6 Finance addresses timely payment of
interest and repayment of principal no later than the legal final
maturity date on Oct. 24, 2016.

The issuer failed to repay the notes on the legal final maturity
date.

S&P has therefore lowered to 'D (sf)' from 'CCC- (sf)' its rating
on the class C notes in line with its criteria.  This is due to
the issuer's failure to repay the notes on Oct. 24, 2016.

At the same time, S&P has affirmed its 'D (sf)' ratings on the
class D, E, and F notes as they have previously experienced
principal losses.

The ratings will remain at 'D (sf)' for a period of 30 days
before the withdrawals become effective.

Talisman-6 Finance is a 2007-vintage transaction, currently
backed by four loans, two of which are secured by assets located
in Germany.

RATINGS LIST

Class                 Rating
            To                      From

Rating Lowered And Withdrawn (Effective 30 Days)

C           D (sf)                  CCC- (sf)
            NR                      D (sf)

Ratings Affirmed And Withdrawn (Effective 30 Days)

D           D (sf)
            NR                      D (sf)
E           D (sf)
            NR                      D (sf)
F           D (sf)
            NR                      D (sf)

NR--Not rated.


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I T A L Y
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GUALA CLOSURES: S&P Affirms 'B' CCR, Outlook Stable
---------------------------------------------------
S&P Global Ratings said that it affirmed its 'B' long-term
corporate credit rating on Guala Closures SpA (Guala Closures), a
subsidiary of GCL Holdings S.C.A. (GCL; or the group).  The
outlook is stable.

At the same time, S&P assigned its 'B' issue rating to the
proposed EUR500 million senior secured floating notes with a
recovery rating of '4', reflecting S&P's expectation of average
(30%-50%) recovery in the event of a payment default, at the
higher end of the range.

The affirmation reflects S&P's expectation that the proposed
refinancing will be largely leverage neutral.  The refinancing
transaction will eliminate near-term refinancing risks by pushing
out Guala Closures' nearest debt maturity to 2021, compared with
its existing capital structure in which about EUR275 million
senior secured floating notes are due in 2019 and EUR200 million
senior unsecured notes due in 2018.

S&P expects pro forma leverage to remain within its expectations
for the ratings--at about 5.5x over the next 12 months--and
improve gradually thereafter, as S&P forecasts organic growth of
around 2%-3% and continued strong profitability.  That said, S&P
continues to view GCL's financial policy as aggressive and expect
the group will remain highly leveraged, with limited prospects
for significant debt reduction.

S&P's assessment of GCL's business risk profile as fair
incorporates the group's exposure to plastic resins and aluminum
price volatility.  Although aluminum costs are partly hedged via
forward-purchase agreements, S&P understands that indexation
mechanism clauses to pass on raw materials price increases to
customers are absent from most of the group's contracts.  That
said, management has a successful track record of offsetting
unhedged raw material prices through annually negotiated price
increases because the group has long-standing relationships with
leading spirits manufacturers.  Further weighing on the ratings
are the group's limited absolute size and product diversity
compared with some peers S&P rates in the industry.

These weaknesses are tempered, in S&P's view, by GCL's leading
market positions in the niche, but moderately expanding, safety
closures market.  The group is well-diversified geographically,
as reflected by the enhancement of its presence in high-growth
markets such as India, China, Latin America, Eastern Europe, and
South Africa.  Although growth in the Chinese and Latin American
spirits industries has remained sluggish, S&P considers that the
group is well placed to benefit from greater penetration of
premium alcohol brands, where spirits manufacturers face high
counterfeiting risk.

GCL's profitability is a strength for the rating.  The group's
above-average EBITDA margin stems from the high added value of
its patent-protected safety closures, which represent more than
40% of group sales, as well as other key products such as
standard closures and wine caps.  S&P expects GCL's EBITDA
margins to at least remain stable and strong for the industry as
the product mix continues shifting toward higher-margin safety
closures.

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

   -- Revenue growth of 2%-3% because of uncertain economic
      growth prospects in Europe, coupled with still difficult
      conditions in China, Mexico, and Argentina;

   -- Strong and stable EBITDA margins of 19%-20%, supported by a
      greater contribution of higher-margin safety closures; and

   -- Capital expenditure (capex) and ongoing high tax payments
      contributing to low to slightly negative free operating
      cash flow generation.

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

   -- Adjusted debt to EBITDA of about 5.5x and funds from
      operations (FFO) to debt of about 8%.

The stable outlook on Guala Closures and its parent, GCL Holdings
S.C.A., reflects S&P's view that the consolidated group's credit
metrics will remain at levels commensurate with the 'B' rating in
the near term.  S&P believes GCL's operating performance will
remain stable and the combined group's profitability will be
supported by the demand for value added safety closures in
emerging markets.  S&P anticipates that GCL will be able to
sustain S&P Global Ratings-adjusted FFO to debt of about 7%-9%
and sustain adjusted debt to EBITDA of about 6x over the next 12
months.

S&P could lower the rating if it saw a material weakening of
GCL's operating performance.  This could follow significant
input-cost inflation; weak volume growth; or substantial
deterioration in the group's activities, resulting in weakening
credit metrics such as FFO cash interest coverage below 1.5x or
GCL's weaker liquidity profile.  S&P believes the current ratings
can accommodate limited bolt-on acquisitions, but that rating
headroom is limited for any meaningful debt-funded acquisitions
or shareholder returns.

S&P could raise the ratings on the group if it saw a sustainable
improvement in financial performance above S&P's expectations for
the current rating, such as an adjusted FFO-to-debt ratio of
about 12% and adjusted debt to EBITDA of about 5x.  These ratios,
in conjunction with a financial policy that supports these levels
on a sustainable basis and an adequate liquidity profile, could
trigger a positive rating action.  S&P considers such a scenario
to be unlikely at this stage due to the group's shareholders'
current financial policy and strategy to grow through bolt-on
acquisitions.


STEFANEL SPA: Board Files Procedure to Seek Creditor Deal
---------------------------------------------------------
Tommaso Ebhardt at Bloomberg News reports that Stefanel SpA said
the company's board decided to file a procedure seeking agreement
with creditors as part of the company's plan to restructure debt
and strengthen capital.

Finpiave SpA, which owns 20.3% of Stefanel, is also seeking
protection from creditors, Bloomberg discloses.

Stefanel SpA -- http://www.stefanel.it/-- is an Italy-based
company primarily engaged in the production and marketing of
apparel.  It operates in two main business areas: the clothing
sector, through Stefanel, Interfashion and Hallhuber business
units, and in the airport retailing sector, which includes
clothing sold via the Nuance business unit.  Stefanel offers
casual-style clothing for men and women.



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


AI AQUA: S&P Assigns 'B' Corp. Credit Rating, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B' corporate credit rating to AI
Aqua S.ar.L., the Luxembourg-based parent company of borrower
Culligan Holding Inc.  The outlook is stable.

At the same time, S&P assigned its 'B' issue-level rating and '3'
recovery rating to the company's proposed $75 million revolving
credit facility due in 2021, $275 million first-lien term loan,
and up to a $100 million euro-equivalent first-lien term loan due
2023.  The '3' recovery rating indicates S&P's expectation for
meaningful (50%-70%; upper end of the range) recovery in the
event of a payment default.  S&P also assigned its 'CCC+' issue-
level rating and '6' recovery rating to the company's proposed
$150 million second-lien term loan due in 2024.  The '6' recovery
rating indicates S&P's expectation for negligible (0%-10%; lower
end of the range) recovery in the event of a payment default.

Culligan expects to use proceeds from the debt offering to repay
its existing first- and second-lien credit facilities,
convertible preferred shares, and pay estimated fees and
expenses.

"The 'B' rating reflects our view of Culligan's highly leveraged
capital structure following its LBO by private equity sponsor
Advent International," said S&P Global Ratings analyst Stephanie
Harter.  "We estimate pro forma debt leverage for this
transaction at roughly 7.5x, and we expect debt to EBITDA to
remain at this level through fiscal year-end 2016 and improve to
a little less than 7.0x by the end of 2017, primarily from
ongoing EBITDA growth as the company continues to cut costs.  The
rating also reflects our view of the company's narrow business
focus in water treatments, albeit with leading positions and good
brand awareness across several geographies, participation in a
highly competitive industry with other regional players, and
exposure to economic cycles and environmental water concerns."

The outlook is stable.  S&P expects credit measures to improve
modestly as profitability improves from increased franchise and
industrial business revenues, resulting in leverage of less than
7x by fiscal year-end 2017.

S&P could consider a lower rating if operating performance
deteriorates, resulting in negative free cash flow and debt to
EBITDA above 8x.  Such a scenario could occur if the company
loses successful dealers and the associated royalty streams or in
case of increased competition in its fragmented markets.
Regardless of expectations for growth and debt prepayment, the
high leverage associated with the transaction leads us to believe
that gross margins would need to decline about 150 basis points
and sales by low single digits for leverage to rise to 8x.

An upgrade is not likely during the next year, given the
company's highly leveraged capital structure under financial
sponsor ownership.  Over the longer term, S&P could raise the
ratings if Advent International reduces its majority ownership
stake in the company to less than 40% and we no longer consider
the company to be under financial sponsor ownership.  Otherwise,
a higher rating could follow an explicit commitment by Advent to
maintain leverage of less than 5x.


DAKAR FINANCE: Moody's Affirms B2 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Dakar Finance S.A., a holding company of the
Autodistribution group, and has downgraded the company's
probability of default rating to B2-PD from B1-PD, and the
instrument rating on the EUR239 million Senior Holdco Pay-If-You-
Can Notes to Caa1 from B3.  Concurrently, Moody's has assigned a
(P)B2 instrument rating to the envisaged EUR510 million Senior
Secured Fixed and Floating Rate Notes due 2022 to be issued by
Autodis S.A., and will withdraw the B2 instrument rating of the
EUR270 million existing Senior Secured Notes upon their
successful redemption.  The outlook on all ratings is stable.

The net proceeds from the new Senior Secured Notes will be used
to effect full repayment of the existing EUR270 million Senior
Secured Notes, repay the EUR80 million outstanding under the
Doyen acquisition bridge facility, and to redeem EUR140 million
of the Senior Holdco Pay-If-You-Can Notes.

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

                         RATINGS RATIONALE

The B2 CFR rating reflects Autodistribution's (1) leading
position in the French automotive aftermarket, which is
characterised by higher customer loyalty and less cyclicality
compared to the automotive sector; (2) track-record of improving
cost efficiencies and operational performance, driven by the
integration of ACR; (3) larger relative size compared to other
independent players, manifesting itself in a dense distribution
network and leading to economies of scale and (4) fragmented and
loyal customer base, consisting of local distributors and
garages.

The B2 CFR rating also takes into account the company's (1) high
expected December 2016 leverage of around 5.8x pro forma for the
contemplated refinancing and the acquisition of Doyen (excluding
expected synergies); (2) the large exposure to France which
represents about 90% of the company's sales in 2016; (3) exposure
to a competitive market environment in an increasingly
consolidated independent automotive aftermarket, characterised by
low organic growth; (4) the company's modest size compared to
some of its large automotive part suppliers; and (5) risks
relating to potential further debt-funded M&A activity in order
to grow revenue through acquisitions.

Pro-forma for the new debt structure and the Doyen acquisition,
Moody's expects a gross Debt/EBITDA ratio of 5.8x at December
2016 (as adjusted by Moody's, mainly for factoring, overdrafts
and operating leases).  However, Moody's expect the company to
deleverage by EBITDA growth in a stable revenue environment,
driven by purchase synergies and scale efficiencies from the
integration of Doyen.

Given the fragmented nature of the industry the company may also
grow via bolt-on acquisitions, which may be financed by drawings
under its EUR50 million Super-Senior Revolving Credit Facility
(RCF, unrated).

Pro forma for the refinancing, Moody's considers
Autodistribution's liquidity position as adequate, supported by a
cash balance of EUR28 million, a EUR9 million cash overfunding at
the holdco level to pay for the last Senior Pay-If-You-Can Notes
cash interest coupon, and a fully undrawn EUR50 million RCF.

                    STRUCTURAL CONSIDERATIONS

Pro forma for the refinancing, the capital structure includes
EUR510 million Senior Secured Fixed and Floating Rate Notes due
2022, a EUR50 million Super-Senior Revolving Credit Facility
maturing in 2020, and EUR99 mil. Senior Pay-If-You-Can (PIYC)
Notes, due 2020, and hence maturing prior to the Senior Secured
Notes.

The (P)B2 instrument rating on the Senior Secured Notes, in line
with the CFR, reflects the balance of (1) downward pressure from
the limited amount of guarantees from operational entities for
the Senior Secured Notes, and Moody's view that the Super-Senior
RCF ranks ahead of the Notes in the capital structure, offset by
(2) the upward pressure from the Senior Pay-If-You-Can Notes
ranking junior to the Senior Secured Facilities.  The Caa1
instrument rating for the Senior Pay-If-You-Can Notes reflects
its subordination to prior ranking senior secured debt, which has
increased significantly pro forma for the refinancing.

Going forward, Moody's expects interests on the EUR99m Senior
PIYC Notes to remain cash-pay, subject to the restricted payment
test of the Senior Secured Notes and cash available at Autodis
S.A. level.  Moody's also notes that subject to these payment
tests, the company may repay the principal of the PIYC Notes.

Additionally, the bond indenture includes a specified change of
control event, permitting one change of control of the company
without triggering the requirement to offer to repurchase the
note, assuming the resulting consolidated senior secured net
leverage ratio is less than 4.0x.

The RCF benefits from a springing financial maintenance covenant,
set at 0.7x super senior net leverage when the RCF is drawn.  A
breach of this maintenance covenant triggers a draw-stop, but not
an event of default.

The full group structure includes certain Preferred Equity
Certificates.  Those entering the restricted group have terms
that qualify them for equity-equivalent treatment according to
Moody's published methodology.

Rating Outlook

The stable outlook reflects Moody's view that the company's
operating performance will continue to improve in the next 12-18
months, driven by low single digit revenue growth and ongoing
margin improvements.  Profitability enhancement is expected to be
driven by purchase synergies and ongoing productivity efforts
across the company.

What Could Change the Rating - Up

Positive pressure on the ratings, could arise if Moody's-adjusted
gross Debt / EBITDA ratio decreases sustainably below 5.0x and
cash flow generation improves with RCF / Debt increasing towards
10% (RCF defined as Retained Cash Flow).  Qualitatively, Moody's
would consider an upgrade if the company continues to increase
its geographical diversification.

What Could Change the Rating - Down

Negative rating pressure could arise if Moody's-adjusted gross
Debt / EBITDA ratio increases above 6.0x, free cash flow
generation falls towards zero or liquidity weakens.  Any
substantial debt-financed acquisitions could also have a negative
effect on the ratings.

                    PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution
& Supply Chain Services Industry published in December 2015.

                           CORPORATE PROFILE

Autodistribution, founded in 1962, is one of the 2 leading
distributors of aftermarket parts for light vehicles and trucks
in the independent automotive aftermarket in France.  The company
operates a vertically integrated wholesale distribution
structure, including a central purchasing function, and an owned
distribution network.  The company operates through its network
of 38 wholly-owned and 42 affiliated independent distributors in
France, working together on 492 distribution sites and around
3,200 affiliated garages in France.  The company reported 2015
revenue and adjusted EBITDA of EUR1,222 million and EUR86
million, respectively.


DAKAR FINANCE: S&P Affirms 'B' CCR, Outlook Stable
--------------------------------------------------
S&P Global Ratings said that it has affirmed its 'B' long-term
corporate credit ratings on Luxembourg-registered Dakar Finance
S.A., an intermediate holding company of France-based auto parts
distribution company Autodis; and on Autodis Group SAS.  The
outlooks are stable.

At the same time, S&P assigned its 'B' issue rating to Autodis'
proposed EUR510 million senior secured notes.  The recovery
rating on these notes is '4', indicating S&P's expectations of
recovery prospects in the lower half of the 30%-50% range.

In addition, S&P affirmed its 'BB-' issue ratings on the group's
revolving credit facility (RCF), which was previously upsized by
EUR10 million to EUR50 million.  The recovery rating remains
unchanged at '1', indicating S&P's expectations of very high
(90%-100%) recovery.  S&P also affirmed its 'CCC+' issue ratings
on the remaining EUR99 million payment-in-kind (PIK) notes at
Dakar Finance.  The recovery rating remains at '6', indicating
S&P's expectations of negligible (0%-10%) recovery prospects.

Autodis has launched a sizable refinancing transaction that S&P
regards as broadly leverage-neutral on a consolidated basis.  S&P
expects the gross debt amount for the group to increase by
roughly EUR20 million, and anticipate that the group will benefit
from a lower coupon rate on the new debt, which will thereby
reduce the group's overall annual interest burden.

The refinancing involves Autodis' proposed issuance of EUR510
million senior secured fixed-rate and floating-rate notes, to be
guaranteed by Autodis Group SAS.  The proceeds from this issuance
will be used to redeem EUR270 million of existing notes,
refinance EUR80 million of a bridge facility used to fund the
Doyen Auto acquisition at the end of September, partly refinance
EUR140 million of the EUR239 million PIK notes at Dakar Finance,
and pay about EUR20 million in transaction fees and prepayment
premium to the existing debtholders.  As a result of this
refinancing, the debt at Autodis will increase by EUR160 million,
but that at Dakar Finance will reduce by EUR140 million.

After the refinancing, S&P expects that the group's S&P Global
Ratings-adjusted debt will total about EUR800 million at the end
of 2016.  This includes the proposed EUR510 million notes, the
EUR99 million remaining PIK notes, and about EUR33 million of
other debt, including EUR19.6 million of debt at Doyen Auto.
S&P's analytical adjustments include approximately EUR115 million
for operating leases, EUR21 million for pension liabilities, and
EUR12 million for preferred shares.  S&P don't net cash from
gross debt due to the company's private equity ownership.

S&P anticipates that the refinancing transaction will enable the
group to reduce its annual interest expense and strengthen funds
from operations (FFO) cash interest coverage to about 3.5x in
2017.

The stable outlooks reflect S&P's expectation that in 2017 the
group will improve its FFO interest coverage ratio to about 3.5x
(including the interest on the PIK notes), and its adjusted debt
to EBITDA will be close to 6.0x.  This assumes that the group
will continue to expand organically at a rate of about 1%-2% and
will successfully integrate Doyen Auto.

S&P could lower the rating if Autodis further increases its gross
debt, for instance to make more acquisitions or pay dividends.
S&P could also downgrade the company if its generation of free
operating cash flow deviates significantly from S&P's base case,
either due to operating underperformance, lower-than-expected
synergies with Doyen Auto, or sizable working capital outflow.
FFO cash interest coverage falling below 2.5x would also weigh on
the rating.

S&P is unlikely to raise the rating in the next two years.  It
could occur, however, if the company markedly outperformed S&P's
forecast, generated sizable positive reported free operating cash
flow, sustained FFO interest coverage comfortably above 3.0x and
at the same time reduced its leverage below 5.0x on a sustainable
basis.


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


CADOGAN SQUARE VIII: Moody's Assigns (P)B2 Rating to Cl. F Notes
----------------------------------------------------------------
Moody's assigns provisional ratings to eight classes of notes to
be issued by Cadogan Square CLO VIII D.A.C.:

  EUR226,000,000 Class A-1 Senior Secured Floating Rate Notes due
   2030, Assigned (P)Aaa (sf)
  EUR10,000,000 Class A-2 Senior Secured Fixed Rate Notes due
   2030, Assigned (P)Aaa (sf)
  EUR42,000,000 Class B-1 Senior Secured Floating Rate Notes due
   2030, Assigned (P)Aa2 (sf)
  EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due
   2030, Assigned (P)Aa2 (sf)
  EUR24,200,000 Class C Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)A2 (sf)
  EUR18,280,000 Class D Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)Baa2 (sf)
  EUR28,120,000 Class E Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)Ba2 (sf)
  EUR11,000,000 Class F Senior Secured Deferrable Floating Rate
   Notes due 2030, Assigned (P)B2 (sf)

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

                        RATINGS RATIONALE

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

Cadogan Square CLO VIII D.A.C. is a managed cash flow CLO with a
target portfolio made up of EUR400,000,000 equivalent par value
of mainly European corporate leveraged loans.  At least 96% of
the portfolio must consist of senior secured loans or senior
secured bonds, and up to 4% of the portfolio may consist of
second-lien loans, unsecured loans, mezzanine obligations and
high yield bonds.  The portfolio may also consist of up to 12.5%
of fixed rate obligations and between 0% and 5% of principal
hedged assets and unhedged assets denominated in U.S. Dollars,
Sterling, Swiss Francs, Swedish Krona, Norwegian Krone or Danish
Krone.  The portfolio is expected to be around 90% ramped up as
of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.  The
remainder of the portfolio will be acquired during the six month
ramp-up period in compliance with the portfolio guidelines.

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

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR47.35 mil. of subordinated notes, which will
not be rated.

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published
October 2016.  The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders.  Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.  As such,
Moody's encompasses the assessment of stressed scenarios.

Moody's used these base-case modeling assumptions:

Par amount: EUR 400,000,000
Diversity Score: 44
Weighted Average Rating Factor (WARF): 2850
Weighted Average Spread (WAS): 4.2%
Weighted Average Coupon (WAC): 6.0%
Weighted Average Recovery Rate (WARR): 41%
Weighted Average Life (WAL): 8 years.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3278 from 2850)
Ratings Impact in Rating Notches:
Class A-1 Senior Secured Floating Rate Notes: 0
Class A-2 Senior Secured Fixed Rate Notes: 0
Class B-1 Senior Secured Floating Rate Notes: -2
Class B-2 Senior Secured Fixed Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3705 from 2850)
Ratings Impact in Rating Notches:
Class A-1 Senior Secured Floating Rate Notes: -1
Class A-2 Senior Secured Fixed Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -3
Class B-2 Senior Secured Fixed Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -4
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -2
Class F Senior Secured Deferrable Floating Rate Notes: -2

Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
republished in October 2016.


CADOGAN SQUARE VIII: S&P Assigns Prelim. B- Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings has assigned its preliminary credit ratings to
Cadogan Square CLO VIII DAC's class A-1, A-2, B-1, B-2, C, D, E,
and F notes.  At closing, Cadogan Square CLO VIII will also issue
an unrated subordinated class of notes.

The preliminary ratings assigned to Cadogan Square CLO VIII's
notes reflect S&P's assessment of:

   -- The diversified collateral pool, which consists primarily
      of broadly syndicated speculative-grade senior secured term
      loans and bonds that are governed by collateral quality
      tests.  The credit enhancement provided through the
      subordination of cash flows, excess spread, and
      overcollateralization.

   -- The collateral manager's experienced team, which can affect
      the performance of the rated notes through collateral
      selection, ongoing portfolio management, and trading.  The
      transaction's legal structure, which is expected to be
      bankruptcy remote.

S&P considers that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its
exposure to counterparty risk under S&P's current counterparty
criteria.

Following the application of S&P's structured finance ratings
above the sovereign criteria, S&P considers the transaction's
exposure to country risk to be limited at the assigned
preliminary rating levels, as the exposure to individual
sovereigns does not exceed the diversification thresholds
outlined in S&P's criteria.

At closing, S&P considers that the transaction's legal structure
will be bankruptcy remote, in line with S&P's European legal
criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its preliminary
ratings are commensurate with the available credit enhancement
for each class of notes.

Cadogan Square CLO VIII is a broadly syndicated collateralized
loan obligation (CLO) managed by Credit Suisse Asset Management
Ltd. (CSAM), an indirect, wholly-owned subsidiary of Credit
Suisse Group AG.

RATINGS LIST

Preliminary Ratings Assigned

Cadogan Square CLO VIII DAC
EUR416.96 Million Floating And Fixed-Rate Notes (Including
Subordinated Notes)

Class            Prelim.         Prelim.
                 rating          amount
                                (mil. EUR)

A-1              AAA (sf)        226.00
A-2              AAA (sf)         10.00
B-1              AA (sf)          42.00
B-2              AA (sf)          10.00
C                A (sf)           24.20
D                BBB (sf)         18.28
E                BB (sf)          28.12
F                B- (sf)          11.00
Sub.             NR               47.35

NR--Not rated.
Sub.--Subordinated.


WOOD STREET CLO III: Moody's Affirms Ba3 Class E Notes Rating
-------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on the following classes of notes issued by Wood Street
CLO III B.V.:

   -- EUR137.5M (currently outstanding EUR20.2M) Class A-1
      Senior Secured Floating Rate Notes due 2022, Affirmed
      Aaa (sf); previously on Feb 16, 2016 Affirmed Aaa (sf)

   -- EUR187M (currently outstanding EUR 27.5M) Class A-2A Senior
      Secured Floating Rate Notes due 2022, Affirmed Aaa (sf);
      previously on Feb 16, 2016 Affirmed Aaa (sf)

   -- EUR33M (currently outstanding EUR 4.9M) Class A-2B Senior
      Secured Floating Rate Notes due 2022, Affirmed Aaa (sf);
      previously on Feb 16, 2016 Affirmed Aaa (sf)

   -- EUR49.5M Class B Senior Secured Floating Rate Notes due
      2022, Affirmed Aaa (sf); previously on Feb 16, 2016
      Upgraded to Aaa (sf)

   -- EUR44M Class C Senior Secured Deferrable Floating Rate
      Notes due 2022, Upgraded to Aa3 (sf); previously on Feb 16,
      2016 Upgraded to A1 (sf)

   -- EUR24.75M Class D Senior Secured Deferrable Floating Rate
      Notes due 2022, Affirmed Ba2 (sf); previously on Feb 16,
      2016 Upgraded to Ba2 (sf)

   -- EUR16.5M (currently outstanding EUR7.4M) Class E Senior
      Secured Deferrable Floating Rate Notes due 2022, Affirmed
      Ba3 (sf); previously on Feb 16, 2016 Upgraded to Ba3 (sf)

Wood Street CLO III B.V., issued in June 2006, is a
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. The portfolio is managed by
Alcentra Limited. This transaction's reinvestment period ended in
August 2012.

RATINGS RATIONALE

The rating actions on the notes are primarily a result of
deleveraging of the senior notes and subsequent improvement of
over-collateralisation ratios. Classes A-1, A-2A and A-2B notes
have paid down in total by EUR 36.9M since the last rating action
in February 2016.

As a result of the deleveraging, over-collateralisation has
increased for all rated notes with the exception of Class E. As
per the latest trustee report dated September 2016, the Classes
A/B, C, D and E overcollateralisation ratios are reported at
188.70% 131.88%, 112.78% and 108.11% respectively, compared to
168.45% 127.95%, 112.71% and 108.85% respectively in the January
2016 report.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 165.03
million, defaulted par of EUR 33.2 million, a weighted average
default probability of 20.77% (consistent with a WARF of 3117), a
weighted average recovery rate upon default of 42.40% for a Aaa
liability target rating, a diversity score of 15 and a weighted
average spread of 4.43%.

Moody's notes that shortly after its initial analysis based on
September 2016 data was completed, the October 2016 trustee
report was issued. The increase of EUR 12 million in principal
proceeds and a corresponding reduction in the performing assets
reported in the October 2016 data has also been factored into
Moody's analysis.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate in
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
were within one notch of the base-case result.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

   -- Portfolio amortisation: The main source of uncertainty in
      this transaction is the pace of amortisation of the
      underlying portfolio, which can vary significantly
      depending on market conditions and have a significant
      impact on the notes' ratings. Amortisation could accelerate
      as a consequence of high loan prepayment levels or
      collateral sales by the liquidation agent/the collateral
      manager or be delayed by an increase in loan amend-and-
      extend restructurings. Fast amortisation would usually
      benefit the ratings of the notes beginning with the notes
      having the highest prepayment priority.

   -- Around 15.30% of the collateral pool consists of debt
      obligations whose credit quality Moody's has assessed by
      using credit estimates. As part of its base case, Moody's
      has stressed large concentrations of single obligors
      bearing a credit estimate as described in "Updated Approach
      to the Usage of Credit Estimates in Rated Transactions".

   -- Recovery of defaulted assets: Market value fluctuations in
      trustee-reported defaulted assets and those Moody's assumes
      have defaulted can result in volatility in the deal's over-
      collateralisation levels. Further, the timing of recoveries
      and the manager's decision whether to work out or sell
      defaulted assets can also result in additional uncertainty.
      Moody's analysed defaulted recoveries assuming the lower of
      the market price or the recovery rate to account for
      potential volatility in market prices. Recoveries higher
      than Moody's expectations would have a positive impact on
      the notes' ratings.

   -- Long-dated assets: The presence of assets that mature
      beyond the CLO's legal maturity date exposes the deal to
      liquidation risk on those assets. Moody's assumes that, at
      transaction maturity, the liquidation value of such an
      asset will depend on the nature of the asset as well as the
      extent to which the asset's maturity lags that of the
      liabilities. Liquidation values higher than Moody's
      expectations would have a positive impact on the notes'
      ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision


===========
P O L A N D
===========


GETIN NOBLE: Moody's Affirms Ba2 LT Currency Deposit Ratings
------------------------------------------------------------
Moody's Investors Service changed the outlook to negative from
stable and affirmed the Ba2 long-term local and foreign-currency
deposit ratings of Getin Noble Bank S.A. (GNB). Concurrently, the
rating agency has affirmed the bank's long-term Ba1(cr)
Counterparty Risk Assessment (CRA) and b1 baseline credit
assessment (BCA) and adjusted BCA.

The bank's short-term Not-Prime deposit ratings and Not-Prime(cr)
CRA are unaffected by the rating action.

RATINGS RATIONALE

The affirmation of GNB's Ba2 deposit ratings and change of the
outlook to negative from stable reflects Moody's assessment of
rising downward pressure on the bank's standalone b1 BCA due to
its weakened loss absorption capacity -- problem loans as a
percentage of loan loss reserves and Moody's key capital metric
tangible common equity (TCE) increased to 95% as of H1 2016 from
81% in December 2014. GNB's deposit ratings continue to receive a
two-notch rating uplift from Moody's Advanced Loss-Given-Failure
(LGF) analysis.

GNB's asset quality remains weak at 13.8% of non-performing loan
(NPL, includes defaulted and other impaired loans) ratio of as of
June 2016, albeit little changed from 13.1% as of December 2014.
However, the coverage of these NPLs by loan loss reserves
declined to a low level of 36.2% from 54.1% as of the same dates.
As such, GNB's coverage compares unfavourably with the average of
66.7% for Moody's-rated banks in Poland as of December 2015. The
reduction of the NPL coverage was partly due to the sale and
write-off a some of the older problem loans with higher loan loss
reserves. According to the bank, as of December 2015 about half
of the total housing non-performing loans became delinquent by
more than 90 days within the past one year, witnessing
accelerated asset quality deterioration against the general trend
in the Polish banking system that benefits from the benign
operating environment in the country. Further, such high share of
new NPLs will likely require higher provisioning over the next 12
to 18 months.

GNB's profitability and therefore ability to absorb additional
provisions needs through earnings will remain challenged. Despite
lower funding cost, one-off income from the sale of shares in
VISA Europe and exemption from the bank tax from Q2 2016 onwards,
the bank reported a small net loss of PLN15.9 million (EUR3.6
million) in H1 2016 vs. a net income of PLN208.8 (EUR52.5
million) a year earlier, driven by lower fee generation and
income from subsidiaries, as well as a material rise in loan loss
provisions. Given its profitability challenges, GNB is admitted
under a special program of the Polish regulator for restoring
loss-making banks' long-term profitability which temporarily
exempts the bank from paying the bank tax. Measures taken under
the program, along with the significant savings from the
exemption of the bank tax will likely benefit GNB's operating
profitability over the next 12 to 18 months. However, the bank's
net income remains vulnerable to higher loan loss provisions as
well as to potential significant costs arising from policy
measures on Swiss Franc (CHF) mortgages. GNB has one of the
largest exposures to CHF mortgages in Poland, which accounted for
28% of the bank's total loans as of June 2016.

More positively, GNB's CET1 ratio improved materially to 12.3% as
of June 2016 from 9.7% as of December 2014 owing mainly to
deleveraging and associated lower risk weighted assets as well as
gains from sale of some subsidiaries, thereby supporting its b1
BCA. However, it is only modestly above the regulatory
recommended minimum level of 11.76%, which includes several
buffers such as capital conservation buffer, foreign-currency
mortgage risk buffer and O-SII buffer, leaving limited risk-
absorption buffers.

WHAT COULD MOVE THE RATINGS UP/DOWN

A significant reduction in the level of NPLs coupled with
improving profitability and capitalisation will likely lead to
the stabilisation of the ratings outlook.

A material deterioration in the bank's loan book and/or large
costs arising from the implementation of policy measures on CHF
mortgages may result in ratings downgrade.

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

LIST OF AFFECTED CREDIT RATINGS

Issuer: Getin Noble Bank S.A.

Affirmations:

   -- LT Bank Deposits (Local & Foreign), Affirmed Ba2, outlook
      changed to Negative from Stable

   -- Counterparty Risk Assessment, Affirmed Ba1(cr)

   -- Adjusted Baseline Credit Assessment, Affirmed b1

   -- Baseline Credit Assessment, Affirmed b1

Outlook Actions:

   -- Outlook, changed to Negative from Stable

PRINCIPAL METHODOLOGY

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


=============
R O M A N I A
=============


* ROMANIA: Has Second-Highest Insolvency Incidence in the Region
----------------------------------------------------------------
Romania-Insider.com reports that Romania's incidence of
insolvencies is over three times higher compared to the average
in the region, amounting to 23 insolvencies per 1,000 companies,
said Iancu Guda, Coface Romania Services Director.

Only Serbia does worse than Romania for the incidence of
insolvencies, Romania-Insider.com relates citing local
Economica.net.

Poland, by comparison, has four times more active companies that
Romania but had fewer than 1,000 insolvent companies in each of
the last ten years, says Romania-Insider.com.

Romania-Insider.com adds that the number of insolvent companies
in Romania in one year is almost equal to the total insolvencies
in Poland in ten years, said Guda. Companies in Poland continue
to benefit from a positive macroeconomic environment, a strong
domestic and foreign demand, the report says.


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


BANCO DE SABADELL: S&P Affirms 'BB+/B' Ratings, Outlook Positive
----------------------------------------------------------------
S&P Global Ratings said that it revised its outlook on Spain-
based Banco de Sabadell S.A. to positive from stable.  At the
same time, S&P affirmed its 'BB+/B' long- and short-term
counterparty credit ratings on the bank.

The rating action reflects S&P's belief that Sabadell is
gradually improving its business operations and capital and risk
metrics, supported by positive economic momentum in Spain.

S&P considers that Sabadell is consolidating its market position
in Spain -- with loan and deposit market shares of 9% and 8%,
respectively -- and diversifying its income sources by geography,
as the U.K. subsidiary (TSB Bank, not rated) currently accounts
for about 25% of group profits.  In the U.K., S&P envisage
Sabadell completing TSB Bank's IT migration by end-2017 and then
maintaining a sustainably profitable business in the competitive
U.K. market.  S&P don't expect material strategic changes in the
U.K. post Brexit.

Sabadell's asset quality has improved significantly, having
closed the gap with domestic peers.  Specifically, the bank
reduced its stock of nonperforming loans (NPLs) in Spain by 39%
in the last two years, benefitting from lower gross impaired loan
entries, growing recoveries, and write-offs.  The domestic NPL
ratio reached 8.2% as of Sept. 30, 2016, from 13.4% two years
before and S&P projects this ratio to decline to below 7.0% over
its outlook horizon.

Nonetheless, the stock of foreclosed assets remains sizable
(EUR9 billion or 5.6% of total domestic assets) and stable since
the sustained working out of the NPL portfolio resulted in a
continued flow of foreclosures.  However, S&P considers that
management's proven track record, coupled with favorable real
estate market conditions in Spain, will lead to a roughly 15%
decline of the stock of repossessed assets in the next two years.

The ongoing balance-sheet derisking and stabilization of
profitability should allow Sabadell to strengthen its solvency
organically.  S&P anticipates that the bank's risk-adjusted
capital (RAC) ratio will reach 6.5% in 2017 compared to 5.7% as
of December 2015.  Moreover, if S&P's view of economic risk in
Spain were to improve, the RAC ratio could improve further.  In
any event, Sabadell's larger than peers' stock of time difference
deferred tax assets (equivalent to 60% of its total adjusted
capital at the end of June 2016) continues to constrain S&P's
view of its quality of capital.

S&P considers that the bank's net profits should remain broadly
stable in 2016 and 2017, with a return on tangible equity of
between 6% and 7%.  Lower trading gains and negative pressure on
net interest income will be offset by sustained fee growth (+5%
annually in the next two years) and a lower cost of risk that
will hover around 95bp in 2016 and 2017, down from 160bp in 2015.

The positive outlook reflects the possibility that S&P could
raise its long- and short-term ratings by one notch in the next
12-18 months if S&P observes substantial progress on the bank's
strategic objectives.  S&P expects the bank to substantially
reduce its nonperforming assets, both nonperforming loans and
real estate, accompanied by the supportive economic environment
in Spain.  Also, S&P considers that the bank will consolidate its
market position in Spain, successfully finalise the integration
of its U.K. subsidiary, and strengthen its solvency organically.

S&P could revise the outlook to stable if economic prospects for
Spanish banks deteriorate or if Sabadell fails to substantially
improve its asset quality.  This could also occur if S&P sees
mounting negative pressure on profitability and, in turn,
capitalization levels.


CELLNEX TELECOM: S&P Affirms 'BB+' CCR, Outlook Stable
------------------------------------------------------
S&P Global Ratings said that it revised its outlook on Spanish
telecom and broadcasting infrastructure group Cellnex Telecom
S.A. to stable from positive.  At the same time, S&P affirmed its
'BB+' long-term corporate credit rating on Cellnex.

S&P also affirmed its 'BB+' issue rating on the company's EUR600
million and EUR750 million unsecured notes with a '3' recovery
rating.  This indicates S&P's expectation of recovery in the
lower half of the 50%-70% range in the event of a default.

The outlook revision reflects S&P's expectation that Cellnex's
adjusted debt to EBITDA will be between 4x and 5x and funds from
operations (FFO) to debt will remain at about 15%, following the
announcement of the acquisition of Shere Group.  It also reflects
S&P's view of Cellnex's acquisitive strategy, which is unlikely
to result in a sustainable deleveraging despite solid organic
revenue and EBITDA growth prospects and strong underlying free
cash flow generation.

As per S&P's revised base case -- including the pro-forma
12-month contribution of assets acquired in 2016 -- S&P
anticipates that adjusted debt to EBITDA will peak at about 5.3x
on a pro-forma basis in 2016 and then decline to about 4.8x in
2017.  At the same time, FFO to debt will remain at 15%-16% over
the next two years. However, S&P expects free operating cash flow
(FOCF) and discretionary cash flow (DCF) will remain strong on
growing EBITDA and contained working capital needs, despite
growth in capital expenditure (capex) to support expansion
initiatives and a progressive rise in dividends.  The group's
deleveraging capacity, combined with management's commitment to
maintain the group's current rating, support S&P's rating and
outlook.

With the recent acquisitions, Cellnex is expanding its activities
outside its historical markets (Spain and more recently Italy,
which S&P forecasts will account for about 60% and 30% of pro
forma 2017 EBITDA) and will start to operate in higher-rated
countries such as France, The Netherlands, and the U.K.  The
recent transactions also have a positive effect on customer
diversity and reduce Cellnex's reliance on Wind Telecomunicazioni
SpA (Wind), given secured contracts with mobile network operators
such as KPN and Bouygues.

Furthermore, S&P believes group revenues and cash flow visibility
is improving and that its adjusted EBITDA margin will slightly
improve to about 58%-59% in 2016 on a pro-forma 12-month basis
from 53% in 2015 because of organic growth, ongoing efficiency
programs, and the consolidation of higher-margin acquired assets.

These strengths are partly offset by a still rather concentrated
customer base, with particular exposure to Wind (more than 20% of
revenues on a pro forma basis).  S&P is also seeing increasing
interest for tower businesses in Europe from independent players
and mobile network operators, which could, in S&P's view,
intensify competition and slow the planned improvement of the
group's tenancy ratio.

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

   -- Reported revenue growth of about 23% in 2016, mainly due to
      organic growth and recovery in broadcasting activities, as
      well as pro forma full-year consolidation of these acquired
      assets: Protelindo in The Netherlands; Shere Group in the
      U.K. and The Netherlands; and a tower portfolio acquired
      from Bouygues Telecom in France.  S&P then expects a
      revenue increase of about 5% in 2017 mainly due to organic
      growth.

   -- Improving EBITDA margin in 2016 on the gradual recovery of
      the broadcasting infrastructure activities in Spain; the
      successful integration of Galata in Italian operations; and
      the pro forma 12-month consolidation of assets acquired in
      2016, which generate higher margins than Cellnex on a
      stand-alone basis.  S&P then expects further improvement in
      the EBITDA margin due to the ramp up of the efficiency
      plan.

   -- Maintenance capex at about 3% of total revenues.
      Increasing growth capex as a percentage of revenues -- to
      about 10% -- to support expansion initiatives.

   -- Continued implementation of the group's dividend policy,
      resulting in dividend payments to Cellnex's shareholders of
      about EUR20 million in 2016, increasing to about
      EUR50 million in 2017.

   -- Cash outflows from acquisitions of about EUR620 million in
      2016--including the acquisitions of Protelindo Netherlands,
      towers from Bouygues, and Shere Group and a payment related
      to the Volta Extended project.

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

   -- An S&P Global Ratings-adjusted debt-to-EBITDA ratio of 5.3x
      in 2016, declining to 4.8x in 2017;

   -- FFO to debt of about 15% in 2016, improving to
      approximately 16% in 2017;

   -- Solid FOCF to debt of 11%-12% over the next two years; and

   -- DCF to debt of 9%-11% in 2016-2017.

The stable outlook reflects S&P's anticipation that after the
acquisitions of Shere Group, our adjusted debt to EBITDA and FFO
to debt for Cellnex will temporarily weaken in 2016 before
returning to less than 5.0x and more than 15%, respectively, in
2017.

S&P could lower the rating if it expects its adjusted debt to
EBITDA to remain above 5.0x and if FFO to debt remained below 15%
on a sustainable basis.  S&P thinks this could be caused by
Cellnex making additional debt-funded acquisitions that further
postponed the group's deleveraging schedule, higher-than-expected
shareholder remuneration, weaker revenue growth, or slower
realization of operating efficiencies than S&P currently
anticipates.

S&P could raise the rating if adjusted debt to EBITDA improved to
about 4x and FFO to debt to about 20% on a sustainable basis,
assuming that S&P expects management to adjust its financial
policy to sustain these levels.


TOMCOEX: Conesa Mulls Acquisition, Viability Plan Put Under Vote
----------------------------------------------------------------
Fresh Plaza, citing expansion.com, reports that Conservas
Vegetales de Extremadura S.A. (Conesa), a leading company in
Spain's tomato processing sector and one of the top eight
companies worldwide, has recently shown interest in acquiring the
company Tomcoex, which has filed for bankruptcy.

With this new acquisition, Conesa will increase its business and
expand its presence in the tomato industry, Fresh Plaza notes.

Who will manage Tomcoex is a question that won't be answered
until Nov. 4, when Tomcoex will hold a creditors' meeting, Fresh
Plaza states.  The partners will vote on two issues: the
acceptance of the viability plan proposed by Acorex (founding
partner, together with Codytsa and Sofiex) and the decision on
what buyer will get its hands on Tomcoex, Fresh Plaza discloses.

                         Viability plan

According to Fresh Plaza, the viability plan proposed by Acorex
hopes to avoid liquidation and ensure the continuity of the
company.  It specifically includes an 80% debt reduction and an
increase of capital to repay the debts that remain outstanding,
amounting to some EUR19 million, Fresh Plaza states.

Other options include lower debt reduction and even the payment
of 100% of the debt, through a participatory loan, within ten
years, Fresh Plaza says.  The alternative chosen by the creditors
will determine the disbursement to be made by the new partner,
Fresh Plaza relays.


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


ROSINKA: Declared Bankrupt by Court, Liquidation Commenced
----------------------------------------------------------
Interfax-Ukraine reports that the Economic Court of Vinnytsia
Region by its ruling of October 24, 2016, declared Rosinka
bankrupt and opened a liquidation procedure.

Vadym Ostrovsky has been appointed liquidator of the enterprise,
Interfax-Ukraine relays, citing the ruling posted in the state
court rulings register.

The bankruptcy was initiated by Sirius Extrusion LLC,
Interfax-Ukraine discloses.

Founded in 1960, Rosinka is one of Ukraine's largest producers of
soft drinks, kvass and mineral water.  It produces products under
the trademarks of Rosinka, Sofiya Kyivska, Capri-Sonne and
others.


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


BHS GROUP: Philip Green May Be Forced to Pay Towards Pensions
-------------------------------------------------------------
The Scotsman reports that Sir Philip Green faces being forced to
pay towards BHS pensions because an official watchdog has yet to
receive a "sufficiently credible and comprehensive offer" to plug
a GBP571 million black hole in the scheme.

The Pensions Regulator has begun enforcement action against Sir
Philip and serial bankrupt Dominic Chappell, to whom the retail
tycoon sold the firm for GBP1, "to seek redress on behalf of the
BHS pension schemes", The Scotsman relates.

According to The Scotsman, it sent warning notices to Sir Philip
and his holding company Taveta, as well as Mr. Chappell and his
firm Retail Acquisitions Limited.

The notices set out evidence to support the use of the
regulator's powers to demand a "specified sum of money" and to
"put ongoing support in place for a pensions scheme",
The Scotsman discloses.

The regulator, as cited by The Scotsman, said that following a
"complex investigation" it issued the notices, each of which runs
to more than 300 pages and sets out the arguments and evidence as
to why the watchdog thinks Sir Philip and Mr. Chappell should be
liable to support the BHS pension schemes.

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


EXPRO HOLDINGS: S&P Raises Corporate Credit Rating to 'CCC+'
------------------------------------------------------------
S&P Global Ratings said that it raised its long-term corporate
credit rating on U.K.-based oilfield services company Expro
Holdings U.K. 3 Ltd. to 'CCC+' from 'SD' (selective default).

S&P also affirmed its 'B-' issue ratings on Expro's $175 million
revolving credit facility (RCF) and $1.3 billion term loan.  The
recovery rating on these facilities is unchanged at '2',
indicating S&P's expectation of recovery in the lower half of the
70%-90% range.

At the same time, S&P withdraw the issue rating on Expro's
mezzanine facility after it converted the vast majority of its
debt to equity.

The upgrade follows Expro's completion of the exchange of its
$780 million mezzanine facility due 2018 for equity.

The ratings reflect S&P's view that despite the material debt
reduction, Expro's capital structure remains unsustainable, with
adjusted debt to EBITDA above 8x in 2017.  Moreover, under S&P's
working assumption of no material rebound in deep-water-focused
oil and gas industry conditions, Expro will generate negative to
break-even free operating cash flows in the coming years.

Positively, following the exchange of the mezzanine debt to
equity, the company will see the future benefits:

   -- First sizable maturity ($1.3 billion) only in 2021.
   -- A reduction of $40 million in interest costs per year.
   -- Elimination of all the financial covenants under the
      mezzanine, which S&P viewed as tight in its previous
      projections.

Under S&P's base-case scenario, it projects that Expro's adjusted
EBITDA will be $150 million-$200 million in the fiscal years 2017
and 2018, compared with $180 million in 2016.  These assumptions
underpin these estimates:

   -- A Brent oil price of $45 per barrel (/bbl) for the rest of
      2016 and in 2017, and $50/bbl in 2018, leading to further
      curtailment of capital expenditure (capex) programs and
      rationalization of operating expenditures at exploration
      and production companies.  Lower revenue in fiscal 2017,
      due to continued depressed oil prices and the company's
      exposure to offshore activities.  However, S&P sees
      potential for some limited growth thereafter.

   -- S&P Global Ratings-adjusted EBITDA margin of about 20%-25%
      in fiscal 2017-2018, roughly in line with historical
      performance, and on the back of continued cost cutting
      initiatives.  Capex of about $50 million-$70 million in
      2017.  S&P understands that the actual investments will be
      linked to the actual contracts the company is being
      awarded.

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

   -- Debt to EBITDA above 8x in 2017 and 2018.
   -- Negative to neutral free operating cash flows.

Expro's weak business risk profile reflects the company's
relatively small size; its participation in the highly cyclical,
competitive, and fragmented oilfield services industry; and its
reliance on the exploration spending of oil and gas companies.
S&P factors in the capital-intensive nature of Expro's business
and its growth-oriented strategy.  These weaknesses are only
partly counterbalanced by Expro's leading market position,
healthy geographic diversification, low exposure to competition,
good track record in health and safety, and diversified, blue-
chip customer base.


INTEROUTE FINCO: Moody's Assigns B1 Rating to New Term Loan B
-------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to a new Term
Loan B issued by Interoute Finco plc.  Proceeds from the term
loan will be used to refinance Interoute Finco's Floating Rate
Notes and for general corporate purposes.  It is a leverage
neutral transaction that does not affect the group's existing
ratings or outlook.

                         RATINGS RATIONALE

The B1 rating on the new Term Loan B reflects its secured claim
within an all-pari passu debt structure.  Interoute is
refinancing its existing EUR 240 million Senior Secured Floating
Rate Notes (FRNs) issued in September 2015 and due 2020 with a
new covenant-light five-year EUR 250 million Term Loan B issued
by Interoute Finco plc (Interoute Finco).  As part of the same
refinancing, the ranking of Interoute's Revolving Credit Facility
(RCF, unrated) is changing from a Super Senior facility to a
Senior facility that ranks pari passu with the existing 7.375%
Senior Secured Fixed Notes due 2020 and the new Term Loan B.

Moody's expects the company's pro forma gross leverage ratio for
FY16 will remain 4.2x and essentially unchanged by this
transaction.  The refinancing's covenant package is covenant
light with the term loan's covenants also incurrence-based,
similar to the existing notes, albeit with an increase in the
Consolidated Net Senior Secured Debt/EBITDA covenant from 3.75x
to 4.0x (where EBITDA includes annualized synergies).  The other
incurrence covenant -- Consolidated Net Debt/EBITDA -- is
increasing compared to the fixed notes from 4.75x to 5.0x.  The
RCF contains a Consolidated Senior Secured Net Debt / EBITDA
limit of 5.5x triggered at a utilization level above 35% which
does not change with this transaction.

Interoute's B1 CFR continues to reflect: (1) the fragmented and
competitive nature of the European business telecoms market; (2)
the company's modest size, margins and cash flow relative to
larger competitors and incumbents in an industry with scale
economies; (3) its moderately high leverage and the potential for
higher leverage in future periods as its strategy shifts to
higher than historic growth; and (4) legacy issues at Easynet
which had a one-off impact on earnings and cash flow in 2016.
These factors are balanced by: (1) the company's largely owned,
high bandwidth, all-IP fiber network without legacy costs or
issues; (2) a high proportion of contracted recurring revenues
combined with a solid revenue backlog and low churn; (3) strong
secular demand and attractive growth prospects for its Enterprise
Services (approx. 61% of revenues for the first half of FY16
ended June 30, 2016); (4) moderate capex (c. 18% of FY 2015
revenues for Interoute on a standalone basis), of which 17% is
maintenance capex, coupled with structurally negative working
capital; and (5) stable management and the presence of a long-
standing anchor shareholder, The Sandoz Family Foundation.

                  RATIONALE FOR STABLE OUTLOOK

Interoute's stable outlook reflects our expectations that
Interoute will successfully integrate and achieve its originally
targeted synergies from Easynet of EUR 24 million.  Moreover, the
stable outlook does not anticipate Interoute undertaking
additional significant leveraging transactions over the next two
years.  It also anticipates that over the medium term Interoute
will apply its increasing free cash flow to deleverage toward
3.0x net debt/EBITDA (as defined by the company and unadjusted).

                 WHAT COULD MOVE THE RATING UP/DOWN

Positive pressure on the rating could develop should Interoute's
adjusted gross debt/EBITDA decrease sustainably below 3.25x and
adjusted free cash flow/gross debt consistently above 5%.

Downward rating pressure could develop if the company's earnings
or liquidity deteriorate, or its capital intensity and/or debt
load increases such that Interoute is unable to generate
sustainable positive free cash flow or if leverage (gross
debt/EBITDA as adjusted by Moody's) remains consistently above
4.25x.

Interoute is one of Europe's leading information communication
technology and cloud computing companies, offering data transport
and information communication products and services across its
fiber network and data centre platform.  Interoute's all-IP fiber
network includes 24 metro area networks and covers 29 countries,
complemented by the company's 15 hosting data centres and 33
colocation data centres.  Leveraging its next generation
infrastructure, the company provides network services primarily
to fixed and mobile telecoms companies, financial institutions
and multinationals, as well as cloud-centric Infrastructure-as-a-
Service (IaaS) overlaid on its Network Services offerings.  It
also offers enterprise services (communications, computing, VPN
and network security) to a range of private enterprises and
governmental entities.  In FY 2015, Interoute generated EUR 530.1
million of revenues and EUR 102.0 million of company adjusted
EBITDA.

LIST OF RATINGS:

Assignments:

Issuer: Interoute Finco plc
  Senior Secured Bank Credit Facility, Assigned B1

Unaffected:

Issuer: Interoute Communications Holdings SA
  LT Corporate Family Rating, Unaffected B1
  Probability of Default Rating, Unaffected B1-PD

Issuer: Interoute Finco plc
  Backed Senior Secured Regular Bond/Debenture, Unaffected B1

Outlook:

Issuer: Interoute Communications Holdings SA
  Outlook Unaffected, Stable

Issuer: Interoute Finco plc
  Outlook Unaffected, Stable

The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010.


QUOTIENT LIMITED: Reports Q2 Fiscal 2017 Financial Results
----------------------------------------------------------
Quotient Limited reported a net loss of $17.35 million on $6.14
million of total revenue for the quarter ended Sept. 30, 2016,
compared to a net loss of $4.43 million on $4.27 million of total
revenue for the quarter ended Sept. 30, 2015.

For the six months ended Sept. 30, 2016, the Company reported a
net loss of $33.59 million on $11.86 million of total revenues
compared to a net loss of $14.58 million on $9.12 million of
total revenue for the six months ended Sept. 30, 2015.

Quotient ended 2QFY17 with $19 million in cash and cash
equivalents and $29.4 million of term debt.  On Oct. 14, 2016,
Quotient completed a private placement of up to $120 million of
12% Senior Secured Notes due 2023.  Quotient issued $84 million
of notes at the initial closing, receiving net proceeds of
approximately $79 million after expenses, and repaid all
outstanding obligations under its existing loan agreement with
MidCap Financial Trust, which amounted to $33.5 million including
fees and expenses.  So long as there is no event of default,
Quotient will issue an additional $36 million aggregate principal
amount of notes to note purchasers upon public announcement of
successful field trial results for the MosaiQ IH Microarray that
demonstrates greater than 99% concordance for the detection of
blood group antigens and greater than 95% concordance for the
detection of blood group antibodies when compared to predicate
technologies for a pre-defined set of blood group antigens and
antibodies.

Product sales in the third quarter of fiscal 2017 are expected to
be within the range of $4.3 to $4.8 million, compared with $4.4
million for the third quarter of fiscal 2016.

Quarterly product sales can fluctuate depending upon the shipment
cycles for red blood cell based products, which account for
approximately two-thirds of current product sales.  These
products typically experience 13 shipment cycles per year,
equating to three shipments of each product per quarter, except
for one quarter per year when four shipments occur.  The timing
of shipment of bulk antisera products to OEM customers may also
move revenues from quarter to quarter.  Some seasonality in
demand is also experienced around holiday periods in both Europe
and the United States.  As a result of these factors, Quotient
expects to continue to see seasonality and quarter-to-quarter
variations in product sales.  The timing of product development
fees included in other revenues is mostly dependent upon the
achievement of pre-negotiated project milestones.

As of Sept. 30, 2016, the Company had $101.86 million in total
assets, $74.43 million in total liabilities and $27.43 million in
total shareholders' equity.

          Progress on the Commercial Scale-up of MosaiQ

Quotient also reported further progress on the commercial scale-
up of MosaiQ and financial results for its fiscal second quarter
and six months ended Sept. 30, 2016.

"Strong progress continues to be made advancing MosaiQ towards
commercial launch, both in terms of MosaiQ Microarray
manufacturing and completion of the final MosaiQ instrument,"
said Paul Cowan, chairman and chief executive officer of
Quotient.  "Customer feedback regarding MosaiQ continues to be
extremely positive, following yet another successful showing at
the AABB Annual Meeting in late October.  While we have
experienced a delay in completing planned internal validation
studies for MosaiQ, the prospects for its successful
commercialization remain unchanged."

MosaiQ, Quotient's next-generation automation platform for blood
grouping and disease screening, represents a transformative and
highly disruptive testing platform for transfusion diagnostics,
with an established capability to detect antibodies, antigens and
nucleic acid (DNA or RNA).  Through MosaiQ, Quotient aims to
deliver substantial value to donor testing laboratories worldwide
with a unified instrument platform to be utilized for blood
grouping and both serological and molecular disease screening of
donated red blood cells and plasma.

Quotient showcased a working MosaiQ instrument at the 2016 Annual
Meeting of the American Association of Blood Banks (AABB) held in
Orlando, Florida on October 22-25.  Over 75 delegates from more
than 40 donor collection agencies and hospitals, mainly located
in the United States, viewed the instrument and received a
progress update on the advancement of the MosiaQ platform.

Considerable progress continues to be made on the commercial
scale-up of MosaiQ, with MosaiQ IH Microarrays for blood grouping
now being manufactured routinely at Quotient's Eysins,
Switzerland facility.  In parallel, internal validation and
verification of the MosaiQ instrument has also progressed
meaningfully and is nearing completion.  The initial MosaiQ SDS
Microarray (serological disease screen for the detection of CMV
and Syphilis) is in the process of being finalized and ongoing
development efforts are focused on completing the full
serological disease screening menu.

Quotient continues to work on completing its initial internal
validation studies for the MosaiQ IH Microarray, which it had
planned to present at AABB.  Completion of these studies was
delayed after Quotient identified inconsistencies in the results
of early testing. Quotient is currently conducting a
comprehensive root-cause investigation to identify the reasons
for the unexpected variability.  The internal validation studies
will recommence following completion of this investigation and
correction of any issues identified.

Completion of European field trials and the commercial launch of
MosaiQ in Europe are currently planned for the first half of
2017.  Field trials in the United States will commence after the
completion of European field trials.  Once licensed for sale,
MosaiQ will be the first fully-automated solution for blood
grouping, providing for the comprehensive characterization of
both donor and patient blood.  Quotient intends to simultaneously
launch its MosaiQ IH Microarray into the donor and patient
testing markets with its commercial partner, Ortho-Clinical
Diagnostics.  Launch of the initial MosaiQ SDS Microarray into
the donor testing market will coincide with the launch of the
MosaiQ IH Microarray.  Launch of the full MosaiQ serological
disease screening panel is currently planned to commence three to
six months after the initial MosaiQ launch.

             Conventional Reagent Business Update

"During the second quarter, strong revenue growth was generated
by all key categories of our conventional reagent business, as
product sales grew 13% year-over-year," said Paul Cowan.  "Our
U.S. direct business had another exceptional quarter, with
product sales growing 29% year-over-year, driven by the impact of
recent product launches, new customers for our reagent red blood
cell products and better pricing."

A full-text copy of the press release is available for free at:

                     https://is.gd/VZ84Gb

                   About Quotient Limited

Quotient Ltd (NASDAQ:QTNT) is a commercial-stage diagnostics
company committed to reducing healthcare costs and improving
patient care through the provision of innovative tests within
established markets.  With an initial focus on blood grouping and
serological disease screening, Quotient is developing its
proprietary MosaiQ technology platform to offer a breadth of
tests that is unmatched by existing commercially available
transfusion diagnostic instrument platforms.  The Company's
operations are based in Edinburgh, Scotland; Eysins, Switzerland
and Newtown, Pennsylvania.

Quotient Limited reported a net loss of US$33.87 million for the
year ended March 31, 2016, a net loss of US$59.05 million  for
the yera ended March 31, 2015, and a net loss of US$10.16 million
for the year ended March 31, 2014.

Ernst & Young LLP, in Belfast, United Kingdom, issued a "going
concern" qualification on the consolidated financial statements
for the year ended March 31, 2016, citing that the Company has
recurring losses from operations and planned expenditure
exceeding available funding that raise substantial doubt about
its ability to continue as a going concern.


* SCOTLAND: Number of Corporate Insolvencies Drop to 218 in Q2
--------------------------------------------------------------
Kevin Scott at Herald Scotland reports that there were 218
corporate insolvencies in Scotland in the second quarter of the
current financial year, down from 258 in the last quarter.

Herald Scotland says the number is 21 per cent higher than the
corresponding quarter last year but down 15.5 per cent on the
previous quarter, although with the relatively low number of
corporate insolvencies overall, percentages can vary
substantially between recording periods.

According to Herald Scotland, the figures were released by
Accountant in Bankruptcy (AIB), which noted that the quarterly
total had been declining until the second quarter of 2015-16 at
which point numbers began to rise again, to levels last seen in
2013/14.

Herald Scotland relates that the quarterly figure consists of 154
compulsory liquidations, 61 creditors' voluntary liquidations and
three receiverships. There were also 106 members' voluntary
liquidations, which is down by half from the 215 recorded in the
previous quarter.

According to the report, Eileen Blackburn, chair of R3 in
scotland's technical committee, the insolvency trade body said it
was still too soon to tell if there will be a Brexit effect, but
added that "it's good to see that the initial turbulence hasn't
translated into businesses being pushed over the edge".

"However, the decision to leave the EU and a potential second
Scottish independence referendum on the horizon means that
businesses could face a period of prolonged uncertainty," the
report quotes Ms. Blackburn as saying.

The number of businesses in the oil and gas industry undertaking
periods of restructuring is contributing to the low number of
corporate insolvencies, she said, notes Herald Scotland.

Herald Scotland quotes Donald McNaught, head of insolvency at
Johnston Carmichael, as saying that: "There has been a time lag
between the oil price falling and corporate distress and it
hasn't necessarily seen a high number of insolvencies but we're
starting to see that now.

"Anecdotally you'd say economic signs were strong, Brexit apart,
in the central belt, but the same can't be said for the north
east."


===============
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 * * *