TCREUR_Public/161229.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

         Thursday, December 29, 2016, Vol. 17, No. 258


                            Headlines


A Z E R B A I J A N

AZINSURANCE OJSC: Fitch Lowers IFS Rating to B, Outlook Stable


C R O A T I A

HRVATSKA ELEKTROPRIVREDA: S&P Affirms 'BB' CCR, Outlook Stable
ZAGREBACKA BANKA: S&P Affirms 'BB' Counterparty Credit Rating


F R A N C E

NOVASEP HOLDING: S&P Affirms 'B-' CCR & Revises Outlook to Stable


G E R M A N Y

DEUTSCHE BANK: Moody's Affirms Ba2 Subordinate Debenture Rating
ORION ENGINEERED: S&P Affirms 'BB-' CCR & Revises Outlook to Pos.
PFLEIDERER GMBH: S&P Raises Rating on EUR322MM Sr. Notes to 'B'
TECHEM GMBH: S&P Raises Rating on Senior Secured Debt to 'BB'


G R E E C E

SEANERGY MARITIME: Jelco Delta Reports 70.6% Stake as of Dec. 21


I R E L A N D

PERMANENT TSB: S&P Assigns 'B/B' Counterparty Credit Ratings


I T A L Y

MONTE DEI PASCHI: Moody's Reviews 'ca' BCA on Gov't. Intervention


K A Z A K H S T A N

SAMRUK-ENERGY: S&P Lowers CCR to 'BB-' on Weaker Credit Metrics


L U X E M B O U R G

AVOCADO BIDCO: S&P Affirms 'CCC+' Rating on 2nd-Lien Debt


P O R T U G A L

* Fitch: Portuguese Banks Outlook Neg as Capital is Vulnerable


R U S S I A

OTKRITIE HOLDING: S&P Puts 'BB-' Rating on CreditWatch Negative


T U R K E Y

* TURKEY: Companies Face Cash Flow Problems, High Indebtedness


U K R A I N E

PRIVATBANK: S&P Lowers Counterparty Credit Ratings to 'R/R'
UKRAINE: Efforts to Recover Failed Bank Assets Yield Poor Results
UKRAINE: Takes Steps to Clean Up Dysfunctional Banking Sector
UKRAINE: Lenders Wary of Agricultural Sector Following Defaults


U N I T E D   K I N G D O M

CREDIT SUISSE: Moody's Affirms Ba1 Rating on Jr. Sub. Bonds
INNOVIA GROUP: S&P Puts 'B' CCR on CreditWatch Positive
MAGYAR TELECOM: S&P Raises CCR to 'B-' on Stabilizing Trends
MONARCH AIRLINES: Expects Profits to Drop by 35%, CEO Says


U Z B E K I S T A N

ORIENT FINANS: S&P Affirms 'B-/C' Counterparty Credit Ratings


X X X X X X X X

* Fitch: European MMFs Face Worsening Year-End Supply Shortages


                            *********


===================
A Z E R B A I J A N
===================


AZINSURANCE OJSC: Fitch Lowers IFS Rating to B, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded AzInsurance OJSC's Insurer Financial
Strength (IFS) rating to 'B' from 'B+'. The Outlook is Stable.

KEY RATING DRIVERS

The downgrade reflects AzInsurance's weakened business profile and
Fitch's expectations that this will not recover significantly in
2017. The downgrade also reflects the company's sharply lower
operating profitability in 9M16 and continuing high investment
risk. The rating also takes into account the company's practice of
very high profit distributions to the shareholder.

In 9M16, AzInsurance's total gross written premiums (GWP)
decreased by 34% compared with 9M15 in the context of the worsened
macroeconomic environment in Azerbaijan. The company faced a
double-digit contraction in GWP in the most profitable line in its
portfolio, cargo, with the share of cargo insurance plummeting to
4% of the portfolio in 9M16 from 28% in 9M15. Total GWP also fell
by 11% in 2015 and 13% in 2014.

AzInsurance's underwriting result worsened to a loss of AZN1.9bn
in 9M16 from a profit of AZN10bn in 9M15, with the combined ratio
increasing sharply to 116% from 59% in 9M15. Moreover, the company
reported a significantly worse administrative expense ratio of 66%
for 9M16 (9M15: 36%), reflecting fixed costs while business
volumes fell significantly.

AzInsurance's investment portfolio contains significant
concentrations in single counterparties. Cash and bank deposits
with sister company AFB Bank ASC accounted for 37% of the
insurer's investments at end-9M15 (end-2015: 51%). This exposure
has also resulted in a high affiliated investment leverage ratio,
which reached 62% at end-2015 (end-2014: 72%).

AzInsurance's risk-adjusted capital score, based on Fitch's Prism
factor-based model, was 'Strong' based on end-2015 results,
considerably improved compared with end-2014 results. However,
this improvement was due to the expectation of a decrease in
dividend payments in 2016 rather than an underlying improvement of
the insurers' available capital or risk profile. Fitch does not
expect further improvement of the risk-adjusted capital position
in 2016 given the modest net income the company is expected to
report in the full year.

The ratio of 2013-2015 net profits paid as dividends was 92%.
Fitch understands that the shareholder takes into account the
insurer's robust regulatory capital position (the regulatory
solvency ratio was 379% at end-9M16) when deciding on the dividend
payouts.

RATING SENSITIVITIES
Further weakening of AzInsurance's business profile as measured by
its market share and business mix, or capital depletion due to
investment losses, could result in a downgrade.

A significant recovery in AzInsurance's business profile and
operating performance could lead to an upgrade, providing also
that the quality of the investments does not weaken.



=============
C R O A T I A
=============


HRVATSKA ELEKTROPRIVREDA: S&P Affirms 'BB' CCR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Croatian-based
vertically integrated multi-utility Hrvatska Elektroprivreda d.d.
(HEP) to stable from negative.

At the same time, S&P affirmed its 'BB' long-term corporate credit
rating on HEP and S&P's 'BB' issue rating on its senior unsecured
debt.

The outlook revision mirrors that on the sovereign rating.  It
reflects S&P's view that the Croatian government's ability to
provide support to HEP could strengthen.  S&P considers HEP to be
a government-related entity (GRE), and believe there is a high
likelihood that the Croatian government would provide
extraordinary support to HEP in the event of financial distress.

S&P bases its ratings on HEP on its stand-alone credit profile
(SACP), which S&P has assessed at 'bb' since Oct. 28, 2016, when
S&P upgraded its long-term corporate rating on HEP to 'BB' from
'BB-'.

The upgrade was largely based on improvements in HEP's liquidity.
The company built up a large cash balance of Croatian kuna (HRK)
2.8 billion (EUR370 million), predominantly from the more
favorable hydrology and commodity price environment during the
past two years. In addition, HEP's ability to manage its working
capital has improved because it recently gained the authority to
set energy tariffs for its universal retail customers.  That said,
it has not yet tested this authority.  S&P also understands that
the company's uncommitted bank facilities are being renegotiated.

S&P expects HEP's cash flow from year to year to remain volatile,
although less volatile than in the past, assuming lower and
relatively flat fossil fuel prices in the next two to three years.
In 2014 and 2015, credit metrics benefited from very favorable
hydrological conditions, declining electricity import prices, and
decreasing procurement costs for natural gas.  As a result, funds
from operations (FFO) rose to about HRK4 billion or more and
adjusted FFO to debt was about 90% or better.  It is worth
remembering that in the drought years of 2011 and 2012, FFO was
below HRK2 billion and adjusted FFO to debt stood below 30%.  The
drought conditions in those years were out of the ordinary and
concurrent with higher-than-average fossil fuel prices.

HEP owns and operates the monopoly regulated distribution and
transmission networks in Croatia, which generate about 50% of
annual EBITDA (forecast to be about HRK4.3 billion in an average
hydrology year; equivalent to EUR540 million).  The rate-setting
methodology and framework, established by the regulator in 2006,
aims to allow the utility to recover its costs and earn an
approved rate of return.  However, a meaningful track record of
regulatory independence has not yet been established because,
until recently, the government set the final rates.  S&P therefore
views regulatory support as weaker than in many other western
European jurisdictions.

HEP derives the other half of its EBITDA from its generation
supply and retail segments.  The generation supply business
represents about 80% of the market and benefits from significant
hydrological resources (including pump storage facilities) and
some nuclear base load generation (about 15% of national demand).
HEP's assets are well-diversified and located across the country,
with only around 20% of energy derived from carbon-based fuels in
an average year.  However, in S&P's view, an even earnings track
record through various economic and political cycles will be
required to fully demonstrate that commodity rate-setting is
insulated from political intervention.

HEP also has a dominant retail market share (about 85%).  The
company has the advantage of supplying legacy universal customers
(those that have not selected an unregulated retail supplier) and
guaranteed customers (those who are faced with a nonperforming
retail supplier) with its own supply.  These relatively loyal
universal household customers still represent the bulk of the
retail market.  Since the market was opened up, only 15% of the
retail market has moved to competitors.  Given the modest
commodity price forecast, S&P do not expect a large number of
customers to switch to HEP's competitors.

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

   -- GDP growth in Croatia 2.5% in 2017 and 2.3% in 2018.
   -- Modest (4% higher than 2016) increase in electricity
      consumption in 2017, linked to expected economic recovery.
   -- Lower net income from 2017 compared with 2016, largely due
      to the projected termination of household gas supply toward
      the end of the first quarter of 2017;
   -- Average hydrological conditions of about 5.6 gigawatt hours
      per year;
   -- Marginal erosion of unregulated retail customer market,
      with market share declining to about 80% in 2020 from the
      current 85%;
   -- Investments of between HRK2.9 billion-HRK3.3 billion per
      year during 2017-2019; and
   -- Dividend payout of HRK500 million in 2017 and 2018.

This results in very strong credit metrics (FFO to debt of about
80%-90%), which S&P views as subject to volatility, as they depend
on variable hydroproduction and import prices, while free
operating cash flow (FOCF) is low and constrained by ongoing
significant capital expenditure (capex).  In addition, leverage
could increase if the company embarked on a new coal plant, Plomin
C (estimated total cost of EUR1.4 billion).  S&P has not factored
this plant into its base case as it is no longer clear if the
project will be going ahead.

S&P considers HEP to be a government-related entity, and believe
there is a high likelihood that the Croatian government would
provide extraordinary support to HEP in the event of financial
distress.  HEP is key to implementing the government's energy
policies and S&P do not believe there is any plan to privatize the
company.  Both the Minister of Economy and the Minister of Energy
and the Environment participate in the company's resource-planning
process.  Although dividends from HEP are an important source of
government revenue, the government has provided liquidity support
under stress conditions in the past.

The stable outlook on HEP reflects that on the sovereign rating on
Croatia.

It also reflects S&P's opinion that the company's stand-alone
credit profile will remain at least at 'bb-' (currently, 'bb');
this assumes in particular that HEP will proactively manage its
liquidity position to avoid any liquidity pressures.

"We would likely lower the rating on HEP if we lowered the rating
on Croatia to 'BB-'.  Although we do not currently anticipate that
HEP's stand-alone creditworthiness will come under pressure over
the next 12-18 months, we could lower the rating if the SACP was
revised down to 'b+' from 'bb'.  This could occur if, in our view,
HEP's liquidity had deteriorated again to less than adequate,
combined with weak performance or free cash flow; or if we expect
the company to materially increase leverage on its balance sheet
to fund a major construction project, such as the proposed new
coal-fired generation at Plomin C," S&P said.

An upgrade is remote at this stage as it would most likely depend
on upside to the sovereign rating.  A stronger SACP would likely
require stronger FOCF, extended regulatory track record, and more
predictable liquidity and future leverage.  That said, given HEP's
100% state-ownership and the risk of potential negative
extraordinary government intervention, S&P's rating on HEP is
unlikely to exceed that on the sovereign.


ZAGREBACKA BANKA: S&P Affirms 'BB' Counterparty Credit Rating
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Croatia-based Zagrebacka
banka dd (Zaba) to stable from negative.  S&P affirmed its 'BB'
long-term counterparty credit rating on the bank.

Recent economic recovery in Croatia -- with improved and
accelerating gross domestic product growth, tax cuts, and ongoing
reduction of households' debt -- demonstrates, in S&P's view,
signs of improved personal income growth that allow S&P to project
an improved economic environment for the Croatian banking sector.
Therefore, S&P has revised its assessment of economic risk for
Croatian banks to '7' from '8' under S&P's Banking Industry
Country Risk Assessment (BICRA) methodology (on a scale of 1-10,
with '10' indicating the highest risk and '1' indicating the
lowest).  S&P continues to view the trend for economic risks in
Croatia as stable.

Combined with industry risk of '7', S&P now classifies Croatia in
our BICRA group '7', versus '8' previously.  This results in an
anchor -- the starting point for assigning an issuer credit
Rating -- of 'bb', compared to 'bb-' previously.

Due to the higher anchor, S&P revised upward its assessment of
Zaba's stand-alone credit profile (SACP) to 'bb+' from 'bb'.  The
lower risk weights assigned to banks' domestic exposures led S&P
to revise its assessment of Zaba's capital and earnings to
adequate from moderate.  This reflects S&P's expectation that
Zaba's projected risk-adjusted capital (RAC) ratio will be in the
7.5%-8.0% range in the next 12-24 months (compared with 7.2% as of
year-end 2015).  This, however, remains neutral to S&P's overall
SACP assessment of the banks where S&P assign an anchor of 'bb-'
or higher, in accordance with its criteria.

S&P continues to see Zaba's business position as strong, being a
leader in Croatia in terms of both loan and deposit market shares.
Despite stiff competition, Zaba successfully defends its dominant
position and has been also able to maintain its solid level of net
interest margins.

S&P assess Zaba's risk position as adequate, despite its credit
quality being slightly below the market average.  This is,
however, somewhat mitigated by the bank's stronger diversification
across corporate, public-sector, and retail clients.

S&P continues to assess Zaba's funding as average due to its solid
deposit base and diminishing reliance on the parental funding.
S&P continues to assess Zaba's liquidity as adequate, despite
having relatively high liquidity and stable funding ratios
compared with banks globally; S&P sees the bank's comparatively
large corporate customer deposit base as less sticky compared with
retail segment of individuals.

S&P caps its rating on Zaba at the level of S&P's rating on
Croatia (BB/Stable/B), since S&P do not believe the bank would be
able to survive a hypothetical stress test of its sovereign's
default.  S&P continues to see Zaba as a strategically important
subsidiary for the UniCredit group, however, this currently does
not influence S&P's rating on Zaba.

The outlook revision on Zaba follows a similar rating action on
the Republic of Croatia and S&P's view of improving operating
conditions in Croatia.  A vast majority of the Zaba's exposure
refers to the customers based in its home country and one-third of
its total portfolio relates directly to the Croatian government.

The stable outlook on Zaba reflects S&P's expectation that the
economic recovery in Croatia will maintain its momentum over the
next year and that Zaba will defend its position as market leader,
without loosening its underwriting standards.  This would mean
avoiding any excessive risks or increasing concentration risks,
especially in the corporate sector.

S&P could take a negative rating action on the bank if its
profitability and earnings buffer remained below peers', its
market share started to fall, resulting in a weaker business
position, and if, at the same time, S&P observed a higher risk
appetite at Zaba than peers, especially if this resulted in S&P
lowering its RAC expectations.

Any upward revision of the rating on a stand-alone basis is
currently very unlikely, since S&P continues to cap the rating on
Zaba at the level of Croatia.  However, S&P could raise the rating
on Zaba following a similar sovereign rating action.



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


NOVASEP HOLDING: S&P Affirms 'B-' CCR & Revises Outlook to Stable
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on France-based
pharmaceutical contract manufacturer Novasep Holding S.A.S. to
stable from Negative.  At the same time, S&P affirmed its 'B-'
long-term corporate credit rating on Novasep.

S&P also assigned a 'B-' issue rating to the group's EUR181.7
million senior unsecured PIK notes maturing 2019.  The recovery
rating on this debt is '4', indicating S&P's expectation of
recovery in the higher half of the 30%-50% range in the event of a
payment default.

S&P previously withdrew its 'B-' issue rating and '3' recovery
rating on the $195 million 8% senior secured notes due 2016, which
were refinanced.

The outlook revision reflects Novasep's successful refinancing,
which has resulted in greater financial flexibility and still
robust debt-protection metrics.  The new capital structure
comprises EUR181.7 million in unsecured PIK notes that will pay 5%
cash interest quarterly, along with 3% senior and 3% junior PIK
interest capitalized annually and in bullet payments, subject to
the repayment of Novasep's preference shares.  The EUR30 million
preference shares held by BPI France remains in the capital
structure.

On Dec.15, 2016, the company announced the disposal of TangenX
Technology Corp., a non-core U.S.-based activity.  Following the
transaction the company received net cash proceeds of about
EUR37 million that will be used for growth investments.

S&P now assumes under its base case that Novasep's adjusted debt
to EBITDA for 2016 will be about 9.3x, excluding the preference
shares, which S&P still treats as equity, and post-divestment of
TangenX.  Also, S&P considers that the company will start
benefiting from its business-asset rationalization measures
through the divestment of Pharmachem in 2015 and its back-to-
basics strategy to focus on Novasep's unique business model.  The
strengths of the group's business model are its high-purification
technologies equipment and strong know-how in contract
manufacturing operator (CMO) business.  These allow Novasep to
offer a broad range of technologies and thereby complete tailor-
made solutions in a variety of end markets.

S&P's view on the group's business risk remains unchanged and
reflects the historical volatility in underlying operations. Also,
the relatively high degree of customer concentration, which leads
to important seasonality in the group's revenues and EBITDA, stems
from its CMO activities with big pharmaceutical players.
Moreover, because CMO business continues to represent the lion's
share of the group's EBITDA, the dependence on a few contracts
weighs on S&P's business risk assessment.  Moreover, S&P considers
that the group lacks scale, with 2016 EBITDA estimated at below
EUR30 million, and S&P don't expect its operating margins will
increase significantly.  However, given the group's cost-control
program since 2015, S&P expects in its base case a slight increase
of the EBITDA margin by about 100 basis points.

Novasep's current capital structure remains highly leveraged, and
forecast the S&P Global Ratings-adjusted debt-to-EBITDA ratio will
stay above 5x over the next two to three years.  This is in line
with S&P's estimates from September 2016.  As S&P anticipated, the
company's lower cash coupon on new unsecured PIK senior notes
allows the group to have greater financial flexibility.

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

   -- Global contract manufacturing industry will expand by about
      3%-6% in 2017-2018, reflecting increasing demand for
      pharmaceuticals and outsourcing by pharmaceutical
      companies.

   -- Slight decrease in revenue growth by about -0.3% in 2016,
      reflecting headwinds in the group's biggest division
      (Synthesis), mitigated somewhat by mid-single-digit growth
      at the Biopharma division due to a sizable increase in CMO
      activity resulting from the booming viral vectors market
      segment, and a similar trend in the Biotech division, due
      to increasing sales of membrane equipment especially for
      functional ingredients.

   -- After a year of consolidation, S&P forecasts that 2017 will
      be stronger, with estimated growth of about 3% at the group
      level.  This is due to mid- to high-single-digit growth in
      the Biopharma and Biotech divisions stemming from a better-
      than-anticipated order backlog, despite gloomy prospects
      for the Synthesis division, with delayed sales especially
      in the agro market segment.

   -- Growth in the 2%-3% range at the group level.

   -- EBITDA will likely be slightly lower than EUR30 million in
      2016 but a bit higher than in 2015.

   -- The EBITDA margin will improve in 2016 compared with last
      year's level, mainly due to significant improvements at the
      Biopharma division in the first half of the year.
      Therefore S&P anticipates that margins should stabilize in
      the 10.5%-11.5% range.

   -- Greater financial flexibility stemming from a lower cash
      interest burden following the refinancing, which should
      enable the group to internally fund investments and ensure
      further profitable growth.

   -- Capital expenditure (capex) of about EUR16 million in 2016,
      slightly lower than in 2015 and 2014, due to the completion
      of the Leffe project in Mourenx for Amarin.

   -- Cash dividend payments of about EUR0.4 million annually.

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

   -- S&P Global Ratings-adjusted debt to EBITDA of about 9.3x in
      2016 versus 8.8x in 2015, despite relatively flat revenue
      growth.  S&P expects EBITDA interest coverage comfortably
      at 1.5x in 2016, gradually improving to 1.8x in 2018.

S&P has revised its assessment of the group's liquidity to
adequate from weak because S&P forecasts that the group's
liquidity sources will cover its financing needs by more than 1.2x
over the next 12 months.

Principal liquidity uses:

   -- Cash on the balance sheet of EUR27.3 million on Sept. 30,
      2016.
   -- Cash FFO of about EUR16 million.
   -- Proceeds of about EUR37 million coming from the disposal of
      TangenX.

Principal liquidity sources:

   -- Short-term debt repayment of EUR4.3 million as of Sept. 30,
      2016.
   -- Working capital outflow of EUR0.4 million.
   -- Capex of about EUR16.6 million.
   -- Dividend distribution in line with the previous year of
      about EUR0.4 million.

Although the group's liquidity sources-to-uses ratio exceeds 2x in
the next 12 months, S&P considers that the group doesn't meet its
qualitative requirements for a stronger liquidity assessment:

   -- A generally high standing in credit markets, which S&P
      assess from equity, debt, and collateralized debt
      securities trading relative to peers' and market averages.

   -- Generally prudent risk management, with no hedging on
      previous instruments resulting in a large increase in the
      cost of debt.

   -- The likely ability to absorb high-impact, low-probability
      events without refinancing.

The stable outlook reflects S&P's view that Novasep's operating
performance has stabilized in 2016 and that the new capital
structure will allow the group to continue delivering profitable
growth.  Moreover, greater financial flexibility, thanks to lower
cash interest payment on its new unsecured PIK notes, should
provide additional internal funding capabilities to capture growth
in a quite capital-intensive industry.

S&P could raise the rating if the company were able to report
profitable growth at its Synthesis division, while maintaining
positive momentum at its two other divisions and adequate
liquidity, allowing the group to deleverage to below 5x on a
sustainable basis.  However, S&P considers this scenario to be
unlikely over the next two to three years.  It could materialize
only if the group were able to significantly improve its EBITDA
margins by at least two percentage points, and increase revenues
by mid to high single digits annually, over that period.

S&P could consider a negative rating action if Novasep's liquidity
were hampered by lower-than-expected profitability that translated
into materially weaker operating cash flow.  This could occur if
the group faced severe operating setbacks, even at the Synthesis
division, which remains a key contributor to the group's EBITDA.



=============
G E R M A N Y
=============


DEUTSCHE BANK: Moody's Affirms Ba2 Subordinate Debenture Rating
---------------------------------------------------------------
Moody's affirmed the ratings of Deutsche Bank AG (Baa2 senior
debt, A3 deposits, A3(cr) Counterparty Risk Assessment, ba1
Baseline Credit Assessment) following Deutsche Bank's announcement
last week of an agreement in principle to settle with the U.S.
Department of Justice (DOJ) regarding civil claims in connection
with the bank's issuance and underwriting of residential mortgage-
backed securities (RMBS) and related securitization activities
between 2005 and 2007. Under the agreement, Deutsche Bank has
agreed to pay a civil monetary penalty of $3.1 billion and to
provide $4.1 billion in consumer relief to be delivered over a
multi-year period. The outlook on Deutsche Bank's debt and deposit
ratings is stable.

RATINGS RATIONALE

The affirmation reflects Moody's view that the settlement is
positive for Deutsche Bank creditors since it substantially
reduces litigation tail risk and is expected to have a manageable
impact on capital ratios, notwithstanding the large dollar amounts
involved. At December 31, 2016, after giving effect to the reserve
increase related to the settlement and before any additional
fourth quarter de-risking, restructuring or litigation charges,
Moody's estimates that Deutsche Bank's CET1 on a fully-loaded
basis will be above 11.5%.

The cash portion of the settlement is $3.1 billion, comprised of
civil monetary penalties. Deutsche Bank intends to add $1.17
billion to its existing litigation reserves in the fourth
quarter -- bringing the total litigation reserve to approximately
EUR7 billion before the settlement. Assuming no other settlements
or additions to reserves in the fourth quarter, this would leave
Deutsche Bank with approximately EUR 4 billion in litigation
reserves, after the cash portion of the DOJ settlement, to cover
other litigation exposures.

The settlement also includes $4.1 billion in consumer relief,
which can be delivered in the form of loan modification and other
types of assistance to homeowners and borrowers. Deutsche Bank
will have at least five years to comply with this requirement and
consumer relief is not expected to have a material impact on the
bank's 2016 results.

This settlement reduces uncertainty, and will improve management's
ability to focus on execution of the 2020 strategic plan, which
will benefit bondholders if substantially achieved. Moody's views
the ultimate objectives of the 2020 plan -- to simplify and de-
risk Deutsche Bank and strengthen and stabilize its earnings - as
credit-positive goals.

Upward pressure on the ratings would develop if the firm can make
steady progress toward the interim 2018 targets -- particularly
the 12.5% fully loaded CET1 ratio and cost income ratio of 70% -
while cleaning up the balance sheet and cutting tail risks and
investing to strengthen the technology platform and control
infrastructure of the bank.

Downward rating pressures would develop if there are significant
delays or failures to achieve the interim 2018 capital or cost
income objectives of the 2020 plan. This could result from
additional environmental headwinds or from additional litigation
costs beyond those covered by existing reserves. This could reduce
the cushion Deutsche Bank has over its regulatory capital
requirements. Further downward pressure could occur if liquidity
or counterparty confidence declines sharply although this risk is
now seen as reduced in light of the removal of the uncertainty
around the DOJ settlement.

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

LIST OF AFFECTED RATINGS

Issuer: Deutsche Bank AG

Rating Actions:

Baseline Credit Assessment, affirmed ba1

Adjusted Baseline Credit Assessment, affirmed ba1

Counterparty Risk Assessment, affirmed A3(cr)/P-2(cr)

Issuer Rating, affirmed Baa2, STA

Local Currency Deposit Rating, affirmed A3, STA/P-2

Foreign Currency Deposit Rating, affirmed A3, STA/P-2

Senior Senior Unsecured Regular Bond/Debenture, affirmed A3, STA

Senior Senior Unsecured Medium-Term Note Program, affirmed (P)A3

Senior Unsecured Regular Bond/Debenture, affirmed Baa2, STA

Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

Senior Unsecured Shelf, affirmed (P)Baa2

Subordinate Regular Bond/Debenture, affirmed Ba2

Subordinate Medium-Term Note Program, affirmed (P)Ba2

Subordinate Shelf, affirmed (P)Ba2

Pref. Stock Non-cumulative Preferred Stock, affirmed B1(hyb)

Senior Unsecured Commercial Paper, affirmed P-2

Short-Term Medium-Term Note Program, affirmed (P)P-2

Outlook Actions:

Outlook, Remains Stable

Issuer: Deutsche Bank AG, London Branch

Rating Actions:

Counterparty Risk Assessment, affirmed A3(cr)/P-2(cr)

Senior Senior Unsecured Regular Bond/Debenture, affirmed A3, STA

Senior Senior Unsecured Medium-Term Note Program, affirmed (P)A3

Senior Unsecured Regular Bond/Debenture, affirmed Baa2, STA

Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

Senior Unsecured Shelf, affirmed (P)Baa2

Subordinate Regular Bond/Debenture, affirmed Ba2

Subordinate Medium-Term Note Program, affirmed (P)Ba2

Subordinate Shelf, affirmed (P)Ba2

Short-Term Medium-Term Note Program, affirmed (P)P-2

Outlook Actions:

Outlook, Remains Stable

Issuer: Deutsche Bank AG, New York Branch

Rating Actions:

Counterparty Risk Assessment, affirmed A3(cr)/P-2(cr)

Local Currency Deposit Rating, affirmed A3, STA/P-2

Senior Unsecured Deposit Note/Takedown, affirmed A3, STA

Outlook Actions:

Outlook, Remains Stable

Issuer: Deutsche Bank AG, Paris Branch

Rating Actions:

Counterparty Risk Assessment , affirmed A3(cr)/P-2(cr)

Local Currency Deposit Rating, affirmed A3, STA/P-2

Foreign Currency Deposit Rating, affirmed A3, STA/P-2

Outlook Actions:

Outlook, Remains Stable

Issuer: Deutsche Bank AG, Singapore Branch

Rating Actions:

Counterparty Risk Assessment, affirmed A3(cr)/P-2(cr)

Senior Unsecured Deposit Note/Takedown, affirmed A3, STA

Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

Short-Term Medium-Term Note Program, affirmed (P)P-2

Outlook Actions:

Outlook, Remains Stable

Issuer: Deutsche Bank AG, Sydney Branch

Rating Actions:

Counterparty Risk Assessment, affirmed A3(cr)/P-2(cr)

Senior Unsecured Regular Bond/Debenture, affirmed Baa2, STA

Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

Subordinate Medium-Term Note Program, affirmed (P)Ba2

Short-Term Medium-Term Note Program, affirmed (P)P-2

Outlook Actions:

Outlook, Remains Stable

Issuer: Deutsche Bank Capital Finance Trust I

Junior Subordinated Regular Bond/Debenture, affirmed Ba3(hyb)

Issuer: Deutsche Bank Contingent Capital Trust II

Preferred Stock, affirmed B1(hyb)

Issuer: Deutsche Bank Contingent Capital Trust III

Preferred Stock, affirmed B1(hyb)

Issuer: Deutsche Bank Contingent Capital Trust V

Preferred Stock, affirmed B1(hyb)

Issuer: Deutsche Bank Financial LLC

Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

Subordinate Medium-Term Note Program, affirmed (P)Ba2

Senior Unsecured Commercial Paper, affirmed P-2

Issuer: Deutsche Finance (Netherlands) B.V.

Senior Senior Unsecured Regular Bond/Debenture, affirmed A3, STA

Senior Unsecured Regular Bond/Debenture, affirmed Baa2, STA


ORION ENGINEERED: S&P Affirms 'BB-' CCR & Revises Outlook to Pos.
-----------------------------------------------------------------
S&P Global Ratings said it has revised its outlook to positive
from stable on Germany-based carbon blacks producer Orion
Engineered Carbons S.A.  S&P affirmed the 'BB-' long-term
corporate credit rating.

At the same time, S&P affirmed its 'BB-' issue ratings on the
EUR665 million senior secured term loan due 2021 and the EUR115
million revolving credit facility (RCF) due 2019.  The '3'
recovery rating on these instruments indicates S&P's expectation
of recovery in the higher half of the 50%-70% range.

The outlook revision reflects the good performance of Orion's two
business segments as well as the company's ongoing debt reduction
from consistently positive free cash flows.  S&P now views the
company's operating performance as slightly stronger, supported by
the company's resilience to oil price volatility.  S&P also takes
into account Orion's credit metrics being increasingly better for
the rating as reported net debt to EBITDA approaches the company's
long-term target of 2.0x or below, which stood at about 2.5x at
end-October 2016, down from 2.9x at year-end 2015.

Since December 2015, the company has repaid about EUR90 million of
gross debt in the form of voluntary repayments, out of internally
generated cash.  S&P views this cash deployment as consistent with
the company's conservative financial policy, establishing a
supportive track record of deleveraging its balance sheet.  In
that sense, we S&P also views favorably the company's
straightforward dividend policy (EUR10 million per quarter).  S&P
now considers the risk of dividends rising or re-leveraging as
very low, supported by S&P's understanding of the private equity
owners' strategy to progressively reduce their stake in Orion in
due course.

In addition, Orion has successfully renegotiated its cost of
financing in third-quarter 2016, down about 100 basis points (bps)
(or about EUR6 million savings of cash interest payments per
year), which should support further cash generation in the coming
quarters.  This demonstrates in S&P's view the company's sound
relationships with banks and recognition from the debtholders of
the continued resilient operating performance.

Although S&P continues to assess Orion's business risk profile as
fair, it believes it has marginally improved.  This is supported
by the increasing track record of strong operating performance
despite very volatile oil prices.  Margins in both segments,
rubber and specialty blacks, have consistently increased to over
13% and 35%, respectively, in the low oil price environment.  S&P
believes this reflects the favorable pricing power, notably in
specialty blacks.  However, these margins may reduce moderately in
a rising oil price environment.  Although of moderate size
overall, S&P takes into account the company's strong market shares
in the specialty segment, at about one-third of global production,
as well as some geographic diversity.  While Orion's strategy
continues to aim for increasing the share of the specialty
segment, which is by far more profitable, the cost structure in
rubber blacks is improving with rationalization of capacities and,
notably, Orion's plant closure in France.  Combined with continued
moderate capital expenditure (capex) requirements, S&P sees Orion
as strongly cash generative on a recurring basis.

The positive outlook reflects that S&P could raise the rating in
the next 6-12 months, taking into account the company's 2016 full-
year results and any further developments in the company's capital
structure, supported by S&P's view of a conservative financial
policy.  S&P views adjusted debt to EBITDA of about 3.0x as
commensurate with a higher rating.

S&P would revise the outlook to stable if it perceived less
conservative financial policies, for example through increasing
dividends, or absent a progressive reduction in the company's
private equity ownership.


PFLEIDERER GMBH: S&P Raises Rating on EUR322MM Sr. Notes to 'B'
---------------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings for Pfleiderer GmbH that were labeled as
"under criteria observation" (UCO) after publishing its revised
recovery ratings criteria on Dec. 7, 2016.  With S&P's criteria
review complete, it is removing the UCO designation from these
ratings and are raising the issue rating on the EUR322 million
senior secured notes to 'B' from 'B-' and revising the recovery
rating to '4' from '5', based on improved recovery prospects.
Recovery prospects are in the lower half of the 30%-50% range.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.

Key analytical factors:

   -- Following the publication of S&P's revised recovery ratings
      criteria on Dec. 7, 2016, S&P reviewed the group's recovery
      and issue-level ratings.  As a result of this review, S&P
      is raising its issue rating on the group's EUR322 million
      senior secured notes to 'B' from 'B-'.  The recovery rating
      was revised to '4' from '5', indicating S&P's expectation
      of average recovery in the lower half of the 30%-50% range
      in the event of a payment default.

   -- Under S&P's hypothetical default scenario, it assumes a
      default triggered by a severe economic downturn in Europe,
      in turn resulting in a downturn in construction markets and
      cuts in consumers' discretionary spending on items such as
      furniture.  In addition, the planned cost-reduction
      initiatives may not deliver the expected operating
      efficiency improvements and the group may face input cost
      increases without being able to pass these costs on to
      customers.  This, combined with significant debt leverage,
      would lead to a payment default in 2019.

   -- S&P values Pfleiderer as a going concern, given the group's
      strong positions in the German and Polish wood products
      markets, as well as its well-diversified and long-standing
      customer relationships.  In addition, the group proved its
      ability to reorganize and restructure in 2012-2013 after
     the insolvency process.

Simulated default assumptions:

   -- Year of default: 2019
   -- Minimum capex (% last three years' average sales): 3.0%
      (about EUR29 million)
   -- Cyclicality adjustment factor: +10% (standard sector
      assumption for forest and paper products)
   -- Emergence EBITDA: about EUR75 million
   -- Implied enterprise value (EV) multiple: 5.0x
   -- Jurisdiction: Germany

Simplified waterfall:

   -- Gross enterprise value at default: about EUR375 million
   -- Tax-adjusted pension deficit adjustment to EV (50% of last
      three years' average amount): EUR26 million
   -- Administrative costs: 5%
   -- Net value available to creditors: EUR332 million
   -- Priority claims: EUR131 million
   -- Senior secured debt claims: about EUR334 million
   -- Recovery expectation: 30%-50% (lower half of the range)

All debt amounts include six months' prepetition interest.  RCFs
assumed 85% drawn on the path to default.


TECHEM GMBH: S&P Raises Rating on Senior Secured Debt to 'BB'
-------------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings for Techem GmbH and Techem Energy Metering
Service GmbH & Co. KG that were labeled as "under criteria
observation" (UCO) after publishing its revised recovery ratings
criteria on Dec. 7, 2016.  With S&P's criteria review complete, it
is removing the UCO designation from these ratings and are raising
its issue ratings on Techem's senior secured debt to 'BB' from
'BB-'.  S&P is affirming its 'B' ratings on Techem's unsecured
notes.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in S&P's
assessment of the corporate credit ratings for issuers of the
affected debt issues.

Key analytical factors:

   -- Following the publication of S&P's revised recovery ratings
      criteria on Dec. 7, 2016, S&P reviewed the group's recovery
      and issue-level ratings.  As a result of this review, S&P
      is raising its issue rating on the group's senior-secured
      debt to 'BB' from 'BB-'.  S&P is revising the recovery
      rating on this debt to '2' from '3', indicating S&P's
      expectation of substantial recovery in the lower half of
      the 70%-90% range in the event of a payment default.

   -- In addition, S&P affirmed its 'B' issue rating on the
      group's EUR325 million second-lien debt.  The recovery
      rating on this debt is unchanged at '6', indicating S&P's
      expectation of negligible recovery of 0%-10% in the event
      of a payment default.

   -- S&P's hypothetical default scenario envisages significant
      worsening of the global economy and increased competitive
      pressure, which would result in declining revenues and
      margins, combined with high leverage.  S&P values Techem as
      a going concern, reflecting S&P's view of the company's
      leading market shares and high profitability.

Simulated default assumptions:

   -- Year of default: 2020
   -- Jurisdiction: Germany

Simplified recovery waterfall:

   -- Emergence EBITDA: EUR150 million. (Capital expenditure
      [capex] set at 6% of sales, substantially higher than
      anchor to reflect the ongoing high maintenance capex due to
      high investment needs for the renewal of a certain base of
      customer contracts at emergence from default.  Cyclicality
      adjustment is 5%, in line with the specific industry
      subsegment.  No operational adjustment was used.)

   -- Multiple: 6.0x.  Adjusted by +0.5x to reflect S&P's
      satisfactory business risk profile assessment.

   -- Gross recovery value: EUR899 million

   -- Net recovery value for waterfall after admin expenses (5%):
      EUR854 million

   -- Estimated first lien debt claim: EUR1,097 million*

   -- Recovery range: 70%-90% (lower half of range)

   -- Recovery rating: 2

   -- Estimated second lien debt claim: EUR338 million*

   -- Value available for second lien claim: EUR0 million

   -- Recovery range: 0%-10%

   -- Recovery rating: 6

*All debt amounts include six months of prepetition interest.


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


SEANERGY MARITIME: Jelco Delta Reports 70.6% Stake as of Dec. 21
-----------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Jelco Delta Holding Corp. disclosed that as of
Dec. 21, 2016, it beneficially owns 43,649,230 shares of common
stock of Seanergy Maritime Holdings Corp. representing 70.6
percent of the shares outstanding.  Comet Shipholding Inc. also
reported beneficial ownership of 853,434 common shares and Claudia
Restis reported beneficial ownership of 44,502,664 common shares.

A full-text copy of the regulatory filing is available at:

                    https://is.gd/aMxFE3

                       About Seanergy

Athens, Greece-based Seanergy Maritime Holdings Corp. is an
international company providing worldwide seaborne transportation
of dry bulk commodities.  The Company owns and operates a fleet
of seven dry bulk vessels that consists of three Handysize, two
Supramax and two Panamax vessels.  Its fleet carries a variety of
dry bulk commodities, including coal, iron ore, and grains, as
well as bauxite, phosphate, fertilizer and steel products.

For the year ended Dec. 31, 2015, the Company reported a net loss
of US$8.95 million on US$11.2 million of net vessel revenue
compared to net income of US$80.3 million on US$2.01 million of
net vessel revenue for the year ended Dec. 31, 2014.

As of Sept. 30, 2016, Seanergy had US$203.60 million in total
assets, US$184.45 million in total liabilities and US$19.15
million in stockholders' equity.

Ernst & Young (Hellas) Certified Auditors-Accountants S.A., in
Athens, Greece, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2015, citing that the Company reports a working capital deficit
and estimates that it may not be able to generate sufficient cash
flow to meet its obligations and sustain its continuing operations
for a reasonable period of time, that in turn raise substantial
doubt about the Company's ability to continue as a going concern.



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


PERMANENT TSB: S&P Assigns 'B/B' Counterparty Credit Ratings
------------------------------------------------------------
S&P Global Ratings said it has assigned its 'B/B' long- and short-
term counterparty credit ratings to Ireland-based nonoperating
holding company Permanent TSB Group Holdings PLC (the NOHC).  The
outlook is stable.

The NOHC is the immediate parent of Permanent TSB PLC (PTSB), a
midsize Irish bank.  The ratings are based on S&P's view of the
group's creditworthiness, constrained by the structural
subordination of the NOHC's creditors.

As the NOHC, it consolidates PTSB which is the principal operating
subsidiary, representing 100% of the group's total assets.  At
end-2015, the group's only investment was its stake in PTSB, and
there is no double leverage at the level of the NOHC.  S&P expects
the NOHC to downstream issued debt and equity capital to its
operating subsidiary and that, over time, it will become a key
vehicle for the group's issuance of long-term instruments designed
to absorb losses, whether on a going-concern or nonviability
basis.

As S&P regards Permanent TSB Group Holdings as a NOHC, S&P do not
assign a group status to the company, as it would for an operating
subsidiary.  Rather, the starting point for the issuer credit
rating (ICR) on the NOHC is based on PTSB's group credit profile
(GCP), which S&P assess at 'bb-'.  S&P sets the ICR on the NOHC
two notches below the GCP, reflecting the structural subordination
of the NOHC's creditors, in other words S&P's view of
incrementally higher credit risk for the NOHC, and the fact that
the GCP is below 'bbb-'.

The ratings on both the NOHC and PTSB do not benefit from any
external support, notably under S&P's additional loss-absorbing
capacity (ALAC) criteria.  In time, it is possible that S&P could
revise this stance -- for example, if it becomes clear that the
group will build a sizable buffer of loss-absorbing capacity
designed to enable a recapitalization rather than a liquidation if
it becomes nonviable.  However, even if S&P included such uplift,
this would benefit only the ratings on PTSB (the operating company
that undertakes the systemically important functions), not the
NOHC (which could well default in such a scenario).  This approach
would be consistent with the one S&P takes for other banking group
NOHCs, for example in the U.K., U.S., and Switzerland.

The stable outlook on the NOHC mirrors that on PTSB.

The stable outlook reflects S&P's view that the group's
capitalization and earnings capacity will remain commensurate with
S&P's expectations at this rating level over the next 12 months.
The stable outlook also reflects that an improvement in S&P's view
of Irish economic risk is unlikely, in itself, to lead S&P to
upgrade PTSB.  This is because S&P continues to believe that PTSB
lags behind its peers in the path to sustainable profitability.

S&P would lower the ratings if PTSB's path to earnings recovery
became derailed.  S&P could also lower the ratings if it perceived
that PTSB's franchise had been negatively affected by its
prolonged restructuring, indicated by reducing market shares and
even weaker profitability in its core banking proposition.

S&P would raise the ratings if the group's earnings capacity and
profitability materially outperformed S&P's expectations, such
that capitalization (as measured by our risk-adjusted capital
ratio) improved sustainably above 10%.  This would depend on S&P
taking a more favorable view of its combined assessment of PTSB's
capitalization and risk profile, or if its funding profile
improves to a level sustainably closer to that of peers.

For PTSB, an upgrade could also follow if S&P perceived a clear
path to the group building a sufficiently large ALAC buffer over
S&P's two-to-four-year projection period.



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


MONTE DEI PASCHI: Moody's Reviews 'ca' BCA on Gov't. Intervention
-----------------------------------------------------------------
Moody's Investors Service has extended the review on Banca Monte
dei Paschi di Siena S.p.A.'s (Montepaschi) ca standalone baseline
credit assessment (BCA), but changed the direction to review for
upgrade from review with direction uncertain previously. The
action reflects the rating agency's expectation that the bank will
improve its credit profile following mandatory conversion of
subordinated bonds into shares, and additional precautionary
recapitalisation by the Italian government.

Furthermore, Moody's has extended the review with direction
uncertain on Montepaschi's Ca subordinate debt rating, B3 senior
debt rating and B2 long-term deposit ratings, reflecting uncertain
recovery for subordinated bonds, and opposing pressures on senior
debt and deposits. The C(hyb) preferred stock rating, which refers
to a fully backed Tier 1 instrument issued by Montepaschi's
vehicle MPS Capital Trust I, remains on review for upgrade.

Moody's has also affirmed Montepaschi's Not Prime short-term
ratings, reflecting that the upward pressure will unlikely lead to
an upgrade in the investment grade category at the conclusion of
the review.

Moody's has also extended the review on Montepaschi's B2(cr) long-
term Counterparty Risk Assessment (CR Assessment), still with
direction uncertain, and it affirmed the Not Prime(cr) short-term
CR Assessment.

Given the close ties between Montepaschi and its corporate and
investment banking subsidiary MPS Capital Services, the ratings of
MPS Capital Services remain in line with those of Montepaschi: ca
standalone and adjusted BCA on review for upgrade, B2 long-term
deposit rating on review with direction uncertain, Not Prime
deposit rating, and B2(cr) on review with direction uncertain/Not
Prime(cr) CR Assessment.

RATINGS RATIONALE

Moody's said that the action reflects the Italian government's
announcement that the bank will be recapitalised via a combination
of mandatory conversion of subordinated debt (Tier 1 and Tier 2
instruments) into equity, and a government capital injection. This
follows Montepaschi's own announcement that its recapitalisation
plan has not succeeded.

  -- EXPECTED IMPROVED CREDIT PROFILE DRIVES REVIEW FOR UPGRADE ON
STANDALONE BCA

The recapitalisation of Montepaschi through the mandatory
conversion of subordinated bonds and public funds will improve the
bank's credit profile, according to Moody's. The rating agency
believes that the additional capital of EUR8.8 billion, higher
than the EUR5 billion originally planned, will be used to
materially reduce the bank's very large stock of problem loans, in
line with the European Central Bank's (ECB) request. Furthermore,
Montepaschi has requested to benefit from one of the provisions in
the recently-approved decree, which allows the government to
guarantee senior debt issued by solvent banks; this will ease the
funding pressure that Montepaschi is currently facing. Given these
actions, and assuming approval by the relevant authorities,
Montepaschi will not be placed in resolution under the terms of
the European Bank Recovery and Resolution Directive (BRRD). This
is the driver behind the change in the direction of the review for
Montepaschi's standalone BCA, to review for upgrade from review
with direction uncertain. The review on the BCA will consider the
bank's restructuring and revised business plan that the bank will
announce in a few weeks, the potential reduction in asset risk,
its new capital position, as well as its funding and liquidity
following the current period of uncertainty.

   -- UNCERTAINTY ON RECOVERY RATES ON TIER 1 AND TIER 2
SUBORDINATED DEBT

The Italian government issued a decree that provides some details
on the burden sharing that Montepaschi's subordinated bondholders
will bear to allow precautionary recapitalisation of the bank
using public funds, according to paragraph (4) of Article 32 of
BRRD and European state aid rules. Instruments will be mandatorily
converted into a number of shares; the notional value of these
shares should be equivalent to specific percentages of the
converted bonds' face values: 75% of Tier 1 bonds' face value, and
100% of Tier 2 bonds' face value. Many details of the
recapitalisation however are yet to be disclosed, and a likely
market price after issuance cannot yet be determined. These
details will materially impact the potential recovery of the
subordinated bonds, and therefore the rating of these instruments.
Moody's expects to conclude the review on the subordinated bonds'
ratings once it receives more clarity on the instruments' recovery
rates; the C(hyb) rating on Montepaschi's Tier 1 instrument
implies a recovery rate below 35%, whilst the bank's Ca rating on
subordinate bonds implies a recovery rate between 35% and 65%.
Following the conversion into shares, the subordinated bonds will
cease to exist and their ratings will be withdrawn.

In order to prevent litigation from retail bondholders on the
basis that they were "mis-sold" their investments, the government
measures also include the possibility for retail subordinated
bondholders to swap their bonds into newly issued senior bonds.
Montepaschi has already proposed such a scheme to the retail
investors of one unrated subordinated bond (ISIN IT0004352586);
the rated subordinated bonds, being dedicated to institutional
investors, will not benefit from this potential swap.

   -- OPPOSING FORCES DRIVE EXTENDED REVIEW WITH DIRECTION
UNCERTAIN FOR SENIOR DEBT AND DEPOSITS

Moody's said that the extended review with direction uncertain on
Montepaschi's B3 senior debt and B2 deposit ratings reflects
opposing forces. Firstly the rating agency considers that the
conversion of subordinated debt and the capital injection from the
Italian government will likely result in an improvement of the
bank's credit profile, and hence the review for upgrade of the
standalone BCA. Secondly, in a resolution scenario senior debt and
deposits will no longer benefit from the subordination of more
than EUR4 billion subordinated bonds that will be converted into
capital, therefore increasing the loss-given-failure of senior
bonds and deposits. Last Moody's continues to incorporate a high
probability of government support for Montepaschi's senior debt
and deposits, reflecting the imminent government intervention. At
the same time, the rating agency said that, once the government
injects capital, it will be more challenging to provide additional
public funds under European State aid rules. During the extended
review period Moody's will evaluate these factors: reduced
probability of requiring external support stemming from improved
fundamentals, higher loss-given-failure for senior debt and
deposits, and further challenges for the government to provide
additional support.

FACTORS THAT COULD LEAD TO AN UPGRADE

A success implementation of government recapitalisation, and a
material reduction of stock of problem loans would lead to an
upgrade of Montepaschi's standalone BCA.

An upgrade of the ca standalone BCA could also lead to an upgrade
of Montepaschi's debt and deposit ratings.

A recovery above 65% of nominal value will lead to an upgrade of
subordinated bonds ratings; the rating on Tier 1 instrument would
be upgraded with a recovery above 35% of the bond's nominal value.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Failure to successfully recapitalise the bank will lead to a
downgrade of all ratings.

A recovery below 35% of nominal value will lead to a downgrade of
subordinated bonds ratings; the rating on Tier 1 instrument is
already at C(hyb), and therefore it cannot be downgraded.

List of Affected Ratings

On Review for Upgrade:

Issuer: Banca Monte dei Paschi di Siena S.p.A.

Baseline Credit Assessment, ca on Review for Upgrade

Adjusted Baseline Credit Assessment, ca on Review for Upgrade

Issuer: MPS Capital Services

Baseline Credit Assessment, ca on Review for Upgrade

Adjusted Baseline Credit Assessment, ca on Review for Upgrade

Issuer: MPS Capital Trust I

BACKED Pref. Stock Non-cumulative (Foreign Currency), C (hyb) on
Review for Upgrade

On Review Direction Uncertain:

Issuer: Banca Monte dei Paschi di Siena S.p.A.

LT Deposit Rating (Foreign Currency and Local Currency), B2 on
Review Direction Uncertain

Senior Unsecured Regular Bond/Debenture, B3 on Review Direction
Uncertain

Subordinate Regular Bond/Debenture, Ca on Review Direction
Uncertain

Senior Unsecured MTN, (P)B3 on Review Direction Uncertain

Subordinated MTN, (P)Ca on Review Direction Uncertain

LT Counterparty Risk Assessment, B2(cr) on Review Direction
Uncertain

Issuer: Banca Monte dei Paschi di Siena, London

LT Counterparty Risk Assessment, B2(cr) on Review Direction
Uncertain

Issuer: MPS Capital Services

LT Deposit Rating (Foreign Currency and Local Currency), B2 on
Review Direction Uncertain

LT Counterparty Risk Assessment, B2(cr) on Review Direction
Uncertain

Affirmations:

Issuer: Banca Monte dei Paschi di Siena S.p.A.

ST Deposit Rating (Foreign Currency and Local Currency), Affirmed
NP

ST Counterparty Risk Assessment, Affirmed NP(cr)

Other Short Term, Affirmed (P)NP

Issuer: Banca Monte dei Paschi di Siena, London

ST Deposit Note/CD Program (Foreign Currency), Affirmed NP

ST Counterparty Risk Assessment, Affirmed NP(cr)

Issuer: MPS Capital Services

ST Deposit Rating (Foreign Currency and Local Currency), Affirmed
NP

ST Counterparty Risk Assessment, Affirmed NP(cr)

PRINCIPAL METHODOLOGY

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



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


SAMRUK-ENERGY: S&P Lowers CCR to 'BB-' on Weaker Credit Metrics
---------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Kazakhstan-based electricity group Samruk-Energy JSC to 'BB-'
from 'BB', and placed it on CreditWatch with negative
implications.  S&P affirmed the 'B' short-term corporate credit
rating.

S&P also lowered its Kazakhstan national scale long-term rating to
'kzBBB+' from 'kzA' and our issue rating on Samruk-Energy's
$500 million senior unsecured notes due December 2017 to 'BB-'
from 'BB', and placed both on CreditWatch with negative
implications.

The downgrade primarily reflects Samruk-Energy's weaker credit
metrics and a lack of visible ongoing government support, which
S&P had previously factored in the rating.  Contrary to S&P's
expectations, Samruk-Kazyna, Samruk-Energy's sole owner, has not
converted a Kazakhstani tenge (KZT) 100 billion (about $300
million) shareholder loan to equity.  Therefore, S&P estimates
Samruk-Energy's debt to EBITDA will be at about 5.5x by year-end
2016.  As a result, S&P has removed the positive one-notch
adjustment it previously included, based on S&P's comparable
ratings analysis.  This has led S&P to revise downward its
assessment of the company's stand-alone credit profile (SACP) to
'b' from 'b+'.

The CreditWatch placement reflects potential pressures on Samruk-
Energy's liquidity and credit quality if the company fails to
ensure availability of funds sufficient to cover the $500
Eurobond, which matures on Dec. 20, 2017, or doesn't receive
timely and sufficient financial support for this from the
government or Samruk-Kazyna, which would reflect a weakening link
to the government.

S&P understands that the company has a plan to cover the upcoming
liquidity deficit by selling four noncore subsidiaries for at
least $120 million, signing about $200 million of new committed
lines with local banks, and reducing its large capital expenditure
(capex) program.  S&P will monitor the company's progress with its
plan, as well as any developments with regard to government
support in the coming months.

At this stage, S&P continues to view Samruk-Energy's financial
risk profile as aggressive, albeit financial metrics are currently
under pressure.  In 2016, S&P expects debt to EBITDA of about 5.5x
and funds from operations (FFO) interest coverage of 2x-3x; the
KZT100 billion shareholder loan was not converted into equity.
Revenues remain under pressure because of low economic growth.
S&P continues to see significant exposure to foreign currency
risk, since about 60% of consolidated debt was denominated in
foreign currencies (primarily U.S. dollars) as of Sept. 30, 2016.

S&P's ratings currently reflect that it expects the company will
improve its performance in 2017, such that debt to EBITDA is at
about 5x, thanks to higher tariffs already approved by the
regulator, growing electricity demand, an increase of export
sales, and asset disposals.

"We view the company's business risk profile as weak.  The group
is not shielded from competition on the market, because the price-
cap mechanism does not guarantee cost recovery.  The market's
regulation is developing, with frequent changes and revisions.
For example, the introduction of a capacity market framework,
which could potentially make the company's revenues more
predictable, was delayed until 2019.  On the positive side, we
note high vertical integration in coal mining, electricity
generation, distribution, and supply operations; a leading market
position in several regions; and a relatively solid share of 32%
of the country's installed capacity," S&P said.

At this stage, S&P continues to believe there is a high likelihood
that Samruk-Energy would receive timely and sufficient
extraordinary support from the Kazakh government, but this
assessment could change depending on the government's strategy
with regard to any support for Samruk-Energy's upcoming Eurobond
maturity.

In S&P's view, Samruk-Energy has an important role for the
government, given its strategic position as a leading provider of
electricity in Kazakhstan; and a very strong link with the
government, which fully owns Samruk-Energy through Samruk-Kazyna.
S&P expects that the government will maintain majority ownership
of Samruk-Energy for at least the next two years.  S&P also
considers the government's involvement in strategic decision-
making at the company, the risk to the country's reputation if
Samruk-Energy were to default, and the government's track record
of providing strong financial support to Samruk-Energy in the form
of equity injections, asset transfers, low-interest-rate loans,
debt guarantees, and tax benefits.

The CreditWatch placement reflects pressures on the ratings if by
the end of the first quarter of 2017, Samruk-Energy is not able to
ensure liquidity sufficient to cover the Eurobond's redemption in
December 2017, or if the government (likely via Samruk-Kazyna)
doesn't provide timely and sufficient extraordinary financial
support, such as a shareholder loan or equity injections.  The
latter could also indicate weakening of the link to the government
and result in our reassessment of the likelihood of extraordinary
state support.

S&P could affirm the ratings if Samruk-Energy ensures, in advance,
availability of funds sufficient for the Eurobond's redemption,
and continues to enjoy government support.

S&P aims to resolve its CreditWatch in about three months.



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


AVOCADO BIDCO: S&P Affirms 'CCC+' Rating on 2nd-Lien Debt
---------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings for Avocado Bidco Luxembourg S.a.r.l.
(Armacell) that were labeled as "under criteria observation" (UCO)
after publishing its revised recovery ratings criteria on Dec. 7,
2016.  With S&P's criteria review complete, it is removing the UCO
designation from these ratings and are revising the recovery
ratings on the first-lien EUR100 million revolving credit facility
(RCF) and EUR490 million term loan to '3' from '4', based on
improved recovery prospects that now lie in the lower half of the
50%-70% range.  S&P is affirming the issue ratings on the RCF and
the loan at 'B'.  S&P is also affirming the 'CCC+' issue rating on
the group's second-lien debt.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.

Key analytical factors:

   -- Following the publication of S&P's revised recovery ratings
      criteria on Dec. 7, 2016, S&P reviewed the group's recovery
      and issue-level ratings.  As a result of this review, S&P
      is raising its recovery rating on the group's first-lien
      debt to '3' from '4'.  The '3' recovery rating on this debt
      indicates S&P's expectation of meaningful recovery in the
      lower half of the 50%-70% range in the event of a payment
      default.  The 'B' issue rating is unchanged.

   -- In addition, S&P affirmed its 'CCC+' issue rating on the
      group's second-lien debt.  The recovery rating on this debt
      is unchanged at '6', indicating S&P's expectation of
      negligible recovery of 0%-10% in the event of a payment
      default.

   -- S&P's hypothetical default scenario assumes a combination
      of declining revenues in Europe, subdued growth in the U.S.
      and emerging markets, and pricing pressure resulting from
      increased competition.  S&P believes that this, combined
      with unforeseen operational issues pushing down production
      volumes and operating margins, would lead to a hypothetical
      payment default in the second half of 2019.

   -- S&P values the business as a going concern, supported by
      Armacell's leading position in the insulation materials
      market, longstanding customer relationships, and diverse
      end markets.

Simulated default assumptions:

   -- Year of default: 2019 (second half)
   -- Minimum capex (as proportion of last three years' average
      sales): 2.0%
   -- Default year scheduled debt amortization: about EUR5
      million
   -- Cyclicality adjustment factor: +10% (standard sector
      assumption for building materials)
   -- Emergence EBITDA: about EUR71 million
   -- Implied enterprise value multiple: 5.0x
   -- Jurisdiction: Germany

Simplified waterfall:

   -- Gross enterprise value (EV) at default: about EUR352
      million
   -- Tax-adjusted pension deficit adjustment to EV: about
      EUR34 million (50% of last three years' average amount)
   -- Administrative costs: 5%
   -- Net value available to creditors: EUR302 million
   -- Priority claims*: EUR5 million
   -- First-lien debt claims*: about EUR580 million
   -- Recovery expectation: 50%-70% (lower half of the range)
   -- Recovery rating: 3
   -- Second-lien debt claims*: EUR74 million
   -- Recovery expectation: 0%-10%
   -- Recovery rating: 6

*All debt amounts include six months' prepetition interest.  RCF
assumed 85% drawn on the path to default.



===============
P O R T U G A L
===============


* Fitch: Portuguese Banks Outlook Neg as Capital is Vulnerable
--------------------------------------------------------------
The negative outlook for the Portuguese banking sector reflects
the intensified pressure on capital from the weak profitability
and asset quality, amid a highly indebted economy with low growth
prospects, Fitch Ratings says. We believe the sector has to take
important steps to underpin its solvency at a time when earnings
are under pressure, affected by still high impairment charges and
restructuring costs, and capital requirements are increasing.

Fitch expects GDP growth to slow to 1.2% in 2016 and 1.4% in 2017,
which, together with the highly indebted economy, poses additional
risks to the system's already weak asset quality. Fitch believes
asset-quality indicators could deteriorate in 2017, as loan
deleveraging will persist.

Given the long recovery process of problematic assets, we also
believe that changes in legislation that facilitate bankruptcy
procedures and speed up court resolutions are key for banks to
have the necessary tools to work out problem loans. However, the
positive impact of any reform to the insolvency framework will
only feed through in the medium term.

Despite these challenges and negative outlook on the sector, the
outlook on banks' ratings is stable reflecting capital increases,
restructuring and weak but fairly stable asset-quality indicators.
This is slowly reducing the high pressure on capitalisation from
unreserved problem assets. We also expect some sales of non-core
assets to support capital.

Downside pressure on the banks' rating would mainly arise from an
inability to generate earnings that support the build-up of
capital internally. Upward rating potential would follow
improvements in capital levels, a material reduction of problem
assets and better core profitability.



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


OTKRITIE HOLDING: S&P Puts 'BB-' Rating on CreditWatch Negative
---------------------------------------------------------------S&P
Global Ratings said that it placed its 'BB-' long-term
counterparty credit rating and 'ruAA-' Russia national scale
rating on Bank Otkritie Financial Co. (Bank OFC) on CreditWatch
with negative implications.  At the same time, S&P affirmed its
'B' short-term counterparty credit rating on the bank.

The CreditWatch placement reflects S&P's view that the financial
profile of Otkritie Holding (OH), the ultimate parent of Bank OFC,
is likely to come under pressure owing to these reasons:

   -- The potential acquisition of insurance company PJSC
      Rosgosstrakh (B+/Watch Neg).
   -- The acquisition of a Russian diamond mining company for
      US$1.45 billion intended to be completed in the first
      quarter of 2017, which S&P expects to be funded by debt.
      OH's prolonged process to receive additional funding for
      the financial rehabilitation of Bank TRUST, which has been
      discussed since 2015.

All these factors are likely to contribute to increased double
leverage at the level of the holding company itself and
deterioration of the consolidated risk-adjusted capital ratio for
the whole group.  S&P considers Bank OFC to be an insulated
subsidiary of OH, primarily due to its regulated nature and
absence of important financial links between the two.  S&P is
therefore unlikely to rate it more than two notches above the
group credit profile.  Consequently, S&P has placed its ratings on
Bank OFC on CreditWatch with negative implications.

S&P understands that OH intends to finalize the terms and
conditions of the deal with Rosgosstrakh during the first quarter
of 2017 after the due diligence is complete.  That said, S&P notes
significant risks for OH's capitalization as a result of the
acquisition.

The riskiness of the transaction for OH and Bank OFC is heightened
by the financial difficulties experienced by the insurance
company.  On Dec. 12, 2016, S&P put its ratings on Rosgosstrakh on
CreditWatch negative due to substantial losses in 2016 resulting
from a difficult situation in the obligatory motor third party
insurance market.  In particular, for the first six months of
2016, Rosgosstrakh posted a net loss of Russian ruble
RUB8.6 billion (approximately US$140 million) -- two times higher
than that for 2015.

S&P also recognizes that the potential acquisition of
Rosgosstrakh, together with a series of other events such as the
debt-funded acquisition of the diamond company and the continuous
delays in receiving funding for Bank TRUST, are negative factors
for the credit profile of the overall group, and indirectly for
the bank.  Besides the financial risks attached to these
operations, which in S&P's view could be substantial, it notes
risks relating to the predictability of further expansion of the
group.

S&P aims to resolve the CreditWatch within the next three months
when the due diligence procedures and the integration roadmap for
Rosgosstrakh are finalized.  S&P will also seek better visibility
on the perspective consolidated capital position of Bank OFC, and
of OH, but also on the wider and more medium-term strategic
objectives of the group.

S&P could lower the ratings by one or, in the worst case, by a
maximum of two notches if it believes that the capital position of
OH has sustainably weakened, based on S&P's RAC ratio for the
consolidated group falling below 3%, or if S&P believes that the
group's risk position has worsened to such extent that it presents
a higher risk for the bank.

S&P could affirm the ratings if it sees no deterioration in the
capital positions of Bank OFC and OH, for instance if fresh
capital were injected at the level of the group or bank to offset
the current increase in leverage.  S&P could also affirm the
ratings if S&P observes that OH has substantially reduced its
appetite for acquisitions.



===========
T U R K E Y
===========


* TURKEY: Companies Face Cash Flow Problems, High Indebtedness
--------------------------------------------------------------
Asli Kandemir at Bloomberg News reports that Ozlem Ozuner, Turkey
CEO of world's biggest credit insurer Euler Hermes, said in an
interview in Istanbul on Dec. 23 cash flow problems and high
indebtedness are two biggest problems for Turkish companies.

According to Bloomberg, these problems are likely to persist in
2017 amid slowing economic growth and extension in payment terms.

Vulnerability in economy continues following July coup attempt and
Moody's downgrade of sovereign rating to junk, Bloomberg notes.

"We are in an environment that everybody is positioned in a
wait-and see mood and looking for a new economic growth story amid
falling FDI, tourism revenues and domestic confidence," Bloomberg
quotes Mr. Ozuner as saying.

Despite all adverse developments, banking industry and companies
are more resilient to uncertainties than they were in 2000s,
Bloomberg states.

According to Bloomberg, Mr. Ozuner said indebted companies are
trying to "deleverage" and downsize to survive.  He said
consolidations are "very likely" in food, textile and IT
retailers, Bloomberg relates.

The number of bankruptcies may exceed estimate for 2016 of 17,000,
however the figure may be "slightly lower" in 2017 as government
banned applications to delay bankruptcies, Bloomberg relays,
citing Mr. Ozuner.



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


PRIVATBANK: S&P Lowers Counterparty Credit Ratings to 'R/R'
-----------------------------------------------------------
S&P Global Ratings lowered its long- and short-term counterparty
credit ratings on Ukraine-based PrivatBank to 'R/R' (indicating
the obligor is under regulatory supervision) from 'B-/C'.

The downgrade reflects the regulatory risk related to the National
Bank of Ukraine's (NBU) declaration of PrivatBank as insolvent,
the bank's nationalization, as well as the possible --though not
certain -- introduction of a moratorium on some of PrivatBank's
credit obligations by the government.

On Dec. 18, 2016, the Cabinet of Ministers of Ukraine approved the
state's participation in the recapitalization of PrivatBank.  In
accordance with this decision, 100% of the bank's shares will be
held by the state, which is represented by the Ministry of Finance
of Ukraine.

The nationalization is reported to be caused by increasing
concerns over related-party lending and the bank's ability to
clean up its loan book and meet capital ratio requirements.  The
NBU announced that total capital needs faced by PrivatBank
currently amount to Ukrainian hryvnia (UAH) 148 billion
($6 billion as of publication date).

S&P does not have full clarity on the regulator's recapitalization
plan for PrivatBank as of the time of this publication, although
it is possible that the regulator will prioritize some of the
bank's credit obligations over others.  For example, the Finance
Minister of Ukraine Mr. Oleksandr Danyliuk announced that
Eurobonds will be bailed in.

S&P therefore lowered its ratings on PrivatBank to 'R' (indicating
the obligor is under regulatory supervision), as per S&P's
criteria.

Any further rating actions on PrivatBank will largely depend on
the details of its recapitalization plan to be implemented by NBU
and on S&P's opinion of the bank's business and financial
prospects once these details are available and after the
recapitalization plan has been implemented.

S&P does not rate any debt issued by PrivatBank.

With total assets of UAH272 billion on Oct. 1, 2016, PrivatBank
remains the largest bank in Ukraine.  The bank claims to provide
services to 48% of individuals and 56% of corporates in Ukraine.
Its market share in retail deposits was 39% as of mid-2016.


UKRAINE: Efforts to Recover Failed Bank Assets Yield Poor Results
-----------------------------------------------------------------
Natalie Vikhrov at Kyiv Post reports that the Ukrainian government
has paid out more than UAH80 billion (US$3 billion) to customers
with insured deposits in the nation's 80 collapsed banks since
2014.

But little of that money, and as well another US$5 billion in
losses from uninsured deposits, has come from bank owners,
managers and shareholders, who pocketed billions of dollars of
Ukrainian deposits through insider loans and other embezzlement
schemes, Kyiv Post states.

The Deposit Guarantee Fund has filed more than 3,000 criminal
reports to law enforcement agencies -- 376 of them linked to
owners and top managers of insolvent banks, Kyiv Post discloses.
However, this approach has yielded poor results, Kyiv Post says.
To date, there have been merely two convictions of bank owners or
top management, Kyiv Post notes.

In comparison to the thousands of criminal reports, the fund has
filed a total of seven civil lawsuits throughout 2014 and 2015
against the bank owners and shareholders of Tavryka, ERDE, Forum,
and Mercury banks, amounting to claims of UAH13.4 billion (US$510
million), Kyiv Post relays.

Despite losing all seven lawsuits, the fund has come under fire
for failing to further pursue the civil route against bank
leadership, which has proven effective in many other countries,
including Russia, Kyiv Post relates.

Andriy Olenchyk, the Deposit Guarantee Fund deputy managing
director, admitted that the organization struggled in its pursuit
of civil claims, according to Kyiv Post.

Both banking sector experts and anti-corruption authorities have
criticized the organization for repeatedly forwarding criminal
cases to the Prosecutor General's office, where the investigations
typically stall, Kyiv Post says.

According to Kyiv Post, DLA Piper partner Oleksandr Kurdydyk said
on average civil claims took 30 to 40% less time to reach a
resolution compared to criminal.


UKRAINE: Takes Steps to Clean Up Dysfunctional Banking Sector
-------------------------------------------------------------
Neil Buckley at The Financial Times reports that recently,
Ukraine's government nationalized PrivatBank, the country's most
powerful bank.  This was no small step, according to the FT.  With
37% of retail deposits and one-fifth of banking assets, the lender
is of crucial systemic importance to the country, the FT notes.

International financial institutions applauded the state takeover,
the FT relates.  It has been widely seen as the culmination of
Ukraine's efforts since 2014 to clean up a dysfunctional banking
sector dominated by oligarch-owned banks, the FT states.

Restructuring the banking sector has in fact been one of Ukraine's
most successful reforms since the 2014 pro-democracy revolution
that prompted Russia to annex Crimea and foment a separatist war
in the east, the FT notes.

Imposing more stringent regulation, the National Bank of Ukraine
has closed 80 of the country's 180 banks, leaving it with fewer,
but larger and more transparent lenders, the FT relays.  But with
the economy in the doldrums, the sector still has a long way to go
to recover profitability, the FT says.  In the year to September,
the banking system reported a return on equity of minus 7.5% --
though that was a big improvement on minus 30.5 per cent in 2015
and minus 52% in 2014, the FT discloses.  The clean-up and the
PrivatBank nationalization have left half the banking sector by
assets and four of its top 10 banks in state hands -- though
officials aim ultimately to re-privatize PrivatBank, according to
the FT.

The hope now is that these more transparent and better-capitalized
lenders can jump-start the lending the country desperately needs
to restore its war-torn economy, after GDP contracted 17% since
2014, the FT says.

Ukraine's authorities have been praised internationally, too, for
their handling of the PrivatBank case, promising depositors would
not lose money, and avoiding any large-scale run on deposits, the
FT relays.


UKRAINE: Lenders Wary of Agricultural Sector Following Defaults
---------------------------------------------------------------
Bermet Talant at Kyiv Post reports that the failures of Mriya,
Creative and UkrLandFarming agroholdings to pay their debts have
made some lenders wary of the sector.

Ukraine's agricultural sector is one of the big engines driving
the economy, but creditors contended with all sorts of calamities
in the last three years -- revolution, war, economic recession,
high inflation and currency devaluation, Kyiv Post relays.  These
factors, along with parliament's refusal to lift the moratorium on
sales of agricultural land, have clouded financing prospects,
Kyiv Post says.

Without land as collateral, the 10 largest Ukrainian agroholdings,
which control 2.1 million hectares of land, have had to turn to
other sources of financing, Kyiv Post notes.

According to Kyiv Post, Volodymyr Igonin -- igonin@vkp.kiev.ua --
of Vasil Kisil & Partners said that Ukrainian legislation on debt
restructuring is inadequate.  Still, the Ukrainian legal framework
is being changed to comply with a common business practice of the
developed markets, Kyiv Post states.



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


CREDIT SUISSE: Moody's Affirms Ba1 Rating on Jr. Sub. Bonds
-----------------------------------------------------------
Moody's affirmed the ratings of Credit Suisse AG (A1 senior debt,
A1 deposits, baa2 Baseline Credit Assessment) following Credit
Suisse's announcement of a settlement in principle with the U.S.
Department of Justice (DOJ) regarding civil claims in connection
with the bank's issuance and underwriting of residential mortgage-
backed securities (RMBS) conducted through 2007. Under the
agreement, Credit Suisse has agreed to pay a civil monetary
penalty of USD2.48 billion and to provide USD2.8 billion in
consumer relief to be delivered over the course of five years post
settlement. The outlook on Credit Suisse's debt and deposit
ratings is stable.

RATINGS RATIONALE

The affirmation reflects Moody's view that the settlement is
positive for Credit Suisse's creditors since it substantially
reduces litigation tail risk and the expected impact on capital
ratios is manageable, notwithstanding the large dollar amounts
involved. At September 30, 2016, after giving effect to the
reserve increase related to the settlement, Moody's estimates that
Credit Suisse's CET1 on a fully-loaded basis will be approximately
11.2%. The cash portion of the settlement is USD2.48 billion,
comprised of civil monetary penalties. Credit Suisse intends to
add USD2 billion (CHF 2.05 billion) to its existing litigation
reserves in the fourth quarter -- bringing the total litigation
reserve to CHF 4.2 billion before the settlement. Assuming no
other charges in the fourth quarter, this would leave Credit
Suisse with approximately CHF 1.7 billion in litigation reserves,
after the cash portion of the DOJ settlement, to cover remaining
litigation exposures. Credit Suisse still faces RMBS litigation
pending with a number of states' attorney generals and the Federal
Deposit Insurance Corporation (FDIC). While Moody's rating
includes an expectation of penalties for these claims, an outsized
penalty could weigh on the rating.

The settlement also includes USD2.8 billion in consumer relief
expected to be delivered primarily in the form of loan
modifications over a period of five years from settlement and are
not expected to have a material impact on 2016 results.

This settlement reduces uncertainty, and will improve management's
ability to focus on execution of its updated strategy which will
benefit bondholders if successfully achieved. Moody's considers
that Credit Suisse's performance through the current restructuring
exercise is consistent with the current baa2 BCA. This reflects a
balance of near-term profitability and execution challenges with
our expectation that, should the restructuring be successful,
profitability will be restored such that it may put upward
pressure on the rating. The Group's current weak profitability
reflects the business is currently in the trough of its
restructuring effort and will continue to face pressure from the
disposal of non-core assets held in its Strategic Resolution Unit
(SRU). We expect management to prioritize the minority IPO of its
Swiss subsidiary business in the second half of 2017 while also
continuing to build capital through disposals in the SRU.

FACTORS THAT COULD LEAD TO AN UPGRADE

Upward pressure on the bank's ratings could arise if the bank were
to successfully achieve a substantial and sustainable improvement
in profitability. The ratings could also see upward pressure
should the bank significantly reduce the risk profile and its
reliance on earnings from its capital markets businesses.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The rating could face downward pressure if the bank fails to
successfully execute the planned changes to its business model, or
if it were to suffer from a significant control or risk management
failure, or materially increase its risk appetite.

The ratings could also face further downward pressure in the event
of a significant decline in the Swiss economy, or a deterioration
in the bank's capital or liquidity profile.

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

LIST OF AFFECTED RATINGS

Issuer: Credit Suisse Group AG

Rating Actions:

Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

Senior Unsecured Shelf, affirmed (P)Baa2

Subordinate Seniority Shelf, affirmed (P)Baa3

Outlook Actions:

Outlook, Remains Stable

Issuer: Credit Suisse AG

Rating Actions:

Baseline Credit Assessment, affirmed baa2

Adjusted Baseline Credit Assessment, affirmed baa2

Counterparty Risk Assessment, affirmed A1(cr)/P-1(cr)

Issuer Rating, affirmed A1, STA

Local Currency Deposit Rating, affirmed A1, STA/P-1

Foreign Currency Deposit Rating, affirmed A1, STA/P-1

Senior Unsecured Regular Bond/Debenture, affirmed A1, STA

Senior Unsecured Deposit Program, affirmed (P)A1

Senior Unsecured Medium-Term Note Program, affirmed (P)A1

Senior Unsecured Shelf, affirmed (P)A1

Subordinate Regular Bond/Debenture, affirmed Baa3

Subordinate Medium-Term Note Program, affirmed (P)Baa3

Subordinate Shelf, affirmed (P)Baa3

Senior Unsecured Commercial Paper, affirmed P-1

Short-Term Medium-Term Note Program, affirmed (P)P-1

Outlook Actions:

Outlook, Remains Stable

Issuer: Credit Suisse AG (Guernsey) Branch

Rating Actions:

Counterparty Risk Assessment, affirmed A1(cr)/P-1(cr)

Senior Unsecured Regular Bond/Debenture, affirmed A1, STA

Senior Unsecured Medium-Term Note Program, affirmed (P)A1

Junior Subordinated Regular Bond/Debenture, affirmed Baa3(hyb)

Non-cumulative Preferred Stock, affirmed Ba2(hyb)

Short-Term Medium-Term Note Program, affirmed (P)P-1

Outlook Actions:

Outlook, Remains Stable

Issuer: Credit Suisse AG (London) Branch

Rating Actions:

Counterparty Risk Assessment, affirmed A1(cr)/P-1(cr)

Foreign Currency Deposit Rating, affirmed A1, STA

Senior Unsecured Regular Bond/Debenture, affirmed A1, STA

Senior Unsecured Medium-Term Note Program, affirmed (P)A1

Subordinate Regular Bond/Debenture, affirmed Baa3

Subordinate Medium-Term Note Program, affirmed (P)Baa3

Short-Term Regular Bond/Debenture, Affirmed P-1

Short-Term Medium-Term Note Program, affirmed (P)P-1

Outlook Actions:

Outlook, Remains Stable

Issuer: Credit Suisse AG (Nassau) Branch

Rating Actions:

Counterparty Risk Assessment, affirmed A1(cr)/P-1(cr)

Senior Unsecured Regular Bond/Debenture, affirmed A1, STA

Senior Unsecured Medium-Term Note Program, affirmed (P)A1

Subordinate Medium-Term Note Program, affirmed (P)Baa3

Short-Term Medium-Term Note Program, affirmed (P)P-1

Outlook Actions:

Outlook, Remains Stable

Issuer: Credit Suisse AG (New York) Branch

Rating Actions:

Counterparty Risk Assessment, affirmed A1(cr)/P-1(cr)

Local Currency Deposit Rating, affirmed A1, STA/P-1

Senior Unsecured Deposit Note/Takedown, affirmed A1, STA

Senior Unsecured Regular Bond/Debenture, affirmed A1, STA

Senior Unsecured Conv./Exch. Bond/Debenture, affirmed A1, STA

Senior Unsecured Medium-Term Note Program, affirmed (P)A1

Senior Unsecured Shelf, affirmed (P)A1

Subordinate Regular Bond/Debenture, affirmed Baa3

Subordinate Medium-Term Note Program, affirmed (P)Baa3

Senior Unsecured Commercial Paper, Affirmed P-1

Short-Term Medium-Term Note Program, affirmed (P)P-1

Outlook Actions:

Outlook, Remains Stable

Issuer: Credit Suisse AG (Sydney) Branch

Rating Actions:

Counterparty Risk Assessment, affirmed A1(cr)/P-1(cr)

Senior Unsecured Regular Bond/Debenture, affirmed A1, STA

Senior Unsecured Medium-Term Note Program, affirmed (P)A1

Senior Unsecured Commercial Paper, affirmed P-1

Senior Unsecured Deposit Program, affirmed P-1

Outlook Actions:

Outlook, Remains Stable

Issuer: Credit Suisse AG (Tokyo) Branch

Rating Actions:

Counterparty Risk Assessment, affirmed A1(cr)/P-1(cr)

Senior Unsecured Regular Bond/Debenture, affirmed A1, STA

Outlook Actions:

Outlook, Remains Stable

Issuer: Credit Suisse Group Funding (Guernsey) Ltd

Rating Actions:

BACKED Senior Unsecured Regular Bond/Debenture, affirmed Baa2,
STA

BACKED Senior Unsecured Medium-Term Note Program, affirmed
(P)Baa2

Outlook Actions:

Outlook, Remains Stable

Issuer: Credit Suisse Group Finance (US) Inc.

Rating Actions:

Subordinate Regular Bond/Debenture, affirmed Baa3

Issuer: Credit Suisse (USA) Inc.

Rating Actions:

BACKED Senior Unsecured Regular Bond/Debenture, affirmed A1, STA

BACKED Senior Unsecured Shelf, affirmed (P)A1

Outlook Actions:

Outlook, Remains Stable

Issuer: DLJ Cayman Islands LDC

Rating Actions:

BACKED Senior Unsecured Regular Bond/Debenture, affirmed A1, STA

Issuer: Credit Suisse International

Rating Actions:

Counterparty Risk Assessment, affirmed A1(cr)/P-1(cr)

Issuer Rating, affirmed A1, STA

BACKED Deposit Rating, affirmed A1, STA/P-1

Senior Unsecured Regular Bond/Debenture, affirmed A1, STA

BACKED Senior Unsecured Shelf, affirmed (P)A1

Outlook Actions:

Outlook, Remains Stable

Issuer: Credit Suisse Group Finance (Guernsey) Ltd.

Rating Actions:

BACKED Senior Unsecured Regular Bond/Debenture, affirmed Baa2,
STA

BACKED Junior Subordinated Regular Bond/Debenture, affirmed
Ba1(hyb)

Outlook Actions:

Outlook, Remains Stable


INNOVIA GROUP: S&P Puts 'B' CCR on CreditWatch Positive
-------------------------------------------------------
S&P Global Ratings said that it placed its 'B' long-term corporate
credit and issue ratings on U.K.-based polymer film and banknote
substrate manufacturer Innovia Group (Holding 3) Ltd. on
CreditWatch with positive implications.  At the same time, S&P
revised upward the recovery ratings on the senior secured notes to
'3' from '4'.  The 'B' issue rating is unchanged.

The CreditWatch placement follows the announcement by Toronto-
based label manufacturing group CCL Industries that it is
acquiring Innovia.  S&P will resolve the CreditWatch placement
after the transaction closes, which it expects to happen by the
end of the first quarter 2017, at which time S&P would expect to
raise its rating on Innovia to 'BBB', equalizing it with that on
CCL Industries.

In addition, S&P is revising upward its recovery ratings on
Innovia's first lien EUR262 million outstanding senior secured
notes from to '3' from '4', based on improved recovery prospects.
This indicates S&P's expectation of recovery in the lower half of
the 50%-70% range in the event of default.

The ratings on the senior secured notes were labeled as "under
criteria observation" (UCO) after S&P published its revised
recovery ratings criteria on Dec. 7, 2016.  With S&P's criteria
review complete, it is revising upward the recovery ratings and
removing the UCO designation from this instrument.  The 'B' issue-
level rating on the notes is unchanged, as the recovery rating
revision has not resulted in an issue-level rating change.  The
action on the recovery ratings stems solely from the application
of our revised recovery criteria and does not reflect any change
in our assessment of the corporate credit rating on the issuer, or
the announced acquisition.

The CreditWatch with positive implications on the ratings on
Innovia reflects the likelihood that S&P would align the ratings
on Innovia with that on CCL Industries should the acquisition
complete as expected in the first quarter of 2017.  The long-term
rating on CCL Industries was affirmed at 'BBB' with a stable
outlook following the announcement.

Should CCL Industries not complete its acquisition of Innovia, S&P
could return the outlook to positive, all other things being
equal.  Prior to the announcement of the acquisition, S&P's
outlook on the ratings on Innovia was positive, reflecting reduced
leverage and pending S&P's assessment of whether such improvements
would be sustainable.  Alternatively, S&P could upgrade Innovia on
a standalone basis to 'B+' if the company is able to demonstrate
sustainably reduced leverage at comfortably less than 5x, and a
funds from operations-to-debt ratio of above 12% -- through
improved operating performance and reduced earnings volatility --
while supported by less aggressive financial policies that target
further deleveraging.

S&P could revise the outlook to stable if it is no longer
convinced that Innovia's existing shareholders are targeting a
less aggressive capital structure, or if weaker or more volatile
earnings resulted in credit metrics returning to those consistent
with a highly leveraged financial risk profile.


MAGYAR TELECOM: S&P Raises CCR to 'B-' on Stabilizing Trends
------------------------------------------------------------
S&P Global Ratings said that it has raised its long-term corporate
credit rating on U.K.-based holding company Magyar Telecom B.V.,
which operates as a telecommunications service provider in
Hungary, to 'B-' from 'CCC+'.  The outlook is stable.

At the same time, S&P raised its issue rating on Magyar Telecom's
EUR150 million senior secured PIK toggle notes due 2018 to 'B-'
from 'CCC+'.

The upgrade primarily reflects Magyar Telecom's somewhat better-
than-expected operating performance in the first nine months of
2016, with stabilizing revenues and EBIDTA margins.  It also takes
into account S&P's expectation of modestly growing revenues and
margins in 2017, supported by the group's investments in its fiber
network, stronger macroeconomic conditions with rising employment,
and reduced depreciation of the Hungarian forint against the euro.
S&P also expects several governmental measures, such as the
reduction of the corporate tax rate to 9% from 19%, as well as the
reduction of employer payroll charges and special taxes, to
support Magyar Telecom's operations; the related savings will more
than offset the additional costs of an increased minimum wage.

"As a result, we have revised upward our assessment of Magyar
Telecom's business risk profile to weak, versus vulnerable
previously.  Still, the group's business risk continues to be
constrained by low scale, limited geographic diversification, and
the fiercely competitive Hungarian telecommunications market.  The
group is also still exposed to regulatory risk related to
government taxes (utility and telecom tax), which directly curb
its revenue and cash flow generation.  Magyar Telecom faces stiff
competition from cable operators, as well as the national
incumbent operator Magyar Telekom PLC, a 59%-owned subsidiary of
Deutsche Telekom AG.  In addition, the group's profitable core
voice business continues to decline" S&P said.

These weaknesses are partly offset by Magyar Telecom's recently
stabilizing operating performance, with slightly improving EBITDA
margins following cost cutting.  The group has an extensive
network as the former incumbent telecom operator in 14 concession
areas in Hungary.  It is the second-largest telecom operator in
the business sector with a national market share of about 20%.

S&P's view of Magyar Telecom's financial risk profile continues to
reflect its only break-even free operating cash flow (FOCF)
generation, resulting from high investment requirements.  In
addition, the company has limited liquidity reserves.  As of
Sept. 30, 2016, its cash balance amounted to about EUR21.9
million.  In S&P's view, the group's FOCF generation and credit
metrics are highly sensitive to the forint's fluctuations against
the euro and could weaken materially in the event of significant
adverse currency movements, deterioration of the economic
environment, or additional adverse tax legislation.  The group
generates its revenues almost entirely in forints, but must make
interest payments and some of its investments in euros.  However,
S&P expects a more stable forint compared with the euro in 2017
than in previous years.

The stable outlook reflects S&P's expectation that Magyar Telecom
will report at least stable revenues and margins in 2017 and
address refinancing of its PIK notes due in June 2018 by mid-2017.

S&P could consider a downgrade if the group generated negative
FOCF of more than EUR5 million or if revenues and EBITDA margin
contracted, despite investing in and upgrading its network.  S&P
could also lower its rating if Magyar Telecom is unable to
successfully address the refinancing of its debt by mid-2017.

Rating upside currently seems unlikely, in S&P's view, due to its
expectations that the company will generate only break-even FOCF
in the next two years.  However, S&P could consider raising its
rating if Magyar Telecom's FOCF-to-debt ratio approached 5% and
its debt-to-EBITDA ratio remained below 4.0x.  In addition, S&P
would expect the group to extend its debt profile, sustain
adequate liquidity, and post at least low-single-digit revenue
growth.


MONARCH AIRLINES: Expects Profits to Drop by 35%, CEO Says
----------------------------------------------------------
Jillian Ambrose at The Telegraph reports that Monarch Airlines
profits are poised to plunge by 35% after the slide in the value
of sterling compounded what the airline's chief executive called
the "toughest trading environment ever faced by the industry".

The downturn dealt a heavy blow to the embattled low-cost carrier,
which was forced to rely on its fifth financial bailout in four
years to avert a funding crisis that threatened to ground its
planes, The Telegraph relates.

According to The Telegraph, in an update on trading in the year to
the end of October, the airline said it expected earnings before
interest, tax, depreciation and amortization of GBP48 million,
compared to GBP74 million the year before.  It blamed a ban on
flights to the popular Egyptian resort town of Sharm el Sheikh and
the fall in the pound since the EU referendum in June, The
Telegraph relays.

Despite the financial hit Monarch boss Andrew Swaffield insisted
that the carrier had performed well in the circumstances, The
Telegraph notes.

He assured investors that he remained confident in its position
after securing a GBP165 million lifeline from owners Greybull
Capital alongside a restructuring of its US$3.2 billion (GBP2.6
billion) deal with Boeing for up to 45 new aircraft, The Telegraph
discloses.

Monarch's recapitalization offers it the financial stability to
move ahead with its plans to renew its fleet of aircraft from
March 2018, The Telegraph states.

Monarch Airlines, also known as and trading as Monarch, is a
British airline based at Luton Airport, operating scheduled
flights to destinations in the Mediterranean, Canary Islands,
Cyprus, Egypt, Greece and Turkey.



===================
U Z B E K I S T A N
===================


ORIENT FINANS: S&P Affirms 'B-/C' Counterparty Credit Ratings
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term and 'C' short-term
counterparty credit ratings on Uzbekistan-based Orient Finans
Bank.  The outlook is stable.

The affirmation reflects S&P's view that OFB will continue its
existing operations over the next 12-18 months and maintain its
current capitalization via sound earnings capacity, despite the
deteriorating operational environment and the rapid asset growth
S&P expects in 2017-2018.

S&P sees OFB as rapidly expanding, but from a relatively low base
and with a small 22% share of the loan book in total assets as of
Dec. 1, 2016, which partly mitigates credit risks.  S&P also
regards it as a rather small financial institution that benefits
from strong customer loyalty and from having clientele with better
credit profiles than other small and midsize Uzbek banks.
Predominantly, this reflects the bank's notable on- and off-
balance-sheet exposures to government-owned and quasi-government
companies.  However, this leads to large single-name
concentrations, which potentially impair business stability.  The
bank's top 20 borrowers represented an 80% share of its total loan
book and the top 20 depositors 50% of total deposits as of
Sept. 1, 2016.

"OFB's financial profile will show resilience to increasing
economic risks over the next 12-18 months, in our view.  Despite
the rise in risk weights under S&P's risk-adjusted capital (RAC)
ratio calculation, it continues to view OFB's loss-absorption
capacity as moderate.  S&P expects its RAC ratio for the bank will
gradually decline to 5.5%-7.0% over the next 18 months.  S&P's
projections incorporate high growth of 110%-130% in the loan book
and 40%-50% in assets next year.  Such brisk expansion is balanced
by sound expected profitability, which is one of the main rating
strengths.  S&P expects return on average equity to not go below
25% in 2017.

S&P views OFB's funding as average and its liquidity as adequate.
The bank's low loan-to-deposit ratio of 35% as of Dec. 1, 2016,
under local generally accepted accounting principles, reflects its
currently limited lending activity and its limited dependence on
market and interbank funding.  The bank has an ample liquidity
cushion with liquid assets (cash and cash equivalents with
exposures to interbank and central bank net of restricted cash)
fully covering on-demand deposits on Dec. 1, 2016.

The stable outlook on OFB reflects S&P's expectation that the
bank's business and financial profiles will remain broadly
unchanged over the next 12 months, and that it will continue,
despite its limited franchise, to maintain strong profitability.

S&P could lower its ratings if S&P sees signs that its projected
RAC ratio for OFB will go below 3% over the next 12-18 months.
This might happen due to insufficient capital build-up to match
the growth in risk-weighted assets or higher-than-expected losses,
which would burden profit generation, especially if S&P sees
substantial deterioration in asset quality leading to credit costs
notably exceeding the market average.

S&P considers a positive rating action on OFB as unlikely in the
next 12 months.  S&P thinks its capital buffers are unlikely to
improve enough in the next 12 months to support a higher rating
and that both the loan book and deposit base will remain
concentrated, limiting upside potential as well.



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


* Fitch: European MMFs Face Worsening Year-End Supply Shortages
---------------------------------------------------------------
A recurring shortage of overnight deposit and repo facilities
around year-end will leave European money market funds (MMFs)
increasingly dependent on custodian banks for managing their
liquidity, which will come at a cost to fund yields, Fitch Ratings
says.

Supply from the banking sector has been declining for the last
three years due to regulations that discourage them from taking on
short-term deposits and repos. But the shortage is particularly
acute at year-end, when banks report their liquidity coverage
ratios. Our discussions with MMF managers suggest this year-end
may be the toughest yet and many money market funds are therefore
likely to leave large sums un-invested with their custodian banks.

The fees for this service are likely to be high. One manager said
they would have to pay 100 basis points on euro funds deposited at
their custodian, compared to the overnight Euribor rate of minus
0.35% as of mid-December 2016. Money may only be left with
custodian banks for a short time, but the associated cost will
further reduce the already ultra-low yields generated by these
funds.

European money funds can keep up to 20% of their assets un-
invested with a custodian bank under the UCITS fund regulation
framework. Fitch's rating criteria recognise that custody cash
balances may temporarily increase to high levels. But the money is
ring-fenced under the UCITS V directive and the funds are
therefore not directly exposed to the credit risk of the custodian
bank.

Money funds will take other steps to offset the shortage in year-
end bank supply, including increasing their allocation to
sovereigns, supranationals and agencies (SSAs). The high credit
quality and liquidity of the SSA sector means this shift is likely
to be positive for money funds' credit profiles. Managers will
also attempt to buy longer-dated money market securities to see
them through the year-end, but their availability may also be
limited and pricing for those available may be unattractive.

These challenges will be greatest for euro- and sterling-
denominated funds. Dollar-denominated European funds should have a
much smoother ride because of the recent US money fund reforms,
which drove a massive shift out of prime and into government
funds. This has shaken up the supply-demand dynamics for short-
term non-government debt and means year-end shortages should be
less severe.



                            *********

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 * * *