TCREUR_Public/170131.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

           Tuesday, January 31, 2017, Vol. 18, No. 22


                            Headlines


A Z E R B A I J A N

AZERBAIJAN: S&P Affirms 'BB+/B' Sovereign Credit Ratings


C R O A T I A

AGROKOR DD: At Risk of Bankruptcy After Loan Cancellation
CROATIA: Fitch Revises Outlook to Stable & Affirms IDRs at BB


F R A N C E

CAMAIEU GROUP: Cadwalder, Bremond Advise on $1.3BB Restructuring


G E O R G I A

GEORGIAN RAILWAY: Fitch Lowers Issuer Default Ratings to 'B+'


G E R M A N Y

EUROMAR COMMODITIES: German Factory Attracts Potential Buyers
FRANZ HANIEL: Moody's Changes Outlook to Pos. & Affirms Ba1 CFR


I R E L A N D

CANTEC OFFICE: High Court Appoints Interim Examiner
SCFI RAHOITUSPALVELUT: Moody's Hikes Cl. E Debt Rating from Ba1


I T A L Y

TAURUS 2015-1: Fitch Affirms Rating on Class D Notes at 'BB'


N E T H E R L A N D S

JUBILEE CLO 2013-X: Fitch Rates EUR11.6MM Class F-R Notes 'B-'
STORM 2017-I: Moody's Assigns Ba1 Rating to Class E Notes


P O R T U G A L

EMPRESA DE ELECTRICIDADE: Moody's Raises LT Issuer Rating to B2


R U S S I A

BANK ZENIT: Fitch Upgrades LT Issuer Default Ratings to 'BB'
BRUNSWICK RAIL: Rival Offer Will Put Company at Further Risk
TULA: Fitch Affirms Long-Term Issuer Default Ratings at 'BB-'


T U R K E Y

TURKEY: Fitch Lowers Long-Term Issuer Default Rating to 'BB+'


U N I T E D   K I N G D O M

AVANTI COMMUNICATIONS: S&P Lowers Corp. Credit Rating to 'SD'
PJO INDUSTRIAL: Disappointing Trading Prompts Administration
TURBO FINANCE: Moody's Affirms Ba1 Rating on Class C Notes
WEST BROMWICH: Moody's Affirms Long-Term Deposit Rating at B1


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A Z E R B A I J A N
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AZERBAIJAN: S&P Affirms 'BB+/B' Sovereign Credit Ratings
--------------------------------------------------------
S&P Global Ratings affirmed its 'BB+/B' long- and short-term
foreign- and local-currency sovereign credit ratings on the
Republic of Azerbaijan.  The outlook remains negative.

                             RATIONALE

S&P's ratings on Azerbaijan are primarily supported by the
sovereign's strong fiscal position, underpinned by the large
foreign assets accumulated in the sovereign wealth fund SOFAZ.
The ratings are constrained by the weak institutional
effectiveness, narrow and concentrated economic base, and limited
flexibility of monetary policy.

S&P views Azerbaijan's institutional arrangements as weak,
characterized by highly centralized decision-making, which often
lacks transparency and makes future policy responses difficult to
predict.  Following a referendum in September 2016, Azerbaijan's
constitution has been amended, which paves the way for further
centralization of power around the president's administration.

In S&P's view, at a time of lower and more volatile oil prices,
the economic outlook for heavily commodity-dependent Azerbaijan
will to a significant degree depend on the authorities' reform
agenda, including efforts to improve the business environment and
ultimately diversify the economy away from commodities.  S&P
currently anticipates relatively slow progress on the structural
reform front.

Meanwhile, over the second half of 2016, the economy has
continued to adjust to a weaker external environment.  The local
currency of Azerbaijan, the manat, already weakened substantially
in 2015 when the Central Bank of Azerbaijan (CBA) undertook two
devaluations, in February and December.  Even so, balance of
payments pressures have remained high.

S&P estimates that the country's current account posted a deficit
of 3% of GDP in 2016, above S&P's previous projected deficit of
only 0.5%.  The CBA foreign exchange reserves as well as foreign
assets of commercial banks have been on a downward trend while
the currency has depreciated further.  Specifically, S&P
estimates that the CBA reserves reached a 10-year low of US$4
billion at the end of 2016, having dropped from a peak of $15
billion in 2014.

Against that background, SOFAZ, the government-owned sovereign
wealth fund, has remained the main supplier of foreign exchange
for the domestic economy.  SOFAZ has continued to exchange
foreign assets into manat and transferred these local currency
proceeds to the government, which has utilized only part of them,
implying a significant reduction in spending against the
initially budgeted levels.  S&P believes the lower government
spending has been primarily due to balance of payments rather
than fiscal concerns, with the authorities tightening
expenditures to relieve further external pressures.

To stabilize the foreign exchange market, the government is
considering making a direct transfer from SOFAZ to support the
firepower of the Central Bank this year.  The maximum size of the
expected transfer is set at 7.5 billion manat (about $4 billion
at current exchange rates).  In S&P's view, the actual transfer
will likely be materially lower than the maximum level as the
government remains cautious about using SOFAZ for monetary
purposes, given how fast the CBA reserves have declined
historically.  S&P also believes that SOFAZ will remain primarily
a fiscal buffer and we would consider the eventual transfer as a
one-off development.

S&P's forecast anticipates a gradual reduction in balance of
payments pressures.

This reflects:

   -- The adjustment of the exchange rate, which has continued to
      weaken through the beginning of 2017.  A weaker manat
      should act as a break on imports, leading to an improvement
      in the current account position.

   -- The deposit/savings dollarization reaching its peak and
      reducing additional demand for foreign currency.

   -- Higher oil prices.

   -- Additional exports of gas from 2018 when the large Shah
      Deniz II gas field comes online as planned.

S&P continues to assess the Azerbaijani economy's external
position as strong on a stock basis, and S&P expects the
country's liquid external assets to exceed external debt over the
foreseeable future.  However, if the improvements in external
flows do not materialize, that could still put pressure on the
ratings if accumulated external buffers are depleted.

S&P also remain concerned about the stability of Azerbaijan's
financial system.

In S&P's view, the banking sector generally remains weak and
vulnerable to difficult economic conditions.  The CBA reports
nonperforming loan (NPL) levels of close to 9% as of November
2016 but S&P considers this to be an underestimate, with the
actual amount of toxic assets being considerably higher.
Potential further manat depreciation could generate challenges
for the banks, given the high proportion of foreign currency
loans to residents with local earnings.

Last year, the government undertook a substantial cleanup of the
assets of International Bank of Azerbaijan (IBA), which is a
state-owned institution with the biggest domestic market share by
assets (around 40%).  S&P understands that the NPL level at the
institution before the cleanup began in 2015 was close to 80%.
The government has subsequently transferred IBA's bad assets at
book value to Aqrarkredit, a government-owned nonfinancial
enterprise funded by the central bank.  The amount of transferred
assets totaled 10 billion manat in 2015-2016 and a further 5
billion manat transfer is planned this year (25% of 2016 GDP in
total).

S&P understands that the government provided a sovereign
guarantee on Aqrarkredit's related borrowing from the CBA,
equivalent to 25% of 2016 GDP.  Correspondingly, S&P has included
this asset-resolution vehicle's debt to the central bank in our
general government debt statistics, in line with S&P's treatment
of similar transactions in other countries.  S&P sees risks of
the government needing to contribute further resources to IBA,
given that most of its assets are now in manat while a sizable
portion of its liabilities are in foreign currency.

Nevertheless, S&P still views Azerbaijan's fiscal position as
strong and a key support for the ratings.  The government remains
in a substantial net asset position (estimated at 80% of GDP as
of end-2016) and S&P don't anticipate this changing over the next
few years.  Moreover, S&P believes Azerbaijan has a high level of
fiscal flexibility given the large share of capital spending in
the overall expenditure envelope (estimated at about 40% of total
government spending in 2014-2015) and the government's ability to
quickly reduce expenditures when needed.  Downside risks remain
if that flexibility is reduced, for instance because political
considerations make restraining expenditure challenging.

S&P anticipates that the consolidated general government budget
will post a deficit of 4% of GDP this year, mostly reflecting
SOFAZ's transfer to the CBA.

However, S&P expects general government debt to increase by a
larger 10% of GDP, mostly reflecting the effect of the additional
asset transfer from IBA to Aqrarkredit.  The budget would
gradually move into surplus thereafter, supported by expenditure
restraint, a weaker manat, and rising oil prices.

S&P forecasts that SOFAZ assets will return to growth in dollar
terms from 2018 onward, supported by the new gas exports from the
Shah Deniz II project.  Beyond the project's fiscal and balance
of payments impact, S&P believes it would support broader
economic growth and employment through growing investments over
the next few years and a subsequent rise in exports.  S&P notes
that economic performance in Azerbaijan was particularly weak
last year, with output contracting by an estimated 4%, which is
larger than S&P had forecast.

S&P's ratings on Azerbaijan remain constrained by the limited
effectiveness of its monetary policy.  S&P believes that the
increased flexibility of the manat exchange rate should
ultimately help lessen external pressures and husband foreign
exchange reserves.

At the same time, S&P believes that, apart from setting the
country's foreign exchange regime and undertaking interventions,
the CBA's ability to influence economic developments remains
considerably constrained.  S&P estimates that the resident
deposit dollarization remains at close to 75%, which in S&P's
view severely limits the CBA's attempts to influence domestic
monetary conditions.  In addition, Azerbaijan's local currency
debt capital market remains small and underdeveloped, in S&P's
view.

                               OUTLOOK

The negative outlook reflects the risks of the country's external
and growth performance being weaker than in S&P's baseline
forecast over the next 6-12 months.  It also reflects the
potential for risks in the country's banking system to rise or
for the government's fiscal flexibility to be reduced, for
instance because restraining expenditure becomes challenging for
political reasons.

S&P could lower the ratings if:

   -- Balance of payments pressures do not recede as in S&P's
      baseline forecast, leading, for example, to a further
      decline in central bank and/or SOFAZ-accumulated reserves
      or to a further undermining of the stability of the
      domestic financial system;

   -- Economic prospects weaken more than S&P currently expects,
      for instance as a result of a larger than anticipated
      contraction in domestic consumption and investments or a
      delayed implementation of the Shah Deniz II gas project
      ultimately leading to lower exports; or

   -- The government's fiscal flexibility is reduced, for
      instance because restraining expenditure becomes
      challenging for political reasons.

S&P could revise the outlook to stable if balance of payments
pressures abated while the country's growth prospects and
domestic banking system stability improved.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the institutional assessment had
deteriorated.  All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

                                         Rating
                                         To             From
Azerbaijan (Republic of)
Sovereign Credit Rating
  Foreign and Local Currency             BB+/Neg./B
BB+/Neg./B
Transfer & Convertibility Assessment    BB+             BB+


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


AGROKOR DD: At Risk of Bankruptcy After Loan Cancellation
---------------------------------------------------------
SeeNews reports that Croatian privately-held concern Agrokor is
in danger of bankruptcy following news it has cancelled a
syndicated loan maturing in 2019, which caused its bonds on
foreign markets to enter a free fall.

The news caused panic among investors, prompting a strong decline
in bond prices, SeeNews relays, citing news portal index.hr.

The loan was part of a wider program of funding which ensured a
2-to-3 year extension of the maturity of short-term debt of
EUR500 million (US$537 million), SeeNews notes.

According to SeeNews, index.hr said the company's loan debt came
in at HRK25.5 billion (US$3.7 billion/EUR3.4 billion) at the end
of the third quarter of last year, while short-term debt to
suppliers totalled HRK16.1 billion at the time.

Based in Zagreb, Agrokor has operations in food and beverages, as
well as in food retailing.


CROATIA: Fitch Revises Outlook to Stable & Affirms IDRs at BB
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on Croatia's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) to Stable
from Negative and affirmed the IDRs at 'BB'. The Country Ceiling
has been affirmed at 'BBB-' and the Short-Term Foreign Currency
and Local Currency IDRs at 'B'. The issue ratings on Croatia's
senior unsecured foreign and local currency bonds have been
affirmed at 'BB' and the issue ratings on Croatia's senior
unsecured short-term bonds have been affirmed at 'B'.

KEY RATING DRIVERS
Croatia's ratings balance strong structural features, including
human development and governance indicators, with weak growth
potential, high public and private debt and external
vulnerabilities.

The revision of the Outlook on the Long-Term IDR to Stable
reflects the following key drivers and their relative weights:

MEDIUM
The budget deficit narrowed to an estimated 1.8% of GDP in 2016,
much lower than envisaged under the initial budget (2.6%) and
narrower than the 'BB' median. Part of the improvement is
cyclical, reflecting outperforming growth-induced revenues and
under-performance of capital spending. However, the nominal
freeze in spending throughout the year also helped contain the
deficit. The resulting primary surplus has driven public debt
down, to an estimated 84.8% of GDP, for the first time since
2007. Fitch expects the deficit to remain around 2% of GDP over
the forecast horizon, maintaining a downward trajectory of public
debt.

Political risks have receded following the formation of a new
coalition government in October 2016. HDZ and Most have allied
again, but this coalition could be more stable given the change
in HDZ management and the larger majority in parliament. A tax
reform and the 2017 budget have been passed without major
tensions in recent months, and the government remains committed
to its structural reform agenda. Regional elections could raise
tensions within the coalition and postpone some structural
reforms, but the political agenda will be clearer afterwards
until 2020.

Real GDP growth picked up in 2016 to an estimated 2.8% (2015:
1.6%). The rebound is partly cyclical after a long recession, but
it also reflects better EU fund absorption, a record tourism
season following years of rising investment in the sector and
further growth in goods exports, which Fitch expects will drive
growth in the range of 2.5%-3.0% again in 2017.

Croatia's 'BB' IDRs also reflect the following key rating
drivers:

The level and composition of general government debt remains a
key rating weakness. It accounted for an estimated 84.8% of GDP
at end-2016, much higher than 'BB' median of 51.4%, and around
70% was denominated in foreign-currency (BB median: 51.3%).
Structurally high annual refinancing needs will peak this year,
when the government has to refinance 16% of GDP of debt. Fitch
expects public debt to gradually decline over the forecast
horizon, but it will remain a long-term weakness.

Macroeconomic performance compares unfavourably with 'BB' peers,
despite the recent rebound in growth. Real GDP growth and
volatility are worse than medians, and the unemployment rate is
particularly high, at an estimated 13.6% at end-2016. Medium-term
potential, currently at 1%-2%, remains low for a country at
Croatia's income level, reflecting adverse demographics,
structural rigidities, high private indebtedness and low
investment during the six-year recession in 2009-2014. The
economy is also heavily exposed to the tourism sector. Fitch
expects real GDP growth to remain below the peer median over the
forecast horizon, but some upside potential could follow private
sector deleveraging, and the implementation of some envisaged
reforms, including the public administration reform or simplified
procedures for absorption of EU funds, which remain under-
utilised.

Risks from the banking sector appear moderate given strong
capitalisation and liquidity metrics, as well as large foreign
ownership. NPLs are still high, at 14.7% of gross loans at
September 2016, particularly in the corporate sector, but
continue declining (2015:16.7%) and banks have become net
external creditors since 2015 following steady deleveraging. The
central bank intends to maintain its accommodative monetary
policy, providing banks with long-term kuna liquidity, which
could help credit growth to gradually recover after it declined
by another 3% in 2016. However, the economy's high euroisation
renders the banking sector very dependent on the stability of the
exchange rate (82.7% of deposits were denominated in foreign
currency at September 2016).

Despite running a current account surplus since 2013, at around
3% of GDP at end-2016, Croatia's net external debt remains twice
as high as the 'BB' median (42.3% of GDP at end-2016 against
20.2%). This reflects a legacy of high corporate and government
external debt. Fitch expects its decline to continue over the
forecast horizon as the current account remains in surplus, but
external interest and debt service ratios are particularly high,
exposing the country to refinancing and exchange rate
depreciation risk. The risk is somewhat mitigated by the strength
of the peg, supported by strong reserves, accounting for more
than six months of current account payments at end-2016.

Croatia's structural features are strong for a country in the
'BB' rating category, underpinning higher debt tolerance than
peers. Human and financial development indicators, as well as
governance and doing business indicators, compare favourably with
both 'BB' and 'BBB' medians.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Croatia score equivalent to a
rating of 'BBB-' on the Long-Term FC IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final LT FC IDR by applying its QO, relative
to rated peers, as follows:
   - Public finances: -1 notch, to reflect non linearity of
public debt at high levels not captured in the SRM and the high
related refinancing needs
   - External finances: -1 notch, to reflect the high net
external debt (which is not captured in the SRM)

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three year
centred averages, including one year of forecasts, to produce a
score equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES
The Stable Outlook reflects Fitch's assessment that the upside
and downside risks are broadly balanced.

The main factors that, individually or collectively, could
trigger positive rating action are:
   - Continued fiscal consolidation ensuring a material reduction
in the public debt ratio.
   - Strengthening of growth prospects and competitiveness,
including through the implementation of structural reforms.

The main factors that, individually or collectively, could
trigger negative rating action are:
   - A reversal of fiscal consolidation, leading to unfavourable
public debt dynamics.
   - Deterioration in growth prospects.

KEY ASSUMPTIONS
Fitch assumes that world growth will reach 2.9% in 2017 and 2018,
while the eurozone is expected to grow by 1.4% in both years.

Fitch expects Croatia's track record of monetary and exchange
rate stability to continue, minimising the risks to household,
corporate and government balance sheets, all of which are heavily
euroised.


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F R A N C E
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CAMAIEU GROUP: Cadwalder, Bremond Advise on $1.3BB Restructuring
----------------------------------------------------------------
Cadwalader, jointly with its strategic alliance firm Bremond &
Associes, acted as international counsel for a group of second
lien lenders in the EUR1.3 billion restructuring of the Camaieu
Group.  With more than 1,000 stores in 21 different countries,
Camaieu is France's leading retailer for women's ready-to-wear
fashion.

Cadwalader's leading team of restructuring lawyers, led by
partners Yushan Ng, Karen McMaster and Sinjini Saha acted as
international counsel on the restructuring working with partners
Delphine Caramalli and Guilhem Bremond and counsel Hector Arroyo
of the French law firm Bremond & Associes.  The successful
outcome of the year-long process involved a significant
deleveraging via equitisation of all debt other than first lien
debt and the introduction of a French fiducie structure.

"The French retail market has suffered economic pressure over the
last few years, leaving a number of large retailers, including
the Camaieu Group, in need of financial restructuring," said Ng,
global co-chair of Cadwalader's Financial Restructuring Group.
"Working closely with our exceptional partner, Bremond &
Associes, we were able to bring Cadwalader's strategic experience
dealing with commercial impasses to assist creditors reach a
common agreement within a French restructuring context. The
result is an innovative transaction which sets a precedent for
other restructurings in France, both within and outside the
retail sector."

Delphine Caramalli, head of the European Restructuring practice
of Bremond, commented, "The financial restructuring of the
Camaieu Group represents a balanced outcome for all the
stakeholders involved.  Not only is the group significantly
deleveraged but by simplifying the capital structure, an exit
process for the future has been agreed upon by all stakeholders."

Added McMaster, "The French conciliation process is designed to
reach a consensual outcome amongst stakeholders.  Often
international creditors are concerned that this is reached at the
expense of their commercial position.  In the case of Camaieu we
were able to assist our clients navigate the intricacies of the
French restructuring process such that their relative priority
position in the capital structure was ultimately respected."

Cadwalader has one of the leading London-based European
restructuring practices, led by partners Yushan Ng and Gregory
Petrick.  The firm's depth of expertise across restructuring and
insolvency, special situations, distressed M&A and distressed
investing, has enabled Cadwalader to help buy side clients
successfully navigate complex multi-jurisdictional restructurings
and achieve their desired outcomes, whether that is as an
existing creditor or new investor.

Led by Guilhem Bremond, a leading practitioner in the French
restructuring market, Bremond's tier one restructuring team
represents clients on a wide variety of matters ranging from
distressed LBOs to in-court proceedings.

Cadwalader and Bremond & Associes last year announced the
formation of a joint strategic alliance to pursue restructuring
opportunities in the French market.  The alliance between
Cadwalader and Bremond, both of which will continue to remain
independent partnerships, is the result of the two firms working
successfully together on a number of complex cross-border
transactions involving French issuers and assets.


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G E O R G I A
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GEORGIAN RAILWAY: Fitch Lowers Issuer Default Ratings to 'B+'
-------------------------------------------------------------
Fitch Rating has downgraded Georgia-based JSC Georgian Railway's
Long-Term Issuer Default Ratings (IDR) to 'B+' from 'BB-',
removed the ratings from Rating Watch Negative (RWN) and assigned
a Stable Outlook.

The downgrade reflects a continued pressure from challenging
market environment on railway transportation volumes, leading to
deterioration of the credit metrics of GR and a weakening of its
standalone profile, which previously supported the ratings.
Moderate links with its indirect sole shareholder, Georgia
(BB-/Stable), have not changed in Fitch'sview after the elections
in October 2016 and now underpin GR's ratings one notch below the
sovereign.

KEY RATING DRIVERS
Weakening Standalone Credit Profile
For 9M16 GR's revenue and Fitch-calculated EBITDA declined by
about 25% and 40% yoy respectively, mainly on the back of
depressed transportation volumes, while Fitch- calculated EBITDA
margin has deteriorated to 44% from 55%. Fitch expects credit
metrics to have deteriorated in 2016, with only slow recovery
over 2017-2019. Fitch forecast funds from operations (FFO)-
adjusted net leverage and FFO fixed charge coverage to average
above 4x and below 3x respectively over 2016-2019.

"We now view GR's standalone rating as commensurate with a 'B'
rating (versus BB- previously), reflecting the stretched credit
metrics, rail transportation volumes declines, some of which we
view as structural, and low GDP growth expectations in most
countries of the region. The rating remains constrained by the
small scale of operations and its reliance on transit volumes by
a single transit route, which heightens event risk. This is
mitigated by Fitch's expectation that GR will maintain its
monopoly status, liberal tariff-setting policy and strategic
position in the transit corridor in the region," Fitch says.

Volumes Continuously Under Pressure
Transit transportation continues to dominate GR's volumes at over
50% of total in 9M16. GR's freight transportation volumes and
turnover declined 17% and 21% yoy respectively over 9M16 on the
back of significant decrease of transit of heavy fuel oil from
Kazakhstan and gasoil and diesel fuel from Azerbaijan. Declining
volumes were recently exacerbated by event-driven disruptions and
despite some recovery expected for 2017, Fitch expects volumes to
remain under pressure at least in the short- to medium-term.

One Notch below Sovereign
GR's ratings are one notch below those of Georgia, given the
company's 100% indirect state ownership through state-owned JSC
Partnership Fund (BB-/Stable), importance to the local economy,
dominance of Georgia's freight transportation sector and
strategic importance as the regional transit corridor.

The ratings reflect moderate strategic, operational and legal
ties between the company and the state. The potential
privatisation of 25% of GR shares is credit-neutral; however,
Fitch will reassess the strength of the ties between GR and the
state should further stakes be sold. The bondholders have a
change of control (direct or indirect government ownership of
less than 50%) put option.

Lower Tax; Dividends Expected
GR expects the effective tax rate to decrease to below 1% from
2017 from about 13%-15% previously, following the adoption of a
new tax code, which foresees the switch to a so-called 'tax on
distributed profits' model. Under this model profits will be
taxed only when distributed to individuals and not at the point
of distribution to entities registered in Georgia. For
corporates, 15% statutory tax rate will only continue to apply to
non-operating activities, including sponsoring, charity and some
other non-commercial activities. Fitch expects GR to save over
GEL10 million per annum as a result of this change.

GR expects to pay dividends of up to 30% of net income over 2017-
2019, well below the 50% payout ratio cap (relating to
accumulated net income since the eurobonds issuing date - 27 June
2012) in the eurobond documentation.

FX Risks
GR is subject to foreign currency fluctuations risks as all of
its debt at end-9M16 (GEL1.2 billion) was denominated in USD.
However, FX risk is partially mitigated by natural hedge as the
majority of GR's freight transportation tariffs are denominated
in USD. In addition, at end-9M16 56% of cash and equivalents
(GEL134 million) was denominated in USD.

DERIVATION SUMMARY
The rating of GR is supported at one notch below the sovereign
rating (Georgia, BB-/Stable) by its ties with the state through
JSC Partnership Fund (BB-/Stable). Fitch views the support as
weaker than for some of its peers, for example, JSC Russian
Railways (RZD, BBB-/Stable) which is aligned with the rating of
Russian Federation.

The standalone profile of GR is reflective of the smaller scale
of its operation and greater reliance on the transit volumes from
neighbouring countries on a single transit route compared with
rated peers, notably RZD and JSC National Company Kazakhstan
Temir Zholy (BBB-/Stable).

KEY ASSUMPTIONS
Fitch's key assumptions within Fitch's rating case for the GR
include:
   - Freight transportation volumes to have declined 17% in 2016,
before recovering 16% in 2017 and in low single-digits
thereafter.
   - Freight tariffs to marginally decline in 2017 and improve
thereafter due to change in product mix and FX fluctuations.
   - Inflation-driven cost increase, which Fitch currently
forecast at 2.3%-4% over 2016-2019
   - Capex in line with management expectations at around USD70
million on average over 2016-2019.
   - Average annual GEL/USD exchange rate of 2.37, 2.4 and 2.33
in 2016, 2017 and thereafter, respectively.
   - Current moderate links with the state to be maintained.

RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
   - An upgrade of Georgia's rating may be replicated in GR with
a one-notch differential, unless its links with the state weaken.
   - Stronger links with the government, such as government
guarantees for a material portion of GR's debt, which could
result in Fitch aligning GR's rating with the sovereign's.
   - A material strengthening in GR's standalone credit profile
to be in line with the sovereign's 'BB-' rating, manifested in
FFO adjusted net leverage being below 3x and FFO fixed charge
coverage being above 3x on a sustained basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
   - A negative change in Georgia's rating would be replicated in
GR unless GR's standalone profile strengthens.
   - Weakening links with the government, such as privatisation
of a majority stake, which may result in a wider differential
from the sovereign rating.
   - A sustained increase in FFO adjusted net leverage beyond 5x
would put pressure on GR's standalone profile of 'B' and may
prompt Fitch to reconsider the strength of the ties between the
company and the state.

For the sovereign rating of Georgia, GR's indirect ultimate
parent, the following sensitivities were outlined by Fitch in its
rating action commentary of 30 September 2016:

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.

The main risk factors that could, individually or collectively,
trigger negative rating action are:
   - A widening in the budget deficit leading to a rise in public
debt/GDP.
   - A decline in foreign exchange reserves, for example by a
widening in the current account deficit not financed by FDI.
   - Deterioration in either the domestic or regional political
environment that affects economic policymaking or regional growth
and stability.

The main factors that could, individually or collectively, lead
to positive rating action are:
   - A revival of strong and sustainable GDP growth accompanied
by fiscal discipline.
   - Smaller current account deficits that contribute to lower
net external indebtedness.

LIQUIDITY
As of 30 September 2016, GR had GEL1,182 million (or USD500
million) and GEL54 million unsecured bank loans. Cash and cash
equivalents stood at GEL241 million and undrawn credit facilities
at GEL146 million, which sufficiently cover its short-term debt
obligation of GEL24 million. Fitch expects GR's free cash flow to
remain negative during 2016-2018 on the back of an ambitious
capex programme. GR may postpone certain capex if necessary.

FULL LIST OF RATING ACTIONS
Georgian Railway JSC
   -- Long-Term Foreign and Local Currency IDRs downgraded to
'B+' from 'BB-'; off RWN and assigned a Stable Outlook
   -- Short-Term Foreign and Local Currency IDRs affirmed at 'B'
   -- Foreign and local currency senior unsecured ratings
downgraded to 'B+' from 'BB-'; off RWN and assigned Recovery
Rating of 'RR4'


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


EUROMAR COMMODITIES: German Factory Attracts Potential Buyers
-------------------------------------------------------------
Isis Almeida, Marvin G. Perez and Anuradha Raghu at Bloomberg
News report that Euromar Commodities GmbH, the cocoa company that
filed for bankruptcy following the Brexit vote, has attracted
interest in its factory in Germany from potential buyers
including a Swiss trader and Malaysia's biggest processor.

According to Bloomberg, people with knowledge of the situation
said among at least five parties looking at Euromar's Fehrbellin
plant are Ecom Agroindustrial Corp. and Guan Chong Bhd.

Rolf Rattunde, a partner at Euromar's interim administrator,
Leonhardt Rattunde, didn't respond to requests for comment,
Bloomberg notes.

Euromar, the European affiliate of U.S. cocoa trader Transmar
Commodity Group, filed for insolvency in December after it
entered loss-making forward-purchase contracts, Bloomberg
recounts.  Their problems had worsened after the U.K.'s June vote
to exit the European Union weakened the pound, driving up the
price of London-traded cocoa futures, denominated in sterling,
Bloomberg recounts.

The sale of Euromar assets could further increase concentration
in the German industry, already dominated by Barry Callebaut AG,
Cargill Inc. and Olam International Ltd., Bloomberg discloses.

"The market hopes that the factory can continue to serve the
German market under a new owner," Bloomberg quotes Andreas
Christiansen, chairman of the German Cocoa Trade Association, as
saying.  "The only fear is that someone will buy it to close it
down."

Euromar could sell its assets in the next two to three months,
Bloomberg relays, citing a letter from Curtis Mechling, a lawyer
at Stroock & Stroock & Lavan LLP acting for ABN Amro.  The Dutch
bank is an agent for a group of lenders on a US$400 million
Transmar Commodity credit facility, Bloomberg discloses.  ABN has
said that more than US$300 million of asset value at the bankrupt
U.S. unit may have been transferred to Euromar, Bloomberg notes.


FRANZ HANIEL: Moody's Changes Outlook to Pos. & Affirms Ba1 CFR
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on Franz Haniel
& Cie. GmbH's ratings to positive from stable. At the same time,
Moody's has affirmed all the ratings of Haniel, including the Ba1
corporate family rating (CFR).

"Our decision to change the outlook on Haniel's Ba1 rating to
positive from stable reflects Moody's views that the proposed
demerger of Metro AG ("Metro", Baa3 under review for downgrade),
Haniel's largest asset by market value and dividend income, to
create two independent retail groups -- a consumer electronics
business, CE Group (CE), and a wholesale and food service
company, MWFS Group (MWFS) -- will improve Haniel's asset
diversification and financial flexibility. This should support
more stable market values and dividend income at Haniel. Also,
with recent investment moves at BekaertDeslee (Bekaert, unrated)
and CWS-boco (unrated), Moody's are getting more comfortable in
Haniel executing its investment strategy while preserving a
prudent financial policy," says Jeanine Arnold, a Moody's Vice
President -- Senior Analyst and lead analyst for Haniel.

RATINGS RATIONALE

Moody's rating action follows greater certainty that Metro will
demerge to create two independent groups: MWFS, a wholesale and
food speciality group comprising Metro's Cash & Carry and Real
segments; and CE, a consumer electronics group comprising Metro's
Media-Saturn business. Moody's expects this will build on
measures already undertaken by Haniel (such as the accelerated
book build in May 2015) to reduce its exposure to Metro to around
36% from around 45-50% prior to June 2015 without jeopardizing
the company's product and geographic diversification. This is
important because while Moody's currently see an improvement in
the underlying fundamentals of Metro, especially within Metro's
MWFS business, Haniel's concentration towards Metro has left if
more exposed to Metro's share price and dividend income and this
has driven weaker credit metrics in the past. Financial
flexibility should also improve as both companies will be listed
as of mid-2017 and this will provide Haniel with greater asset
sale options in the event it needs to monetise assets.

In addition, Moody's believe Haniel has made good progress over
the past two years to execute on its investment strategy, namely
the investment in new small to medium-sized investments, which
operate in growth markets and generate sufficient cash to pay
dividends from the outset. Following the acquisition of Bekaert
in June 2015 as well as Bekaert's acquisition of Deslee-Clama
(unrated) to form BekaertDeslee (unrated) in June 2016, Haniel
announced in December 2016 that it will financially support the
formation of a JV between Haniel's CWS-boco and Rentokil's
(unrated) Hygiene and Workwear operations in Europe. This will be
in the form of an equity injection and an initial EUR500 million
loan. This additional investment to some extent reduces the
uncertainty of Haniel's future portfolio composition.

Haniel has also evidenced a more prudent financial strategy
through its proactive management of debt levels and its cautious
approach towards new acquisitions. Moody's expect Haniel's future
net MVL to be below 25% on a sustainable basis and for interest
cover to rise towards 4.0x, credit metrics which Moody's deem to
be more consistent with an investment grade rating.

However, there are a number of matters where Moody's considers it
needs more certainty or clarity before considering an upgrade to
Baa3 appropriate.

Firstly, the Metro transaction will only be finalized mid-2017,
and while Moody's consider it highly probable the demerger will
proceed, forecasting the value split between MWFS and CE is
almost impossible given: i) there could be changes to the
proposed capital structure of MWFS and CE; ii) CE will hold a 10%
stake in MWFS and therefore the share price of MWFS may also
impact CE's; iii) the share prices of both companies will be
entirely dependent on market sentiment, which is highly
subjective.

Secondly, Haniel continues to have substantial fire power at its
disposal (c.EUR1 billion -- assuming CWS-boco fully repays its
loan) and there is a limited track record in terms of how these
assets will perform over the medium to longer-term. For example,
while Moody's can see the strategic rational in the JV between
CWS-boco and Rentokil, Moody's considers it needs a greater
degree of certainty in how this will perform, as this could
impact up to around 20% of Haniel's total portfolio.

Thirdly, Haniel's strategy is to increasingly invest in private
majority-owned businesses. Moody's considers these to be
inherently less liquid than listed assets and this could begin to
reduce the company's liquidity options. Majority ownership also
tends to increase the financial ties between the investment
holding company and its investment, including a greater
willingness to support the investment in case of financial
difficulty. Moody's considers it needs greater clarity and a
track record that Haniel will continue to act as investment
holding company, namely a financial investor where equity risk
remains the primary driver of Haniel's rating and when
appropriate Haniel would be prepared to exit and monetize its
investments to realize value generated and/or support its
liquidity and credit metrics.

Rating Outlook -- Positive

The positive outlook reflects Moody's views that Haniel is
strongly positioned within the Ba1 rating category owing to sound
credit metrics considered more consistent with an investment
grade rating and Moody's expectation that these will continue to
be supported by the company's improved asset diversification and
the company's proven conservative financial policy.

What Could Change the Rating -- Up

Factors Moody's will discuss when considering an upgrade to Baa3
include the following:

i) the closing of the Metro demerger to ensure there are no
significant deteriorations in the combined valuation of both
entities post-closing relative to Metro's current market
valuation

ii) the CWS-boco/Rentokil transaction to be proceeding as planned
and some visibility for the refinancing strategy of the loans
provided by Haniel to CWS-boco

iii) the net MVL to remain below 25% and for interest cover to be
above 2.0x on a sustainable basis.

iv) additional investments and/or acquisitions must continue to
be in line with its stated investment strategy but that the mix
of liquidity options are adequate (e.g. liquid assets, financing
resources like undrawn committed credit facilities, maturity
profile of financial assets and debt).

What Could Change the Rating -- Down

Negative pressure on the rating may arise in the event of:

i) a deterioration of market leverage metrics above 40%,

ii) an inability to maintain a strong liquidity buffer including
the non-timely extension of maturing bilateral banking
facilities.

iii) Negative cash cover on a sustainable basis

List of affected ratings:

Affirmations:

Issuer: Franz Haniel & Cie. GmbH

-- Probability of Default Rating, Affirmed Ba1-PD

-- Corporate Family Rating, Affirmed Ba1

-- Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba1

-- Senior Unsecured Regular Bond/Debenture, Affirmed Ba1

Issuer: Haniel Finance BV

-- BACKED Senior Unsecured Medium-Term Note Program, Affirmed
(P)Ba1

Issuer: Haniel Finance Deutschland GmbH

-- BACKED Senior Unsecured Conv./Exch. Bond/Debenture, Affirmed
Ba1

Outlook Actions:

Issuer: Franz Haniel & Cie. GmbH

-- Outlook, Changed To Positive From Stable

Issuer: Haniel Finance BV

-- Outlook, Changed To Positive From Stable

Issuer: Haniel Finance Deutschland GmbH

-- Outlook, Changed To Positive From Stable

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates published in December 2015.


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


CANTEC OFFICE: High Court Appoints Interim Examiner
---------------------------------------------------
Tim Healy at Indo Business reports that an interim examiner has
been appointed by the High Court to Cantec Office Solutions Ltd.

According to Indo Business, Ross Gorman BL, for the company, told
the court that an independent expert considers its business is
"viable".

On Jan. 25, Mr. Justice Brian McGovern granted court protection
to the company and appointed Joseph Walsh --
joseph.walsh@bakertillyhb.ie. -- of Baker Tilly Hughes Blake
Chartered Accountants, as interim examiner, Indo Business
relates.

The judge has returned the matter to Feb. 23, Indo Business
discloses.

In its petition, the company said, after the change in ownership,
previously undisclosed and contingent liabilities came to light
which had to be dealt with by the new management team, Indo
Business relays.  The company said it is insolvent, but has a
reasonable prospect of survival, Indo Business notes.

Cantec Office Solutions Ltd. is a company involved in the sale
and repair of mobile phones, laptops and other devices.  The
company, operating under the brand name click.ie, employs 47
people in 10 stores around the country.


SCFI RAHOITUSPALVELUT: Moody's Hikes Cl. E Debt Rating from Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded to Aaa (sf) the rating on
the Class C and D notes of SCFI Rahoituspalvelut Limited and of
Class B of SCF Rahoituspalvelut I Designated Activity Company. At
the same time, Moody's has upgraded SCFI Rahoituspalvelut
Limited's Class E notes to Aa2 (sf), and SCF Rahoituspalvelut I
Designated Activity Company Class C notes to Aa1 (sf), Class D
notes to Aa2 (sf) and Class E notes to A3 (sf).

Issuer: SCFI Rahoituspalvelut Limited:

-- EUR6.7M Class C Notes, Upgraded to Aaa (sf); previously on
May 26, 2016 Upgraded to Aa1 (sf)

-- EUR7.2M Class D Notes, Upgraded to Aaa (sf); previously on
May 26, 2016 Upgraded to Aa3 (sf)

-- EUR8.2M Class E Notes, Upgraded to Aa2 (sf); previously on
May 26, 2016 Upgraded to Baa1 (sf)

Issuer: SCF Rahoituspalvelut I Designated Activity Company:

-- EUR27.2M Class B Notes, Upgraded to Aaa (sf); previously on
Oct 29, 2015 Definitive Rating Assigned Aa2 (sf)

-- EUR5.8M Class C Notes, Upgraded to Aa1 (sf); previously on
Oct 29, 2015 Definitive Rating Assigned A2 (sf)

-- EUR3.8M Class D Notes, Upgraded to Aa2 (sf); previously on
Oct 29, 2015 Definitive Rating Assigned Baa1 (sf)

-- EUR6.6M Class E Notes, Upgraded to A3 (sf); previously on
Oct 29, 2015 Definitive Rating Assigned Ba1 (sf)

The upgrades reflect (1) the deleveraging of the transactions and
the build-up of credit enhancement; and (2) the better-than-
expected collateral performance.

The affected transactions are cash securitisations of auto loans
extended to obligors located in Finland by Santander Consumer
Finance Oy.

RATINGS RATIONALE

   -- INCREASED CREDIT ENHANCEMENT LEVELS

In both transactions, the available credit enhancement (CE) has
increased substantially since last rating action for all class of
notes. In SCFI Rahoituspalvelut Limited CE increased to 22.4%
from 13.4% for Class C notes, to 16.6% from 10% for Class D notes
and to 9.9% from 6.1% for Class E notes. In SCF Rahoituspalvelut
I Designated Activity Company CE increased to 12.3% from 7% for
Class B notes, to 8.5% from 4.5% for Class C notes, to 6.7% from
3.6% for Class D notes and to 3.5% from 1.9% for Class E notes.

Credit enhancement takes the form of subordination and reserve
funds, which are all funded at their target levels.

   -- IMPROVED LIFETIME DEFAULT EXPECTATION

Collateral performance has been better than expected in both
transactions:

In SCFI Rahoituspalvelut Limited, 60+ days delinquencies are at
0.64% of current balance and cumulative defaults are 0.81% of
original balance as of December 2016. Moody's assumed a default
probability of 3% of the current portfolio balance, translating
into a lower DP assumption of 1.6% as of original balance vs
1.96% at last rating action. Moody's left the recovery rate
assumption unchanged at 45% and the portfolio credit enhancement
unchanged at 11.60%.

In SCF Rahoituspalvelut I Designated Activity Company, 60+ days
delinquencies are at 0.56% of current balance and cumulative
defaults are 0.27% of original balance as of December 2016.
Moody's assumed a default probability of 2.75% of the current
portfolio balance, translating into a lower DP assumption of
1.85% as of original balance vs 2.75% at closing. Moody's left
the recovery rate assumption unchanged at 45% and the portfolio
credit enhancement unchanged at 11.50%.

   -- EXPOSURE TO COUNTERPARTY RISK

Moody's has reviewed the counterparty risk in both deals and
concluded that the ratings on all notes are not constrained by
counterparty exposure in any of those transactions.

METHODOLOGY

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

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

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

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

  -- EUR 22 Million Subordinated Class E Notes due 2064,
Definitive Rating Assigned Ba1 (sf)



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


TAURUS 2015-1: Fitch Affirms Rating on Class D Notes at 'BB'
------------------------------------------------------------
Fitch Ratings has affirmed Taurus 2015-1 IT S.r.l's commercial
mortgage-backed securities as follows:

EUR188.3m Class A due February 2027 (ISIN: IT0005085615):
affirmed at 'A+sf'; Outlook Stable

EUR21m Class B due February 2027 (ISIN: IT0005085664): affirmed
at 'Asf'; Outlook Stable

EUR31.3m Class C due February 2027 (ISIN: IT0005085672): affirmed
at 'BBBsf'; Outlook Stable

EUR21.2m Class D due February 2027 (ISIN: IT0005085680): affirmed
at 'BBsf'; Outlook Stable

The transaction is a securitisation of three commercial real
estate loans totalling EUR301.5m at closing. The loans were
granted by Bank of America N.A., Milan Branch (BANA) to three
Italian limited liability companies and two Italian funds to
finance the acquisition/refinance of certain Italian real estate
assets: a portfolio of five office properties and four telecom
exchanges (Calvino loan), two fashion outlet centres (Fashion
District loan) and three retail galleries (Globe loan).

KEY RATING DRIVERS
The affirmation reflects the broadly stable performance of the
loans, which have all seen their loan-to-value ratios (LTV) fall
as a result of higher valuations (driven mainly by falling market
yields reflecting increased investor appetite for Italian fashion
outlets and shopping centres). Nevertheless, underlying market
fundamentals remain weak, with rental trends broadly stable to
negative, which are featuring in the tepid performance of some of
the properties. This broadly offsets slightly lower assumed cap
rates applied mainly on account of lower long-term average
yields.

The Globe loan (EUR109.2m or 41.5% of the pool) is secured by
three retail galleries in northern Italy. Its LTV has decreased
to 51.2% currently from 55% in November 2015 -- an updated
valuation in December 2015 saw total market value increase to
EUR213.5m from EUR198.8m at closing. This is despite a decrease
in annual rent (EUR13.7m from EUR14.4m a year ago) and occupancy
(91.2% from 97.7% a year ago).

The Fashion District loan (EUR80.7m; 30.7%) is secured by two
fashion outlet centres in Mantova and Molfetta. An updated
valuation was instructed in September 2016, leading to a market
value of EUR144.4m, up from EUR130.9m. As a result, the LTV has
fallen to 55.9% from 61.7% a year ago, increasing the buffer to
the first LTV covenant test (75%) in February 2017. The portfolio
continues to suffer from high vacancy, last reported at 21.6%
(concentrated in the Molfetta property in Puglia).

The Calvino loan (EUR71.8m; 27.8%) is secured by a portfolio of
four telecom exchanges and now only four office properties
following the sale of one in Mestre for EUR1.8m. The release
price was EUR1.3m, and this amount of principal was allocated pro
rata to the notes at the August 2016 interest payment date (IPD).
As a result, the loan will remain compliant with its amortisation
target until May at the earliest, as its balance is already below
the maximum EUR79m.

RATING SENSITIVITIES
A material change in collateral rental performance or in relevant
market conditions (monitored by Fitch on a quarterly basis) may
lead to a change in the ratings. A prepayment of the Globe loan
or significant underlying property disposals could lead to rating
upgrades for the classes B through D notes. A downgrade of the
Italian sovereign could lead to a downgrade of the class A notes.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

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

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

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

SOURCES OF INFORMATION
The information below was used in the analysis.
   - Transaction reporting provided by Mount Street Mortgage
Servicing Limited as at the November 2016 IPD



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


JUBILEE CLO 2013-X: Fitch Rates EUR11.6MM Class F-R Notes 'B-'
--------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2013-X B.V. refinancing
notes expected ratings, as follows:

EUR2m Class X: 'AAA(EXP)sf'; Outlook Stable
EUR231.2m Class A-R: 'AAA(EXP)sf'; Outlook Stable
EUR42.4m Class B-1-R: 'AA(EXP)sf'; Outlook Stable
EUR7.3m Class B-2-R: 'AA(EXP)sf'; Outlook Stable
EUR15.5m Class C-1-R: 'A(EXP)sf'; Outlook Stable
EUR7.9m Class C-2-R: 'A(EXP)sf'; Outlook Stable
EUR20.7m Class D-R: 'BBB(EXP)sf'; Outlook Stable
EUR24.1m Class E-R: 'BB(EXP)sf'; Outlook Stable
EUR11.6m Class F-R: 'B-(EXP)sf'; Outlook Stable

Final ratings are contingent on the receipt of final
documentation conforming to information already received.

Jubilee CLO 2013-X B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes are
being used to refinance the current outstanding notes. The
portfolio of assets is managed by Alcentra Limited.

KEY RATING DRIVERS
'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category. Fitch has credit opinions or public ratings on all
assets in the identified portfolio. The weighted average rating
factor (WARF) of the identified portfolio is 31.9 while the
covenanted maximum Fitch WARF for assigning expected ratings is
34.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to all the assets in
the identified portfolio. The weighted average recovery rating
(WARR) of the identified portfolio is 65% while the covenanted
minimum Fitch WARR for assigning expected ratings is 66%.

Payment Frequency Switch
The notes pay quarterly, while the portfolio assets can reset to
a semi-annual basis. The transaction has an interest smoothing
account, but no liquidity facility. Potential liquidity stress
for the non-deferrable class A-R and B-R notes - stemming from a
large proportion of assets resetting to a semi-annual basis in
any one quarterly period - is addressed by switching the payment
frequency on the notes to semi-annual in such a scenario.

Limited Interest Rate Exposure
Between 0% and 5% of the portfolio can be invested in fixed-rate
assets, while all the liabilities are floating rate notes. Fitch
modelled both a 0% and a 5% fixed-rate bucket and the rated notes
can withstand the interest rate mismatch associated with each
scenario.

Documentation Amendments
The transaction documents may be amended, subject to rating
agency confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyse the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If, in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that the structure considers a confirmation to be
given if Fitch declines to comment.

TRANSACTION SUMMARY
The issuer will amend the capital structure and change the
payment frequency of the notes to quarterly, although a frequency
switch mechanism was introduced. The reinvestment period will be
extended to April 2021 and the maturity of the notes to April
2031.

In addition EUR2m class X notes ranking pari-passu to the class A
refinancing notes have been added. The principal amount is
scheduled to amortise in four equal instalments starting on the
payment date failing in July 2017, using interest proceeds only,
unless there is an over-collateralisation (OC) test breach. Class
X notional is excluded from the OC tests calculation but a breach
of this test will divert interest and principal proceeds to the
pro-rata repayment of the class X notes with the class A
refinancing notes. Non-payment of scheduled principal on the
class X notes on the specific dates will not represent an event
of default according to the transaction documents and unpaid
principal will be due at the next payment date.

The class B-2 and C-2 refinancing notes are not subjected to 0%
Euribor floor during the non-call period, which ends in April
2019, and the spreads on the notes will be 0.21% higher compared
to the spreads on class B-1 and C-1 refinancing notes. After the
non-call period, the class B-2 and C-2 refinancing notes will
have a 0% Euribor floor and the spreads will step down to the
same level as class B-1 and C-1 refinancing notes, respectively.

RATING SENSITIVITIES
A 25% increase in the obligor default probability could lead to a
downgrade of up to two notches for the rated notes. A 25%
reduction in expected recovery rates could lead to a downgrade of
up to two notches for the rated notes.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY
The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognised
Statistical Rating Organisations and/or European Securities and
Markets Authority registered rating agencies. Fitch has relied on
the practices of the relevant groups within Fitch and/or other
rating agencies to assess the asset portfolio information.

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

SOURCES OF INFORMATION
The information below was used in the analysis.
   - Loan-by-loan data provided by the arranger as at 5 January
2017
   - Offering circular provided by the arranger as at 25 January
2017

REPRESENTATIONS AND WARRANTIES
A description of the transaction's representations, warranties
and enforcement mechanisms (RW&Es) that are disclosed in the
offering document and which relate to the underlying asset pool
was not prepared for this transaction. Offering documents for
EMEA CLOs transactions do not typically include RW&Es that are
available to investors and that relate to the asset pool
underlying the security. Therefore, Fitch credit reports for EMEA
CLOs transactions will not typically include descriptions of
RW&Es. For further information, please see Fitch's Special Report
titled "Representations, Warranties and Enforcement Mechanisms in
Global Structured Finance Transactions," dated 31 May 2016.


STORM 2017-I: Moody's Assigns Ba1 Rating to Class E Notes
---------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
following classes of notes issued by STORM 2017-I B.V.:

-- EUR2,000 Million Senior Class A Mortgage-Backed Notes due
2064, Definitive Rating Assigned Aaa (sf)

-- EUR60 Million Mezzanine Class B Mortgage-Backed Notes due
2064, Definitive Rating Assigned Aa1 (sf)

-- EUR45 Million Mezzanine Class C Mortgage-Backed Notes due
2064, Definitive Rating Assigned Aa3 (sf)

-- EUR45 Million Junior Class D Mortgage-Backed Notes due 2064,
Definitive Rating Assigned A2 (sf)

-- EUR22 Million Subordinated Class E Notes due 2064, Definitive
Rating Assigned Ba1 (sf)

STORM 2017-I B.V. is a revolving securitisation of Dutch prime
residential mortgage loans. Obvion N.V. (not rated) is the
originator and servicer of the portfolio.

RATINGS RATIONALE

The definitive ratings on the notes take into account, among
other factors: (1) the performance of the previous transactions
launched by Obvion N.V.; (2) the credit quality of the underlying
mortgage loan pool; (3) legal considerations; and (4) the initial
credit enhancement provided to the senior notes by the junior
notes and the reserve fund.

The expected portfolio loss of 0.65% and the MILAN CE of 7.7%
serve as input parameters for Moody's cash flow and tranching
model, which is based on a probabilistic lognormal distribution,
as described in the report "The Lognormal Method Applied to ABS
Analysis", published in July 2000.

MILAN CE for this pool is 7.7%, which is in line with preceding
revolving STORM transactions and in line with other prime Dutch
RMBS revolving transactions, owing to: (i) the availability of
the NHG-guarantee for 30.7% of the loan parts in the pool, which
can reduce during the replenishment period to 25%, (ii) the
replenishment period of 5 years where there is a risk of
deteriorating the pool quality through the addition of new loans,
although this is mitigated by replenishment criteria, (iii) the
weighted average loan-to-foreclosure-value (LTFV) of 93.15%,
which is similar to LTFV observed in other Dutch RMBS
transactions, (iv) the proportion of interest-only loan parts
(58.3%) and (v) the weighted average seasoning of 6.94 years.
Moody's notes that the unadjusted current LTFV is 92.45%. The
slight difference is due to Moody's treatment of the property
values that use valuations provided for tax purposes (the so-
called WOZ valuation).

The risk of a deteriorating pool quality through the addition of
loans is partly mitigated by the replenishment criteria which
includes, amongst others, that the weighted average CLTMV of all
the mortgage loans, including those to be purchased by the
Issuer, does not exceed 87% and the minimum weighted average
seasoning is at least 40 months. Further, no new loans can be
added to the pool if there is a PDL outstanding, if loans more
than 3 months in arrears exceeds 1.5% or the cumulative loss
exceeds 0.4%.

The key drivers for the portfolio's expected loss of 0.65%, which
is in line with preceding STORM transactions and with other prime
Dutch RMBS transactions, are: (1) the availability of the NHG-
guarantee for 30.7% of the loan parts in the pool, which can
reduce during the replenishment period to 25%; (2) the
performance of the seller's precedent transactions; (3)
benchmarking with comparable transactions in the Dutch RMBS
market; and (4) the current economic conditions in the
Netherlands in combination with historic recovery data of
foreclosures received from the seller.

The transaction benefits from a non-amortising reserve fund,
funded at 1.02% of the total class A to D notes' outstanding
amount at closing, building up to 1.3% by trapping available
excess spread. The initial total credit enhancement for the Aaa
(sf) rated notes is 8.0%, 6.98% through note subordination and
the reserve fund amounting to 1.02%. The transaction also
benefits from an excess margin of 50 bps provided through the
swap agreement. The swap counterparty is Obvion N.V. and the
back-up swap counterparty is Cooperatieve Rabobank U.A.
("Rabobank"; rated Aa2/P-1). Rabobank is obliged to assume the
obligations of Obvion N.V. under the swap agreement in case of
Obvion N.V.'s default. The transaction also benefits from an
amortising cash advance facility of 2.0% of the outstanding
principal amount of the notes (including the class E notes) with
a floor of 1.45% of the outstanding principal amount of the notes
(including the class E notes) as of closing.

STRESS SCENARIOS:

Moody's Parameter Sensitivities: At the time the ratings were
assigned, the model output indicated that class A notes would
have achieved Aaa (sf), even if MILAN CE was increased to 10.78%
from 7.7% and the portfolio expected loss was increased to 1.95%
from 0.65% and all other factors remained the same.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.

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

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE
RATINGS:

Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.

For instance, should economic conditions be worse than forecast,
the higher defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market could result in a downgrade of the ratings.
Downward pressure on the ratings could also stem from (1)
deterioration in the notes' available credit enhancement; or (2)
counterparty risk, based on a weakening of a counterparty's
credit profile, particularly Obvion N.V. and Rabobank, which
perform numerous roles in the transaction.

Conversely, the ratings could be upgraded: (1) if economic
conditions are significantly better than forecasted; or (2) upon
deleveraging of the capital structure.

The definitive ratings address the expected loss posed to
investors by the legal final maturity of the notes. In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal with respect to the notes by the
legal final maturity. Moody's ratings only address the credit
risk associated with the transaction. Other non-credit risks have
not been addressed, but may have a significant effect on yield to
investors.



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


EMPRESA DE ELECTRICIDADE: Moody's Raises LT Issuer Rating to B2
---------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 the long-
term issuer rating of Empresa de Electricidade da Madeira, S.A.
and converted the issuer rating into a corporate family rating
(CFR) in line with the rating agency's practice for corporates
with non-investment-grade ratings. Concurrently Moody's has
withdrawn the B3 issuer rating of EEM. The outlook is stable.

RATINGS RATIONALE

RATINGS AND OUTLOOK RATIONALE

The upgrade of EEM's rating to B2 reflects the progress the
company has made in resolving certain legacy issues, thereby
enabling it to reduce debt against the background of a slowly
growing Portuguese economy. It also takes account of the settled
regulatory framework in which it operates, and Moody's
expectation that EEM will implement measures to address tighter
efficiency factors in the current regulatory period. It factors
in that the major part of the expenditure on the planned
extension of the Calheta hydro power plant will be funded by
European Union grants on a timely basis.

EEM continues to make progress on monetising overdue receivables
balances with regional public entities. Moody's expects EEM to
continue gradually to reduce total client receivables, which had
declined to an estimated EUR110 million at end-2016, from
approximately EUR148 million in 2013. In addition, Moody's notes
that annual rights of way expenses of approximately EUR7 million
are to be treated as permissible costs following parliamentary
budgetary approval in 2016. EEM's annual allowable revenues will
be boosted as a result, although the pace at which outstanding
rights of way receivables of EUR60 million will be recovered
remains unclear.

EEM is operating in a slowly improving macroeconomic environment.
Moody's forecast is for GDP growth in Portugal of 1.3% in 2017,
after estimated growth of 1.1% in 2016 which should be reflected
also in a strengthening of the economy in the Autonomous Region
of Madeira (or RAM, B1 stable), and supportive of power demand
overall, even if moderated by the gradual adoption of energy
efficiency measures.

EEM plans to expand the Calheta pumped storage hydro plant by
30MW, which will more than double the plant's existing capacity
of 24MW, with completion scheduled for 2018. The investment is in
line with the company's strategy to increase renewables' share of
power output, and will enhance system flexibility, but implies
some moderate execution risk in Moody's view. Moody's takes into
account that the increase in EEM's borrowings should be
contained, reflecting that approximately 65% of the estimated
EUR63 million capital cost will be covered by European Union
subsidies.

The B2 rating is supported by a relatively low business risk
profile, based upon: (1) EEM's position as the dominant
vertically integrated utility in the RAM; and (2) the fully
regulated nature of the company's activities in the context of a
relatively well-established and transparent regulatory framework.
At the same time, the rating factors in: (1) the small size of
the company, and its sizeable investment plan designed to shift
its generation mix from thermal to renewables sources; (2) the
costs and challenges associated with operating in a small,
relatively remote, archipelago; and (3) the tightening of
efficiency factors under the 2015-2017 regulatory period.

The rating continues to take account of EEM's high leverage, and
relatively weak liquidity profile. Moody's estimates that funds
from operations (FFO) should rise a little in 2017, reflecting
lower interest expense and higher allowed rates of return on its
regulated asset base, partly offset by efficiency factors not
fully offset. Moody's estimates therefore that FFO/debt should
remain in the 7%-9% range, notwithstanding that debt will
increase to the extent that the capital investment programme is
delivered. The company's liquidity profile requires that it
should regularly renew its short-term bank credit facilities,
which Moody's assumes it will continue to do on a timely basis.
Looking to the medium-term, Moody's notes that around two thirds
of EEM's estimated EUR340 million debt at end-2016 is represented
by its EUR220 million syndicated facility which matures in
November 2020.

In maintaining the stable outlook, Moody's expects that (1) EEM
will continue to renew its short-term credit facilities on a
timely basis, and take steps to address its EUR220 million credit
facility maturing in November 2020; and (2) that the company will
maintain FFO/debt in the upper single digits in percentage terms
in the context of a relatively stable regulatory and
macroeconomic environment.

WHAT COULD MOVE THE RATING UP/DOWN

Positive rating pressure could develop if the company were to (1)
strengthen its liquidity profile; (2) make progress on delivery
of its capex programme whilst achieving the operating
efficiencies; and (3) further reducing receivables and
maintaining FFO/debt in the low double digits in percentage terms
on a sustainable basis.

The ratings could be downgraded (1) if the company was unable to
make progress on executing its capital investment or to achieve
the efficiency targets imposed by the regulator, whilst FFO/net
debt deteriorated to the mid-single digits; and/or (2) if the
company was unable to raise debt in the domestic or international
markets leading to a deterioration in its liquidity position.

Any upward or downward movement in EEM's rating will also be
considered in the context of the evolution of the macroeconomic
environment in the Madeira and in Portugal.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in December 2013. Other
methodologies used include the Government-Related Issuers
methodology published in October 2014.

EEM is the dominant vertically integrated utility in Madeira,
100% owned by the Autonomous Region of Madeira. In the year to
December 2015, the company reported revenues of EUR168 million
and operating profit of EUR20 million.


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


BANK ZENIT: Fitch Upgrades LT Issuer Default Ratings to 'BB'
------------------------------------------------------------
Fitch Ratings has upgraded Bank Zenit's Long-Term Issuer Default
Ratings (IDRs) to 'BB' from 'BB-' and removed it from Rating
Watch Positive (RWP). The Outlook is Stable. The agency has also
downgraded BZ's Viability Rating (VR) to 'b+' from 'bb-'.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SUPPORT RATING AND
SUPPORT RATING FLOOR
The upgrade of the IDRs, National and Support Ratings follows the
increase of the ownership stake in the bank by oil company PJSC
Tatneft (Tatneft, BBB-/Stable) to 50.4% from 49% and Fitch's
expectation that the stake will further increase as a result of
an announced RUB14bn equity injection for 1H17, RUB9bn of which
will be provided by Tatneft in the form of subordinated debt
conversion and the remainder in cash.

In Fitch's view, as a majority shareholder who will consolidate
BZ in its financial accounts, Tatneft will now have a higher
propensity to support the bank. To date, Fitch has not factored
in support from Tatneft directly into BZ's ratings, although the
bank's credit profile has benefitted from significant liquidity
placements and capital injections from the company.

The two-notch difference between Tatneft's and BZ's IDRs reflects
the agency's view that the bank is a non-core asset for the
company, with limited synergies between the two entities, and
there would be limited reputational damage for Tatneft in case of
BZ's default.

Tatneft's 'BBB-' Long-Term IDR is capped by Russia's sovereign
rating. The company's credit profile is underpinned by low
leverage, with funds-from-operations (FFO)-adjusted gross
leverage of 0.1x at end-2015. The investments in BZ will not have
an impact on Tatneft's ratings, and potential further support of
the bank should be manageable for Tatneft as BZ's equity
accounted for only 17% of Tatneft's RUB141 billion LTM 3Q16 FFO.

The Stable Outlooks on BZ's IDRs reflect that on Tatneft and the
Russian sovereign.

The National-scale ratings are being withdrawn in response to the
new regulatory framework for credit rating agencies in Russia
(see 'Fitch Ratings Withdraws National Scale Ratings in the
Russian Federation' dated 23 December 2016).

The Support Rating Floor (SRF) has been withdrawn in line with
Fitch's Global Bank Rating Criteria, as the agency usually does
not maintain SRFs on banks whose most likely source of external
support would be institutional (shareholder) rather than
sovereign.

DEBT RATINGS
BZ's senior unsecured debt is rated in line with the bank's Long-
Term IDR.

VR
The downgrade of BZ's VR reflects the bank's weakened and still
vulnerable asset quality, continued poor performance and only
moderate capital cushion (even after a planned RUB14 billion
increase in 1H17) relative to the volume of high-
risk/restructured exposures. The VR also takes into account a
comfortable liquidity buffer and limited refinancing needs.

BZ's non-performing loans (more than 90 days overdue; NPLs)
increased to 7.2% of gross loans at end-9M16 from 5.8% at end-
2015, but were fully covered by impairment reserves. However,
Fitch identified at least RUB32.5 billion of potentially high-
risk exposures (net of reserves, 1.5x of Fitch Core Capital (FCC)
at end-9M16), which although not NPLs, may require provisioning
in the future. These include: (i) receivables from debt
collection companies (RUB6.8 billion, 0.3x) to which the bank
sold its bad loans (ii) a poorly collateralised reverse repo
exposure to a weak Russian bank (RUB7 billion, 0.3x; reduced to
RUB5 billion at end-2016) and (iii) other loans (RUB21 billion,
0.9x) among the 25 largest loans, which are restructured and/or
issued to construction companies to finance recently started
projects with long tenor or covered by fairly illiquid
collateral. Positively, some of these exposures (eg.
construction-related) are collateralised with real estate, but
given the completion/valuation risks, this is only a moderate
mitigant.

BZ's FCC ratio increased to 9.4% at end-9M16 from 7.7% at end-
2015 after RUB8bn of capital injection from shareholders (mostly
Tatneft) in 2Q16. Regulatory capital ratios are also only
moderate, with a Tier 1 ratio of 7.9% (minimum with buffers is
7.3%) and total capital ratio of 13.6% (minimum 9.3%) at end-
2016. Adjusting for the expected RUB14bn equity increase would
boost the FCC and regulatory Tier 1 ratios by about 500bps, but
any increase may be only temporary, as, Fitch believes BZ may use
some of this capital to reserve its uncovered high-risk
exposures.

BZ's profitability is weak, undermined by a high cost of funding
(8% in 9M16) and relatively low loan yields (about 12%) resulting
in a weak net interest margin of 2.5%. The bank was only
marginally above break-even on a pre-impairment basis in 9M16.
Including impairment charges equal to 4% of gross loans the bank
reported a loss equal to 35% of its average equity. Pre-
impairment results may improve somewhat as funding costs decline,
but impairment charges are likely to remain a drag on net income.

BZ is funded mainly by customer accounts, which are moderately
concentrated (the top 20 made up 30% of total loans at end-3Q16),
although most are rather stable. About RUB15 billion or 8% of
customer accounts were from Tatneft and related entities, which
Fitch views as stable. The bank had a comfortable liquidity
buffer (cash and equivalents and bonds repo-able with the Central
Bank of Russia) equal to 40% of customer accounts at end-2016 (or
11% net of 2017 market debt repayments).

RATING SENSITIVITIES
The bank's IDRs could be downgraded if (i) the Russian
Federation, and hence Tatneft, are downgraded; (ii) if Tatneft's
propensity to provide support BZ weakens; or (iii) support
received is not sufficient to cover asset quality problems.

BZ could be upgraded in case of (i) an upgrade of Tatneft (which
in turn would require an upgrade of Russia) or (ii) an extended
track record of support for BZ from Tatneft and greater
integration between the two entities.

Downside pressure on BZ's VR stems from potential asset quality
and performance deterioration, if these result in capital erosion
without being offset by new capital injections. Upside is limited
and would require a substantial improvement of asset quality or
capital.

The rating actions are:

Bank Zenit
Long Term Foreign and Local Currency IDRs: upgraded to 'BB' from
'BB-'; off RWP; Outlooks Stable
National Long Term Rating: upgraded to 'AA(rus)' from 'A+(rus)';
off RWP; Outlook Stable; Withdrawn
Short-Term Foreign Currency IDR: affirmed at 'B'
Viability Rating: downgraded to 'b+' from 'bb-'
Support Rating Floor: affirmed at 'No Floor'; Withdrawn
Support Rating: upgraded to '3' from '5'; off RWP
Long-term senior unsecured debt: upgraded to 'BB' from 'BB-'; off
RWP
National long-term senior unsecured debt: upgraded to 'AA(rus)'
from 'A+(rus)'; off RWP; Withdrawn


BRUNSWICK RAIL: Rival Offer Will Put Company at Further Risk
------------------------------------------------------------
Luca Casiraghi at Bloomberg News reports that Brunswick Rail Ltd.
bondholders, who are competing to buy the troubled Russian
railcar lessor, said a rival offer could put the company at
further risk.

A takeover will leave Brunswick in "a very precarious position"
unless there is bondholder support, Bloomberg relays, citing a
statement on Jan. 27 from the noteholders' advisers, PJT Partners
Inc. and Shearman & Sterling.  According to Bloomberg, the
statement said the lessor can be forced to buy back US$600
million of bonds due in November at 101%of face value if there is
a change of control.

The statement said an unidentified rival bidder has already
entered an exclusive agreement with some Brunswick shareholders
and its offer has been circulated to others, Bloomberg notes.
The lessor has been seeking to renegotiate obligations for more
than a year after the ruble's plunge left it struggling to repay
foreign-denominated debt, Bloomberg discloses.

Brunswick Rail leases railcars to corporate clients in Russia.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 7,
2016, S&P Global Ratings lowered its long-term corporate credit
rating on Russia-based freight car lessor Brunswick Rail Ltd. to
'CC' from 'CCC-'.  The outlook remains negative.  At the same
time, S&P lowered to 'CC' from 'CCC-' its issue rating on the
$600 million 6.5% senior unsecured notes due 2017, issued by
Brunswick's wholly owned subsidiary Brunswick Rail Finance Ltd.
The downgrade follows Brunswick's announcement that it intends to
launch a tender offer on its US$600 million unsecured notes due
in November 2017.


TULA: Fitch Affirms Long-Term Issuer Default Ratings at 'BB-'
-------------------------------------------------------------
Fitch Ratings has affirmed the Russian City of Tula's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-'
with Stable Outlooks and Short-Term Foreign Currency IDR at 'B'.
The city's National Long-Term rating has been affirmed at
'A+(rus)' with Stable Outlook and withdrawn.

The affirmation reflects the city's projected satisfactory fiscal
performance and the expected containment of its direct risk below
40% of current revenue in the medium term. The ratings are
constrained by a weak institutional framework for Russian local
and regional governments (LRGs).

The National-scale rating is being withdrawn because Fitch has
withdrawn its Russian National-scale ratings in response to a new
regulatory framework for credit rating agencies in Russia (see
Fitch Ratings Withdraws National Scale Ratings in the Russian
Federation dated 23 December 2016).

KEY RATING DRIVERS
Weak institutions in Russia lead to lower predictability of LRGs'
budgetary policies, narrow their planning horizon and hamper
long-term development plans. The City of Tula's policies tend to
be shaped by frequent changes in allocation of revenue and
expenditure responsibilities between the tiers of government.

Fitch projects Tula to post an operating margin of 3%-5% over the
medium term (2016: 3.3%), on the back of both stable taxes and
current transfers from Tula Region (BB/Stable). Fitch also
expects the city's deficit before debt variation to remain modest
at 3%-4% of total revenue in 2017-2019, close to the 2016 deficit
of 2.7%, underpinned by operating expenditure control.

Fitch expects the city's operating expenditure to remain rigid,
with 78% pertaining to inflexible staff costs and current
transfers of various kinds in 2016. Revenue in Tula is likely to
remain almost equally supported by taxes and current transfers
over the medium term. The city's operating revenue in 2016
comprised 51% taxes and 41% current transfers from the regional
budget.

Fitch expects Tula to contain growth of its direct risk over the
medium term at below 40% of current revenue. Fitch also expects
the city to retain use of bank loans as the prime source of
deficit financing in 2017-2019, supplemented by budget loans from
the region. The city's direct risk at end-2016 was 95% composed
of bank loans with maturity in 2018, followed by budget loans
from Tula Region (5%).

Immediate refinancing risk on market-originated debt has eased
after Tula contracted new loans in 2016 with maturities in May to
December 2018. The city's liquidity position also improved, with
cash holding amounting to RUB574m at end-2016 (2015: RUB220m).

With a population of 551,270 inhabitants, the city is Tula
Region's capital and largest metropolitan area. The region's
economy is fairly well-diversified with a sound industrial
profile; in 2015 the regional economy grew 4.7%, in contrast to
the national GRP decline of 3.7%. Economically Tula benefits from
its close proximity to the City of Moscow (BBB-/Stable), the
country's capital and its largest market.

The region's wealth metrics are close to the Russian median: its
GRP per capita was 93% of the national median in 2014. Fitch
forecasts national GDP to have declined 0.5% in 2016, followed by
sluggish growth in 2017-2018, which in turn could weigh on both
the region's and the city's economic and budgetary performance.

RATING SENSITIVITIES
Stable operating surplus of 5% of operating revenue and
maintaining moderate direct risk at below 50% of current revenue,
with sufficient coverage of interest payments, would lead to an
upgrade.

Material growth of direct risk above 50% of current revenue,
along with deterioration in fiscal performance leading to a weak
operating balance that is insufficient to cover interest
payments, would lead to a downgrade.


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


TURKEY: Fitch Lowers Long-Term Issuer Default Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has downgraded Turkey's Long-Term Foreign Currency
Issuer Default Rating (IDR) to 'BB+' from 'BBB-'. The issue
ratings on Turkey's senior unsecured foreign currency bonds have
also been downgraded to 'BB+' from 'BBB-'. Fitch has affirmed the
Long-Term Local Currency IDR at 'BBB-' and the issue ratings on
Turkey's senior unsecured long-term local-currency bonds have
also been affirmed at 'BBB-'. The Outlooks on the Long-Term IDRs
are Stable. The Country Ceiling has been revised down to 'BBB-'
from 'BBB' and the Short-Term Foreign-Currency IDR downgraded to
'B' from 'F3'. The Short-Term Local-Currency IDR has been
affirmed at 'F3' and the issue ratings on Turkey's senior
unsecured short-term local-currency bonds have also been affirmed
at 'F3'.

The issue ratings on Turkey's Hazine Mustesarligi Varlik Kiralama
Anonim Sirketi's (Hazine) Foreign-Currency global certificates
(sukuk) have been downgraded to 'BB+' from 'BBB-'. The issue
ratings on Hazine's Local-Currency global certificates (sukuk)
have been affirmed at 'BBB-'.

KEY RATING DRIVERS
The downgrade of Turkey's foreign currency IDRs reflects the
following key rating drivers and their relative weights:

HIGH
Political and security developments have undermined economic
performance and institutional independence. While the political
environment may stabilise, significant security challenges are
set to remain. A constitutional reform process is progressing,
which, if approved in a referendum likely to be held in March or
April, would entrench a system in which checks and balances have
been eroded, in Fitch's opinion. The purge of the public sector
of the supporters of the group that the government considers
responsible for the coup attempt in July has continued and a
state of emergency remains in place. The scope of the purge,
which has extended to the media and other groups, has unnerved
some participants in the economy. High-profile terrorist attacks
have continued, damaging consumer confidence and the tourism
sector.

MEDIUM
The failure to address long-standing external vulnerabilities has
been manifest in a sharp fall in the currency. Fitch does not
expect systemic problems that would jeopardise financial
stability or trigger a balance of payments crisis, but it does
assume a detrimental impact on the private sector. Turkey's
strained international liquidity position (at 76.1 the liquidity
ratio is half the BBB median) make it vulnerable to shifts in
investor sentiment. Indicators of external liquidity are
generally little changed since Fitch upgraded Turkey to
investment grade in 2012, but the stock of net external debt/GDP
has continued to rise, to 30.4% at end-2016 from 22.7% at end-
2012, and compared with a 'BBB' median of 2.3% and a 'BB' median
of 20.1%. Evolving domestic and external conditions bring the
potential for further tests of Turkey's ongoing resilience in
external financing.

Economic growth fell sharply in 2H16 and is expected to recover
to a pace that is well below the country's performance in recent
years. A rebound is anticipated after the 1.8% yoy contraction in
3Q16, but this will be held back by weak domestic demand stemming
from security and political conditions and, over the near term,
currency depreciation. Growth is forecast to average 2.3% between
2016 and 2018, compared with an average of 7.1% over the five
years ending 2015 (based on new data after a credible GDP
revision). Investment is not expected to pick-up unless
structural reform is pursued more aggressively than in recent
years.

Banks have been hit by the slowing economy. Headline non-
performing loans are low and stable at around 3% of total loans.
However, the volume of at risk restructured loans (including in
the tourism and energy sectors) has increased and further
restructurings are likely, potentially also to offset rising FX
costs. Weaker GDP growth could also put pressure on asset
quality. Sector capitalisation, supported by adequate NPL reserve
coverage, is sufficient to absorb moderate shocks, but sensitive
to further lira depreciation and NPL growth. Refinancing risks
have increased, although foreign currency liquidity remains
broadly adequate to cover short-term sector wholesale funding
liabilities due within one year. The sustained growth in credit
to the private sector, to an estimated 68% of GDP at end 2016
from 49% at end 2012, also indicates a heightened level of
vulnerability.

The affirmation of Turkey's Local Currency IDRs reflects:

Fitch judges that in the 'BB' rating category, the strength of
public finances over external finances is sufficient for a one-
notch uplift. The general government debt to revenues ratio is
under half the level of the 'BB' medium, reflecting a track
record of primary surpluses and a broader revenue base. Net and
gross government debt levels are also well below the peer median.
Government foreign currency debt was 36% of total debt at end-
2016 compared with a 'BB' median of 51.3%. Turkey also scores
better than the 'BBB' median for each of these indicators.

Fiscal outturns remained strong compared with rating peers in
2016 despite the political turbulence and slowing economy, with
the general government deficit estimated at 1.6% of GDP.
Additional revenue raising measures were introduced in 4Q16,
including a restructuring of debtor arrears and selective
consumption tax hikes, to ensure that the central government
deficit target was 1.1% of GDP was achieved. Debt to GDP is
estimated at 27.8% at end-2016 and Fitch expects it to be broadly
flat over Fitch's forecast period to end-2018. Contingent
liabilities are rising, but from a low base and are unlikely to
have a material impact on government finances over the forecast
period.

Turkey's IDRs also reflect the following key rating drivers:-

Turkey is a large and diversified economy with a vibrant private
sector. Human Development and Doing Business indicators, as
measured by the World Bank, are in excess of the 'BB' medians.
GDP per capita is double the peer median, although the volatility
of economic growth is well in excess of peers reflecting a
vulnerability to regular domestic and external shocks.

The current account deficit is large relative to peers and
persistent. Fitch assumes that the deficit has passed its
narrowest point on a rolling 12-month basis and estimates a
deficit of 4.8% of GDP in 2016. Exchange rate induced import
compression and an improvement in export competitiveness will
limit the deterioration of the current account deficit in 2017
based on Fitch's current oil price forecasts. Ongoing security
concerns mean that tourism revenues will be well down on 2013-
2015 levels over the forecast period.

Inflation is well in excess of peers and is set to temporarily
return to double digits in 1H17. The five-year average of 8.1%
compares with a 'BBB' median of 2.7% and a 'BB' median of 3.4%.
As Fitch has stated previously, undue influence on the central
bank has prevented it from hitting its inflation target. The
central bank has taken gradual steps to tighten policy over the
last few weeks including raising rates on 24 January, but in
Fitch's view, policy is not sufficiently tight to hit the 2017
inflation target. The policy simplification process appears to
have been put on hold.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Turkey a score equivalent to a
rating of BBB on the Long-Term FC IDR scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final LT FC IDR by applying its QO, relative
to rated peers, as follows:
   - External finances: -1 notch, to reflect a very high gross
external financing requirement and very low international
liquidity ratio.
   - Structural features: -1 notch, to reflect regular serious
terrorist attacks and a political environment that has negatively
affected economic performance.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three year
centred averages, including one year of forecasts, to produce a
score equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch'scriteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES
The main factors that, individually, or collectively, could lead
to negative rating action are:
   - Heightened stresses stemming from external financing
vulnerabilities.
   - Weaker public finances reflected by a deterioration in the
government debt/GDP ratio.
   - A deterioration in the political or security situation.

The main factors that, individually, or collectively, could lead
to positive rating action are:
   - Implementation of reforms that address structural
deficiencies and reduce external vulnerabilities.
   - A political and security environment that supports a
pronounced improvement in key macroeconomic data.

KEY ASSUMPTIONS
   - The government maintains its commitment to fiscal stability.
   - Economic relations with key trading partners will not
deteriorate seriously.
   - Fitch forecasts Brent Crude to average USD45/b in 2017 and
USD55/b in 2018.


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


AVANTI COMMUNICATIONS: S&P Lowers Corp. Credit Rating to 'SD'
-------------------------------------------------------------
S&P Global Ratings said that it lowered its corporate credit
rating on U.K.-based fixed satellite services (FSS) provider
Avanti Communications Group PLC to 'SD' (selective default) from
'CC'.

At the same time, S&P lowered the issue-level rating on Avanti's
senior secured notes due 2019 to 'D' from 'CC'.  The recovery
rating is unchanged at '2'.

The downgrade follows the close of Avanti's distressed exchange
for $708 million of its senior secured notes (including accrued
interest) due 2019. Avanti offered a combination of $497 million
amended notes with a payment-in-kind (PIK) toggle feature and
subordinated position maturing in 2022/2023, and $211 million of
newly issued senior PIK toggle notes maturing in 2021/2022.  S&P
considers the transaction tantamount to a selective default
because it views the combination of amended notes and newly
issued senior PIK toggle notes offered to be less than the
original promise of the notes.

The transaction also includes $130 million of cash capital raised
in addition to newly issued senior PIK toggle notes consisting of
an $82 million note issuance at transaction close, and $50
million on a delayed draw basis.  Avanti expects the combination
of amended existing notes and new funding will provide sufficient
liquidity through the construction and launch of its HYLAS 4
satellite in the first half of the fiscal year ending June 30,
2018.  Furthermore, the company offered existing noteholders the
option to roll additional existing notes into the senior PIK
toggle notes if they participated in the capital raise.  The
refinancing also included an option to raise super senior debt to
replace the issued PIK notes.

Avanti is a small player in the FSS industry and is still in the
process of developing a limited fleet of satellites.  Despite
Avanti's relatively good contract backlog of $276 million as of
Sept. 30, 2016, the company has recently seen lower-than-expected
growth in revenues, which has led to insufficient liquidity to
meet its funding requirements through the second quarter of
fiscal year 2017.

S&P plans to change the corporate credit rating from 'SD' once it
has reevaluated the entity under its new capital structure.  S&P
will consider an upgrade if we believe its credit profile has
improved.  S&P's analysis will incorporate the company's
liquidity, challenging operating environment, and high leverage
post its restructuring initiatives.


PJO INDUSTRIAL: Disappointing Trading Prompts Administration
------------------------------------------------------------
Mechan Controls PLC on Jan. 27 disclosed that with effect from
January 25, 2017, Mark Colman -- mark.colman@leonardcurtis.co.uk
-- and John Titley of Leonard Curtis were appointed as Joint
Administrators of its subsidiary PJO Industrial Limited ("the
Company").

The trading performance of the Company has been disappointing in
recent years, and following a review of the position and
prospects of the Company, the directors have determined that it
would be the appropriate course of action to place the Company
into administration.

The administration appointments were made by the board of PJO
Industrial Ltd.

Further announcements will be made in due course to update the
market.


TURBO FINANCE: Moody's Affirms Ba1 Rating on Class C Notes
----------------------------------------------------------
Moody's Investors Service has upgraded to Aaa (sf) from Aa1 (sf)
the rating on the Class B of Turbo Finance 4 plc and to Aa1 (sf)
from Aa3 (sf) the rating on the Class B notes of Turbo Finance 5
plc. For both transactions, Moody's has affirmed the Class C
notes' Ba1 (sf) ratings.

Issuer: Turbo Finance 4 plc

-- GBP33.6M Class B Notes, Upgraded to Aaa (sf); previously on
May 24, 2016 Upgraded to Aa1 (sf)

-- GBP11.3M Class C Notes, Affirmed Ba1 (sf); previously on
Nov. 14, 2013 Definitive Rating Assigned Ba1 (sf)

Issuer: Turbo Finance 5 plc

-- GBP37.7M Class B Notes, Upgraded to Aa1 (sf); previously on
Sept. 23, 2014 Definitive Rating Assigned Aa3 (sf)

-- GBP10.7M Class C Notes, Affirmed Ba1 (sf); previously on
Sept. 23, 2014 Definitive Rating Assigned Ba1 (sf)

The upgrades reflect (1) the deleveraging of the transactions and
the build-up of credit enhancement; and (2) the better-than-
expected collateral performance.

The affected transactions are cash securitisations of auto leases
extended to obligors located in United Kingdom by FirstRand Bank
Limited, acting through its London Branch.

RATINGS RATIONALE

The upgrades primarily reflect deleveraging since the last rating
action and the better-than-expected collateral performance.

-- INCREASED CREDIT ENHANCEMENT LEVELS

In Turbo Finance 4 plc, the credit enhancement (CE) available to
the Class B notes has increased to 19.84% in December 2016 from
9.90% since the last rating action in May 2016. In Turbo Finance
5 plc the CE for Class B notes has also increased to 7.2% from
3.8% at closing. Credit enhancement for the Class B notes takes
the form of subordination and reserve funds, which are fully
funded at their target levels in both transactions.

It should be noted that the Class C notes in both transactions do
not benefit from the cash reserve until Classes A and B are
repaid, and any payment to the Class C notes including interest
is subordinated to principal payments due on Classes A and B due
to their subordinated position in the waterfall. This increases
the likelihood of interest deferral on the Class C notes. As a
consequence, tranche C does not benefit from the build-up of
credit enhancement.

-- IMPROVED LIFETIME DEFAULT EXPECTATION

Collateral performance has been better than expected in both
transactions:

In Turbo Finance 4 plc, 60+ days delinquencies are at 0.34% of
current balance and cumulative defaults are 2.36% of original
balance plus replenishments as of December 2016. Moody's assumed
a default probability of 4% of the current portfolio balance,
translating into a lower DP assumption of 2.8% of original
balance, from 3.35% at last rating action. Moody's updated the
constant prepayment rate (CPR) to 25% from 20% and increased the
recovery rate assumption to 45% from 40%. Moody's has increased
the coefficient of variation (CoV) to 50% from 47%, which,
combined with the revised key collateral assumptions, corresponds
to the portfolio credit enhancement of 15%.

In Turbo Finance 5 plc, 60+ days delinquencies are at 0.27% of
current balance and cumulative defaults are 1.91% of original
balance plus replenishments as of December 2016. Moody's assumed
a default probability of 4% of the current portfolio balance,
translating into a lower DP assumption of 3.1% of original
balance compared to an initial assumption of 4%. Moody's updated
the constant prepayment rate (CPR) to 20% from 15%. Moody's left
the recovery rate assumption unchanged at 45% and lowered the
coefficient of variation to 51% from 52%, corresponding to a
portfolio credit enhancement of 15%.

-- EXPOSURE TO COUNTERPARTY RISK

Moody's has reviewed the counterparty risk in both deals and
concluded that the ratings on all notes are not constrained by
counterparty exposure in any of those transactions.

METHODOLOGY

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

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

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

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


WEST BROMWICH: Moody's Affirms Long-Term Deposit Rating at B1
-------------------------------------------------------------
Moody's Investors Service has affirmed West Bromwich Building
Society's long-term deposit rating of B1. In rating action,
Moody's also upgraded West Bromwich Building Society's long-term
Counterparty Risk Assessment (CR Assessment) to Ba1(cr) from
Ba2(cr).

The outlook on the long-term deposit ratings remains stable.

RATINGS RATIONALE

The upgrade of the CR assessment to Ba1(cr) reflects the
increased subordination protecting West Brom's counterparty
obligations, together with Moody's expectation that the Society's
balance sheet growth will be moderate over the outlook period and
that such growth will mainly be funded by deposits.

Based on the Society's liability structure as of September 30,
2016, bail-in-able liabilities subordinate to counterparty
obligations totalled 10.3% of tangible banking assets, providing
a substantial cushion against default in the form of junior
deposits, preference shares, and residual equity. This level of
subordination corresponds to three notches of uplift for the CR
Assessment from the Society's baseline Credit Assessment (BCA) of
b1.

CR Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails, and are distinct from debt
and deposit ratings in that they: (1) consider only the risk of
default rather than both the likelihood of default and the
expected financial loss suffered in the event of default; and (2)
apply to counterparty obligations and contractual commitments
rather than debt or deposit instruments. Moody's CR Assessment
captures the probability of default on certain senior
obligations, rather than expected loss. Therefore, Moody's focus
purely on subordination and take no account of the volume of the
instrument class.

The CR Assessment for West Brom does not benefit from any
government support, in line with Moody's support assumptions on
the deposit ratings, given its small, simple balance sheet and
lack of systemic importance.

Moody's also affirmed West Brom's B1 long-term deposit rating.
The deposit rating continues to reflect (1) the Society's BCA of
b1; (2) moderate loss-given-failure under Moody's Advanced Loss
Given Failure analysis; and (3) low probability of government
support.

WHAT COULD CHANGE THE RATINGS UP

West Brom's BCA could be upgraded as a result of (1) significant
improvements in its asset quality metrics; (2) renewed access to
the unsecured wholesale markets; and (3) evidence of a more
sustainable and profitable business model. A positive change in
the building society's BCA would lead to an upgrade in all
ratings. West Brom's deposit ratings could also be upgraded if,
after regaining access to wholesale markets, the Society were to
issue significant amounts of senior unsecured debt and/or
subordinated long-term debt.

WHAT COULD CHANGE THE RATINGS DOWN

West Brom's BCA could be downgraded in the event of a notable
economic slowdown in the UK, resulting in significant asset
quality deterioration and impacting its capital levels. A
downward movement in West Brom's BCA would be likely to result in
downgrades to all ratings.

The probability of default for West Brom's counterparty
obligations may increase if the Society were to grow its balance
sheet without commensurate increases in bail-in-able debt or
deposits. In this event, Moody's may reflect such higher default
risk with a downgrade of the CR Assessment.

LIST OF AFFECTED RATINGS

Issuer: West Bromwich Building Society

Upgrades:

  -- LT Counterparty Risk Assessment, Upgraded to Ba1(cr) from
Ba2(cr)

Affirmations:

  -- LT Bank Deposits (Local & Foreign Currency), Affirmed B1,
Outlook Remains Stable

  -- ST Bank Deposits (Local & Foreign Currency), Affirmed NP

  -- Pref. Stock Non-cumulative (Local Currency), Affirmed
Caa1(hyb)

  -- ST Counterparty Risk Assessment, Affirmed NP(cr)

Outlook Actions:

  -- Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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



                            *********

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
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Nothing in the TCR constitutes an offer or solicitation to buy or
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public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
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share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
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historical cost net of depreciation may understate the true value
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balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
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Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
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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-
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Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
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Peter A. Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN 1529-2754.

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