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

                           E U R O P E

           Friday, February 3, 2017, Vol. 18, No. 25


                            Headlines


A Z E R B A I J A N

ACCESSBANK: Fitch Lowers Viability Rating to 'f'


F R A N C E

NOVARTEX SAS: Moody's Lowers Corporate Family Rating to C


G E R M A N Y

MERCER INT'L: Moody's Rates $225MM Senior Unsecured Notes 'B1'


G R E E C E

GREECE: Creditors Ready to Make Proposal for Austerity Measures


I R E L A N D

ST. PAUL'S CLO VII: Moody's Rates EUR10MM Class F Notes '(P)B2'


I T A L Y

ILPEA PARENT: Moody's Assigns B2 Corporate Family Rating
MARCOLIN SPA: Moody's Affirms B2 CFR, Outlook Stable
PORTI TURISTICI: Feb. 28 Fiumicino Tender Submission Deadline Set
UNICREDIT BANK: Approves Sale of EUR13BB Shares at 38% Discount


K Y R G Y Z S T A N

KYRGYZ REPUBLIC: High Debt Constrains B2 Rating, Moody's Says


L A T V I A

VEF RADIOTEHNIKA: Nasdaq Riga Removes Observation Status


N E T H E R L A N D S

F.A.B. CBO 2002-1: Moody's Hikes Rating on Class B Notes to Caa2
GARDA CLO: Moody's Affirms Caa1 Rating on Class F Notes


R U S S I A

O1 PROPERTIES: Moody's Rates Proposed $335MM Domestic Bonds B1


S P A I N

MBS BANCAJA 3: Fitch Affirms Rating on Class E Notes at 'CC'


U K R A I N E

GAS OF UKRAINE: Enters Liquidation Procedure


U N I T E D   K I N G D O M

AVANTI COMMUNICATIONS: Moody's Changes PDR to Ca-PD/LD
FERROGLOBE PLC: Moody's Assigns (P)B1 Corporate Family Rating
MABLE COMMERCIAL: Feb. 16 Proofs of Debt Filing Deadline Set
MAURICE STEVENSON: Tough Market Conditions Prompt Administration
MELTON RENEWABLE: Fitch Affirms IDR at 'BB', Outlook Stable

WIDDOWSON LOGISTICS: Enters Administration, 200 Jobs at Risk


X X X X X X X X

* BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles


                            *********



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


ACCESSBANK: Fitch Lowers Viability Rating to 'f'
------------------------------------------------
Fitch Ratings has downgraded Azerbaijan-based AccessBank's
Viability Rating (VR) to 'f' from 'b+'. At the same time the
agency has affirmed the bank's Long-Term Issuer Default Rating
(IDR) at 'BB+'. The Outlook on the Long-Term IDR is Negative.

KEY RATING DRIVERS
VR
The downgrade of AccessBank's VR to 'f' reflects Fitch's view
that the bank has failed, as reflected by a material capital
shortfall. The agency believes the bank has become dependent on
regulatory forbearance as it is in significant non-compliance
with regulatory capital adequacy rules and requires extraordinary
external capital support to restore its solvency.

Based on the bank's end-2016 regulatory accounts, Tier 1 and
total capital ratios had fallen to just 1.7% and 3.4%,
respectively, down from 10% and 16% at end-1H16. AccessBank made
a loss in 2016 equal to 93% of its end-2015 Tier 1 regulatory
capital, mostly due to substantial AZN145m impairment charges
(equal to 18% of average loans; of this, AZN70m was posted in
2H16).

Fitch estimates AccessBank's Fitch Core Capital (FCC) at 5.4% of
Basel risk-weighted assets (RWAs) at end-2016 (down a from
comfortable 16% at end-1H16); this ratio is moderately higher
than regulatory metrics mainly due to lower weightings of secured
performing loans in Basel RWAs (50% versus 100% in regulatory
rules).

AccessBank's non-performing loans (NPLs; loans 90 days overdue)
were a high 27% of gross loans at end-2016 (up from 22% at end-
1H16 and 5% at end-2015). Reserve coverage of NPLs in preliminary
IFRS accounts was above 80%, but additional downside asset
quality risks stem from a large amount of recently restructured
foreign-currency loans (around 50% of the total portfolio); these
are of uncertain credit quality, particularly in light of the
further devaluation of the local currency by 18% between
September 2016 and January 2017.

According to management, in December 2016 AccessBank's
shareholders have decided to inject USD20m (AZN35m equivalent) of
equity on a pro rata basis, which management expects to be
completed in 1Q17. International Finance Corporation (IFC) plans
to participate via conversion of a part of its USD25m
subordinated debt, while three other international financial
institution (IFI) shareholders intend to convert their senior
debt. According to management, the shareholders are considering
contributing an additional equity injection as a second stage of
recapitalisation, although the decision on its amount and timing
has not yet been taken. The conversion of shareholder senior debt
into equity does not result in AccessBank's IDRs being downgraded
to default level as Fitch's bank IDRs relate to the risk of non-
performance on third-party, rather than related-party,
obligations.

Fitch expects that the planned USD20m injection will be
sufficient to make the bank compliant with prudential
requirements: adjusting for this and 8% depreciation of the manat
in January 2017, the end-2016 regulatory tier 1 and FCC ratios
would rise to 6% (above the regulatory minimum of 5%) and 11%,
respectively. However, sizable unreserved NPLs of AZN58m (equal
to 0.9x post-injection FCC) and the above-mentioned restructured
loans of AZN312m (about 5x) will remain a drag on AccessBank's
capital position and may require additional provisioning in 2017.
The bank's core pre-impairment profit of AZN34m in 2016
regulatory accounts was equal to 4% of average gross loans, but
adjusting for AZN46m of accrued interest not received in cash
pre-impairment profit would have been negative.

AccessBank's funding profile has been stable. At end-2016, the
bank's wholesale funding maturing within 12 months was equal to
around 25% of total liabilities, but the available liquidity
buffer was equal to a high 96% of this. Refinancing risks are
further reduced by AccessBank's access to funding from
shareholders and other IFIs.

IDRS AND SUPPORT RATING
The affirmation of AccessBank's Long-Term IDR at 'BB+' and
Support Rating at '3' reflects Fitch's view that the bank's IFI
shareholders continue to have a strong propensity to provide
support, notwithstanding the bank's recent losses. The European
Bank for Reconstruction and Development (AAA/Stable), KfW
(AAA/Stable), IFC and the Black Sea Trade and Development Bank
each hold a direct 20% stake in AccessBank.

Fitch's view on support is based on the IFIs' strategic
commitment to microfinance lending in emerging markets and the
IFIs' direct ownership of AccessBank, stemming from their
participation as founding shareholders. This is additionally
supported by the shareholder's intention to inject equity in 1Q17
to restore AccessBank's capital position.

However, the bank's ability to receive and utilise potential
support could be restricted by transfer and convertibility risks,
as reflected in Azerbaijan's Country Ceiling of 'BB+'. The
Negative Outlook on AccessBank's IDR reflects that on the
sovereign.

RATING SENSITIVITIES
IDRS AND SR
AccessBank's IDR will be downgraded in case of a sovereign
downgrade and downward revision of the Country Ceiling.
Conversely, a revision of the Outlook on the sovereign to Stable
may result in a similar action on the bank.

Downside risks for AccessBank's IDRs and Support Rating could
also stem from a weakening of the support propensity of the IFI
shareholders, for example, if they intend to divest their stakes
in the bank or if there are material delays in capital support.

VR
Fitch will review AccessBank's VR once the announced
recapitalisation measures have been completed and audited IFRS
accounts for 2016 are available. The level of the post-
recapitalisation VR will depend primarily on prospects for the
bank's asset quality and performance, given the large volume of
restructured loans and risks to pre-impairment profitability.

The rating actions are:

AccessBank
Long-Term IDR: affirmed at 'BB+'; Outlook Negative
Short-Term IDR: affirmed at 'B'
Viability Rating: downgraded to 'f' from 'b+'
Support Rating: affirmed at '3'


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


NOVARTEX SAS: Moody's Lowers Corporate Family Rating to C
----------------------------------------------------------
Moody's Investors Service has downgraded Novartex S.A.S.'
corporate family rating (CFR) to C from Ca and affirmed the
company's probability of default rating (PDR) at Ca-PD.
Concurrently, Moody's has downgraded the instrument rating on the
EUR780 million reinstated debt maturing in October 2020 issued by
Novarte (the reinstated debt) to C (LGD6) from Ca (LGD4) and the
instrument rating on the EUR500 million senior bonds maturing in
October 2019 issued by Vivarte (the new money bonds) to Caa3 from
Caa1. The outlook on the ratings has changed to stable from
developing.

RATINGS RATIONALE

The downgrade of the CFR to C follows the presentation by
Novartex of a restructuring proposal to its lenders in December
2016 which includes the full conversion into common equity of the
reinstated debt and the EUR800 million bonds redeemable into NRD
B Preferred Shares issued by the company. Moody's includes the
bonds redeemable into NRD B Preferred Shares into the calculation
of leverage as they do not meet Moody's published criteria for
equity treatment. The restructuring process, which was initiated
by the company in July 2016 when it appointed a mandataire ad hoc
should thus result in a write off of well above 65% of the
group's debt, mapping to a C rating. While the restructuring
proposal does not suggest any equitization of the new money
bonds, it envisages the extension of its maturity by 2 years to
2021 and the inclusion of a PIK toggle mechanism applicable under
certain criteria to each interest period in 2017, 2018, and 2019.

Moody's believes that the significant debt write off is
commensurate with the rapid deterioration of the company's
operations since 2014. Like-for-like (LfL) sales continued
declining by 1.8% and 3.6% in fiscal year ending (FYE) 31 August
2016 and in the first three months of FY 2017 ending 30 November
2016, respectively, compared to the same periods last year. As a
result, EBITDA as reported by the company deteriorated in FY 2016
to EUR41 million (on a comparable basis) from EUR74 million in FY
2015. On a statutory basis, excluding the impact of the announced
disposals of Kookai, Pataugas, Chevignon and CVC classified as
discontinued operations, FY 2016 EBITDA was slightly higher at
EUR54.4 million but experienced further decline to EUR48 million
in the last twelve months (LTM) period to 30 November 2016.

The announcement by Novartex on 27 January 2017 of its intention
to dispose of the Andre footwear and Naf Naf apparel brands
contributes to streamlining the company's portfolio of banners.
While Moody's does not expect any significant proceeds from these
disposals, Moody's believes that these will enable management to
focus on restructuring the La Halle aux Vetements (HAV) and La
Halle aux Chaussures (HAC) banners by partly merging and
downsizing HAV and HAC's store network -- subject to discussions
with workers representatives -- and operating a price
repositioning. Moody's notes, however, that the operation is
subject to execution risk in the context of a sluggish macro-
economic environment and increasing competition in France.

While liquidity remained adequate as of 30 November 2016, Moody's
notes that the company's cash balance has declined significantly
to EUR225 million as of that date compared with EUR410 million a
year earlier. The reduction in cash resulted from the highly
negative free cash flow (FCF) generated by the company in FY2016
mainly driven by the weakening in EBITDA as well as the charges
related to the restructuring of the business. Moody's expects the
cash balance to decline further in FY 2017 based on the rating
agency's forecast for negative FCF over the next 12 months.

The C rating on the reinstated debt reflects Moody's expectation
that the instrument will be fully written off at the completion
of the restructuring process. While the new money bonds are not
expected to be equitized as part of the current restructuring
process, the Caa3 instrument rating reflects the rating agency's
view that these bonds will remain exposed to an elevated risk of
write-off over the medium-term due to the group's leverage
remaining high at the closing of the proposed restructuring.
Neither the new money bonds nor the reinstated debt are
guaranteed by the operating subsidiaries, but the new money bonds
benefit from a pledge over receivables related to intercompany
loans down-streaming the proceeds of the notes to the operating
subsidiaries. At the level of the operating companies, these
intercompany loans rank pari passu with the other operating
liabilities, except for EUR130 million of trade payables, which
are guaranteed by letters of credit, ranking ahead.

The stable outlook reflects Moody's expectation of no significant
alterations being made by the lenders to the restructuring
proposal submitted by the company.

WHAT COULD CHANGE THE RATING UP/DOWN

There is no downward pressure on the CFR and reinstated debt
rated at C -- the lowest point in Moody's rating scale reflecting
the highest expected loss. Downward pressure on the new money
bonds could arise if the lenders were to decide that leverage on
the business should be reduced beyond the level suggested in the
restructuring proposal by writing off a portion of the most
senior instrument.

Upward pressure on the ratings is unlikely until the negotiations
are concluded. However Moody's would consider an upgrade of the
ratings if the company manages to complete the restructuring,
which would lead to a more sustainable capital structure with a
reduced debt burden. Positive rating pressure would also require
signs of a stabilization of LfL sales and improving
profitability.

PRINCIPAL METHODOLOGY

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

Novartex is a leading France-based footwear and apparel retailer
focusing on city centre boutiques and out-of-town stores. In FY
2016, the company generated revenues of EUR2.2 billion and
statutory EBITDA of EUR54 million (corresponding to EUR279
million on a Moody's-adjusted basis, primarily after
capitalization of operating leases).


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


MERCER INT'L: Moody's Rates $225MM Senior Unsecured Notes 'B1'
--------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Mercer
International Inc.'s new $225 million senior unsecured notes
offering. The net proceeds, along with cash on hand, will be used
to repurchase the company's existing $227 million 7.0% senior
unsecured notes due 2019. The company's Ba3 corporate family
rating, Ba3-PD probability of default rating and SGL-1 liquidity
rating are unchanged. The outlook is stable.

"Mercer's existing ratings are unchanged as the transaction is
leverage neutral and extends out maturities while lowering the
company's cost of capital", said Ed Sustar, Moody's Senior Vice
President.

Assignments:

Issuer: Mercer International Inc.

-- Senior Unsecured Regular Bond/Debenture, Assigned B1 (LGD4)

RATINGS RATIONALE

Mercer's Ba3 CFR is primarily driven by its leading global market
position in northern bleached softwood kraft (NBSK) pulp, the
stability provided by material energy and chemical earnings, the
diversity of three mills, the volatility of pulp prices and
expected mid-cycle leverage under 4x times. Mercer's financial
performance is significantly influenced by the volatile demand
and pricing for market pulp, which is strongly impacted by demand
from China and new global supply. Operating margins have
fluctuated significantly over the past several years due to the
cyclical nature of the fragmented pulp industry, as well as
foreign exchange fluctuations (with pulp sales denominated in US$
and with assets located in Canada and Germany). Mercer's sale of
the excess energy it generates represents about 40% of EBITDA and
mitigates pulp price volatility. Mercer's financial leverage is
expected to be about 3.5x over the next 12 to 18 months as pulp
prices decline towards long term averages.

Mercer's has strong liquidity (SGL-1), supported by US$141
million in cash (September 2016) and about US$150 million of
fully unused availability under three credit facilities (one for
each of its mills) totaling about US$150 million (one maturing
2018 and the rest maturing in 2019). Moody's expects free cash
flow of about US$50 million over the next 12 months. Mercer does
not have any debt maturities over the next several years and
Moody's expects the company to remain well within its covenants.
The company's fixed assets are unencumbered, which might provide
alternate liquidity if needed.

The stable rating outlook reflects Moody's expectations that
Mercer will be able to maintain good operating performance and
liquidity through volatile industry conditions. Mercer's credit
protection measures are expected to weaken slightly over the next
12 to 18 months as NBSK prices decline, as the pace of new pulp
capacity ramping up over the next several years, especially in
Scandinavia, exceeds demand growth.

The ratings may be upgraded if the company is expected to
maintain strong liquidity and mid-cycle leverage around 3.0x
(3.6X LTM September 2016).

The ratings may be downgraded if liquidity is expected to weaken
materially and mid-cycle leverage is expected to exceed 4.0X
(3.6X LTM September 2016).

The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013.

Mercer International, Inc. is a leading producer of northern
bleached softwood kraft (NBSK) pulp through two mills in Germany
and one in British Columbia, Canada. Incorporated in the State of
Washington and headquartered in Vancouver, B.C., Mercer generated
approximately US$950 million of revenue for the twelve months
ended September 2016.


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


GREECE: Creditors Ready to Make Proposal for Austerity Measures
---------------------------------------------------------------
Philip Chrysopoulos at Greek Reporter reports that Greece's
creditors are ready to make a proposal for austerity measures
along with debt relief measures in order to close the second
review of the bailout program.

According to Greek Reporter, European officials said creditors
will send a letter to Athens asking for specific measures to be
implemented in order for representatives to return to Athens next
week and resume talks.  The officials said that Greece will have
to make compromises in order to close the review, Greek Reporter
relates.

The sources said that while European creditors are likely to have
a softer stance, the International Monetary Fund will be more
strict in its demands, Greek Reporter notes.  The IMF insists
that if the target of 3.5% primary surplus remains, Greece will
then have to legislate measures beyond 2018 -- when the bailout
program ends -- in advance, Greek Reporter discloses.

The Greek government is adamant that measures in advance cannot
be legislated because that goes against the Constitution, Greek
Reporter notes.

Athens is pressed to back down on its stance, otherwise creditors
will not disburse the next loan tranche, Greek Reporter says.

Athens is in dire need of the next tranche because of debt
repayments worth over EUR6 billion are due in June, Greek
Reporter states.

Thereby Greece cannot delay much further as the Feb. 20 Eurogroup
is the deadline to close the review, according to Greek Reporter.

Athens will have to accept tough measures such as further pension
cuts, lowering the tax-free income threshold, strict labor law
reforms, Greek Reporter relays.


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


ST. PAUL'S CLO VII: Moody's Rates EUR10MM Class F Notes '(P)B2'
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by St. Paul's
CLO VII D.A.C.:

-- EUR229,400,000 Class A-1 Senior Secured Floating Rate Notes
due 2030, Assigned (P)Aaa (sf)

-- EUR10,600,000 Class A-2 Senior Secured Fixed Rate Notes due
2030, Assigned (P)Aaa (sf)

-- EUR23,150,000 Class B-1 Senior Secured Floating Rate Notes
due 2030, Assigned (P)Aa2 (sf)

-- EUR9,500,000 Class B-2 Senior Secured Fixed Rate Notes due
2030, Assigned (P)Aa2 (sf)

-- EUR 21,100,000 Class B-3 Senior Secured Floating Rate Notes
due 2030, Assigned (P)Aa2 (sf)

-- EUR5,000,000 Class C-1 Senior Secured Deferrable Floating
Rate Notes due 2030, Assigned (P)A2 (sf)

-- EUR15,000,000 Class C-2 Senior Secured Deferrable Floating
Rate Notes due 2030, Assigned (P)A2 (sf)

-- EUR21,000,000 Class D Class D Senior Secured Deferrable
Floating Rate Notes due 2030, Assigned (P)Baa2 (sf)

-- EUR25,250,000 Class E Class E Senior Secured Deferrable
Floating Rate Notes due 2030, Assigned (P)Ba2 (sf)

-- EUR10,000,000 Class F Class F Senior Secured Deferrable
Floating Rate Notes due 2030, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

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

St. Paul's CLO VII is a managed cash flow CLO. At least 90% of
the portfolio must consist of secured senior loans or senior
secured bonds and up to 10% of the portfolio may consist of
unsecured senior loans, second-lien loans, high yield bonds and
mezzanine loans. The portfolio is expected to be at least 65%
ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe. The remainder of the portfolio will be acquired during
the six month ramp-up period in compliance with the portfolio
guidelines.

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

In addition to the ten classes of notes rated by Moody's, the
Issuer will issue EUR 43,990,000 of subordinated notes. Moody's
will not assign rating to this class of notes.

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

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

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

Loss and Cash Flow Analysis:

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

Moody's used the following base-case modeling assumptions:

Par Amount: EUR 400,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 4.0%

Weighted Average Coupon (WAC): 5.0%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8 years

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with local currency country
risk ceiling rating of between A1 to A3 cannot exceed 10%.
Following the effective date, and given these portfolio
constraints and the current sovereign ratings of eligible
countries, the total exposure to countries with a LCC of A1 or
below may not exceed 10% of the total portfolio. The remainder of
the pool will be domiciled in countries which currently have a
LCC of Aa3 and above. Given this portfolio composition, the model
was run without the need to apply portfolio haircuts as further
described in the methodology.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3220 from 2800)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes: -2

Class B-2 Senior Secured Fixed Rate Notes: -2

Class B-3 Senior Secured Floating Rate Notes: -2

Class C-1 Senior Secured Deferrable Floating Rate Notes: -2

Class C-2 Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2 Senior Secured Fixed Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -3

Class B-2 Senior Secured Fixed Rate Notes: -3

Class B-3 Senior Secured Floating Rate Notes: -3

Class C-1 Senior Secured Deferrable Floating Rate Notes: -4

Class C-2 Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -2

Methodology Underlying the Rating Action:

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


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I T A L Y
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ILPEA PARENT: Moody's Assigns B2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
(CFR) and a B2-PD Probability of Default Rating (PDR) to ILPEA
Parent, Inc. Concurrently, Moody's assigned a B2 rating to the
company's senior secured term loan due 2024, split into two
tranches of $200 million and EUR24 million respectively, and to
its $25 million senior secured revolving credit facility due
2022. The outlook on the ratings is stable.

This is the first time that Moody's has rated ILPEA.

RATINGS RATIONALE

Given a leverage of around 5.6x (Moody's adjusted) per financial
year ended October 2016 and the strong market position in its
niche markets coupled with relatively high and stable
profitability, ILPEA is strongly positioned in the B2 rating
category.

The B2 CFR is supported by ILPEA's (1) leading market position in
the niche market of gaskets for the refrigeration industry
supported by long-term customer relationships; (2) high barriers
to entry primarily due to an extensive network of production
facilities close to major customers and fully integrated value
chain; (3) good revenue visibility driven by a high share of
sales generated from replacement cycles and medium-term customer
agreements, (4) consistently high profitability with EBITA
margins ranging between 8 and 11% over the past five years,
coupled with Moody's expectations that this performance will be
sustained going forward.

At the same time, the CFR is constrained by the company's (1)
modest scale with moderate diversification across products and
geographies; (2) high customer concentration partly mitigated by
its market leadership and long-term and established relationships
with many of its customers; (3) overall limited deleveraging
prospects, given low FCF generation and (4) relatively aggressive
short term liquidity position with some reliance on drawings
under short term credit lines.

STRUCTURAL CONSIDERATIONS

Moody's assigned a B2 rating, in line with the CFR, to the
issuer's term loan and its revolving credit facility, which rank
pari passu with the company's trade payables. Pension obligations
and lease rejection claims are ranked behind them. The credit
facilities will benefit from a guarantor package including
upstream guarantees from ILPEA Industries, Inc. and all other
domestic operating subsidiaries in the US, representing more than
50% of group EBITDA. Both instruments will also be secured, on a
first-priority basis, by all domestic assets in the US and 65%
share pledges of first-tier subsidiaries outside US. Given that
the security package excludes assets in foreign subsidiaries
outside US and the consolidated balance sheet consists of a large
amount of goodwill, Moody's decided for a 50% family recovery
rate, deviating from the 65% that Moody's typically assumes for
an all-bank-debt structure.

Existing term loans provided by different banks outside of the US
rank ahead of the $250 million senior secured facilities because
they sit at operating subsidiaries outside the US which generate
less than 50% of group EBITDA and are not guarantors for the new
facilities. Given the relatively small outstanding amount of
EUR14 million as of October 2016 and scheduled amortization of
EUR6.6-7 million p.a. in the next two years, they are likely to
be repaid before the $250 million senior secured facilities and
thus ranked firstly in Moody's LGD assessment.

LIQUIDITY

Moody's views ILPEA's liquidity profile to be adequate. The
proposed refinancing will leave the company with an amount of
cash on the balance sheet at around EUR4 million as of fiscal
year end 2016 (31 October 2016). The proposed transaction will
provide ILPEA a five-year senior secured revolving credit
facility of $25 million (EUR23 million), fully available post
deal. The credit agreement contains two financial covenants for
the RCF and one for the senior secured term loan to be tested
quarterly, but with sufficient headroom. In addition, the company
has a total amount of EUR45 million uncommitted short-term
working capital lines with different banks outside of the US,
which is expected to be partially drawn post refinancing.
However, the maximum draw-down permitted under the new secured
credit agreement is limited to EUR30 million. Moody's notes that
although Moody's normally do not include short-term facilities as
sources in Moody's liquidity assessment, Moody's considers these
credit lines to provide an additional liquidity buffer and the
likelihood of all short-term lines being reimbursed at the same
time to be very low, given the track record of ILPEA's
longstanding relationships with the Italian banks through
business cycles.

OUTLOOK

The stable rating outlook reflects Moody's expectation that ILPEA
will maintain its competitive positioning and profitability on
the back of slow but stable growth in its key end markets. The
stable outlook also factors in new orders for the automotive
industry currently considered and also reflects the expectation
of positive free cash flow generation.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the ratings could develop if ILPEA is able to
reduce leverage towards 5.0x debt/EBITDA (pro-forma FY2016: 5.6x)
and strengthen interest coverage above 2.0x EBITA / Interest
Expense (2.0x). In addition, a positive move of the rating would
require ILPEA to consistently achieve positive free cash flow
generation in excess of 5% of debt. Downward pressure could be
exerted on the ratings in case of a significant deterioration of
its operating performance resulting in EBITA margin consistently
falling below 8%, if leverage exceeds 6.0x for more than one year
or in case of a negative free cash flow generation. Likewise, an
erosion of its liquidity profile would be a negative
consideration.

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

ILPEA Parent, Inc., is the parent company of ILPEA group a
vertically integrated manufacturer of magnetic gaskets and
extruded rubber, plastic and other products for the consumer
appliance, automotive and building industry. The group, which has
its headquarter in Malgesso (Varese), Italy, has a worldwide
network of 32 plants located in 13 countries with over 3,500
employees worldwide with primary operations in the US and Europe.
ILPEA's core business is the production of magnetic gaskets for
refrigerators where it claims to be a worldwide leader serving
all major appliance producers, with market shares in excess of
80% in the US and Europe. In financial year 2016 (31 October)
ILPEA generated revenues of EUR344.5 million.


MARCOLIN SPA: Moody's Affirms B2 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service has affirmed the Italian eyewear
manufacturer Marcolin S.p.A. B2 corporate family rating (CFR) and
B2-PD probability of default rating and changed to stable from
negative the outlook on all ratings. Concurrently, Moody's has
assigned a B2 senior secured rating to the proposed new EUR250
million floating rate notes maturing in 2023. The B2 rating on
the outstanding EUR200 million senior secured notes due 2019 will
be withdrawn upon completion of their early redemption.

"The stabilization of the outlook on Marcolin's ratings reflects
the expected improvement in the company's cash flow generation
and financial leverage during 2016, as well as the strategic
agreement with the French luxury group LVMH Moât Hennessy Louis
Vuitton SE (LVMH, unrated), that Moody's considers a credit
positive", said Lorenzo Re, a Moody's Vice President-Senior
Analyst and lead analyst for Marcolin. "The proposed refinancing,
once completed, will also strengthen Marcolin's liquidity
position and reduce the company's cost of funding" added Mr. Re.

RATINGS RATIONALE

Moody's estimates that the company's reported EBITDA remained
flat in 2016 at approximately EUR50 million, excluding one-off
costs, owing to the slowdown in sales in 2H16. However, the
agency forecasts that better working capital management and lower
one-off costs, partly related to some licence agreement
renegotiations in 2015, are likely to result in positive free
cash flow generation in 2016 as opposed to EUR17 million cash
absorption in the prior year, allowing Marcolin to reduce its
leverage, measured as Moody's adjusted debt/EBITDA, to slightly
below 5.5x in 2016, a level commensurate to the current B2
rating.

Marcolin announced the issue of a new EUR250 million senior
secured floating rate notes and a EUR40 million super senior
revolving credit facility (RCF, unrated), of which EUR10 million
to be drawn at closing, aimed at refinancing most of its
outstanding debt, including the EUR200 million senior secured
bond and EUR30 million super senior RCF (drawn for EUR25 million
as of September 2016), both maturing in 2019, and a number of
short-term bank facilities. As part of the refinancing, Marcolin
will upstream EUR30 million of bond proceeds to repay a vendor
loan issued at the time of the Viva acquisition and which is
outside the rated group.

The refinancing will slightly increase Marcolin' gross leverage,
owing to the repayment of the vendor loan. However, Moody's
forecasts that cash flow will further improve in 2017 and 2018,
sustained by moderate EBITDA growth and not significant costs for
licence renewals, partially offset by the equity contribution to
the new JV with LVMH (expected to be in the range of EUR20-25
million over the next four years). As a result, Moody's expects
that Marcolin's leverage will further improve to below 5.0x by
end-2018.

The proposed refinancing will improve Marcolin's liquidity, owing
to the extended maturity profile, the increase of the liquidity
buffer under the new RCF (EUR30 million availability compared to
EUR5 million available under the current RCF), the easing of the
financial covenant under the new RCF and the reduction in the
utilization of uncommitted short-term bank facilities. The
expected reduction of financial costs under the new structure
will also improve the cash generation and interest coverage and
Moody's expects Marcolin's EBIT/interest ratio to increase from
1.7x in the LTM ended September 2016 to 2.5x in 2017 and 2018, a
solid level for the current rating.

In addition Moody'ssee the potential benefit of Marcolin new
strategic agreement with LVMH, according to which: 1) LVMH will
subscribe a EUR22 million capital increase in Marcolin, acquiring
a 10% stake in the company; and 2) LVMH and Marcolin will create
a new joint-venture (51% held by LVMH and 49% by Marcolin) for
the production and distribution of eyewear for some brands of the
LVMH group.

In Moody's view, the new joint venture will reinforce Marcolin's
competitive position in the eyewear industry in the long-term.
Starting from 2018, the JV will have the licence for the CÇline
brand and a production agreement for the Louis Vuitton brand, but
Moody's assumes that the JV will likely obtain the licence for
additional LVMH brands given the purpose of becoming the
preferred partner of LVMH in the eyewear business. Although
Marcolin will not consolidate the JV, thus limiting the impact on
its financials, it could receive a raising amount of dividends
over time, boosting its cash flow generation.

Marcolin's B2 CFR reflects the group's solid market positioning
in the eyewear industry, its good geographic diversification and
its well-balanced product diversification between sunglasses and
prescription glasses and high-end and mainstream brands. However,
the rating is constrained by the group's modest size and the
exposure of some of its products to discretionary spending.

The high sales concentration, with two core brands generating
approximately 50% of Marcolin's revenues, and the lack of
significant proprietary brands expose Marcolin to the risk of
licenses not being renewed. However, this risk is mitigated by
the company's longstanding and stable relationships with licensed
brands and by the fact that Marcolin's major brand licenses have
a long duration, providing a degree of revenue visibility.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on the ratings reflects Moody's expectation
that Marcolin's credit metrics will remain to a level
commensurate to the current B2 rating. In particular, Moody's
expect that financial leverage will improve to slightly below
5.0x by end-2018.

WHAT COULD CHANGE THE RATING UP/DOWN

Sustained improvement in operating performance leading to an RCF
to net debt in the high teens, a track record of positive free
cash flow generation and improvement in leverage toward 4.5x
could result in a rating upgrade. Downward rating pressure could
arise if the group's operating profitability or liquidity profile
deteriorates, or if prolonged negative free cash flow results in
an increase of financial leverage to above 5.5x.

PRINCIPAL METHODOLOGY

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

Founded in 1961 and based in Italy, Marcolin S.p.A. is a leading
designer, manufacturer and distributors of eyewear. In the LTM
ended in September 2016, the group generated EUR447 million of
revenues, and EUR47 million of EBITDA.

-- EUR10,000,000 Class F Class F Senior Secured Deferrable
Floating Rate Notes due 2030, Assigned (P)B2 (sf)


PORTI TURISTICI: Feb. 28 Fiumicino Tender Submission Deadline Set
-----------------------------------------------------------------
Porti Turistici Acqua Marcia Srl is putting up for sale its
49.78% capital company connected with the completion of the new
marina at Fiumicino.

The base price is EUR14,560,000.00.

The tender submission deadline is February 28, 2017.

For information contact:

Donatella Zanetti
Bankruptcy Official Receiver
E-mail: donatellazanetti@tiscali.it
Web site: http://www.asteannunci.it


UNICREDIT BANK: Approves Sale of EUR13BB Shares at 38% Discount
---------------------------------------------------------------
Pan Kwan Yuk at The Financial Times reports that UniCredit on
Feb. 1 approved plans to sell EUR13 billion worth of new shares
at a 38% discount, as Italy's largest bank battles to shore up
its capital position.

The rights issue, which will see shareholders receive 13 new
shares for every five they own, has been fixed at EUR8.09 a
share, a 38% discount from the theoretical ex-rights price (Terp)
at the Feb. 1 close, the FT discloses.

The capital raising is its third significant cash injection since
2008 and is close to UniCredit's EUR16.45 billion market value,
the FT notes.

UniCredit emerged as the sixth weakest bank in stress tests of
the eurozone's biggest lenders carried out by the ECB last
summer, the FT recounts.

UniCredit S.p.A. is an Italian global banking and financial
services company.  Its network spans 50 markets in 17 countries,
with more than 8,500 branches and over 147,000 employees.


===================
K Y R G Y Z S T A N
===================


KYRGYZ REPUBLIC: High Debt Constrains B2 Rating, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that the Kyrgyz government's
reliance on gold and remittances and high debt burden constrain
its sovereign B2 issuer rating and stable outlook.

These challenges are exacerbated by the country's weak Worldwide
Governance Indicators relative to B-rated peers and ongoing
domestic political tension.

However, a stabilizing economy -- as evidenced by the
appreciation of the Kyrgyz som against the US dollar in the
second half of 2016 -- and continued financial assistance from
international donors provide some support to the rating.

Moreover, the high affordability of the government's debt stock,
92% of which was funded on concessional terms of as end-2016,
somewhat offsets the challenges posed by the high debt load.

Moody's analysis is contained in its just-released report titled
"Government of Kyrgyz Republic -- B2 Stable: Annual Credit
Analysis". The report examines the sovereign in four categories:
economic strength, which is assessed as "low (-)"; institutional
strength "very low (+)"; fiscal strength "low"; and
susceptibility to event risk "moderate".

The report constitutes an annual update to investors and is not a
rating action.

The Kyrgyz Republic's low (-) economic strength reflects the
small size of its economy, volatile growth compared with
similarly rated peers and very low incomes.

In particular, with 2015 GDP of only USD7 billion, the Kyrgyz
Republic is one of the smaller economies rated by Moody's. Its
economy is also still at an early stage of development, with GDP
per capita PPP -- at USD3,400 -- at half of the median for B-
rated countries. These features outweigh a strong growth
potential in Moody's assessment of economic strength.

The very low (+) institutional strength score assigned to the
Kyrgyz Republic reflects its developing governance framework,
marked by some level of instability but party offset by
transparency.

Its institutional strength is supported in particular by its
successive programs with the IMF since the late 1990s. Among
notable institutional reforms, the 2016 passage by parliament of
the budget code has improved the predictability of fiscal policy.
The authorities have also agreed to change the decision-making
process for the selection of public investment projects.

The country's low fiscal strength reflects its high and rising
debt burden -- an estimated 62% of GDP at end-2016, made
affordable by a large concessional financing base.

Debt-to-GDP has risen from its 2013 level of 46.1%, mainly
because of a large depreciation of the local currency in 2015,
which has raised the value of the dollar-denominated debt to well
above the median for B-rated countries of 52% of GDP.

In terms of the country's susceptibility to event risk --
assessed as medium -- domestic political tensions periodically
flat up. Violent ethnic clashes took place in the south of the
country in June 2010, and renewed ethnic tensions would put the
government on a collision course with donors.

Additionally, disputes over the ownership of the Kumtor gold
mine -- which accounted for 7.4% of GDP, 23% of industrial output
and 40% of exports in 2015 -- have spilled over into the
political sphere.

The stable outlook on the rating reflects Moody's assessment of
the prospect for higher economic growth and donor-funded
infrastructure investment, as well as the expectation that
government debt increases will be limited and that banking sector
vulnerabilities will be contained.

Upward rating pressure could develop if fiscal consolidation
efforts lead to a reduction in the government's debt burden, and
sustained improvements in price and exchange rate stability.

A downgrade could result from the withdrawal of donor support,
larger financing needs combined with a deterioration in the debt
structure and/or economically destabilizing sociopolitical
tensions.


===========
L A T V I A
===========


VEF RADIOTEHNIKA: Nasdaq Riga Removes Observation Status
--------------------------------------------------------
Nasdaq Riga decided on February 2, 2017, to immediately remove
observation status for AS "VEF Radiotehnika RRR".

AS "VEF Radiotehnika RRR" has published an announcement on
termination of its legal protection process.  AS "VEF
Radiotehnika RRR" has fully repaid the claims of secured
creditors - SEB banka and the State Revenue Service.  The company
has covered the payments provided for unsecured creditors in the
amount stipulated by the legal protection process plan.

Thus the circumstances that were the reason for observation
status applied to the company on September 19, 2014, have ceased
to exist.


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


F.A.B. CBO 2002-1: Moody's Hikes Rating on Class B Notes to Caa2
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by F.A.B. CBO 2002-1 B.V.:

-- EUR28M (Currently outstanding balance: EUR14.6M) Class A-2
Floating Rate Notes, Upgraded to A2 (sf); previously on Jul 1,
2016 Upgraded to A3 (sf)

-- EUR16M (Currently outstanding balance: EUR16.22M) Class B
Floating Rate Notes, Upgraded to Caa2 (sf); previously on Jul 1,
2016 Affirmed Ca (sf)

This transaction is a structured finance collateralized debt
obligation ("SF CDO") backed by a portfolio of European SF
assets. At present, the portfolio is composed primarily of RMBS
assets.

RATINGS RATIONALE

The rating actions on the notes are a result of the increase in
the overcollateralization ratios since the last rating action in
July 2016 due to deleveraging of the senior notes over the last
two payment dates in September and December 2016, when Class A-2
notes were paid EUR0.56M and EUR10.8M respectively.

As of the latest trustee report dated January 2017, the Class A
and Class B overcollateralization ratios are reported at 231.08%
and 109.16%, respectively, versus 173.42% and 106.33%,
respectively, in July 2016.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in October 2016. Please see
the Rating Methodologies page on www.moodys.com for a copy of
this methodology.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes:

Weighted Average Spread (WAS) Sensitivity - Moody's considered a
model run where the WAS decreased to 1.65% from 1.8%. The model
output for this run was materially unchanged from the output of
the base case run.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of 1) uncertainty about credit conditions in the
general economy 2) divergence in the legal interpretation of CDO
documentation by different transactional parties due to or
because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

* Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high prepayment
levels or collateral sales by the collateral manager. Fast
amortization would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries
higher than Moody's expectations would have a positive impact on
the notes' ratings.

* Around 5.8% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates. As part of its base case, Moody's has stressed large
concentrations of single obligors bearing a credit estimate as
described in "Updated Approach to the Usage of Credit Estimates
in Rated Transactions," published in October 2009 and available
at http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.

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


GARDA CLO: Moody's Affirms Caa1 Rating on Class F Notes
-------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following notes issued by Garda CLO B.V.:

-- EUR22M (current outstanding balance Euro 2,337,560) Class B
Senior Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Mar 22, 2016 Affirmed Aaa (sf)

-- EUR21M Class C Deferrable Interest Floating Rate Notes due
2022, Upgraded to Aaa (sf); previously on Mar 22, 2016 Upgraded
to Aa2 (sf)

-- EUR14M Class D Deferrable Interest Floating Rate Notes due
2022, Upgraded to Baa3 (sf); previously on Mar 22, 2016 Upgraded
to Ba1 (sf)

-- EUR13M (current outstanding balance Euro 4,739,494) Class E
Deferrable Interest Floating Rate Notes due 2022, Affirmed Ba3
(sf); previously on Mar 22, 2016 Upgraded to Ba3 (sf)

-- EUR6M Class F Deferrable Interest Floating Rate Notes due
2022, Affirmed Caa1 (sf); previously on Mar 22, 2016 Affirmed
Caa1 (sf)

Garda CLO B.V., issued in February 2007, is a Collateralised Loan
Obligation ("CLO") backed by a portfolio of mostly high yield
European loans. It is predominantly composed of senior secured
loans. The portfolio is managed by 3i Debt Management Ltd and
this transaction ended its reinvestment period in April 2013.

RATINGS RATIONALE

The rating actions on the notes are primarily a result of
deleveraging of the senior notes. Class A notes have been
redeemed in full and Class B notes have paid down by
approximately EUR19.7mçllion (89.4% of closing balance) since the
last rating action in March 2016. As a result, over-
collateralisation (OC) ratios have increased. As per the trustee
report dated January 2017, the Classes A/B, C, D and E OC ratios
are reported at 348.3%, 157.1%, 115.0% and 104.3% respectively,
compared to 190.9%, 133.9%, 111.6% and 103.3%.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR49.8 million,
defaulted par of EUR14.7 million, a weighted average default
probability of 23.8% (consistent with a WARF of 3886 and a
weighted average life of 3.2 years), a weighted average recovery
rate upon default of 45.1% for a Aaa liability target rating, a
diversity score of 13, a weighted average spread of 4.5%.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016. Please see the Rating Methodologies
page on www.moodys.com for a copy of this methodology.

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

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

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

Additional uncertainty about performance is due to the following:

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

* Around 18.9% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.

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

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


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


O1 PROPERTIES: Moody's Rates Proposed $335MM Domestic Bonds B1
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the
proposed $335 million domestic bonds due in 2021 to be issued by
O1 Properties Finance JSC and guaranteed by O1 Properties Limited
(O1). The outlook on the ratings is stable.

O1 Properties Finance JSC will issue the bonds for the sole
purpose of financing loans to O1 and its key operating
subsidiaries. Moody's expects that the issuance proceeds will be
used for repayment of part of the company's existing debt.

The bonds will be denominated in US dollars and settled in
Russian rubles at the exchange rate determined by the Central
Bank of Russia for the relevant date.

RATINGS RATIONALE

The B1 ratings assigned to the domestic bonds are in line with
O1's B1 corporate family rating (CFR), which reflects its (1)
large high quality office property portfolio; (2) leading
position in the most lucrative and stable segment in Russia of
Class A properties in Moscow's central business district (CBD);
(3) diversified top-tier tenant base; (4) balanced lease terms
and maturities; and (5) conservative development strategy with
current development risk limited to below 5% of its total
portfolio.

The company's strong business profile partly mitigates the risks
related to its high geographic concentration in Moscow. The
capital city, while the largest and the most stable market in
Russia, remains vulnerable to the country's economic cycles and
its less developed regulatory, political and legal framework.

However, the rating is constrained by O1's historically leveraged
financial profile, which was further pressured by negative asset
revaluations and declines in rental income on the back of
macroeconomic decline and material local currency depreciation.
Although the adoption of a more conservative financial policy and
some stabilisation in the market since Q2 2016 will likely result
in gradual deleveraging in 2016-17, O1's financial metrics will
still remain fairly weak and subject to the uncertainties related
to economic developments in Russia. The company will also remain
reliant on secured debt funding at its properties level and will
stay exposed to foreign exchange risks. O1's sound liquidity
position partly offsets the risks related to its elevated level
of leverage.

STRUCTURAL CONSIDERATIONS

The domestic bonds will be issued by O1 Properties Finance JSC, a
financing vehicle established solely for the purpose of the
issuance, and guaranteed via the surety provided by O1 Properties
Limited. The bonds constitute general unsecured and
unsubordinated obligations of O1, ranking pari passu with all of
its other unsecured and unsubordinated indebtedness, and are
subordinated to the company's property-level secured debt. O1's
senior unsecured bond ratings are not notched down from the CFR
for subordination, in line with Moody's notching practices for
REITs and commercial property firms rated at Ba3 or below.

Following the issuance, secured debt at the properties level will
reduce to around 70% of the company's total reported debt (around
80% as of end 2016), while unsecured bonds at the parent level
will represent the remaining 30%. Although substantially all of
O1's property portfolio is pledged, the secured indebtedness is
generally structured to have recourse to only the property that
is pledged in its support rather than the entire group. The
company also benefits from the substantial assets value even
after negative revaluations in H1 2015-16 with the adjusted
secured leverage at approximately 50% of total assets implying a
comfortable coverage ratio for unsecured debt of more than 2x
with some buffer for fluctuations in asset values. These factors
provide adequate financial flexibility in relation to unsecured
creditors.

The assignment of B1 ratings to domestic bonds -- at the level of
the company's CFR -- also reflects the surety provided by O1. The
surety is in a form that should give bondholders the ability to
make a guarantee claim on O1 for repayment of the bonds if O1
Properties Finance JSC defaults. However, under Russian
suretyship law O1 has certain rights to raise defences to
bondholder claims and therefore to avoid or reduce its liability.

While the rating agency recognizes that the surety is arguably as
strong a guarantee as can be given by a non-financial corporate
in Russia, this potential bondholder exposure is something
Moody's considers to be inconsistent with the equalization of the
rating of O1 Properties Finance JSC's bonds with the rating of O1
based solely on the strength of the surety.

At the same time, the assessment positively considers that the
credit support provider's self-interest in maintaining the
creditworthiness and business viability of O1 Properties Finance
JSC is quite substantial. While this interest does not fully
mitigate potential legal deficiencies in the surety and
irrevocable offers, it is sufficient for the bonds to be aligned
with and uplifted to O1's rating at the B1 level. The factors
considered were (1) the degree to which the operations of the
companies are interwoven; (2) the degree of business and
financial disruption that would result for O1 or its corporate
family if payments by O1 Properties Finance JSC are not made on
time; and (3) the extent to which the support package, while
generally deficient in some respects, still represents a
relatively strong commitment within the current limitations of
Russian Law.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's view that despite the weak
economic climate prevailing in Russia, O1 will continue to
produce healthy cash flows, leveraging its competitive market
position with its high quality office portfolio in prime Moscow
locations, strong tenant base, and balanced lease terms. Moody's
also expects the company to continue to adhere to its
conservative financial and development policy, which will allow
it to improve and maintain its adjusted "effective" leverage
below 75% and adjusted fixed charge coverage at 1.4x or above,
while preserving its historically solid liquidity profile.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward pressure on the rating could develop if, on a sustained
basis, adjusted "effective" leverage and adjusted fixed-charge
coverage were to trend towards 60% and 2.0x, respectively; and
secured debt/total assets were to stay below 50%, while O1
preserves its strong liquidity and operating profile.

O1's rating could come under pressure if the company were to face
a material deterioration in its business and financial profile,
with adjusted "effective" leverage exceeding 75% and adjusted
fixed-charge coverage falling below 1.4x on a sustained basis. A
noticeable deterioration of the company's liquidity could also
pressure the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

O1 Properties Group (O1) is Russia's leading real estate
investment company. It manages, develops, and acquires office
properties in Moscow. O1 owns a portfolio of 13 yielding assets
with net rentable area of 492.000 square meters, generating $368
million in annual rental income. Including two development
projects, the reported gross asset value of its real estate
portfolio stood at $3.7 billion as of 30 June 2016. The company
also participates with a 50%+1 share in a JV for the "Bolshevik"
development project with a total reported gross asset value of
$264.5 million.


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


MBS BANCAJA 3: Fitch Affirms Rating on Class E Notes at 'CC'
------------------------------------------------------------
Fitch Ratings has upgraded MBS Bancaja 1's class D notes and has
affirmed the remaining notes. Fitch has also affirmed MBS Bancaja
3 and 4, as follows:

MBS Bancaja 1, FTA
Class A (ES0361794003) affirmed at 'AA+sf', Outlook Stable
Class B (ES0361794011) affirmed at 'AA+sf'; Outlook Stable
Class C (ES0361794029) affirmed at 'AA-sf'; Outlook Stable
Class D (ES0361794037) upgraded to 'Asf' from 'A-sf'; Outlook
Stable

MBS Bancaja 3, FTA
Class A2 (ES0361796016) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0361796024) affirmed at 'A+sf'; Outlook Stable
Class C (ES0361796032) affirmed at 'BBB+sf'; Outlook Stable
Class D (ES0361796040) affirmed at 'BBsf'; Outlook Stable
Class E (ES0361796057) affirmed at 'CCsf'; Recovery Estimate
revised to 90% from 45%

MBS Bancaja 4, FTA
Class A2 (ES0361797014) affirmed at 'A+sf'; Outlook Stable
Class A3 (ES0361797022) affirmed at 'A+sf'; Outlook Stable
Class B (ES0361797030) affirmed at 'BBB-sf'; Outlook Stable
Class C (ES0361797048) affirmed at 'BBsf'; Outlook Stable
Class D (ES0361797055) affirmed at 'Bsf'; Outlook Stable
Class E (ES0361797063) affirmed at 'CCsf'; Recovery Estimate 50%

The three transactions are part of the MBS Bancaja series, which
is a series of Spanish prime MBS comprising loans serviced by
Bankia S.A. (BBB-/Stable/F3).

KEY RATING DRIVERS
Stable Credit Enhancement
The upgrade of MBS Bancaja 1's class D notes reflects the
increased credit enhancement and stable performance of the
underlying portfolio. Sequential amortisation has resulted in the
notes' credit protection increasing to 14.5%, as of the November
2016 investor report from 11.7% as of November 2015. An upgrade
of the class C notes and a further upgrade of the class D notes
is constrained by the large reserve fund (floored at EUR6.9m),
which in Fitch's analysis results in excessive counterparty
exposure to its provider (Citibank, A/F1).

The transactions have unusual pro-rata amortisation features,
allowing junior and mezzanine notes to amortise prior to senior
notes subject to performance triggers related to delinquent
levels and tranche thickness. As of the December 2016 payment
date, all triggers on MBS Bancaja 3's class B notes were met,
therefore the principal available funds were entirely applied to
them. With the reserve fund being drawn again after the payment
date, we expect a return to sequential amortisation. For MBS
Bancaja 4, 25% of the funds go towards the class A2 notes and 75%
towards the amortisation of the class A3 notes, creating some
time subordination between pari-passu ranking notes. For MBS
Bancaja 1, sequential allocation cannot be reversed, as the
outstanding balance of the notes is below 10% of the initial
balance.

Stable Credit Performance
The transactions' performance has remained stable over the past
year with delinquencies over three months on MBS Bancaja 3 and 4
decreasing to 1.3% from 2.2% and to 1.2% from 2.1% of the
outstanding balance, respectively. For MBS Bancaja 1 they
remained stable at 1% and in line with the average observed for
Spanish transactions.

Gross cumulative defaults (defined as loans in arrears for more
than 18 months) remained stable for all transactions, ranging
from 6.2% (MBS Bancaja 4) and 0.9% (MBS Bancaja 1). This compares
with an overall Spanish average of 5.5%.

VARIATION FROM CRITERIA
Fitch has reduced the magnitude of the foreclosure frequency
adjustment to broker-originated loans and foreign borrowers to
40% and 100%, respectively (from 200% in both cases). Broker-
originated loans and loans granted to foreign borrowers are
typically exposed to greater performance volatility than
traditional loans, but the large seasoning of the loans in scope
and their payment history over the past two years suggest some
resilience in periods of economic crisis.

Fitch has increased the foreclosure frequency by 150% to loans
secured by commercial properties, considering the weaker
performance of these assets compared with residential backed
mortgages.

In addition we have increased the foreclosure frequency for loans
subject to maturity extensions by 250% as such loans could signal
a weaker borrower profile. The transactions allow for maturity
extensions to a maximum of 10% of the initial portfolio balance.

These calibrations are explained by the comparable performance
observed on broker-originated loans versus loans originated via
traditional channels, foreign borrowers versus Spanish borrowers
and residential backed mortgages versus commercial backed
mortgages, which has been possible via the loan-by-loan data
provided by the European Data Warehouse.

Adjustment for Income Data
Fitch has assumed a DTI of class 5 for those loans without income
information provided. This affected between 1.6% (MBS Bancaja 4)
and 38.2% (MBS Bancaja 1) of the outstanding balance.

RATING SENSITIVITIES
Deterioration in asset performance may result from economic
factors. A corresponding increase in new defaults and associated
pressure on excess spread and reserve funds, beyond Fitch's
assumptions, could result in negative rating action. Furthermore,
an abrupt shift of the underlying interest rates might jeopardise
the underlying loan affordability of the underlying borrowers.

The ratings are also sensitive to changes in Spain's Country
Ceiling of 'AA+' and consequently changes to the highest
achievable 'AA+sf' rating of Spanish structured finance 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
pools and the transactions. The findings were reflected in this
analysis by assuming a DTI of class 5 for loans without income
information. Fitch has not reviewed the results of any third
party assessment of the asset portfolio information or conducted
a review of origination files as part of its ongoing monitoring.

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

Overall and together with the assumptions referred to above,
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.
Loan level data as listed below was used to run the surveillance
model and the relevant data source was Europea de Titulizacion:
30 November 2016 for MBS Bancaja 1, FTA
31 December 2016 for MBS Bancaja 3, FTA
31 October 2016 for MBS Bancaja 4, FTA

Issuer and servicer reports provided by Europea de Titulizacion
since close of the deals and until
30 November 2016 for MBS Bancaja 1, FTA
31 December 2016 for MBS Bancaja 3, FTA
31 October 2016 for MBS Bancaja 4, FTA


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


GAS OF UKRAINE: Enters Liquidation Procedure
--------------------------------------------
Ukrainian News Agency reports that The Gas of Ukraine Company, a
subsidiary of the Naftogaz of Ukraine national joint stock
company, entered the procedure of liquidation on January 17,
2017.

Naftogaz of Ukraine accepts claims from creditors before
March 30, 2017, Ukrainian News Agency discloses.

On November 9, 2016, the Cabinet of Ministers of Ukraine endorsed
the reorganization of Gas of Ukraine by its merger with Naftogaz
of Ukraine after the mechanism of the reorganization is agreed
with the Finance Ministry, Ukrainian News Agency relates.

Governmental resolution No.1067 of November 9 was made public
late in December 2016, Ukrainian News Agency discloses.

The decision on the merger was adopted by the Board of Naftogaz
of Ukraine in May 2016, Ukrainian News Agency notes.

Gas of Ukraine was established in 2000 to sell natural gas and
liquefied gas on the territory of Ukraine to the population,
municipal companies, budget organizations, industrial consumers,
power generating companies and other entities of entrepreneurial
activities, according to Ukrainian News Agency.



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


AVANTI COMMUNICATIONS: Moody's Changes PDR to Ca-PD/LD
------------------------------------------------------
Moody's Investors Service has changed Avanti Communications Group
plc's probability of default rating (PDR) to Ca-PD/LD from Ca-PD.
The Ca corporate family rating (CFR) and the Ca rating on
Avanti's senior secured notes have been affirmed. The outlook has
changed to stable from negative.

RATINGS RATIONALE

PROBABILITY OF DEFAULT RATING OF Ca-PD/LD

Moody's has appended the PDR with the limited default (/LD)
designation following Avanti's announcement on 27 January that it
has successfully closed its bondholder solicitation process and
thereby completed a USD242 million refinancing. The refinancing
involves: (1) the issuance of up to USD132.5 million of super
senior debt and the payment of PIK interest on its 10% Senior
Secured Notes due 2019 ("Existing Notes") in lieu of cash for
certain future interest payments due on the Existing Notes; (2)
an offer to existing noteholders to purchase up to USD132.5
million of new senior secured notes due 2021, and (3) an offer
extended to those existing noteholders purchasing new notes due
2021 to exchange existing senior secured notes (due 2019) for
additional PIK toggle notes.

This transaction follows a similar bondholder consent
solicitation, launched on 16 September 2016 and completed on 18
October 2016, which raised USD40 million of new PIK toggle notes.
As indicated in December 2016 upon the launch of this
transaction, in Moody's view, this refinancing transaction
constitutes a distressed exchange under Moody's definition of
default. Moody's will remove the /LD designation from the PDR in
three business days.

AFFIRMATION OF Ca CFR AND Ca INSTRUMENT RATINGS

The ratings affirmation reflects that although the refinancing
transaction stabilizes Avanti's liquidity position over at least
the next year while it is scheduled to complete and launch its
latest satellite, HYLAS-4, the transaction does not address the
longer term sustainability of Avanti's business model nor
materially change its long term capital structure.

A new super senior PIK debt has been layered into Avanti's
capital structure to help fund the operations over the next year
but no new equity has been injected into the business as part of
this refinancing. In addition, the PIK debt will result in higher
absolute leverage over time as the principal amount accumulates
due to the PIK interest. The refinancing transaction includes
maturity extensions until at least October 2021, up to USD132.5
million of new funding, and the likelihood that most, if not all,
of the company's coupon payments through April 2018 will be paid-
in-kind and not in cash (subject to a minimum liquidity test).

Avanti reported holding USD23 million of cash (as of 9 December
2016) and expected capex of USD97 million in FY17 (the year
ending 30 June 2017) and USD92 million in FY18. Nevertheless,
beyond early 2018, in the context of limited earnings and
negative free cash flow and without material sources of external
credit funding aside from the public debt markets, Avanti's
liquidity beyond 2017 could still be susceptible to shocks.

The company reported revenue, EBITDA and net income for its
fiscal year ended 30 June 2016 (FY16) of USD83 million (including
USD8 million for exclusivity rights), USD7 million and USD -69
million, respectively, which were markedly lower than Moody's
previous expectations and the company's previous guidance.
Moody's continues to expect that Avanti will generate limited
cash EBITDA growth during the current fiscal year and, as a
result, Avanti's leverage will rise modestly (compared to FY16)
rather than decline over the course of FY17.

However, given the tangible asset value in Avanti's comparatively
young, well-invested high-throughput satellite fleet and the fact
that Avanti's capital structure is dominated by its now USD497
million of senior secured notes which contain no financial
covenants, Moody's deems the likely recovery rate for Avanti's
senior secured notes to be in the 35%-65% range in an event of
default which remains consistent with a CFR of Ca and a Ca rating
for those senior secured notes.

Given the introduction of up to USD132 million in new Super
Senior PIK Toggle Notes (USD82 million upon the closing of the
transaction and up to an additional USD50 million by November
2017), Moody's notes the potential for lower ratings on the
Existing Notes due to contractual, legal and temporal
subordination particularly as the principal on those notes
accumulates due to capitalizing interest.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects the near term stabilization of
Avanti's liquidity situation due to the external funding provided
by third-party investors and the expectation that this liquidity
will adequately fund the company's business plan, including a
successful launch of HYLAS-4, over the next twelve months.

WHAT COULD CHANGE THE RATING UP/DOWN

Negative pressure on the ratings could be exerted if Avanti's
liquidity situation deteriorated further beyond that presently
anticipated. In addition, the ratings could be downgraded if
Moody's were to lower its recovery expectations for Avanti's
bondholders.

Positive rating pressure could develop if Avanti were able to
demonstrate clear and tangible commercial traction evidenced by
significant earnings improvement if and once capacity
commercialization on HYLAS-3 and HYLAS-4 ramps up materially.
Upward pressure on the rating would also require significant debt
reduction to a level which would make the company's long-term
capital structure more sustainable or a higher assessment of
potential recoveries for bondholders than the currently assumed
range of 35%-65%.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Avanti Communications Group plc

-- LT Corporate Family Rating, Affirmed at Ca

-- Probability of Default Rating, Affirmed at Ca-PD/LD (/LD
appended)

-- Guaranteed Senior Secured Regular Bond/Debenture, Affirmed at
Ca

Outlook Actions:

Issuer: Avanti Communications Group plc

-- Outlook, Changed to Stable from Negative

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in
June 2011.

Avanti Communications Group plc is a fixed satellite service
provider with licenses for three geostationary orbital slots. For
the financial year ended 30 June 2016, the company generated
revenues of USD82.8 million and EBITDA of USD7.3 million.


FERROGLOBE PLC: Moody's Assigns (P)B1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1
corporate family rating ('CFR') to Ferroglobe PLC, the company
formed via the merger of Ferroatlantica SA and Globe Specialty
Metals, Inc. ('Globe') completed in December 2015. Concurrently,
Moody's has assigned a provisional (P)B3 rating to the $350
million of senior unsecured notes due 2022 to be issued by
Ferroglobe and its US subsidiary Globe. The proceeds of the notes
will be mainly used to repay the existing indebtedness of both
Ferroatlantica and Globe. The outlook on all ratings is stable.

The ratings on the CFR and on the senior unsecured notes are
provisional, as they are based on the review of draft
documentation and on a targeted capital structure which will be
in place only once (i) the unsecured notes are issued for $350m,
(ii) the existing senior secured revolving credit facility
('RCF') of $200m is amended and its financial covenants are reset
to enable comfortable headroom going forward, and (3) the
disposal of the Spanish hydroelectric assets Moody's anticipates
to be for over $200m is complete, with proceeds being mainly used
to repay indebtedness. Upon completion of all these transactions
and after conclusive review of the final documentation, Moody's
will assign a definitive CFR and rating to the notes. Definitive
ratings may differ from provisional ratings.

RATINGS RATIONALE

The (P)B1 CFR recognizes Ferroglobe's leading position in the
global niche silicon metal market, supported by a competitive
advantage in terms of (i) scale of its manufacturing base
corresponding to c.30% of global silicon metal capacity excluding
China, (ii) high degree of operational diversification with 26
facilities across several countries and continents, (iii)
balanced geographic presence between Europe (48% of sales) and
North America (36%) and (iv) improving average cost position,
which has recently moved below the middle percentile of the
reference industry cost curve according to CRU by exceeding the
cost saving targets set upon completion of the merger. Ferroglobe
is also one of the largest suppliers of ferroalloys for the steel
industry, with a particularly strong presence in Europe where it
is the third largest regional player.

The rating takes into account some of the key weaknesses of
Ferroglobe's business profile, in particular: (i) high
sensitivity of the company's revenues and operating profits to
the volatility of its commodity products -- particularly silicon
metal - and raw materials, with limited ability to pass-through
input cost increases to customers on a timely basis; (ii) high
exposure to the cyclicality of reference aluminium, steel and
chemical end user markets; (iii) relevant customer concentration,
as the top 10 clients account for c.40% of sales, and some of
these are also captive producers of silicon metal; and (iv) high
reliance on a single commodity, silicon metal (c. 50% of sales),
which is expected to remain under competitive pressure over the
next 12 months due to persisting overcapacity on a global basis.
Mitigating some of the weaknesses noted above are the company's
(i) flexible cost base with c. 70% of total operating costs being
variable; (ii) competitive sourcing of key input, electricity,
via multi-year agreements in various jurisdictions; (iii)
backward integration into coal and quartz, two important raw
materials in the manufacturing process of silicon metal; as well
as (iv) technical capability to quickly interrupt furnaces at
limited cost, based on market conditions and price of
electricity, allowing to exploit interruptibility clauses in
electricity contracts signed in France and Spain where the
company runs several plants. Furthermore, annual and quarterly
contracts with some of the largest customers, mainly chemical and
steel multinational corporations, allow a good degree of
visibility over revenues several quarters ahead.

The rating takes also into account some of the key weaknesses of
Ferroglobe's financial profile, in particular the high adjusted
gross debt/EBITDA by end of 2016, which Moody's anticipates to be
above 8x, mainly resulting from a large EBITDA drop from the 2015
level.

The rating reflects some degree of caution given the limited
operational and financial track record of Ferroglobe as a new
group which started trading in December 2015 and has yet to file
its full annual audited accounts as a new reporting entity.
Moody's notes that in the first 9 months since its formation the
company achieved $45m of merger related cost synergies and
improved working capital by $136m, and is likely to exceed by end
of 2016 its original targets of $65m cost savings and $100m
minimum working capital release. These achievements have already
made the company more resilient in a market environment which has
dramatically deteriorated during 2016. The silicon metal industry
was particularly weak due to exacerbating oversupply issues and
increased competitive pressure from low cost Brazilian and
Chinese exporters, which resulted in historical low silicon metal
prices by mid-2016. Trading results for the first 9 months of
2016 were weak, but merger-related cost synergies and working
capital inflows provided an important uplift. Ferroglobe reported
positive EBITDA of c.$45m and slightly positive free cash flows
(FCF), in spite of the company incurring c.$60m of capex and
distributing c.$40m of dividends over the same period.

The CFR is underpinned by Moody's expectation that the financial
profile and liquidity of Ferroglobe will improve over the next 12
to 18 months, from bottom-of-cycle conditions anticipated for
full 2016, and be more consistent with the assigned CFR. Such
improvement relies on a normalization of market conditions for
both silicon metal and ferroalloys after the 2016 bottom, with a
gradual improvement in the price of silicon metal, which is the
single largest driver of Ferroglobe's operating and financial
performance. Moody's assumes that silicon metal prices recover
from a bottom of c. $1,800/t in mid-2016 to c.$2,100 over the
next 12 to 18 months, which would still be well below the 2012-
2015 historical range of $2,400/t to $2,800/t. The projected
improvement in operating profitability and credit metrics is also
reliant upon the company successfully achieving its targeted cost
synergies of $85m by end of 2017 and its targeted capital
structure by Q1 2017. The envisaged debt structure, being
characterized by much longer average tenor than the existing one
(the new notes will refinance debt mostly maturing over the next
18 to 24 months), should allow an adequate financial headroom
through the cycle. Under the above terms, Moody's expects that
Ferroglobe's EBITDA margin should improve towards a 9% to 10%
range (still below the historical pro-forma 15-16% average), from
c.5% anticipated for full 2016, and its adjusted debt/EBITDA
ratio would also fall towards a 3.0x to 4.0x range, from c.8x
anticipated for full 2016, pro-forma for the targeted capital
structure and assuming the carve-out of the European
hydroelectric assets being disposed.

Main cash flow cover metrics, namely adjusted (CFO-
Dividends)/Debt and FCF/Debt, should also achieve positive levels
by end of 2017, from slightly negative levels anticipated for
full 2016 due to high capex and dividends paid in the last four
quarters not entirely being offset by working capital inflows.
Future levels of cash flow cover metrics will be crucially
dependent upon future capex requirements and financial policy
decisions, particularly with reference to dividends. Moody's
expects that the adjusted (CFO-Dividends)/Debt ratio should be
positioned in a 10% to 15% range and FCF/Debt in a -5% to +5%
range through the cycle, assuming the company targets to maintain
or increase dividends from the level of 2016 (c. $50m) and incurs
minimum annual capex of c.$65m. Moody's notes that these levels
would be relatively weak for a B1 rated company, as they leave
little headroom for material underperformance in case of a new
severe cyclical downturn. However, the rating also incorporates
the agency's expectation that Ferroglobe will continue to focus
on operating cash flow generation and proactively manage its
liquidity to keep it adequate at all times through the cycle.

OUTLOOK

The stable outlook reflects Moody's expectation that the company
will improve its financial profile and liquidity position over
the next 12 months on the back of (i) a gradual cyclical recovery
in reference market conditions, (ii) full achievement of the
targeted cost savings, as well as (iii) a successful
implementation of the new capital structure, with proceeds from
the contemplated offering of the new notes and from the disposal
of hydroelectric assets being used to repay existing debt in full
and maintain an adequate liquidity headroom.

WHAT COULD CHANGE THE RATING UP/DOWN

While there is limited rating upside potential, Moody's would
consider upgrading the rating over time if the company were able
to improve its operating profitability and credit metrics, with
an EBITDA margin at or above 15%, adjusted gross debt/EBITDA
ratio of less than 3.0x, (CFO-Dividends)/Debt at or above 25% on
a sustained basis, while maintaining an adequate liquidity
position and comfortable headroom under its maintenance financial
covenants.

Moody's would consider downgrading the rating if the company were
to perform materially below expectations, in case of protracted
market downturn preventing to significantly recover operating
profitability from the 2016 cyclical bottom level, and/or in case
of a more aggressive than anticipated financial policy
contemplating special distributions to shareholders or large
debt-financed acquisitions. In particular, a downgrade could be
triggered by an adjusted gross debt/EBITDA ratio exceeding 4.5x
on a sustained basis, a (CFO-Dividends)/Debt ratio below 10%,
and/or materially weakened liquidity and reduced headroom under
the financial maintenance covenants. Negative rating pressure
would also immediately develop should the company fail to achieve
its targeted capital structure by Q1 2017 as currently envisaged.
Negative rating pressure could also be triggered by new large
greenfield projects being started, if these are debt funded and
free cash flows and credit metrics materially weaken as a
consequence.

STRUCTURAL CONSIDERATIONS

The pro-forma capital structure is composed of the existing
amended senior secured guaranteed RCF of $200million (of which c.
$125m currently drawn) and of senior unsecured guaranteed notes
of $350million. A substantially similar guarantor coverage will
be provided on a senior secured basis to the RCF and on a senior
unsecured basis to the notes. The guarantor coverage would be
provided by material operating subsidiaries representing in
aggregate more than 75% of consolidated EBITDA and assets of
Ferroglobe.

In accordance to Moody's Loss Given Default (LGD) methodology,
the senior unsecured notes are rated (P)B3, two notches below the
CFR, owing to their subordinated ranking in the capital structure
compared to the RCF. Moody's assumes that a significant portion
of the RCF will be utilized at closing and from time to time
mainly to fund working capital requirements of the business and
maintain an adequate cash headroom at all times.

PRINCIPAL METHODOLOGY

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

Headquartered in London and listed on the Nasdaq (ticker: GSM),
Ferroglobe is a leading producer of silicon metal and silicon /
manganese alloys. The company has interests in hydropower assets
in Europe (mainly in Spain), which will be divested in Q1 2017
after a SPA has been signed at the end of 2016. Ferroglobe
operates 26 plants across the world, and derives c.50% of its
sales from Europe, 38% from North America and 12% from the rest
of the world. The group was formed in December 2015 through the
combination of European-based Ferroatlantica, a subsidiary of the
Spanish Villar Mir industrial conglomerate, and US-based
competitor Globe Specialty Metals. The new group, 55% owned by
Grupo Villar Mir (unrated), reported c.$2 bn of pro-forma
revenues in 2015.


MABLE COMMERCIAL: Feb. 16 Proofs of Debt Filing Deadline Set
------------------------------------------------------------
Pursuant to Rule 2.95 of the Insolvency Rules 1986, the Joint
Administrators of Mable Commercial Funding Limited ("Mable")
intend to make a distribution (by way of paying an interim
dividend) to the preferential creditors (if any) and to the
unsecured, non-preferential creditors of Mable.

Proofs of debt may be lodged at any point up to (and including)
February 16, 2017, the last date for proving claims, however,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.

For further information, contact details, and proof of debt
forms, please visit
http://www.pwc.co.uk/businessrecovery/administrations/lehman/mabl
e-commercial-funding-limited-in-administration.jhtml

Please complete and return a proof of debt form, together with
relevant supporting documents, to PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT marked for the attention of
Alison Lieberman. Alternatively, you can email a completed proof
of debt form to mable.claims@uk.pwc.com.

Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the
prescribed part of Mable's net property which is required to be
made available for the satisfaction of Mable's unsecured debts
pursuant to section 176A of the Insolvency Act 1986. There are no
floating charges over the assets of Mable and accordingly, there
shall be no prescribed part. All of Mable's net property will be
available for the satisfaction of Mable's unsecured debts.


MAURICE STEVENSON: Tough Market Conditions Prompt Administration
----------------------------------------------------------------
BBC News reports that Maurice Stevenson Limited, which employs 33
staff, has been put into administration.

The company's directors will now work with the administrator to
try to find a buyer in a bid to avoid closing the company, BBC
relates.

According to BBC, the firm said tough market conditions and the
death of its head five years ago "created significant challenges"
for his widow, Alison Stevenson.

Maurice Stevenson Limited is a family-run company which has been
in operation for 95 years in Lurgan, County Armagh.


MELTON RENEWABLE: Fitch Affirms IDR at 'BB', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Melton Renewable Energy UK PLC (MRE
UK)'s Long-Term Issuer Default Rating (IDR) at 'BB' with Stable
Outlook and senior secured notes at 'BB'.

The rating affirmation reflects our expectations of positive fee
cash flow (FCF) generation, reinforced by dividend restriction
covenants. However, potential further changes to regulation and
volatile UK wholesale power prices may have an impact on cash
flows and the rating, thus limiting its upside from declining
leverage.

KEY RATING DRIVERS
UK Regulation Less Supportive: Following the removal of the
climate change levy for renewable generators in August 2015,
Ofgem is looking at the framework of embedded benefits. This
could involve capping, reducing or removing altogether Triad
benefits for new and possibly existing capacity from April 2018.
A decision has yet to be taken and is not in Fitch's rating case,
but the regulatory regime may become less supportive in future.

The renewables obligation (RO) scheme is grandfathered until
March 2027, underpinning the visibility of cash flows. The UK
government has confirmed its commitment to grandfathering
existing incentive schemes and we assume the RO will continue to
receive the same level of support until 2027.

Power Price Exposure: Around 40% of revenues are exposed to
wholesale price risk under the RO scheme, potentially leading to
price volatility with an impact on cash flows and the rating. As
MRE hedges forward six to 12 months, the recent recovery in UK
power prices should begin to benefit EBITDA from FY18. However,
we continue to expect low power prices as a result of a
structurally oversupplied gas market. We see the recent spike in
power prices as short-term due to temporary French nuclear
outages and the impact of GBP weakening. These factors have
pushed baseload forwards in 4Q16 to above GBP50/MWh for the first
time since 2014.

Biomass Supply Contracts: Uninterrupted availability of fuel
supplies is key to generating cash flow and fuel costs account
for nearly 40% of total operating costs. Key biomass fuels
include poultry litter, straw and meat and bone meal. A
substantial percentage of fuel supplies are contracted on a
medium to long term basis, stabilizing profitability. MRE
strategy is based on putting availability ahead of cost in order
to guarantee output. Fitch views this strategy as important to
contributing to the stability of the company's biomass division.

LFG in Natural Decline: MRE used landfill gas curve forecast
prepared by Golder Associates, an industry consultant, to build
output forecasts. Golder Associates estimates the company's
current recoverable landfill gas half-life at about 13 years.
This means that output can continue for up to 39 years or around
2055. The Fitch rating case is based on company assumptions,
supported by Golder associates estimates, but adjusted to reflect
output figures for 1Q17 (-2.6%) and a natural average decline
rate of 4% pa.

Refinancing Risk: The GBP152m bond matures in February 2020 and
the GBP145m shareholder loan that we treat as equity-like in
2021. Volatile wholesale prices, changes to regulation, declining
output yields from LFG and impending expiry of the power purchase
agreements add risk to the refinancing process that is mitigated
by senior debt reduction. MRE redeemed 10% of the senior secured
notes in August 2015 and paid down a further GBP19m in June 2016.
This was partly funded by a drawdown on the shareholder loan of
GBP6.5m. However, we do not assume any further partial redemption
of the bond. MRE plans to review its refinancing plans in autumn
2018.

No uplift from the IDR is given to the secured notes, given only
average expected asset recoveries in the event of default. This
is due to the niche nature of the assets and some uncertainty
around the regulatory support mechanisms, resulting in
potentially greater-than-average volatility in valuations. The
lack of uplift also reflects the company's position as an
independent and merchant power provider with no retail hedges.

DERIVATION SUMMARY
At 'BB', we rate MRE one notch higher than Infinis plc
at 'BB-'/Negative. While projected metrics for both companies are
based on comparable power price assumptions, MRE's rating
reflects diversification into biomass, where the banded
renewables obligation certificate (ROC) level is 1.5x compared
with landfill, a business in natural decline, at 1.0x. Infinis
plc is a pure player in landfill.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for MRE include:
  - Output figures close to original management projections. In
the 12 months to June 2016 output was recorded as 1,130GWh, which
was a slight increase from a year ago.
  - Biomass output is sold forward at GBP38.95/ MWh until
September 2017, and landfill at GBP43.64/ MWh until March 2017.
After these dates, output is sold at UK forwards in the high 30s
to low 40s through FY20, versus low 30s at the previous rating
case.
  - Distributions up to 50% of consolidated net income with
further distributions being constrained by a covenant preventing
net debt/ EBITDA increasing above 3.25x up to FY18 and 2.5x
thereafter.
  - MRE is currently not paying any interest on the shareholder
loan but rather capitalising the interest and adding it to the
total shareholder loan outstanding. We assume MRE will continue
to do this and we continue to treat the shareholder loan as
equity-like.

RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
  - Increased wholesale electricity prices or output above
Fitch's expectations leading to FFO- adjusted gross leverage
sustainably below 2.5x (FY16: 3.1x) and FFO gross interest cover
sustainably above 4.0x (FY16: 3.7x) together with no adverse
regulatory change and improved support visibility.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
  - Lower wholesale electricity prices or output below Fitch's
expectations leading to FFO-adjusted net leverage sustainably
above 4.0x and FFO gross interest cover sustainably below 2.5x.
  - Further changes to the regulatory framework with a material
negative impact on profitability and cash flow.

LIQUIDITY
MRE UK's cash position at end-September 2016 was GBP10.8m.
Following the partial redemption of the senior secured bond in
June 2016, the company's debt comprises senior secured notes of
GBP148.1m due February 2020 and a subordinated shareholder loan
of GBP144.5m. We treat the shareholder loan, which is unsecured
and due to be repaid no earlier than February 2021, as equity-
like. MRE also has access to a GBP20m revolving credit facility
due in 2019. In view of low capex and working capital
requirements, we expect MRE to be substantially FCF-positive.


WIDDOWSON LOGISTICS: Enters Administration, 200 Jobs at Risk
------------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that Widdowson
Logistics, the firm which bought Leicestershire haulage firm AM
Widdowson & Son out of administration in a pre-pack deal last
July, has slipped into administration itself.

Leonard Curtis has been appointed to look after the day-to-day
running of the Glenfield firm, TheBusinessDesk.com relates.
Details of any job losses or a sale of the business are yet to
emerge, TheBusinessDesk.com notes.

AM Widdowson & Son slipped into administration on July 6, 2016
after falling into arrears on a CVA since July last year after
agreeing to pay creditors 36p in the pound in a payment schedule
stretching to 2020, TheBusinessDesk.com recounts.

The firm was sold on the same day it went into administration for
GBP2.5 million in a pre-pack deal to Widdowson Logistics which
has one director named as Damion Davis, TheBusinessDesk.com
discloses.

All 220 employees were transferred to the new business under TUPE
regulations, TheBusinessDesk.com relays.

Widdowson Logistics is a Leicestershire transport firm.


===============
X X X X X X X X
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* BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles
-----------------------------------------------------------
Author: Sallie Tisdale
Publisher: BeardBooks
Softcover: 270 pages
List Price: $34.95
Review by Henry Berry

Order your own personal copy at http://is.gd/9SAfJR

An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her
subject of the wide and engrossing field of health and illness
the perspective, as well as the special sympathies and
sensitivities, of a registered nurse. She is an exceptionally
skilled writer. Again and again, her descriptions of ill
individuals and images of illnesses such as cancer and meningitis
make a lasting impression. Tisdale accomplishes the tricky
business of bringing the reader to an understanding of what
persons experience when they are ill; and in doing this, to
understand more about the nature of illness as well. Her style
and aim as a writer are like that of a medical or science
journalist for leading major newspaper, say the "New York
Times" or "Los Angeles Times." To this informative, readable
style is added the probing interest and concern of the
philosopher trying to shed some light on one of the central and
most unsettling aspects of human existence. In this insightful,
illuminating, probing exploration of the mystery of illness,
Tisdale also outlines the limits of the effectiveness of
treatments and cures, even with modern medicine's store of
technology and drugs. These are often called "miracles" of modern
medicine. But from this author's perspective, with the most
serious, life-threatening, illnesses, doctors and other
healthcare professionals are like sorcerer's trying to work magic
on them. They hope to bring improvement, but can never be sure
what they do will bring it about. Tisdale's intent is not to
debunk modern medicine, belittle its resources and ways, or
suggest that the medical profession holds out false hopes. Her
intent is to do report on the mystery of serious illness as she
has witnessed it and from this, imagined what it is like in her
varied work as a registered nurse. She also writes from her own
experiences in being chronically ill when she was younger and the
pain and surgery going with this.

She writes, "I want to get at the reasons for the strange state
of amnesia we in the health professions find ourselves in. I want
to find clues to my weird experiences, try to sense the nature of
being sick." The amnesia of health professionals is their state
of mind from the demands placed on them all the time by patients,
employers, and society, as well as themselves, to cure illness,
to save lives, to make sick people feel better. Doctors,
surgeons, nurses, and other health-care professionals become
primarily technicians applying the wonders of modern medicine.
Because of the volume of patients, they do not get to spend much
time with any one or a few of them. It's all they can do to apply
the prescribed treatment, apply more of it if it doesn't work the
first time, and try something else if this treatment doesn't seem
to be effective. Added to this is keeping up with the new medical
studies and treatments. But Tisdale stepped out of this problem
solving outlook, can-do, perfectionist mentality by opting to
spend most of her time in nursing homes, where she would be among
old persons she would see regularly, away from the high-charged
atmosphere of a hospital with its "many medical students,
technicians, administrators, and insurance review artists." To
stay on her "medical toes," she balanced this with working
occasional shifts in a nearby hospital. In her hospital work, she
worked in a neonatal intensive care unit (NICU), intensive care
unit (ICU), a burn center, and in a surgery room. From this
combination of work with the infirm, ill, and the latest medical
technology and procedures among highly-skilled professionals,
Tisdale learned that "being sick is the strangest of states."
This is not the lesson nearly all other health-care workers come
away with. For them, sick persons are like something that has to
be "fixed." They're focused on the practical, physical matter of
treating a malady. Unlike this author, they're not focused
consciously on the nature of pain and what the patient is
experiencing. The pragmatic, results-oriented medical profession
is focused on the effects of treatment. Tisdale brings into the
picture of health care and seriously-ill patients all of what the
medical profession in its amnesia, as she called it, overlooks.
Simply in describing what she observes, Tisdale leads those in
the medical profession as well as other interested readers to see
what they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel
and cuts -- the top of the hip to a third of the way down the
thigh -- and cuts again through the globular yellow fat, and
deeper. The resident follows with a cautery, holding tiny
spraying blood vessels and burning them shut with an electric
current. One small, throbbing arteriole escapes, and his glasses
and cheek are splattered." One learns more about what is actually
going on in an operation from this and following passages than
from seeing one of those glimpses of operations commonly shown on
TV. The author explains the illness of meningitis, "The brain
becomes swollen with blood and tissue fluid, its entire surface
layered with pus . . . The pressure in the skull increases until
the winding convolutions of the brain are flattened out...The
spreading infection and pressure from the growing turbulent ocean
sitting on top of the brain cause permanent weakness and
paralysis, blindness, deafness . . . . " This dramatic depiction
of meningitis brings together medical facts, symptoms, and
effects on the patient. Tisdale does this repeatedly to present
illness and the persons whose lives revolve around it from
patients and relatives to doctors and nurses in a light readers
could never imagine, even those who are immersed in this world.

Tisdale's main point is that the miracles of modern medicine do
not unquestionably end the miseries of illness, or even
unquestionably alleviate them. As much as they bring some relief
to ill individuals and sometimes cure illness, in many cases they
bring on other kinds of pains and sorrows. Tisdale reminds
readers that the mystery of illness does, and always will, elude
the miracle of medical technology, drugs, and practices. Part of
the mystery of the paradoxes of treatment and the elusiveness of
restored health for ill persons she focuses on is "simply the
mystery of illness. Erosion, obviously, is natural. Our bodies
are essentially entropic." This is what many persons, both among
the public and medical professionals, tend to forget. "The
Sorcerer's Apprentice" serves as a reminder that the faith and
hope placed in modern medicine need to be balanced with an
awareness of the mystery of illness which will always be a part
of human life.



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.

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

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