TCREUR_Public/170208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, February 8, 2017, Vol. 18, No. 28


                            Headlines


A Z E R B A I J A N

INT'L BANK: Moody's Lowers Long-Term Bank Deposit Ratings to B1
UNIBANK COMMERCIAL: Moody's Withdraws 'B3' LT Deposit Rating


F I N L A N D

UPM-KYMMENE: Moody's Withdraws Ba1 Corporate Family Rating


G R E E C E

GREECE: IMF Board Split Over Participation in Bailout


I R E L A N D

CVC CORDATUS VIII: Moody's Assigns (P)B2 Rating to Class F Notes
MERCATOR CLO III: Moody's Hikes Class B-2 Notes Rating from Ba1


L U X E M B O U R G

INEOS GROUP: Moody's Hikes Corporate Family Rating to Ba3


N E T H E R L A N D S

GLASSTANK BV: Moody's Withdraws B3 Corporate Family Rating
MESDAG CHARLIE BV: Fitch Cuts Rating on Class C Notes to 'Dsf'
PDM CLO I: Moody's Affirms Rating on Class E Notes at Ba2


N O R W A Y

FARSTAD SHIPPING: Mulls Merger Following Restructuring


R U S S I A

AEROFLOT: Fitch Withdraws 'B+' Russian National Scale Rating


S E R B I A

BANINI: Serbian Court Orders Sale of Business to Repay Debt
ZELVOZ: Serbia's Bankruptcy Agency Puts Factory Up for Sale Again


S W I T Z E R L A N D

CREDIT SUISSE: Moody's Assigns Ba2(hyb) Rating to $1.5BB Notes


U K R A I N E

DTEK ENERGY: Moody's Affirms 'Ca' Corporate Family Rating
METINVEST BV: Eurobond Holders Approve Restructuring Scheme


U N I T E D   K I N G D O M

CEVA GROUP: Moody's Lowers Corporate Family Rating to Caa2


                            *********



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A Z E R B A I J A N
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INT'L BANK: Moody's Lowers Long-Term Bank Deposit Ratings to B1
---------------------------------------------------------------
Moody's Investors Service has downgraded the following ratings of
International Bank of Azerbaijan: long-term local- and foreign-
currency deposit rating to B1 from Ba3, senior unsecured debt
rating to B1 from Ba3, and long-term subordinated debt rating to
B2 from B1. Concurrently, Moody's has downgraded the bank's
standalone Baseline Credit Assessment (BCA) to ca from b3, and
the Counterparty Risk Assessment (CRA) to Ba3(cr) from Ba2(cr).
The short-term deposit ratings were affirmed at Not-Prime, while
short-term CRA affirmed at NP(cr). The outlook on the long-term
deposit and senior unsecured ratings is negative.

RATINGS RATIONALE

The downgrade of IBA's BCA to ca reflects its significantly
weakened standalone financial position with reported negative
capital as of end-2016 according to local GAAP. Capital erosion
was exacerbated by foreign exchange (FX) losses given the bank's
large open FX position of AZN6 billion as of end-2016 amid 13%
local currency depreciation in Azerbaijan. The bank has not been
able to hedge its FX risks with the government in time, as it was
previously anticipated. Consequently, even following the recently
completed state capital injection of AZN600 million as of 23
January 2017, the bank's estimated capital position is still
negative, given the previously accumulated FX losses in 2016 and
continued manat depreciation of around 8% in January 2017, which
can results in additional AZN470 million FX losses in January
2017 according to Moody's calculations.

Compliance with the regulatory capital requirements is a covenant
for certain foreign debt contacts. Bank's total foreign
borrowings comprised around AZN4 billion ($2.1 billion) as of
end-2016. IBA currently has tight liquidity in foreign-currency
amounting to AZN830 million (USD430 million) as of end January
2017. Although the liquidity in local currency is ample (IBA
holds AZN4.7 billion at the Central Bank), a timely FX conversion
of these funds is challenging in the current environment and
depends on support from the state.

IBA's weakened standalone financial position exacerbates its need
for external support from the government of Azerbaijan (Ba1,
Negative). In addition to the already-provided capital injection
and AZN10 billion bad assets transfer, the government is
committed to continuing to support IBA to restore its credit
metrics, while the bank is currently under regulatory forbearance
Further planned state support measures until end of H1 2017
include:

- hedging of open FX position for future potential currency
volatility through a forward contact;

- covering of FX losses incurred since the beginning of 2017
through additional government capital injection;

- additional planned transfer of bad assets of AZN5.3-6 billion
to state-owned non-bank credit organization Aqrakredit in
exchange for US-denominated assets, which will improve the bank's
open FX position and replenish capital through reverse of
provisions.

GOVERNMENT SUPPORT

Moody's continue to incorporate a very high likelihood of
government support for IBA's long-term ratings. Along with the
downgrade of BCA to ca, Moody's has widened the government
support uplift to six notches from previous three notches given
aforementioned enlarged support measures from the state. The very
high probability of government support is based on: the
controlling stake by the government, which increased to 91.3%
from 82.2% following the recent capital injection; still a
significant market share by assets being the largest bank in
Azerbaijan; and track record of providing financial support,
including transfer of bad assets, capital injection and funding,
as well as anticipated further explicit support measures.

WHAT COULD MOVE THE RATINGS DOWN / UP

The negative outlook reflects some uncertainty about the
timeliness and magnitude of future government support, as well as
the negative outlook on the sovereign ratings. A negative rating
action could occur if support from the government is not provided
timely and in the full anticipated amount, triggering us to
reassess Moody's government support assumptions.

Revision of the outlook to stable and upgrade of BCA could occur
if IBA improves its solvency credit metrics with recovery of
capital adequacy above minimum requirements, following
anticipated government support measures.

LIST OF AFFECTED RATINGS

Issuer: International Bank of Azerbaijan

Downgrades:

-- LT Bank Deposits (Local & Foreign Currency), Downgraded to B1
    from Ba3, Outlook Changed To Negative From Stable

-- Senior Unsecured Regular Bond/Debenture (Foreign Currency),
    Downgraded to B1 from Ba3, Outlook Changed To Negative From
    Stable

-- Subordinate (Foreign Currency), Downgraded to B2 from B1

-- Adjusted Baseline Credit Assessment, Downgraded to ca from b3

-- Baseline Credit Assessment, Downgraded to ca from b3

-- LT Counterparty Risk Assessment, Downgraded to Ba3(cr) from
    Ba2(cr)

Affirmations:

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

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

Outlook Actions:

-- Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

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


UNIBANK COMMERCIAL: Moody's Withdraws 'B3' LT Deposit Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn UniBank Commercial Bank's
ratings, including long-term local and foreign-currency deposit
rating of B3 and short-term local and foreign-currency ratings of
Not-Prime. Moody's has also withdrawn bank's baseline credit
assessment (BCA) and adjusted BCA of b3 and counterparty risk
assessments of B2(cr)/Not-Prime(cr). Before the withdrawal, the
outlook on the bank's long-term deposit ratings was negative.

RATINGS RATIONALE

Moody's has withdrawn the ratings because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the ratings.

Headquartered in Baku, Azerbaijan, UniBank Commercial Bank
reported total assets of AZN 727.6 million as of 1 October 2016,
according to local financials.


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F I N L A N D
=============


UPM-KYMMENE: Moody's Withdraws Ba1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has upgraded the rating of Finnish
forest products firm UPM-Kymmene, assigning a long-term issuer
rating of Baa3. Concurrently Moody's also withdrew UPM's
corporate family rating (CFR) of Ba1 and probability of default
rating (PDR) of Ba1-PD following the assignment of an issuer
rating of Baa3 as per the rating agency's practice for corporates
with investment grade ratings. In addition, Moody's has upgraded
the ratings of the UPM's senior unsecured bonds to Baa3 from Ba1.
The outlook on all the ratings has been changed to stable from
positive.

The rating action recognises continuing solid operating
performance in 2016 in connection with UPM introducing a new
long-term leverage target, which increases Moody's confidence
that UPM's financial policies will remain consistent with an
investment grade rating", says Martin Fujerik, Moody's lead
analyst for UPM.

RATINGS RATIONALE

The upgrade reflects UPM building a track record of solid
operating performance, including during last year, ahead of
Moody's expectations. Revenues of the structurally declining
paper business in mature markets reported under UPM's Paper ENA
division continued to shrink in 2016 and remaining businesses in
growth markets did not fully compensate for that, resulting in
group sales decreasing by 3% year-on-year. However, the
continuing shift towards more profitable growth businesses into
which UPM has invested in the past three years, in conjunction
with benefits from ongoing profit improvement measures, have
enabled a substantial 25% year-on-year increase in comparable
EBIT, as reported by UPM. In addition, resulting healthy free
cash flow generation was used for further debt reduction during
the year.

Moody's estimates that for financial year end December 2016
(FYE2016), UPM has reached Moody's adjusted EBITDA margin of
around 18% and Moody's adjusted debt/EBITDA of slightly below
2.0x, which not only exceeds the rating agency's triggers for an
upgrade to Baa3 (mid teen % and below 3.0x, respectively) but
they also position the company well in the Baa3 category.

In addition to solid operating performance, together with its
financial year-end 2016 results UPM published a new set of long-
term targets that included an introduction of a new leverage
target of reported net debt/EBITDA at around 2.0x or below (0.7x
as of end-December 2016). Even though there is a currently
sizeable headroom against the target, the rating agency estimates
that its full utilisation would still translate into Moody's
credit metrics commensurate with a Baa3 rating, thus increasing
the rating agency's confidence that UPM's financial policies will
remain consistent with an investment grade rating. Furthermore,
UPM formally confirmed its aspiration to become and retain an
investment grade.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that despite
continuing revenue declines at the group level and a challenging
operating environment in UPM Biorefining and UPM Energy, in the
next 12-18 months UPM will be able to maintain its Moody's
adjusted EBITDA margin at least at around 2016 levels, thus
further building track record of solid free cash flow generation.

WHAT COULD CHANGE THE RATING UP/ DOWN

Further positive pressure could result from a further reduction
of UPM's dependence on the mature European and North American
paper markets, translating in a sustainable improvement of
Moody's adjusted EBITDA margin towards 20%. An upgrade would also
require building a further track record of Moody's adjusted
retained cash flow/debt sustainably above 25% and a Moody's
adjusted debt/EBITDA sustainably below 2.5x.

Moody's could consider downgrading UPM if the group's
profitability were to come under pressure resulting in Moody's
adjusted EBITDA margin sustainably well below mid-teens, its
Moody's adjusted debt/EBITDA were to remain sustainably above
3.0x or of its Moody's adjusted (retained cash flow-capex)/debt
were to deteriorate below 12% for a prolonged period.

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

Headquartered in Helsinki, Finland, UPM is one of the world's
largest forest products companies with sales of around EUR10
billion in FYE2016. Apart from leading positions in communication
paper grades (newsprint, magazine, fine paper), UPM is active in
pulp and energy production, specialty paper, label materials and
wood products. The group has production plants in 13 countries
and employs workforce of some 20,000 employees.


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


GREECE: IMF Board Split Over Participation in Bailout
-----------------------------------------------------
Shawn Donnan at The Financial Times reports that a stand-off with
European authorities over the terms and future of Greece's
bailout has led to a rare public split on the International
Monetary Fund's board, amid growing questions over the fund's
participation.

According to the FT, European institutions and the IMF have for
more than a year been at loggerheads over what the fund argues
are far too stringent fiscal targets being demanded of Athens by
its European creditors and calls by the IMF's staff for Greece to
receive more long-term debt relief.

The battle has raised questions over the IMF's financial
involvement in the current EUR86 billion bailout, with German
officials again on Feb. 6 saying that without the fund's
participation, the rescue program would end, potentially causing
a new funding crisis for the government in Athens, the FT
relates.

In an as-yet unpublished report on the Greek economy, the IMF's
staff argue that Greece's debts are unsustainable and on an
"explosive" path to reaching almost three times the country's
annual economic output by 2060, the FT discloses.

But that report, seen by the FT, has been labelled overly gloomy
by European officials.  Moreover, after a meeting to discuss it
on Feb. 6, the IMF issued an unusual statement conceding that its
board was split over its findings, the FT relays.

"Most" of the 24 board members "agreed with the thrust of the
staff appraisal" contained in its regular "Article 4" review of
the Greek economy, the IMF, as cited by the FT, said.  However,
"some . . . had different views on the fiscal path and debt
sustainability".

The IMF said on Feb. 6 that Greece had made "significant
progress" since the onset of the crisis in late 2009, although
"extensive fiscal consolidation and internal devaluation have
come at a high cost to society", the FT recounts.


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I R E L A N D
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CVC CORDATUS VIII: Moody's Assigns (P)B2 Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by CVC
Cordatus Loan Fund VIII Designated Activity Company:

-- EUR206,000,000 Class A-1 Senior Secured Floating Rate Notes
due 2030, Assigned (P)Aaa (sf)

-- EUR30,000,000 Class A-2 Senior Secured Fixed Rate Notes due
2030, Assigned (P)Aaa (sf)

-- EUR46,000,000 Class B-1 Senior Secured Floating Rate Notes
due 2030, Assigned (P)Aa2 (sf)

-- EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due
2030, Assigned (P)Aa2 (sf)

-- EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned (P)A2 (sf)

-- EUR20,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned (P)Baa2 (sf)

-- EUR22,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned (P)Ba2 (sf)

-- EUR11,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will 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 noteholders by the legal final maturity of
the notes in 2030. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, CVC Credit
Partners European CLO Management LLP ("CVC"), has sufficient
experience and operational capacity and is capable of managing
this CLO.

CVC Cordatus Loan Fund VIII is a managed cash flow CLO. At least
92.5% of the portfolio must consist of senior secured loans and
senior secured floating rate notes and up to 7.5% of the
portfolio may consist of unsecured loans, second-lien loans,
mezzanine obligations and high yield bonds. The portfolio is
expected to be approximately 60-65% ramped up as of the closing
date and to be comprised predominantly of corporate loans to
obligors domiciled in Western Europe.

CVC 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 eight classes of notes rated by Moody's, the
Issuer will issue EUR 45.6m of subordinated notes, which will not
be rated.

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

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

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. CVC'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 noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Par amount: EUR 400,000,000

Diversity Score: 36

Weighted Average Rating Factor (WARF): 2750

Weighted Average Spread (WAS): 4.10%

Weighted Average Coupon: 5.00%

Weighted Average Recovery Rate (WARR): 42.5%

Weighted Average Life (WAL): 8 years.

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
Also, the eligibility criteria do not currently allow for the
acquisition of assets where the obligor is domiciled in a country
with a local currency government bond rating below A3. Given this
portfolio composition, there were no adjustments to the target
par amount, as further described in the methodology.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

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

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

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3575 from 2750)

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

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

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

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

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -2

Further details regarding Moody's analysis of this transaction
may be found in the upcoming pre-sale report, available soon on
Moodys.com.

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.


MERCATOR CLO III: Moody's Hikes Class B-2 Notes Rating from Ba1
---------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on the following classes of notes issued by Mercator CLO
III Limited:

-- EUR31.5M Class A-2 (current balance EUR6.05M) Senior Secured
Floating Rate Notes due 2024, Affirmed Aaa (sf); previously on
May 16, 2016 Affirmed Aaa (sf)

-- EUR18M Class A-3 Deferrable Senior Secured Floating Rate
Notes due 2024, Affirmed Aaa (sf); previously on May 16, 2016
Upgraded to Aaa (sf)

-- EUR18M Class B-1 Deferrable Senior Secured Floating Rate
Notes due 2024, Upgraded to Aa2 (sf); previously on May 16, 2016
Upgraded to A1 (sf)

-- EUR10.9M Class B-2 (current balance EUR10.44M) Deferrable
Senior Secured Floating Rate Notes due 2024, Upgraded to Baa3
(sf); previously on May 16, 2016 Upgraded to Ba1 (sf)

Mercator CLO III Limited, issued in August 2007, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans managed by NAC
Management (Cayman) Limited. The transaction's reinvestment
period ended in October 2013. GBP assets in the transaction are
hedged by a macro swap.

RATINGS RATIONALE

According to Moody's, the rating actions taken on the notes are
the result of deleveraging of the Class A-2 notes following
amortisation of the portfolio since the last rating action in May
2016. In addition, principal proceeds of EUR7.96 million are
reported in the November 2016 trustee data.

Class A-2 notes paid down in aggregate by EUR6.63 million (21% of
original balance) on the July and October 2016 payment dates. As
a result of the deleveraging, over-collateralisation (OC) ratios
have increased across the capital structure. According to the
trustee report dated November 2016, Class A-2, Class A-3, Class
B-1, and Class B-2 OC ratios are reported at 532.99%, 233.75%,
149.70%, and 123.86% respectively, compared to April 2016 levels
of 327.45%, 196.77%, 140.64%, and 120.67% respectively.

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 of EUR60.18 million and
GBP9.71 million respectively, defaulted par of EUR1.50 million, a
weighted average default probability of 20.57% (consistent with a
WARF of 2833 over a weighted average life of 4.60 years), a
weighted average recovery rate upon default of 50.32% for a Aaa
liability target rating, a diversity score of 12 and a weighted
average spread of 3.71%.

Moody's notes that the 04 January 2017 payment date trustee
report was published at the time it was completing its analysis
of the 30 November 2016 data. Key portfolio metrics such as WARF,
diversity scores and OC ratios have not materially changed
between these dates.

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

Methodology Underlying the Rating Actions:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were unchanged for Classes A-2 and A-3, and within one to
two notches of the base-case results for Classes B-1 and B-2.

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:

1) 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.

2) Recoveries on 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.

3) Around 9.61% 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.

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

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


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L U X E M B O U R G
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INEOS GROUP: Moody's Hikes Corporate Family Rating to Ba3
---------------------------------------------------------
Moody's Investors Service has upgraded Ineos Group Holdings
S.A.'s (Ineos) Corporate Family Rating (CFR) to Ba3 from B1 and
Probability of Default Rating (PDR) to Ba3-PD from B1-PD.
Concurrently, Moody's has upgraded the ratings on Ineos' and its
subsidiaries' debt instruments by one notch, to Ba2 from Ba3 and
to B2 from B3, and has assigned provisional (P)Ba2 ratings to the
proposed ca EUR1.2 billion equivalent of new secured term loans
due 2024 and the proposed ca EUR3.3 billion equivalent of new
secured term loans due 2022, borrowed by Ineos US Finance LLC and
Ineos Finance Plc, both subsidiaries of Ineos. The outlook on all
ratings is stable.

Moody's expects that Ineos will use the proceeds of the proposed
new secured loan issuance due 2024 to redeem the ca EUR1.1
billion in outstanding senior unsecured notes maturing in 2019
(now rated B2). It also intends to fully repay the ca EUR1.2
billion equivalent secured term loan due 2018 with cash on
balance sheet. The company has already issued conditional
redemption notices with respect to all or part of these notes and
it expects to redeem them on or about 28 February 2017. In
addition, the company intends to reprice its existing EUR and USD
denominated term loan tranches due 2022, totaling approximately
EUR1.4 billion. In total Moody's expects these transactions will
reduce the company's interest expense going forward to ca EUR240
million, a ca EUR100 million reduction, and reduce Moody's
adjusted gross leverage by 0.5x from 3.7x to 3.2x for the twelve
months to September 2016.

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

RATINGS RATIONALE

"The upgrade reflects Ineos' very strong top of cycle operating
performance in 2015 and 2016, that Moody's expects to remain
robust in the next 12 months and further support positive free
cash flow generation," said Moody's analyst Douglas Crawford.
"This has driven the substantial decrease in Moody's adjusted
gross leverage to 3.2x for the twelve months to September 2016
pro forma the proposed refinancing from 4.8x in FY2014, with the
proposed ca EUR1.2 billion debt payment contributing a 0.5x
reduction."

Ineos' Ba3 CFR primarily reflects the group's: (1) position as
one of the world's largest chemical groups, enjoying leading
market positions across a number of key commodity chemicals; (2)
vertically integrated business model, which ensures Ineos can
capture margins across the value chain, whilst benefitting from
certainty of supply and economies of scale; (3) sustained
operationally driven deleveraging trend over the last few years
and recent active focus on reducing leverage demonstrated by the
EUR1.2 billion debt payment, that is equivalent to ca 15% of
reported debt; (4) well-invested production facilities, with
Moody's estimation that the majority rank in the first or second
quartiles on the regional industry cost curve; and (5) track
record of generating positive free cash flows in most of the last
five years, including ca EUR1 billion of free cash flow in both
2015 and 2016.

However, the rating also reflects the group's (1) exposure to
weakening US margins in the next two or three years mostly due to
expected new US capacity coming online from 2017; (2) inherent
cyclicality and exposure to volatile raw material prices, which
have historically led to volatile earnings over the cycle with
Moody's expectation that current top of cycle margins normalise
over the next three years; (3) estimated increase in leverage
towards 4.0x during 2018 from 3.2x for the 12 months through
September 2016 pro forma the debt payment on the back of
deteriorating industry conditions; and (4) risk of mergers and
acquisitions as well as further related party loans/transactions.

Ineos has benefitted from top of the cycle conditions in its
olefins and polymers (O&P) divisions for much of 2015 and 2016,
driving record reported EBITDA for the group of above EUR2
billion compared to EUR1.5 billion in 2013. The company has
reported that 2016 EBITDA will be EUR2.3 billion, a 5% increase
on 2015 levels, which itself was up 16% compared to 2014, with
the gains driven by improvements in Europe. The 2016 performance
was better than Moody's expectations as the rating agency had
expected a 5% decline due to new North American capacity
impacting the O&P division and new Middle Eastern oxide capacity
impacting the Chemical Intermediates division.

O&P North America (41% of 2016 EBITDA) benefitted from top of the
cycle (TOC) integrated polymer operating margins and high
operating rates due to unexpected competitor outages, which led
to higher demand for Ineos' ethylene and polyethylene. The
division's EBITDA was flat in 2015 at record levels and down 6%
in 2016, as it experienced margin compression in polyethylene and
ethylene in the first half of the year. However, EBITDA margins
increased to over 30% in both years compared to 27% in 2014. O&P
Europe EBITDA (30% of 2016 EBITDA) more than doubled in 2015 and
increased a further 23% in 2016. This was similarly attributed to
strong polymer sales volumes backed by unplanned outages, but
also to lower imports from abroad due to a strong USD, the
acquisition of the 50% remaining stake in Ineos' Rafnes cracker,
as well as lower inventory losses (EUR80 million less in 2015).
Chemical Intermediates EBITDA (29% of 2016 EBITDA) was down 3% in
2015 but up 8% in 2016. The decline was mostly due to weak sales
volumes and margins in the Nitriles business that has been
suffering from an oversupplied market for the last few years,
mitigated by strong margins in the Oxides and Oligomers
businesses. Strong demand in the Oxide and Oligomers businesses
drove the increase in the division's 2016 EBITDA, which also
benefitted from an improvement in Nitriles and Phenol margins,
which had previously been negatively impacted by a slowdown in
China.

Going forward, Moody's expects Ineos' EBITDA to fall by
approximately 10% in 2017, with a more pronounced decline in
2018. The rating agency expects the top of the cycle conditions
in O&P in the US and Europe to normalise, especially during 2018
because competitors' investments in new ethylene and polyethylene
capacities create an oversupplied market and margin reductions.
Both the US cash margins that are currently in the high 30s cents
and the European margins of ca EUR500/tonne are expected to
decline, with a more rapid and pronounced decrease expected in
the US to the low 20s cents by 2018/2019. However, these declines
are not as substantial as previously expected by Moody's because
several new US ethylene plants have been delayed. Additionally,
phenol and nitriles margins in the Chemical Intermediates
division are expected to improve from the bottom of the cycle
conditions they have been in for some time.

In the twelve months to September 2016 (LTM), Ineos generated
EUR1.9 billion in Moody's adjusted funds from operations, paid
EUR785 million in adjusted capex and EUR73 million in dividends.
The group's cash generation has substantially improved over the
past few years with EUR1.1 billion of LTM Moody's-adjusted free
cash flow (FCF) compared to EUR520 million in 2014 and only EUR44
million in 2012 as a result of the improvements in the operating
performance of O&P Europe over the last few years. For the LTM
adjusted retained cash flow/debt was 19% compared to 14% in 2014.
Going forward, despite Moody's expectations of a decrease in
operating performance, the rating agency still expects Ineos to
generate significant positive free-cash flow in the next 12
months. Moody's expects adjusted capex of approximately EUR600
million in both 2017 and 2018 and FCF of approximately EUR800
million in 2017 falling to approximately EUR700 million in 2018.

Prior to the EUR1.2 billion debt repayment, Ineos' adjusted
leverage was already low for its previous B1 rating. As of 30
September, Moody's adjusted debt was ca EUR9.3 billion (including
adjustments of EUR669 million for pensions and EUR593 million for
leases), and its gross debt/EBITDA was 3.7x, down from 4.5x in
2015, due to EBITDA growth, and below Moody's upgrade trigger of
4.5x. The rating upgrade to Ba3 reflects the company's proposed
EUR1.2 billion debt payment that will reduce leverage by 0.5x and
the rating agency's expectations for higher EBITDA in 2017 and
2018 than previously expected. As a result, Moody's expects
Moody's adjusted gross leverage to be ca 3.6x in 2017 and rise
towards 4.0x during 2018.

Assuming the use of EUR1.2 billion in cash to pay down debt,
Moody's views Ineos' liquidity over the next 12-18 months as
good. As of 31 December 2016, pro forma for the debt pay down,
the company had EUR1.1 billion of cash on balance sheet and
EUR250 million available under its EUR800 million securitization
facility due in 2018. Moody's expects the company to generate
free cash flow of approximately EUR800 million in 2017. Following
the proposed refinancing, there will be no substantial debt
maturities until 2022, apart from the EUR300 million drawings on
the securitisation facility. There are no maintenance covenants
and no revolving credit facility.

RATING OUTLOOK

The stable outlook incorporates Moody's expectations that current
top of the cycle conditions for much of Ineos' businesses will
turn down but that the company's credit metrics including
leverage and retained cash flow will not worsen substantially and
that its underlying chemical markets do not significantly
deteriorate. It also assumes that Ineos will maintain good
liquidity.

WHAT COULD CHANGE THE RATING UP/DOWN

Considering the recent rating action, Moody's does not expect any
positive rating pressure in the near term. However, the rating
could be upgraded if retained cash flow/debt is consistently
around 25%, gross leverage is sustained below 3.5x through the
cycle and gross debt materially reduced, it sustains materially
positive free cash flow and the company develops a track record
of a conservative financial policy. Conversely, the ratings could
be downgraded if gross leverage rises over 5.0x, retained cash
flow/debt is consistently less than 15% or liquidity
deteriorates.

The following debt instrument ratings were assigned, outlook
stable:

Ineos Finance plc:

BACKED EUR GTD SR SEC TERM LOAN B due 2022, (P)Ba2

BACKED EUR GTD SR SEC TERM LOAN B due 2024, (P)Ba2

Ineos US Finance LLC:

BACKED USD GTD SR SEC TERM LOAN B due 2022, (P)Ba2

BACKED USD GTD SR SEC TERM LOAN B due 2024, (P)Ba2

The following ratings were upgraded one notch, outlook stable:

Ineos Group Holdings S.A.:

LT CORPORATE FAMILY RATING, Upgraded to Ba3 from B1

PROBABILITY OF DEFAULT RATING, Upgraded to Ba3-PD from B1-PD

BACKED USD GTD SR GLOBAL NOTES due 2019, Upgraded to B2 from B3

BACKED EUR GTD SR GLOBAL NOTES due 2019, Upgraded to B2 from B3

BACKED USD GTD SR GLOBAL NOTES due 2024, Upgraded to B2 from B3

BACKED EUR GTD SR GLOBAL NOTES due 2024, Upgraded to B2 from B3

Ineos Finance plc:

BACKED EUR SR SEC TERM LOAN B due 2018, Upgraded to Ba2 from Ba3

EUR GTD SR SEC TERM LOAN B due 2020, Upgraded to Ba2 from Ba3

BACKED EUR GTD SR SEC GLOBAL NOTES due 2023, Upgraded to Ba2 from
Ba3

Ineos US Finance LLC:

USD SR SEC TERM LOAN B due 2018, Upgraded to Ba2 from Ba3

USD GTD SR SEC TERM LOAN B due 2020, Upgraded to Ba2 from Ba3

BACKED USD SR SEC TERM LOAN due 2022, Upgraded to Ba2 from Ba3

BACKED EUR SR SEC TERM LOAN due 2022, Upgraded to Ba2 from Ba3

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Ineos Group Holdings S.A. was established in 1998 via a
management buy-out of the former BP petrochemicals asset in
Antwerp, which was led by Mr. Ratcliffe, chairman of Ineos Group
Holdings S.A. The group has subsequently grown through a series
of acquisitions and at the end of 2005 acquired Innovene Inc., a
100% subsidiary of BP, in a USD9 billion buy-out, transforming
Ineos into one of the world's largest chemical companies
(measured by turnover). For the last twelve months ended
September 2016 it reported revenues of EUR12 billion and EBITDA
of EUR2.3 billion.


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


GLASSTANK BV: Moody's Withdraws B3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
rating and B3-PD probability of default rating of Glasstank B.V.

Moody's had previously withdrawn the B3 rating assigned to the
EUR185 million senior secured notes due 2019 issued by Glasstank
B.V.

The company has no outstanding rated debt following completion of
the acquisition by BA Vidro S.A. (unrated) a glass container
manufacturer headquartered in Portugal.

RATINGS RATIONALE

Moody's has withdrawn Glasstank's ratings due to full debt
repayment.

REGULATORY DISCLOSURES

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

Regulatory disclosures contained in this press release apply to
the credit rating and, if applicable, the related rating outlook
or rating review.


MESDAG CHARLIE BV: Fitch Cuts Rating on Class C Notes to 'Dsf'
--------------------------------------------------------------
Fitch Ratings has downgraded Mesdag (Charlie) B.V.'s class C
floating-rate notes due 2019 and affirmed the rest as follows:

EUR0m Class C (XS0289823568) downgraded to 'Dsf' from 'CCsf';
Recovery Estimate (RE) revised to 10% from 25%
EUR0 Class D (XS0289824533) affirmed at 'Dsf'; RE0%
EUR0m Class E (XS0289824889) affirmed at 'Dsf'; RE0%

The transaction closed in 2007 and was originally a
securitisation of nine loans backed by commercial real estate
assets in Germany and the Netherlands and originated by NIBC Bank
N.V.

KEY RATING DRIVERS
The most senior tranche has been downgraded as it no longer
accrues interest and no more collateral remains to avoid a
principal loss. Subject to the magnitude of costs, Fitch
estimates that retained funds on the defaulted TOR, Dutch Offices
I and Dutch Offices II loans may amount to repayment of around
10% of the EUR31.7 million class C gross balance (i.e. the
balance before accounting for what has been written-down by
application of the principal deficiency ledger (PDL)).

Since the last rating action in February 2016, two loans have
repaid in full (in line with Fitch's expectations): EUR28.9
million Tommy (MFH portfolio) and EUR2.5 million Derrick (secured
on a single office property located in Germany). In October 2016,
the special servicer announced the sale of the remaining
collateral for the two remaining loans, EUR25.7 million Dutch
Offices I and EUR22.4 million Dutch Offices II. The aggregate
sale price of EUR16 million compares with a previous open market
value of EUR20.1 million.

In October 2016, all outstanding senior costs, interest and
liquidity amounts were paid ahead of a EUR10.5 million principal
payment to the senior noteholders. The remaining note balance of
EUR76.1 million has been debited to the PDL balance, with the
result that the notes no longer accrue interest. This constitutes
payment default consistent with Fitch's rating action.

RATING SENSITIVITIES
The ratings will be withdrawn within 11 months.

DUE DILIGENCE USAGE
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
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any third
party assessment of the asset portfolio information or conducted
a review of origination files as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transaction's
initial closing. The subsequent performance of the transaction
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, 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
Investor reporting dated 25 January 2017 and provided by NIBC


PDM CLO I: Moody's Affirms Rating on Class E Notes at Ba2
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by PDM CLO I B.V.:

-- EUR17,250,000 Class C Deferrable Secured Floating Rate
    Notes due 2023, Upgraded to Aaa (sf); previously on March 11,
    2016 Upgraded to Aa2 (sf)

-- EUR16,500,000 Class D Deferrable Secured Floating Rate
    Notes due 2023, Upgraded to A2 (sf); previously on March 11,
    2016 Upgraded to Baa1 (sf)

Moody's has also affirmed the ratings on the following notes:

-- EUR208,500,000 (current balance EUR97,320,296.28) Class A
    Senior Secured Floating Rate Notes due 2023, Affirmed Aaa
   (sf); previously on Mar 11, 2016 Affirmed Aaa (sf)

-- EUR11,250,000 Class B Deferrable Secured Floating Rate Notes
    due 2023, Affirmed Aaa (sf); previously on March 11, 2016
    Upgraded to Aaa (sf)

-- EUR13,500,000 Class E Deferrable Secured Floating Rate Notes
    due 2023, Affirmed Ba2 (sf); previously on March 11, 2016
    Upgraded to Ba2 (sf)

PDM CLO I B.V., issued in December 2007, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by
Permira Debt Managers Limited. The transaction's reinvestment
period ended in February 2015.

RATINGS RATIONALE

The rating actions on the notes are primarily a result of the
deleveraging of the Class A senior notes following amortisation
of the underlying portfolio since the last rating action in March
2016.

The Class A notes have paid down by EUR27.90 million (13% of the
original principal amount) since the last rating action in March
2016 and EUR111.18 million (53% of the original principal amount)
since closing. In addition, approximately EUR47 million are
expected to be repaid at the next payment date on 14 February
2017. As a result of the deleveraging, over-collateralisation
(OC) has increased. According to the trustee report dated
December 2016 the Class A, Class B, Class C, Class D and Class E
OC ratios are reported at 181.19%, 162.41%, 140.15%, 123.90% and
113.16% compared to February 2016 levels of 150.57%, 141.04%,
128.55%, 118.52% and 111.40%, respectively.

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 of EUR128.01 million, principal proceeds balance
of EUR47.43 million, defaulted par of EUR 5.70 million, a
weighted average default probability of 20.73% (consistent with a
WARF of 2987), a weighted average recovery rate upon default of
46.01% for a Aaa liability target rating, a diversity score of 22
and a weighted average spread of 4.04%. There are CHF, GBP and
USD-denominated assets, which together represent 3.70% of the
performing par that are hedged by perfect asset swaps.

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 some cases, alternative recovery assumptions may be
considered based on the specifics of the analysis of the CLO
transaction. 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 analysing.

Methodology Underlying the Rating Action:

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

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

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

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

Additional uncertainty about performance is due to the following:

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

* Around 5% 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.


===========
N O R W A Y
===========


FARSTAD SHIPPING: Mulls Merger Following Restructuring
------------------------------------------------------
Reuters reports that the pace of consolidation in the crisis-hit
shipping industry accelerated on Feb. 6 after three of Norway's
biggest offshore oil industry service vessel (OSV) operators
announced plans to merge to create one of the biggest fleets in
the sector.

Shipping tycoon John Fredriksen and Norwegian billionaire Kjell
Inge Roekke said they had agreed a restructuring plan for Farstad
Shipping, via a debt-for-equity swap and additional share issue,
solving long-running efforts to address liabilities worth NOK12.6
billion (US$1.53 billion) at end-September, Reuters relates.

The duo will then merge Farstad and Fredriksen's Deep Sea Supply
into Roekke's Solstad Offshore, Reuters discloses.

The three-way merger between Farstad, Solstad and Deep Sea Supply
will create a newly named company, Solstad Farstad, which will
have a combined fleet of 154 ships, making it the biggest owner
of large vessels in the supply, anchor handling and construction
support segments of the OSV market worldwide, Reuters states.

According to Reuters, as part of the deal, Farstad's banks,
bondholders and other creditors have agreed to convert billions
of crowns owed into shares.  In addition, Messrs. Roekke and
Fredriksen are to fully underwrite a share issue by Farstad to
raise NOK650 million, Reuters says.

Subsequent to completing Farstad's restructuring, the companies
will then merge, with Solstad Offshore taking over the other two
companies under a share exchange, with Farstad shareholders
getting 0.35 Solstad shares for every 12.5 Farstad shares and
Deep Sea shareholders getting 1.32 Solstad shares for every 12.5
Deep Sea shares, Reuters relays.

Farstad Shipping ASA is a Norwegian provider of large, modern
offshore service vessels to the oil and gas industry worldwide.


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


AEROFLOT: Fitch Withdraws 'B+' Russian National Scale Rating
------------------------------------------------------------
Fitch Ratings has simultaneously affirmed and withdrawn Russian
National Scale ratings for non-financial corporate issuers. Of
this, one remained on Rating Watch Evolving at the time of
withdrawal. This rating action does not affect any existing
international ratings for non-financial corporates. The rating
actions are detailed in the Rating Action Report accessible by
the link provided.

The rating actions summarised in the attached Rating Action
Report follow the announcement by Fitch on 23 December 2016 that
it is to withdraw its National Scale Ratings in the Russian
Federation, following the introduction of a new regulatory
framework of the credit rating industry in Russia.

KEY RATING DRIVERS
See relevant issuer Rating Action Commentary (RAC) cited

KEY ASSUMPTIONS
See relevant issuer RAC cited.

RATING SENSITIVITIES
See relevant issuer RAC cited.

LIQUIDITY
See relevant issuer RAC cited.

Links to recent RACs for issuers whose Russian National Scale
Ratings are being withdrawn are:

Fitch Affirms Aeroflot at 'B+'; off RWN; Outlook Stable

Fitch Affirms Russia's Miratorg at 'B+'; Outlook Stable

Fitch Affirms Metalloinvest at 'BB'; Outlook Stable

Fitch Affirms Atomenergoprom at BBB-; Outlook Negative

Fitch Assigns First-Time 'BB+' Ratings to Enel Russia; Outlook
Stable

Fitch Downgrades Russia's FESCO to 'RD'

Fitch Affirms Federal Passenger Company at 'BB+'; Outlook
Negative

Fitch Affirms PJSC Federal Grid Company UES at 'BBB-'; Outlook
Negative

Fitch Revises UCL Rail and Freight One Outlook to Stable; Affirms
at 'BB+'

Fitch Affirms Russia's Globaltrans at 'BB'; Outlook Stable

Fitch Affirms PJSC Inter RAO at 'BBB-'; Outlook Negative

Fitch Revises United Confectioners' Outlook to Stable; Affirms at
'B'

Fitch Affirms Eurochem Group AG at 'BB'; Outlook Negative (20 Sep
2016)

Fitch Upgrades Lenta to 'BB'; Outlook Stable

Fitch Affirms PJSC MegaFon at 'BB+'; Outlook Stable

Fitch Revises MMK's Outlook to Positive; Affirms at 'BB+'

Fitch Affirms MOESK at 'BB+'; Outlook Stable

Fitch Upgrades PJSC Mosenergo to 'BBB-'; Outlook Stable

Fitch Affirms MTS at 'BB+'; Outlook Stable

Fitch Affirms NLMK at 'BBB-'; Outlook Negative

Fitch Affirms Russia's Novatek at 'BBB-', Outlook Negative

Fitch Affirms OGK-2 at 'BB'; Outlook Stable

Fitch Affirms Russia's O'Key at 'B+'; Outlook Stable

Fitch Affirms Gazprom at 'BBB-'; Outlook Negative

Fitch Revises Synergy's Outlook to Stable; Affirms at 'B+';
Outlook Stable

Fitch Revises Acron's Outlook to Positive; Rates Bond Programme
at 'BB-(EXP)'

Fitch Affirms Russia's Gazprom Neft at 'BBB-'; Outlook Stable

Fitch Affirms PhosAgro at 'BB+'; Stable Outlook

Fitch Places Russia's Bashneft on Rating Watch Evolving on
Acquisition by Rosneft

Fitch Affirms Evraz at 'BB-'; off Watch Negative

Fitch Affirms Rostelecom PJSC at 'BBB-'; Outlook Stable

Fitch Affirms RusHydro at 'BB+'; Outlook Negative

Fitch Upgrades Russian Helicopters to 'BB+'; Outlook Stable

https://www.fitchratings.com/site/pr/1013515

Fitch Upgrades Severstal to 'BBB-'; Outlook Negative

Fitch Affirms Sistema at 'BB-', Outlook Stable

Fitch Affirms Sukhoi Civil Aircraft at 'BB-'; Outlook Negative

Fitch Revises Russia's T2 RTK Outlook to Negative; Affirms IDR

Fitch Affirms Russia's TransContainer at 'BB+'/Stable

CJSC Transtelecom Co.'s Outlook Revised to Stable From Negative

Fitch Affirms Russia's Ventrelt at 'BB-'; Outlook Stable

Fitch Rates Russian X5 Finance's RUB15bn Bond 'BB

Fitch Affirms Eurasia Drilling Company at 'BB'; Outlook Negative


===========
S E R B I A
===========


BANINI: Serbian Court Orders Sale of Business to Repay Debt
-----------------------------------------------------------
SeeNews reports that a Serbian court said it ordered the sale of
the factory of Serbian confectionery maker Banini in Kikinda, in
northern Serbia, to repay the debt to creditors.

According to SeeNews, the Zrenjanin Commercial Court said in a
ruling issued on Feb. 3 the court will start a tender for the
sale of the factory on March 21, with an initial price of EUR15
million (US$16.1 million) -- half of its estimated value.

The tender aims to find a new owner for the factory in order to
repay Banini's EUR40 million debt and restart production
activities, SeeNews says.

A dozen companies are interested in the acquisition of the
factory, including Serbian biscuit producer Jafa, SeeNews relays,
citing local media reports.

Banini's problems began in 2010 when it launched the construction
of the factory through a bank loan, SeeNews discloses.  Three
years later, the company's creditors offered a debt restructuring
plan, SeeNews relates.

On April 26, 2016, the Zrenjanin Commercial Court declared Banini
bankrupt acting on a request by French lender Societe Generale,
to which the confectionery group owes EUR15 million, SeeNews
recounts.


ZELVOZ: Serbia's Bankruptcy Agency Puts Factory Up for Sale Again
-----------------------------------------------------------------
SeeNews reports that Serbia's Bankruptcy Supervision Agency said
it has put up for sale again the factory of insolvent rolling
stock repairer and manufacturer Zelvoz in Smederevo.

According to SeeNews, the government agency said in a statement
on Feb. 6, interested investors will be able to place bids for
the purchase of the factory and other assets of Zelvoz by Feb.
21.

The agency said the estimated value of the assets of Zelvoz put
up for sale stands at RSD1.153 billion (US$9.9 million/EUR9.3
million), SeeNews relates.

Zelvoz entered insolvency proceedings in July 2015, with a large
debt to the state and employees, SeeNews recounts.  The Serbian
government unsuccessfully tried to sell the assets of the company
twice, in June and November 2016, as no bidders turned up,
SeeNews notes.


=====================
S W I T Z E R L A N D
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CREDIT SUISSE: Moody's Assigns Ba2(hyb) Rating to $1.5BB Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2(hyb) rating to the
$1.5 billion high trigger additional tier 1 (AT1) contingent
convertible capital notes issued by Credit Suisse Group AG in
January 2017.

These perpetual non-cumulative AT1 securities rank junior to all
liabilities of Credit Suisse Group AG, including subordinated
liabilities other than parity securities, but they rank senior to
participation securities and all classes of shares. Coupons may
be cancelled on a non-cumulative basis at the issuer's option and
on a mandatory basis, subject to the availability of
distributable profits, the meeting of solvency conditions and
regulatory discretion. The principal of the AT1 securities will
be converted to ordinary share capital if Credit Suisse Group
AG's consolidated Common Equity Tier 1 (CET1) ratio falls below
7%.

RATINGS RATIONALE

The Ba2(hyb) rating is based on the likelihood of Credit Suisse
Group AG's CET1 capital ratio reaching the conversion trigger,
the probability of a bank-wide failure, and the expected loss
severity if either or both these events occur. Moody's assesses
the probability of a trigger breach using a model-based approach
incorporating the group's creditworthiness, its most recent CET1
ratio and qualitative considerations, particularly with regard to
how the bank may manage its CET1 ratio on a forward-looking
basis.

Under Moody's approach to rating high-trigger contingent capital
securities, as described in its "Banks" rating methodology,
published in January 2016, Moody's rates high-trigger AT1
securities to the lower of the model-based outcome and Credit
Suisse Group AG's non-viability security rating.

The CET1 ratio trigger is defined as Credit Suisse Group AG's
consolidated transitional (or phase-in) Basel III Common Equity
Tier 1 capital ratio ("BIS CET1 ratio") as determined in
accordance with the relevant Basel III regulations as calculated
by Credit Suisse and reviewed by The Swiss Financial Market
Supervisory Authority (FINMA). At end-September 2016 Credit
Suisse reported a 14.1% BIS CET1 ratio. Credit Suisse announced
that it will book an additional $2 billion (CHF2 billion)
litigation provision in relation to settlement of litigation
related to RMBS claims, when it reports its annual results. As a
result, Moody's has used a pro-forma 13.3% CET1 ratio as an input
for Moody's analysis, which considers the circa 80 basis point
negative impact of these additional provisions and without
consideration for earnings generated in the fourth quarter.

Credit Suisse Group AG is the parent bank holding company for
Credit Suisse AG, which accounts for the vast majority of Credit
Suisse Group AG's assets. As such, the group's intrinsic
financial strength corresponds to the baa2 baseline credit
assessment (BCA) of Credit Suisse AG. Moody's used the BCA and
proforma CET1 as inputs to its model, which led to a model output
of Ba1(hyb).

In the absence of a non-viability security being rated, the model
outcome was then compared with the rating of a hypothetical
Credit Suisse Group AG non-viability security, which would be
positioned at Ba2(hyb), three notches below the BCA of baa2,
based on Moody's advanced Loss Given Failure (LGF) analysis. The
non-viability rating captures the probability of a bank-wide
failure, the risk of coupon suspension on a non-cumulative basis,
and loss severity if one or both of these events happen.

When comparing the Ba1(hyb) model output and the hypothetical
Ba2(hyb) non-viability security rating, the 'high trigger'
security rating is constrained by the rating on the non-viability
security, leading to the assignment of a Ba2(hyb) rating to
Credit Suisse Group AG's 'high trigger' AT1 security.

The rating agency also notes that the instruments contain a
clause according to which the notes are permanently and fully
written-down in the case of a trigger breach, following a
takeover by an entity that is listed on recognised stock
exchange, for which an equity conversion is not agreed upon
within 7 calendar days of the acquisition, or a takeover by an
entity which is not listed on a recognised stock exchange.
Moody's believes that the probability of these events occurring
is very low and considers that the associated risks are already
factored into the assigned rating level.

The outcome of Moody's model sensitivity analysis on Credit
Suisse Group AG, which considers changes to the group-level BIS
CET1 ratio including actions Credit Suisse is taking to
strengthen its CET1 ratio and the increased level of CET1
deductions which are to be fully phased-in by 2018, confirms that
the Ba2(hyb) rating is resilient under the main plausible
scenarios.

Credit Suisse Group AG is in the midst of substantial
restructuring with the goal of improving its profitability and
de-risking its operations. Several of these actions Moody's
expects will be capital accretive, including the deleveraging of
legacy capital market activities, the planned public offering of
a minority stake in its Swiss domestic subsidiary (Credit Suisse
(Schweiz) AG) and cost-cutting exercises and investments in
businesses to improve profitability.

The rating agency notes that the AT1 securities also contain a
clause which allows principal to be permanently and fully
written-down in the case of a viability event, which can occur if
the FINMA identifies the bank needs capital and customary
measures to improve capital are not adequate or infeasible or if
the bank were to receive direct or indirect support from the
public sector. A viability event can occur ahead of a trigger
breach. Moody's believes that the probability of this event
occurring is already factored into the assigned rating level.

WHAT COULD CHANGE THE RATING UP/DOWN

The rating of Credit Suisse Group AG's AT1 securities is
currently constrained by the rating on the issuer's non-viability
security, which in turn could be upgraded if Credit Suisse AG's
baa2 BCA were to increase.

Conversely, a downgrade of the rating on the AT1 securities could
materialise if Credit Suisse AG's BCA was reduced and/or if
Credit Suisse Group AG's BIS CET1 ratio were to decline below
10.6% on a sustained basis. Moody's would also reconsider the
rating in the event of an increased probability of a coupon
suspension.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in January 2016.


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U K R A I N E
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DTEK ENERGY: Moody's Affirms 'Ca' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has affirmed the Ca corporate family
rating of DTEK ENERGY B.V (DTEK) and changed the rating outlook
to positive from negative. Concurrently, Moody's has upgraded the
probability of default rating (PDR) to Ca-PD from D-PD.

A corporate family rating (CFR) is an opinion of the DTEK group's
ability to honour its financial obligations and is assigned to
DTEK as if it had a single class of debt and a single
consolidated legal structure.

RATINGS RATIONALE

The affirmation of DTEK's CFR and change of rating outlook to
positive reflects DTEK's solid progress towards completing a
restructuring of the group's debt, which is expected to be
completed in the first quarter of 2017. While solid progress has
now been made, the final form of the debt restructuring has yet
to be executed and hence a full assessment of the revised
business and financial risks of the company cannot be determined
at this stage, hence the affirmation of the Ca rating.
Nevertheless, once the group's debt restructuring has been
completed, and a proper assessment of the prospects of DTEK
undertaken, the Ca rating may be upgraded. However, Moody's would
not envision that DTEK's rating could be higher than that of the
Government of Ukraine (Caa3 stable).

The debt restructuring was partially completed by an exchange of
its previous Eurobonds with a new single class of notes in the
amount of $1.275 billion due on December 31, 2024, and the
cancellation of the old bonds. Moody's does not rate the new
notes.

The upgrade of DTEK's PDR to Ca-PD reflects the partial
resolution of the defaults on DTEK's debt following the
completion of the Eurobond exchange. Moody's understands that the
restructuring of DTEK's remaining debt, which comprises bank
loans amounting to around $1 billion as of December 31 2016, has
entered the final stage and should reach a conclusion in the
first quarter of 2017. This transaction, coupled with the recent
eurobond restructuring, will resolve DTEK's payment default on
all of its obligations, improve DTEK's capital structure and
liquidity profile, and allow the company to concentrate on
developing its operations while maintaining some financial
flexibility.

RATING OUTLOOK

The outlook on the rating is positive, which reflects the
potential for the finalisation of a full debt restructuring

WHAT COULD CHANGE RATINGS UP/DOWN

Moody's would consider an upgrade of DTEK ratings if DTEK's debt
restructuring is concluded to the extent that it that improves
DTEK's capital structure and liquidity profile, and allows the
company to concentrate on developing its operations while
maintaining some financial flexibility. At the same time, Moody's
notes that, as DTEK's integrated electric utility business is
focused on Ukraine (Caa3 stable), the company's ratings remain
dependent on further developments at the sovereign level.

Conversely, downward pressure could be exerted on DTEK's ratings
if DTEK failed to complete its debt restructuring as planned to
the extent that it resulted in a substantial loss for the
company's creditors.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014.

Headquartered in Kyiv, DTEK ENERGY B.V. is one of the major
energy companies in Ukraine and part of the financial and
industrial group System Capital Management. In 2015 DTEK
generated revenue of UAH93.6 billion, or $4.3 billion, including
heat tariff compensation.


METINVEST BV: Eurobond Holders Approve Restructuring Scheme
-----------------------------------------------------------
Interfax-Ukraine reports that creditor banks and holders of
eurobonds of international vertically integrated mining and metal
group Metinvest approved the restructuring scheme for its
liabilities on the bonds.

The decision was made at a meeting on Feb. 6, Interfax-Ukraine,
relays, citing the report of holding company Metinvest B.V. (the
Netherlands) on the website of the Irish Stock Exchange.

The High Court of Justice Chancery Division of England and Wales
is to approve the scheme, Interfax-Ukraine discloses.  The
court's hearing is to be held today, Feb. 8, Interfax-Ukraine
says.

Metinvest expects that the restructuring scheme will be
implemented in around three weeks after the hearing,
Interfax-Ukraine notes.

At the end of December 2016, Metinvest B.V. was seeking to
implement a restructuring of its financial indebtedness under its
unsecured guaranteed notes and pre-export finance facilities
contemplated by the non-binding restructuring heads of terms
published by the company on May 25, 2016, Interfax-Ukraine
recounts.

                      About Metinvest B.V.

Svitlana Romanova, in her capacity as foreign representative of
Metinvest B.V., filed a Chapter 15 bankruptcy petition in the
U.S. Bankruptcy Court for the District of Delaware (Bankr. D.
Del. Case No. 16-10105) on Jan. 13, 2016, in the United States,
seeking recognition of a scheme of arrangement under part 26 of
the English Companies Act 2006 currently pending before the High
Court of Justice of England and Wales.

The Debtor and its subsidiaries claim to be the largest
vertically integrated mining and steel business in Ukraine.

Joseph M Barry, Esq., at Young Conaway Stargatt & Taylor, LLP,
counsel for the petitioner, said the Metinvest Group has
struggled in recent years in light of the ongoing political
turmoil in Ukraine since the end of 2013, which has negatively
impacted Ukraine's economy and the protracted slump in prices for
steel products, coal, and iron ore throughout much of 2014 and
2015.

The petitioner has engaged Young, Conaway, Stargatt & Taylor and
Allen & Overy LLP as her as counsel.

Judge Laurie Selber Silverstein has been assigned the case.





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U N I T E D   K I N G D O M
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CEVA GROUP: Moody's Lowers Corporate Family Rating to Caa2
----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of CEVA Group plc (CEVA, or the company) to Caa2
from Caa1. The outlook on all ratings is stable.

The rating action reflects the following drivers:

- High leverage and continued cash outflows, leading to concerns
over the sustainability of the capital structure

- Increased risks of debt restructuring and potential default in
view of approaching debt maturities in 2018 and 2019

- Trading performance below expectations in 2016, as a result of
specific execution issues and adverse currency movements

Concurrently, Moody's has downgraded CEVA's probability of
default rating (PDR) to Caa2-PD from Caa1-PD. Moody's has also
downgraded the ratings of the senior secured bank loans, the
senior secured revolving credit facility, the synthetic letter of
credit facility and the senior secured notes due 2021 to Caa1
from B2; the 1.5 lien senior secured notes due 2021 to Caa3 from
Caa2; and the senior unsecured notes due 2020 to C from Caa3. The
rating actions on the specific instruments reflect Moody's
assessment of the risks of a restructure of the group's debt, and
likely recoveries in the context of the company's refinancing
capacity and valuation.

RATINGS RATIONALE

The Caa2 CFR reflects CEVA's (i) high leverage and large cash
outflows giving concerns over the sustainability of the capital
structure; (ii) exposure to cyclical automotive, consumer and
retail industries; (iii) exposure to US Dollar appreciation; (iv)
the highly competitive nature of the industry with low
profitability margins particularly in Freight Management; and (v)
recent execution issues at certain Contract Logistics (CL) sites
and in working capital management in the US.

More positively the rating reflects CEVA's: (i) positioning
amongst the leading logistics providers; (ii) scale, global reach
and breadth of service offering; (iii) large and diverse blue-
chip customer base with strong retention rates in Contract
Logistics; and (iv) upside potential from improved efficiency in
Freight Management and Contract Logistics.

At 30 September 2016 leverage on a Moody's-adjusted basis was
7.9x, applying Moody's standard adjustments for operating leases,
excluding joint venture income and making a deduction for
exceptional items considered to be recurring. As Moody's
capitalises operating leases at a multiple of 3, and as these
relate largely to warehouses within the CL business on a back-to-
back basis with customer contracts, these have a distorting
effect on leverage. Based on company adjusted EBITDA, which
excludes operating leases and includes joint venture income,
leverage is approximately 12x through the entire capital
structure and approximately 7x through the first lien senior
secured debt. Moody's includes the Senior Secured Second Lien PIK
intercompany loan between CEVA and its parent CEVA Holdings LLC
in its assessment of debt which represents approximately 3.1x at
30 September 2016.

Valuations for quoted peers in the sector are relatively high, in
the range of 12-17x EBITDA, and this provides an element of
support to the ratings in considering potential recoveries.
However there are significant debt maturities arising in 2018 and
2019, which may limit the window of opportunity for an exit and
increase the likelihood of a financial restructuring. In the
event of a wider restructuring Moody's considers that impairments
could arise across the capital structure and lead to a default
being declared under Moody's definitions of defaults and
distressed exchanges.

Rating outlook

The stable outlook reflects Moody's expectations that there will
be no material deterioration in trading results and cash flows,
with leverage remaining elevated but no immediate liquidity
concerns prior to the next debt maturities.

Factors that could lead to an upgrade/downgrade

There remains limited near term potential for an upgrade in view
of the continued high leverage. However there could be upward
pressure on the ratings if risks of a restructuring event reduce,
and if there is an improvement in operating performance with free
cash flow approaching breakeven.

A rating downgrade could occur as a result of a deterioration in
one, or a combination of the following: (i) market conditions;
(ii) CEVA's liquidity position; (iii) the group's operating
margins; and (iv) its cash flow generation. A downgrade could
also occur if there are increased risks of a restructuring of the
company's debt and / or lower expected recoveries.

List of affected ratings

Downgrades:

Issuer: CEVA Group plc

-- LT Corporate Family Rating, Downgraded to Caa2 from Caa1

-- Probability of Default Rating, Downgraded to Caa2-PD from
Caa1-PD

-- Senior Secured Bank Credit Facility, Downgraded to Caa1 from
B2

-- Senior Secured Regular Bond/Debenture, Downgraded to Caa1
from B2

-- Senior Secured Regular Bond/Debenture, Downgraded to Caa3
from Caa2

-- Senior Unsecured Regular Bond/Debenture, Downgraded to C from
Caa3

Outlook Actions:

Issuer: CEVA Group plc

-- Outlook, Remains Stable

Principal Methodology

The principal methodology used in these ratings was Global
Surface Transportation and Logistics Companies published in April
2013.

Corporate Profile

CEVA is the sixth-largest integrated logistics provider in the
world in terms of revenues (USD7.0 billion for the year ended 31
December 2015). At present, CEVA offers integrated supply-chain
services through the two service lines of Contract Logistics and
Freight Management and maintains leadership positions in several
sectors globally including automotive, high-tech and
consumer/retail.

Following a debt restructuring in May 2013, CEVA Holdings LLC
(Holdings) is the ultimate parent company of CEVA. Apollo, a US-
based equity fund, and its affiliates own approximately 22% of
the equity in Holdings, while Franklin Templeton Investments
Corp. owns approximately 27% and funds affiliated with Capital
Research and Management Company around 28%. Apollo affiliates
hold a majority of the voting rights of Holdings and have the
right to elect a majority of it and CEVA's boards.


                            *********

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
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trades are probably different.  Our objective is to share
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Each Tuesday edition of the TCR contains a list of companies with
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Each Friday's edition of the TCR includes a review about a book
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                            *********


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

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