TCREUR_Public/170308.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, March 8, 2017, Vol. 18, No. 048



VOLKSBANKEN-VERBUND: Fitch Concludes Review of Ratings
VOLKSBANKEN-VERBUND: Fitch Raises Long-Term IDR From 'BB+'


BOSNIA: Moody's B3 Rating Reflects Political Challenges


PEUGEOT SA: Opel Acquisition No Impact on Fitch's BB+ Ratings
PEUGEOT SA: Moody's Affirms Ba2 CFR & Sr. Unsecured Ratings


EUROMAR COMMODITIES: Neuruppin Court Opens Insolvency Proceedings
INEOS STYROLUTION: Moody's Hikes Corporate Family Rating to Ba3
PRESTIGEBIDCO GMBH: S&P Assigns 'B' CCR, Outlook Stable


BUS EIREANN: CIE Group May Provide Financial Support
EATON VANCE: S&P Raises Ratings on Two Note Classes to BB+
IVORY CDO: S&P Raises Rating on Class B Notes to 'BB+'
MINT 2015: DBRS Confirms BB Rating on Class EUR-E Notes
TAURUS 2015-3 EU: DBRS Confirms BB(sf) Rating on Class F Debt


AVOCADO BIDCO: S&P Affirms 'B' CCR, Outlook Stable
COLOUROZ MIDCO: Moody's Affirms B2 Corporate Family Rating


AEROFLOT RUSSIAN: Fitch Affirms 'B+' IDR, Outlook Stable
ANKOR BANK: Put on Provisional Administration, License Revoked
INTECHBANK PJSC: Put on Provisional Administration
TATFONDBANK: Moody's Cuts LT Deposit & Unsec. Debt Ratings to C


SANTANDER CONSUMER2016-1: DBRS Confirms BB Rating on D Notes
* Moody's: Spanish ABS SME 90-360 Day Delinquencies Remain Stable


AKBANK TAS: Moody's Gives (P)B1 Rating to USD Denominated Notes
AKBANK TAS: Fitch Rates Tier 2 Capital Notes 'BB(EXP)'


DTEK ENERGY: Fitch Affirms 'RD' LT Issuer Default Ratings

U N I T E D   K I N G D O M

BOOTS UK: Will Be Closing 220 In-store Photo Labs
ECO RESOURCES: Goes Into Voluntary Liquidation
FOOD RETAILER: To Close 34 Budgens Stores, 815 Jobs Affected
MUST HAVE: Tax Woes Prompt Administration, 265 Jobs Affected
PREMIER OIL: To Tap Oilfield Services Firms to Help Fund Projects

PREMIERTEL PLC: Fitch Affirms BB Rating on GBP195.8MM Cl. B Notes



VOLKSBANKEN-VERBUND: Fitch Concludes Review of Ratings
Fitch Ratings has concluded its periodic review of three large
Austrian banks, upgrading the Long-Term Issuer Default Ratings
(IDRs) and Viability Ratings (VRs) of Erste Group Bank (to A-
/Stable/a- from BBB+/Stable/bbb+) and Volksbanken-Verbund (to
BBB-/Positive/bbb- from BB+/Positive/bb+) and affirming the
ratings of UniCredit Bank Austria at 'BBB+'/Negative/'bbb+'.

The rating actions reflect primarily the strengthening of the
banks' risk profiles, driven by considerable restructuring
progress achieved until end-2016 amid a benign economic
environment in Austria.

The upgrade of Erste's ratings reflects the bank's active balance
sheet clean-up at its weaker central and eastern European (CEE)
operations. Fitch expects that the improved economic prospects
across most of the bank's core EU CEE markets and the recovering
performance of the bank's Romanian and Hungarian operations will
result in higher and more balanced profit generation as profit
contributions from the strong Czech and Slovakian units and
lower-margin domestic operations should remain broadly stable.

Volksbanken-Verbund's upgrade is driven by greatly reduced
execution risk due to the group's well-executed and largely-
completed restructuring programme. The resulting more robust risk
infrastructure and more coherent management practices strengthen
the group's risk profile and business model. Fitch expects the
streamlined group structure to enable a gradual improvement of
revenue generation and cost efficiency in the medium term.

The affirmation of Bank Austria's ratings reflects the bank's
considerably reduced risk appetite and much improved asset
quality following the transfer of the CEE business to parent bank
UniCredit S.p.A. (BBB+/Negative/bbb+) in 4Q16. The Negative
Outlook mirrors that of UniCredit as Fitch expects that capital
will become increasingly fungible within the UniCredit group.
This could constrain Bank Austria's financial flexibility as the
bank works to realign its business model.

For the overall Austrian banking sector, Fitch expects earnings
to broadly stabilise in 2017 as restructuring costs have largely
been provisioned for and impairment charges are likely to remain
close to their cyclical lows. In light of the recurring margin
pressure in the saturated and highly competitive Austrian market,
cost control and pricing discipline are key to mitigating
earnings erosion from a low interest rate environment in the
medium term. While the sector is generally increasing its focus
on addressing its high fixed costs in its home market, the sector
could benefit from pricing discipline and reduction of over-

Fitch expects that Erste's and Bank Austria's capitalisation will
no longer improve significantly as the banks have reached their
target capitalisation, and Fitch expects that rising dividend
payouts should mark the end of several years of focus on profit
retention driven by profit pressure in CEE and increasing
regulatory requirements. However, internal capital generation
will remain a key focus at Volksbanken-Verbund in light of its
commitment to accelerating the repayment of the capital injected
by the Austrian government in 2009. The solid and resilient
funding profiles of the three banks continue to benefit from
their established domestic deposit franchises.

VOLKSBANKEN-VERBUND: Fitch Raises Long-Term IDR From 'BB+'
Fitch Ratings has upgraded Volksbanken-Verbund's (VB-Verbund)
Viability Rating (VR) to 'bbb-' from 'bb+', Long-Term Issuer
Default Rating (IDR) to 'BBB-' from 'BB+' and Short-Term IDR to
'F3' from 'B'. Fitch has also upgraded the IDRs of VB-Verbund's
member banks to 'BBB-'/'F3' from 'BB+'/'B'. The Outlook on the
Long-Term IDRs is Positive.

The rating action was taken in conjunction with Fitch's periodic
review of major Austrian banks.


The upgrade of VB-Verbund's VR and IDRs reflects the successful
execution of the group's risk reduction and restructuring
programme, which is now largely completed. The process has been
well-controlled and -executed, in Fitch views, and the major
restructuring progress achieved has greatly reduced execution
risk. The overhauled group structure and increased centralisation
of risk controls and monitoring at the group's central
institution, Volksbank Wien AG (VBW), has also reduced complexity
and strengthened the member banks' cohesion.

Fitch assigns IDRs but no VR to each of VB-Verbund's individual
member banks in line with its criteria for rating banking
structures backed by mutual support schemes. VB-Verbund is not a
legal entity but a medium-sized network of cooperative banks,
whose cohesion is primarily ensured by a recently overhauled and
strengthened mutual support scheme.

The restructuring has considerably improved the group's asset
quality and stabilised the group's performance, albeit initially
at modest levels, following heavy impairment and restructuring
costs in recent years. Increased centralisation and the mergers
of the group's member banks into eight regional and two
specialised banks according to an ambitious schedule have also
strengthened the group's cohesion and risk controls. The mergers
are largely completed, and the few outstanding mergers should be
completed by August 2017.

The Positive Outlook reflects the likely long-term benefits from
the group's more robust risk infrastructure and more coherent
management practices on the company profile and the risk profile
of each member bank. The individual banks' asset quality remains
heterogeneous, but their convergence shows that the weaker
elements are already benefiting from the more sophisticated risk
management practices implemented and monitored by VBW.

Fitch expects that VB-Verbund's revenue generation and cost
efficiency will further improve sustainably in the medium term.
After restructuring costs weighed on profitability in 2016, Fitch
expects the group to report a modest profit in 2017. However,
performance should remain only moderate in the longer term, given
the robust but saturated Austrian operating environment.

VB-Verbund operates almost exclusively in the resilient Austrian
market and its loan book consists predominantly of lower-risk
retail and small SME clients. Its asset quality remains
moderately weaker than that of large, highly rated European
cooperative banks. Fitch estimates impaired loans to have
accounted for around 4.5% of gross loans at end-2016 and Fitch
expects that asset quality will gradually improve further and
converge toward retail-focused peers' in highly-rated European
countries, albeit more gradually than in the past two years.

VB-Verbund's capitalisation is acceptable in light of the group's
considerably improved risk profile, but will benefit from the
cost savings from the primary banks' mergers. The savings should
strengthen the internal capital generation of VB-Verbund before
it repays the remainder of the EUR300 million state capital
received in 2009 to support its former troubled central
institution, which VB-Verbund divested in 2015.


VB-Verbund's Support Rating and SRF reflect Fitch's view that
senior creditors can no longer rely on full extraordinary state
support. This is driven by the EU's Bank Recovery and Resolution
Directive (BRRD), which has been fully transposed, with its bail-
in tool, into Austrian law, effective from 1 January 2015.


VB-Verbund's Positive Outlook indicates further upside for the
Long-Term IDR and VR when internal capital generation recovers to
adequate levels. However, the VR is unlikely to rise above the
'bbb' range in light of VB-Verbund's small market share in the
generally low-margin, high-cost Austrian retail banking market.

A downgrade of the VR and IDRs could result from a failure to
achieve the necessary cost savings from the restructuring, which
could challenge the group's inability to repay the state capital
as scheduled, or from a severe downturn in Austria's economy.
However, Fitch views none of these scenarios as likely.


An upgrade of VB-Verbund's Support Ratings and an upward revision
of the SRF would be contingent on a positive change in the
sovereign's propensity to support the bank. This is highly
unlikely in light of the prevailing regulatory environment, in
Fitch views.

The rating actions are as follows:


Long-Term IDR: upgraded to 'BBB-' from 'BB+'; Outlook Positive
Short-Term IDR: upgraded to 'F3' from 'B'
Viability Rating: upgraded to 'bbb-' from 'bb+'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'

In line with VB-Verbund's IDRs, the IDRs of VB-Verbund's members
listed below have been upgraded to 'BBB-'/Positive/'F3' and are
sensitive to the same drivers as VB-Verbund's IDRs:

Bank fuer Aerzte und Freie Berufe AG
Oesterreichische Apothekerbank eG
Volksbank Wien AG
Volksbank Vorarlberg e. Gen.
Volksbank Tirol AG
Volksbank Kaernten eG
Volksbank Steiermark AG
Volksbank Salzburg eG
Volksbank Bad Goisern eingetragene Genossenschaft
Volksbank Steirisches Salzkammergut, reg.Gen.m.b.H.
Volksbank Oberoesterreich AG
Volksbank Bad Hall e.Gen.
Volksbank Niederoesterreich AG
Waldviertler Volksbank Horn reg.Gen.m.b.H.

Following SPARDA-BANK AUSTRIA eGen's decision to remain a member
of VB-Verbund, Fitch has also upgraded the bank's IDRs to
'BBB-'/Positive/'F3' and removed them from Rating Watch Evolving
(RWE), where they had been placed in 2016 following the bank's
stated intention to leave the group.

The IDRs of VB-Verbund's following members have been upgraded to
'BBB-'/Positive/'F3' and withdrawn as a result of their merger
into other rated members of the group:

Volksbank Enns - St. Valentin eG
Volksbank Kufstein-Kitzbuhel Holding eG
Volksbank Niederoesterreich Sued eG
Volksbank Oberes Waldviertel reg.Gen.m.b.H.
Volksbank Oberndorf reg.Gen.m.b.H.
Volksbank Obersteiermark eGen
Volksbank Oetscherland eG
Volksbank Suedburgenland eG
Volksbank Sued-Oststeiermark e.Gen.
Volksbank Weinviertel e.Gen.

The IDRs of start:bausparkasse AG and IMMO-BANK AG have been
withdrawn as a result of both banks' sale and exit from VB-
Verbund in December 2016. As a result, Fitch will no longer
provide ratings or analytical coverage of these issuers as Fitch
no longer receive sufficient information to maintain the ratings
following the issuers' exit from VB-Verbund.


BOSNIA: Moody's B3 Rating Reflects Political Challenges
Moody's Investors Service said in a new annual report that Bosnia
and Herzegovina's B3 rating with a stable outlook continues to be
constrained by challenges related to government effectiveness,
wide external deficits and a high unemployment rate.

The annual update is entitled "Government of Bosnia and
Herzegovina -- B3 Stable - Annual Credit Analysis".

"The political landscape is hindering the pace of reforms and the
country's ability to adhere to conditions set out by
international lenders," says Evan Wohlmann, a Moody's Assistant
Vice President -- Analyst and co-author of the report. "Its large
current account deficits and the lack of access to private
external capital makes the economy heavily dependent on
concessional inflows to repay the same lenders."

Bosnia's credit strengths include the high affordability of its
mainly concessional government debt relative to its rating peers,
as well as the smooth operation of the country's currency board
arrangement, which benefits from significant reserves.
Additionally, the 2015 'Reform Agenda' and a new IMF agreement in
2016 provide a sound basis for further reforms to address the
economy's many structural rigidities.

Moody's forecasts growth to reach 3.2% in 2017 and 3.7% in 2018,
stronger than in previous years but remaining below the levels
reached before the global financial crisis.

Recent progress on EU candidacy also demonstrates the
authorities' commitment to EU integration, although more
fundamental progress on EU accession faces obstacles, including
from the challenging political environment.

Upward pressure on the sovereign rating could stem from any
strengthening of institutions through structural reforms, either
independently or as part of the EU accession process. Other
credit positive measures would include a streamlining of the
policymaking process and continuous compliance with the new IMF
agreement that leads to fundamental reforms which help ensure
government debt sustainability.

Conversely, downward rating pressure could occur if the country
were to fail to comply with the new IMF agreement, which would
increase uncertainty about the government's ability to roll over
the large IMF repayments due over the coming years.


PEUGEOT SA: Opel Acquisition No Impact on Fitch's BB+ Ratings
Fitch said there is no immediate rating impact on Peugeot SA (PSA
Group, 'BB+'/Stable) from the acquisition of General Motors
Company's (GM, 'BBB-'/Positive) Opel subsidiary and GM
Financial's European operations for EUR1.3bn and EUR0.9bn,
respectively. The financial services business will be acquired
jointly by PSA and BNP Paribas. Fitch believes that this
transaction will be moderately positive for PSA in the medium
term but will not fundamentally change the group's business
profile in the near term. Upward pressure on the rating could
come from the creation of a positive track record in
restructuring Opel and boosting the group's profitability and
cash generation, which could offset PSA's remaining relative
weaknesses from an operating perspective.

Fitch believes that the transaction is structured in such a way
that it will not have a major negative impact on PSA's financial
profile, notably its leverage. PSA will finance the EUR1.8
billion deal through its existing cash balance and EUR0.65
billion in warrants with a nine-year maturity and exercisable
after five years. These warrants have neither governance rights
nor voting rights and GM has committed to sell the shares within
35 days of exercising the warrants. In addition, Opel's European
and UK large pension plans will remain with GM with the exception
of plans covering active employees in Germany that will be
transferred to PSA, albeit funded by GM.

PSA's financial structure has strengthened substantially over the
past couple of years, with funds from operations (FFO) adjusted
net leverage improving to negative 0.2x at end-2016 from 0.2x at
end-2015 and 1.6x at end-2014, This provides headroom within the
rating and Fitch believes the group can shoulder this transaction
without putting any significant strain on credit metrics. PSA
reported EUR11.4 billion in gross cash and liquidity from its
industrial operations at end-2016, after Fitch's adjustments for
operational cash. On a pro-forma basis, Fitch estimates the net
impact from the Opel transaction on PSA's FFO adjusted net
leverage to be about 0.2x.

The acquisition of Opel will further reinforce PSA Group's strong
positions in Europe. The group will recover its position as the
second-largest manufacturer in Europe behind Volkswagen and will
bring PSA market leadership of the lucrative light commercial
vehicles segment. The European sales of Opel and PSA are
complementary and this transaction will reduce the group's
exposure to France and south European markets, while gaining
exposure to Germany and the UK where Opel has solid market
shares. In addition, PSA acquires a production base in the UK and
improves its natural hedge in case of a hard Brexit scenario.

However, it will also increase PSA's geographical concentration
in Europe. Fitch estimates that the group will derive more than
70% of its unit sales from Europe, compared with about 60%
currently. A cyclical downturn in the region could have a larger
impact on the combined group's sales in spite of the different
dynamics of the various European markets. The combined group will
also remain focused on the small to medium mass-market segments
where competition and pricing pressure are the fiercest. Despite
its gradual improvement in recent years, and similar to PSA, Opel
has had limited success in the D-segment and above. On the
positive side, Fitch expects PSA to gain access to Opel's
electric vehicle technology in which the latter is already well

From an operating standpoint, Fitch expects this acquisition to
further boost the synergies already created between both
entities. PSA has identified annual synergies of EUR1.7bn in the
areas of purchasing, administrative costs, R&D, investment and
manufacturing as well as EUR1.2 billion in working-capital
optimisation. Fitch believes that PSA's experience in working
with Opel lends credibility to its assumptions on integrating the
different entities and increasing profitability. In particular,
Opel and PSA have a solid track record in working together as the
two companies are cooperating to launch three models together as
well as a joint purchasing organisation. PSA's excellent record
in rejuvenating its product offering and streamlining its cost
structure to boost earnings and cash generation is another
strongly positive factor.

Nonetheless, the timeframe to successfully execute this
transaction remains an area of uncertainty as restructuring Opel
and extracting the expected synergies could take time and effort,
notwithstanding regulatory approvals to complete the acquisition.
Fitch also expects some of the most significant cost savings to
be gradual and accrue when Opel's existing models reach the end
of their useful lives and are integrated into PSA's common
platforms. In addition, Fitch expects some restructuring costs to
burden earnings in the short term.

PEUGEOT SA: Moody's Affirms Ba2 CFR & Sr. Unsecured Ratings
Moody's Investors Service has affirmed the Ba2 corporate family
rating (CFR) and the Ba2 senior unsecured ratings of Peugeot S.A.
one of Europe's largest makers of light vehicles. The outlook on
the rating is stable.

"The affirmation reflects Moody's confidence in the strategic
rationale of the acquisition of GM's European operations (Opel).
However, while the acquisition of Opel will improve PSA's
business profile, it will initially dilute PSA's operating
margin, weigh on the group's free cash flow generation and pose
sizeable integration risks," says Falk Frey, a Senior Vice
President and lead analyst for PSA.


The action reflects continued improvements in PSA's
profitability, positive free cash flow generation and, hence,
improvements in its financial metrics which positions it strongly
in the Ba2 rating category. PSA increased worldwide unit sales to
3.15 million in 2016 (+5.8% YoY) resulting in an increase of
automotive division's revenues of 2.7% at constant currencies and
a Group revenue increase to EUR54 billion (including the full
consolidation of 46%-owned auto supplier Faurecia SA (Ba2 stable,
EUR18.7 billion revenue)).

PSA managed to increase its reported recurring operating income
margin to 6% of revenue from 5% in 2015 for the group as well as
for the automotive division mainly driven by (1) efficiency gains
in production and procurement as well as SG&A, following the
ongoing restructuring of the group; (2) a more favourable product
mix; as well as (3) price increases and product enrichments while
FX impact weighted negatively on margins, which is expected to
continue in 2017. The company's reported financials translate
into an EBITA margin (Moody's adjusted) of 3.9%, almost EUR1
billion in free cash flow and a gross debt/EBITDA of 2.8x, all of
which position the group strongly in the Ba2 rating category.

The announced acquisition of General Motors Company's (GM, Baa3
stable) European operations (Opel & 50% of the financing
activities) for around EUR1.1 billion cash to be paid by PSA will
strengthen the company's European market position in Europe where
the company continuously lost market share since 2010. The
combined businesses would elevate the groups market share to
around 17% in Europe, regaining its position as second-largest
OEM in the region after Volkswagen Aktiengesellschaft (A3

While Moody's cautions that the acquisition will increase further
PSA's reliance on the European market to more than two thirds of
group sales from 61% in 2016, diversification within Europe will
increase as Opel is strong in markets where PSA is not (i.e.,
Germany and the UK). The transaction will deepen an already
existing relationship between the two companies, potentially
releasing synergies through sharing additional platforms,
combined purchases and, more importantly, joint R&D efforts.

The material investments necessary to employ PSA's
electrification strategy could be spread over a larger vehicle
base, while Opel's car models could leverage on PSA's recent
efforts in CO2 emission reductions, having the lowest emission
levels of European OEMs. Lastly, this transaction will also
provide PSA with a production facility in the UK that could hedge
the combined group's production position in case of a hard

Despite GM's efforts to restructure Opel for many years, the
company has not been able to achieve a significant turnaround in
profitability. Another attempt for a turnaround by PSA would
require substantial restructuring expenses weighing on future
cash flow generation. In addition, a severe restructuring would
face strong resistance from both unions and politicians.
Therefore, Moody's believes the largest obstacle in this
transaction is PSA's ability to achieve a turnaround of Opel
within a reasonable time frame.

Based on the announced financing structure, the rating agency
does not anticipate a substantial change in PSA's credit metrics
and from the consolidation of Opel. For 2017 on a pro-forma
basis, Moody's expects that PSA's debt/EBITDA will fall below
2.5x despite a negative free cash flow resulting from the Opel
acquisition and a dilution in the EBITA margin to below the 3.9%
in 2016 standalone.

Rationale for Stable Outlook

The stable outlook reflects Moody's expectation that PSA's
business model has a better flexibility to contend with the long-
term cyclicality within the global passenger vehicle markets than
in the last cyclical downturn based on a significantly reduced
break-even level of its European production network.

The stable outlook also assumes that PSA will be able to weather
the challenging landscape as a result of heavy investment
requirements for (1) alternative propulsion technologies; (2)
autonomous driving; (3) the shift of production capacities
towards alternative fuel vehicles; (4) connectivity; as well as
(5) regulations relating to vehicle safety, emissions and fuel
economy. Furthermore, the acquisition of Opel should not lead to
a significant deterioration of PSA's credit metrics based on a
relatively modest debt increase and low purchase price.

What Could Change the Rating Down/Up

Upward pressure on PSA's rating could arise if the company
demonstrates that it is on track to successfully integrate Opel
into its business operations without materially deteriorating the
groups operating performance. Quantitatively, positive pressure
on the rating would build should (1) PSA generate positive free
cash flows despite anticipated restructuring cash outflows; (2)
leverage (debt/EBITDA) fall below 2.5x; (3) profitability be
restored to an EBITA margin of around the mid-single-digits (in
percentage terms on a Moodys adjusted basis); and (4) the
company's liquidity profile remain sustainably solid.

The Ba2 CFR could come under pressure should (1) PSA or the
combined PSA-Opel group exhibit a sustained negative market share
development in its key markets; (2) free cash flow generation
become negative for a sustained period of time also impacted by
sizable restructuring expenses relating to the acquisition of
Opel or due to the inability to reduce Opel's cash consumption;
(3) the company's EBITA margin fall to the low single-digit range
(in percentage terms); (4) its leverage (debt/EBITDA) exceed 3.5x
on a sustainable basis; (5) the group's liquidity profile
materially weaken; or (6) if there are any emission-related
issues that would lead to significant fines, or other remediation
measures, which is currently not part of Moody's assumptions.


Peugeot's liquidity profile is solid supported by a cash balance
of EUR11.6 billion as of 31 December 2016, internally generated
cash flows and access to committed covenanted syndicated credit
facilities of EUR2.0 billion maturing in 2020 and EUR1.0 billion
maturing in 2018 (excluding EUR1.2 billion at Faurecia). These
credit facilities were undrawn as of year-end 2016 and Peugeot
was compliant with the financial covenants included in these
credit agreements. These sources are deemed to be more than
sufficient to cover the anticipated cash outflows for capital
expenditures, maturing debt, working capital needs as well as the
cash outflow for the acquisition of Opel.

List of affected ratings:


Issuer: Peugeot S.A.

-- Probability of Default Rating, Affirmed Ba2-PD

-- Corporate Family Rating, Affirmed Ba2

-- Backed Senior Unsecured Medium-Term Note Program, Affirmed

-- Backed Senior Unsecured Medium-Term Note Program, Affirmed

-- Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

-- Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

Issuer: GIE PSA Tresorerie

-- Senior Unsecured Commercial Paper, Affirmed NP

-- Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Issuer: Peugeot S.A.

-- Outlook, Remains Stable

Issuer: GIE PSA Tresorerie

-- Outlook, Remains Stable

The principal methodology used in these ratings was Global
Automobile Manufacturer Industry published in June 2011.

Peugeot is Europe's third-largest maker of light vehicles with
its three brands Peugeot, Citroen and DS. In addition Peugeot
holds a 46% interest in Faurecia SA (Ba2 stable), one of Europe's
leading automotive suppliers (turnover of EUR18.7 billion in
2016), and remains a 25% shareholder in Gefco, France's second-
largest transportation and logistics service provider. Peugeot
also provides financing to dealers and end-customers through its
finance arm Banque PSA Finance in joint venture with Santander
Consumer Finance S.A. In 2016, Peugeot generated revenues of
EUR54 billion and reported a recurring operating income of EUR3.2


EUROMAR COMMODITIES: Neuruppin Court Opens Insolvency Proceedings
Tino Andresen at Bloomberg News reports that the Neuruppin local
court opened insolvency proceedings for Euromar Commodities on
March 6.

According to Bloomberg, Rolf Rattunde has been appointed
insolvency administrator.

The court spokeswoman declined to comment on how much Euromar
owes to which creditors, Bloomberg notes.

Asset sales are likely to be held, Bloomberg states.

Euromar Commodities GmbH is a cocoa company.

INEOS STYROLUTION: Moody's Hikes Corporate Family Rating to Ba3
Moody's Investors Service upgraded INEOS Styrolution Holding
Limited's Corporate Family Rating (CFR) to Ba3 from B1 and
Probability of Default Rating (PDR) to Ba3-PD from B1-PD and
revised the outlook to stable from positive. Concurrently, the
rating agency assigned Ba3 ratings to approximately EUR1.0
billion equivalent outstanding term loan B due March 2024, at
LLC. Moody's will subsequently withdraw the B1 ratings assigned
to the term loan B due September 2021, as the maturity has been
extended to March 2024. The outlook at INEOS Styrolution Group
GmbH was also revised to stable from positive.


The upgrade reflects the continued strong performance of the
company with adjusted debt/EBITDA of 1.5x and Moody's
expectations that positive structural changes in the cyclical
styrene market will maintain this below 2.0x for at least the
next 2-3 years.

Although styrene is expected to remain a cyclical commodity over
the longer term, Moody's expects capacity rationalization and
industry consolidation over the past decade, along with changes
in the propylene oxide market will result in sustained
profitability in styrene and polystyrene over the next several

Styrolution's Ba3 CFR reflects the (1) company's exceptionally
strong operating performance in 2015 and 2016, expected to remain
robust in the next 2-3 years and further support positive cash
flow generation; (2) recent approximately EUR300 million debt
payment that contributed to the substantial decrease in Moody's
adjusted leverage to 1.5x in 2016 from 4.7x in FY2014; (3)
leading global market share in the styrenics market based on
capacity, combined with a global operational footprint; (4) cost
leadership position, improved because of cost reductions
associated with the restructuring program; and (5) diversified
end-market exposure across packaging, household, automotive,
construction and electronics applications.

The rating is tempered by (1) INEOS Styrolution's exposure to
economic cycles and feedstock price volatility, with its large
exposure to cyclical industries such as the automotive,
construction and electronics industries; (2) a limited mandatory
debt repayment schedule going forward and shareholder friendly
policy with further expected cash payments to its parent; (3)
lack of product diversification, focussed on the styrenics chain;
and (4) heightened substitution threat for its polystyrene and
ABS products.

In addition to repaying a substantial portion of its outstanding
debt, Styrolution reported strong results in 2016, with EBITDA
generation and margins above Moody's expectations. Record
reported EBITDA of  EUR804 million, increased 8% despite an
abnormally strong second quarter last year from substantial
industry outages in styrene monomer. The favourable results were
mainly driven by 14% EBITDA growth and margin expansion in the
specialties division and robust styrene monomer division
performance boosted by positive cost of sales adjustment (COSA)
effects, countered with weakness in the ABS standard division.
Group EBITDA margins increased to 18% from 15%, already top of
the cycle for a commodity producer, with an increase in the
specialties division to 20% from 17%, whereas polystyrene and ABS
margins remained flat at ca 13%.

Adjusted Funds from operations (FFO) of EUR592 million and capex
of EUR140 million were up ca 10% and 20% respectively. After
paying EUR255 million in dividends, free cash flow (FCF) was
EUR147 million (11% of debt). Following Styrolution's EBITDA
growth and ca EUR300 million repayment out of its ca EUR1.3
billion equivalent term loans, Moody's adjusted total debt/EBITDA
fell to 1.5x as of 31 December 2016 from 2.2x as of FY 2015.

Moody's expects Styrolution's reported EBITDA to remain above
EUR675 million and adjusted leverage to remain below 2.0x for the
next several years despite volatility in key feedstocks. Styrene
monomer margins have spiked in Q1 2017 on supply concerns.
However, this will likely be countered by recent increases in
butadiene prices that will be a headwind to EBITDA growth in the
polymer divisions in the first half of 2017 and likely result in
lower profitability. While the company is able to pass through
increases in raw material costs, albeit with a delay, the
combination of raw material volatility along with the timing of
customer purchases can create a significant quarter-to-quarter
volatility in profitability.


The stable outlook reflects the near-term headwinds on its
polymer products from higher raw material prices mitigated by the
current strong styrene monomer margins. It also reflects Moody's
expectation of adjusted total debt/EBITDA remaining below 2.0x
even if top of the cycle industry conditions normalise somewhat,
benefitting from ca EUR300 million in cost savings already
implemented compared to ca EUR800 million in reported EBITDA.
Finally, it assumes that liquidity does not deteriorate.


The ratings could be upgraded if (1) the specialties division
EBITDA is sustained above EUR300 million; (2) Styrolution
generates a sustained positive FCF/debt ratio in the high-teens;
and (3) it maintains adjusted debt below EUR1.3 billion.
Conversely, ratings could be downgraded if performance
deteriorates such that (1) the company's adjusted EBITDA margin
falls sustainably below 10%; (2) liquidity deteriorates; or (3)
its Moody's adjusted debt/EBITDA rises above 3.0x on a sustained


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

INEOS Styrolution Holding Limited, with management based in
Frankfurt, Germany, is a leading global styrenics supplier (based
on revenues), especially in Europe and North America. INEOS
Styrolution is focused on the production and sale of polystyrene,
acrylonitrile butadiene styrene (ABS), styrene monomer, and other
styrenic specialities. The group is a wholly owned subsidiary of
INEOS AG (unrated). In 2016, INEOS Styrolution's revenues and
Moody's-adjusted EBITDA were EUR4.5 billion and EUR846 million,

PRESTIGEBIDCO GMBH: S&P Assigns 'B' CCR, Outlook Stable
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to PrestigeBidCo GmbH, the parent of Germany-based off-
price apparel retailer Schustermann & Borenstein (S&B).  The
outlook is stable.

At the same time, S&P assigned its 'B' issue rating to
PrestigeBidCo's EUR260 million senior secured notes.  The
recovery rating on the notes is '3', reflecting S&P's expectation
of meaningful (50%-70%; rounded estimate 50%) recovery in the
event of default.

S&P also assigned a 'BB-' issue rating to PrestigeBidCo's
EUR35 million super senior secured revolving credit facility
(RCF).  The recovery rating on this instrument is '1', reflecting
S&P's expectation of very high (90%-100%; rounded estimate 95%)
recovery in the event of default.

All the ratings are in line with the preliminary ratings S&P
assigned on Dec. 7, 2016.

The long-term rating on S&B primarily reflects the company's
track record of earnings growth, its well-established customer
and supplier relationships, and its robust interest cover
metrics.  At the same time, S&P's rating on S&B is constrained by
the company's limited scale and relatively aggressive financial
policy that underpins its high leverage exceeding 5x on an S&P
Global Ratings' adjusted basis.

S&P considers that the main supports to S&B's business risk
profile are its track record of strong growth through the
economic cycle and its solid market position within the niche
off-price fashion market, in particular in the online segment of
the German off-price market.

The company's solid share in the German off-price fashion market
and its loyal, affluent, and invitation-only customer base with
above-average frequency of purchases, allow S&B access to an
attractive stock mix.  This includes the ability to offer the
current season's goods at discounted prices as part of its
overall product mix. S&B benefits from long-term retail supplier
relationships, mainly in the European off-price market, where the
company sources premium brand products.  In S&P's view, S&B's
offering provides an important channel for premium brand
retailers to reduce their less liquid stocks with limited margin
erosion. S&B's business model also benefits from significant
diversity of supplier brands, and therefore lower susceptibility
to earnings shortfalls resulting from poor performance of any one
seasonal collection.

S&P also considers that S&B's unique business model--with its
relatively flexible and scalable cost structure, low customer
acquisition costs, strong online presence, and diverse supplier
base--will underpin growth at a higher rate than the 8% compound
annual growth rate industry data providers forecast for the off-
price apparel market over the medium term.  S&P expects S&B's
international expansion strategy, which focuses on the Swiss and
Austrian market, and its planned new store openings will
contribute to this growth.

S&P considers that the main constraints on S&B's business risk
are the company's relatively small scale compared with other
companies in the retail sector, and its geographic concentration.
With EUR50.7 million in adjusted EBITDA generated in 2015, even a
relatively small shortfall in earnings could materially weaken
credit metrics, thereby restricting headroom for any operational
setbacks.  In addition, the company generates 100% of its
earnings in an off-price niche of the apparel market in Western
Europe, of which over 85% is in Germany.  This, in S&P's opinion,
could limit S&B's ability to weather any unfavorable changes in
the underlying market fundamentals.

S&P also views S&B's business profile as limited by the high
seasonality of its earnings, with about 33% of sales generated in
the last quarter of the year.  This is exacerbated by S&B's
comparably high working capital requirements due to the inherent
seasonality of off-price and off-season fashion product
availability on attractive terms.

S&B's debt, with S&P's adjustments, comprises the EUR260 million
senior secured notes issued in December 2016 and an operating
lease adjustment of EUR57.8 million, which is based on the
position as of Dec. 31, 2015, and increases with sales.  The RCF
of EUR35 million was undrawn at closing, and S&P believes it will
remain undrawn in the next 12 months.  S&P excludes from its
adjusted debt the EUR423 million of the preferred shares due to:

   -- The subordinated status of this instrument;
   -- Its cash-preserving nature; and
   -- S&P's understanding that--in line with the stated financial
      policy--if this instrument were to be refinanced in the
      medium term, it would not lead to weakening of the credit
      metrics from the level S&P anticipates S&B will post in

If any future refinancing were to lead to weakening of the credit
metrics, S&P could revise the treatment of the preferred shares.

S&P forecasts that S&B will post S&P Global Ratings' adjusted
EBITDA of EUR60 million-EUR62 million in 2016, compared with
EUR50.7 million in 2015, including expenses related to the change
in inventory allowances, which amounted to EUR1.3 million in
2015. S&P anticipates that this amount will increase with sales
growth, and could affect intrayear earnings to a higher extent at
the time of seasonal peak in inventory purchases.  At the same
time, S&P recognizes the noncash nature of this expense, and
acknowledge the conservative effect that this accounting
treatment has on profitability.

In addition, S&P's adjustments to 2015 EBITDA include:

   -- EUR10.8 million added for operating leases;
   -- EUR3.2 million added for amortization and financing
      expenses related to historical acquisitions; and
   -- EUR3.6 million deducted on account of capitalized
      development costs, largely related to website development.

For 2017, S&P forecasts adjusted EBITDA of EUR65 million-
EUR70 million, resulting in adjusted debt to EBITDA of a little
higher than 5x and funds from operations (FFO) to debt of about
10%.  At the same time, S&P believes S&B will benefit from robust
interest cover metrics with EBITDA interest coverage of 3x or
higher over the 2017-2018 forecast period.

The stable outlook reflects S&P's expectation that S&B will
continue its strong growth over the next 12 months.  This is due
to the contribution of recently acquired Swiss Online Shopping AG
and organic growth underpinned mainly by its well-established
online business in both its home market and internationally.  S&P
considers that the headroom for the current rating is limited,
with debt to EBITDA of above 5.0x and FFO to debt at about 10% in
the next 12 months, allowing little cushion for any operating
underperformance.  At the same time, S&P believes that S&B will
benefit from adequate liquidity.

S&P could lower the rating if management's growth strategy
faltered, resulting in overall lower earnings than S&P
anticipates in its base case.  This could be demonstrated by
deteriorating margins or significantly lower sales, which result
in prolonged weakened credit metrics that may include weakening
of FFO to debt to materially lower than 10%, debt to EBITDA
exceeding 5x, or FOCF turning negative.

S&P could also lower the rating if S&B faced material
deterioration in its customer base, if, for example, there was a
significant change in customer behavior affecting either churn or
total customer spending on products offered by S&B, without any
offsetting measures to replenish its customer base.  That said,
based on the company's strong track record, S&P do not consider
this likely in the next 12 months.

An upgrade would likely require a successful operating track
record under the new ownership, and S&P's view of the company's
financial policy as supportive of stronger credit metrics over


BUS EIREANN: CIE Group May Provide Financial Support
Martin Wall at The Irish Times reports that the CIE Group has
confirmed it is prepared in certain circumstances to provide
financial support to assist Bus Eireann in dealing with its
financial problems.

Details of the move emerged as new talks between Bus Eireann and
trade unions on a survival plan for the State-owned transport
company commenced at the Workplace Relations Commission, The
Irish Times notes.

According to The Irish Times, in a statement on March 6, the CIE
holding company said: "The CIE board -- subject to the existing
and future CIE Group financial position and banking facilities,
the regulatory environment and significant savings being
generated by Bus Eireann -- would consider any Bus Eireann
business plan which secures the long-term viability of the
company and envisages a financial role for the CIE holding

As reported by the Troubled Company Reporter-Europe on Jan. 30,
2017, The Irish Times related that Bus Eireann had previously
warned staff it lost an estimated EUR8 million in 2016 and the
threat of insolvency was very real.

EATON VANCE: S&P Raises Ratings on Two Note Classes to BB+
S&P Global Ratings raised its credit ratings on Eaton Vance CDO X
PLC's class C and E notes.  At the same time, S&P has affirmed
its ratings on the class A, B, D, and VFN notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the latest trustee report
available -- including the most recent January 2017 payment date
information -- and the application of S&P's relevant criteria.

The transaction has a multicurrency structure, which is currently
in its amortization phase.  The reinvestment period ended on
Feb. 22, 2014.  Since S&P's July 2, 2015 review of the
transaction, the senior notes have continued to deleverage, which
has increased the level of available credit enhancement for all
classes of notes.  Similarly, the class E notes benefit from a
turbo feature which is applied as subordinated in the
transaction's waterfall of payments.  Under this feature, 20% of
remaining interest proceeds in respect of the due period are used
to redeem the class E notes on a pro-rata basis.  In S&P's view,
this has contributed to the increase in credit enhancement for
the class E notes.

The portfolio is well diversified, in S&P's view, with about 170
performing obligors, with the average single-obligor exposure at
0.6% of the portfolio balance (excluding cash).

In S&P's view, the portfolio's overall credit quality has
improved since its previous review.  Notably, 'BBB' rated
holdings have increased since S&P's previous review, while those
rated 'BB' have remained stable.

Given the portfolio's improved credit quality, the scenario
default rates (SDRs) have also decreased.  The SDRs represent the
stressed level of cumulative asset defaults commensurate, in
S&P's view, with economic stresses assumed at different rating
levels. The SDRs at a given rating level increase or decrease
with changes in the underlying collateral characteristics of the
portfolio, including changes in obligor ratings and maturity
composition, issuer, industry, and country concentrations.

All classes of notes continue to pass their overcollateralization
tests.  The portfolio also includes 3.5% of structured finance
assets, for which S&P has applied its criteria for rating
collateralized debt obligations (CDOs) of asset-backed

S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level.  The BDR represents S&P's estimate of the maximum level of
gross defaults, based on its stress assumptions, that a tranche
can withstand and still fully pay interest and repay principal to
the noteholders.  S&P used the portfolio balance that it
considers to be performing, the reported weighted-average spread,
and the weighted-average recovery rates calculated in accordance
with S&P's current corporate CDO criteria.  S&P applied various
cash flow stress scenarios using our standard default patterns
and timings for each rating category assumed for each class of
notes, combined with different interest stress scenarios as
outlined in S&P's criteria.  S&P also applied high and low
correlation and lower recovery sensitivity tests to the notes at
each rating level.

Considering the abovementioned factors, S&P's cash flow analysis
indicates that the available credit enhancement for the class C
and E notes is commensurate with higher ratings than those
previously assigned.  S&P has therefore raised its ratings on
these classes of notes.

The available credit enhancement for the class A, B, and the VFN
notes can support the currently assigned ratings.  S&P has
therefore affirmed its 'AAA (sf)' ratings on these classes of

S&P's analysis shows that while the available credit enhancement
for the class D notes has increased since S&P's previous review,
the notes are unable to achieve higher ratings than those
currently assigned.  S&P has therefore affirmed its 'BBB+ (sf)'
ratings on the class D notes.

Eaton Vance CDO X is a cash flow CDO transaction that securitizes
loans granted to primarily speculative-grade corporate firms.
The transaction closed in March 2007 and Eaton Vance Management
is the manager.


Eaton Vance CDO X PLC
EUR325 Million, US$231.51 Million Senior Secured Variable-
and Floating-Rate Notes

Class                    Ratings
                 To                   From

Ratings Raised

C-1              AAA (sf)             AA+ (sf)
C-2              AAA (sf)             AA+ (sf)
E-1              BB+ (sf)             BB- (sf)
E-2              BB+ (sf)             BB- (sf)

Ratings Affirmed

VFN              AAA (sf)
A-1              AAA (sf)
A-2              AAA (sf)
B-1              AAA (sf)
B-2              AAA (sf)
D-1              BBB+ (sf)
D-2              BBB+ (sf)

IVORY CDO: S&P Raises Rating on Class B Notes to 'BB+'
S&P Global Ratings raised its credit ratings on Ivory CDO Ltd.'s
class A-2 and B notes.  At the same time, S&P has affirmed its
ratings on the class C, D, and E notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction, using data from the trustee report dated Feb. 1,

S&P subjected the capital structure to our cash flow analysis to
determine the break-even default rate for each class of notes at
each rating level.  In S&P's analysis, it used the reported
portfolio balance that it considers to be performing, the current
weighted-average spread, and the weighted-average recovery rates
that S&P calculated in accordance with its criteria.  S&P applied
various cash flow stress scenarios, using different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

The transaction's post-reinvestment period began in December
2012. The deleveraging of the class A-1 and A-2 notes has
resulted in higher available credit enhancement for the class A-2
and B notes, compared with S&P's previous review on Sept. 17,

The available credit enhancement for the class C, D, and E notes
has decreased because of a lower aggregate collateral balance and
increased deferred interest for the class C, D, and E notes.  The
deferred interest is capitalized (that is, it is added to the
notes' principal amount) and accrues interest.  The aggregate
collateral balance shrank because, as we define defaults, GBP8.4
million have occurred since our previous review.  These defaults
were somewhat offset by recoveries on assets that had previously
defaulted and the diversion of excess interest proceeds under the
transaction's diversion tests.  S&P calculated that the issuer's
assets had been reduced by GBP4.2 million more than the issuer's
liabilities, despite the GBP8.4 million of defaults since S&P's
last review in September 2015.

The overcollateralization tests for all classes of notes are
failing, as was the case at the previous review.

The proportion of assets that S&P considers to be defaulted
(rated 'CC', 'C', 'SD' [selective default], or 'D') has increased
to 61.43% from 17.72% of the portfolio balance since S&P's
previous review.  The proportion of assets that S&P rates in the
'CCC' category ('CCC+', 'CCC', and 'CCC-') has increased to
50.55% from 20.69%, over the same period.  As a result, the
overall credit quality of the portfolio has deteriorated and the
scenario default rates (SDRs) have increased for each rated class
of notes at each rating level.  The SDR is the minimum level of
portfolio defaults that S&P expects each tranche to be able to
withstand at a specific rating level, calculated using CDO

Despite the losses experienced and the deterioration of the
portfolio, S&P considers the amortization of the class A-1 and A-
2 notes to have significantly increased the available credit
enhancement for the class A-2 and B notes.  The available credit
enhancement has reached a level commensurate with a higher rating
than previously assigned.  S&P has therefore raised to 'AA- (sf)'
from 'BB+ (sf)' its rating on the class A-2 notes and to
'BB+ (sf)' from 'B+ (sf)' S&P's rating on the class B notes.

S&P's cash flow analysis indicates that the available credit
enhancement for the class C, D, and E notes is commensurate with
the currently assigned ratings.  S&P has therefore affirmed its
'CCC- (sf)', 'CC (sf)', and 'CC (sf)' ratings on the class C, D,
and E notes, respectively.

The portion of performing assets not rated by S&P Global Ratings
is 17.5%.  In this case, S&P applies its criteria "Criteria -
Structured Finance - CDOs: Mapping A Third Party's Internal
Credit Scoring System To Standard & Poor's Global Rating Scale,"
published on May 8, 2014, to map notched ratings from another
ratings agency and to infer our rating input for inclusion in CDO
Evaluator.  In performing this mapping, S&P generally applies a
three-notch downward adjustment for structured finance assets
that are rated by one rating agency and a two-notch downward
adjustment if the asset is rated by two rating agencies.

Ivory CDO is a cash flow mezzanine collateralized debt obligation
(CDO) of structured finance securities transaction, comprising a
portfolio of predominantly CDO and mortgage-backed securities
tranches.  It is managed by Chenavari Credit Partners LLP.


Ivory CDO Ltd.
EUR200 Million Asset-Backed Floating-Rate Notes

Class        Rating
        To           From

Ratings Raised

A-2     AA- (sf)     BB+ (sf)
B       BB+ (sf)     B+ (sf)

Ratings Affirmed

C       CCC- (sf)
D       CC (sf)
E       CC (sf)

MINT 2015: DBRS Confirms BB Rating on Class EUR-E Notes
DBRS Ratings Limited confirmed the ratings of all EUR notes
issued by Mint 2015 Plc and changed the trends for the Class C, D
and E Notes to Positive as follows:

-- Class EUR-A at AAA (sf) with a Stable trend
-- Class EUR-B at AA (high) (sf) with a Stable trend
-- Class EUR-C at A (low) (sf) with a Positive trend
-- Class EUR-D at BBB (low) (sf) with a Positive trend
-- Class EUR-E at BB (high) (sf) with a Positive trend

Following the full repayment of the Senior GBP Loan, DBRS has
discontinued the ratings of all GBP notes.

The rating confirmations and Positive trend changes reflect the
improvement in the underlying asset's performance and the
deleveraging of Mint 2015 Plc following the repayment of the GBP
loans. At issuance, the transaction consisted of two loans
denominated in GBP and EUR separately and secured by three
hotels. BlackStone Group L.P.'s (the Sponsor) plan at issuance
was to dispose of the collateral during the life of the
transaction, which has been carried out recently.

The Sponsor of the transaction recently sold all the London
hotels included in the transaction and repaid the Senior GBP Loan
accordingly. As a result, the Amsterdam hotel, DoubleTree by
Hilton Amsterdam Centraal Station, securing the Senior EUR Loan,
is the only remaining collateral. These property sales and
repayments have positively impacted the transaction as the
remaining balance of the Senior EUR Loan has been reduced to EUR
106,645,823 as a result of the release premiums (115% over the
relevant property's allocated loan amount) achieved by the sales
of the London hotels. Consequently, the loan-to-value (LTV) ratio
of the transaction has been reduced to 36.3% based on the latest
valuation (with management contract in place) dated in March

DBRS has revised its net operating income (NOI) assumption of the
Amsterdam hotel based on the latest performance data that has
increased by 18.81% since issuance. The hotel was opened in 2011
and was rebranded in 2014. The updated DBRS NOI of the Amsterdam
hotel is EUR 15.5 million, representing a 4.5% increase from the
DBRS NOI at issuance. As a result, the new DBRS Value has
increased to EUR 200.4 million, a 4.48% increase from issuance.
All other issuance assumptions have remained unchanged in the
DBRS analysis.

Resulting from the increased DBRS NOI and lower LTV ratio, DBRS
has changed the trends of the Class C, D and E Notes to Positive.
The upcoming Dutch election and overall political environment in
Europe increase the uncertainty surrounding the sponsor's
disposal plan for the DoubleTree by Hilton Amsterdam Centraal
Station, however given the low leverage and increasing NOI, DBRS
believes the Positive trend change is supported.

TAURUS 2015-3 EU: DBRS Confirms BB(sf) Rating on Class F Debt
DBRS Ratings Limited confirmed the ratings on the Commercial
Mortgage-Backed Floating-Rate Notes Due April 2028 issued by
Taurus 2015-3 EU Designated Activity Company, as follows:

- Class A at AAA (sf)
- Class B at AAA (sf)
- Class C at AA (sf)
- Class D at A (sf)
- Class E at BBB (sf)
- Class F at BB (sf)

All trends are Stable.

DBRS has reviewed this transaction after the second-largest loan,
the TEIF Loan, prepaid in full in January 2017. The rating
confirmations reflect the continued stable performance of the
remaining BiLux Loan since issuance.

At issuance, Taurus 2015-3 Designated Activity Company was a
securitisation of two floating-rate commercial real estate loans
originated by Bank of America Merrill Lynch International. In
December 2016, the servicer confirmed the sale of all the TEIF
Loan's French assets and subsequent repayment of the loan. The
loan proceeds were applied pro rata to the notes, resulting in a
total collateral reduction of 44.1% since issuance. According to
the January 2017 payment report, the outstanding transaction
balance is EUR 81.3 million.

The remaining loan, the BiLux Loan, was originated in May 2015,
and served to fund the acquisition of 31 light industrial
properties located in Germany and the Netherlands. At issuance,
78% of the senior loan was securitised, resulting in a whole loan
balance of EUR 103.8 million and securitised balance of EUR 81.3
million. There has been no collateral reduction since issuance
and the balance remains the same. The loan is sponsored by
Starwood Capital Group L.P. (Starwood Capital) and M7 Real Estate
Limited serves as the asset manager for the properties.

As of the most recent investor report from January 2017, the
BiLux portfolio continues to show tenant diversification as the
properties comprise 215 tenants, 23 more than at issuance. The
portfolio vacancy rate has improved to 13.9%, which is slightly
lower than the 15.1% vacancy rate at issuance and well below the
initial DBRS underwritten vacancy rate of 27.3%. The weighted-
average lease term (inclusive of break options) for the portfolio
is 3.1 years compared to the remaining loan term of approximately
3.2 years. A total of 111 leases, contributing 3.7% of the total
net rental income have a lease expiration or break option during
2017. The total gross rental income of the protfolio remains
stable at EUR 16.5 million as of January 2017. According to the
investor report from January 2017, the projected net rental
income was EUR 10.6 million, in-line with the first reported cash
flow after issuance. DBRS has updated its underwriten net cash
flow (NCF) to EUR 9.2 million, which incorporates a portfolio
vacancy assumption of 20%. This still represents a 13.3% haircut
to the most recently reported portfolio NOI. In May 2016, the
portfolio was revalued at EUR 163.3 million, which reflects an
increase of 10.1% since issuance. As a result, the DBRS current
underwritten value of EUR 117.0 million represents a 28.3%
haircut over the most recent valuation. The current whole loan-
to-value ratio has decreased to 63.5%, from 70.0% at issuance.

Originally, the transaction was supported by a EUR 8.2 million
liquidity facility provided by Bank of America Merrill Lynch,
N.A. The liquidity facility closing balance has decreased to EUR
4.6 million following the repayment of the TEIF Loan,
proportional to the remaining outstanding balance. There have
been no liquidity facility drawings since issuance.

The final legal maturity of the Notes is in April 2028, eight
years beyond the maturity date of the remaining loan, BiLux, in
April 2020. If necessary, this is believed to be sufficient time
to enforce the loan collateral and repay bondholders, given the
security structure and jurisdiction of the underlying loans.


AVOCADO BIDCO: S&P Affirms 'B' CCR, Outlook Stable
S&P Global Ratings said it has affirmed its 'B' long-term
corporate credit rating on Avocado Bidco Luxembourg S.a.r.l
(Armacell), producer of flexible foam insulation products.  The
outlook is stable.

At the same time, S&P revised down its recovery rating on
Armacell's senior secured debt, including its first-lien EUR100
million RCF, the existing EUR482 million first-lien term loan,
and the proposed EUR140 million first-lien upsize to '4' from '3'
and affirmed S&P's 'B' issue ratings on these instruments.  The
recovery rating indicates S&P's revised expectation of recovery
prospects of about 35% in the event of a payment default.

Armacell plans to raise an additional EUR140 million first-lien
debt and reprice its outstanding EUR482 million first-lien term
loan.  The proceeds will be used to fully repay Armacell's
second-lien facility and the amounts drawn under the revolving
credit facility (RCF).  In S&P's view, the transaction will not
have a significant impact on its projected leverage metrics for
Armacell, despite somewhat stronger cash flow coverage ratios due
to lower interest costs.

S&P also affirmed its 'CCC+' issue rating on the group's second-
lien debt, indicating S&P's expectation of negligible recovery of
0%-10% in the event of a payment default.  S&P will withdraw this
rating once the second-lien facility is repaid.

The affirmation reflects S&P's view that the planned transaction
will not materially affect Armacell's credit metrics.  Following
several debt-financed bolt-on acquisitions, S&P forecasts that
Armacell's adjusted debt to EBITDA will remain above 6.5x in
2017, similar to 2016.  The repricing of debt and lower interest
costs achieved will support stronger cash flows and better
coverage ratios, but overall credit metrics will remain highly
leveraged and in line with S&P's 'B' long-term rating.

The ratings on Armacell continue to reflect S&P's view of the
company's relatively limited scale and scope of operations
compared with global building materials producing peers and by
its exposure to the cyclical construction industry, which
accounts for more than 50% of the group's revenues.  These risks
are partly mitigated by the company's leading positions in the
niche market of engineered foams, with strong market shares above
30% in its key regions of operation.  Armacell also benefits from
the geographic diversity of its business, with a balanced
presence and market-leading positions in EMEA, the Americas, and
Asia-Pacific. Its relatively asset-light business model and
flexible cost base help it support stable profitability.

The stable outlook reflects S&P's view that, over the next 12
months, Armacell's profitability will continue to gradually
improve on the back of above-market-average growth in most
regions, synergies achieved from recent acquisitions, and a
continued focus on cost savings.  At the same time, the capital
structure will remain highly leveraged, with weighted-average
debt to EBITDA about 6.5x.

S&P could lower the ratings over the next 12 months if it saw
material margin erosion due to weakening markets in Europe and
Asia-Pacific, or if large debt-funded acquisitions or
distributions to shareholders led to leverage metrics
substantially beyond S&P's base-case scenario, with debt to
EBITDA remaining above 6.5x on a sustained basis.

In S&P's view, the potential for an upgrade is currently limited
given the company's highly leveraged capital structure and
aggressive financial policy due to its private equity ownership.
A strong recurring free cash flow and adjusted debt to EBITDA
improving to below 5.0x, on a consistent basis, could be positive
for the ratings over the longer term.

COLOUROZ MIDCO: Moody's Affirms B2 Corporate Family Rating
Moody's Investors Service has affirmed the B2 Corporate Family
Rating (CFR) and B2-PD probability of default rating (PDR) of
ColourOz MidCo, the parent and indirect holding company of Flint
group. Concurrently the rating agency has affirmed the Caa1
ratings on the Second Lien facilities outstanding and has
downgraded by one notch to B2 from B1 the rating on the First
Lien term loans and the revolving credit facility ('RCF' and,
together with the First lien term loans issued by a group of five
co-borrowers, the 'FL debt'). Moody's has also downgraded and
assigned a definitive B2 from (P)B1 rating on the EUR 150m first
lien term loan borrowed by FDS Holdings BV. The outlook on all
ratings is stable.

'The downgrade by one notch of the First Lien debt from B1 to B2
results from the change in the debt mix, following the recent
repayment of a material portion of the Second Lien with proceeds
of incremental First lien term loans. As a result, the one notch
uplift of the FL debt over the B2 CFR is no longer justified
according to Moody's Loss Given Default methodology', says
Gianmarco Migliavacca, a Vice President-Senior Credit Officer at


The affirmation of the CFR at B2 reflects Moody's view that the
high adjusted pro-forma gross debt/EBITDA of the company expected
at the end of 2016 at c. 6x is adequately mitigated by a good
liquidity position and prospects of gradual deleveraging over the
next 12 to 18 months. By end of 2017 Moody's expect adjusted
gross leverage to be between 5.8x and 5.9x as a result of EBITDA
increase following the full integration of several small
acquisitions completed during 2016 and planned debt repayments.

The recent re-pricing and refinancing transactions, which
resulted in a reduction of interest expenses by c. EUR 17m p.a.,
will support FCF generation and liquidity, however the impact on
the leverage is not material. The rating is underpinned by
Moody's expectation that Flint will use its excess cash only to
repay the vendor notes due in 2017 and address the scheduled
annual 1% amortization on the First Lien term loan, despite the
existence in the First Lien agreement of a cash sweep mechanism
on excess cash. That mechanism is strongly issuer-friendly, with
a definition of excess cash which would leave very little left
for mandatory debt prepayment.

The CFR also reflects the company's (i) limited organic growth
prospects due to its end market dynamics, and particularly the
Print Media segment, which is in structural decline in mature
markets (Europe and North America) where the segment still
derives the bulk of its sales and cash flows, as well as (ii)
leading market positions in its reference product segments, a
broad portfolio offering, diversified customer base and
geographical presence. Moody's believes that the acquisitions
pursued in the last twelve months are positive for Flint's
business profile, as they will support the company's growth
strategy and international competitive position in its business.
In particular the acquisition of Xeikon in December 2015 offered
Flint the opportunity to enter the growing digital printing
market with Xeikon's well established and profitable core digital
printing product portfolio, which is providing a basis for
additional growth options and cross selling opportunities
management is currently working on.

The downgrade of the FL debt ratings to B2 from B1/(P)B1 reflects
the application of Moody's Loss Given Default (LGD) approach for
debt instrument ratings, given the change of debt mix between
First Lien and Second Lien debt following the transactions
completed in February and March 2017. Following the repayment of
EUR 200 million equivalent of SL facilities with equivalent
amount of incremental FL term loans, the reported senior secured
debt of EUR 1,846 million (excluding the EUR 150 million RCF) as
of September 2016 will be split between FL and SL in a 92% to 8%
ratio compared to respectively a 82% to 18% ratio previously. A
much smaller amount of junior debt would no longer provide a
meaningful cushion below the FL debt. In line with Moody's LGD
methodology, Moody's assumes a 50% average recovery rate across
Flint's debt structure.


The stable outlook reflects Moody's expectation that Flint will
de-lever, with an adjusted gross leverage within a 5.8x to 5.9x
range by end of 2017, once all recent acquisitions fully
contribute and most of the recent borrowings (RCF drawings and
vendor notes) have been repaid. Moody's also assumes that Flint
will reap the benefits of cost-saving measures and synergies with
the new entities. The rating agency also expects that the company
will continue to generate positive FCF and maintain a good
liquidity position.

What Could Change the Rating -- Up

Upward pressure on the ratings could materialise if (1) Flint
delivers its growth strategy and thus manages the print media
decline whilst sustaining profitability margins and deleveraging;
and/or (2) adjusted debt/EBITDA falls below 4.5x, with FCF/debt
above 10%.

What Could Change the Rating - Down

Downward pressure on the ratings could materialise if performance
weakens as a result of (1) a material deterioration of the
trading environment, including an unexpected acceleration of the
rate of decline of print media; (2) a change in financial policy;
(3) weakening liquidity; and/or (4) the adjusted debt-to-EBITDA
ratio rising above 6x on a sustained basis.

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

Headquartered in Luxembourg, Flint is one of the largest global
producers and integrated suppliers of ink and other print
consumables, with a wide range of support services for the
printing industry, along with leading positions in most of its
key markets. In 2015 the company reported revenues of EUR 2,166
million, split 49% in EMEA, 40% in North America, 10% in Latin
America and 11% in Asia Pacific. Flint is less diversified by
end-markets serving the conventional printing industry through
mainly two segments, namely packaging and print media, accounting
for 53% and 47% of FY 2015 revenue respectively. At the end of
2015, Flint entered the digital printing sector via the
acquisition of Xeikon NV (Xeikon, unrated), an established
international player. On 5th September 2014, Goldman Sachs
Merchant Banking Division and Koch Equity Development LLC
completed their acquisition of Flint Group from CVC Partners,
becoming the new shareholders with a 50% stake each.


AEROFLOT RUSSIAN: Fitch Affirms 'B+' IDR, Outlook Stable
Fitch Ratings has affirmed Public Joint Stock Company Aeroflot -
Russian Airlines' (Aeroflot) Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'B+', Outlook Stable.

The affirmation reflects the improvement in Aeroflot's credit
metrics and Fitch expectations that the company will maintain a
robust financial profile over 2016-2019. Fitch currently
anticipates FFO adjusted gross leverage to be slightly above 5x
on average over 2016-2019. The rating incorporates the company's
strong Russian market position, which increased to about 42% in
9M16 and its ability to adapt to challenging market conditions.
The group has continued to outperform the market and it reported
a 9% yoy increase in the number of passengers carried (PAX) in
9M16 against a decrease of 8% in the overall Russian air
transportation market. Aeroflot's business profile is supported
by the company's fairly diversified route network, favourable hub
position and competitive cost structure. The 'B+' rating
incorporates a one-notch uplift reflecting its links with the


Improving Financials: Aeroflot's financial performance improved
over 2015-2016 and the company reported revenue and EBITDA growth
by about 20% and 30% yoy respectively in 2016. This is supported
by a rise in passenger traffic, a material increase in yields in
rouble terms and lower oil prices. Fitch anticipates these
factors will continue to support revenue growth in 2017-2019.
Fitch expects Funds from operations (FFO) adjusted gross leverage
will drop to slightly above 5x on average over 2016-2019 from
5.9x at end-2015 and FFO fixed charge coverage to remain above
1.5x over the same period.

Passenger Traffic Growth Expected: In 2016, Aeroflot reported an
almost 15% growth in revenue-passenger-kilometres (RPK) and Fitch
expects this trend to continue over 2017-2020, though at a slower
pace. The anticipated average increase in the high single digits
in RPK over this period will be supported by the new slots
obtained from Transaero and organic capacity expansion. Fitch
anticipates growth across all destinations, especially on its
domestic routes.

Higher Dividends Expected: Fitch considers the company's current
dividend policy, which envisages a payout ratio of 25% of IFRS
net income as moderate. However, there is a high risk of an
increase in dividend payments, as has happened at other state-
owned companies. Fitch therefore assume a 50% payout ratio for
the company from 2017, which together with moderate capex would
be manageable due to its strong cash-flow generation. Fitch
anticipates it will remain free cash-flow positive over 2016-

High FX Exposure: Aeroflot is exposed to FX fluctuations as
almost all of its debt at end-9M16 (about 90%) was denominated in
foreign currencies, mainly US dollars. The majority of debt is in
the form of finance leases for aircraft purchases (about 89%).
This is partially mitigated by revenue generated mainly in
dollars or euros, or linked to euros accounting for about 60% of
traffic revenue over 9M16, although about 55% of operating
expenses are also denominated in foreign currencies.

Strong Business Profile: Aeroflot has a solid business profile
due to a fairly diversified route network, high frequency of
international flights, a favourable hub position and the
company's position as Russia's largest airline and flagship
carrier and as a medium-sized airline among European peers. The
implementation of a multi-brand strategy within Aeroflot Group
provides the group with greater operational flexibility without
diluting Aeroflot's brand and enables the group to target
multiple customer and geographic segments, adapt more quickly to
customer demands and utilise feeder traffic from regional airline

One-Notch Uplift: The 'B+' rating incorporates a one-notch uplift
to the companies 'B' standalone rating for parental support from
its ultimate majority shareholder, the Russian Federation. There
has been little evidence of tangible financial support, except
for royalties, but Aeroflot remains on the list of Russia's
strategic enterprises and its operational and financial
strategies are overseen by the state. It is seen as a means of
promoting and developing Russia's aviation market. A reduction in
the state's stake to below 50% coupled with evidence of
diminishing state support, could lead to the withdrawal of the
one-notch uplift.


Aeroflot has a solid business profile due to a fairly diversified
route network, high frequency of international flights, a
favourable hub position and the company's position as Russia's
largest airline and flagship carrier and a medium-sized airline
among European peers. The rating is constrained by Aeroflot's
financial profile. Parental links are reflected in a one-notch
uplift in the rating.


Fitch's key assumptions within its ratings case for the issuer

- Russian GDP growth of 1.3%-2% in Russian over 2017-2019;
- Russian CPI of 5.7%-6.5% over 2017-2019;
- Average USD/RUB exchange rate of 66.8 in 2016 and 62.5-65.7
   over 2017-2019;
- capex in line with the company's forecast;
- RPK growth of about 9% CAGR over 2017-2020;
- yield recovery in the low single digits.


Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

- Evidence of stronger state support.

- Improvement in the financial profile (eg FFO adjusted gross
   leverage below 5.0x and FFO fixed charge cover above 1.5x on a
   sustained basis) due to yield recovery, successful integration
   of the received slots, personnel and fleet assets, moderation
   of investments in the fleet and/or a drop in fuel prices

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

- Material deterioration of the credit metrics (eg FFO adjusted
   gross leverage well above 6.0x and FFO fixed charge cover
   below 1.25x on a sustained basis) due to further rouble
   depreciation, a protracted downturn in the Russian economy,
   drop in yields or overly ambitious fleet expansion

- Weakening of state support


Adequate Liquidity: At end-3Q16 its cash and short-term deposits
stood at RUB61 billion which together with available unused
credit facilities of RUB70 billion were sufficient to cover
short-term debt maturities of RUB34 billion. Moreover, Fitch
expects the company to be free cash-flow positive over 2016-2018.
The majority of cash at end-2015 was held with Sberbank (BBB-


  Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B+',
  Outlook Stable

  Short-term foreign- and local-currency IDRs: affirmed at 'B'

  Foreign- and local-currency senior unsecured ratings: affirmed
  at 'B+/RR4'

ANKOR BANK: Put on Provisional Administration, License Revoked
The Bank of Russia, by its Order No. OD-550 dated March 3, 2017,
revoked the banking license of Kazan-based credit institution
Joint Stock Company Ankor Bank of Savings or Ankor Bank JSC from
March 3, 2017, according to the press service of the Central Bank
of Russia.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, its inability to satisfy creditors' claims, and
taking into account the repeated application within a year of
measures envisaged by the Federal Law 'On the Central Bank of the
Russian Federation (Bank of Russia)'.

ANKOR BANK JSC placed funds in low-quality assets and failed to
make provisions adequate to the risks assumed.  The credit
institution could not fulfill its obligations to creditors on
time due to the poor quality of assets, which failed to generate
sufficient cash flow.

The management and owners of ANKOR BANK JSC failed to take
effective measures to bring the situation back to normal and
recover its financial position. Under these circumstances, the
Bank of Russia performed its duty on the revocation of the
banking license of ANKOR BANK JSC in accordance with Article 20
of the Federal Law "On Banks and Banking Activities".

The Bank of Russia, by its Order No. OD-551, dated March 3, 2017,
appointed a provisional administration to ANKOR BANK JSC for the
period until the appointment of a receiver pursuant to the
Federal Law "On Insolvency (Bankruptcy)" or a liquidator under
Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with the federal laws, the powers of
the credit institution's executive bodies have been suspended.

ANKOR BANK JSC is a member of the deposit insurance system.  The
revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by law.  The said Federal
Law provides for the payment of benefits to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than RUR1.4 million per
one depositor.

According to reporting data, as of February 1, 2017, ANKOR BANK
JSC ranked 233rd in the Russian banking system in terms of

INTECHBANK PJSC: Put on Provisional Administration
The Bank of Russia, by its Order No. OD-546 dated March 3, 2017,
revoked the banking license of the Kazan-based credit institution
Public Joint-stock Company IntechBank or PJSC IntechBank from
March 3, 2017, according to the press service of the Central Bank
of Russia.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, because the capital adequacy ratio of this credit
institution was below 2% and its equity capital dropped below the
minimum authorised capital value established by the Bank of
Russia as of the date of the state registration of the credit
institution, and taking into account the repeated application
within a year of measures envisaged by the Federal Law "On the
Central Bank of the Russian Federation (Bank of Russia)".

PJSC IntechBank placed funds into low-quality assets and failed
to adequately assess risks assumed.  The creation of required
additional provisions lead to a full loss of capital by the bank.
The management and owners of the bank have not taken measures
required to normalize its activities.

Considering the low quality of assets, it did not seem feasible
to conduct the financial resolution of PJSC IntechBank with the
involvement of the state corporation Deposit Insurance Agency and
the bank's creditors on reasonable economic conditions.  Under
these circumstances, the Bank of Russia performed its duty on the
revocation of the banking license of the credit institution in
accordance with Article 20 of the Federal Law "On Banks and
Banking Activities".

Due to the revocation of the banking license, by its Order No.
OD-547 dated March 3, 2017, the Bank of Russia terminated the
activity of the provisional administration to manage PJSC
IntechBank whose functions had been assigned to the state
corporation Deposit Insurance Agency by Bank of Russia Order No.
OD-4709, dated December 23, 2016.

The Bank of Russia, by its Order No. OD-548 dated March 3, 2017,
appointed a provisional administration to PJSC IntechBank for the
period until the appointment of a receiver pursuant to the
Federal Law "On the Insolvency (Bankruptcy)" or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities". In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.

PJSC IntechBank is a member of the deposit insurance system.  The
insured event shall deem occurred on the same date when a
moratorium on the satisfaction of PJSC IntechBank creditors'
claims was introduced (December 23, 2016).  This date also
applies for the calculation of insurance benefits on the bank's
foreign currency liabilities.

The revocation of the banking license prior to the expiry of the
moratorium on the satisfaction of creditors' claims shall not
make void the legal implication of such moratorium, including the
obligation of the state corporation Deposit Insurance Agency to
pay insurance benefits to depositors.

The Agency shall continue to pay out insurance benefits on
deposits (accounts) with PJSC IntechBank as stipulated by Clause
2 of Part 1 of Article 8 of the Federal Law "On the Insurance of
Household Deposits with Russian Banks" -- the imposition by the
Bank of Russia of the moratorium to meet creditors' claims until
the completion of bankruptcy proceedings.

According to the financial statements, as of February 1, 2017,
PJSC IntechBank ranked 138th by assets in the Russian banking

TATFONDBANK: Moody's Cuts LT Deposit & Unsec. Debt Ratings to C
Moody's Investors Service has downgraded Tatfondbank's long-term
global, local and foreign-currency deposit and senior unsecured
debt ratings to C from Caa1. The C ratings do not carry outlooks.
At the same time, Moody's downgraded the bank's baseline credit
assessment (BCA) and adjusted BCA to c from caa3. The rating
agency also affirmed the bank's Not-Prime short-term local and
foreign currency deposit ratings.

Moody's also downgraded the bank's long-term Counterparty Risk
Assessment (CR Assessment) to C(cr) from B3(cr) and affirmed the
bank's short-term CR Assessment of Not-Prime(cr).

Moody's will then subsequently withdraw all the bank's ratings
following the withdrawal of its banking license by the Central
Bank of Russia (CBR).

This rating action concludes the review for downgrade placed on
Tatfondbank's ratings in December 2016 and follows the
announcement of the CBR on March 3, 2017 that it had revoked
Tatfondbank's banking license.


The downgrade and Moody's subsequent ratings withdrawal follow
the CBR's announcement on 3 March 2017 that it had revoked
Tatfondbank's banking license, as a result of the entity's
inability to comply with state laws on banking activity and CBR's
regulation, Tatfondbank's capital shortfall and its inability to
meet creditors' claims.

The downgrade of Tatfondbank's ratings reflects Moody's
expectations of heavy losses that the bank's creditors are likely
to incur as a result of liquidation, given (1) the bank's poor
asset quality; (2) capital shortfall; and (3) historical recovery
data for similar cases in Russia, when banks' licenses have been


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

Headquartered in Kazan, Russia, Tatfondbank reported total assets
of RUB220.9 billion under unaudited IFRS on September 30, 2016.


SANTANDER CONSUMER2016-1: DBRS Confirms BB Rating on D Notes
DBRS Ratings Limited has taken the following rating actions on
the Notes issued by FT Santander Consumer Spain Auto 2016-1 (the

-- EUR650,200,000 Series A Notes confirmed at AA (sf)
-- EUR30,600,000 Series B Notes confirmed at A (sf)
-- EUR42,100,000 Series C Notes confirmed at BBB (sf)
-- EUR23,000,000 Series D Notes confirmed at BB (low) (sf)

The above-mentioned rating actions follow an annual review of the
transaction and are based on the following analytical
considerations, as described more fully below:

-- The overall portfolio performance as of the January 2017
    payment date, in particular with regard to low levels of
    cumulative net loss and delinquencies.
-- The current levels of credit enhancement available to the
    Notes to cover expected losses assumed in line with their
    respective rating levels.
-- The transaction has not experienced any events terminating
    its revolving period.
-- The ability of the transaction to withstand stressed cash
    flow assumptions and repay investors according to the terms
    and conditions of the Notes.

The rating of the Series A Notes address the timely payment of
interest and the ultimate repayment of principal on or before the
Legal Maturity Date in April 2032. The ratings of the Series B,
Series C and Series D Notes address the ultimate payment of
interest and repayment of principal on or before the Legal
Maturity Date in April 2032.

FT Santander Consumer Auto Spain 2016-1 is a securitisation
consisting of Spanish auto loan receivables granted by Santander
Consumer E.F.C., S.A. (SC), a subsidiary of Santander Consumer
Finance, S.A. (SCF). The EUR 765.0 million portfolio, as of the
January 2017 payment date, consists of loans for both the
purchase of new (78.9%) and used (21.1%) vehicles, underwritten
to mostly retail (95.4%) and some commercial (4.6%) clients.

The transaction closed on March 16, 2016 and envisaged an initial
40-month revolving period, due to mature on the July 2019 payment

As of the January 2017 payment date, 30-day to 60-day arrears
were 0.3% of the outstanding principal balance and 60-day to 90-
day delinquencies were 0.1%, while delinquencies greater than 90
days were 0.3%. No principal losses have been realised currently
to the portfolio.


Credit Enhancement (CE) is initially provided by the
subordination of the respective junior obligations. Additionally,
the Cash Reserve can be used in the event of Issuer default and
final maturity. As of January 2017, CE for the Series A Notes has
remained at 17.0% since closing, CE for the Series B Notes has
remained at 13.0% since closing, CE for the Series C Notes has
remained at 7.5% since closing and CE for the Series D Notes has
remained at 4.5% since closing.


As of the January 2017 payment date, no performance triggers have
been breached, causing the revolving period to mature early. To
further mitigate the deterioration of the pool, the transaction
permits certain concentration limits on the additional portfolios
purchased on each payment date. The "worst-case" portfolio
composition was considered in the cash flow analysis.

The non-amortising Cash Reserve was funded from the issuance of
the Series F Notes. It is primarily available to cover senior
fees, expenses and the interest due on the Series A-E Notes, but
can be applied to offset principal losses in the event of Issuer
default or at final maturity. It has remained at its target of
EUR 15.3 million since closing.

To mitigate any disruptions in payments due to the replacement of
the servicer or the risk that the Servicer fails to transfer the
collections to the Issuer, the transaction documents envisage
Liquidity and Commingling Reserves. These were unfunded at
closing and will only be funded if the DBRS rating of SC's parent
company (SCF) falls below specific thresholds as defined in the
legal documentation. These reserves continue to be unfunded, as
none of the rating triggers have been breached to date. Set-off
risk is not relevant in this jurisdiction.

Since both the receivables and the Notes pay a fixed rate of
interest, there is a natural hedge inherent in the transaction.

SCF acts as the Account Bank for the transaction. DBRS's private
rating of SCF complies with the minimum institution rating given
the ratings assigned to the Notes, as described in DBRS's "Legal
Criteria for European Structured Finance Transactions"

The ratings assigned to the Series D Notes materially deviate
from the higher ratings implied by the methodology. In this case,
the ratings also reflect qualitative factors such as the absence
of any evidence of defaults so far, given the definition of
defaulted loans and the short period since closing.

* Moody's: Spanish ABS SME 90-360 Day Delinquencies Remain Stable
The 90-360 day delinquencies of the Spanish asset-backed
securities backed by loans to small and medium-sized enterprises
(ABS SME) decreased to 1.2% of original pool balance in December
2016 from 1.4% in September 2016 according to the latest indices
published by Moody's Investors Service.

The 90-360 day delinquency index decrease can be mostly explained
by the termination of Catalunya Banc S.A. transactions.

The 60-90 day delinquency index decreased to 0.4% in December
2016 from 0.7% in September 2016. Cumulative defaults also
decreased to 3.2% from 3.8% in the same period.

The cumulative default rate for transactions issued by Catalunya
Banc S.A. and Banco CAM were historically the highest among
originators. Banco CAM deals have the highest cumulative default
rate out of the outstanding deals with 8.2% in December while
Catalunya Banc S.A. deals are now fully redeemed.

The annualized monthly constant prepayment rate increased to
11.3% in December 2016 from 10.8% in December 2015. This
represents a 5% increase since last year.

As of December 2016, Moody's rated 33 transactions in the Spanish
ABS SME market, with an outstanding pool balance of EUR16.9
billion compared to EUR13.5 billion in September 2016,
representing an increase of 26%. Two new transactions IM Grupo
Banco Popular Empresas VII, FT and CAIXABANK PYMES 8, FONDO DE
TITULIZACION have been added to the index.


AKBANK TAS: Moody's Gives (P)B1 Rating to USD Denominated Notes
Moody's Investors Service has assigned a provisional (P)B1(hyb)
long-term foreign-currency subordinated debt rating to Akbank
TAS's (Akbank -- long term foreign currency deposit rating of Ba2
with a stable outlook, short term foreign currency deposit rating
of NP and BCA of ba2) planned US dollar-denominated contractual
non-viability Tier 2 bond issuance (the notes) under its global
medium term note programme.


The provisional rating assigned to the subordinated debt
obligations of Akbank is positioned two notches below the bank's
adjusted baseline credit assessment (BCA) of ba2, in line with
Moody's standard notching guidance for subordinated debt with
loss triggered at the point of non-viability, on a contractual
basis. The provisional rating does not incorporate any uplift
from government support.

The planned subordinated debt issuance is expected to be Basel
III-compliant and eligible for Tier 2 capital treatment under
Turkish law. The positioning of Akbank's provisional rating two
notches below the bank's adjusted BCA reflects the potential for
greater uncertainty associated with the timing of a principal
write-down when compared to any "plain vanilla" subordinated
debt. In this respect, Moody's highlights that - as a way for the
bank to avoid a bank-wide resolution - the notes may be forced to
absorb losses ahead of "plain vanilla" subordinated debt, if any.

Moody's issues provisional ratings in advance of the final sale
of the securities. The ratings, however, only represent Moody's
preliminary credit opinion. Upon conclusive review of all
transaction and associated documents, Moody's will endeavour to
assign definitive ratings to the notes. A definitive rating may
differ from a provisional rating if the terms and conditions of
the issuance are materially different from those of the
preliminary prospectus reviewed.


The assigned rating is notched from the adjusted BCA of Akbank
and further movements will be contingent on the changes in this
reference point.


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

AKBANK TAS: Fitch Rates Tier 2 Capital Notes 'BB(EXP)'
Fitch Ratings has assigned Akbank T.A.S.'s (BB+/Stable/bb+)
planned issue of Basel III-compliant Tier 2 capital notes an
expected rating of 'BB(EXP)'.

The final rating is subject to the receipt of the final
documentation conforming to information already received by

The notes qualify as Basel III-complaint Tier 2 instruments and
contain contractual loss absorption features, which will be
triggered at the point of non-viability of the bank. According to
the draft terms, the notes are subject to permanent partial or
full write-down upon the occurrence of a non-viability event
(NVE). There are no equity conversion provisions in the terms.

An NVE is defined as occurring when the bank has incurred losses
and has become, or is likely to become, non-viable as determined
by the local regulator, the Banking and Regulatory Supervision
Authority (BRSA). The bank will be deemed non-viable when it
reaches the point at which either the BRSA determines that its
operating licence is to be revoked and the bank liquidated, or
the rights of Akbank's shareholders (except to dividends), and
the management and supervision of the bank, should be transferred
to the Savings Deposit Insurance Fund on the condition that
losses are deducted from the capital of existing shareholders.

The notes have an expected 10-year maturity and a call option
after five years.


The notes are rated one notch below Akbank's Viability Rating
(VR) of 'bb+' in accordance with Fitch's "Global Bank Rating
Criteria". The notching includes zero notches for incremental
non-performance risk relative to the VR and one notch for loss

Fitch has applied zero notches for incremental non-performance
risk, as the agency believes that write-down of the notes will
only occur once the point of non-viability is reached and there
is no coupon flexibility prior to non-viability.

The one notch for loss severity reflects Fitch's view of below-
average recovery prospects for the notes in case of an NVE. Fitch
has applied one notch, rather than two, for loss severity, as
partial, and not solely full, write-down of the notes is
possible. In Fitch's view, some uncertainty exists over the
extent of losses the notes would face in case of an NVE, given
that this would be dependent on the size of the operating losses
incurred by the bank and any measures taken by the authorities to
help restore the bank's viability.


As the notes are notched down from Akbank's VR, their rating is
sensitive to a change in this rating. The notes' rating is also
sensitive to a change in notching due to a revision in Fitch's
assessment of the probability of the notes' non-performance risk
relative to the risk captured in Akbank's VR, or in the agency's
assessment of loss severity in case of non-performance

Akbank's ratings are:

Long-Term Foreign Currency (FC) and Local Currency (LC) IDRs
'BB+'; Outlook Stable

Short-term FC and LC IDRs 'B'

Viability Rating 'bb+'

Support Rating '4'

Support Rating Floor 'B+'

National Long-term Rating 'AA+(tur)'; Outlook Stable

T2 capital notes: 'BB(EXP)'


DTEK ENERGY: Fitch Affirms 'RD' LT Issuer Default Ratings
Fitch Ratings has affirmed Ukraine-based DTEK Energy B.V.'s Long-
Term Foreign-Currency (FC) and Local-Currency (LC) Issuer Default
Ratings (IDRs) at 'RD' (Restricted Default). The agency has also
assigned DTEK's newly issued US dollar Eurobond a senior
unsecured rating of 'C'. The Recovery Rating is 'RR4'.

The affirmation of the IDR at 'RD' reflects the fact that DTEK is
finalising the restructuring of its bank loans. The company
completed the restructuring of its Eurobonds at end-2016. Upon
completion of its bank debt restructuring DTEK's FC and LC IDRs
and the senior unsecured rating for the Eurobonds are likely to
be upgraded to 'CCC' to reflect the company's post-restructuring
capital structure and business risk.


Post-Restructuring IDR: Fitch expects to upgrade DTEK's LT IDRs
to 'CCC' from 'RD' upon completion of the restructuring of its
bank loans, which is due by end-March 2017. Fitch assess the
company's post-restructuring capital structure and high business
risk to be commensurate with a 'CCC' rating. Currently, DTEK is
at risk of disruptions in coal supply and the loss of its assets
in the Donetsk and Lugansk regions. Fitch estimates this could
result in a 40% drop in EBITDA in 2017.

Fitch's analysis shows that DTEK's liquidity is just about
sufficient for the next two years but that credit metrics will
deteriorate if the loss of the operations in the Donetsk and
Lugansk regions materialises.

Post-Restructuring Maturities: The new Eurobond issue for
USD1,275 million is split into two equally sized tranches due
December 2023 and December 2024. The restructured bank debt will
have small annual amortisation payments. The company can repay
the 2017-2018 amortisation payments of USD102.5 million (UAH2.8
billion) from existing cash balances. The 2019-2022 annual
principal repayments of USD80 million (UAH2.2 billion) are
comfortable for the company. However, Fitch expects the company
to be reliant on external funding from 2019.

Adequate Liquidity: Fitch estimates, DTEK's liquidity at UAH7.5
billon (USD279 million) on 28 January 2017, which is comfortable
to cover 2017-2018 maturities totalling UAH2.8 billion and
expected negative free cash flow of almost UAH5 billion, assuming
adverse political developments in eastern Ukraine (ie the loss of
the operations in the areas of dispute).

Exposure to Political Instability: DTEK has a number of assets
located in, or near to the parts of Donetsk and Lugansk regions,
where there has been armed conflict - representing 29% of total
assets and 21% of revenue as of end-1H16. Moreover, electricity
production at two power plants which account for 17% of DTEK's
electricity volumes (as of end-2016) may be suspended due to lack
of coal supplies from non-controlled territories. Fitch estimates
that around 20% of DTEK's revenue is at risk if the company loses
its assets in the military area.

Fitch expects funds from operations (FFO) gross adjusted leverage
to increase to above 10x over 2017-2020, from around 5x at end-
2016 on the back of the expected deteriorating operational

Adequate Recovery: Upon completion of bank debt restructuring,
the senior unsecured rating of the new USD1.3bn Eurobond is
likely to be upgraded to 'CCC' from 'C' in line with DTEK's
expected post-restructuring FC IDR of 'CCC', reflecting average
recovery prospects given default. The Eurobond was issued by DTEK
Finance plc (UK) and ranks pari passu with other unsecured debt
and benefits from suretyships from all holding and material
operating companies, which account for the major part of the
group's 2016 EBITDA and assets. Fitch recovery analysis also
takes into account the potential loss of assets in Donetsk and
Lugansk regions and the consequent loss of earnings.

Foreign-Currency Exposure: Most of DTEK's debt is denominated in
foreign currencies, ie US dollars and euros as of end-2016. This
contrasts with less than 10% of the revenue in US dollars.
However, in April 2016 the Ukrainian regulator introduced a new
wholesale electricity price-setting methodology, which envisages
linking the electricity price to FX for thermal generators in
Ukraine. Fitch views this positively, as it will provide hedging
for a part of DTEK's foreign-currency denominated debt.


DTEK Energy B.V. is the largest private vertically integrated
power generating and distribution company in Ukraine. DTEK's
closest peers are CIS-based vertically integrated players such as
Kazakh Joint Stock Company Central-Asian Electric-Power
Corporation (CAEPCo, B+/Stable), Kazakhstan Utility Systems (KUS,
BB-/Stable) and Russian Inter RAO (BBB-/Stable). In contrast to
its peers, DTEK's operations are subject to high business risk
due to significant political instability in Ukraine and further
possible macroeconomic shocks. It has a much weaker financial
profile than its peers.


Fitch's key assumptions within Fitch ratings case for the issuer

- domestic GDP growth of 2.5% in 2017 and 3.0% in 2018-2020,
   and inflation of 9.5% in 2017 and to average 7% in 2018-2020;
- flat exchange rate of USD/UAH 27 over the rating horizon;
- debt split by FX in line with 2016 breakdown;
- capital expenditure at average UAH4.5bn over 2018-2020;
- no dividend payments;
- completion of bank loan restructuring by end-March 2017;
- loss of revenues from DTEK's assets in military areas.


Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

- DTEK entering into bankruptcy filings, administration,
   receivership, liquidation or other formal winding-up procedure

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

- Once restructuring is completed and sufficient information is
   available, the 'RD' rating will be revised to reflect the
   appropriate IDR for the issuer's post-restructuring capital
   structure, risk profile and prospects.


DTEK Energy B.V.

Long-Term Foreign- and Local-Currency IDRs: affirmed at 'RD'

Short- Term Foreign- and Local-Currency IDRs: affirmed at 'RD'

National Long-Term Rating: affirmed at 'RD(ukr)'

Foreign-currency senior unsecured rating: affirmed at 'C'

DTEK Finance plc

Foreign-currency senior unsecured rating for the new USD1,275
billion bonds: assigned at 'C'; Recovery Rating 'RR4'.

U N I T E D   K I N G D O M

BOOTS UK: Will Be Closing 220 In-store Photo Labs
Ephotozine News reports that as more people than ever are turning
away from traditional photo printing, Boots UK Limited has
announced that it is planning to close many of its in-store photo
labs in the UK.

Out of the 320 Boots photo labs in operation, 220 will be closed
and staff that will be affected will be taking part in a
consultation that will last until August, according to Ephotozine
News.  As of yet, the company hasn't disclosed which stores will
be affected but they have said that customers who will no longer
have access to a photo lab will still be able to print images in-
stores via an automated kiosk, the report notes.

The report relates that the films can also be sent away for
developing at Boots head office where they also produce photo
gifts, an area of the market that's actually seen growth.  More
people than ever are also printing photos directly from
smartphones so the company turning its focus to instant kiosks is
understandable, the report says.

As well as photo gifts and smartphone prints, the instant film
market is also seeing a revival with brands such as Fujifilm
Instax not leaving Amazon's most popular lists, the report adds.

                        About Boots

Boots UK Limited, trading as Boots, is a pharmacy chain in the
United Kingdom and Ireland, with outlets in most high streets,
shopping centres and airport terminals.

ECO RESOURCES: Goes Into Voluntary Liquidation
Adrian Darbyshire at IOM Today reports that another fund linked
to the troubled Premier Group (Isle of Man) Ltd is set to be
wound up.

Premier Group, which went into voluntary liquidation in November,
was promoter and manager of Eco-Resources Fund, which it set up
as a joint venture with EcoPlanet Bamboo Group to invest in
bamboo plantations in Nicaragua and South Africa, according to
IOM Today.

It was billed as a 'truly green fund'. Eco Resources Fund had a
total of 189 investors and a valuation of USD61 million, the
report notes.  But in December last year, the island's financial
watchdog, the Financial Services Authority, sought a court order
to appoint an inspector to investigate the affairs of the fund,
the report relates.

The report notes that Eco-Resources' board of directors resolved
to put the fund into voluntary liquidation as they believed it
was insolvent.  At that point, the fund had a balance of just
GBP12,545 but owed creditors GBP2.7 million, the report says.

According to the report Premier Group's joint liquidators - Craig
Mitchell and David Craine of Browne Craine and Co - issued a
statutory demand for fees totaling GBP2.3 million which Eco-
Resources's directors said they were not in a position to settle,
the report discloses.

But the shareholders voted against winding up the fund at an EGM
held on December 16. Directors Jamie Sutton, Antony Parry and
William Burgoyne saw the members' decision not to place the
company into liquidation as a vote on no confidence in them and
resigned with immediate effect, the report relays.

The FSA's controller has assumed control of the scheme.

The report notes that in January, there was a meeting called to
appoint new directors Troy Douglas Wiseman, Richard Robinson and
John Charles Bourbon -- the latter being a director of Premier
Group and a former head of supervision at the island's Financial
Supervision Commission.

But on the morning of the meeting, the three proposed new
directors gave notice that they were no longer prepared to stand.
Now the regulator is seeking a court order to put the company
into liquidation, the report discloses.

The report relays Premier Group liquidator Mr. Mitchell said:
'Eco-Resources still has the FSA appointed controller in place
but I understand the regulator has now petitioned the court to
put the company into liquidation.'

EcoPlanet Bamboo Group, founded by Troy Wiseman in 2010, has a
complex corporate structure with associated companies in
Delaware. EcoPlanet Bamboo (IOM) Ltd is wholly owned by ERF Ltd,
which is itself wholly-owned by Eco-Resources Fund PCC plc.

According to the report, the FSA had also sought for the
liquidation of the Premier Group IoM to be carried out under the
supervision of the court, the report relays.  However, a consent
order has been agreed to proceed with a creditors' voluntary
liquidation, the report notes.

The report says Premier Group IoM also managed the New Earth
group of funds, which went into liquidation in June and an
official receiver appointed following an application by the FSA.

The report discloses the New Earth group of funds, comprising New
Earth Recycling and Renewables (Infrastructure) plc (NERR),
Premier Investment Opportunities Fund PCC plc and Eclipse
Investment Fund PCC plc, had a valuation of USD292.22 million and
a total of 3,249 investors, the majority of whom are unlikely to
get much of their money back, the report adds.

FOOD RETAILER: To Close 34 Budgens Stores, 815 Jobs Affected
Sam Dean at The Telegraph reports that hundreds of supermarket
workers will lose their jobs after one of the retailers behind
the Budgens chain revealed it would be closing more than 30 of
its stores.

Food Retailer Operations Limited (FROL), which operates 34
Budgens stores in the UK, has gone into administration less than
a year after it bought the stores from the Co-op, The Telegraph

According to The Telegraph, administrators said they had been
unable to find a buyer for the stores, which employ more than 800
people across the country, from Dorset to Scotland.

Nine of the stores were shut at the weekend, with the remaining
25 to be closed over the next fortnight, The Telegraph relays.

In a statement, FROL, as cited by The Telegraph, said: "FROL
operated 34 convenience stores across the UK, which trade under
the Budgens brand and employ 815 people.

"Since its acquisition of the stores from Co-op in July 2016, the
company had experienced difficult trading conditions.  This
resulted in the company being placed into administration despite
sustained efforts to make the business more commercially viable."

PwC were appointed to handle FROL's administrators last month,
The Telegraph recounts.

According to The Telegraph, FROL added: "Following their
appointment, the administrators have been assessing interest in
the business.

"As a result, following the closure of nine stores, the remaining
25 stores will, regrettably, cease trading over the course of the
next two weeks with the loss of the remaining 611 jobs."

"Unfortunately, we have been unable to find a buyer and it is not
commercially viable to continue trading the stores," The
Telegraph quotes Mike Denny, joint administrator, as saying.

The 34 stores represent less than a third of all Budgens outlets,
The Telegraph notes.

             About Food Retailer Operations

Food Retailer Operations Limited operates 34 convenience
stores across the UK, which trade under the Budgens brand and
employs 872 people. It also holds the leasehold interests in a
further 36 non-trading stores, two non-trading properties and the
head office of the former Somerfield business.

Since FROL's acquisition of the Budgens stores from the Co-
operative Group in July 2016, the Company has experienced
difficult trading conditions.

The Company launched a Company Voluntary Arrangement (CVA)
proposal, but it was voted down by creditors. This has resulted
in the Company being placed into administration on February 10,
2017, and there will be a sale process to find a purchaser for
all or some of the stores.

Michael Denny, Robert Moran and Matthew Hammond of
PricewaterhouseCoopers (PwC) were appointed as Joint
Administrators of Food Retailer Operations Limited on February
10, 2017.

The Troubled Company Reporter-Europe reported on Jan. 23, 2017,
citing TalkingRetail, that the Budgens stores facing closure are
in Gillingham (Kent), Greenwich (south-east London), Blackburn
(Lancashire), Willenhall (West Midlands), Buckley (Flintshire),
Wisbech (Cambridgeshire), Paisley (Renfrewshire), Aberystwyth
(Ceredigion), Helston (Cornwall), Monmouth (South Wales), Totnes
(Devon) and Ludlow (Shropshire).

MUST HAVE: Tax Woes Prompt Administration, 265 Jobs Affected
Belfast Telegraph reports that vaping firm Must Have Limited,
doing business VIP Electronic Cigarette, has collapsed into
administration, putting 265 jobs at risk.

FRP Advisory has been appointed as administrator to Must Have
Limited, which trades as VIP and has 165 retail stores across the
UK, Belfast Telegraph relates.

VIP, which is based in Radcliffe, Greater Manchester, will
continue trading and all 265 staff will be retained while FRP
seeks a buyer for the business, Belfast Telegraph discloses.

According to Belfast Telegraph, its US owner, Electronic
Cigarettes International Group (ECIG), said Must Have Limited was
placed in administration after it was left unable to pay taxes of
around US$3 million (GBP2.5 million) to HM Revenue and Customs.

The group added the administration has also triggered around
US$104 million (GBP85.3 million) of outstanding debt to be
"immediately due and payable", Belfast Telegraph notes.

                    About Must Have Limited

Must Have Limited, doing business as VIP Electronic Cigarette,
designs and manufactures electronic cigarettes. The company was
incorporated in 2004 and is based in Manchester, United Kingdom.
As of April 22, 2014, Must Have Limited operates as a subsidiary
of Electronic Cigarettes International Group, Ltd.

PREMIER OIL: To Tap Oilfield Services Firms to Help Fund Projects
Nathalie Thomas at The Financial Times reports that Premier Oil
is approaching oilfield services companies about helping to fund
its next major projects, including a US$1.5 billion development
off the Falkland Islands, as the heavily indebted UK oil and gas
producer seeks alternatives to bank finance.

The company last month agreed terms with key lenders on the
refinancing of its existing net debt pile, which stood at US$2.8
billion at the end of December, the FT recounts.

Premier on March 9 reports results for 2016, but shareholders'
focus is likely to be on the proposed refinancing, reflecting how
it has yet to be approved by the required number of creditors,
the FT notes.

The company was hit hard by the slump in oil prices two and half
years ago, reporting losses for 2014 and 2015, although it
recorded a pre-tax profit of US$110 million for the first half of
last year, the FT relays.

Premier, the FT relates, is hoping to press ahead with two major
investments over the next two years: (i) the US$600 million
Tolmount project in the North Sea, the largest gas discovery in
the southern part of the basin in recent years, and (2) the
US$1.5 billion Sea Lion oil development off the Falkland Islands.

Premier is hoping to tap into a need for new contracts in the
oilfield services industry, much of which is reeling from the
impact of the crude price crash, the FT discloses.

Premier Oil is a London-based oil and gas explorer.

PREMIERTEL PLC: Fitch Affirms BB Rating on GBP195.8MM Cl. B Notes
Fitch Ratings has affirmed Premiertel plc's CMBS notes:

  GBP67.2 million Class A (XS0180245515) due May 2029: affirmed
  at 'AAsf'; Outlook Stable

  GBP195.8 million Class B (XS0180245945) due May 2032: affirmed
  at 'BBsf'; Outlook Stable

Premiertel plc is a securitisation of a loan financing long-term
rental cash flows from a portfolio of five office properties
located throughout the UK (two in England, two in Scotland and
one in Northern Ireland) and fully let to British
Telecommunications plc (BT; BBB+/Stable/F2).


The affirmation of the class A notes reflects the adequacy of
Fitch's stressed vacant possession value (VPV) and available
liquidity in its 'AAsf' rating scenario. Both the loan and the
notes (specifically the class B notes, which are capped at BT's
rating) continue to accrue a shortfall against scheduled
(deferrable) principal payments in line with Fitch's

The source of the shortfall is an increase in transaction costs
due to fees related to the liquidity facility standby drawing.
Fitch does not expect this added cost to be recouped from rental
cash flow, leaving a portion of the class B notes at risk of
being unpaid at the expiry of the lease in 2032 (also legal
maturity). This exposes class B investors to risks associated
with the borrower's ability and willingness to refinance its
portfolio by lease expiry (there is no tail period).

Fitch assessed refinancing risk in relation to the sufficiency of
the sponsor's estimated future equity in the VPV of the portfolio
in the run-up to bond maturity. While any unpaid debt should be
relatively minor (provided the lease performs in full) reliance
on unenforceable financial incentives so far into the future,
together with the lack of applicable liquidity support for the
notes, precludes an investment grade rating for the class B

When gauging VPV in 2032 Fitch addresses a likely deterioration
in asset quality over time by applying weaker property scores.
Since all assets will be more than 30 years old by bond maturity,
this scoring approach gives no credit to recoveries in 'AAsf' and
'AAAsf' scenarios. Fitch adopts a loan rating analysis to assess
the adequacy of the borrower's equity in providing an incentive
and means for full debt repayment, leading to a 'BBsf' rating
(two categories below breakeven).


A weakening in property market conditions could cause a downgrade
of either class of notes by reducing VPV. A class A downgrade
would be floored by the rating of the tenant as these notes
continue to receive all scheduled amortisation proceeds. On the
other hand, as long as BT performs, the notes will deleverage
further, which could lead to an upgrade of the senior class.
As the rating of the class B notes is capped at BT's rating, a
sharp downgrade in the tenant's rating may lead to a downgrade of
the class B notes.

Form ABS Due Diligence-15E was not provided to, or reviewed by
Fitch in relation to this rating action.

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

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.


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  Go to 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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at

                 * * * End of Transmission * * *