TCREUR_Public/170324.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

           Friday, March 24, 2017, Vol. 18, No. 60



HP PELZER: Moody's Affirms B1 CFR, Outlook Stable
PFLEIDERER GROUP: Moody's Rates EUR350MM Sr. Sec. Loan B (P)Ba3


FRIGOGLASS SAIC: Moody's Affirms Caa3 Corporate Family Rating


AVOCA CLO III: S&P Cuts to D, Then Withdraws Class E Notes Rating
ERLS 2017-PL1: DBRS Assigns B Provisional Rating to Class F Notes
M&J WALLACE LTD: ACC Collects EUR3 Million From Assets Sale


* April 12 Sale Set for Semproniano, Castell'Azzarra Properties
* April 12 Deadline Set for Business Complex


ENEL PJSC: Fitch Affirms BB+ Long-Term FC Issuer Default Rating
FEDERAL PASSENGER: S&P Revises Outlook to Pos. & Affirms BB+ CCR
UNICREDIT BANK: S&P Affirms 'BB+/B' Counterparty Credit Ratings


CAMPOFRIO FOOD: Moody's Raises CFR to Ba2, Outlook Positive
CERCANIAS MOSTOLES: Court Orders Liquidation


SSAB AB: S&P Revises Outlook to Positive & Affirms 'B+/B' CCRs


ISTANBUL: Moody's Affirms Ba1 Long-Term Issuer Rating
TURKIYE SISE: Moody's Affirms Ba1 CFR, Outlook Stable

U N I T E D   K I N G D O M

CYRENIANS CYMRU: Ex-Finance Head Faces Fraud Charges
GHA COACHES: 183 Ex-Employees Win Compensation After Collapse
MONOCO MOTORCYCLES: Set to Close After a Few Months of Trade
NESS: Part of Business Bought Out of Administration
NORTON VIDEO: Last Video Rental Shop to Close

PRESSUREFAB: Owner Placed in Full Administration
ROYAL BANK: New Cost Cuts Positive for Bondholders, Moody's Says

* Data Trends Suggest Business Insolvencies Peak in 2016


* BOOK REVIEW: Lost Prophets



HP PELZER: Moody's Affirms B1 CFR, Outlook Stable
Moody's Investors Service has affirmed the B1 corporate family
rating (CFR) and the B1-PD probability of default rating (PDR)
assigned to HP Pelzer Holding GmbH (HP Pelzer). In addition,
Moody's has assigned a provisional (P)B1 rating to the proposed
EUR350 million senior secured notes. Moody's will likely withdraw
the B1 rating for the existing EUR280 million senior secured
notes once HP Pelzer has repaid them using the proceeds of this
transaction. The outlook for all ratings remains stable.


"The affirmation reflects HP Pelzer's forward looking metrics
which are expected to remain in-line with Moody's guidance for
the current rating following this transaction," says Scott
Phillips, a Moody's Vice President -- Senior Analyst and Lead
Analyst for HP Pelzer. "Despite a small increase in gross debt,
and the payment of a shareholder distribution, sustained earnings
growth will underpin a gradual deleveraging," added Mr. Phillips.

Moody's estimates that at the end of 2016, HP Pelzer's leverage
(debt / EBITDA, as adjusted by Moody's) was 3.3x, which compares
favorably with the agency's expectations for the current rating
(of between 3-4x). As a consequence of the proposed transaction,
Moody's estimates that leverage will increase by around half a
turn, which weakens the relative positioning of the rating.
However, the agency understands that the bulk of the additional
cash proceeds will remain within the company which will
strengthen its liquidity profile. Offsetting this is the expected
payment of a EUR30 million dividend, EUR20 million of which will
be settled in cash and the rest will reduce the balance on an
intercompany receivable. Despite this, Moody's anticipates that
leverage will continue to decrease over the next 2-3 years driven
primarily by earnings growth.

The rating agency's revised base case assumes that HP Pelzer will
continue to deliver organic revenue growth of around 2-3% over
the next 2-3 years, which is 1-2% above its forecasts for global
light vehicle production. In addition, Moody's anticipates that
profitability margins will be broadly stable with EBITDA margins
(as defined by the company) of around 9% and EBITA margins
(Moody's adjusted) of around 6%.

HP Pelzer's liquidity profile remains adequate following this
transaction. This is supported by existing cash balances (EUR96
million at the end of September 2016), Funds From Operations
(FFO) in the EUR80-90 million range and FCF / debt around 1-2%
over the next 2-3 years.


Moody's would consider a rating upgrade if the company improves
its leverage to well below 3.0x debt/EBITDA, improves its EBITA
margin to above 8% on an ongoing basis and sustainable free cash
flow (FCF) indicated by FCF/debt in the high single digits.
Conversely, a rating downgrade could result from a deterioration
in operating performance, as evidenced by EBITA margins of below
5%, debt/EBITDA moving towards 4.0x or a failure to generate
generally positive levels of FCF.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

HP Pelzer Holding GmbH (HP Pelzer or the "Company"),
headquartered in Witten, Germany, is a global leader in the
design, engineering and manufacturing of acoustic and thermal
components and systems for the automotive sector. Revenues in the
last twelve months to December 2016 amounted to EUR1.3 billion.

PFLEIDERER GROUP: Moody's Rates EUR350MM Sr. Sec. Loan B (P)Ba3
Moody's Investors Service has assigned provisional (P)Ba3
instrument ratings to the proposed EUR350 million senior secured
term loan B (TLB, maturing 2024) and EUR100 million equivalent
senior secured revolving credit facility (RCF, maturing 2022) to
be raised by PCF GmbH, a direct subsidiary of Poland-based
engineered wood manufacturer Pfleiderer Group S.A. Concurrently,
Moody's upgraded to Ba3 from B1 the corporate family rating (CFR)
and to Ba3-PD from B1-PD the probability of default rating (PDR)
of Pfleiderer Group S.A. The outlook on Pfleiderer Group S.A. and
PCF GmbH has been changed to stable from positive.

Pfleiderer will use the proceeds of the new term loan to
refinance its existing EUR322 million senior secured notes due
2019, issued by PCF GmbH, and to pay estimated transaction fees
and expenses including an applicable redemption premium and
accrued interest on the notes (transaction closing expected in
August 2017). Upon completion of the transaction Moody's expects
to withdraw the B2 instrument rating on the senior secured notes.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect the rating agency's
preliminary assessment of the transaction. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings to the proposed term loan and RCF.
Definitive ratings may differ from provisional ratings.


The upgrade of Pfleiderer's CFR to Ba3 primarily reflects the
group's sound EBITDA improvement during 2016, which was better
than Moody's had anticipated and profitability and leverage
metrics which now meet the agency's guidance for a Ba3 rating.
Reported EBITDA before non-sustainable items increased to EUR149
million in 2016 from EUR132 million in the prior year (+12.5%),
while margins widened by 2.1%-points to 15.5%. Despite group
revenue of EUR960 million falling by 2.4% year-over-year (yoy)
due to price pressure and negative currency effects especially in
Poland, healthy earnings growth was mainly fuelled by lower raw
material costs and operational improvement measures. Around EUR18
million of more than EUR30 million of total synergies targeted by
management by the end of 2018 have already been realized in 2016.
Pfleiderer's EBITDA margin on a Moody's-adjusted basis also
improved to around 15% (+1.7%-points yoy), surpassing the
agency's guidance for an upgrade of around 14%, while also its
Moody's-adjusted leverage of around 3.3x debt/EBITDA in 2016 met
the maximum 3.5x upgrade trigger. That said, Moody's expects
Pfleiderer's operating performance to develop favourably over the
next two years, based on supportive economic indicators in its
core regions Germany and Poland as well as forecast moderate
expansion in residential new build activity and furniture demand
growth, particularly in Germany. Combined with initiated capacity
additions and an ongoing shift towards value-added products,
Moody's projects Pfleiderer's revenues to increase at mid-single-
digits per annum and EBITDA margins to continue to strengthen
towards 16% by year-end 2018, assuming no material adverse
currency effects and/or further intensifying price pressures.

The rating action further recognizes Pfleiderer's proposed new
capital structure, which Moody's expects to result in substantial
financing cost savings and to improve the group's financial
flexibility and cash flow generation accordingly. Likewise,
Pfleiderer's liquidity position will benefit with no debt falling
due before 2024, when the new (non-amortizing) term loan expires.
Although leverage will slightly increase initially given the
proposed somewhat higher debt amount, aforementioned profit
growth expectations should enable the group to gradually reduce
its Moody's-adjusted debt/EBITDA to below 3x over the next two

Pfleiderer's financial policy remains an important rating
consideration, in particular given its shareholder friendly
dividend policy which allows for profit distributions of up to
70% of consolidated net income. This might pose the risk of
diminishing free cash flow generation going forward, which will
already be limited in 2017 (approximately EUR15 million) due to
projected higher (expansionary) capital expenditures. In this
respect, however Moody's takes comfort from management's
commitment to adhere to a reported maximum net leverage of 1.5-
2x, which is in line with the 1.6x ratio pro forma for the
envisaged refinancing as of December 2016.


Pro forma for the refinancing Pfleiderer's liquidity remains
good. With EUR98 million of cash on the balance sheet and
expected annual funds from operations of more than EUR100
million, the group's internal cash sources solidly cover its
basic cash needs over the next 12-18 months. Cash uses mainly
comprise capital expenditures (capex), which Moody's projects in
the range of EUR60-65 million (including expansion capex for
various strategic projects), working capital consumption of
around EUR10 million this year and dividends of EUR15-20 million
p.a. (c.50% of consolidated net income).

Pfleiderer's liquidity is further bolstered by its proposed new
EUR100 million equivalent dual-currency (EUR and PLN) RCF which
will be fully available at transaction closing and which Moody's
expects to remain undrawn in the foreseeable future, albeit
potentially utilized for working capital or acquisition purposes.
There will be one springing covenant (net leverage ratio)
attached to the new RCF, which needs to be tested if the RCF is
drawn by more than 30% and which Moody's expects to be set with
ample headroom (over 50%) at 3.5x.


Pfleiderer's targeted capital structure will consist of the
proposed EUR350 million senior secured TLB (maturing 2024) and
EUR100 million equivalent RCF (maturing 2022). Both instruments
rank pari passu in terms of priority of claims, share the same
security interest consisting of pledges over certain assets of
the group and material subsidiaries, and will be guaranteed by
entities accounting for at least 85% of consolidated EBITDA and
gross assets. In Moody's loss given default (LGD) assessment both
facilities rank first, together with trade payable, ahead of
unsecured pensions and short-term lease commitments at the level
of operating entities. As a result and based on a standard 50%
recovery rate assumption given the covenant-lite language of the
new loan documentation, the new facilities are rated (P)Ba3
(LGD3) in line with the CFR.


The stable outlook assumes that Pfleiderer will return to organic
topline growth in 2017 and continue its recent track record of
steady profit expansion. This should be supported by demand
growth in the group's core western and eastern European markets
as well as further synergies associated with "One Pfleiderer" and
enable de-levering to below 3x debt/EBITDA over the next two


A further upgrade would require Pfleiderer building at track
record of achieving (1) EBITDA margins above 16%, and (2)
leverage to decline towards 2.5x debt/EBITDA, both on a Moody's-
adjusted and sustained basis. Moreover, an upgrade would require
the group to establish a prudent financial policy including
measured dividend payments, ensuring solid positive FCF
generation and FCF/debt metrics in the high-single-digits.

Downward pressure on Pfleiderer's ratings would evolve, if (1)
EBITDA margins (Moody's-adjusted) were to deteriorate sustainably
below 14%, (2) leverage materially exceeded 3.5x debt/EBITDA
(Moody's-adjusted), and (3) FCF weakened towards breakeven and/or
its liquidity deteriorate unexpectedly.


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

Pfleiderer Group S.A. ("Pfleiderer"), headquartered in Wroclaw,
Poland, is one of the leading European manufactures of ecological
wood-based products and solutions. The group serves customers in
the furniture and construction industry, employs approximately
3,600 people and operates 9 production facilities across Germany
and Poland. In fiscal year ended December 2016, Pfleiderer
reported group net sales of EUR960 million and EBITDA before non-
sustainable items of around EUR149 million.

Pfleiderer is majority-owned by investment firms Strategic Value
Partners LLC and Atlantik S.A. (together holding approximately
49% of the share capital) and has been listed as Pfleiderer Group
S.A. on the Warsaw Stock Exchange since January 2016. Pfleiderer
Grajewo S.A. had been listed on the Warsaw Stock Exchange since


FRIGOGLASS SAIC: Moody's Affirms Caa3 Corporate Family Rating
Moody's Investors Service has downgraded the senior unsecured
rating assigned to the notes issued by Frigoglass Finance B.V.
and due 2018 to Ca from Caa3. Concurrently, Moody's has affirmed
the Greek manufacturer Frigoglass SAIC's corporate family rating
(CFR) at Caa3 and downgraded its probability of default rating
(PDR) to Ca-PD from Caa3-PD. The outlook on the ratings remains


The rating actions follows the disclosure on 20 March 2017 from
Frigoglass of its proposed debt restructuring plan. The company
is negotiating the restructuring plan with its major shareholder
Boval S.A. (unrated), who is also a lender of the company, its
core lender banks (Citi, HSBC and the Greek banks Alpha Bank and
Eurobank) and with an "Ad-Hoc Committee" of bondholders,
representing approximately 32% of the EUR250 million outstanding

Under the proposed plan, bank lenders and bondholders are
requested to inject EUR40 million of fresh cash in the company in
the form of a new first lien debt. Accepting lenders and
bondholders would receive in exchange of their outstanding senior
unsecured debt a mix of first lien debt, second lien debt and
equity, while non-accepting bondholders would receive only second
lien notes and equity. The company will implement the
restructuring of the Notes through a Scheme of Arrangement under
the English law, which would need the consent of at least 50% by
number and 75% by principal value of bondholders who attend and
vote, whether in person or by proxy, at a meeting of Holders
convened to consider the Scheme. Moody's understand that
negotiations on the final term of the plan are still ongoing.

If completed as planned, Moody's would likely consider the
proposed debt restructuring as a Distressed Debt Exchange (DE),
owing to: 1) the haircut on the principal amount for both lenders
and bondholders, which Moody's estimates at approximately 35-37%
depending on the level of acceptance; 2) the bond maturity
extension from the current 2018 to 2021 and 2022 of the new first
lien and second lien instruments respectively; 3) the reduction
of the coupon from the current 8.25% to a floating Euribor+4.25%
for the first lien and a fixed 7% for the second lien

The downgrade of the PDR to Ca reflects the extremely high
likelihood that Frigoglass will default under its current
obligations, based on the proposed restructuring plan. The
notching differential between the Caa3 CFR and the Ca rating on
the 2018 notes reflects Moody's view that, based on the proposed
terms of the plan, the recovery rate for bondholders will be
lower than the average of Frigoglass creditors.

As of December 2016, Frigoglass's debt amounted to EUR384
million, including (1) EUR250 million under the notes maturing in
2018, (2) EUR82 million under an RCF maturing in March 2017 and
other facilities with some Greek banks; (3) EUR30 million under a
shareholder's loan, also maturing in March 2017; and (4) EUR21
million under some local facilities at Frigoglass's operating
subsidiaries. Frigoglass held EUR58m in cash as of December 2016.


The negative outlook reflects Moody's view that the risk of a
default is increasing and that the recovery rate in case of a
default could be lower than currently expected.


Upward pressure on the rating could materialise once a new
capital structure is in place following the announced
restructuring and resulting in a material reduction in debt.

Given the rating positioning, downward pressure could result if
Frigoglass is unable to refinance its current maturities or if
Moody's believes that recovery prospects for creditors will
further deteriorate, as for example if the restructuring proposal
doesn't go ahead as planned.


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

Incorporated in Greece, Frigoglass has a widespread global
presence, with a focus on countries in both Western and Eastern
Europe, Africa and the Middle East, and Asia and Oceania. The
group produces beverage refrigerators for global players in the
beverage industry, with key customers including Coca-Cola Company
(The) bottlers and major brewers. Truad Verwaltungs A.G. owns
approximately 45% of Frigoglass and is a long-term investor in
the group. Truad Verwaltungs A.G. is a trust representing the
interests of the Leventis family and no member has a majority


AVOCA CLO III: S&P Cuts to D, Then Withdraws Class E Notes Rating
S&P Global Ratings withdrew its credit ratings on Avoca CLO III
PLC's class C Def, D-1 Def, D-2 Def, E, and R combination notes
following the transaction's early termination.  Before the
withdrawals, S&P lowered to 'D (sf)' our rating on the class E
notes.  S&P's rating on the class E notes will remain at 'D (sf)'
for 30 days before the withdrawal becomes effective.

S&P has withdrawn its ratings on the class C Def, D-1 Def, D-2
Def, and R combination notes as the notes repaid their
outstanding principal.

The notes' legal final maturity date is Sept. 15, 2021.  However,
the transaction was terminated early pursuant to a deed of
amendment, which the class E noteholders approved by passing an
extraordinary resolution to terminate the transaction on the
March 15, 2017, payment date and write down any principal amount
outstanding on the notes to the amount available for distribution
on the final redemption date (or, if no amounts are available for
distribution, to zero).

Under the amended terms of the transaction documents, no legal
default has occurred for the class E notes.

However, S&P has lowered to 'D (sf)' from 'CCC- (sf)' its rating
on the class E notes because the existing terms have been amended
regarding the payment of interest and principal amounts
outstanding.  The rating will remain at 'D (sf)' for 30 days
before the withdrawal becomes effective.

S&P applied its exchange offer criteria and determined that the
offer to the noteholders was distressed, rather than
opportunistic.  Furthermore, the offer resulted in the
noteholders receiving less value than under the original terms of
the securities.

Avoca CLO III is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to speculative-grade corporate
firms.  The transaction closed on Aug. 3, 2005 and Avoca Capital
manages it.

Class             Rating
            To             From

EUR408 Million Floating- And Fixed-Rate Notes

Ratings Withdrawn

C Def       NR             A- (sf)
D-1 Def     NR             B- (sf)
D-2 Def     NR             B- (sf)
R Combo     NR             B+ (sf)

Rating Lowered and Withdrawn[1]

E           D (sf)         CCC- (sf)
            NR             D (sf)

NR--Not rated.
[1]The rating will remain at 'D (sf)' for a period of 30 days
before the withdrawal becomes effective.

ERLS 2017-PL1: DBRS Assigns B Provisional Rating to Class F Notes
DBRS Ratings Limited assigned the following provisional ratings
to notes issued by European Residential Loans Securitisation
2017-PL1 DAC (the Issuer):

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

The Class X Notes and the Class Z Notes are not rated by DBRS and
will be retained by the seller.

The Class A Notes are provisionally rated for timely payment of
interest and ultimate payment of principal. The Class B Notes,
Class C Notes, Class D Notes, Class E Notes and the Class F Notes
are rated for ultimate payment of interest and ultimate payment
of principal. An increased margin on the Class A and B Notes is
payable from the step-up date falling in March 2019. Additional
amounts are also due to the Class C, Class D, Class E and Class F
Notes on and from the first interest payment date following the
step-up date. Such additional amounts are not rated by DBRS. The
Issuer will enter into an Interest Rate Cap Agreement with BNP
Paribas S.A. (BNP). The cap agreement will terminate on 24 March
2024 or, if earlier, the date as of which all amounts due under
the Class A, Class B Class C, Class D, Class E and Class F Notes
have been repaid and/or redeemed in full. The Issuer will pay the
interest rate cap fee of []% per annum on the interest rate cap
notional balance and, in return, will receive payments to the
extent that one-month Euribor is above 2% for the relevant
interest period. The cap notional balance will be in accordance
with the notional amount payment schedule.

The transaction benefits from a non-amortising Reserve Fund,
which is split into a General Reserve and Liquidity Reserve. The
non-amortising General Reserve fund will have a target amount
equal to 3% of the Class A to Class Z Note balance minus the
target amount of the Liquidity Reserve. The General Reserve will
provide liquidity and credit support to the rated notes. The
Liquidity Reserve is amortising with a target amount equal to 3%
of the Class A Notes and will provide liquidity support to the
Class A Notes. Amortised amounts of the Liquidity Reserve will
form part of the General Reserve.

On each interest payment date, the Additional Note Payment
Reserve will be credited using excess spread. Amounts standing to
the credit of the additional note payment reserve will be
available to cover additional note payment shortfalls. On the
relevant redemption date of the notes, amounts standing to the
credit of the additional note payment reserve will be applied as
available revenue funds.

Proceeds from the issuance of the Class A to Z Notes will be used
to purchase first charge performing (25%) and re-performing Irish
residential mortgage loans. The outstanding balance of the
provisional mortgage portfolio is EUR 630,641,288 (31 December
2016). The mortgage loans were originated by Bank of Scotland
(Ireland) Limited (BoSI; 66.9%), Start Mortgages DAC (Start; 29%)
and NUA Mortgages Limited (NUA; 4.1%). The mortgage loans are
secured by Irish residential properties. Lone Star Funds through
the respective seller acquired the mortgage loans originated by
Start and NUA in December 2014. The mortgage loans originated by
BoSI were acquired by the respective seller in February 2015.
Servicing of the mortage loans is conducted by Start, which are
also expected to be appointed as Administrators of the assets for
the transaction. Primary servicing activites have been delegated
to Homeloan Management Limited (HML) under a subservicing
agreement. There is no obligation for Start to continue to
delegate to HML and HML is not a party to the securitisation
documents. Hudson Advisors Ireland DAC (Hudson) will be appointed
as the Issuer Administration Consultant and, as such, will act in
an oversight and monitoring capacity.

The origination vintages of the portfolio are concentrated
between 2006 and 2008 (70.3%). The weighted-average (WA) indexed
current loan-to-value (CLTV) of the portfolio is equal to 89.5%,
63.1% having an indexed CLTV greater than 80%. The proportion of
the portfolio in negative equity represents 38.2%. The pool is
primarily concentrated in Non-Dublin areas at 60% with the
remaining 40% located in Dublin. Irish house prices in Dublin and
Non-Dublin have rebounded 64.3% and 44.3%, following the peak-to-
trough drop of 59.7% and 55.7%, respectively. Restructured loans
comprise 75.5% of the mortgage portfolio with 46% of the pool
restructured in the last 24 months. DBRS has assessed the
performance of restructured loans in its default analysis. The WA
pay rate of loans before restructuring is 80.6%. Post
restructuring, the WA pay rate has been 99.7%. As of 31 December
2016, 81.2% of the mortgage loans are current with 0% of loans
greater than three months in arrears.
The interest rate payable on the mortgage loans is linked to
lender Variable Rates (VR; 27.7%), Fixed Rate Loans (5.5%) and
ECB tracker loans (66.9%). The coupon payable on the notes is
linked to one-month Euribor. A VR floor of one-month Euribor plus
2.50% will also be implemented, subject to compliance with
applicable law, regulations and mortgage conditions. The WA
coupon generated by the mortgage loans is equal to 2.08% with the
WA margin above one-month Euribor equal to 2.45%.

From closing until the third interest payment date, the sellers
may sell to the Issuer a further portfolio (up to 5% of the
initial balance of the portfolio) subject to the further
portfolio conditions. The Issuer will fund such purchase from
amounts available under the prefunding reserve. There is no
obligation on the sellers to offer a sale of a further portfolio.
If no additional portfolio is transferred to the Issuer, funds
standing to the credit of the prefunding reserve will be applied
as available principal funds.

The credit enhancement available to the rated notes consist of
subordination and the General Reserve. The Credit Enhancement
available to the Class A Notes will be equal to 56.65%, Credit
Enhancement available to the Class B Notes will be equal to
43.90%, Credit Enhancement available to the Class C Notes will be
equal to 38.90%, Credit Enhancement available to the Class D
Notes will be equal to 31.40%, Credit Enhancement available to
the Class E Notes will be equal to 23.65% and Credit Enhancement
available to the Class F Notes will be equal to 18.65%.

The euro collection accounts are held with the Allied Irish Banks
Plc (AIB). Funds deposited into the AIB collection accounts will
be deposited on the next business day into the Issuer Transaction
Euro Account held with Elavon Financial Services DAC, London
Branch, which is privately rated by DBRS. DBRS has concluded that
Elavon meets DBRS's criteria to act in such capacity. The
transaction documents contain downgrade provisions relating to
the Transaction Account bank where, if downgraded below "A," the
Issuer will replace the account bank. The downgrade provision is
consistent with DBRS's criteria for the initial rating of AAA
(sf) assigned to the Class A Notes. The interest rate received on
cash held in the account bank is not subject to a floor of 0%,
which can create a potential liability for the Issuer.

The ratings are based on DBRS's review of the following
analytical considerations:
-- Transaction capital structure and form and sufficiency of
    available credit enhancement.
-- The credit quality of the mortgage portfolio and the ability
    of the servicer to perform collection and resolution
    activities. DBRS calculated probability of default (PD), loss
    given default (LGD) and expected loss outputs (EL) on the
    mortgage portfolio. The PD, LGD and EL are used as an input
    into the cash flow model. The mortgage portfolio was analysed
    in accordance with DBRS's Master European Residential
    Mortgage-Backed Securities Rating Methodology and
    Jurisdictional Addenda methodology.
-- The ability of the transaction to withstand stressed cash
    flow assumptions and repay the Class A, Class B, Class C,
    Class D, Class E and Class F Notes according to the terms of
    the transaction documents. The transaction structure was
    modelled using Intex. DBRS considered additional sensitivity
    scenarios of 0% CPR stress. The Class D Notes did not pass 0%
    CPR in the rising interest rate scenarios. DBRS will continue
    to monitor the CPR rates as part of its surveillance process.
-- The sovereign rating of the Republic of Ireland rated A
    (high)/R-1(middle)/Stable (as of the date of this report).
-- The legal structure and presence of legal opinions addressing
    the assignment of the assets to the Issuer and the
    consistency with DBRS's Legal Criteria for European
    Structured Finance Transactions methodology.

M&J WALLACE LTD: ACC Collects EUR3 Million From Assets Sale
Gordon Deegan at Independent reports that ACC Bank has now
received EUR3 million from the EUR3.39 million realised in sale
and rent of properties formerly owned by bankrupt TD Mick
Wallace's main building firm.

That is according to new documentation lodged with the Companies
Office concerning the receivership of Mr. Wallace's M&J Wallace
Ltd, the report notes.

In 2011, Declan Taite was appointed by ACC as receiver to company
assets at the Italian Quarter on Ormond Quay, the Behan Square
apartment complex on Russell Street near Croke Park and to
development land in Rathgar -- all in Dublin, the report recalls.

According to the report, the latest receiver's extract lodged by
Mr. Taite shows that the legal and professional fees now total
EUR375,273 from the receivership, Independent relays.  Mr. Taite
realized EUR2.24 million from the sale of the Garville Rd site at
Rathgar on August 26 2015, while the amount of rent received from
M&J Wallace's properties is EUR1.76 million, according to

The report notes that the extract shows that ACC received an
additional EUR400,000 in the latest six-month period of the
receivership from May 17 to November 16 last and this followed a
payout of EUR2.65 million in the prior periods.

The report discloses that in the High Court last December, the
independent TD was forced into bankruptcy by Cerberus, which
filed a petition last year after obtaining a judgment against him
for EUR2 million.

ACC got a judgment against Mr. Wallace for EUR20 million in 2012,
but has not sought to enforce it, the report relays.

Independent states ACC bank's decision to wait for the Dublin
property market to recover and not carry out a fire-sale of the
Wallace properties after taking possession of the assets in 2011
has paid dividends.

The new documentation shows that Mr. Taite received EUR1717,522
in rental payments in the latest six months, the report relays.

The report discloses the professional and legal fees arising from
the receivership total EUR375,273 with an additional EUR138,732
paid out in management fees.

The report adds that at its peak, Mr. Wallace's construction
business was worth EUR80 million.


* April 12 Sale Set for Semproniano, Castell'Azzarra Properties
Court of Rome
Bankruptcy procedure n. 823/14 R.F.
Judge Dott.ssa Cavaliere

A competitive sale ex art 107 Bankruptcy Law will be held on
April 12, 2017 at 11:30 a.m. before notary Alfonso Colucci at his
office in Rome Via Emanuele Gianturco for the following

Single lot: Municipality of Semproniano (Grosseto, Tuscany),
Estate of Cortevecchia, with a total surface area of about 2250
hectares located in part in the municipality of Semproniano and
in part in the municipality of Castell'Azzarra; consisting of
1080 property units, including buildings and land areas.

Base price: EUR12,756,781 and in, case of auction, minimum
increment of EUR10,000.

Offers have to be submitted within 10:00 a.m. of April 12, 2017,
at the office.

For further information on the modalities of submission of the
offer and the participation in the competitive sale: contact
receiver Avv. Anna Rita Dell'Olmo e-mail:, certified electronic mail: on the websites, and (Cod. A333354).
The bankruptcy procedure does NOT act through intermediaries.

* April 12 Deadline Set for Business Complex
Invitation to submit bids for the sale of business complex -- --

The judicial administrator appointed by the relevant court of
jurisdiction has been authorized to initiate a bidding procedure
for the sale of a line of business under precautionary seizure
and formerly owned by bankrupt company, which purchases,
processes, sells and markets tobacco and the by-products thereof;
moreover it manufactures and sells cigarettes.

The line of business will be sold as a going concern.  Its market
share in Italy is about 0.7%, and it will include the business
assets described in more detail in the expert's appraisal.

The starting price for this sale is set at EUR4,290,000 plus
applicable taxes.  Bids shall be no lower than the starting price
requested and shall be accompanied by a bid guarantee amounting
to 20% of the bid amount in the form of a banker's draft, made
out according to the call for bids.  Bids shall be delivered to
the offices of the appointed Notary, Andrea Ganelli, Corso
Galileo Ferraris no. 73, Turin (Italy) - no later than midday on
April 12, 2017.

Bids will be opened at 3:00 p.m. on April 12, 2017, in the
offices of the appointed Notary, Andrea Ganelli, Corsos Galielo
Ferraris no. 73, Turin (Italy). If more than one bid is valid,
the court-appointed judicial administrator shall be entitled to
order a competitive procedure among the bidders, according to the
terms and conditions that will explained at that time.

Contact the court-appointed judicial administrator,
Dario Spadavecchia on +39 011-7410435 for information and to view
the documents on the business complex, including the call for

This notice is exclusively an invitation to bid and is not a
public offering pursuant to Section 1336 of the Italian Civil
Code or a solicitation of funds from the public.


ENEL PJSC: Fitch Affirms BB+ Long-Term FC Issuer Default Rating
Fitch Ratings has affirmed PJSC Enel Russia's Long-Term Foreign-
Currency Issuer Default Rating (IDR) at 'BB+'. The Outlook is

The affirmation reflects Fitch's expectations that Enel Russia's
credit metrics will remain strong, with FFO net adjusted leverage
of average 1.5x over 2017-2021. This is on the back of the
increase in revenue generated under capacity supply agreements
(CSAs) with favourable economics and moderate capex, and despite
higher dividend payments. At the same time, the unpredictability
of the Russian regulatory environment along with high political
risk ahead of the 2018 presidential elections constrain the
standalone ratings of Russian utilities at sub-investment grade.
Enel Russia's rating also incorporates FX risk exposure, volume
and power price risk and volatility of fuel prices. Fitch rate
the company on a standalone basis.


Strong Financial Profile: Fitch expects Enel Russia to remain
free cash-flow (FCF) positive over 2017-2021 due to strong cash-
flow generation supported by capacity payments under the CSA
framework and relatively moderate capex. After the drop in EBITDA
in 2015, Enel Russia's financial profile recovered in 2016 and
Fitch expects it to improve further in 2017 due to the CSA
payment increase. Fitch assumes average annual investments in
line with company's estimates of around RUB6 billion over 2017-
2019. Fitch also assume a dividend payout ratio of 55%-65% over
2017-2019, in line with management guidance and higher than Fitch
previous 40% assumption.

CSAs Add Stability to EBITDA: Fitch estimates that the newly
commissioned units operating under the CSAs contributed around
30% on average of its 2014-2016 EBITDA, and expects its share to
increase to around 50% over 2017-2019 as a result of the expected
CSA tariff hike.

The consistent application of the CSA regulatory framework for
Russian generation companies during the recent economic crisis
contributed to an improving record in its implementation. In
addition, the auctions for capacity sales on the competitive
capacity market set the capacity payments over a four-year
period, adding to the predictability of generators' cash flows.
However, Fitch continues to view Russian regulatory risk for the
power sector as high compared to the regulatory frameworks in
western European countries.

Fuel Price Volatility: Enel Russia partially mitigates its
exposure to fuel price volatility through long-term gas supply
contracts, multiple suppliers and diversity of fuel mix (coal and
gas). Russian domestic gas prices are regulated and a moderate
gas tariff increase is expected over 2017-2021. The company also
benefits from attractively priced coal supplies from Kazakhstan
but coal prices can be volatile, albeit well below gas prices,
and expose the company to fluctuations in the tenge/rouble.

Solid Business Profile: Enel Russia's business profile benefits
from its satisfactory market share (4% by installed capacity and
production in Russia, 10% in the Southern and Urals districts),
and the diversity of operations by number of plants, fuel mix,
geography and customer base. With installed power capacity of 9.5
GW and heat capacity of 2,382 Gcal/h in 2016, the company is
comparable to PJSC Mosenergo (BBB-/Stable) but is smaller than
PJSC Inter RAO (BBB-/Stable) and PJSC RusHydro (BB+/Negative).
Enel Russia is also diversified by fuel mix, which is split
almost equally split between gas and coal, with only a marginal
contribution from fuel oil.

Potential Assets Disposal: According to the company, Enel Russia
is not actively considering the sale of Reftinskaya GRES, its
largest power plant, but would consider reviewing attractive
offers. The sale by Enel Russia of Reftinskaya GRES would
probably materially change the company's business profile. The
financial impact would depend on the use of proceeds and the
changes to capex made by the remaining group. Fitch will probably
place Enel Russia's rating on Rating Watch Negative if the
company progresses with the sale of Reftinskaya GRES.

Enel Russia's majority parent Enel S.p.A pursues active portfolio
management that provides for about EUR7.5bn disposals over 2015-
2019. Enel S.p.A. completed disposals for EUR3.1 billionn in 2016
with the largest one being the sale of Slovenske Elektrarne for
EUR1.3 billion. Its growth capex over 2017-2019 focuses on
renewables and networks and almost 40% is dedicated to Latin


Enel Russia's rating is supported by its solid market position
and strong financial profile, which is enhanced by a significant
share of EBITDA generated under CSAs with favourable economics.
This is the key factor that mitigates the company's exposure to
market risk and supports the stability of its cash-flow
generation. Enel Russia has a slightly weaker financial profile
than its closest peers Mosenergo and Inter RAO. However, Fitch
expects it to improve within the rating horizon. At the same
time, Fitch assesses the risks associated with the regulatory
framework and general operating environment in Russia to be high
compared to western European utilities peers, which constrains
Russian utilities' standalone ratings to speculative grade. Enel
Russia's 'BB+' rating does not incorporate any parental support
from the ultimate majority shareholder, Enel S.p.A.


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

- domestic GDP and inflation increase of 1.3% and 5.9% in 2017
   and 2.0% and 5.6% in 2018, respectively;
- gas tariff indexation by around 3.5% over 2017-2021;
- day-ahead price growth slightly below gas price increase over
- dividends at 55%-65% of net income under IFRS over 2017-2021;
- capex in line with management expectations.
- average cost of new borrowings of 9.5% in 2017 and thereafter


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

- A more transparent and predictable regulatory framework,
   coupled with the company's strong financial profile and
   disciplined financial policy.

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

- Sale of assets leading to a weakening of the company's
   and financial profiles.

- Change of the majority shareholder or shareholder-friendly
actions resulting in a significant shift in the prudent financial
policy and material deterioration in the company's credit

- Generation of negative FCF on a sustained basis.

- Weaker than expected power prices, a significant rise in coal
   prices and/or a more ambitious capex programme resulting in
   FFO net adjusted leverage rising above 2.5x and FFO fixed
   charge cover falling below 5x on a sustained basis.


Comfortable Liquidity: Enel Russia has comfortable liquidity as
its cash of RUB5.7 billion together with uncommitted unused
credit facilities of RUB36 billion were more than sufficient to
cover short-term debt of RUB2.7 billion at end-2016. Under all
credit facilities Enel Russia does not pay commitment fees, which
is a common practice in Russia. The RCFs include loan agreements
with the largest local banks and international bank subsidiaries.

Fitch expects funding from these banks to be available to the
company. Fitch also expects the company to continue generating
positive FCF over 2017-2020. Its debt repayment schedule is well
balanced averaging RUB2.7 billion annually, with the exception of
a local-bond repayment peak in 2018 for RUB10 billion. At end-
2016, 95% of cash was in roubles with the remaining portion in US
dollars and euros.

Manageable FX Risk: Enel Russia has significantly decreased its
foreign-currency-denominated debt, which fell to 27% of total
debt at end-2016 from 72% at end-2015. Moreover, the company
continues hedging of up to 100% of foreign-currency debt. Enel
Russia uses currency swaps for up to five years as hedging

In addition, Enel Russia is exposed to tenge fluctuations through
prices it pays for coal purchased in Kazakhstan. In 2016 the
company started to use short-term tenge/rouble hedging
instruments. The significant rise in coal prices in 2015 was
driven by delay between the tenge devaluation and the earlier
rouble depreciation, while in 2016 the tenge fell more than the
rouble, which resulted in favourable coal prices for the company.
Fitch expects the tenge to now fluctuate in tandem with the
rouble, following the latest devaluation and the Kazakh
government's decision to float its currency.


Long-Term Foreign-Currency IDR affirmed at 'BB+', Outlook Stable
Long-Term Local-Currency IDR affirmed at 'BB+', Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'B'
Short-Term Local-Currency IDR affirmed at 'B'
Foreign- and local-currency senior unsecured ratings affirmed at

FEDERAL PASSENGER: S&P Revises Outlook to Pos. & Affirms BB+ CCR
S&P Global Ratings said that it had revised its outlook on
Russian long-distance passenger rail operator Federal Passenger
Co. JSC (FPC) to positive.  S&P affirmed its 'BB+' long-term
corporate credit rating on the company.

At the same time, S&P assigned a 'B' short-term corporate credit
rating and a 'ruAA+' Russia national scale rating to FPC.

S&P revised its outlook on FPC to positive to reflect the similar
action on Russia and that S&P considers FPC to be a government-
related entity with a high likelihood of timely and sufficient
support from the Russian government in case of financial stress.
S&P base this view on these:

   -- FPC's very important role for the government; and
   -- FPC's strong link with the Russian government, its ultimate

S&P revised the outlook on its foreign currency rating on FPC to
positive to also reflect S&P's revision of the outlook on the
'BB+' foreign currency rating on Russian Railways, FPC's parent.
The ratings on FPC are currently capped by the ratings on Russian
Railways, because S&P do not consider FPC to be operationally and
financially insulated from Russian Railways.  However, S&P's
'BBB-' local currency rating on Russian Railways does not cap the
ratings on FPC at the moment.

S&P affirmed its rating on FPC because the company continues to
benefit from ongoing government support in various forms.  The
largest impact in the last two years came from the reduction of
value-added tax (VAT) to 10% from 18% in 2016 and to 0% from 10%
in 2017, which was equivalent to a broadly similar increase in
fares for FPC, given that the ticket prices were not reduced.  In
addition to VAT reductions, the government approved fare
increases of 5% for the deregulated segment and of 4% for the
regulated segment in 2016, and of 3% and 3.9%, respectively, in
2017.  On top of that, FPC continued to receive direct state

The growth in passenger traffic by an estimated 3.9% in 2016 has
also contributed to better operating performance.

At the same time, S&P believes that FPC's financial risk profile
has slightly weakened over the last few years and will not
recover meaningfully in the near term, despite the improving
operating performance--primarily owing to growing capital
expenditures and an expectation of negative free operating cash
flows in the coming years.

S&P adjusts its rating downward by one notch from the anchor to
reflect the short-term nature of the state subsidies that FPC
relies on.

S&P considers FPC to be a strategically important subsidiary of
its parent Russian Railways, and S&P believes that FPC could
receive support from Russian Railways.  S&P bases its opinion on
these considerations:

   -- S&P understands that FPC is unlikely to be sold or
      separated from the Russian Railways group;

   -- FPC is important to Russian Railways' long-term strategy
      and operates in line with Russian Railways' targets; and

   -- There are incentives for long-term support from senior
      group management, such as cross-default clauses in some of
      Russian Railways' bond documentation.

The positive outlook on FPC reflects the possibility that S&P
would raise its ratings on the company if S&P was to raise its
ratings on Russia, because S&P continues to believe there is a
high likelihood that the Russian government would provide timely
and sufficient extraordinary support to FPC if needed.  At the
same time, the ratings on FPC continue to be capped by the
ratings on Russia, as FPC conducts all of its business in Russia
and has a strong link with the Russian government.  Also, S&P
would raise its foreign currency ratings on FPC only if S&P also
raised the foreign currency ratings on Russian Railways.  The
ratings on FPC are capped by the ratings on Russian Railways, as
S&P do not believe FPC is operationally and financially insulated
from its parent.

S&P would revise the outlook to stable following a similar action
on the sovereign and on Russian Railways.

UNICREDIT BANK: S&P Affirms 'BB+/B' Counterparty Credit Ratings
S&P Global Ratings affirmed its 'BB+/B' long- and short-term
counterparty credit ratings on Russia-based AO UniCredit Bank
(UniCredit Russia).  The outlook remains stable.

The affirmation reflects the bank's strong market position,
sustainable revenues, sound level and quality of capitalization
with good earnings capacity over the cycle, and healthy risk-
management system, which result in better asset quality than the
system average.  The bank's material single-name deposit
concentrations are mitigated by sound liquidity management, in
S&P's view.

S&P's assessment of UniCredit Russia's capital and earnings
position balances adequate levels and quality of capitalization
with good earnings capacity.  On Sept. 30, 2016, the bank's risk-
adjusted capital (RAC) ratio stood at 7.7% before adjustments for
diversification, up from 6.9% at 2015 year-end due to loan
portfolio contraction over 2016 on the back of weak economic
growth and the bank's cautious risk-management approach.  S&P
projects the RAC ratio before diversification adjustments will be
about 7.4%-7.7% over the next 12 months.  These estimates are
based on our projections of loan growth of about 5%-7% over the
next two years, no dividend payout, a net interest margin of
about 3.2% in 2017, and credit costs of 1.6%-1.7% remaining lower
than the sector average of 3.5%-4.5%.

S&P continues to consider UniCredit Russia to be of high
strategic importance to UniCredit SpA (BBB-/Stable/A-3), which
S&P expects will provide ongoing support, as well as
extraordinary support, to the bank if needed.

S&P also continues to believe that the bank has moderate systemic
importance in Russia and expect the government would also provide
support in case of need.

The stable outlook on UniCredit Russia reflects S&P's view that
the bank will be able to maintain its creditworthiness over the
next 12 months.

S&P would consider revising its assessment of the bank's stand-
alone credit profile (SACP) downward if S&P observed weaker-than-
expected loan loss performance.  However, a weaker SACP would not
trigger a downgrade, all other factors being equal, since S&P
would incorporate a notch of uplift to reflect the likelihood of
extraordinary support from the parent, UniCredit SpA.

S&P considers the possibility of a positive rating action to be
remote in the current environment, since it would require
improvement of the bank's or the group's financial profile.


CAMPOFRIO FOOD: Moody's Raises CFR to Ba2, Outlook Positive
Moody's Investors Service has upgraded Campofrio Food Group, S.A.
corporate family rating (CFR) to Ba2 from Ba3 and probability of
default rating (PDR) to Ba2-PD from Ba3-PD. Concurrently, Moody's
has also upgraded to Ba2 from Ba3 the ratings on the EUR500
million senior unsecured notes due 2022. In addition, the outlook
on all ratings has been changed to positive from stable.


"Moody's decision to upgrade Campofrio's ratings and to assign a
positive outlook reflects the good financial results achieved in
2016 despite the challenging period characterized by the
reconstruction of its main factory, the partial repayment of the
senior notes, and an increased integration with its parent
company." says Emmanuel Savoye, an AVP at Moody's.

Campofrio's improved credit profile was driven by (1) positive
2016 year-end results; (2) the successful reconstruction of the
Burgos factory; (3) the partial repayment of the EUR500 million
senior notes financed by an intercompany loan from Campofrio's
parent company, Sigma Alimentos S.A. de C.V. (Sigma, Baa3

The company reported 1% revenue growth in 2016 to EUR1,941
million and a 3% increase in volumes to 444 tonnes, in a
continued low raw material price environment. The main Southern
European segment (Spain, Portugal and Italy) reported a solid 3%
sales growth, which mitigated a weaker performance in Northern
Europe, where volumes and revenues declined by 6% and 5%
respectively. Moody's note positively that the company maintained
leading market shares, despite the fire that destroyed its main
factory in Burgos (Spain) in late 2014. Campofrio reported EUR150
million of EBITDA in 2016 compared to EUR158 million in 2014 and
EUR178 million in 2015. The latter number however included EUR77
million of insurance proceeds for business interruption caused by
the fire, and hence is not directly comparable. As of year-end
2016, the Moody's adjusted Debt/EBITDA is 4.5x (3.5x excluding
factoring adjustment) and Moody's expects a decrease to around
4.0x in the next 12 months.

Following the completion of the factory reconstruction in
November 2016, Moody's believes that the company has successfully
completed a challenging transition year. The factory is now
ramping-up with current capacity utilisation of 20-30%, and
Moody's expects full capacity to be reached as soon as in the
Summer of 2017. In the meanwhile Campofrio had to outsource part
of its production needs to third parties at a relatively higher
cost. With new and technologically advanced production lines the
factory will provide sizeable efficiency gains to Campofrio and
will support margins from the second half of 2017.

Campofrio has completed repayment of EUR100 million out of the
EUR500 million senior notes. The company has repaid the notes
with its accumulated cash balance, which was substantial at
EUR338 million as of 31 December 2016. According to the bond
indenture the company can do an optional prepayment of up to 10%
of the notes every 12-month period from the issuance date at a
price of 103.

At the same time, the transaction is cash neutral following the
issuance of a EUR100 million intercompany loan from Campofrio's
parent company, Sigma. In Moody's views, this reflects a strong
willingness from the parent to support the company, the strategic
importance of Campofrio for the group, and an increased level of
integration. Campofrio's CFR of Ba2 incorporates a one notch
uplift for parental support from Sigma Alimentos S.A. (Baa3

Campofrio has a very good liquidity profile. The company has
committed credit lines totalling EUR71 million available until
2018, and as of 31 December 2016 cash balances of EUR338 million,
accumulated thanks to the insurance claim advances received in
2014-15 and cash flow generation. Campofrio's liquidity will
allow to comfortably cover the remaining EUR125 million costs
still due in 2017 for the factory reconstruction.


Campofrio's capital structure is represented by the EUR500
million of senior unsecured notes due 2022 (EUR400 million
notional amount outstanding after the partial repayments made in
Q1 2017) and the EUR100 million intercompany loan issued by
Sigma. The rating on the senior unsecured notes is Ba2, in line
with the CFR. The notes have been issued at the parent company,
Campofrio Food Group S.A., and benefit from upstream guarantees
by operating subsidiaries representing a minimum of 75% of
consolidated EBITDA and assets.


The positive outlook is based on the expectation that on a
standalone basis the company will maintain its current operating
performance and achieve gradual deleveraging combined with
improvement in its adjusted EBIT margin.


There could be upward pressure on the rating if there is an
improvement in the company's profitability leading to sustainable
adjusted Debt/EBITDA of around 3.5x, combined with a material
improvement in the adjusted EBIT margin while generating positive
free cash flow and maintaining a good liquidity profile.

On a standalone basis, the ratings could be downgraded if
adjusted Debt/EBITDA increases towards 5.0x. Any significant
negative trends in the company's key markets are also likely to
result in downward rating pressure.

Campofrio's ratings could also change if there are any material
changes to the nature of parental support.


The principal methodology used in these ratings was Global
Packaged Goods published in January 2017.

Headquartered in Madrid, Campofrio is the largest producer of
processed meat products in Europe. The company produces cooked
ham, hot dogs, dry sausages and dry ham - together, accounting
for three quarters of the company's sales volumes - as well as
poultry, cold cuts, ready meals and pÉtÇs. Campofrio generated
revenue of EUR1,941 million in 2016 and Moody's-adjusted EBITDA
of EUR162 million. The company is 100% owned by Sigma Alimentos
Espa§a, S.L., a subsidiary of Sigma Alimentos S.A. de C.V.
(Sigma, Baa3 stable), a subsidiary of Alfa, S.A.B. de C.V. (Alfa,
Baa3 stable).

CERCANIAS MOSTOLES: Court Orders Liquidation
Reuters reports the Commercial Court no. 1 in Madrid agreed on
opening of liquidation phase under insolvency proceedings of OHL
wholly owned unit, Cercanias Mostoles Navalcarnero SA.


SSAB AB: S&P Revises Outlook to Positive & Affirms 'B+/B' CCRs
S&P Global Ratings revised the outlook on the long-term ratings
on Swedish steelmaker SSAB AB to positive from stable.  S&P
affirmed its 'B+' long- and 'B' short-term corporate credit

At the same time, S&P affirmed its 'B+' issue ratings on SSAB's
senior unsecured debt.  The recovery rating on this debt is
unchanged at '3' indicating S&P's expectation of 50%-70% recovery
in the event of a payment default.

The outlook revision reflects S&P's view that SSAB has made good
progress in debt and cost reduction amid improved steel market
conditions in Europe and the U.S. following the introduction of
import duties on Chinese steel, among others.  S&P expects SSAB
to continue to work toward its Swedish krone (SEK) 10 billion
debt reduction target in 2017.  In addition, S&P expects it to
repay another SEK3.7 billion of debt in 2017 using existing cash
and short-term deposits.

S&P expects higher shipments and prices in the near term and
anticipate 2017 full-year EBITDA of more than SEK6 billion.

S&P continues to view favorably SSAB's 30% net debt-to-equity
target, which is lower than 34% at Dec. 31, 2016.  The company
has generated positive discretionary cash flow over the past
three years, in 2016 helped by positive working capital movements
and no dividend payment.  S&P expects this to continue in 2017,
helped by that fact that no distribution to shareholders is

SSAB operates in the highly cyclical steel industry, with end
markets such as heavy transportation, construction, machinery,
and mining.  Metal prices typically move in line with demand and
supply over the long term, and can be volatile in the short term,
as happened in the second half of 2016.

SSAB's key strength is its strong market position in special-
grade steel products.  For example, it has a global market share
of about 40% in quenched and tempered steels, along with about 5%
in some advanced high strength steels, and around 25% market
share in heavy plates in North America, according to its own
estimates. Following the merger with Rautaruukki, it also
commands a 40%-50% share in the flat carbon steels and tubes
market in the Nordic region.

In S&P's opinion, the main challenges for SSAB are the risk of
new specialty grade steel capacity from competitors and the pace
of take-up of special-grade steel products by equipment

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

   -- EBITDA of around SEK6 billion per year in 2017 and 2018.
      This improvement from 2015 reflects a full run rate of cost
      savings and higher industry margins in the U.S. and Europe.
      Capital expenditures (capex) of SEK2 billion annually.

   -- No dividend in 2017 and 50% of net income thereafter.

Based on these assumptions, S&P arrives at these S&P Global
Ratings-adjusted credit measures:

   -- FFO to debt of 20%-25% in 2017 and 25%-30% in 2018.
   -- Debt to EBITDA of 3.0x-4.0x in 2017 and 2.5x-3.5x in 2018.

The positive outlook reflects S&P's expectation that leverage
should continue to decline in 2017 on the back of positive
discretionary cash flow generation and no dividend payment.  S&P
expects debt to EBITDA of less than 4x and FFO to debt of above
20% in 2017 (4.1x and 18.4% for 2016, respectively), while SSAB
maintains a strong liquidity position.  S&P views positively the
improved market conditions in Europe and the U.S., helped by
antidumping measures taken by the relevant authorities.

S&P could revise the outlook back to stable if adjusted debt to
EBITDA remained above 4x.  This could occur if market conditions
deteriorated, resulting in neutral discretionary cash flow.
Moreover, S&P could remove the one-notch uplift it currently
factors into the ratings on SSAB for its strong liquidity
position if it weakened, potentially prompting S&P's reassessment
of the outlook and/or rating.

S&P could consider an upgrade if SSAB were to sustainably
maintain lower leverage, with debt to EBTIDA comfortably in the
3x-4x range and FFO to debt of 20%-30%, in a mid-cycle


ISTANBUL: Moody's Affirms Ba1 Long-Term Issuer Rating
Moody's Public Sector Europe (MPSE) has affirmed the long-term
Ba1 issuer ratings of Istanbul, Metropolitan Municipality of,
Izmir, Metropolitan Municipality of, as well as Turkey's Housing
Development Administration (Toplu Konut Idaresi Baskanligi,
TOKI)'s Ba1 long-term issuer ratings. The existing National Scale
Ratings (NSRs) of on Izmir and TOKI have also been
affirmed. The outlook on all ratings has been changed to Negative
from Stable.

The rating actions were prompted by the deterioration of the
outlook for Turkey's credit profile as captured by Moody's recent
decision to change the outlook on Turkey's Ba1 government issuer
rating to negative from stable.

The sovereign outlook change indicates heightened systemic risk
for Turkish sub-sovereign issuers, which have close
institutional, operating and financial linkages with the central



The outlook change to negative of metropolitan municipalities of
Istanbul and Izmir reflects the more challenging operating
conditions for local governments, resulting from the country's
weakening economic prospects. In addition, should the central
government decide to implement austerity measures lower-tier
governments would be exposed in the form of lower state transfers
and tax revenues. Both cities depend on the central government
for a substantial portion of their revenue: 78% of Istanbul's
operating revenue and around 87% in case of Izmir have been
government funded over the past few years.

The negative outlook also reflects the growing fiscal pressure
stemming from Turkish lira fluctuation as it may impact debt
service ratios of metropolitan municipalities of Istanbul and
Izmir. Moody's expects Istanbul to face higher pressure as 97% of
its debt is foreign currency denominated and unhedged, while
Izmir has less exposure to the lira depreciation due to its lower
proportion of foreign currency debt (80% of total debt).

Istanbul's annual debt service requirements on foreign currency
debt in 2016 should have absorbed a relatively high, but still
manageable, 13.9% of the city's expected total revenue. Under the
current exchange rates debt service costs for Istanbul should be
around 13.5% of total revenue in 2017. Izmir's debt service costs
are moderate at around 7% of total revenue forecasted at year-end
2016, which is lower than the prior few years owing to a more
conservative borrowing strategy. Moody's expects that the debt
service costs on foreign currency debt will remain at similar
levels in 2017.

The lengthy maturity and amortizing nature of Istanbul's and
Izmir's debts, as well as their robust operating performances of
above 40% of operating revenue, partially mitigate the pressures
associated with growing debt servicing costs. In addition, both
cities set aside reserve funds to protect debt service payments
against a depreciating lira.


Following affirmations, Turkish sub-sovereign issuers will
continue to be rated in line with Turkey's sovereign rating.


The Ba1 rating of Istanbul and Ba1/ of Izmir take into
account the fact that they receive the bulk of their operating
revenues from the central government. These revenues take the
form of national taxes which are collected and then redistributed
to metropolitan municipalities on a monthly basis. Growing
central government resources have resulted in an increase in the
two cities' budget volumes. These growing budget volumes -
combined with the cities' disciplined financial management and
close oversight of municipal-related service companies - have
enabled both Istanbul and Izmir to continue to post robust
operating surpluses, at 44% and 45% of projected operating
revenue in 2016, respectively. The cities have also been able to
contain their moderate-to-relatively high debt levels. Istanbul's
debt-to-operating revenue ratio should have increased to 61% at
year-end 2016, from 56% in 2015; for Izmir, this ratio should
have grown to 56% from 52% during the same period. Official
budget projections for 2017 indicate consistent budgetary
results, but an increase in debt levels for both cities.

Istanbul's large and dynamic economy underpins its rating and
over time has translated into adequate budgetary resources
available for financing public service operations and capital
investments -- a lingering source of pressure for the municipal
budget. Similarly, Izmir's ratings continue to reflect the city's
dynamic economy, although it is smaller than that of Istanbul, as
well as its solid budgetary performances and prudent financial


The outlook on TOKI's Ba1/ issuer ratings (global and
Turkish national scale) was changed to negative from stable,
while the ratings were affirmed.

TOKI is a not-for-profit public-sector entity that operates under
a central government mandate, with direction from the prime
minister's office. These close institutional linkages, combined
with TOKI's strategic role in executing the government's housing
and urbanisation policies, have resulted in a substantial asset
expansion. These linkages also support its ratings at the same
level as that of the central government. The rating agency notes
that TOKI's credit profile also benefits from solid sales
performance, positive financial results, and its limited debt.


A downgrade of Turkey's sovereign rating would lead to a
downgrade of the sub-sovereigns' ratings. In addition, downward
ratings pressure may also arise from these entities' inability to
overcome upcoming fiscal challenges.

Conversely, a stabilisation of the outlook or an upgrade of
Turkish sub-sovereign ratings would follow a similar action on
Turkey's sovereign rating, given their close financial and
operational linkages.

The sovereign action required the publication of this credit
rating actions on a date that deviates from the previously
scheduled release date in the sovereign release calendar,
published on

The specific economic indicators, as required by EU regulation,
are not available for Istanbul, Metropolitan Municipality of;
Izmir, Metropolitan Municipality of; The following national
economic indicators are relevant to the sovereign rating, which
was used as an input to this credit rating action.

Sovereign Issuer: Turkey, Government of

GDP per capita (PPP basis, US$): 20,420 (2015 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 2% (2016 Estimate) (also known as GDP

Inflation Rate (CPI, % change Dec/Dec): 8.5% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -1.2% (2016 Estimate) (also
known as Fiscal Balance)

Current Account Balance/GDP: -3.8% (2016 Actual) (also known as
External Balance)

External debt/GDP: 49.8% (2016 Estimate)

Level of economic development: Moderate level of economic

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.


On 16 March 2017, a rating committee was called to discuss the
rating of the Istanbul, Metropolitan Municipality of; Izmir,
Metropolitan Municipality of; Toplu Konut Idaresi Baskanligi. The
main points raised during the discussion were: The systemic risk
in which the issuer operates has materially increased.

The principal methodology used in rating Metropolitan
Municipality of Izmir and Metropolitan Municipality of Instanbul
was Regional and Local Governments published in January 2013.

The principal methodology used in rating Toplu Konut Idaresi
Baskanligi was Government-Related Issuers published in October

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".za" for South Africa.
For further information on Moody's approach to national scale
credit ratings, please refer to Moody's Credit rating Methodology
published in May 2016 entitled "Mapping National Scale Ratings
from Global Scale Ratings". While NSRs have no inherent absolute
meaning in terms of default risk or expected loss, a historical
probability of default consistent with a given NSR can be
inferred from the GSR to which it maps back at that particular
point in time. For information on the historical default rates
associated with different global scale rating categories over
different investment horizons.

TURKIYE SISE: Moody's Affirms Ba1 CFR, Outlook Stable
Moody's Investors Service has taken rating actions on seven
Turkish corporates.

Moody's changed the rating outlooks to negative from stable of:

- Koc Holding A.S. (Koc Holding),

- Ordu Yardimlasma Kurumu (OYAK),

- Coca-Cola Icecek A.S. (CCI), and

- Turkcell Iletisim Hizmetleri A.S. (Turkcell)

The Baa3 issuer ratings of the above companies were all affirmed.

Moody's also affirmed:

- The Baa3 issuer rating of Anadolu Efes Biracilik ve Malt
   Sanayii A.S. (Efes); the outlook is negative

- The Ba1 corporate family rating and Ba1-PD probability of
   default rating (PDR) of Turkiye Sise ve Cam Fabrikalari A.S.
   (Sisecam); the outlook is stable

- The Ba1 corporate family rating and Ba1-PD probability of
   default rating of Turkiye Petrol Rafinerileri A.S. (Tupras);
   the outlook is stable

Moody's has taken no rating action on Dogus Holding A.S. (Ba1,

The rating actions were prompted by the deterioration of the
outlook for Turkey's credit profile as captured by Moody's recent
decision to change the outlook on Turkey's Ba1 government issuer
rating to negative from stable.



The change of outlook on the ratings of these corporates follows
the change of outlook on the Ba1 sovereign rating of Turkey and
reflects the credit linkages of these corporates with the Turkish
economy and their material exposure to the domestic operating

These corporates' Baa3 issuer ratings are one notch above
Turkey's government bond rating of Ba1. While they have strong
financial profiles and market leadership positions, they also
have a high dependence on their Turkish operations for revenue
and cash flow generation. The corporates also have significant
cash balances, with a majority deposited in the domestic banking
system. As such, these ratings are constrained at one notch above
the sovereign rating and the outlook has changed in line with the
sovereign rating of Turkey.


Moody's has affirmed the Baa3 issuer ratings of Koc Holding and
OYAK and changed the outlook on their ratings to negative while
maintaining their ratings one notch above Turkey's government
bond rating.

Koc Holding and OYAK are two Turkish investment holding
companies, both with credit linkages and high exposure to the
domestic operating environment in Turkey. However, Koc Holding
and OYAK have diversified investment portfolios with a number of
mature, dividend generating investments as well as exposure to
export revenues. Examples of dividend paying investments include
Tupras (Ba1 stable) and Arcelik (unrated) for Koc Holding and
Erdemir (Ba2 stable) and Aslan Cimento (unrated) for OYAK.

In addition, both these companies maintain strong financial
flexibility and have for many years maintained net cash
positions. As of year-end 2016, Koc Holding at the holding level
had about $2.0 billion of cash and $1.5 billion of borrowings
while its intermediate holding company (EYAS) which owns shares
in Tupras had only TRY322 million (about $90 million) of debt
remaining. Similarly, OYAK as of 30 September 2016 had about $3
billion of cash with no borrowings at the holding level but had
$1.3 billion of net debt at an intermediate holding company
(ATAER) which holds steel, chemical and automotive investments.


Moody's affirmed CCI's Baa3 issuer rating and changed the outlook
on its ratings to negative, which reflects a combination of the
company's standalone credit profile and the one notch of rating
uplift for bottler support. The one notch of rating uplift for
bottler support is underpinned by the 20.1% equity stake in CCI
held by The Coca-Cola Company (TCCC, Aa3 stable), the appointment
of the Vice Chairman of the board and a bottler's agreement
between the two entities. This agreement influences and impacts
key items such as (1) the approval process for CCI's annual
business plan; (2) concentrate purchases; and (3) consent
solicitation for expansion. Moody's views CCI as a vehicle for
TCCC to expand into emerging markets.

CCI's standalone rating takes into account its (1) strong
position in its domestic and international markets with a leading
position in Turkey and across Central Asia (Azerbaijan,
Kazakhstan, Turkmenistan) and a number two position in Iraq and
Pakistan; (2) improving financial profile with Moody's adjusted
retained cash flow (RCF) to net debt increasing to 36.2% in 2016
from 27.9% in 2015; and (3) strong liquidity profile underpinned
by the company's strong cash balances and long-term maturity
profile and its ability to generate positive free cash flows (as
adjusted by Moody's) for the first time since 2012.


Moody's affirmed Turkcell's Baa3 issuer rating and changed the
outlook on its ratings to negative. The affirmation reflects the
company's very strong financial and liquidity profiles and the
track record that it has built over the last few years in running
the business with a conservative financial profile. The Baa3
rating also reflects (1) Turkcell's leadership position in the
Turkish mobile telephony market (2) the strong fundamentals of
the mobile sector in Turkey, driven by its young population and
low smartphone penetration relative to other European peers; (3)
Turkcell's conservative financial policies, which the company
continues to adhere to with a target of a net debt/EBITDA in the
range of 1.0x-1.5x; and (4) Turkcell's ability to tap the debt
capital markets and its strong relationships with international
banks. Turkcell issued a 10-year $500 million bond in October
2015. The company also signed a number of bank facilities with a
number of international banks.

Turkcell's leverage metric (debt to EBITDA) as adjusted by
Moody's has peaked in 2016 at 2.1x increasing from 1.3x a year
earlier. A high proportion of the increase in debt is for the
pre-funding of the remaining amount to be paid for the 4.5G
license of TRY1.5 billion and the subsequent capex spend as well
as for the new consumer finance company that Turkcell has
established. Cash has also increased significantly in 2016 to
TRY6 billion (70% of which denominated in either US dollar or
euro) from TRY3 billion a year ago; therefore Moody's adjusted
net debt to EBITDA increased to 1.1x in 2016 from 0.7x in 2015.
Moody's expects that leverage will decrease over the next few
quarters as the debt-funded capex decreases and EBITDA increases.


Moody's affirmed Efes' Baa3 issuer rating with a negative
outlook, to reflect the company's strong liquidity profile and
its ability to maintain positive free cash flow generation
despite the adverse market conditions of its beer operations in
Turkey, where the company generates the majority of its cash
flows. While Efes' international operations - particularly those
in Russia - remain under pressure because of the weak macro
fundamentals in many of the company's international operations
(Russia's real GDP contracted by 0.2% in 2016 and is expected to
grow by 1% in 2017), they have performed better than expected in
2016, with reported EBITDA increasing (in TRY terms) to TRY322
million from TRY307 million a year before, partially offsetting
the decrease in reported EBITDA of the company's domestic
operations to TRY408 million from TRY433 million.

Moreover, Efes has a long debt maturity profile with the bulk of
the debt maturing in 2022 (a $500 million bond) and substantial
cash balances, mainly in hard currencies. Efes has also built a
track record of successfully tapping the capital markets in 2012
and has strong banking relationships with local and international

Efes' rating benefits from the 50.3% ownership stake in CCI,
which as of December 2016 covered 1.7x of the gross debt and 3.4x
of the net debt of Efes' beer operations. Moody's expects that
improvements at CCI will support higher dividend payments to Efes
and further strengthen Efes' free cash flow generation. CCI has
generated free cash flows in 2016 for the first time since 2012
as a result of lower capex and is expected to generate free cash
flows over the next couple of years.

The negative outlook reflects the pressures the company has been
experiencing in its Turkish and Russian operations, given the
continued decrease in volumes.



Moody's affirmed Sisecam's Ba1 CFR with a stable outlook to
reflect its strong financial profile, with adjusted net
debt/EBITDA averaging about 1.3x over the past five years.
Sisecam has a strong competitive position in Turkey and over the
years has steadily increased its revenue exposure to the
international market. As of end-2016, about 55% of its revenues
are generated from a mix of exports and international operations.

While Moody's believes that slower economic growth in Turkey will
limit Sisecam's organic revenue and earnings growth in the next
1-2 years, the rating agency expects that the company's credit
profile will remain resilient in the current operating
environment, given its leadership position in the domestic
market, as well as its strong financial and liquidity positions.


Moody's affirmed Tupras's Ba1 CFR with a stable outlook, to
reflect the significant improvement in the company's financial
profile, in line with Moody's assumptions for a Ba1 CFR,
following the completion of its Residual Upgrade Program (RUP) in
March 2015. Debt/EBITDA decreased to 4.4x as of December 2016
from 10.2x as of December 2014, while retained cash flow
(RCF)/debt increased to 7% from 0% in the same period.

Tupras' liquidity has also strengthened significantly following
the completion of RUP and after benefitting from positive
refining margins over the last couple of years. Moody's adjusted
funds from operations (FFO) increased substantially to TRY3.2
billion in 2015 from TRY0.4 billion in 2014. Refining margins in
2016 decreased compared to 2015 while remaining very strong
versus the last ten years average. This resulted in a decrease in
FFO to TRY2.6 billion in 2016. Moody's expects FFO generation to
continue to normalize to levels around TRY2.4 billion in 2017.
This, alongside the company's cash position as of December 2016
of TRY5.0 billion and expected FFO, will be more than sufficient
to cover Tupras' debt maturities over the next 12 months, as well
as its capex and dividend payments.

Tupras' Ba1 CFR also reflects the company's dominant position in
the Turkish market, given that Tupras is the sole refinery in the
country and secures domestic production and distribution of
refined products.


Moody's believes that Dogus Holding's Ba1 CFR is appropriately
positioned with the existing negative outlook reflecting the
challenges it faces from the slower economic growth in Turkey,
and particularly from the contraction in the country's tourism
sector. The agreement by Dogus Holding in February 2017 to sell a
9.95% stake in Turkiye Garanti Bankasi A.S. (Garanti Bank, Ba1
negative senior unsecured rating) to Banco Bilbao Vizcaya
Argentaria, S.A. (BBVA, Baa1 stable long term issuer rating) for
about $900 million will significantly improve the company's
liquidity position in the short-term. At the same time, Moody's
will monitor the company's investment strategy going forward and
the use of the divestment proceeds will be an important credit



Given the credit linkages between the Koc group and the operating
environment in Turkey, an upgrade of Koc Holding's rating is
constrained by the government of Turkey's Ba1 rating. The
company's rating could be upgraded if Turkey's sovereign rating
is upgraded in combination with the Koc group continuing to
display a strong financial profile including market value-based
leverage (MVL) remaining below 25%.

Koc Holding's rating could come under negative pressure if
Moody's expects that MVL will exceed 30% on a forward-looking
basis, for instance as a result of a structural decline in the
value of investments during a period of increased leverage and a
weaker liquidity position. Negative pressure on Turkey's
sovereign rating could place downward pressure on Koc Holding's


Given OYAK's close links with the Turkish economy and dependency
on the economic base from which the investments generate income,
OYAK's rating is constrained by the government of Turkey's Ba1
rating. There could be positive pressure on OYAK's rating if
Turkey's sovereign bond rating is upgraded.

A weakening of the Turkish economy could impact the ability of
its holdings to pay dividends in line with previous years. This
could have implications for OYAK's FFO interest coverage ratio
and, were the ratio to be sustained below 3.0x, Moody's could
downgrade the rating. OYAK's rating could also come under
pressure should cash flow distributions to members increase
significantly and therefore weaken OYAK's liquidity profile.
Negative pressure on Turkey's sovereign rating could put downward
pressure on OYAK's ratings.


Given the negative outlook, an upgrade of the rating at this
stage is unlikely. Ratings could be stabilized if the outlook on
the ratings of the Turkish government were to change to stable.

Conversely, the rating agency could downgrade the rating if the
company were to increase its pace of expansion and/or shareholder
returns such that (1) EBITA margins were to fall below 10% for
two consecutive fiscal years; (2) RCF/net debt were to fall to
below the high 20s in percentage terms on a sustained basis; and
(3) debt/EBITDA were sustained at above 3.5x. A reassessment of
bottler support assumptions could also affect the rating and
result in a downgrade.


Given the negative outlook, an upgrade of the rating at this
stage is unlikely. Ratings could be stabilized if the outlook on
the ratings of the Turkish government were to change to stable.

Turkcell's rating could come under negative pressure if the
rating of the government of Turkey were to be downgraded, given
the strong credit inter-linkages between Turkcell and the Turkish

There could also be negative pressure on Turkcell's rating if it
increased its investment and acquisition plans or shareholder
returns such that (1) RCF/debt ratio were to fall below 35%; (2)
debt/EBITDA were to move above 2.0x (taking into account the
company's liquidity profile); and (3) the (EBITDA -
capex)/interest expense ratio were to fall below 5.0x on a
persistent basis.


Given the negative outlook, an upgrade of the rating at this
stage is unlikely. Ratings could be stabilized if the outlook on
the ratings of the Turkish government were to change to stable in
conjunction with an improvement in Efes' operating environment
over the next 12 to 18 months, while the company continues to
generate free cash flows.

Efes' ratings could be downgraded if, over the course of the next
12 months, the company's financial profile fails to improve --
such that the EBITA margin for its core beer operations (i.e.,
excluding the impact from consolidating CCI's financials, which
Moody's deconsolidates) reaches double digit (%) levels,
Debt/EBITDA is below 2.5x and EBIT/interest expense improves to
above 4x. Any assessment at that time would also take into
account the benefits of Efes' ownership stake in CCI as a
counterbalancing factor.

Negative pressure on Turkey's and Russia's sovereign ratings
could put downward pressure on Efes' ratings.


Positive rating pressure could build if Sisecam is able to
maintain EBITDA margin above 20% and improve its cash flow
coverage (as measured by free cash flow to debt) above 10% on a
sustainable basis. Additionally, an upgrade would also require
Sisecam to diversify and strengthen its geographical footprint so
as to mitigate against event risks while maintaining debt/EBITDA
below 2.5x. Any upward rating pressure would also need to take
into consideration Turkey's sovereign rating because of Sisecam's
credit linkages with the Turkish economy and its material
exposure to the domestic operating environment.

Sisecam's ratings could come under negative rating pressure if
the group faces a structural decline in profitability with EBITDA
margin below 15% while debt/EBITDA rises above 3.5x. Negative
rating pressure could also occur should the group's liquidity
deteriorate substantially, as an example, through a large
acquisition. Negative pressure on the government of Turkey's Ba1
rating could place downward pressure on Sisecam's ratings.


Upward pressure on the rating is likely if the company
sustainably improves RCF/debt levels above 20%, EBIT/interest
cover above 5.0x whilst maintaining debt/EBITDA below 2.5x. Any
upward rating pressure would also need to take into consideration
Turkey's sovereign rating because of Tupras' credit linkages with
the Turkish economy and its exposure to the domestic operating
environment given that all of Tupras' assets are based in Turkey.

Ratings could be downgraded if the company fails to maintain
gross debt/EBITDA below 4.0x.

List of affected ratings:


Issuer: Anadolu Efes Biracilik ve Malt Sanayii A.S.

-- Issuer Rating, Affirmed Baa3

-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Issuer: Coca-Cola Icecek A.S.

-- Issuer Rating, Affirmed Baa3

-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Issuer: Koc Holding A.S.

-- Issuer Rating, Affirmed Baa3

-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Issuer: Ordu Yardimlasma Kurumu (OYAK)

-- Issuer Rating, Affirmed Baa3

Issuer: Turkcell Iletisim Hizmetleri A.S.

-- Issuer Rating, Affirmed Baa3

-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Issuer: Turkiye Petrol Rafinerileri A.S. (Tupras)

-- Corporate Family Rating, Affirmed Ba1

-- Probability of Default Rating, Affirmed Ba1-PD

-- Senior Unsecured Regular Bond/Debenture, Affirmed Ba1

Issuer: Turkiye Sise ve Cam Fabrikalari A.S.

-- Corporate Family Rating, Affirmed Ba1

-- Probability of Default Rating, Affirmed Ba1-PD

-- Senior Unsecured Regular Bond/Debenture, Affirmed Ba1

Outlook Actions:

Issuer: Anadolu Efes Biracilik ve Malt Sanayii A.S.

-- Outlook, Remains Negative

Issuer: Coca-Cola Icecek A.S.

-- Outlook, Changed To Negative From Stable

Issuer: Koc Holding A.S.

-- Outlook, Changed To Negative From Stable

Issuer: Ordu Yardimlasma Kurumu (OYAK)

-- Outlook, Changed To Negative From Stable

Issuer: Turkcell Iletisim Hizmetleri A.S.

-- Outlook, Changed To Negative From Stable

Issuer: Turkiye Petrol Rafinerileri A.S. (Tupras)

-- Outlook, Remains Stable

Issuer: Turkiye Sise ve Cam Fabrikalari A.S.

-- Outlook, Remains Stable


The principal methodology used in rating Anadolu Efes Biracilik
ve Malt Sanayii A.S. was Global Alcoholic Beverage Industry
published in March 2017.

The principal methodology used in rating Turkiye Sise ve Cam
Fabrikalari A.S. was Global Manufacturing Companies published in
July 2014.

The principal methodology used in rating Coca-Cola Icecek A.S.
was Global Soft Beverage Industry published in January 2017.

The principal methodology used in rating Ordu Yardimlasma Kurumu
(OYAK) and Koc Holding A.S. was Investment Holding Companies and
Conglomerates published in December 2015.

The principal methodology used in rating Turkiye Petrol
Rafinerileri A.S. (Tupras) was Refining and Marketing Industry
published in November 2016.

The principal methodology used in rating Turkcell Iletisim
Hizmetleri A.S. was Telecommunications Service Providers
published in January 2017.

The local market analyst for Turkiye Sise ve Cam Fabrikalari A.S.
and Koc Holding A.S. ratings is Rehan Akbar, AVP-Analyst,
Corporate Finance Group, Telephone: 9714-237-9565.

The local market analyst for Anadolu Efes Biracilik ve Malt
Sanayii A.S., Coca-Cola Icecek A.S., Turkiye Petrol Rafinerileri
A.S. (Tupras) and Turkcell Iletisim Hizmetleri A.S. ratings is
Julien Haddad, Analyst, Corporate Finance Group, Telephone: 9714-

Koc Holding

Founded in 1926, Koc group is one of Turkey's most prominent
business groups, with investments in various sectors including
energy, automotive, consumer durables and finance. Koc Holding
A.S. was established in 1963 to house and centrally manage the
group's diverse investment portfolio. The Koc family members
directly and indirectly own 68.5% of the holding company while
another 22.2% is listed on Borsa Istanbul.

As of year-end 2016, Koc Holding reported consolidated revenues
of about TRY70.9 billion and operating profit of about TRY6.9


Ordu Yardimlasma Kurumu (OYAK), based in Ankara/Turkey, is the
private top-up pension fund for Turkish military personnel, and
is governed by its own law and run by professionals. As a mutual
assistance organisation, its purpose is to provide permanent
members with retirement, death and pension benefits, and to make
personal loans. OYAK functions as an additional pillar to the
state pension system. OYAK's investments cover a broad range of
industries including iron and steel, cement and concrete,
automotive and logistics, energy, financial services, chemicals
and other services.

As of 30 September 2016, OYAK reported total consolidated assets
of TRY56.2 billion and revenue of TRY17.2 billion.


Coca-Cola Icecek A.S. (CCI), headquartered in Istanbul, Turkey,
is the fifth -largest independent bottler in the Coca-Cola system
as measured by sales volume. The company has 25 production
facilities, of which ten are based throughout Turkey and the
remainder in Central Asia, Pakistan and the Middle East. CCI is
listed on the Borsa Istanbul and has a market capitalisation of
TRY8.4 billion ($2.4 billion) as of 31 December 2016. The group
generated sales of TRY7.0 billion ($2.3 billion) in 2016. 50.3%
of CCI's capital is owned by Efes and 20.1% by The Coca Cola
Company (TCCC, Aa3 stable). Efes and TCCC hold Class A and B
shares in CCI respectively. These shares provide Efes and TCCC
with special rights, such as nominating a Chairman and Vice
Chairman, as well as certain share put rights in conjunction with
changes of control or the termination of the bottler's agreement
between CCI and TCCC.


Turkcell Iletisim Hizmetleri A.S. ("Turkcell"), headquartered in
Istanbul, Turkey and established in 1993, started operations as a
mobile telephony service provider in Turkey in 1994 and acquired
a 25-year GSM license in 1998; a 20-year 3G license granted in
April 2009; and a 4.5G license effective for 13 years until April
30, 2029. The Turkcell is an integrated communication and
technology service provider in Turkey. The company shares its
domestic market with two other players and captures 37.4% of the
total telephony market and close to half (44% as of December
2016) of the mobile subscribers. Over the years it has expanded
into Eastern European countries where it is active in five
countries, plus Northern Cyprus.

In 2016, the company reported revenues of TRY14.3 billion,
adjusted EBITDA of TRY6.0 billion, total reported debt of TRY9.8
billion and cash & cash equivalents of TRY6.1 billion. Major
shareholders (directly and indirectly) are Telia Company AB
(38.0%; Baa1 stable), Cukurova Holdings (13.8%) and Alfa Telecom
(13.2%) with the remainder being the free float.


Efes is Turkey's leading beer producer with close to 70% market
share. Russia is Efes' largest market in terms of volume, with
the percentage of volumes from Russian operations increasing
substantially following the acquisition of SABMiller Plc's (which
has merged in October 2016 with Anheuser-Busch InBev SA/NV (ABI,
A3 stable)) operations in Russia. Efes' remaining international
operations are based in Kazakhstan, Ukraine, Moldova and Georgia.
Efes also owns 50.3% of the capital of CCI, Turkey's leading soft
drink producer whose geographical reach includes other Middle
Eastern and Central Asian countries.

Efes, headquartered in Istanbul/Turkey, in 2016 reported
consolidated group sales of TRY10.4 billion (around $3.4
billion), including TRY3.4 billion (around $1.0 billion) in beer


Founded in 1935, Sisecam is a Turkish industrial manufacturer of
glass products as well as soda ash and chromium-based chemicals.
Sisecam has four business segments operating through its core
subsidiaries, namely Trakya Cam Sanayii A.S. (flat glass),
Pasabahce Cam Sanayii ve Tic A.S. (glassware), Anadolu Cam
Sanayii A.S. (glass packaging) and Soda Sanayii A.S. (chemicals).
Over the past decade, the group has been increasing its
geographical footprint in Eastern Europe and CIS as part of its
growth strategy. Sisecam is 72% owned by Turkiye Is Bankasi A.S.,
with an additional 28% listed on Borsa Istanbul.

As of year-end 2016, Sisecam reported consolidated revenues of
TRY8.4 billion and net income of TRY743 million with sales from
its international manufacturing facilities constituting 31% of
total revenues.


Turkiye Petrol Rafinerileri A.S. is the sole refiner in Turkey,
with a dominant position in the domestic petroleum product
market. The refining business consists of one very high
complexity refinery in Izmit, two medium complexity refineries
located in Izmir and Kirikkale and one simple refinery in Batman,
with a combined annual crude processing capacity of 28.1 million
tonnes. Other core companies include (i) a 40% effective
ownership stake in Opet, Turkey's second-largest oil-products
distribution company as of December 2016, with 1,504 stations
operating under the Opet and Sunpet brands; and (ii) an 80% stake
in Ditas, a shipping company which primarily serves Tupras's
logistic needs.

The company was established in 1983 when various state-owned
refineries were combined under the Tupras name. As part of the
privatisation process, 2.5% of its shares were publicly floated
in 1991, which had increased to 49% by 2005. The company was
fully privatised on 26 January 2006 when the remaining 51% stake
was bought by EYAS, a special purpose vehicle owned by a
consortium led by Koc Holding, one of the largest business groups
in Turkey.

Headquartered in Korfez/Turkey, Tupras generated sales of TRY34.9
billion and had a Moody's adjusted operating profit of TRY2.4
billion in 2016.


Headquartered in Istanbul, Turkey, Dogus Holding A.S. is an
investment holding company owned by the Sahenk family. It
comprises more than 330 companies, which are active in seven
sectors: automotive, construction, media, tourism & services,
real estate, food & entertainment and energy. The company's main
activities are tied to the Turkish economy, but the company is
aiming to create regional leaders in their respective industries.

As of end-June 2016 (LTM), Dogus Holding reported consolidated
assets of TRY31.8 billion and revenue of TRY16.3 billion.

U N I T E D   K I N G D O M

CYRENIANS CYMRU: Ex-Finance Head Faces Fraud Charges
Liz Day at WalesOnline reports that Robert Davies, the former
head of finance of Swansea-based homeless charity Cyrenians
Cymru, that went bust has appeared in court charged with fraud.

Mr. Davies appeared before Judge Philip Harris-Jenkins at Cardiff
Crown Court on March 21 for a plea and trial preparation hearing,
WalesOnline relates.

Mr. Davis, who is charged with fraud by abuse of position
relating to the six-year period between June 4, 2008, and
November 11, 2014, has not yet entered pleas, WalesOnline notes.

Mr. Davies was arrested in December 2014 on suspicion of
"extensive fraud" -- believed to be up to GBP1 million,
WalesOnline recounts.

Since the investigation, Cyrenians Cymru was forced to declare
itself insolvent and went into administration in February 2015,
with 20 jobs affected, WalesOnline discloses.

The charity was set up in 1973 to tackle homelessness and poverty
in Swansea and the wider west Wales area.

GHA COACHES: 183 Ex-Employees Win Compensation After Collapse
Shrophsire Star reports that about 320 people were made redundant
when Ruabon-based GHA Coaches ceased trading in July last year.

It operated public and school services in Shropshire,
Denbighshire, Flintshire and Wrexham, Shrophsire Star discloses.

Administrators were appointed after the firm received a winding-
up petition over unpaid taxes, Shrophsire Star recounts.

Led by head of employment Liz Cotton, the team at Manchester-
based lawyers JMW worked on behalf of 183 ex-GHA employees to
gain compensation after the firm went into administration in July
2016, Shrophsire Star discloses.

According to Shrophsire Star, a tribunal ruled that GHA failed to
properly consult with employees before making dismissals so they
are entitled to 90 days' pay.

JMW said GHA has also been ordered to pay the tribunal fees,
Shrophsire Star relates.

MONOCO MOTORCYCLES: Set to Close After a Few Months of Trade
Scunthorpe Telegraph reports that a bike shop that opened on
Scunthorpe High Street just months ago is set to close.

Monoco Motorcycles opened its doors back in January due to the
increasing demand owner, Darren Rhodes, was receiving online for
his bikes, according to Scunthorpe Telegraph.

But now, Mr. Rhodes has taken the decision to put his shop up for

The report notes he said that despite receiving good feedback
about his shop and getting a lot of interest, not enough sales
had been made.

"I've had hundreds of people coming in walking round and saying
how great it is to have a decent bike shop back in Scunthorpe,
however, they walk straight back out without buying anything and
if the sales aren't there something has to give," the report
quoted Mr. Rhodes as saying.

"It's coming across that people just haven't got the funds. The
bikes are selling very well in the south of the country and
they're quite happy to pay the extra GBP150 to have them
delivered but up here they don't have the money to buy them.

"I can't justify staying open with no spending customers when I
can rent out the shop to someone else."

NESS: Part of Business Bought Out of Administration
The Herald reports that part of fashion and accessory business
Ness has been brought out of administration, safeguarding more
than 35 jobs.

According to The Herald, Edinburgh-based property and retail
group Kiltane has purchased four Ness outlets -- in York, Keswick
and two in Edinburgh.

It has also acquired the wholesale and e-commerce divisions of
the company, The Herald discloses.

Before it went into administration in December, Ness operated 10
stores in Scotland and five in England plus four concessions, and
employed 105 people, The Herald notes.

It called in administrators BDO following financial difficulties,
The Herald relays.

BDO business restructuring partners James Stephen and Matthew
Tait were appointed joint administrators over Ness Clothing on
Dec. 23, The Herald recounts.

Seven Ness stores -- in Dundee, Glasgow (Buchanan Galleries), the
Livingston Designer Outlet, Aberdeen, Cambridge, Bath and Ilkley
-- closed in January, The Herald relates.

NORTON VIDEO: Last Video Rental Shop to Close
Mark Foster at The Northern Echo reports the owner of one of the
last video rental shops in North Yorkshire is to close it down
next month.

Mr. Arundale, 64, who runs the Norton Video Centre in Commercial
Street, said it will be "the end of an era," according to at The
Northern Echo.

The report notes he will continue to rent out new releases up to
April as normal, and then will begin to sell the stock.

Mr. Arundale has been trading for just a few months short of 30
years, starting off in a shop next to the chip shop in Wood
Street, the report discloses.

With the arrival of streaming services, he says the business is
no longer viable, and now plans to enjoy his retirement, the
report adds.

PRESSUREFAB: Owner Placed in Full Administration
Bryan Copland at Evening Telegraph reports that prominent Dundee
businessman Hermann Twickler, 47, was placed into full
administration following an action by the Accountancy in
Bankruptcy service.

Mr. Twickler, a German national, ran companies including
PressureFab -- an offshore container manufacturing company which
went into administration last year with the loss of 42 jobs,
Evening Telegraph discloses.

At its height, the company employed more than 100 people, Evening
Telegraph notes.

The collapse was blamed on the slump in the oil and gas industry,
Evening Telegraph states.

It was reported earlier this month that administrators for the
firm said they were unlikely to recover the majority of
GBP427,000 it lent to PressureFab, Evening Telegraph recounts.

Now, Mr. Twickler himself -- who was using the trading name
Petrohab Limited from a base on Norwood Terrace in Dundee's West
End -- has been sequestrated, Evening Telegraph relays.

A summary of the award-winning businessman's case showed that his
level of debt was GBP535,941.77, Evening Telegraph notes.

Meanwhile, his assets were valued at GBP147,629, according to
Evening Telegraph.  Full administration means that a person can
be forced to sell their home or other assets.

ROYAL BANK: New Cost Cuts Positive for Bondholders, Moody's Says
The Royal Bank of Scotland Group plc's (RBS, LT senior unsecured
Ba1 positive) recently announced GBP2 billion of new cost cuts
and other measures would be positive for bondholders if achieved,
as its efficiency and profitability would improve and its ability
to absorb shocks would increase, says Moody's Investors Service.

"RBS's new round of cost cuts to be achieved by 2020 would
enhance its efficiency and profitability. That said, RBS will
likely remain loss-making in 2017, and may return to
profitability from 2018," says Alessandro Roccati, a Senior Vice
President at Moody's.

Moody's report, entitled "The Royal Bank of Scotland Group plc:
New Cost Measures To Improve Weak Efficiency and Profitability,"
is available on The rating agency's report does
not constitute a rating action.

On February 24, 2017, RBS announced a GBP7.0 billion loss for
2016, driven by GBP10 billion of restructuring costs and
litigation and conduct charges. Management announced GBP2 billion
of new cost cuts and other measures to improve efficiency and
profitability, which would, if achieved, result in a statutory
return on tangible equity of above 12% by 2020.

In the current environment, operating cost cuts are RBS's main
lever to boost profit. RBS aims to reduce costs by GBP750 million
in 2017, rising to GBP2 billion by 2020. The latest planned
savings, which come on top of GBP3 billion achieved in the last
three years, account for around 24% of the adjusted cost base in
2016. Management has identified specific areas for further cost
reduction, which should be feasible without eroding revenues.

RBS's core franchises as well as Williams and Glynn, the
restructuring division and central operations, reported adjusted
pre-tax profits of GBP3.7 billion in 2016. Moody's expects a
similar outcome at the adjusted operating level in 2017. However,
high restructuring costs, as well as litigation and conduct
charges, will likely result in RBS reporting a loss once again in
2017. In 2018, RBS should return to profitability at the
statutory level, assuming large litigations are settled.

Moody's assessment of RBS's profitability is one of the main
constraints on its standalone credit profile. Since the UK
government bailout in 2008, RBS has generated cumulative losses
in excess of GBP50 billion, putting the bank lowest among its
Global Investment Bank (GIB) peers in terms of profitability.
Excluding these costs, RBS would have made an adjusted net income
of GBP3 billion. The bank's latest cost cuts come in response to
a low level of business efficiency.

Moody's positive outlook on RBS's senior ratings reflects the
bank's material progress towards completing its restructuring
plan, and its lower asset risk, as well as its reduced-but-
sizeable capital market operations.

* Data Trends Suggest Business Insolvencies Peak in 2016
Members of the International Union of Credit and Investment
Insurers (Berne Union) and the International Credit Insurance and
Surety Association (ICISA) have signalled high levels of claims
for 2016 in the latest joint industry member survey.  Data trends
suggest a peak, with claims for 2015 and 2016 higher than any
time since the global financial crisis.  This comes in part as a
consequence of increased insolvencies in a number or regions
worldwide, notably Africa, Latin America, Asia and MENA.

Short-term trade credit insurance
Trade credit insurers anticipate that these highs will continue
through 2017, especially in Latin America and to a lesser extent
in MENA, where further losses are expected over the course of
this year. On the other hand, trade credit insurers have also
reported increasing volumes of new business in 2016.

Indeed, overall risk appetite amongst trade credit insurers
remains high, and with this growth trend expected to continue in
2017, the core markets for trade credit insurance -- Europe
especially -- remain stable and very soft with respect to
pricing, despite the increasing claims.

Since the start of the global financial crisis in 2008, credit
insurers have paid claims of around EUR56 billion, compensating
banks, traders and exporters for losses suffered due to defaults
by buyers or other obligors, providing a stabilising function and
ample support for international trade.

Medium & Long Term Export Credits
Demand for, and claims under medium and long-term export credit
insurance of capital goods and infrastructure works are
indicative of the economic health of emerging markets. Here, with
61% of respondents reporting an increase in insured business over
2016, Berne Union members have indicated strong growth in Africa,
in particular -- feeding the infrastructure boom and investments
in power and extractive industries.

However, the crash in commodity prices has put pressure on the
economies of many countries dependent on these exports and in
line with the high business volumes, members have reported a
significant rise in claims and insolvencies.

These trends are expected to continue, with increases in both
claims and new business in Africa, MENA and Latin America for

This mixed outlook extends also to other markets -- Berne Union
President, Topi Vesteri, comments; "Our members' new business in
developed industrial countries, such as the United States is
striking."  But the drivers here are different, and he adds that;
"Demand in these markets is rather characterized by large
transaction sizes, long tenors and the constrictions on
commercial lenders' ability to commit their balance sheets for
long term lending without ECA support."

Surety bonds
For 2016, surety bond claims stabilised at 2015 levels.  Increase
in demand for surety bonds was reported in Europe, Asia and North
America.  For 2017 this trend is expected to continue.

Most markets continued to be soft, although a modest hardening is
seen in Africa and MENA.  The outlook for 2017 is a continued
soft market with exceptions in Africa and MENA.

Jos Kroon, President of ICISA, comments: "The increased market
demand for surety bonds is encouraging, although soft market
conditions can cause a mismatch between risk levels and premium


* BOOK REVIEW: Lost Prophets
Author: Alfred L. Malabre, Jr.
Publisher: Beard Books
Softcover: 256 pages
List Price: $34.95

Review by Henry Berry
Order your personal copy today at

Alfred Malabre's personal perspective on the U.S. economy over
the past four decades is firmly grounded in his experience and
knowledge. Economics Editor of The Wall Street Journal from 1969
to 1993 and author of its weekly "Outlook" column, Malabre was in
a singular position to follow the U.S. economy in recent decades,
have access to the major academic and political figures
responsible for economic affairs, and get behind the crucial
economic stories of the day. He brings to this critical overview
of the economy both a lively, often provocative, commentary on
the picture of the turns of the economy. To this he adds sharp
analysis and cogent explanation.

In general, Malabre does not put much stock in economists. "In
sum, the profession's record in the half century since Keynes and
White sat down at Bretton Woods [after World War II] provokes
dismay." Following this sour note, he refers to the belief of a
noted fellow economist that the Nobel Prize in this field should
be discontinued. In doing so, he also points out that the Nobel
for economics was not one originally endowed by Alfred Nobel, but
was one added at a later date funded by the central bank of
Sweden apparently in an effort to give the profession of
economists the prestige and notice of medicine, science,
literature and other Nobel categories.

Malabre's view of economists is widespread, although rarely
expressed in economic circles. It derives from the plain fact
that modern economists, even hugely influential ones such as John
Meynard Keynes, are wrong as many times as they are right. Their
economic theories have proved incomplete or shortsighted, if not
basically wrong-headed. For example, Malabre thinks of the
leading economist Milton Friedman and his "monetarist colleagues"
as "super salespeople, successfully economic
medicine that promised far more than it could deliver" from about
the 1960s through the Reagan years of the 1980s. But the author
not only cites how the economy has again and again disproved the
theories and exposed the irrelevance of wrong-headedness of the
policy recommendations of the most influential economists of the
day. Malabre also lays out abundant economic data and describes
contemporary marketplace and social activities to show how the
economy performs almost independently of the best analyses and
ideas of economists.

Malabre does not engage in his critiques of noted economists and
prevailing economic ideas of recent decades as an end in itself.
What emerges in all of his consistent, clear-eyed, unideological
analysis and commentary is his own broad, seasoned view of
economics-namely, the predominance of the business cycle. He
compares this with human nature, which is after all the substance
of economics often overlooked by professional and academic
economists with their focus on monetary policy, exchange rates,
inflation, and such. "The business cycle, like human nature, is
here to stay" is the lesson Malabre aims to impart to readers
interested in understanding the fundamental, abiding nature of
economics. In Lost Prophets, in language that is accessible and
jargon-free, this author, who has observed, written about, and
explained economics from all angles for several decades,
persuasively makes this point.

In addition to holding a top position at The Wall Street Journal,
Malabre is also the author of the books, Understanding the New
Economy and Beyond Our Means, which received the George S. Eccles
Prize from the Columbia Business School as the best economics
book of 1987.


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

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