TCREUR_Public/170406.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

           Thursday, April 6, 2017, Vol. 18, No. 69



AGROKOR DD: Turnaround Executive Says Future Uncertain


BCP VII: Moody's Assigns B1 CFR, Outlook Stable
BCP VII: S&P Assigns 'B+' CCR on Blackstone Acquisition


GREECE: Negotiations Continue on Pension, Labor Market Reforms


IRISH BANK: Peter Curistan Launches Legal Action Over Fraud
* IRELAND: 380 Jobs Saved by Examinership in First Quarter 2017


ACQUA MARCIA: Sale Procedure for Hotels Officially Open
DIAPHORA1 FUND: June 14 Bid Submission Deadline for Lots Set
DIAPHORA1 FUND: June 14 Bldg. Plots Bid Submission Deadline Set
FDG SPA: April 18 Deadline Set for Trademark Bids


ALFA BANK: Fitch Raises LT Issuer Default Ratings to 'BB-'
DELTA BANK: S&P Affirms 'D/D' ICRs on Deposit Obligations Default
KAZMUNAYGAS NC: S&P Affirms 'BB' CCR, Outlook Negative




CADOGAN SQUARE: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes


EDP ENERGIAS: Moody's Affirms Ba2 Junior Subordinated Debt Rating
LUSITANO MORTGAGES 2: Fitch Affirms 'BBsf' Rating on Cl. E Notes


CENTER-INVEST BANK: Moody's Raises Deposit Ratings to Ba3
X5 FINANCE: Fitch Assigns 'BB(EXP)' Rating to Planned Eurobond
X5 FINANCE: S&P Assigns 'BB' Rating to Proposed Sr. Unsec. Bonds
X5 RETAIL: S&P Raises CCR to 'BB' on Strong Operating Performance


SCHMOLZ + BICKENBACH: S&P Affirms 'B+' CCR, Outlook Negative


EMLAK KONUT: Fitch Assigns BB+ Long-Term Issuer Default Rating

U N I T E D   K I N G D O M

RECYCLE PAPER: Fined Only GBP1 Following Death of Staff Member
RED ROCK: Anticipates Investment Liquidation, Swings to Profit
SEADRILL LTD: Shunned by Biggest Funds Amid Financial Woes
WELGRAIN: Goes Into Administration with GBP 15 Million in Debt



AGROKOR DD: Turnaround Executive Says Future Uncertain
Jasmina Kuzmanovic at Bloomberg News reports that Agrokor d.d.'s
restructuring kicked off with warnings on potential pitfalls from
the executive tasked with the turnaround as well as from
Croatia's government.

State interests may overrule owners' rights in certain
circumstances, Prime Minister Andrej Plenkovic, as cited by
Bloomberg, said on April 5 as lawmakers in Zagreb started
debating legislation that would authorize the cabinet to appoint
commissioners in large companies facing bankruptcy.

That followed the first public statement from Antonio Alvarez
III, an executive at financial consultancy Alvarez & Marsal,
saying there was no assurance of turning around the debt-ridden
Croatian retailer, Bloomberg notes.

"The situation is acute and there's no guarantee we'll succeed,"
Bloomberg quotes Mr. Alvarez as saying on April 4.  He will first
focus on the company's stability and liquidity but "can't promise
anything" on saving jobs, he said in his first
public remarks after being picked to oversee Agrokor's

The largest corporate conglomerate in the former Yugoslav region
is entering a new phase of efforts to cope with a debt pile
amassed in an acquisition spree that included the purchase of its
main retail rival, Mercator Poslovni Sistem d.d. in neighboring
Slovenia, Bloomberg relays.  It's also facing increased
competition, particularly since Croatia joined the European Union
in 2013, Bloomberg states.

The company's creditors, led by Sberbank PJSC, appointed Mr.
Alvarez this week to straighten out Agrokor's finances after they
reached a standstill agreement with founder Ivica Todoric,
Bloomberg relates.  The Croatian retailer and foodmaker, whose
revenue equals about 15% of the Balkan nation's economy, may get
around EUR300 million (US$320 million) of new financing under the
accord, Bloomberg states.  The company's overhaul may take about
one year to 18 months, Bloomberg relays, citing Igor Bulantsev,
the head of Sberbank CIB.

According to Bloomberg, Premier Plenkovic has said he would
accept any Agrokor agreement as long as it includes suppliers,
who have not signed the standstill arrangement.

Zagreb-based Agrokor is the biggest food producer and retailer in
the Balkans, employing almost 60,000 people across the region
with annual revenue of some HRK50 billion (US$7billion).

                            *   *   *

As reported by the Troubled Company Reporter-Europe on March 31,
2017, Moody's Investors Service downgraded the Croatian retailer
and food manufacturer Agrokor D.D.'s corporate family rating
(CFR) to Caa1 from B3 and its probability of default rating (PDR)
to Caa1-PD from B3-PD. Moody's has also downgraded the senior
unsecured rating assigned to the notes issued by Agrokor and due
in 2019 and 2020 to Caa1 from B3. The outlook on the company's
ratings remains negative.

"Our downgrade of Agrokor's rating reflects Moody's views that
the company is no longer able to sustain its high level of trade
payables, which may constrain its liquidity position," says
Vincent Gusdorf, a Vice President -- Senior Analyst at Moody's.
"This comes at a time when the company has limited means to raise
additional sources of liquidity owing to its restricted access to
credit markets and its reliance on a limited number of banks."


BCP VII: Moody's Assigns B1 CFR, Outlook Stable
Moody's Investors Service has assigned a B1 corporate family
rating ('CFR') and a B1-PD probability of default rating (PDR) to
BCP VII Jade Holdco (Cayman) Ltd, the parent company of the
Acetow group ('Acetow'), a main provider of filter tow to the
tobacco industry. Concurrently, Moody's has assigned a
provisional (P)B1 rating to the EUR 565m equivalent of Term Loan
B ('TL B', split into a US$ and EUR tranche) and EUR 65m of
revolving credit facility ('RCF') to be borrowed by Platin 1291.
GmbH, BCP VII Jade France Bidco SAS and BCP VII Jade USA Bidco
Inc, all indirect subsidiaries of the ultimate parent BCP VII
Jade Holdco (Cayman) Ltd. The outlook on all ratings is stable.

The TLB, together with equity contributions from private equity
fund Blackstone, will be used to finance the purchase for c.
EUR 1bn (including pension liabilities being rolled-over) of the
filter tow business being carved-out from Solvay SA ('Solvay',
Baa2 negative). The share purchase agreement between the seller,
Solvay, and the various vehicles set up by Blackstone for the
leveraged buy-out ('LBO') has been signed on 20 March 2017.
Funding and closing of the LBO should occur during H1 2017.

The ratings on the TL B and the RCF are provisional, as they are
based on the review of draft documentation and on a pro-forma LBO
capital structure at closing. Upon completion of the transaction
and after conclusive review of the final documentation, Moody's
will assign a definitive rating on the debt instruments.
Definitive ratings may differ from provisional ratings.


The B1 CFR acknowledges Acetow's (i) well established position as
the fifth largest player in the global filter tow industry, which
has oligopolistic features and is protected by high entry
barriers; (ii) vertically integrated business model, with in-
house production of flakes required to manufacture filter tows;
(iii) track record of R&D-driven process and product innovation,
which supports the company's 40% share of the small but more
profitable specialty filter tow market segment; (iv) stable main
end user tobacco market, with good revenue visibility based on
multi-year customer contracts which already cover over 90% and
35% of 2017 and 2018 budgeted volumes respectively; and (v) high
EBITDA margin, at or above 29% in the last three years and
projected within a 25%-30% range over the business plan period,
translating into solid cash flow generation.

The operating profitability should continue to be supported by
efficient operations, high average plants' utilization rates at
or above 90%, competitive multi-year contracts with key raw
material suppliers, as well as further anticipated cost savings
on top of those already achieved in the last three years. These
factors explain Acetow's ability to defend its operating
profitability also in 2016, the second consecutive year of
substantial destocking from tobacco manufacturers, a trend which
affected the entire filter tow industry in the past two years.

The CFR also reflects Acetow's credit weaknesses, namely (i) its
small size, with 2016 revenues below EUR 550m, and narrow product
portfolio focused on standard filter tow and acetate flakes; (ii)
high customer concentration, with top 6 key accounts representing
c.70% of Acetow's volumes and exacerbating risk of substantial
reduction of volumes if a large customer decides to switch to
alternative suppliers, as it happened in 2015 when Philip Morris
International Inc. (Philip Morris, A2 stable) decided to reduce
its exposure to Acetow; (iii) high operational concentration
risk, given most of filter tow is produced at the Freiburg site
in Germany, although in 2 different plants which had no material
outages in the last several years; and (iv) exposure to pricing
pressure from key accounts, which is continuing in 2017 after a
challenging 2016 and could persist in 2018 if oversupply in the
filter tow industry continues. Based on effective and announced
filter tow capacity reductions in the last 18 months, global
average utilization rates are expected to recover towards 91%
already in 2017, from an historical low of 87% in 2016.

The CFR of Acetow is also constrained by a relatively high
starting 2016 adjusted gross debt/EBITDA at c. 5x pro-forma for
the contemplated capital structure. However, the CFR is
underpinned by Moody's expectation that the company, after a
transition year in 2017 due to persisting industry-wide pricing
pressure affecting EBITDA, should be able to deleverage. Such
deleveraging should be slow on a gross debt/EBITDA basis, given
the modest projected EBITDA increase and the small debt
amortization. However, adjusted net debt/ EBITDA should fall more
significantly, from a starting pro-forma 2016 level of 4.8x to c.
4x by end of 2019, driven by the projected build-up of cash from
annual free cash flow of c. EUR 50-60m. The main caveats to the
achievement of such projected improvement relate to (i) possible,
albeit unlikely further deterioration in the reference industry
fundamentals, leading to more permanent excess capacity and
higher price pressure from customers and/or loss of market share
for Acetow; and (ii) inability of the company to recover from
2018 onwards a portion of the volumes lost in 2015-2017 from
Philip Morris and/or to replace a steady reduction of its
supplies to China, a major market where the company has no direct
manufacturing presence, with volumes from other markets.

The CFR also reflects Moody's expectation that Acetow maintains a
good liquidity throughout the forecast period, with no need to
use the available RCF. Positive free cash flow is expected over
the forecast period, due to moderate capex and working capital
requirements and no dividends being anticipated.


The (P)B1 ratings on the TL B and the RCF are in line with the
CFR, and reflect the dominant position of these secured debt
instruments in the capital structure of Acetow pro-forma for the
LBO. Both rated debt instruments rank pari passu between them on
a senior secured and guaranteed basis. Both facilities benefit
from upstream guarantees from the main operating subsidiaries
representing in aggregate c.80% of Acetow's consolidated EBITDA.
Furthermore, both facilities are supported by the same collateral
package. Moody's has applied a 60% deficiency claim for modelling
purposes within the framework of the Loss Given Default for
Speculative-Grade Companies methodology to account for a
collateral package which is not comprehensive, as it excludes
main tangible assets outside the US. Moody's has also assumed a
50% expected family recovery rate for the LBO capital structure,
albeit it is an all senior secured bank debt structure, due to
the covenant-lite terms of the TL B, the main bank debt
instrument, and the springing-covenant feature of the RCF.


The stable outlook reflects Moody's expectation that Acetow
maintains a good liquidity throughout the forecast period,
generates free cash flows and gradually deleverages. The stable
outlook also assumes stable conditions in the company's reference
end markets.

What Could Change the Rating -- Up

Moody's does not currently anticipate any upward pressure on the
B1 CFR. While Acetow displays good liquidity and positive free
cash flow generation, it has limited diversification, being
focused on a small albeit highly profitable niche industry. An
upgrade would likely require a further strengthening of the
business profile with a greater diversification, as well as
substantial deleveraging, with an adjusted gross debt/EBITDA
ratio falling below 3.5x on a sustained basis. Liquidity would
also need to remain good and be supported by positive free cash

What Could Change the Rating - Down

Negative rating pressure could arise if underlying markets
deteriorate and market share is lost, translating into material
operational and financial underperformance. A downgrade would be
considered if Acetow's adjusted gross debt/EBITDA would exceed 5x
on a sustained basis and/or if its free cash flow/debt ratio
falls below 5%. Any significant distribution to shareholders
and/or corporate action delaying the deleveraging prospects of
the company could also contribute to a rating downgrade.


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

Headquartered in Freiburg, Germany, Acetow is a leading supplier
of cellulose acetate filter tow, a critical component used by
tobacco companies for cigarette filters. Acetate filter tow
represented 88% of 2016 revenues, the rest being almost equally
split between acetate flakes and other revenue streams. The bulk
of sales are in Europe incl. CIS (58% of 2016 revenues), Asia
(21%) and Latin America (11%). The company's main plants are
based in the European Union (Germany and France), Russia and
Brasil. The company reported net sales of EUR 539m in 2016.

BCP VII: S&P Assigns 'B+' CCR on Blackstone Acquisition
S&P Global Ratings assigned its 'B+' long-term corporate credit
rating to Germany-based cellulose acetate flakes and acetate tow
producer BCP VII Jade Holdco (Cayman) Ltd. and to BCP VII Jade
Topco (Cayman) Ltd (together, Acetow).  The outlook is stable.

At the same time, S&P assigned its 'B+' issue ratings to Platin
1291.  GmbH's proposed U.S. dollar-denominated senior secured
term loan B (equivalent to about EUR367 million), to the EUR205
million senior secured term loan B, and to the proposed EUR65
million senior secured revolving credit facility (RCF).  The '3'
recovery rating indicates S&P's expectations of meaningful (50%-
70%; rounded estimate: 55%) recovery in the event of a payment

All ratings are subject to S&P's review of the final
documentation of the aforementioned debt instruments and assume
that final terms and conditions will be in line with S&P's

The 'B+' ratings balance S&P's assessment of Acetow's fair
business risk profile with S&P's opinion that the group may have
a highly leveraged capital structure, on the back of an
aggressive private-equity ownership.  Private equity company
Blackstone will acquire Acetow from Belgian chemical company
Solvay S.A. for a total consideration of about EUR1 billion.
Blackstone will finance the transaction through the issuance of a
U.S. dollar- and euro-denominated senior secured term loan
equivalent to EUR565 million and an equity contribution.
Nevertheless, S&P takes into account that financial leverage at
acquisition initiation, with S&P Global Ratings-adjusted debt to
EBITDA of about 4.8x, helps Acetow's metrics stay in the high end
of the range commensurate with S&P's single 'B' rating category.
S&P also incorporates its expectation that Acetow will be able to
generate material free cash flows and possibly deleverage in the
coming years.

Germany-headquartered Acetow is a global long-standing producer
of cellulose acetate flakes and acetate tow for cigarette
filters. The company is the fifth-largest player in this
industry, with about 13% global market share, and generated
EUR539 million revenues and EUR150 million adjusted EBITDA in
2016.  It operates five production plants in Europe, Russia, and
the Americas, of which one is vertically integrated into
manufacturing both upstream flakes and tow products, serving
primarily European markets (for 34% of total tow revenues),
Commonwealth of Independent States (24%), Asia (21%) of which
China (5%), and the Americas (13%), and Middle East and Africa
(10%).  The top-six accounts, representing 60% of total volumes,
include global cigarette manufacturers British American Tobacco,
Imperial Brands, JTI, China Tobacco, and Philipp Morris, and
filter specialist Essentra.  The remaining 40% of volumes are
destined to independent local and private players and traders.

S&P views the business as strongly profitable, generating
relatively high, resilient, and predictable free cash flows over
two to three years.  With an EBITDA margin consistently in the
25%-30% range over the past years, S&P considers profitability as
clearly above-average for a commodity chemicals business.  This
is also supported by the low volatility of profits, because the
cigarette market depicts generally low correlation to GDP growth
trends, reflecting relatively sticky demand patterns.  Tow prices
typically represent a marginal share of cigarettes' total
manufacturing costs and are therefore less subject to cyclical or
customer-related pricing pressures.  Furthermore, long-term
contracts -- generally two-to-three years long with recurring key
accounts -- and lasting client relationships provide a fair level
of earnings visibility and support business resilience.  As such,
the current contract backlog secures close to 90% of sales
volumes for z017 and 40% for 2018, according to the company.

"We also take into account the relatively concentrated nature of
the tow industry, similar to the cigarette manufacturing, with
five global players and two moderate size Chinese actors.  We see
limited customer incentives to switch suppliers.  We understand
the competition between tow producers -- notably with Celanese,
Eastman, and Daicel -- is moderately intensive, depicting an
oligopolistic dynamic and relatively high margins across the
value chain.  In addition, we understand the company's supplier
diversity has improved, with new signed contracts in wood pulp
sourcing to generate further cost savings in 2017 onward, as per
our base case.  Finally, we take into account Acetow's focus on
specialty tow products, only 12% of 2016 volumes, including
superslim tow, colored tow, and various health-related or
biodegradation properties.  Under our base case, we assume that
these volumes will grow significantly more than for the standard
tow in the coming years, will strengthen in proportion of
Acetow's total earnings," S&P said.

However, S&P takes into account risk factors that mitigate these
relative business strengths, primarily health and environmental
regulations that have hindered the cigarette industry.  The past
decades' global cigarette market growth, in volume terms, has
been materially weaker than in the past, marked by pronounced
declines in 2013, 2014, and 2015.  S&P believes this varies by
geography, with higher regulation and public policy-making
pressures in mature economies as opposed to emerging markets.
S&P therefore views Acetow's low presence in China, the largest
cigarette market, as a relative weakness.  The commoditized
nature of tow products are reflected in global supply and demand
patterns. Stocking and destocking phases materially influence tow
prices, which generates earnings volatility, and downside on
market utilization rates.  S&P noted the impact on Acetow's
EBITDA particularly in 2015 and 2016, stemming mainly from
destocking in China.  Another potentially vulnerable area, in
S&P's view, is the relative customer concentration, and the
possibility of losing market share with major cigarette
manufacturers as with one key account in the past.

S&P's assessment of Acetow's financial risk profile as highly
leveraged is mainly constrained by the private equity ownership
by Blackstone.  This stems from private equity's potentially
aggressive strategy in using debt and debt-like instruments to
maximize shareholder returns in the takeover transaction and
during the investment horizon.  Nevertheless, S&P anticipates
that Acetow's leverage at the transaction's closing will be
fairly supportive of the current rating, including S&P's forecast
of adjusted debt to EBITDA of about 4.8x in 2017, and funds from
operations (FFO) to debt slightly above 12%.  This is supported
further by our projection of strong and stable free cash flows in
the coming years, of about EUR55 million-EUR60 million on a
recurring basis, as the company has only moderate capital
investment needs.  Although S&P do not net cash from its debt
calculation, owing to the private equity ownership, S&P notes
positively that these excess cash flows offer ample headroom for
deleveraging through actual debt repayments, in line with the
company's and the shareholders' stated strategy.  S&P also
regards as rating supportive the company's interest coverage
ratios, with EBITDA and FFO covering cash interests by at least
4.0x and 3.5x, respectively.

S&P's debt adjustments at end-2016 include mainly tax-adjusted
pension obligations of about EUR160 million.  S&P also takes into
account yet-to-be finalized intercompany loans to qualify for
equity treatment under S&P's methodology, in light of its
expected pricing, equity-stapling clause, highly subordinated and
default-free features.

The stable outlook reflects S&P's expectation that restocking in
2017, after a destocking phase in 2015-2016, together with focus
on specialty tows and cost-savings initiatives should help
sustain comfortable EBITDA level.  This should translate in about
4.5x-5.5x debt to EBITDA in the coming two years, which S&P views
as commensurate with the rating.  S&P also expects the company to
maintain strong positive free cash flows, strong interest
coverage ratios, and adequate liquidity.

A negative rating action may stem from rapidly declining
cigarette sales and volumes, either from health and environmental
concerns in most mature markets, or from slowing consumption in
emerging markets.  Weakening free cash flows and deteriorating
adjusted debt to EBITDA at or above 5.5x or liquidity pressures
would likely trigger a downgrade.


GREECE: Negotiations Continue on Pension, Labor Market Reforms
Jim Brunsden, Kerin Hope and Mehreen Khan at The Financial Times
report that Greek ministers and the country's bailout monitors
were on April 4 trying to strike a deal on the pension and labor
market reforms needed to unlock further financial aid.

With the clock ticking down to more than EUR6 billion in debt
repayments that Athens must make in July, negotiators say an
accord on the main elements of the policy package must be reached
soon to stave off the risk of a crisis this summer, the FT notes.

According to the FT, one EU official said reaching the deadline
without a further tranche of bailout loans would leave Greece's
economy "in such a state that all parameters of decision-making
would have to be revisited".  It "would be extremely

A deal on the reform package is one of several requirements for
the International Monetary Fund to join the EUR86 billion bailout
as a financial partner -- a step that Germany says is pivotal if
further tranches of aid are to be provided to Greece, the FT

People involved in the Brussels talks say a decision by the IMF
to join would come only after further tricky negotiations at a
technical level in Athens and after politically painful
concessions on debt relief for Greece by eurozone finance
ministers, the FT relays.


IRISH BANK: Peter Curistan Launches Legal Action Over Fraud
Alan Erwin at Belfast Telegraph reports that the High Court has
heard Belfast property magnate Peter Curistan is alleging fraud
in his multi-million pound legal action against the former Anglo
Irish Bank.

According to Belfast Telegraph, the developer, who built the
city's Odyssey entertainment complex, is also claiming breach of
duty and negligence over the process to find a buyer for his
long-term lease in the venue.

His case against the defendant, now known as the Irish Bank
Resolution Corporation, may see a Northern Ireland judge travel
to Dublin to hear some evidence, Belfast Telegraph notes.

Mr. Curistan is suing in a personal capacity after previous
litigation was brought in the name of Sheridan Millennium, a
company he ran before it went into administration in 2011,
Belfast Telegraph discloses.

The businessman, who developed the Odyssey Pavilion before losing
control of it to Anglo, was disqualified from being a company
director for six years in 2016, Belfast Telegraph recounts.

Since then he has continued with a series of actions against the
bank, Belfast Telegraph states.

Papers lodged in Mr. Curistan's current lawsuit focus on claims
around how Anglo identified one of its clients as a potential
purchaser for the leases in around 2008-09, Belfast Telegraph

It is alleged that the management of the process amounted to a
"shadow directorship", according to Belfast Telegraph.

Although no date for trial has been set, it was previously
indicated that two former bank executives could give evidence in
Dublin, Belfast Telegraph relays.

                   About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion).  About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.

Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.

* IRELAND: 380 Jobs Saved by Examinership in First Quarter 2017
Robert McHugh at Business World, citing the latest Baker Tilly
Hughes Blake Examinership Index, reports that three hundred and
eighty Irish jobs were saved through examinership in the first
quarter 2017.

The figure is almost triple that shown in the first quarter 2016
when 138 jobs were saved, reflecting an evolving landscape where
private equity funds are applying increased pressure to Irish
businesses, Business World notes.

According to Business World, Managing Partner at Baker Tilly
Hughes Blake, Neil Hughes, on April 4 said that while it's good
news that 380 people are today employed who might otherwise not
be, the fact that Irish business owners are increasingly turning
to the examinership mechanism is concerning.


ACQUA MARCIA: Sale Procedure for Hotels Officially Open
Bankruptcy Court of Rome
C.P.O. n. 43/2012 and n. 44/2012
Acqua Marcia Turismo S.r.l. and AMT Real Estate S.p.A.
Judge: Cons. Claudio Tedeschi
Judicial Liquidator: Prof. Avv. Giorgio Lener

The sale procedure of the following hotels is officially open:

   -- Grand Hotel Villa Igiea MGallery Collection - Palermo;
   -- Grand Hotel et Des Palmes - Palermo;
   -- Mercure Excelsior - Palermo;
   -- Mercure Excelsior - Catania;
   -- Hotel Des Estrangers & SPA - Siracusa.

The procedures and the terms for the submission of expressions of
interest and participation in the sale process of the real estate
and related business are detailed on the website:

For any further request please send an e-mail to:

DIAPHORA1 FUND: June 14 Bid Submission Deadline for Lots Set
Diaphora1 Fund, in liquidation, pursuant to Art. 57 TUF, put up
for sale the following properties:

Lot A1: Pomezia (RM), in "Sughereta", development areas to be
used for the construction of residential buildings.  N.L.R. of
Rome: Sheet no. 30, Parcel 959, arable land, Cl. 5, 7,483 m2;
Sheet no. 30, Parcel 1005, arable land, Cl.5, 5,616 m2; Sheet no.
30, Parcel 1006, arable land, Cl. 5, 5,616 m2.

Starting price EUR9,200,000.00 in addition to applicable tax

Lot A2: Pomezia (RM) in "Sughereta", building areas to be used
for the construction of residential towers, residential multi-
storey buildings and buildings for business purposes.  N.L.R. of
Rome:  Sheet no. 30, Parcel 864, arable land, Cl. 5, 8,778 m2;
Sheet no. 30, Parcel 867, arable land, Cl. 5, 4,960 m2; Sheet no.
30, Parcel 1007, arable land, Cl. 5, 2,696 m2; Sheet no. 30,
Parcel 1008, arable land, Cl. 5, 2,786 m2; Sheet no. 30, Parcel
1009, arable land, Cl. 5, 2,786 m2; Sheet no. 30, Parcel 1010,
arable land, Cl. 5, 5,573 m2; Sheet no. 30, Parcel 1011, arable
land, Cl. 5, 2,696 m2; Sheet no. 30, Parcel 1012, arable land,
Cl. 5, 3,910 m2; Sheet no. 30, Parcel 1017, country farm. Cl. =,
1,666 m2; Sheet no. 30, Parcel 1013, arable land, Cl. 5, 1912 m2;
Sheet no. 30, Parcel 1018, country farm, Cl. =, 784 m2.

Starting price EUR43,923,000.00 in addition to applicable tax.

Lot A3: Pomezia (RM), in "Sughereta", development areas to be
used for the construction of residential multi-storey buildings
and residential towers.  N.L.R. of Rome; Sheet no. 30, Parcel
1000, arable land, Cl. 5, 3,680 m2; Sheet no. 30, Parcel 1001,
arable land, Cl. 5, 1,952 m2; Sheet no. 30, Parcel 999, arable
land, Cl. 5, 2,800 m2.

Starting price EUR8,835,000.00 in addition to applicable tax.

Lot F1: Pomezia (RM), in "Sughereta", building plots, occupied by
partly-built residential towers.  N.L.R. of Rome: Sheet no. 30,
Parcel 1014, arable land, Cl. 5, 5,573 m2; Sheet no. 30, Parcel
1015, arable land, Cl. 5, 2,696 m2; Sheet no. 30, Parcel 1016,
arable land, Cl. 5, 2,786 m2.

Starting price EUR24,574,000.00 in addition to applicable tax.

Interested parties have until 12:00 a.m. on June 14, 2017, to
submit their bids to the office of Notary Federico Basile in
Viale Liegi 1, Rome.

The sale will be conducted at 12:00 a.m. on June 15, 2017, at
the Notary's office.

Further information and sale procedures is available at

DIAPHORA1 FUND: June 14 Bldg. Plots Bid Submission Deadline Set
Diaphora1 Fund, in liquidation, pursuant to Art. 57 TUF, put up
for sale the following properties:

D1-53: portion equal to 198/1000 of a building plot for non-
residential purposes located in Rome (Torrino Mezzocammino area),
in a suburban peripheral area with a strong building tradition,
situated in the southern part of the Capital, outside the G.R.A.
(Grande Raccordo Anulare) ring road, listed in the Land Registry
of the Municipality of Rome, sheet 1126, parcel 2374, arable
land, class 3, 1,162 m2.

Starting price EUR130,482.00, in addition to applicable tax

Interested parties have until 12:00 a.m. on June 14, 2017, to
submit their bids to the office of Notary Federico Basile in
Viale Liegi no. 1, Rome.

The sale will be conducted at 10:00 a.m. on June 15, 2017, at
the Notary's office.

D1-51: building plot, approximately 30,000 square meters, with
building area of 76,160 cubic meters, or approximately 23,800
cubic meters of residential surface area, located in Via delle
Cerquete, Rome (Lunghezza area), listed in the Land
Registry of the Municipality of Rome, sheet 666, parcels: 397,
wooded pasture, class 1, 04 ares, 80 centiares, A5 deduction,
farmland income EUR0.91; 398 arable land, class 3, 01 ares, 60
centiares, A5 deduction farmland EUR1.45, agricultural income
EUR0.62; 407, arable alnd, class 3, 03 hectares, 97 ares, 10
centiareas, A5 deduction, farmland income EUR359.31, agricultural
income EUR153.81;

Starting price EUR13,851,000, in addition to applicable tax

Interested parties have until 12:00 a.m. on June 14, 2017, to
submit their bids to the Notary's office.

The sale will be conducted at 2:00 p.m. on June 15, 2017, at
the Notary's office.

D1-52: wellness and fitness center, approximately 2,100 square
meters, spread on two levels, above the ground, including
basement, located in Via Bedollo no. 110, Rome (Infernetto area),
listed in the Buildings Registry of the Municipality of Rome,
sheet 1118 - parcel 1271 - sub-section 503, Category D/6, income

Starting price EUR1,462,000.00, in addition to applicable tax

Interested parties have until 12:00 a.m. on June 14, 2017, to
submit their bids to the Notary's office.

The sale will be conducted at 4:00 p.m. on June 15, 2017, at
the Notary's office.

Details, procedures and sale regulations are available on

FDG SPA: April 18 Deadline Set for Trademark Bids
Court of Novara
Bankruptcy Division
Extraordinary Administration of F.D.G. SPA in Liquidation
Official Receiver: Francesco Fimmano

On March 13, 2017, Istituto Vendite Giudiziarie - IFIR Piemonte
S.r.l. published the notice of sale of the movable property and
trademarks of A.S. FDG Spa in liquidation; no bids were submitted
for the trademarks.  In February 2017, IVG received a bid deposit
of EUR350,000.00 for the trademarks and is, therefore, interested
in receiving bids for the purchase of the trademarks as listed

trademarkers, as in fact and in law, as resulting from the
appraisal of the trademarks dated September 23, 2011, available
on and

Interested parties are to send their bids in a sealed envelope to
IVG, situated in Via Fermi 6, Novara 28100 no later than April
18, 2017, to the attention of Istituto Vendite Giudiziarie,
accompanied by a deposit equal to 10% of the bid by the way of
bank draft made payable to FDG Spa in liquidation and under
Extraordinary Administration.  Bidders are to read the "Rules on
the submission of irrevocable bids", available on
www.astagiudiziaria and

The award will go the highest bid, which must be higher than
EUR350,000.00.  For higher bids, Istituto Vendite Giudiziarie
reserves the right to open a tender.  It should be noted that
disputes are currently pending on the trademarks in this notice
of sale.

This announcement does not constitute either a proposal or public
offering, pursuant to art. 1336 of the Italian Civil Code, or a
solicitation of public savings, nor does it commit the procedures
to sell in any way.  Final deicisions on the sale shall be
subject to approval by the Procedural Bodies.

For information, send an e-mail to
or phone 0321-628676


ALFA BANK: Fitch Raises LT Issuer Default Ratings to 'BB-'
Fitch Ratings has upgraded Alfa Bank Kazakhstan's Long-Term
Issuer Default Ratings (IDRs) to 'BB-' from 'B+'. The Outlook is

The upgrade of ABK's IDRs reflects the extended record of good
financial performance supported by relatively low funding costs
and reasonable asset quality, considerable capital buffer and
ample liquidity. At the same time, ABK's ratings factor in its
currently small franchise.

ABK's loan book is relatively small (35% of total assets at end-
2016), reflecting deleveraging (by 25% in 2016) in favour of
investments into National Bank of the Republic of Kazakhstan low
risk notes (36% of total assets). Loan quality is adequate, with
non-performing loans (NPLs, 90 days overdue) comprising a
moderate 7% of the end-2016 book. NPLs were comfortably (94%)
covered by reserves. About 13% of loans were restructured but
reportedly performing. Based on a review of the largest
restructured loans, Fitch believes that these exposures are well
covered by hard collateral, posing only moderate credit risk. As
a further indication of adequate asset quality, the share of
accrued but not received interest income was less than 2% in

Loan concentrations are high, with the 25 largest exposures
making 69% of corporate loans at end-2016. However, more than
half of these are composed of low to moderate risk working-
capital loans to cash-generative clients. Also positively, ABK's
foreign currency lending was moderate, at 18% of gross loans at
end-2016, which limits asset-quality risks.

Capitalisation is strong, reflected by a high Fitch Core Capital
(FCC) ratio of 18% at end-2016, up from 14% at end-2015. The
increase was due to deleveraging and reasonable internal capital
generation (ROAE of 12% in 2016). Fitch estimates that the end-
2016 capital cushion would be sufficient to increase loan
impairment reserves up to 36% from the current 7% of the loan
book without breaching minimum capital requirements. Beyond that,
considerable additional loss absorption capacity is available
from the bank's pre-impairment operating profit (equal to 10% of
average loans in 2016).

The FCC ratio could potentially reduce to a still reasonable 13%-
15% over the next three years as ABK plans to rebuild its loan
book subject to it being able to attract good quality borrowers.

Liquidity is ample, with liquid assets, including cash, short-
term bank placements and liquid securities covering a high 66% of
customer deposits at end-2M17. However, the depositor
concentration level is high (the top 20 made up 32% of customer
funding at end-2016), making the bank somewhat vulnerable to
sudden outflows of the largest accounts.

The Support Rating of '4' reflects Fitch's view of the limited
probability of support that might be forthcoming from Alfa Bank
Russia (ABR, BB+/Stable) or other group entities, if needed. In
Fitch's view, support may be forthcoming in light of the common
branding, potential reputational risk of any default at ABK and
the small cost of any support that may be required.

At the same time, Fitch views ABR's propensity to provide support
as limited because (i) it holds shares in ABK on behalf of ABH
Holdings S.A. (ABHH), to which it has ceded control and voting
rights through a call option, under which ABHH may acquire 100%
of ABK from ABH Financial Limited (the entity controlling 100% of
ABR) until end-December 2019; and (ii) there is limited
operational integration between ABK and ABR.

Support from other Alfa Group entities, in Fitch's view, also
cannot be relied on in all circumstances, especially in a
systemic financial crisis in Kazakhstan. Fitch notes ABHH's
failure to provide full support to its Ukraine-based subsidiary
PJSC Alfa-Bank (ABU; B-/Stable) in 2008.


ABK's senior unsecured local debt ratings are aligned with the
Long-Term Local-Currency IDR and National Long-Term rating, and
reflect Fitch's assessment that recoveries are likely to be
average in the event of any default.


Further upside potential for ABK is limited given the difficult
operating environment and the bank's narrow franchise. A
downgrade could result from a substantial deterioration of asset
quality or capitalisation if this was not offset by sufficient
and timely equity support from the bank's shareholders.

The debt ratings would likely change in line with the bank's

The rating actions are as follows:

Long-Term Foreign-Currency IDR upgraded to 'BB-' from 'B+';
Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Long-Term Local-Currency IDR upgraded to 'BB-' from 'B+'; Outlook

National Long-Term Rating upgraded to 'BBB+(kaz)' from
'BBB(kaz)'; Outlook Stable

Viability Rating upgraded to 'bb-' from 'b+

Support Rating affirmed at '4'

Senior unsecured debt: upgraded to 'BB-' from 'B+'

National senior unsecured debt rating: upgraded to 'BBB+(kaz)'
from 'BBB(kaz)'

Summary of Financial Statement Adjustments - ABK's core Tier 1
and Tier 1 regulatory capital ratios were both adjusted upward by
2.6% and total regulatory capital ratio was adjusted upward by
3.0%, since these ratios were incorrectly stated in the IFRS

DELTA BANK: S&P Affirms 'D/D' ICRs on Deposit Obligations Default
S&P Global Ratings said that it had affirmed its 'D/D' long- and
short-term issuer credit ratings on Delta Bank.  At the same
time, S&P affirmed the 'D' Kazakhstan national scale rating.  S&P
also affirmed its 'D' issue-level ratings on its senior unsecured

The affirmation of the ratings reflects Delta Bank's failure to
repay some term deposits that were due in February and March

Although Delta Bank fully repaid (on Feb. 22, 2017) the
Kazakhstani tenge (KZT) 9.9 billion (about US$30 million)
domestic senior unsecured bond it had defaulted on Feb. 14, 2017,
and also prepaid some other obligations, its liquidity position
remains under pressure.  These repayments were possible due to a
KZT45.6 billion loan the National Bank of Kazakhstan (NBK)
provided to the bank for one month, which was then rolled over
for another month. However, Delta Bank failed to pay
approximately KZT10 billion in corporate deposits due in February
and March.

Delta Bank's current liquid assets of about KZT6 billion (about
1.5% of total assets) as of March 30, 2017, are not sufficient to
enable the bank to meet upcoming debt payments due.  In April
2017, the bank needs to repay the loan from the NBK and
liabilities under repurchase agreement transactions.

S&P will reassess Delta Bank's creditworthiness and, if the bank
fully repays all its overdue obligations and S&P has evidence
that the bank has sufficient liquidity to meet its short and
medium term payments, S&P will raise the ratings from 'D'.

KAZMUNAYGAS NC: S&P Affirms 'BB' CCR, Outlook Negative
S&P Global Ratings affirmed its 'BB' long-term corporate credit
ratings on Kazakhstan-government-controlled vertically integrated
oil company KazMunayGas NC JSC (KMG) and its core subsidiary
KazMunaiGas Exploration Production JSC (KMG EP). The outlook
remains negative.

S&P also affirmed its 'kzA' Kazakhstan national scale rating on

The affirmation reflects S&P's view of very high likelihood of
extraordinary and ongoing state support to KMG, despite
relatively weak stand-alone financial metrics.  S&P expects weak
and relatively volatile financial metrics, including debt to
EBITDA of 4x-5x, funds from operations (FFO) to debt of about
12%-15%, and negative free operating cash flow (FOCF) in 2017.
S&P has therefore revised its assessment of the financial risk
profile to highly leveraged.

At the same time, S&P now takes a view that, even if KMG decided
to exercise its option to buy the Kashagan oilfield stake back
from the government-controlled holding Samruk-Kazyna, the impact
on the rating would be driven more by liquidity than by any
further increase in leverage, which is already high.  S&P
therefore continues to assess KMG's stand-alone credit profile at

The negative outlook mirrors that on the sovereign, indicating
that a downgrade of Kazakhstan would translate into a similar
rating action on KMG, all other factors remaining unchanged.  S&P
could also lower the rating on KMG if S&P reassessed the
likelihood of government support KMG could receive.  This
currently appears unlikely, however, given the Kazakh
government's recent support.

In S&P's base-case scenario, it expects that in 2017-2019 KMG
will maintain EBITDA broadly at the 2016 level, adjusted FFO to
debt at about 11%-13%, and negative FOCF at least in 2017.  S&P
understands that KMG does not plan a buyback in 2017-2018 of the
8% stake in Kashagan that it sold to its shareholder Samruk-
Kazyna in 2015.

Downside scenarios beyond factors related to the sovereign appear
unlikely.  S&P could lower the rating if KMG's SACP declines to
'ccc+' or below, which could happen in case of materially
deteriorating liquidity, debt-financed investments well above
S&P's current assumptions (including a debt-financed acquisition
of the Kashagan stake), or if significantly lower oil prices
undermine the company's sustainable EBITDA generation.  Also,
downside for the rating could materialize if the likelihood of
extraordinary state support diminishes, due to changes in the
government's policy, or if the company's role and standing vis-a-
vis the government weakens.  These are not S&P's base-case
scenarios for the rating, however.

S&P could revise the outlook on KMG to stable in the event of a
similar action on the sovereign.  In the long term, ratings
upside will likely hinge on materially higher oil prices than S&P
currently assumes in its base case and a material reduction in
consolidated adjusted leverage, with FFO to debt sustainably
above 20%, consistently positive FOCF, and no risk of a debt-
financed buyback of Kashagan.  S&P sees this scenario as unlikely
in the next 12-18 months.


Moody's Investors Service has assigned a B2 rating to the new
EUR200 million senior secured notes due 2022 to be issued by
SCHMOLZ+BICKENBACH Luxembourg Finance S.A., a wholly owned
subsidiary of SCHMOLZ+BICKENBACH AG (S+B). The outlook on the
rating is stable.

"We have assigned a B2 rating to the proposed new senior secured
notes as they will be issued under similar terms to the
outstanding B2-rated senior secured notes. The senior secured
notes and revolving debt facilities will rank equally in the
capital structure, with equivalent benefits from their comparable
security and guarantee arrangements," says Hubert Allemani, a
Vice President -- Senior Analyst at Moody's, and lead analyst for

Moody's views the proposed refinancing of the approximately
EUR168 million outstanding amount under the 9.875% senior secured
notes due 2019 and the envisaged maturity extension and amendment
of the revolving credit facility (RCF, unrated) and extension of
its ABS programme as positive for the liquidity profile.



The B2 rating assigned to the proposed EUR200 million senior
secured notes due 2022 reflects that they will be issued under
similar terms to the outstanding B2-rated secured notes. The
proposed senior secured notes and existing RCF will rank pari
passu and benefit from similar security and guarantee packages
from SCHMOLZ+BICKENBACH AG and its material subsidiaries.

The proceeds from the new senior secured notes will be used to
repay the outstanding approximately EUR168 million senior secured
notes due 2019 including related fees, expenses and early
redemption costs, and partially repay drawings under the RCF.

Moody's notes that at closing of the new notes issuance, the
notes will be held in an escrow account for the benefit of the
holders of the new notes until the day when the outstanding notes
are repaid, which is expected to be on or after 15th May 2017,
when the early redemption call price reduces to 102.47. The
securities and guarantees will only become effective on that day.
In the meantime the new notes holders will benefit from a pledge
over the escrow account.


S+B's B2 CFR reflects (1) the company's significant market share
in its key markets; (2) its production and technological
expertise; and (3) its integrated business model, all of which
make it an important supplier and partner to a well-diversified
customer base.

However, these positives are partially offset by (1) the
competitive nature of the specialty steel industry; (2) the
cyclical nature of the primary end-markets S+B serves,
particularly in the US where the company mainly address the oil
and gas tube and pipe market; and (3) the limited pricing power
and experiences of margin shrinkage during down cycles.

At the end of 2016, S+B had a Moody's adjusted leverage of 4.9x
and Moody's does not expect that the company's leverage will
materially increase due to the proposed transaction.


S+B's proposed new EUR200 million senior secured notes due 2022
are rated B2, at the same level as the CFR owing to their pari
passu ranking with much of S+B's other debt, such as its RCF. The
notes are to be issued by SCHMOLZ + BICKENBACH Luxembourg Finance
S.A., a Luxembourg public limited liability company and a wholly
owned subsidiary of S+B. The new notes will have the benefit of
unconditional and irrevocable guarantees from S+B and material
subsidiaries that are also guaranteeing the RCF. On or about the
15th May, the new notes will be secured by first-ranking liens
over certain capital stock and assets of the issuer and the
guarantors and junior-ranking liens over certain bank accounts of
the issuer and the guarantors that are pledged on a first-ranking
basis under the ABS Facility.


S+B's overall cash and liquidity position is adequate and as of
31 December 2016 its cash balance amounted to approximately EUR44
million. Liquidity is supported by Moody's expectations of the
company being free cash flow positive this year in the region of
EUR50 million. S+B can also rely on its EUR375 million RCF and an
ABS facility of EUR230 million plus USD transaction limit in the
amount of $75 million. The RCF is proposed to be amended and
extended as part of the notes refinancing, notably the maturity
date should be extended to March 2022 from April 2019 and the
margin slightly reduced. The ABS program maturity date should
also be extended to 2022. The RCF requires the company to ensure
compliance with the following financial covenants to be tested on
a quarterly basis: (1) leverage ratio (net debt to EBITDA); (2)
interest cover ratio; and (3) minimum net worth. Under the
current market condition Moody's do not expects the company to
breach its financial covenants this year. Pro forma of the notes
refinancing, S+B would have approximately EUR300 million and
EUR130 million of availability under its RCF and ABS programme,


The stable rating outlook reflects the company's solid market
share, its breadth of products and adequate liquidity profile, as
well as Moody's expectations for the slow improvement of S+B's
profitability and leverage in the coming years.


S+B's ratings could be upgraded if (1) S+B's Moody's-adjusted
EBITDA remains sustainably above EUR250 million, with its EBIT
margin growing towards 5%; or if (2) the company consistently
generates positive free cash flow or continues to deleverage its
capital structure, reaching a Moody's-adjusted EBITDA of 4.0x, or

A downgrade could be prompted if (1) S+B's profitability levels
stagnate or continue to decline; (2) the company's liquidity
deteriorates owing to higher capex or working capital
requirements resulting in negative free cash flow; (3) it fails
to comply with its new covenants; or (4) its Moody's-adjusted
leverage remains above 5.0x on a prolonged basis.


The principal methodology used in this rating was Global Steel
Industry published in October 2012.

Headquartered Lucerne, Switzerland, S+B is a leading global
producer, processor and distributor of special long steel
products, operating with a global Sales & Services network in an
attractive niche market. Main products are designed for
engineering steel, tool steel and stainless steel long products
applications. At the end of 2016 S+B has revenues of EUR2.3
billion and reported EBITDA of EUR105.4 million. S+B is quoted on
the SIX Swiss Exchange and its market capitalization was of
CHF718.2 million on March 30, 2017.


CADOGAN SQUARE: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
Fitch Ratings has assigned Cadogan Square CLO V B.V. refinancing
notes expected ratings, as follows:

EUR181.3 million Class A: 'AAA(EXP)sf'; Outlook Stable
EUR24 million Class B-1: 'AA(EXP)sf'; Outlook Stable
EUR10 million Class B-2: 'AA(EXP)sf'; Outlook Stable
EUR17.7 million Class C: 'A(EXP)sf'; Outlook Stable
EUR15 million Class D: 'BBB(EXP)sf'; Outlook Stable
EUR20.5 million Class E: 'BB(EXP)sf'; Outlook Stable
EUR8.1 million Class F: 'B-(EXP)sf'; Outlook Stable
EUR37.75 million Subordinated notes: not rated

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

Cadogan Square CLO V B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes
will be used to refinance the current outstanding notes. The
transaction closed in 2013 but was not rated by Fitch at the
time. The portfolio of assets is managed by Credit Suisse Asset
Management Limited.


'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category. Fitch has credit opinions or public ratings on 96%
of the identified portfolio. The weighted average rating factor
(WARF) of the identified portfolio is 33 while the indicative
covenanted maximum Fitch WARF for assigning final ratings is 34.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings on 96% of the
identified portfolio. The weighted average recovery rating (WARR)
of the identified portfolio is 65.1% while the indicative
covenanted minimum Fitch WARR for assigning final ratings is

Five Years Reinvestment Period
The refinanced CLO envisages a further five-year reinvestment
period and a nine years weighted average life (WAL). The longer
reinvestment period and WAL compared with other post-crisis
European CLOs - four years reinvestment and eight years WAL -
result in a slightly higher expected default rate in Fitch's

Partial Interest Rate Hedge
Between 0% and 15% of the portfolio can be invested in fixed-rate
assets, while fixed-rate liabilities account for 3.3% of the
target par amount. At closing the issuer will enter into interest
rate caps running between January 2018 and January 2025 to hedge
the transaction against rising interest rates. The notional of
the caps is EUR13.5m, representing 3.3% of the target par amount,
and the strike rate is fixed at 4%.

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

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


The issuer will amend the capital structure and change the
payment frequency of the notes to quarterly, although a frequency
switch mechanism will be introduced. The reinvestment period will
be extended to May 2022 and the maturity of the notes to May


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


EDP ENERGIAS: Moody's Affirms Ba2 Junior Subordinated Debt Rating
Moody's Investors Service has affirmed the Baa3/Prime-3 senior
unsecured issuer and debt ratings of EDP - Energias de Portugal,
S.A. (EDP, the group), EDP Finance B.V. and Hidroelectrica del
Cantabrico, S.A. Moody's also affirmed the Ba2 rating of EDP's
junior subordinated debt (also known as Hybrids). The outlook on
all ratings remains stable.



The rating action follows EDP's announcements: (1) that it has
accepted a fully-funded formal binding offer valued at EUR2.6
billion from a consortium of investors ('the consortium') to
acquire its gas distribution subsidiary in Spain, Naturgas
Energia Distribucion, S.A. (NED); and (2) that it will launch a
voluntary tender cash offer of EUR6.80/share for the 22.5% of
shares in EDP Renovaveis, S.A. which it does not already own. EDP
expects the two transactions to complete in the second or third
quarters of 2017. With respect to the NED sale, EDP and the
consortium target to sign definitive agreements in April, with
completion of the proposed transaction in the second or third
quarter subject to customary regulatory approvals.

The timing of the launch of EDP's final offer for EDPR shares is
subject to registration with CMVM, the Portuguese Securities
Market Commission.

The affirmation reflects Moody's view that the transactions are
consistent with EDP's 2016-20 Strategy Plan, and that it intends
to apply the proceeds from the sale of NED which are not used to
acquire EDPR shares to reduce debt. In Moody's view, were they to
complete as planned, the two transactions would have only a
modest negative effect on EDP's business risk profile.

As a result of the sale of NED, which contributed EUR165 million,
or 4% of EUR3.7 billion group EBITDA in 2016, the proportion of
EDP's earnings from regulated networks will decline slightly.
However, Moody's considers that the group's overall risk profile
will remain robust, with the proportion of combined EBITDA from
regulated networks and contracted businesses (excluding CMEC)
remaining at 75% pro forma for the transaction, compared with 76%
reported in 2016. In addition, the acquisition of EDPR minorities
will increase EDP's economic exposure to the renewables sector,
consistent with its long-term strategy, and diversify earnings
further beyond its Iberian core.

Moody's estimates that the combined net financial effect of both
transactions will be broadly neutral on the assumption that they
complete as planned. That reflects in part the good valuation
achieved on the sale of NED, which EDP estimates implies an
enterprise value/EBITDA multiple of 15.7x. Although group EBITDA
will decline as a result of the sale, this should be offset by
the net debt reduction of approximately EUR1 billion (from
EUR15.9 billion reported at end-2016) after the application of
sale proceeds (approximately EUR2.3 billion, net of EUR200
million deferred consideration) and cash outflows for the cash
tender offer of approximately EUR1.3 billion.

The rating affirmation factors in Moody's expectation that any
potential variances around transaction values, including the
offer price and the quantity of EDPR shares acquired, would not
be material. Moody's therefore estimates that EDP should be able
at least to maintain its financial profile consistent with 2016
(excluding the negative impact of certain non-recurring
accelerated tax expenses), and in line with guidance for the Baa3
rating, which includes RCF/net debt sustainably in the low double
digits and FFO/net debt in the mid-teens in percentage terms

The affirmation of the Baa3/Prime-3 ratings of Hidroelectrica del
Cantabrico, S.A. (HC Energia) follows that of its 99.87% parent,
EDP. Its rating reflects the small size of the company, and its
close integration into EDP. This allows its parent to implement
its pan-Iberian strategy and operate a complementary generation
portfolio more effectively, given the strong hydro component in
the Portuguese generation fleet versus HC Energia's strong
thermal bias in its plants. As a result of (i) EDP's influence
over HC Energia's business and financial profile, and (ii) its
access to liquidity via its parent, HC Energia's rating is
closely aligned with that of its parent.

The stable outlook on all ratings is based upon (1) the
assumption that both the sale of NED, and the tender offer for
EDPR's shares complete within Q2 or Q3 2017 as planned; and (2)
EDP's ongoing delivery of EBITDA growth, capital discipline and
deleveraging in accordance with its strategic plan, such that
RCF/net debt is sustainably in the low double digits and FFO/net
debt in the mid-teens in percentage terms in 2017-18.


The rating could be upgraded in the event that improving
conditions were to be reflected in more rapid and extensive de-
leveraging than currently contemplated, such as would be
reflected in RCF/net debt in the mid-teens and FFO/net debt of
around 20% on a sustainable basis.

The rating could be downgraded if deleveraging were to be
significantly delayed or reversed or there were a significant
downturn in the company's operating environment, as would be
evidenced by RCF/net debt and FFO/net debt in single digits and
the low-teens respectively.

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



Issuer: EDP - Energias de Portugal, S.A.

-- LT Issuer Rating, Affirmed Baa3

-- Junior Subordinated, Affirmed Ba2

-- Commercial Paper, Affirmed P-3

-- Backed Senior Unsecured MTN Program, Affirmed (P)Baa3

Issuer: EDP Finance B.V.

-- Backed Commercial Paper, Affirmed P-3

-- Backed Senior Unsecured MTN Program, Affirmed (P)Baa3

-- Backed Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Issuer: Hidroelectrica del Cantabrico, S.A.

-- LT Issuer Rating, Affirmed Baa3

-- Commercial Paper, Affirmed P-3

Outlook Actions:

Issuer: EDP - Energias de Portugal, S.A.

-- Outlook, Remains Stable

Issuer: EDP Finance B.V.

-- Outlook, Remains Stable

Issuer: Hidroelectrica del Cantabrico, S.A.

-- Outlook, Remains Stable

EDP based in Lisbon, Portugal, is the country's largest
vertically integrated utility. The company also has interests in
Spain, Brazil and the US. It is active in the renewables sector
through EDP Renovaveis, S.A.. In 2016, EDP generated EBITDA of
EUR3.7 billion. Hidroelectrica del Cantabrico, S.A.,
headquartered in Oviedo, Spain, is the 99.87%-owned Spanish
electric and gas subsidiary of EDP - Energias de Portugal, S.A.
(EDP). In FYE 2015, it had revenues of EUR4 billion.

LUSITANO MORTGAGES 2: Fitch Affirms 'BBsf' Rating on Cl. E Notes
Fitch Ratings has affirmed three tranches of Lusitano Mortgages
No.1 Plc and (Lusitano 1) Lusitano Mortgages No.2 Plc, as

Lusitano 1
Class D (ISIN XS0159071009): affirmed at 'A+sf'; off Rating Watch
Negative (RWN); Outlook Stable
Class E (ISIN XS0159285062): affirmed at 'Asf'; off RWN; Outlook

Lusitano 2
Class E (ISIN XS0178547633): affirmed at 'BBsf'; off Rating Watch
Evolving (RWE); Outlook Stable


Error Correction
The affirmations follow the correction of an error that occurred
during the last annual surveillance review on 28 October 2016. At
that time, the data relating to loans in arrears, current pool
balance, cumulative defaults, credit enhancement, note balance,
note margin (only for Lusitano 1) and credit for provisioning
(only for Lusitano 2) were incorrectly processed and entered by
Fitch into its EMEA RMBS Surveillance Model for Portugal. The
error has been corrected, and the ratings are now in line with
Fitch's criteria.


An increase in new defaults, coupled with pressure on excess
spread and the reserve funds, beyond Fitch's assumptions, could
result in negative rating action. Furthermore, an abrupt shift of
the underlying interest rates might jeopardise loan affordability
for the underlying borrowers.

The ratings are also sensitive to changes in Portugal's Country
Ceiling and consequently changes to the highest achievable rating
of Portuguese structured finance notes.


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


Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing

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


The information below was used in the analysis.

Loan level data sourced from the European Data Warehouse with a
cut-off date of:

- November 2016 for Lusitano 1
- January 2017 for Lusitano 2

Transaction reporting provided by Deutsche Bank since close and

- December 2016 for Lusitano 1
- February 2017 for Lusitano 2


CENTER-INVEST BANK: Moody's Raises Deposit Ratings to Ba3
Moody's Investors Service has upgraded the long-term local- and
foreign-currency deposit ratings of Center-Invest Bank to Ba3
from B1, the outlook on these ratings remains stable.
Concurrently, Moody's upgraded the bank's baseline credit
assessment (BCA) and adjusted BCA to ba3 from b1. Center-Invest
Bank's Not Prime short-term local- and foreign-currency deposit
ratings were affirmed. The outlook on the bank's ratings is

Moody's has also upgraded Center-Invest Bank's long-term
Counterparty Risk Assessment (CR Assessment) to Ba2(cr) from
Ba3(cr) and affirmed its short-term CR Assessment of Not

The rating action is primarily based on Center-Invest Bank's
audited financial statements for 2016 prepared under
International Financial Reporting Standards (IFRS).


Moody's upgrade of Center-Invest Bank's ratings reflects the
demonstrated resilience of the bank's solvency metrics to the
challenging operating environment in Russia over the 2014-2016
economic downturn, and the rating agency's expectation that these
metrics will show sustainable improvement as operating conditions
stabilise. Center-Invest Bank's strengthened funding profile and
conservative liquidity management also support Moody's positive
rating action.

Center-Invest Bank's reported problem loan ratio at year-end 2016
was 7.5% of total gross loans, which is well below Moody's
estimate of the sector average of 14%. The rating agency believes
that Center-Invest Bank's problem loans have peaked and expects
that they will decrease over 2017, reflecting superior economic
growth in the Rostov-on-Don and adjacent regions in Southern
Russia than nationwide, the bank's exposure to the better-
performing segments of the economy, and its conservative, long-
term philosophy. The proportion of secured mortgage loans in the
bank's loan book increased to 26% of the bank's loans at year-end
2016 from 19% a year before, whereas loans to the more risky
corporate sector (including small- and medium-sized enterprises)
decreased to 46% of total loans from 52% over the same period.
Asset quality at Center-Invest Bank is more predictable than many
other Russian banks, reflecting its focus on retail and SME
loans, which results in a more granular portfolio. At year-end
2016, the bank's aggregate exposure to the 20 largest borrowers
accounted for 120% of its Tier 1 capital, which is well below the
sector average of 240%.

Center-Invest Bank's profitability improved in 2016, with return-
on-average assets (ROAA) increasing to 1.1% from 0.6% reported in
2015. In 2017, Moody's expects to see further improvement in
financial performance, underpinned by an above-average net
interest margin of more than 5% and below-average credit losses,
thanks to high provisioning coverage (loan loss reserves covered
92% of problem loans at year-end 2016 compared to the 70%-75%
average reported by the Russian banking sector). Center-Invest
Bank also reports sufficient capital adequacy, with Basel I Tier
1 capital ratio of 13.7% at year-end 2016.

Center-Invest Bank's funding and liquidity profiles are also
strong. Owing to its strong brand recognition in its home
markets, the bank benefited from an inflow of individuals'
deposits during the downturn. Retail deposits reached 78% of the
bank's total liabilities at year-end 2016, with the bulk of those
being term deposits, and the bank makes little use of wholesale
funding. The granular and stable funding profile is matched by a
liquidity cushion accounting for 16% of total assets, which only
comprises cash and cash equivalents.


Center-Invest Bank's Ba3 deposit ratings are relatively high in
Russia's context, and the bank retains a tight regional focus, so
the potential for upgrade is therefore limited. A pre-requisite
for any further positive rating actions would be a substantial
improvement in operating conditions, including healthy demand for
banking services and sustainable, low risk growth.

Moody's does not anticipate any negative rating action on Center-
Invest Bank over the next 12 to 18 months. However, the rating
could be downgraded if the operating environment were likely to
deteriorate materially, with resulting erosion of the bank's
financial fundamentals versus the currently forecasted trends.


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

Headquartered in Rostov-on-Don, Russia, Center-Invest Bank
reported -- at January 1, 2017 -- total IFRS assets of RUB96.6
billion and total equity of RUB11.5 billion. The bank's IFRS X5
profits for 2016 stood at RUB1.0 billion.

X5 FINANCE: Fitch Assigns 'BB(EXP)' Rating to Planned Eurobond
Fitch Ratings has assigned X5 Finance B.V.'s rouble Eurobond a
senior unsecured rating of 'BB(EXP)'. Fitch has also affirmed the
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) of X5 Retail Group N.V. (X5), the parent company of X5
Finance B.V., at 'BB'. The Outlook is Stable.

The planned Eurobond is rated in line with X5's IDR, as
structural subordination to debt raised by operating companies is
eliminated by guarantees. The Eurobond placement should
strengthen X5's liquidity and extend its debt maturity profile,
enhancing the group's financial flexibility by diversifying its
funding sources and investor base. The final rating is contingent
upon receipt of final documents conforming to the information
already received by Fitch.


Leading Multi-Format Retailer in Russia: X5's business risk
profile is strong for the ratings. It is supported by its leading
position in Russia's food retail market and by consistent market
share gains over the past three years, a trend which Fitch is
confident will continue. The business model is supported by X5's
multi-format strategy, with a focus on the defensive discounter
format, and on continuously improving logistics and distribution
systems. These factors should enable X5 to strengthen its market
position, despite increasing competition from other large retail
chains in the country.

Solid Execution of Growth Strategy: X5 has almost doubled its
revenue since 2013, while maintaining strong operating cash-flow
generation and a stable EBITDA margin of around 7%. In 2016 the
company had the fastest revenue growth in the sector (28% yoy)
due to accelerated new store openings and industry-leading like-
for-like (LfL) sales growth (8% yoy). X5's record of effective
implementation of its growth strategy lowers execution risks
related to further expansion, as the company aims to solidify its
position as Russia's largest food retailer and double its market
share by 2020.

Strong Growth to Continue: Fitch projects X5's revenue CAGR at
around 20% over 2017-2020, supported by new store roll-outs and
positive LfL sales growth. Fitch expects growth to now decelerate
as a result of slowing inflation, but project that in 2017 it
should remain strong compared with peers due to store
refurbishments and a catching up in sales densities at maturing
stores. There is also upside for LfL footfall growth from the
recent introduction of a loyalty card at X5's discounters.

Moderate Leverage: Fitch expects X5's FFO adjusted leverage to
remain stable after its reduction in 2016 to 3.5x (2015: 3.9x)
which is fully aligned with the ratings in the sector in Russia.
Fitch current projections show more conservative leverage metrics
than Fitch previous forecasts, which contribute to improving X5's
headroom under its 'BB' rating. If maintained, this could lead to
a positive rating action over the medium term.

Profit Margins Unaffected by LTI Payments: Fitch understand from
management that once the current long-term incentive (LTI)
programme is fulfilled, it is likely to be followed by another
one. The targets and other conditions of the new programme are
not known yet. However, as LTI bonuses are likely to be a
recurring expense for X5 Fitch assumed it at 0.2% of the
company's revenue in 2019-2020. This should not compromise X5's
profit margins, and Fitch expects its EBITDA margin to remain
strong relative to western European food retail peers.

Expected Decrease in EBITDA Margin: X5 reported a strong EBITDA
margin of 7.4% in 2016 (2015: 6.8%). This was ahead of Fitch
expectations. In Fitch projections however Fitch conservatively
factor in a gradual decrease to below 7% (adjusted for potential
LTI payments) by 2020 due to potential gross margin sacrifices to
fend off competition and protect footfall rates. Fitch
projections also assume that X5 will be able to maintain stable
operating lease expenses as a proportion of revenue, despite the
company's plan to expand primarily through leasehold stores.

This is based on X5's growing presence in regions with lower
rents and its strong bargaining power with landlords, as proven
in 2016.

Weak Fixed Charge Coverage: Funds from operations (FFO) fixed
charge coverage remains the main constraining factor for X5's
ratings as it is below the levels consistent with a 'BB' category
in the sector. The metric is under pressure from substantial
operating lease expenses and Fitch projects it to remain broadly
stable over 2017-2020 (2016:1.9x). In Fitch views, weak coverage
metrics are somewhat mitigated by favourable lease cancellation
terms and the partial dependence of leases on store turnover.


X5 benefits from a stronger business profile than Lenta LLC
(BB/Stable) and O'Key Group SA (B+/Stable) due to its larger
business scale and stronger format diversification. Fitch also
expects a similar leverage profile for X5 and Lenta. Even though
X5 exhibits weaker fixed charge cover metrics, overall, Fitch
assess X5 has more headroom under its 'BB' rating than Lenta.

In comparison with international retail chains, X5 has a scale
commensurate with the lower 'BBB' category rating and similar
credit metrics but more limited geographic diversification, which
is partly offset by stronger growth prospects. X5 also compares
well with Chile-based Cencosud SA (BBB-/Stable). However, the
weak operating environment in Russia contributes to a lower
rating for X5 relative to global peers, in line with Fitch


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

- annual revenue growth around 20% over 2017-2020, driven by
   selling space CAGR above15% over 2017-2020 and positive LfL
   sales growth;

- LTI expenses at around 0.2%-0.3% of revenue over 2017-2020;

- EBITDA margin (adjusted for potential LTI expenses) gradually
   decreasing below 7% by 2020;

- capex at around 4%-6% of revenue;

- no dividends;

- neutral free cash flow (FCF);

- no large-scale M&A activity.


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

- Positive LfL sales growth comparable with close peers,
   with maintenance of its leading market position in Russia's
   food retail sector
- Ability to maintain the group's EBITDA margin at around 7%.
- FFO-adjusted gross leverage below 3.5x on a sustained basis
- FFO fixed charge coverage around 2.5x on a sustained basis
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

- A contraction in LfL sales growth relative to close peers,
   particularly if combined with EBITDA margin erosion to below
- FFO-adjusted gross leverage above 5.0x on a sustained basis
- FFO fixed charge cover significantly below 2.0x on a sustained
   basis if not mitigated by flexibility in managing operating
   lease expenses
- Deterioration in liquidity as a result of high capex, worse
   working-capital turnover and weaker access to local funding


Adequate Liquidity: Fitch expects an improvement in X5's
liquidity and extension of its debt maturity profile after the
placement of its new RUB30 billion Eurobond. Pro forma short-term
debt at end-2016 of RUB17 billion and expected negative free cash
flow should be sufficiently covered by X5's Fitch-adjusted
unrestricted cash of RUB13 billion and available undrawn
committed credit lines of RUB32 billion. In addition, X5 has
flexibility in managing its capex plans, which is the major
driver behind the expected negative FCF, while the group's
operating cash-flow generation remains strong.

Fitch also believes X5 retains good access to local funding, due
to its large scale, non-cyclical food retail operations and
strong operating performance.

Average Recoveries for Eurobond Holders: The planned RUB30
billion Eurobond is rated in line with X5's IDR of 'BB', although
it is expected to be issued by the non-operating company X5
Finance B.V., which was specifically established for the purpose
of the Eurobond placement. Structural subordination to operating
companies' debt is eliminated by the presence of suretyships from
major operating companies accounting for not less than 80% of the
group's EBITDA and net assets. Therefore, there is virtually no
debt that would rank prior to the Eurobonds, thus reinforcing
Fitch views of average recovery prospects in case of default.

Structurally Subordinated Local Bonds: Fitch rates four rouble
bonds issued by X5 Finance LLC's (financial company, 100%-owned
by X5) one notch below X5's IDR at 'BB-' as their bondholders do
not have recourse to operating companies. Therefore their rights
are structurally subordinated to lenders at the level of
operating companies and bondholders of RUB15 billion local bonds
and new Eurobonds that feature suretyships from the main EBITDA-
generating entities.

Prior-ranking debt was below 2x of the group's 2016 EBITDA, which
is Fitch's threshold for a material possibility of subordination
and lower recoveries for unsecured creditors. Nevertheless, Fitch
views of below-average recovery prospects is based on Fitch
assumptions that X5 may issue additional debt ranking prior to
bonds to fund its expansion strategy.


X5 Retail Group N.V.

- Long-Term Foreign- and Local-Currency IDRs: affirmed at 'BB',
   Stable Outlook;
   X5 Finance B.V.
- Senior unsecured rating: assigned 'BB(EXP)'/ 'BB'/'RR4'
   X5 FINANSE LLC (100%-owned by X5 Retail Group N.V.)
   RUB15 billion bonds due September 2031
- Local currency senior unsecured rating: affirmed at 'BB'/'RR4'
   RUB5 billion bonds due October 2022
- Local currency senior unsecured rating: affirmed at
   'BB-'/'RR5' RUB5 billion bonds due March 2023
- Local currency senior unsecured rating: affirmed at
   'BB-'/'RR5' RUB5 billion bonds due April 2023
- Local currency senior unsecured rating: affirmed at
   'BB-'/'RR5' RUB5 billion bonds due August 2023
- Local currency senior unsecured rating: affirmed at

X5 FINANCE: S&P Assigns 'BB' Rating to Proposed Sr. Unsec. Bonds
S&P Global Ratings said that it has assigned its 'BB' long-term
issue rating to proposed ruble-denominated senior unsecured bonds
to be issued by X5 Finance B.V., a fully owned financing
subsidiary of Russian grocery chain X5 Retail Group N.V.
(BB/Stable/--).  X5 Retail Group and its main operating
subsidiaries Agrotorg LLC and Trade House PEREKRIOSTOK CJSC will
guarantee the proposed notes.

S&P understands that X5 intends to use the proceeds of the
proposed bond to refinance its existing bank loans.

X5 RETAIL: S&P Raises CCR to 'BB' on Strong Operating Performance
S&P Global Ratings raised its long-term corporate credit ratings
on Russian grocery chain X5 Retail Group N.V. and its subsidiary
OOO X5 Finance to 'BB' from 'BB-'.  The outlook is stable.

The upgrade reflects X5's continuing strong operating performance
and further improvements in credit metrics, despite challenging
economic conditions in Russia.  Revenues grew in the double
digits for the third consecutive year in 2016, with like-for-like
sales increasing by the high-single digits, albeit at a slower
pace owing to declining food price inflation, throughout 2016.
At the same time, X5 continues to improve profitability, with
reported EBITDA margin growth of 55 basis points (bps) in 2016
and with a 38% increase in reported EBITDA in absolute terms.

X5 reported overall 28% revenue growth (in ruble terms) in 2016,
with revenues from the largest format, Pyaterochka proximity
stores (accounting for 75% of revenues) growing in excess of 30%,
mostly supported by new store openings.  Despite a continuing
decline in food price inflation, X5 maintained positive like-for-
like sales and traffic growth.  While S&P expects X5 to continue
to increase revenues by 20%-25% over the next two years, mainly
driven by further chain expansion, S&P believes that growth will
slow over time because of intense competition and eventual
saturation of the Russian food retail market.

S&P takes into account X5's leading position in the Russian food
retail segment and its strong position in the lucrative Moscow
and St. Petersburg markets.  The group benefits from the
resilience and predictability of this industry.

X5's operations are concentrated mainly in Russia's central and
northwest regions, and the group has good format diversity, with
operations in the economy, supermarket, hypermarket, and
convenience retail segments, with about 75% of its sales coming
from the proximity-stores format.  S&P views X5's profitability
in terms of reported EBITDA margins of 7.4% and net profit margin
of 2.2% in 2016, which are weaker compared to its closest peer,
PJSC Magnit (with respective margins of 10% and 5%).  However,
compared to other European peers in food retail, such as Tesco
Plc, REWE Group, and Ahold Delhaize N.V., X5 has stronger

Still, S&P notes that the group's geographic concentration in the
Russian market and exposure to emerging-market risks, such as
currency volatility, persistent cost inflation, and political
uncertainty, are the main constraints for the business.

The group's financial risk profile reflects its continuing growth
strategy, which includes new store openings.  S&P expects capital
expenditures (capex) to continue weighing on X5's cash flows, and
S&P do not expect the company to deleverage materially over the
next one to two years.  At the same time, S&P expects those
investments to gradually contribute to X5's earnings and cash

"We have included the net present value of future operating
leases in our credit metrics calculations in line with other
rated companies in the retail sector.  Historically, we didn't
adjust X5's metrics for operating leases due to the absence in
X5's financial statements (under International Financial
Reporting Standards disclosure) of the commitments under future
lease payments, owing to the cancellable nature of these rental
contracts.  Now we add to the group's financial debt our
estimated operating lease adjustment.  As a result, the adjusted
debt to EBITDA for 2016 increased to 3x from 2x (unadjusted) and
funds from operations (FFO) to debt decreased to 23% from 38%
(unadjusted).  Both metrics are well positioned in our
significant financial risk profile category.   In addition, we
have removed our negative comparable ratings analysis modifier
that we previously incorporated to offset the boost to X5's
credit metrics and financial risk profile from not adding
operating lease adjustments to debt," S&P said.

S&P expects X5 to maintain its prudent financial policy with a
leverage target of no more than 2.75x reported net debt to EBITDA
and no shareholder distributions in the medium term.  In
addition, S&P currently views the risk of sizable debt-financed
acquisitions as low.

The stable outlook on X5 reflects S&P's view that the group will
defend or strengthen its already sound position in the Russian
food retail market.  Following the turnaround during the past few
years, S&P anticipates that a mix of focused organic expansion
and the absence of large debt-financed acquisitions will enable
X5 to continue improving its EBITDA generation.  In light of the
significant amount of capex on expansion of the store chain, S&P
expects the reported FOCF to be negative.  S&P considers a ratio
of adjusted FFO to debt of well above 20% and adjusted debt to
EBITDA of close to 3.0x over the next few years to be consistent
with the current rating.

A negative rating action might result if worsening operating
performance or a deviation from the company's current financial
policy in the form of large-scale debt-funded acquisitions causes
X5's adjusted FFO to debt to fall below 20%.  S&P would also
lower the rating if adjusted EBITDA interest coverage falls below
3x or if S&P perceives a deterioration in liquidity to below its
adequate level.

S&P could consider raising the rating if sales and profitability
rose more strongly than S&P anticipates, and if as a result of
this, the group starts generating meaningful reported FOCF.  S&P
would consider raising its rating if its adjusted FOCF to debt
improves to above 15% and adjusted debt to EBITDA below 3x on a
sustainable basis, and if management commits to maintaining such
ratios.  A positive rating action would hinge on X5 further
growing its market position, achieving stronger profitability,
and maintaining adequate liquidity through advanced refinancing
of its upcoming debt maturities and a prudent financial policy.


SCHMOLZ + BICKENBACH: S&P Affirms 'B+' CCR, Outlook Negative
S&P Global Ratings affirmed its 'B+' long-term corporate credit
rating on Swiss specialty steel producer Schmolz + Bickenbach AG
(S+B).  The outlook remains negative.

At the same time, S&P assigned its 'B+' issue rating to the
proposed EUR375 million revolving credit facility (RCF) and to
the proposed EUR200 million senior secured notes.  The recovery
rating on these instruments is '4' indicating S&P's expectation
of recovery of about 30%.

S&P also affirmed its 'B+' issue rating on the EUR167 million
senior secured notes (down from EUR258 million originally,
previously repaid) due 2019 and expect to withdraw the rating
when the notes are fully repaid.  The recovery rating on the
notes is '4', reflecting S&P's expectation of recovery of about

All ratings are subject to S&P's review of the final
documentation of the instruments to be put in place as part of
the refinancing, assuming final terms and conditions in line with
S&P's current assumptions.

The affirmation reflects S+B's likely improved operating
performance in 2017, after a particularly weak 2016, owing to
depressed steel industry fundamentals and unexpectedly high
restructuring costs of about EUR40 million.  S+B posted 2016 S&P
Global Ratings-adjusted EBITDA of about EUR110 million after the
restructuring, lagging S&P's expectation of approximately
EUR160 million.  The lower EBITDA has translated into adjusted
debt to EBITDA exceeding 7x, which deviates significantly from
S&P's rating guidance.  The affirmation also assumes a pronounced
EBITDA recovery this year, on the back of stronger market
conditions in early 2017.  S&P also expects restructuring costs
will drop sharply in 2017, to a mere single digit figure.
Lastly, S&P takes into account the company's proposed
refinancing, through the placement of a EUR200 million senior
secured bond and an extended RCF of EUR375 million, both with
tenors of five years.  S&P expects the new capital structure will
benefit S+B's cost of debt, debt maturity profile, and liquidity.
S&P has consequently revised upward its assessment of the
company's liquidity to adequate from less than adequate.

Last year's weak operating performance followed strenuous steel
industry conditions, relating mainly to low steel prices and
sagging demand in Europe for steel products, especially in the
first half.  Moreover, as S&P expected, it saw no clear recovery
in the second half.  In addition, the company incurred large
restructuring costs, mainly in the fourth quarter, weighing
heavily on EBITDA.  These included measures to decrease the
fixed-cost base, including reducing headcount, departures, and
early retirement plans; asset relocation, reducing bottlenecks,
and capacity optimization.  S&P captures these costs in its
adjusted EBITDA figure, but S&P anticipates that a large
proportion will be nonrecurring and will contribute to improving
S+B's operating efficiency.

S&P anticipates S+B will report a significantly improved first
quarter, with revenues up 12.3% in the first two months of 2017,
and EBITDA of about EUR41 million from EUR11 million for the same
period last year.  This is mainly owing to higher sales volumes
at significantly higher revenues per metric ton and a more
favorable product mix, as well as improved gross profit margin.

In S&P's view, the industry's excess supply in recent years has
moderated on the back of antidumping duties, and S&P expects
demand will remain somewhat supportive in key end-markets.  S&P
understands that most self-help measures are now implemented,
although not entirely absent in 2017 and 2018.  S&P expects
restructuring costs will fall noticeably in 2017, to about
EUR8 million, with our adjusted EBITDA advancing to about
EUR170 million.  Still, S&P takes into account that steel volume
demand and prices remain volatile, albeit bolstered in the first
quarter by possible restocking.  S&P expects capacity utilization
at current rates will be hard for the company to sustain.

Because of the inherent volatility of the steel industry and
exposure to cyclical end-markets, S&P continues to view S+B's
business risk profile as weak.  S&P continues to factor in
limited visibility on prices and earnings, as well as a
relatively high fixed-cost base.

Cash flow wise, S&P takes into account that 2016 depressed prices
and volumes and inventory management efforts have lowered working
capital needs significantly.  This, together with contained
capital expenditures (capex) of about EUR100 million, has
supported decent free cash flow despite industry conditions and
onetime costs (of which a portion has been provisioned as opposed
to cash-incurred).  As such, S&P has seen unadjusted net debt
come down to about EUR420 million at end-2016, from EUR470
million one year earlier, partly offsetting the company's onetime
peak financial leverage, in S&P's view.  Similarly, S&P expects
working capital will build up again in 2017, notably in the first
half on seasonality, big order inflow, and price uplifts.  On
expectations of such an improved operating performance (after
restructuring) and flat capex spending versus 2016, S&P believes
net debt should remain relatively stable throughout 2017.  When
adding S&P's adjustments to debt, namely pensions of about EUR300
million and operating leases of about EUR19 million, S&P
anticipates adjusted debt to EBITDA will return toward 4.5x,
which S&P sees as commensurate with the company's aggressive
financial risk profile and S&P's rating.  This would follow a
markedly depressed ratio of about 7.4x at end-2016 (or 5.4x after
adding back onetime restructuring costs, and comparing with 4.8x
under S&P's previous base case).

The negative outlook reflects that S&P could downgrade S+B,
absent a material recovery in EBITDA in 2017, after the
restructuring and on the back of an improved market environment.

A downgrade of S+B could follow reduced order intake, after a
possible restocking phase in the first half of 2017, or stem from
continued high actual or expected restructuring costs.  A ratio
of adjusted debt to EBITDA exceeding 4.5x would keep the rating
under pressure, which S&P expects in the coming quarters because
the restructuring in fourth-quarter 2016 will continue to weigh
on S&P's credit metrics.  Any decline in liquidity could also
trigger a downgrade.

S&P could revise the outlook to stable on the back of clearly
improved EBITDA, supported by continued strong demand and prices.
This could notably stem from improved visibility on second-half
2017 results, taking into account the extent of first-half
working capital consumption and its likely impact on free cash
flow and net debt.  S&P continues to view adjusted debt to EBITDA
of about 4.5x, through the cycle, as commensurate with the


EMLAK KONUT: Fitch Assigns BB+ Long-Term Issuer Default Rating
Fitch Ratings has assigned a Long-Term Foreign-Currency Issuer
Default Rating (IDR) of "BB+" to Turkish residential developer
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. The Outlook is

The rating reflects Emlak Konut's unique revenue sharing model
(RSM), which generates guaranteed income and a share of upside
gains, and passes nearly all design, building, financing and
marketing risks to developers. Emlak holds a competitive
advantage owing to its privileged position with its controlling
shareholder, Turkey's Housing Development Administration (TOKI).
Other credit strengths include a significant land bank, largely
in Turkey's largest city, Istanbul, as well as sound financials.

The rating also reflects the company's exposure to volatile
housing demand and prices, as well as regulatory and political
risks. The risk of contractor failure is also mitigated by a
number of protections.

The Stable Outlook reflects Fitch expectations that Emlak Konut
will be able to maintain its operating margins and financial
metrics, despite a downturn in the economy and probable
volatility in the housing market.


Revenue-Sharing Model Secures Revenue: Emlak Konut primarily uses
a low-risk revenue-sharing model (RSM) to develop most projects
which provides strong revenue visibility and protects the company
from short-term market volatility. This is unique among its peer
group. Under the RSM, Emlak Konut passes operational risk through
to contractors.

Contractors must guarantee Emlak Konut's minimum revenue, as well
as a share of any upside gains. Emlak Konut supervises the
project and collects and distributes all project cash flows
including the contractor's revenue share at defined milestones.

Self-Development Limited: Ninety-two percent of Emlak Konut's
revenues were driven by the RSM in 2016. It generally self-
develops projects outside Istanbul. In this case, the company
passes only building risk to contractors. The company can also
use this approach to increase interest in developing areas, which
will allow the use of the RSM for future projects.

Competitive Advantage: Emlak Konut's exclusive priority agreement
with TOKI enables it to buy land from TOKI at independently
appraised values without a tendering process. The company's quick
access to large, attractive parcels of land provides a
significant advantage over other developers, particularly in
Istanbul where housing demand is high.

Mutually Beneficial Relationship: Any deterioration in relations
with TOKI would affect Emlak Konut's operations, but this risk
appears low as the arrangement is mutually beneficial: Emlak
Konut's access to valuable land sustains its own business model;
the resulting dividends help TOKI fund its development programme.

Significant Land Bank: Emlak Konut holds a land bank of around
10m sq m valued at nearly TRY5.2 billion, largely in key or
developing areas of Istanbul where demand is high. This is in
spite of completing or still developing more than 70 projects.
The land bank ensures the company will continue to have the
ability to develop projects, which it must do to sustain its
operations, and the good locations mean contractors, as well as
consumers, will be attracted to its projects.

Exposure to Contractor Performance: Under the RSM, contractors
are responsible for virtually all development risks. Emlak Konut
is substantially exposed to contractor failure. It has a two-
stage mechanism in place to ensure only financially strong
companies are contracted. Participants must first submit
financial and technical requirements before moving to the second
stage if they meet the requirements.

In the second stage, bidders must propose estimated project
values and revenue sharing. The preferred bidder is obliged to
provide a down payment of generally about 10% of the minimum
revenue, as well as a letter of guarantee equating to 6% of the
estimated total project value.

Possible Housing Market Volatility: Turkish house values have
risen steeply in recent years, driven by strong economic growth
and a housing shortage. Fundamentals including a young and
growing population, improvements in the housing stock,
requirements to meet earthquake-proof building regulations,
steadily increasing mortgage take-up as well an increase in
foreign buyers all support continued demand.

Guaranteed revenue under the RSM would protect the company in the
near term if house prices fall. In addition, the government has
demonstrated a willingness to support the sector through various
incentives and tax relief. A steep fall in the housing values
could depress returns and affect the company's ability to attract
contractors to their projects.

Financial Strength: Emlak Konut has healthy financials,
generating sound EBITDA margins and steadily expanding the value
multiplier under the RSM business. Its total returns on completed
RSM projects have steadily increased, averaging 2x the appraised
value of the land since 2012. Emlak Konut's strong cash
generation means the company has large cash holdings with little
debt, helping it manage volatile working capital, but also to
react quickly to new land opportunities.


Emlak Konut's operational model carries lower risk than most
peers' and includes guaranteed minimum revenue irrespective of a
project's success. By passing nearly all project risks to
contractors, the company is able to develop multiple projects
simultaneously with lower operating costs than developments of
comparable size. This means margins and profits are higher than
peers', reflecting the level of risk. Emlak Konut has a
competitive advantage compared to other developers, owing to its
preferential position with TOKI. This also exposes Emlak Konut to
potential political or regulatory risks that do not affect other
peers. Like all developers, a decline in the housing market will
affect operations, but the guaranteed revenue stream would
cushion the impact in the short to medium term.


Fitch's key assumptions within the rating case for Emlak Konut

- healthy EBITDA margin averaging 38% supported by the revenue
   sharing model;

- significant growth in 2016 revenues supported by two large

- significant cash outflow in 2017 exceeding TRY4 billion with
   some recovery in 2019 FCF;

- flexible dividend policy up to 40% of net income for the next
   four years.


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

- Consistently strong economic and GDP growth, along with
   political stabilisation.

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

- Gross debt to work-in-progress (WIP) ratio consistently above

- Any material change in the relationship with TOKI causing
   deterioration in the financial profile and financial
   flexibility of Emlak

- Deterioration in liquidity profile over a sustained period of

- Order Backlog to WIP below 150% over a sustained period of

- EBITDA Margin below 30% for a sustained period


Healthy Liquidity: Emlak Konut has low debt with upcoming
scheduled payments only in 2018, which the company will service
by readily available cash. It reported TRY2.5 billion of cash at
year end 2016, of which Fitch views TRY1.5 billion as being
restricted. Restricted cash mainly constitutes TRY368 million of
deposits related to contractor's portion of the residential unit
sales, as per the RSM agreement, and TRY1.1 billion relating to
the cost of land purchased by Emlak Konut, held in its accounts
on behalf of TOKI, until the payment is dispersed

Our forecasts for cash balances, which are adjusted for working
capital swings and land purchases, amount to TRY2 billion pa. for
2016-2020. The company has undrawn, available facilities
totalling TRY4.8 billion, but these are all not formally
committed and have no commitment fees.


Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. -LT FC IDR

U N I T E D   K I N G D O M

RECYCLE PAPER: Fined Only GBP1 Following Death of Staff Member
Storm Rannard at Insider Media reports that a collapsed paper
recycling company in Wolverhampton has been fined just GBP1
following the death of a member of staff.

Wolverhampton Magistrates' Court heard that Recycle Paper UK
worker Mohammed Yasin was using a forklift truck to carry a load
weighing about 980kg when the vehicle overturned, according to
Insider Media.  He died from his injuries.

The report discloses that magistrates said a fine of GBP160,000
would have been considered if Recycle Paper UK was not in
liquidation. As a result, the fine payable was GBP1.

An investigation by the Health and Safety Executive (HSE) found
the company failed to have any supervision of the workplace
activity and also failed to provide the worker with any
appropriate training in order to operate the fork lift truck,
which was fitted with a bale clamp, the report notes.

HSE Inspector Caroline Lane said: "This was an extremely tragic
incident which highlights the importance for duty holders to
appropriately supervise and train workers to the required
standard when operating such machinery," the report relays.

RED ROCK: Anticipates Investment Liquidation, Swings to Profit
Adam Clark at Alliance News reports that Red Rock Resources PLC
said on March 22 it swung to a pretax profit in its interim
results, as well as reporting a substantial gain in investment

Red Rock reported a pretax profit of GBP147,662 for the six
months to December 31, swinging from a GBP22,025 pretax loss in
the same period in 2015, according to Alliance News.

Red Rock also booked a positive GBP6.9 million revaluation of its
investments, leading to a comprehensive profit of GBP7.1 million
for the period, swinging from a GBP109,477 comprehensive loss the
prior year, the report notes.

The revaluation gain was a reversal of an impairment in Red
Rock's 1.2% holding in Jupiter Mines Ltd.  This was driven by a
better performance from Jupiter's joint venture Tshipi e Ntle
mine in South Africa, due to improved manganese prices, the
report relays.

The report says Red Rock said it received a distribution from
Jupiter by means of an equal access buyback at 40.0 cents per
share.  At this valuation, Red Rock said its Jupiter holding is
worth USD10.9 million and it expects a "liquidity event" for the
holding later in the year, the report notes.

Elsewhere, Red Rock has received three royalty payments amounting
to USD26,607 from the new owner of its former gold mining
interests in Colombia, the report notes.  Red Rock said improved
production in 2017 may lead to a "substantial increase" in
revenue from that source, the report relays.

However, a 20% working interest in an oil and gas project in
Shoats Creek, Louisiana, has "failed to produce the expected
revenue stream to date" said Red Rock, blaming unsatisfactory
operation at the field, adds the report.

"Red Rock expects to show continuing satisfactory results in the
second half of its financial year and for the full year to 30th
June 2017, and, provided that commodity prices remain reasonably
stable, should see a pattern of strengthening revenues in the
following year," the report quoted Andrew Bell, chairman of Red
Rock, as saying.  "There is also a strong possibility of one or
more significant liquidity events over coming months. The company
therefore looks to the future with confidence."

SEADRILL LTD: Shunned by Biggest Funds Amid Financial Woes
Mikael Holter at Bloomberg News reports that Seadrill Ltd., once
the crown jewel of billionaire John Fredriksen's business empire,
is at the mercy of short-term speculators as the biggest funds
shun the offshore driller amid a struggle to avoid bankruptcy.

"It's trading at option value and day traders are the ones
pushing the price up and down," Bloomberg quotes Anders Bergland,
an analyst at Clarksons Platou Securities AS, as saying on
April 4, right after the company again warned shareholders and
bond investors they were facing steep losses in any restructuring
deal.  "There are no funds buying this right now, it's trading."

The company has been working on a restructuring of the offshore-
drilling industry's biggest debt load for more than a year,
Bloomberg relays.  With net interest-bearing debt of US$8.9
billion at the end of 2016, Seadrill has been particularly
exposed as oil companies slashed spending following the collapse
of crude prices in 2014, Bloomberg notes.

The risks of equity dilution and bankruptcy had been voiced by
the company earlier and should in any case have been "obvious,"
Bloomberg quotes Alex Brooks, an analyst in London at Canaccord
Genuity Group Inc. who stopped covering Seadrill last month after
following the stock on and off for nearly eight years, as saying.

"We seem to see this over and over again: shareholders are
willing to trade stocks on hope value right up until the moment
the train wreck becomes obvious," Mr. Brooks, as cited by
Bloomberg, said in an email.  "It's astonishing, and probably
reflects rather badly on people like me who are unable to get our
message out."

Seadrill has lost 97% of its value since the middle of 2014,
contributing to a more than 40% drop in Mr. Fredriksen's net
worth, which is currently estimated by the Bloomberg Billionaire
Index at about $9.7 billion, Bloomberg discloses.

According to Bloomberg, the company said on April 4 it got
further extensions on bank loans totaling US$2.9 billion,
allowing it to again postpone the deadline for a restructuring
deal by three months to the end of July.

Warning shareholders they faced "minimal recovery" of their
positions, Seadrill, as cited by Bloomberg, said a comprehensive
agreement with creditors would "likely involve schemes of
arrangement or chapter 11 proceedings," eventualities that had
previously been mentioned by the company in case a deal was not

Mr. Fredriksen, a Norwegian-born Cypriot who acts as Seadrill's
chairman and owns about 24% of the company, said last week the
company was getting closer to a restructuring agreement, though
it was a "big job", Bloomberg recounts.  He repeated that in an
interview with Dagens Naeringsliv on April 4, adding Chapter 11
bankruptcy protection was only one option among others and that
how much capital he puts into the company will depend on the
solution, Bloomberg relays.

Headquartered in London, Seadrill is an offshore drilling
contractor.  It operates from six regional offices around the
world -- Oslo, Dubai, Houston, Singapore, Rio De Janeiro and
Ciudad del Carmen.

WELGRAIN: Goes Into Administration with GBP 15 Million in Debt
Anna Savva at Cambridge News reports administrators have been
called into Ely based farmers' merchant Wellgrain, which owes in
the region of GBP15 million to approximately 300 creditors.

Legal firm Grant Thornton UK LLP has been appointed to write a
report, detailing the claims which are still coming in on a daily
basis, according to Cambridge News.

The report discloses that initial figures for debtors and
creditors have been drawn from company records, but a more
accurate figure will be made available when a report is published
at the end of April.

At this stage it is not known what proportion of businesses
affected are unsecured Cambridgeshire farmers, the report notes.
The report will include a full list of the creditors affected.

The report relays that Ely farmer Luke Palmer, who farms 3,000
acres in Stretham, is chairman of the National Farmers' Union
(NFU) Ely and Soham branch. He is owed money by Wellgrain for two
loads of wheat delivered in February of this year.

Mr. Palmer told the News: "It's affected farmers in the local
area, not all of them are NFU members but Wellgrain owes money
for grain they've either uploaded or wheat that's in stock. The
figure could go up, I don't think it will go down.

"I know who has been affected, but the biggest problem is they
don't want to say [publicly], they have rung the NUF to tell what
they are owed.

"Personally we are owed quite a few thousand . . .  it's been
quite distressing to a lot of members but other people have been
affected far worse than us I believe.

"People are angry. There is a council tenant that will be badly
affected by it and still there's quite a bit of uncertainty, we
are waiting for the administrator to confirm exactly what the
position is."

The report notes that Wellgrain, a trader of agriproducts, was
taken into administration on March 2, with 28 of 31 members of
staff made redundant.

The report notes a spokesman for Grant Thornton said: "The
administrators are currently exploring a number of different
options for the future of the business."

The report relays that a significant problem for many farmers is
that they are not insured for this issue, so many could face
financial ruin in the wake of Wellgrain potentially going bust.

Senior legal adviser for the NFU, Lucy Ralph, said the news that
Wellgrain Limited had entered administration was "extremely
worrying" for those owed money, the report discloses.


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
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Information contained herein is obtained from sources believed to
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