/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/170515.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 Monday, May 15, 2017, Vol. 18, No. 095 Headlines G E O R G I A BANK OF GEORGIA: Fitch Rates Upcoming Sr. Unsec. Notes 'BB-(EXP)' BGEO GROUP: Fitch Affirms BB- Long-Term IDR, Outlook Stable I R E L A N D HARVEST CLO XVII: S&P Assigns B Rating to Class F Notes OCP EURO CLO 2017-1: S&P Assigns B- Rating to Class F Notes I T A L Y ALITALIA SPA: Etihad Names Interim CEO Following Bankruptcy BANCA POPOLARE DELL'EMILIA: Fitch Affirms 'BB' LongTerm IDR INTESA SANPAOLO: S&P Assigns 'B+' Rating to EUR750MM AT1 Notes K A Z A K H S T A N KAZKOMMERTSBANK: S&P Puts 'B-/B' CCRs on CreditWatch Negative N E T H E R L A N D S HALCYON STRUCTURED 2006-II: Moody's Affirms B1 Cl. E Notes Rating LEOPARD CLO V: S&P Raises Rating on Class F Notes to CCC STORM 2014-I: Fitch Affirms 'BBsf' Rating on Class D Notes P O L A N D SKOK: Financial Markets Regulator Suspends Operations R O M A N I A ROMCAB SA: Has EUR222 Million Accumulated Debt * ROMANIA: 45% Seaside Accommodation Units at Risk of Insolvency R U S S I A ACBA-CREDIT AGRICOLE: Fitch Publishes B+ LT Issuer Default Rating BASHNEFT PJSOC: Fitch Raises IDRs From BB+, Outlook Stable S L O V E N I A TELEKOM SLOVENIJE: Moody's Withdraws Ba2 Corporate Family Rating S P A I N IBERCAJA BANCO: Moody's Hikes Long-Term Deposit Rating to Ba3 T U R K E Y TURKIYE HALK: Fitch Withdraws 'BB(EXP)' Rating on Tier 2 Notes U K R A I N E UKRAINE: Losses of Insolvent Banks Rise to UAH195.658 Billion U N I T E D K I N G D O M CO-OPERATIVE BANK: Set to Unveil Capital Injection Plans DRAX GROUP: Fitch Assigns Final BB+ LT Issuer Default Rating KIDS COMPANY: Trustees to Fight Any Banning Action TRANSLINE GROUP: Gets Stay of Execution Amid Rescue Talks VIRGIN MEDIA: Fitch Affirms BB- IDR, Outlook Stable X X X X X X X X * BOND PRICING: For the Week May 8 to May 12, 2017 ********* ============= G E O R G I A ============= BANK OF GEORGIA: Fitch Rates Upcoming Sr. Unsec. Notes 'BB-(EXP)' ----------------------------------------------------------------- Fitch Ratings has assigned Bank of Georgia's (BoG) upcoming issue of GEL-denominated senior unsecured notes an expected Long-term rating of 'BB-(EXP)'. The total amount and final maturity of the issue are yet to be determined. BoG has a Long-Term Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook, Short-term IDR of 'B', Viability Rating of 'bb-', Support Rating of '4' and Support Rating Floor of 'B'. The final rating is contingent upon the receipt of final documents conforming to information already received. KEY RATING DRIVERS The issue's rating corresponds to BoG's 'BB-' Long-Term Local- Currency IDR, which considers the bank's adequate asset quality, reasonable capitalisation, sound profitability metrics and stable funding profile. The ratings also capture the high lending dollarisation level and significant borrower concentrations. The Stable Outlook on the bank's ratings reflects Fitch's view that BoG's pre-impairment profitability should absorb potential asset quality impairment without losses eroding capitalisation. RATING SENSITIVITIES Changes to BoG's Long-Term Local-Currency IDR would impact the issue's rating. Upside potential for BoG's ratings is limited, as they are already at the same level as the sovereign. A downgrade may result from rapid growth or a marked deterioration of asset quality, leading to a substantial weakening of BoG's capitalisation. BGEO GROUP: Fitch Affirms BB- Long-Term IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of JSC BGEO Group (BGEO) at 'BB-' with a Stable Outlook. KEY RATING DRIVERS BGEO's ratings reflect Fitch's view that the default risk of the holding company (holdco) is highly correlated with that of its main operating entity, Bank of Georgia (BoG, BB-/Stable/bb-). This view is based on BGEO's reliance on loan repayments and dividends from BoG as the main source of cash flows to service the holdco's debt. The equalisation of BGEO's and BoG's ratings takes into account the absence of double leverage at the holdco level (defined as the equity investments in subsidiaries divided by holdco equity), as investments in subsidiaries are currently financed with the holdco's equity. Fitch's expectation is that double leverage, even if it appears in the future, will not exceed the 120% threshold, at which the agency would usually consider introducing a notch difference between with the ratings of a bank holdco and its main operating subsidiary. The equalisation of the ratings also reflects Fitch's view that consolidated non-banking subsidiaries have limited impact on BGEO's creditworthiness due to them being small (15% of BGEO's assets and 25% of revenues in 2016) and profitable. The fact that BGEO and BoG are domiciled in the same jurisdiction also supports the equalisation of the ratings. However, in a stress scenario Fitch believes that lack of consolidated group oversight (National Bank of Georgia regulates only BoG) could moderately impair the fungibility of liquidity and capital within the group, resulting in better protection of creditors' rights at BoG than at BGEO. The senior unsecured debt rating of BGEO is aligned with its IDR. BGEO's Support Rating of '5' and Support Rating Floor of 'No Floor' reflect Fitch's view that sovereign support for BGEO cannot be relied upon given that it is not a regulated entity. RATING SENSITIVITIES BGEO's ratings are sensitive to changes in BoG's ratings. In addition, BGEO's ratings could be downgraded if any debt issuance results in a marked increase in double leverage or if this results in significantly increased liquidity risks at the BGEO level. Greater risks relating to BGEO's non-banking subsidiaries - because of a marked increase in their size, a deterioration in their credit profiles or greater reliance on their cash flows for servicing of holdco debt - could also be negative for BGEO's ratings. The rating actions are as follows: BGEO Long-Term IDR: affirmed at 'BB-'; Outlook Stable Short-Term IDR: affirmed at 'B' Viability Rating: affirmed at 'bb-' Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'NF' Senior unsecured debt: affirmed at 'BB-' ============= I R E L A N D ============= HARVEST CLO XVII: S&P Assigns B Rating to Class F Notes ------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Harvest CLO XVII DAC's class A, B-1, B-2, C, D, E, and F notes. At closing, the issuer also issued unrated subordinated notes. The ratings assigned to Harvest CLO XVII's notes reflect S&P's assessment of: -- The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. S&P considers that the transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under its current counterparty criteria. Following the application of S&P's structured finance ratings above the sovereign criteria, S&P considers the transaction's exposure to country risk to be limited at the assigned rating levels, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in S&P's criteria. The transaction's legal structure is bankruptcy remote, in line with S&P's European legal criteria. Following S&P's analysis of the credit, cash flow, counterparty, operational, and legal risks, S&P believes that its ratings are commensurate with the available credit enhancement for each class of notes. Harvest CLO XVII is a European cash flow corporate loan collateralized loan obligation (CLO) securitization of a revolving pool, comprising primarily euro-denominated senior secured loans and bonds issued mainly by European borrowers. Investcorp Credit Management EU Ltd. is the collateral manager. RATINGS LIST Ratings Assigned Harvest CLO XVII DAC EUR413.65 Million Fixed- And Floating-Rate Notes (Including EUR42.9 Million Subordinated Notes) Class Rating Amount (mil. EUR) A AAA (sf) 242.00 B-1 AA (sf) 43.50 B-2 AA (sf) 10.00 C A (sf) 21.50 D BBB (sf) 20.00 E BB (sf) 24.00 F B (sf) 9.75 Sub. NR 42.90 NR--Not rated. Sub.--Subordinated. OCP EURO CLO 2017-1: S&P Assigns B- Rating to Class F Notes ----------------------------------------------------------- S&P Global Ratings assigned its credit ratings to OCP EURO CLO 2017-1 DAC's class A, B, C, D, E, and F notes. The ratings assigned to OCP EURO CLO 2017-1's notes reflect S&P's assessment of: -- The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality and portfolio profile tests. The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. The transaction's legal structure, which is bankruptcy remote. Following the application of S&P's structured finance ratings above the sovereign criteria, it considers that the transaction's exposure to country risk is sufficiently mitigated at the assigned rating levels. The issuer is bankruptcy remote according to S&P's European legal criteria. Following S&P's analysis of the credit, cash flow, counterparty, operational, and legal risks, S&P believes its ratings are commensurate with the available credit enhancement for each class of notes. OCP EURO CLO 2017-1 is a European cash flow collateralized loan obligation securitization of a portfolio primarily comprising senior secured euro-denominated leveraged loans and bonds issued by European borrowers. Onex Credit Partners LLC is the portfolio manager. RATINGS LIST Ratings Assigned OCP EURO CLO 2017-1 DAC EUR360.75 Million Senior Secured Floating-Rate Notes (Including EUR38.25 Million Unrated Notes) Class Rating Amount (mil. EUR) A AAA (sf) 202.25 B AA (sf) 49.75 C A (sf) 21.00 D BBB (sf) 17.50 E BB (sf) 22.75 F B- (sf) 9.25 Subordinated notes NR 38.25 NR--Not rated. ========= I T A L Y ========= ALITALIA SPA: Etihad Names Interim CEO Following Bankruptcy ----------------------------------------------------------- Reuters reports that the naming of a new boss at Etihad Airways presents the Gulf carrier with an opportunity to rethink its aggressive expansion strategy after the failure of minority-owned Alitalia underlined the big barriers to global growth. Ray Gammell was appointed interim CEO last week, days after Alitalia sought bankruptcy protection with US$3.3 billion (GBP2.5 billion) of debt, Reuters relates. He replaces veteran boss James Hogan, Reuters discloses. According to Reuters, Mr. Hogan's strategy was to buy up minority stakes in myriad airlines but the struggles of that strategy, most recently with Alitalia, are emblematic of a quandary peculiar to the industry. Since 2011, Abu Dhabi state-owned Etihad has spent billions of dollars buying minority stakes from Europe to Australia as it races to catch up with regional rivals Emirates and Qatar Airways, Reuters relays. Alitalia was Etihad's eighth and most high-profile bet, Reuters notes. But the EUR560 million (GBP472.8 million) investment lies in tatters, placing Hogan's wider strategy under the microscope, after staff overwhelmingly rejected its latest restructuring plans, Reuters states. About Alitalia Alitalia-Compagnia Aerea Italiana has navigated its way through a successful restructuring. After filing for bankruptcy protection in 2008, Alitalia found additional investors, acquired rival airline Air One, and re-emerged as Italy's leading airline in early 2009. Operating a fleet of about 150 aircraft, the airline now serves more than 75 national and international destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice, Naples, and Catania. Alitalia extends its network as a member of the SkyTeam code-sharing and marketing alliance, which also includes Air France, Delta Air Lines, and KLM. An Italian investor group owns a majority of the company, while Air France- KLM owns 25%. * * * Alitalia was the subject of a bail-out in 2014 by means of a significant capital injection from Etihad Airways, with goals of achieving profitability during 2017. However, increased competition on routes operated by U.K.-based carriers and significantly higher labor costs led to the ultimate failure of Etihad Airways' profitability goals for Alitalia. During late April 2017, labor unions representing Alitalia workers rejected a plan that called for job reductions and pay cuts for workers. Following the failure of these negotiations, Etihad Airways signaled an unwillingness to invest additional capital into the company and shareholders ultimately agreed to file for extraordinary administration proceedings on May 2, 2017. BANCA POPOLARE DELL'EMILIA: Fitch Affirms 'BB' LongTerm IDR ----------------------------------------------------------- Fitch Ratings has affirmed Banca Popolare dell'Emilia Romagna's (BPER) Long-Term Issuer Default Rating (IDR) at 'BB' and Viability Rating (VR) at 'bb'. The Outlook is Stable. KEY RATING DRIVERS IDRS, VR AND SENIOR DEBT The bank's Long- and Short-Term IDRs are driven by the bank's standalone profile, as captured by the VR. The ratings primarily reflect the bank's weak asset quality and the impact this has on its capitalisation. Regulatory capital ratios comfortably meet minimum requirements, but in Fitch views capitalisation is not in line with the bank's risk profile, given the high proportion of its unreserved impaired loans. With a gross impaired loan ratio of nearly 22% at end-2016, asset quality weighs heavily on the bank's balance sheet and has a negative impact in Fitch overall assessment of the bank's profile and risk appetite. BPER's loan book is fairly diversified by borrower and industry and the pace of new impaired loans has consistently slowed down for a number of quarters. However, Fitch does not expects to see large scale reductions in the stock of impaired loans, at least in the short to medium term, given management's intention to work out problem loans gradually rather than dispose of them. BPER's profitability is vulnerable to the economic and interest rate cycles. During 2016 profitability slumped due to lower operating revenues, mainly driven by tighter lending spreads and halved net gains from securities. LICs remained high, although they decreased from 2015. Over the medium term, the bank expects a stabilisation in operating profitability as business volumes pick up, costs remain under control and LICs decrease further. Fitch believes there is a risk that LICs might remain high if, depending on the feedback from the regulators on its impaired loan reduction plan, the bank decides to accelerate the pace of disposals. Fitch considers the bank's risk appetite overall to have improved, particularly in the form of risk controls and Fitch expects that newly underwritten loans are of better quality than legacy assets. Furthermore, the bank continues to benefit from a strong franchise in a number of regions. As a result, its funding profile is adequate, benefiting from stable and loyal customers. Since late 2015 the bank has benefited from flight to quality customer deposit inflows. Wholesale channels are sufficiently diversified for a second-tier bank through the utilisation of covered bonds, securitisation and ECB funding. Liquidity is acceptable, with liquidity coverage and net stable funding ratios above 100%. Contingent access to ECB facilities underpins Fitch assessments of the bank's funding and liquidity. ECB funding rose to 14% of total assets in March 2017, following participation in the last TLTRO 2 auction. SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF) The SR and SRF reflect Fitch's view that senior creditors can no longer rely on receiving full extraordinary support from the sovereign in the event that a bank becomes nonviable. The EU's Bank Recovery and Resolution Directive and the Single Resolution Mechanism for eurozone banks provide a framework for resolving banks that require senior creditors participating in losses, if necessary, instead of or ahead of a bank receiving sovereign support. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BPER's subordinated debt is rated one notch below the VR to reflect the higher loss severity compared with senior debt. Its affirmation reflects that of BPER's VR. RATING SENSITIVITIES IDRS, NATIONAL RATINGS AND SENIOR DEBT The bank's IDRs, VR and senior debt ratings would be downgraded if Fitch see continued pressure from weak asset quality, with the stock of non-performing loans remaining substantial, as well as weakening capital and profitability. Should a reduction in impaired loans cause material capital erosion without any simultaneous capital strengthening, ratings would also likely be downgraded. Conversely, the ratings could benefit from an acceleration in the reduction of gross impaired loans and in the level of unreserved impaired loans relative to core capital, but to the extent that capital ratios are maintained with moderate buffers above regulatory requirements. SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF) An upgrade of the SR and upward revision of the SRF would be contingent on a positive change in the sovereign's propensity to support the banks. In Fitch's view this is highly unlikely, although not impossible. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated debt ratings are broadly sensitive to changes in the VR, from which they are notched. The ratings are also sensitive to a change in the notes' notching, which could arise if Fitch changed its assessment of their expected loss severity. The rating actions are as follows: BPER Long-Term IDR: affirmed at 'BB'; Outlook Stable Short-Term IDR: affirmed at 'B' Viability Rating: affirmed at 'bb' Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' EMTN programme Long- and Short-Term ratings: affirmed at 'BB'/'B' Subordinated debt: affirmed at 'BB-' INTESA SANPAOLO: S&P Assigns 'B+' Rating to EUR750MM AT1 Notes -------------------------------------------------------------- S&P Global Ratings assigned its 'B+' long-term issue rating to the EUR750 million perpetual additional Tier 1 (AT1) capital notes issued by Intesa Sanpaolo (BBB-/Stable/A-3). S&P understands from the terms and conditions that the AT1 notes will comply with the EU's latest capital requirement directive (CRD IV), which is the EU implementation of Basel III. S&P also understands that the notes will rank senior to ordinary shares, but will be subordinated to more senior debt, including Intesa Sanpaolo's Tier 2 debt. In accordance with S&P's methodology on hybrid capital, S&P is assigning the AT1 notes a 'B+' rating, four notches below the issuer credit rating (ICR) on Intesa Sanpaolo. S&P usually derives the hybrid rating for banks based in Italy by notching down from the bank's stand-alone credit profile (SACP). In this case, S&P notch down from the ICR on Intesa Sanpaolo because it is currently lower than its SACP, given the lower creditworthiness of the Republic of Italy (unsolicited, BBB-/Stable/A-3). As such, S&P calculates this four-notch difference as: -- One notch to reflect subordination risk. -- Two additional notches to take into account the risk of non-payment at the full discretion of the issuer and the hybrid's likely inclusion in Tier 1 regulatory capital. -- One further notch because the instruments allow for full or partial temporary write-down. S&P does not apply any additional notching because it do not consider the 5.125% mandatory conversion trigger as a going- concern trigger. Compliance with the minimum regulatory capital requirements is necessary to avoid the risk of potential restrictions in the payment of coupons on AT1 notes. The minimum regulatory capital requirement (the aggregate of capital conservation buffers, Pillar 1 and Pillar 2) in terms of Common Equity Tier 1 (CET1) for 2017 that the European Central Bank set for Intesa Sanpaolo in the 2016 Supervisory Review and Evaluation Process (SREP) was 7.25% (9.25% on a fully loaded basis). S&P views the risk of this restriction being applied to Intesa Sanpaolo as limited at this stage. This is because the bank's CET1 ratio is well above the SREP level. As of March 31, 2017, the CET1 ratio was 12.5% (12.9% on a fully loaded basis), clearing above the SREP requirement. In addition, the nonpayment risk for Intesa Sanpaolo is mitigated by S&P's expectation that the bank will maintain resilient profitability over the next two years. This will likely allow its capitalization to remain in line with the current level, despite the high dividend distribution (in the 80%-90% range). S&P intends to assign intermediate equity content to the notes, once the regulator approves them, for inclusion in the bank's regulatory Tier 1 capital. The instruments meet the conditions for intermediate equity content under S&P's criteria as they are perpetual, with a call date expected to be five or more years from issuance. In addition, they do not contain a coupon step-up and have loss-absorption features on a going-concern basis due to the bank's flexibility to suspend the coupon at any time. =================== K A Z A K H S T A N =================== KAZKOMMERTSBANK: S&P Puts 'B-/B' CCRs on CreditWatch Negative ------------------------------------------------------------- S&P Global Ratings said that it had placed its 'B-/B' long- and short-term counterparty credit ratings and 'kzB+' Kazakhstan national scale ratings on Kazkommertsbank JSC on CreditWatch with negative implications. The CreditWatch placement reflects S&P's view that KKB could need a capital injection to address its underprovisioning even though the Kazakh authorities have committed to provide substantial bad asset and liquidity support to KKB. S&P does not see KKB's current financial position as sustainable in the long term. While S&P's base case remains that the bank will receive solvency support to restore its capital to regulatory adequate levels after additional provisioning, S&P currently has doubts about the source and timing of such support. S&P anticipates that KKB's total equity, which was Kazakhstani tenge (KZT) 381 billion ($1.1 billion) as of year-end 2016, could be substantially reduced following the creation of additional provisions. Following its inspection in November 2015-February 2016, KKB received a prescriptive order from the National Bank of Kazakhstan (NBK) to create KZT125 billion additional provisions on loans unrelated to BTA, a failed Kazakh bank that was merged with KKB in 2014. The deadline for this remains unclear. The NBK also noted its view of significant underprovisioning on KKB's KZT2.4 trillion ($7.3 billion) loan to BTA. Following the public statements of the Deputy Governor of the NBK Oleg Smolyakov in mid-March 2017, S&P expects full repayment of this loan in the next few months, aided by extraordinary support from the Fund of Problem Loans. Most recently, KKB's auditor, Deloitte, gave a qualified opinion on the bank's 2016 financial statements under International Financial Reporting Standards (IFRS) regarding the adequacy of provisions on KZT302 billion of non-BTA loans. S&P currently sees KKB as subject to regulatory forbearance. S&P believes KKB would be in breach of regulatory minimum requirements if it had reported losses in accordance with International Financial Reporting Standards. Therefore, S&P has revised its capital and earnings assessment on KKB to very weak from weak. S&P's view of KKB's weak risk position is unchanged because S&P anticipates the BTA loan repayment. The assessment also reflects the bank's still high exposure to the construction and real estate sectors and the apparent low provisioning of these loans. S&P continues to assess KKB's liquidity as adequate, despite a low liquidity cushion of about 5% of total assets as of end-April 2017 and its apparent inability to issue in the wholesale market. KKB's otherwise weak liquidity position is substantially mitigated by the track record of NBK's support in providing KKB a liquidity line. This enabled KKB to repay its EUR397 million senior unsecured bond in February 2017 and a large client deposit withdrawal in December 2016. S&P expects that KKB will repay its $211 million subordinated callable notes due in June 2017 with a further draw on this liquidity line, but also that its deposit base will be stable. In view of the above, and even including the extraordinary bad loan and liquidity support, S&P sees KKB's intrinsic creditworthiness as having deteriorated. S&P consequently revised down its assessment of KKB's stand-alone credit profile (SACP) to 'ccc' from 'ccc+'. This assessment reflects S&P's view that KKB could default in the next 12 months if it does not receive further extraordinary support. S&P's issuer credit rating incorporates a two-notch uplift for government support beyond the SACP. This reflects S&P's view that KKB has high systemic importance in Kazakhstan, and that the government is supportive of the domestic banking sector. KKB retains a strong market share of 19% in total assets and 16% in retail deposits as of Sept. 30, 2016. KKB is also one of the largest recipients of funding under government support programs. The government's track record of support for KKB and the bank's continued systemic importance suggest that the government could provide solvency support that would help to adequately recapitalize KKB. S&P notes that on March 2, 2017, Halyk Bank, along with the government of the Republic of Kazakhstan, the NKB, KKB, JSC BTA Bank, and Kenes Rakishev signed a nonbinding memorandum of understanding with respect to a potential acquisition by Halyk Bank of a controlling interest in KKB. Although S&P understands that discussions have progressed since then, it remains uncertain that the parties will agree a deal and, even if a deal is agreed, what it would entail. Therefore, while a takeover by the much stronger institution Halyk could be supportive for KKB, S&P do not factor it into its assessments on either institution at this time. S&P expects that any deal would be subject to regulatory approval. S&P expects to resolve the CreditWatch placement within the next 90 days. Specifically, S&P is looking for clarity on how KKB's apparent capital shortfall will be addressed. S&P would expect to remove the ratings from CreditWatch and affirm them if S&P sees evidence of a firm commitment to recapitalize KKB to regulatory adequate levels (after allowing for further provisioning), thereby ensuring its continued viability and debt- servicing capacity. In contrast, S&P will remove the ratings from CreditWatch and lower them if, in the same timeframe, S&P sees no plan to sufficiently recapitalize the bank. A delay would undermine S&P's existing base case that the bank will receive necessary support, implying an associated increased possibility of default on some or all of its debt. S&P could also lower the ratings if, contrary to its current view, S&P sees any increased prospect of a selective default, for example through a restructuring of the bank's foreign debt as part of a solvency support package. ===================== N E T H E R L A N D S ===================== HALCYON STRUCTURED 2006-II: Moody's Affirms B1 Cl. E Notes Rating ----------------------------------------------------------------- Moody's Investors Service has upgraded the ratings on the following notes issued by Halcyon Structured Asset Management European CLO 2006-II B.V.: -- EUR34,300,000 Class B Senior Secured Floating Rate Notes due 2023, Upgraded to Aaa (sf); previously on Jul 20, 2016 Affirmed Aa1 (sf) -- EUR27,100,000 Class C Senior Secured Deferrable Floating Rate Notes due 2023, Upgraded to Aaa (sf); previously on Jul 20, 2016 Upgraded to Aa3 (sf) -- EUR21,800,000 Class D Senior Secured Deferrable Floating Rate Notes due 2023, Upgraded to Baa2 (sf); previously on Jul 20, 2016 Affirmed Ba1 (sf) Moody's also affirmed the ratings on the following notes: -- EUR80,000,000 (Current outstanding balance of EUR3M) Class A-1R Senior Secured Revolving Floating Rate Notes due 2023, Affirmed Aaa (sf); previously on Jul 20, 2016 Affirmed Aaa (sf) -- EUR12,500,000 (Current outstanding balance of EUR12.1M) Class E Senior Secured Deferrable Floating Rate Notes due 2023, Affirmed B1 (sf); previously on Jul 20, 2016 Affirmed B1 (sf) Halcyon Structured Asset Management European CLO 2006-II B.V., issued in January 2007, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European and US loans. The portfolio is managed by Halcyon Structured Asset Management L.P. The transaction's reinvestment period ended in January 2013. RATINGS RATIONALE The rating actions on the notes are primarily a result of the deleveraging of the Class A Notes, following amortisation of the underlying portfolio since the last rating action in July 2016. The Class A Notes have paid down by approximately EUR37.6 million over the last two payment dates in July 2016 and January 2017. As a result, the over-collateralisation (OC) ratios have increased. According to the trustee report dated March 2017, the Class A/B, Class C, Class D and Class E OC ratios are reported at 288.8%, 167.3%, 125.0% and 109.6% respectively, compared to 194.2%, 143.5%, 118.6% and 108.2%, as per the May 2016 report. The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's analysed the underlying collateral pool as having a performing par of approximately EUR76.3 million and a principal proceeds balance of approximately EUR22.9 million, a weighted average default probability of 24.8% (consistent with a WARF of 3824 and a weighted average life of 3.6 years), a weighted average recovery rate upon default of 48.5% for a Aaa liability target rating, a diversity score of 13 and a weighted average spread of 4.46%. The GBP-denominated liabilities are naturally hedged by the GBP assets. The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. Moody's generally applies recovery rates for CLO securities as published in "Moody's Approach to Rating SF CDOs". In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Actions: The principal methodology used in these ratings was " Moody's Global Approach to Rating Collateralized Loan Obligations" published in October 2016. Factors that would lead to an upgrade or downgrade of the ratings: In addition to the base-case analysis, Moody's conducted sensitivity analyses on the key parameters for the rated notes, for which it assumed lower weighted average recovery rate for the portfolio. Moody's ran a model in which it reduced the weighted average recovery rate by 5%; the model generated outputs were unchanged for Classes A, B and C and within 2 notches of the base- case results for Classes D and E. This transaction is subject to a high level of macroeconomic uncertainty, which could negatively affect the ratings on the notes, in light of uncertainty about credit conditions in the general economy. CLO notes' performance may also be impacted either positively or negatively by 1) the manager's investment strategy and behaviour and 2) divergence in the legal interpretation of CDO documentation by different transactional parties because of embedded ambiguities. Additional uncertainty about performance is due to the following: * Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. Around 34% of the collateral pool consists of debt obligations whose credit quality Moody's has assessed by using credit estimates. As part of its base case, Moody's has stressed large concentrations of single obligors bearing a credit estimate as described in "Updated Approach to the Usage of Credit Estimates in Rated Transactions" published in October 2009 and available at http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461. * Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over- collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. * Long-dated assets: The presence of assets that mature beyond the CLO's legal maturity date exposes the deal to liquidation risk on those assets. Moody's assumes that, at transaction maturity, the liquidation value of such an asset will depend on the nature of the asset as well as the extent to which the asset's maturity lags that of the liabilities. Liquidation values higher than Moody's expectations would have a positive impact on the notes' ratings. * Foreign currency exposure: The deal has a small exposure to non- EUR denominated assets. Volatility in foreign exchange rates will have a direct impact on interest and principal proceeds available to the transaction, which can affect the expected loss of rated tranches. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. LEOPARD CLO V: S&P Raises Rating on Class F Notes to CCC -------------------------------------------------------- S&P Global Ratings raised its credit ratings on Leopard CLO V B.V.'s class C-1, C-2, D, E-1, E-2, and F notes. At the same time, S&P has affirmed its rating on the class R Combo notes. The rating actions follow S&P's credit and cash flow analysis of the transaction, using data from the trustee report dated March 31, 2017, and the application of our relevant criteria. Upon publishing S&P's updated recovery rate criteria for speculative-grade corporate issuers and our updated criteria for analyzing foreign exchange risk in global structured finance transactions, S&P placed those ratings that could potentially be affected under criteria observation. Following S&P's review of this transaction, its ratings that could potentially be affected by the criteria change are no longer under criteria observation. S&P conducted its cash flow analysis to determine the break-even default rate (BDR) for each rated class of notes. The BDR represents S&P's estimate of the maximum level of gross defaults, based on its stress assumptions, that a tranche can withstand and still fully repay the noteholders. S&P used the portfolio balance that it considers to be performing, the reported weighted-average spread, and the weighted-average recovery rates that S&P considered to be appropriate. S&P applied various cash flow stress scenarios using its standard default patterns and timings for each rating category, combined with different interest stress scenarios as outlined in our criteria. Since S&P's previous review, the class VFN, A, and B notes have fully repaid and the class C notes have amortized to a note factor (the current notional amount divided by the notional amount at closing) of approximately 74.3%. The transaction has also been deleveraging because the class E and F notes' par value tests were failing, though they are now passing. In addition, the issuer received a cash inflow of EUR8.6 million through the sale of an equity security, which S&P had previously given no credit to in its analysis. This has resulted in higher available credit enhancement for all classes of notes since our previous review. The weighted-average spread earned on the portfolio has decreased to 3.46% from 3.62% at S&P's previous review, and the transaction's weighted-average life has fallen to 4.51 years from 4.79 years over the same period. The proportion of 'CCC' rated assets (debt obligations of obligors rated 'CCC+', 'CCC', and 'CCC-') has decreased, while there is now one defaulted asset in the portfolio. Due to the class VFN, A, B, and C notes' amortization, S&P considers the increased credit enhancement for the class C-1, C-2, D, E-1, E-2, and F notes to be commensurate with higher ratings than those currently assigned. S&P has therefore raised its ratings on these classes of notes. S&P notes that the upgrades of the class E-1 and E-2 notes are constrained by the application of our largest obligor supplemental test, which is highly sensitive to the obligor concentration present in the portfolio. The class R Combo notes comprise class C-2 (initially 70%) and E-2 (initially 30%) components. Their rated balance has decreased to EUR3.88 million from EUR6.15 million at S&P's previous review through interest distributions from their components. The results of S&P's cash flow analysis indicate that the class R Combo notes can sustain the stresses that S&P applies at a 'AAA' rating level. S&P has therefore affirmed its 'AAA (sf)' rating on this class of notes. Leopard CLO V is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans to primarily speculative-grade corporate firms. RATINGS LIST Leopard CLO V B.V. EUR430 Million Floating- And Fixed-Rate Notes Class Rating To From Ratings Raised C-1 AAA (sf) AA+ (sf) C-2 AAA (sf) AA+ (sf) D AA+ (sf) BBB+ (sf) E-1 B- (sf) CCC+ (sf) E-2 B- (sf) CCC+ (sf) F CCC (sf) CCC- (sf) Rating Affirmed R combo AAA (sf) STORM 2014-I: Fitch Affirms 'BBsf' Rating on Class D Notes ---------------------------------------------------------- Fitch Ratings has upgraded three tranches of Storm 2014-I B.V., Storm 2014-II B.V. and Storm 2014-III B.V. and affirmed 13, as follows: 2014-I Class A (ISIN: XS1022033135) affirmed at 'AAAsf'; Outlook Stable Class B (ISIN: XS1022034372) affirmed at 'AAsf'; Outlook Stable Class C (ISIN: XS1022034455) upgraded to 'Asf' from 'A-sf'; Outlook Stable Class D (ISIN: XS1022034539) affirmed at 'BBsf'; Outlook Stable 2014-II Class A1 (ISIN: XS1071274531) affirmed at 'AAAsf'; Outlook Stable Class A2 (ISIN: XS1071275181) affirmed at 'AAAsf'; Outlook Stable Class B (ISIN: XS1071275850) affirmed at 'AAsf'; Outlook Stable Class C (ISIN: XS1071276403) upgraded to 'Asf' from 'A-sf'; Outlook Stable Class D (ISIN: XS1071277120) affirmed at 'BBsf'; Outlook Stable Class E (ISIN: XS1071277476) affirmed at 'BBsf'; Outlook Stable 2014-III Class A1 (ISIN: XS1112010134) affirmed at 'AAAsf'; Outlook Stable Class A2 (ISIN: XS1112010217) affirmed at 'AAAsf'; Outlook Stable Class B (ISIN: XS1112010308) affirmed at 'AA+sf'; Outlook Stable Class C (ISIN: XS1112010480) upgraded to 'Asf' from 'A-sf'; Outlook Stable Class D (ISIN: XS1112011967) affirmed at 'BB+sf'; Outlook Stable Class E (ISIN: XS1112012346) affirmed at 'BB+sf'; Outlook Stable KEY RATING DRIVERS Stable Performance The Storm transactions issued in 2014 have generally outperformed the market, with late-stage arrears (loans in arrears by more than three months) at 16bp (Storm 2014-I), 29bp (Storm 2014-II) and 8bp (Storm 2014-III) of the current portfolio balance compared with Fitch's index of 29bp. It is only as market conditions have recently improved that the deals have become more in line with the index. Foreclosures as a proportion of the original portfolio balance remain low, at 62bp in Storm 2014-I, 29bp in Storm 2014-II and 44bp in Storm 2014-III, which is below the 120bp of the market index. No NHG Foreclosure Frequency Credit The portfolios include portions of NHG loans (31.77% in 2014-I, 32.58% in 2014-II and 34.23% in 2014-III). Based on historical NHG loan performance information made available to Fitch, loans originated between 2007 and 2010 show higher levels of NHG loan defaults than non-NHG loan defaults. Therefore, in this analysis Fitch has not given credit to NHG loans in the derivation of the foreclosure frequency of the portfolios. Data on recoveries received from WEW has resulted in Fitch applying a compliance ratio of 85% across all rating scenarios, in line with criteria. Interest-only (IO) Concentration All three transactions contain significant portions of IO loans (between 57.1% and 62.4% of the current portfolio balance), with 32.2% (Storm 2014-I), 28.7% (Storm 2014-II) and 32.9% (Storm 2014- III) maturing between 2035 and 2037. To assess the risk of more than 20% of the IO loans maturing over a three year period, Fitch applied stressed weighted average foreclosure frequencies (WAFF) to the IO concentration as described in its criteria. For Storm 2014-I the model implied ratings using these stressed WAFFs were more than three notches lower than the WAFFs derived using standard assumptions. Therefore, the ratings on notes issued in these deals were derived using stressed WAFFs. Front-loaded Default Curve For Performance Adjustment Factor Fitch has received historical data on foreclosure data for Obvion's total book. The data suggests that most of the defaults occur in the first three to seven years since loan origination, which is in line with Fitch's front-loaded default curve. As a result, in its calculation of the performance adjustment factor, Fitch used the front-loaded default curve. Guaranteed Excess Spread The transactions feature swap agreements with Obvion that effectively guarantee 50bp excess spread. Given the low levels of arrears and defaults, this has led to the rapid pay-down of the uncollateralised notes across the transactions. Insurance Set-Off Risk Loans with life insurance payment vehicles attached make up 7.6% of 2014-I's portfolio, 6.1% of 2014-II and 6.2% of 2014-III. Upon insolvency of the insurance provider there is a risk that the borrowers may try to set-off their insurance claim against the lender. Fitch accounts for this risk by assuming a capital build- up over 30 years and then analysing the effect of a combined default of the insurance providers, factoring in the affiliation of the insurance provider to the original lender. The most stressful scenarios were assessed and the maximum exposure resulting from this calculation is then applied against the net loss rate for the various rating levels in Fitch's surveillance model. The insurance set-off exposure was found to have a minimal effect on the rating outcome. Credit Enhancement Build-up All three transactions are fully sequential. With average prepayments at 10% across the three transactions, the portfolios currently stand at between 79.6% and 82.4% of their original balance. This has led to a build-up in the credit enhancement available to the rated tranches, which combined with the sound performance of the deals led to the upgrade of the class C notes in all three transactions. RATING SENSITIVITIES Adverse macroeconomic factors may affect asset performance. An increase in foreclosures and losses beyond Fitch's stresses may erode credit enhancement leading to negative rating action. High prepayments may lead to changes in the volume of IO loans and concentrations of such loans maturing within a three year period. This will have an effect on the WAFF derived for these pools, which may ultimately lead to rating changes. Fitch rates to legal final maturity. At the call option date, as per transaction documentation, the class B to D notes can be called net of PDL. Material principal shortfalls in Fitch's cash flow analysis over the life of the transactions may trigger rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information, which indicated no adverse findings material to the rating analysis. Prior to the transactions' closing, Fitch conducted a review of a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall and together with the assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. =========== P O L A N D =========== SKOK: Financial Markets Regulator Suspends Operations ----------------------------------------------------- Marta Waldoch at Bloomberg News reports that the Polish financial markets regulator KNF said in an e-mailed statement it suspended the operations of Kedzierzyn-Kozle-based credit union Twoja SKOK as its assets don't match liabilities. Twoja SKOK had PLN170.3 million in deposits at end-March, Bloomberg discloses. According to Bloomberg, the regulator's decision allows the Bank Guarantee Fund to start payouts of guaranteed deposits to the union's clients. ============= R O M A N I A ============= ROMCAB SA: Has EUR222 Million Accumulated Debt ---------------------------------------------- Romania-Insider.com, citing Economica.net, reports that Romcab SA has accumulated debts of about RON1 billion (over EUR222 million). The biggest creditor is the state-owned bank Eximbank, which is the Romanian state's guarantee institution, the report says. Romcab's debt to Eximbank amounts to EUR41 million, accounting for 18.4% of its total debts. Romania-Insider.com relates that the second largest creditor is Banca Transilvania, the second largest lender in Romania, which has to recover some EUR24.8 million. Moscow-based regional lender International Investment Bank comes third and has to recover over EUR15 million. Other large creditors include Piraeus Bank, CEC Bank, Banca Comerciala Feroviara, BCR, Intesa Sao Paolo Bank Romania, and Unicredit Leasing Corporation, Romania-Insider.com discloses. The insurer with the most exposure is EXIM Romania (CARE Romania), which has to recover about EUR7.6 million, according to the report. Targu Mures-based Romcab SA manufactures cables and electric conductors. Romcab is majority owned by its founder, businessman Zoltan Prosszer through his company Sadalbari, which holds a 69.03% stake. The remainder is on free float on the BVB. Romcab filed for insolvency in February 2017. * ROMANIA: 45% Seaside Accommodation Units at Risk of Insolvency ---------------------------------------------------------------- Romania-Insider.com reports that around 45% of the accommodation units in Constanta county, at the Romanian seaside, have a high risk of entering insolvency, according to data compiled by commercial risk management company Creditinfo Romania, quoted by Capital.ro At a national level, out of the 2,748 companies that operate accommodation units, 1,508 or 55% have a high risk of entering insolvency, Romania-Insider.com relates. Bucharest is top of the list, with 64% of companies owning hotels or other accommodation units being at risk of entering insolvency. Among tourist developed counties, hospitality companies in Brasov (62%), Bihor (59%), Cluj (55%), Mures (54%), Prahova (53%), and Timis (51%) also see high risks, the report says. Romania-Insider.com relates that the Creditinfo Romania study found a correlation between the year the company owning accommodation units was established and the risk of entering insolvency. As such, the most exposed to risk are companies established between 2006 and 2010, with 54% of these companies having an insolvency risk. By comparison, companies established between 1991 and 1995 are the most solid, with only 31% of them being at risk of entering insolvency. There were 6,946 hotels, motels, pensions, hostels, cabins and other tourist accommodation units in the country, in 2016. Most of them were located in Brasov county (881 units), Constanta (761), and Harghita (371), Romania-Insider.com says. Overall, 8.46 million tourists checked in local accommodation units in 2015. According to Romania-Insider.com, the most developed and sought after tourist areas of Romania were: Bucharest (1.7 million tourist arrivals), especially for corporate and cultural tourism; Constanta (1.02 million arrivals) for summer tourism; Brasov (997,601) and Prahova (467,158) for mountain tourism; Mures (495,481) for spa, culture and mountain tourism; Cluj (428,812) for corporate, spa and cultural tourism; Bihor (344,059) for spa and mountain tourism; Timis (338,238) for corporate tourism; and Suceava (310,458). These counties attract 80% of the total tourists, according to the same study. Bucharest hotels and accommodation units generated a turnover of RON1.29 billion (EUR288.4 million) in 2015, the highest in the country, Romania-Insider.com discloses. Constanta was second with RON447 million (EUR99.3 million). It was followed by Timis with RON184 million (EUR40.8 million), Brasov with RON171 million (EUR38 million), Prahova with RON166 million (EUR36.8 million), Cluj with RON160 million (EUR35.5 million), Bihor with RON141 million (EUR31.3 million), and Mures with RON139 million (EUR30.8 million). =========== R U S S I A =========== ACBA-CREDIT AGRICOLE: Fitch Publishes B+ LT Issuer Default Rating ----------------------------------------------------------------- Fitch Ratings has published ACBA-Credit Agricole Bank CJSC's (ACBA) Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook and Viability Rating at 'b+'. KEY RATING DRIVERS - ALL RATINGS The bank's IDRs are driven by its intrinsic strength, as captured by its 'b+' Viability Rating (VR). The VR balances the bank's strong capitalisation with asset quality that is weaker than that of other Fitch-rated Armenian banks, and high loan dollarisation. The VR also considers ACBA's solid domestic franchise, in particular in agricultural lending (market share of 50%) and comfortable liquidity cushion. ACBA's recent credit growth has been limited, with the bank focusing on asset quality management in the challenging operating environment. Asset quality pressures decreased in 2016, in line with sector trends, driven by the recovering economy and relative currency stability: ACBA's NPL origination ratio (calculated as the net change in loans over 90 days overdue plus write-offs divided by average performing loans in the period) decreased to 2.7% in 2016 from 8.6% in 2015. NPLs were a still significant 10.3% at end-2016, notwithstanding sizeable write-offs equal to 3% and 2% of average gross loans in 2016 and 2015, respectively, but had strong reserve coverage of almost 90%. Restructured loans were minor at 0.2% of loans. ACBA's loan concentrations are moderate for a CIS bank: at end- 2016, the 25 largest borrowers accounted for 20% of loans or 70% of Fitch Core Capital. Foreign currency loans were a high 50% of the portfolio, albeit below the sector average of 63%. Pre-impairment profit has remained healthy, at 5% of average loans in 2015-2016, offering significant loss absorption capacity. Loan impairment charges were sizeable at 71% of pre-impairment profit in 2016 (2015: 90%), constraining ROAE at 3% (2015: 0%). ACBA's solid regulatory capital buffer (regulatory capital ratio of 19% at end-2016) could allow the bank to absorb up to 7.5% of additional credit losses without breaching the regulatory minimum capital ratio of 12%. The FCC ratio was a more solid 24% at end- 2016, reflecting lower risk weights for FX-exposures compared to regulatory rules. The share of non-deposit funding is high, as reflected in the loan-to-deposit ratio of 157% at end-2016. This is mainly due to longer-term external funding raised from international financial institutions (28% and 16% of end-2016 liabilities came from commercial and development institutions, respectively) used to finance the agricultural, micro- and SME segments. Wholesale- funding refinancing needs appear manageable, while customer funding, which is highly dollarised (70% of the total), has proven to be sticky. ACBA's cushion of liquid assets, net of upcoming wholesale maturities within the next 12 months, was equivalent to 30% of customer deposits at end-2M17. ACBA's Support Rating of '5' and Support Rating Floor of 'No Floor' reflect Fitch's view that the Armenian authorities have limited financial flexibility to provide extraordinary support to banks, if necessary, given the banking sector's large foreign currency liabilities relative to the country's international reserves. Fitch believes that extraordinary support from ACBA's 28%- shareholder, Credit Agricole (CA, A/Positive), cannot be relied upon and therefore factored into the bank's ratings. This view considers (i) the minority ownership; and (ii) CA's limited presence in emerging markets, and Fitch's belief that the Armenian market is not of strategic importance for CA. There have been no prior cases of extraordinary capital and/or liquidity support being required by ACBA, and so support from CA has not been fully tested. RATING SENSITIVITIES The Stable Outlook on ACBA is driven by Fitch's view of prospects for its standalone credit profile and hence the VR. ACBA's credit metrics are sensitive to the performance of the economy and stability of the local currency. Deterioration in capital adequacy ratios as a result of a marked weakening of the bank's asset quality metrics, without sufficient support being provided by the shareholders, may result in a downgrade. Improvements in the economy and the bank's financial metrics would be positive for the bank's credit profile, although an upgrade is unlikely without an upgrade of the sovereign, given that ACBA is already rated at the sovereign level. The rating actions are as follows: Long-Term IDR published at 'B+'; Outlook Stable Short-Term IDR published at 'B' Support Rating published at '5' Support Rating Floor published at 'No Floor' Viability Rating published at 'b+' BASHNEFT PJSOC: Fitch Raises IDRs From BB+, Outlook Stable ---------------------------------------------------------- Fitch Ratings has upgraded PJSOC Bashneft's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+' and removed them from Rating Watch Evolving (RWE). The Outlook is Stable. The rating actions follow Fitch assessments of the consequences of Rosneft Oil Company's acquisition of Bashneft, which was completed in October 2016. The rating now takes into account Bashneft's standalone profile, its strong operational and strategic ties with Rosneft and Fitch view of Rosneft's credit quality. Bashneft is a medium-scale integrated oil company with core assets in the Russian Bashkortostan Republic (Bashkiria, BBB-/Stable). Over the past several years the company's growth outpaced Russia's average as its greenfield projects came on stream and it boosted production in Timan-Pechora and Western Siberia. Rosneft, Russia's largest oil company, has a 69% stake in Bashneft; 25% is controlled by Bashkiria. Bashneft is ultimately controlled by Russia (BBB-/Stable). KEY RATING DRIVERS Bashneft's Standalone Profile: Fitch assessments of Bashneft's standalone credit profile takes into account its recently increased upstream production, high reserve life, diversification into downstream operations and conservative leverage. At the same time, like other Russian oil producers, Bashneft is subject to Russia-specific risks, such as unexpected tax hikes in the oil and gas industry. Fitch also note that the company's assets in Bashkiria are highly depleted; maintaining stable upstream production in the republic may be a challenge in the long term. Peer Comparisons: In 2016, Bashneft's hydrocarbon production averaged 428 thousand barrels of oil equivalent per day (mboepd), close to that of PJSC Tatneft (574mboepd; BBB-/Stable), Apache Corporation (522mboepd; BBB/Stable) and Hess Corporation (311oembpd; BBB-/Stable). At the moment Bashneft's leverage of 1.5x remains conservative and much lower than that of its international peers, supported by the weak rouble and predominantly rouble-denominated debt portfolio. Acquisition by Rosneft: The company's rating also takes into account Bashneft's strong operational and strategic ties with Rosneft, its new parent, as well as Fitch assessments of Rosneft's credit quality. While Bashneft retains some autonomy, it is now closely integrated into Rosneft. This is evidenced by Bashneft's less detailed post-acquisition disclosures, change of the management team and intra-group operations with Rosneft, which Fitch believes lead to significantly reduced cash on the balance sheet at end-2016 and March 31, 2017. Rosneft does not guarantee Bashneft's debt, although it is subject to cross-default provision under Rosneft's Eurobonds terms and conditions. Sector Outlook Stable: In 2017, Russian oil and gas producers should be able to broadly balance their cash inflows and outflows without resorting to disposals and additional borrowings on a large scale, supporting the industry's stable outlook. This is mainly due to the weaker rouble, which has helped to reduce costs, capex and dividends in US dollar terms. The leverage of most Fitch-rated oil and gas producers should remain in check. Taxation is also less of an issue now as oil prices recovered from the low levels seen in 2016. However, a major tax hike still cannot be ruled out if oil prices retreat below USD40-45/bbl again. DERIVATION SUMMARY Bashneft is a medium-scale integrated oil company with core assets in the Russian Bashkortostan Republic (Bashkiria, BBB-/Stable). Its 'BBB-' rating takes into accounts the company's standalone credit profile, its links with the main shareholder, Rosneft; and Fitch assessments of Rosneft's credit position. KEY ASSUMPTIONS Fitch's key assumptions within its ratings case for the issuer include: - Fitch's oil price deck: Brent USD52.5/bbl in 2017; USD55/bbl in 2018; USD60/bbl in 2019 and USD65/bbl in the long term; - RUB/USD: 61 in 2017; 60 in 2018; 58 in 2019; 57 in 2020 and 58 in 2021; - marginally rising oil production in the medium term; - dividends averaging 28bn p.a. in 2017-21. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action - A positive rating action on Russia, coupled with a stronger credit position of Rosneft, Bashneft's key shareholder. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - A negative rating action on Russia. Fitch cap ratings of Russian oil and gas companies by that of the sovereign due to the influence the state exerts on their profitability through taxation and other measures. - Evidence of weaker links between Bashneft and Rosneft, and/or Rosneft and Russia. - Weaker credit position of Rosneft, Bashneft's key shareholder. LIQUIDITY Standalone Liquidity Not Representative: Bashneft's standalone liquidity position has worsened after its acquisition by Rosneft. The company's cash balances significantly decreased on the back of intra-group operations with the parent. However, this situation is not representative of Bashneft's credit quality as the company is now effectively a part of Rosneft. At March 31, 2017, Bashneft's cash amounted to RUB4 billion, compared to the short-term debt of RUB32 billion, including long-term oil prepayments. Constrained Access to Western Funding: Bashneft's access to foreign capital is constrained in view of the western financial sanctions targeted at Rosneft. However, the company has access to domestic banks and domestic bond market. FULL LIST OF RATING ACTIONS Long-Term Foreign-Currency Issuer Default Rating: upgraded to 'BBB-' from 'BB+'; off Rating Watch Evolving; Outlook Stable Long-Term Local-Currency Issuer Default Rating: upgraded to 'BBB-' from 'BB+'; off Rating Watch Evolving; Outlook Stable Short-Term Foreign -Currency Issuer Default Rating: upgraded to 'F3' from 'B'; off Rating Watch Evolving Short-Term Local-Currency Issuer Default Rating: upgraded to 'F3' from 'B'; off Rating Watch Evolving Senior unsecured debt: upgraded to 'BBB-' from 'BB'+'; off Rating Watch Evolving (this rating action applies to all debt issued prior to October 12, 2016) =============== S L O V E N I A =============== TELEKOM SLOVENIJE: Moody's Withdraws Ba2 Corporate Family Rating ---------------------------------------------------------------- Moody's Investors Service has withdrawn the ratings of Telekom Slovenije d.d., including the company's Ba2 corporate family rating (CFR) and Ba2-PD probability of default rating (PDR). Moody's has withdrawn the ratings for its own business reasons. Headquartered in Ljubljana, Slovenia, Telekom Slovenije d.d. is an integrated telecommunications provider in Slovenia and the controlling company for the Telekom Slovenije Group, with a presence in Kosovo, Macedonia, Bosnia and Herzegovina, Croatia, Serbia and Montenegro. Telekom Slovenije Group reported operating revenues of EUR 702 million and EBITDA of EUR 199 million in 2016. As of the end of 2016, the Republic of Slovenia (Baa3 positive) directly and indirectly owns 74.15% of the company. ========= S P A I N ========= IBERCAJA BANCO: Moody's Hikes Long-Term Deposit Rating to Ba3 ------------------------------------------------------------- Moody's Investors Service has taken rating actions on 10 Spanish banking groups, prompted by the rating agency's change of the banking Macro Profile of Spain (Baa2 stable) to "Strong-" from "Moderate+", as well as the continued improvement in the banks' credit fundamentals, notably asset risk. "The main driver for the rating actions is the banking system's improved credit conditions following the deleveraging of the private sector. This positive development has been reflected in an improvement in Moody's Macro Profile for Spain" says Maria Cabanyes, a Senior Vice President at Moody's. "The rating actions also incorporate Moody's expectation of a sustained improvement in the banks' asset risk metrics against a backdrop of solid economic growth in Spain and the progressive recovery of the country's real estate market". Among the actions taken by Moody's on the affected banks are the following: - CaixaBank, S.A. (CaixaBank): long-term deposit ratings affirmed at Baa2 with a positive outlook and long-term senior debt ratings affirmed at Baa2 with a stable outlook. Baseline Credit Assessment (BCA) and adjusted BCA affirmed at ba1. - Banco Sabadell, S.A. (Banco Sabadell): long-term deposit ratings affirmed at Baa2 with a stable outlook and long-term senior debt ratings affirmed at Baa3 with a positive outlook. BCA and adjusted BCA affirmed at ba2. - Bankia S.A. (Bankia): long-term deposit ratings upgraded to Baa3 from Ba2 and long-term senior debt ratings to Ba1 from Ba3, both with a stable outlook. BCA and adjusted BCA upgraded to ba2 from b1. - Unicaja Banco S.A. (Unicaja): long-term deposit ratings affirmed at Ba3 with a positive outlook. BCA and adjusted BCA affirmed at b1. - Ibercaja Banco S.A. (Ibercaja): long-term deposit ratings upgraded to Ba3 from B1 with a stable outlook. BCA and adjusted BCA upgraded to ba3 from b1. - Kutxabank, S.A. (Kutxabank): long-term deposit ratings upgraded to Baa3 from Ba1 with a positive outlook and senior debt program to (P)Baa3 from (P)Ba1. BCA and adjusted BCA upgraded to baa3 from ba1. - ABANCA Corporacion Bancaria, S.A. (ABANCA): long-term deposit ratings upgraded to Ba3 from B2 with a stable outlook. BCA and adjusted BCA upgraded to ba3 from b2. - Banco Cooperativo Espanol, S.A. (Banco Cooperativo): long-term deposit ratings upgraded to Baa3 from Ba1 with a stable outlook. BCA upgraded to ba1 from ba2 and adjusted BCA to baa3 from ba1. - Banca March S.A. (Banca March): long-term deposit ratings upgraded to A3 from Baa1 with a stable outlook. BCA and adjusted BCA upgraded to baa2 from baa3. - Caja Rural de Navarra: long-term deposit ratings affirmed at Baa2 with a stable outlook. BCA and adjusted BCA affirmed at baa2 (BCA constrained at the level of the Spanish sovereign rating - Baa2 stable). The ratings and outlooks of other Moody's rated Spanish banks are unaffected by the country's higher Macro Profile. RATINGS RATIONALE Moody's rating methodology for banks includes an assessment of each individual country's operating environment, expressed as a Macro Profile, which is designed to capture system-wide factors that are predictive of the propensity of banks to fail. The Macro Profile assigned to each bank informs the financial factors, which are key inputs into the determination of each bank's BCA. (1) CHANGE IN THE MACRO PROFILE TO 'STRONG-' FROM 'MODERATE+' REFLECTS IMPROVING OPERATING ENVIRONMENT IN SPAIN AND EXERTS UPWARD PRESSURE ON BANKS' RATINGS Moody's has changed Spain's Macro Profile to 'Strong-' from 'Moderate+' to reflect the improvements in the banks' credit conditions that have been driven by the deleveraging of the private sector. In improving Spain's Macro Profile, Moody's has taken into account the significant reduction in the debt burden of the domestic private sector, after it materially increased in the years prior to the financial crisis. Starting from leverage levels materially above the euro area average, the private debt outstanding to gross domestic product ratio fell to 166% as of the end of 2016, which is now in line with the euro area average after declining by almost 30 percentage points over the last three years. Consequently, Moody's assessment of more favorable operating conditions for banks in Spain, in combination with ongoing improvements in other credit fundamentals, notably asset quality and capital, has resulted in rating upgrades by one to two notches or rating affirmations for the banks affected by rating actions. (2) SPECIFIC ANALYTICAL FACTORS FOR THE AFFECTED BANKS -- CAIXABANK Moody's has affirmed CaixaBank's senior debt and deposit ratings of Baa2. The outlook on the long-term deposit ratings has been changed to positive from stable while the outlook for the long- term senior debt remains stable. The affirmation of the ratings reflects: (1) the affirmation of the bank's ba1 BCA; (2) the rating uplift from Moody's Advanced Loss Given Failure (LGF) analysis (two notches for junior deposits and one notch for senior debt); and (3) the one-notch uplift on the bank's senior debt rating from Moody's assumption of moderate government support. CaixaBank's BCA of ba1 reflects its stable revenue-generation capacity, underpinned by its leading retail franchise in Spain, strong liquidity and funding profile. The group's high level of problematic exposures is a key constraint on the ba1 BCA. The change in outlook of CaixaBank's long-term deposit rating reflects Moody's expectation that the bank's credit profile will continue to improve over the next 12 to 18 months. More specifically, a higher BCA will be underpinned by: (1) a reduction in the high stock of problematic assets, namely non-performing loans and real-estate assets which, despite ongoing progress, remain at very high levels; (2) stronger Tangible Common Equity (TCE) levels; and (3) a sustained recovery of recurrent profitability levels while the bank's funding and liquidity profile remain at sound levels. The stable outlook on the bank's long-term senior debt ratings reflects Moody's consideration that any upward pressure on the bank's standalone BCA will not translate into an improvement of the bank's Baa2 senior debt ratings. At this level, CaixaBank will continue to benefit from one-notch uplift resulting from the rating agency's LGF analysis but no uplift from the moderate government support assumptions as the bank's senior debt rating would be aligned with Spain's Baa2 sovereign rating. -- BANCO SABADELL As part of rating action, Moody's has affirmed Banco Sabadell's Baa2 long-term deposit ratings and its Baa3 long-term senior debt rating. The outlook on the bank's long-term deposit ratings is stable and the outlook on the bank's long-term senior debt rating has been changed to positive from stable. The affirmation of Banco Sabadell's long-term Baa2 deposit rating and its Baa3 long-term senior debt rating, reflects: (1) the affirmation of the bank's ba2 BCA; (2) the uplift from Moody's Advanced LGF analysis; and (3) one notch of uplift for the deposit and senior debt ratings from the rating agency's assumptions of moderate government support. Banco Sabadell's ba2 standalone BCA reflects the bank's improved credit fundamentals, notably in terms of asset risk, with a sustained decline in the stock of problematic assets. Moody's expects this trend to continue in 2017, underpinned by the sound growth prospects of the Spanish economy. The rating agency considers that any pressure that could arise on the credit profile of Banco Sabadell's UK subsidiary TSB Bank plc (TSB; deposits Baa2 negative; BCA baa2), which has a very low credit risk profile but limited track record and is following a rapid expansion, would be offset by the positive trends in the Spanish operations, which represent close to 80% of the group's assets. The change in the outlook of Banco Sabadell's long-term senior debt rating reflects Moody's expectation that the bank's credit profile will continue to improve over the next 12 to 18 months. The rating agency expects Banco Sabadell to continue reducing the stock of problematic assets and gradually improve its profitability metrics as the domestic operations continue to recover. The stable outlook on Banco Sabadell's long-term deposit ratings reflects Moody's consideration that any upward pressure on the bank's standalone BCA will not translate into an improvement of the bank's Baa2 deposit ratings. At this level, Banco Sabadell's deposit rating will benefit from the uplift of the rating agency's LGF analysis but no uplift from the moderate government support assumptions as the bank's deposit rating is currently aligned with Spain's Baa2 sovereign rating. -- BANKIA Moody's has upgraded Bankia's deposit ratings to Baa3/Prime-3 from Ba2/Not Prime and its long-term senior debt rating to Ba1 from Ba3 and has changed the outlook on the long-term ratings to stable from positive. The upgrade of the ratings reflects: (1) the two notch upgrade of the bank's BCA to ba2 from b1; (2) Moody's Advanced LGF analysis that provides one-notch uplift for deposits and no uplift for senior debt from the bank's ba2 adjusted BCA; and (3) Moody's assumption of moderate government support from Spain, which results in a one notch uplift for both the deposit and senior debt ratings. Bankia's ba2 BCA reflects the bank's improving credit fundamentals, notably in terms of asset risk, capital and funding structure. The bank's BCA remains constrained by: (1) the still high volume of problematic exposures - measured as non-performing loans (NPLs) + real estate assets + performing refinanced loans - which accounted for 15.5% of the bank's loan book and real estate assets and 87.9% of its shareholder equity and loss reserves as of end-2016; and (2) the pressures on the bank's recurrent profitability stemming mainly from the very low interest rates environment - that affects not only the re-pricing of the loan book but also the bank's large bond portfolio - and subdued business growth The outlook on Bankia's long-term deposit and debt ratings is stable reflecting Moody's view that the current ratings already capture expected performance of the bank's financial fundamentals. -- UNICAJA Moody's has affirmed Unicaja's Ba3 long-term deposit rating and changed the outlook to positive from stable. Unicaja's long-term deposit ratings of Ba3 reflect: (1) the affirmation of its b1 BCA; and (2) the Advanced LGF analysis that provides one notch of uplift from the bank's adjusted BCA of b1 for the deposit ratings. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low. Unicaja's standalone b1 BCA reflects the bank's: (1) sound liquidity profile underpinned by sizeable liquid assets; (2) improving asset risk trend although the level of problematic assets is still high; (3) modest recurrent profitability, which remains challenged by the low interest rate environment and persisting subdued business volumes; and (4) weak capitalization which is constrained by a large amount of deferred tax assets (DTAs). The positive outlook on Unicaja's Ba3 long-term deposit ratings reflects Moody's view that the bank's credit profile will be bolstered if it succeeds to conclude the planned capital increase for a nominal value of EUR625 million. On April 26, 2017, Unicaja's shareholders meeting approved the bank's IPO and capital increase. -- IBERCAJA Moody's has upgraded Ibercaja's long-term deposit ratings to Ba3 from B1. The outlook on the long-term deposit ratings is stable. The upgrade of the bank's deposit ratings reflects: (1) the upgrade of the bank's BCA and adjusted BCA to ba3 from b1; and (2) Moody's Advanced LGF analysis that provides no uplift from the bank's adjusted BCA. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low. Ibercaja's BCA of ba3 reflects the bank's sound franchise in its home region of Aragon, Spain, and its favourable liquidity position, with modest refinancing requirements and sizable liquid assets. However, the BCA also reflects Ibercaja's challenges and constrained financial flexibility following its acquisition of Caja 3 in 2013, namely in terms of asset risk and capital adequacy. These indicators have nevertheless shown some improvement since the sharp deterioration observed in 2013, on the back of the more favourable economic environment in Spain. The outlook on Ibercaja's long-term deposit ratings is stable, reflecting Moody's view that all currently foreseen risks are captured within the current credit rating. -- KUTXABANK Moody's has upgraded Kutxabank's deposit ratings to Baa3/Prime-3 from Ba1/Not Prime and the long-term senior debt ratings of its supported entity Caja Vital Finance B.V. to Baa3 from Ba1. The outlook on the long-term deposit and senior debt ratings is positive. The upgrade of the deposit and senior debt ratings reflects: (1) the upgrade of the bank's BCA and adjusted BCA to baa3 from ba1; and (2) Moody's Advanced LGF analysis that provides no uplift from the bank's adjusted BCA of baa3. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low. Kutxabank's standalone baa3 BCA is underpinned by the bank's improving asset risk trends, as well as its strong capital buffers and sound liquidity position. The bank's BCA is constrained by its still relatively high level of problematic exposures when compared to other European banks at the same BCA level and modest profitability metrics with ongoing pressures on top line revenues. The positive outlook on Kutxabank's long-term deposit and senior debt ratings primarily reflects Moody's expectation that Kutxabank will be able to maintain current positive trends on its financial fundamentals. The rating agency expects a further improvement of the bank's asset risk and capital over the outlook period of 12-18 months, which combined with resilient profit generation capacity could result in upward pressure on Kutxabank's ratings. In particular, a stronger assessment of Kutxabank's credit profile could materialize if: (1) the NPL ratio declines below 6% over the outlook period while the stock of foreclosed real estate assets continues to gradually decline; (2) Moody's key capital metric -- TCE to risk-weighted assets ratio -- stands at around 13% (from 12.2% at end-December 2016); and (3) profitability remains resilient and bottom line profits continue to grow at the current pace. -- ABANCA Moody's has upgraded ABANCA's long-term deposit ratings to Ba3 from B2. The outlook on the long-term deposit ratings has been changed to stable from positive. The upgrade of the bank's deposit ratings reflects: (1) the upgrade by two notches of the bank's BCA and adjusted BCA to ba3 from b2; (2) Moody's Advanced LGF analysis that provides no uplift from the bank's adjusted BCA. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low. ABANCA's BCA of ba3 reflects the bank's sound franchise in its home region of Galicia, Spain, and its improved asset risk indicators, with a decline in the NPL ratio of around 200 basis points throughout 2016. The BCA also reflects the bank's sound funding profile, with customer deposits covering the majority of its funding needs. However, the BCA also takes into account the bank's weak capital position constrained by a large amount of DTAs, as well as its weak recurrent profitability, with a high proportion of total profits stemming from non-recurrent financial operations. The outlook on ABANCA's long-term deposit ratings is stable, reflecting Moody's view that the bank's financial fundamentals will continue to show some improvement in 2017, but will remain consistent with the BCA of ba3. -- BANCO COOPERATIVO Moody's has upgraded Banco Cooperativo's deposit ratings to Baa3/Prime-3 from Ba1/Not Prime. The outlook on the long-term deposit ratings is stable. The upgrade of the bank's deposit ratings reflects: (1) the upgrade of the bank's BCA to ba1 from ba2 and of the adjusted BCA to baa3 from ba1; and (2) Moody's Advanced LGF analysis that provides no uplift from the bank's adjusted BCA of baa3. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low. Banco Cooperativo's BCA of ba1 reflects: (1) the bank's moderate risk profile, although its exposure to Spanish sovereign debt remains high, encompassing concentration and some market risk; and (2) its adequate liquidity profile. The bank's BCA is constrained by Banco Cooperativo's very high leverage because of its role as a service provider and its modest but stable profitability levels. Banco Cooperativo is owned by the 38 rural co-operatives amalgamated under the Asociacion Espanola de Cajas Rurales (AECR; unrated) and by Germany-based DZ Bank AG (deposits Aa1 stable/senior unsecured Aa3 positive, BCA baa2/Adjusted BCA a2). Banco Cooperativo's purpose is to provide these rural co- operatives with a cost-effective comprehensive range of financial services. Moody's believes there is a high probability of support from these rural co-operatives associated under the AECR, given Banco Cooperativo's role as central treasury provider for this group of entities. As a result of this affiliate support assessment, Banco Cooperativo's adjusted BCA is baa3, one notch above the bank's BCA. The stable outlook on Banco Cooperativo's long-term deposit ratings reflects Moody's expectation that the improving operating environment will support the stabilisation of the bank's financial fundamentals, as well as the gradual improvement of those of the rural cooperatives sector. -- BANCA MARCH Moody's has upgraded Banca March's long-term deposit ratings to A3 from Baa1. The short-term deposit ratings have been affirmed at Prime-2. The outlook on the long-term deposit ratings is stable. The upgrade of the bank's deposit ratings reflects: (1) the upgrade of the bank's BCA and adjusted BCA to baa2 from baa3; and (2) Moody's Advanced LGF analysis that provides a two-notch uplift from the bank's adjusted BCA. The bank's ratings do not benefit from uplift from government support. Banca March's BCA of baa2 reflects the bank's sound credit profile, especially in terms of capital adequacy which, with a TCE over risk-weighted assets (RWA) ratio of 21.3% at the end of 2016, ranks among the strongest in the Spanish banking sector. The BCA also reflects the bank's strong asset quality, with an exposure to problematic assets (i.e. problem loans and repossessed real estate assets) materially below the system average, and the bank's sound funding profile, supported by a large and stable deposit base that covers around 90% of the bank's funding needs. As factors constraining the BCA, Moody's notes the bank's modest recurrent profitability as well as its exposure to equity risk through its investment vehicle, Corporacion Financiera Alba (unrated). The outlook on Banca March's long-term deposit ratings is stable. Moody's notes that the current baa2 BCA and A3 deposit ratings are placed at and two notches above the Spanish sovereign rating respectively, and are constrained at that levels under Moody's methodology. Therefore, any upward pressure on Banca March's BCA and deposit ratings would require an upgrade of Spanish sovereign rating. -- CAJA RURAL DE NAVARRA Moody's has affirmed Caja Rural de Navarra's Baa2/Prime-2 deposit ratings. The outlook on the long-term deposit ratings is stable. Caja Rural de Navarra's long-term deposit ratings of Baa2 reflect: (1) the affirmation of the bank's baa2 BCA and adjusted BCA; and (2) Moody's Advanced LGF analysis that provides no uplift from the bank's adjusted BCA. There is no government support uplift for these ratings, given Moody's assumption that the probability of such support is low. Caja Rural de Navarra's BCA of baa2 reflects the bank's sound financial fundamentals, namely: (1) its stronger asset-quality performance compared with that of the wider Spanish banking system; (2) its sound capitalization levels; and (3) its stable retail deposit base and low reliance on wholesale funding. The bank's BCA also reflects Caja Rural de Navarra's modest, albeit stable, profitability levels. Caja Rural de Navarra's BCA is constrained at the level of the Spanish sovereign rating. Under Moody's methodology, a bank's BCA will not typically exceed the sovereign rating absent any factor that reduces the dependency between the creditworthiness of that bank and the sovereign. Therefore, any upward pressure on Caja Rural de Navarra's ratings is dependent on an upgrade of the government of Spain's ratings, thereby lifting the current constraint on the bank's BCA. The outlook on Caja Rural de Navarra's long-term deposit ratings is also aligned with that of the Spanish sovereign. FACTORS THAT COULD LEAD TO AN UPGRADE Banks' standalone BCAs could be upgraded as a consequence of a sustained recovery of recurrent profitability levels, while maintaining current improving trends of asset risk indicators, with an ongoing reduction in the stock of problematic assets. The banks' BCAs could also be upgraded on the back of stronger TCE levels. As the banks' debt and deposit ratings are linked to the standalone BCA, any change to the BCA would likely also affect these ratings. The bank's deposit and senior debt ratings could also experience upward pressure from movements in the loss-given-failure faced by these securities. FACTORS THAT COULD LEAD TO A DOWNGRADE Downward pressure on the banks' BCAs could develop as a result of: (1) The reversal in current asset risk trends with an increase in the stock of NPLs and/or other problematic exposures; (2) a weakening of banks' internal capital-generation and risk- absorption capacity as a result of subdued profitability levels; and/or (3) a deterioration in the banks' liquidity position. As the banks' debt and deposit ratings are linked to the standalone BCA, any change to the BCA would likely also affect these ratings. The bank's deposit and senior debt ratings could also experience downward pressure from movements in the loss-given-failure faced by these securities. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in January 2016. =========== T U R K E Y =========== TURKIYE HALK: Fitch Withdraws 'BB(EXP)' Rating on Tier 2 Notes -------------------------------------------------------------- Fitch Ratings has withdrawn Turkiye Halk Bankasi A.S.'s (Halk, BB+/Stable/bb+) proposed Basel III-compliant Tier 2 capital notes' 'BB(EXP)' expected rating. The expected rating was assigned on March 24, 2017. KEY RATING DRIVERS The rating has been withdrawn because Halk does not expect to proceed with the Tier 2 notes issue within the previously envisaged timeline. Halk's other ratings are unaffected by the withdrawal. RATING SENSITVITIES Not applicable. ============= U K R A I N E ============= UKRAINE: Losses of Insolvent Banks Rise to UAH195.658 Billion ------------------------------------------------------------- UNIAN reports that the National Bank of Ukraine has revised its report on the performance of the banking system for 2016 toward the increase of losses of operating and insolvent banks by 22.2%, or by UAH35.516 billion, to UAH195.658 billion, which is a record figure for Ukraine's banking system. =========================== U N I T E D K I N G D O M =========================== CO-OPERATIVE BANK: Set to Unveil Capital Injection Plans -------------------------------------------------------- Emma Dunkley and Martin Arnold at The Financial Times report that The Co-operative Bank is poised to reveal in the coming days that it is a step closer to bolstering its balance sheet to meet the Bank of England's capital requirements ahead of a looming deadline. According to the FT, the lossmaking bank is preparing to announce that it is in advanced talks with existing hedge fund investors about injecting more capital, after stating in January that it will fall short of the regulatory threshold during the next few years. But the bank, which is 80% owned by the hedge funds, is still talking about a potential sale as an alternative option, after receiving a number of "non-binding proposals" in April, the FT notes. One banker close to the Co-op Bank said that it has to have a plan in place to boost its capital buffers by September, the same month in which GBP400 million of senior bonds are due to be repaid, the FT relates. The Bank of England put the Co-op Bank under "intensive supervision" in March, while its contingency plans are well under way to ensure an "orderly failure" if the lender does not agree a sale or fresh capital injection, the FT discloses. The bank warned last month that bondholders would take a hit from its rescue plans, which would involve a restructuring, or liability management exercise, leaving investors with losses in return for equity stakes, the FT recounts. The bank said earlier this year that it requires nearly GBP750 million of capital, the bulk of which would likely come from exchanging some debt for equity, the FT relays. About Co-operative Bank The Co-operative Bank plc is a retail and commercial bank in the United Kingdom, with its headquarters in Balloon Street, Manchester. In 2013-2014, the Bank was the subject of a rescue plan to address a capital shortfall of about GBP1.9 billion. The Bank mostly raised equity to cover the shortfall from hedge funds. In February 2017, the Bank's board announced that they were commencing a sale process for the Bank and were "inviting offers." The Troubled Company Reporter-Europe reported on February 17, 2017 that Moody's Investors Service downgraded Co-operative Bank plc's standalone baseline credit assessment (BCA) to ca from caa2. The downgrade of the bank's BCA to ca reflects Moody's view that the bank's standalone creditworthiness is increasingly challenged and that the bank will not be able to restore its declining capital position without external assistance. TCR-Europe also reported on February 23, 2017 that Fitch Ratings has downgraded The Co-operative Bank p.l.c.'s (Co-op Bank) Long- Term Issuer Default Rating (IDR) to 'B-' from 'B' and placed it on Rating Watch Evolving (RWE). The Viability Rating (VR) was downgraded to 'cc' from 'b'. The downgrade of the VR reflects Fitch's view that a failure of the bank appears probable as it likely needs to obtain new equity capital to restore viability. Fitch believes there is a very high risk that this will include a restructuring of its subordinated debt that Fitch is likely to consider a distressed debt exchange, which would result in a failure according to Fitch definitions. DRAX GROUP: Fitch Assigns Final BB+ LT Issuer Default Rating ------------------------------------------------------------ Fitch Ratings has assigned a 'BB+' final Long-Term Issuer Default Rating (IDR) to Drax Group Holdings Ltd. The Outlook on the IDR is Stable. Fitch also assigned a final 'BB+' rating to Drax Finco Plc's GBP550 million senior secured notes due 2022 and a 'BBB-' rating to Drax Corporate Ltd.'s GBP350 million super senior secured revolving credit facility (RCF). The debt issuance will be used by Drax to refinance its existing debt, which includes around GBP200 million drawn from its acquisition bridge facility and around GBP300 million of loans and private placements. The senior secured notes are contractually subordinated to its super senior secured RCF and GBP35 million loan. The debt issuance benefits from security over the assets and shares of Drax Group Holdings Ltd and its material subsidiaries. KEY RATING DRIVERS Regulatory Support: Drax benefits from regulatory support for biomass power generation, through the Renewables Obligation and contracts for difference (CfD). This support accounts for around 55% of EBITDA. The schemes give Drax earnings stability and predictability until 2027, when both support mechanisms end. However, the government's current energy policy excludes biomass from bidding at capacity market auctions and from CfD auctions in 2017. Increasingly Volatile Coal-fired Generation: Fitch views Drax's coal generation as significantly more volatile in volume and spread than baseload energy production. Drax's coal generation provides power on an increasingly intermittent basis supporting periods of peak power demand. Coal capacity also allows grid support service contracts with National Grid as an additional revenue stream. However, under current government policy all coal generation must shut down by 2025. The capping of the increase in the carbon price floor supports the competitiveness of coal capacity, but this was offset by the removal of the exemption from the climate change levy for renewables, lowering full-year EBITDA by GBP60 million in 2015. Capacity market and ancillary services contribute up to 15% to group EBITDA. Hedging Limits Power Price Exposure: Fitch estimates that around 30% of 2017 generation revenues are exposed to wholesale commodity price risk, potentially leading to price volatility with a significant impact on cash flows. Drax hedges forward biomass output up to 18 months ahead, but coal is largely unhedged and EBITDA should benefit from the recent recovery in UK power prices. However, Fitch expects low power prices, as Fitch believes UK baseloads continue to be affected by a structurally oversupplied gas market. Acquisitions to Increase Security of Supply: At 16% of renewables output in the UK, Drax's biomass conversion of 1.8GW capacity is a ground-breaking achievement in a relatively new market. There is no meaningful spot market for sustainable compressed wood pellets and uninterrupted availability of high-quality fuel supplies is key to maintaining generation output and cash flow. Procurement is on a long-term fixed cost basis, with the longest-dated contracts expiring in 2027. Plans to increase self-supply from around 10% to at least 30% by organic and external growth will reduce risk in Drax's supply chain. Most biomass is sourced in the US. This entails hedging shipping and bunker-fuel costs and above all currency to protect margins. Drax has limited ability to pass through cost increases in biomass fuel costs. Supply Offers Diversification, Cash-Flow Benefits: The acquisition of SME power supplier Opus in February 2017 partly diversifies earnings away from generation and enables the company to improve its working-capital position by more quickly using Renewable Obligation Certificates (ROCs) internally against its group obligations. Fitch expects supply to contribute 10%-15% of EBITDA in the longer term. Fitch expects UK supply margins to be under pressure from the increasingly competitive environment. Manageable Execution Risk: Execution risk arises from integrating the acquisition of Opus Energy, but the risk is spread across various IT billing systems partners and over a relatively long time. The acquisition of open-cycle gas turbine (OCGT) development projects for the capacity market may also further diversify generation away from coal, but its development is contingent upon being awarded capacity market contracts and is not included in Fitch ratings case. Dividend Policy Under Review: Drax is reviewing its dividend payout, currently 50% of underlying earnings, following the recent approval of the CfD on one of its biomass units. Fitch understanding is that the company will probably retain a certain level of cash to fund future growth opportunities, with a net debt/EBITDA target for end-2017 of 2x. Fitch believes there may be potential political obstacles to an aggressive dividend policy. Fitch expects FFO-adjusted net leverage to be around 2.6x in 2017. Declining Capex: Fitch expects FFO adjusted net leverage to fall from 2.6x in 2017 on steady free cash flow generation to possibly well below 1.5x by 2020, notwithstanding acquisitions of GBP432 million and a peak in capex (including acquisitions accounted as capex) of GBP185 million in 2017, although falling thereafter to around GBP65 million a year. However, this excludes any further acquisitions, growth capex (OCGT) and any change in dividend policy. DERIVATION SUMMARY Fitch views Drax's business profile as comparable to that of peers like Melton Renewable Energy UK PLC (BB/Stable) and Viesgo Generacion (BB/Stable), which reflects its focus on generation activity. Biomass generation has regulatory support until 2027. Drax's growth in retail offers some diversification, but supply in the UK remains competitive, putting pressure on margins. Fitch expects Drax's FFO-adjusted net leverage to be between 2x and 3x during 2017 and 2018, and later below the negative rating sensitivity at 2.5x, potentially to a significant extent. Fitch considers that the group's capital expenditure requirements are minimal and expect Drax to generate significant free cash flows. However, potential changes to dividend policy or leverage targets may limit deleveraging below the level Fitch expects for the next two years. KEY ASSUMPTIONS Fitch's key assumptions within Fitch ratings case for the issuer include: - power prices of GBP40-45/MWh during 2017-2020; - ROC recycle price to remain around GBP2/MWh; - UK RPI to remain slightly above 3%; - cost of new debt around 4.25%; - coal generation volumes to decline, based on the challenging outlook for dark green spreads; - EBITDA margins improving to around 9% by 2019 based on a positive price effect from the CfD, integration of the Opus acquisition and further growth of the supply business; - unchanged dividend policy (payout ratio 50% of underlying earnings); - maintenance capex kept at around GBP65 million per year; - Drax will reduce its use of its factoring programmes over the forecast period to around GBP90 million in 2019; - no allowance for OCGT capex or EBITDA contribution. RATING SENSITIVITIES Future developments that may, individually or collectively, lead to positive rating action: - Increased wholesale electricity prices or output above Fitch's expectations leading to FFO net adjusted leverage sustainably below 1.5x, against 1.9x in the financial year to December 2016, supported by a strong commitment to strengthened capital structure, along with no adverse regulatory change Future developments that may, individually or collectively, lead to negative rating action: - Lower wholesale electricity prices or output below Fitch's expectations leading to FFO adjusted net leverage sustainably above 2.5x and FFO fixed charge cover below 5x - Changes to the regulatory framework with a material negative impact on profitability and cash flow LIQUIDITY Adequate Liquidity: Drax will refinance its existing debt with GBP550 million of senior secured notes and a new GBP350 million super senior RCF, of which GBP35 million is a drawn term loan. The senior secured debt is secured against the assets of and shares in Drax Group Holdings Limited and its material subsidiaries, and guaranteed by subsidiaries in the group making up at least 85% of group EBITDA and assets. Revolving Credit Facility Limit: The RCF has a limit of GBP200 million for drawings not used to cash collateralise letters of credit and other hedging transactions. Therefore Fitch only use GBP200 million in liquidity calculations as this represents the amount available for repaying debt and interest. The group also has access to a GBP35 million RCF at Opus Energy, which matures in December 2017, and an uncommitted USD25 million credit facility at Drax Biomass Inc. The senior secured bonds and super senior RCF and term loan are party to a new intercreditor agreement and covenant package. The events of default for the senior secured notes include pro forma fixed-charge cover of 2x and for the super senior RCF a springing covenant with EBITDA requirement above GBP170 million if the GBP200 million cash line of RCF is drawn down by more than GBP87.5 million. Annual dividend payments are also restricted to the lower of GBP75 million or 2% of total assets, and cannot be paid if debt/EBITDA is above 2.25x. FULL LIST OF RATING ACTIONS Drax Group Holdings Limited -- Final Long-Term IDR assigned at 'BB+', Stable Outlook -- Final super senior secured rating assigned at 'BBB-' -- Final senior secured rating assigned at 'BB+' Drax Corporate Limited -- Final super senior secured revolving credit facility rating assigned at 'BBB-' Drax Finco Plc -- Final Senior secured notes rating assigned at 'BB+' KIDS COMPANY: Trustees to Fight Any Banning Action -------------------------------------------------- Kirsty Weakley at Civil Society reports that the former trustees of Kids Company have said that they would "vigorously defend" any attempt to disqualify them from acting as company directors in the future, following media reports that the Insolvency Service was considering action. Civil Society relates that Sky News said on April 24 it had learned that lawyers for the government's Insolvency Service had written to former trustees, including Alan Yentob, to warn them it is minded to pursue disqualification proceedings against them. Kids Company chief executive Camila Batmanghelidjh has also reportedly been included in this action, the report says. The Insolvency Service was appointed to wind up the charity after it collapsed in the summer of 2015. It has the power to seek bans on directorships for individuals of up to 15 years. "Our investigation into the circumstances surrounding the collapse of Keeping Kids Company and the conduct of the directors is ongoing. It is not appropriate to comment further at this time," Civil Society quotes a spokesman for the Insolvency Service as saying. According to the report, the trustees on April 25 issued a joint response to say that they would defend themselves and warn of wider implications for the charity sector. Civil Society relates that the trustees said in a statement: "As former trustees of Kids Company, we are jointly responding to unconfirmed reports that the Insolvency Service may or may not recommend that proceedings are taken to disqualify us as company directors. "As non-executive trustees we were responsible for overseeing the charity. At all times we had the interests of the children and young people in our care as our primary concern. We freely gave significant amounts of our personal time and money to that end. We took professional advice on legal and financial matters. In order to satisfy our funders, it was necessary to undergo regular, stringent scrutiny and validation by external independent parties, including auditors. "It is deeply regrettable that the charity was forced to close following the instigation of a Metropolitan Police investigation of allegations that subsequently were found to be unfounded. "There is no suggestion that we acted dishonestly or in bad faith. As far as we are aware, there has never been a case where trustees of a charity have been disqualified by a court in circumstances such as these. "We acted diligently throughout, and if any proceedings are brought will defend ourselves vigorously. What happens to us could have serious implications for the thousands of other trustees who want to do charitable work in this country." The Charity Commission is also investigating Kids Company's collapse and is expected to publish the findings from its statutory inquiry at some point this year, the report says. Two parliamentary select committees have already published their findings into the charity, with both criticising trustees' actions, adds Civil Society. TRANSLINE GROUP: Gets Stay of Execution Amid Rescue Talks --------------------------------------------------------- Sky News reports that Transline Group paid more than GBP1 million last year to directors in the form of dividends, loans and a transfer of shares -- even as it was facing a funding squeeze after suffering a seven-figure annual loss. Transline, which was fiercely criticised over working practices at facilities used by Asos and Mike Ashley's Sports Direct, lost GBP1.2 million in 2016, according to a document seen by Sky News. According to the report, the company last month said it was preparing to appoint insolvency practitioners by filing a formal notice that sources said was due to expire on May 4. It said just hours before that deadline, however, that it would extend that period for a further 10 days. Sky News says the identity of the new backer was unclear, although sources said a number of specialist turnaround investors had been approached in recent weeks. The latest development does not mean that Transline is certain to avoid insolvency, but gives the directors additional breathing space to negotiate a deal, the report says. News of the temporary reprieve comes after the online fashion retailer Asos terminated its relationship with Transline earlier this month, according to Sky News. Transline manages a temporary workforce estimated by people close to the company at approximately 11,000, Sky News discloses. The report says the group has blamed "tighter margins" for its financial difficulties and has told prospective investors that it required new funding of just over GBP6 million. In a document sent to potential backers, Transline said GBP750,000 had been paid to Colin Beasley, who now holds 10% of the company, "in respect of his shareholding", while there were GBP308,000 in dividends paid and increases in directors' loan accounts. A filing at Companies House shows that Mr. Beasley, father of co-founder Paul Beasley, resigned as a director last month. A further GBP624,000 was paid to HM Revenue and Customs in relation to National Minimum Wage fines and Accelerated Payment Notices, according to the document cited by Sky News. VIRGIN MEDIA: Fitch Affirms BB- IDR, Outlook Stable --------------------------------------------------- Fitch Ratings has affirmed Virgin Media Inc.'s (VMED) Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook is Stable. Its Short-Term IDR is affirmed at 'B'. All associated instrument ratings have been affirmed at the existing levels. Virgin Media's (VMED) ratings are supported by its consistent financial performance, well-developed and stable operating profile, and a competitive, advanced but rational UK broadband/fixed line market - particularly within its most important consumer segment. TV content cost pressures are being managed, helped by the company's access to the widest available range of content in the UK and agnostic approach to content access. The technological advantage of cable and the company's broadband-led business strategy further support the ratings. VMED's strong physical metrics and underlying cash flow support leverage which in Fitch's view is likely to remain close to its ratings threshold, with the business expected to continue to make sizeable shareholder payments to support Liberty Global's (LG) share buyback programme. KEY RATING DRIVERS Solid Physicals, Visible Financials: VMED consistently delivers improvements in physical metrics eg net customer additions, services per customer (revenue generating units per customer) and average revenue per user (ARPU). This is in spite of the maturity of the UK market. Triple-play penetration of the customer base is advanced - 62% at end-2016- but Fitch believes scope remains to improve this metric. Convergence trends in the UK offer further support, although quad-play is most important from a churn management perspective. Fitch views VMED as having one of the most visible revenue and underlying cash flows in the European telecoms portfolio, which is supportive of a relatively high financial leverage. Well Positioned in a Competitive Market: The UK, VMED's most important market, is competitive but rational. This is particularly the case in fixed, by far the most important area for the cable operator. Fixed telephony has proven far more defensive than mobile, with the market consistently pushing through price rises. Consumer revenues in the incumbent's fixed operations are growing strongly, while Sky continues to post mid-single-digit growth helped by its telecoms offer, echoing the performance at VMED. VMED is well positioned: Fitch estimates it is the in- franchise broadband market leader while based on Ofcom data its end-2016 national share of broadband lines was 19.5%. Lightning to Ramp over 2017/2018: VMED's plan to connect an additional 4 million UK homes to its two-way network by 2019-20 has so far (ie at end-2016) added 567,000 homes; a number that was restated following initial year end reporting. Other physicals - penetration, ARPUs and build costs are reported to be within management's targets. It is possible the build profile will take longer than initially thought given the complexity of such a project. The broad parameters remain intact and in Fitch's view, incremental revenue and cash-flow targets seem reasonable. Investment will compress near term free cash flow; longer term benefits are clear and investment likely to be flexible. Cable's Technological Advantage: Cable is likely to retain its broadband speed advantage. VMED is currently offering commercial download speeds of up to 300 Mbps, while the incumbent's most widely available commercial offer provides speeds of up to 76 Mbps. The incumbent's technology roadmap is closing the gap. G.fast technology is expected to enable broadband speeds of up to 500 Mbps, its targets including covering 10 million homes by 2020. BT Group is also targeting 2 million homes with fibre to the premise. DOCSIS 3.1 cable technology nonetheless is capable of delivering 1 Gbit speeds, is deliverable and likely to be rolled out across all of LG's European cable assets. Leverage, Shareholder Distributions: FFO net leverage has been managed around 5.0x in recent years (5.1x in 2016), and in Fitch's forecasts likely to remain around these levels over the medium term given the cash-flow pressures of Project Lightning and the sizeable shareholder payments VMED makes to parent company LG. This is likely to provide little headroom to Fitch ratings threshold of 5.2x. The importance of VMED's cash flow to the LG group is evident in the GBP1.5 billion shareholder payment in 2016. The overall contribution VMED makes to the LG consolidation provides a certain amount of leverage discipline given's LG's upper net debt /EBITDA threshold of 5.0x. DERIVATION SUMMARY VMED's ratings are underpinned by its strong operating profile, a developed but rational UK convergent market, technological advantage and broadband-led business strategy. The company's closest peers include fellow Liberty Global owned cable operators, Telenet N.V, UPC and VodafoneZiggo (each rated BB-/Stable) -- with Telenet arguably its closest peer given the developed stage of their respective business strategies and strong competitive position in their markets. Talktalk is also rated 'BB-'/Stable, but its weaker competitive position in the UK telecoms market means that leverage thresholds are much tighter. The deleveraging capacity provided by VMED's underlying free cash flow and strong operating profile would allow for a higher rating if leverage was lower on a sustainable basis. No Country Ceiling, parent/subsidiary or operating environment aspects impacts the rating KEY ASSUMPTIONS Fitch's key assumptions within Fitch ratings case for the issuer include: - revenue growth of around 6%-7% overs over the next few years driven by Project Lightning and some price increases; - modest EBITDA margin expansion from 45% in 2016 to 48% in 2020 due to benefits of economies of scale as Project Lightning is completed; - capital intensity (property & equipment additions including those funded through vendor finance as a percentage of revenue) to remain elevated at around 28-33% over 2017-2019 before reducing as Project Lighting completes; - FFO net leverage to be maintained at the higher end of range of 4.5x-5.0x through cash repatriation / repayment of parent company loans. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action - A firm commitment by Virgin Media that the company is adopting a more conservative financial policy (for example, FFO adjusted net leverage of 4.5x) could lead to positive rating action - Continued sound operational performance, as evidenced by key performance indicator (KPI) trends and progress in both investment and consumer take-up with respect to Project Lightning Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - FFO adjusted net leverage that was expected to remain above 5.2x on a sustained basis - FFO fixed charge cover that was expected to remain below 2.5x on a sustained basis - Material decline in operational metrics, such as customer penetration, revenue generating units per subscriber and ARPU. Evidence that investment in Project Lightning is being scaled to proven demand will be an important driver LIQUIDITY Sufficient Liquidity Profile: Fitch considers liquidity sufficient with unrestricted cash and cash equivalents of GBP22 million forecast positive FCF and full availability under its GBP675 million revolving credit facility as at FYE16. LG manages liquidity across its credit pools on a flexible basis and would be expected to provide support/reduce shareholder payments from VMED if necessary. FULL LIST OF RATING ACTIONS Virgin Media Inc. -- Long-Term IDR: Affirmed at 'BB-'; Outlook Stable -- Short-Term IDR: affirmed at 'B' Virgin Media Secured Finance Plc -- Senior secured debt rating: affirmed at 'BB+','RR1' Virgin Media Investment Holdings Limited -- Senior secured debt rating: affirmed at 'BB+','RR1' Virgin Media SFA Finance Limited -- Senior secured debt rating: affirmed at 'BB+','RR1' Virgin Media Finance PLC -- Senior notes affirmed at 'B','RR6' Virgin Media Bristol LLC -- Senior secured debt rating: affirmed at 'BB+','RR1' Virgin Media Receivables Financing 1 DAC -- Receivables financing notes: affirmed at 'B+'.'RR5' =============== X X X X X X X X =============== * BOND PRICING: For the Week May 8 to May 12, 2017 -------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Agrokor dd 9.88 5/1/2019 EUR 36.48 Agrokor dd 8.88 2/1/2020 USD 36.63 QGOG Constellation SA 6.25 11/9/2019 USD 70.55 Rickmers Holding AG 8.88 6/11/2018 EUR 4.64 Co-Operative Bank PLC/Uni 11.00 12/20/2023 GBP 38.00 Oi Brasil Holdings Cooper 5.75 2/10/2022 USD 34.00 Aegon NV 0.60 EUR 67.12 Offshore Drilling Holding 8.38 9/20/2020 USD 41.63 Intelsat Luxembourg SA 7.75 6/1/2021 USD 58.85 Banque Federative du Cred 0.90 EUR 68.37 Co-Operative Bank PLC/Uni 8.50 7/1/2025 GBP 29.81 ING Groep NV 1.10 EUR 73.99 Agrokor dd Via Aquarius + 4.92 8/8/2017 EUR 30.63 Frigoglass Finance BV 8.25 5/15/2018 EUR 62.00 Ensco PLC 5.75 10/1/2044 USD 73.42 ING Groep NV 0.70 EUR 71.18 Casino Guichard Perrachon 1.69 EUR 67.18 Portugal Telecom Internat 4.63 5/8/2020 EUR 32.02 Banca Popolare di Vicenza 2.82 12/20/2017 EUR 12.33 Alitalia-Societa' Aerea I 5.25 7/30/2020 EUR 45.50 Immigon Portfolioabbau AG 10.00 EUR 17.63 Banca Popolare di Vicenza 9.50 9/29/2025 EUR 15.50 Neopost SA 3.38 EUR 58.13 Intelsat Luxembourg SA 8.13 6/1/2023 USD 58.86 Mitsubishi UFJ Investor S 4.17 12/15/2050 EUR 49.92 CGG SA 5.88 5/15/2020 EUR 46.63 Privatbank CJSC Via UK SP 10.25 1/23/2018 USD 24.04 Santander International P 2.00 USD 67.00 Veneto Banca SpA 9.50 12/1/2025 EUR 15.00 AXA SA 0.54 EUR 70.42 Veneto Banca SpA 0.72 6/21/2017 EUR 30.00 Portugal Telecom Internat 5.88 4/17/2018 EUR 32.88 Portugal Telecom Internat 5.00 11/4/2019 EUR 33.23 HSH Nordbank AG 7.25 USD 27.04 CNP Assurances 1.27 EUR 70.45 BPCE SA 0.72 EUR 74.21 Ageasfinlux SA 1.02 EUR 56.25 Far East Capital Ltd SA 8.00 5/2/2018 USD 68.75 Johnston Press Bond Plc 8.63 6/1/2019 GBP 63.76 Rothschilds Continuation 1.46 EUR 71.46 Pacific Drilling SA 5.38 6/1/2020 USD 51.25 HSH Nordbank AG/Luxembour 2.10 EUR 19.71 Agrokor dd 8.88 2/1/2020 USD 36.68 Banco Espirito Santo SA 2.63 5/8/2017 EUR 29.53 Novo Banco SA 3.50 1/2/2043 EUR 59.09 Air France-KLM 2.03 2/15/2023 EUR 11.34 UkrLandFarming PLC 10.88 3/26/2018 USD 32.40 Banca Carige SpA 8.34 EUR 24.63 OAS Investments GmbH 8.25 10/19/2019 USD 5.10 Oi Brasil Holdings Cooper 5.63 6/22/2021 EUR 33.56 CGG SA 6.50 6/1/2021 USD 48.50 ADLER Real Estate AG 2.50 7/19/2021 EUR 15.20 AXA SA 0.88 EUR 74.71 CGG SA 1.75 1/1/2020 EUR 2.53 Scholz Holding Gmbh 8.50 12/31/2019 EUR 10.38 Portugal Telecom Internat 4.50 6/16/2025 EUR 32.95 Caisse Federale du Credit 0.89 EUR 71.14 WPE International Coopera 10.38 9/30/2020 USD 18.50 Mitsubishi UFJ Investor S 3.92 12/30/2099 EUR 4.25 Brunswick Rail Finance De 6.50 11/1/2017 USD 72.50 Banco Espirito Santo SA 4.00 1/21/2019 EUR 27.50 Bilt Paper BV 9.64 USD 33.50 Portugal Telecom Internat 6.25 7/26/2016 EUR 32.58 Solarworld AG 9.67 2/24/2019 EUR 55.33 BNP Paribas SA 1.49 USD 70.94 BNP Paribas SA 1.15 EUR 66.04 Credit Mutuel Arkea SA 0.79 EUR 70.73 Waste Italia SpA 10.50 11/15/2019 EUR 17.13 CGG SA 1.25 1/1/2019 EUR 24.12 Agrokor dd 9.88 5/1/2019 EUR 37.31 Banca Carige SpA 7.32 12/20/2020 EUR 53.07 Econocom Group SA/NV 1.50 1/15/2019 EUR 13.81 Sapinda Invest SARL 5.00 6/30/2019 EUR 30.00 Aegon NV 1.51 NLG 67.65 Banca Monte dei Paschi di 0.67 11/30/2017 EUR 37.40 Nordea Bank AB 1.50 USD 73.47 Banca Monte dei Paschi di 2.29 5/15/2018 EUR 35.60 Banca Monte dei Paschi di 5.00 4/21/2020 EUR 35.68 Jyske Bank A/S 0.84 EUR 71.81 OGX Austria GmbH 8.50 6/1/2018 USD 0.01 Bibby Offshore Services P 7.50 6/15/2021 GBP 60.13 Eramet 4.00 EUR 43.42 Fuerstenberg Capital Erst 1.45 EUR 65.67 Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.20 Yuksel Insaat AS 9.50 11/10/2015 USD 20.63 IMMOFINANZ AG 4.25 3/8/2018 EUR 4.38 Rothschilds Continuation 1.69 USD 62.60 Banco Espirito Santo SA 4.75 1/15/2018 EUR 27.38 SOITEC 6.75 9/18/2018 EUR 2.93 Novo Banco SA 3.00 6/21/2022 USD 73.97 Privatbank CJSC Via UK SP 11.00 2/9/2021 USD 12.88 CEVA Group PLC 9.00 9/1/2021 USD 71.63 CGG SA 6.88 1/15/2022 USD 46.50 Agrokor dd 9.13 2/1/2020 EUR 36.87 Mriya Agro Holding PLC 9.45 4/19/2018 USD 4.00 Societe Generale SA 1.38 USD 71.75 ATF Capital BV 8.58 USD 69.44 Rudolf Woehrl AG 6.50 2/12/2018 EUR 14.50 Jyske Bank A/S 1.05 EUR 72.35 BIM SAS 2.50 11/13/2020 EUR 26.82 Havila Shipping ASA 5.43 11/7/2020 NOK 66.00 NIBC Bank NV 2.46 USD 73.58 Sanha GmbH & Co KG 7.75 6/4/2018 EUR 60.38 Popular Capital SA 0.93 EUR 58.13 Sydbank A/S 0.85 EUR 71.00 syncreon Group BV / syncr 8.63 11/1/2021 USD 72.25 Far East Capital Ltd SA 8.75 5/2/2020 USD 64.51 Nexity SA 0.13 1/1/2023 EUR 64.78 Alno AG 8.50 5/14/2018 EUR 44.63 Norske Skog Holding AS 8.00 2/24/2021 EUR 52.12 Sydbank A/S 0.77 EUR 74.38 Pierre & Vacances SA 3.50 10/1/2019 EUR 44.93 Virgolino de Oliveira Fin 10.50 1/28/2018 USD 7.51 3W Power SA 8.00 8/29/2019 EUR 39.75 Allied Irish Banks PLC 12.50 6/25/2035 GBP 71.50 Paragon Offshore PLC 6.75 7/15/2022 USD 18.75 KTG Agrar SE 7.13 6/6/2017 EUR 2.15 Novo Banco SA 3.50 1/23/2043 EUR 59.21 Matalan Finance PLC 8.88 6/1/2020 GBP 67.38 Solarworld AG 9.67 2/24/2019 EUR 50.10 Novo Banco SA 3.50 2/19/2043 EUR 59.21 IKB Deutsche Industrieban 5.63 8/1/2017 EUR 37.00 Sequa Petroleum NV 5.00 4/29/2020 USD 69.00 Banca Popolare di Vicenza 4.97 4/20/2027 EUR 43.63 Norske Skogindustrier ASA 2.00 12/30/2115 EUR 22.63 Beate Uhse AG 7.75 7/9/2019 EUR 18.25 Candyking Holding AB 5.00 1/29/2018 SEK 46.88 SeniVita Sozial gemeinnue 7.00 EUR 66.50 NIBC Bank NV 0.91 EUR 68.31 Privatbank CJSC Via UK SP 10.88 2/28/2018 USD 22.01 Lambay Capital Securities 6.25 GBP 1.23 QGOG Constellation SA 6.25 11/9/2019 USD 70.50 OSX 3 Leasing BV 13.00 3/20/2015 USD 33.50 Electromagnetic Geoservic 6.96 6/27/2019 NOK 67.63 German Pellets GmbH 7.25 11/27/2019 EUR 0.63 DNB Bank ASA 1.53 USD 70.69 Orient Express Bank PJSC 12.00 5/29/2019 USD 55.00 European Directories Bond 7.00 12/9/2018 EUR 66.00 Banca Carige SpA 2.77 6/19/2018 EUR 55.50 Novo Banco SA 3.50 3/18/2043 EUR 59.27 Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 67.07 Banca Carige SpA 1.67 12/29/2018 EUR 36.63 Scandinavian Airlines Sys 0.63 CHF 24.55 Pescanova SA 5.13 4/20/2017 EUR 2.75 OGX Austria GmbH 8.38 4/1/2022 USD 0.00 EFG International AG 0.63 EUR 65.38 Lehman Brothers UK Capita 5.13 EUR 0.14 Banca Popolare di Vicenza 4.00 8/27/2019 EUR 72.75 Afren PLC 11.50 2/1/2016 USD 0.15 Elli Investments Ltd 12.25 6/15/2020 GBP 60.00 Alno AG 8.00 3/21/2019 EUR 37.00 Hellenic Republic Governm 5.20 7/17/2034 EUR 71.25 Banca Popolare di Vicenza 4.60 12/15/2017 EUR 31.21 Eniro AB 6.00 4/14/2020 SEK 14.71 Tikehau Capital SCA 1.63 1/1/2022 EUR 61.50 NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 26.25 Oi Brasil Holdings Cooper 5.75 2/10/2022 USD 32.38 Aralco Finance SA 10.13 5/7/2020 USD 2.28 GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 31.38 Paragon Offshore PLC 7.25 8/15/2024 USD 18.75 Manchester Building Socie 6.75 GBP 15.84 CGG SA 6.50 6/1/2021 USD 48.05 Dexia Credit Local SA 1.40 EUR 6.49 Air Berlin Finance BV 1.50 4/11/2027 EUR 2.70 Pescanova SA 8.75 2/17/2019 EUR 2.75 Veneto Banca SpA 6.95 2/25/2025 EUR 15.88 Bank Nadra via NDR Financ 8.25 7/31/2018 USD 0.25 Innogy SE 3.80 4/5/2033 USD 74.24 Fred Olsen Energy ASA 4.05 2/28/2019 NOK 52.38 Lloyds Bank PLC 2.78 12/27/2028 USD 74.25 Wild Bunch AG 8.00 3/23/2019 EUR 50.00 Avatera Medical Investmen 5.00 8/7/2018 EUR 70.00 Touax SA 6.00 7/10/2020 EUR 16.04 Santander Finance Capital 2.00 EUR 56.13 Hybrid Raising GmbH 6.63 EUR 24.01 City of Kiev Ukraine Via 8.00 11/6/2015 USD 65.38 Praktiker AG 5.88 2/10/2016 EUR 0.21 Banco Espirito Santo SA 2.32 EUR 0.43 Iona Energy Co UK Ltd 12.50 9/27/2018 USD 0.68 Banca delle Marche SpA 0.62 6/1/2017 EUR 0.70 Offshore Drilling Holding 8.38 9/20/2020 USD 40.50 Societe Generale SA 0.81 EUR 59.50 Alpine Holding GmbH 6.00 5/22/2017 EUR 0.36 Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.48 Etablissements Maurel et 1.63 7/1/2019 EUR 17.13 Oceanic Champion AS 8.00 2/20/2020 USD 71.55 Stichting Afwikkeling Ond 11.25 EUR 0.52 Laurel GmbH 7.13 11/16/2017 EUR 8.75 Stichting Afwikkeling Ond 6.25 10/26/2020 EUR 4.75 Sazka AS 9.00 7/12/2021 EUR 0.34 Banca Nuova SpA 6.06 5/23/2028 EUR 68.00 Republic of Italy Governm 0.30 7/31/2035 EUR 74.20 Deutsche Bank AG/London 2.28 8/28/2034 USD 58.38 Virgolino de Oliveira Fin 11.75 2/9/2022 USD 7.00 Tonon Luxembourg SA 9.25 1/24/2020 USD 11.25 Norske Skog Holding AS 8.00 2/24/2023 USD 42.25 Phones4u Finance PLC 9.50 4/1/2018 GBP 73.63 GNB - Cia de Seguros de V 3.17 EUR 48.00 Cirio Holding Luxembourg 6.25 2/16/2004 EUR 1.34 Pacific Drilling SA 5.38 6/1/2020 USD 46.75 Tonon Luxembourg SA 10.50 5/14/2024 USD 35.00 Norske Skogindustrier ASA 7.13 10/15/2033 USD 30.13 DNB Bank ASA 1.31 USD 70.81 More & More AG 8.13 6/11/2018 EUR 37.00 Banco Espirito Santo SA 6.88 7/15/2016 EUR 28.13 Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47 Capital Raising GmbH 7.50 EUR 23.29 Sairgroup Finance BV 4.38 6/8/2006 EUR 13.88 Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.92 Credit Lyonnais SACA 0.44 EUR 63.71 Lehman Brothers Treasury 6.00 2/15/2035 EUR 10.00 Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 30.13 Corporate Commercial Bank 8.25 8/8/2014 USD 0.50 LBI HF 6.10 8/25/2011 USD 10.13 Ideal Standard Internatio 11.75 5/1/2018 EUR 5.00 Vseukrainsky Aktsinerny B 10.90 6/14/2019 USD 2.12 Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 1.43 Island Drilling Co ASA 9.50 4/3/2018 USD 1.50 Banca Monte dei Paschi di 2.79 10/31/2018 EUR 37.43 Smart Solutions GmbH 8.00 12/3/2018 EUR 35.88 IGas Energy PLC 10.00 2/4/2020 USD 49.88 OP Corporate Bank plc 0.84 EUR 68.20 GNB - Cia de Seguros de V 1.87 12/19/2022 EUR 60.38 Action SA 3.21 7/4/2017 PLN 54.07 Dexia SA 1.45 EUR 5.13 Oceanteam ASA 12.29 10/24/2017 USD 21.63 Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 42.20 Petrol AD 5.50 1/26/2022 EUR 29.00 EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.59 Vneshprombank Ltd via VPB 9.00 11/14/2016 USD 0.03 Banca Popolare di Vicenza 5.00 5/30/2021 EUR 66.25 Banca Popolare di Vicenza 8.50 12/28/2018 EUR 28.00 GPB Aerofinans OOO 9.67 3/15/2030 RUB 60.38 Barclays Bank PLC 0.66 3/21/2033 USD 57.50 getgoods.de AG 7.75 10/2/2017 EUR 0.03 Teksid Aluminum Luxembour 11.38 7/15/2011 EUR 0.19 Mobylife Holding A/S 7.25 5/23/2020 SEK 53.00 JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.10 Santander Finance Capital 2.00 USD 56.20 DNB Bank ASA 1.50 USD 70.69 Barclays Bank PLC 2.85 1/27/2031 USD 63.88 Banco Pinto & Sotto Mayor 0.68 EUR 25.31 Orco Property Group SA 7.00 11/7/2019 EUR 67.75 Etablissements Maurel et 2.75 7/1/2021 EUR 10.66 Havila Shipping ASA 5.01 11/7/2020 NOK 42.25 Kaupthing ehf 7.63 2/28/2015 USD 17.63 Novo Banco SA 3.00 12/16/2021 EUR 68.63 Steilmann SE 7.00 9/23/2018 EUR 2.89 PNE Wind AG 3.75 10/10/2019 EUR 3.30 Banca Popolare di Vicenza 9.50 10/2/2025 EUR 15.75 BOA Offshore AS 7.69 12/18/2018 NOK 25.00 KTG Energie AG 7.25 9/28/2018 EUR 2.28 Mobile TeleSystems PJSC 8.85 3/25/2021 RUB 100.40 Barclays Bank PLC 0.53 5/31/2033 USD 57.50 SeaBird Exploration Finan 6.00 3/3/2018 USD 15.25 Deutsche Bank AG/London 3.42 11/26/2034 USD 67.25 Del Monte Finance Luxembo 6.63 5/24/2006 EUR 4.61 Lehman Brothers UK Capita 6.90 USD 0.77 Lehman Brothers Treasury 6.00 11/2/2035 EUR 10.00 Koninklijke Luchtvaart Ma 0.75 CHF 36.50 Deutsche Bank AG/London 2.46 6/30/2034 USD 51.13 Windreich GmbH 6.50 7/15/2016 EUR 10.00 German Pellets GmbH 7.25 7/9/2018 EUR 1.42 Manchester Building Socie 8.00 GBP 25.00 Barclays Bank PLC 3.21 7/31/2034 USD 70.50 OGX Austria GmbH 8.38 4/1/2022 USD 0.01 Autonomous Community of C 2.97 9/8/2039 JPY 64.22 Tatfondbank OAO via TFB F 8.50 11/12/2019 USD 1.16 Barclays Bank PLC 1.94 9/30/2031 USD 66.70 Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 42.96 Hellas Telecommunications 8.50 10/15/2013 EUR 0.50 Sidetur Finance BV 10.00 4/20/2016 USD 5.25 Lloyds Bank PLC 3.02 11/27/2033 USD 69.05 TradeDoubler AB 6.75 12/20/2018 SEK 49.25 Minicentrales Dos SA 6.45 4/14/2028 EUR 67.13 Breeze Finance SA 6.71 4/19/2027 EUR 29.05 Frey 6.00 11/15/2022 EUR 22.50 Lloyds Bank PLC 0.65 1/31/2033 USD 58.70 Farstad Shipping ASA 4.45 5/29/2018 NOK 26.63 Banco Pastor SAU 2.07 EUR 57.17 Portigon AG 7.46 12/31/2019 EUR 26.50 Lehman Brothers Treasury 5.00 2/16/2015 EUR 10.00 Deutsche Bank AG/London 0.36 3/15/2033 USD 55.00 Deutsche Bank AG/London 4.06 10/31/2034 USD 70.25 Nationwide Building Socie 0.85 GBP 70.00 Deutsche Bank AG 0.35 6/28/2033 USD 57.00 IT Holding Finance SA 9.88 11/15/2012 EUR 1.37 Lehman Brothers Treasury 7.25 10/5/2035 EUR 9.63 Paragon Offshore PLC 7.25 8/15/2024 USD 19.63 UkrLandFarming PLC 10.88 3/26/2018 USD 30.50 RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 12.00 Waste Italia SpA 10.50 11/15/2019 EUR 17.13 World Wide Supply AS 7.75 5/26/2017 USD 13.88 Royal Bank of Scotland PL 1.94 12/30/2030 USD 60.88 Hellenic Republic Governm 2.09 7/25/2057 EUR 37.25 Belfius Bank SA/NV 1.66 FRF 70.13 Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 0.35 Far Eastern Shipping Co P 13.00 11/28/2017 RUB 59.11 Golden Energy Offshore Se 5.00 12/31/2017 NOK 40.75 Cirio Finance Luxembourg 7.50 11/3/2002 EUR 4.46 Steilmann SE 6.75 6/27/2017 EUR 5.00 International Industrial 11.00 2/19/2013 USD 0.28 OGX Austria GmbH 8.50 6/1/2018 USD 0.01 Assystem 4.50 EUR 31.28 KPNQwest NV 10.00 3/15/2012 EUR 0.76 Barclays Bank PLC 2.12 3/28/2034 USD 62.10 Depfa Funding IV LP 1.54 EUR 56.34 A-TEC Industries AG 2.75 5/10/2014 EUR 2.00 Royal Bank of 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Santo SA 1.22 5/27/2018 EUR 0.20 UniCredit Bank Austria AG 0.02 1/25/2031 EUR 69.01 Marfin Investment Group H 7.00 7/29/2019 EUR 1.00 Bank Nederlandse Gemeente 0.50 7/12/2022 ZAR 62.81 Dexia Kommunalbank Deutsc 5.63 12/31/2017 EUR 13.13 AgroGeneration 8.00 4/1/2019 EUR 72.80 Russian Railways JSC 8.65 2/4/2032 RUB 60.06 Barclays Bank PLC 2.34 4/25/2034 USD 58.44 Barclays Bank PLC 3.28 5/30/2034 USD 72.88 Banca Popolare di Vicenza 5.00 3/31/2021 EUR 67.38 wige MEDIA AG 6.00 3/17/2019 EUR 2.60 DOF ASA 8.00 9/12/2019 NOK 40.00 Autonomous Community of C 1.06 9/8/2024 EUR 73.41 Afren PLC 10.25 4/8/2019 USD 0.00 Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 26.30 Bilt Paper BV 9.64 USD 33.50 DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.40 Vnesheconombank 2.00 6/18/2021 RUB 74.60 Vnesheconombank 9.65 7/10/2018 RUB 62.02 Elli Investments Ltd 12.25 6/15/2020 GBP 60.00 Muehl Product & Service A 6.75 3/10/2005 DEM 2.37 Depfa Funding II LP 6.50 EUR 57.75 BAWAG PSK Versicherungs A 1.06 EUR 47.34 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12/22/2017 EUR 68.42 UBS AG/London 7.75 12/22/2017 EUR 52.07 UBS AG/London 14.50 12/22/2017 EUR 73.22 UniCredit Bank AG 4.25 9/12/2017 EUR 65.07 Notenstein La Roche Priva 5.00 8/29/2018 CHF 73.28 Leonteq Securities AG/Gue 4.40 8/28/2017 CHF 66.08 Notenstein La Roche Priva 5.04 8/28/2017 CHF 73.02 Leonteq Securities AG/Gue 4.68 8/29/2017 CHF 74.73 Leonteq Securities AG/Gue 5.99 9/11/2017 EUR 64.72 DekaBank Deutsche Girozen 3.15 5/18/2018 EUR 64.42 Commerzbank AG 19.00 5/24/2017 EUR 69.72 Commerzbank AG 15.50 8/23/2017 EUR 72.86 Lehman Brothers Treasury 0.01 9/20/2011 USD 0.65 Lehman Brothers Treasury 12.00 7/13/2037 JPY 0.65 Lehman Brothers Treasury 10.00 6/11/2038 JPY 0.65 HSBC Trinkaus & Burkhardt 15.20 6/23/2017 EUR 66.99 HSBC Trinkaus & Burkhardt 17.10 6/23/2017 EUR 53.20 HSBC Trinkaus & Burkhardt 12.70 9/22/2017 EUR 59.55 HSBC Trinkaus & Burkhardt 10.30 9/22/2017 EUR 63.42 HSBC Trinkaus & Burkhardt 7.50 9/22/2017 EUR 69.66 UBS AG/London 5.54 12/26/2017 USD 44.26 UBS AG/London 10.00 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6/29/2017 CHF 73.96 Goldman Sachs & Co Wertpa 11.00 12/20/2017 EUR 64.92 Goldman Sachs & Co Wertpa 11.00 12/20/2017 EUR 66.92 Leonteq Securities AG 8.80 6/21/2017 CHF 69.01 Lehman Brothers Treasury 1.60 6/21/2010 JPY 0.65 Lehman Brothers Treasury 2.40 6/20/2011 JPY 0.65 Goldman Sachs & Co Wertpa 12.00 12/20/2017 EUR 74.63 Goldman Sachs & Co Wertpa 12.00 12/20/2017 EUR 74.73 Goldman Sachs & Co Wertpa 10.00 12/20/2017 EUR 68.38 Leonteq Securities AG/Gue 16.20 11/30/2017 USD 53.36 Lehman Brothers Treasury 4.20 12/3/2008 HKD 9.63 BNP Paribas Emissions- un 27.00 12/21/2017 EUR 57.43 BNP Paribas Emissions- un 26.00 12/21/2017 EUR 66.59 BNP Paribas Emissions- un 24.00 6/22/2017 EUR 70.87 BNP Paribas Emissions- un 26.00 12/21/2017 EUR 67.49 BNP Paribas Emissions- un 29.00 6/22/2017 EUR 64.68 BNP Paribas Emissions- un 23.00 12/21/2017 EUR 71.89 BNP Paribas Emissions- un 28.00 12/21/2017 EUR 60.95 BNP Paribas Emissions- un 28.00 12/21/2017 EUR 69.45 BNP Paribas Emissions- un 19.00 6/22/2017 EUR 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55.24 BNP Paribas Emissions- un 27.00 6/22/2017 EUR 52.59 BNP Paribas Emissions- un 19.00 12/21/2017 EUR 63.78 BNP Paribas Emissions- un 22.00 12/21/2017 EUR 60.13 BNP Paribas Emissions- un 27.00 12/21/2017 EUR 55.26 Raiffeisen Centrobank AG 7.20 9/20/2017 EUR 74.20 Lehman Brothers Treasury 6.00 6/21/2011 EUR 0.65 Lehman Brothers Treasury 2.00 6/21/2011 EUR 0.65 Lehman Brothers Treasury 8.28 7/31/2013 GBP 0.65 Lehman Brothers Treasury 7.32 7/31/2013 GBP 0.65 Barclays Bank PLC 1.99 12/1/2040 USD 72.72 Lehman Brothers Treasury 8.28 3/26/2009 USD 0.65 Lehman Brothers Treasury 6.85 12/22/2008 EUR 0.65 Lehman Brothers Treasury 7.60 3/26/2009 EUR 0.65 Lehman Brothers Treasury 7.55 12/29/2008 USD 0.65 UBS AG/London 11.70 4/18/2017 EUR 39.22 EFG International Finance 6.89 12/28/2017 CHF 71.01 Goldman Sachs & Co Wertpa 15.00 6/21/2017 EUR SG Issuer SA 0.80 11/30/2020 SEK 66.27 Notenstein La Roche Priva 6.50 7/11/2017 CHF 68.41 Notenstein La Roche Priva 6.00 7/11/2017 CHF 68.24 EFG International Finance 7.35 12/28/2017 CHF 71.98 Notenstein La Roche Priva 9.68 6/15/2017 CHF 68.75 HSBC Trinkaus & Burkhardt 8.20 6/23/2017 EUR 68.15 DekaBank Deutsche Girozen 2.75 6/24/2019 EUR 68.16 HSBC Trinkaus & Burkhardt 4.00 6/16/2017 EUR 62.10 Vontobel Financial Produc 4.00 11/9/2017 EUR 64.35 Credit Suisse AG/Nassau 5.50 8/3/2017 EUR 70.31 DekaBank Deutsche Girozen 2.60 6/23/2017 EUR 62.38 Leonteq Securities AG 5.20 8/14/2018 CHF 70.85 Goldman Sachs & Co Wertpa 9.00 6/21/2017 EUR 69.72 Goldman Sachs & Co Wertpa 13.00 6/21/2017 EUR 60.69 Notenstein La Roche Priva 7.00 8/14/2017 CHF 64.65 UBS AG/London 8.25 8/7/2017 EUR 68.85 Notenstein La Roche Priva 8.02 8/11/2017 EUR 72.30 Zurcher Kantonalbank Fina 14.75 5/11/2017 CHF 74.34 Commerzbank AG 10.25 4/27/2017 EUR 69.39 Commerzbank AG 13.50 4/27/2017 EUR 61.78 Commerzbank AG 17.25 4/27/2017 EUR 55.74 Commerzbank AG 7.25 10/26/2017 EUR 72.52 Commerzbank AG 10.50 10/26/2017 EUR 67.21 Commerzbank AG 14.25 10/26/2017 EUR 63.11 Societe Generale SA 0.50 4/3/2023 RUB 61.73 National Capital JSC 9.50 7/25/2018 RUB 100.00 RGS Nedvizhimost OOO 12.25 10/19/2017 RUB 60.00 National Capital JSC 9.25 4/22/2019 RUB 100.00 IDGC of the North Caucasu 13.00 4/22/2021 RUB 60.00 Societe Generale SA 0.50 6/12/2023 RUB 60.53 Upravlenie Otkhodami ZAO 4.00 4/29/2027 RUB 69.88 KPNQwest NV 7.13 6/1/2009 EUR 1.00 IS-Broker OOO 13.00 6/21/2017 RUB 100.00 Soyuz AKB OAO 13.00 11/22/2019 RUB 99.00 EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.59 National Capital JSC 9.25 4/22/2019 RUB 99.98 Societe Generale SA 0.50 4/30/2023 RUB 61.15 National Capital JSC 10.50 9/15/2020 RUB 100.00 TransFin-M PAO 13.00 12/31/2024 RUB 100.00 Bashneft PJSC 12.00 5/19/2025 RUB 60.00 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268. * * * End of Transmission * * *