TCREUR_Public/171010.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

           Tuesday, October 10, 2017, Vol. 18, No. 201


                            Headlines


C Y P R U S

OCEAN RIG: Meets Nasdaq Listing Compliance Requirements


F R A N C E

ANTALIS INTERNATIONAL: Moody's Withdraws B3 Corp. Family Rating


G E R M A N Y

DVB BANK: Moody's Raises Sub. Debt Program Rating from (P)Ba1


G R E E C E

FREESEAS INC: Appoints New Chief Financial Officer and Director
SEANERGY MARITIME: Vessel Refinancing Results in $11.4-M Gain


I R E L A N D

G HOTEL: Court of Appeals Confirms Appointment of Examiner


I T A L Y

BANCA POPOLARE: Fitch Rates EUR100MM Subordinated Tier 2 Notes BB
BANCO BPM: Moody's Affirms B2 Subordinated Debt Ratings
PORTA VITTORIA: November 28 Deadline Set for Irrevocable Offers


K A Z A K H S T A N

EXIMBANK KAZAKHSTAN: Fitch Affirms Then Withdraws CCC IDR


L U X E M B O U R G

4FINANCE HOLDING: Moody's Raises CFR to B2, Outlook Stable


N E T H E R L A N D S

CADOGAN SQUARE II: Moody's Hikes Rating on Cl. E Notes from Ba3
JUBILEE CLO 2014-XII: Fitch Rates Class F-R Notes 'B-sf'
MALIN CLO: Moody's Raises Rating on Class E Notes to Ba1(sf)


P O L A N D

VISTAL PREF: Files Motion for Rehabilitation Proceedings


R U S S I A

RUSSIAN UNIVERSAL: Fitch Raises IDR to B+, Outlook Stable


S P A I N

CATALONIA: Fitch Places 'BB/B' IDRs on Rating Watch Negative


T U R K E Y

DENIZBANK AS: Fitch Affirms BB+ IDR, Changes Outlook to Positive


U N I T E D   K I N G D O M

KIN GROUP: Unveils Details of Financial Restructuring
MONARCH AIRLINES: Boeing Helped Finance GBP165-Million Bailout
PETRA DIAMONDS: May Breach Key Debt Covenants with Lenders
X-WIND: Enters Administration After Unsuccessful CVA Efforts


                            *********



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C Y P R U S
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OCEAN RIG: Meets Nasdaq Listing Compliance Requirements
-------------------------------------------------------
Ocean Rig UDW Inc. (NASDAQ: ORIG), an international contractor of
offshore deepwater drilling services, on Sept. 27, 2017,
disclosed that it has received formal notice from The Nasdaq
Stock Market ("Nasdaq") that it has demonstrated compliance with
all applicable requirements for the continued listing of the
Company's common stock on Nasdaq.  As previously announced on
June 12, 2017, the Nasdaq Hearings Panel had granted the Company
a conditional exception from the decision by the Nasdaq Staff to
delist the Company's common stock and had asked the Company to
demonstrate compliance with certain listing requirements upon
emergence from its financial restructuring.  The Company
announced the completion of its financial restructuring on
September 22, 2017.  Nasdaq confirmed that, as a result of its
favorable determination, the Company's common stock will continue
to be listed on The Nasdaq Global Select Market and that the
compliance matter is now closed.

                        About Ocean Rig

Nicosia, Cyprus-based Ocean Rig UDW Inc. (NASDAQ: ORIG) --
http://www.ocean-rig.com/-- is an international offshore
drilling contractor providing oilfield services for offshore oil
and gas exploration, development and production drilling, and
specializing in the ultra-deepwater and harsh-environment segment
of the offshore drilling industry.

On March 24, 2017, Ocean Rig UDW Inc., et al., filed winding up
petitions with the Cayman Court and issued summonses for the
appointment of joint provisional liquidators for the purpose of
the Restructuring.  By orders of the Cayman Court dated March 27,
2017, Simon Appell and Eleanor Fisher were appointed as the JPLs
and duly authorized foreign representatives, and the Cayman
Provisional Liquidation Proceedings were commenced.

Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their
capacities, as the joint provisional liquidators and authorized
foreign representatives, filed for Chapter 15 protection for
Ocean Rig and its affiliates (Bankr. S.D.N.Y. Lead Case No. 17-
10736) on March 27, 2017, to seek recognition of the Cayman
proceedings.

The JPLs' U.S. counsel are Evan C. Hollander, Esq., and Raniero
D'Aversa Jr., Esq., at Orrick, Herrington & Sutcliffe LLP, in New
York.

                          *     *     *

On Sept. 15, 2017, the Grand Court of the Cayman Islands
sanctioned the schemes of arrangements of the Company and its
subsidiaries, Drill Rigs Holdings Inc. ("DRH"), Drillships
Financing Holding Inc. ("DFH"), and Drillships Ocean Ventures
Inc., ("DOV," and together with UDW, DRH and DFH, the "Scheme
Companies").  The terms of the restructuring have therefore been
approved by the Cayman Court.


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F R A N C E
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ANTALIS INTERNATIONAL: Moody's Withdraws B3 Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Antalis
International S.A. At the time of withdrawal the ratings were:
corporate family rating of B3 and probability of default rating
of B3-PD. The ratings have had a stable outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Headquartered in Greater Paris, France, Antalis is one of the
leading distributors of paper, packaging solutions and visual
communications products. In 2016, the company generated revenues
of EUR2.5 billion and reported EBITDA of EUR88.2 million, as
defined by Antalis. Through its almost 120 distribution centers,
the company executes around 14,000 deliveries per day in 43
countries and serves 130,000 customers.


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G E R M A N Y
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DVB BANK: Moody's Raises Sub. Debt Program Rating from (P)Ba1
-------------------------------------------------------------
Moody's Investors Service has upgraded DVB Bank S.E.'s (DVB)
long-term senior unsecured debt rating to Aa3 from Baa1, the
long-term deposit ratings to Aa1 from A2, and the subordinated
debt program rating to (P)A3 from (P)Ba1. Concurrently, Moody's
affirmed the P-1 short-term deposit and (P)P-1 other short-term
ratings. Moody's also upgraded DVB's long-term Counterparty Risk
Assessment to Aa1(cr) from A2(cr) and affirmed the P-1(cr) short-
term Counterparty Risk Assessment.

While DVB's b3 Baseline Credit Assessment (BCA) was unaffected in
rating action, Moody's upgraded DVB's adjusted BCA to a2 from
baa3, which now includes 10 notches, instead of six previously,
of rating uplift for affiliate support that is chiefly available
from DVB's parent bank, DZ BANK AG Deutsche Zentral-
Genossenschaftsbank (DZ BANK, deposits Aa1 stable, senior
unsecured debt Aa3 positive, BCA baa2).

The upgrades of DVB's adjusted BCA and therefore of the long-term
ratings were prompted by DZ BANK's disclosure on September 26,
2017 that it plans to establish a formal control and profit-and-
loss transfer agreement ("P&L transfer agreement") with DVB,
which ensures DZ BANK's absorption of any losses of DVB in 2017
and over the next five years. This P&L transfer agreement remains
subject to the formal approval of DZ BANK's stakeholders in an
extraordinary shareholders meeting on November 2, 2017.

The positive outlook on DVB's Aa3 long-term debt rating and the
stable outlook on the Aa1 long-term deposit ratings were
maintained, as these outlooks continue to mirror the rating
outlooks on the debt and deposit ratings of DZ BANK.

RATINGS RATIONALE

THE UPGRADE OF DVB's ADJUSTED BCA REFLECTS DZ BANK'S ADVANCED
PREPARATIONS OF A CONTRACTUAL SUPPORT COMMITMENT

The four-notch upgrade of the adjusted BCA to a2 reflects Moody's
expectation that DZ BANK will proceed with its plan to establish
a P&L transfer agreement with DVB which is to take retroactive
effect as per January 1, 2017. This P&L transfer agreement will
effectively ensure absorption of a large expected loss in 2017,
after DVB reported a EUR506 million pre-tax loss for the six
months to June 2017, and all subsequent losses that DVB may
record until December 31, 2022. Following the total six-year
duration of the P&L transfer agreement, it will be automatically
extended for another year unless cancelled with six months'
notice. Moody's said that it expects that the P&L transfer
agreement will be approved by an extraordinary shareholders
meeting of DZ BANK on November 2, 2017, and that it considers the
risk of formal obstacles to execution of this agreement to be
remote, including the risk of potential objections by DZ BANK's
shareholders.

The four-notch upgrade of DVB's adjusted BCA to a2 takes into
account that, under the P&L transfer agreement, DVB will be
effectively and predictably shielded from capital erosion in the
medium-term. Moody's considers that by December 2022, DVB will
most likely have recovered from the fallout of the extended
shipping crisis that has been causing the specialised lender in
international transport finance very large losses which the bank
has not been able to fully absorb from its own financial
resources since Q4 2016.

In Moody's view, the forthcoming contractual commitment of DZ
BANK under the P&L transfer agreement justifies DVB's adjusted
BCA to be fully aligned with the a2 adjusted BCA of its parent
bank. The adjusted BCA upgrade further reflects that DZ BANK
obtained full ownership of DVB in August 2017, following the
squeeze-out of the 4.53% shares previously listed. This
transaction has broadened DZ BANK's options for supporting its
subsidiary.

Moody's raised the rating uplift for affiliate support to 10
notches from six notches previously. In addition to the strong
parental support, this uplift recognises that, ultimately, DVB
also enjoys very high support from the German cooperative banking
sector's central association Bundesverband der Deutschen
Volksbanken und Raiffeisenbanken (BVR).

UPGRADE OF DVB'S LONG-TERM RATINGS MIRRORS THE UPGRADE OF DVB'S
ADJUSTED BCA

The upgrade of DVB's long-term senior unsecured debt and deposit
ratings reflects the four-notch upgrade of DVB's adjusted BCA to
a2.

DVB's long-term ratings further incorporate the benefits from:
(1) the result of Moody's Loss Given Failure (LGF) analysis
applied at the DZ Group level, which takes into account the
severity of loss faced by the different liability classes in
resolution, providing three notches of uplift from the bank's
adjusted BCA for the deposit ratings and one notch of uplift for
the senior unsecured debt rating; and (2) a moderate probability
of DVB receiving government support as a member of the
systemically-relevant cooperative banking sector, resulting in
one notch of rating uplift.

WHAT COULD CHANGE RATING -- UP

Upward pressure on DVB's long-term ratings could be exerted by an
upgrade of DZ BANK's ratings. This could be prompted by 1) an
upgrade of DZ BANK's adjusted BCA; or 2) higher volumes of senior
unsecured debt and/or instruments subordinated to senior
unsecured debt relative to total banking assets within DZ Group,
which could lead to additional rating uplift from Moody's LGF
analysis for senior debt instruments. The potential for a higher
LGF result does not apply to DVB's deposit ratings because, with
three notches of rating uplift from the adjusted BCA, the deposit
ratings already benefit from the highest possible LGF result.

WHAT COULD CHANGE RATING -- DOWN

Negative pressure on the bank's debt and deposit ratings could
arise: (1) from a downgrade of DZ BANK's a2 adjusted BCA, which
could be prompted either by a BCA downgrade, or in the unlikely
event that the cooperative sector's financial strength comes
under pressure, or that the commitment of the sector to support
its members shows signs of deterioration; (2) in the unlikely
event that DZ BANK's plan to establish a P&L transfer agreement
will not be implemented, or from any efforts of DZ BANK to divest
its stake in DVB or otherwise de-link the subsidiary from its
operations; and/or (3) in the unlikely event that DZ BANK
displays a liability structure with a materially lower volume of
senior debt relative to its total banking assets.

LIST OF AFFECTED RATINGS

Issuer: DVB Bank S.E.

Upgrades:

-- Long-term Counterparty Risk Assessment, upgrade to Aa1(cr)
    from A2(cr)

-- Long-term Bank Deposits, upgraded to Aa1 Stable from A2
Stable

-- Senior Unsecured Regular Bond/Debenture, upgraded to Aa3
    Positive from Baa1 Positive

-- Senior Unsecured Medium-Term Note Program, upgraded to (P)Aa3
    from (P)Baa1

-- Subordinate Medium-Term Note Program, upgraded to (P)A3 from
    (P)Ba1

-- Adjusted Baseline Credit Assessment, upgraded to a2 from baa3

Affirmations:

-- Short-term Counterparty Risk Assessment, affirmed P-1(cr)

-- Short-term Bank Deposits, affirmed P-1

-- Other Short Term, affirmed (P)P-1

Outlook Action:

-- Outlook remains Stable(m)

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in September 2017.


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G R E E C E
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FREESEAS INC: Appoints New Chief Financial Officer and Director
---------------------------------------------------------------
Mr. Dimitris Filippas has been appointed as chief financial
officer of FreeSeas Inc. in replacement of Mr. Dimitris
Papadopoulos, who resigned as chief financial officer and
director of the Company.  Mr. Dimitris Filippas has been serving
as deputy chief financial officer since November 2013.  Ms.
Argyro Fonia has been appointed as Class B director filing the
vacancy created by Mr. Papadopoulos' resignation.

Mr. Ion G. Varouxakis, chairman, president and CEO, commented: "I
would like to thank Mr. Dimitris Papadopoulos for his valuable
contribution to the Company during challenging times and wish him
success in his new endeavors.  The Company is continuing its
efforts with last the last Lender of the Company, the National
Bank of Greece, in order to settle its last outstanding loan,
secured on M/V "Free Neptune".  A successful conclusion of the
matter will enable the Company to fully leverage on opportunities
presented in the presently improving dry-bulk market."

                     About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A. -- http://www.freeseas.gr/-- was
incorporated in the Marshall Islands on April 23, 2004, for the
purpose of being the ultimate holding company of ship-owning
companies.  The management of FreeSeas' vessels is performed by
Free Bulkers S.A., a Marshall Islands company that is controlled
by Ion G. Varouxakis, the Company's Chairman, President and CEO,
and one of the Company's principal shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of Oct.
12, 2012, the aggregate dwt of the Company's operational fleet is
approximately 197,200 dwt and the average age of its fleet is 15
years.

Freeseas reported a net loss of US$20.51 million on US$506,000 of
operating revenues for the year ended Dec. 31, 2016, compared to
a net loss of US$52.94 million on US$2.30 million of operating
revenues for the year ended Dec. 31, 2015.  As of Dec. 31, 2016,
Freeseas had US$2.93 million in total assets, US$36.52 million in
total liabilities and a total shareholders' deficit of US$33.59
million.

Fruci & Associates II, PLLC, in Spokane, Washington, issued a
"going concern" opinion on the consolidated financial statements
for the year ended Dec. 31, 2016, noting that the Company has
been unable to obtain ongoing sources of revenue sufficient to
cover cost of operations and scheduled debt repayments.
Additionally, the Company has not made scheduled payments and is
in violation of debt covenants associated with its bank loan, and
per the loan agreement, this violation may result in acceleration
of outstanding indebtedness, which would require the Company to
obtain significant additional financing in order to meet
obligations under the loan agreement.  These factors raise
substantial doubt about its ability to continue as a going
concern.


SEANERGY MARITIME: Vessel Refinancing Results in $11.4-M Gain
-------------------------------------------------------------
Seanergy Maritime Holdings Corp. disclosed the closing of its
early termination of a credit facility of one of its Capesize
vessels and successful refinancing with a new senior secured
credit facility.

The outstanding balance of the prior senior secured credit
facility was $35.4 million, which was settled under an early
termination agreement with the lender for $24.0 million.  The
settlement resulted into a $11.4 million gain and equity
accretion for the Company that will be recorded on its financial
results for the third quarter and nine months ended Sept. 30,
2017.

Stamatis Tsantanis, the Company's chairman & chief executive
officer, stated: "The closing of the previously announced
refinancing is a further positive step forward for Seanergy.
This series of transactions has resulted in an $11.4 million
equity accretion for our shareholders which represents the
unlocking of value equal to approximately 25% of our current
market value.  We will continue to look for opportunities in the
market to execute on."

The settlement amount of $24.0 million was funded by a new senior
secured credit facility from a European bank and from financing
arrangements with a company affiliated with the Company's
sponsor.

The Company's pro-forma equity and total capitalization, taking
into effect the settlement of the $35.4 million secured loan
facility, are estimated to be $46.1 million and $267.1 million,
respectively.

                   Convertible Promissory Notes

On Sept. 27, 2017, the Company also issued a $13.75 million
convertible promissory note to Jelco Delta Holding Corp.  The
Jelco Note is repayable by two consecutive annual installments of
$1.375 million with the first installment occurring 24 months
after the drawdown date, and a balloon payment of $11.0 million
four years after the drawdown date.  The Jelco Note bears
quarterly interest at three-month LIBOR plus a margin of 5%. At
Jelco's option, the whole or any part of the principal amount
under the Jelco Note may be paid at any time in common shares at
a conversion price of $0.90 per share.  The conversion price was
determined and approved by a special committee of independent
directors of the Company's Board of Directors, as well as by the
Board of Directors itself. The special committee of independent
directors of the Company's  Board of Directors and our Board of
Directors obtained a valuation report from an independent third
party financial advisor for the conversion price.  Jelco also
received customary registration rights with respect to all shares
it beneficially owns, including any shares received upon
conversion of the Jelco Note.  The Jelco Note is secured by the
following cross collaterals: second preferred mortgages over the
Championship and Partnership, second priority general assignments
covering earnings, insurances and requisition compensation over
each vessel, guarantees from our vessel-owning subsidiaries, and
a guarantee from its wholly-owned subsidiary, Emperor Holding
Ltd. Of the $13.75 million drawn down under the Jelco Note, $4.75
million was used to make a mandatory prepayment under the Jelco
Loan Facility.

On Sept. 27, 2017, the Company also entered into a ninth
amendment to the $21.165 million revolving convertible promissory
note dated Sept. 7, 2015, and on Sept. 18, 2017, the Company
entered into a second amendment to the $4.0 million convertible
promissory note dated March 12, 2015, each note previously issued
to Jelco. The Ninth Amendment changed the reduction date of the
applicable limit so that the applicable limit of the note is now
reduced by $3.3 million in the third quarter of 2019 (four years
from the drawdown date) and the remaining balance of the note of
$17.865 million is payable at maturity in the third quarter of
2020 (five years from the drawdown date).  The Second Amendment
amended the repayment schedule so that the note is repayable in
four installments so that the first be repaid six months after
the delivery date of the Vessel to the ship owning company and
the other three installments semi-annually commencing four years
after delivery date of the Vessel (in the first quarter of 2019),
and a balloon payment of $3.2 million payable at maturity in the
first quarter of 2020.  As amended by the Second Amendment and
the Ninth Amendment, these two notes are also secured by a
corporate guarantee offered by the Company's wholly-owned
subsidiary, Emperor Holding Ltd.

                   About Seanergy Maritime

Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com/-- is an international shipping
company that provides marine dry bulk transportation services
through the ownership and operation of dry bulk vessels.  Founded
in 2008, the Company currently owns a modern fleet of eleven dry
bulk carriers, consisting of nine Capesizes and two Supramaxes,
with a combined cargo-carrying capacity of approximately
1,682,582 dwt and an average fleet age of about 8.4 years.

The Company is incorporated in the Marshall Islands with
executive offices in Athens, Greece and an office in Hong Kong.
The Company's common shares and class A warrants trade on the
Nasdaq Capital Market under the symbols "SHIP" and "SHIPW",
respectively.

Seanergy incurred a net loss of US$24.62 million in 2016
following a net loss of US$8.95 million in 2015.  For the three
months ended March 31, 2017, Seanergy reported a net loss of
US$6.28 million.  As of June 30, 2017, Seaneargy had US$280.24
million in total assets, US$255.92 million in total liabilities
and US$24.31 million in total stockholders' equity.


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G HOTEL: Court of Appeals Confirms Appointment of Examiner
----------------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the Court of
Appeal has confirmed the appointment of an examiner to seven
companies controlled by Galway businessman Gerry Barrett.

Last month, the High Court dismissed an application to grant
court protection from creditors to four firms connected to
businesses including the five-star G Hotel and the Eye Cinema,
both in Galway, The Irish Times recounts.

The High Court did confirm the appointment of Neil Hughes as
examiner to three other related companies involved in the
operation and ownership of the 4-star Meyrick Hotel, located in
Eyre Square in the city, The Irish Times notes.

Mr. Hughes, of Baker Tily Hughes Blake, had been appointed
interim examiner to all seven companies, which are part of
Mr. Barrett's Edward Capital Group, in August, The Irish Times
relates.

His appointment was sought after Deutsche Bank appointed a
receiver over the firms, which employ more than 330 full-time and
part-time staff, The Irish Times states.

Deutsche Bank, which is owed more than EUR690 million by the
group, had opposed the examinership claiming it was an abuse of
process and an attempt by the companies to renege on a 2016 debt
settlement agreement which would have resulted in the sale of the
group's assets to reduce its debt to the bank, The Irish Times
discloses.  That was denied by the companies, who argued that
Deutsche Bank had breached the settlement agreement, The Irish
Times relays.

According to The Irish Times, the companies appealed the High
Court's decision not to confirm an examiner to the four
companies.

In a cross appeal, Deutsche Bank sought to have the decision to
confirm Mr. Hughes to the other three firms set aside, The Irish
Times relates.

The three-judge appeal court said on Oct. 4 that it was allowing
the companies' appeal, and was confirming Mr. Hughes as examiner
to all seven firms, The Irish Times relays.

Ms. Justice Mary Finlay Geoghegan, Mr. Justice Michael Peart, and
Mr. Justice Gerard Hogan also dismissed the bank's appeal, The
Irish Times notes.

In his judgment, Mr. Justice Hogan, as cited by The Irish Times,
said he was satisfied the companies had demonstrated that they
have a reasonable prospect of survival as going concerns.

According to The Irish Times, he said both the independent expert
and Mr. Hughes had expressed confidence in the capacity of the
companies to survive should an appropriate scheme of arrangement
be put in place.

Mr. Hughes, The Irish Times says, has up to 100 days to put in
place a scheme of arrangement with the firm's creditors, which,
if approved by the courts, will allow the firms to continue to
trade as going concerns.


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BANCA POPOLARE: Fitch Rates EUR100MM Subordinated Tier 2 Notes BB
-----------------------------------------------------------------
Fitch Ratings has assigned Banca Popolare dell'Alto Adige's
(Volksbank, BB+/Stable/bb+) EUR100 million callable subordinated
Tier 2 issue (ISIN: XS1694763142) a long-term rating of 'BB'.

The notes are issued under Volksbank's EUR1 billion EMTN
programme and qualify as Basel III-compliant Tier 2 debt. They
contain contractual loss absorption features that will be
triggered only at the point of non-viability of the bank and no
equity conversion feature. The terms of the notes include a
reference to noteholders consenting to be bound by subordination
provisions established by Italian law.

KEY RATING DRIVERS
SUBORDINATED DEBT

The notes are rated one notch below Volksbank's 'bb+' Viability
Rating (VR) to reflect the below-average recovery prospects for
the notes in case of a non-viability event. Fitch does not notch
the notes for non-performance risk because there is no coupon
flexibility included in their terms.

RATING SENSITIVITIES
SUBORDINATED DEBT

The notes' rating is primarily sensitive to a change in the
bank's VR, from which it is notched. The notes' rating is also
sensitive to a change in notching should Fitch change its
assessment of loss severity or relative non-performance risk.


BANCO BPM: Moody's Affirms B2 Subordinated Debt Ratings
-------------------------------------------------------
Moody's Investors Service has affirmed all the ratings and
assessments of Banco BPM S.p.A. (Banco BPM). In particular, the
rating agency has affirmed the bank's (1) baseline credit
assessment (BCA) and adjusted BCA of b1; (2) long-term deposit
ratings of Ba1; (3) long-term issuer rating and senior unsecured
program ratings of Ba2 and (P)Ba2, respectively; (4) subordinated
debt ratings of B2 and (5) long-term Counterparty Risk Assessment
(CR Assessment) of Ba1(cr). The outlook remains stable on the
bank's long-term deposit ratings and negative on its long-term
issuer rating.

Moody's affirmation of Banco BPM's ratings reflects its gradual
delivery of targets in its 2016-19 strategic plan, despite
ongoing challenges to its credit profile from persistently high
levels of non-performing loans.

The stable outlook on the bank's deposit ratings reflects the
resilience of its credit profile despite ongoing solvency
challenges as a result of very weak asset risk. The negative
outlook on the issuer rating anticipates the expected reduction
in the stock of bail-in-able debt over the outlook horizon.

The short-term deposit ratings of Not Prime and short-term CR
Assessment of Not Prime(cr) are unaffected by rating action.

RATINGS RATIONALE

-- RATIONALE FOR THE AFFIRMATION OF BANCO BPM's RATINGS

The affirmation of Banco BPM's BCA of b1 reflects Moody's view
that, as anticipated, the bank is gradually delivering on the
targets of its 2016-19 strategic plan, with relevant milestones
of the integration plan being accomplished (e.g. the IT
integration of the former BPM into the group's systems was
completed in July 2017). The rating action also reflects Moody's
view that Banco BPM's solvency remains constrained by the bank's
improving but still very weak asset risk.

At end-June 2017, Banco BPM reported a stock of problem loans
equivalent to 22.6% of the bank's loan book, which compares
unfavourably with the Italian banking system average of 17.3% at
end-December 2016 (latest data available). Between the creation
of the bank on January 1, 2017 until June 30, 2017, the stock of
problem loans declined (as a result of disposals) by EUR3.1
billion and Banco BPM plans to further reduce it so that problem
loans will represent 18% of nominal loans by 2019.

Despite this improving trend, the bank's planned disposals and
need to continue reducing its large stock of problem loans beyond
the 2019 target could lead to further losses and affect the
bank's solvency. Moody's acknowledges Banco BPM's effort to
increase provisioning coverage, which stood at 49% as of end-June
2017, but also believes that the bank's problem loan reduction
could lead to increased mark-downs.

In affirming the bank's BCA, Moody's has also taken a forward-
looking view on Banco BPM's capital to include the positive
impact stemming from the rationalization of the group's asset
management business, that the bank has estimated at 91 basis
points on its fully-loaded Common Equity Tier 1 (CET1) ratio
before year-end 2017. The bank's fully-loaded CET 1 ratio stood
at 10.4% at end-June 2017, while Moody's key capital metric,
Tangible Common Equity to Risk Weighted Assets, was 10.2% as of
the same date.

Banco BPM's b1 BCA also reflects its (1) modest profitability
indicators (net income represented only 0.1% of tangible assets
at end-June 2017), which should show some improvement as the
integration plan unfolds; and (2) sound liquidity assessment that
is underpinned by a large stock of unencumbered liquid assets.

The affirmation of Banco BPM's Ba1 long-term deposit ratings
reflects: (1) the affirmation of the bank's BCA and adjusted BCA
of b1; (2) three notches of uplift from Moody's Advanced Loss
Given Failure (LGF) analysis; and (3) the rating agency's
assessment of a low probability of government support for Banco
BPM that results in no uplift for the deposit ratings.

The affirmation of Banco BPM's Ba2 long-term issuer rating and
(P)Ba2 long-term senior unsecured program ratings reflects: (1)
the affirmation of the bank's BCA and adjusted BCA of b1; (2) two
notches of uplift from Moody's Advanced LGF analysis; and (3) the
rating agency's assessment of a low probability of government
support for Banco BPM that results in no uplift for these
ratings.

-- RATIONALE FOR MAINTAINING STABLE OUTLOOK ON DEPOSIT RATINGS
AND NEGATIVE ON ISSUER RATING

The outlook on the deposit ratings remains stable, anticipating
that the bank's credit profile proves resilient despite ongoing
challenges to its solvency stemming from its very weak asset
risk.

The outlook on the issuer rating of Banco BPM remains negative
reflecting Moody's expectation of a reduction in the stock of
bail-in-able senior debt over the next 12-18 months due to the
large amount of retail and wholesale bonds maturing during this
period. This will result in a higher loss-given-failure for this
class of debt, absent more favourable changes to the liability
structure. Over the outlook horizon Moody's will assess the
liability profile of the bank along with its near-term funding
plan.

-- RATIONALE FOR AFFIRMING THE CR ASSESSMENT

As part of rating action, Moody's has also affirmed the long-term
CR Assessment of Banco BPM at Ba1(cr), three notches above the
adjusted BCA of b1 and reflecting the cushion provided by the
volume of bail-in-able debt and deposits (27.5% of tangible
banking assets at end-June 2017), which would likely support
operating obligations in the event of a resolution.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The standalone BCA of Banco BPM could be upgraded if the group
were to meet the targets of its strategic plan, which assumes a
substantial reduction in the stock of problem loans while
preserving profit generation capacity and capital. An upgrade of
the BCA would likely result in upgrades of all ratings.

A downgrade of the BCA would drive a downgrade in all ratings.
This could be triggered by the group's failure to meet its
targeted improvement on its key financial fundamentals or a
deterioration from current levels. Any deterioration on the
bank's liquidity profile could also put negative pressure on the
BCA.

The senior unsecured/issuer rating would likely be downgraded
following a reduction in the volume of senior debt outstanding.

LIST OF AFFECTED RATINGS

Issuer: Banco BPM S.p.A.

Affirmations:

-- Long-term Bank Deposits, affirmed Ba1 Stable

-- Long-term Counterparty Risk Assessment, affirmed Ba1(cr)

-- Long-term Issuer Rating, affirmed Ba2 Negative

-- Senior Unsecured Medium-Term Note Program, affirmed (P)Ba2

-- Subordinate Regular Bond/Debenture, affirmed B2

-- Subordinate Medium-Term Note Program, affirmed (P)B2

-- Adjusted Baseline Credit Assessment, affirmed b1

-- Baseline Credit Assessment, affirmed b1

Outlook Action:

-- Outlook remains Stable(m)

Issuer: Banca Popolare di Milano S.C. a r.l. (assumed by Banco
BPM S.p.A.)

Affirmations:

-- Senior Unsecured Regular Bond/Debenture, affirmed Ba2
Negative

-- Subordinate Regular Bond/Debenture, affirmed B2

-- Preferred Stock Non-cumulative, affirmed Caa1(hyb)

No Outlook assigned

Issuer: Banco Popolare Societa Cooperativa (assumed by Banco BPM
S.p.A.)

Affirmations:

-- Senior Unsecured Regular Bond/Debenture, affirmed Ba2
Negative

-- Subordinate Regular Bond/Debenture, affirmed B2

-- Preferred Stock Non-cumulative, affirmed Caa1(hyb)

No Outlook assigned

Issuer: Banca Italease S.p.A. (assumed by Banco BPM S.p.A.)

Affirmations:

-- Senior Unsecured Regular Bond/Debenture, affirmed Ba2
Negative

No Outlook assigned

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in September 2017.


PORTA VITTORIA: November 28 Deadline Set for Irrevocable Offers
---------------------------------------------------------------
Porta Vittoria Spa invites interested parties to present
irrevocable offers to purchase real estate properties known as
"Porta Vittoria", located in Milan, in the block between Via
Giovanni Cena, Via Cervignano, Via Monte Ortigara and Viale
Umbria, as described in greater detail in the assessment survey
drawn up by Reddy's Group Srl (hereinafter "Survey"), and
specifically:

Lot 1: consisting of the real estate complex, as identified on
the land registry on pages 76 to 80 of the Survey
(ref. Lot B of aforementioned Survey); Offer price no lower than
EUR152,100,000.00; Minimum raise: EUR7,000,000.00.

Lot 2: consisting of no. 50 indoor car parking spaces located in
the underground car park, on floor -1, identified in the Building
Registry of the Municipality of Milan as cadastral sheet 442,
land registry map 459, sub. unit 4 (part), category under
construction, Viale Umbria no. 114/no. 116, floor S1 (ref. Lot A
of Survey). Offer price no lower than EUR1,800,000.00; Minimum
raise: EUR100,000.00.

It is hereby specified that irrevocable offers to purchase must
contain: (i) a copy of the "General terms and conditions of
sale", duly signed as acknowledgement for acceptance in the
broadest sense, including relative annexes, and (ii) copy of the
list, signed for acknowledgement, of all documents present in the
data room -- which must be collected in electronic format (CD
rom) from Studio Masciello-Nannoni in Milan, Via Boccaccio no. 7,
prior appointment, within and no later than November 24, 2017.

Irrevocable offers to purchase must be submitted by hand in a
sealed anonymous envelope indicating a pseudonym to Studio
Masciello-Nannoni in Milan, Via Boccaccio no. 7, within and no
later than 1:00 p.m. of the day before the sale, namely
November 28, 2017, together with a deposit, amounting to 10% of
the offered price, as specified in the "General terms and
conditions of sale" available for consultation on the following
websites: www.tribunale.milano.giustizia.it,
www.astegiudiziarie.it, www.asteannunci.it, www.asteimmobili.it,
www.trovoaste.it, www.entitribunali.kataweb.it,
www.astetribunali24.it, and on the international multi-lingual
portals www.auctionsitaly.com and www.auctionsitaly.it, which can
be consulted for further information.

If several offers are submitted, a competitive bidding sale not
by auction will occur on November 29, 2017, at 11:00 a.m. at the
Court of Milan, before the Bankruptcy Judge, Ms. Amina Simonetti.

For further information, please contact Mrs. Paola Galasso and
the lawyer Mrs Marina De Cesare of Studio MascielloNannoni,
at phone number: 0243995584, or at the following certified email
address: f814.2016milano@pecfallimenti.it.

The real estate units are available for viewing prior
appointment, until November 24, 2017.

Judge Ms. Amina Simonetti is overseeing the bankruptcy process at
the Court of Milan.

The Panel of bankruptcy trustees include Mr. Vincenzo Masciello,
Mr. Maurizio Orlando, Mr. Giorgio Zanetti.

It is hereby specified that this notice is not legally binding
for any reason and does not constitute a commitment or
obligation to sell for the Bodies of the procedure, nor it
constrains them to pay for any expenses for any mediation
or consultation services, nor does it constitute an invitation to
offer, or an offer to the public, pursuant to art. 1336
of Italian Civil Code, or mobilisation of public savings pursuant
to art. 94 et seq. of Italian Legislative Decree 58/1998.


===================
K A Z A K H S T A N
===================


EXIMBANK KAZAKHSTAN: Fitch Affirms Then Withdraws CCC IDR
---------------------------------------------------------
Fitch Ratings has affirmed Eximbank Kazakhstan's (Exim) Long-Term
Issuer Default Ratings (IDRs) at 'CCC' and simultaneously
withdrawn the ratings. Fitch has withdrawn the ratings for
commercial reasons and will no longer provide ratings and
analytical coverage of Exim.

KEY RATING DRIVERS

On September 28, 2017 Fitch downgraded Exim's Long-Term IDRs to
'CCC' from 'B-' and removed them from Rating Watch Negative
(RWN). The downgrade primarily reflected the limited improvement
in Exim's tight liquidity position, and continued pressure on the
bank's capitalisation from weak asset quality and core earnings
(see 'Fitch Downgrades Eximbank Kazakhstan to 'CCC'; off RWN' on
www.fitchratings.com). Fitch has affirmed the ratings of Exim
prior to withdrawal due to limited changes since the previous
rating action.

RATING SENSITIVITIES

Not applicable.

The rating actions are as follows:

Long-Term Foreign- and Local-Currency IDRs: affirmed at 'CCC';
withdrawn
Short-Term Foreign-Currency IDR: affirmed at 'C'; withdrawn
National Long-Term Rating: affirmed at 'B(kaz)'; withdrawn
Viability Rating: affirmed at 'ccc'; withdrawn
Support Rating: affirmed at '5'; withdrawn
Support Rating Floor: affirmed at 'No Floor'; withdrawn
Senior unsecured debt ratings: affirmed at 'CCC/B(kaz)'; Recovery
Rating at 'RR4'; withdrawn


===================
L U X E M B O U R G
===================


4FINANCE HOLDING: Moody's Raises CFR to B2, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded 4Finance Holding S.A.'s
long-term corporate family and issuer ratings to B2 from B3.
Moody's has also upgraded the long-term senior unsecured rating
of 4Finance, S.A., the group's Luxemburg-based debt issuing
company, to B2 from B3. The outlook on all ratings has changed to
stable from positive.

The key drivers for the upgrade are 1) the expected moderation in
the risk appetite and growth strategy of the entity, following a
startup period during which it aggressively expanded
geographically throughout Europe, 2) the demonstrated track
record of its predictive scoring and pricing model, which will
support a balance between profitability and asset quality as a
first line of defense in the risky sub-prime consumer finance
segment the company has historically targeted, and 3) the
company's strengthened funding profile and overall franchise
value following its acquisition of TBI Bank in 2016, a unique
affiliation compared with peers, which will support the company's
strategy to diversify its products and clients base.

The ratings of 4Finance, S.A. were also upgraded, as reflected by
the guarantee provided by some of the group's entities.

The outlook assigned to all ratings is stable, reflecting the
maturing strategy of the company and Moody's expectations of a
steady performance relative to the risks inherent to its sub-
prime consumer finance business model and captured in its B2
ratings.

RATINGS RATIONALE

-- 4Finance Holding S.A.

The key drivers for the upgrade of 4Finance Holding S.A.'s long-
term corporate family and issuer ratings to B2 from B3 are 1) the
moderating risk appetite and growth strategy relative to the
aggressive growth strategy it pursued in its first years of
existence , 2) the predictive track record of its scoring and
pricing models, and 3) the benefits derived from 4Finance's
acquisition of TBI Bank in 2016.

A primary driver for the upgrade is the moderating risk appetite
and evolving growth strategy of targeting customers with higher
repayment capacity, which will translate into limited geographic
expansion and a loan growth rate of approximately 15% in 2018.
Having started operations in Latvia in 2008, the company expanded
rapidly and now operates in 16 countries, primarily throughout
Europe. After a period of rapid growth (loan growth of more than
30% annually between 2013 and mid-2016), loan growth has come
down to below 10% in the first six months of 2017 as the focus
began to shift to existing market penetration and diversification
of products. Although 4Finance will remain active in short-term
consumer finance loans in the sub-prime and near prime segments,
the acquisition of TBI Bank in 2016 has given the company, among
other benefits, the platform to expand into instalment loans and
other longer term consumer loan products, contributing to
diversify its client base and reach a more near-prime segment.

The secondary driver is the steady track record of the company's
underwriting standard and risk management standard. The well
documented track record of 4Finance's automated underwriting
process and its use of technology to supplement credit bureau
data has shown a strong predictive capacity for pricing credit
risks and allowing the company to adapt to changing operating
conditions. In combination with other risk containment measures,
such as the sale of weak loans and forward flow agreements with
third parties, the company has been able to reduce problem loans
considerably. Lead by a decline in the single payment loans
segment the company reported a decreasing problem loan ratio of
8.5% at end-June 2017 (unaudited figures excluding TBI Bank) from
9.3% in year-end 2016, along with a reported coverage of problem
loans by loan loss reserves of 66%, which compare well with B2-
rated consumer finance peers.

The third driver is the added benefits from the acquisition of
TBI Bank, a Bulgaria-based bank, which provides an additional
funding channel, contributing to reduce funding costs and
stabilize earnings. TBI Bank, which is held and operated as a
separate legal entity, brought EUR177million in deposits and
EUR272 million in assets to the group, which had a balance sheet
of EUR443 million before the acquisition. Although TBI Bank
operates only in Romania and Bulgaria, EU pass-porting rights
allow the company to leverage its deposit and products base in
various ways, including through the sale of loan portfolios from
4Finance consumer finance companies originated throughout Europe
to TBI Bank, lowering the group's reliance on market funding and
over time reducing the risks associated with large debt maturity
hurdles. It also allows the sale of new products to its higher
end customers, thereby increasing cross-selling and deepening the
relationship with customers.

Moody's believes that TBI Bank's recent financial performance and
overall credit profile are in line with B2-rated peers. Despite a
recent decline in profitability due to the acquisition of TBI
bank, Moody's expects 4Finance to maintain a comparatively high
level of profitability, reporting a return (from continuing
operations) on average managed assets of 9% in 2016.
Additionally, 4Finance has a considerable equity to withstand
volatility in earnings with a tangible common equity over total
managed assets ratio of 16.93% as of the end of 2016, remaining
at a strong level after the acquisition. Nevertheless, 4Finance's
performance must be seen in the broader context of its business
models and its strengths balanced against a loan portfolio with
high volatility risk, including those arising from consumer
protection regulation (such as interest rate limits) that can
suddenly challenge the company's profitability in a given market.

-- 4Finance, S.A.

The upgraded B2 senior unsecured rating for 4Finance, S.A., a
Luxemburg-based funding vehicle, is aligned with 4Finance Holding
S.A.'s B2 corporate family rating. The senior unsecured debt
issued by 4Finance, S.A. is guaranteed by the largest operating
companies in the group (excluding TBI Bank).

RATINGS OUTLOOK

The stable outlook assigned to 4Finance's long term ratings
reflects Moody's opinion that 4Finance will continue evolving its
franchise with strong profitability and internal capital
generation while benefitting of TBI Bank's EU banking license and
strong deposit base to start diversifying into more traditional
banking products and diversifying its funding profile.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's would consider a rating upgrade if 4Finance sustains its
strong profitability and high capitalization while containing
asset quality volatility and improving its funding profile
towards a higher reliance on deposit funding. Upward rating
pressure could also materialize if the integration of TBI Bank
translates into successful further expansion of its consumer
lending business across the European Union.

Moody's would consider downgrading 4Finance's ratings if (1) non-
performing loans were to increase substantially, either as a
share of previous two-years lending or total outstanding gross
loans; (2) the company's average return on assets were to
decrease below 2.5%; or (3) the company's capitalization would
deteriorate meaningfully. Any unfavorable progress in the
integration of TBI Bank could also translate into downward rating
pressure.

LIST OF AFFECTED RATINGS

Issuer: 4Finance Holding S.A.

Upgrades:

-- LT Issuer Rating, Upgraded to B2 from B3, Outlook Changed To
    Stable From Positive

-- LT Corporate Family Rating, Upgraded to B2 from B3, Outlook,
    Changed To Stable From Positive

Outlook Actions:

-- Outlook, Changed To Stable From Positive

Issuer: 4Finance, S.A.

-- BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to
    B2 from B3, Outlook Changed To Stable From Positive

Outlook Actions:

-- Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in December 2016.


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


CADOGAN SQUARE II: Moody's Hikes Rating on Cl. E Notes from Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Cadogan Square CLO II B.V.:

-- EUR27.9M Class D Senior Secured Deferrable Floating Rate
    Notes due 2022, Upgraded to Aaa (sf); previously on Apr 26,
    2017 Upgraded to A2 (sf)

-- EUR10.6M Class E Senior Secured Deferrable Floating Rate
    Notes due 2022, Upgraded to Baa2 (sf); previously on Apr 26,
    2017 Affirmed Ba3 (sf)

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

-- EUR31.9M (current outstanding balance EUR21.90M) Class C
    Senior Secured Deferrable Floating Rate Notes due 2022,
    Affirmed Aaa (sf); previously on Apr 26, 2017 Upgraded to Aaa
    (sf)

Cadogan Square CLO IV B.V., issued in June 2006, is a
collateralised loan obligation ("CLO") backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Credit Suisse Asset Management Limited. The
transaction's reinvestment period ended in August 2012.

RATINGS RATIONALE

The upgrades of the notes are primarily the result of the
significant deleveraging of the transaction since the last rating
action in April 2017. On the August 2017 payment date the Class B
Notes were fully repaid and the Class C notes amortised to a
factor of 68.67%. Overcollateralisation (OC) ratios of the rated
notes have increased. As of the 21st August 2017 trustee report
(immediately after the August 2017 payment date), the Class C,
Class D and Class E OC ratios are reported at 363.16%, 159.72%
and 131.70% respectively compared with 190.20%, 132.70% and
119.03% in April 2017.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR81.96million,
defaulted par of EUR2.28million, a weighted average default
probability of 20.77% over a 3.89 years weighted average life
(consistent with a WARF of 3121), a weighted average recovery
rate upon default of 47.74% for a Aaa liability target rating, a
diversity score of 11 and a weighted average spread of 3.92%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. Moody's generally applies recovery rates
for CLO securities as published in "Moody's Approach to Rating SF
CDOs". In some cases, alternative recovery assumptions may be
considered based on the specifics of the analysis of the CLO
transaction. In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.

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 Class C and within two 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
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

* Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the 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 10.21% 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.

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.


JUBILEE CLO 2014-XII: Fitch Rates Class F-R Notes 'B-sf'
--------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2014-XII B.V.'s
refinancing notes final ratings, as follows:

EUR4 million class X notes: assigned 'AAAsf'; Outlook Stable
EUR304 million class A-R notes: assigned 'AAAsf'; Outlook Stable
EUR32 million class B1-R notes: assigned 'AAsf'; Outlook Stable
EUR25 million class B2-R notes: assigned 'AAsf'; Outlook Stable
EUR29.5 million class C-R: assigned 'Asf'; Outlook Stable
EUR25.5 million class D-R: assigned 'BBBsf'; Outlook Stable
EUR34 million class E-R: assigned 'BBsf'; Outlook Stable
EUR15 million class F-R: assigned at 'B-sf'; Outlook Stable

Jubilee CLO 2014-XII B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the notes are being used to
redeem the old notes, with a new identified portfolio comprising
the existing portfolio, as modified by sales and purchases
conducted by the manager. The portfolio is managed by Alcentra
Limited. The refinanced CLO envisages a further four-year
reinvestment period and an eight-year weighted average life.

KEY RATING DRIVERS

'B' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors in the 'B'
category. The agency has public ratings or credit opinions on all
the obligors in the current portfolio. The weighted average
rating factor (WARF) of the current portfolio is 32.4.

High Recovery Expectations
At least 90% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate of the current
portfolio is 67.4%, above the minimum covenant of 62.8%
corresponding to the matrix point of WARF 34 and weighted average
spread 3.5%.

Limited Interest Rate Exposure
Up to 10% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities represent 5% of the target par.
Fitch modelled both 0% and 10% fixed-rate buckets and found that
the rated notes can withstand the interest rate mismatch
associated with each scenario.

Diversified Asset Portfolio
The covenanted maximum exposure to the top 10 obligors is 20% of
the portfolio balance. This covenant ensures that the asset
portfolio will not be exposed to excessive obligor concentration.

Limited Fx Risk
Any non-euro-denominated assets have to be hedged with perfect
asset swaps as of the settlement date, limiting foreign exchange
risk. The transaction is permitted to invest up to 20% of the
portfolio in non-euro-denominated assets.

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

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

TRANSACTION SUMMARY

The issuer has amended the capital structure and reset the
maturity of the notes as well as the reinvestment period. The
transaction features a four-year reinvestment period, which is
scheduled to end in August 2021. The maturity has been extended
by two years to April 2030.

The issuer has introduced the new class X notes, ranking pari
passu and pro-rata to the class A-R notes. Principal on these
notes is scheduled to amortise in equal instalments during the
first eight quarterly payment dates. Class X notional is excluded
from the over-collateralisation tests calculation, but a breach
of this test will divert interest and principal proceeds to the
repayment of the class X notes.

RATING SENSITIVITIES

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


MALIN CLO: Moody's Raises Rating on Class E Notes to Ba1(sf)
------------------------------------------------------------
Moody's Investors Service has upgraded the following notes issued
Malin CLO B.V.:

-- EUR25M Class C Third Priority Deferrable Secured Floating
    Rate Notes due 7th May 2023, Upgraded to Aaa (sf); previously
    on June 13, 2016 Upgraded to Aa1 (sf)

-- EUR35M Class D Fourth Priority Deferrable Secured Floating
    Rate Notes due 7th May 2023, Upgraded to A2 (sf); previously
    on June 13, 2016 Upgraded to Baa1 (sf)

-- EUR18.8M Class E Fifth Priority Deferrable Secured Floating
    Rate Notes due 7th May 2023, Upgraded to Ba1 (sf); previously
    on June 13, 2016 Upgraded to Ba2 (sf)

Moody's has affirmed the following notes:

-- EUR45.2M (current outstanding balance of EUR17.9M) First
    Priority Senior Secured Floating Rate Variable Funding Notes
    due 7th May 2023 - EUR, Affirmed Aaa (sf); previously on Jun
    13, 2016 Affirmed Aaa (sf)

-- EUR188M (current outstanding balance of EUR26.7M) Class A-1a
    First Priority Senior Secured Floating Rate Notes due 7th May
    2023, Affirmed Aaa (sf); previously on June 13, 2016 Affirmed
    Aaa (sf)

-- EUR47M Class A-1b First Priority Senior Secured Floating Rate
    Notes due 7th May 2023, Affirmed Aaa (sf); previously on June
    13, 2016 Affirmed Aaa (sf)

-- EUR32.5M Class B Second Priority Deferrable Secured Floating
    Rate Notes due 7th May 2023, Affirmed Aaa (sf); previously on
    June 13, 2016 Affirmed Aaa (sf)

Malin CLO B.V., issued in May 2007, is a multicurrency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly senior secured European leveraged loans. The portfolio is
managed by Barings (U.K.) Limited. This transaction's
reinvestment period ended in May 2014.

RATINGS RATIONALE

The rating actions on the notes are primarily the result of the
deleveraging of the Variable Funding Notes and Class A notes,
following amortisation of the underlying portfolio over the last
6 months.

Since the payment date in February 2017, the Variable Funding
Notes and Class A notes have paid down by approximately EUR22.5
million. As a result, the over-collateralisation (OC) ratios of
all classes of rated notes have increased. As per the trustee
report dated August 2017, the OC ratios of Classes A, B, C, D and
E are reported at 251.44%, 185.57%, 154.45%, 125.08% and 113.52%,
compared to January 2017 levels of 222.29%, 172.99%, 147.78%,
122.74% and 112.52%, respectively.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par of EUR213.8 million, principal proceeds balance of
EUR15.9 million, defaulted par of EUR3.0 million, a weighted
average default probability of 18.3% (consistent with a WARF of
2698 over a weighted average life of 4.1 years), a weighted
average recovery rate upon default of 46.6% for a Aaa liability
target rating, a diversity score of 32 and a weighted average
spread of 3.53%.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.

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

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

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

Additional uncertainty about performance is due to the following:

* Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the 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.

* 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.

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.


===========
P O L A N D
===========


VISTAL PREF: Files Motion for Rehabilitation Proceedings
--------------------------------------------------------
Reuters reports that Vistal Pref Sp. Z o.o. has filed motion for
opening of rehabilitation proceedings to the Court in Bialystok.

Vistal Pref Sp. Z o.o. is a unit of Vistal Gdynia SA.


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


RUSSIAN UNIVERSAL: Fitch Raises IDR to B+, Outlook Stable
---------------------------------------------------------
Fitch Ratings has upgraded Russian Universal Bank's
(Rusuniversal) Long-Term Issuer Default Ratings (IDRs) to 'B+'
from 'B'. At the same time, Fitch has affirmed the Long-Term IDRs
of SDM-Bank (SDM) at 'BB-' and Expobank LLC (Expo) at 'B+'. The
Outlooks on all banks are Stable.

The upgrade of Rusuniversal reflects the bank's extended record
of strong financial metrics and limited risk appetite.

The affirmations of SDM and Expo reflect the banks' fairly stable
financial performance through the credit cycle, in particular (i)
stable asset quality, (ii) generally healthy performance, and
(iii) reasonable capital buffers.

The ratings of all three banks continue to reflect their fairly
narrow franchises (in particular at Rusuniversal) resulting in,
among other things, significant balance sheet concentrations and
some uncertainty regarding future growth strategies in a still
challenging operating environment. The higher rating of SDM
relative to peers reflects its more stable and sustainable
franchise and business model and greater consistency of
performance.

KEY RATING DRIVERS
IDRS AND VIABILITY RATINGS

SDM
SDM's asset quality has remained resilient as the share of non-
performing loans (NPLs, loans overdue more than 90 days)
constituted a low 1.5% of gross loans at end-1H17 (1.3% at end-
2016), and are fully reserved. Restructured exposures added
another 2%, although these were performing under the revised
terms. Concentrations are high (the 20 largest borrowers
accounted for 56% of gross loans, equal to 134% of Fitch Core
Capital, (FCC)), but the quality of the largest exposures is
generally adequate. Higher-risk exposures include construction
and rental businesses (33% of FCC) and car dealers (10%), but
these are well-covered by hard collateral.

The FCC to risk-weighted assets ratio stood at a reasonable 19%
at end-1H17, up from 15% in 2015, due to healthy internal capital
generation in 2016 of 19%. Regulatory capitalisation is somewhat
weaker due to higher risk-weightings, with the Tier 1 capital
ratio standing at 11.6% at the same date. However, this still
allowed the bank to absorb losses equal to 17% of loans before
breaching the regulatory minimum levels.

SDM is mainly funded with customer accounts (95% of total
liabilities at end-1H17). Thirty-five per cent of these were
interest-free current accounts of corporates and individuals,
supporting the bank's profitability (funding costs were a low 5%
in 1H17, annualised). The potential outflow of these funds is
mitigated by a significant liquidity cushion, which allowed for
the repayment of 60% of total customer funding at end-8M17.

Expo
Expo's asset quality has been stable during the last 12 months
with NPLs standing at 3.1% of gross loans at end-1H17 (1.9x
reserved). Although the bank's loan book is highly concentrated
by name (the 25 largest borrowers made up 91% of total loans at
end-1H17), the risks are mitigated by the small size of the loan
portfolio (1.7x FCC). The potentially more volatile real estate
and construction sector represented a high 40% of gross loans;
however, in many cases the collateral is liquid with reasonable
loan-to-values (LTVs). The loans/assets ratios was a low 33% at
end-1H17, while the majority of the securities book (42% of
assets) was 'BBB'/'BB' rated.

The bank's FCC ratio was a comfortable 19.6% at end-1H17. The
regulatory Tier 1 ratio was a lower but still reasonable 14.5% at
end-8M17, due primarily to more conservative risk weightings.
Fitch estimates that the bank's regulatory capital buffer was
sufficient to increase impairment reserves up to a considerable
37% of loans, from the current 7%, without breaching minimum
capital requirements (including capital buffers).

Expo's profitability is volatile and has depended so far mainly
on gains from securities revaluations and execution of M&A deals,
which made up 75% of profit before tax in 2016, but were
negligible in 1H17. This resulted in deterioration of overall
profitability, notwithstanding a reduction of impairment charges,
with annualised return on average equity (ROAE) falling to 14% in
1H17 from 28% in 2016.

The bank's liquidity cushion covered customer accounts by a high
65% at end-1H17, while market refinancing needs are limited.

Rusuniversal
Rusuniversal's IDRs are constrained by the bank's small size,
highly concentrated relationship-based business model and tighter
regulation on banking services to defence industry enterprises
that narrows the bank's core business. Positively, the ratings
acknowledge Rusuniversal's very strong financial metrics.

Rusuniversal focuses mainly on defence sector companies with whom
the bank's management and shareholders have long-standing
relations. Both loans and deposits are extremely concentrated.
The bank had only 10 corporate loans (while retail lending is
negligible), while the top 10 depositors represented 87% of total
customer accounts at end-1H17.

The tighter regulation resulted in several of Rusuniversal's
largest customers (about half of total customer accounts) moving
to other banks in September 2017. Although this is manageable for
the bank given full coverage of customer accounts by liquid
assets, this could negatively affect Rusuniversal's business and
performance.

Rusuniversal's financial metrics remain robust. The bank has zero
NPLs and very high regulatory capitalisation (the total capital
ratio was above 100% at end-9M17). The bank's loan book is small
(20% of total assets, equal to just 40% of the bank's equity),
while most other assets are either invested in rouble sovereign
debt or placed with the Central Bank of Russia.

SUPPORT RATINGS AND SUPPORT RATING FLOORS
The '5' Support Ratings for all three banks reflect Fitch's view
that support from the banks' shareholders, although possible,
cannot be relied upon. The Support Ratings and Support Rating
Floors of 'No Floor' also reflect that support from the Russian
authorities cannot be relied upon due to the banks' small size
and lack of overall systemic importance. Accordingly, the IDRs of
all three banks are based on their intrinsic financial strength,
as reflected in their Viability Ratings.

SENIOR UNSECURED DEBT RATINGS

Fitch has affirmed and withdrawn the rating of Expo's senior
unsecured debt as it is no longer considered by Fitch to be
relevant to the agency's coverage because a negligible amount of
the issue remains outstanding.

RATING SENSITIVITIES
IDRS AND VIABILITY RATINGS

Downside pressure on all three banks' ratings could stem from
asset quality deterioration if this results in erosion of
profitability and capital. A significant liquidity squeeze would
also be credit-negative.

Upside for the ratings of SDM and Rusuniversal is limited by
their small franchises. Upside for Expo's ratings would be
contingent on improvements in asset quality, an extended record
of reasonable financial metrics and adoption of a more stable and
sustainable business model.

SUPPORT RATINGS AND SUPPORT RATING FLOORS

Positive rating action is unlikely in the foreseeable future,
although acquisition by a stronger owner could lead to an upgrade
of the Support Rating.

The rating actions are as follows:

SDM
Long-Term Foreign and Local Currency IDRs affirmed at 'BB-';
Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'B'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Viability Rating affirmed at 'bb-'

Expo
Long-Term Foreign and Local Currency IDRs: affirmed at 'B+';
Outlooks Stable
Short-Term Foreign Currency IDR affirmed at 'B'
Support Rating affirmed at '5'
Viability Rating affirmed at 'b+'
Support Rating Floor affirmed at 'No Floor'
Senior unsecured debt affirmed at 'B+'/Recovery Rating 'RR4';
withdrawn

Rusuniversal
Long-Term Foreign and Local Currency IDRs upgraded to 'B+' from
'B', Outlooks Stable Short-Term Foreign Currency IDR affirmed at
'B'
Viability Rating upgraded to 'b+' from 'b'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'


=========
S P A I N
=========


CATALONIA: Fitch Places 'BB/B' IDRs on Rating Watch Negative
------------------------------------------------------------
Fitch Ratings has placed the Autonomous Community of Catalonia's
and Institut Catala de Finances' (ICF) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) of 'BB' and Short-
Term Foreign-Currency IDRs of 'B' on Rating Watch Negative (RWN).
Catalonia's EMTN programme and bond issues, rated 'BB', and ICF's
senior unsecured outstanding bonds and Pagares programme, rated
'BB'/'B', have also been placed on RWN.

Under EU credit rating agency (CRA) regulation, the publication
of sovereign (including by CRA definition regional or local
authorities of a state) reviews is subject to restrictions and
must take place according to a published schedule, except where
it is necessary for CRAs to deviate from this in order to comply
with their legal obligations.

Fitch interprets this provision as allowing us to publish a
rating review in situations where there is a material change in
the creditworthiness of the issuer that Fitch believes makes it
inappropriate for us to wait until the next scheduled review date
to update the rating or Outlook/Watch status. In this case the
deviation was caused by the recent negative drift in the
political tensions between the central government and Catalonia,
which are likely to worsen over the short term. This may lead to
unforeseeable events, including a potential disruption of the
state liquidity funds to Catalonia, although this is still not
Fitch base case scenario.

The last scheduled review date for Fitch's ratings on the
Autonomous Community of Catalonia was on 07 July 2017 and the
next review date is set on 22 December 2017.

KEY RATING DRIVERS

The rating action reflects the following key rating drivers and
their relative weights:

HIGH

The RWN reflects further deterioration in institutional
cooperation between Catalonia and the central government,
particularly in the wake of the referendum held on 1 October,
which was ruled illegal by the Spanish constitutional court.
Fitch sees unprecedented levels of uncertainty, including a
likely unilateral declaration of independence of Catalonia
potentially followed by an intervention of the central
government, which could range from the dismissal of regional
officers up to a full suspension of Catalonia's regional
autonomy. Such intervention could prompt further social unrest,
with potential negative effects on the regional economy. These
factors cause heightened uncertainty with respect to ongoing
liquidity provisions from the central government that Fitch
assumes will be provided through the Regional Liquidity Fund
(FLA), which supports the ongoing payment of Catalonia's debt
obligations.

The Ministry of Finance and Civil Service (MinHap) has been
controlling and managing most of the Generalitat's payments since
September, including debt servicing, and is expected to continue
to do so until further notice. However, there are no precedents
in Spain of such an assumption of regional government
responsibilities by the central government and it is uncertain
how long such an arrangement is tenable. While this arrangement
remains, Fitch does not view it as credit negative. However, its
duration remains uncertain, particularly if intervention triggers
further confrontation and civil disruption in Catalonia.

In the medium term, Fitch central assumption remains that current
tensions will ease, and that there will be a continuation of the
ongoing support of the central government to Catalonia for its
debt servicing, notably from the FLA, as has been the case since
2012. However, the risk of tail events has grown amid the
heightened uncertainty, which could impact liquidity support and
endanger Catalonia's debt servicing.

Catalonia's 'BB' IDR and RWN also reflect the following main
factors:

Catalonia is still a major recipient of state liquidity, notably
from the FLA. This mitigates its high refinancing risk. It faces
maturities of over 25% of its outstanding direct debt at end-2016
(EUR65.3 billion) over the next three years. Net borrowing from
the central government was more than EUR50 billion as of 31
December 2016, around 75% of Catalonia's estimated total debt on
the same date, and the region borrowed at least EUR7.3 billion
from the FLA in 2017. The disbursement of FLA funds for 4Q17 was
confirmed on 29 September by MinHap, amounting to EUR1.9 billion
for Catalonia, which assures debt coverage for the rest of the
year.

Catalonia had EUR4.4 billion in short-term debt maturities during
2017, which were rolled-over under the oversight of MinHap. To
date, only EUR0.3 billion remains to be refinanced to next year.

Catalonia's economy is above-average in national terms, and is
well diversified, and current GDP growth is relatively broad-
based. Political uncertainty has not substantially impacted the
economy, which is growing more quickly than the national economy
(nominal GDP grew 3.8% against 3.5% nationally in 2016) but there
are downside risks from a sustained period of social unrest and
further sustained escalation in tensions between the Catalonia
and central governments.

The RWN on ICF reflects its credit links to Catalonia.

RATING SENSITIVITIES

Fitch expects to resolve the RWN within the next six months
dependent upon developments in the relationship between Catalonia
and the central government, in particular how this affects
liquidity support from the latter to the former. A weakening in
this liquidity could trigger a downgrade of several notches.

Any rating action on Catalonia's IDRs will be mirrored on ICF's.

KEY ASSUMPTIONS

Fitch assumes that the region will continue to have access to
state liquidity support for debt servicing over the medium term.


===========
T U R K E Y
===========


DENIZBANK AS: Fitch Affirms BB+ IDR, Changes Outlook to Positive
----------------------------------------------------------------
Fitch Ratings has revised the Outlooks to Positive from Stable on
Denizbank A.S., Deniz Finansal Kiralama A.S. (Deniz Leasing) and
Russia-based Joint-Stock Company Denizbank Moscow (Denizbank
Moscow). Their Long-Term Issuer Default Ratings (IDRs) have been
affirmed. All other ratings of these entities are unaffected.

The rating actions follow the revision of the Outlook on Sberbank
of Russia's (Sberbank; BBB-/Positive) IDRs to Positive from
Stable (see "Fitch Revises 23 Russian Financial Institutions'
Outlooks to Positive on Sovereign Change", dated Sept. 28, 2017
at www.fitchratings.com).

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT

The change in Outlooks on the Long-Term IDRs of Denizbank (BB+)
reflects the possible strengthening of Sberbank's ability to
support it, if needed.

The change in Outlooks on the Long-Term IDRs of Deniz Leasing and
Denizbank Moscow (BB+) reflects the respective change in the
Outlooks on Denizbank's IDRs.

The change in Outlooks on the National Ratings of Denizbank and
Deniz Leasing reflects the possible strengthening of entities'
creditworthiness relative to other entities in Turkey.

The affirmation of the Long-Term IDRs of Denizbank at 'BB+'
reflects Fitch's view of support from its 99.85% owner Sberbank
(BBB-/Positive), in case of need, due to its strategic importance
to, and integration with, Sberbank and the parent's track record
of support. Denizbank's IDRs are notched once from Sberbank's.

The IDRs of Deniz Leasing and Denizbank Moscow are support-driven
and equalised with those of Denizbank. This reflects their close
integration, including the sharing of risk assessment systems,
customers, branding and management resources.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT

The IDRs and National Rating of Denizbank could be upgraded by a
notch if Sberbank's ratings are upgraded. The ratings are also
sensitive to a change in the propensity of parent bank to provide
support.

The IDRs and National Rating of Deniz Finansal Kiralama and IDRs
of Denizbank Moscow are sensitive to a change in its parent's
ratings or a change in the ability or propensity of the parent
bank to provide support.

The rating actions are as follows:

Denizbank and Deniz Finansal Kiralama
Long-Term Foreign and Local Currency IDRs: affirmed at 'BB+';
Outlook revised to Positive from Stable
Short-Term Foreign and Local Currency IDRs: 'B', unaffected
Support Ratings: '3', unaffected
Viability Rating (Denizbank only): 'bb', unaffected
National Long-Term Ratings: affirmed at 'AA(tur)'; Outlook
revised to Positive from Stable

Denizbank Moscow
Long-Term Foreign and Local Currency IDRs: affirmed at 'BB+';
Outlook revised to Positive from Stable
Short-Term Foreign and Local Currency IDRs: 'B', unaffected
Support Rating: '3', unaffected


===========================
U N I T E D   K I N G D O M
===========================


KIN GROUP: Unveils Details of Financial Restructuring
-----------------------------------------------------
Proactive Investor reports that Kin Group PLC has announced
details of a financial restructuring and corporate overhaul that
will see it emerge as a financial shell and allow the resumption
of trading in its shares on AIM.

Two company turnaround specialists, John Taylor and Lindsay Mair,
are to join as non-executives, with all of the current board
standing down, bar chairman Donald Stewart who is staying on,
Proactive Investor discloses.

According to Proactive Investor, a company voluntary arrangement
that will see debts of GBP2.27 million swapped into shares has
been proposed alongside a placing that will raise GBP1 million.

If the CVA and placing go ahead, the share capital will be
restructured and an application made for trading to resume on
AIM, Proactive Investor notes.

As a cash shell, Kin will then have six months to carry out a
reverse takeover of a trading business, otherwise its listing
will be cancelled, Proactive Investor states.

Kin Group Plc (AIM: KIN) is the AIM-quoted digital wellness
provider for corporate organizations.


MONARCH AIRLINES: Boeing Helped Finance GBP165-Million Bailout
--------------------------------------------------------------
Jonathan Ford and Peggy Hollinger at The Financial Times report
that Boeing helped finance the GBP165 million bailout of
Monarch Airlines last year in a bid to keep the struggling
British carrier flying.

The owners of Monarch, which collapsed last week leaving
thousands of passengers stranded, confirmed on Oct. 8 that the US
aircraft maker facilitated a substantial capital injection into
the faltering business in several tranches between October 2016
and March this year, the FT relates.

According to the FT, the Seattle-based plane maker is understood
to have pumped more than GBP100 million into the airline in a
move that both staved off its immediate closure and proofed its
private equity owner -- Greybull Capital -- against further
losses.

Boeing is understood to have injected the money through Monarch's
offshore holding company, Petrol Jersey, the FT discloses.

Greybull refused to comment on the details of the financing,
saying that they were "commercially confidential", the FT states.
It denied, however, that there had been anything secretive about
the transaction, the FT notes.

The deal, the FT says, raises questions about widespread reports
that Greybull lost some GBP250 million in the collapse.  The
private equity firm is the airline's principal secured creditor.
The Boeing deal substantially reduces its equity exposure,
according to the FT.

A person close to Greybull, as cited by the FT, said that Boeing
also invested some GBP10 million-GBP15 million in a joint venture
involving Monarch's engineering services unit, which has not been
placed in administration.

Monarch Airlines, also known as and trading as Monarch, was a
British airline based at Luton Airport, operating scheduled
flights to destinations in the Mediterranean, Canary Islands,
Cyprus, Egypt, Greece and Turkey.


PETRA DIAMONDS: May Breach Key Debt Covenants with Lenders
----------------------------------------------------------
Jon Yeomans at The Telegraph reports that diamond miner Petra has
warned that it is likely to breach key debt covenants with its
lenders as a result of labor disruptions at its mines and the
confiscation of a parcel of diamonds by the Tanzanian government.

The mining company said it was in danger of breaching ratios
related to its earnings before interest, tax and amortization at
the end of the year, The Telegraph relates.

According to The Telegraph, Petra said it had flagged the issue
to its lenders and "will remain in regular engagement with them
on this matter".

Petra has borrowed heavily to expand some of its mines in South
Africa, which were previously owned by De Beers, as it looks to
tap higher-quality diamonds at lower depths, The Telegraph
relays.  Net debt hit US$555.3 million in the year to June 30,
The Telegraph discloses.

However, the company has suffered a number of setbacks in recent
months with workers staging stoppages at some of its mines, The
Telegraph notes.

Petra, as cited by The Telegraph, said it had "sufficient
liquidity from existing cash resources, operating cash flows and
existing facilities to meet its liabilities as they fall due",
but a going concern statement would be put into its annual
report.

"The challenge for the shares, we believe, will be market
uncertainty until Petra reaches a covenant waiver/relaxation
agreement with its lenders (our base case assumption is that
waivers are granted, although it is possible that a waiver fee
may be charged)," The Telegraph quotes Richard Hatch, analyst at
RBC, as saying.

Analysts at Investec agreed that Petra's lenders, which include a
number of South African banks, would allow a waiver to give it
some breathing room, The Telegraph states.

                  About Petra Diamonds Limited

Petra Diamonds -- http://www.petradiamonds.com-- is an
independent diamond mining group and an increasingly important
supplier of rough diamonds to the international market. The
Company has interests in five producing operations: three
underground mines in South Africa (Finsch, Cullinan and
Koffiefontein), the Kimberley Ekapa Mining joint venture
(including the Kimberley Underground mine and extensive tailings
retreatment operations) and one open pit mine in Tanzania
(Williamson).  It also maintains an exploration programme in
Botswana and South Africa.


X-WIND: Enters Administration After Unsuccessful CVA Efforts
------------------------------------------------------------
Plamena Tisheva at Renewables Now reports that administrators
have been appointed at X-Wind Power Ltd, a UK company created in
2010 to develop and manufacture medium-scale vertical axis wind
turbines.

According to Renewables Now, Quantuma said on Oct. 2 Simon Bonney
and Andrew Hosking from restructuring firm Quantuma were
appointed administrators on Sept. 8 following unsuccessful
efforts to rescue the business through an earlier Company
Voluntary Arrangement.

The administrators are now seeking to sell the intellectual
property rights of X-Wind Power, Renewables Now discloses.
Mr. Bonney said that X-Wind was still in a research and
development (R&D) stage and had not reached the point of
manufacturing and sales, Renewables Now notes.

Quantuma said as part of the Company Voluntary Arrangement, the
management let seven employees, including the directors, go and
sought significant investment into the business, but these
efforts were unsuccessful, Renewables Now relates.



                            *********

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.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2017.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *