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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, February 27, 2015, Vol. 16, No. 42

                            Headlines

A U S T R I A

HYPO ALPE-ADRIA: Austrian Opposition Calls for Investigation


F R A N C E

ELIS SA: S&P Raises CCR to 'BB' on Successful IPO; Outlook Stable


I R E L A N D

BOSPHORUS CLO I: Fitch Assigns 'Bsf' Rating to Class F Notes
BOSPHORUS CLO I: S&P Assigns 'B' Rating to Class F Notes
HARVEST CLO XI: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
IRISH BANK: Insolvency Won't Be Detected Today
ODESSA: Circuit Civil Court Appoints Interim Examiner


I T A L Y

FINMECCANICA SPA: Sale to Improve Financial Profile, Fitch Says
GAMENET SPA: Moody's Lowers CFR to 'B2', Outlook Stable


L U X E M B O U R G

GATEWAY IV: S&P Raises Rating on Class S-Combo Notes to BB+p


N E T H E R L A N D S

DUCHESS VII: Moody's Affirms B1 Rating on EUR15MM Class E Notes
RHODIUM 1: Moody's Raises Rating on EUR12.5MM D Notes to Caa2


P O R T U G A L

BANCO BPI: Fitch Puts 'BB+' IDR on CreditWatch Evolving


R O M A N I A

RAIFFEISEN BANK: Moody's Keeps Downgrade Review on Ba1 Ratings


S P A I N

BBVA RMBS 2: S&P Lowers Rating on Class C Notes to 'B-'
CAIXABANK SA: Fitch Affirms 'BB' Rating on Upper Tier 2 Debt
CRITERIA CAIXAHOLDING: Fitch Affirms 'BB+' Sub. Debt Rating
GC FTPYME 4: S&P Affirms 'D' Rating on Class E Notes
HIPOCAT 11: Moody's Cuts Rating on EUR733.4MM A2 Notes to Ba3

TDA CAM 8: S&P Affirms 'D' Ratings on 3 Note Classes


S W I T Z E R L A N D

TRANSOCEAN INC: Moody's Assigns Ba1 CFR & Cuts Note Rating to Ba1


U K R A I N E

FERREXPO FINANCE: Fitch Assigns 'CCC' Rating to USD160.7MM Bonds


U N I T E D   K I N G D O M

KELDA FINANCE: Fitch Affirms 'BB' Issuer Default Rating
KENMARE RESOURCES: Gets Debt Restructuring Deadline Extension
MACH-AIRE: Former Boss Sad to see 70 Redundancies at Firm
MOBILITY RENTAL: In Administration, Cuts 22 Jobs
MOUCHEL: Still in Take-Over Talks With Kier

MTL GROUP: WEC Group Buys Firm, 135 Jobs Saved
RESIDENTIAL MORTGAGE 28: Moody's Rates Class E Notes (P)Ba2


X X X X X X X X

* BOOK REVIEW: Landmarks in Medicine - Laity Lectures


                            *********


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A U S T R I A
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HYPO ALPE-ADRIA: Austrian Opposition Calls for Investigation
------------------------------------------------------------
Michael Shields at Reuters reports that a leading Austrian
opposition politician has called for a parliamentary
investigation into Hypo Alpe Adria's collapse to recommend that
the bad bank winding down its assets be declared insolvent to
protect taxpayers from mounting costs.

According to Reuters, financial markets and ratings agencies are
watching closely for Austria's stance on the Heta Asset
Resolution wind-down vehicle after the government last year
imposed losses on some holders of Hypo subordinated debt despite
guarantees from its home province of Carinthia.

"I think we have to organise an orderly bankruptcy," Greens
deputy leader Werner Kogler told ORF radio on Feb. 23 ahead of
the formal launch of the investigation on Feb. 25, Reuters
relays.

Austria set up Heta last year, ignoring opposition calls for it
to allow the bank it nationalised in 2009 to go bust, Reuters
says. Hypo hit the wall after a decade of unbridled expansion
fuelled by debt guarantees that Carinthia was never placed to
honour, according to Reuters.

Reuters reports that the investigation seeks to assign political
blame for the country's worst postwar financial scandal, but
Kogler said it could also try to head off more costs to taxpayers
who have provided EUR5.5 billion ($6.23 billion) in Hypo aid so
far.

"The same people (bond investors) who by injecting billions
helped to make the bank disaster possible now want it all back
from taxpayers with principal and interest. I find that obscene,"
Reuters quotes Mr. Kogler as saying. A Heta insolvency, he said,
could save taxpayers more than EUR10 billion.

Austria's finance ministry won't comment on the way forward
before outside auditors value assets that stood at about EUR18
billion when Heta was set up but are now thought to be worth
billions less, Reuters notes. The audit is due for completion by
the end of April, a ministry spokesman said, Reuters relays.

Thomson Reuters data show Heta has 69 debt issues worth
EUR8.3 billion, including senior notes worth EUR470 million due
on March 6 and EUR500 million on March 20, raising questions
about equal treatment of debtholders should Austria decide to
pull the plug on Heta.



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F R A N C E
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ELIS SA: S&P Raises CCR to 'BB' on Successful IPO; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit rating on French textile and
appliances rental provider ELIS SA (Elis) to 'BB' from 'B+'.  The
outlook is stable.

At the same time, Standard & Poor's raised its ratings on these
issues:

   -- Novalis S.A.S.' EUR450 million senior secured notes due
      2018 to 'BB'.  The recovery rating on this instrument is
      '3'.

   -- Elis' remaining EUR228 million private senior subordinated
      notes due 2018 to 'B+'.  The recovery rating on this
      instrument is '6'.  At the issuer's request, S&P
      subsequently withdrew the ratings on this debt instrument.

S&P has removed the above ratings from CreditWatch positive,
where it initially placed them on Sept. 16, 2014.

Furthermore, Standard & Poor's assigned its 'BB' ratings to the
group's bank instruments due February 2020:

   -- The new EUR200 million revolving credit facility.
   -- The new EUR650 million senior facilities agreement (SFA).

The upgrade reflects the overall reduction in Elis' debt burden
following completion of its IPO.  The group has raised EUR720
million in net proceeds, out of which EUR50 million was realized
through a secondary sale by owner Eurazeo.  It has allocated the
proceeds to repayment of the following debt instruments:

   -- A partial EUR363 million repayment of the former SFA, while
      it put in place new EUR650 million term facilities and a
      EUR200 million revolving credit facility.

   -- A partial repayment of senior subordinated notes, leaving
      about EUR228 million outstanding.

   -- A EUR92 million cash repayment of the EUR173 million
      payment in kind (PIK) instrument issued at the level of
      Legendre Holding 27, while Elis' remaining obligation was
      converted to equity as part of the transaction.

S&P considers that Elis' credit metrics will be comfortably
established in the "aggressive" category.  S&P expects funds from
operations (FFO) to debt at about 18% and total debt to EBITDA
down to about 4.0x by year-end 2015 (from 5.6x as of Sept. 30,
2014).  Standard & Poor's adjusted debt encompasses our standard
adjustments for operating leases, pensions, and unamortized debt
issuance costs for an aggregate amount of EUR168 million.

S&P understands that there is potential for a further EUR112
million of inflows, should the greenshoe option, valid until
March 12, 2015, be executed.  Under this scenario, Eurazeo's
ownership of Elis would be further reduced to 41.4% (from 49%
currently), although it would remain the company's largest
shareholder.  While S&P still assess Elis as a financial-sponsor-
owned company, S&P has revised upward its opinion of the
financial policy to FS-5.  This is because S&P believes that
Elis' financial policy will be somewhat less aggressive, as
indicated by management's commitment to sustain the deleveraging
process, targeting net debt to EBITDA of 2.0x-2.5x by 2017.
Furthermore, S&P expects the interests of all stakeholders to be
adequately represented, since 50% of the board will be
independent, likely rising to 55% if the greenshoe option is
executed.

"We continue to assess Elis' business risk profile as
"satisfactory," given the group's concentration in the French
market.  The recent acquisition of the Brazilian entities has
brought some diversification, accounting for 7% of the group's
revenues as of Sept. 30, 2014.  We consider that some downside
risks have arisen with the recent litigation affecting Elis'
Brazilian entities.  This triggered an increase in provisions to
a still small amount of EUR16 million as of Sept. 30, 2014.
Moreover, Elis operates in a fragmented and competitive industry
and focuses on Western European markets, where we anticipate that
economic conditions will continue to be sluggish through 2015.
This is mitigated by the company's leading positions in its key
operating segments.  Its resilient and healthy EBITDA margins, at
about 30%, which we consider to be higher than the industry
average, provide further support to the group's business risk
profile," S&P said.

The stable outlook reflects S&P's expectation that the group will
maintain an adjusted EBITDA margin in excess of 30% and credit
metrics commensurate with an aggressive financial risk profile.
While S&P anticipates some erosion in the EBITDA margin in 2014
on account of the integration of the less-profitable Brazilian
entities, S&P anticipates that it will progressively ramp up as
know-how and gains in operating efficiencies are transferred to
the newly acquired entities.  S&P expects FFO to debt to remain
in excess of 15%, while total debt to EBITDA is likely to be in
the range of 3.5x-4.0x by Dec. 31, 2015.

A positive rating action could occur if the group integrates its
Brazilian entities quicker than S&P anticipates, leading to a
sound improvement in the EBITDA margin and strong FFO generation.
A stronger-than-anticipated recovery of the French market,
contributing to a further strengthening of the EBITDA margin
beyond its historical level of 36% and resulting in FFO to debt
well established beyond 20%, could also trigger a positive rating
action.

A negative rating action could come from acceleration of
litigation affecting the Brazilian entities, significantly
harming the company's brand and leading to the closing of key
contracts and deterioration in credit metrics, with FFO to debt
dropping to 10%-12%.  A heavily debt-funded acquisition,
alongside material return to shareholders, translating into total
debt to EBITDA in excess of 5x, could also lead to a negative
rating action.



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BOSPHORUS CLO I: Fitch Assigns 'Bsf' Rating to Class F Notes
------------------------------------------------------------
Fitch Ratings has assigned Bosphorus CLO I Limited's notes final
ratings as:

Class A: 'AAAsf'; Outlook Stable
Class B: 'AA+sf'; Outlook Stable
Class C: 'Asf'; Outlook Stable
Class D: 'BBBsf'; Outlook Stable
Class E: 'BBsf'; Outlook Stable
Class F: 'Bsf'; Outlook Stable
Subordinated notes: not rated

Bosphorus CLO I Limited is a static cash flow collateralized loan
obligation (CLO).

KEY RATING DRIVERS

Static Portfolio

The portfolio was 100% ramped at closing.  The manager is only
allowed to sell credit impaired and defaulted obligations.  Any
principal proceeds will be used to redeem the notes.

Higher Obligor Concentration

The transaction is exposed to higher obligor concentration than
other CLO transactions with the presented portfolio consisting of
57 assets from 45 obligors.  The largest obligor represents 2.61%
and the largest 10 obligors represent 26.08% of the portfolio
notional.

Shorter Risk Horizon

The transaction's weighted average life is 5.68 years and the
legal final maturity is set in November 2023.  The shorter risk
horizon means the transaction is less vulnerable to underlying
prices, and economical and asset performances.

Portfolio Credit Quality

The average credit quality of obligors is in the 'B'/'B-' range
with the weighted average rating factor of the portfolio 34.42.
Fitch has credit opinions or public ratings on 100% of the
identified portfolio.  There are no 'CCC' rated assets in the
portfolio.

High Recovery Expectations

The portfolio comprises senior secured loans and bonds.  Recovery
prospects for these assets are typically more favorable than for
second-lien, unsecured, and mezzanine assets.  Fitch has assigned
Recovery Ratings for all assets in the presented portfolio.

First Time Manager

Commerzbank Debt Fund Management, an independent and segregated
division of Commerzbank AG (A+/Negative/F1+), has not previously
issued a CLO.  It commenced activities in 2007 and has been
managing loan funds since 2009.  As of October 2014, its assets
under management were EUR830m.

TRANSACTION SUMMARY

Net proceeds from the notes were used to purchase a EUR230m
portfolio of euro-denominated 90.2% leveraged loans and 9.8%
bonds.  The transaction is static and the investment advisor is
Commerzbank Debt Fund Management.

The transaction documents may be amended subject to rating agency
confirmation or note-holder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the then current 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 the confirmation to
be given if Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the expected obligor default probability would
lead to a downgrade of one to three notches for the rated notes

A 25% reduction in expected recovery rates would lead to a
downgrade of one to four notches for the rated notes.


BOSPHORUS CLO I: S&P Assigns 'B' Rating to Class F Notes
--------------------------------------------------------
Standard & Poor's Ratings Services has assigned credit ratings to
Bosphorus CLO I Ltd.'s class A, B, C, D, E, and F secured
deferrable and non-deferrable floating-rate notes.  At closing,
Bosphorus CLO I also issued unrated subordinated notes.

Bosphorus CLO I is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of senior secured
loans and bonds granted to speculative-grade European corporates.
Commerzbank AG, London branch manages the transaction.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event.  Following
this, the notes switch to semiannual payment.

Since this is a static transaction, the portfolio was fully
ramped up at closing, with no reinvestment or discretionary
trading permitted thereafter.  However, the portfolio manager
will identify and may dispose of credit-impaired and defaulted
assets during the transaction's life.

At closing, S&P understands that the portfolio represented a
well-diversified pool of corporate credits, with a fairly uniform
exposure to all of the credits.  Therefore, S&P has conducted its
credit and cash flow analysis by applying its criteria for
corporate cash flow collateralized debt obligations.

In S&P's cash flow analysis, it used a portfolio target par
amount of EUR230.04 million, using the actual weighted-average
spread (4.09%), and the actual weighted-average recovery rates at
each rating level.

The rated notes benefit from the par value ratio tests.  These
ratios track the degree to which the performing collateral is
sufficient to repay principal to the debt investors.  Once the
par value ratios fall below certain documented minimum levels,
the transaction redirects available interest and principal
proceeds, if required, toward the redemption of senior
liabilities.

The numerator of the par value ratios is adjusted to reflect the
quality of the performing assets.  For example, loans rated 'CCC'
(above a certain threshold) and loans that have defaulted are
included in the numerator of the par value ratios at less than
full par value.

The Bank of New York Mellon, London branch is the bank account
provider and custodian.  The participants' downgrade remedies are
in line with S&P's current counterparty criteria.

S&P considers the issuer to be bankruptcy-remote under its
European legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

RATINGS LIST

Ratings Assigned

Bosphorus CLO I Ltd.
EUR233.40 Million Secured Deferrable And Non-Deferrable
Floating-Rate Notes

Class            Rating               Amount
                                    (mil. EUR)

A                AAA (sf)             135.40
B                AA+ (sf)              24.60
C                A+ (sf)               17.50
D                BBB+ (sf)             14.10
E                BB (sf)               15.00
F                B (sf)                 6.90
Subordinated     NR                    19.90

NR--Not rated.


HARVEST CLO XI: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XI Limited notes expected
ratings, as:

Class A-1: 'AAA(EXP)sf'; Outlook Stable
Class A-2 'AAA(EXP)sf'; Outlook Stable
Class B-1: 'AA+(EXP)sf'; Outlook Stable
Class B-2: 'AA+(EXP)sf'; Outlook Stable
Class C: 'A+(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated

The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.

Harvest CLO XI Limited is an arbitrage cash flow collateralized
loan obligation (CLO).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range.  The agency has credit opinions or public ratings
on all of the identified portfolio.  The Fitch-weighted average
rating factor of the initial portfolio is 32.9, compared with the
covenanted maximum of 33.5 for the ratings.  The asset manager is
only able to purchase loans.  Bond purchases are prohibited by
the eligibility criteria to comply with Volcker rule legislation.

High Recovery Expectations

Senior secured loans will comprise at least 90% of the portfolio.
Recovery prospects for these assets are typically more favorable
than for second-lien, unsecured, and mezzanine assets.  Fitch has
assigned Recovery Ratings to all of the assets in the identified
portfolio.  The Fitch-weighted average recovery rating of the
initial portfolio is 70.7, compared with the covenanted minimum
of 68.0.

Tighter Concentration Covenants

Senior secured loan obligor exposure is limited to 2.5% of the
aggregate collateral balance, while unsecured senior and second
lien/mezzanine exposure is subject to a 1.5% limit (both without
exceptions).  The maximum Fitch industry exposure is restricted
to 15% for the largest industry, and 35% for the top three.
These covenants compare favorably with other transactions.

Limited Interest Rate Risk

Unhedged fixed-rate assets cannot exceed 5% of the portfolio,
while the sum of the class A-2 and B-2 fixed rate liabilities
represent approximately 4% of the total.  Consequently, interest
rate risk is naturally hedged for most of the portfolio.

TRANSACTION SUMMARY

Net proceeds from the notes will be used to purchase a EUR400m
portfolio of European leveraged loans.  The portfolio will be
managed by 3i Debt Management Investments Limited.  The
transaction will have a four-year re-investment period scheduled
to end in 2019.

The transaction documents may be amended subject to rating agency
confirmation or noteholder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyze 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 confirmation is considered to be given if
Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the obligor default probability would lead to a
downgrade of up to three notches for the rated notes.

A 25% reduction in expected recovery rates would lead to a
downgrade of up to four notches for the rated notes.


IRISH BANK: Insolvency Won't Be Detected Today
-----------------------------------------------
Clodagh Sheehy at Irish Independent reports that the Banking
Inquiry has heard the insolvency of Anglo Irish Bank, now known
as Irish Bank Resolution, would not be detected today because
auditing standards had not changed in the intervening years.

UCD Professor of Accounting Eamonn Walsh told Deputy Pearse
Doherty that using today's standards Anglo would still appear as
if it were on course for a profit of almost half a million euro,
Irish Independent relates.

"There has been no change in standards so one could reach much
the same conclusion today as one would have reached in 2008",
Irish Independent quotes Mr. Doherty as saying.

The inquiry has also heard how inaction by both the Central Bank
and the Banking Regulator had resulted in "costly failure" and
how political bias may have unduly influenced the decision to
bring in the Bank Guarantee, Irish Independent notes.

According to Irish Independent, the Irish Central Bank and the
Regulator, he said, should have blocked the enormous growth in
property lending by domestic banks and the excessively fast debt
capital inflow at the time.

Economics Professor Gregory Connor from NUI Maynooth said the
Bank Guarantee was "clearly wrong on balance", Irish Independent
relays.

According to Irish Independent, the blanket Bank Guarantee "to an
insolvent banking sector" was also "a very costly error".

At the time, he stressed, the domestic banks on aggregate were
insolvent and the two most insolvent banks, Anglo and Irish
Nationwide, should have been left out of the guarantee and
restructured, Irish Independent recounts.  Giving them the
guarantee was "a very costly error", Irish Independent states.

According to Irish Independent, in response to questions from
Deputy Michael McGrath said he felt "quite strongly" that there
were senior people at Anglo and Irish Nationwide banks knew the
banks were insolvent and the regulatory authorities should also
have known.

                   About Irish Bank Resolution

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

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

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

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

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


ODESSA: Circuit Civil Court Appoints Interim Examiner
-----------------------------------------------------
Saurya Cherfi at The Irish Times reports that Judge Jacqueline
Linnane of the Circuit Civil Court has appointed an interim
examiner to Odessa.

According to The Irish Times, Judge Linnane heard the company
behind the Odessa, of 13/14 Dame Court, Dublin, was unable to pay
its debts and if an examiner was not appointed, it would go into
liquidation, with its 68 employees losing their jobs.

Barrister Ross Gorman said an independent accountant's report on
the business indicated that under a scheme of examinership, the
company, Odessa Club and Restaurant Ltd., had a reasonable
prospect of survival, The Irish Times relates.

Judge Linnane heard that the company owed the Revenue EUR132,192
since January last, including almost EUR78,000 VAT and EUR55,000
PAYE and PRSI, The Irish Times discloses.

The company had debts totaling over EUR1 million and was
insolvent, The Irish Times notes.

According to The Irish Times, Mr. Gorman told the court that
under examinership, Odessa's unsecured creditors would receive
some dividend and may be able to trade profitably with the
company into the future.

Judge Linanne directed the appointment of Joseph Walsh of Hughes
Blake Accountants as interim examiner to the company, The Irish
Times relays.

She also directed the company to advertise its application for
the appointment of an examiner and put on notice Ulster Bank, the
Revenue, Dublin City Council and other creditors, The Irish Times
recounts.

The judge adjourned the matter to a date next month, The Irish
Times says.

Odessa is a Dublin city center club and restaurant.



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FINMECCANICA SPA: Sale to Improve Financial Profile, Fitch Says
---------------------------------------------------------------
Fitch Ratings says the announced sale of Finmeccanica SpA's
(BB+/Negative) transportation division (AnsaldoBreda S.p.A. and
Ansaldo STS S.p.A.) will likely improve the company's overall
financial profile and could lead to the Rating Outlook being
revised to Stable if key ratios recover to levels that are
commensurate with the 'BB+' rating.

Because of its poor financial performance in recent years, the
sale of the transportation division was a necessary but not
sufficient consideration for the outlook to be revised to Stable.
Fitch expects to review the ratings in the coming two to three
months, during which we will study the transaction structure and
discuss with company management its short- to medium-term
operating plan.  In particular, Fitch will focus on the
likelihood and speed of improvement in expected operating and
free cash flows and de-leveraging, all of which are key in our
consideration for revising the company's Outlook to Stable.

As a consequence of the transaction, Finmeccanica will benefit
from the removal of underperforming, non-core assets in rail
signaling, transportation systems and trains, which will allow
management to focus on its aerospace and defense activities, some
of which are undergoing restructuring.  Fitch expects the
proceeds from the disposal to lead to a reduction in net debt of
approximately EUR600 million by end-2015, improving net leverage
by around 0.5x to 3x, while the funds from operations (FFO)
margin is likely to improve by approximately 1% to 9%.  The
group's free cash flow (FCF) should also improve as a result of
the exclusion of the loss-making transportation business.

Finmeccanica's financial performance in recent years has been
weak and not consistent with a 'BB+' rated industrial company.
Likely 2014 gross leverage of over 4.5x, combined with an FFO
margin of under 7% and negative FCF, are not in line with
similarly rated peers and we expect all three ratios to improve
materially over the short- to medium-term in order for the
company to maintain the present rating.  While the disposal of
the transportation business will aid de-leveraging and the group
is currently addressing its cash generation capabilities via a
new plan outlined in January 2015, there remains a risk that
improvements to key metrics may take longer than expected,
leading to a downgrade.

A downgrade could result from FFO-adjusted gross leverage
remaining above 4x (2013: 4.5x, 2014 forecast: 4.4x) on a
sustained basis, the FFO margin falling below 7% (2013: 6.1%,
2014 forecast: 7.6%), consistently negative FCF (2013: -3.2%,
2014 forecast: -0.5%) or further material cash restructuring
charges.

An upgrade is unlikely in the short term, but could result if the
company exhibits the following financial ratios: an FFO adjusted
leverage sustainably below 2.5x (at least two years, with at
least one being historical), an FFO margin sustainably above 9%
(at least two years, with at least one being historical) and
FCF/revenue consistently above 2%.

The sale of Finmeccanica's transportation division involves
AnsaldoBreda, the group's loss-making rail vehicles and train
manufacturing business, excluding certain assets and legacy
contracts, for approximately EUR36 million, as well as a 40%
stake of Finmeccanica in Ansaldo STS, the rail signaling business
that the company owns for EUR480 million (net of cash).  For the
last 12 months (LTM) to September 30, 2014, the transportation
division reported revenue of EUR1.9 billion and an EBITA loss of
EUR60 million.


GAMENET SPA: Moody's Lowers CFR to 'B2', Outlook Stable
-------------------------------------------------------
Moody's Investors Service downgraded to B2 from B1 the corporate
family rating, to B1-PD from Ba3-PD the probability of default
rating and to B2 from B1 the rating of the EUR200 million senior
secured notes due 2018 of Gamenet S.p.A.  The outlook of all
ratings is stable.

The rating action largely reflects Moody's expectation that the
new Italian gaming machine tax will have a negative impact on the
company's earnings leading to a deterioration of its credit
metrics and will significantly weaken its liquidity profile.  The
action also takes into account the uncertainty related to the
regulatory environment in light of the upcoming reform of the
Italian gaming sector.

Under the provisions of 2015 budget law, Gamenet's share of the
new EUR500 million tax on gaming machines is approximately EUR47
million, representing two thirds of its reported EBITDA for the
last twelve months ended September 2014.  The company has little
vertical integration and in theory it could recoup from the other
parties in the value chain such as retailers, gaming machine
managers and manufacturers, the vast majority of the amount upon
renegotiation of the existing profit sharing agreements.
However, there is a high degree of execution risk and uncertainty
associated with (1) the amount Gamenet will able to collect,
which is contingent upon the numerous parties it has to deal with
and ultimately their behavior; and (2) the timing of collection.
The first installment of EUR19 million is due on 30 April and the
second of EUR28 million is due on Oct. 31, 2015.  With cash and
cash equivalent resources of just over EUR30 million at the end
of December 2014, the company's liquidity could become very tight
in case of delays or reduced collection.  Moreover, this
additional cost for the company comes at a time where the trading
conditions remain a challenge.

Gamenet operates in a regulatory environment that has proved to
be highly volatile in the past.  The uncertainty has recently
risen due to the expected reform of the entire gaming sector. The
draft reform law is still evolving and not available for final
review.  However, the current draft seems to include new rules
for gaming machines which will result in a 20% reduction of the
machine estate primarily in non-specialized locations but at the
same time the obligation to replace the remaining machines within
two years potentially with video lottery terminals.  The reform,
to be legislated in the near term, will be full in force from
January 2017.  While the effect on Gamenet of these proposals is
not yet clear, the continuing uncertainty is credit negative for
the whole industry.

The stable rating outlook reflects Moody's expectation that
Gamenet will able to collect in a timely manner a significant
part of the EUR47 million tax and adequately manage its liquidity
over the next 6 to 12 months.

In light of the action, upward pressure on the rating is unlikely
in the medium term, but could be considered if the company's
operating performance substantially improve with clear visibility
of the effect of regulatory and tax changes, resulting in a
Moody's adjusted leverage metric falling sustainably below 4x
whilst maintaining positive free cash flow and adequate
liquidity.

A downgrade of the ratings could occur if Gamenet is unable to
limit the impact of the new fiscal regime further weakening its
liquidity profile.  A downgrade could also occur if adjusted
debt/EBITDA trends above 5x, if free cash flow turns negative, or
there are further adverse regulatory actions on the sector.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.  Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Gamenet S.p.A is the fourth largest gaming machine concessionaire
in Italy.  The company generated EUR532 million of revenues and
EUR67 million of reported EBITDA for the last twelve month ended
September 2014.  All the company's earnings were generated in
Italy.



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


GATEWAY IV: S&P Raises Rating on Class S-Combo Notes to BB+p
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Gateway IV-Euro CLO S.A.'s class A2, B, C, D, E, R-Combo,
S-Combo, and T-Combo notes.  At the same time, S&P has affirmed
its rating on the class A1 notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated November
2014 and the application of its relevant criteria.

"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes.  The BDR
represents our estimate of the maximum level of gross defaults,
based on our stress assumptions, that a tranche can withstand and
still fully repay the noteholders.  We used the portfolio balance
that we consider to be performing, the reported weighted-average
spread, and the weighted-average recovery rates that we
considered to be appropriate.  We incorporated various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
combined with different interest stress scenarios as outlined in
our criteria," S&P said.

"Since the end of the reinvestment period in April 2013, the
issuer has used all scheduled principal proceeds to redeem the
notes in the transaction's documented priority of payments.  The
collateral pool's reported weighted-average spread has decreased
to 3.78% from 4.01% since our previous review, compared with a
covenanted spread of 2.75%.  This reduction has generally caused
the BDRs to decrease.  At the same time, with the transaction now
having a shorter period until maturity and the average portfolio
rating being unchanged since our previous review, the scenario
default rates (SDRs) have reduced for each rating category--
resulting in tranches passing at higher rating levels.  The SDR
is the minimum level of portfolio defaults that we expect each
tranche to be able to support the specific rating level using our
CDO Evaluator," S&P added.

The underlying portfolio includes a small exposure to assets
domiciled in lower-rated sovereigns (rated below 'A-') that
exceed 10% of the aggregate collateral balance.  For the purpose
of this review, for the 'AAA' and 'AA' rating categories, S&P has
not given credit to 0.24% of the assets in its cash flow model.

Taking into account the results of S&P's credit and cash flow
analysis, it consider the available credit enhancement for the
class A2 to T-Combo notes to be commensurate with higher ratings
than those previously assigned.  S&P has therefore raised its
ratings on these classes of notes.

S&P's cash flow results indicate that the available credit
enhancement for the class A1 notes is commensurate with the
currently assigned 'AAA (sf)' rating.  S&P has therefore affirmed
its 'AAA (sf)' rating on the class A1 notes.

Gateway IV-Euro CLO is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.  The transaction closed in
March 2007.

RATINGS LIST

Class        Rating            Rating
             To                From

Gateway IV - Euro CLO S.A.
EUR439 Million Floating-Rate Notes

Ratings Raised

A2           AAA (sf)          AA+ (sf)
B            AAA (sf)          AA (sf)
C            AA+ (sf)          A (sf)
D            A+ (sf)           BBB- (sf)
E            BBB (sf)          BB (sf)
R-Combo      AA+p (sf)         Ap (sf)
S-Combo      BB+p (sf)         BBp (sf)
T-Combo      BB+p (sf)         B+p (sf)

Rating Affirmed

A1           AAA (sf)



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


DUCHESS VII: Moody's Affirms B1 Rating on EUR15MM Class E Notes
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings on the following
notes issued by Duchess VII CLO B.V.:

  -- EUR35 million Class B Second Priority Deferrable Secured
     Floating Rate Notes due 2023, Upgraded to Aa1 (sf);
     previously on Apr 28, 2014 Upgraded to Aa2 (sf)

  -- EUR25 million Class C Third Priority Deferrable Secured
     Floating Rate Notes due 2023, Upgraded to A1 (sf);
     previously on Apr 28, 2014 Upgraded to A2 (sf)

  -- EUR32.5 million Class D Fourth Priority Deferrable Secured
     Floating Rate Notes due 2023, Upgraded to Baa3 (sf);
     previously on Apr 28, 2014 Affirmed Ba2 (sf)

  -- EUR10 million Class O Combination Notes due 2023, Upgraded
     to Aa3 (sf); previously on Apr 28, 2014 Upgraded to A1 (sf)

  -- EUR7 million Class W Combination Notes due 2023, Upgraded to
     A3 (sf); previously on Apr 28, 2014 Upgraded to Baa1 (sf)

Moody's also affirmed the ratings on the following notes issued
by Duchess VII CLO B.V.:

  -- EUR190 million (EUR116.768M outstanding balance) Class A-1
     First Priority Senior Secured Floating Rate Notes due 2023,
     Affirmed Aaa (sf); previously on Apr 28, 2014 Affirmed Aaa
    (sf)

  -- EUR15 million Class E Fifth Priority Deferrable Secured
     Floating Rate Notes due 2023, Affirmed B1 (sf); previously
     on Apr 28, 2014 Affirmed B1 (sf)

  -- EUR150 million (EUR115.819M outstanding balance -- the GBP
     balance converted at the Initial Exchange Rate of 1.47855)
     First Priority Senior Secured Floating Rate Variable Funding
     Notes due 2023, Affirmed Aaa (sf); previously on Apr 28,
     2014 Affirmed Aaa (sf)

Duchess VII CLO B.V., issued in December 2006, is a multi-
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly senior secured European loans. The portfolio
is managed by Babson Capital Management (UK) Limited (formerly
known as Babson Capital Europe Limited). This transaction passed
its reinvestment period in November 2013.

According to Moody's, the rating actions taken on the notes
result from the deleveraging since last rating action in April
2014.

Since the last rating action the class A-1 and the Variable
Funding notes have paid down EUR88.9 million.  As a result of
such deleveraging, the over-collateralization (OC) ratios have
increased.  As of the trustee report dated December 2014, the
Senior, B, C, D and E OC ratios are reported at 157.7%, 137.0%,
125.3%, 112.8% and 107.8% respectively, versus February 2014
levels of 140.7%, 127.0%, 118.8%, 109.5% and 105.7%.

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity.  For Class
W, the 'Rated Balance' is equal at any time to the principal
amount of the Combination Note on the Issue Date increased by a
Rated Coupon of 0.25% per annum respectively, accrued on the
Rated Balance on the preceding payment date minus the aggregate
of all payments made from the Issue Date to such date, either
through interest or principal payments.  For Class O, the 'Rated
Balance' is equal at any time to the principal amount of the
Combination Note on the Issue Date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments.  The Rated Balance may not
necessarily correspond to the outstanding notional amount
reported by the trustee.

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 analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR257.8 million
and GBP73.1 million, defaulted par of EUR6.6 million, a weighted
average default probability of 21.9% (consistent with a WARF of
2,984), a weighted average recovery rate upon default of 46.9%
for a Aaa liability target rating, a diversity score of 36 and a
weighted average spread of 4.26%.The GBP-denominated liabilities
are naturally hedged by the GBP assets.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool.  The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool.  For a Aaa liability target rating,
Moody's assumed a recovery of 50% for the 91.1% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% for the remaining non-first-lien loan
corporate assets upon default.  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.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

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 in
the portfolio.  Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
were within two notches of the base-case result.

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 amortization: The main source of uncertainty in this
   transaction is the pace of amortization of the underlying
   portfolio, which can vary significantly depending on market
   conditions and have a significant impact on the notes'
   ratings.  Amortization 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 amortization 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-
   collateralization 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 analyzed 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.

- Foreign currency exposure: The deal has a significant exposure
   to non-EUR denominated assets.  Volatility in foreign exchange
   rates will have a direct impact on interest and principal
   proceeds available to the transaction, which can affect the
   expected loss of rated tranches.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations.  These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio.  All information available
to rating committees, including macroeconomic forecasts, input
from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, can influence the final rating decision.


RHODIUM 1: Moody's Raises Rating on EUR12.5MM D Notes to Caa2
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the following
notes issued by Rhodium 1 B.V.:

  -- EUR23.8 million (current outstanding balance of EUR8.8M) B
     Notes, Upgraded to Aa1 (sf); previously on Sep 9, 2013
     Upgraded to Aa2 (sf)

  -- EUR18.6 million C Notes, Upgraded to A3 (sf); previously on
     Sep 9, 2013 Upgraded to Baa3 (sf)

  -- EUR12.5 million (current outstanding balance of EUR9.8M) D
     Notes, Upgraded to Caa2 (sf); previously on Sep 9, 2013
     Affirmed Caa3 (sf)

This transaction is a static cash CDO of European Structured
Finance ("SF") assets, including exposure to 84.61% of RMBS,
13.25% of CLO and 2.14% of ABS.

The rating actions on the notes are a result of the material
improvement in the credit quality of the collateral and the
deleveraging of the Class B notes.

In the last 12 months around 61% of the assets in the pool have
been upgraded or placed under review for upgrade and on an
average the magnitude of the upgrades was 3 notches.  In
particular Moody's notes that on the 23rd of January 2015 the
Italian, Spanish and Portuguese assets including in the
portfolio, representing 24.8% of the collateral, were upgraded or
placed under review for upgrade following the revision of the
methodology on country ceilings and the new ceilings applied to
euro area countries.  For more information on the underlying
rating action please refer to the action "Moody's takes rating
actions on Irish, Italian, Portuguese, Spanish ABS/RMBS deals"
published on Moodys.com.

Class B has amortized by EUR11.6 million (or 56.8%) in the last
12 months, from EUR20.4 million in the January 2014 report, to
the current EUR8.8 million in the January 2015 report, used for
this rating action.  As a result of the deleveraging, the over-
collateralization ratios have also increased.  As of the latest
trustee report dated January 31, 2015, the Class A/B/C and D
overcollateralization ratios are at 144.77% and 106.80%,
respectively, versus January 2014 levels of 131.20% and 104.12%.

The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in March 2014.

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes:

  (1) Large Exposures Stress Test - Moody's considered a model
      run where the ratings of the two biggest exposures
      constituting approximately 29% of the pool were notched
      down by two notches.  The model output for this run differs
      from the base run by 1 notch.

  (2) Watchlist Sensitivity - Moody's considered a model run
      where the asset under review for upgrade is assumed to be
      at current level or 1 notch higher as opposed to the
      standard assumption of a 2 notch upgrade as per the
      methodology.  The model output for these runs differs from
      the base run by 1 notch.

  (3) Weighted average spread (WAS) Sensitivity - Moody's
      considered a model run where the WAS generated by the
      collateral was reduced to 1% from the 1.55%.  Given the
      repayment feature on Class D, which is based on available
      excess spread, Moody's has also run scenarios testing
      sensitivity to various amounts of excess spread available.
      The model output for these runs differs from the base run
      by 1 notch.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of 1) uncertainty about credit conditions in the
general economy 2) divergence in the legal interpretation of CDO
documentation by different transactional parties due to or
because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

  - Portfolio amortization: The main source of uncertainty in
    his transaction is the pace of amortization of the underlying
    portfolio, which can vary significantly depending on market
    conditions and have a significant impact on the notes'
    ratings.  Amortization could accelerate as a consequence of
    high prepayment levels or collateral sales by the collateral
    manager.  Fast amortization 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-
   collateralization 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.
   Recoveries 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 R T U G A L
===============


BANCO BPI: Fitch Puts 'BB+' IDR on CreditWatch Evolving
-------------------------------------------------------
Fitch Ratings has placed Portuguese-based Banco BPI, S.A.'s Long-
term Issuer Default Ratings (IDR) of 'BB+' on Rating Watch
Evolving (RWE) and Short-term IDR on Rating Watch Positive (RWP)
following CaixaBank, S.A.'s (BBB/Positive) announcement on 17
February 2015 of a voluntary tender offer for all Banco BPI's
outstanding shares.  Banco BPI's Viability Rating of 'bb' is
unaffected.

KEY RATING DRIVERS - IDRS, SENIOR DEBT, SUPPORT RATING (SR) AND
SUPPORT RATING FLOOR (SRF)

The RWE on Banco BPI's Long-term IDR reflects Fitch's view that
there are two possible scenarios.

There is rating upside potential as a result of a change in
support dynamics from sovereign to institutional support in case
the offer results in Caixabank taking control of Banco BPI.
Under this scenario, Fitch believes Banco BPI's IDRs would be
notched down from CaixaBank's based on parent support.

However, the RWE also reflects rating downside potential if the
offer is not successful.  Under this scenario, Banco BPI's Long-
term IDR, senior debt, SR and SRF would be under pressure as
previously highlighted by the Negative Outlook.  In Fitch's view,
following the implementation of the EU's Bank Recovery and
Resolution Directive (BRRD) and the Single Resolution Mechanism
(SRM), it is likely that sovereign support, while possible, can
no longer be relied upon.

The RWP on the 'B' Short-term IDR reflects rating upside
potential in the event of CaixaBank obtaining a controlling
majority stake. If the tender offer is not successful, the Short-
term IDR will be unchanged.

RATING SENSITIVITIES - IDRS, SENIOR DEBT, SR AND SRF

Fitch expects to resolve the RWE on the Long-term IDR and senior
debt ratings and the RWP on the Short-term IDR once sufficient
information on the transaction is available, most likely during
2Q15.  Fitch views the removal of the voting cap, currently set
at 20%, as a key milestone for the success of the acquisition.
The agency expects Banco BPI's next shareholders meeting, which
is expected to decide on the removal of the voting cap, to be
convened by April.

Under a successful tender offer scenario, Fitch expects to
incorporate potential support from CaixaBank into Banco BPI's
ratings.  The extent of the support will depend on CaixaBank's
ability, as reflected by its Long-term IDR, and propensity to
support its subsidiary.  The analysis of the strategic importance
of Banco BPI for CaixaBank will define the degree to which Fitch
will notch Banco BPI's ratings down from CaixaBank's.  In case
CaixaBank manages to obtain an ample majority stake in Banco BPI,
Fitch would likely regard Banco BPI of strategic importance for
the parent, thus reflecting a high probability of support. Banco
BPI's Long-term IDR would then likely be notched down once from
CaixaBank.  Looser control scenarios could lead to a notching
down of two notches of Banco BPI's rating from that of CaixaBank.
Fitch expects to withdraw Banco BPI's SRF if CaixaBank ends up
controlling Banco BPI, as institutional support will become the
more likely source of external support for the bank.  Fitch does
not assign SRFs to banks whose IDRs are driven by institutional
support.

If the offer is unsuccessful, Banco BPI's Long-term IDR is
sensitive to further progress made in the implementation of BRRD
and SRM, which is likely to result in a revision of the SR and
SRF to '5' and 'No Floor' by end-1H15.  This would result in a
downgrade of Banco BPI's Long-term IDR and senior debt ratings by
one notch to the level of its VR, currently 'bb', unless
mitigating factors arise.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND
PREFERENCE SHARES

The bank's subordinated debt and preference shares have been
placed on RWP to reflect a potential upgrade if Fitch believes
parent support would be used to neutralise non-performance risk
of these instruments, preventing it from hitting loss-absorption
features.  Under these circumstances, Fitch would notch these
securities from the subsidiary's IDR.

KEY RATING DRIVERS AND SENSITIVITIES - SUSBIDIARY AND AFFILIATED
COMPANY

The ratings of Banco Portugues de Investimento (BPI) are
equalised with those of its 100% parent, Banco BPI.  The
equalization is driven by its integration within its parent bank
and the benefits derived from parent support.  Fitch does not
assign a VR to this institution as the agency does not view it as
an independent entity.  The ratings of BPI remain sensitive to
rating action on Banco BPI's IDRs.

The rating actions are:

Banco BPI:

Long-term IDR: 'BB+', placed on RWE
Short-term IDR: 'B', placed on RWP
VR: 'bb', unaffected
SR: '3', placed on RWE
SRF: 'BB+', unaffected
Senior unsecured debt: 'BB+', placed on RWE
Senior unsecured debt short-term rating: 'B', placed on RWP
Lower Tier 2 subordinated debt: 'BB-', placed on RWP
Preference shares: 'B', placed on RWP

Banco Portugues de Investimento:

Long-term IDR: 'BB+', placed on RWE
Short-term IDR: 'B', placed on RWP
SR: '3', placed on RWP



=============
R O M A N I A
=============


RAIFFEISEN BANK: Moody's Keeps Downgrade Review on Ba1 Ratings
--------------------------------------------------------------
Moody's Investors Service maintained the review for downgrade on
Raiffeisen Bank SA's Ba1 long-term deposit and debt ratings, and
affirmed the bank's D- standalone bank financial strength rating
(BFSR).

The decision to maintain the ratings review follows the
conclusion of the review on Raiffeisen Bank's parent, Raiffeisen
Bank International AG (RBI) on Feb. 18, 2015, whereby the rating
agency downgraded RBI's long-term deposit ratings to Baa2 from
Baa1, under review for downgrade, and the BFSR to D- (equivalent
to ba3 BCA), from D (ba2), with a negative outlook.

The ongoing review for downgrade of the bank's long-term deposit
and debt ratings takes into account the adoption of the Bank
Recovery and Resolution Directive (BRRD) in the EU.  In
particular, this reflects that, with the legislation underlying
the new resolution framework now in place and the explicit
inclusion of burden-sharing with unsecured creditors as a means
of reducing the public cost of bank resolutions, the balance of
risk for banks' senior unsecured creditors has shifted to the
downside.  Although Moody's support assumptions are not reduced
for now, the probability has risen that they will be revised
downwards to reflect the new framework.

The agency also considers a high expectation of parental support
from RBI, given the 99.9% ownership and brand association, which,
however, does not lead to notching uplift because Raiffeisen
Bank's standalone BFSR is already at the same level as RBI's.

Raiffeisen Bank's long-term deposit and debt ratings of Ba1
benefit from a two-notch uplift from its BCA of ba3.  This is
based on Moody's assumptions of a high likelihood of government
(systemic) support, owing to Raiffeisen Bank's significant
presence in the Romanian banking system, evident through its
market share in customer loans and deposits of 7.15% and 8.4%,
respectively, as of year-end 2013.

Moody's affirmed the BFSR of D-, (BCA of ba3), with stable
outlook. Raiffeisen Bank's standalone financial strength
continues to be supported by (1) adequate funding characterized
by a broad base of customer deposits, evidenced by the 85% loan-
to-deposit ratio as of year-end 2013; (2) satisfactory
capitalization along with good loss-absorption capacity, with a
Tier 1 ratio of 13.1%; and (3) asset quality better than the
average in the Romanian banking sector, with a NPL ratio of 8.9%.

While Raiffeisen Bank has relatively limited direct financial
linkages with and dependence on RBI, amounting to 0.3% of total
assets, and 9.4% of total liabilities, an overall deterioration
of RBI could have a negative spill-over impact on the bank's
franchise in Romania.  Nevertheless, Moody's assessment is that
these risks are already incorporated in the ba3 BCA, which is at
the same level as the BCA of the parent.

Upward pressure on Raiffeisen Bank's standalone BCA would be
conditional on material improvement in the operating environment,
leading to stronger asset quality and capital adequacy.

A further downgrade of RBI's standalone rating and/or a reduction
in the rating agency's systemic support assumptions could prompt
a downgrade of Raiffeisen Bank's deposit and debt ratings.  In
addition, the bank's ratings could experience downward pressure
as a result of substantial weakening in its profitability,
erosion of its capital base and/or deterioration in asset
quality.

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

Headquartered in Bucharest, Romania Raiffeisen Bank SA had total
assets of US$8.3 billion as of year-end 2013.



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


BBVA RMBS 2: S&P Lowers Rating on Class C Notes to 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
BBVA RMBS 2, Fondo de Titulizacion de Activos' class A2, A3, A4,
and C notes.  At the same time, S&P has affirmed its rating on
the class B notes.

Upon publishing S&P's updated criteria for Spanish residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received in
October 2014.  S&P's analysis reflects the application of its
RMBS criteria and its RAS criteria.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.

S&P's RAS criteria designate the country risk sensitivity for
RMBS as 'moderate'.  Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress.  However, as not all of the
conditions in paragraph 48 of the RAS criteria are met, S&P
cannot assign any additional notches of uplift to the ratings in
this transaction.

The transaction features interest deferral triggers for the class
B and C notes, set at 12% and 10%, respectively, of cumulative
defaults over the closing portfolio balance.  S&P do not expect
either of these interest deferral triggers to be breached in the
near term.

Credit enhancement has increased to 7.6%, from 6.7% in S&P's
previous review.

Class         Available credit
               enhancement (%)
A2                         7.6
A3                         7.6
A4                         7.6
B                          3.6
C                          0.0

The transaction's reserve fund has been fully depleted since
August 2010.

Severe delinquencies of more than 90 days at 0.69% are on average
lower for this transaction than S&P's Spanish RMBS index.
Defaults are defined as mortgage loans in arrears for more than
12 months in this transaction.  Cumulative defaults represent
3.65% of the original mortgage balance.  Prepayment levels remain
low and the transaction is unlikely to pay down significantly in
the near term, in S&P's opinion.

After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and in the weighted-average loss
severity (WALS) for each rating level.

Rating level    WAFF (%)    WALS (%)
AAA                 13.9        36.0
AA                  10.2        31.0
A                    8.3        22.1
BBB                  6.0        17.3
BB                   3.7        14.1
B                    3.1        11.4

The increase in the WAFF is mainly due to an increase in arrears
and adjustment factors that S&P has applied to the original loan-
to-value (LTV) ratios, to seasoned loans, geographical province
concentration adjustments, and jumbo loans under S&P's RMBS
criteria.  The increase in the WALS is mainly due to the
application of S&P's revised market value decline assumptions.
The overall effect is an increase in the required credit coverage
for each rating level.

Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under S&P's RMBS criteria.  In this
transaction, the ratings on the class A2 and A3 notes are
constrained by the rating on the sovereign.

Taking into account the results of S&P's updated credit and cash
flow analysis and the application of its RAS criteria, S&P
considers the available credit enhancement for the class A2 and
A3 notes to be commensurate with lower ratings than those
currently assigned.  S&P has therefore lowered to 'BBB (sf)' from
'BBB+ (sf)' its ratings on the class A2 notes and A3 notes.

S&P considers the available credit enhancement for the class A4
and C notes to be commensurate with lower ratings than those
currently assigned.  S&P has therefore lowered to 'BB+ (sf)' from
'BBB+ (sf)' and to 'B- (sf)' from 'B (sf)' its ratings on the
class A4 and C notes, respectively.

S&P has affirmed its 'BB (sf)' rating on the class B notes as the
available credit enhancement for this class of notes is
commensurate with the currently assigned rating.

In S&P's opinion, the outlook for the Spanish residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when S&P applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and house prices leveling off in 2015.

On the back of improving but still depressed macroeconomic
conditions, S&P don't expect the performance of the transactions
in its Spanish RMBS index to improve in 2015.

S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks.  These
include weak economic growth, high unemployment, and fiscal
tightening.  On the positive side, S&P expects interest rates to
remain low for the foreseeable future.

BBVA RMBS 2 is a Spanish RMBS transaction, which closed in March
2007.  The transaction securitizes a pool of first-ranking
mortgage loans granted to prime borrowers, which Banco Bilbao
Vizcaya Argentaria S.A. originated.  The portfolio is mainly
located in Catalonia, Andalucia, and Madrid.

RATINGS LIST

Class       Rating            Rating
            To                From

BBVA RMBS 2, Fondo de Titulizacion de Activos
EUR5 Billion Residential Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A2          BBB (sf)          BBB+ (sf)
A3          BBB (sf)          BBB+ (sf)
A4          BB+ (sf)          BBB+ (sf)
C           B- (sf)           B (sf)

Rating Affirmed

B           BB (sf)


CAIXABANK SA: Fitch Affirms 'BB' Rating on Upper Tier 2 Debt
------------------------------------------------------------
Fitch Ratings has affirmed CaixaBank, S.A.'s Long-term Issuer
Default Rating (IDR) at 'BBB', Viability Rating (VR) at 'bbb' and
Short-term IDR at 'F2'.  At the same time, the agency has
affirmed the bank's Support Rating (SR) at '2' and Support Rating
Floor (SRF) at 'BBB'.

The Outlook on the Long-term IDR is Positive despite CaixaBank's
announcement on 17 February 2015 of its intent to launch a
voluntary tender offer for the acquisition of the ordinary shares
of Portugal's Banco BPI, S.A. (BPI; BB+/Rating Watch Evolving/bb)
not owned by the bank.

KEY RATING DRIVERS - IDRS, SENIOR DEBT RATINGS AND VR

CaixaBank's IDRs and senior debt ratings reflect the bank's
credit fundamentals, as captured by its VR.  The VR reflects the
bank's sound capitalization despite the recent acquisition of
Barclays Spain, and improving asset quality, although its stock
of problem assets is still large.  Other factors supporting the
bank's VR include modest but improving earnings and robust
funding and liquidity, largely aided by a leading domestic
franchise.

The Positive Outlook reflects a potential rating upgrade,
although a successful completion of the BPI deal would likely
delay an upgrade.

CaixaBank currently has a 44.1% stake in BPI, but its voting
rights are capped at 20% as set out in BPI's by-laws.  The
completion of the BPI deal, which the bank expects by the end of
2Q15, is conditional on i) the removal of the voting cap, which
requires the approval of at least 75% of the shares represented
at BPI's next shareholder meeting, potentially being held by
April 2015; and ii) acceptances of the tender offer exceeding
5.9% that, alongside those of CaixaBank, should result in
majority shareholding.

CaixaBank estimates that the BPI transaction would negatively
affect its CET1 ratio by between 80 bps and 140 bps, depending on
the level of acceptances.  This means an estimated CET1 ratio
ranging between 10.3% and 10.9% (from a pro-forma 11.7% at end-
2014 post Barclays Spain integration).  However, Fitch notes
CaixaBank's commitment to maintain a fully-loaded CET1 ratio of
at least 11% after the potential acquisition of BPI.  This target
is, in Fitch's view, achievable even in the context of a
successfully completed BPI deal, based on Caixabank's flexibility
to generate capital.

Should the BPI deal fail to materialize, CaixaBank's Fitch core
capital (FCC)/weighted risks ratio would remain sound at an
estimated 11.7%, but still at risk from unreserved problem
assets.

While the completion of the BPI transaction would increase
CaixaBank's exposure to a fairly weak, albeit improving,
Portuguese economy (BB+/Positive), Fitch expects any such impact
on factors supporting CaixaBank's VR other than capital to be
limited.  This is because of the moderate size of BPI in relation
to CaixaBank, at about 11% of pro-forma combined assets at end-
2014, but also due to BPI's sound asset quality performance
relative to peers.  In addition, execution risks are mitigated by
management's sound experience in integrating banks and achieving
cost synergies as planned, as well as by the fact that the bank
has been part of the shareholding of BPI since 1995.

Caixabank's asset quality and risk appetite should not be
significantly affected by the potential acquisition of BPI, with
pro-forma non-performing (NPL) and coverage ratios remaining
broadly stable at 9.2% and 57%, respectively, at end-2014.

In Fitch's opinion, this transaction should not affect
Caixabank's efforts in further reducing volumes of problem assets
and its real estate exposure.  The bank has been consistently
cutting back its problem portfolio since mid-2013, aided by
Spain's improving economy and the bank's efforts on recoveries.
This supports Fitch's view that there remains upside rating
potential irrespective of the BPI deal.

Caixabank's reported NPL ratio was 9.7% at end-2014 (13.2%
including foreclosures) and reserves held for these assets were
adequate at 55%.  Real estate-related exposure, at about 14% of
gross loans and foreclosed assets, has reduced by a quarter over
the past two years.  However, CaixaBank's asset quality ratio
still compares unfavorably by international standards, weighing
on its ratings.

CaixaBank's funding structure primarily comprises a large
customer deposit base and covered bonds.  Funding imbalances are
minimal and debt repayments are low in light of ample reserves of
liquid assets.  The integration of Barclays Spain and the
potential BPI deal will, in our view, have an immaterial impact
on the bank's funding and liquidity position.

RATING SENSITIVITIES - IDRS, SENIOR DEBT RATINGS AND VR

CaixaBank's IDRs and senior debt ratings are sensitive to changes
of its VR.

If the BPI deal goes ahead, Caixabank's ratings could be upgraded
over time if capital levels remain sound, asset quality continues
to improve and integration and execution risks prove manageable
and within the targets set by the bank.  Conversely, stronger-
than-expected pressures on Caixabank's financial profile and/or
execution risks could result in the affirmation of the bank's
ratings.

The ratings are also sensitive to further acquisitions in
Portugal, including for example, potentially, that of Novo Banco.
Rating implications of such an acquisition would also depend on
the price and structure of the deal, among other aspects.

Should the deal not go ahead, Fitch considers there to be upside
rating potential if CaixaBank continues to improve its asset
quality and risk appetite through further reductions in problem
assets and real estate portfolios, while maintaining sound
capitalization and becoming less sensitive to unreserved problem
assets.  Sustained improvement in profitability would also
contribute to a rating upgrade.

KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
RATING FLOOR

CaixaBank's SR of '2' and SRF of 'BBB' reflect Fitch's
expectation of a high probability of support from the state to
the bank, if needed.  This is because of CaixaBank's systemic
importance in Spain, with a national deposit market share of
about 15%.

CaixaBank's SRs would be downgraded if Fitch's assumptions weaken
on Spain's ability and/or willingness to support banks in a
timely manner.  Of these, the greatest sensitivity would be
progress made in the implementation of the Bank Recovery and
Resolution Directive and Single Resolution Mechanism, which are
likely to trigger a downgrade of the SR to '5' and a revision of
the SRF to 'No Floor' by end-1H15.  However, any downgrade of the
SR will not affect CaixaBank's IDRs as they are driven by the VR.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND
OTHER HYBRID SECURITIES

Subordinated debt issued by CaixaBank is notched down from
CaixaBank's VR, according to Fitch's assessment of each
instrument's respective non-performance and relative loss
severity risk profile.  The ratings of these debt instruments
have been affirmed in line with the affirmation of the bank's VR;
and are primarily sensitive to a change in the bank's VR.

The rating actions are:

Long-term IDR: affirmed at 'BBB'; Positive Outlook
Short-term IDR: affirmed at 'F2'
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Senior unsecured debt long-term rating: affirmed at 'BBB'
Senior unsecured debt short-term rating and commercial paper:
  affirmed at 'F2'
State-guaranteed debt: affirmed at 'BBB+'
Lower tier 2 subordinated debt: affirmed at 'BBB-'
Upper tier 2 subordinated debt: affirmed at 'BB'


CRITERIA CAIXAHOLDING: Fitch Affirms 'BB+' Sub. Debt Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Spain-based Criteria CaixaHolding,
S.A.U.'s (Criteria) Long-term Issuer Default Rating (IDR) at
'BBB-' with Positive Outlook, Short-term IDR at 'F3' and
Viability Rating (VR) at 'bbb-'.  The rating action follows
CaixaBank, S.A.'s voluntary tender offer for Portugal-based Banco
BPI, S.A. At the same time, the agency has affirmed Criteria's
Support Rating at '5' and Support Rating Floor at 'No Floor'.

The rating action is in line with the rating action taken on
CaixaBank, the main operating subsidiary of Criteria, in a
separate rating action commentary.

KEY RATING DRIVERS - CRITERIA'S IDRS, SENIOR DEBT AND VR

The Long-term IDR of Criteria is based on its VR, which is
primarily driven by the standalone credit profile of CaixaBank as
this is the main asset of Criteria, accounting for around 55% of
its unconsolidated balance-sheet.  Fitch believes that it is
Criteria's intention to remain the long-term controlling owner of
CaixaBank.

There is a one-notch differential between the VRs of Criteria and
CaixaBank to reflect planned dilution of Criteria's ownership in
CaixaBank to 56% from the current 59%, once exchangeable bonds of
Criteria are converted into shares of the bank by 2017.
Criteria's VR also takes into account the company's large equity
holdings in corporates (although these are largely liquid and
listed), double leverage, and the level and structure of its debt
and liquidity position.

Criteria's equity investments in corporates had a book value of
EUR7.5bn at end-2014 (30% of total assets) and the biggest
investments related to a 34.3% stake in Gas Natural SDG, S.A.
(BBB+/Stable), a 19.2% stake in Abertis Infraestructuras S.A.
(BBB+/Stable) and a 5.7% interest in Suez Environnement.  The
holding company also owns a legacy portfolio of real estate
assets that is slowly being managed down.

In accordance with Fitch's criteria for bank holding companies,
Criteria's double leverage stood at close to 90% at end-2014.
However, given the broader range of assets on Criteria's balance-
sheet, various assumptions are made in this calculation.  When
including assets other than the stake in CaixaBank, which Fitch
views as fairly illiquid (primarily unlisted equity investments
and real estate assets), Criteria's double-leverage is at about
115%.

In Fitch's view, Criteria's funding and liquidity management is
adequate.  Net debt totalled EUR8.9 billion as of end-2014,
primarily consisting of retail-placed subordinated debt, senior
debt issuance and bank loans.  There are sizeable debt maturities
in 2019 and 2020 which Fitch expects to be proactively managed.

Fitch assesses the holding company's debt-servicing capabilities
based on potential cash flows from CaixaBank, which the agency
expects to improve as the subsidiary moves towards cash dividends
and earnings grow due to better domestic economic prospects.
Fitch also takes into consideration cash flows derived from Gas
Natural and Abertis, which have been rather steady over the
years. These investments are listed and their valuations remain
above their market values, also supporting Criteria's liquidity.

Criteria has no banking license, but is supervised and regulated
by the banking authorities on a consolidated basis given its
stake in CaixaBank.  At end-2014, the transitional common equity
tier 1 (CET1) ratio was 12.1%, but included large transitional
items from minority interests of CaixaBank and deferred tax
assets that will put CET1 under pressure as they are being phased
out.

RATING SENSITIVITIES - CRITERIA'S IDRS, SENIOR DEBT AND VR

Criteria's IDRs, VR and senior debt ratings remain sensitive to
the same factors affecting CaixaBank's VR.  Criteria's ratings
would also suffer from an ownership dilution in CaixaBank that is
above current expectations, resulting in a loss of control over
CaixaBank and/or changes in the supervision approach of the
group. Downside pressures could also arise from write-downs of
assets and/or higher debt or double leverage.

KEY RATING DRIVERS AND SENSITIVITIES - CRITERIA'S SR AND SRF

Criteria's SR of '5' and SRF of 'No Floor' reflect Fitch's belief
that future support from the state, although possible, cannot be
relied on.  This is because Criteria is a bank holding company
rather than a deposit-taker.

KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND
OTHER HYBRID SECURITIES

Subordinated debt held by Criteria (and previously issued by La
Caixa) is notched down once from its VR to reflect above-average
loss severity relative to senior unsecured debt.  In line with
the affirmation of the VR, subordinated debt ratings have been
affirmed and are broadly sensitive to rating actions taken on
Criteria's VR.

The rating actions are:

Criteria:

Long-term IDR: affirmed at 'BBB-'; Outlook Positive
Short-term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bbb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt long-term rating: affirmed at 'BBB-'
Subordinated debt: affirmed at 'BB+'


GC FTPYME 4: S&P Affirms 'D' Rating on Class E Notes
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes in GC FTPYME PASTOR 4 Fondo de Titulizacion
de Activos.

Upon publishing S&P's updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating (RAS criteria), S&P placed those ratings that could
potentially be affected "under criteria observation".

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

S&P has used data from the September 2014 investor report to
perform its credit and cash flow analysis and has applied its
European small and midsize enterprise (SME) collateralized loan
obligation (CLO) criteria and its current counterparty criteria.
During S&P's analysis, more recent reports (December 2014) were
published, which S&P also considered in its analysis.  For
ratings in this transaction that are above S&P's rating on the
sovereign, S&P has also applied its RAS criteria.

CREDIT ANALYSIS

GC FTPYME PASTOR 4 is a single-jurisdiction cash flow CLO
transaction securitizing a portfolio of SME loans that was
originated by Banco Pastor, S.A. in Spain.

S&P has applied its European SME CLO criteria to determine the
scenario default rate (SDR)--the minimum level of portfolio
defaults that S&P expects each tranche to be able to withstand at
a specific rating level using CDO Evaluator.

To determine the SDR, S&P adjusted the archetypical European SME
average 'b+' credit quality to reflect two factors (country and
originator and portfolio selection adjustments).  The originator
ranking and final pool quality to generate S&P's 'AAA' SDRs are
the same as in our May 24, 2013 review.

S&P has calculated the 'B' SDR, based primarily on its analysis
of historical SME performance data and S&P's projections of the
transaction's future performance.  S&P has reviewed the
originator's historical default data, and assessed market
developments, macroeconomic factors, changes in country risk, and
the way these factors are likely to affect the loan portfolio's
creditworthiness.

S&P interpolated the SDRs for rating levels between 'B' and 'AAA'
in accordance with S&P's European SME CLO criteria.

RECOVERY RATE ANALYSIS

S&P applied a weighted-average recovery rate (WARR) at each
liability rating level by considering the asset type and its
seniority, the country recovery grouping, and the observed
historical recoveries in this transaction.

COUNTRY RISK

S&P's long-term rating on the Kingdom of Spain is 'BBB'.  S&P's
RAS criteria require the tranche to have sufficient credit
enhancement to pass a minimum of a "severe" stress to qualify to
be rated above the sovereign.

CASH FLOW ANALYSIS

S&P used the reported portfolio balance that it considered to be
performing, the principal cash balance, the current weighted-
average spread, and the weighted-average recovery rates that S&P
considered to be appropriate.  S&P subjected the capital
structure to various cash flow stress scenarios, incorporating
different default patterns and timings and interest rate curves,
to determine the rating level, based on the available credit
enhancement for each class of notes under S&P's European SME CLO
criteria.

Under S&P's RAS criteria, it can rate a securitization up to four
notches above its foreign currency rating on the sovereign if the
tranche can withstand "severe" stresses.  However, if all six of
the conditions in paragraph 48 of the RAS criteria are met
(including credit enhancement being sufficient to pass an extreme
stress), S&P can assign ratings in this transaction up to a
maximum of six notches (two additional notches of uplift) above
the sovereign rating.

Since S&P's May 2013 review, available credit enhancement for the
class B notes has increased.  The available credit enhancement
for the class B notes withstands severe stresses in S&P's cash
flow analysis.  However, the lack of a reserve fund in the
transaction raises liquidity risk for the non-deferrable class B
notes.

The downgrade provisions in the servicer agreement (with Banco
Popular Espanol S.A.) do not comply with S&P's counterparty
criteria and the transaction's reserve fund has been fully
depleted.  This may lead to noteholders being exposed to
commingling risk and the associated liquidity risk.  Considering
the class B notes' low note factor (the current balance of the
notes in comparison with the initial balance), and giving benefit
to the seasoning of the transactions, S&P has affirmed its 'A-
(sf)' rating on the class B notes.

The available credit enhancement for the class C notes has also
increased since S&P's May 2013 review.  As the class C notes are
junior in the capital structure, and there is no reserve fund
available to address the liquidity risk in the transaction, S&P
has affirmed its 'B+ (sf)' rating on the non-deferrable class C
notes.  S&P's rating on the class C notes is at the same rating
level as its 'B+' long-term ICR on the servicer, Banco Popular
Espanol.

Given that the rating level for the class D notes is lower than
the sovereign rating, S&P has not applied its RAS criteria.
Based on S&P's credit and cash flow analysis and the application
of its current counterparty criteria, S&P considers the available
credit enhancement for the class D notes to be commensurate with
its currently assigned rating.  S&P has therefore affirmed its
'CCC- (sf)' rating on the class D notes.

On March 7, 2013, S&P lowered to 'D(sf)' its rating on the class
E notes due to missed interest payments.  As interest payments
have been missed on the class E notes and S&P's rating on this
class of notes addresses the timely payment of interest, S&P has
affirmed its 'D(sf)' rating on this class of notes.

Class       Rating            Rating
            To                From

GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
EUR630 Million Asset-Backed Floating-Rate Notes

Ratings Affirmed

B           A- (sf)
C           B+ (sf)
D           CCC- (sf)
E           D (sf)


HIPOCAT 11: Moody's Cuts Rating on EUR733.4MM A2 Notes to Ba3
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings of six notes and
downgraded the ratings of six notes in the four Spanish
residential mortgage-backed securities (RMBS) transactions:
HIPOCAT 6, FTA; HIPOCAT 10, FTA; HIPOCAT 11, FTA and HIPOCAT 17,
FTA.

The rating action concludes the review of eleven notes initiated
on Jan. 23, 2015, following the upgrade of the Spanish country
ceiling to Aa2 from A1

The rating upgrades reflect (1) the increase in the Spanish
local-currency country ceiling to Aa2 and (2) sufficiency of
credit enhancement in the affected transactions for the revised
rating levels.

The rating downgrades reflect that the current credit enhancement
for the notes is not sufficient to mitigate the increased
expected loss assumptions.

The country ceilings reflect a range of risks that issuers in any
jurisdiction are exposed to, including economic, legal and
political risks.  On Jan. 20 2015, Moody's announced a six-notch
uplift between a government bond rating and its country risk
ceiling for Spain.  As a result, the maximum achievable rating
for covered bonds and structured finance transactions was
increased to Aa2 from A1 for Spain.

Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance of the transactions to date.
The assumption of 1.00% and 5.10% over original balance has not
been updated in Hipocat 6, FTA and Hipocat 17, FTA, respectively,
as the performance of the underlying asset portfolios remain in
line with Moody's assumptions.  However, in Hipocat 10, FTA and
Hipocat 11, FTA the Expected Loss assumption as a percentage over
original balance has been increased to 10.70% from 9.90% and to
15.38% from 14.60% due to a worse performance of the underlying
assets than expected.  For Hipocat 10, FTA, the cumulative
defaults have increased to 15.67% from 12.07% over original
balance compared to January 2014.  For Hipocat 11, FTA, the
cumulative defaults have increased to 22.06% from 18.57% over
original balance over the same period.

The MILAN CE has not been updated as part of this review for any
of the four transactions reflecting that updated portfolio
characteristics remain in line with Moody's assumptions.

Hipocat 17, FTA: A sub-portfolio of loans to the amount of
EUR143.6 million, approximately 12.85% of the portfolio balance
at closing, was repurchased from the asset pool on July 16, 2014.
The repurchased loans consisted of a mixture of performing loans,
delinquent loans and defaulted loans.  The principal proceeds
from the sale were allocated to partially repay the senior notes.
In the rating action, Moody's has given credit to the improvement
in credit enhancement levels.  Moody's, forward looking,
collateral assumptions have not been updated as a result of the
removal of the loans.  The repurchased loans in default have
already been written off via the PDL mechanism and reflected in
Moody's cashflow analysis.  The repurchase of delinquent loans
improves the overall delinquency status of the pool, however
Moody's expects a return to previous levels over the coming
quarters.

Moody's rating analysis also took into consideration the exposure
to key transaction counterparties including the roles of
servicer, account bank and swap provider.

The rating action takes into account the servicer commingling
exposure to Catalunya Banc, S.A. (B3, Review for Upgrade/NP) for
the four transactions. Moody's also assessed when revising
ratings the exposure to CECABANK S.A. (Ba3/NP), JPMorgan Chase
Bank, N.A., London Branch (Aa3/(P)P-1) and Catalunya Banc, S.A.
(B3, Review for Upgrade/NP) acting as swap counterparties in the
transactions as well as the exposure to Banco Santander S.A.
(Spain) (Baa1/P-2) acting as issuer account bank in the Hipocat
17, FTA transaction.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.

List of Affected Ratings

Issuer: HIPOCAT 6, FTA

  -- EUR787.6 million A Notes, Upgraded to Aa2 (sf); previously
     on Jan 23, 2015 A1 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR15.7 million B Notes, Upgraded to A2 (sf); previously on
     Jan 23, 2015 Baa2 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR34 million C Notes, Upgraded to Baa2 (sf); previously on
     Jan 23, 2015 Ba2 (sf) Placed Under Review for Possible
     Upgrade

Issuer: HIPOCAT 10, FTA

  -- EUR733.4 million A2 Notes, Downgraded to Ba3 (sf);
     previously on Jan 23, 2015 Baa3 (sf) Placed Under Review for
     Possible Downgrade

  -- EUR300 million A3 Notes, Downgraded to Ba3 (sf); previously
     on Jan 23, 2015 Baa3 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR54.8 million B Notes, Downgraded to Caa3 (sf); previously
     on Jan 23, 2015 Caa1 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR51.8 million C Notes, Downgraded to C (sf); previously on
     Dec 18, 2009 Downgraded to Ca (sf)

Issuer: HIPOCAT 11, FTA

  -- EUR1083.2 million A2 Notes, Downgraded to B2 (sf);
     previously on Jan 23, 2015 B1 (sf) Placed Under Review for
     Possible Downgrade

  -- EUR200 million A3 Notes, Downgraded to B2 (sf); previously
     on Jan 23, 2015 B1 (sf) Placed Under Review for Possible
     Downgrade

Issuer: HIPOCAT 17, FTA

  -- EUR1070.8 million A Notes, Upgraded to Aa2 (sf); previously
     on Jan 23, 2015 A3 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR4.4 million B Notes, Upgraded to Baa3 (sf); previously on
     Jan 23, 2015 Ba3 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR24.8 million C Notes, Upgraded to Caa2 (sf); previously
     on Jan 23, 2015 Caa3 (sf) Placed Under Review for Possible
     Upgrade


TDA CAM 8: S&P Affirms 'D' Ratings on 3 Note Classes
----------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in TDA CAM 7, Fondo de Titulizacion de Activos, TDA CAM
8, Fondo de Titulizacion de Activos, and TDA CAM 9, Fondo de
Titulizacion de Activos.

Specifically, S&P has:

   -- Lowered its ratings on TDA CAM 7's class A2 and A3 notes,
      TDA CAM 8's class A notes, and TDA CAM 9's class A1, A2,
      and A3 notes; and

   -- Affirmed its ratings on TDA CAM 7's class B notes, and the
      class B, C, and D notes in TDA CAM 8 and TDA CAM 9.

Upon publishing S&P's updated criteria for Spanish residential
mortgage-backed securities (RMBS criteria) and S&P's updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".

Following S&P's review of these transactions, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of each transaction's latest payment date.  S&P's analysis
reflects the application of its RMBS criteria and its RAS
criteria.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.

S&P's RAS criteria designate the country risk sensitivity for
RMBS as 'moderate'.  Under S&P's RAS criteria, these
transactions' notes can therefore be rated four notches above the
sovereign rating, if they have sufficient credit enhancement to
pass a minimum of a "severe" stress.  However, as not all of the
conditions in paragraph 48 of the RAS criteria are met, S&P
cannot assign any additional notches of uplift to the ratings in
these transactions.

As S&P's long-term rating on the Kingdom of Spain is 'BBB', S&P's
RAS criteria caps at 'A+ (sf)' the maximum potential rating for
all classes of notes in the three transactions.

All three transactions feature interest deferral triggers, which
are based on the ratio of cumulative gross collateral defaults to
the original pool balance.  These triggers protect the more
senior classes of notes in stressful scenarios.  These triggers
have all been breached.

Credit enhancement has increased slightly for the senior notes in
TDA CAM 7 and 8, and decreased slightly for the senior notes in
TDA CAM 9, since S&P's previous reviews.

Class      Available credit enhancement (%)
                    --Transaction--
               7          8           9
A                       4.4
A1                                  2.0
A2           7.0                    2.0
A3           7.0                    2.0
B            0.0        0.0         0.0
C                       0.0         0.0
D                       0.0         0.0

The transactions feature amortizing reserve funds, which have
been fully depleted in all three transactions.

Cumulative defaults are on average higher for these three
transactions than S&P's Spanish RMBS index.  Defaults are defined
as mortgage loans in arrears for more than 12 months in these
transactions.  Prepayment levels remain low and the transactions
are unlikely to pay down significantly in the near term, in S&P's
opinion.

                         Severe      Cumulative
              delinquencies (%)    defaults (%)
TDA CAM 7                  1.95           11.48
TDA CAM 8                  1.37            9.70
TDA CAM 9                  3.44           14.00

After applying S&P's RMBS criteria to these transactions, its
credit analysis results generally show a decrease in the
weighted-average foreclosure frequency (WAFF) and an increase in
the weighted-average loss severity (WALS) for each rating level.

The decreases in the WAFF are mainly due to S&P's revised
treatment of seasoned loans, geographic concentrations, jumbo
loans, and arrears under S&P's revised Spanish RMBS criteria.
The increases in the WALS are mainly due to the application of
S&P's revised market value decline assumptions.  The overall
effect is an increase in the required credit coverage for each
rating level in each transaction.

Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in these transactions should be the lower of (i)
the rating as capped by S&P's RAS criteria and (ii) the rating
that the class of notes can attain under S&P's RMBS criteria.
S&P's ratings on TDA CAM 7's class A2 and A3 notes, and TDA CAM
8's class A notes are constrained by the rating on the sovereign.

TDA CAM 7's class A2 and A3 notes, and TDA CAM 8's class A notes
benefit from enough credit enhancement to achieve a rating above
the Spanish sovereign rating under S&P's RMBS criteria, but not
enough to withstand the severe stress under S&P's RAS criteria.
Consequently, S&P's ratings on these classes of notes cannot
exceed its rating on the Spanish sovereign.  S&P has therefore
lowered to 'BBB (sf)' from 'A (sf)' its ratings on TDA CAM 7's
class A2 and A3 notes, and TDA CAM 8's class A notes.

S&P's credit and cash flow results indicate that the available
credit enhancement for TDA CAM 9's class A1, A2, and A3 notes is
commensurate with 'BB+ (sf)' ratings.  S&P has therefore lowered
to 'BB+ (sf)' from 'BBB (sf)' its ratings on these classes of
notes.

TDA CAM 7's class B notes, and the class B, C, and D notes in TDA
CAM 8 and TDA CAM 9 are experiencing ongoing interest shortfalls
because of a lack of liquidity, in most cases because of interest
deferral trigger breaches.  S&P has therefore affirmed its 'D
(sf)' ratings on these classes of notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 8% for one-year and three-year
horizons.  This did not result in S&P's rating deteriorating
below the maximum projected deterioration that S&P would
associate with each relevant rating level, as outlined in our
credit stability criteria.

In S&P's opinion, the outlook for the Spanish residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when S&P applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and house prices leveling off in 2015.

On the back of improving but still depressed macroeconomic
conditions, S&P don't expect the performance of the transactions
in its Spanish RMBS index to improve in 2015.

S&P expects severe arrears in the portfolios to remain at their
current levels, as there are a number of downside risks.  These
include weak economic growth, high unemployment, and fiscal
tightening.  On the positive side, S&P expects interest rates to
remain low for the foreseeable future.

TDA CAM 7, 8, and 9 are Spanish RMBS transactions, which closed
between October 2006 and July 2007.  The transactions securitize
first-ranking mortgage loans that Banco CAM S.A.U., which has
merged with Banco de Sabadell, originated.  The pools comprise
loans granted to prime borrowers secured over owner-occupied
residential properties, mainly in Valencia.

RATINGS LIST

Class              Rating
            To                From

TDA CAM 7, Fondo de Titulizacion de Activos
EUR1.75 Billion Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A2          BBB (sf)          A (sf)
A3          BBB (sf)          A (sf)

Rating Affirmed

B           D (sf)

TDA CAM 8, Fondo de Titulizacion de Activos, and
EUR1.713 Billion Residential Mortgage-Backed Floating-Rate Notes

Rating Lowered

A           BBB (sf)          A (sf)

Ratings Affirmed

B           D (sf)
C           D (sf)
D           D (sf)

TDA CAM 9, Fondo de Titulizacion de Activos
EUR1.515 Billion Residential Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A1          BB+ (sf)          BBB (sf)
A2          BB+ (sf)          BBB (sf)
A3          BB+ (sf)          BBB (sf)

Ratings Affirmed

B           D (sf)
C           D (sf)
D           D (sf)



=====================
S W I T Z E R L A N D
=====================


TRANSOCEAN INC: Moody's Assigns Ba1 CFR & Cuts Note Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service downgraded Transocean's senior note
rating to Ba1 from Baa3 to reflect the company's large capital
commitments and Moody's expectation for a significant increase in
leverage as the company enters what it believes could be a
prolonged industry down-cycle.  Moody's also assigned a Ba1
Corporate Family Rating and SGL-1 Speculative Grade Liquidity
Rating.  This action concludes the ratings review that was
initiated on Jan. 6, 2015.

"Transocean has been weakly positioned in its rating for the last
few years as it focused on lingering issues related to Macondo,
increased shareholder payouts, and pursued a strategy to
revitalize its fleet," said Stuart Miller, Moody's Vice President
-- Senior Credit Officer. "While the company has made important
strides to improve operational performance over the last two
years, Moody's believes the rapid drop in oil prices in late 2014
and early 2015, combined with the company's large capital
commitments for the construction of new drilling rigs, has
significantly increased the credit risk to Transocean's bond
holders and we expect leverage to increase materially through
2017 while the market for offshore drilling contractors
deteriorates."

A complete list of the rating actions is as follows:

  -- Corporate Family Rating: assigned Ba1

  -- Probability of Default Rating: assigned Ba1-PD

  -- Senior Unsecured: downgraded to Ba1 LGD 4 -- 51% from Baa3

  -- Loss Given Default Rating: assigned LGD 4 -- 51%

  -- Speculative Grade Liquidity: assigned SGL -- 1

  -- Outlook: Stable

Transocean's Ba1 rating reflects Moody's growing concern that
leverage will increase materially through 2017 in light of
deteriorating market conditions, contract roll-off, and the large
capital commitments that have been made for the construction of
new drilling rigs.  Moody's believes leverage will rise to 5.5x
to 6.0x as EBITDA falls to under $2 billion in 2017 while debt,
including Moody's adjustments, falls marginally to around $11
billion.  To the extent Transocean Partners, LLC is used to raise
equity to pay down debt further, it would come at the expense of
increased organizational complexity and likely structural
subordination of cash flows -- these factors would offset most of
the benefit of lower leverage. Moody's recognizes that the risk
of large future payouts associated with the Macondo incident are
greatly diminished; however, Moody's continues to include a debt
adjustment to provide for the possibility that additional payouts
may be necessary to settle outstanding litigation.

Transocean has begun to address the weakening market conditions
by offering a plan to reduce its dividend and by initiating
another round of cost-cutting measures. However, Moody's believes
that the company has limited or unpalatable options to avoid a
significant increase in leverage over the next few years as rig
contracts expire and dayrates fall.  The issuance of equity at
current market valuations would be highly dilutive and the sale
of under-utilized assets at anything other than fire-sale prices
would be very difficult to achieve in the current over-supplied
offshore rig market.  Transocean's Ba1 rating considers its
market leadership position, its size and scale that is
significantly larger than its closest competitor, and its
reputation for innovation and industry-leading drilling
capabilities. Once the fleet renewal program nears completion in
2017, depending on market conditions, Transocean's credit quality
could improve.  But in the interim, as its balance sheet becomes
more leveraged, its financial flexibility will be reduced and the
older rigs in its fleet will be a drag on financial operating
performance in a very difficult market.

Transocean has very good liquidity at least through the end of
2015 with US$2.9 billion of unrestricted cash and US$3.0 billion
of unused revolving credit facility availability.  However, in
order to maintain leverage at appropriate levels as operating
cash flow falls over the next two to three years, the company may
become more dependent on asset sales, Transocean Partners equity
issuance, and a reduction in the unrestricted cash balance to
reduce outstanding debt, to make scheduled Macondo settlement
payments, and to pay its reduced dividend payout.

To be considered for an upgrade, Moody's would need to have
visibility that leverage is trending lower and is headed towards
4.0x. Its fleet renewal program should also be mostly complete
and committed capital expenditures and dividends should be funded
out of operating cash flow.  Transocean could be downgraded if
leverage is expected to be maintained above 6.0x for an extended
period of time.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014.  Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Transocean Inc. is a leading provider of offshore contract
drilling for oil and gas companies around the world.  The company
is a wholly-owned subsidiary of Transocean Ltd. which is
headquartered in Zug, Switzerland.



=============
U K R A I N E
=============


FERREXPO FINANCE: Fitch Assigns 'CCC' Rating to USD160.7MM Bonds
----------------------------------------------------------------
Fitch Ratings has assigned Ferrexpo Finance Plc's USD160.7
million 10.375% guaranteed amortizing bonds due in 2019 a final
'CCC' senior unsecured rating with a Recovery Rating 'RR4'.  The
first principal repayment is due in April 2018.

The new bonds were issued under an exchange offer in respect of
Ferrexpo's existing USD500 million 7.875% notes due in 2016.
Some USD214.3 million existing notes were exchanged and USD285.7
million remain outstanding.  Cash pre-payment of USD53.6 million
or 25% of the nominal amount of the existing notes was paid for
the exchange.

The bond rating is in line with Ferrexpo's Long-term Issuer
Default Rating (IDR) of 'CCC', which remains constrained by the
Ukrainian Country Ceiling (CCC).  The bonds rank pari passu with
existing senior unsecured debt and benefit from guarantees from
several group companies (together these companies represented 87%
of the group's assets and 95% of adjusted EBITDA in 9M14).  The
notes also include a limitation on liens, restrictions on
dividends (the greater of a 10% dividend yield ratio and USD60m
per annum) and limitations on additional indebtedness (additional
debt/EBITDA threshold set at 2.5x).

The assignment of the final rating follows the receipt of
documents conforming to the information previously received.  The
final rating is the same as the expected rating assigned on
Jan. 19, 2015.

KEY RATING DRIVERS

Ratings Constrained by Country Ceiling

Ferrexpo's ratings are constrained by the Ukrainian Country
Ceiling due to its operating base within the country.  Ukraine
has recently experienced high domestic inflation, followed by
significant hryvnia depreciation (by more than 50% in 2014 versus
the US dollar, 100% YTD in 2015), a brief electricity supply
disruption and a delay in VAT repayment by the state.  With
respect to the ongoing military conflict within the country,
Ferrexpo's operations and transport infrastructure so far have
not been directly impacted by the conflict in the Donbas region,
as all assets are located in the Poltava region, around 425km
north of Donetsk.

Low Iron Ore Price Environment

In December 2014, 62% Fe iron ore prices averaged USD69 per
tonne, down 50% yoy, reflecting oversupply in the market and
expectations of slower demand from the Chinese steel industry.
Fitch expects iron ore prices to stabilize at around USD80 per
tonne in the long term, below the 2014 average price of USD97 per
tonne, which will negatively impact the company's earnings and
credit metrics.  As a pellets producer, Ferrexpo will continue to
benefit from a quality premium over the 62% Fe iron ore, which
has widened over the past six months.  Ferrexpo has recently
completed its USD2 billion modernization and expansion program
and is planning to produce 12 million tonnes of 65% Fe pellets
per year by 2016.

Competitive Cost Producer

Ferrexpo's cost position has moved to the lower second quartile
of the global cost curve.  In 2014, cash costs improved
significantly compared with the previous two years, due to rising
volumes from the ramp-up of the Yeristovo mine and currency
depreciation (50% of operating costs are linked to the hryvnia).
Costs had decreased 22% yoy as of 9M14 and reached USD47 per
tonne, down from USD61 in 9M13 and USD60 in FY12.  Energy costs
represent approximately 50% of total costs and should contribute
to further cost savings, due to recent falls in global oil
prices.

Decreasing but Still Robust Profitability

Fitch expects the company's financial profile to have remained
solid in 2014, with a 33% EBITDA margin (up 1.2 percentage points
yoy).  This is despite a significant reduction in revenues (down
15% yoy), which was offset by currency depreciation.  The ongoing
fall in iron ore prices will erode future EBITDA margins, which
we forecast to decline to 27% in 2016.  Funds from operations
(FFO)-adjusted gross leverage will have increased to 3.9x in 2014
before peaking at 6.0x in 2015 (under Fitch's new iron ore price
deck) but should stabilize at around 2.0x thereafter, due to
reduced capex and positive free cash flow (FCF) generation. FFO-
adjusted gross leverage was 2.7x in 2013.

Rebalanced Maturity Profile

At end-9M14 the company's debt profile was mainly composed of
USD500m 2016 notes offered for exchange, a USD420 million
pre-export finance facility maturing in 2016 and a new USD350
million pre-export finance loan maturing in 2018.  Due to
increased iron ore price volatility in 2H14, the company decided
to proactively manage its debt repayment schedule, by extending
the notes' maturity and progressively reducing absolute debt
levels.

In Fitch's view, the company's liquidity position is adequate for
the next two years, based on our expectation of FCF turning
positive in 2015 and a solid cash balance.  However, liquidity
may be put under pressure in 2016 should iron ore prices remain
materially under USD80 per tonne.

KEY ASSUMPTIONS

   -- Fitch iron ore price deck: USD65/t in 2015, USD75/t in
      2016, USD80/t in the long term

   -- Forecast price premium for pellets based on 9M14 realised
      Premium

   -- Production volumes in line with management's expectations:
      12mt p.a. iron ore pellets by 2016

   -- USD/UAD 17 in 2015

RATING SENSITIVITIES

Changes to Ukraine's Country Ceiling, which may accompany a
change to its sovereign rating, would likely result in a
corresponding action on Ferrexpo's ratings.

The main factors that could, individually or collectively, result
in a downgrade of the sovereign rating are:

   -- Intensification of political and/or economic stress,
      potentially leading to a default on government debt

The main factors that could, individually or collectively, result
in an upgrade of the sovereign rating are:

   -- Improvement in political stability
   -- Progress in implementing economic policy agenda agreed with
      the IMF
   -- Improvement in external liquidity



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


KELDA FINANCE: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed Kelda Finance (No. 2) Limited's
(Kelda) Long-term IDR at 'BB' and senior secured rating at 'BB+'.
The Outlook on the Long-term IDR is Stable.

Kelda is a holding company of Yorkshire Water Services Limited
(Yorkshire Water; class A debt A/Negative, class B debt
BBB+/Stable), the regulated, monopoly provider for water and
wastewater services that supplies 4.9 million people in the
former county of Yorkshire and North Derbyshire.  Kelda Finance
(No.3) PLC (FinCo) is the financing vehicle for Kelda, which
guarantees the issued bonds together with its parent, Kelda
Finance (No.1) Limited.

The affirmation reflects Yorkshire Water's adequate dividend
capacity in comparison with the debt service requirements of
Kelda, even though Yorkshire Water faces pressure on credit
metrics stemming from Ofwat's final determination of tariffs for
the period April 2015 to March 2020 and a recent reduction of
retail price inflation.  The ratings also take into account of
Yorkshire Water's robust financial and regulatory performance.

KEY RATING DRIVERS

Adequate Dividend Cover at Kelda

The rating forecast indicates that the Kelda group should be able
to maintain credit metrics in line with our ratio guidelines, ie
dividend cover at around 4x (assuming RPI reverts to 2.5% by
FY18) and consolidated net debt/regulatory asset value at below
85%.  Fitch's post-maintenance and post-tax interest cover
forecast is at slightly above 1.1x.

Fitch notes that the GBP265 million of incremental debt at the
holding level only represents less than 5% of RAV and incurs an
annual finance charge of around GBP16 million-GBP19 million.
Reduced dividend stream from Yorkshire Water expected for the
next price control will still allow comfortable servicing of the
debt.

However, if retail price inflation remains materially below 1.5%
for an extended period of time, dividend stream from Yorkshire
Water would be further reduced.  This could lead to negative
rating action for Kelda's ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for Yorkshire
Water include:

   -- Regulated revenues in line with the final determination of
      tariffs for April 2015 to March 2020, ie assuming no
      material over- or under-recoveries

   -- Operating expenditure outperformance of GBP50 million in
      nominal terms over the five-year period

   -- Retail costs in line with allowances

   -- Non-appointed EBITDA of around GBP2.5 million per annum

   -- Retail price inflation of 0.75% for FY15, 1% for FY16, 2%
      for FY17 and 2.5% thereafter

   -- Capital expenditure outperformance of GBP100 million in
      nominal terms over the five-year period

In addition, for Kelda Finance Fitch assumes:

   -- Incremental debt at holding company level to remain at
      around GBP265 million

   -- The annual finance charge at holding company level at
      around GBP16 million-GBP19 million

RATING SENSITIVITIES

Negative: Future developments that could lead to negative rating
action include:

   -- A sustainable drop of dividend cover below 2.5x

   -- RPI remaining materially below 1.5% over an extended period
      of time

   -- Group gearing sustainably above 85%

   -- A marked deterioration in operating and regulatory
      performance of Yorkshire Water or a material change in
      business risk of the UK water sector

Positive: The ratings currently do not have any upside.  A higher
rating for the holding company would be contingent on Yorkshire
Water materially reducing its regulatory gearing.

LIQUIDITY AND DEBT STRUCTURE

As of Sept. 30, 2014, the holding company had available a GBP30
million undrawn, committed revolving credit facility with
maturity in October 2017.

FULL LIST OF RATING ACTIONS

Kelda Finance (No.2) Limited

   -- Long-term IDR affirmed at 'BB', Stable Outlook
   -- Senior secured rating affirmed at 'BB+'

Kelda Finance (No.3) PLC

   -- GBP200 million bonds, 5.75%, February 2020, guaranteed by
      Kelda Finance (No. 2) Limited, senior secured rating
      affirmed at 'BB+'


KENMARE RESOURCES: Gets Debt Restructuring Deadline Extension
-------------------------------------------------------------
Charlie Taylor at The Irish Times reports that Kenmare Resources
has said it is making progress in putting together a revised
finance agreement that will include a new liquidity line.

According to The Irish Times, the company has announced another
extension of a deadline to finance a deal with lenders on
restructuring its debt.

Kenmare last month announced a deadline extension until the end
of February, The Irish Times recounts.  In a statement issued on
Feb. 26, however, the company said it had agreed with its project
enders and Absa Bank to extend the date for delivery of a budget
until March 31, The Irish Times relates.

The company, as cited by The Irish Times, said the revised
finance agreement will likely include a new liquidity line that
would be able to be drawn on service working capital and other
requirements as necessary.

Kenmare said lenders continue to be supportive of its business
and remain engaged in productive discussions with the group's
management, The Irish Times notes.

In a trading update issued last month, the company said its bank
loans amounted to US$337.3 million at the end of last year, down
from US$355.2 million at the end of 2013, The Irish Times relays.

Kenmare Resources is an exploration company based in Dublin.


MACH-AIRE: Former Boss Sad to see 70 Redundancies at Firm
---------------------------------------------------------
Liam Thorp at The Bolton News reports that the founder of Mach-
Aire, a Horwich airflow technology firm which went into
administration with the loss of 70 jobs, has expressed his
sadness at the closure.

Mach-Aire, based in Bridge Street, stopped trading and announced
that all full-time and part-time staff had been made redundant,
according to The Bolton News.

The report notes that administrators said the firm, which had a
turnover of GBP8 million, had suffered "substantial losses" on
certain contracts and had been having cash-flow problems.

The firm's former managing director, Roy Allwood, who set-up the
business in 1992 but left in October, said he was "very sad" to
hear the news, the report relates.

"I am very upset for the employees of Mach-Aire, many of whom
have been extremely loyal to the company and some who have
actually been there from the very start.  We had some good times
together and enjoyed the periods of success in the past -- I am
just sorry that it came to an end in the manner that it did," the
report quoted Mr. Allwood as saying.

It is believed that weekly paid staff received payment last week
for their work in February but monthly paid staff, who were paid
at the end of January, will not receive any payment for their
work this month, the report notes.

The report says that Mr. Allwood said he believed that the
directors of Mach-Aire were indeed suffering with cash flow
issues and were not prepared to risk further investment.

The report notes that Mr. Allwood said: "I believe they had some
interesting projects in the offing but I understand the directors
were not prepared to put any more money in."

Bolton-based law firm KBL has now launched a group action on
behalf of some former employees and is asking for others to get
in touch, the report relays.

"We have received enquiries from a number of former employees of
the company and we are hoping to be able to assist them with a
group action in the employment tribunal.  If any other former
employees are interested in joining the group or would like more
information, I would be happy to discuss matters further with
them," the report quoted employment law specialist, Christine
Hart, as saying.


MOBILITY RENTAL: In Administration, Cuts 22 Jobs
------------------------------------------------
Insider Media reports that the Mobility Rental Group Ltd has gone
into administration with all 22 members of staff being made
redundant.

The company, based in Brinsea, North Somerset, ran into financial
problems caused by reduced sales, according to Insider Media.

The report notes that all 22 staff were made redundant on
December 4 and the company ceased to trade, prior to the
administration.

Ken Pattullo -- ken.pattullo@begbies-traynor.com -- and Kenny
Craig -- kenny.craig@begbies-traynor.com  -- of Begbies Traynor
were appointed as joint administrators of The Mobility Rental
Group Ltd on February 12.

"Unfortunately, the company was suffering from falling sales and,
after attempts by the directors to find a buyer for the business
failed, they decided to cease trading and the workforce was made
redundant, prior to our appointment," the report quoted Joint
administrator Ken Pattullo as saying.

"We are currently marketing the company's assets, computer
equipment and office furniture in order to secure a better return
for creditors," Mr. Pattullo added.


MOUCHEL: Still in Take-Over Talks With Kier
-------------------------------------------
theconstructionindex.co.uk reports that Kier has revealed that it
is still in take-over talks with Mouchel.

Kier first publicly declared its interest in acquiring Mouchel
three months ago when it announced that it was in preliminary
discussions, according to theconstructionindex.co.uk.

In an update, Kier said that it was still in discussions
regarding a potential acquisition of Mouchel but there was still
no certainty of a deal being reached, the report relates.

Mouchel saw its share price collapse from 470p in May 2008 to 3p
by June 2012, during which time is spurned take-over bids from
both Costain and Interserve, the report relates.

In 2012, Mouchel fell into administration and was taken over by
its lending banks -- RBS, Lloyds Banking Group and Barclays -- in
a pre-pack deal, the report discloses.


MTL GROUP: WEC Group Buys Firm, 135 Jobs Saved
----------------------------------------------
BBC News reports that a buyout of Rotherham-based MTL Group, a
metal manufacturing firm in South Yorkshire, that went into
administration earlier this month has been agreed, securing 135
jobs.

WEC Group has bought MTL Group for an undisclosed fee.

MTL was placed in administration, with the loss of 157 jobs,
after it lost a large overseas defense contract, according to BBC
News.

The report notes that Wayne Wild, of WEC Group, said: "We are
delighted to have reached an agreement which will save the jobs
of more than 130 workers in South Yorkshire."

WEC said the acquisition of MTL would create the "largest laser
cutting operation in the UK's fabrication and engineering
sector", employing almost 600 people across sites in Lancashire,
Yorkshire and Merseyside, the report relates.

MTL Group makes metal products for the military and construction
sectors


RESIDENTIAL MORTGAGE 28: Moody's Rates Class E Notes (P)Ba2
-----------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to Notes to be issued by Residential Mortgage Securities
28 Plc (RMS 28):

  -- GBP264.78 million Class A mortgage backed floating rate
     notes due June 2046, Assigned (P)Aaa (sf)

  -- GBP38.726 million Class B mortgage backed floating rate
     notes due June 2046, Assigned (P)Aa1 (sf)

  -- GBP27.018 million Class C mortgage backed floating rate
     notes due June 2046, Assigned (P)A2 (sf)

  -- GBP9.906 million Class D mortgage backed floating rate notes
     due June 2046, Assigned (P)Baa3 (sf)

  -- GBP10.807 million Class E mortgage backed floating rate
     notes due June 2046, Assigned (P)Ba2 (sf)

Moody's has not assigned ratings to the GBP1.801 million Class
F1, GBP3.602 million Class F2, GBP3.602 million Class F3,
GBP10.807 million Class Z and GBP5.4 million Class X1 mortgage
backed floating rate notes due June 2046.  Moody's has also not
assigned ratings to the Class X2 and Residual notes due June
2046.

The portfolio backing this transaction consists of UK non
conforming residential loans originally originated by Kensington
Mortgage Company Limited.

On the closing date, Kensington Mortgage Company Limited will
sell the portfolio to Kayl PL S.a.r.l. (the "Seller", not rated).
In turn, the Seller will sell the portfolio to RMS 28.

The rating take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN
Credit Enhancement and the portfolio expected loss, as well as
the transaction structure and legal considerations.  The expected
portfolio loss of [4]% and the MILAN required credit enhancement
of [19]% serve as input parameters for Moody's cash flow model
and tranching model, which is based on a probabilistic lognormal
distribution.

Portfolio expected loss of [4]%: this is marginally lower than
other pre crisis non conforming pools in the UK and is based on
Moody's assessment of the lifetime loss expectation taking into
account: (i) the originators' weaker historical performance, (ii)
the current macroeconomic environment in the UK, (iii) the strong
collateral performance to date along with an average seasoning of
[6.2] years; and (iv) benchmarking with similar UK non conforming
transactions.

MILAN CE of [19]%: this is higher than other UK non conforming
transactions due to (i) the originators' weaker historical
performance and (ii) the presence of [70%] interest-only loans
and [60.92%] of self certified loans..

At closing the mortgage pool balance will consist of GBP [360]
million of loans.  The Total Reserve fund will be funded to
[3.0]% of the initial mortgage pool balance. The Total Reserve
fund will be split into the Liquidity Reserve Fund and the non
liquidity reserve fund.  The liquidity reserve fund will be equal
to 3% of Class A outstanding amount (available to pay interest on
Class A). The non liquidity reserve fund will be equal to the
difference between the Total reserve fund and the liquidity
reserve fund, this will be used to paid interest shortfall for
Classes A to E and to cure PDL, upon the compliance of some
triggers.

Operational Risk Analysis: Kensington Mortgage Company Limited
("KMC", not rated) will be acting as servicer.  KMC will sub-
delegate certain primary servicing obligations to Home Loan
Management (HML).  In order to mitigate the operational risk,
there will be a back-up servicer facilitator, and Wells Fargo
Bank, N.A. (Aa3/P-1) will be acting as a back up cash manager
from close.  To ensure payment continuity over the transaction's
lifetime the transaction documents incorporate estimation
language whereby the cash manager can use the three most recent
servicer reports to determine the cash allocation in case no
servicer report is available. The transaction also benefits from
principal to pay interest for the Classes A to E.

Interest Rate Risk Analysis: The transaction will be unhedged.
In mitigation the transaction contains a requirement for the
servicer to not reduce SVR Margins over 3 months Libor below a
minimum threshold unless the servicer has already pre funded the
difference between the minimum and the new rate.  Moreover,
[16.43%] of the loans are fixed rate, resetting to three-month
Libor, therefore are also exposed to a mismatch

The provisional ratings address the expected loss posed to
investors by the legal final maturity of the Notes.  Moody's
issues provisional ratings in advance of the final sale of
securities, but these ratings represent only Moody's preliminary
credit opinions.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavour to assign
definitive ratings to the Notes.  A definitive rating may differ
from a provisional rating.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from [4]% to [6]% of current balance, and the MILAN
CE was increased from [19]% to [23]%, the model output indicates
that the Class A notes would still achieve Aaa(sf) assuming that
all other factors remained equal.  Moody's Parameter
Sensitivities quantify the potential rating impact on a
structured finance security from changing certain input
parameters used in the initial rating.  The analysis assumes that
the deal has not aged and is not intended to measure how the
rating of the security might change over time, but instead what
the initial rating of the security might have been under
different key rating inputs.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.

The analysis assumes that the deal has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security
might have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Significantly different loss assumptions compared with our
expectations at close due to either a change in economic
conditions from our central scenario forecast or idiosyncratic
performance factors would lead to rating actions.  For instance,
should economic conditions be worse than forecast, the higher
defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market could result in downgrade of the ratings.
Deleveraging of the capital structure or conversely a
deterioration in the notes available credit enhancement could
result in an upgrade or a downgrade of the rating, respectively.



===============
X X X X X X X X
===============


* BOOK REVIEW: Landmarks in Medicine - Laity Lectures
-----------------------------------------------------
Introduction by James Alexander Miller, M.D.
Publisher: Beard Books
Softcover: 355 pages
List Price: $34.95

Review by Henry Berry
Order your own personal copy today at http://bit.ly/1sTKOm6

As the subtitle points out, the seven lectures reproduced in this
collection are meant especially for general readers with an
interest in medicine, including its history and the cultural
context it works within. James Miller, president of the New York
Academy of Medicine which sponsored the lectures, states in his
brief "Introduction" that this leading medical organization "has
long recognized as an obligation the interpretation of the
progress of medical knowledge to the public." The lectures
collected here succeed admirably in fulfilling this obligation.
The authors are all doctors, most specialists in different areas
of medicine. Lewis Gregory Cole, whose lecture is "X-ray Within
the Memory of Man," is a consulting roentgenologist at New York's
Fifth Avenue Hospital. Harrison Stanford Martland is a professor
of forensic medicine at New York University College of Medicine.
Many readers will undoubtedly find his lecture titled "Dr. Watson
and Mr. Sherlock Holmes" the most engrossing one. Other doctor
authors are more involved in academic areas of medicine and
teaching. Reginald Burbank is the chairman of the Section of
Historical and Cultural Medicine at the New York Academy of
Medicine. He lectured on "Medicine and the Progress of
Civilization." Raymond Pearl, whose selection is "The Search for
Longevity," is a professor of biology at Johns Hopkins
University.

The authors' high professional standing and involvement in
specialized areas do not get in the way of their aim to speak to
a general audience. They are all skilled writers and effective
communicators. As the titles of some of the lectures noted in the
previous paragraph indicate, the seven selections of "Landmarks
in Medicine" focus on the human-interest side of medicine rather
than the scientific or technological. Even the two with titles
which seem to suggest concern with technical aspects of medicine
show when read to take up the human-interest nature of these
topics. "The Meaning of Medical Research", by Dr. Alfred E. Cohn
of the Rockefeller Institute for Medical Research, is not so much
about methods, techniques, and equipment of medical research, but
is mostly about the interinvolvement of medical research, the
perennial concern of individuals with keeping and recovering good
health, and social concerns and pressures of the day. "The
meaning of medical research must regard these various social and
personal aspects," Cohn writes. In this essay, the doctor does
answer the questions of what is studied in medical research and
how it is studied. And he answers the related question of who
does the research. But his discussion of these questions leads to
the final and most significant question "for what reason does the
study take place?" His answer is "to understand the mechanisms at
play and to be concerned with their alleviation and cure." By
"mechanisms," Cohn means the natural--i. e., biological--causes
of disease and illness. The lay person may take it for granted
that medical research is always principally concerned with
finding cures for medical problems. But as Cohn goes into in part
of his lecture, competition for government grants or professional
or public notoriety, the lure of novel experimentation, or
research mainly to justify a university or government agency can,
and often do, distract medical researchers and their associates
from what Cohn specifies should be the constant purpose of
medical research. Such purpose gives medicine meaning to
humankind.

The second lecture with a title sounding as if it might be about
a technical feature of medicine, "X-ray Within the Memory of
Man," is a historical perspective on the beginnings of the use of
x-ray in medicine. Its author Lewis Cole was a pioneer in the
development of x-rays in the late 1800s and early1900s. He mostly
talks about the development of x-ray within his memory. In doing
so, he also covers the work of other pioneers, notably William
Konrad Roentgen and Thomas Edison. Roentgen was a "pure
scientist" who discovered x-rays almost by accident and at first
resented the application of his discovery to practical uses such
as medical diagnosis. Edison, the prodigious inventor who was
interested only in the practical application of scientific
discoveries, and his co-worker Clarence Dally enthusiastically
investigated the practical possibilities of the discoveries in
the new field of radiation. Dally became so committed to his work
in this field that he shortly developed an illness and died. At
the time, no one knew about the dangers of prolonged exposure to
x-rays. Butsensing some connection between his co-worker's
untimely death and his work with x-rays, Edison stopped his own
investigations. Cole himself became involved in work with x-rays
during his internship at Roosevelt Hospital in New York City in
1898 and 1899. His contribution to this important field was in
the area of interpretation of what were at the time primitive x-
rays and diagnosis of ailments such as tuberculosis and kidney
stones. Cole writes in such a way that the reader feels she or he
is right with him in the steps he makes in improving the use of
x-rays. He adds drama and human interest to the origins of this
important medical technology. The lecture "Dr. Watson and Mr.
Sherlock Holmes" uses 208the popular mystery stories of Arthur
Conan Doyle to explore the role of medicine in solving crimes,
particularly murder. In some cases, medical tests are required to
figure out if a crime was even committed. This lecture in
particular demonstrates the fundamental role played by medicine
in nearly all major areas of society throughout history. The
seven collected lectures have broad appeal. All of them are
informative and educational in an engaging way. Each is on an
always interesting topic taken up by a professional in the field
of medicine obviously skilled in communicating to the general
reader. The authors seem almost mind readers in picking out the
most fascinating aspects of their subjects which will appeal to
the lay readers who are their intended audience. While meant
mainly for lay persons, the lectures will appeal as well to
doctors, nurses, and other professionals in the field of medicine
for putting their work in a broader social context and bringing
more clearly to mind the interests, as well as the stake, of the
public in medicine.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                 * * * End of Transmission * * *