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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

            Wednesday, July 1, 2015, Vol. 16, No. 128

                            Headlines

B E L G I U M

MINERVA: Declared Bankrupt by Limburg Court


F R A N C E

MEDI-PARTENAIRES: S&P Affirms 'B' CCR, Outlook Stable


G E R M A N Y

BREAD & BUTTER: Future of Two 14oz Stores in Doubt
DEUTSCHE PFANDBRIEFBANK: Moody's Withdraws Ba1 Deposit Ratings
GLOBAL PVQ: Claims Filing Deadline Set July 3


G R E E C E

GREECE: Seeks New Bailout; Mulls Injunction v. EU Institutions
GREECE: S&P Lowers Sovereign Rating to 'CCC-', Outlook Negative
GREEK BANKS: Fitch Lowers IDRs on Four Institutions to 'RD'
TITAN CEMENT: S&P Alters Outlook to Pos. & Affirms 'BB/B' Ratings


I R E L A N D

CLERYS: Group of Concessionaires Mulls Change of Liquidator
* IRELAND: Number of Corporate Insolvencies Up by 10% in Q2 2015


I T A L Y

RESIDENTIAL MORTGAGE 22: S&P Affirms B- Rating on Class B2 Notes


N E T H E R L A N D S

MYRIAD INT'L: Fitch Affirms 'BB+' Rating on Sr. Unsecured Bonds


P O L A N D

* Poland to Implement Significant Reform of Insolvency Law


P O R T U G A L

HIPOTOTTA NO. 5: S&P Affirms CCC- Rating on Class F Notes


R U S S I A

BANK TAVRICHESKY: Bank of Russia Ends Provisional Administration
NOVIKOMBANK JSCB: Moody's Raises Long-Term Deposit Ratings to B1


S P A I N

AYT FONDO EOLICO: Moody's Hikes Rating on Series E2 Notes to B1


U K R A I N E

FINANCIAL INITIATIVE: NBR Declares Bank Insolvent
UKRAINE: Urges Creditors to Enter Into Confidentiality Agreement


U N I T E D   K I N G D O M

CATALYST HEALTHCARE: Moody's Cuts Rating on GBP218MM Bonds to Ba1
CHANGTEL SOLUTIONS: Entatech's Owner Speaks Amid Liquidation
COUNTYROUTE PLC: S&P Revises Outlook on 'CCC+' Sub. Loan Rating
EASTLAND COLOUR: To Appoint Insolvency Practitioner
NEWCASTLE JETS: Placed Into Liquidation



                            *********


=============
B E L G I U M
=============


MINERVA: Declared Bankrupt by Limburg Court
-------------------------------------------
Bike Europe reports that Minerva was declared bankrupt on
June 25, 2015, by the Commercial Court in Limburg, Belgium.

CEO Peter Bruggeman filed for bankruptcy, Bike Europe relates.
According to Bike Europe, the cause is an accumulation of
setbacks after high investments in new premises in 2013.

A total of 16 people were employed by Minerva, Bike Europe notes.

Three years ago, Minerva invested in a new building with a large
warehouse near the E313 highway, Bike Europe recounts.

"We have invested in our new headquarters and warehouse to be
ready for the future," Bike Europe quotes Mr. Bruggeman as
saying.  "But at the same time, it brought a substantial increase
in costs.  This, along with a disappointing season in 2013 in
terms of sales results due to a cold spring, is the basis of the
bankruptcy."

After that, it became a downward spiral with setback after
setback, Bike Europe states.  Mr. Bruggeman, as cited by Bike
Europe, said, "Unfortunately we had to deliver the 2014 model
year of Minerva bikes a few months late because of problems with
the paint supplier.  As a result, we had a lot of stock in the
winter of 2014-2015.  The consequence is that all your money is
in stock, which withholds you from investing in other brands and
products, which your customers need.  What you see happening then
is that customers' confidence is lost."

Minerva is a Belgian bicycle manufacturer.



===========
F R A N C E
===========


MEDI-PARTENAIRES: S&P Affirms 'B' CCR, Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
long-term corporate credit rating on French hospital operator
Holding Medi-Partenaires SAS (HMP).  The outlook is stable.

At the same time, S&P affirmed its 'B' issue rating on HMP's
EUR495 million senior secured notes and revised the recovery
rating upward to '3' from '4', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.

The affirmation reflects S&P's view that, despite pressure on its
tariffs, HMP should be able to achieve some organic revenue
growth and maintain current profitability.

S&P continues to assess HMP's business risk profile as "fair" and
its financial risk profile as "highly leveraged."  From these
assessments, S&P derives its anchor of 'b' and corporate credit
rating of 'B'.  Modifiers have a neutral effect on the rating.

Key considerations in S&P's business risk assessment include
limited HMP's geographical diversification, as all its hospitals
are in France, and its reliance on the French government as the
main payer.  The majority of HMP's revenues continue to be
reimbursed by the French government via social security.

S&P expects France to continue with incremental economic reforms,
including the reduction of discretionary health care costs.  As
such, S&P expects pressure on HMP's tariffs to continue over the
next two years.  The government lowered tariffs by 2.15% in 2015,
following cuts of 0.21% in 2013 and 0.24% in 2014.  The steeper
cut in 2015 is offsetting cost benefits of about 1.5% that are
available only to private hospital providers.  However, S&P
estimates consumer price index (CPI) inflation of -0.1% in 2015
and 0.8% in 2016, exacerbating margin pressure to some extent.

HMP operates under a nearly 100% leasehold model.  S&P views this
type of cost structure negatively as health care services
providers are price-takers and rents represent additional fixed
costs, which are already high -- staff costs alone are equal to
about 40% of revenues.  In S&P's view, this could put further
pressure on profitability because the rating agency sees low
growth prospects for the industry.

The group became the No. 2 player in the French private health
care market following the merger with Medipole Sud Sante in June
2014.  The larger scale should enable the entity to achieve
better cost savings, for example from procurement, and help
negotiations with regulators.

S&P continues to view the operating environment as stable, with
relatively good visibility thanks to an aging population and an
increasing number of medical interventions per patient.  About
90% of the combined group's revenues come directly from the
national social security system, which covers the whole French
population, thereby limiting exposure to bad debts.

The group has a good track record of maintaining profitability,
despite tariff pressure, delivered via cost savings and a focus
on specialties and complex procedures with higher tariffs.

S&P assumes that HMP will continue to generate EBITDAR margins at
about 22% over the next three years, broadly in line with
previous years.

S&Ps estimates that the group's Standard & Poor's-adjusted debt-
to-EBITDA ratio will be about 6x over the next three years,
commensurate with S&P's "highly leveraged" financial risk profile
assessment.  S&P do not deduct cash from its leverage
calculation, as the company is owned by a financial sponsor and
cash has not been ring-fenced for debt repayment, which means it
could be used for other purposes such as acquisitions.  S&P's
measure of adjusted debt includes about EUR400 million related to
the present value of operating leases and about EUR220 million of
PIK notes sitting outside the group.

S&P forecasts adjusted fixed-charge coverage of about 1.6x.  As
such, S&P anticipates that HMP should be able to comfortably
service its financial debt obligations.  However, given the high
proportion of fixed costs, including rent payments, S&P considers
that any structural operational issues could hinder HMP's ability
to cover its fixed costs.

S&P's base case assumes:

   -- French GDP growth of 1.1% for 2015 and 1.5% for 2016.

   -- Low- to mid-single-digit revenue growth for HMP for the
      next two-to-three years, reflecting a combination of
      improved volumes and sales mix, supported by acquisitions.
      Broadly unchanged EBITDA margins at about 21%, reflecting
      low cost inflation supported by synergies and a higher-
      margin sales mix offsetting lower tariffs.

   -- No significant deleveraging from the current levels as
      generated cash as likely to be used for capex and
      acquisitions.

Based on these assumptions, S&P arrives at these credit measures:

   -- An adjusted debt-to-EBITDA ratio of about 6x on average
      over the next three years.

   -- Adjusted fixed-charge coverage of above 1.6x on average
      over the next three years.

The stable outlook reflects S&P's anticipation that HMP will be
at least able to maintain its profitability, despite funding
pressures in France.  It further reflects S&P's view that HMP
should be able to continue generating positive free operating
cash flow and maintain an adjusted fixed-charge coverage ratio of
above 1.5x.  This will enable HMP to comfortably cover interest
payments and rents.

S&P could take a negative rating action if the operating and
competitive environment deteriorated, weakening HMP's operating
margins and leading S&P to revise downward its business risk
assessment.  S&P could also consider a downgrade if HMP were
unable to generate positive free cash flow, or as a result of any
potential liquidity issues and underlying structural operational
issues.  Structural issues could include a growing mismatch
between reimbursement fees and operating costs, given HMP's high
fixed-cost base.  As such, S&P could lower the rating if the
company's ability to comfortably service its fixed costs
deteriorates, signaled by a deterioration of adjusted fixed-
charge coverage ratio to below 1.5x.

S&P considers the likelihood of an upgrade to be remote over the
next 12 months as it do not project significant improvements in
HMP's debt protection metrics due to its high leverage.  S&P
could take a positive rating action if HMP were to improve its
fixed-charge coverage to above 2.2x on a sustainable basis.



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G E R M A N Y
=============


BREAD & BUTTER: Future of Two 14oz Stores in Doubt
--------------------------------------------------
Jill Geoghegan at Drapers Online reports that the two 14oz stores
owned by founder of Berlin trade show Bread & Butter Karl-Heinz
Muller are being assessed to see if they are still financially
viable.

Drapers Online relates that the B&B business, comprising the
trade show, 14oz stores and website, filed for insolvency on
December 17, but the stores continued trading as normal.

However, liquidator Christian Graf Brockdorff has now decided to
close the womenswear section of the Haus Cumberland 14oz store on
Kurfurstendamm 194 on June 27, the report says.

"The shops weren't affected until now, but they now have to be
assessed to see if they are still financially viable,"
Drapers Online quotes a spokeswoman for B&B as saying.

She said the men's half of the store and the other 14oz store in
the Mitte area of Berlin will continue to trade "for now," the
report relates.

According to the report, German retailer Zalando has signed a
letter of intent to acquire the B&B business, which will bring
the insolvency proceedings to an end by October 1. The deal does
not affect the retail business, the report notes.

Zalando and B&B are working a new concept for 2016, which will be
announced later this year. The next edition of the trade show is
due to take place as planned from July 7-9 at Tempelhof Airport,
the report adds.


DEUTSCHE PFANDBRIEFBANK: Moody's Withdraws Ba1 Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 long-term senior
unsecured debt and deposit ratings of Deutsche Pfandbriefbank AG
(pbb) and its subsidiaries and assumed entities.  The long-term
deposit rating had a positive outlook and the long-term senior
unsecured debt rating had a stable outlook at the time of rating
withdrawal.  Moreover, Moody's Investors Service has withdrawn
the ba3 baseline credit assessment, B1 subordinate debt ratings,
and all Not Prime short-term ratings.  The counterparty risk
assessment (CRA) of Baa3(cr)/Prime-3(cr) has also been withdrawn.

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.

THESE RATINGS WERE WITHDRAWN AT THE CURRENT RATING LEVEL

Deutsche Pfandbriefbank AG:

   -- Ba1 Bank Deposit ratings
   -- Ba1 Senior Unsecured Debt ratings, including program
      ratings
   -- Not Prime short-term Deposits, commercial paper and other
      short term ratings
   -- B1 Subordinated Debt ratings, including program ratings
   -- ba3 Baseline Credit Assessment and adjusted Baseline Credit
      Assessment
   -- Baa3(cr) / Prime-3(cr) long- and short-term Counterparty
      Risk Assessment

DEPFA Deutsche Pfandbriefbank AG

   -- Ba1 Senior Unsecured Debt ratings

Westfaelische Hypothekenbank AG:

   -- Ba1 Senior Unsecured ratings
   -- B1 Subordinated Debt ratings

Hypo Real Estate Bank International AG:

   -- Ba1 Senior Unsecured Debt ratings
   -- B1 Subordinated Debt ratings


GLOBAL PVQ: Claims Filing Deadline Set July 3
---------------------------------------------
Reuters reports that Henning Schorisch, insolvency administrator
of Global PVQ SE (formerly Q-Cells SE), announces that deadline
for a subsequent filing of claims in insolvency proceedings
concerning assets of Global PVQ SE is July 3

Claims filed after deadline will have no effect on final
schedule, the report relays.



===========
G R E E C E
===========


GREECE: Seeks New Bailout; Mulls Injunction v. EU Institutions
--------------------------------------------------------------
CNN Money reports that in another dramatic turn, Greece made a
desperate attempt to halt its plunge into economic chaos on
June 30 by requesting a third European bailout even as it hurtled
toward default.

The prime minister's office said in a statement that the country
was asking for a two-year bailout, CNN Money relates.

Greece is fast running out of money, having rejected the
conditions Europe set for releasing the remaining billions of its
existing bailout, which was set to expire at midnight on Tuesday,
June 30, CNN Money discloses.

The Greek government said earlier that it would not pay the
International Monetary Fund the EUR1.5 billion (US$1.7 billion)
it owes, CNN Money recounts.

The 11th hour proposal from Athens for a new rescue won't help
the country avoid becoming the first developed economy to default
to the IMF, CNN Money states.

IMF Managing Director Christine Lagarde said earlier this month
failure to pay by June 30 would put Greece in default, CNN Money
relays.

Greece won't have access to IMF's resources until the debt is
cleared, CNN Money notes.  The country could ultimately be
expelled from the IMF but that might take years, according to CNN
Money.

Greece, CNN Money says, is on its own financially once its
existing bailout agreement expires.  A national referendum on
Sunday, July 5, -- if it goes ahead -- could determine the
country's future in the eurozone, CNN Money states.

                        Legal Action

According to The Telegraph's Ambrose Evans-Pritchard, Greece has
threatened to seek a court injunction against the EU
institutions, both to block the country's expulsion from the euro
and to halt asphyxiation of the banking system.

"The Greek government will make use of all our legal rights," The
Telegraph quotes Greek Finance Minister Yanis Varoufakis as
saying.

"We are taking advice and will certainly consider an injunction
at the European Court of Justice.  The EU treaties make no
provision for euro exit and we refuse to accept it.  Our
membership is not negotiable."

The defiant stand came as Europe's major powers warned in the
bluntest terms that Greece will be forced out of monetary union
if voters reject austerity demands in a shock referendum on
Sunday, July 5, The Telegraph relates.

According to The Telegraph, any request for an injunction against
EU bodies at the European Court would be an unprecedented
development, further complicating the crisis.

Greek officials said they are seriously considering suing the
European Central Bank itself for freezing emergency liquidity for
the Greek banks at EUR89 billion, The Telegraph relays.  It
turned down a request from Athens for a EUR6 billion increase to
keep pace with deposit flight, The Telegraph recounts.

Mr. Varoufakis, as cited by The Telegraph, said Greece has enough
liquidity to keep going until the referendum but acknowledged
that capital controls introduced over the weekend were making
life difficult for Greek companies.


GREECE: S&P Lowers Sovereign Rating to 'CCC-', Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its foreign and local
currency long-term sovereign credit ratings on Greece (Hellenic
Republic) to 'CCC-' from 'CCC'.  The 'C' short-term ratings were
affirmed.  The outlook is negative.

As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation),
the ratings on Greece are subject to certain publication
restrictions set out in Art 8a of the EU CRA Regulation,
including publication in accordance with a pre-established
calendar.  Under the EU CRA Regulation, deviations from the
announced calendar are allowed only in limited circumstances and
must be accompanied by a detailed explanation of the reasons for
the deviation.

In Greece's case, the deviation was prompted by the central
government's decision to reject official creditors' loan
proposals and instead schedule a national referendum on whether
to accept the terms of the proposals.  The deviation also
reflects further deterioration since June 10 of liquidity
conditions in Greece's banking system, which depends heavily on
official financing from the Eurosystem, the eurozone's monetary
authority.  This led to the imposition of emergency capital
controls in Greece.

RATIONALE

The downgrade reflects S&P's assessment that, in the absence of
unanticipated favorable changes in circumstances, Greece will
likely default on its commercial debt during the next six months.

In S&P's view, the Greek government's decision to hold a national
referendum on official creditors' loan proposals indicates that
Prime Minister Alexis Tsipras will prioritize domestic politics
over the country's financial and economic stability, commercial
debt service, and membership of the eurozone.  S&P interprets the
government's inability to agree with official creditors on a loan
program as a sign that it will likely miss payment obligations
due on June 30, including the EUR1.5 billion owed to the
International Monetary Fund (IMF).

Given that the government appears willing to accept the
consequences on its banking sector and economy from the failure
to reach an agreement, S&P now sees a 50% likelihood of Greece
eventually exiting the eurozone.  Should this occur, Greece would
permanently lose access to financing from the European Central
Bank (ECB), which, in S&P's opinion, would create a serious
foreign currency shortage for the private and public sectors,
potentially leading to the rationing of key imports such as fuel.
Under our methodology, exit from the eurozone would lead S&P to
revise its transfer and convertibility assessment on Greece to
'CCC' from 'AAA' to reflect the loss of a reserve currency and
the foreign currency shortage this would create.

At present, the Eurosystem's support to Greek banks -- directly
through the ECB's main refinancing operations and indirectly via
the Bank of Greece's Emergency Liquidity Assistance (ELA) --
exceeds 70% of GDP, according to S&P's estimates.  Without it,
Greece's payment system would shut down and its banks would not
be able to operate.  Despite further deposit withdrawals from
Greek banks over the weekend, the ECB has decided not to increase
the ceiling on the ELA to Greek banks from the EUR89 billion
agreed on
June 26.

The Greek Financial Stability Council has declared a bank holiday
from June 29 until July 7, 2015.  It has also introduced deposit
withdrawal limits and controls on transfers abroad.  An extended
bank holiday involving capital controls will, in S&P's view,
further weigh on Greece's economy, which S&P expects will
contract by 3% this year, although the margin of error on this
figure is substantial.  While failure to make tomorrow's IMF
payment would not constitute a commercial default as defined by
S&P's criteria, it is a legal event of default under the December
2012 Master Financial Assistance Facility Agreement between
Greece and the European Financial Stability Facility (EFSF).
S&P's base-case expectation remains that, over the next several
months, the EFSF is unlikely to demand accelerated payment on the
EUR130.9 billion (equivalent to 75.1% of GDP) that it lent
Greece.

S&P would not lower its long-term ratings on Greece to 'SD'
should the government miss payments on bonds held by the ECB
totaling EUR6.7 billion due in July and August.  This is because
S&P's sovereign ratings pertain to the central government's
ability and willingness to service financial obligations to
commercial (that is, nonofficial) creditors, and S&P considers
the ECB to be an official creditor.

Greece's upcoming commercial debt payments include EUR2.0 billion
in treasury bills due on July 10; EUR83 million on a Japanese yen
obligation, due on July 14; and EUR71 million in interest, due on
July 17 on a three-year commercial bond the government issued in
July 2014.  About EUR39 billion of Greece's total medium- and
long-term debt is commercial, representing 22% of GDP.  All of
the remaining EUR261 billion in debt (excluding EUR15 billion in
treasury bills) is owed to official creditors.

OUTLOOK

The negative outlook indicates that S&P could lower the long-term
ratings to 'SD' within the next six months in the event of a
distressed exchange or nonpayment of Greece's commercial debt,
including treasury bills.

S&P could revise the outlook to stable if it believes that a new
financial support program will be agreed, with policy conditions
that satisfy both Greece and its official creditors.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the institutional assessment had
deteriorated.  All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Downgraded; Ratings Affirmed
                                        To             From
Greece (Hellenic Republic)
Sovereign Credit Rating
  Foreign and Local Currency            CCC-/Neg./C    CCC/Neg./C
Senior Unsecured
  Foreign and Local Currency            CCC-           CCC
Transfer & Convertibility Assessment   AAA            AAA
Commercial Paper
  Local Currency                        C              C


GREEK BANKS: Fitch Lowers IDRs on Four Institutions to 'RD'
-----------------------------------------------------------
Fitch Ratings, on June 29, 2015, downgraded Greece-based National
Bank of Greece S.A. (NBG), Piraeus Bank, S.A. (Piraeus), Eurobank
Ergasias S.A. (Eurobank) and Alpha Bank AE's (Alpha) Long- and
Short-term Issuer Default Ratings (IDRs) to 'RD' from 'CCC' and
'C', respectively. Fitch has also downgraded these banks'
Viability Ratings (VRs) to 'f' from 'ccc'.

KEY RATING DRIVERS

IDRS AND SENIOR DEBT RATINGS

The IDR downgrades follow the announcement by the Greek
authorities on June 28, 2015, to impose extended bank holidays
and capital controls, mainly including restrictions on deposit
withdrawals in Greece, which Fitch views as a restricted default
('RD'), because the deposit restrictions affect a material part
of the banks' senior obligations.

The banks' senior unsecured long-term debt ratings have been
downgraded to 'C'/'RR6' from 'CCC'/'RR4'. The ratings reflect
exceptionally high levels of credit risk, because of the
imposition of capital controls as well as poor recovery prospects
in the event of the default on senior debt obligations, due to
very weak asset quality and high levels of preferred liabilities
and asset encumbrance.

VRS

The downgrade of NBG's, Piraeus', Eurobank's and Alpha's VR to
'f' from 'ccc' reflects Fitch's view that these banks have failed
and would have defaulted had capital controls not been imposed,
given the high rates of ongoing deposit withdrawal and the ECB's
decision on June 28, 2015, not to raise the Bank of Greece's
Emergency Liquidity Assistance (ELA) ceiling.

SUPPORT RATING AND SUPPORT RATING FLOOR

Greek banks' Support Rating of '5' and SRF of 'No Floor'
highlight our view that support from the state cannot be relied
upon, mainly given the limited resources at Greece's disposal.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Greek banks' subordinated debt and other hybrid capital have been
affirmed at 'C'/'RR6' and reflect exceptionally high levels of
credit risk, including poor recovery prospects. Hybrid capital is
currently not performing.

RATING SENSITIVITIES

IDRS, VRs AND DEBT RATINGS

These banks' IDRs, VRs and senior and subordinated debt ratings
are unlikely to be upgraded until capital controls are materially
eased. Recovery Ratings are sensitive to the overall approach
taken by the authorities to address the banking system's
challenges, including any resolution tools that might be applied
and the valuation and availability of free assets. Hybrid ratings
would need to become performing again for there to be any
possibility of an upgrade.

SUPPORT RATING AND SUPPORT RATING FLOOR

The banks SRs and SRFs are unlikely to change, given Greece's
limited capacity to support its banks.

The rating actions are as follows:

NBG:
Long-term IDR: downgraded to 'RD' from 'CCC'
Short-term IDR: downgraded to 'RD' from 'C'
VR: downgraded to 'f' from 'ccc'
Support Rating: affirmed at '5'
SRF: affirmed at 'No Floor'
Senior notes: downgraded to 'C'/'RR6' from 'CCC'/'RR4'
Short-term senior notes: affirmed at 'C'
Hybrid capital: affirmed at 'C'/'RR6'

NBG Finance plc:
Long-term senior unsecured debt rating: downgraded to 'C'/'RR6'
from 'CCC'/'RR4'
Short-term senior unsecured debt rating: affirmed at 'C'

Piraeus Bank:
Long-term IDR: downgraded to 'RD' from 'CCC'
Short-term IDR: downgraded to 'RD' from 'C'
VR: downgraded to 'f' from 'ccc'
Support Rating: affirmed at '5'
SRF: affirmed at 'No Floor'
Long-term senior unsecured debt rating: downgraded to 'C'/'RR6'
from 'CCC'/'RR4'
Short-term senior unsecured debt rating: affirmed at 'C'
Commercial paper: affirmed at 'C'

Piraeus Group Finance PLC:
Long-term senior unsecured debt rating: downgraded to 'C'/'RR6'
from 'CCC'/'RR4'
Short-term senior unsecured debt rating: affirmed at 'C'

Alpha Bank:
Long-term IDR: downgraded to 'RD' from 'CCC'
Short-term IDR: downgraded to 'RD' from 'C'
VR: downgraded to 'f' from 'ccc'
Support Rating: affirmed at '5'
SRF: affirmed at 'No Floor'
Long-term senior unsecured debt rating: downgraded to 'C'/'RR6'
from 'CCC'/'RR4'
Short-term senior unsecured debt rating: affirmed at 'C'
Commercial paper: affirmed at 'C'

Market-linked senior notes: downgraded to 'Cemr'/'RR6' from
'CCCemr'/'RR4'
Hybrid capital: affirmed at 'C'/'RR6'

Alpha Credit Group PLC:
Long-term senior unsecured debt rating: downgraded to 'C'/'RR6'
from 'CCC'/'RR4'
Short-term senior unsecured debt rating: affirmed at 'C'
Subordinated notes: affirmed at 'C'/'RR6'

Eurobank:
Long-term IDR: downgraded to 'RD' from 'CCC'
Short-term IDR: downgraded to 'RD' from 'C'
VR: downgraded to 'f' from 'ccc'
Support Rating: affirmed at '5'
SRF: affirmed at 'No Floor'
Senior notes: downgraded to 'C'/'RR6' from 'CCC'/'RR4'
Short-term senior notes: affirmed at 'C'
Market-linked senior notes: downgraded to 'Cemr'/'RR6' from
'CCCemr'/'RR4'
Commercial paper: affirmed at 'C'
Subordinated notes: affirmed at 'C'/'RR6'
Hybrid capital: affirmed at 'C'/'RR6'

ERB Hellas PLC:
Long-term senior unsecured debt rating: downgraded to 'C'/'RR6'
from 'CCC'/'RR4'
Short-term senior unsecured debt rating: affirmed at 'C'

ERB Hellas (Cayman Islands) Ltd.:
Long-term senior unsecured debt rating: downgraded to 'C'/'RR6'
from 'CCC'/'RR6'
Short-term senior unsecured debt rating: affirmed at 'C'


TITAN CEMENT: S&P Alters Outlook to Pos. & Affirms 'BB/B' Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Greece-domiciled cement producer Titan Cement Co. S.A.
to positive from stable.

At the same time, S&P affirmed its 'BB/B' long- and short-term
ratings on Titan Cement.

Finally, S&P affirmed its 'BB' issue rating on the group's fixed
rate notes, issued by its 100%-owned subsidiary Titan Global
Finance PLC, in line with the long-term ratings on Titan.

The outlook revision reflects S&P's view that demand in Titan's
regional U.S. markets will remain robust and that the group will
be able to recapture the sizable volumes it lost in Egypt through
2013 and 2014 as a result of the countrywide natural gas supply
shortage.  Titan completed the conversion of its first Beni Suef
kiln to coal from natural gas in December 2014 and has already
begun to increase output to meet strong local demand.  Fuel
conversion projects at two other Egyptian kilns are due to
complete in the second half of 2015 and the first half of 2016
respectively, which will further aid Titan's recovery of volumes
in this market.  Based on S&P's forecast for Titan's credit
metrics to continue strengthening, it now assesses the group's
financial risk profile as "significant" rather than "aggressive."

S&P continues to assess Titan Cement's competitive position as
"fair," partly constrained by the group's relatively small size
compared with several of its higher-rated peers in the heavy
materials industry and also due to its greater exposure to
higher-risk countries like Egypt and Greece.  Titan remains
vulnerable to construction end-markets that are highly cyclical
and seasonal, and its business is highly capital and energy
intensive.

Relative to peers, Titan has a greater exposure to higher-risk
countries like Egypt and Greece, meaning there is currently
greater potential downside against S&P's base case.  This factors
in the potential risk of lower-than-expected volume recovery in
Egypt due to unexpected political, economic, or operational
factors (for example another fuel supply shortage).  It also
factors in the current political and economic situation in
Greece, and operational risk associated with potential disruption
for Titan's Greece-based production facilities.  S&P notes that
Titan's management may, at short notice, need to shift capacity
to plants outside of Greece in order to continue satisfying
overseas demand (currently being met by production from Greece-
based assets).

Titan Cement has "strong" management and governance according to
S&P's criteria.  S&P bases its assessment on the group's very
prudent and proactive risk management, particularly with regards
to liquidity.  The "strong" management and governance modifier
also reflects the group's solid track record of achieving
targets, and its consistent reduction of debt throughout the
financial crisis, despite very challenging operations and a
portfolio of markets that have all been hit by severe demand
shocks or political disruption.  In addition, S&P has not found
any weaknesses in the company's governance practices.

S&P's base-case operating scenario for Titan assumes:

   -- Revenue growth of more than 15% in 2015, potentially even
      higher if volumes are recaptured in Egypt more quickly than
      S&P anticipates.  Greek and South Eastern European markets
      remaining challenging.

   -- Steady improvement in underlying EBITDA margins due to past
      and ongoing cost-reduction initiatives, a stabilizing share
      of exports, and price increases.

   -- Capex of about EUR140 million in 2015 and slightly more
      than EUR110 million in 2016.

   -- High capital intensity resulting in weak free operating
      cash flows, specifically FOCF to debt of about 4% for 2015.
      The group also has the potential for high cash flow
      volatility in times of stress.

This results in these credit metrics in 2015:

   -- Funds from operations (FFO) to debt of 26% to 28%; and

   -- Debt to EBITDA of 2.4x to 2.6x.

S&P applies its criteria for ratings above the sovereign to Titan
Cement because Greece (CCC/Negative/--) is its country of
domicile, and the group has material exposure to Greece in terms
of asset base, revenues, and EBITDA.  From an operations
perspective, S&P takes into account that approximately 75% of
current production from Titan's Greece-based plants is exported
overseas.

Under a stress scenario likely to accompany a sovereign default,
as set out in S&P's criteria, it believes that Titan would still
be able to service its debt and maintain liquidity sources over
uses of more than 1x.  S&P assess the group's sensitivity to
Greek country risk as "moderate" because S&P classifies Titan
Cement as an exporting natural-resource producer.

S&P's reference sovereign rating is a weighted blend of the
sovereign ratings on the main countries in which Titan operates.
It is currently in the 'BBB' category (comfortably above Titan's
current stand-alone credit profile).

The positive outlook reflects S&P's view that Titan will continue
to exhibit a robust performance in the U.S., with a potentially
significant recovery of volumes in Egypt supporting gradually
improving credit metrics.  S&P believes that Titan's performance
and liquidity is effectively delinked from Greek sovereign risk
and anticipate that Titan will be able to sustain positive
discretionary cash flow and "adequate" liquidity over the next 12
months.

S&P could upgrade Titan Cement if S&P saw volumes in Egypt
recover near to 2013 levels, no significant operational
disruption arising from Greece-based production facilities, and
other business lines and markets continuing to perform well.

S&P could revise the outlook to stable if it no longer believes
that Titan Cement's core credit metrics will improve from
"aggressive" financial risk profile levels.  This could occur if
economic recovery, and therefore demand, in some of Titan's main
markets, notably Egypt or the U.S., was to falter.  Pressure on
the ratings could also arise if Titan Cement's liquidity
deteriorates such that S&P revises downward its liquidity
assessment from "adequate."



=============
I R E L A N D
=============


CLERYS: Group of Concessionaires Mulls Change of Liquidator
-----------------------------------------------------------
Geoff Percival at Irish Examiner reports that 17 Clerys
concessionaires have banded together in a bid to retrieve an
estimated EUR2.5 million in lost revenue, arising from the sudden
closure of the iconic Dublin department store last month.

At a meeting on June 29, the group -- including Elvery's,
McCabe's, John Adam and Ecco Shoes -- agreed to consider a number
of moves, Irish Examiner relates.  Firstly, they are considering
moving for an independent liquidator and objecting to the
permanent appointment of KPMG as the store's liquidator, Irish
Examiner discloses.

This is being done on the understanding that the company is chief
auditor for D2 Private and Cheyne Capital Management, the main
companies behind the Natrium joint-venture which acquired Clerys
from US owners Gordon Brothers for an undisclosed sum on June 12
and promptly closed it down, Irish Examiner notes.

The group is also considering taking direct action against Gordon
Brothers' directors, who they claim should have held personal
obligations to hold money from in-store sales in trust, Irish
Examiner discloses.

According to Irish Examiner, the estimated EUR2.5 million owed to
concessionaires was generated between the beginning of May and
June 12, the day of the store's closure.

Clerys is a Dublin-based retailer.  The company owns three home
furnishings stores, in Leopardstown and Blanchardstown in Dublin,
and in Naas, Co Kildare.


* IRELAND: Number of Corporate Insolvencies Up by 10% in Q2 2015
----------------------------------------------------------------
Irish Independent reports that the number of corporate
insolvencies rose by 10% in the three months to the end of June
with figures in the retail industry seeing a notable jump.

There were 275 corporate insolvencies in the second quarter of
2015, Irish Independent says, citing statistics from Deloitte.

This marked a sharp drop from the same period last year, when 347
companies went bust, Irish Independent notes.

However, the number of insolvencies represented a 10% increase on
the first quarter of the year, when 250 companies went insolvent,
according to Irish Independent.

The highest level of corporate insolvencies were recorded in the
retail sector which accounts for 16% (44) of the total, Irish
Independent relays.  This represented a 52% increase on the
previous quarter, the largest movement over all the industries
analyzed, Irish Independent says.

David Van Dessel, of Deloitte's restructuring services division,
as cited by Irish Independent, said: "The statistics indicate
that trading conditions remain extremely difficult for retailers.

"While some consumers feel they may have more to spend, the
upturn in the economy is not yet being felt by all.  This muted
level of increased consumer spend, coupled with legacy issues
such as debt levels, means that it is likely to remain a
difficult environment for many Irish retailers in the coming
months."



=========
I T A L Y
=========


RESIDENTIAL MORTGAGE 22: S&P Affirms B- Rating on Class B2 Notes
----------------------------------------------------------------
Standard & Poor's Rating Services took various credit rating
actions in Residential Mortgage Securities 20 PLC (RMS20) and
Residential Mortgage Securities 22 PLC (RMS22).

Specifically, S&P has:

   -- Lowered and removed from CreditWatch negative its ratings
      on RMS20's class A2a, A2c, M1a, M1c, M2a, and M2c notes,
      and RMS22's class A3a, A3c, M1a, M1c, M2a, and M2c notes;

   -- Affirmed its ratings on RMS20's class B1a and B1c notes and
      RMS22's class B2 notes; and

   -- Raised its ratings on RMS22's class B1a and B1c notes.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received.
S&P has also applied its current counterparty criteria and its
U.K. residential mortgage-backed securities (RMBS) criteria.

The portfolios' collateral performance in both transactions has
been stable since S&P's last review on June 6, 2012.  Arrears in
both transactions are above S&P's U.K. nonconforming RMBS index,
totaling 35.63% and 29.27% for RMS20 and RMS22, respectively.
Arrears of more than 90 days are 20.12% in RMS20 and 17.26% in
RMS22, compared with S&P's index of 13.2%.  Arrears are lower
than those reported in 2012.  However, loan-level data show that
arrears have previously been capitalized.  Where this is the
case, S&P believes that the probability of default is higher than
for loans that are not in arrears.  S&P therefore considered in
its analysis, 59.79% and 42.18% of the loans to be currently in
arrears for RMS20 and RMS22, respectively.  The pools'
characteristics have not changed significantly since S&P's June
2012 review.

The notes in both transactions are currently paying pro rata.
This is because all the documented pro rata conditions (including
the 90+ day arrears being lower than 22.5% of the outstanding
principal portfolio balance) are currently satisfied.

Each transaction includes some classes of notes that are
denominated in euros.  In both transactions, the currency swap
documentation does not fully comply with S&P's current
counterparty criteria.  Therefore, in accordance with S&P's
current counterparty criteria, the maximum potential rating on
the notes in each transaction is capped at S&P's long-term issuer
credit rating (ICR) plus one notch on the swap provider.  After
breaching its documented trigger of 'A-1+', following S&P's
downgrade of Barclays Bank PLC in November 2011, it has received
confirmation that collateral is being posted on these swaps).

Additionally, for RMS22, the maximum achievable rating is also
capped at S&P's long-term ICR on the bank account provider,
guaranteed investment contract provider, and liquidity facility
provider (Barclays Bank).  This is because it had not been
replaced under the transaction documents when it was downgraded
below the documented replacement trigger of 'A-1+'.

On Feb. 18, 2015, S&P placed on CreditWatch negative its ratings
on RMS20's class A2a, A2c, M1a, M1c, M2a, and M2c notes, and
RMS22's class A3a, A3c, M1a, M1c, M2a, and M2c notes, following
its Feb. 3, 2015 CreditWatch negative placement of S&P's long-
term ICR on Barclays Bank.

On June 9, 2015, S&P lowered and removed from CreditWatch
negative its long-term ICR on Barclays Bank.  Under S&P's current
counterparty criteria, it has therefore lowered to 'A- (sf)' from
'A (sf)' and removed from CreditWatch negative its ratings on
RMS22's class A3a, A3c, M1a, M1c, M2a, and M2c notes and lowered
to 'A (sf)' from 'A+ (sf)' and removed from CreditWatch negative
its ratings on RMS20's class A2a, A2c, M1a, M1c, M2a, and M2c
notes.

In RMS20, following S&P's June 9, 2015 downgrade of Barclays
Bank, the bank account provider, the documented 'A-1' replacement
trigger has been breached.  According to the transaction
documents, the bank account provider, in order to maintain the
current rating on the notes, will have to take remedial action
within the remedy period indicated in S&P's current counterparty
criteria.  Failure to take such action may lead to further rating
actions on the class A2a, A2c, M1a, M1c, M2a, and M2c notes.

Following S&P's credit and cash flow analysis and the application
of its U.K. RMBS criteria, S&P considers that the available
credit enhancement for RMS20's class B1a and B1c notes and
RMS22's class B2 notes is commensurate with their currently
assigned ratings.  S&P has therefore affirmed its 'BB+
(sf)'ratings on RMS20's class B1a and B1c notes and its 'B- (sf)'
rating on RMS22's class B2 notes.

S&P's updated analysis shows that RMS22's class B1a and B1c notes
have sufficient available credit enhancement to support a 'BBB+
(sf)' rating.  S&P has therefore raised to 'BBB+ (sf) from 'BBB
(sf)' its ratings on RMS22's class B1a and B1c notes.

S&P's credit stability analysis indicates that the maximum
projected deterioration that it would expect at each rating level
for time horizons of one year and three years under moderate
stress conditions, are in line with S&P's credit stability
criteria.

RMS20 and RMS22 are U.K. nonconforming RMBS transactions
originated by Kensington Mortgage Co. (RMS20), and various
subsidiaries of the Kensington Group (RMS22).

RATINGS LIST

Class             Rating
          To                     From

Residential Mortgages Securities 20 PLC
EUR637.05 Million, GBP329.85 Million, and $150.4 Million
Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A2a       A (sf)                  A+ (sf)/Watch Neg
A2c       A (sf)                  A+ (sf)/Watch Neg
M1a       A (sf)                  A+ (sf)/Watch Neg
M1c       A (sf)                  A+ (sf)/Watch Neg
M2a       A (sf)                  A+ (sf)/Watch Neg
M2c       A (sf)                  A+ (sf)/Watch Neg

Ratings Affirmed

B1a       BB+ (sf)
B1c       BB+ (sf)

Residential Mortgages Securities 22 PLC
EUR336.1 Million, GBP392.9 Million, and $320 Million Mortgage-
Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A3a       A- (sf)                 A (sf)/Watch Neg
A3c       A- (sf)                 A (sf)/Watch Neg
M1a       A- (sf)                 A (sf)/Watch Neg
M1c       A- (sf)                 A (sf)/Watch Neg
M2a       A- (sf)                 A (sf)/Watch Neg
M2c       A- (sf)                 A (sf)/Watch Neg

Ratings Raised

B1a       BBB+ (sf)               BBB (sf)
B1c       BBB+ (sf)               BBB (sf)

Rating Affirmed

B2        B- (sf)



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


MYRIAD INT'L: Fitch Affirms 'BB+' Rating on Sr. Unsecured Bonds
---------------------------------------------------------------
Fitch Ratings has affirmed Naspers Limited's Long-term foreign
currency Issuer Default Rating (IDR) at 'BB+' and Short-term
foreign currency IDR at 'B'. The Outlook is Stable.

Naspers' profitability continues to be impacted by its high
development spend, particularly in global e-commerce and the
rollout of its digital terrestrial TV (DTT) service in sub-
Saharan Africa, but visibility of future cash flow generation is
improving. The sale and acquisition agreement between Naspers and
Schibsted has significantly reduced competitive pressures and
execution risk in ecommerce. We expect the joint ventures to
result in lower development spend (marketing spend), and greater
focus on product development will likely result in earlier
monetization. Fitch expects Naspers' operational and financial
profile to become more compatible with that of an investment
grade rating if development spend falls and if cash flow
generation from e-commerce significantly improves over the next
two to three years.

KEY RATING DRIVERS

E-commerce Risk Reduced

Naspers is in a multi-year development phase to expand the scale
of its e-commerce platforms in approximately 40 countries. Early
this year, Naspers concluded a number of agreements with
Schibsted, Telenor and Singapore Press Holdings covering online
classified operations in Latin America, Eastern Europe and South-
east Asia, which improved its overall market position and reduced
competitive intensity. In certain countries, operations were
combined to achieve greater scale, which should shorten the time
to when these businesses start producing significant positive
cash flow.

Fitch views these transactions, as well as other disposals and a
merger of online retailing operations in South Africa, as a
demonstration of management's focus on improving cash flow
generation from the e-commerce business, while reducing execution
risk.

Pay TV growth

Naspers' South African pay-TV business (80%-owned) continues to
grow profitably, generating cash that is being used to fund
investment in other areas, including the expansion of pay-TV
services in sub-Saharan Africa. The DTT network deployment is
mainly complete as are new broadcasting facilities in
Johannesburg and in west and east Africa. Naspers should be able
to capture growing demand for digital TV services as analogue
signals in various African countries are turned off over the next
few years. DTT subscribers increased by 170% to 2.2m in FY2015
with strong growth set to continue in the medium term. The DTT
network is mostly complete in 11 countries across Africa, and
increased cash generation should follow as operational leverage
improves.

Associates Underpin Investment Risks

Naspers' 33.6% equity stake in Tencent (valued at USD65.8bn at
current market price) and its 29% stake in Mail.ru (valued at
USD1.3bn) are significant assets. However, in line with our
rating methodology, the value of these two unencumbered minority
stakes is not explicitly reflected in Fitch's credit metrics -
only the dividends received. Naspers share of Tencent's dividends
in FY15 was ZAR1.0bn and Fitch expects this should grow at 15%-
20% per annum over the next few years. Partial stakes in these
listed companies can be sold down fairly swiftly, allowing
Naspers to repay all of its gross debt. Because of this potential
liquidity source, the 'BB+' rating can tolerate two years of
weaker credit metrics due to high development spend. However, the
dependence on the value of equity stakes to reduce leverage is
not commensurate with Fitch's view of an investment grade
profile.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Naspers
include the following:

-- Strong revenue growth over the medium term driven mainly by
    global ecommerce and Pay-TV in sub-Sahara

-- Improving EBITDA margin from 8.1% in FY2015 to mid-teens in
    FY2018 as development spend falls and revenue increases

-- Capex to decline in FY2016 and FY2017 as the DTT roll out is
    completed

-- Growing dividends to shareholders

-- Net debt (excluding satellite leases) to EBITDA ratio to fall
    below 2x by end-FY2018 from 4.5x at end-FY2015

RATING SENSITIVITIES

Positive: Future developments that could lead to positive rating
action include:

-- FFO-adjusted net leverage (excluding satellite finance
    leases) remaining below 2.0x on a sustained basis

-- Strong and sustainable free cash flow (FCF) generation within
    12-18 months, including improved cash flow contribution from
    the e-commerce division

-- Solid operating performance from Naspers' core operations, as
    well as from the new pay-TV and ecommerce businesses that
    Naspers is currently developing

-- A tangible commitment to balance the long-term interests of
    bondholders with those of shareholders

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

-- FFO-adjusted net leverage above 3.0x (excluding satellite
    finance leases) and with no clear deleveraging path

-- Further deterioration in FCF generation or expectations that
    FCF generation would not significantly improve over the next
    two to three years

-- Unexpected regulatory pressures relating to competition in
    the domestic pay TV market or changes in government
    regulations affecting the ability to service foreign debt

-- Significant reduction in ecommerce revenue growth from fully
    consolidated operations, given the amount of development
    spent to scale up these businesses. Revenue weakness would
    be viewed in conjunction with margin developments and effects
    on overall group EBITDA

LIQUIDITY

Naspers has ample liquidity, ending FY2015 with ZAR13.9 billion
of readily available cash and cash equivalents. The company has
various revolving credit facilities of ZAR27.3 billion, of which
ZAR17.6 billion has been drawn. The bulk of Naspers' long-term
debt is denominated in US dollars. The ZAR1.36 billion RCF is due
in 2017 and the USD bond of ZAR8.5 billion is due in 2017.
Naspers' shares in the listed companies, Tencent and Mail.ru are
also a significant source of potential liquidity.

FULL LIST OF RATING ACTIONS

Naspers Limited

Long-term foreign currency IDR: affirmed at 'BB+'; Outlook Stable
Short-term foreign currency IDR: affirmed at 'B'
National Long-term rating: 'A-(zaf)'; Outlook Stable
National Short-term rating: 'F1(zaf)'

Myriad International Holdings BV

Senior unsecured bonds: affirmed at 'BB+'



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


* Poland to Implement Significant Reform of Insolvency Law
----------------------------------------------------------
Clifford Chance disclosed that on January 1, 2016, a new
restructuring law of May 15, 2015 will enter into force.  It
implements a significant reform of Polish insolvency law,
comprising:

    * the introduction of new restructuring procedures, allowing
      the restructuring of a debtor's undertaking and preventing
      its bankruptcy, and

    * major amendments to the Bankruptcy and Recovery Law of 28
      February 2003 in order to streamline "classic" bankruptcy
      proceedings, reduce unnecessary formalities and expedite
      liquidation proceedings as well as to implement substantive
      changes (such as redefining bankruptcy tests, removing
      priority of tax and social insurance claims, implementing
      procedures facilitating pre-packs, extending hardening
      periods and improving protection against fraudulent
      conveyances, etc.).

The Restructuring Law provides important, large-scale changes to
the Polish insolvency regime, hence, naturally, only selected
aspects of the reform may be signalled in this briefing.

The Restructuring Law has already been enacted by the Parliament
and signed by the president, but on the date of this briefing
(i.e. 23 June 2015) it had not yet been officially published.

In the attached client briefing, Clifford Chance explores
selected key features of the new Restructuring Law and the
amended Bankruptcy Law.

A copy of the client briefing is available for free at:

                       http://is.gd/K4LmZ0



===============
P O R T U G A L
===============


HIPOTOTTA NO. 5: S&P Affirms CCC- Rating on Class F Notes
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
HipoTotta No. 5 PLC's class A2, B, C, D, E, and F notes.

Upon publishing S&P's updated criteria for Portuguese residential
mortgage-backed securities, it 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 affirmations follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as
of June 2015.  S&P's analysis reflects the application of its
RMBS criteria.

Credit enhancement has remained stable since S&P's previous
review.

Class         Available credit
               enhancement (%)
A2                       12.78
B                         9.80
C                         7.05
D                         4.07
E                         0.52

This transaction features an amortizing reserve fund, which
currently represents 1% of the outstanding balance of the notes
and it is at its required level.

Severe delinquencies of more than 90 days at 0.60% are on average
lower for this transaction than our Portuguese RMBS index.
Performance has improved since the peak in arrears in Q1 2012.
Defaults are defined as mortgage loans in arrears for more than
360 days in this transaction.  Cumulative defaults, at 1.49%, are
also lower than in other Portuguese RMBS transactions that S&P
rates.  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 an increase in the weighted-
average loss severity (WALS) for each rating level.

Rating level    WAFF (%)    WALS (%)
AAA                 17.64      29.71
AA                  13.12      24.96
A                   10.66      16.37
BBB                  7.78      12.20
BB                   4.94       9.48
B                    4.10       7.16

The increase in the WAFF is mainly due to the geographic
concentration and the use of the weighted-average original loan-
to-value (OLTV) in the WAFF calculation.  A penalty of 1.25x is
applied on 54.4% of the pool as province concentration in Grande
Porto, Grande Lisboa, and Setubal exceeds the limit set by the
criteria.  In addition to this, 47.4% of the pool is located in
Lisbon, which attracts a 1.1x penalty unless the previous 1.25x
province penalty is already applied.  The weighted-average OLTV
of HipoTotta No. 5 is relatively high, with 43% of the
outstanding pool balance having an OLTV of above 75%.  This means
that, in line with S&P's criteria, most of the pool is penalized,
as the weighted-average OLTV is above the 73% threshold.  At the
same time, seasoning partially offsets the negative effect of
geographic concentration and the weighted-average OLTV.  This is
because S&P's updated criteria give greater credit to well-
seasoned pools.  HipoTotta No. 5 has a weighted-average seasoning
of 9.6 years, which means that most of the loans will have a 0.5x
adjustment.

The increase in the WALS is mainly due to the application of
S&P's revised market value decline assumptions and the indexing
of its valuations under its RMBS criteria.  The overall effect is
an increase in the required credit coverage for each rating
level.

HipoTotta No. 5 features interest deferral triggers, partly based
on cumulative collateral defaults as a proportion of the original
collateral balance, which protect the more senior classes of
notes in stressful scenarios.  Cumulative defaults currently
represent 1.49% of the initial pool balance, compared with
trigger levels of 15.0%, 12.5%, 10.0%, and 7.5% for the class B,
C, D, and E notes, respectively.  Therefore, the triggers have
not been breached and S&P do not expect them to be breached in
the near future.

Following the application of S&P's RMBS criteria, its current
counterparty criteria, and considering its criteria for rating
single-jurisdiction securitizations above the sovereign foreign
currency rating (RAS 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,
(ii) the rating that the class of notes can attain under S&P's
RMBS criteria, and (iii) the rating as capped by S&P's current
counterparty criteria.

In this transaction, S&P's unsolicited long-term rating on the
Republic of Portugal (BB/Positive/B) constrains its ratings on
the class A2, B, C, and D notes.

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 all six of the conditions in paragraph 48 of the RAS
criteria are met, S&P can assign ratings in this transaction up
to a maximum of six notches (two additional notches of uplift)
above the sovereign rating, subject to credit enhancement being
sufficient to pass an "extreme" stress.

Additionally, S&P do not consider the replacement language in the
transaction's swap agreement to be in line with its current
counterparty criteria.  Furthermore, the swap counterparty (Banco
Santander S.A. [BBB+/Stable/A-2]) has not complied with the swap
agreement's terms (by either posting collateral, obtaining a
guarantor, or replacing itself) since becoming an ineligible
counterparty.  Therefore, S&P's ratings in the transaction are
capped by its long-term issuer credit rating (ICR) on Banco
Santander, or 'BBB+ (sf)', unless higher ratings are possible
without giving benefit to the swap agreement.

As a result of S&P's updated analysis, the class A2 notes have
sufficient available credit enhancement to withstand the stresses
that are commensurate with a 'A (sf)' rating level under S&P's
RMBS criteria.  These notes can withstand the severe stress under
S&P's RAS criteria, and are consequently eligible for a six-notch
rating uplift above the sovereign.  However, S&P's rating on the
class A2 notes is capped by its long-term ICR on the swap
counterparty at 'BBB+ (sf)'.  S&P has therefore affirmed its
'BBB+ (sf)' rating on the class A2 notes.

The class B notes can support the stresses that S&P applies at a
'BBB+ (sf)' rating level under its RMBS criteria.  The class B
notes are not the most senior tranche outstanding in the
transaction, and not all of the conditions in paragraph 48 of the
RAS criteria are met.  Consequently, S&P can assign a rating to
the class B notes up to a maximum of four notches above the
sovereign rating.  At the same time, S&P's rating on the class B
notes is capped at 'BBB+ (sf)' by its long-term ICR on the swap
counterparty.  S&P has therefore affirmed its 'BBB+ (sf)' rating
on the class B notes.

The class C and D notes have sufficient available credit
enhancement to withstand the stresses that are commensurate with
a 'BB (sf)' rating level under S&P's RMBS criteria.  These notes
fail S&P's RAS stress, and are therefore ineligible for a rating
uplift above the sovereign rating.  S&P has therefore affirmed
its 'BB (sf)' ratings on the class C and D notes.

The class E notes have sufficient available credit enhancement to
withstand the stresses that are commensurate with a 'BB- (sf)'
rating level under S&P's RMBS criteria.  S&P has therefore
affirmed its 'BB- (sf)' rating on the class E notes.

The class F notes are non-asset backed.  This class of notes was
issued for the purpose of funding the reserve fund.  S&P do not
expect default to be a virtual certainty and therefore, it has
affirmed its 'CCC- (sf)' rating on the class F 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, respectively.  This did not result in S&P's rating
deteriorating below the maximum projected deterioration that it
would associate with each relevant rating level, as outlined in
S&P's credit stability criteria.

In S&P's opinion, the outlook for the Portuguese 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 it applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and sluggish house price appreciation for the
remainder of 2015 and 2016.

On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Portuguese RMBS
index to significantly 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 and high unemployment.  On the
positive side, S&P expects interest rates to remain low.

HipoTotta No. 5 is a Portuguese RMBS transaction, which closed in
March 2007.  It securitizes a pool of first-ranking mortgage
loans which Banco Santander Totta, S.A. originated.  The mortgage
loans are granted to prime borrowers
mainly located in the Lisbon and North regions.

RATINGS LIST

HipoTotta No. 5 PLC
EUR2.01 Billion Mortgage-Backed Floating-Rate Notes

Ratings Affirmed

Class                 Rating

A2                    BBB+ (sf)
B                     BBB+ (sf)
C                     BB (sf)
D                     BB (sf)
E                     BB- (sf)
F                     CCC- (sf)



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


BANK TAVRICHESKY: Bank of Russia Ends Provisional Administration
-----------------------------------------------------------------
Due to the application of the state corporation Deposit Insurance
Agency for the early termination of its functions of the
provisional administration of the Saint Petersburg-based OJSC
Bank Tavrichesky, the Bank of Russia took a decision, by its
Order No. OD-1488 dated June 29, 2015, to terminate from June 30,
2015, the functions of the provisional administration of the bank
the state corporation Deposit Insurance Agency performs under
Bank of Russia Order No. OD-329, dated February 11, 2015, "On
Appointing the State Corporation Deposit Insurance Agency to
Perform the Functions of the Provisional Administration of the
Saint Petersburg-Based Open Joint-Stock Company Joint-Stock
Commercial Bank Tavrichesky or OJSC Bank Tavrichesky".


NOVIKOMBANK JSCB: Moody's Raises Long-Term Deposit Ratings to B1
----------------------------------------------------------------
Moody's Investors Service upgraded the global scale ratings of
Novikombank JSCB: long-term local and foreign currency bank
deposit ratings to B1 from B2 and local currency senior unsecured
debt rating to B1 from B2.  Concurrently, the rating agency
affirmed the bank's Baseline Credit Assessment (BCA) of b2 and
short-term local and foreign currency deposit rating of Not-
Prime.  The outlook for all long-term global scale ratings is
stable.

Concurrently, Moody's upgrades Novikombank's long-term
Counterparty Risk Assessments (CR Assessments) to Ba3(cr) from
B1(cr) and affirms short-term CR Assessment of Not-Prime(cr)

Moody's rating action is primarily based on Novikombank's audited
financial statements for 2014 prepared under IFRS.

RATINGS RATIONALE

The upgrade of Novikombank's deposit and debt ratings reflects
Moody's assessment of moderate probability of systemic support to
the bank in case of need, channeled through the bank's core
shareholder Russian State Corporation "Russian Technologies"
(RosTec, unrated), that controls 58% stake in Novikombank.  This
resulted in a one-notch uplift to the bank's debt and deposit
ratings of B1 from its BCA of b2.

At the same time, the affirmation of Novikombank's BCA reflects
(1) Moody's expectations of a significant capital increase in the
next three months as well as (2) balanced liquidity profile. The
rating agency adds that Novikombank's ratings remain constrained
by (1) rapid loan growth, which is expected to continue to exert
pressure on capital; (2) modest profitability suppressed by
growing credit costs; and (3) high single-name concentration in
the bank's loan portfolio and deposit base.

In addition, Moody's views Novikombank's participation in the
rehabilitation of insolvent FundServiceBank (unrated) being
rating neutral as the rescue package will be fully provided by
Deposit Insurance Agency and by the Federal Space Agency
(RosCosmos, unrated) -- a core client of FundServiceBank -- and
will not exert pressure on Novikombank's capital profile.

The rating agency notes the growing strategic importance of
Novikombank to RosTec, which has a state mandate to manage the
activities of over 700 entities operating in the defense,
manufacturing and science and research industries.

These sectors are major contributors to Russian defence and
technology exports and are part of the state federal security
program.  In 2014, the group increased its share in the bank from
17.61% to 57.68% and following the upcoming Tier 1 capital
injection of RUB1.6 billion in mid-2015, the stake will grow to
61.9%.  In early 2015, the bank implemented an IT platform that
allows it to handle settlements between RosTec's entities and
counterparties, which supports the group's strategy to increase
operating efficiency and enhance controls over the entities'
operations.

Moody's expects Novikombank's low capital levels (Basel I Tier 1
ratio of 6.3% and total capital adequacy ratio of 8% at 31
December 2014) to be significantly strengthened in the next three
months, as a result of the planned Tier 1 and Tier 2 capital
injections.  In addition to the above mentioned RUB1.6 billion
Tier 1 capital, Novikombank will receive a RUB7.2 billion
subordinated loan from Deposit Insurance Agency as part of its
program to support banking system capital.  However, sustaining
adequate capital levels remains a challenge for Novikombank, as
its pace of asset growth remains aggressive relative to its
modest internal capital generation capacity.  In 2014, the bank
grew its loan book by 52% (2013: 36), while its return on average
equity (ROAE) was about 4.7%, and Moody's expects this mismatch
to persist.

The bank historically had a conservative liquidity management
with liquid assets covering close to 38% of total assets or close
to 70% of customer deposits as at year-end 2014 (39% and 65%,
respectively, in average for 2011-14), supporting the bank's
resilience to potential outflow of core deposits.  Novikombank's
deposit base is highly concentrated (top-8 depositors accounted
for 71% of total customer funds as at January 1, 2015), while the
bank's deposit base was stable and demonstrated a steady growth
over the past years, which is likely to continue further
following implementation of a settlement platform for RosTec.

Moody's further observes that the high concentration of
Novikombank's loan book renders the bank's credit risk profile
susceptible to the performance of a few of the largest borrowers
(top-9 borrowers accounted for over 800% of Tier 1 capital as at
year-end 2014).  In 2014, risks associated with high loan book
concentrations crystallized as the default of just a few
corporate borrowers resulted in a two-fold increase of credit
costs with loan loss charges accounted for 4.8% of average loans
in 2014, up from 2.1% a year before.

WHAT COULD MOVE THE RATINGS UP/DOWN

Any possible upgrade of Novikombank's ratings would be subject to
the strengthening of the bank's BCA as a result of the bank's
ability to materially increase its capital and sustain it at a
level comparable with that of higher-rated peers.  A prerequisite
for this improved capitalization would be a significant increase
in the bank's profitability and reduction of single-name
concentrations to the level comparable with Russian banks with b1
BCAs.

Downward pressure could be exerted on Novikombank's ratings by
(1) any failure to improve its capital adequacy in the next three
months; and (2) any material adverse changes in the bank's risk
profile, particularly a weakening of its asset quality or
liquidity profile.  At the same time, any evidence indicating a
lower probability of support being provided to the bank entities
from its controlling shareholders could result in a downgrade of
Novikombank's long-term deposit and debt ratings.



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


AYT FONDO EOLICO: Moody's Hikes Rating on Series E2 Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded to B1 from B3, on review
for upgrade, the ratings of the Series E2 notes issued under the
AyT FONDO EOLICO, FTA programme.

Issuer: AyT FONDO EOLICO, FTA

  EUR7.6 mil. Series E2 Notes, Upgraded to B1; previously on
  March 20, 2015 B3 Placed Under Review for Possible Upgrade

The rating action concludes the review for upgrade of the rating
on the E2 notes, initiated by Moody's on March 20, 2015 following
the publication of its new Banks methodology, in particular the
introduction of assigning Counterparty Risk Assessments (CR
Assessments) to banks, and revisions to its structured finance
methodologies.

RATINGS RATIONALE

The rating upgrades was prompted by the confirmation of the Caa1
Long term bank deposit rating of the notes' guarantor, Abanca
Corporacion Bancaria, S.A., and the assignment of a CR Assessment
of B2(cr) to Abanca Corporacion Bancaria, S.A. on June 17, 2015.

COUNTERPARTY RISK EXPOSURE AND UPDATES TO MOODY'S STRUCTURED
FINANCE RATING METHODOLOGIES

The rating action took into consideration the notes' exposure to
relevant counterparties, such as the guarantor and the issuer
account bank.  Moody's also incorporated the updates to its
structured finance methodologies in its analysis of the
transaction.

The likelihood of payments under the notes relies primarily on a
guarantee from Abanca Corporacion Bancaria, S.A. In addition,
since 2008, the guarantor strengthened its collateral guarantee
by making cash deposits in Barclays Bank PLC (deposits/senior
unsecured A2 stable, BCA baa2).  This deposit currently
represents around one third of the current outstanding notes'
amount.

THE TRANSACTION

AyT Fondo Eolico represents the securitization of loans granted
for the purpose of developing different Eolic projects in the
region of Galicia.  These projects are established under the
Galician Eolic Plan (Plan Eolico Estrategico), which the Galician
government has approved to promote the development of Eolic parks
in Galicia.

The transaction features a guarantee from Abanca Corporacion
Bancaria, S.A. on any principal payments due on the loans.
Abanca Corporacion Bancaria, S.A. also guarantees the portion of
interest that does not depend on the turnover of the debtor.
However, there is no guarantee that bondholders will receive the
variable amount (2.75% of turnover) of interest to which they are
entitled.

Moody's ratings do not address the timely payment of this portion
of interest, but only the (1) timely payment of interest accrued
at the reference index plus 25 basis points; and (2) payment of
principal at final legal maturity of the notes.

Moody's did not conduct a cash flow analysis or stress scenarios
as it directly derived the rating by accounting for the joint
benefit of the guarantee and of the cash deposits.

Moody's rating methodology takes into account the joint benefit
of the guarantee and the cash deposits.  The rating agency is
assuming a default probability for the notes that is consistent
with the CR Assessment of the guarantor, but currently includes
in its recovery assumption the benefit of the cash deposit, as
well as a claim on the guaranteeing bank for the residual amount
of the principal.  As a result, Moody's currently rates the notes
one notch above the CR Assessment of the guaranteeing bank.



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


FINANCIAL INITIATIVE: NBR Declares Bank Insolvent
-------------------------------------------------
Financial Initiative PJSCCB on June 23, 2015, was declared
insolvent by decision of the Board of the National Bank of
Ukraine.

The National Bank underlines that the majority of the bank's
depositors, whose deposits are subject to reimbursement by the
Deposit Guarantee Fund, or, to be more precise, 59 thousand
persons, or 92% of all the depositors  will be reimbursed in
full. The Deposit Guarantee Fund will pay out the guaranteed
amount to depositors in the amount of over UAH3.7 billion.

Financial Initiative PJSCCB was obliged within a 180-day time
frame running from February 2015 until June 23, 2015, to bring
its activities into conformity with the applicable Ukrainian
laws, including the NBU regulations.

However, all the stabilization efforts, in particular, an
injection of additional capital into the bank by the owner of a
qualifying holding in this financial institution failed to
prevent an outflow of funds, stabilize its liquidity and recover
the solvency of this bank in the current financial crisis. This
was evidenced by Financial Initiative PJSCCB's failure to meet
its obligations to the National Bank of Ukraine under refinancing
loans due to a severe shortage of liquidity experienced by the
bank, a further outflow of funds from the bank, and numerous
complaints from this bank's customers received by the National
Bank of Ukraine about the bank's failure to repay deposits to
them.

The decision to declare Financial Initiative PJSCCB insolvent was
taken in compliance with Articles 7, 15, 55 of the Law of Ukraine
On the National Bank of Ukraine, and Articles 67, 73, 75, 76 of
the Law of Ukraine On Banks and Banking.

According to the applicable Ukrainian laws, Financial Initiative
PJSCCB that has been declared insolvent shall be placed under
jurisdiction of the Deposit Guarantee Fund, which shall appoint
the provisional administration and authorized officials to this
financial institution. The Fund guarantees the reimbursement of
deposits to all depositors who will receive compensation for the
amount of their deposit, including the interest accrued thereon
on the date when the National Bank of Ukraine adopts a decision
to declare the bank insolvent and the Fund initiates a winding-up
procedure against this bank, but up to the compensation limit
established on the date of the respective decision, regardless of
the number of deposits held in one bank.


UKRAINE: Urges Creditors to Enter Into Confidentiality Agreement
----------------------------------------------------------------
Natasha Doff at Bloomberg News reports that Ukraine called on its
creditors to enter into a confidentiality agreement so they can
hold direct negotiations and overcome a three-month deadlock in
restructuring talks.

"Concerns about the impact of receiving confidential information
on their trading activities has been used as an excuse not to
meet with the Ukrainian representatives, including Finance
Minister Natalie Jaresko," Bloomberg quotes the Finance Ministry
as saying in a statement on its website.  "If the committee
enters into confidentiality agreements, the Minister remains
ready to meet with the committee without preconditions."

Talks have stalled over the issue of a principal writedown that
creditors say isn't necessary and Ukraine insists is essential,
Bloomberg notes.

"For weeks the government's position has been that there was no
way for the minister to sign a confidentiality agreement," a
spokesman for the creditor committee, which holds US$8.9 billion
of Ukraine's debt, as cited by Bloomberg, said in an e-mailed
response to Ms. Jaresko's comments.  "The committee has always
been prepared to be restricted for the negotiations, but is still
being blocked by the minister's legal team.  We find ourselves
baffled by the minister's public stance relative to the stance
taken with the committee."



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


CATALYST HEALTHCARE: Moody's Cuts Rating on GBP218MM Bonds to Ba1
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa1 the
ratings of the GBP218 million of index-linked guaranteed secured
bonds due 2040 (the Bonds) issued by Catalyst Healthcare
(Manchester) Financing plc (the Issuer) and a GBP175 million
guaranteed secured loan provided by the European Investment Bank
(the EIB Debt) reflecting the ongoing dispute between the project
vehicle, Catalyst Healthcare (Manchester) Limited (ProjectCo),
and the Central Manchester University Hospitals NHS Foundation
Trust(the Trust) regarding fire compartmentation at the project
hospital which increases the risk of project termination.
Concurrently the ratings have been placed on review for downgrade
reflecting the lack of clarity as to how the underlying dispute
between ProjectCo and the Trust will proceed in the coming months
and the impact on ProjectCo.

Moody's review will focus on what progress is made towards
resolving the dispute between ProjectCo and the Trust.

The Issuer is a financing conduit established in 2004 to on-lend
the proceeds of the Bonds and the EIB Debt to ProjectCo.
ProjectCo was established to take over and upgrade an existing
hospital estate in the centre of Manchester, England, which forms
a 1,470-bed hospital and provide FM and lifecycle services (the
Project). The Project is procured and paid for by the Trust.

RATINGS RATIONALE

"The rating action reflects that the dispute between the Central
Manchester University Hospitals NHS Foundation Trust and the
project vehicle is continuing and there is a risk that the Trust
could choose to levy significant financial deductions to
prospective monthly service payments and/or commence termination
of the project agreement" says Kunal Govindia, an Assistant Vice
President - Analyst in Moody's Infrastructure Finance Group and
lead analyst for Catalyst Healthcare (Manchester) Financing plc.

On June 26, 2015, the Issuer announced that the Trust has issued
unavailability notices to ProjectCo on the basis that the Trust
asserted that parts of the hospital were unavailable during March
and April 2015 because fire compartmentation was not compliant
with contractual requirements.  The Trust calculated that it was
entitled to deduct approximately GBP4.8 million in relation to
these unavailability notices, although the Trust has, to date,
only deducted GBP0.7 million from the monthly service payments
made in May and June 2015.  ProjectCo disputes that the Trust is
entitled to declare the relevant areas of the hospital as
unavailable but, in any event, these deductions have been passed
down fully to Cofely FM Limited, the lifecycle contractor, in
accordance with the lifecycle subcontract

The Trust retains the right to deduct the remaining GBP4.1
million against future service payments.  Under the terms of the
project agreement the Trust is able to terminate the project if
the aggregate of financial deductions made in any rolling 12
month period exceeds 10% of the service payments for the
corresponding period.  Therefore, if the Trust were to levy the
full GBP4.1 million in the coming months, and is found to be
entitled to do so, it would have the right (but not the
obligation) to terminate the project agreement.

The Trust, ProjectCo and the construction contractor, Lend Lease
Construction (EMEA) Limited, are undertaking investigations into
fire compartmentation at the hospital and are working
collaboratively to resolve the issues, which Moody's considers
positive.  Although Moody's considers the risk of project
termination as low at this time, in the absence of a binding
agreement among the parties or adjudicated settlement addressing
these issues, Moody's does not consider that the near-term
potential event of default arising from the Trust's right to
terminate the project agreement as a result of aggregate
financial deductions as described above is consistent with an
investment-grade rating.

The Ba1 ratings are constrained by (1) the ongoing dispute with
the Trust which increases the risk of the Trust terminating the
project agreement; and (2) the uncertainty in relation to how the
underlying issues regarding fire compartmentation at the hospital
will be resolved.

However the ratings reflect as positives (1) the contractual
arrangements of the Project which have allowed ProjectCo to pass
the amounts withheld by the Trust to date onto the lifecycle
contractor; and (2) a range of creditor protections included
within the financing structure, such as a maintenance reserve
account and a debt service reserve account which will provide the
Issuer with liquidity to meet its senior debt service
obligations.

The Bonds and the EIB Debt benefit from an unconditional and
irrevocable guarantee of scheduled principal and interest by
Ambac Assurance UK Limited (Ambac).  However, since Ambac's
insurance financial strength rating was withdrawn on April 7,
2011, the rating on the Bonds and EIB Debt is currently
determined by the credit quality of the Project on a standalone
basis.

ProjectCo and the Issuer are wholly owned by Catalyst Healthcare
(Manchester) Holdings Ltd, which in turn is 65% owned by Lend
Lease PFI /PPP Infrastructure Manchester Holdings Ltd, 25% by
Infrared Infrastructure Yield Holdings Ltd and 10% by Sodexo
Investment Services Ltd.


CHANGTEL SOLUTIONS: Entatech's Owner Speaks Amid Liquidation
------------------------------------------------------------
pcr-online.biz reports that Entatech owner Jason Tsai has
commented on the long-running court case between his former
business Changtel Solutions and Her Majesty's Revenue & Customs.

Mr. Tsai sold Changtel last year to a private investor, adding
that the business was dormant and separate from Enta Group, and
promising that whatever happened, it wouldn't "affect the
operation of Entatech," according to pcr-online.biz.

The report relates HMRC argued that Changtel had over-declared
input VAT back in 2012, and while HMRC had initially won a case
at the Court of Appeal, earlier this year Tsai outlined plans to
take the case to the Supreme Court.

However, his appeal to the Supreme Court was dismissed in late
May, the report notes.

The report says that Mr. Tsai dismissed recent reports published
elsewhere which claimed that Changtel owes GBP15.5 million in VAT
assessments.

"The title mentioning GBP15.5 million export VAT never happened -
it's totally wrong," Mr. Tsai told PCR.  "In fact, the amount is
limited to GBP2.5 million of exports, which the appeal Court
judge found that the export documents were not satisfactory as
proof," Mr. Tsai added.

"As for the rest of the GBP13 million, the independent accounting
firm BDO has done a forensic report and proved that HMRC was
wrongfully accusing the company in over-claiming the VAT.  Also,
Changtel has always paid VAT to suppliers and then claimed input
VAT accordingly.  In fact, Deputy Judge David Donaldson QC
dismissed the winding up petition on March 21, 2014 but stayed
this dismissal until after judgment on any appeal to the court of
appeal from his order," Mr. Tsai added.

Mr. Tsai added: "Hence, HMRC appealed against Deputy Judge
Donaldson's decision on December 16, 2014.  Unfortunately the
appeal court didn't look at the BDO forensic report and other
merits of the dispute, but granted HMRC appeal to wind up
Changtel on January 28 this year, the report notes.

"Changtel kept fighting and appealed to the Supreme Court on
February 24, 2015 but it was too late.  It was dismissed on
May 25, 2015 and the company is to be liquidated," Mr. Tsai
added.


COUNTYROUTE PLC: S&P Revises Outlook on 'CCC+' Sub. Loan Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on the 'CCC+' long-term issue rating on the GBP5.5
million subordinated secured mezzanine bank loan issued by
U.K.-based concessionaire CountyRoute (A130) PLC (CountyRoute or
the project) to developing from negative.  At the same time, S&P
affirmed the 'CCC+' rating on the mezzanine loan and the 'B+'
rating on the GBP88 million senior secured bank loan, both due
2026.  The outlook on the senior secured debt is stable.

The senior secured bank loan and the subordinated secured
mezzanine loan each have a recovery rating of '1', reflecting
S&P's expectation of a very high (90%-10%) recovery of principal
in the event of a payment default.

The outlook revision on the mezzanine loan reflects S&P's
uncertainty with respect to the revised major maintenance
forecast that S&P understands is currently being implemented in a
new financial model, along with the robust traffic growth that
the project is currently experiencing.  S&P believes that the
revision to the major maintenance profile could sufficiently
improve the project's debt service cover ratios enough to enable
mezzanine loan debt service to recommence.  S&P understands that
a new financial model, and updated major maintenance profile, has
been issued to the controlling creditor for approval and is
therefore not available for S&P's review.  The project has
sufficient free cash available to fully meet the deferred
mezzanine debt service payments if the lock up is released in any
period.

S&P's operations phase business assessment reflects its view of
CountyRoute's simple service requirements and a market risk
assessment of '1'.  S&P's positive assessment of the downside
impact on the Preliminary SACP is due to the project's relatively
robust performance under S&P's downside case.

The project's Parent Linkage Assessment is capped as the project
does not have an independent director or equivalent anti-filing
mechanism and is a fully owned subsidiary of John Laing PLC.

Liquidity is "neutral".  The project benefits from a fully funded
senior debt service reserve account, a mezzanine debt service
reserve account, which is currently fully drawn, and a major
maintenance reserve account, together with an accumulated free
cash balance as a result of the ongoing junior debt and
distribution covenants.

The stable outlook on the long-term rating on the senior debt
reflects S&P's view of the project's strong liquidity as a result
of the application of the ongoing junior debt and distribution
lock-up covenant.  This liquidity provides comfort that the
project will be able to meet its operational costs and senior
debt service requirements in full and on schedule, despite
projected weak annual debt service coverage ratios (ADSCRs).

S&P could take a negative rating action on the senior debt if the
project's liquidity were to materially weaken as a result of a
reduced cash balance or higher-than-expected operating and major
maintenance costs being incurred.  This could result from reduced
traffic or an unexpected decline in the structural integrity of
the pavement.  S&P could also take negative action if its view of
the credit quality of John Laing PLC were to decline below that
of the project's stand-alone credit quality.

S&P could take a positive rating action on the senior debt if the
project's forecast financial profile were to improve, combined
with an improvement in S&P's view of the credit quality of John
Laing PLC.  This could occur, for example, if the original
construction contractor were to accept partial or full
responsibility for the rectification of the underlying road
defects, or if traffic volumes were to grow faster than S&P
forecasts over the medium term.

The developing outlook on the junior debt reflects S&P's
understanding that a revised major maintenance profile will
improve the debt service cover ratios in the next few years
compared with S&P's current forecast.

S&P could take a positive rating action on the junior debt if it
forecasts that the mezzanine debt service lock-up covenant will
be lifted.  This could result from faster-than-expected traffic
growth or reduced major maintenance expenses, as demonstrated by
the new financial model.

S&P could take negative rating action on the mezzanine debt if it
considers that the lock up will not be released within 12 months.


EASTLAND COLOUR: To Appoint Insolvency Practitioner
---------------------------------------------------
Sarah Cosgrove at PrintWeek reports that a firm of insolvency
practitioners has been working on the case of Manchester print
company Eastland Colour for the past two days.

Eastland Colour in Eastlands, Manchester, was incorporated on
March 1, 2012. Its current directors are John Bywater and Richard
Lax, the report discloses.

Richard Lax and Richard Steven were listed as managing directors
and John Bywater as investment director on Companies House in its
last return in April, 2014. All the company shares were owned by
a separate company, HLWKH 600, the report notes.

PrintWeek relates that a Wilson Field representative said
Kelly Burton would be appointed as the insolvency practitioner to
this company in due course.

Eastland Colour was involved in a pre-pack in 2012, which was
also dealt with by Wilson Field, the report recalls.


NEWCASTLE JETS: Placed Into Liquidation
---------------------------------------
Ian Roache at Courier.co.uk reports that the company that owned
Newcastle Jets, the Australian club Dundee United chairman
Stephen Thompson has been interested in buying, has been placed
into liquidation.

The creditors of Newcastle Jets Football Operations, which had
amassed debts of GBP11 million, voted unanimously to call in the
liquidators despite concerns they could end up with nothing
unless they launch successful legal challenges, according to
Courier.co.uk.

The report notes that about GBP750,000 is owed in wages and
superannuation, with employees able to apply for assistance under
a government scheme designed to help people who lose their job
due to insolvency.

According to reports in Australia, when controversial owner
Nathan Tinkler placed the company in voluntary administration in
May it only had around GBP300 in the bank, GBP45 in office petty
cash, gym equipment, some outdated merchandise and a motorbike,
the report relates.

The club Newcastle Jets, however, continues to function under
recently-appointed head coach Scott Miller and is being run by
the Australian football authorities until a new owner can be
found to take over the license, the report notes.

Thompson has been looking into the possibility of purchasing Jets
as a part of a consortium that would be operating separately from
United, the report relates.

Meanwhile, Tangerines manager Jackie McNamara believes his young
players will be physically stronger when the return for pre-
season training, the report discloses.


                            *********

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

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

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through 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.


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