/raid1/www/Hosts/bankrupt/TCREUR_Public/171031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, October 31, 2017, Vol. 18, No. 216


                            Headlines


B U L G A R I A

* BULGARIA: 20 Municipal Hospitals Face Bankruptcy Risk


G E O R G I A

LIBERTY BANK: Moody's Affirms B1 Deposit Rating, Outlook Positive


G E R M A N Y

SKW STAHL-METALLURGIE: Sale of Credit Claims to Speyside Closed


I R E L A N D

HARVEST CLO XII: Moody's Assigns B2 Rating to Cl. F-R Sr. Notes
HARVEST CLO XII: Fitch Rates EUR13MM Class F-R Notes B-
RICHMOND PARK: Fitch Corrects October 16 Rating Release


K A Z A K H S T A N

ALFA-BANK JSC: S&P Affirms 'BB-/B' ICR, Outlook Remains Stable


N E T H E R L A N D S

REFRESCO GROUP: Moody's Puts Ba3 CFR Under Review for Downgrade
REFRESCO GROUP: S&P Places 'BB-' CCR on CreditWatch Negative


R U S S I A

CREDIT EUROPE: Moody's Affirms B1 Long-Term Deposit Rating
CREDIT EUROPE: Moody's Reviews Ba2 LT Deposit Rating for Upgrade
GLOBEXBANK: S&P Affirms Then Withdraws B+/B Issuer Credit Ratings
MOSCOW UNITED: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
RUSSIAN HELICOPTERS: Moody's Withdraws Ba2 Corp. Family Rating


U N I T E D   K I N G D O M

JUST COSTS: Bought Out of Administration Under Pre-pack Deal
KIN GROUP: Resumption of Share Trading at AIM Delayed
MOY PARK: S&P Lowers CCR to 'B', Outlook Remains Negative

* UK: Brexit-Related Insolvencies in Restaurant Sector Rise


                            *********



===============
B U L G A R I A
===============


* BULGARIA: 20 Municipal Hospitals Face Bankruptcy Risk
-------------------------------------------------------
Novinite.com, citing BNT, reports that Bulgaria's National
Association warned about 20 municipal hospitals in the country
are in severe financial condition and may go bankrupt.

According to Novinite.com, because of the underfunded clinical
pathways, health establishments are accumulating debts and staff
salaries are reduced.  The National Association of Municipalities
and the Doctors' Union want the state to take measures to solve
the problem, Novinite.com says.

The Ministry of Health said the municipal hospitals in the
country are 121, Novinite.com notes.  The accumulated debts at
the end of last month are over BGN100 million, Novinite.com
discloses.


=============
G E O R G I A
=============


LIBERTY BANK: Moody's Affirms B1 Deposit Rating, Outlook Positive
-----------------------------------------------------------------
Moody's Investors Service has affirmed Liberty Bank JSC's
(Liberty Bank) B1 long-term local and foreign currency deposit
ratings and changed the outlook on the ratings to positive from
stable. Moody's also affirmed the bank's short-term local and
foreign currency deposit ratings at Not Prime, its baseline
credit assessment (BCA) and adjusted BCA at b2, and the long-term
and short-term Counterparty Risk Assessment (CR Assessment) at
Ba3(cr)/Not-Prime(cr) respectively.

The change in outlook to positive was prompted by Moody's
assessment that Liberty Bank's access to capital markets may
improve following the release of the encumbrance against 60.5% of
the bank's ordinary shares.

RATINGS RATIONALE

-- POSITIVE OUTLOOK

Moody's change in outlook to positive is driven by Liberty Bank's
potential for improved access to capital markets. Litigation
against the bank's former shareholders had led to an encumbrance
against 60.5% of the bank's ordinary shares by court orders.
According to Moody's, this encumbrance had limited the bank's
ability to raise fresh equity in case of need and curbed its
ability to access funding from developmental international
institutions.

However, following a recent legal settlement, the encumbrance on
the bank's shares has been released and, on 13 October, control
of Liberty Bank was transferred to European Financial Group B.V.
(EFG) that acquired a 74.64% equity interest and voting rights to
the bank.

According to Moody's, the removal of the encumbrance has
potential to improve Liberty Bank's access to new capital, in
case this is needed, and funding from developmental financial
institutions. Therefore, these will enable the bank to engage in
more long-term strategic planning and take advantage of Georgia's
strong growth prospects. Moody's expects real GDP growth to
accelerate to an average 3.8% in 2017 and 2018.

-- RATING AFFIRMATION

According to Moody's, Liberty Bank's b2 BCA reflects (1) its
strong earnings generation capacity driven by a high interest
margin, (2) low single borrower concentrations and low direct
exposure to currency-induced credit risk, (3) adequate reported
capital ratios with a common equity tier 1 ratio of 10.9% as of
June 2017 and (4) a granular deposit funding base and solid
liquidity. These strengths are moderated by (1) high asset risks
reflecting the bank's focus on unsecured lending and its credit
concentration to Georgia's developing economy and (2) an
undiversified business model.

Moody's also incorporates a moderate likelihood of government
support from Georgia (Ba2 stable) for Liberty Bank in case of
need, reflecting the bank's significant market share of 8% of
domestic deposits and its importance to the country's payment
system because of its role in distributing state pensions and
welfare payments in the country, which results in one notch of
uplift for the bank's B1 long-term deposit ratings.

WHAT COULD CHANGE THE RATING - UP/DOWN

Liberty Bank's ratings could be upgraded if it is able to benefit
from enhanced access to capital markets to improve its financial
standing, such as to take advantage of domestic growth prospects
ensuring stable recurring profitability, while maintaining
adequate capitalisation, well above regulatory minima, and
without increasing credit risk in its loan portfolio.

There would be negative pressure on the bank's ratings if capital
metrics deteriorate significantly below current levels or credit
losses rise above historical averages. Changes to the regulatory
or competitive landscape that would impact the bank's revenue
generating capacity, or a loss of the bank's contract to
distribute state pensions and welfare payments could also put
negative pressure on its ratings. Emergence of an increased risk
appetite under the bank's new shareholders could also put
negative pressure on the ratings. There could also be negative
pressure on the bank's deposit ratings if Moody's believes that
the government's willingness to provide support to the bank in
case of need has diminished.

LIST OF AFFECTED RATINGS

Issuer: Liberty Bank JSC

Affirmations:

-- LT Bank Deposits, Affirmed B1, Outlook Changed To Positive
    From Stable

-- ST Bank Deposits, Affirmed NP

-- Adjusted Baseline Credit Assessment, Affirmed b2

-- Baseline Credit Assessment, Affirmed b2

-- LT Counterparty Risk Assessment, Affirmed Ba3(cr)

-- ST Counterparty Risk Assessment, Affirmed NP(cr)

Outlook Actions:

-- Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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

At the end-June 2017, Liberty Bank, headquartered in Tbilisi,
Georgia, had total assets of GEL1.6 billion (around $0.7
billion).


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


SKW STAHL-METALLURGIE: Sale of Credit Claims to Speyside Closed
---------------------------------------------------------------
The US financial investor Speyside Equity has legally closed the
announced purchase of all credit claims against SKW Stahl-
Metallurgie Holding AG in the amount of approximately EUR75
million (nominal value) from the SKW syndicated loan agreement.
Speyside Equity is thus by far the largest creditor of the
company and has already taken one seat in the preliminary
committee of creditors of the company in place of the syndicated
banks.

The local court in Munich (insolvency court) had approved the
application made by the management board on September 28, 2017,
and had ordered preliminary self-administration plus protective
shield for SKW Stahl-Metallurgie Holding AG.  The necessary
financial restructuring and recapitalization of the company,
partly by means of converting credit claims into equity (debt-to-
equity swap), shall now be achieved through an insolvency plan.
Prior to this, the originally planned restructuring concept that
included the participation of the existing shareholders failed
due to the opposition of one shareholder who simultaneously holds
a position on the supervisory board.  The operating businesses of
the operational SKW companies are not affected by the insolvency
of the holding company and continue without any restrictions.
The court appointed the financial restructuring expert Dr.
Christian Gerloff, partner of the Gerloff Liebler Rechtsanwaelte
law firm in Munich, as the preliminary custodian ("vorlaeufiger
Sachwalter").

Dr. Kay Michel, CEO of SKW Stahl-Metallurgie Holding AG: "The
completion of the sale of claims to Speyside Equity is an
important step for implementing the planned restructuring
concept.  We continue to work intensively on preparing the
insolvency plan, on the basis of which we intend to deleverage
and sufficiently capitalize the SKW Group.  It is extremely
pleasing to see that customers, suppliers and employees have
remained so loyal to our company in recent weeks."

             About SKW Stahl-Metallurgie Holding AG

SKW Stahl Metallurgie Holding AG is a Germany-based steel
refining company.  The Company is engaged in both primary
metallurgy, which refers to processing or ore into liquid iron,
and secondary metallurgy, which includes refining the liquid iron
into steel of different quality levels for use in a multitude of
industries, from steel girders for building to sheets for the
automotive industry.


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


HARVEST CLO XII: Moody's Assigns B2 Rating to Cl. F-R Sr. Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the notes issued by Harvest CLO
XII Designated Activity Company (Harvest XII, the "Issuer"):

-- EUR239,000,000 Class A-R Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR40,800,000 Class B1-R Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR10,000,000 Class B2-R Senior Secured Fixed Rate Notes due
    2030, Definitive Rating Assigned Aa2 (sf)

-- EUR23,750,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR21,400,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR26,300,000 Class E-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR13,000,000 Class F-R Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned B2 (sf)

Moody's definitive ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the Collateral Manager, Investcorp Credit
Management EU Limited, has sufficient experience and operational
capacity and is capable of managing this CLO.

The Issuer has issued the Class A-R Notes, the Class B1-R Notes,
the Class B2-R Notes, the Class C-R Notes, the Class D-R Notes,
the Class E-R Notes and the Class F-R Notes (the "Refinancing
Notes") in connection with the refinancing of the Class A-1
Senior Secured Floating Rate Notes due 2028, the Class A-2 Senior
Secured Fixed Rate Notes due 2028, the Class B-1 Senior Secured
Floating Rate Notes due 2028, the Class B-2 Senior Secured Fixed
Rate Notes due 2028, the Class C Senior Secured Deferrable
Floating Rate Notes due 2028, the Class D Senior Secured
Deferrable Floating Rate Notes due 2028, the Class E Senior
Secured Deferrable Floating Rate Notes due 2028 and the Class F
Senior Secured Deferrable Floating Rate Notes due 2028 ("the
Refinanced Notes") respectively, previously issued on August 6,
2015 (the "Original Issue Date"). The Issuer will use the
proceeds from the issuance of the Refinancing Notes to redeem in
full the Original Notes that will be refinanced. On the Original
Issue Date, the Issuer also issued EUR43,000,000 of unrated
Subordinated Notes, which will remain outstanding.

Harvest CLO XII is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds. The portfolio is expected to be fully ramped up as of the
Issue Date and to be comprised predominantly of corporate loans
to obligors domiciled in Western Europe.

Investcorp Credit Management EU Limited ("Investcorp") will
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage
in trading activity, including discretionary trading, during the
transaction's four-year reinvestment period. The reinvestment
period ends in November 2021. Thereafter, purchases are permitted
using principal proceeds from unscheduled principal payments and
proceeds from sales of credit improved and credit risk
obligations, and are subject to certain restrictions.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

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

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Investcorp's investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

Moody's used the following base-case modeling assumptions:

Par amount: EUR402,500,000

Diversity Score: 36

Weighted Average Rating Factor (WARF): 2790

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 42.00%

Weighted Average Life (WAL): 8.5 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond ratings of A1 or below. According to the
portfolio constraints, the total exposure to countries with a
local currency country risk bond ceiling ("LCC") below Aa3 shall
not exceed 10%. Furthermore, the eligibility criteria preclude
the Issuer from investing in obligors domiciled in country with a
Moody's LLC rating below A3. Given this portfolio composition,
the model was run without the need to apply portfolio haircuts as
further described in the methodology.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal.

Percentage Change in WARF: WARF + 15% (to 3209 from 2790)

Ratings Impact in Rating Notches:

Class A-R Senior Secured Floating Rate Notes: 0

Class B-1R Senior Secured Floating Rate Notes: -2

Class B-2R Senior Secured Fixed Rate Notes: -2

Class C-R Senior Secured Deferrable Floating Rate Notes: -2

Class D-R Senior Secured Deferrable Floating Rate Notes: -2

Class E-R Senior Secured Deferrable Floating Rate Notes: -1

Class F-R Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3627 from 2790)

Ratings Impact in Rating Notches:

Class A-R Senior Secured Floating Rate Notes: -1

Class B-1R Senior Secured Floating Rate Notes: -3

Class B-2R Senior Secured Fixed Rate Notes: -4

Class C-R Senior Secured Deferrable Floating Rate Notes: -4

Class D-R Senior Secured Deferrable Floating Rate Notes: -2

Class E-R Senior Secured Deferrable Floating Rate Notes: -1

Class F-R Senior Secured Deferrable Floating Rate Notes: -2

Methodology Underlying the Rating Action:

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


HARVEST CLO XII: Fitch Rates EUR13MM Class F-R Notes B-
-------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XII DAC refinancing notes
final ratings as follows:

EUR239 million class A-1R notes: assigned 'AAAsf'; Outlook Stable
EUR40.8 million class B-1R notes: assigned 'AAsf'; Outlook Stable
EUR10 million class B-2R notes: assigned 'AAsf'; Outlook Stable
EUR23.75 million class C-R notes: assigned 'Asf'; Outlook Stable
EUR21.4 million class D-R notes: assigned 'BBBsf'; Outlook Stable
EUR26.3 million class E-R notes: assigned 'BBsf'; Outlook Stable
EUR13 million class F-R notes: assigned 'B-sf'; Outlook Stable

The proceeds of this issuance are being used to redeem the old
notes, with a new identified portfolio comprising the existing
portfolio, as modified by sales and purchases conducted by the
manager. The transaction closed in August 2015 and the portfolio
is managed by Investcorp Credit Management EU Limited. The
refinanced CLO envisages a further four-year reinvestment period
and an 8.5-year weighted average life (WAL).

KEY RATING DRIVERS
'B' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors to be in
the 'B' category. The Fitch weighted average rating factor (WARF)
of the current portfolio is 33.1, below the initial indicative
maximum covenanted WARF of 33.5.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate of the current
portfolio is 64.5%, above the initial indicative minimum covenant
of 61.6%.

Limited Interest Rate Exposure
Up to 5% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities represent 2.4% of the target par.
Fitch modelled both 0% and 5% fixed-rate buckets and found that
the rated notes can withstand the interest rate mismatch
associated with each scenario.

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

RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes.

A 150% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to five notches for the rated
notes.

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

A 50% reduction in recovery rates would lead to a downgrade of up
to five notches for the rated notes.

A combined stress of default multiplier of 125% and recovery rate
multiplier of 75% would lead to a downgrade of up to five notches
for the rated notes.


RICHMOND PARK: Fitch Corrects October 16 Rating Release
-------------------------------------------------------
This commentary corrects the version published on Oct. 16, 2017
to include more information in the data adequacy section.

Fitch Ratings has assigned Richmond Park CLO DAC's refinancing
notes final ratings and affirmed the others:

EUR351.05 million class A-1-R notes: assigned 'AAAsf'; Outlook
Stable
EUR74.375 million class A-2-R notes: assigned 'AAsf'; Outlook
Stable
EUR34.21 million class B-R notes: assigned 'Asf'; Outlook Stable
EUR26.785 million class C-R notes: assigned 'BBBsf'; Outlook
Stable
EUR46.11 million class D-R notes: assigned 'BBsf'; Outlook Stable
EUR15.61 million class E notes: affirmed at 'B-sf'; Outlook
Stable

Richmond Park CLO DAC is a cash flow collateralised loan
obligation securitising a portfolio of mainly European leveraged
loans and bonds. Net proceeds from the notes have been used to
refinance the current outstanding A-1 to D notes. The portfolio
is managed by Blackstone / GSO Debt Funds Management Europe
Limited.

KEY RATING DRIVERS

'B' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category. The weighted-average rating factor (WARF) of the
initial portfolio is 32.7, below the covenanted maximum for
assigning the final ratings of 33.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate of the initial
portfolio is 68.7%. This is above the covenanted minimum for
assigning the final ratings of 53.5% which corresponds to the
matrix point of WARF of 33, and weighted average spread of 4%.

Limited Interest Rate Risk
The notes pay on a floating index while 10% of the portfolio
assets can be fixed-rate. Fitch modelled a 10% fixed-rate bucket
in its analysis and found the rated notes can withstand the
excess spread compression in a rising interest rate environment.

Diversified Asset Portfolio
While the transaction contains no covenant that limits the top 10
obligors in the portfolio, there is a limit to the top secured
senior obligor of 2.5%, top non-secured senior obligor of 1.5%,
and largest obligor of 3%.

TRANSACTION SUMMARY

Richmond Park CLO DAC closed in January 2014 and is still in in
its reinvestment period, which is set to expire in January 2018.
The issuer is now issuing new notes to refinance part of the
original liabilities. The refinanced class A-1, A-2, B, C and D
notes have been redeemed in full as a consequence of the
refinancing.

The refinancing notes bear interest at a lower margin over
EURIBOR than the notes being refinanced.

In addition to the lower margin, the Fitch matrix has been
updated.

RATING SENSITIVITIES

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


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


ALFA-BANK JSC: S&P Affirms 'BB-/B' ICR, Outlook Remains Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term
issuer credit ratings on Kazakhstan-based JSC SB Alfa-Bank (ABK).
The outlook remains stable.

S&P also affirmed its 'kzA-' Kazakh national scale rating on the
bank.

S&P said, "The affirmation reflects our view that ABK will
continue benefiting from its strategic importance to Alfa Banking
group, with ABH Holding S.A. (ABHH) as its ultimate parent. We
believe that well-established managerial, operational, and risk-
management links with the group, as well as potential for
extraordinary financial support, mitigate risks stemming from
possibly weaker capitalization because of the bank's now more
aggressive loan growth strategy.

"Contrary to ABK's track record, the bank has recently revised
its loan growth targets for 2017 in favor of rapid expansion. We
believe that this aggressive move dampens our projections for the
bank's capitalization. We have therefore reassessed the bank's
capital and earnings as weak from adequate previously. This
results in a lower assessment of the bank's stand-alone credit
profile (SACP, our view of the bank's intrinsic
creditworthiness), which we now assess at 'b-' versus 'b'
previously."

ABK's management believes that the slowdown of its domestic
competitors' business development opens the door to more growth
opportunities. In particular, ABK expects its lending activities
to increase by 80%-90% by end-2017 (growth for the first nine
months of 2017 has already reached 38%) and by 50%-60% next year.
S&P said, "We do not anticipate that the bank's credit losses
will exceed 3.5% in 2017 and 5.5% in 2018, corresponding with the
upcoming International Financial Reporting Standard (IFRS) 9 and
expected increase in nonperforming loans (NPLs; excluding problem
restructured loans). In the absence of external equity injections
and given the bank's modest anticipated return on average equity
of not higher than annual 8% in 2017-2018, we project that the
bank's risk-adjusted capital (RAC) ratio will be between 3.5% and
4.5% over the next 12-18 months, compared with 7.7% as of mid-
2017."

S&P said, "We believe that ABK will keep its problem assets (NPLs
and foreclosed assets under the IFRS definition) below 13% of
total loans in 2017-2018 (8% of total loans on Sept. 1, 2017).
This will be on the back of its solid underwriting standards, the
relatively good risk management practices instilled within the
Alfa-Bank Group, and the dilution effect of rapid growth. In
addition, we expect ABK will continue maintaining sufficient
liquidity buffers over the next 18 months. In particular, the
amount of liquid assets (cash and cash equivalents, interbank
placements, and state securities) formed almost one-half of the
balance sheet as of Sept. 30, 2017, and we expect this ratio will
not be lower than 30% of total assets going forward.

"The stable outlook on ABK reflects our view that the bank's
creditworthiness will continue to rely on potential extraordinary
group support and benefit from relatively good risk management
practices and expertise within the group. As such, we expect the
bank will withstand the impact of its expected aggressive growth
over the next 12 months, despite the strain on capitalization,
and maintain sound liquidity.

"We could consider a negative rating action if we believed ABK's
group status within the Alfa Banking group had weakened and we no
longer believed it would benefit from extraordinary group
support. We could revise the outlook to negative if we see signs
of lending growth significantly higher than our base-case
expectations that is not sufficiently supported by capital
generation to maintain the projected RAC ratio above 3%."

A positive rating action is a remote possibility at this stage.


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


REFRESCO GROUP: Moody's Puts Ba3 CFR Under Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed all ratings of Refresco Group
N.V. ("Refresco") under review for downgrade, including the
corporate family rating (CFR) of Ba3, the probability of default
rating (PDR) of Ba3-PD and the Ba3 ratings on its senior secured
facilities, namely the EUR200 million senior secured revolving
credit facility due 2023, the EUR1,090 million senior secured
term loan due 2024, the GBP200 million senior secured term loan
due 2024, and the USD620 million senior secured term loan due
2024.

On October 25, 2017, Refresco and a consortium of private equity
firms PAI and bcIMC announced that they agreed on a recommended
cash public offer for all shares of Refresco. The consortium
intends to launch the offer in December 2017. Closing of the
offer is also contingent to a number of factors including
completion of the acquisition of Cott Corporation's (B1 stable)
traditional bottling activities by Refresco, which is expected by
year-end subject to anti-trust approval in various jurisdictions.

RATINGS RATIONALE

The rating action reflects Moody's expectation that, if
completed, the transaction will result in a material increase in
Refresco's financial leverage. The consortium has received
binding debt financing of approximately EUR2.4 billion of term
debt. This will result in a Moody's-adjusted debt / EBITDA of
approximately 6.6x from 5.2x based on the current debt structure
(as of full-year 2016 and pro-forma for the acquisition of Cott's
traditional bottling activities).

Moody's review, which is expected to complete around closing of
the offer, will focus on Refresco's strategic orientations,
financial policy and capital structure under the new ownership.
Moody's expects the review to result in a downgrade of Refresco's
ratings given the expected material increase in leverage but at
this stage, any downgrade will unlikely exceed two notches.

Binding equity commitment of EUR1.0 billion together with EUR2.4
billion of binding debt financing commitment as mentioned above
will be used to fund the acquisition of all of Refresco's shares,
refinance Refresco's existing debt and pay for transaction costs.
Moody's expects to withdraw the ratings on the existing senior
secured credit facilities upon their repayment.

Headquartered in Rotterdam, the Netherlands and listed on
Euronext Amsterdam, Refresco is a leading independent
manufacturer of soft drinks and juices for A-brands and retailers
in Europe. It reported revenue and volumes of EUR2.1 billion
(including Whitlock Packaging from September 2016) and 6.5
billion litres respectively in 2016 (pro-forma Whitlock
Packaging).

On July 25, 2017, Refresco announced the acquisition of Cott's
bottling activities for total considerations of USD1,250 million.
The acquired activities generated pro-forma revenues and volumes
of USD1.7 billion and c. 4.3 billion litres in 2016, and comprise
a full portfolio of soft drinks focused on retailer brands and
contract manufacturing.

The principal methodology used in these ratings was Global Soft
Beverage Industry published in January 2017.


REFRESCO GROUP: S&P Places 'BB-' CCR on CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings said it has placed its 'BB-' long-term
corporate credit rating on Netherlands-based bottler of soft
drinks and fruit juices Refresco Group N.V. on CreditWatch with
negative implications.

S&P said, "At the same time, we affirmed our 'BB-' issue rating
on the multi-currency senior secured term loan facilities
(comprising EUR1.1 billion, GBP200 million, and US$620 million).
The recovery rating remains unchanged at '3', reflecting our
expectation of average recovery (30%-50%; rounded estimate: 50%)
in the event of a payment default.

The CreditWatch placement follows Refresco's conditional
agreement with PAI Partners SAS (PAI) and British Columbia
Investment Management Corp. (bcIMC) for the 100% takeover of the
group. The offer price of EUR20 per share is said to be good
value for shareholders as it represents a premium of
approximately 22% to the average share price and a premium of
about 38% to the Refresco IPO price. S&P said, "We understand
that the total consideration, estimated at EUR1.62 million, has
committed funding in place to facilitate the deal. Major
shareholders and board members holding an aggregate 26.5%
interest in the group have so far agreed to tender their shares.
We think that it is reasonably likely that the takeover will
proceed--management and the board have recommended that
shareholders accept the offer, given the attractive return. We
believe the new capital structure will result in higher debt
levels than the current state.

"The affirmation of the issue rating reflects our expectation
that the lenders would exercise their right to mandatory
prepayment under the change of control clause and the group would
have a refinanced capital structure under its new owners.

"We recently revised our assessment of the group's financial risk
profile following the EUR1.1 billion debt-funded acquisition of
Cott's bottling services. We anticipate adjusted leverage and
interest coverage metrics of 4.0x-5.0x and 5.0x-6.0x,
respectively, over the next 12 months. The proposed takeover by a
private equity consortium will likely put the projected
deleveraging path at risk, in our view, and could also result in
a revision of our financial policy assessment. We understand that
the new owners are committed to Refresco's "buy and build"
strategy and would support the group's efforts to enhance
operating performance further while penetrating new markets. As
we often see with private equity firms, however, the drive for
enhanced enterprise value is often facilitated through multiple
debt-funded acquisitions. As such, we think that the group's
long-term credit quality may be weaker under a new ownership
structure.

"Our business risk assessment for Refresco remains unchanged and
reflects the group's strong positions in large European consumer
markets, such as modern manufacturing and packaging plants, which
support its competitive advantage over other players. These
factors make Refresco an attractive partner for private retailers
and branded consumer companies. These strengths are offset by
Refresco's exposure to volatility in input prices, including raw
materials such as juice concentrate and sugar; and packaging
materials including PET, liquid paper board, and aluminum cans.
The group mitigates some of this exposure with the use of forward
purchasing in its procurement and pass-through mechanisms in its
contracts. We also note that the group does not have any
proprietary brands and, as such, is not able to maximize its
margins by employing a marketing strategy. Despite the group's
increased scale following the Cott acquisition, the company's
limited pricing power constrains our view of its business
strength.

"We aim to resolve the CreditWatch placement once we have
assessed the full impact of the potential transaction on
Refresco's debt protection metrics. The debt composition in the
new capital structure and the group's ability to reduce leverage
from internally generated cash flows in a timely manner over the
next 12-24 months, will be important in our analysis. The new
owners' financial policy and risk appetite will also
substantially influence our assessment of the group's financial
risk profile, and could result in us lowering the rating by
multiple notches."


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


CREDIT EUROPE: Moody's Affirms B1 Long-Term Deposit Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the long-term and short-
term deposit ratings of Russia's Credit Europe Bank Ltd. (CEBL)
at B1 and Not Prime respectively, its senior unsecured debt
rating of B1 and subordinated debt rating of B2, CEBL's long-term
and short-term CR assessments of Ba3(cr) and Not Prime(cr).
Concurrently, Moody's upgraded the bank's baseline credit
assessment (BCA) to b1 from b2 and affirmed adjusted BCA of b1.

The outlook on the long term bank deposit and senior unsecured
debt ratings remains stable.

RATINGS RATIONALE

The upgrade of the bank's BCA to b1 is primarily driven by the
bank's: (1) material improvement in its funding profile with
increasing amounts of deposits and decreased reliance on market
funding; (2) strong loss absorption capacity; (3) resilient
financial performance during challenging economic conditions in
recent years and, Moody's expectation that such performance will
improve over the next 12-18 months supported by a gradual
economic recovery in Russia in 2017-18.

In 2016-2017, CEBL materially improved its funding profile,
strengthening its deposit base (which almost doubled since the
end of 2015) and continues to decrease reliance on market
funding, thereby reducing refinance risk which was the key
negative factor constraining the bank's BCA in recent years.
During this period, CEBL's market funds ratio declined to 12% as
at June 30, 2017 from 49% at year-end 2015 and Moody's expects
that customer deposits will remain the key funding source for the
bank going forward.

CEBL's strong loss absorption is a relative credit strength for
the bank, which has improved in recent years, supported by the
robust capital buffers, good income generating capacity and
adequate provisioning coverage. At the end of June 2017, CEBL
reported TCE ratio of 18.2% (increased from 13.8% at the end of
2015 as risk weighted assets materially decreased), and Moody's
expects its capital adequacy to remain solid and sufficient to
support future growth in the long term, underpinned by its
internal capital generation.

CEBL's credit profile proved resilient to challenging economic
conditions in Russia in recent years. The bank's asset quality
indicators stabilized in 2016 and gradually improved in 2017. The
share of problem loans in total loans, which include impaired
corporate loans and past due by more than 90 days retail loans,
decreased to 7.7% as of the end June 2017 from 8.5% in 2016
(11.8% as of year-end 2015) and were sufficiently covered by loan
loss reserves. Given a stable operating environment (with the
Russian economy returning to modest growth), Moody's expects CEBL
to maintain its improved financial metrics in the coming years
and the quality of the new loans will be satisfactory.

Moody's has revised its assumption for affiliate support from
CEBL's immediate Dutch parent, Credit Europe Bank N.V. (CEB NV,
LT bank deposits Ba2 review for upgrade ; BCA b1 review for
upgrade), to low from high, following the announcement that CEB
NV will transfer 90% of its shares in its Russian subsidiary CEBL
to its parent Fiba Holding AS (not rated). As a result, CEBL's
deposit and senior debt ratings are aligned with its BCA of b1
and do not incorporate any rating uplift, reflecting Moody's
assumption that there is now a low likelihood that the bank would
receive a direct support from CEB NV.

WHAT COULD MOVE THE RATINGS UP/DOWN

The stable outlook on CEBL's long-term deposit ratings indicates
there is currently no expectation of particular upward or
downward pressure on the ratings over the next 12-18 months.
However, in the longer term, a positive rating action could
result from a material strengthening of the bank's market
franchise and further improvement in its asset quality metrics.
At the same time the ratings could be downgraded if the bank's
risk absorption capacity and financial fundamentals erode beyond
Moody's current expectations.

LIST OF AFFECTED RATINGS

Issuer: Credit Europe Bank Ltd.

Upgrades:

-- Baseline Credit Assessment, Upgraded to b1 from b2

Affirmations:

-- LT Bank Deposits, Affirmed B1, Outlook Remains Stable

-- ST Bank Deposits, Affirmed NP

-- Senior Unsecured Regular Bond/Debenture, Affirmed B1, Outlook
    Remains Stable

-- Subordinate, Affirmed B2

-- Adjusted Baseline Credit Assessment, Affirmed b1

-- LT Counterparty Risk Assessment, Affirmed Ba3(cr)

-- ST Counterparty Risk Assessment, Affirmed NP(cr)

Outlook Actions:

-- Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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


CREDIT EUROPE: Moody's Reviews Ba2 LT Deposit Rating for Upgrade
----------------------------------------------------------------
Moody's Investors Service placed on review for upgrade the long-
term local and foreign-currency deposit ratings of Ba2 and the
subordinated debt rating of B2 of Credit Europe Bank N.V. (CEB
NV). The bank's standalone baseline credit assessment (BCA) and
adjusted BCA of b1 were also placed on review for upgrade, as
well as its long-term and short-term Counterparty Risk (CR)
assessments of Ba1(cr) and Not Prime(cr). Concurrently, Moody's
affirmed CEB NV's short-term local and foreign-currency deposit
ratings of Not Prime. The outlook on the long-term deposit
ratings has been changed to Ratings under Review from Stable.

Moody's also assigned a rating of B2, on review for upgrade, to
CEB NV's new tier 2 subordinated bonds.

RATINGS RATIONALE

The review for upgrade of CEB NV's BCA and debt and long-term
deposit ratings follows the announcement that CEB NV will
transfer 90% of its shares in its Russian subsidiary Credit
Europe Bank Ltd. (CEBL) to its parent Fiba Group. This transfer
is contingent upon the approval by regulatory authorities both in
the Netherlands and Russia. The spin-off of the Russian
subsidiary is driven by cost considerations as the cross-currency
swaps that hedge CEB NV's euro-denominated equity have become
expensive. CEB NV's retrenchment from Russia, which represented
23% of credit-risk exposures at end-June 2017, is credit positive
insofar that it substantially reduces the risks resulting from a
weak operating environment relative to other jurisdictions where
CEB NV is doing business. The bank's problem loans will fall
slightly to 7.5% of gross loans to customers compared to 7.6% at
end-June 2017, in particular because CEB NV will no longer be
exposed to consumer loans in Russia, which resulted in
substantial losses in recent years. CEB NV's BCA of b1 is a
reflection of a risk profile skewed towards markets with greater
earnings volatility, notably Turkey and Romania, while withdrawal
from Russia alleviates these characteristics and hence justifies
the review for upgrade.

CEB NV's profitability will also improve as a result of the sale
because the bank will no longer incur the cost of equity hedging
which exceeded the profits of Russian activities. In addition,
the transaction will be structured with CEB NV's parent in such a
way that the bank's common equity tier 1 (CET1) capital ratio
will remain constant at 13.7%. Separately, Fiba Group committed
to inject a total of $75 million of tier 1 capital ($50 million
of additional tier 1 securities and $25 million equivalent in
euros of CET1 capital) in the bank before the end of 2017, which
is equivalent to around 1.5 percentage points of tier 1 capital
ratio after spin-off, a positive in Moody's opinion. Lastly,
Moody's views the disposal of the Russian subsidiary as neutral
from an operational standpoint as operational and IT systems of
CEB NV and CEBL are not highly integrated.

The long-term deposit rating of Ba2, on review for upgrade,
results from (1) the bank's standalone BCA of b1, on review for
upgrade; (2) the application of Moody's Advanced Loss Given
Failure (LGF) analysis, resulting in a two-notch uplift from the
b1 BCA; and (3) no uplift for government support, reflecting a
low probability of support.

Moody's two-notch uplift to the long-term deposit rating under
its LGF analysis incorporates CEB NV's announcement that it will
issue tier 2 subordinated notes for an amount of $150 million and
also redeem subordinated notes worth $400 million in January
2018. The agency does not expect the reduction in subordination
to lead to significantly higher loss-given-failure.

WHAT COULD MOVE THE RATINGS UP/DOWN

CEB NV's BCA and consequently its long-term deposit rating, both
currently on review for upgrade, could be upgraded on the
occurrence of the sale of CEBL to Fiba Group, which is still
contingent upon the approval of local regulators. The upgrade
would be underpinned by stronger operating conditions in
jurisdictions where CEB NV will do business, which will have a
bearing on the bank's asset quality and profitability, and from
the improvement in the bank's capital metrics after the injection
of $75 million of tier 1 capital committed by the parent before
the end of 2017.

A downgrade is unlikely at present. However, a downgrade of CEB
NV's BCA and long-term deposit rating could be triggered by
increased asset risks, lower capitalisation or reduced
profitability.

LIST OF AFFECTED RATINGS

Issuer: Credit Europe Bank N.V.

Placed on Review for Upgrade:

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

-- Short-term Counterparty Risk Assessment, currently NP(cr)

-- Long-term Bank Deposits, currently Ba2, outlook changed to
    Ratings under Review from Stable

-- Subordinate Regular Bond/Debenture, currently B2

-- Adjusted Baseline Credit Assessment, currently b1

-- Baseline Credit Assessment, currently b1

Assigned and placed on Review for Upgrade:

-- Subordinate Regular Bond/Debenture, assigned B2

Affirmations:

-- Short-term Bank Deposits, affirmed NP

Outlook Action:

-- Outlook changed to Ratings under Review from Stable

PRINCIPAL METHODOLOGY

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


GLOBEXBANK: S&P Affirms Then Withdraws B+/B Issuer Credit Ratings
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+/B' long- and short-term
issuer credit ratings on Russia-based GLOBEXBANK.

S&P said, "We subsequently withdrew our ratings on GLOBEXBANK at
the bank's request. At the time of the withdrawal, the outlook
was negative.

"The affirmation stems from our view of GLOBEXBANK as a
strategically important subsidiary of its parent, Vnesheconombank
(VEB; foreign currency rating BB+/Positive/B). We believe that
the parent will be able and willing to provide support to
GLOBEXBANK in case of need and therefore we incorporate three
notches of support above GLOBEXBANK's 'ccc+' stand-alone credit
profile (SACP) into our rating.

"Our assessment of the bank's SACP reflect our view of
GLOBEXBANK's lack of business diversity, limited capacity to
deliver stable earnings from its core business due to significant
losses in the loan portfolio, and weak new business generation.
Low earning capacity will continue to weigh on the bank's
capitalization, in our view, gradually diluting the positive
effect of VEB's 2016 substantial capital injection. Our ratings
also reflect the stabilization of nonperforming loans (NPLs) at
around 15% currently (down from the mid-2016 peak of 31%;
sufficient provisioning for NPLs; and still-high concentrations
with the top-20 borrowers representing about 60% of the loan
portfolio."

At the time of the withdrawal, the outlook was negative,
reflecting uncertainties around the bank's strategy and potential
ownership change, as well as continuous pressure on its
competitive position and business stability.


MOSCOW UNITED: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed PJSC Moscow United Electric Grid
Company's (MOESK) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB+' with a Stable Outlook.

The affirmation reflects our expectations that the company will
maintain its financial profile over 2017-2021 within our rating
guidelines. We view the risks related to the regulatory
environment and general operating environment in Russia as high.
The ratings benefit from a single-notch uplift to its standalone
profile of 'BB', reflecting implied parental support from its
majority shareholder, PJSC ROSSETI, and ultimately the Russian
state (BBB-/Positive).

KEY RATING DRIVERS

Tariff Uncertainty Remains: From 2018 the tariff regulation will
switch to long-term indexation of required gross proceeds from
the regulatory asset base (RAB) regulation adopted over 2012-
2017. In December 2017 the long-term regulatory parameters will
be approved for 2018-2022, including the base level of
controllable costs, the efficiency index of controllable costs,
the maximum level of adjustments to the required gross proceeds,
the level of electricity technological losses.

However, the effective tariffs will be approved on annual basis
at the end of the preceding year, and based on the consumer price
index, the asset base, uncontrollable costs, expected electricity
supply volumes, and the purchase price for electricity losses.
Thus the tariffs are likely to continue to lack long-term
predictability. We view the uncertainty over tariff dynamics as
one of the key rating risks for the company.

Regulatory Decisions Drive Financials: MOESK's financial profile
is significantly affected by the tariff decisions as nearly all
of its revenue and about half of its operating costs are
regulated. Regulated costs include the electricity transmission
services of PJSC Federal Grid Company of Unified Energy System
(FedGrid; BBB-/Positive), the distribution services of the local
network companies and purchases of electricity lost in the
networks. The pace of the regulated cost growth is therefore as
important as the tariff increase itself.

Capex Drives Negative FCF: We expect the company to continue to
generate healthy cash flow from operations of RUB28 billion on
average over 2017-2021. However, its free cash flow (FCF) is
likely to remain negative over 2017-2019 and neutral in 2020 on
the back of an expected capex programme of about RUB27 billion on
average over 2017-2021. Expected negative FCF will add to funding
requirements.

Sound Credit Metrics: We expect the company's funds flow from
operations (FFO) adjusted net leverage (net of connections fees)
at around 3.2x on average over 2017-2021, which is comfortably
within our negative rating guideline for leverage of 4x. We
anticipate FFO fixed charge cover (net of connection fees) will
remain at around the negative guideline for coverage of 3.2x over
2017-2021.

Near Monopoly: The standalone 'BB' rating is supported by its
near-monopoly position in electricity distribution in Moscow and
the Moscow Region, which benefit from relatively high income per
capita compared with the Russian average. In 2016 MOESK was
responsible for around 80% and 59% of total electricity
distribution market (by volume) in Moscow and the Moscow Region
respectively. Its business profile also benefits from a
relatively high-quality asset base compared with its Russian
peers.

Uplift for Parental Support: Fitch incorporates a one-notch
uplift to MOESK's standalone profile of 'BB' for implied parental
support as we assess the overall strategic, operational and, to a
lesser extent, legal ties between the company and its majority
shareholder, PJSC ROSSETI, and ultimately the state as moderately
strong.

DERIVATION SUMMARY

As a distribution network operator MOESK's business profile is
somewhat weaker than that of Kazakhstan Electricity Grid
Operating Company (KEGOC, BBB-/Stable), the electricity
transmission operator in Kazakhstan, and especially than that of
FedGrid (BBB-/Positive), the Russian electricity transmission
operator. FedGrid benefits from larger scale of operations and
greater geographical diversification. MOESK and KEGOC are subject
to volume risk, while FedGrid's exposure to volume risk is
limited since its tariffs are set based on, among other things,
customers' declared electricity capacity needs and not on actual
electricity consumption.

MOESK and its peers are subject to regulatory uncertainties,
macroeconomic shocks and possible political interference. Their
investment programmes are usually sizeable, but have some
flexibility. The financial profiles of the three companies are
similar. We incorporate a one-notch uplift to the standalone
ratings of MOESK and FedGrid for parental support. KEGOC is rated
one notch below the sovereign level due to the relatively strong
legal links with the state in the form of state guarantees for
part of the company's debt (about 39% at end-June 2017).

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:
- Russian GDP growth of 2%-2.2% over 2017-2021;
- Russian CPI of 4.1%-4.5% over 2017-2021;
- electricity consumption to grow slightly below GDP growth
  in 2017-2021;
- tariffs growth slightly below inflation;
- capex in line with management expectations of about RUB27
  billion (excluding VAT) on average over 2017-2021;
- dividends of RUB1.5 billion in 2017 and 50% of net income under
  IFRS onwards.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Improvement in the Russian regulatory framework for electricity
  distribution and record of its stability and predictability.
- Evidence that the company can maintain FFO adjusted net
leverage
  (excluding connection fees) well below 3x and FFO fixed charge
  cover (excluding connection fees) above 4.5x on a sustained
  basis would be positive for the standalone rating

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Significant deterioration in the credit metrics on a sustained
  basis (FFO adjusted net leverage (excluding connection fees)
  above 4x and FFO fixed-charge cover (excluding connection fees)
  below 3.2x) due to, for example, low tariff growth insufficient
  to cover inflationary cost increases and not compensated by
  capex cuts, or generous dividend payouts.
- Material adverse changes to the regulatory framework,
especially
  from 2018
- Weaker links with the parent, and ultimately the state.

LIQUIDITY

Manageable Liquidity: Liquidity at end-1H17 was manageable,
comprising cash and cash equivalents of about RUB2 billion,
together with unused uncommitted credit facilities of RUB63
billion (at 1 October 2017) mainly from state-owned banks. These
were sufficient to cover short-term maturities of about RUB16
billion and Fitch-projected negative FCF of about RUB6 billion
over 2H17-1H18. MOESK does not pay commitment fees for its unused
credit lines, as is common in Russia, but we expect these lines
to be available to the company. We forecast MOESK will remain FCF
negative over 2017-2019 and expect it to rely on external funding
for debt refinancing.

FULL LIST OF RATING ACTIONS

-- Long-Term Foreign- and Local-Currency IDR: affirmed at 'BB+';
    Outlook Stable
-- Short-Term Foreign-Currency IDR: affirmed at 'B'
-- Local-currency senior unsecured rating: affirmed at 'BB+'.


RUSSIAN HELICOPTERS: Moody's Withdraws Ba2 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 corporate family
rating (CFR) and the Ba2-PD probability of default rating (PDR)
of Russian Helicopters JSC (Russian Helicopters), as well as the
stable outlook on the ratings.

RATINGS RATIONALE

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

Russian Helicopters JSC is the sole Russian designer and
manufacturer of helicopters and one of the few companies
worldwide with the capability to design, manufacture, service and
test modern civilian and military helicopters. In 2016, Russian
Helicopters generated revenues of RUB214.4 billion ($3.2
billion).


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


JUST COSTS: Bought Out of Administration Under Pre-pack Deal
------------------------------------------------------------
John Hyde at Law Gazette reports that Just Costs Limited, one of
UK's biggest costs firms, has been reborn by means of a pre-pack
administration deal.

According to Law Gazette, a new venture, Just Costs Solicitors
Limited, announced on Oct. 27 that it had acquired the assets,
files and outstanding work in progress from the administrators of
Just Costs Limited.

The deal was approved by Just Costs Limited administrators
Begbies Traynor and by FRP, administrators for two subsidiary
companies which folded last month, Law Gazette relates.

Paul Shenton, managing director of the new company, said that the
deal satisfies statutory insolvency rules and ensures that 46
jobs are saved, Law Gazette notes.

Just Costs Ltd said last December that its forecasts "show
continued profitability" and that it had the support of its bank
and funders, Law Gazette recounts.  But it had been forced to
enter a company voluntary arrangement last October which required
it to make 24 monthly voluntary contributions of at least
GBP33,412 during the term of the arrangement, Law Gazette relays.

In total, at that stage Just Costs Ltd owed GBP781,758 to HM
Revenue & Customs, GBP29,836 to financial advisory firm Bennett
Brooks and GBP17,429 to landlords I2 Office Limited, Law Gazette
states.


KIN GROUP: Resumption of Share Trading at AIM Delayed
-----------------------------------------------------
Proactive Investors reports that Kin Group Plc's return to AIM
has been delayed after the group decided first to carry out a
share consolidation.

According to Proactive Investors, shares in the shell are
suspended and trading had been expected to resume last week but
the share consolidation will require the approval of shareholders
in a general meeting.

The group has no trading business currently and recently received
approval for a company voluntary arrangement ahead of a proposed
placing to refinance the group, Proactive Investors relates.

The placing, the CVA and the board changes are conditional on the
shares resuming trade on AIM, Proactive Investors notes.

Kin Group Plc is a digital wellness provider for corporate
organizations.


MOY PARK: S&P Lowers CCR to 'B', Outlook Remains Negative
---------------------------------------------------------
S&P Global Ratings said that it lowered its long-term corporate
credit rating on U.K.-based poultry producer Moy Park Holdings
Europe (Moy Park) to 'B'. The outlook remains negative.

S&P said, "We also lowered our issue rating on senior unsecured
debt issued by Moy Park (Bondco) PLC to 'B'. The recovery rating
of '3', reflecting our expectation of meaningful (50%-70%;
rounded estimate 65%) recovery in the event of a payment default
remains unchanged.

"The rating actions follow the recent downgrade of Moy Park's
ultimate owner JBS S.A. We see higher refinancing risk for JBS
after the detention of its two ultimate controlling shareholders
in September -- one of whom was JBS' CEO -- for suspected insider
trading. Following the recent bank agreements, the group will
face a large maturity amount in July 2018 of R$10 billion-R$13
billion, which we forecast that the group will not be able to
repay from internally generated cash flows. The ongoing
investigations and corruption allegations heighten reputational
risks, in our view, and could make negotiations with lenders more
challenging or impede the company's access to capital and credit
markets.

Mitigating these risks is JBS' improving profitability, mainly
outside of Brazil due to lower input costs than last year and
solid demand fundamentals. If these conditions persist, they
should allow for stronger cash flow generation, which could ease
refinancing discussions.

S&P said, "Although Moy Park is no longer directly owned by JBS
S.A., we view it as the ultimate owner given its over 75%
shareholding interest in Moy Park's direct owner, Pilgrim's Pride
Corp. (PPC). We assess Moy Park as being moderately strategic to
the PPC group as, in our view, Moy Park is unlikely to be sold,
is reasonably successful, and is likely to receive support should
it fall into financial difficulty. We also note, however, that
there is no incentive to induce long-term commitment from the
group such as cross-default clauses in financing documents.

"We maintain our assessment of the group's stand-alone credit
profile at 'bb', reflecting the weak business risk and
intermediate financial risk profiles. This is driven by our view
that the group's product and geographic concentration is
mitigated by its operating efficiency and profitability, which
allows it to generate positive free operating cash flow (FOCF)
above GBP30 million. We expect the group to maintain S&P Global
Ratings-adjusted debt-to-EBITDA comfortably below 3x and EBITDA
interest coverage above 6x in 2017 and 2018. The existing bond
indenture, which is currently rolled over following the PPC
takeover, significantly restricts increases in indebtedness, cash
payments, and asset sales. This protects bondholder value and
supports our view that Moy Park should be able to maintain
adjusted leverage below 3.0x. Moy Park will be a fully
consolidated subsidiary of PPC, however, and as such cannot be
rated higher than its parent.

"The outlook on Moy Park reflects the negative rating outlook on
JBS, and our opinion that PPC will remain a highly strategic
subsidiary of JBS, which effectively ties the ratings on PPC to
those of its parent. The negative outlook on JBS reflects our
view that the group faces ongoing reputational and refinancing
risks over the next months, which could translate into lower
financial flexibility, despite our expectations of solid
operating performance.

"If JBS is unable to advance debt-refinancing negotiations over
the next six months it will put significant pressure on the
group's liquidity position, given the concentration of
substantial short-term debt maturing in July 2018. In such a
scenario, we could lower the ratings by at least one notch, and
subsequently downgrade PPC and Moy Park.

"We could also lower the rating on Moy Park if its financial risk
profile weakened such that debt to EBITDA were above 5.0x on a
sustainable basis. This would most likely be the result of
significant debt-funded acquisitions and operating
underperformance. Such underperformance could be caused by the
company being unable to successfully pass on increases in input
costs, suffering a major disruption to operating activity as a
result of integration challenges, or experiencing a widespread
disease outbreak such as avian flu.

"We could take a positive rating action on Moy Park if we raised
the ratings on JBS, and therefore took similar action on PPC. We
could take a positive rating action on JBS if it managed to sell
assets and refinance its short-term debt in advance, resulting in
lower leverage and improved liquidity. In this scenario, we would
also see JBS' operations performing in line with or above our
expectations, generating FOCF and allowing for additional debt
reduction in 2018 while receiving greater clarity on future
contingent liabilities and reputational risks."


* UK: Brexit-Related Insolvencies in Restaurant Sector Rise
-----------------------------------------------------------
Shafi Musaddique at Independent, citing a new research, reports
that a rising number of British restaurants are at risk of going
bust due to Brexit.

According to Independent, accountancy firm Moore Stephens said
20% of restaurants, or 14,800 outlets, are threatened with
closure.

The number of restaurants declaring insolvency has risen by 13
per cent in the year ending March 2017, Independent relays,
citing the study.

A fall in the value of the pound since Britain's vote to leave
the EU last year has hit the restaurant sector hard, with the
rising cost of imports squeezing restaurants' profit margins,
Independent discloses.

Moore Stephens said the Government's decision to increase the
National Living Wage to GBP7.50 for workers aged 25 and over in
April has also added pressure on restaurants struggling to turn a
profit, Independent relates.

Restaurant chains Byron, Prezzo and Jamie's Italian have all
closed sites in the past year, while fast food chain Handmade
Burger went into administration earlier this year, Independent
recounts.



                            *********

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

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

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


                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


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