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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

          Tuesday, November 7, 2017, Vol. 18, No. 221


                            Headlines


A Z E R B A I J A N

STATE OIL COMPANY: S&P Cuts Rating to BB-, Outlook Stable


F I N L A N D

PAROC GROUP: Moody's Puts B2 CFR on Review for Upgrade


G E R M A N Y

FTE VERWALTUNGS: Moody's Withdraws B1 Corporate Family Rating


G R E E C E

PIRAEUS BANK: Fitch Rates EUR500MM Mortgage Covered Bonds B


I R E L A N D

ASHBOURNE BEEF: Appoints KPMG as Liquidator, Owes EUR1.5 Million
WINDERMERE XIV: Fitch Lowers Ratings on Four Tranches to 'Csf'


I T A L Y

COOPERATIVA MURATORI: Moody's Rates EUR325MM Sr. Unsec. Notes B2
UNIPOL BANCA: Fitch Upgrades Viability Rating to 'b'


K A Z A K H S T A N

DEVELOPMENT BANK: Moody's Affirms (P)Ba1 Sub. Programme Rating
KAZAKHSTAN: C.B. Monitoring Banks' Financial Stability on Rumors


L U X E M B O U R G

INTELSAT JACKSON: Moody's Assigns B1 Rating to $1.6BB Term Loan B


N E T H E R L A N D S

DRYDEN 56: Moody's Assigns (P)B2 Rating to Class F Notes


N O R W A Y

AKER BP: S&P Affirms 'BB+' CCR on Hess Norge Acquisition


P O L A N D

VISTAL GDYNIA: GDDKIA Demands Advance Payment, Contract Penalties


R U S S I A

PREMIER CREDIT: Liabilities Exceed Assets, Assessment Shows


S P A I N

BANCO POPULAR: Moody's Hikes Baseline Credit Assessment to caa1
EUSKALTEL SA: Moody's Assigns B1 Rating to New Term Loan B
INSTITUT CATALA: Fitch Keeps 'BB/B' IDR on Rating Watch Neg.


S W I T Z E R L A N D

EUROCHEM GROUP: Fitch Affirms BB Long-Term IDR, Outlook Negative


T U R K E Y

KUVEYT TURK: Fitch Affirms bb- Viability Rating


U N I T E D   K I N G D O M

LONMIN PLC: Raises Going Concern Doubt, Delays Filing of Results
SYNLAB BONDCO: Moody's Rates EUR300MM Sr. Sec. Term Loan B2


                            *********



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A Z E R B A I J A N
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STATE OIL COMPANY: S&P Cuts Rating to BB-, Outlook Stable
---------------------------------------------------------
S&P Global Ratings said that it had lowered its ratings on 100%
government-controlled State Oil Company of Azerbaijan Republic
(SOCAR) to 'BB-' from 'BB' and removed the rating from
CreditWatch negative, where it was placed on July 14, 2017. The
outlook is stable.

S&P said, "The downgrade reflects our view that government
support may not be sufficient to offset the risks related to
SOCAR's high and increasing debt, heavy capital expenditures
(capex) plans, aggressive financial policy, lack of transparency,
and diminishing role vis-a-vis other government-related entities
(GREs) in the country. In our view, SOCAR's role in the sector is
gradually becoming less critical with the emergence of Southern
Gas Corridor (SGC), the owner of strategic hydrocarbon assets
with high government-guaranteed debt. Also, in our view, the
recently completed debt restructuring by Azerbaijan's government-
related bank International Bank of Azerbaijan (IBA) and late
support to Azerbaijan Railways suggest the government is taking
an increasingly cautious approach to supporting nonguaranteed
debt of GREs, aimed at avoiding moral hazard and ensuring
efficiency incentives for management.

"Our rating on SOCAR is underpinned by our expectation of a very
high likelihood of state support, which results in a two-notch
uplift above our assessment of the company's stand-alone credit
quality. SOCAR is the government's key asset in the oil and gas
sector, which is central to the country's economy. SOCAR is 100%
government-controlled, the government is heavily involved in
determining its strategy and has a track record of providing
equity funding for the company's capex. We understand that the
government has established a special committee to monitor the
financial condition of large GREs, including SOCAR. We view the
recently announced increase in SOCAR's stake in the
internationally led Azeri-Chirag-Guneshli (ACG) project to 25%
from 11.6% as a clear sign of continuing ongoing state support.
The project will add to the group's EBITDA and, according to
management, will not require any cash outlays.

SOCAR is no longer the only government asset in the key oil and
gas sector. SGC, SOCAR's 49:51 joint venture with the government,
holds 6.67% in Shah Deniz gas project and stakes in related
pipelines: 6.67% in South Caucasus Pipeline, 58% in the Trans-
Anatolian Gas Pipeline, and 20% in the Trans-Adriatic Pipeline.
The planned expansion of Shah Deniz to 25 billion cubic meters
(bcm) from 9 bcm will drive the growth of Azerbaijan's
hydrocarbon industry in 2018-2020. S&P said, "We understand that
SOCAR has a deferred sale agreement with SGC to transfer its
remaining 10% stake in Shah Deniz to that entity after 2023. We
estimate that SGC's sizable gross debt now exceeds $6 billion,
compared with SOCAR's reported debt of $8.8 billion at year-end
2016, of which we estimate about $1.5 billion was related to
trading operations. Although establishing SGC in 2014 helped to
relieve SOCAR from heavy cash calls on Shah Deniz and related
pipelines, it makes SOCAR's longer-term role in the sector less
critical in our view. SGC demonstrates the possibility of
replacing one GRE with another. The government does not guarantee
most of SOCAR's debt, but continues to guarantee most debt of
some other GREs like SGC and Azerenerji."

Despite continuing government monitoring and a track record of
equity infusions and reduced dividends, SOCAR's debt has
materially increased in 2015-2017 on heavy capex and working
capital outlays related to trading. S&P said, "We have received
additional clarifications from the company and the government on
SOCAR's capex plans and on potential equity infusions from the
government. We understand that although capex related to the Shah
Deniz 2 gas project and related pipelines is largely financed
with government-guaranteed debt raised by SGC, the government's
funding does not fully cover SOCAR's continuing heavy investments
in refinery and fertilizer projects in Turkey. We believe those
projects are nearing completion and therefore committed, with
little flexibility. We continue to treat the deferred sale
agreement with SGC and a put option on SOCAR's stake in STAR
refinery as debt-like. In our view, these items, representing
Azerbaijani new manat (AZN)3.0 billion ($1.7 billion) and AZN2.7
billion on June 30, 2017, respectively, represent monetization of
assets in lieu of borrowing. We expect SOCAR's debt to further
increase in 2017-2018, before new projects start contributing to
the group's cash flow. On a stand-alone basis, we expect SOCAR's
leverage to remain elevated, with funds from operations (FFO) to
debt of 10%-12% and free operating cash flow (FOCF) to be heavily
negative in 2017-2018. Still, we expect interest coverage to
remain relatively healthy, with FFO interest coverage of 3x-4x.
We also take into account that SOCAR has high debt at its sizable
trading operations, and although our base case assumes it won't
materially change, we believe this part of debt may be relatively
volatile."

S&P said, "We also note that SOCAR is exposed to risks related to
Azerbaijan's weak banking system, even though we understand that
the impact of the recent IBA default on the company was limited.
We also believe that the company faces some foreign-currency risk
because most of its debt and capex is U.S. dollar-denominated,
while a significant part of products is sold domestically.

"We assess the quality of SOCAR's core assets as only fair. Its
majority-owned upstream assets are midsize (about 290,000 barrels
of oil equivalent per day in 2016, or about 20% of the country's
total). They are mature, with declining production in 2015-2017.
SOCAR has only a minority stake in world-class internationally-
led oil and gas production projects Shah Deniz (10%) and ACG
(11.6%, to be increased to 25% in coming months). We understand,
however, that most profit from these projects accrues to the
government and not to SOCAR. SOCAR's refining assets in
Azerbaijan are relatively old and undergoing costly
modernization. SOCAR is exposed to low regulated domestic prices,
so that exports generate most profits. We understand that Shah
Deniz 2 and the Turkey-based projects are scheduled to be
commissioned in late 2018. With our oil price assumptions of
Brent at $50 per barrel in 2017-2018, $55 in 2019, and taking
into account the planned increase in the ACG stake, we expect
SOCAR's EBITDA to increase from AZN3.1 billion in 2016 to AZN3.3
billion-AZN3.7 billion in 2017, and to about AZN4 billion in
2018.

"In our view, SOCAR has an aggressive financial policy and weak
management and governance practices. The company embarked on a
number of large debt-financed projects at the same time, which
raises questions about the company's strategic planning, focus,
and risk management. We cannot rule out the risks of delays, cost
overruns, unexpected investments, or trading losses resulting in
SOCAR's actual performance being below our expectations. Also, we
understand that SOCAR has a commitment to purchase certain
amounts of gas from Shah Deniz, although disclosures under
International Financial Reporting Standards (IFRS) do not
quantify these commitments. SOCAR has a relatively complex
business and corporate structure, but only limited disclosure on
the key issues such as segment performance, key operating
indicators typical for the industry, strategic plans, commitments
and contingencies, or important corporate developments. SOCAR's
IFRS reports are published later than peers' and although the
audit opinions have not been qualified, they are less detailed
than peers', in our view.

"As a result, we have revised down our assessment of SOCAR's
stand-alone credit profile to 'b', from 'b+' previously.

"The stable outlook reflects our expectation that SOCAR's
liquidity will remain manageable and the government's willingness
to provide extraordinary and ongoing support to SOCAR remains
solid. In our view, this would require an absence of major
delays, cost overruns, and operating issues at SOCAR's capex
projects and core operations, and no major changes in the
company's currently very strong links with the government. In
2017-2018, before SOCAR's key projects are commissioned, we
expect SOCAR's FFO to debt to be slightly below 12% and FOCF to
remain heavily negative, only partly offset by government
funding.

"Rating downside could stem from liquidity disruptions, further
material increase in leverage (for example because of higher-
than-expected debt-funded capex or working capital outlays), or
material weakening in state support resulting from changes in the
government's policy with regards to SOCAR and significantly
weakening links between the company and the government. We would
be particularly concerned if SOCAR were to start sizable capex
projects before 2019 without any state support. These are not in
our base-case scenario, however. Given our current expectation of
very high likelihood of state support, we would lower the rating
only if both the stand-alone credit profile weakened to 'b-' (for
example, as a result of a further increase in leverage) and we
downgraded the sovereign by one notch.

"Rating upside is limited in the next one to two years in our
view, given the company's substantial debt and already material
uplift for state support. In the longer term, rating upside could
be supported by adjusted FFO to debt strengthening to sustainably
above 20%, FOCF turning positive after successful completion of
key capex projects, a less aggressive financial policy, and
improving management and governance practices. It could also stem
from a sovereign upgrade."


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F I N L A N D
=============


PAROC GROUP: Moody's Puts B2 CFR on Review for Upgrade
------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the B2
corporate family rating (CFR) and the B2-PD probability of
default rating (PDR) of Finnish premium stone wool manufacturer
Paroc Group Oy ("Paroc" or "group") following its proposed
acquisition by US composites and building materials systems
producer Owens Corning (Ba1 stable).

Concurrently, Moody's has placed on review for upgrade the B2
ratings on Paroc's EUR435 million senior secured term loan B1 and
B2 (maturing 2024) and the EUR70 million senior secured revolving
credit facility (maturing 2023), raised by Paroc's subsidiary
Paroc Oy Ab.

RATINGS RATIONALE

"The review was prompted by the announcement on October 30, 2017
that Owens Corning signed an agreement with CVC Capital Partners
to acquire Paroc. The review for upgrade of Paroc's ratings
considers the likely strengthening of the group's credit profile
once the transaction becomes effective and when Paroc is
integrated into the substantially larger, more diversified and
financially stronger Owens Corning group", said Goetz Grossmann,
Moody's lead analyst for Paroc. "The integration into Owens
Corning would also help Paroc to expand in European markets
outside of the Nordics and thus improve its regional
diversification".

Moody's expects to conclude the review upon closing of the
transaction, which is expected for the first quarter of 2018. At
this stage, the acquisition remains subject to regulatory
approvals and certain customary closing conditions.

Moody's also expects to withdraw the ratings on Paroc's debt
instruments upon closing of the transaction, which the rating
agency anticipates will be repaid given the change of control
clause in facilities agreement.

WHAT COULD CHANGE THE RATING UP/DOWN

Paroc's ratings could be upgraded once the acquisition by Owens
Corning is completed and Moody's would expect to align the
ratings with that of Owens Corning at that time. In addition,
upward pressure on the ratings would build, if the transaction
were not to conclude and, at the same time, (1) leverage was
sustainably reduced to below 5x Moody's-adjusted debt/EBITDA, (2)
interest coverage exceeded 2.5x EBITA/interest expense, and (3)
liquidity remained adequate.

Moody's might downgrade Paroc's ratings, if the proposed
acquisition were not to be realized and (1) leverage materially
exceeded 6x Moody's-adjusted debt/EBITDA, (2) interest coverage
fell below 2x EBITA/interest expense, or (3) liquidity were to
weaken unexpectedly.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

Paroc is a Finland-based stone wool insulation producer, serving
multiple end-markets including construction, HVAC, process
industries (O&G, Power Generation), marine and OEMs. Paroc's
products include building insulation, technical insulation,
marine insulation, and acoustic products. In the 12 months ended
September 2017, the group generated EUR402 million of sales and
EUR79 million of EBITDA (management-adjusted). Paroc operates
production facilities in Finland, Sweden, Lithuania, Poland and
Russia and has sales companies across 13 European countries with
over 1,800 employees. Paroc has been owned by funds advised by
CVC Capital Partners Limited since February 2015.


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


FTE VERWALTUNGS: Moody's Withdraws B1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn all the ratings of FTE
Verwaltungs GmbH (FTE), including the company's corporate family
rating (CFR) of B1, the probability of default rating (PDR) of
B1-PD, as well as the company's instrument ratings of B1 on the
senior secured notes and Ba1 on the senior secured revolving
credit facility which were all under review for upgrade. The
withdrawal also concludes the review for upgrade on the ratings.

RATINGS RATIONALE

Moody's has withdrawn FTE's ratings because there is no debt
outstanding anymore. Effective October 31, 2017, FTE was acquired
by the French Automotive Supplier Valeo S.A. (Baa2 stable). In
the context of the transaction, FTE's debt instruments were
repaid.


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


PIRAEUS BANK: Fitch Rates EUR500MM Mortgage Covered Bonds B
-----------------------------------------------------------
Fitch Ratings has affirmed Piraeus Bank S.A. (Piraeus, RD/RD/ccc)
conditional pass-through (CPT) covered bonds programme at 'B'
with a Positive Outlook. At the same time, the agency has
assigned a 'B' rating with Positive Outlook to the new Series 4
EUR500 million floating rate mortgage covered bonds issued on 31
October 2017 under the CPT programme.

The rating actions follow the issuance of Series 4 and the
addition of new residential mortgages to the cover pool of a
provisional amount of EUR700 million as at 30 September 2017.

KEY RATING DRIVERS

Country Ceiling as Rating Cap
The rating of the covered bonds is capped by Greece's 'B' Country
Ceiling. The Positive Outlook reflects that on Greece's Issuer
Default Rating (IDR) and the agency's view that the 25%
contractual over-collateralisation (OC) would be sufficient to
sustain stresses above the 'B' rating. The 25% OC provides more
protection than the unchanged 5.26% 'B' breakeven OC, and
compensates the credit loss stressed in a 'B' rating scenario.

Piraeus's covered bonds benefit from a one-notch recovery uplift
(of the three assigned to the programme) above the 'B-' rating
floor that is represented by issuer's 'ccc' Viability Rating, as
adjusted by the IDR uplift of two notches. In a scenario where
the covered bonds are assumed to default, Fitch would expect at
least good recovery prospects as the cover pool comprises Greek
residential loans secured by mortgages.

The revised 'B' credit loss of 19.3% (from 14.3%) follows the new
asset transfer and the publication of the new criteria to analyse
residential mortgage loans originated in Greece (see "European
RMBS Rating Criteria" dated Oct. 27, 2017 at
www.fitchratings.com). Among other things, the new criteria
include a foreclosure frequency (FF) increase for loans with an
original term longer than 30.5 years (26.5% of the cover pool as
at 30 September 2017) and higher FF adjustments for loans granted
to borrowers with an employment type that the agency considers
riskier than permanent employees (31.6%).

Unchanged IDR Uplift and PCU
The IDR uplift is unchanged at two notches and reflects that
Piraeus's Long-Term IDR is not support-driven (institutional or
by the sovereign) as well as a low risk of under-
collateralisation at the point of resolution. This is based on
Fitch's assessment on the Greek legal framework, the presence of
an asset monitor, asset eligibility criteria and the minimum
legal and contractual levels of OC.

The payment continuity uplift (PCU) is unchanged at eight
notches, although this is not currently a driver of the rating.
The covered bonds have a conditional pass-through feature
implying the covered bonds can amortise in line with the cover
assets upon the extension of their principal maturity date.
Moreover, the programme includes a liquidity reserve that covers
at least three months interest due on the covered bonds and
senior expenses.

RATING SENSITIVITIES

Changes in Greece's Country Ceiling could affect the rating of
Piraeus Bank S.A.'s covered bond programme. All else being equal,
an upward revision of the Country Ceiling would lead to an
upgrade of the covered bonds programme as long as the relied-upon
overcollateralisation is sufficient to compensate for the
stresses that are commensurate with the Country Ceiling level.


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I R E L A N D
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ASHBOURNE BEEF: Appoints KPMG as Liquidator, Owes EUR1.5 Million
----------------------------------------------------------------
Ellie Donnelly at Independent.ie reports that Ashbourne Beef And
Lamb Limited has appointed KPMG as liquidator following a failure
to have the company placed into examinership.

According to Independent.ie, the Meath-based company has debts of
over EUR1.5 million, of which almost EUR400,000 is owed to Kepak
Longford, while EUR159,205 is owed to John Bergin, a director of
the company.

It is understood that the meat suppliers initially operated
successfully and profitably, Independent.ie notes.  However, at a
creditor's meeting on Nov. 3, John Bergin told creditors that
recent adverse economic conditions and what he described as
"poorly judged commercial decisions" had caused the company to
slide into debt, Independent.ie relates.

Mr. Bergin, as cited by Independent.ie, said the company had
hoped to enter examinership, but a decision was subsequently made
to cease trading and wind up the company.


WINDERMERE XIV: Fitch Lowers Ratings on Four Tranches to 'Csf'
--------------------------------------------------------------
Fitch Ratings has downgraded Windermere XIV CMBS Ltd's class B,
C, D and E floating rate notes due April 2018 and affirmed the
class D notes, as follows:

EUR77.7 million class B (XS0330752782) downgraded to 'Csf' from
'CCCsf'; Recovery Estimate (RE) 100%
EUR63.4 million class C (XS0330752949) downgraded to 'Csf' from
'CCCsf'; RE revised to 90% from 30%
EUR26.8 million class D (XS0330753244) downgraded to 'Csf' from
'CCsf'; RE0%
EUR35.6 million class E (XS0330753590) downgraded to 'Csf' from
'CCsf'; RE0%
EUR3.6 million class F (XS0330753673) affirmed at 'Dsf'; RE0%

Windermere XIV is a securitisation of two commercial mortgage
loans (down from eight loans at closing in November 2007)
originated by subsidiaries of Lehman Brothers Inc.

KEY RATING DRIVERS
The downgrades reflect the imminence of default given
insufficient loan interest and liquidity coverage (following its
amendment in January 2017). The Fortezza II loan margin is 5bp
below the class B margin, and adding in senior periodic and
workout related costs widens this deficit. Fitch expects that the
liquidity facility will be insufficient to prevent the issuer
defaulting on senior obligations at some stage over its final two
payment periods.

There is also very little time for liquidation of the 11 Italian
properties securing the overdue EUR205.8 million Fortezza II
loan, whose standstill expires only three months ahead of bond
maturity in April 2018. The value of this collateral (reported in
2017 at EUR135.8 million) is consistent with Fitch's RE, although
there is little visibility as to timing of proceeds.

The improvement in the RE for class C reflects a stronger-than-
expected resolution of the defaulted EUR37.2 million Sisu loan.
Since the last rating action in December 2016, it has been
resolved via a discounted payoff, resulting in a EUR6.8 million
principal shortfall on the loan level. As part of the proceeds
was used to repay an outstanding liquidity facility drawing, the
junior notes (already rated 'Dsf') suffered a EUR13.1 million
loss.

Fitch assumes no more recoveries from the EUR1.5 million
unsecured Baywatch loan, although interest and amortisation
payments have been made to date from escrowed amounts, the
majority of which will be used for outstanding costs accrued
during the workout of the loan.

RATING SENSITIVITIES
All remaining notes will be downgraded to 'Dsf' no later than
bond maturity in April 2018.

Fitch estimates 'Bsf' recoveries of EUR134 million.


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I T A L Y
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COOPERATIVA MURATORI: Moody's Rates EUR325MM Sr. Unsec. Notes B2
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 instrument rating to
Cooperativa Muratori & Cementisti C.M.C. di Ravenna's ("C.M.C."
or "group") proposed EUR325 million senior unsecured notes due
2023. All other ratings on C.M.C., including the B2 corporate
family rating (CFR) and the B2 instrument rating on the EUR250
million senior unsecured notes (due 2022), as well as the stable
outlook, remain unchanged.

RATINGS RATIONALE

The new EUR325 million notes will rank pari passu with the
group's existing EUR250 million senior unsecured notes, issued in
July 2017 and due 2022, and the EUR165 million senior unsecured
revolving credit facility (RCF, maturing 2019), both issued by
the same entity. The assigned B2 rating on the new notes is
therefore in line with C.M.C.'s B2 CFR and B2-PD probability of
default rating (PDR), based on a 50% family recovery rate.

Proceeds from the new notes will be used to redeem C.M.C.'s
EUR300 million 7.5% senior unsecured notes, issued in 2014, ahead
of their final maturity in 2021. The B2 CFR remains unchanged as
the proposed transaction will only marginally (0.1x) increase
C.M.C.'s Moody's-adjusted leverage, whilst extending its debt
maturity profile and slightly reducing interest cost given an
expected lower coupon than the 7.5% on the 2014 notes. Moreover,
proceeds will be used to cover accrued interest, the applicable
call premium as well as expected fees and transaction costs.

Upon completion of the proposed refinancing, Moody's expects to
withdraw the B2 instrument rating on the 2014 senior unsecured
notes.

WHAT COULD CHANGE THE RATING UP/ DOWN

C.M.C.'s ratings could be upgraded if its debt metrics improved,
as evidenced by leverage (Moody's adjusted debt/EBITDA) sustained
around 4.0x (4.8x as of June 30, 2017) and an interest cover
(EBITA/Interest expense) sustained above 2.0x (1.4x as of June
30, 2017). An improved liquidity buffer including a more
substantial headroom under the covenants of the RCF and other
loans would also be expected for an upgrade.

C.M.C.'s ratings could be downgraded if its debt metrics as
evidenced by leverage (Moody's adjusted debt/EBITDA) do not
improve to below 5.0x, or if interest coverage (EBITA/Interest
expense) failed to improve towards 1.5x, if free cash flow
remained negative, or if the group's liquidity cushion
deteriorated with decreasing headroom under financial covenants.
Negative rating pressure could also develop if the group's order
backlog deteriorated or if its project concentration increased
again.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Construction
Industry published in March 2017.

C.M.C., headquartered in Ravenna, Italy, is a cooperative
construction company with consolidated revenues of approximately
EUR1.1 billion in the 12 months through June 30, 2017. Projects
include highways, railways, water dams, tunnels, subways, ports,
commercial as well as mining and industrial facilities. C.M.C. is
the fourth largest construction company in Italy by revenue and
has long developed an international presence. Established in
1901, C.M.C. is a mutually-owned entity with around 470 current
members.


UNIPOL BANCA: Fitch Upgrades Viability Rating to 'b'
----------------------------------------------------
Fitch Ratings has upgraded Unipol Banca's Viability Rating (VR)
to 'b' from 'ccc' and affirmed the bank's Long-Term Issuer
Default Rating (IDR) at 'BB'.

The upgrade follows the EUR900 million recapitalisation of the
bank completed in July 2017 and Fitch's expectation that the
planned disposal of the entire stock of doubtful loans will be
implemented successfully in the coming months.

Unipol Banca's VR was first downgraded to 'f' before being
upgraded to 'b'. The downgrade reflected that the bank had needed
an extraordinary capital injection from its parent company to
cover the large losses and to increase coverage on its doubtful
loans to a level necessary to dispose them and thus restore its
viability. For this reason, Fitch views the bank as having failed
under its criteria definitions. The subsequent upgrade of the VR
reflects Fitch's view of the bank's restored viability following
the recapitalisation.

KEY RATING DRIVERS
IDRS, SUPPORT RATING

Unipol Banca's IDRs and Support Rating (SR) reflect institutional
support from the bank's ultimate parent company Unipol Group
S.p.A. (UG, BBB-/Stable). Unipol Banca's Long-Term IDR is rated
two notches below UG's to reflect the parent's support track
record to date, Fitch's view that the bank is a potential
candidate for sale given its limited strategic relevance for UG
and the bank's weak performance track record to date, which
necessitated this clean-up transaction to restore the bank's
viability and, possibly, make it more attractive to integrate
with other players in the banking industry. Fitch sees a moderate
probability that the parent will continue to provide support to
the bank given regulatory requirements and Fitch view that a
default of Unipol Banca would carry high reputational risk for UG
as both operate in the same jurisdiction and share the same
brand.

UG plans to spin off the entirety of Unipol Banca's doubtful
loans into a separate NewCo, owned by UG and another UG group
company (UnipolSai), and injected EUR900 million of capital in
Unipol Banca in July 2017, which Fitch views as further evidence
of support. However, at the same time, Fitch takes into account
that UG is evaluating strategic options for Unipol Banca
following its restructuring, which could include its integration
with other domestic banks.

Unipol Banca's Stable Outlook is in line with that on UG.

VR
The upgrade of Unipol Banca's VR reflects Fitch's expectation
that the bank will implement a large asset quality clean-up and
capital restoration following the capital injection of EUR900
million from its parent in July 2017. At the same time, coverage
on impaired loans will improve to average sector levels. However,
the VR also reflects the bank's weak operating performance,
burdened by a high cost base, still high loan impairment charges
(LIC) relative to pre-impairment profit and the bank's business
model, which is highly sensitive to the weak operating
environment in Italy and low interest rates.

Adjusting for the disposal of almost its entire stock of doubtful
loans, the impaired loan ratio would decrease to around 10%, as
per Unipol Banca's calculations, from a very high 35% and largely
be represented by unlikely-to-pay exposures. The additional LIC
booked in June 2017 should help the disposal but also help bring
coverage levels of impaired loans more in line with peers' at
around 49%.

The asset quality clean-up resulted in large losses and eroded
capital, with the CET1 ratio falling to 0.18% at end-1H17 before
being restored to above 15% immediately after through the capital
increase of July 2017. The CET1 will then fall to just above 10%
once the doubtful loans transfer is completed as Unipol Banca
transfers EUR313 million of capital to the NewCo. Equally
important, Fitch acknowledges that capital encumbrance-to-
unreserved impaired loans will drop materially.

Unipol Banca's operating profitability is structurally weak, in
Fitch's view, driven by weak revenue generation from the bank's
core businesses, high operating costs and still growing LICs.
Fitch expect the bank to report material losses in 2017 for the
implementation of the restructuring plan, but starting from 2018
Unipol's profitability should benefit from a cleaner balance
sheet. Despite this, a more positive assessment of the bank's
earnings and profitability would also require evidence that the
bank's ability to generate a sustainable level of acceptable
revenue and earnings has improved.

Unipol Banca's funding and liquidity reflect it being mainly
deposit-funded, but these remain vulnerable to depositors'
sentiment. The bank's standalone liquidity profile benefits from
UG's ability to provide liquidity, which remains important for
the bank, in Fitch's opinion.

RATING SENSITIVITIES
IDRS, SR

Unipol Banca's IDRs and SR are sensitive to a change in UG's
ability and propensity to support the subsidiary. This means that
the bank's ratings and Outlook are primarily sensitive to changes
in UG's ratings. The ratings would also be affected by a change
in Fitch assessment of UG's propensity to support Unipol Banca. A
sale of the bank or a reduction in UG's stake in it would likely
diminish the parent's propensity to provide support.

VR
Unipol Banca's VR reflect Fitch's assumption that the bank will
successfully transfer the entirety of its doubtful loans in the
coming months. The rating would be downgraded, probably by
several notches, if the transaction does not go through. The
rating could also be downgraded if the bank fails to turn its
profitability around and if impaired loans increase significantly
and weigh heavily on its capitalisation.

Further VR upgrades, while not likely in the short-term, would
require a sustainable return to operating profitability and
further improvements in asset quality and capitalisation.

The rating actions are:

Long-Term IDR: affirmed at 'BB'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: downgraded to 'f' from 'ccc' and subsequently
upgraded to 'b'
Support Rating: affirmed at '3'


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


DEVELOPMENT BANK: Moody's Affirms (P)Ba1 Sub. Programme Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed Kazakhstan-based
Development Bank of Kazakhstan's long-term local- and foreign-
currency issuer and senior unsecured debt ratings at Baa3, other
short-term program (P)P-3 rating as well as (P)Baa3 rating for
the senior unsecured MTN programme and (P)Ba1 rating for the
subordinated MTN programme. The outlook on the long-term issuer
ratings and the overall rating outlook is stable.

RATINGS RATIONALE

The affirmation of the ratings reflects the current balance
between the key credit strength and weaknesses of Development
Bank of Kazakhstan (DBK). DBK benefits from very high support
considerations from its immediate parent Baiterek National
Management Holding, JSC (Baiterek) (Baa3 stable) which is 100%
owned by the government of Kazakhstan (Baa3 stable). The
individual credit strengths reflect (1) adequate capitalisation,
(2) ongoing capital support from the government and (3) currently
strong short-to-medium term liquidity. At the same time, the
credit challenges include (1) expected deterioration of asset
quality, (2) high loan book concentration, (3) the bank's
susceptibility to politically motivated decisions and (4) high
refinancing risks.

The very high affiliate support from Baiterek reflects DBK's
strategic importance within its policy role of supporting non-oil
sectors of economy by participating in government programmes. DBK
is Baiterek's largest subsidiary, accounting for around 60% of
the holding company's consolidated assets and 75% of its loan
portfolio. Moody's believes that the majority of extraordinary
support will be originally provided by the government of
Kazakhstan given that Baiterek is de-facto the government
financial arm which manages the subsidiaries under its umbrella.

We expect DBK's capitalisation to remain adequate in the next 18
months. The bank's tangible common equity/total managed assets
ratio was strong at 16% as of the end of 2016 according to the
International Financial Reporting Standards (IFRS) report. DBK
also benefits from regular capital support from the government.

DBK's long-term lending, high concentrations and significant
foreign-currency exposure exert potential pressure on asset
quality. Given its policy role, the bank is also subject to
politically motivated decisions, which can often prevail over
risk considerations. In accordance with its strategic role, DBK
focuses on major ventures, with the loan portfolio being heavily
dominated by large-scale projects, resulting in high
concentrations. The top 20 borrowers accounted for over 70% of
gross loans or 3x of equity as of the end of 2016.

DBK's liquid assets cover over 80% of all repayments needs during
the next 24 months. At the same time DBK is sensitive to long-
term refinancing risk because of its significant dependence on
capital markets in the longer term. Foreign exchange-denominated
liabilities dominate the funding base, exposing the bank to
higher funding costs.

RATIONALE FOR OUTLOOKS

The stable outlooks mirror the stable outlook on the Baiterek's
long-term issuer ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

Moody's would consider a positive rating action on the bank's BCA
in case of further strengthening of the bank's financial
fundamentals, in particular asset quality and funding. Long-term
ratings could benefit from positive rating action on Baiterek.

DBK's long-term ratings could be downgraded in case of a lowering
of Baiterek's rating or reduced support for DBK. Downward
pressure could be exerted on DBK's standalone credit quality as a
result of (1) an increase in the bank's risk appetite, or (2)
material deterioration in the bank's asset quality and erosion of
capital, which might occur if the capital injections were to
cease or were delayed.

LIST OF AFFECTED RATINGS

Issuer: Development Bank of Kazakhstan

Affirmations:

-- LT Issuer Rating, Affirmed Baa3, Outlook Remains Stable

-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa3,
    Outlook Remains Stable

-- Senior Unsecured MTN Program, Affirmed (P)Baa3

-- Subordinate MTN Program, Affirmed (P)Ba1

-- Other Short Term Program, Affirmed (P)P-3

Outlook Actions:

-- Outlook, Remains Stable

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Finance Companies
published in December 2016, and Banks published in September
2017.


KAZAKHSTAN: C.B. Monitoring Banks' Financial Stability on Rumors
----------------------------------------------------------------
Nariman Gizitdinov and Jake Rudnitsky at Bloomberg News report
that Kazakhstan pushed back against speculation about the health
of several lenders, including the country's second biggest
bank, after word spread that deposits there were in danger.

The central bank said on Nov. 3 that Kazkommertsbank is working
as usual and no restrictions have been placed on withdrawals,
Bloomberg relates.  According to Bloomberg, the gossip,
disseminated through a messaging application, also affected Qazaq
Banki, which dismissed "unfounded rumors" about its financial
stability, underscoring that it canceled talks on a planned
merger with the troubled RBK Bank in October.

Kazakhstan's banking industry is already vulnerable, with the
state spending KZT2.8 trillion (US$8.4 billion), or about 6% of
its 2016 gross domestic product, to prop up the sector this year
alone, Bloomberg notes.  The regulator has learned to take rumors
seriously after text messages in 2014 falsely warned of several
banks' impending bankruptcies, triggering a run on deposits that
required bailouts to halt, Bloomberg discloses.

The current wave of rumors was spurred by problems at RBK, a
top-10 bank, which has been served with numerous lawsuits in the
last two weeks for restricting withdrawals, Bloomberg relays,
citing information posted on the website of the Kazakhstan Stock
Exchange.

Kazkommertsbank was the biggest of five lenders that tapped state
aid this year as the sector struggles with soaring bad debt that
S&P Global Ratings estimates could be as high as 45% of total
loans, Bloomberg notes.  That compares with central bank
estimates of non-performing and restructured loans at about 25%,
Bloomberg states.

In a sign of distress, Interfax reported on Nov. 3 that Kazakh
President Nursultan Nazarbayev is aware of the situation
surrounding RBK, Bloomberg recounts.



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


INTELSAT JACKSON: Moody's Assigns B1 Rating to $1.6BB Term Loan B
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Intelsat
Jackson Holdings S.A.'s (Intelsat Jackson) $1.6 billion
guaranteed senior secured term loan B. At the same time, Moody's
affirmed ratings for other debt instruments in the Intelsat
corporate family: Intelsat (Luxembourg) S.A.'s senior unsecured
notes were affirmed at Ca; Intelsat Connect Finance S.A.'s senior
unsecured notes were affirmed at Ca; Intelsat Jackson's existing
guaranteed senior secured term loan B was affirmed at B1;
Intelsat Jackson's senior secured notes were also affirmed at B1;
while Intelsat Jackson's unsecured notes were affirmed at Caa2.

As an administrative matter, to align ratings with Moody's
general practice of locating corporate-level ratings at the
senior most legal entity in the corporate structure for which
Moody's maintains debt instrument ratings, Moody's relocated the
Caa2 corporate family rating (CFR), Caa3-PD probability of
default rating (PDR), SGL-3 speculative grade liquidity rating
(SGL) and negative ratings outlook, to Intelsat (Luxembourg) S.A.
from Intelsat S.A. This process involves items being withdrawn at
Intelsat S.A. and simultaneously assigned at Intelsat
(Luxembourg) S.A.

Intelsat Jackson Holdings S.A. is an indirect wholly-owned
subsidiary of Intelsat S.A., the senior-most entity in the
Intelsat group of companies, and the only company in the family
issuing financial statements. Moody's refers to family level
ratings and outlook assigned at Intelsat (Luxembourg) S.A. as
Intelsat.

Since Intelsat Jackson's new $1.6 billion term loan replaces an
equivalently sized and ranking portion of the company's existing
$3.1 billion term loan, the transaction has no ratings
implications and the new term loan is rated at the same B1 level
as the existing term loan.

RATINGS RATIONALE

The following summarizes Moody's ratings and rating actions for
Intelsat:

Assignments:

Issuer: Intelsat Jackson Holdings S.A.

-- GTD Senior Secured Bank Credit Facility, Assigned B1 (LGD1)

Issuer: Intelsat (Luxembourg) S.A.

-- Corporate Family Rating, Assigned Caa2

-- Probability of Default Rating, Assigned Caa3-PD

-- Speculative Grade Liquidity Rating, Assigned SGL-3

-- Outlook, Assigned Negative

Other Ratings and Outlook Actions:

Issuer: Intelsat S.A.

-- Corporate Family Rating, Withdrawn, Previously Caa2

-- Probability of Default Rating, Withdrawn, Previously Caa3-PD

-- Speculative Grade Liquidity Rating, Withdrawn, Previously
    SGL- 3

-- Outlook, Withdrawn, Previously Negative

Issuer: Intelsat (Luxembourg) S.A.

-- GTD Senior Unsecured Regular Bond/Debenture, Affirmed at Ca
    (LGD5)

Issuer: Intelsat Connect Finance S.A.

-- GTD Senior Unsecured Regular Bond/Debenture, Affirmed at Ca
    (LGD4)

Issuer: Intelsat Jackson Holdings S.A.

-- GTD Senior Secured Bank Credit Facility, Affirmed at B1
    (LGD1)

-- GTD Senior Secured Regular Bond/Debenture, Affirmed at B1
    (LGD1)

-- GTD Senior Unsecured Regular Bond/Debenture, Affirmed at Caa2
    (LGD 3)

RATINGS RATIONALE

Intelsat's (Caa2 negative) credit profile is based primarily on
Moody's assessment that the company's capital structure is not
sustainable, that additional liability management transactions
are required to align Intelsat's debt load with its cash flow
capabilities, and such transactions may be assessed as comprising
distressed exchanges and limited defaults. Intelsat's debt/EBITDA
leverage is in excess of 9x (Moody's adjusted), business
conditions in the fixed satellite services sector are evolving
and are uncertain, and future cash flow visibility is poor.
Intelsat's credit profile benefits from the company's good scale,
a large revenue backlog, and sufficient liquidity to navigate
through the next year.

Intelsat's SGL-3 speculative grade liquidity rating indicates
adequate liquidity based on having approximately $500 million of
cash to fund an expected cash flow deficit of about $50 million
over the next four quarters. Intelsat relies on cash in lieu of
an accessible third party provided revolving credit facility.
Estimated compliance cushion with financial covenants in the
company's term loan is about 25%. If not refinanced in advance of
becoming a current obligation, Intelsat Jackson's residual ~$1.5
billion term loan B due June 2019 will roll into Moody's rolling
forward four quarter SGL window in mid-2018, with the SGL rating
subject to downgrade shortly before or at approximately the same
time.

Rating Outlook

The negative outlook is based on Moody's assessment that business
conditions in the fixed satellite services sector are evolving
and uncertain and, in turn, poor cash flow visibility and
uncertain valuations point to a high probability of additional
liability management transactions which may be assessed as
distressed exchanges, which Moody's defines as defaults.

What Could Change the Rating - Up

The rating could be considered for upgrade if, along with
expectations of solid industry fundamentals, good liquidity, and
clarity on capital structure planning, Moody's anticipated:

* Leverage of debt/EBITDA normalizing below 6x on a sustained
basis; and

* Cash flow self-sustainability over the life cycle of the
company's satellite fleet.

What Could Change the Rating -- Down

The rating could be considered for downgrade if, Moody's
expected:

* Near-term defaults; or

* Substantial and sustained free cash flow deficits; or

* Less than adequate liquidity arrangements.

The principal methodology used in these ratings was
Communications Infrastructure Industry published in September
2017.

Headquartered in Luxembourg, and with executive offices in
McLean, VA, Intelsat S.A. (Intelsat) is one of the two largest
fixed satellite services operators in the world. Annual revenues
are expected to be approximately $2.2 billion with EBITDA of
approximately $1.6 billion.


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


DRYDEN 56: Moody's Assigns (P)B2 Rating to Class F Notes
--------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Dryden 56
Euro CLO 2017 B.V. ("Dryden 56 " or the "Issuer"):

-- EUR358,600,000 Class A Senior Secured Floating Rate Notes due
    2032, Assigned (P)Aaa (sf)

-- EUR9,100,000 Class B-1 Senior Secured Floating Rate Notes due
    2032, Assigned (P)Aa2 (sf)

-- EUR63,000,000 Class B-2 Senior Secured Fixed Rate Notes due
    2032, Assigned (P)Aa2 (sf)

-- EUR40,500,000 Class C Mezzanine Secured Deferrable Floating
    Rate Notes due 2032, Assigned (P)A2 (sf)

-- EUR35,100,000 Class D Mezzanine Secured Deferrable Floating
    Rate Notes due 2032, Assigned (P)Baa3 (sf)

-- EUR25,600,000 Class E Mezzanine Secured Deferrable Floating
    Rate Notes due 2032, Assigned (P)Ba2 (sf)

-- EUR21,200,000 Class F Mezzanine Secured Deferrable Floating
    Rate Notes due 2032, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will
endeavour to assign definitive ratings. A definitive rating (if
any) may differ from a provisional rating.

RATINGS RATIONALE

Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2032. The provisional 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, PGIM Limited has
sufficient experience and operational capacity and is capable of
managing this CLO.

Dryden 56 is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be at least 80% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

PGIM Limited 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.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR63.85M of Subordinated Notes which will not
be rated.

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.

Loss and Cash Flow Analysis:

Moody's modelled 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.

Par amount: EUR600,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 4.0%

Weighted Average Coupon (WAC): 5.0%

Weighted Average Recovery Rate (WARR): 41.0%

Weighted Average Life (WAL): 8.5 years

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional 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 3220 from 2800)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

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

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

Class C Mezzanine Secured Deferrable Floating Rate Notes: -2

Class D Mezzanine Secured Deferrable Floating Rate Notes: -1

Class E Mezzanine Secured Deferrable Floating Rate Notes: 0

Class F Mezzanine Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

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

Class B-2 Senior Secured Fixed Rate Notes: -3

Class C Mezzanine Secured Deferrable Floating Rate Notes: -4

Class D Mezzanine Secured Deferrable Floating Rate Notes: -2

Class E Mezzanine Secured Deferrable Floating Rate Notes: -1

Class F Mezzanine Secured Deferrable Floating Rate Notes: 0

Methodology Underlying the Rating Action:

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

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

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. PGIM Limited's investment
decisions and management of the transaction will also affect the
notes' performance.


===========
N O R W A Y
===========


AKER BP: S&P Affirms 'BB+' CCR on Hess Norge Acquisition
--------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on Norway-based oil and gas exploration and production
(E&P) company Aker BP ASA. The outlook is stable.

S&P said, "We also affirmed our 'BB+' issue rating on Aker BP's
$400 million senior unsecured notes. The recovery rating has been
revised to '3' from '4' and reflects our expectation of average
recovery (50%-70%; rounded estimate 55%), in the case of
default."

Aker BP has just reported its acquisition of Hess Norge AS for a
cash consideration of $2 billion, pending regulatory approvals.

S&P said, "We do not expect the transaction to affect Aker BP's
financial risk profile significantly. Although this transaction
was not part of our previous base-case scenario, it is backed by
Aker BP's owners and is in line with the company's growth
strategy as a pure-play Norwegian continental shelf E&P company."
Overall,
S&P views the transaction as slightly credit positive because:

-- S&P does not consider the financial risk to be meaningfully
    affected because the additional debt is largely offset by the
    value of the tax losses carried forward that comes with the
    acquisition, resulting in higher funds from operations (FFO)
    generation in coming years. S&P understands the company could
    monetize this value as soon as in 2018.

-- The operating risk is deemed low because the Valhall field,
    in which Hess Norge has a major stake, has been producing
    since 1982 and is expected to continue producing for decades
    to come. Furthermore, Aker BP has been a partner in the field
    since it merged with BP Norge and gaining control over the
    field is in line with Aker BP's strategy, and should enable
    it to increase its focus on reducing operating costs per
    barrel (/bbl). These were relatively high at $21/bbl in the
    third quarter of 2017, compared with the groupwide average of
    $11.1/bbl.

-- Although $500 million of the transaction will be financed
    from new equity (fully subscribed and backed up by the two
    main owners, AKER and BP), the company plans to draw $1.5
    billion on its reserve-based lending, affecting the company's
    leverage. Consequently, our base case forecasts FFO to debt
    of close to 30% at year-end 2017, assuming the transaction
    closes before year-end. However, the higher production and
    continued low operating expenses at group level should enable
    FFO to debt to recover swiftly to above 30%, especially
    because oil prices currently exceed the ones S&P factors in
    its base-case scenario.

In S&P's base-case scenario, it assumes:

-- Oil prices of $50 per barrel (/bbl) for the rest of 2017 and
    2018, and $55/bbl in 2019 and onward, according to the latest
    S&P Global Ratings' price deck. The current Brent spot price
    is close to $60 per barrel, which could result in a higher
    FFO for the full-year 2017 than in our base case.

-- S&P now anticipates a production increase in 2018, with the
    additional 24 thousand barrels of oil equivalent per day
    (kboepd) as of the third quarter of 2017 (year to date) from
    the Hess acquisition more than offsetting the natural decline
    in production, notably at the Alvheim field. We had
    anticipated production of 135 kboepd-140 kboepd for full year
    2017 and now expect it to rise to above 145 kboepd in 2018,
    depending on whether the "farm down" to a lower working
    interest in Valhall that has been announced is a cash or
    asset swap.

-- Favorable mid- to long-term growth prospects as the company
    has a meaningful stake in the Johan Sverdrup field, which
    should materially boost group production from 2020.

-- In conjunction with the declining production (excluding the
    additional production from Valhall) over our 2017-2019
    forecast, production costs per barrel will increase, chiefly
    because of a scale effect. The increase will be exacerbated
    by the addition of Valhall production, which will have a
    higher production cost per barrel.

-- Production costs stood at about $10/bbl in third quarter
    2017. S&P assumes they will be above $10/bbl for the 2017
    full year and increase thereafter until Johan Sverdrup comes
    on stream.

-- Annual capital expenditure (capex) of about $1 billion for
    the full years 2017 and 2018. S&P includes abandonment
    expenses of slightly below $100 million in 2017 when it
    calculates capex.

-- Taxes are set according to the Norwegian tax regime. S&P
    assumes taxes will have a positive impact in 2017, due to
    refunds.

-- Dividends of $350 million paid in 2018. Under its base case,
    S&P anticipates this will materially increase once Johan
    Sverdrup starts generating cash flows.

Based on these assumptions, S&P arrive at the following credit
measures:

-- FFO to debt of about 30% in 2017 and about 35% in 2018.

-- Improvement in credit metrics from 2020, based on both
    increased production and higher oil prices.

-- Positive discretionary cash flows in 2018-2019 as a direct
    consequence of the higher FFO covering capex plan and annual
    dividends.

-- Debt to EBITDA of slightly below 2x in 2017 and slightly
    above 2x in 2018.

-- Ample liquidity coverage ratios.

S&P said, "The stable outlook reflects our view that Aker BP's
weighted-average credit metrics could fall below 30% in the short
term, but should then recover to above 30% early in 2018, thus
remaining commensurate with the rating over the next three years,
with FFO to debt of about 35% on average for 2017-2019. We
anticipate metrics will improve when the Johan Sverdrup field
starts producing, and this is included in our base case.

"We could raise the rating in the next 12 months if we expect FFO
to debt to improve and remain above 45% for a sustained period.
This would most likely occur if average commodity prices were
higher than our current price deck assumptions, or if the company
continued growing and increasing its proved reserves and
production more in line with higher-rated peers, while
maintaining credit measures at the current level.

"We could downgrade the company if we expected FFO to debt to
fall and remain below 30% for a prolonged period. This would most
likely occur if market conditions severely deteriorated, capex
exceeded operating cash flows, and dividend payouts became more
aggressive than our current estimates. If production was weaker
than our projections, especially if it was due to high depletion
rates, or if the company pursued another acquisition that
materially eroded the balance sheet, we could also lower the
rating in the next year."


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


VISTAL GDYNIA: GDDKIA Demands Advance Payment, Contract Penalties
-----------------------------------------------------------------
Reuters reports that Gddkia demanded that Vistal Gdynia SA return
advance payment of PLN8 million and pay contractual penalties of
PLN12 million.

As reported by the Troubled Company Reporter-Europe on Oct. 6,
2017, Reuters related that Vistal Gdynia filed for bankruptcy.
According to Reuters, the company said it is in talks with
business partners to solve the difficult situation of its group.

Vistal Gdynia SA is based in Poland.


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


PREMIER CREDIT: Liabilities Exceed Assets, Assessment Shows
-----------------------------------------------------------
The provisional administration of PJSC Premier Credit Bank,
appointed by Bank of Russia Order No. OD-1908, dated July 10,
2017, following the revocation of its banking license, in the
course of examination of the bank's financial standing has
revealed operations aimed at moving out the bank's assets by
issuing loans to borrowers with dubious solvency and bearing the
signs of shell companies, according to the press service of the
Central Bank of Russia.

The provisional administration estimates the value of the assets
of PJSC Premier Credit Bank to be no more than RUR909.2 million,
with its liabilities to creditors totaling RUR1,702.4 million,
including RUR1,209.1 million to individuals.

On August 24, 2017, the Arbitration Court of the City of Moscow
recognized the PJSC Premier Credit Bank bankrupt.  The State
Corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on financial
transactions bearing the evidence of the criminal offence
conducted by the former management and owners of PJSC Premier
Credit Bank to the Prosecutor General's Office of the Russian
Federation, the Ministry of Internal Affairs of the Russian
Federation and the Investigative Committee of the Russian
Federation for consideration and procedural decision making.


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


BANCO POPULAR: Moody's Hikes Baseline Credit Assessment to caa1
---------------------------------------------------------------
Moody's Investors Service confirmed Banco Popular Espanol, S.A.'s
(Banco Popular) long-term deposit ratings at Baa3, and its
supported entities' long-term senior unsecured debt ratings at
Baa3. The outlook on these ratings was changed to positive from
Ratings under Review. At the same time, the rating agency
upgraded (1) the bank's standalone baseline credit assessment
(BCA) to caa1 from ca; and (2) its adjusted BCA to ba3 from b1.

"The rating action reflects Banco Popular's enhanced credit
profile, namely its improved asset risk metrics, following the
sale of 51% of its real-estate business as well its improved
capital levels after the EUR6.9 billion capital increase from its
parent Banco Santander," said Maria Vinuela, Assistant Vice
President at Moody's. "Moody's also believe that the resolution
of the bank and its subsequent acquisition by Banco Santander has
helped to restore customers' confidence and improve its weakened
liquidity position ahead of the resolution."

In confirming the senior debt and deposit ratings of Banco
Popular and its supported entities, where applicable, Moody's is
also incorporating a very high probability of support from Banco
Santander, S.A. (Spain) (Banco Santander), as well as the rating
agency's expectation that the eventual legal integration of the
bank into Banco Santander will take longer than initially
anticipated. At the same time, the positive outlook reflects the
potential for Banco Popular's risk profile to improve and ratings
to converge with those of its parent as the anticipated
integration of Banco Popular's business and operations will
progress over time.

As part of rating action, Moody's also confirmed: (1) Banco
Popular's Counterparty Risk (CR) Assessment of Baa3(cr)/Prime-
3(cr); and (2) its short-term deposit ratings of Prime-3.

The rating action closes the review for upgrade initiated on
June 8, 2017 for the long- and short-term programme and deposit
ratings of Banco Popular which continued following the upgrade of
those ratings on September 27, 2017.

RATINGS RATIONALE

RATIONALE FOR THE UPGRADE OF THE STANDALONE BCA

The upgrade of Banco Popular's standalone BCA to caa1 from ca
reflects Banco Popular's improved financial profile following its
resolution earlier this year. In particular, Moody's has
considered the bank's enhanced risk-absorption capacity when
measured against its asset risk profile, as well as the improved
liquidity profile as a result of the acquisition by Banco
Santander.

Banco Popular's stock of non-performing assets (NPAs, defined as
non-performing loans plus real estate assets) stood at a high 32%
at end-March 2017 (latest available data), up from 30% a year
earlier. On August 8, 2017, Banco Santander announced that it
will sell 51% of Banco Popular's real estate business to the
Blackstone Group, including a portfolio of around EUR30 billion
of problematic real estate assets. The sale will materially
reduce its NPA ratio to around 10%. Banco Santander expects to
close this sale in the first quarter of 2018. However, Moody's
note that the reduction in Banco Popular's risk exposure will be
less significant than what the consolidated NPA ratio will
suggest, given that the bank will hold a 49% of these assets
through a newly created company.

Moody's also notes that Banco Popular's coverage of non-
performing assets (NPAs) significantly increased after the
acquisition by Banco Santander to a pro-forma 67% at end-March
2017 (latest available data), up from 45% prior to the
acquisition.

On July 28, 2017, Banco Santander also increased capital at Banco
Popular by EUR6.9 billion, which brought the bank's capital
ratios back in compliance with regulatory capital requirements.
This capital increase, together with an EUR750 million
subordinated loan granted by Banco Santander (which qualifies as
Tier 2 capital), have resulted in a pro-forma phased-in
individual Common Equity Tier 1 (CET1) ratio of 12.9% and a total
capital ratio 14.5% (consolidated capital ratios have not been
publicly disclosed).

Nonetheless, Moody's notes that Banco Popular's risk-absorption
capacity is still weak when measured against its asset risk
profile. This is evidenced by the ratio of problematic exposures
as a percentage of loss-absorbing balance sheet cushions
(shareholder's equity, loan loss reserves and real estate
reserves), which is still significantly higher than that of its
domestic peers. The sale of 51% of the real estate business will
materially reduce this ratio.

Deposit funding has traditionally been Popular's main funding
source. However, the bank's liquidity position deteriorated as
continued negative news flow on the immediate future of the bank
undermined customers' and investors' confidence. The bank's
deposit base started to contract in late 2016, and the decrease
accelerated in the weeks leading up to its resolution on June 7,
2017. Since the resolution of the bank and subsequent acquisition
by Banco Santander, Banco Popular has been able to gradually
restore its deposit base, although it is still far below the
levels observed at the peak in mid-2016.

RATIONALE FOR THE UPGRADE OF THE ADJUSTED BCA

The bank's adjusted BCA has been upgraded to ba3 from b1
following the upgrade of its standalone BCA to caa1 and based on
Moody's assessment of a very high probability of affiliate
support coming from Banco Santander. These unchanged support
assumptions now result in a compression of affiliate uplift to
four notches from six notches previously, whereby the lower
uplift is a result of the higher positioning of the BCA of the
supported entity relative to its parent, Banco Santander.

Moody's considers that Banco Popular's senior creditors could
benefit from Banco Santander's affiliate support following the
acquisition, therefore mitigating the risks emerging from the
bank's weak standalone credit profile. The current affiliate
support assumption also reflects Moody's expectations that the
eventual legal integration of Banco Popular into Banco Santander
will take more time than initially anticipated.

RATIONALE FOR THE CONFIRMATION OF THE LONG-TERM DEBT AND DEPOSIT
RATINGS

The confirmation of Banco Popular's long-term deposit ratings and
its supported entities' senior unsecured debt ratings at Baa3
reflects (1) the upgrade of the bank's adjusted BCA to ba3; (2)
the result of the rating agency's Advanced Loss-Given Failure
(LGF) analysis of Banco Santander; and (3) Moody's assessment of
moderate probability of government support for Banco Santander
and by extension to its domestic subsidiary Banco Popular, which
now results in no uplift for both the deposit and the senior debt
ratings, from one notch of uplift previously.

As a domestic subsidiary of Banco Santander, Moody's applies the
Advanced LGF analysis of its parent Banco Santander to Banco
Popular. This translates into an extremely low loss given-failure
for Banco Popular's deposits and senior unsecured debt, and into
a Preliminary Rating Assessment (PRA) of baa3 or three notches
above the bank's adjusted BCA of ba3.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook on Banco Popular's long-term deposit and its
supported entities' senior debt ratings primarily reflects the
potential for the bank's risk profile to improve and ratings to
converge with those of its parent over time as the integration of
Banco Popular's business and operations into the group
progresses, which Moody's now expects to occur in the medium-
term.

RATIONALE FOR THE CONFIRMATION OF THE CR ASSESSMENT

As part of rating actions, Moody's also confirmed the long and
short-term CR Assessment of Banco Popular at Baa3(cr)/Prime-
3(cr), three notches above the adjusted BCA of ba3.

The CR Assessment is driven by the bank's ba3 adjusted BCA, three
notches of uplift from the cushion against default provided by
subordinated instruments of Banco Santander to the senior
obligations represented by the CR Assessment and a moderate
likelihood of systemic support, which now results in no uplift
for the CR Assessment.

WHAT COULD CHANGE THE RATING UP/DOWN

Banco Popular's ratings could be upgraded if the bank's risk
profile and therefore its BCA continues improving as the
integration of Banco Popular's business and operations into the
group progresses.

A downgrade of Banco Popular's ratings is currently unlikely
given the positive outlook. However, downward pressure could be
exerted on Banco Popular's ratings if the integration of the bank
into Banco Santander fails and as a result Banco Popular's credit
profile weakens such that Moody's current assumptions of
commitment and strategic objectives of Banco Santander in
relation to its subsidiary could be challenged.

Furthermore, Banco Popular's deposit and its supported entities'
senior debt ratings could change as a result of an
upgrade/downgrade of the standalone BCA of Banco Santander and/or
as a result of changes in the Advanced LGF analysis of its
parent.

LIST OF AFFECTED RATINGS

Issuer: Banco Popular Espanol, S.A.

Upgrades:

-- Adjusted Baseline Credit Assessment, upgraded to ba3 from b1

-- Baseline Credit Assessment, upgraded to caa1 from ca

Confirmations:

-- Long-term Counterparty Risk Assessment, confirmed at Baa3(cr)

-- Short-term Counterparty Risk Assessment, confirmed at P-3(cr)

-- Long-term Bank Deposits, confirmed at Baa3, outlook changed
    to Positive from Rating under Review

-- Short-term Bank Deposits, confirmed at P-3

-- Senior Unsecured Medium-Term Note Program, confirmed at
    (P)Baa3

-- Other Short Term, confirmed at (P)P-3

-- Commercial Paper, confirmed at P-3

Outlook Action:

-- Outlook changed to Positive from Rating under Review

Issuer: BPE Finance International Limited

Confirmations:

-- Backed Senior Unsecured Regular Bond/Debenture, confirmed at
    Baa3, outlook changed to Positive from Rating under Review

Outlook Action:

-- Outlook changed to Positive from Rating under Review

Issuer: BPE Financiaciones, S.A.

Confirmations:

-- Backed Senior Unsecured Regular Bond/Debenture, confirmed at
    Baa3, outlook changed to Positive from Rating under Review

-- Backed Senior Unsecured Medium-Term Note Program, confirmed
    at (P)Baa3

Outlook Action:

-- Outlook changed to Positive from Rating under Review

PRINCIPAL METHODOLOGY

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


EUSKALTEL SA: Moody's Assigns B1 Rating to New Term Loan B
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the new
term loan B due 2024 raised by Euskaltel, S.A. ('Euskaltel').

All other ratings remain unchanged, including the B1 corporate
family rating (CFR), the B1-PD probability of default rating
(PDR) and the existing instrument ratings of Euskaltel. The
outlook on all the ratings is stable.

RATINGS RATIONALE

Euskaltel is refinancing part of its existing EUR835 million term
loan A and B tranches with a new term loan B. This refinancing
exercise is credit positive, as the company is extending debt
maturities by two years, while benefitting from a marginal
reduction in interest costs. Nevertheless, this refinancing
exercise is leverage neutral and does not have an impact on
Euskaltel's B1 ratings with a stable outlook.

Euskaltel's B1 CFR reflects (1) the company's leading market
position in the north of Spain; (2) the strong quality of its
fully invested network that leads to consistently higher-than-
peer margins, lower capital spending needs and solid cash flow
generation; (3) the crystallization of synergies from the
integration of R Cable and Telecable; and (4) the company's
financial policy, with a net reported debt/EBITDA target of 3x-4x
and a more conservative funding in M&A, with a maximum leverage
of 4.5x after an M&A deal.

However, the rating also reflects (1) Euskaltel's moderate size
in the context of the overall telecoms sector in Spain; (2) its
revenue concentration in three regions in Spain; (3) the intense
competition in the company's core markets from larger telecom
players such as Telefonica S.A. (Baa3 stable), Vodafone Group Plc
(Baa1 stable) and Orange (Baa1 stable), which has started to
weigh on Euskaltel's operating performance and key performance
indicators (KPIs); (4) the structural challenges in the company's
mobile offering, together with its lack of key premium content to
support its pay-TV offering in the Basque Country and Galicia;
and (5) the weakening in its liquidity, with greater reliance on
the use of the revolving credit facility (RCF), together with
uncommitted short-term lines and commercial paper.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on the ratings reflect Moody's expectation
that the company's adjusted debt to EBITDA ratio will continue to
improve towards 4.5x by year-end 2018, which positions Euskaltel
strongly in the B1 rating category. However, Moody's believes
Euskaltel will likely be vulnerable to heightened competitive
pressure by larger national players which could delay organic
deleveraging sustainably below 4.5x.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating could develop if the company
delivers on its business plan and maintains improving operating
performance with sustained revenue growth and healthy KPIs (ARPU,
churn rate), such that its adjusted debt/EBITDA ratio drops below
4.5x on a sustained basis. This decrease in leverage would likely
be reliant on the company maintaining a conservative approach to
any further acquisitions, such that its deleveraging profile is
not compromised.

Downward pressure could be exerted on the rating if Euskaltel's
operating performance weakens as a result of pricing pressures or
market share losses reducing cash flow generation, or if the
company increases debt as a result of acquisitions or shareholder
distributions such that its adjusted debt/EBITDA rises and
remains above 5.5x. A weakening in the company's liquidity
profile could also exert downward pressure on the rating.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Euskaltel, S.A.

-- Senior Unsecured Bank Credit Facility, Assigned B1

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in January 2017.

Euskaltel S.A. (Euskaltel), headquartered in Derio (Bizkaia,
Spain), is the dominant cable operator in the Autonomous
Community of the Basque Country, Galicia and Asturias. At year-
end 2016, Euskaltel reported revenues and EBITDA of EUR573
million and EUR281 million respectively.


INSTITUT CATALA: Fitch Keeps 'BB/B' IDR on Rating Watch Neg.
------------------------------------------------------------
Fitch Ratings is maintaining Institut Catala de Finances' (ICF)
Long- and Short-Term Issuer Default Ratings (IDR) of 'BB' and
'B', respectively, on Rating Watch Negative (RWN). The RWN
reflects that on the regional government of Catalonia (BB/B; on
RWN). The long- and short-term ratings on ICF's senior unsecured
outstanding bonds - rated at 'BB' and 'B' respectively - also
remain on RWN.

Fitch has also assigned ICF's EUR200 million Pagares programme a
long-term rating of 'BB' and a short-term rating of 'B', and
placed them on RWN.

This rating action reflects the unchanged guarantee for ICF's
financial obligations from Catalonia, whose ratings were placed
on RWN on Oct. 5, 2017.

KEY RATING DRIVERS

Legal Status Attribute Stronger: IFC's ratings mirror those of
Catalonia, particularly following the enhancement of Catalonia's
support for ICF via a statutory guarantee as a result of the 29
July 2011 amendment to the regional Decree Law 4/2002. ICF is a
public law entity wholly owned by the regional government of
Catalonia.

Control also Stronger: Catalonia's government approves ICF's
annual accounts and maximum outstanding debt (EUR4,000 million at
Dec. 31, 2016, far higher than ICF's total debt of EUR1,865
million on the same date), which are set yearly in the regional
budget. The regional government also appoints three of nine
members of ICF's Board of Directors, including the President. The
majority of Directors are independent since 2015, nominated by
ICF's internal appointment and remuneration committee.

Strategic Importance Midrange: ICF plays a key role in promoting
regional development, particularly in providing access to funding
for SMEs in Catalonia. It was created to channel public credit
and foster the economic and social development of Catalonia, in
line with the region's financial policies.

Integration Midrange: Eurostat classifies ICF as a non-
administrative body of the regional government of Catalonia.
ICF's results and debt are therefore not included in the accounts
of the regional government. ICF has not received capital
injections from the regional government since 2011. The
institution, however, has since posted positive net results
amounting to a cumulative EUR42 million.

ICF's interest margin has grown steadily to close to 69% in 2016,
from 39% in 2011, compensating for a decline in its lending as
market liquidity recovered. In 2016, ICF extended EUR570 million
in loans, or 18% less than in 2015. ICF's total outstanding risk
was EUR2,609 million at end-2016, of which EU691 million was to
the public sector. ICF's capitalisation is strong, as equity
equals 33.5% of risk-weighted assets. Likewise, provisions
covered more than three-quarters of doubtful loans of EUR298.4
million as of end-2016, down 25% from a year ago. Liquidity is
also strong, with liquid assets totalling close to 1.7x short-
term liabilities at end-2016.

In line with Fitch's criteria, the Pagares programme is rated at
the same level as ICF's Long-Term IDR of 'BB' and Short-Term IDR
of 'B'. The programme was launched in 2017 for the fifth
consecutive year and has a 12-month validity. Issues under the
programme may have maturities of 90 to 730 days, and are priced
at a discount.

Apart from the statutory guarantee, Fitch views ICF's liquidity
as sufficient for the redemption of the programme, at close to
3.7x of the programme's maximum EUR200 million authorised
principal amount at end-2016. The outstanding amount at 31
December 2016 was EUR37.6 million.

RATING SENSITIVITIES

Changes to the ratings of Catalonia would be mirrored in those of
ICF. Furthermore, ICF's ratings would be reassessed in case of a
change in the statutory guarantee, although this is currently
unlikely. Fitch expects to resolve the RWN within five months,
subject to developments in the relationship between Catalonia and
the central government.

Sharp deterioration in ICF's structural liquidity could also
result in a negative rating action on the Pagares programme.


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


EUROCHEM GROUP: Fitch Affirms BB Long-Term IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Swiss-based holding company EuroChem
Group AG's (EuroChem) and Russia-based JSC MCC EuroChem's Long-
Term Issuer Default Ratings (IDRs) at 'BB'. The Outlook on both
ratings is Negative.

The Negative Outlook reflects EuroChem's high leverage which
Fitch forecast to peak around 5.0x in 2018 under Fitch rating
case, well above Fitch's negative guidelines for the current
rating. This reflects a prolonged supply-driven weakness in
fertiliser markets and EuroChem's high investments in potash and
ammonia capacity. Fitch expect leverage to decline after 2018 as
capex moderates and projects ramp up, but the current metrics
offer limited headroom for further unexpected pressure on cash
flows. The ratings reflect EuroChem's scale, market reach and
better-than-average cost position, coupled with an adequate debt
maturity schedule, access to international debt funding, and
adequate liquidity.

KEY RATING DRIVERS

Markets, Capex Pressure Ratings: Weak fertiliser markets and
EuroChem's commitment to the two potash and one ammonia project
will lead funds from operations net adjusted leverage (leverage)
towards 5x in 2018 (end-2016: 4.0x). The projects aim to commence
operations and generate first cash flow from 2H17-2018, and
represent almost 70% of group's 2017-2018 capex, implying
moderate capex flexibility until 2019. Fitch consolidate project
financing for EuroChem's Baltic ammonia and Usolskiy potash
projects despite some non-recourse features due to the projects'
strategic importance to EuroChem and the cross-default clauses in
the financing agreements.

Potash Projects Near Completion: EuroChem expects the Usolskiy
and VolgaKaliy potash projects to deliver their first potash in
4Q17 and 1Q18, respectively. Both projects have two fully
operational shafts with largely on-surface capex remaining. The
ramp-up is typically prolonged for potash operations and is
planned to reach almost half of 4.6mt combined first-phase
capacity in 2019 and full capacity from 2021. Fitch expect the
projects to be in the first quartile of the global potash cost
curve and to add USD400-500 million of EBITDA, or almost a half
of 2017 expected EBITDA, from 2021. They will enhance EuroChem's
global scale, integration into nutrients and overall cost
position.

Covenants Headroom Manageable: EuroChem's 3.5x leverage covenant
excludes project finance debt (end-2016: USD573 million) and
Fitch expect it to remain below 3x until end-2018 which provides
it with manageable 0.5x covenant headroom. EuroChem's shareholder
loan with a USD1.5 billion limit (USD250 million utilised so far)
could be used to reduce the risk of a breach of covenants if
needed during 4Q17-2018.

Pressure on Prices Until 2018: Fitch conservatively assume a low
single-digit reduction in fertiliser prices in 2018 on continued
capacity additions across all three major nutrients (nitrogen,
phosphates and potash) from local 3Q17 highs. Fitch forecast
protracted weakness in potash prices beyond 2018 as EuroChem and
K+S ramp up their new capacity, of which the first phases
represent over 6 million tonnes, or almost 10% of current potash
consumption. For other nutrients, Fitch expect a modest low
single-digit recovery in prices after 2018 as the supply/demand
gap narrows.

Strong Business Fundamentals: EuroChem has a strong presence in
European and CIS fertiliser markets (almost 60% of 2016 sales)
with around a 20% share of premium fertiliser sales. It is the
seventh-largest EMEA fertiliser company by total nutrient
capacity. The group also has access to the premium European
compound fertiliser market, with production in Antwerp,
trademarks, and third-party sales (25% of sales) distributed
through its own network. EuroChem's Russia-based phosphate and
nitrogen production assets are comfortably placed in the first
and second quartiles of the respective global cost curves,
although profitability was reduced by the stronger rouble.

DERIVATION SUMMARY

EuroChem's 'BB' rating derives from a 'BBB-' standalone rating
and the two-notch corporate governance discount applied to
reflect concentrated ownership and higher-than-average systemic
risks associated with the Russian business and jurisdictional
environment. Its closest global nitrogen peer is low-cost CF
Industries, Inc. (BB+/Negative) and phosphate peers are lower-
cost OCP SA (BBB-/Negative) and higher-cost The Mosaic Company
(BBB-/Stable). All three peers have leverage of over 3x due to
low fertiliser prices and high capex, and are likely to
deleverage towards 3x over the rating horizon as OCP and CF
Industries finalise major capex and Mosaic deleverages after
acquiring Vale's fertiliser assets.

EuroChem's Russian peers include global leader in potash PJSC
Uralkali (BB-/Negative) and smaller complex fertiliser player
PJSC Acron (BB-/Stable). Uralkali's Negative Outlook reflects 5x
peak end-2016 leverage resulting from pre-2H16 share buybacks and
weak potash prices. Acron's completion of phosphate first-stage
expansion and deferred investments in potash expansion were
offset by increased dividends while increasing appetite for
further investments implies leverage staying within 2x-2.5x for
the next three years.

No Country Ceiling or parent/subsidiary aspects affect the
rating. The operating environment aspect is incorporated into the
two-notch discount.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- nitrogen, phosphate and complex fertilisers to bottom out
   in 2018 with low single-digit recovery thereafter;
- potash and ammonia projects to add to production volumes
   gradually from 2018 as they ramp up;
- USD/RUB at 58 from 2018 onwards;
- capex/sales to peak at around 30% in 2017 before normalising
   towards under 20% after 2018;
- no shareholder loan disbursement or dividends over the next
   three years.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- (Outlook stabilisation) Successful completion and ramp-up of
   potash projects resulting in an enhanced operational profile,
   coupled with FFO-adjusted net leverage falling below 3.5x by
   2019
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Continued aggressive capex or shareholder distributions
   translating into FFO adjusted net leverage not trending
   towards 3x (assuming enhanced business profile as evidenced by
   the start-up of at least one potash project), or towards 2.5x
   (assuming project delays and lack of further business
   diversification) by 2019
- Protracted pricing pressure or double-digit cost inflation
   leading to an EBITDAR margin being sustained below 20% (2016:
   24%).

LIQUIDITY

Sufficient Liquidity: As at 30 June 2017 EuroChem reported USD1.1
billion of committed credit lines (including project financing
facilities) and USD0.3 billion of cash which fell short of USD1.3
billion short-term debt and negative FCF on the back of high
capex. In 3Q17 EuroChem improved its liquidity and debt
maturities by placing a USD500 million Eurobond in July 2017 and
raising a USD750 million unsecured five-year club loan with a
two-year grace period in October 2017. The latter will allow
EuroChem to refinance its short-term debt and reduce it to USD0.4
billion.

FULL LIST OF RATING ACTIONS

EuroChem Group AG:
Long-Term Foreign-Currency IDR: Affirmed at 'BB'; Outlook
Negative

JSC MCC EuroChem:
Long-Term Foreign- and Local-Currency IDRs: Affirmed at 'BB';
Outlook Negative
Short-Term Foreign-Currency IDR: Affirmed at 'B'
Local-currency senior unsecured rating on domestic bond issues:
Affirmed at 'BB'

EuroChem Global Investments DAC:
Foreign-currency senior unsecured rating on loan participation
notes: Affirmed at 'BB'

EuroChem Finance Designated Activity Company:
Foreign-currency senior unsecured rating on guaranteed notes:
Affirmed at 'BB'


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


KUVEYT TURK: Fitch Affirms bb- Viability Rating
-----------------------------------------------
Fitch Ratings has affirmed Kuveyt Turk Katilim Bankasi A.S.
(Kuveyt Turk) and Turkiye Finans Katilim Bankasi A.S's (Turkiye
Finans) Long-Term Foreign-Currency Issuer Default Ratings (IDRs)
at 'BBB-' with Stable Outlooks. Both banks' Viability Ratings
(VRs) have been affirmed at 'bb-'.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT

Kuveyt Turk's and Turkiye Finans's IDRs and senior debt ratings
are driven by potential support from their controlling
shareholders, Kuwait Finance House, (KFH; A+/Stable), and
National Commercial Bank (NCB; A-/Stable), respectively. KFH owns
a 62% stake in Kuveyt Turk and NCB holds a 67% stake in Turkiye
Finans.

Fitch views Kuveyt Turk and Turkiye Finans as strategically
important subsidiaries for their parent banks, as reflected in
their '2' Support Ratings. In Fitch's view the probability that
Turkiye Finans and Kuveyt Turk would receive support from their
parents in case of need is high, based on the banks' ownership,
integration with parent banks and Turkey's strategic importance
to NCB and KFH.

Kuveyt Turk accounted for a high 26% of KFH's total assets at
end-1H17. Given its size relative to its parent, Fitch believes
that in case of need, support would be forthcoming from the
Kuwaiti authorities, on whose support KFH's ratings rely. Turkiye
Finans, which accounted for a more manageable 9% of NCB's total
assets at end-1H17, would look to its parent for support in the
first instance, in Fitch's view. As NCB's ratings are driven by
support from the Saudi authorities, Fitch believes support would
ultimately also be forthcoming for Turkiye Finans from the Saudi
authorities if needed.

The Long-Term FC IDRs of both Kuveyt Turk and Turkiye Finans are
constrained by Turkey's 'BBB-' Country Ceiling. The Country
Ceiling reflects transfer and convertibility risks and limits the
extent to which support from foreign shareholders can be factored
into the banks' Long-Term IDRs. The banks' Local-Currency IDRs
also take into account Turkish country risks.

VR
The affirmation of the banks' VRs reflects their limited domestic
franchises and limited market shares, albeit Kuveyt Turk and
Turkiye Finans are market leaders in participation banking in
Turkey (ranked first and second by total assets, respectively).
Fitch believes Turkish participation banking offers reasonable
growth prospects, backed by the government's aim of increasing
the participation banking segment's market share to 15% of sector
assets by 2025. Competition in the participation banking segment
is set to increase, given the recent establishment of two state-
owned participation banks, although it should remain manageable
for Kuveyt Turk and Turkiye Finans for the foreseeable future
given their well-established franchises and the current limited
scale of the competitor banks.

The VRs also consider the concentration of the banks' operations
in the challenging Turkish operating environment, which exposes
them to macroeconomic and exchange rate volatility and creates
downside risks to asset quality, profitability and
capitalisation. Growth at the two banks has varied. Kuveyt Turk
reported above-sector-average financing growth in 1H17, while
Turkiye Finans shrank its financing book further in 1H17 as it
focused on the clean-up of its financing book and internal
restructuring. However, Turkiye Finans's strategy is to return to
growth in 2018.

Fitch considers both banks' risk appetites high, as reflected in
above-sector-average levels of foreign currency financing (end-
1H17: 37% at Kuveyt Turk and 40% at Turkiye Finans), a large
portion of which consists of risky FC-indexed financing. Much of
the latter is to SME customers, who are likely to be unhedged or
only weakly hedged in Fitch view, and are typically among the
most sensitive to a weaker growth environment. Asset quality in
the FC financing portfolios of both banks has held up to date,
despite the rapid Turkish lira depreciation in 2016, but
financing books remain sensitive to further exchange rate
volatility. The two banks also have fairly high exposure to the
construction sector, which heightens credit risk.

Turkiye Finans's non-performing financing (NPF) ratio increased
to 5.3% at end-1H17 from 5.0% at end-2016, after NPF sales,
albeit against the backdrop of a shrinking financing book. This
ratio excludes sizeable regulatory group 2 watch list financing
(end-1H17: 9.2%; end-2016: 7.5%) a sizeable share of which had
been restructured, indicating potential further asset quality
problems as financing seasons. However, new financing is being
issued under the bank's tightened risk management framework,
contributing to a reduction in its NPF origination rate in 1H17.
Kuveyt Turk reported a low 2.5% NPF ratio at end-1H17, albeit up
from 1.7% at end-2015. Regulatory group 2 watch list financing
was a high 4.5% of gross financing at end-1H17, despite
decreasing, and nearly two-thirds had been restructured.

Capitalisation at both banks is adequate, the quality of capital
is good and capital buffers remain sufficient to absorb moderate
shocks - notwithstanding moderate unreserved NPF exposure to
equity at Turkiye Finans. Kuveyt Turk's specific reserves
coverage of NPFs on the other hand is solid and net NPF exposure
to equity is low. At end-1H17 the banks' Fitch Core Capital
(FCC)/risk-weighted assets ratios stood at 13.4% (Kuveyt Turk)
and 13.8% (Turkiye Finans), respectively. Capitalisation is
supported by below-sector-average borrower concentration, solid
pre-impairment profit (albeit weaker at Turkiye Finans), which
provides an additional buffer to absorb unexpected losses,
moderate internal capital generation, uplift from regulatory
forbearance and in the case of Turkiye Finans, a shrinking
financing book. Both banks have issued subordinated debt, which
provides a partial hedge against FC risk-weighted assets and
supports above-sector-average total capital ratios.

Kuveyt Turk's performance has proven reasonable and consistent,
while that of Turkiye Finans has been weighed down by asset
quality and revenue pressures as it has contracted financing and
deposits and focused on cleaning up its financing book. To offset
revenue pressures the bank has focused on boosting cost
optimisation and productivity. Nevertheless, both banks continue
to report above-sector-average cost/assets ratios reflecting a
lack of economies of scale. However, their net financing margins
remain above-sector-average mainly reflecting their high share of
cheap customer deposits and the less price sensitive nature of
many of their depositors.

Funding at both banks is sourced largely from customer deposits.
Kuveyt Turk reports a strong financing/deposits ratio (end-1H17:
96%), which significantly outperforms the sector average (126%).
Turkiye Finans's financing/deposits ratio is high and its deposit
base has proven less stable reflecting deposit outflows, due to
contagion risk from its minority shareholder (notably after the
failed coup attempt in 2016) and its subsequent decision to
reduce more lumpy corporate deposits. However, its strategy is to
attract more granular and stable customer deposits through the
branch network. Monthly customer deposits have increased since
July 2017 when it implemented its new targeted branch
segmentation strategy.

The share of wholesale funding at both banks is still high. At
end-1H17, FC wholesale funding accounted for around 18% and 21%
of total liabilities at Kuveyt Turk and Turkiye Finans,
respectively (or 15% and 19% net of parent funding). FC liquidity
at both banks is adequate; Fitch calculates that at end-1H17
their FC liquidity buffers covered their short-term FC non-
deposit liabilities due within a year. In addition, liquidity
buffers are supported by the monthly amortising nature of the
banks' financing books. Nevertheless, FC liquidity could come
under pressure in the event of prolonged market closure.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Kuveyt Turk's 'BB+' subordinated debt rating is notched down once
from the bank's 'BBB-' IDR to reflect below-average recovery
prospects in case of default. Subordinated debt was issued by KT
Sukuk Company Limited, Kuveyt Turk's SPV.

NATIONAL RATINGS

The affirmation of both banks' National Ratings at 'AAA(tur)'
with Stable Outlooks reflects Fitch's view that they remain among
the strongest credits in Turkey on the basis of support and that
their creditworthiness relative to one another and to other
Turkish issuers remains unchanged.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT

A change in the ability or willingness of the parent banks to
support their respective subsidiaries could affect the banks'
IDRs, National Ratings and potentially their Support Ratings. The
banks' Long-Term Foreign Currency IDRs are sensitive to changes
in Turkey's Country Ceiling while their Long-Term Local Currency
IDRs are sensitive to Turkish country risks.

VR
VR downgrades could result from a marked deterioration in the
operating environment and/or; (i) bank-specific deterioration of
asset quality; (ii) marked erosion of capital ratios; or (iii) a
weakening of the banks' FC liquidity positions. VR upgrades could
result from further expansion of the banks' franchises or a
reduction in their risk appetites, as reflected in a fall in
foreign currency financing and exposure to the construction
sector, for example.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The rating is sensitive to a change in Kuveyt Turk's Long-Term
IDR, a revision in Fitch's assessment of the probability of the
notes' non-performance risk relative to the risk captured in the
IDR, or a change in Fitch assessment of loss severity in case of
non-performance.

The rating actions are:

Kuveyt Turk Katilim Bankasi A.S and Turkiye Finans Katilim
Bankasi A.S
Long-Term Foreign- and Local-Currency IDRs affirmed at 'BBB-';
Outlook Stable
Short-Term Foreign- and Local-Currency IDRs affirmed at 'F3'
Viability Rating affirmed at 'bb-'
Support Rating affirmed at '2'
National Long-Term Rating affirmed at 'AAA(tur)'; Outlook Stable

Turkiye Finans's TF Varlik Kiralama A.S., Kuveyt Turk's KT Sukuk
Varlik Kiralama A.S. Senior unsecured debt issues (sukuk):
affirmed at 'BBB-'
KT Sukuk Company Limited: Subordinated debt: affirmed at 'BB+'



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


LONMIN PLC: Raises Going Concern Doubt, Delays Filing of Results
----------------------------------------------------------------
Kevin Crowley at Bloomberg News reports that Lonmin, the world's
third-largest platinum miner, is back on the brink.

According to Bloomberg, the company warned it is in danger of
breaking its lender agreements in the face of low platinum
prices, saying there's uncertainty over its ability to continue
as a going concern.

Lonmin delayed publishing full-year results and the stock plunged
as much as 25%, the most in two years, Bloomberg relates.

"We continue to have concerns over the long-term viability of
Lonmin," Bloomberg quotes Richard Hatch, a London-based analyst
RBC Capital Markets, as saying in a note on Nov. 3.  "We see the
developments around the delayed operational review and accounts -
-- plus a flagged potential going concern issue -- as an
overarching negative."

The potential covenant breach is the latest scare for a company
that's been struggling to break even for the last five years amid
low platinum prices, labor unrest, community anger and the worst
massacre in South Africa's post-apartheid history, Bloomberg
notes.

Chief Executive Officer Ben Magara is leading a drive to sell
assets and raise money to alleviate the company's financial
pressures, Bloomberg discloses.  The process could significantly
affect other writedowns, so Lonmin decided to delay publishing
its annual results from the scheduled Nov. 13, Bloomberg states.

The asset writedowns could reduce Lonmin's net worth close to
levels required by its lenders, Bloomberg relays, citing a
statement released on Nov. 3.  The debt covenants were part of a
life-saving rights issue in 2015, which said Lonmin's tangible
net worth must not be below US$1.1 billion at any time, according
to Bloomberg.

Last month, Lonmin's lenders gave the company a waiver saying
that it could breach this for the financial year ending Sept. 30,
Bloomberg recounts.  But, the board instead chose to delay
publishing the results while the sales process takes its course,
Bloomberg discloses.

Lonmin Plc -- http://www.lonmin.com-- is a United Kingdom-based
producer of Platinum Group Metals. Lonmin mines, refines and
markets platinum group metals (PGMS) -- platinum, palladium,
rhodium, iridium, ruthenium and gold.  The Company has productive
operations in South Africa and Canada.  The Company's resources
and operations include: Marikana operations, the Company's
flagship operation; Pandora operations, a joint venture in which
it has a 42.5% interest; Marikana Smelters and Base Metal
Refinery and Brakpan Precious Metal Refinery which has capacity
to process and refine production, offering the potential to smelt
and refine third party and recycling material; Limpopo project,
formerly an operational mine; Akanani project; Canadian projects,
joint ventures with Vale and Wallbridge exploring PGM
mineralisation in the Sudbury Basin in Ontario, and Northern
Ireland project which is an early stage exploration opportunity.


SYNLAB BONDCO: Moody's Rates EUR300MM Sr. Sec. Term Loan B2
-----------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the EUR300
million senior secured term loan due 2022 borrowed by Synlab
Bondco PLC, a subsidiary of Synlab Unsecured Bondco PLC (Synlab),
the largest clinical laboratory services provider in Europe.
Synlab's other ratings remain unchanged, namely, the B2 corporate
family rating, the B2-PD probability of default rating, the B2
ratings of the EUR1,840 million senior secured notes due 2022
issued by Synlab Bondco PLC, and the Caa1 rating of the EUR375
million senior unsecured notes due 2023 issued by Synlab
Unsecured Bondco PLC. The rating outlook on all ratings is
stable.

Synlab Bondco PLC borrowed the EUR300 senior secured term loan in
September 2017 to repay the EUR125 million drawn on the EUR250
million super senior secured revolving credit facility (unrated)
due 2021 and finance future acquisitions.

The rating action reflects the following interrelated drivers:

- The new EUR300 million senior secured term loan ranks pari
passu with other B2-rated senior secured notes of the company;

- Synlab's leverage, as measured by Moody's-adjusted
debt/EBITDA, has increased to 6.8x (pro forma for the completed
acquisitions and the new term loan) from 6.4x as of June 30, 2017
because the company has increased its gross debt;

- Moody's nevertheless expects that Synlab's leverage will trend
towards 6.0x within the next 12-18 months as the company spends
available cash on EBITDA-accretive acquisitions, derives
synergies from completed acquisitions, and grows revenue
organically in the low mid-single-digit percent range.

RATINGS RATIONALE

"Synlab's highly acquisitive strategy has kept its leverage
elevated, but the company has a good track record of acquisitions
that deliver synergies, a leading scale in terms of revenue that
helps in negotiations with regent producers, and good
diversification across various regulatory regimes in Europe that
helps decrease relative risk from regulatory changes and tariff
cuts", says Andrey Bekasov, AVP and Moody's lead analyst for
Synlab.

"Pro forma for expected acquisitions, assuming a 7.0x EV/EBITDA
multiple, Synlab's leverage is lower at 6.3x compared to 6.8x at
closing of the term loan. Moody's expects further deleveraging
towards 6.0x based on modest organic growth and continued
synergies from acquisitions", adds Andrey.

Synlab's B2 corporate family rating (CFR) reflects the company's:
(1) leading position in the clinical laboratory services market
in Europe in terms of revenue; (2) good geographic
diversification across various regulatory regimes, which limits
its exposure to adverse changes in one particular regime; (3)
good underlying fundamental trends that support demand for
clinical laboratory services.

Conversely, the rating reflects the company's: (1) high leverage,
as measured by Moody's-adjusted debt/EBITDA, of around 6.8x based
on the results for 12 months ended June 30, 2017 (LTM June 2017)
pro forma for the completed acquisitions; (2) aggressive
acquisition strategy, which may slow down deleveraging; and (3)
the remaining risk of potential tariff cuts in key markets, which
drives the need to grow externally to achieve economies of scale.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Synlab's
leverage, as measured by Moody's-adjusted debt/EBITDA, will trend
towards 6.0x within the next 12-18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE

- Synlab's leverage, as measured by Moody's-adjusted
   debt/EBITDA, were to improve and remain below 5.5x sustainably

- the company were to continue to generate positive free cash
   flow (FCF) and improve its profitability

FACTORS THAT COULD LEAD TO A DOWNGRADE

- Synlab's leverage, as measured by Moody's-adjusted
   debt/EBITDA, were to exceed 6.5x for a prolonged period

- the company's liquidity profile were to weaken

- its profitability were to significantly deteriorate because of
   competitive or pricing pressures

LIQUIDITY

Synlab's liquidity is adequate and supported by the company's
long-dated debt maturities, cash of around EUR288 million (as of
June 30, 2017, pro forma for completed acquisitions afterward and
new EUR300 million term loan), expected FCF of around EUR100
million in 2018 (after adjusted capital spending of around EUR100
million, but before acquisitions) and an undrawn EUR250 million
super senior secured revolving credit facility (RCF). However,
the company will likely use most of its cash, all of its FCF and
most of the RCF for further acquisitions. Synlab has one widely
set net leverage covenant on the RCF that acts only as a draw-
stop and tested only when the RCF is drawn by at least 35% (a
"springing" covenant). The company would comply with this
covenant if it were tested.

STRUCTURAL CONSIDERATIONS

The B2 ratings of the EUR1,840 million senior secured notes and
the EUR300 million term loan in line with the B2 CFR and the B2-
PD probability of default rating reflect a 50% assumed corporate
family recovery rate, which is typical for debt structures with a
mixture of notes and bank debt. The Caa1 rating of the EUR375
million senior unsecured notes reflects their subordination to
the senior secured debts and to the EUR250 million super senior
secured RCF.

RATING METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

CORPORATE PROFILE

Synlab, headquartered in Munich, Germany, is the largest clinical
laboratory services provider in Europe, with pro forma revenue of
around EUR1.7 billion based on LTM June 2017. The company
operates in 27 countries in Europe and in eight countries outside
of Europe, with 531 laboratories and over 19,000 employees. The
company is majority owned by funds advised by Cinven.



                            *********

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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