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

                           E U R O P E

           Friday, December 22, 2006, Vol. 7, No. 254

                            Headlines


A U S T R I A

BAWAG CAPITAL: Moody's Downgrades Ratings on Securities to Ba1
VTB AUSTRIA: Co-Arranges EUR65-Million Loan for Belarus


B E L A R U S

BELAGROPROMBANK: Likely State Support Prompts Fitch's B- IDR


D E N M A R K

NYCOMED A/S: Altana Shareholders Approve Acquisition Deal
NYCO HOLDINGS 2: Acquisition OK Cues S&P to Lift Rating to B


F I N L A N D

METSO OYJ: To Supply Crushing Equipment to Agregados del Caribe


F R A N C E

ALCATEL-LUCENT: Equips SAR-Lupe Satellite with SAR Sensors
CASCADES INC: Closes Offering of Subscription Receipts
CASCADES INC: Moody's Confirms Ba2 Corporate Family Rating
LETO (ELOC 18): Fitch Lifts BB Rating on EUR4.15 Million Notes
ODDO ET COMPAGNIE: Fitch Affirms Individual Rating at C


G E R M A N Y

2-RAD-TEAM GMBH: Creditors Must File Claims by December 29
ALERIS INT'L: Stockholders Okay Merger Pact with Texas Pacific
ALERIS INT'L: S&P Affirms Corporate Credit Rating at B+
ALERIS INTERNATIONAL: Completes Sale of Carson Property
APLUX GMBH: Claims Registration Ends December 29

ASG GEBAUDEREINIGUNG: Claims Registration Ends December 29
AVERAS MARKETING: Claims Filing Deadline Set December 29
BACHMANN VERWALTUNGS: Creditors Must File Claims by December 29
COGNIS DEUTSCHLAND: Fitch Rates Sr. Secured Facilities at B-
COGNIS GMBH: Fitch Junks Senior Unsecured Debt

DAIMLERCHRYSLER AG: Truck Unit Eyes US$300-Mln Plant in Mexico
DAIMLERCHRYSLER AG: Applauds ITC's Order to Revoke Steel Duties
DURA AUTOMOTIVE: Gets Final Nod to Pay Non-Debtor Affiliates
DURA AUTOMOTIVE: Moody's Withdraws Ratings on Chapter 11 Filing
FELS GMBH: Registration of Claims Ends December 29

FLEISCHEREI UND FLEISCHTECHNOLOGIE: Claims Filing Ends Dec. 29
GD GESELLSCHAFT: Last Day for Filing of Claims Set December 29
IMMOBILIEN-BAUEN-VERSICHERUNGEN: Claims Filing Ends December 28
KNAUF GMBH: Creditors Must Register Claims by December 29
MATTHIAS DROLSHAGEN: Registration of Claims Ends December 29

MIDNIGHT GMBH: Creditors Must Register Claims by December 29
MONTAGE NORD: Creditors Must File Claims by December 29
PARAMEDIC HAMBURG: Deadline for Filing of Claims Set December 29
PROMISE XXS-2006-1: Moody's Rates Two Note Classes at Ba2
SANYO ELECTRIC: Fitch Affirms BB+ IDR with Stable Outlook

TASCH KFZ: Deadline for Registration of Claims Set December 29
TECEDE GMBH: Creditors Must Submit Claims by December 28
TECH DATA: Earns US$9.6 Million in Quarter Ended October 31
UBS DEUTSCHLAND: Moody's Assigns D+ Financial Strength Rating
VISTEON CORP: Ends Talks with GKN plc on Possible Asset Sale


G R E E C E

AGRICULTURAL BANK OF GREECE: Fitch Puts C/D Individual Rating
EGNATIA BANK: Fitch Affirms Individual C Rating After Review
NAVIOS MARITIME: Completes US$300 Million Senior Note Offering


I R E L A N D

GS EUROPEAN: Fitch Affirms Low-B Ratings on EUR118.6-Mln Notes
SANYO ELECTRIC: Fitch Affirms BB+ IDR with Stable Outlook


I T A L Y

ASSICURAZIONI RISCHI: Fitch Withdraws Bq Q-IFS Rating
FRIULI-VENEZIA: Fitch Affirms Q-IFS Rating at BBq
HELVETIA ASSICURAZIONI: Fitch Withdraws Bq Q-IFS Rating
IL DUOMO ASSICURAZIONI: Fitch Affirms BBq Q-IFS Rating
PIEMONTESE ASSICURAZIONI: Fitch Downgrades Q-IFS Rating to BBq

SARA ASSICURAZIONI: Fitch Lifts Q-IFS Rating to BBBq from BBq
SEAR SOCIETA: Fitch Affirms Q-IFS Rating at Bq


K A Z A K H S T A N

EURO STROY: Creditors Must File Claims by Jan. 23, 2007
GUARANTEE LTD: Karaganda Court Opens Bankruptcy Proceedings
KAZKOMMERTSBANK INT'L: Fitch Rates US$500-Mln 7.5% Notes at BB+
MEDIA STAR: Proof of Claim Deadline Slated for Jan. 24, 2007
MIRAS LLP: Creditors' Claims Due Jan. 24, 2007

NOMAD FILMS: Claims Registration Ends Jan. 24, 2007
PRIOZERNY-2 LLP: Creditors Must File Claims by Jan. 24, 2007
ROSIT STROY: Claims Filing Period Ends Jan. 24, 2007
SUNKAR LLP: Creditors Must File Claims by Jan. 3, 2007
SYSTEM PROFY: Proof of Claim Deadline Slated for Jan. 24, 2007

VICTORYA LLP: Claims Filing Period Ends Jan. 3, 2007


K Y R G Y Z S T A N

KAMKOR CJSC: Creditors' Meeting Slated for Dec. 26
KRUG LLC: Creditors' Meeting Scheduled for Dec. 25
LIKERO VODOCHNY: Creditors' Meeting Slated for Dec. 25
SAN-EM LLC: Creditors' Meeting Scheduled for Dec. 25
SUUSAMYR-OIL LLC: Creditors' Meeting Scheduled for Dec. 25


N E T H E R L A N D S

AHOLD LEASE: S&P Affirms BB+ Ratings on Two Certificate Classes
ALCATEL-LUCENT: Equips SAR-Lupe Satellite with SAR Sensors
HALCYON STRUCTURED: Moody's Rates Two Note Classes at Low-B
KONINKLIJKE AHOLD: Aegon Custody to Convert Preferred Shares
KONINKLIJKE AHOLD: Repositioning Spurs S&P to Revise Outlook

LEVERAGED FINANCE: Moody's Keeps Ba3 Ratings on EUR19-Mln Notes
TEEKAY SHIPPING: Moody's Pares Corporate Rating to Ba2 from Ba1


N O R W A Y

AKER KVAERNER: Unveils Updated Corporate Responsibility Policies

* Moody's Reports Stable Outlook for Norwegian Banks


P O L A N D

SMITHFIELD FOODS: Moody's Cuts Ratings on High Debt Levels


R O M A N I A

SMITHFIELD FOODS: Moody's Cuts Ratings on High Debt Levels


R U S S I A

BOROVICHSKIY FEED: Court Names S. Egorin as Insolvency Manager
CENTRE-GAS-STORY CJSC: Court Names E. Lebedev to Manage Assets
DINATRON CJSC: Court Starts Bankruptcy Supervision Procedure
IV-WOOD-PROM: Ivanovo Court Names A. Bogdanets to Manage Assets
KOMMUN-MASH OJSC: Court Names V. Sifonov as Insolvency Manager

MECHANICAL FACTORY: Court Names A. Likhachev to Manage Assets
MIG CJSC: Krasnoyarsk Bankruptcy Hearing Slated for February 14
MIKHAYLOVSKOYE OJSC: Court Names N. Zaeva as Insolvency Manager
NOVATOR OJSC: Asset Sale Slated for January 10, 2007
ORLOVSKAYA CIGARETTE: Court Names V. Chervyakov to Manage Assets

POLAR BEAR: Moscow Court Names I. Shipitsina to Manage Assets
SBERBANK-SAVINGS: Improving Biz Cues Fitch to Lift Rating to C
SEV-RYB-FLEET CJSC: Bankruptcy Hearing Slated for Feb. 21
SIBERIAN VENTILATION: Court Names V. Bolba as Insolvency Manager
VNESHTORGBANK JSC: Co-Arranges EUR65-Million Loan for Belarus

VOLGOGRAD-STORY CJSC: Bankruptcy Hearing Slated for February 19
ZNAMENSKOYE TRANSPORT: Bankruptcy Hearing Slated for March 6


S L O V A K   R E P U B L I C

ISTROBANKA: Moody's Affirms D- Financial Strength Rating


S P A I N

IM CAJA LABORAL: Fitch Junks EUR10.8 Million Class E Notes


S W E D E N

METSO OYJ: To Supply Crushing Equipment to Agregados del Caribe


S W I T Z E R L A N D

CONVERIUM HOLDINGS: Moody's Lifts Debt Rating to Baa3 from B2


U K R A I N E

KHRESCHATYK BANK: Fitch Cuts Issuer Default Rating to B-
VNESHTORGBANK JSC: Co-Arranges EUR65-Million Loan for Belarus


U N I T E D   K I N G D O M

ABW INDUSTRIAL: Brings In Liquidators from Wilson Field
ADMIRAL FINE: Claims Filing Period Ends Jan. 22, 2007
AKER KVAERNER: Unveils Updated Corporate Responsibility Policies
ALLIANCE ATLANTIS: S&P Holds BB Rating on Developing Watch
ANDROSS ELECTRICS: Calls In Liquidators from Vantis

BROOKMAN & SONS: Taps Liquidators from Moore Stephens
DURA AUTOMOTIVE: Gets Final Nod to Pay Non-Debtor Affiliates
DURA AUTOMOTIVE: Moody's Withdraws Ratings on Chapter 11 Filing
ENDURANCE WORLDWIDE: Fitch Assigns Bq Q-IFS Rating
FORD MOTOR: Applauds ITC's Ruling Revoking Steel Duty Orders

GENERAL MOTORS: Applauds ITC's Ruling Revoking Steel Duty Orders
GS EUROPEAN: Fitch Affirms Low-B Ratings on EUR118.6-Mln Notes
IGI INSURANCE: Fitch Upgrades Q-IFS Rating to BBBq from BBq
KONINKLIJKE AHOLD: Aegon Custody to Convert Preferred Shares
KONINKLIJKE AHOLD: Repositioning Spurs S&P to Revise Outlook

LIVERPOOL VICTORIA: Fitch Affirms Bbq Q-IFS Rating
MARKEL CAPITAL: Fitch Lifts Capital Securities to BBB- From BB+
MERCATOR CLO: S&P Rates EUR19.5-Mln Class B-2 Notes at BB-
NETWORKS NEWMEDIA: Creditors Confirm Liquidators' Appointment
NEW GRANADA: Joint Liquidators Take Over Operations

ROYAL LIVER: Fitch Downgrades Q-IFS Rating to BBq
SOLICITORS INDEMNITY: Fitch Lifts Q-IFS Rating to BBBq from BBq
SOLUTIA INC: Receives Commitment for US$1.1-Billion DIP Loan
TAG RECRUITMENTS: Claims Registration Ends Feb. 2, 2007
TELABRIA LIMITED: Names Joint Liquidators to Wind Up Business

TIMBER WORKSHOP: Creditors Confirm Liquidators' Appointment
WALKERS INSURANCE: Creditors' Claims Due Jan. 7, 2007

* Moody's Updates LGD Methodology for Structured Finance

* BOOK REVIEW: American Arbitration: Its History, Functions and
               Achievements

                            *********

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A U S T R I A
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BAWAG CAPITAL: Moody's Downgrades Ratings on Securities to Ba1
--------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the hybrid
capital securities issued by BAWAG Capital Finance (Jersey) Ltd,
BAWAG Capital Finance (Jersey) Ltd II and Bawag Capital Finance
(Jersey) Ltd III, all subsidiaries of Austria's Bawag P.S.K.
The ratings of these securities remain under review for further
possible downgrade.

Moody's said that Bawag P.S.K.'s A3 senior unsecured rating,
under review for possible downgrade, the Prime-2 short-term
rating, with a stable outlook, and the E+ financial strength
rating, with a positive outlook, were not affected by this
rating action.

The decision to downgrade the ratings of the Tier 1 securities
to speculative-grade reflects Moody's concern that the planned
sale of Bawag P.S.K. to a consortium of investors, led by U.S.-
based investment company Cerberus, and the changes this may
imply for the bank's commercial and financial profile might
possibly result in an increased credit risk for these
securities.

The rating agency added that the review for downgrade, initiated
earlier in December and pertaining also to the bank's A3 senior
unsecured rating, would focus on the impact the planned sale of
the bank could have on its future commercial and financial
profile, notably with regard to financial leverage, the level of
protection available to holders of subordinated securities
generally and the investors' potential exit strategies.  The
review would also take into account the potential impact the
future shareholders' post-closure due diligence of BAWAG PSK's
market, credit, legal or general business risks might have on
the bank's reported results and distributable funds.

Furthermore, Moody's added that the review would examine whether
in the future the likelihood of systemic support, which still
underpins Bawag P.S.K.'s long-and short-term debt and deposit
ratings, should be the same for the bank's unsecured,
unsubordinated liabilities on the one hand and its subordinated
obligations and hybrid capital securities on the other.
In this respect, Moody's reiterated its earlier comment that
even after a change in ownership, the rating agency would still
expect BAWAG PSK to be able to rely on some form of implicit,
systemic support for its unsecured, unsubordinated liabilities,
should this prove necessary, based on its importance in the
Austrian retail banking market and payment system.

Bawag P.S.K. is domiciled in Vienna, Austria.  At the end of
2005, Bawag reported under IFRS total assets of around EUR57.9
billion and equity of EUR2 billion.  For full-year 2005, it
recorded a net loss (group share) of EUR12 million.


VTB AUSTRIA: Co-Arranges EUR65-Million Loan for Belarus
-------------------------------------------------------
JSC Vneshtorgbank, Bayerische Landesbank and a consortium of
lenders have signed a EUR65-million Syndicated Term Loan
Facility for the Republic of Belarus represented by the Ministry
of Finance.

The loan has a maturity of 364 days with an extension option for
another 364 days and pays a margin of 3.5% p.a.

The deal was well received in the market and increased from the
launch amount of EUR50 million.

These banks have joined the Facility:

   -- Banco Finantia International Limited;
   -- VTB Bank (Austria) AG;
   -- Vnesheconombank; FBN Bank (UK) Ltd;
   -- MKB Bank Nyrt. (Co-Arrangers);
   -- Abanka Vipa d.d.;
   -- AKA Ausfuhrkredit-Gesellschaft mbH;
   -- Bank Sepah International plc;
   -- Bank TuranAlem JSC;
   -- Banque de Commerce et de Placements S.A.;
   -- Denizbank AG;
   -- The Export-Import Bank of the Republic of China;
   -- Finansbank (Holland) N.V.;
   -- London Forfaiting Company Ltd.; and
   -- SC "Parex banka" (Lead Managers) and
      Banka Celje d.d. (Manager).

JSC Vneshtorgbank and Bayerische Landesbank act as Mandated Lead
Arrangers and Bookrunners.

This is the second syndicated loan arranged for the Republic of
Belarus.  Previously the borrower tapped the international loan
market in December 2005 with a US$32 million 364-day facility
with a 364 days extension option.  MLAs were VTB, RZB and
Priorbank JSC.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


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B E L A R U S
=============


BELAGROPROMBANK: Likely State Support Prompts Fitch's B- IDR
------------------------------------------------------------
Fitch Ratings affirmed Belarus-based Belagroprombank's ratings
at Issuer Default B-, Short-term B, Individual D/E and Support
5.  The Outlook on the Issuer Default rating remains Stable.

The Issuer Default, Short-term and Support ratings consider the
potential support the bank is likely to receive from the state
if needed.

The Individual rating reflects BAPB's high credit risk stemming
from large volumes of lending under government programs and a
very high concentration on the agricultural sector.  BAPB's
earnings performance remains weak, although initiatives aimed at
enhancing operating efficiency have benefited its profitability
metrics.  The bank's liquidity position is being pressured by
rapid loan portfolio growth and increased structural mismatches.
BAPB's Individual rating also takes into consideration the
bank's strengthened franchise, adequate capitalization and
greater funding diversification.  Asset quality has continued to
be reasonable to date supported by the currently buoyant
economic environment.  However, the economy of Belarus is
susceptible to any substantial increase in gas prices (the price
of gas imported from Russia is currently being renegotiated) or
the introduction of export tariffs on oil sold by Russia and
these, ultimately, could have a negative impact on the bank's
asset quality.

Upward movement in the bank's Issuer Default rating would only
be possible if the sovereign's credit position improves, while
downward pressure would result from a weakening of the
sovereign's credit position.  Downward pressure on the
Individual rating could result from a reduction of currently
high capital ratios or increased asset impairment, in particular
in respect to loans made under government programmes to the
agricultural sector.  Upside potential for the Individual rating
is very limited in the near term, but substantial improvements
in the operating environment, a marked reduction in lending at
below-market rates under government programmes, improved
performance, stronger free capital and a more comfortable
liquidity position would benefit the bank's stand-alone
financial position.

BAPB is 99% state-owned.  The Belarusian government has stated
its intention to remain the majority owner of the bank until at
least 2010.  The bank was founded in 1991 on the basis of the
Belarus arm of Agroprombank of the USSR.  Reflecting its origin,
the bank's business is concentrated on the agricultural sector
but the current strategy emphasises the diversification of the
loan portfolio by expanding retail lending and lending to other
industries.

BAPB is the second-largest bank by assets in Belarus.  The
bank's branch network is extensive and covers all six Belarusian
districts.  At end-H106, the bank held a 16% market share of
total banking system assets.


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D E N M A R K
=============


NYCOMED A/S: Altana Shareholders Approve Acquisition Deal
---------------------------------------------------------
The shareholders of Altana AG approved the sale of its
pharmaceutical business of German-based international
pharmaceuticals and chemicals group ALTANA Pharma AG to
Nycomed A/S at an Extraordinary General Meeting.

As previously disclosed, Nycomed had reached an agreement with
ALTANA AG on Sept. 21 to acquire Altana Pharma for a total value
of EUR4.215 billion.

On Dec. 14, Nycomed received the necessary merger approvals from
competition authorities in the European Union and the U.S.,
allowing the company, in coordination with Altana AG, to
continue the transaction process according to plan.

"We are very pleased with [Tues]day's approval from the
shareholders of ALTANA AG.  Over the last months, we have
invested a lot of resources in planning and preparing the
acquisition of ALTANA Pharma.  After [Tues]day, we can start
looking forward to begin the actual integration of the two
companies and to realizing the great potential they hold as a
unified company," said Hakan Bjorklund, Nycomed CEO.

The combined group will continue under the Nycomed corporate
brand name and will be headquartered in Zurich, Switzerland.
Based on 2005 results, the company will have an initial
workforce of around 12,000 people across more than 40 countries,
and have estimated annual sales of approximately EUR3.1 billion
and EBITDA of approximately EUR848 million.

Closing of the transaction will be announced on Dec. 29 and will
be effective as of Jan. 1, 2007.

                        About Altana AG

Altana AG is an international pharmaceuticals and chemicals
Group with sales of EUR3,272 billion in 2005 and around 13,300
employees all over the world.  The Altana Group is composed of
the strategic management holding company, Altana AG, and two
operating divisions, ALTANA Pharma AG and Altana Chemie AG.

                     About Altana Pharma

Headquartered in Konstanz, Germany, Altana Pharma AG --
http://www.altana.com/-- is an international pharmaceutical
group with about 9,000 employees and over 30 subsidiaries in
Europe, North and Latin America, Asia, South Africa and
Australia.  In 2005, the Company achieved sales of about EUR2.4
billion, up 12% from 2004.  Altana Pharma concentrates on
innovative pharmaceutical products in therapeutics, imaging
(contrast media) and OTC medication. Therapeutics, the most
important business area, is based on prescription drugs for
gastrointestinal and respiratory diseases.

                       About Nycomed

Headquartered in Roskilde, Denmark, Nycomed --
http://www.nycomed.com/-- is a pharmaceutical company that
provides hospital products throughout Europe and general
practitioner and pharmacy medicines in selected markets.  The
company employs about 3,500 people throughout Europe and Russia-
CIS.  Nycomed is privately owned and had a 2005 net turnover of
EUR748 million.

                         *     *     *

As reported in the TCR-Europe on Dec. 8, Standard & Poor's
Ratings Services said its 'B' long-term corporate credit rating
on Denmark-based pharmaceuticals company Nyco Holdings ApS, the
holding company of Nycomed AS, remains CreditWatch with positive
implications, where it was placed on Sept. 25, 2006, following
the announcement that Nycomed will acquire Germany-based
pharmaceuticals company Altana Pharma from Altana AG.

In September 2006, Moody's Investors Service placed the B2
corporate family rating of Nycomed A/S and the B3 senior secured
rating on the notes issued by Nyco Holdings 2 Aps due in 2013 on
review with direction following the company's announcement of an
agreement to acquire ALTANA Pharma AG, for a total value of
EUR4.2 billion.


NYCO HOLDINGS 2: Acquisition OK Cues S&P to Lift Rating to B
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Denmark-based pharmaceuticals company
Nyco Holdings 2 ApS (Nycomed) to 'B+' from 'B'.

This follows U.S. and European antitrust clearance for Nycomed's
acquisition of the pharmaceutical business of Altana AG and
approval for the transaction by the extraordinary general
meeting of Altana AG.  The ratings were removed from
CreditWatch, where they were originally placed on Sept. 25.  The
outlook is stable.

"The upgrade reflects the gradual improvement in credit quality
of the combined group," said Standard & Poor's credit analyst
Michael Seewald.  Standard & Poor's considers that the
transaction will initially have a somewhat positive effect on
Nycomed's business risk profile.  Altana Pharma adds critical
size, business diversity, and a larger R&D platform, despite
being overdependent on one product with a major patent expiry
pending.

The acquisition will also have a positive effect on Nycomed's
financial risk profile.  The combined entity has the potential
to deleverage quickly over the coming years.  However, Nycomed's
financial risk profile has to be considered in light of the
group's aggressive financial policy track record, resulting in a
still highly leveraged post-acquisition financing structure.

"The ratings also take into account the integration risk related
to the acquisition of a company that is more than three times
the size of Nycomed," said Mr. Seewald.  "The company's business
plan for mitigating the negative impact of the patent expiry of
Altana Pharma's key product Pantoprazole from 2009 relies
strongly on Nycomed's ability to realize substantial synergies
and cost efficiencies from the acquisition while maintaining the
currently strong organic growth of its in-licensing business,
which achieved 16% sales growth in 2005."

The stable outlook reflects Standard & Poor's expectation that,
despite an improved business profile after the transaction, any
upside potential for the rating appears remote owing to
Nycomed's aggressive financial policy track record.


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F I N L A N D
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METSO OYJ: To Supply Crushing Equipment to Agregados del Caribe
---------------------------------------------------------------
Metso Minerals, a unit of Metso Oyj, will supply crushing
equipment to Agregados del Caribe for its S. Pedro Sula quarry
in Honduras.  The delivery will be completed by January 2008.

The value of the order is approximately EUR9 million.  The order
comprises a complete crushing, screening and classifying plant,
consisting of a primary jaw crusher, six cone crushers, three
screens, sand treatment and classification units, a water
clarifier, a belt conveyor of over one km, supporting
structures, as well as electrification and automation packages.
The order also includes engineering, erection and commissioning
services.

This new plant will be installed in the S. Pedro Sula quarry
situated near the city of Puerto Cortes in Honduras and will
almost exclusively serve the U.S. market.  Once fully
operational, the plant is capable of producing 1000 mtph of
aggregates, and the estimated annual production is three million
tons.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves customers in the pulp and paper
industry, rock and minerals processing, the energy industry and
selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *     *     *

As reported in the TCR-Europe on April 11, Standard & Poor's
Ratings Services revised its outlook on Finland-based machinery
and engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


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F R A N C E
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ALCATEL-LUCENT: Equips SAR-Lupe Satellite with SAR Sensors
----------------------------------------------------------
The first SAR-Lupe satellite, the German reconnaissance
satellite-based system was successfully boosted into orbit from
the Plesezsk space center.  Alcatel Alenia Space, Alcatel-
Lucent's space technology unit, has supplied the Sensor
Electronic units forming the core of the Synthetic Aperture
Radar (SAR), set to provide high-resolution radar imagery to the
German defense forces starting in 2007.

The SAR-Lupe program comprises a constellation of five identical
small satellites, which will be launched into three quasi polar
orbital planes at 500 km altitude, and a ground segment.  The
system will have a lifetime of 10 years.  The construction and
the launch contract of the five identical satellites was awarded
in 2001 to a consortium of 13 European companies led by OHB-
System AG as prime contractor.

This mission is based on the most sophisticated technologies in
SAR radar field, able to get images under any weather or light
conditions (day or night).  The system will supply recent and
high definition images of virtually any region in the world.  It
will provide image in X-band and offer a spatial resolution of
less than 1 meter.  It may operate in "spot light" mode to
improve the spatial resolution.  Alcatel Alenia Space was
responsible for the design and development of the Sensor
Electronic Units, comprising Radiofrequency, processing and
control sub-units.

The ground segments for SAR-Lupe and the French Helios II
systems will be inter-connected, so that each country can use
the other's satellite and receive imagery.  This data
combination will significantly improve the reconnaissance
capabilities of the two partner nations.

                        About the Company

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                           *     *     *

As reported in the TCR-Europe on Dec. 14, following the
completion of Alcatel S.A.'s merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent, Fitch Ratings downgraded and removed Alcatel from Rating
Watch Negative:

   -- Issuer Default Rating to BB from BBB-; and
   -- Senior unsecured debt to BB from BBB-.

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

   -- Issuer Default Rating BB-;
   -- Senior unsecured debt BB-;
   -- Convertible subordinated debt B; and
   -- Convertible trust preferred securities B.

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
U.S. activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006, research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


CASCADES INC: Closes Offering of Subscription Receipts
------------------------------------------------------
Cascades Inc. has closed its offering of 15,095,000 subscription
receipts at a price of CDN13.25 per Subscription Receipt for
gross proceeds of CDN200,008,750.

The gross proceeds from the offering will be held in escrow
pending closing of the acquisition by Cascades of Domtar's 50%
interest in Norampac Inc. which is expected to close on Dec. 29
as a satisfactory response from the Competition Bureau was
received on Dec. 14.

Each subscription receipt entitles the holder thereof to
receive, upon closing of the acquisition and without payment of
additional consideration or further action, one common share of
Cascades.  Upon closing of the acquisition, the net proceeds to
Cascades, after deducting the underwriters' fee and other
expenses of the Offering, will amount to approximately
CDN191 million and will be used to finance a portion of the
acquisition.

The subscription receipts will be listed for trading on the
Toronto Stock Exchange under the symbol "CAS.R".

The offering was underwritten by a syndicate jointly led by CIBC
World Markets Inc., National Bank Financial Inc., and Scotia
Capital Inc., and including BMO Nesbitt Burns Inc., Desjardins
Securities Inc., RBC Dominion Securities Inc. and TD Securities
Inc.

                     Private Placement

Cascades had also closed its concurrent CDN50 million private
placement of subscription receipts at a price of CDN13.25 per
subscription receipt.  The gross proceeds from the private
placement will also be used to finance a portion of the
acquisition.

As previously disclosed, Cascades has reached an agreement in
principle with Domtar Inc. on Dec. 5 to purchase Domtar's 50%
interest in Norampac Inc., for a cash consideration of
CDN$560 million.

The company further disclosed that it has obtained commitments
for the financing necessary to complete the transaction.  This
financing will replace the existing credit facility and provide
for a new CDN1.05 billion credit facility consisting of a
CDN750 million five-year revolving facility, a CDN100 million
six-year term facility and an unsecured bridge facility of
CDN200 million.

                         About Norampac

Norampac owns eight containerboard mills and 26 corrugated
products plants in the United States, Canada and France.  With
annual production capacity of more than 1.45 million short tons,
Norampac is the largest containerboard producer in Canada and
the seventh largest in North America.  Norampac, which is also a
majorCanadian manufacturer of corrugated products, is a joint
venture company owned by Domtar Inc. (TSX: DTC) and Cascades
Inc. (TSX:CAS).

                          About Domtar

Headquartered in Montreal, Quebec, Domtar Inc. (TSX/NYSE: DTC) -
- http://www.domtar.com/-- produces uncoated freesheet paper in
North America.  The Company also a manufactures business papers,
commercial printing and publication papers, and technical and
specialty papers.  Domtar manages according to internationally
recognized standards 18 million acres of forestland in Canada
and the United States, and produces lumber and other wood
products.  Domtar has 10,000 employees across North America.
The company also has a 50% investment interest in Norampac Inc.,
a Canadian producer of containerboard.

                         About Cascades

Founded in 1964, Cascades Inc. -- http://www.cascades.com/ --
produces, transforms, and markets packaging products, tissue
paper and fine papers, composed mainly of recycled fibres.
Cascades employs nearly 15,600 men and women who work in some
140 modern and flexible production units located in North
America, in Europe and in Asia.  In Europe, the company
maintains operations in France. The Cascades shares trade on the
Toronto stock exchange under the ticker symbol CAS.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 19,
Dominion Bond Rating Service downgraded the Senior Unsecured
Debt rating of Cascades Inc. to BB (high) from BBB (low).  DBRS
said the trend is now Stable.

As reported in the Troubled Company Reporter on Dec. 8, Moody's
Investors Service placed under review for possible downgrade
Cascades Inc.'s Ba2 corporate family rating, its Baa3 senior
secured rating, and its Ba3 senior unsecured rating.

At the same time, Moody's placed under review, with direction
uncertain, Norampac Inc.'s Ba3 corporate family rating, its Ba1
senior secured rating, and its B1 senior unsecured rating.


CASCADES INC: Moody's Confirms Ba2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service confirmed Cascades Inc.'s Ba2
corporate family rating and its Ba3 senior unsecured rating.

Moody's also assigned Baa3 ratings to Cascades' new
CDN650 million senior secured revolver and CDN100 million senior
secured term loan.  Finally, Moody's announced that it will
upgrade Norampac's senior unsecured rating to Ba3 from B1 upon
completion of the acquisition by Cascades of the 50% of Norampac
it does not already own, and on the basis that the Norampac
notes will become a direct obligation of Cascades when the
liquidation of Norampac into Cascades is complete.

The ratings reflect the overall probability of default of
Cascades, to which Moody's affirms the PDR of Ba2.  The senior
unsecured ratings of Ba3 reflect a loss given default of LGD5
(72%) and the senior secured ratings of Baa3 reflect a loss
given default of LGD2 (18%).  The existing revolver and term
loan ratings of Cascades and Norampac will be withdrawn when the
acquisition of Norampac is complete.  This completes the review
of Cascades begun on Dec. 5 when the acquisition of Norampac was
announced.  The rating outlook is stable.

Cascades' Ba2 corporate family rating reflects the diversity
derived from its boxboard, packaging and tissue businesses and,
with its full consolidation of Norampac, its significant
position in the Canadian containerboard segment.  The ratings
also consider that Cascades and Norampac will have paid down
approximately CDN190 million of debt this year, prior to
Cascades increasing debt to fund a portion of the Norampac
acquisition.  At the same time, the ratings consider the
CDN310 million of incremental debt taken on to fund the
acquisition and Cascades' debt protection measures, which are
slightly weak for the rating.

However, Moody's notes that Cascades is issuing CDN250 million
of new equity and that, notwithstanding the incremental debt
taken on to fund the acquisition, its debt protection measures
improve somewhat given the full consolidation of Norampac's more
lowly levered operations, coupled with access to 100% of
Norampac's cash flow.  The Ba2 rating also reflects Cascades'
exposure to the stronger Canadian dollar, to cyclical pricing,
particularly in the containerboard and boxboard segments, and to
volatile raw material costs, especially recycled fibers, as well
as energy and chemicals.  The ratings also reflect the company's
penchant for conducting relatively small, but debt financed
acquisitions. The rating outlook is stable.

Ratings confirmed:

Cascades Inc.

    * Corporate Family Rating: Ba2

    * PDR: Ba2

    * US$675 mm Sr. Unsecured Notes due 2013, Ba3

Ratings to be upgraded upon completion of the acquisition
of Norampac:

Norampac Inc.

    * US$250 mm 6.75% Sr. Unsecured Notes due 2013,
      to Ba3 from B1

Ratings to be withdrawn upon completion of the acquisition
of Norampac:

Cascades Inc.

    * CDN450 mm Revolving Facility due 2010, Ba1

    * CDN100 mm Term Loan Facility due 2012, Ba1

Norampac Inc.

    * Corporate Family Rating, Ba3, RUR, Direction Uncertain

    * PDR: Ba3, RUR, Direction Uncertain

    * CDN325 mm Revolving Facility due 2011, Ba2, RUR,
      Direction Uncertain

The most recent rating action for Cascades was to place its
ratings under review for possible downgrade on Dec. 5.  The most
recent rating action for Norampac was to place its ratings under
review, with direction uncertain, also on Dec. 5.

Headquartered in Montreal, Quebec, Norampac is a containerboard
producer and had sales in 2005 of CDN1.3 billion.

Headquartered in Kingsey Falls, Quebec, Cascades Inc. is a
packaging and paper company producing boxboard, containerboard,
specialty packaging products and tissue, and had sales in 2005
of CDN3.5 billion.


LETO (ELOC 18): Fitch Lifts BB Rating on EUR4.15 Million Notes
--------------------------------------------------------------
Fitch Ratings upgraded Leto (European Loan Conduit No.18) plc's
Class E and F mortgage-backed floating-rate notes due November
2015.  The ratings upgraded are:

   -- EUR2.85 million Class E (FR0010095398) upgraded to 'AAA'
      from BBB; and

   -- EUR4.15 million Class F (FR0010095414) upgraded to 'AA'
      from BB.

The upgrades follow a prepayment of the largest loan in the
portfolio (the FdR portfolio) in Q406.  As a consequence of the
prepayment, the Class A, B, C and D notes have been fully
redeemed, while the Class E and F notes have reached sufficient
credit enhancement levels for an upgrade.

Since issuance in July 2004, the outstanding balance on the
notes has reduced to EUR7 million from EUR419.4 million, leaving
the portfolio with 1.7% of its original principal balance.  This
means that the management company has the option to redeem the
remaining notes in full.

Out of the six original loans in the pool, only one loan is
currently outstanding.  The Cour St. Antoine loan was written on
an interest-only basis as a result of its significantly low
initial loan-to-value of 53.85%.  The loan is secured by a fully
refurbished mixed-use building in the 11th district of central
Paris.  The property is currently receiving EUR675,960 of rental
revenue per annum compared to EUR600,220 at closing.  The entire
residential component of the asset is let currently to two
tenants: MACSF, which generates 96.75% of the current passing
rent and SMC 275, generating 3.25% of the remaining rent.
Approximately 36,705 square feet of the lettable space in the
property is currently fully occupied.

The loan has a remaining loan term of only 0.72 years and 1.41
years of the lease term.  Its maturity date is August 2007.  The
loan's interest coverage ratio is currently 1.97x compared to
1.84x at issuance.

This transaction is a securitization of six commercial real-
estate loans originated by the French property lending group of
Morgan Stanley Dean Witter Bank Ltd.  At closing, the loans were
secured by 59 office, light industrial, student housing,
warehouse and mixed commercial real-estate assets located
throughout France.  While the collateral portfolio was well
diversified by property type and geographic distribution, it
consisted mainly of secondary-quality properties and included a
number of relatively illiquid assets, such as corporate
headquarter-sized office complexes in suburban locations and
special-purpose properties with bespoke technical facilities
that would be of limited use or value to alternative occupiers.


ODDO ET COMPAGNIE: Fitch Affirms Individual Rating at C
-------------------------------------------------------
Fitch Ratings changed the Outlook on Oddo et Compagnie to
Positive from Stable.  Its ratings are affirmed at Issuer
Default BBB+, Individual C, Short-term F2 and Support 3.

The Outlook change reflects Oddo's higher recurring
profitability with reduced proprietary trading activities
achieved in the last couple of years.  These improvements come
on top of Oddo's traditional strong capital ratios and
satisfactory liquidity, which counterbalance its volatile
earnings in market activities, small size and limited franchise
in brokerage and asset management in Europe.

Oddo has recorded a strong rebound in activity since 2005 and
operating income is growing strongly (up 61% in H106) in all
business lines.  The asset management/private banking business
is the largest contributor to Oddo's operating income (44% of
the total), reducing Oddo's dependence on stock market
variations and the volatility of its earnings and covering its
fixed non-interest expenses.  This is followed by brokerage
(36%) and proprietary trading activities (only 9%).  Oddo's cost
to income ratio is satisfactory at 64%.

Oddo's market risks lie in its options market-making activity,
its EUR400 million bond portfolio, its EUR300 million
securitization portfolio and its metals trading activity.
Stress tests indicate that maximum losses on each of these four
sources of market risks would not exceed EUR10m (i.e. less than
4% of equity).

Funding is assured by repo transactions, long- and short-term
borrowings and committed credit lines, and liquidity has been
ample since proprietary trading activities have been reduced.
At end-June 2006, Oddo's capital was 4.4x the minimum
requirements according to the Capital Adequacy Directive
calculation - a strong level for Fitch.

Oddo is a leading independent investment firm in France.  It is
supervised by the French banking regulator and is thus subject
to the European Capital Adequacy Directive.  It is 80%-owned by
the Oddo family and management and 20%-owned by Banque AGF
(rated 'A'/ 'F1', a 100% subsidiary of AGF, the French insurance
group).  Fitch considers there is a moderate probability that
Oddo would be supported by AGF, via Banque AGF, in case of need.

Oddo operates in mainly in asset management/private banking and
market activities (brokerage on equities, listed derivatives,
bonds and structured products, and proprietary trading), but
also in corporate finance and custody/trustee.  Oddo has made a
number of successful acquisitions in the last decade, namely
Pinatton, the French and U.S. equity brokerage activities of
Credit Lyonnais, NFMDA and Cyril Finance.


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


2-RAD-TEAM GMBH: Creditors Must File Claims by December 29
----------------------------------------------------------
Creditors of 2-Rad-Team GmbH have until Dec. 29 to register
their claims with court-appointed provisional administrator Ralf
van Norden.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 22, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nordenham
         Hall III (Room 6)
         Station Route 56
         26954 Nordenham
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Nordenham opened bankruptcy proceedings
against 2-Rad-Team GmbH on Oct. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be reached at:

         Ralf van Norden
         Walther-Rathenau-Str. 34
         26954 Nordenham
         Germany
         Tel: 04731/93030
         Fax: 04731/23000

The Debtor can be reached at:

         2-Rad-Team GmbH
         Stedinger Str. 14
         27809 Lemwerder
         Germany


ALERIS INT'L: Stockholders Okay Merger Pact with Texas Pacific
--------------------------------------------------------------
Stockholders of Aleris International Inc. voted to adopt the
merger agreement providing for the acquisition of the company by
an entity currently indirectly owned by private equity funds
sponsored by Texas Pacific Group.

Approximately 98.7% of stockholders present and voting voted for
adoption of the merger agreement.  The number of shares voting
to adopt the merger agreement represents approximately 75.7% of
the total number of shares outstanding and entitled to vote.

The proposed merger was announced on Aug. 8, 2006, and was
scheduled for completion on Dec. 19, 2006, subject to the
satisfaction or waiver of all the closing conditions set forth
in the merger agreement.  Under the terms of the merger
agreement, company stockholders will receive US$52.50 per share
in cash without interest.

                    About Texas Pacific

Texas Pacific Group, or TPG, is a global private investment firm
with more than US$30 billion of assets under management with
offices in San Francisco, New York, London and throughout Asia.
TPG invests in world-class franchises across a range of
industries and has extensive experience with public and private
investments executed through leveraged buyouts,
recapitalizations, take private transactions, spinouts, joint
ventures, and restructurings.

                        About Aleris

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.

On Aug. 1, 2006, the company acquired the aluminum business of
Corus Group plc for a cash purchase price of approximately
US$885.7 million.  The acquisition included Corus Group plc's
aluminum rolling and extrusions business but did not include
Corus's primary aluminum smelters.

Along with company's aluminum recycling operations in Germany,
the United Kingdom, Mexico and Brazil and magnesium recycling
operations in Germany and the Netherlands, with the Corus
Aluminum acquisition, the company now has rolled products and
extrusions operations in Germany, Belgium, Canada and China.  In
addition, the company is in the process of constructing a zinc
recycling facility in China.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 4,
Moody's Investors Service downgraded Aleris International Inc.'s
corporate family rating to B2 from B1.

At the same time Moody's assigned these ratings to Aurora
Acquisition Merger Sub, Inc:

   -- proposed senior secured term loan at B2;

   -- proposed senior unsecured notes at B3;

   -- proposed senior subordinated notes at Caa1; and,

   -- a B2 rating to Aleris Deutschland Holding GMBH's proposed
      senior secured term loan.


ALERIS INT'L: S&P Affirms Corporate Credit Rating at B+
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' loan and
'2' recovery ratings on the senior secured first-lien term loan
of Aleris International Inc., after the report that the company
increased the term loan by US$125 million.

With the add-on, the total amount of the facility is now
US$1.23 billion.  The secured loan rating is the same as the
'B+' corporate credit rating on Aleris, and the '2' recovery
rating indicates the expectation of substantial recovery of
principal in the event of a payment default.

The term loan is a part of US$2.2 billion in financings being
used to fund the purchase of Aleris by Texas Pacific Group.

Ratings List:

   * Aleris International Group

      -- Corporate Credit Rating at B+/Stable/
      -- Senior Secured B+


ALERIS INTERNATIONAL: Completes Sale of Carson Property
-------------------------------------------------------
Aleris International Inc. completed the sale of the real
property and buildings at its former manufacturing site in
Carson, California.  Aleris discontinued its aluminum rolling
operations at this facility in the first quarter of 2006 and
later completed dismantling operations.

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.

On Aug. 1, 2006, the company acquired the aluminum business of
Corus Group plc for a cash purchase price of approximately
US$885.7 million.  The acquisition included Corus Group plc's
aluminum rolling and extrusions business but did not include
Corus's primary aluminum smelters.

Along with company's aluminum recycling operations in Germany,
the United Kingdom, Mexico and Brazil and magnesium recycling
operations in Germany and the Netherlands, with the Corus
Aluminum acquisition, the company now has rolled products and
extrusions operations in Germany, Belgium, Canada and China.  In
addition, the company is in the process of constructing a zinc
recycling facility in China.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 4,
Moody's Investors Service downgraded Aleris International Inc.'s
corporate family rating to B2 from B1.

At the same time Moody's assigned these ratings to Aurora
Acquisition Merger Sub, Inc:

   -- proposed senior secured term loan at B2;

   -- proposed senior unsecured notes at B3;

   -- proposed senior subordinated notes at Caa1; and,

   -- a B2 rating to Aleris Deutschland Holding GMBH's proposed
      senior secured term loan.


APLUX GMBH: Claims Registration Ends December 29
------------------------------------------------
Creditors of apLux GmbH have until Dec. 29 to register their
claims with court-appointed provisional administrator Dirk
Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 22, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Demmlerplatz 14
         D-19053 Schwerin
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Schwerin opened bankruptcy proceedings
against apLux GmbH on Nov. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be reached at:

         Dirk Decker
         Obotritenring 98
         19053 Schwerin
         Germany

The Debtor can be reached at:

         apLux GmbH
         Ziegenmarkt 1155
         19055 Schwerin
         Germany


ASG GEBAUDEREINIGUNG: Claims Registration Ends December 29
----------------------------------------------------------
Creditors of ASG Gebaudereinigung GmbH have until Dec. 29 to
register their claims with court-appointed provisional
administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Feb. 2, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dortmund opened bankruptcy proceedings
against ASG Gebaudereinigung GmbH on Nov. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The Debtor can be reached at:

         ASG Gebaudereinigung GmbH
         Wilhelmstr. 162
         59067 Hamm
         Germany


AVERAS MARKETING: Claims Filing Deadline Set December 29
--------------------------------------------------------
Creditors of Averas Marketing GmbH have until Dec. 29 to
register their claims with court-appointed provisional
administrator Christoph Jeutter.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on Jan. 22, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Göppingen opened bankruptcy proceedings
against Averas Marketing GmbH on Oct. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Christoph Jeutter
         Bahnhofstr. 3
         73066 Uhingen
         Germany
         Tel: 07161/93790
         Fax: 07161/937930

The Debtor can be reached at:

         Averas Marketing GmbH
         Zeppelinstr. 14
         73054 Eislingen
         Germany


BACHMANN VERWALTUNGS: Creditors Must File Claims by December 29
---------------------------------------------------------------
Creditors of Bachmann Verwaltungs GmbH have until Dec. 29 to
register their claims with court-appointed provisional
administrator Marcus Winkler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 a.m. on Jan. 30, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Room 12
         Lohrtalweg 2
         74821 Mosbach

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Mosbach opened bankruptcy proceedings
against Bachmann Verwaltungs GmbH on Nov. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Marcus Winkler
         Kettelerstrasse 6
         64720 Michelstadt
         Germany
         Tel: 06066/9699829

The Debtor can be reached at:

         Bachmann Verwaltungs GmbH
         Heidersbacher Str. 2
         74838 Limbach
         Germany


COGNIS DEUTSCHLAND: Fitch Rates Sr. Secured Facilities at B-
------------------------------------------------------------
Fitch Ratings assigned Germany-based Cognis GmbH an Issuer
Default rating of 'B' with Stable Outlook.

At the same time, Fitch has assigned ratings of 'BB'/'RR1' to
the senior secured facilities and 'B-'/'RR5' to the second lien
facilities issued by Cognis Deutschland GmbH & Co.KG and its
local subsidiaries.

Fitch also assigned ratings of 'CCC+'/'RR6' to the senior
unsecured debt issued by Cognis GmbH and 'CCC'/'RR6' to the
payment-in-kind notes issued by Cognis Holding GmbH.  The
ratings apply to EUR1.744 billion cash-pay debt and EUR592
million PIK notes.

The IDR reflects Cognis's global leading position in care
chemicals and nutrition and health, which together represent
approximately 50% of its sales.  The rating also takes into
account the company's stabilizing operating performance in its
remaining business segments.  The rating is constrained by
Cognis's high financial leverage as a result of the
recapitalisation in 2004, a lack of EBITDA improvement since
then and higher cash interest costs.  These have constrained the
company's cash flow and delayed its de-leveraging during the
last two years.

As of June 2006, Cognis generated operating cash flow of
approximately EUR248 million (LTM basis), which corresponds to a
relatively weak debt service coverage ratio of 2.3x (cash from
operations/debt service).  The company has manageable capital
expenditure requirements and historically, its working capital
requirements have not resulted in material cash outflows.  Fitch
understands that Cognis's restructuring is not expected to
result in any material outflows in the medium term.  However,
its cash flow generation is relatively weak and would need to
improve substantially before a positive rating action on the IDR
can be considered.

Nonetheless, Cognis's liquidity is ensured by a EUR250 million
revolving credit facility, of which EUR47 million was drawn at
the first half of 2006 under issued letters of credit and
anciliary facilities.  As of June 2006 cash-on-balance sheet was
EUR139 million (EUR142 million at Cognis Holding GmbH).
Furthermore, the company has only a modest amount (EUR70 million
per annum) of debt amortising over the next three years.  The
liquidity profile supports the 'B' rating.

At June 2006, LTM interest coverage (EBITDA- capital
expenditure/cash interest) was 2.2x and total cash-pay leverage
was 4.7x (or 6.3x including the PIK notes).  For the full year
2006, Fitch expects a slight improvement in Cognis's leverage as
a result of stabilising-to-improving EBITDA, although no
material debt pay-down is expected.

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 8,000
people, and it operates production sites and service centers in
30 countries.  Cognis generated revenues of EUR1.7 billion and
EBITDA of EUR214m (margin 12.5%) in the first half of 2006.


COGNIS GMBH: Fitch Junks Senior Unsecured Debt
----------------------------------------------
Fitch Ratings assigned Germany-based Cognis GmbH an Issuer
Default rating of 'B' with Stable Outlook.

At the same time, Fitch has assigned ratings of 'BB'/'RR1' to
the senior secured facilities and 'B-'/'RR5' to the second lien
facilities issued by Cognis Deutschland GmbH & Co.KG and its
local subsidiaries.

Fitch also assigned ratings of 'CCC+'/'RR6' to the senior
unsecured debt issued by Cognis GmbH and 'CCC'/'RR6' to the
payment-in-kind notes issued by Cognis Holding GmbH.  The
ratings apply to EUR1.744 billion cash-pay debt and EUR592
million PIK notes.

The IDR reflects Cognis's global leading position in care
chemicals and nutrition and health, which together represent
approximately 50% of its sales.  The rating also takes into
account the company's stabilizing operating performance in its
remaining business segments.  The rating is constrained by
Cognis's high financial leverage as a result of the
recapitalisation in 2004, a lack of EBITDA improvement since
then and higher cash interest costs.  These have constrained the
company's cash flow and delayed its de-leveraging during the
last two years.

As of June 2006, Cognis generated operating cash flow of
approximately EUR248 million (LTM basis), which corresponds to a
relatively weak debt service coverage ratio of 2.3x (cash from
operations/debt service).  The company has manageable capital
expenditure requirements and historically, its working capital
requirements have not resulted in material cash outflows.  Fitch
understands that Cognis's restructuring is not expected to
result in any material outflows in the medium term.  However,
its cash flow generation is relatively weak and would need to
improve substantially before a positive rating action on the IDR
can be considered.

Nonetheless, Cognis's liquidity is ensured by a EUR250 million
revolving credit facility, of which EUR47 million was drawn at
the first half of 2006 under issued letters of credit and
anciliary facilities.  As of June 2006 cash-on-balance sheet was
EUR139 million (EUR142 million at Cognis Holding GmbH).
Furthermore, the company has only a modest amount (EUR70 million
per annum) of debt amortising over the next three years.  The
liquidity profile supports the 'B' rating.

At June 2006, LTM interest coverage (EBITDA- capital
expenditure/cash interest) was 2.2x and total cash-pay leverage
was 4.7x (or 6.3x including the PIK notes).  For the full year
2006, Fitch expects a slight improvement in Cognis's leverage as
a result of stabilising-to-improving EBITDA, although no
material debt pay-down is expected.

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 8,000
people, and it operates production sites and service centers in
30 countries.  Cognis generated revenues of EUR1.7 billion and
EBITDA of EUR214m (margin 12.5%) in the first half of 2006.


DAIMLERCHRYSLER AG: Truck Unit Eyes US$300-Mln Plant in Mexico
--------------------------------------------------------------
Freightliner LLC, the truck division of DaimlerChrysler AG,
plans to build a US$300 million truck manufacturing plant in
Coahuila, Mexico, Terry Kosdrosky writes for Dow Jones
Newswires.

The 740-acre facility is Freightliner's second plant in Mexico
after building the Santiago Tianguistenco plant.  The new
facility could produce up to 30,000 trucks a year and employ up
to 1,600 production and management personnel, Dow Jones reports.
The company plans to begin production of its Freightliner and
Sterling trucks in the new site by early 2009.

The company's announcement came after Freightliner disclosed of
plans to cut up to 4,000 jobs in North America due to the
expected downturn in heavy truck building, Dow Jones relates.
According to the report, buyers have been prompted to push its
truck orders this year as new emission regulations would go into
effect in 2007, which will add costs to commercial truck
production.

Freightliner President and Chief Executive Chris Patterson wants
to prepare for a surge in demand, which could come before 2010
when the next round of new emissions regulations goes into
effect.

"Frankly, we were not able to produce what we could have sold in
2006 due to capacity constraints," Mr. Patterson said.

Truck buyers in all markets are showing hesitation to purchase
trucks equipped with the new engine technology necessary to meet
the diesel exhaust emissions standards that go into effect in
Canada and the United States on Jan. 1, 2007.

Depending on specification and weight class, Freightliner LLC
vehicles are subjected to price increases ranging from US$4,600
to US$12,500, before application of taxes, for the new engines.
It is clear that all residents of North America benefit from the
cleaner atmosphere that will ultimately result, but it is
equally obvious that the costs associated with this worthy
initiative are borne almost entirely by the truck manufacturing
industry's employees, suppliers, shareholders, and dealers.

                     About Freightliner LLC

Headquartered in Portland, Ore., Freightliner LLC --
http://www.freightliner.com/-- is a medium- and heavy-duty
truck manufacturer in North America.  Freightliner produces and
markets Class 3-8 vehicles and is a company of DaimlerChrysler.

                     About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant  price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.

                           Outlook

As reported in the TCR-Europe on Oct. 30, DaimlerChrysler said
it expects a slight decrease in worldwide demand for automobiles
in the fourth quarter and thus slower market growth than in Q4
2005.  For full-year 2006, the company anticipates market growth
of around 3%.  It expects unit sales in 2006 to be lower than in
the previous year (4.8 million units).

On Sept. 15, DaimlerChrysler reduced the Group's operating-
profit target for 2006 to an amount in the magnitude of US$6.3
billion.  Although the company now has to assume that the profit
contribution from EADS will be US$0.3 billion lower than
originally anticipated because of the delayed delivery of the
Airbus A380, DaimlerChrysler is maintaining this earnings target
due to very positive business developments in the divisions
Mercedes Car Group, Truck Group and Financial Services.


DAIMLERCHRYSLER AG: Applauds ITC's Order to Revoke Steel Duties
---------------------------------------------------------------
The six largest automobile companies -- DaimlerChrysler AG, Ford
Motor Corp., General Motors Corp., Honda, Nissan, and Toyota
Motor North America -- with manufacturing facilities in the
United States has applauded a decision by the U.S. International
Trade Commission to revoke anti-dumping and countervailing duty
orders on "corrosion resistant steel" from Australia, Canada,
France, and Japan.  The ITC left orders in place on imports from
Germany and Korea.

"We are pleased that the ITC revoked most of the duties," said
Stephen E. Biegun, Vice President, International Governmental
Affairs, Ford Motor Company.

"All of these duties are outdated and hurt American
manufacturing competitiveness and U.S. jobs while needlessly
helping a steel industry that is now profitable and healthy."

"[The] decision is a major step forward in restoring needed
competition to the U.S. steel market," Toyota Motor North
America group vice president Josephine Cooper said.

"The ITC's decision supports both a strong steel industry and a
strong auto industry, and we look forward to working with our
colleagues in the steel industry to continue to strengthen
manufacturing in the United States."

The duties on corrosion resistant steel have been in place since
1993 on imports from six countries.  As a result of [the] vote,
duties on imports from Australia, Canada, France, and Japan are
revoked, while duties on imports from Germany and Korea will be
retained until the next review in 2011.

The six auto manufacturers -- DaimlerChrysler, Ford, General
Motors, Honda, Nissan and Toyota -- joined together for the
first time as a group in a trade case to urge revocation of
duties on corrosion-resistant steel because of their serious
concern regarding access to, and availability of, competitively-
priced steel.  During the hearing, the companies demonstrated
that the U.S. steel industry is now profitable, has healthy
long-term prospects, and no longer needs government protection.

                     About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant  price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.

                           Outlook

As reported in the TCR-Europe on Oct. 30, DaimlerChrysler said
it expects a slight decrease in worldwide demand for automobiles
in the fourth quarter and thus slower market growth than in Q4
2005.  For full-year 2006, the company anticipates market growth
of around 3%.  It expects unit sales in 2006 to be lower than in
the previous year (4.8 million units).

On Sept. 15, DaimlerChrysler reduced the Group's operating-
profit target for 2006 to an amount in the magnitude of US$6.3
billion.  Although the company now has to assume that the profit
contribution from EADS will be US$0.3 billion lower than
originally anticipated because of the delayed delivery of the
Airbus A380, DaimlerChrysler is maintaining this earnings target
due to very positive business developments in the divisions
Mercedes Car Group, Truck Group and Financial Services.


DURA AUTOMOTIVE: Gets Final Nod to Pay Non-Debtor Affiliates
------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates' request
to pay their prepetition payables to foreign non-debtor
affiliates were granted, on a final basis, by the Honorable
Kevin J. Carey of the United States Bankruptcy Court for the
District of Delaware.

The Debtors owed prepetition payables to the Foreign Non-Debtor
Affiliates of approximately US$625,000.  The Prepetition
Payables are the result of inter-company transactions made in
the ordinary course of business, including receipts from
customers accepted by the Debtors on behalf of Foreign Non-
Debtor Affiliates and payments for services rendered or products
supplied by the Foreign Non-Debtor Affiliates to the Debtors.

The Court also authorized the Debtors to loan estate property to
the foreign non-debtor affiliates provided that:

   (a) the amounts loaned will be recorded on the Debtors' books
       and records as loans; and

   (b) the Debtors will provide three business days' written
       notice to the U.S. Trustee and the Official Committee of
       Unsecured Creditors prior to transferring any funds to
       the Foreign Non-Debtor Affiliates.

The Court rules that the amounts recorded as loans should not,
at any time, exceed US$10,000,000 in aggregate amounts
outstanding.  The loan periods should not exceed 120 days.

Judge Carey directs the Debtors and their advisors to cooperate
with the Creditors Committee, the Committee of Second Lien
Lenders, and their advisors, to provide reasonable information
to assist with understanding the Foreign Non-Debtor Affiliates'
financial information and business plans.

The Debtors' equity interests in, and intercompany claims
against, the Foreign Non-Debtor Affiliates are some of the most
valuable assets of their estates, Daniel J. DeFranceschi, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware,
related.  The Debtors project the Foreign Non-Debtor Affiliates'
aggregate 2006 EBITDA will be approximately US$81,000,000.

Due to country-specific restrictions and procedures, the Foreign
Non-Debtor Affiliates may be unable to transfer funds, including
where short-term financing is required by a Foreign Non-Debtor
Affiliate, between and amongst themselves on a timely basis or
upon short notice.  "If one or more of those Foreign Non-Debtor
Affiliates does not receive required short-term financing on a
timely basis from either the Debtors or other Foreign Non-Debtor
Affiliates, it could become subject to foreign insolvency
proceedings, thereby endangering the Debtors' valuable equity
interests in the Foreign Non-Debtor Affiliates," Mr.
DeFranceschi said.

Without that short-term financing, especially in the event of
foreign insolvency proceedings, Mr. DeFranceschi says, the
Foreign Non-Debtor Affiliates could be unable to satisfy their
commitments to existing original equipment manufacturers and
first-tier supplier customers.  "Any such inability would, aside
from endangering the value of the Debtors' equity interests in
the Foreign Non-Debtor Affiliates, jeopardize the Debtors'
relationships with OEMs and first-tier supplier customers
worldwide."

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.  It currently operates in 63
locations including joint venture companies and customer service
centers in 14 countries.  In Europe, the company maintains
operations in Germany, the United Kingdom, France, Spain,
Portugal, Czech Republic, Slovakia and Romania.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Moody's Withdraws Ratings on Chapter 11 Filing
---------------------------------------------------------------
Moody's Investors Service withdrew the ratings for of Dura
Automotive Systems Inc. and Dura Operating Corp. in conjunction
with the company and its U.S. and Canadian subsidiaries having
filed for Chapter 11 protection of the U.S Bankruptcy Code on
Oct. 30.  Moody's has withdrawn the rating because the issuer
has entered bankruptcy.

Ratings withdrawn:

Dura Automotive Systems, Inc.:

    * Corporate Family Rating, Ca;

    * Probability-of-Default, D;

    * Stable outlook; and

    * SGL-4 Speculative Grade Liquidity Rating.

Dura Operating Corp.:

    * US$150 million guaranteed senior secured second-lien
      term loan due 2011, Caa2 (LGD2, 23%);

    * US$75 million guaranteed senior secured second-lien
      add-on term loan due 2011, Caa2 (LGD2, 23%);

    * US$400 million of 8.625% guaranteed senior unsecured
      notes due 2012 (consisting of US$350 million and
      US$50 million tranches), Ca (LGD4, 52%);

    * US$456 million of 9% guaranteed senior subordinated
      notes due 2009, C (LGD5, 89%);

    * EUR100 million of 9% guaranteed senior subordinated
      notes due 2009, C (LGD5, 89%); and

    * Stable outlook.

Dura Automotive Systems Capital Trust:

    * US$55.25 million of 7.5% convertible trust
      preferred securities due 2028, C (LGD6, 98%); and

    * Stable outlook.

Dura Automotive's US$175 million guaranteed senior secured
first-lien asset-based revolving credit is not rated by Moody's.

The last rating action was on Oct. 18 when the ratings were
lowered.

Dura Automotive, headquartered in Rochester Hills, Michigan,
designs and manufactures components and systems primarily for
the global automotive industry including driver control systems,
structural door modules, glass systems, seating control systems,
exterior trim systems, and mobile products.  Annual revenues
approximate US$2.2 billion.


FELS GMBH: Registration of Claims Ends December 29
--------------------------------------------------
Creditors of Fels GmbH Elektrotechnische Anlagen have until
Dec. 29 to register their claims with court-appointed
provisional administrator Rüdiger Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Goeppingen opened bankruptcy proceedings
against Fels GmbH Elektrotechnische Anlagen on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The administrator can be reached at:

         Rüdiger Schmidt
         Mühlesgassle 2
         73054 Eislingen
         Tel: 07161/82018
         Fax: 07161/817976
         Germany

The Debtor can be reached at:

         Fels GmbH Elektrotechnische Anlagen
         Stuttgarter Str. 145
         73061 Ebersbach
         Germany


FLEISCHEREI UND FLEISCHTECHNOLOGIE: Claims Filing Ends Dec. 29
--------------------------------------------------------------
Creditors of Fleischerei und Fleischtechnologie Helmut Kurz GmbH
& Co. Kommanditgesellschaft have until Dec. 29 to register their
claims with court-appointed provisional administrator Christian
Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 30, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Tostedt opened bankruptcy proceedings
against Fleischerei und Fleischtechnologie Helmut Kurz GmbH &
Co. Kommanditgesellschaft on Nov. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be reached at:

         Christian Scholz
         Heuberg 1
         20354 Hamburg
         Germany
         Tel: 040/3501690
         Fax: 040/35016915

The Debtor can be reached at:

         Fleischerei und Fleischtechnologie Helmut Kurz GmbH &
         Co. Kommanditgesellschaft
         Hohe Luft 18
         27404 Zeven
         Germany


GD GESELLSCHAFT: Last Day for Filing of Claims Set December 29
--------------------------------------------------------------
Creditors of GD Gesellschaft für technische Dienstleistungen mbH
have until Dec. 29 to register their claims with court-appointed
provisional administrator Dr. Norbert Küpper.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 22, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muenster
         Meeting Room 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Muenster opened bankruptcy proceedings
against GD Gesellschaft für technische Dienstleistungen mbH on
Nov. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The administrator can be reached at:

         Dr. Norbert Küpper
         Paderborner Str. 11
         33415 Verl
         Germany

The Debtor can be reached at:

         GD Gesellschaft für technische Dienstleistungen mbH
         Warendorfer Strasse 47-51
         59320 Ennigerloh
         Germany


IMMOBILIEN-BAUEN-VERSICHERUNGEN: Claims Filing Ends December 28
---------------------------------------------------------------
Creditors of Immobilien-Bauen-Versicherungen GmbH have until
Dec. 28 to register their claims with court-appointed
provisional administrator Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 2, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Room 4.312
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Darmstadt opened bankruptcy proceedings
against Immobilien-Bauen-Versicherungen GmbH on Nov. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The administrator can be reached at:

         Ulrich Bert
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151/66729-0
         Fax: 06151/66729-20

The Debtor can be reached at:

         Immobilien-Bauen-Versicherungen GmbH
         Weingartenstr. 36
         64569 Nauheim
         Germany


KNAUF GMBH: Creditors Must Register Claims by December 29
---------------------------------------------------------
Creditors of Knauf GmbH have until Dec. 29 to register their
claims with court-appointed provisional administrator Dr. Peter
Theile.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Jan. 29, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Limburg
         Room D 221
         Walderdorffstrasse 12
         65549 Limburg
         Germany

The Court also verify the claims set out in the administrator's
report at 9:00 a.m. on March 19, 2007, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Montabaur opened bankruptcy proceedings
against Knauf GmbH on Nov. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be reached at:

         Dr. Peter Theile
         Kapellenstrasse 7
         65555 Limburg
         Germany
         Tel: 06431/779900
         Fax: 06431/7799035

The Debtor can be reached at:

         Knauf GmbH
         Auf Gohl
         56379 Singhofen
         Germany


MATTHIAS DROLSHAGEN: Registration of Claims Ends December 29
------------------------------------------------------------
Creditors of Matthias Drolshagen e. K. have until Dec. 29 to
register their claims with court-appointed provisional
administrator Dr. Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Jan. 19. 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Muenster
         Meeting Room 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Muenster opened bankruptcy proceedings
against Matthias Drolshagen e. K. on Nov. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Dr. Frank Kreuznacht
         Wolbecker Windmühle 15 a
         48167 Muenster
         Germany

The Debtor can be reached at:

         Matthias Drolshagen e. K.
         Höltenweg 115
         48155 Muenster
         Germany


MIDNIGHT GMBH: Creditors Must Register Claims by December 29
------------------------------------------------------------
Creditors of Midnight GmbH have until Dec. 29 to register their
claims with court-appointed provisional administrator Dr.
Sebastian Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Jan. 30, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mosbach
         Room 12 Lohrtalweg 2
         74821 Mosbach
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Mosbach opened bankruptcy proceedings
against Midnight GmbH on Nov. 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be reached at:

         Dr. Sebastian Braun
         Josef-Schmitt-Strasse 10
         97922 Lauda-Königshofen
         Germany
         Tel: 09343/2065

The Debtor can be reached at:

         Midnight GmbH
         Salon-de-Provence-Ring 43
         97877 Wertheim
         Germany


MONTAGE NORD: Creditors Must File Claims by December 29
-------------------------------------------------------
Creditors of Montage Nord GmbH Elektroanlagen have until Dec. 29
to register their claims with court-appointed provisional
administrator Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 12, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         City Hall Avenue 80
         22846 Norderstedt
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Norderstedt opened bankruptcy proceedings
against Montage Nord GmbH Elektroanlagen on Nov. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The administrator can be reached at:

         Axel Raap
         Herrengraben 5
         20459 Hamburg
         Germany

The Debtor can be reached at:

         Montage Nord GmbH Elektroanlagen
         Hans-Böckler-Ring 33
         22851 Norderstedt
         Germany


PARAMEDIC HAMBURG: Deadline for Filing of Claims Set December 29
----------------------------------------------------------------
Creditors of Paramedic Hamburg West GmbH have until Dec. 29 to
register their claims with court-appointed provisional
administrator Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Jan. 25, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against Paramedic Hamburg West GmbH on Nov. 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The administrator can be reached at:

         Ulrich Rosenkranz
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The Debtor can be reached at:

         Paramedic Hamburg West GmbH
         Bernstorffstrasse 145
         22767 Hamburg
         Germany


PROMISE XXS-2006-1: Moody's Rates Two Note Classes at Ba2
---------------------------------------------------------
Moody's Investors Service assigned these following definitive
ratings to seven classes of credit-linked notes issued by
PROMISE XXS-2006-1 GmbH:

   -- EUR0.25 million Class A+ Floating Rate
      Credit Linked Notes: Aaa;

   -- EUR179.5 million Class A Floating Rate
      Credit Linked Notes: Aaa;

   -- EUR108 million Class B Floating Rate
      Credit Linked Notes: Aa2;

   -- EUR78.5 million Class C Floating Rate
      Credit Linked Notes: A2;

   -- EUR56.5 million Class D Floating Rate
      Credit Linked Notes: Baa2;

   -- EUR78.5 million Class E Floating Rate
      Credit Linked Notes: Ba2; and

   -- EUR45 million Class F Floating Rate
      Credit Linked Notes: Ba2.

Moody's has not assigned a definitive rating to the
EUR15-million Class G Floating Rate Credit Linked Notes.

Moody's has not assigned a definitive rating to the
EUR34.5-million Class H Floating Rate Credit Linked Notes.

In addition, Moody's has assigned a definitive rating to the
Senior Credit Default Swap between Kreditanstalt fuer
Wiederaufbau (KfW) as the credit protection buyer and the senior
credit default swap counterparty in connection with the credit
linked notes to be issued by PROMISE XXS-2006-1 GmbH:

   -- EUR3896.60 million Senior Credit Default Swap: Aaa.

PROMISE XXS-2006-1 GmbH is the sixth SME securitization done by
HVB/BA-CA using the Promise platform.

The objective of the credit protection buyers, namely HVB and
BA-CA, under this transaction is to transfer the credit risk
associated with the two reference sub-portfolios, consisting on
a combined basis of 12,191 reference obligations relating to
small and medium sized companies in Germany and Austria in an
equivalent amount of EUR4,492,354,940, by entering into a
guarantee with KfW respectively.  Under these guarantees KfW
will be required to compensate HVB/BA-CA for any residual
realized losses in the reference portfolio (after the
application of synthetic excess spread on the relevant date).

KfW will in turn hedge its exposure to the combined reference
pool through a Senior Credit Default Swap and the issue of KfW
Certificates, which are purchased by Promise XXS-2006-1.
PROMISE-XXS 2006-1 will fund the purchase of the KfW
Certificates through the issuance of various classes of notes
having the same terms and conditions as the certificates.
Holders of the notes are exposed to losses in the reference
portfolio up to the total nominal amount of all classes of notes
issued by PROMISE XXS-2006-1.

The transaction includes a five-year replenishment period during
which new reference obligations can be replenished into the
reference portfolio subject to compliance with the replenishment
criteria and the replenishment suspension trigger.  During the
five-year replenishment period, the reference portfolio
outstanding amount follows a master amortization schedule.  The
maximum reference portfolio amount decreases during this period
according to the master schedule and after the end of the
five-year period, a natural amortization period of the reference
portfolio follows and ends on the scheduled maturity date in
November 2021, unless called earlier.

Interest on the notes will accrue on the notional balance of the
notes (as reduced by allocated losses or principal allocations
and increased by late recoveries or unjustified losses) and will
be payable quarterly in arrears.  Principal repayments during
the replenishment period and during the amortization period are
allocated on a modified pro rata basis as long as the
outstanding portfolio balance is larger than 57% of the initial
portfolio balance.  Thereafter principal allocations to the
notes are distributed in sequential order.  The Class A+ Notes
rank pro rata with the Senior Credit Default Swap.  The Class G
Notes rank pro rata with the Class H Notes.

Residual realized losses will be allocated to the notes in
reverse sequential order in any period in which realized losses
exceed the available synthetic excess spread in an amount equal
to the difference between the realized losses and the available
synthetic excess spread.  The Class G Notes rank pari-passu with
the Class H Notes with respect to the allocation of residual
realized losses.  The Class A+ Notes rank pari-passu with the
Senior Credit Default Swap with respect to the allocation of
residual realized losses.

According to Moody's, the ratings of the notes and the Senior
Credit Default swap are based, inter alia, on these factors:

   -- the Class A+ to Class F Notes benefit from
      the subordination of the respective lower tranches and
      all classes additionally benefit from the synthetic
      excess spread mechanism as the first layer of
      credit enhancement to cover realized losses occurring
      on the reference portfolio;

   -- KfW's proven Promise platform is used;
      PROMISE XXS-2006-1 is the sixth Promise transaction
      done by HVB/BA-CA;

   -- Moody's has received loss given default data that
      include interest accrued and external enforcement
      costs;

   -- the mapping done by Moody's is based on historical
      one-year internal rating migration matrices of HVB and
      BA-CA for the years 2001 until and including 2005;

   -- the transaction can be replenished for five years.
      The replenishment criteria are only stating that
      the replenished portfolio must not have a higher
      weighted average internal rating than the weighted
      average internal rating of the portfolio
      before replenishment.  Moody's has taken this rather
      weak replenishment criteria into account by increasing
      the initial default probability of the portfolio;

   -- the value of synthetic excess spread as credit
      enhancement to the notes is strongly dependent on
      the timing of losses, as it is only available on
      a quarterly "use it or lose it" basis.  If there is a
      peak in losses in one period, the synthetic excess
      spread will not be large enough to cover the full
      realized losses of that period.  The realized losses of
      a period that are not covered by the available
      excess spread of that period are the residual
      realized losses, which will be allocated to the notes.
      Moody's has tested various default spike scenarios
     (loss spike scenarios) in its rating analysis and
      notes that the rating of the most junior notes
      is relatively sensitive to the loss timing assumption;

   -- the loss definition includes interest accrued and
      external enforcement costs.  The increased potential
      loss amount is incorporated in the analysis as the
      loss given default data provided by HVB already
      takes interest accrued and external enforcement costs
      into account;

   -- the principal allocation is not fully sequential
      but rather follows a "modified pro rata"
      principal allocation, where the degree of
      pro rata amortization will depend on the level
      of outstanding defaults, losses allocated to the notes
      and the availability of synthetic excess spread -
      the higher the outstanding defaults and the higher
      the allocated losses and the lower the
      synthetic excess spread, the more sequential is
      the principal allocation.  The negative effects of a
      pro rata principal allocation structure on the
      senior notes are mitigated by the modification of a
      strict pro rata principal allocation and the
      sequential principal allocation trigger.  Moody's
      has modeled the exact principal allocation mechanism
      and has thereby taken this feature into account;

   -- obligor concentrations are higher compared to
      PROMISE XXX-2003-1.  The largest obligor group
      accounts for 1% of the reference portfolio, the
      top 10 obligor groups account for 9.49% and the
      top 50 account for 27.75% of the reference
      portfolio.   Moody's has taken this obligor
      concentration into account by using CDOROM to measure
      the volatility of the default rate distribution.

   -- previous Promise transactions done by the
      two credit protection buyers perform in line with
      Moody's expectations.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal by the legal final maturity with respect to
the Class A+ Notes to the Class D Notes only.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

Moody's assigned provisional ratings to this transaction on
Nov. 21.

Moody's will monitor this transaction on an ongoing basis.


SANYO ELECTRIC: Fitch Affirms BB+ IDR with Stable Outlook
---------------------------------------------------------
Fitch Ratings affirmed the 'BB+' Long-term foreign and local
currency Issuer Default and senior unsecured ratings on Sanyo
Electric Co., Ltd.  The Outlook on the ratings remains Stable.

The rating affirmations follow Sanyo's latest downward revision
of its forecast for the fiscal year ending March 2007,
reflecting the difficulty of its operating environment, the need
for additional restructuring activities, as well as the recent
recall of its rechargeable batteries.  Fitch says Sanyo's
revised forecast is in line with the agency's expectation for
the company at the time of assigning the current ratings.
According to Fitch, the current ratings on Sanyo already
incorporate the company's deteriorating financial performance
and weakening market position in major consumer electronics
products.  That said, the agency will closely monitor the
development of these matters and their effect on Sanyo's credit
profile going forward.

Fitch notes that in the half-year period ended Sept. 30, 2006,
Sanyo showed better operating performance in all business
segments compared to the same period last year, leading to the
turnaround of its free cash flow, which was negative in H106.
Its total debt decreased slightly at end-H107, with its net
debt/EBITDA at 2.5x, unchanged from FYE06.  The company also
maintained healthy liquidity, with cash and equivalents of
JPY532.2 billion representing 25% of its total assets.

Nonetheless, Sanyo revised its FY07 forecast downwards recently,
saying it now expects operating profit of JPY35bn (previously
JPY65bn) due mainly to weakening digital camera and mobile phone
operations.  It also expects a net loss of JPY50bn (previously
JPY20bn net profit) on higher restructuring charges from
additional reductions in its workforce and that of group
companies.  As part of the restructuring, Sanyo is selling its
stake in the liquid crystal display panel joint venture, Sanyo
Epson Imaging Devices Corp., to its partner Seiko Epson Corp.
Fitch expects the additional restructuring activities, together
with those already implemented, will likely lead to
substantially lower fixed costs for the company from the next
fiscal period onwards.

On 7 December 2006, Mitsubishi Electric Corporation
('BBB+'/Stable) and NTT DoCoMo ('AA-'/Negative) announced that
they would recall 1.3 million mobile handset batteries
manufactured by Sanyo GS Soft Energy Co., a Sanyo subsidiary,
with the costs for the recall to be shared by the three
companies.  Fitch views the negative implication of the recall
as rather limited at this moment, although the agency warns that
a negative rating action could be warranted should the scale of
battery recall increase to the point that it threatens Sanyo's
leadership position in the global rechargeable battery market.
For H107, Sanyo's rechargeable battery business had JPY18.7
billion in operating profit, larger than the total operating
profit of JPY15.8 billion during the period.

Fitch says it is challenging for Sanyo to regain its
competitiveness against the stronger and more-integrated
competitors, and Sanyo's management needs to articulate its
strategic direction and show how it intends to manage the
intensifying competition.  Fitch also expresses concern as to
the ambiguity in the current management structure of the
company.  However, Fitch believes the support provided to Sanyo
by the three financial institutions, namely Sumitomo Mitsui
Banking Corp. ('A'/Stable), Daiwa Securities SMBC Co., and
Goldman Sachs Group Inc. ('AA-'/Stable), which the agency views
as an important positive rating factor, will remain intact.

Sanyo is a major Japanese consumer electronics manufacturer,
with its business segmented into three groups, namely consumer,
commercial and components.  For FYE06, the company recorded
sales of JPY2,484.3 billion, an operating loss of JPY17.2
billion and a net loss of JPY205.7 billion.


TASCH KFZ: Deadline for Registration of Claims Set December 29
--------------------------------------------------------------
Creditors of Tasch KFZ-Management GmbH have until Dec. 29 to
register their claims with court-appointed provisional
administrator Hans-Gerd Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at noon on Jan. 18, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 14
         1st Floor
         Luxemburger Road 101
         50939 Cologne
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against Tasch KFZ-Management GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be contacted at:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Cologne
         Germany

The Debtor can be contacted at:

         Tasch KFZ-Management GmbH
         Attn: Bernd Vidahl, Manager
         Vorgebirgsweg 18
         50226 Frechen
         Germany


TECEDE GMBH: Creditors Must Submit Claims by December 28
--------------------------------------------------------
Creditors of TeCeDe GmbH have until Dec. 28 to register their
claims with court-appointed provisional administrator Dr. Petra
Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on Jan. 26, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dortmund opened bankruptcy proceedings
against TeCeDe GmbH on Nov. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be reached at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The Debtor can be reached at:

         TeCeDe GmbH
         Kammerstueck 21a
         44357 Dortmund
         Germany


TECH DATA: Earns US$9.6 Million in Quarter Ended October 31
-----------------------------------------------------------
Tech Data Corp. reported net sales for the third quarter ended
Oct. 31, 2006, of US$5.4 billion, an increase of 7 percent from
US$5.1 billion in the third quarter of fiscal 2006.

The company recorded net income of US$9.6 million for the third
quarter ended Oct. 31, 2006.  This compares to net income of
US$23 million, including income from discontinued operations of
US$1 million, for the prior-year period.  Third-quarter results
for fiscal 2007 include US$6.1 million of restructuring charges
and US$2.8 million of consulting costs related to the company's
EMEA (Europe, Middle East and export sales to Africa)
restructuring program launched in May 2005.  Excluding these
charges and costs, net income on a non-GAAP basis for the third
quarter of fiscal 2007 totaled US$18 million.  Results for the
third quarter of fiscal 2006 included US$4.8 million of
restructuring charges and US$3.2 million of consulting costs.
Excluding these charges and costs, net income on a non-GAAP
basis for the third quarter of fiscal 2006 totaled US$30.7
million, including US$1 million in income from discontinued
operations.

"The third quarter results exceeded our expectations, driven by
revenue growth in EMEA and solid performance in the Americas,"
said Robert M. Dutkowsky, Tech Data's chief executive officer.
"The conclusion of our EMEA restructuring program will allow us
to focus more intently on new opportunities with our business
partners and customers."

Gross margin for the third quarter of fiscal 2007 was 4.56
percent of net sales compared to 4.95 percent in the third
quarter of fiscal 2006.  The year-over-year decline in gross
margin was primarily attributable to a more challenging market
environment and the related competitive margin conditions in
both regions.

Selling, general and administrative expenses were US$209.3
million including US$2.1 million in stock-based compensation,
compared to US$203.7 million in the third quarter of fiscal
2006.  Excluding the US$2.8 million of consulting costs incurred
in the EMEA region during the third quarter of fiscal 2007, SG&A
totaled US$206.5 million.  This compares to SG&A of US$200.5
million, excluding US$3.2 million of consulting costs incurred
in the EMEA region.  As a percentage of net sales, the year-
over-year decline in SG&A is primarily attributable to
productivity improvements and cost saving initiatives.

For the third quarter of fiscal 2007, operating income was
US$32.1 million.  This compared to operating income of US$42.5
million in the third quarter of fiscal 2006.  On a non-GAAP
basis, excluding restructuring charges and consulting costs of
US$9 million, operating income for the third quarter of fiscal
2007 was US$41.0 million.  This compares to operating income on
a non-GAAP basis of US$50.5 million in the same period last
year, excluding restructuring charges and consulting costs of
US$8.0 million.

                     EMEA Restructuring Program

In the third quarter of fiscal 2007, the company completed its
restructuring program in the EMEA region.  The program and
related actions were designed to better align the EMEA operating
cost structure and improve overall operating efficiencies.  The
company recorded US$6.1 million of charges during the third
quarter of fiscal 2007 related to the program, comprised of
US$4.8 million in workforce reductions and US$1.3 million in
facility costs.  Since initiating the EMEA restructuring program
in May 2005, the company has recorded a total of US$54.7 million
in restructuring charges.

Founded in 1974, Tech Data Corporation (NASDAQ GS:TECD) --
http://www.techdata.com/-- is a leading distributor of IT
products, with more than 90,000 customers in over 100 countries.
The company's business model enables technology solution
providers, manufacturers and publishers to cost-effectively sell
to and support end users ranging from small-to-midsize
businesses to large enterprises.  Tech Data is ranked 107th on
the Fortune 500(R).  The company's logistics centers in EMEA
include Austria, Belgium, Czech Republic, Denmark, Finland,
France, Germany, Italy, Poland, Switzerland, Sweden, United
Kingdom, Israel and Spain.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 20,
Moody's Investors Service assigned a Ba2 rating to Tech Data
Corporation's proposed offering of up to US$350 million
convertible senior notes due 2026 and affirmed the company's Ba1
corporate family rating and Ba1 probability of default rating.


UBS DEUTSCHLAND: Moody's Assigns D+ Financial Strength Rating
-------------------------------------------------------------
Moody's assigned Aa2/P-1 long and short-term deposit ratings and
a D+ financial strength rating to UBS Deutschland AG.  The
ratings carry a stable outlook.

The Aa2/P-1 long- and short-term ratings for UBS Deutschland AG
reflect its 100% ultimate ownership by UBS AG (rated Aa2/P-1)
and UBS Deutschland AG's full integration into UBS Group
strategy, systems and controls.

The D+ FSR reflects:

   -- the bank's good asset quality,
   -- soundly capitalized balance sheet, as well as
   -- UBS Deutschland AG's prior established businesses.

The FSR also considers UBS Deutschland AG's poor earnings and
relatively weak efficiency, which although improving, continue
to reflect the costs of the current expansion strategy and the
role, which UBS Deutschland AG plays in providing some services
to the broader UBS Group.

UBS Deutschland AG offers a full range of banking services to
UBS' selective German wealth management and investment banking
customers.  The bank is also the main Euro funding entity for
UBS globally.  The current bank was legally established in
June 2005 via the merging of the former UBS Investment Bank AG,
the former UBS Wealth Management AG, as well as parts of UBS
Global Asset Management (Deutschland) GmbH.

The bulk of the latter's asset management operations remain
legally separate for tax and compliance reasons.  Prior
established businesses include the German wealth management
operations of Schoeder Muenchmeyer Hengst, Merrill Lynch Private
Clients, and Sauerborn Trust AG.  Overall, UBS Deutschland AG
mirrors the structure and activities of the UBS Group.

Based in Frankfurt, UBS Deutschland AG reported year-end 2005
assets of EUR45.2 billion and a loss of EUR30.8 million, which
was offset via funds from its parent in accordance with existing
profit and loss pooling agr


VISTEON CORP: Ends Talks with GKN plc on Possible Asset Sale
------------------------------------------------------------
Visteon Corp. confirmed that discussions regarding the possible
sale of certain Visteon driveline assets in Europe and South
America to GKN plc have been terminated.

According to Bloomberg News, the parties terminated the talks
after disagreeing over prices.

Peter Baillie, a spokesman for GKN Plc told Bloomberg that an
agreement on certain aspects of the deal that would have
"generated value" for GKN was never reached.  He added that
there are no specific talks with other companies at the moment
although GKN is still "interested in expanding at least
partially through acquisitions but not at any cost," Mr. Baillie
was quoted by Bloomberg as saying.

As reported in the Troubled Company Reporter-Europe on Nov. 22,
GKN plc entered into exclusive discussions with Visteon to
explore the possible acquisition of certain Visteon assets and
liabilities, which relate exclusively to Visteon's driveline
business, which is conducted at the plants in Duren, Germany;
Praszka, Poland; and Swansea, Wales.

Driveline assets at Visteon's Arbor plant in Sao Paulo, Brazil
are also included.  Total revenue of these businesses is around
GBP200 million.

Visteon continues to explore other alternatives for these assets
as it restructures its businesses as part of the company's
three-year improvement plan.

Headquartered in Van Buren Township, Michigan, Visteon Corp.
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries, including
Mexico, and employs approximately 50,000 people.

                        *    *    *

As reported in the Troubled Company Reporter on Dec. 5, 2006,
Standard & Poor's Ratings Services affirmed its bank loan and
recovery ratings on auto supplier Visteon Corp.'s senior secured
bank facility, following the announcement that the company will
increase its term loan to US$1 billion from US$800 million.

The secured loan rating is 'B' and the recovery rating is '2',
indicating the expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.


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


AGRICULTURAL BANK OF GREECE: Fitch Puts C/D Individual Rating
-------------------------------------------------------------
Fitch Ratings assigned ratings to Agricultural Bank of Greece
(ATEbank) at Issuer Default 'BBB+', Short-term 'F2' and
Individual 'C/D'.  The Support rating has been affirmed at '2'.
The Outlook on the Issuer Default Rating is Stable.

ATEbank's IDR, Short-term and Support ratings reflect the
potential support it can expect to receive in case of need from
the Hellenic Republic, its 77.32% owner (rated 'A', Outlook
Stable). Its charter (a statutory law) stipulates that the Greek
state has to maintain at least 51% of the bank's shares.
Although a reduction of the Greek state's shareholdings or even
a repeal of the bank's charter is in Fitch's view likely, the
agency expects the Greek state to remain committed to ATEbank in
the medium term given its history and current ties with the
government.

ATEbank's Individual rating takes into account the bank's solid
retail deposit franchise, good liquidity position and improving
underlying profitability.  However, it also reflects the bank's
very high legacy impaired loans (14.3% of total loans at end-
H106), its gradually rising credit risk and exposure to market
risk from large equity investments as well as its relatively
heavy cost base.

"While there clearly still exists a gap between ATEbank and its
more efficient Greek peers in terms of asset quality or retail
franchise, the management has started to tackle the bank's
weaknesses, which Fitch views positively," says Cristina
Torrella, Director in Fitch's Financial Institutions group.  "In
particular, risk management systems and underwriting criteria
are improving and the bank is committed to bringing its asset
quality indicators to more acceptable levels."

ATEbank's operating profitability has improved in 2005 and nine
months 2006 on the back of strong loan growth -- in particular
in residential mortgages - and better cost control.  However,
high loan impairment charges and a low share of commission
income resulted in an operating profitability that lags that of
most large Greek private-sector banks.

While ATEbank's asset quality is still very poor, coverage of
impaired loans has improved (to an adequate 86% at end-H106 from
64% at end-H105) and inflows of new impaired loans is
considerably slower since the bank began to strengthen its risk
management system in 2001.  Fitch also notes that growth in
retail lending predominately relates to mortgage lending and
only to a lesser extent higher-risk unsecured consumer lending.

The bank's sound liquidity is supported by a large and stable
retail deposit base and a sizeable share of readily realisable
Greek government securities.  Additional provisioning needs
following the introduction of IFRS and a national law regarding
the restructuring of borrowers' bank debt ("Panotokia") made a
complete recapitalization of the bank necessary in 2005.
Capital ratios are now in line with that of its peers (11.44%
Tier 1 capital ratio at end-Q306) and in Fitch's view should be
maintained at this level to account for anticipated growth in
retail assets, with higher risk-weightings and the bank's
limited track record in managing retail credit risk.

Agricultural Bank of Greece is the fourth-largest Greek bank by
assets, with a market share of around 8% and 10% in the domestic
lending and deposit market respectively.  Reflecting its
historical focus, the bank has a large portfolio of loans to the
agricultural sector (around 19% at end-H106) but also has sound
market shares in residential mortgage and corporate lending.
More lucrative SME and consumer lending are somewhat
underrepresented on its balance sheet.  The bank owns 85% of ATE
Insurance SA, a domestic life/non-life insurance company and has
in 2006 started to build a presence in Romania and Serbia
through the acquisition of stakes in two small local banks.


EGNATIA BANK: Fitch Affirms Individual C Rating After Review
------------------------------------------------------------
Fitch Ratings affirmed Greece-based Egnatia Bank's Individual
rating at C following a satisfactory review of the bank.
Egnatia's Issuer Default BBB-, Short-term F3 and Support 5
ratings remain on Rating Watch Positive.

Fitch put these ratings on RWP on Oct. 11, 2006, following
Cyprus Popular Bank's public bids to acquire Egnatia and
Greece's Marfin Financial Group and to merge the banking
operations of these entities with its Greek subsidiary, Laiki
Bank (Hellas).  Fitch expects to resolve the RWP once the merger
is finalized, expected in Q107.

Egnatia's Individual rating reflects its good franchise in its
car finance niche business, satisfactory operating profitability
and sound capital base.  They also consider its small size, a
relatively short track record in certain retail/corporate
banking segments and its relatively high cost base.

Despite its large share of higher-risk consumer lending, asset
quality is reasonable with non-performing loans-(defined as
interest 180 days overdue) to-total loans ratio of 5.68% at end-
H106.  Loan loss coverage is adequate at 79% given that around
two-thirds of Egnatia's loan exposure is collateralized.

Egnatia's capital ratios have been declining somewhat due to
growth in risk-weighted assets and only adequate internal
capital generation but Fitch still considers the bank's capital
ratios to be sound.  At end-Q306, the bank's Tier 1 and total
capital ratios were 8.05% and 12% respectively.

Egnatia is the eighth largest commercial bank in Greece by total
assets at end-2005, with an estimated 2% domestic market share
in both loans and deposits.  At end-Q306, it had 1,360 staff, 77
branches and relationships with over 1,000 car dealerships.


NAVIOS MARITIME: Completes US$300 Million Senior Note Offering
--------------------------------------------------------------
Navios Maritime Holdings Inc. completed the sale of US$300
million aggregate principal amount of 9-1/2% Senior Notes due
2014.

The Notes were sold in the United States only to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended, and in offshore transactions to non-
United States persons in reliance on Regulation S under the
Securities Act.

The Notes will initially be fully and unconditionally guaranteed
by all of Navios' existing subsidiaries, other than Corporacion
Navios Sociedad Anonima.  Navios intends to use the net proceeds
of the offering to repay amounts currently outstanding under its
senior secured credit facility.

The Notes and related guarantees have not been registered under
the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States
or to or for the benefit of U.S. persons unless so registered
except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities
Act and applicable securities laws in other jurisdictions.

                      About Navios Maritime

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW) --
http://www.navios.com/-- is a vertically integrated global
seaborne shipping company, specializing in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates aport/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                          *    *    *

In November 2006, Standard & Poor's Ratings Services assigned
its 'BB-' long-term corporate credit rating to Greece-based
dry-bulk shipping company Navios Maritime Holdings Inc.  At the
same time, Standard & Poor's assigned its preliminary 'B' debt
rating to Navios' proposed US$300-million senior unsecured
bonds.  S&P said the outlook is stable.


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


GS EUROPEAN: Fitch Affirms Low-B Ratings on EUR118.6-Mln Notes
--------------------------------------------------------------
Fitch Ratings affirmed ratings of GS European Performance Fund
Limited secured floating-rate notes due 2019.  These ratings
have been affirmed:

   -- EUR741,402,957 tranche A: AAA;
   -- EUR148,280,591 tranche B: AA;
   -- EUR207,592,828 tranche C: A-;
   -- EUR266,905,065 tranche D: BBB-;
   -- EUR59,312,237 tranche E: BB-; and
   -- EUR59,312,237 tranche F: B-.

The transaction continues to perform within expectations and is
in compliance with all portfolio quality tests.

GS European Performance Fund Limited is a EUR2 billion fund that
invests primarily in European loans and bonds.  Any further
issues will be allocated to the tranches in the same proportion
as listed above to maintain the ratings.

The ratings of the notes address the timely payment of interest
for the tranche A and ultimate payment of interest for the other
tranches as well as the ultimate repayment of principal for all
tranches by their maturity.


SANYO ELECTRIC: Fitch Affirms BB+ IDR with Stable Outlook
---------------------------------------------------------
Fitch Ratings affirmed the 'BB+' Long-term foreign and local
currency Issuer Default and senior unsecured ratings on Sanyo
Electric Co., Ltd.  The Outlook on the ratings remains Stable.

The rating affirmations follow Sanyo's latest downward revision
of its forecast for the fiscal year ending March 2007,
reflecting the difficulty of its operating environment, the need
for additional restructuring activities, as well as the recent
recall of its rechargeable batteries.  Fitch says Sanyo's
revised forecast is in line with the agency's expectation for
the company at the time of assigning the current ratings.
According to Fitch, the current ratings on Sanyo already
incorporate the company's deteriorating financial performance
and weakening market position in major consumer electronics
products.  That said, the agency will closely monitor the
development of these matters and their effect on Sanyo's credit
profile going forward.

Fitch notes that in the half-year period ended Sept. 30, 2006,
Sanyo showed better operating performance in all business
segments compared to the same period last year, leading to the
turnaround of its free cash flow, which was negative in H106.
Its total debt decreased slightly at end-H107, with its net
debt/EBITDA at 2.5x, unchanged from FYE06.  The company also
maintained healthy liquidity, with cash and equivalents of
JPY532.2 billion representing 25% of its total assets.

Nonetheless, Sanyo revised its FY07 forecast downwards recently,
saying it now expects operating profit of JPY35bn (previously
JPY65bn) due mainly to weakening digital camera and mobile phone
operations.  It also expects a net loss of JPY50bn (previously
JPY20bn net profit) on higher restructuring charges from
additional reductions in its workforce and that of group
companies.  As part of the restructuring, Sanyo is selling its
stake in the liquid crystal display panel joint venture, Sanyo
Epson Imaging Devices Corp., to its partner Seiko Epson Corp.
Fitch expects the additional restructuring activities, together
with those already implemented, will likely lead to
substantially lower fixed costs for the company from the next
fiscal period onwards.

On 7 December 2006, Mitsubishi Electric Corporation
('BBB+'/Stable) and NTT DoCoMo ('AA-'/Negative) announced that
they would recall 1.3 million mobile handset batteries
manufactured by Sanyo GS Soft Energy Co., a Sanyo subsidiary,
with the costs for the recall to be shared by the three
companies.  Fitch views the negative implication of the recall
as rather limited at this moment, although the agency warns that
a negative rating action could be warranted should the scale of
battery recall increase to the point that it threatens Sanyo's
leadership position in the global rechargeable battery market.
For H107, Sanyo's rechargeable battery business had JPY18.7
billion in operating profit, larger than the total operating
profit of JPY15.8 billion during the period.

Fitch says it is challenging for Sanyo to regain its
competitiveness against the stronger and more-integrated
competitors, and Sanyo's management needs to articulate its
strategic direction and show how it intends to manage the
intensifying competition.  Fitch also expresses concern as to
the ambiguity in the current management structure of the
company.  However, Fitch believes the support provided to Sanyo
by the three financial institutions, namely Sumitomo Mitsui
Banking Corp. ('A'/Stable), Daiwa Securities SMBC Co., and
Goldman Sachs Group Inc. ('AA-'/Stable), which the agency views
as an important positive rating factor, will remain intact.

Sanyo is a major Japanese consumer electronics manufacturer,
with its business segmented into three groups, namely consumer,
commercial and components.  For FYE06, the company recorded
sales of JPY2,484.3 billion, an operating loss of JPY17.2
billion and a net loss of JPY205.7 billion.


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


ASSICURAZIONI RISCHI: Fitch Withdraws Bq Q-IFS Rating
-----------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

* Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


FRIULI-VENEZIA: Fitch Affirms Q-IFS Rating at BBq
-------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

* Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


HELVETIA ASSICURAZIONI: Fitch Withdraws Bq Q-IFS Rating
-------------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

* Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


IL DUOMO ASSICURAZIONI: Fitch Affirms BBq Q-IFS Rating
------------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

* Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


PIEMONTESE ASSICURAZIONI: Fitch Downgrades Q-IFS Rating to BBq
--------------------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

  * Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


SARA ASSICURAZIONI: Fitch Lifts Q-IFS Rating to BBBq from BBq
-------------------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

  * Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


SEAR SOCIETA: Fitch Affirms Q-IFS Rating at Bq
----------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

* Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


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


EURO STROY: Creditors Must File Claims by Jan. 23, 2007
-------------------------------------------------------
LLP Construction Company Euro Stroy Group has declared
insolvency.  Creditors have until Jan. 23, 2007, to submit
written proofs of claim to:

         LLP Euro Stroy Group
         Parkovaya Str. 187-132
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


GUARANTEE LTD: Karaganda Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Firm
Guarantee Ltd. (RNN 302000245155).

LLP Firm Guarantee Ltd. is located at:

         Rechnaya Str. 47
         Karaganda
         Karaganda Region
         Kazakhstan


KAZKOMMERTSBANK INT'L: Fitch Rates US$500-Mln 7.5% Notes at BB+
---------------------------------------------------------------
Fitch Ratings assigned Kazkommerts International B.V.'s US$500
million 7.5% notes due November 2016 a final Long-term BB+
rating.

The issue was made under the US$3 billion guaranteed debt
issuance program rated Long-term 'BB+' for foreign currency
notes with maturities in excess of one year and Short-term 'B'
for foreign currency notes with maturities of less than one
year.

The notes under the programme are unconditionally and
irrevocably guaranteed by Kazakhstan's Kazkommertsbank (foreign
currency Issuer Default BB+/Stable Outlook, Short-term foreign
currency B, local currency Issuer Default BBB-/Stable Outlook,
Short-term local currency F3, Individual C/D, Support 3).

Kazkommerts International B.V. was the largest commercial bank
in Kazakhstan by IFRS assets at end-H106 and has top three
positions in all major market segments.


MEDIA STAR: Proof of Claim Deadline Slated for Jan. 24, 2007
------------------------------------------------------------
LLP Media Star has declared insolvency.  Creditors have until
Jan. 24, 2007, to submit written proofs of claim to:

         LLP Media Star
         Kazybek bi Str. 65
         Almaty, Kazakhstan
         Tel: 8 (3272) 65-00-93


MIRAS LLP: Creditors' Claims Due Jan. 24, 2007
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Miras insolvent.

Creditors have until Jan. 24, 2007, to submit written proofs of
claim to:

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan

NOMAD FILMS: Claims Registration Ends Jan. 24, 2007
---------------------------------------------------
LLP Nomad Films has declared insolvency.  Creditors have until
Jan. 24, 2007, to submit written proofs of claim to:

         LLP Nomad Films
         Micro District Aksai-4, 32-16
         Almaty, Kazakhstan


PRIOZERNY-2 LLP: Creditors Must File Claims by Jan. 24, 2007
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Priozerny-2 insolvent.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Jan. 24, 2007, to submit written proofs of
claim to:

         LLP Priozerny-2
         Aktau, 27-67-7
         Mangistau Region
         Kazakhstan
         Tel/Fax: 8 (3292) 41-00-42


ROSIT STROY: Claims Filing Period Ends Jan. 24, 2007
----------------------------------------------------
LLP Construction Company Rosit Story has declared insolvency.
Creditors have until Jan. 24, 2007, to submit written proofs of
claim to:

         LLP Rosit Story
         Zelinsky Str. 6-4
         Karaganda
         Karaganda Region
         Kazakhstan


SUNKAR LLP: Creditors Must File Claims by Jan. 3, 2007
------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Sunkar insolvent.

Creditors have until Jan. 3, 2007, to submit written proofs of
claim to:

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


SYSTEM PROFY: Proof of Claim Deadline Slated for Jan. 24, 2007
--------------------------------------------------------------
LLP System Profy has declared insolvency.  Creditors have until
Jan. 24, 2007, to submit written proofs of claim to:

         LLP System Profy
         Boulevard-Mira Str. 47-24
         Karaganda
         Karaganda Region.
         Kazakhstan


VICTORYA LLP: Claims Filing Period Ends Jan. 3, 2007
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Victorya insolvent.

Creditors have until Jan. 3, 2007, to submit written proofs of
claim to:

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


KAMKOR CJSC: Creditors' Meeting Slated for Dec. 26
--------------------------------------------------
The temporary insolvency manager of the CJSC Insurance Company
Kamkor will conduct a creditors' meeting at 9:00 a.m. on Dec. 26
at:

         CJSC Insurance Company Kamkor
         Chui Ave. 207
         Bishkek, Kyrgyzstan

The temporary insolvency manager will discuss the details on the
conduction of the company's bankruptcy proceedings and the
conclusion of a lawsuit agreement during the meeting.

Proxies must have authorization to vote.


KRUG LLC: Creditors' Meeting Scheduled for Dec. 25
--------------------------------------------------
Creditors of LLC Krug will convene at 10:00 a.m. on Dec. 25 at:

         Room 106
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
LLC Krug (Case No. ED-159/06 mbs9) insolvent on March 23.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The Temporary Insolvency Manager is:

         Mr. Kanatbek Bektashov
         Tel: (0-543) 94-53-94


LIKERO VODOCHNY: Creditors' Meeting Slated for Dec. 25
------------------------------------------------------
The temporary insolvency manager of the JSC Bishkeksky Alcoholic
Beverage Plant Likero Vodochny Zavod will report on the
bankruptcy proceedings of the company at a creditors' meeting at
2:00 p.m. on Dec. 25 at:

         Sovetskaya Str. 220
         Bishkek, Kyrgyzstan

Proxies must have authorization to vote.

Inquiries can be addressed to (+996 312) 62-39-69.


SAN-EM LLC: Creditors' Meeting Scheduled for Dec. 25
----------------------------------------------------
Creditors of LLC San-Em will convene at 2:00 p.m. on Dec. 25 at:

         Building of LLC San-Em
         Dostuk Str. 25
         Tashkumyr
         Djalal-Abad Region
         Kyrgyzstan

The Inter-District Court of Djalal-Abad Region for Economic
Issues declared LLC San-Em (Case No. ED-309/06 md) insolvent on
Nov. 20.  Subsequently, bankruptcy proceedings were introduced
at the company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The Temporary Insolvency Manager is:

         Mr. Temirbek Sarkeev
         Tel:(0-503) 49-44-21


SUUSAMYR-OIL LLC: Creditors' Meeting Scheduled for Dec. 25
----------------------------------------------------------
Creditors of LLC Suusamyr-Oil will convene at 10:00 a.m. on
Dec. 25 at:

         Room 1
         Training Centre
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
LLC Suusamyr-Oil (Case No. ED-665/06 mbs9) insolvent on Aug. 1.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The Temporary Insolvency Manager is:

         Mr. Ernisbek Alybaev
         Tel: (0-502) 93-22-29


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


AHOLD LEASE: S&P Affirms BB+ Ratings on Two Certificate Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' ratings on
classes A-1 and A-2 of Ahold Lease 2001-A Pass Through Trusts'
commercial mortgage pass-through certificates from series 2001-A
and revised its outlook to positive from stable.

The ratings on classes A-1 and A-2 are dependent on the
corporate credit rating assigned to Koninklijke Ahold N.V.
(Ahold; BB+/Positive/B).  The outlook on Ahold was revised to
positive from stable on Dec. 20.  Ahold guarantees the leases
that serve as the source of payment on the rated securities.


ALCATEL-LUCENT: Equips SAR-Lupe Satellite with SAR Sensors
----------------------------------------------------------
The first SAR-Lupe satellite, the German reconnaissance
satellite-based system was successfully boosted into orbit from
the Plesezsk space center.  Alcatel Alenia Space, Alcatel-
Lucent's space technology unit, has supplied the Sensor
Electronic units forming the core of the Synthetic Aperture
Radar (SAR), set to provide high-resolution radar imagery to the
German defense forces starting in 2007.

The SAR-Lupe program comprises a constellation of five identical
small satellites, which will be launched into three quasi polar
orbital planes at 500 km altitude, and a ground segment.  The
system will have a lifetime of 10 years.  The construction and
the launch contract of the five identical satellites was awarded
in 2001 to a consortium of 13 European companies led by OHB-
System AG as prime contractor.

This mission is based on the most sophisticated technologies in
SAR radar field, able to get images under any weather or light
conditions (day or night).  The system will supply recent and
high definition images of virtually any region in the world.  It
will provide image in X-band and offer a spatial resolution of
less than 1 meter.  It may operate in "spot light" mode to
improve the spatial resolution.  Alcatel Alenia Space was
responsible for the design and development of the Sensor
Electronic Units, comprising Radiofrequency, processing and
control sub-units.

The ground segments for SAR-Lupe and the French Helios II
systems will be inter-connected, so that each country can use
the other's satellite and receive imagery.  This data
combination will significantly improve the reconnaissance
capabilities of the two partner nations.

                        About the Company

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                           *     *     *

As reported in the TCR-Europe on Dec. 14, following the
completion of Alcatel S.A.'s merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent, Fitch Ratings downgraded and removed Alcatel from Rating
Watch Negative:

   -- Issuer Default Rating to BB from BBB-; and
   -- Senior unsecured debt to BB from BBB-.

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

   -- Issuer Default Rating BB-;
   -- Senior unsecured debt BB-;
   -- Convertible subordinated debt B; and
   -- Convertible trust preferred securities B.

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
U.S. activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006, research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


HALCYON STRUCTURED: Moody's Rates Two Note Classes at Low-B
-----------------------------------------------------------
Moody's assigned these provisional ratings to eight classes of
notes to be issued by Halcyon Structured Asset Management
European CLO 2006-II B.V., a bankruptcy remote special purpose
vehicle incorporated in the Netherlands:

   -- (P)Aaa to the EUR106,000,000 Class A-1 Senior
       Secured Floating Rate Notes due 2023,

   -- (P)Aaa to the EUR80,000,000 Class A-1R Senior
       Secured Revolving Floating Rate Notes due 2023,

   -- (P)Aaa to the EUR80,000,000 Class A-1D Senior
       Secured Delayed Funding Floating Rate Notes due 2023,

   -- (P)Aa2 to the EUR34,300,000 Class B Senior
       Secured Floating Rate Notes due 2023,

   -- (P)A2 to the EUR27,100,000 Class C Senior
       Secured Deferrable Floating Rate Notes due 2023,

   -- (P)Baa3 to the EUR21,800,000 Class D Senior
       Secured Deferrable Floating Rate Notes due 2023,

   -- (P)Ba3 to the EUR12,500,000 Class E Senior
       Secured Deferrable Floating Rate Notes due 2023, and

   -- (P)Ba2 to the EUR5,000,000 Class P Combination Notes
       due 2023.

The ratings of the notes address the expected loss posed to
investors by the legal maturity of each class (in 2023).  The
rating on the Class P Combination Notes addresses the expected
loss posed to investors by the legal maturity as a proportion of
the Rated Balance.

These provisional ratings are based upon:

   1. an assessment of the credit quality and of
      the diversification of the assets in the
      initial portfolio;

   2. an assessment of the eligibility criteria applicable
      to the future additions to the portfolio;

   3. the overcollateralization of the notes;

   4. the protection against losses through the subordination
      of the Class B, C, D, E notes, the
      EUR46,100,000 subordinated notes and the excess
      spread available in the transaction;

   5. the analysis of the foreign currency risk involved in
      the transaction; and

   6. the legal and structural integrity of the issue.

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

This transaction is a high yield collateralized loan obligation
related to a portfolio of senior and mezzanine loans.  This
portfolio is dynamically managed by Halcyon Structured Asset
Management L.P.  This is the second European arbitrage CLO
transaction managed Halcyon Structured Asset Management L.P.
This portfolio will be partially acquired at closing date and
partially during the nine-month ramp-up period at the end of
which the portfolio shall comply (among others) with the
following tests (subject to Moody's matrix): a diversity score
greater than 35, a weighted average rating factor lower than
[2,550], a weighted average spread greater than 2.70% and a
weighted average recovery rate greater than 55%.  Thereafter,
the portfolio of loans will be actively managed and the
portfolio manager will have the option to direct the issuer to
buy or sell loans.  Any addition or removal of loans will be
subject to a number of portfolio criteria.

This transaction features a multi-currency revolving class of
notes (class A-1R notes) that can be drawn either in Euros or in
Sterlings.  Sterling advances will be used to purchase loans
denominated in Sterling.  Should such Sterling assets default,
Sterling advances would not be fully collateralized by Sterling
assets and therefore Euro proceeds may need to be converted into
Sterling in order to redeem Sterling advances, thus creating a
foreign exchange risk exposure that is partially mitigated by
the use of options.  This currency risk has been considered in
Moody's analysis.


KONINKLIJKE AHOLD: Aegon Custody to Convert Preferred Shares
------------------------------------------------------------
Koninklijke Ahold N.V. has received a request from Aegon Custody
B.V., holder of 100,802,061 Ahold cumulative preferred financing
shares with par value of EUR169,286,256 and voting rights of
1.53%, to convert its cumulative preferred financing shares into
common shares.

In accordance with the applicable conversion terms, the number
of 100,802,061 cumulative preferred financing shares will be
converted into 22,419,051 common shares.

The conversion will take place on Jan. 2, 2007.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/ -- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  The company's chain stores include Stop & Shop, Giant,
TOPS, Albert Heijn and Bompreco.  Ahold also supplies food to
restaurants, hotels, healthcare institutions, government
facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


KONINKLIJKE AHOLD: Repositioning Spurs S&P to Revise Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based food retailer and food service distributor
Koninklijke Ahold N.V. to positive from stable.  At the same
time, the 'BB+/B' long- and short-term corporate credit ratings
were affirmed.

"The outlook revision follows Ahold's recently announced retail
repositioning, including a sizable disposal program, and
reflects our expectation of a significantly enhanced financial
profile for the group by 2007," said Standard & Poor's credit
analyst Nicolas Baudouin.

The disposal of the U.S. Foodservice division will have a
limited impact on the group's business risk profile, while
selling selected loss-making retail banners will be beneficial.
Ahold's commitment to dedicate EUR2 billion to debt reduction
will substantially strengthen the group's financial risk
profile.

The ratings continue to reflect Ahold's still leveraged, albeit
swiftly improving financial profile, and challenging retail
market trends in the U.S.  These negative factors are tempered
by:

   -- the leading market positions of the group's core
      retail operators, Stop & Shop in the northeastern U.S.
      and Albert Heijn B.V. in the Netherlands;

   -- management's strategic focus on key businesses
      and divesting underperforming noncore assets;

   -- the group's dominant position in the Dutch market; and

   -- good liquidity.

"Ahold's funds from operations to fully adjusted net debt could
strengthen to beyond 25%," added Mr. Baudouin.  "The group could
come close to this minimum for a 'BBB-' investment-grade rating
by year-end 2006 and is poised to exceed it once disposals are
finalized."

Stripping out one-off items, Standard & Poo's expects cash flow
generation to improve substantially compared with 2005, as
evidenced by the strong increase in EBITDA in the first nine
months of 2006.  Despite a material pretax EUR536 million in
first-half 2006 to cover two thirds of the cash payment to
settle the U.S. securities class action suit against the group,
cash flow generation will likely be sufficient to reduce debt in
2006.  In addition, the group's disposal program will give a
further boost to debt reduction in 2007.

The major risk area is the group's U.S. retail operations, where
tough market conditions still hamper the group's
creditworthiness.  Any significant downturn or the inability to
reposition U.S. retail operations could delay Ahold's return to
investment-grade status.


LEVERAGED FINANCE: Moody's Keeps Ba3 Ratings on EUR19-Mln Notes
---------------------------------------------------------------
Moody's Investor Service took these rating actions on three
classes of notes issued by Leveraged Finance Europe Capital I
B.V., a Dutch special purpose company:

   -- EUR64,500,000 Class II Senior Floating Rate Notes
      due 2017, downgraded from Aa2 to Aa3; and

   -- EUR14,000,000 Class III-A Mezzanine Fixed Rate Notes
      due 2017, downgraded from Baa1 to Baa2; and

   -- EUR4,000,000 Class III-B Mezzanine Floating Rate Notes
      due 2017 downgraded from Baa1 to Baa2.

These ratings remain unchanged:

   -- EUR177,000,000 Class I Senior Floating Rate Notes
      due 2017: Aaa;

   -- EUR15,000,000 Class IV-A Mezzanine Fixed Rate Notes
      due 2017: Ba3;

   -- EUR4,000,000 Class IV-B Mezzanine Floating Rate Notes
      due 2017: Ba3.

This transaction was the first European collateralized debt
obligation managed by the Leveraged Funds Group of BNP Paribas.
It was closed in November 2001.

The rating actions have been prompted by the amendments made to
the transaction documentation, in particular amendments made to
extend the reinvestment period, the Moody's Weighted Average
Maturity Test and the legal maturity of the Notes by 3 years.
Portfolio Profile Tests were also amended.


TEEKAY SHIPPING: Moody's Pares Corporate Rating to Ba2 from Ba1
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Teekay
Shipping Corporation:

   -- Corporate Family to Ba2 from Ba1; and,
   -- senior unsecured to Ba3 from Ba2.

Moody's also affirmed the SGL-2 Speculative Grade Liquidity
rating.

The rating outlook was changed to negative.

These actions resolve the review for downgrade of all ratings
initiated on Sept. 5, 2006.

The lower Corporate Family rating reflects the weakening of
credit metrics from the primarily debt-financed acquisition of a
majority interest in Petrojarl ASA, and from ongoing payments to
shipyards as construction on the substantial order book
progresses during a period of expected lower earnings due to
softening of tanker spot rates.

Teekay's credit metrics are at levels that align to the single-B
category under Moody's Global Shipping Rating Methodology;
Retained Cash Flow to Net Debt declined to 14.7%, Debt to EBITDA
increased to 6.0x and EBIT to Interest declined to 2.1x since
Dec. 31, 2005.

However, Teekay's large size, diverse fleet, of which
approximately 55% is committed to long-term fixed-rate contracts
with large-petroleum company customers, strong EBIT margins,
solid liquidity and the generation of substantial operating cash
flow, balance the weaker metrics and support the Ba2 Corporate
Family rating.  The lowered ratings also reflect the recent
financial policies of Teekay, which in Moody's view, have
prioritized returns to equity-holders rather than to debt-
holders.

Teekay repurchased over US$700 million of shares, primarily with
proceeds of sales of vessels, during the up-cycle rather than
de-lever.  Consequently, the capital structure is highly
leveraged as the outlook for the spot tanker market weakens.
Further, the creation of two Master Limited Partnerships has
complicated the company's organization and capital structures.

Moody's expects total debt of Teekay to be approximately
$6.5 billion after funding the purchase of approximately 64% of
the outstanding shares of Petrojarl ASA, a provider of FPSO
vessels in the North Sea.  The tender offer price implied an
approximate US$1.1 billion enterprise value of Petrojarl, and a
low double digit multiple of EBITDA, based on reported EBITDA of
about US$60 million in the first nine months of 2006.

Moody's believes that the entry into this capital intensive
sector, while increasing diversification of revenues, increases
Teekay's operating risk profile.  As well, Moody's anticipates
increased competition in the global FPSO sector due to the
recent heightened focus on this market as a potential source of
growth.

The negative outlook reflects Moody's expectation that credit
metrics could face further pressure over the next 12 to 18
months due to on-going progress payments to shipyards for
newbuildings and the potential of lower earnings by the spot
tanker segment due to expected weakening of spot tanker rates.
The ratings may be downgraded if Retained Cash Flow to Net Debt
declines to below 10%, if Debt to EBITDA is sustained above 6.0x
or if EBIT to Interest is sustained below 1.7x.  The ratings may
be upgraded if Retained Cash Flow to Net Debt is sustained above
15% or if the company becomes free cash flow positive and can
sustain a lower debt level.  Debt to EBITDA below 5.0x or EBIT
to Interest above 3.0x could also result in an upgrade.

The senior unsecured rating is one notch below the corporate
family rating, to reflect the effective subordination of the
senior unsecured notes, that are issued by Teekay but that do
not benefit from upstream guarantees of Teekay's subsidiaries.

Downgrades:

   * Teekay Shipping Corporation

      -- Corporate Family Rating, Downgraded to Ba2 from Ba1

      -- Senior Unsecured Regular Bond/Debenture, Downgraded to
         Ba3 from Ba2

Outlook Actions:

   * Teekay Shipping Corporation

      -- Outlook, Changed To Negative From Rating Under Review

Teekay Shipping Corporation, a Marshall Islands corporation
headquartered in Nassau, Bahamas, having its main operating
office in Vancouver, Canada, operates a fleet of 151 owned,
chartered-in or managed crude, refined products, LNG, LPG and
FPSO vessels, including 26 newbuildings on order.  In
Europe, the country maintains offices in Germany, Luxembourg,
the Netherlands, Spain, and the United Kingdom, among others.


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


AKER KVAERNER: Unveils Updated Corporate Responsibility Policies
----------------------------------------------------------------
Aker Kvaerner A.S.A. released its Values Driven Business 2006,
the company's annually updated presentation of corporate
responsibility policies.

In this report Aker share its policies, achievements and
challenges in four key areas -- People, Environment, Integrity
and Community.

Corporate responsibility is an integrated part of the Policy
System and as such reviewed and updated annually.  The Policy
System consists of a set of policies with related procedures and
factual information.  It is a tool that ensures that principles
are reflected in business practices and helps achieve the vision
of being the preferred partner in the energy sector.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The company has operations in Brazil, Chile, China,
India, Indonesia, Japan, Singapore, South Korea, Thailand and
Malaysia.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

Moody's Investors Service, in April 2006, upgraded the of Aker
Kvaerner Oil & Gas Group and Aker Kvaerner AS, primarily to
reflect the sustainable strong recovery in profitability and
cash flow generation of the ring-fenced oil and gas group over
the past two years, coupled with the clear reduction in senior
debt, repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


* Moody's Reports Stable Outlook for Norwegian Banks
----------------------------------------------------
The outlook for the Norwegian banking system is stable,
underpinned by solid domestic franchises and sound financial
fundamentals, says Moody's Investors Service in its latest
Banking System Outlook for the country.

"Many of the Norwegian banks rated by Moody's are on course to
achieve record results in 2006," says Janne Thomsen, Moody's
Senior Vice President and the author of this report.  "The main
driver has been good lending growth, which has to some extent
offset the pressure on margins from intense competition among
domestic players as well as other Nordic banks."

Going forward, Moody's expects that margin pressure will remain
strong amid ongoing fierce competition, and may even increase
when the law is changed to allow financing of mortgage lending
by covered bonds.  The final legal framework for this is still
not fully in place, having been delayed several times over the
past few years, but is expected to be implemented in 2007.  A
heightened focus on fee income has also resulted in improved
revenue streams.

The banks and savings banks rated by Moody's continue to show
good cost efficiency, although maintaining this may prove
difficult amid Basel 2 implementation, ongoing work on
accounting and risk models, and the expansion of reporting
requirements to the supervisory authority.  Nevertheless,
Moody's notes that the strong co-operation agreements between
various regional and local banks -- namely the Sparebank 1 Group
and Terra Group alliances -- help them to share development
costs, and for Sparebank 1 Group may also over time lead to
stronger benchmarking in terms of credit assessments, product
sales, back-office handling and other areas.

Asset quality has continued to improve since the dip in 2002,
and provisioning levels remain prudent.  The results of the
banks and savings banks reflect these trends in continued
write-backs and lower provisioning needs, although the non-
performing loans ratio remains high compared with other banking
sectors in the Nordic region.

Other risks, such as foreign exchange, equity and interest rate
risk, are limited.  Although the rated Norwegian banks continue
to improve their available on balance sheet liquidity, as well
as their committed lines, Moody's notes that these are still low
compared with levels at most other European banks.

"Looking ahead, intense competition will remain one of the main
challenges, with banks and savings banks pursuing broadly
similar strategies to grow their retail lending and wealth
management activities," says Ms. Thomsen.  "We view positively
the banks' efforts in cross-selling, which will continue to be
key to exploiting the high structural growth opportunities in
these areas."


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


SMITHFIELD FOODS: Moody's Cuts Ratings on High Debt Levels
----------------------------------------------------------
Moody's Investors Service downgraded the ratings of Smithfield
Foods Inc.'s senior unsecured debt to Ba3 from Ba2, its senior
subordinated notes to B1 from Ba2, and its corporate family
rating to Ba2 from Ba1.

Moody's also affirmed Smithfield's SGL-3 speculative grade
liquidity rating.  The outlook on all ratings is negative.

The downgrade reflects the deterioration in the company's debt
protection measures, caused by a combination of relatively weak
operating performance combined with higher debt levels due to
heavy debt-financed acquisition activity.  The downgrade also
reflects the increased integration risk the company faces as it
seeks to consolidate recent acquisitions, as well as continuing
event risk of additional acquisitions as the company pursues its
growth strategy.

The affirmation of Smithfield's SGL-3 reflects the company's
adequate liquidity, characterized by an increased reliance on
external financing to fund its growth initiatives, and weak
cushion within financial covenants.  Smithfield could find it
necessary to seek amendments to financial covenants in its bank
facilities or privately placed debt should the company's debt
increase or operating performance weaken further.

The negative outlook reflects the challenges Smithfield faces in
integrating its recent acquisitions and managing a more complex
business portfolio while simultaneously attempting to reduce
debt and increase financial flexibility.  It also reflects the
continued event risk of additional leveraged acquisitions as the
company pursues its global growth strategy.

Moody's notes that Smithfield's ratings and negative outlook
anticipate closure of the Premium Standard Farms acquisition for
equity as outlined, and reflect our views of the company's post
PSF business and credit profile.  Should that acquisition with
equity not close as anticipated or -- lacking closure of that
transaction -- a material near-term equity issuance not be
completed, Smithfield's corporate family ratings will likely be
downgraded to Ba3.

Moody's considers Smithfield's Ba2 corporate family rating as
reflecting the company's high leverage, somewhat volatile
earnings and cash flow stream, aggressive acquisition strategy,
and increasingly complex business structure.  It also reflects
the integration risks as Smithfield must consolidate a series of
acquisitions made over the past year, as well as higher-than-
average event risk of additional leveraged acquisitions within
the consolidating protein industry.

Smithfield's ratings are supported by:

   -- the company's large size,
   -- very strong market position,  and
   -- solid brand in the U.S. pork industry.

Smithfield Foods Inc., headquartered in Smithfield, Virginia, is
the largest vertically integrated producer and marketer of fresh
pork and processed meat in the U.S. and has operating
subsidiaries and joint ventures in France, Poland, Romania, the
U.K., Brazil, Mexico, and China.


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


SMITHFIELD FOODS: Moody's Cuts Ratings on High Debt Levels
----------------------------------------------------------
Moody's Investors Service downgraded the ratings of Smithfield
Foods Inc.'s senior unsecured debt to Ba3 from Ba2, its senior
subordinated notes to B1 from Ba2, and its corporate family
rating to Ba2 from Ba1.

Moody's also affirmed Smithfield's SGL-3 speculative grade
liquidity rating.  The outlook on all ratings is negative.

The downgrade reflects the deterioration in the company's debt
protection measures, caused by a combination of relatively weak
operating performance combined with higher debt levels due to
heavy debt-financed acquisition activity.  The downgrade also
reflects the increased integration risk the company faces as it
seeks to consolidate recent acquisitions, as well as continuing
event risk of additional acquisitions as the company pursues its
growth strategy.

The affirmation of Smithfield's SGL-3 reflects the company's
adequate liquidity, characterized by an increased reliance on
external financing to fund its growth initiatives, and weak
cushion within financial covenants.  Smithfield could find it
necessary to seek amendments to financial covenants in its bank
facilities or privately placed debt should the company's debt
increase or operating performance weaken further.

The negative outlook reflects the challenges Smithfield faces in
integrating its recent acquisitions and managing a more complex
business portfolio while simultaneously attempting to reduce
debt and increase financial flexibility.  It also reflects the
continued event risk of additional leveraged acquisitions as the
company pursues its global growth strategy.

Moody's notes that Smithfield's ratings and negative outlook
anticipate closure of the Premium Standard Farms acquisition for
equity as outlined, and reflect our views of the company's post
PSF business and credit profile.  Should that acquisition with
equity not close as anticipated or -- lacking closure of that
transaction -- a material near-term equity issuance not be
completed, Smithfield's corporate family ratings will likely be
downgraded to Ba3.

Moody's considers Smithfield's Ba2 corporate family rating as
reflecting the company's high leverage, somewhat volatile
earnings and cash flow stream, aggressive acquisition strategy,
and increasingly complex business structure.  It also reflects
the integration risks as Smithfield must consolidate a series of
acquisitions made over the past year, as well as higher-than-
average event risk of additional leveraged acquisitions within
the consolidating protein industry.

Smithfield's ratings are supported by:

   -- the company's large size,
   -- very strong market position,  and
   -- solid brand in the U.S. pork industry.

Smithfield Foods Inc., headquartered in Smithfield, Virginia, is
the largest vertically integrated producer and marketer of fresh
pork and processed meat in the U.S. and has operating
subsidiaries and joint ventures in France, Poland, Romania, the
U.K., Brazil, Mexico, and China.


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


BOROVICHSKIY FEED: Court Names S. Egorin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Novgorod Region appointed Mr. S. Egorin
as Insolvency Manager for OJSC Borovichskiy Feed Mill.  He can
be reached at:

         S. Egorin
         Post User Box 1085
         150000 Yaroslavl Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A44-840/2006-4k.

The Debtor can be reached at:

         S. Egorin
         Post User Box 1085
         150000 Yaroslavl Region
         Russia


CENTRE-GAS-STORY CJSC: Court Names E. Lebedev to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. E. Lebedev
as Insolvency Manager for CJSC Kineshemskaya Company Centre-Gas-
Story.  He can be reached at:

         E. Lebedev
         Sechenova Str. 3
         Kineshma
         Ivanovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1705/06-1-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         CJSC Kineshemskaya Company Centre-Gas-Story
         Sechenova Str. 3
         Kineshma
         Ivanovo Region
         Russia


DINATRON CJSC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Ingushetiya Republic commenced
bankruptcy supervision procedure on CJSC Dinatron.  The case is
docketed under Case No. A18-1184/06.

The Temporary Insolvency Manager is:

         D. Shenev
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Dinatron
         Room 4
         Oskanova Str. 4
         Malgobek
         Malgobekskiy Region
         386300 Ingushetiya Republic
         Russia


IV-WOOD-PROM: Ivanovo Court Names A. Bogdanets to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. A.
Bogdanets as Insolvency Manager for OJSC IV-Wood-Prom.  He can
be reached at:

         A. Bogdanets
         Office 207
         Bagaeva Str. 17
         153000 Ivanovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1343/06-10-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         OJSC IV-Wood-Prom
         Dzerzhinskogo Str. 8
         Ivanovo Region
         Russia


KOMMUN-MASH OJSC: Court Names V. Sifonov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. V. Sifonov
as Insolvency Manager for OJSC Kommun-Mash.  He can be reached
at:

         V. Sifonov
         Post User Box 146
         664025 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-10875/06-38.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Kommun-Mash
         Polenova Str. 1
         Irkutsk Region
         Russia


MECHANICAL FACTORY: Court Names A. Likhachev to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. A. Likhachev
as Insolvency Manager for CJSC Mechanical Factory.  He can be
reached at:

         A. Likhachev
         Chkalova Str. 10
         650025 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 67-8157/06.

The Debtor can be reached at:

         CJSC Mechanical Factory
         Solnechnaya Str. 1a
         Seversk
         Tomsk Region
         Russia


MIG CJSC: Krasnoyarsk Bankruptcy Hearing Slated for February 14
---------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene at
11:00 a.m. on Feb. 14, 2007, to hear the bankruptcy supervision
procedure on CJSC Mig.  The case is docketed under Case No.
A33-17516/2006.

The Temporary Insolvency Manager is:

         A. Kozhematov
         Post User Box 20647
         660017 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Mig
         Naberezhnaya Str. 41-50
         Norilsk
         663300 Krasnoyarsk Region
         Russia


MIKHAYLOVSKOYE OJSC: Court Names N. Zaeva as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Altay Region appointed Ms. N. Zaeva as
Insolvency Manager for OJSC Agricultural Company Mikhaylovskoye
(TIN 2258003345, OGRN 1022202317521).  She can be reached at:

         N. Zaeva
         Office 503
         Krasnyj Pr. 184
         630091 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-3919/06-B.

The Debtor can be reached at:

         N. Zaeva
         Office 503
         Krasnyj Pr. 184
         630091 Novosibirsk Region
         Russia


NOVATOR OJSC: Asset Sale Slated for January 10, 2007
----------------------------------------------------
LLC Inter-Market, the bidding organizer for OJSC Factory
Novator, will open a public auction for the company's properties
at 10:00 a.m. on Jan. 10, 2007 at:

         OJSC Factory Novator
         Stroiteley Pr. 98
         Yoshkar-Ola
         Mariy El Republic
         Russia

Interested participants have until 4:00 p.m. on Dec. 27 to
deposit an amount equivalent to 10% of the starting price to:

         OJSC Factory Novator
         Settlement Account 40702810414000000634 in branch
         BIN-Mariy El ACB BIN (OJSC)
         Yoshkar-Ola
         BIK 048860727
         Correspondent Account 3010181020000000727

Bidding documents must be submitted to:

         LLC Inter-Market
         Leninskiy Pr. 36
         Yoshkar-Ola
         Mariy El Republic
         Russia
         Tel:(8362) 41-02-02

The Debtor can be reached at:

         OJSC Factory Novator
         Stroiteley Pr. 98
         Yoshkar-Ola
         Mariy El Republic
         Russia
         Tel: (8362) 45-58-90


ORLOVSKAYA CIGARETTE: Court Names V. Chervyakov to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. V. Chervyakov
as Insolvency Manager for OJSC Orlovskaya Cigarette Factory.  He
can be reached at:

         V. Chervyakov
         Building 1
         Moskovskoye Shosse 137
         302025 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-4302/06-20b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Orlovskaya Cigarette Factory
         Orel Region
         Russia


POLAR BEAR: Moscow Court Names I. Shipitsina to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Ms. I. Shipitsina as
Insolvency Manager for LLC Building Company Polar Bear (TIN
7204028960, OGRN 103720059880).  She can be reached at:

         I. Shipitsina
         Respubliki Str. 204, 222
         625035 Tyumen Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-70-7171/3-06.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Building Company Polar Bear
         Tavricheskaya Str. 11
         625037 Tyumen Region
         Russia


SBERBANK-SAVINGS: Improving Biz Cues Fitch to Lift Rating to C
--------------------------------------------------------------
Fitch Ratings upgraded the Individual rating of Sberbank-Savings
Bank of the Russian Federation to C from C/D.  The bank's other
ratings are affirmed at Issuer Default BBB+ with Stable Outlook,
Short-term F2 and Support 2.

The upgrade of Sberbank's Individual rating reflects the
considerable strengthening of the bank's performance during the
last two years as well as an improving, albeit still
challenging, Russian operating environment.

The Individual rating is also supported by the depth of the
bank's franchise, its strong and stable funding base, low levels
of loan impairment to date and limited market risk exposure.
However, it also reflects high, albeit seemingly gradually
decreasing, loan concentration levels, significant volumes of
uncollateralized retail lending (secured only by personal
guarantees) and risks resulting from rapid credit growth.

Sberbank's Issuer Default, Short-term and Support ratings
reflect its importance to the Russian banking sector, owing to
its unmatched size and domestic franchise, as well as its
majority state ownership, and is driven by the potential for
support from the Russian state.  Taking into account the Russian
Federation's 'BBB+' Issuer Default rating and Fitch's view of
the strong propensity of the authorities to provide support,
Fitch considers there is a high probability that Sberbank will
be supported, should the need arise.

The Stable Outlook on Sberbank's IDR reflects that on Russia's
sovereign rating.  Upward or downward pressure on the bank's IDR
could result from a sovereign upgrade/downgrade.

Upside potential for the Individual rating is now very limited
in light of the risks still associated with the Russian
operating environment.  Downward pressure on the Individual
rating could most likely result from significant credit losses.
Any significant delay in the bank receiving new capital in 2007
would also be a negative for its stand-alone financial strength
and could restrict near-term growth, but probably not to the
extent that this, by itself, would be likely to give rise to
downside risk for the Individual rating.

Sberbank is the largest bank in Central and Eastern Europe.  It
is majority owned (at present, 64% of common stock) by the
Central Bank of Russia, and current legislation does not allow
this stake to fall below 50%.  The bank dominates Russia's
retail deposit market and has considerable market shares in
corporate and retail loans.


SEV-RYB-FLEET CJSC: Bankruptcy Hearing Slated for Feb. 21
---------------------------------------------------------
The Arbitration Court of Murmansk Region will convene on
Feb. 21, 2007, to hear the bankruptcy supervision procedure on
CJSC Sev-Ryb-Fleet (TIN 5190111481).  The case is docketed under
Case No. A42-7130/2006.

The Temporary Insolvency Manager is:

         V. Pankov
         Post User Box 368
         183038 Murmansk Region
         Russia

The Arbitration Court of Murmansk Region is located at:

         Knipovicha Str. 20
         Murmansk Region
         Russia

The Debtor can be reached at:

         CJSC Sev-Ryb-Fleet
         Starostina Str. 49
         183036 Murmansk Region
         Russia


SIBERIAN VENTILATION: Court Names V. Bolba as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. V. Bolba as
Insolvency Manager for CJSC Siberian Ventilation Systems.  He
can be reached at:

         V. Bolba
         Post User Box 64
         625001 Tyumen Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-70-5061/3-06.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Siberian Ventilation Systems
         Respubliki Str. 250
         Tyumen Region
         Russia


VNESHTORGBANK JSC: Co-Arranges EUR65-Million Loan for Belarus
-------------------------------------------------------------
JSC Vneshtorgbank and Bayerische Landesbank and a consortium of
lenders have signed into a EUR65-million Syndicated Term Loan
Facility for the Republic of Belarus represented by the Ministry
of Finance.

The loan has a maturity of 364 days with an extension option for
another 364 days and pays a margin of 3.5% p.a.

The deal was well received in the market and increased from the
launch amount of EUR50 million.

These banks have joined the Facility:

   -- Banco Finantia International Limited;

   -- VTB Bank (Austria) AG;

   -- Vnesheconombank; FBN Bank (UK) Ltd;

   -- MKB Bank Nyrt. (Co-Arrangers);

   -- Abanka Vipa d.d.;

   -- AKA Ausfuhrkredit-Gesellschaft mbH;

   -- Bank Sepah International plc;

   -- Bank TuranAlem JSC;

   -- Banque de Commerce et de Placements S.A.;

   -- Denizbank AG;

   -- The Export-Import Bank of the Republic of China;

   -- Finansbank (Holland) N.V.;

   -- London Forfaiting Company Ltd.; and

   -- SC "Parex banka" (Lead Managers) and
      Banka Celje d.d. (Manager).

JSC Vneshtorgbank and Bayerische Landesbank act as Mandated Lead
Arrangers and Bookrunners.

This is the second syndicated loan arranged for the Republic of
Belarus.  Previously the borrower tapped the international loan
market in December 2005 with a US$32 million. (upped from
US$15 mln.) 364 days facility with a 364 days extension option.
MLAs were VTB, RZB and Priorbank JSC.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


VOLGOGRAD-STORY CJSC: Bankruptcy Hearing Slated for February 19
---------------------------------------------------------------
The Arbitration Court of Volgograd Region will convene at 9:00
a.m. on Feb. 19, 2007, to hear the bankruptcy supervision
procedure on CJSC Building Company Volgograd-Stroy (TIN
3444073454).  The case is docketed under Case No. A12-17713/
06-s48.

The Temporary Insolvency Manager is:

         V. Kochnev
         Khirosimy Str. 1-194
         400050 Volgograd Region
         Russia

The Debtor can be reached at:

         CJSC Building Company Volgograd-Story
         13th Gvardeyskaya Str. 13
         400131 Volgograd Region
         Russia


ZNAMENSKOYE TRANSPORT: Bankruptcy Hearing Slated for March 6
------------------------------------------------------------
The Arbitration Court of Omsk Region will convene on March 6,
2007, to hear the bankruptcy supervision procedure on LLC
Znamenskoye Transport Enterprise (TIN 5513004539).  The case is
docketed under Case No. A46-12148/2006.

The Temporary Insolvency Manager is:

         R. Legotkin
         Apartment 32
         Dmitreeva Str. 3/2
         644123 Omsk Region
         Russia

The Debtor can be reached at:

         R. Legotkin
         Apartment 32
         Dmitreeva Str. 3/2
         644123 Omsk Region
         Russia


=============================
S L O V A K   R E P U B L I C
=============================


ISTROBANKA: Moody's Affirms D- Financial Strength Rating
--------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the Aa2.sk long-term national scale deposit rating of
Slovak bank ISTROBANKA.  The D- financial strength rating is
affirmed.

This rating review on ISTROBANKA follows a similar action on the
A3 long-term bank deposit rating of Austria's BAWAG PSK Bank
fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse
Aktiengesellschaft (BAWAG PSK), parent of ISTROBANKA, driven by
the announcement from the sole shareholder of BAWAG PSK -- the
Austrian Trade Union Association (OGB) -- that BAWAG PSK would
be sold to a consortium of investors, led by US-based investment
company Cerberus, and comprising the Austrian arm of insurance
company Assicurazioni Generali S.p.A, mortgage lender
Wuestenrot, as well as a group of Austrian industrialists.
Moody's noted that ISTROBANKA's national scale bank deposit
rating is based on its 100% ownership by BAWAG PSK and its
likely support from the latter in case of need.

Moody's said that the review for possible downgrade would focus
on the future level of support from BAWAG PSK and the future
strategic direction of both BAWAG PSK and ISTROBANKA in light of
BAWAG PSK's new ownership structure.

Based in Bratislava, Slovakia, ISTROBANKA had total assets of
SKK34.5 billion (EUR912 million) at end-December 2005 -- in
accordance with IFRS.


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


IM CAJA LABORAL: Fitch Junks EUR10.8 Million Class E Notes
----------------------------------------------------------
Fitch Ratings assigned final ratings to IM Caja Laboral 1, FTA
mortgage-backed floating-rate notes totaling EUR910.8 million
due in October 2049.  The ratings assigned are:

   -- EUR856.3 million Class A: AAA
   -- EUR10.8 million Class B: AA
   -- EUR14.9 million Class C: A+
   -- EUR18.0 million Class D: BBB+ and
   -- EUR10.8 million Class E: CCC

This transaction is a cash flow securitization of a EUR900
million static pool of first-ranking residential mortgage loans
originated by Caja Laboral Popular.  This is the first stand-
alone securitization involving loans originated solely by Caja
Laboral Popular.  However, loans from the seller formed part of
a multi seller Spanish RMBS transaction called TDA 9, FTA, which
closed in May 1999.  Caja Laboral Popular has also participated
in a number of previous CDOs of CHs (Cedulas Hipotecarias) such
as IM Cedulas 9, FTA, which closed on June 9, 2006.

The ratings on the notes are based on the quality of the
underlying collateral, the underwriting and servicing of the
mortgage loans, available credit enhancement and the sound legal
and financial structure of the transaction.  The ratings address
the payment of interest on the notes according to the terms and
conditions of the documentation, subject to a deferral trigger
on the class B to D notes, as well as the repayment of principal
by the legal final maturity in October 2049.

The fund is regulated by Spanish Securitisation Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
securities the mortgage transfer certificates it has acquired
from Caja Laboral Popular.  The CTHs were subscribed by
InterMoney Titulizacion S.G.F.T., S.A., whose sole function is
to manage asset-backed notes on behalf of the fund.


===========
S W E D E N
===========


METSO OYJ: To Supply Crushing Equipment to Agregados del Caribe
---------------------------------------------------------------
Metso Minerals, a unit of Metso Oyj, will supply crushing
equipment to Agregados del Caribe for its S. Pedro Sula quarry
in Honduras.  The delivery will be completed by January 2008.

The value of the order is approximately EUR9 million.  The order
comprises a complete crushing, screening and classifying plant,
consisting of a primary jaw crusher, six cone crushers, three
screens, sand treatment and classification units, a water
clarifier, a belt conveyor of over one km, supporting
structures, as well as electrification and automation packages.
The order also includes engineering, erection and commissioning
services.

This new plant will be installed in the S. Pedro Sula quarry
situated near the city of Puerto Cortes in Honduras and will
almost exclusively serve the U.S. market.  Once fully
operational, the plant is capable of producing 1000 mtph of
aggregates, and the estimated annual production is three million
tons.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves customers in the pulp and paper
industry, rock and minerals processing, the energy industry and
selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *     *     *

As reported in the TCR-Europe on April 11, Standard & Poor's
Ratings Services revised its outlook on Finland-based machinery
and engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


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


CONVERIUM HOLDINGS: Moody's Lifts Debt Rating to Baa3 from B2
-------------------------------------------------------------
Moody's Investors Service has raised the senior debt rating of
Converium Holdings (North America) Inc. to Baa3 from B2.

In the same action, Moody's has upgraded the insurance financial
strength rating of CHNA's subsidiary, Converium Reinsurance
(North America) Inc., to Baa3 from B2.  The ratings carry a
stable outlook.

These rating actions conclude a review initiated on Oct. 17
following an announcement by the former parent company that it
would sell CHNA and its subsidiaries to National Indemnity
Company, a subsidiary of Berkshire Hathaway Inc.  The sale
closed on Dec. 14.

According to Moody's, the rating on CHNA's senior notes largely
reflects implicit support from Berkshire Hathaway, given that
CHNA's run-off subsidiaries remain under receivership (through a
letter of understanding with the Connecticut Insurance
Department) and lack the ability to pay dividends to service
debt.  However, the debt will not be guaranteed by Berkshire
Hathaway or any of its subsidiaries.

The upgrade of CRNA acknowledges implicit support from the new
parent as well as the progress the company has made in running
off its liabilities in the past two years.  Moody's believes the
new parent is committed to maintaining the solvency of CRNA and
would likely provide explicit support (for the benefit of
policyholders) should the need arise.  Berkshire Hathaway
remains one of the most active acquirers and largest managers of
long-tail, run-off (re)insurance liabilities.

The last rating action on CHNA and its subsidiaries occurred on
Oct. 17 when Moody's placed the ratings on review for possible
upgrade, following the announcement by their former parent
company that it would sell its North American operations to
NICO.

Ratings upgraded with a stable outlook:

Converium Holdings (North America) Inc.

    * US$200 million 7.125% unsecured senior notes
      due October 2023 to Baa3 from B2

Converium Reinsurance (North America) Inc.

    * insurance financial strength rating to Baa3 from B2

Converium Holdings (North America) Inc. is an intermediate
holding company of National Indemnity Company, a subsidiary of
Berkshire Hathaway Inc.  CHNA and its run-off subsidiaries,
including Converium Reinsurance (North America) Inc., were
acquired by NICO on Dec. 14.


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


KHRESCHATYK BANK: Fitch Cuts Issuer Default Rating to B-
--------------------------------------------------------
Fitch Ratings downgraded Ukraine-based Bank Khreschatyk's
foreign currency and local currency Issuer Default ratings to
'B-' from 'B' and Support rating to '5' from '4', thus resolving
the Rating Watch Negative placed on the ratings on Dec. 12.  A
Stable Outlook is assigned.

The bank's other ratings are affirmed at Short-term 'B' and
Individual 'D/E'.  The Long-term rating of Khreschatyk's UAH100
million bond issue, due May 2010, is also downgraded to 'B-'
from 'B', while the 'RR4' Recovery Rating on the bond is
affirmed.

The downgrade reflects the city of Kiev's stake reduction in
Khreschatyk to 23.7% from 51.2%, following a new UAH290 million
share issue, which was approved at a shareholders' meeting on
Dec. 18.  Although the city had subscribed for an amount of
shares in the offering that would have enabled it to maintain
its 51.2% stake, it was unable to gather the funds required to
pay for the subscribed shares and therefore did not participate
in the issue.

In Fitch's view, the city of Kiev's stake reduction will likely
lower its propensity to unilaterally provide support to
Khreschatyk in case of need, while the inability to gather funds
necessary to participate in the recent share issue demonstrates
that the city's ability to provide timely and sizeable support
to Khreschatyk is limited.  At the same time, Fitch notes that
at present it does not expect the reduction in the city's stake
to result in a significant deterioration of the bank's stand-
alone financial strength.

Khreschatyk is a universal bank founded in 1993, and at end-
October 2006 was Ukraine's 19th-largest bank with total assets
of UAH3.2 billion (USD600 million) and a network consisting of
16 branches and 61 outlets.  Following the new share issue,
Ukrfinkom, a privately owned grain trading company, has
increased its stake in the bank to 44.2% from 35.4%.


VNESHTORGBANK JSC: Co-Arranges EUR65-Million Loan for Belarus
-------------------------------------------------------------
JSC Vneshtorgbank and Bayerische Landesbank and a consortium of
lenders have signed into a EUR65-million Syndicated Term Loan
Facility for the Republic of Belarus represented by the Ministry
of Finance.

The loan has a maturity of 364 days with an extension option for
another 364 days and pays a margin of 3.5% p.a.

The deal was well received in the market and increased from the
launch amount of EUR50 million.

These banks have joined the Facility:

   -- Banco Finantia International Limited;

   -- VTB Bank (Austria) AG;

   -- Vnesheconombank; FBN Bank (UK) Ltd;

   -- MKB Bank Nyrt. (Co-Arrangers);

   -- Abanka Vipa d.d.;

   -- AKA Ausfuhrkredit-Gesellschaft mbH;

   -- Bank Sepah International plc;

   -- Bank TuranAlem JSC;

   -- Banque de Commerce et de Placements S.A.;

   -- Denizbank AG;

   -- The Export-Import Bank of the Republic of China;

   -- Finansbank (Holland) N.V.;

   -- London Forfaiting Company Ltd.; and

   -- SC "Parex banka" (Lead Managers) and
      Banka Celje d.d. (Manager).

JSC Vneshtorgbank and Bayerische Landesbank act as Mandated Lead
Arrangers and Bookrunners.

This is the second syndicated loan arranged for the Republic of
Belarus.  Previously the borrower tapped the international loan
market in December 2005 with a US$32 million. (upped from
US$15 mln.) 364 days facility with a 364 days extension option.
MLAs were VTB, RZB and Priorbank JSC.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


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


ABW INDUSTRIAL: Brings In Liquidators from Wilson Field
-------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of ABW Industrial Doors Limited (formerly Sevco 1221
Limited) on Dec. 11 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         ABW Industrial Doors Limited
         Unit 1
         Albion Industrial Estate
         Cilfynydd Road
         Pontypridd
         Mid Glamorgan CF374NX
         United Kingdom
         Tel: 01443 400 999


ADMIRAL FINE: Claims Filing Period Ends Jan. 22, 2007
-----------------------------------------------------
Creditors of Admiral Fine China Limited have until Jan. 22,
2007, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Liquidator Martin C. Armstrong at:

         Turpin Barker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey
         United Kingdom

The company can be reached at:

         Admiral Fine China Limited
         Distribution Centre
         Miles Gray Road
         Basildon
         Essex SS143FF
         United Kingdom
         Tel: 01268 554 550


AKER KVAERNER: Unveils Updated Corporate Responsibility Policies
----------------------------------------------------------------
Aker Kvaerner A.S.A. released its Values Driven Business 2006,
the company's annually updated presentation of corporate
responsibility policies.

In this report Aker share its policies, achievements and
challenges in four key areas -- People, Environment, Integrity
and Community.

Corporate responsibility is an integrated part of the Policy
System and as such reviewed and updated annually.  The Policy
System consists of a set of policies with related procedures and
factual information.  It is a tool that ensures that principles
are reflected in business practices and helps achieve the vision
of being the preferred partner in the energy sector.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The company has operations in Brazil, Chile, China,
India, Indonesia, Japan, Singapore, South Korea, Thailand and
Malaysia.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

Moody's Investors Service, in April 2006, upgraded the of Aker
Kvaerner Oil & Gas Group and Aker Kvaerner AS, primarily to
reflect the sustainable strong recovery in profitability and
cash flow generation of the ring-fenced oil and gas group over
the past two years, coupled with the clear reduction in senior
debt, repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


ALLIANCE ATLANTIS: S&P Holds BB Rating on Developing Watch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'BB' long-term corporate credit rating, on Toronto-based
Alliance Atlantis Communications Inc. on CreditWatch with
developing implications.

Developing means that the ratings could be raised, lowered, or
affirmed, depending on the outcome of our review.

"The CreditWatch placement follows Alliance Atlantis'
announcement that it is exploring strategic alternatives, namely
the possible sale of the entire company," said Standard & Poor's
credit analyst Lori Harris.  Alliance Atlantis has engaged RBC
Capital Markets to act as financial adviser in this process.

Should management pursue the selling option, the ratings on
Alliance Atlantis could be raised, lowered, or affirmed,
depending on the business and financial strength of the
acquiring or new company.  Standard & Poor's will evaluate the
impact of a transaction or strategic plan on credit quality when
it is announced.

Alliance Atlantis is an operator of Canadian specialty
television networks through its broadcasting business and a
producer and distributor of television programming,
predominantly the hit television franchise CSI, through its
entertainment business.

The company also holds a 51% limited partnership interest in
Motion Picture Distribution LP, which operates in Canada, the
U.K., and Spain.  Management recently completed a review of the
Motion Picture Distribution asset and said it is considering
selling some or all of it.  Standard & Poor's expects this
process to be independent from the possible sale of Alliance
Atlantis as a whole.


ANDROSS ELECTRICS: Calls In Liquidators from Vantis
---------------------------------------------------
P. Atkinson and G. Mummery of Vantis Business Recovery Services
were appointed Joint Liquidators of Andross Electrics Limited on
Dec. 8 for the creditors' voluntary winding-up procedure.

         Andross Electrics Limited
         Unit 12
         London Road
         Twyford Business Centre
         Bishop's Stortford
         Hertfordshire CM233YT
         United Kingdom
         Tel: 01279 657661
         Fax: 01279 506164


BROOKMAN & SONS: Taps Liquidators from Moore Stephens
-----------------------------------------------------
Colin Andrew Prescott of Moore Stephens LLP was appointed
Liquidator of Brookman & Sons (Bakers) Limited on Dec. 11 for
the creditors' voluntary winding-up procedure.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.


DURA AUTOMOTIVE: Gets Final Nod to Pay Non-Debtor Affiliates
------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates' request
to pay their prepetition payables to foreign non-debtor
affiliates were granted, on a final basis, by the Honorable
Kevin J. Carey of the United States Bankruptcy Court for the
District of Delaware.

The Debtors owed prepetition payables to the Foreign Non-Debtor
Affiliates of approximately US$625,000.  The Prepetition
Payables are the result of inter-company transactions made in
the ordinary course of business, including receipts from
customers accepted by the Debtors on behalf of Foreign Non-
Debtor Affiliates and payments for services rendered or products
supplied by the Foreign Non-Debtor Affiliates to the Debtors.

The Court also authorized the Debtors to loan estate property to
the foreign non-debtor affiliates provided that:

   (a) the amounts loaned will be recorded on the Debtors' books
       and records as loans; and

   (b) the Debtors will provide three business days' written
       notice to the U.S. Trustee and the Official Committee of
       Unsecured Creditors prior to transferring any funds to
       the Foreign Non-Debtor Affiliates.

The Court rules that the amounts recorded as loans should not,
at any time, exceed US$10,000,000 in aggregate amounts
outstanding.  The loan periods should not exceed 120 days.

Judge Carey directs the Debtors and their advisors to cooperate
with the Creditors Committee, the Committee of Second Lien
Lenders, and their advisors, to provide reasonable information
to assist with understanding the Foreign Non-Debtor Affiliates'
financial information and business plans.

The Debtors' equity interests in, and intercompany claims
against, the Foreign Non-Debtor Affiliates are some of the most
valuable assets of their estates, Daniel J. DeFranceschi, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware,
related.  The Debtors project the Foreign Non-Debtor Affiliates'
aggregate 2006 EBITDA will be approximately US$81,000,000.

Due to country-specific restrictions and procedures, the Foreign
Non-Debtor Affiliates may be unable to transfer funds, including
where short-term financing is required by a Foreign Non-Debtor
Affiliate, between and amongst themselves on a timely basis or
upon short notice.  "If one or more of those Foreign Non-Debtor
Affiliates does not receive required short-term financing on a
timely basis from either the Debtors or other Foreign Non-Debtor
Affiliates, it could become subject to foreign insolvency
proceedings, thereby endangering the Debtors' valuable equity
interests in the Foreign Non-Debtor Affiliates," Mr.
DeFranceschi said.

Without that short-term financing, especially in the event of
foreign insolvency proceedings, Mr. DeFranceschi says, the
Foreign Non-Debtor Affiliates could be unable to satisfy their
commitments to existing original equipment manufacturers and
first-tier supplier customers.  "Any such inability would, aside
from endangering the value of the Debtors' equity interests in
the Foreign Non-Debtor Affiliates, jeopardize the Debtors'
relationships with OEMs and first-tier supplier customers
worldwide."

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.  It currently operates in 63
locations including joint venture companies and customer service
centers in 14 countries.  In Europe, the company maintains
operations in Germany, the United Kingdom, France, Spain,
Portugal, Czech Republic, Slovakia and Romania.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Moody's Withdraws Ratings on Chapter 11 Filing
---------------------------------------------------------------
Moody's Investors Service withdrew the ratings for of Dura
Automotive Systems Inc. and Dura Operating Corp. in conjunction
with the company and its U.S. and Canadian subsidiaries having
filed for Chapter 11 protection of the U.S Bankruptcy Code on
Oct. 30.  Moody's has withdrawn the rating because the issuer
has entered bankruptcy.

Ratings withdrawn:

Dura Automotive Systems, Inc.:

    * Corporate Family Rating, Ca;

    * Probability-of-Default, D;

    * Stable outlook; and

    * SGL-4 Speculative Grade Liquidity Rating.

Dura Operating Corp.:

    * US$150 million guaranteed senior secured second-lien
      term loan due 2011, Caa2 (LGD2, 23%);

    * US$75 million guaranteed senior secured second-lien
      add-on term loan due 2011, Caa2 (LGD2, 23%);

    * US$400 million of 8.625% guaranteed senior unsecured
      notes due 2012 (consisting of US$350 million and
      US$50 million tranches), Ca (LGD4, 52%);

    * US$456 million of 9% guaranteed senior subordinated
      notes due 2009, C (LGD5, 89%);

    * EUR100 million of 9% guaranteed senior subordinated
      notes due 2009, C (LGD5, 89%); and

    * Stable outlook.

Dura Automotive Systems Capital Trust:

    * US$55.25 million of 7.5% convertible trust
      preferred securities due 2028, C (LGD6, 98%); and

    * Stable outlook.

Dura Automotive's US$175 million guaranteed senior secured
first-lien asset-based revolving credit is not rated by Moody's.

The last rating action was on Oct. 18 when the ratings were
lowered.

Dura Automotive, headquartered in Rochester Hills, Michigan,
designs and manufactures components and systems primarily for
the global automotive industry including driver control systems,
structural door modules, glass systems, seating control systems,
exterior trim systems, and mobile products.  Annual revenues
approximate US$2.2 billion.


ENDURANCE WORLDWIDE: Fitch Assigns Bq Q-IFS Rating
-------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

  * Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


FORD MOTOR: Applauds ITC's Ruling Revoking Steel Duty Orders
------------------------------------------------------------
The six largest automobile companies -- DaimlerChrysler AG, Ford
Motor Corp., General Motors Corp., Honda, Nissan, and Toyota
Motor North America -- with manufacturing facilities in the
United States has applauded a decision by the U.S. International
Trade Commission to revoke anti-dumping and countervailing duty
orders on "corrosion resistant steel" from Australia, Canada,
France, and Japan.  The ITC left orders in place on imports from
Germany and Korea.

"We are pleased that the ITC revoked most of the duties," said
Stephen E. Biegun, Vice President, International Governmental
Affairs, Ford Motor Company.

"All of these duties are outdated and hurt American
manufacturing competitiveness and U.S. jobs while needlessly
helping a steel industry that is now profitable and healthy."

"[The] decision is a major step forward in restoring needed
competition to the U.S. steel market," Toyota Motor North
America group vice president Josephine Cooper said.

"The ITC's decision supports both a strong steel industry and a
strong auto industry, and we look forward to working with our
colleagues in the steel industry to continue to strengthen
manufacturing in the United States."

The duties on corrosion resistant steel have been in place since
1993 on imports from six countries.  As a result of [the] vote,
duties on imports from Australia, Canada, France, and Japan are
revoked, while duties on imports from Germany and Korea will be
retained until the next review in 2011.

The six auto manufacturers -- DaimlerChrysler, Ford, General
Motors, Honda, Nissan and Toyota -- joined together for the
first time as a group in a trade case to urge revocation of
duties on corrosion-resistant steel because of their serious
concern regarding access to, and availability of, competitively-
priced steel.  During the hearing, the companies demonstrated
that the U.S. steel industry is now profitable, has healthy
long-term prospects, and no longer needs government protection.

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and
distributes automobiles in 200 markets across six continents
including Brazil and Mexico in Latin America.  With more than
324,000 employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corp.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 13,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


GENERAL MOTORS: Applauds ITC's Ruling Revoking Steel Duty Orders
----------------------------------------------------------------
The six largest automobile companies -- DaimlerChrysler AG, Ford
Motor Corp., General Motors Corp., Honda, Nissan, and Toyota
Motor North America -- with manufacturing facilities in the
United States has applauded a decision by the U.S. International
Trade Commission to revoke anti-dumping and countervailing duty
orders on "corrosion resistant steel" from Australia, Canada,
France, and Japan.  The ITC left orders in place on imports from
Germany and Korea.

"We are pleased that the ITC revoked most of the duties," said
Stephen E. Biegun, Vice President, International Governmental
Affairs, Ford Motor Company.

"All of these duties are outdated and hurt American
manufacturing competitiveness and U.S. jobs while needlessly
helping a steel industry that is now profitable and healthy."

"[The] decision is a major step forward in restoring needed
competition to the U.S. steel market," Toyota Motor North
America group vice president Josephine Cooper said.

"The ITC's decision supports both a strong steel industry and a
strong auto industry, and we look forward to working with our
colleagues in the steel industry to continue to strengthen
manufacturing in the United States."

The duties on corrosion resistant steel have been in place since
1993 on imports from six countries.  As a result of [the] vote,
duties on imports from Australia, Canada, France, and Japan are
revoked, while duties on imports from Germany and Korea will be
retained until the next review in 2011.

The six auto manufacturers -- DaimlerChrysler, Ford, General
Motors, Honda, Nissan and Toyota -- joined together for the
first time as a group in a trade case to urge revocation of
duties on corrosion-resistant steel because of their serious
concern regarding access to, and availability of, competitively-
priced steel.  During the hearing, the companies demonstrated
that the U.S. steel industry is now profitable, has healthy
long-term prospects, and no longer needs government protection.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including Brazil and Mexico, and its vehicles are
sold in 200 countries.

                           *     *     *

As reported in the TCR-Europe on Nov. 16, Standard & Poor's
Ratings Services assigned its 'B+' bank loan rating to General
Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


GS EUROPEAN: Fitch Affirms Low-B Ratings on EUR118.6-Mln Notes
--------------------------------------------------------------
Fitch Ratings affirmed ratings of GS European Performance Fund
Limited secured floating-rate notes due 2019.  These ratings
have been affirmed:

   -- EUR741,402,957 tranche A: AAA;
   -- EUR148,280,591 tranche B: AA;
   -- EUR207,592,828 tranche C: A-;
   -- EUR266,905,065 tranche D: BBB-;
   -- EUR59,312,237 tranche E: BB-; and
   -- EUR59,312,237 tranche F: B-.

The transaction continues to perform within expectations and is
in compliance with all portfolio quality tests.

GS European Performance Fund Limited is a EUR2 billion fund that
invests primarily in European loans and bonds.  Any further
issues will be allocated to the tranches in the same proportion
as listed above to maintain the ratings.

The ratings of the notes address the timely payment of interest
for the tranche A and ultimate payment of interest for the other
tranches as well as the ultimate repayment of principal for all
tranches by their maturity.


IGI INSURANCE: Fitch Upgrades Q-IFS Rating to BBBq from BBq
-----------------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

  * Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


KONINKLIJKE AHOLD: Aegon Custody to Convert Preferred Shares
------------------------------------------------------------
Koninklijke Ahold N.V. has received a request from Aegon Custody
B.V., holder of 100,802,061 Ahold cumulative preferred financing
shares with par value of EUR169,286,256 and voting rights of
1.53%, to convert its cumulative preferred financing shares into
common shares.

In accordance with the applicable conversion terms, the number
of 100,802,061 cumulative preferred financing shares will be
converted into 22,419,051 common shares.

The conversion will take place on Jan. 2, 2007.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/ -- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  The company's chain stores include Stop & Shop, Giant,
TOPS, Albert Heijn and Bompreco.  Ahold also supplies food to
restaurants, hotels, healthcare institutions, government
facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


KONINKLIJKE AHOLD: Repositioning Spurs S&P to Revise Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based food retailer and food service distributor
Koninklijke Ahold N.V. to positive from stable.  At the same
time, the 'BB+/B' long- and short-term corporate credit ratings
were affirmed.

"The outlook revision follows Ahold's recently announced retail
repositioning, including a sizable disposal program, and
reflects our expectation of a significantly enhanced financial
profile for the group by 2007," said Standard & Poor's credit
analyst Nicolas Baudouin.

The disposal of the U.S. Foodservice division will have a
limited impact on the group's business risk profile, while
selling selected loss-making retail banners will be beneficial.
Ahold's commitment to dedicate EUR2 billion to debt reduction
will substantially strengthen the group's financial risk
profile.

The ratings continue to reflect Ahold's still leveraged, albeit
swiftly improving financial profile, and challenging retail
market trends in the U.S.  These negative factors are tempered
by:

   -- the leading market positions of the group's core
      retail operators, Stop & Shop in the northeastern U.S.
      and Albert Heijn B.V. in the Netherlands;

   -- management's strategic focus on key businesses
      and divesting underperforming noncore assets;

   -- the group's dominant position in the Dutch market; and

   -- good liquidity.

"Ahold's funds from operations to fully adjusted net debt could
strengthen to beyond 25%," added Mr. Baudouin.  "The group could
come close to this minimum for a 'BBB-' investment-grade rating
by year-end 2006 and is poised to exceed it once disposals are
finalized."

Stripping out one-off items, Standard & Poo's expects cash flow
generation to improve substantially compared with 2005, as
evidenced by the strong increase in EBITDA in the first nine
months of 2006.  Despite a material pretax EUR536 million in
first-half 2006 to cover two thirds of the cash payment to
settle the U.S. securities class action suit against the group,
cash flow generation will likely be sufficient to reduce debt in
2006.  In addition, the group's disposal program will give a
further boost to debt reduction in 2007.

The major risk area is the group's U.S. retail operations, where
tough market conditions still hamper the group's
creditworthiness.  Any significant downturn or the inability to
reposition U.S. retail operations could delay Ahold's return to
investment-grade status.


LIVERPOOL VICTORIA: Fitch Affirms Bbq Q-IFS Rating
--------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

  * Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


MARKEL CAPITAL: Fitch Lifts Capital Securities to BBB- From BB+
---------------------------------------------------------------
Fitch Ratings upgraded Markel Corp.'s Issuer Default Rating to
'BBB+' from 'BBB' and Markel's senior debt ratings to 'BBB' from
'BBB-'.

Fitch also upgraded the trust preferred stock rating of Markel
Capital Trust to 'BBB-' from 'BB+'.  Additionally, Fitch
affirmed the 'A' Insurer Financial Strength ratings of the
members of the Markel North America insurance group.  Fitch also
affirmed the 'A-' IFS rating of Markel International Insurance
Company.  The Rating Outlook is Positive.

The debt and preferred stock upgrades reflect a material
reduction in pro-forma financial leverage at Markel.  Markel
achieved this reduction in leverage through a combination of
increased retained earnings and capital market transactions.

Earlier this year, Markel announced the redemption of its
convertible debt issue.  These securities were convertible into
common stock at the option of the debt holders who chose to
convert rather than be redeemed.  As a result, approximately
US$101 million of debt converted into common stock.  Markel also
announced its intent to redeem all US$107 million of its
outstanding trust preferred securities as of Jan. 1, 2007.
Fitch expects financial leverage to fall to the 25 to 27% range
as a result of these transactions.  Markel's financial leverage
had previously exceeded 30%.  Additionally, Markel's capital
structure will be significantly simplified, consisting of only
senior debt and common stock, after the redemption of the trust
preferred securities.

The positive outlook considers the insurance operation's strong
underwriting results and operating cash flow.  Markel surpassed
its target of an underwriting profit in the first nine months of
2006, reporting a combined ratio of 88%.  These results compare
favorably to the comparable period in 2005.  However, Fitch
recognizes that they largely reflect the relatively benign
natural catastrophe losses in 2006 compared to record
catastrophe losses in 2005.  Markel was affected by the 2005
hurricane season, incurring losses of US$246.3 million as the
result of Hurricanes Katrina, Rita and Wilma.  The 2005
hurricane season added 12 points to Markel's consolidated
combined ratio, which was 101% for the full year 2005.  Markel's
operating results compare favorably to its peers.

Markel's rating outlook also benefits from conservative
reserving and accounting practices, a value-investing strategy
that has historically produced returns in excess of market
indices and a number of commutations that reduced Markel's
exposure to lower rated reinsurers.

Conversely, Fitch notes that Markel has a history of
acquisitions.  Historically, these acquisitions have occurred in
soft market conditions, when organic premium growth was
difficult to achieve, and were financed with significant amounts
of debt.  Fitch believes the insurance market is softening. If
Markel were to make a major acquisition or significantly
increase its financial leverage, Fitch would have to re-evaluate
the ratings and rating outlook.

The ratings also consider Markel's moderate operating leverage,
including high exposure to reinsurance recoverables, though this
is somewhat mitigated by strong collateral and the
aforementioned commutations.  Markel also employs significant
investment leverage, allocating a much larger portion of its
investment portfolio to equities, but a lower portion to non-
investment grade bonds, than peers.

Absent unusual large losses, such as another intense hurricane
season, Fitch expects Markel North America to meet Markel's
combined ratio target in 2007, which varies but is below 100%.
Fitch continues to believe the positive actions taken at MIICL
will ultimately result in underwriting results that meet
Markel's 100% combined ratio target.  However, Fitch recognizes
that this achievement has taken longer than anticipated. The
combined ratio for MIICL in the first nine months of 2006 was
105%.

In 2005-6, MIICL has made significant progress in building up a
reserve buffer, bringing its reserving methodology into line
with that of the group and in commuting reinsurance
recoverables.  Although MIICL's ultimate profitability continues
to lag below the expected level for a company in the 'A'-range,
it is expected that future reserve releases will bolster
improved underlying performance and that a return commensurate
with that of the rest of the group will be achieved in 2007-8,
at which point an upgrade could be envisaged and the rating of
MIICL equalized with that of the operating companies of Markel
North America.

Fitch expects Markel will continue to hold cash and investments
at the holding company equal to at least 2 times (x) annual
interest expense.  Fitch also expects 2007 fixed-charge coverage
will meet, or exceed, the 4x level that is the threshold for the
current rating level.

Markel Corporation markets and underwrites specialty insurance
products and programs to a variety of niche markets.  In each of
these markets, the company seeks to provide quality products and
excellent customer service so that it can be a market leader.

The following ratings are affirmed with a Positive Outlook:

  * Associated International Insurance Co.
  * Deerfield Insurance Company
  * Essex Insurance Company
  * Evanston Insurance Company
  * Markel American Insurance Company
  * Markel Insurance Company

      -- Insurer financial strength (IFS) at 'A'.

  * Markel International Insurance Company

    -- IFS at 'A-'.

The following ratings are upgraded:

  * Markel Corporation

      -- Issuer Default Rating (IDR) to 'BBB+' from 'BBB' with a
         Positive Outlook;

      -- 7.2% Senior notes due Aug. 15, 2007 to 'BBB' from
         'BBB-';

      -- 7.0% Senior notes due May 15, 2008'BBB' from 'BBB-';

      -- 6.8% Senior notes due Feb. 15, 2013 'BBB' from 'BBB-';

      -- 7.35% Senior notes due Aug. 15, 2034 'BBB' from 'BBB-';

      -- 7.5% Senior notes due Aug. 22, 2046 'BBB' from 'BBB-'.

The 4.25% Liquid Yield Option Notes due June 5, 2031, rated
'BBB-', have been Paid in Full.

  * Markel Capital Trust

      -- 8.71% Capital securities due Jan. 1, 2046 to 'BBB-'
         from 'BB+'.


MERCATOR CLO: S&P Rates EUR19.5-Mln Class B-2 Notes at BB-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR369.5 million floating-rate notes to be
issued by Mercator CLO II PLC, a special purpose entity.  At the
same time, Mercator CLO II will issue EUR42.5 million of
subordinated, unrated notes.

The collateral consists of a portfolio of senior secured loans,
second-lien loans, mezzanine loans, senior secured bonds, and
synthetic securities.

The portfolio will be managed by NAC Management (Cayman) Ltd.
acting as collateral manager, and New Amsterdam Capital
Management LLP (NAC) will act as collateral advisor.  This will
be NAC's second leveraged loan CLO to be rated by Standard &
Poor's.

The transaction is expected to be 80% ramped up at closing with
the target par amount of EUR400 million being acquired over a
nine-month period.

Mercator CLO II PLC may include up to 20% of British pounds
sterling-denominated assets.  The currency mismatch between
these assets and the entirely euro-denominated liabilities will
be mitigated by a portfolio hedge consisting of a rolling
cancellable and accelerable principal and basis swap, and
sterling options purchased by the issuer.

                         Ratings List
                      Mercator CLO II PLC
               EUR412 Million Floating-Rate Notes

                          Prelim.        Prelim.
           Class          rating         amount (Mil. EUR)
           -----          ------         ------
           A-1            AAA            274
           A-2            AA             25.5
           A-3(1)         A              25
           B-1(1)         BBB-           25.5
           B-2(1)         BB-            19.5
           Subordinated   NR             42.5
           notes

           (1) Deferrable
           NR  Not rated


NETWORKS NEWMEDIA: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------------
Creditors of Networks Newmedia Limited confirmed Dec. 6 the
appointment of Mark Elijah Thomas Bowen and Nigel Price of Moore
Stephens LLP as the company's Joint Liquidators.

Moore Stephens -- http://www.moorestephens.co.uk-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.


NEW GRANADA: Joint Liquidators Take Over Operations
---------------------------------------------------
David L. Cockshott and Paul A. Whitwam of BWC Business Solutions
were appointed Joint Liquidators of New Granada Limited on
Dec. 7 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         New Granada Limited
         Eldon Terrace
         Leeds
         West Yorkshire LS2 9AB
         United Kingdom
         Tel: 0113 245 8503


ROYAL LIVER: Fitch Downgrades Q-IFS Rating to BBq
-------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

  * Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


SOLICITORS INDEMNITY: Fitch Lifts Q-IFS Rating to BBBq from BBq
---------------------------------------------------------------
Fitch Ratings updated its Quantitative Insurer Financial
Strength ratings for 45 insurers in Italy and the United
Kingdom.  Of these, there are 27 rating affirmations, five
upgrades, two downgrades, four new ratings and seven ratings
withdrawn.

Of the withdrawn ratings, three are due to a lack of data
consistency, which prevents an update of the existing ratings;
two due to a transition to IFRS accounting resulting in an
absence of three years' worth of comparable data; and a further
two due to corporate actions, specifically Skandia Life
Assurance Company Ltd and Skandia Vita SpA.

Fitch notes that the large number of affirmations relative to
upgrades and downgrades reflects the stable credit fundamentals
in the U.K. and Italy during the 2005 financial year.  The
greater number of upgrades relative to downgrades mirrors the
improved capitalization and good earnings profile of a majority
of insurers in both markets.

The Q-IFS ratings are point-in-time ratings using year-end 2005
and prior years' annual financial results and are based on
publicly available financial information, unless otherwise
indicated.

United Kingdom

* Upgrades:

   -- Hiscox Insurance Company Limited: 'Aq' from 'BBBq'

   -- IGI Insurance Company Limited: 'BBBq' from 'BBq'

   -- Solicitors Indemnity Mutual Insurance Association Limited:
      'BBBq' from 'BBq'

* Downgrades

   -- Royal Liver Assurance Limited: 'BBq' from 'BBBq'

* New Ratings

   -- Avon Insurance Plc: 'Aq'
   -- Endurance Worldwide Insurance Limited: 'Bq'
   -- Personal Assurance Plc: 'BBBq'
   -- Sabre Insurance Company Limited: 'BBBq'

* Affirmations

   -- Budget Insurance Company Limited: 'BBBq'
   -- China Insurance Company (UK) Limited: 'BBBq'
   -- Congregational and General Insurance Plc: 'BBBq'
   -- Dentists Provident Society Ltd: 'BBBq'
   -- Domestic & General Insurance plc: 'BBBq'
   -- Equine & Livestock Insurance Company Limited: 'BBBq'
   -- Griffin Insurance Association Limited: 'BBBq'
   -- Highway Insurance Company Limited: 'BBBq'
   -- Lincoln Assurance Ltd: 'Aq'
   -- Liverpool Victoria Friendly Society Ltd: 'BBq'
   -- Liverpool Victoria Life Company Limited: 'BBBq'
   -- Nordben Life and Pension Insurance Co Limited: 'BBBq'
   -- Pioneer Friendly Society Limited: 'BBBq'
   -- Westfield Contributory Health Scheme Limited: 'BBBq'

  * Withdrawals

   -- Ansvar Insurance Company Limited: 'BBBq'
   -- Skandia Life Assurance Company Ltd: 'Aq'

Italy

* Upgrades

   -- Po Vita Assicurazioni SpA: 'Aq' from 'BBBq'
   -- Sara Assicurazioni SpA: 'BBBq' from 'BBq'

* Downgrades

   -- Piemontese Assicurazioni SpA (La): 'BBq' from 'BBBq'

* Affirmations

   -- Assicuratrice Edile SpA: 'BBBq'

   -- Claris Vita SpA: 'BBBq'

   -- Italiana Assicurazioni SpA: 'BBBq'

   -- Duomo Previdenza SpA: 'BBBq'

   -- Friuli-Venezia Giulia Assicurazioni "La Carnica" SpA:
      'BBq'

   -- Helvetia Vita SpA: 'BBBq'

   -- Il Duomo Assicurazioni e Riassicurazioni SpA: 'BBq'

   -- Itas Assicurazioni SpA: 'BBBq'

   -- Itas Vita SpA: 'BBBq'

   -- Piemontese Vita (La): 'BBBq'

   -- SEAR Societa Europea Assicurazioni e Riassicurazioni SpA:
      'Bq'

   -- Societa Cattolica di Assicurazione coop. Arl: 'Aq'

   -- Vittoria Assicurazioni SpA: 'BBBq'

* Withdrawals

   -- Assicuratrice Val Piave SpA: 'BBBq'

   -- Assicurazioni Rischi Automobilistici e Generali: 'Bq'

   -- Helvetia Assicurazioni SpA: 'Bq'

   -- Nationale Suisse Vita Compagnia Italiana di Assicurazioni
      SpA: 'BBBq'

   -- Skandia Vita SpA: 'BBBq'

Q-IFS ratings differ from traditional IFS ratings based on the
methodology employed.  Traditional IFS ratings are established
by a Fitch rating committee using a methodology that
incorporates a comprehensive review of both quantitative and
qualitative factors.  In-depth discussions with senior
management typically play an important part in Fitch's
evaluation.

In contrast, Q-IFS ratings are generated solely using a
statistical model that utilizes financial statement information.
This information is the historical publicly available
information generally available to brokers, independent
financial advisers and other counterparties to insurers.  The
model incorporates "rating logic" that mirrors the quantitative
analysis used to assign traditional IFS ratings, and the model
itself is subject to rating committee review.  However,
individual ratings are not established or reviewed by the rating
committee.

The statistical model generally requires a minimum of three
years of financial statement information: Fitch will not publish
Q-IFS ratings if the information is deemed incomplete.
Additional differences between the Q-IFS ratings and traditional
IFS ratings include:

   -- Q-IFS ratings make no assessment of management quality;
      and

   -- affiliate/parent relationships are not considered.

Qualitative factors requiring subjective assessment are
excluded, such as prudence of reserving assumptions, reinsurance
and asset hedging strategies.

Q-IFS Ratings are identified using a "q" subscript.  They are
'point-in-time' ratings, and are reviewed on no less than an
annual basis.  The concept of 'point-in-time' is intended to
denote the fact that the ratings are valid as of the last
balance sheet date used to derive the rating and carry no
forward-looking elements.  The ratings do not incorporate Rating
Outlook or Rating Watch designations used in traditional IFS
ratings.

The Q-IFS rating uses a rating scale and definitions that are
similar to those used by Fitch for traditional IFS ratings.
Ratings of 'BBBq' and higher are considered to be 'Secure', and
those of 'BBq' and lower are considered to be 'Vulnerable'.  The
rating scale does not utilize the '+' and '-' suffixes
associated with traditional IFS ratings.  In addition, the
rating scale does not incorporate the 'CC' and 'C' equivalent
ratings, which require certain qualitative analytical judgments
that are not included in the model.  Insurers that have either
failed to make payments on their obligations in a timely manner,
are deemed to be insolvent, or have been subject to some form of
regulatory intervention are assigned ratings using the
traditional IFS rating scale (i.e., 'DDD', 'DD', 'D').

AAAq: Exceptionally strong.  Insurers assigned this highest
rating are viewed as possessing exceptionally strong capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
For such companies, risk factors are minimal and the impact of
any adverse business and economic factors is expected to be
extremely small.

AAq: Very strong.  Insurers are viewed as possessing very strong
capacity to meet policyholder and contract obligations based
solely on their stand-alone publicly available financial
statement information.  Risk factors are modest, and the impact
of any adverse business and economic factors is expected to be
very small.

Aq: Strong.  Insurers are viewed as possessing strong capacity
to meet policyholder and contract obligations based solely on
their stand-alone publicly available financial statement
information.  Risk factors are moderate, and the impact of any
adverse business and economic factors is expected to be small.

BBBq: Good.  Insurers are viewed as possessing good capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are somewhat high, and the impact of any adverse
business and economic factors is expected to be material, yet
manageable.

BBq: Moderately weak.  Insurers are viewed as moderately weak
with an uncertain capacity to meet policyholder and contract
obligations based solely on their stand-alone publicly available
financial statement information.  Though positive factors are
present, overall risk factors are high, and the impact of any
adverse business and economic factors is expected to be
significant.

Bq: Weak.  Insurers are viewed as weak with a poor capacity to
meet policyholder and contract obligations based solely on their
stand-alone publicly available financial statement information.
Risk factors are very high, and the impact of any adverse
business and economic factors is expected to be very
significant.

CCCq: Very weak.  Insurers rated in this category are viewed as
very weak with a very poor capacity to meet policyholder and
contract obligations based solely on their stand-alone publicly
available financial statement information.  Risk factors are
extremely high, and the impact of any adverse business and
economic factors is expected to be insurmountable.  Some form of
insolvency or liquidity impairment appears probable or imminent.


SOLUTIA INC: Receives Commitment for US$1.1-Billion DIP Loan
------------------------------------------------------------
Solutia Inc. has received a fully underwritten commitment for
US$1.075 billion of debtor-in-possession financing, maturing
March 31, 2008.

This represents a US$250 million increase and a one-year
extension over Solutia's current DIP financing.  The increased
availability under the DIP financing provides Solutia with
further liquidity for operations and the ability to fund
mandatory pension payments that come due in 2007.

The agreement also allows for Solutia to purchase Akzo Nobel's
stake in Flexsys, the 50%/50% joint venture between Azko Nobel
and Solutia.  As reported in the Troubled Company Reporter on
Dec. 20, 2006, Solutia reached an agreement in principle to
purchase Akzo Nobel N.V.'s stake in Flexsys as well as Akzo
Nobel's Crystex, a "non-blooming vulcanizing agents for
unsaturated elastomers" business in Japan.

To facilitate the Flexsys acquisition, up to US$150 million of
additional funds could be raised under this DIP financing
through an accordion feature, bringing the total to US$1.225
billion.  The DIP financing can be repaid by Solutia at any time
without prepayment penalties.

Citigroup is acting as lead arranger.

This amendment requires the approval of the U.S. Bankruptcy
Court for the Southern District of New York.

                         About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.


TAG RECRUITMENTS: Claims Registration Ends Feb. 2, 2007
-------------------------------------------------------
Creditors of Tag Recruitments (Coalville) Ltd. have until
Feb. 2, 2007, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their Solicitors (if any), to appointed
Joint Liquidator Edward T. Kerr at:

         PKF (UK) LLP
         Pannell House
         159 Charles Street
         Leicester LE1 1LD
         United Kingdom

The company can be reached at:

         Tag Recruitments (Coalville) Ltd.
         13a Belvoir Road
         Coalville
         Leicestershire LE67 3PD
         United Kingdom
         Tel: 01530 839888


TELABRIA LIMITED: Names Joint Liquidators to Wind Up Business
-------------------------------------------------------------
Stephen John Tancock and Vincent John Green of Smith &
Williamson Limited were appointed Joint Liquidators of Telabria
Limited on Dec. 11 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Telabria Limited
         Galley Drive
         Kent Science Park
         Sittingbourne
         Kent ME9 8GA
         United Kingdom
         Tel: 08453456757


TIMBER WORKSHOP: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------------
Creditors of The Timber Workshop (Design) Limited confirmed
Dec. 12 the appointment of Christopher David Stevens and Colin
Ian Vickers of Vantis as the company's Joint Liquidators.

The company can be reached at:

         The Timber Workshop (Design) Limited
         Oak Tree Farm
         West Street Lane
         Maynards Green
         Heathfield
         East Sussex TN210DB
         United Kingdom
         Tel: 01435 813 324
         Fax: 01435 813 542


WALKERS INSURANCE: Creditors' Claims Due Jan. 7, 2007
-----------------------------------------------------
Creditors of Walkers Insurance Services Limited have until
Jan. 7, 2007, to send their names and addresses, and full
particulars of their debts or claims to appointed Liquidator
Gerard Keith Rooney at:

         Rooney Associates
         2nd Floor
         19 Castle Street
         Liverpool L2 4SX
         United Kingdom

The company can be reached at:

         Walkers Insurance Services Limited
         Walker House
         4 Hoole Lane
         Chester
         Cheshire CH2 3DS
         United Kingdom
         Tel: 01244 332 888
         Fax: 01244 348 500


* Moody's Updates LGD Methodology for Structured Finance
--------------------------------------------------------
Moody's Investors Service has released a study updating its
methodology for measuring loss given default (LGD) for
structured finance securities.

Moody's defines LGD as the sum of the discounted present value
of the defaulted tranches' principal losses and interest
shortfalls.  The study analyzed over 700 defaulted structured
finance securities and found that the estimated final LGD
averaged 50.9% as a percentage of the tranche's original balance
and 71.8% as a percentage of the default date balance.

"Because structured finance tranches' losses accrue gradually
over time, we know final LGD rates only for tranches that have
reached a final resolution with zero outstanding balances.  We
estimate final LGD rates for unresolved defaults," said Moody's
Managing Director of Credit Policy Research Richard Cantor.

Overall, loss severity rates for resolved defaults continue to
be higher than the projected severity rates of the unresolved
defaults.  Principal write-downs are in general a much larger
source of losses than missed interest payments for defaulted
structured finance securities.  However, missed interest
payments tend to be more important for unresolved defaults as
many are experiencing interest shortfalls only.

"Moody's also found that LGD varies by sector, with those of
U.S. RMBS, HEL, and CMBS being lower than those of U.S. ABS or
global CDOs," says Moody's Vice President Julia Tung, author of
the report.

"Factors that contributed to the variation among the sectors
include differences in amortization rates and typical deal
structures and the timing of the credit cycle for different
asset classes during the study period," the analyst added.

The study also examined LGD by tranche size, time to default,
and original rating and concluded that there is a negative
relationship between loss severity rates and both tranche size
and time to default.  Moreover, LGD is lower for securities
rated investment-grade at origination than for those rated
speculative-grade.


* BOOK REVIEW: American Arbitration: Its History, Functions and
               Achievements
---------------------------------------------------------------
Author:     Frances Kellor
Publisher:  Beard Books
Paperback:  280 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122581/internetbankru
pt

Francis Kellor's American Arbitration: Its History, Functions
and Achievements covers the rise of the Armerican Arbitration
Association and the beginneings of the important role that
arbitration has come to play in the commercial arena.

This book makes for interesting reading as it traces the two
pioneer organizations that consolidated in 1926 to form the
American Arbitration Association.

The role and influence of the Association in its first twenty
years of existence are noteworthy as the book covers the
practice of American arbitration and the American concept and
organization of international commercial arbitration.

The final chapter is devoted to the builders of American
arbitration.

                           *********

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.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

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/books/to order any title today.

                           *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *