TCREUR_Public/081106.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, November 6, 2008, Vol. 9, No. 221

                            Headlines

A U S T R I A

DEXIA-KOMMUNALKREDIT: Fitch Cuts Individual Rating to 'D' From 'C'
GTE LLC: Claims Registration Period Ends November 19
ROGER KOOP: Claims Registration Period Ends November 17
NANOIDENT TECHNOLOGIES: Claims Registration Ends November 17
NANOIDENT ORGANIC: Claims Registration Period Ends Nov. 17

MARKETING TELESALES: Claims Registration Period Ends Nov. 17


G E R M A N Y

ADVENTURE BALLOONING: Claims Registration Period Ends Nov. 11
ASK COMPUTER: Claims Registration Period Ends November 11
ATADO.DE GMBH: Claims Registration Period Ends November 12
DL GEBAUDESERVICE: Claims Registration Period Ends Nov. 11
HEIDELBERGCEMENT AG: Earns EUR2.1BB in First Nine Months of 2008

HEIDELBERGCEMENT AG: Fitch Cuts IDR to 'BB+'; Outlook Negative
LANDESBANK BERLIN: Fitch Cuts Individual Rating to 'D'
MEGA SUPERMARKT: Claims Registration Period Ends November 11
TAXI GMBH: Claims Registration Period Ends November 11


H U N G A R Y

* Moody's Says IMF Package Will Ease Pressure on Hungarian Banks


I C E L A N D

LANDSBANKI ISLANDS: Moody's Reviews Junk Ratings for Downgrade


K A Z A K H S T A N

DEN-2002 LLP: Creditors Must File Proofs of Claim by Dec. 12
FAGOT & K: Creditors' Claims Deadline Slated for Dec. 12
GRIZLI LLP: Creditors' Claims Filing Period Ends Dec. 10
HLEBOROBNOYE LLP: Creditors Must Register Claims by Dec. 12
IMPEX STROY: Creditors' Claims Due on Dec. 12

GLOBAL PAY: Creditors Must File Proofs of Claim by Dec. 12
KAZAKHSKY ENERGETICHESKY: Claims Deadline Slated for Dec. 12
LIDERHOST KZ: Creditors' Claims Filing Period Ends Dec. 12
MAKSIMUM MEDIA: Creditors Must Register Claims by Dec. 10
PT PENOPLAST: Creditors' Claims Due on Dec. 10


K Y R G Y Z S T A N

DEKA CJSC: Creditors Must File Claims by November 28


M A C E D O N I A

* Fitch Changes Macedonia's Outlook to Stable


L I T H U A N I A

BITE FINANCE: Moody's Reviews Ratings for Possible Downgrade


N E T H E R L A N D S

LYONDELL BASELL: Fitch Affirms IDRs at 'B'; Outlook Negative


P O R T U G A L

BANCO PORTUGUES: Moody's Reviews D+ BFSR for Possible Downgrade


R U S S I A

KOLLEKTOR LLC: Creditor Must File Claims by November 31
MONOLITH GROUP OJSC: Moscow Bankruptcy Hearing Set March 17
NEFTE-REM-SERVIS CJSC: Court Names Temporary Insolvency Manager
PRIVOLZHSKIY ABRASIVE: Creditor Must File Claims by November 31
PRO-MASH-OREL CJSC: P. Klimenko Named as Insolvency Manager

PYATIGORSKAYA CONSTRUCTION: Claims Deadline Set on Dec. 31
ROS-TRUB-KONTRAKT: Yaroslavskaya Bankruptcy Hearing Set Dec. 3
STROY-VARIANT LLC: Creditors Must File Claims by December 31
TEKH-STANKO-PROM OJSC: Creditors Must File Claims by December 31
ZAONEZHSKAYA FORESTRY: Creditors Must File Claims by Dec. 31

* KALUGA RUSSIA: Fitch Assigns 'BB-' Currency Ratings
* YAROSLAVL RUSSIA: Fitch Assigns 'BB-' Currency Ratings


S P A I N

BANKINTER SERIES: Fitch Holds Junk Rating on Class E Bankinter 12
CODERE SA: Moody's Changes Outlook on B1 CFR to Negative
FONDO DE TITULIZACION: Fitch Cuts Class D Rating to 'B'
FONDO DE TITULIZACION: Fitch Cuts Class F Tranche to 'C/DR6'


S W I T Z E R L A N D

EASTERN EUROPEAN: Creditors Must File Proofs of Claim by Nov. 16
HARTMUT BRAUN: Deadline to File Proofs of Claim Set Nov. 16
IMMOFINANZ SCHWYZ: Creditors Have Until Nov. 16 to File Claims
METZGEREI BINER: Proofs of Claim Filing Deadline is Nov. 20
PC INVEST: Creditors' Proofs of Claim Due by Nov. 16

PRO-SENSE LLC: Nov. 19 Set as Deadline to File Claims
SCHOGGIFACTORY BARBARA: Creditors Must File Claims by Nov. 16
TELLOSA IMMOBILIEN: Deadline to File Proofs of Claim Set Nov. 15


U K R A I N E

AGRARIAN-INDUSTRIAL LLC: Creditors Must File Claims by  Nov. 14
BEREZNA AGRICULTURAL: Creditors Must File Claims by  Nov. 14
GOLDEN SNACK: Creditors Must File Claims by Nov. 14
MOBILE CONNECTION: Creditors Must File Claims by  Nov. 14
NOVASEL-DNIEPROPETROVSK: Creditors Must File Claims by Nov. 14

OZON LTD: Creditors Must File Claims by Nov. 14
SMEREKA LLC: Under Bankruptcy Supervision Procedure Nov. 14
SPANEYTA-UKRAINE LLC: Creditors Must File Claims by  Nov. 14
ZEBRA-UKRAINE LLC: Creditors Must File Claims by  Nov. 14


U N I T E D   K I N G D O M

ABACROMBIE & CO: High Court Orders Winding Up Proceedings
ACTIVE INSTORE: Appoints Joint Administrators from Tenon
BURCHELL EDWARDS: Bought Out of Administration by Management
COLLIER LITHO: Appoints Joint Administrators from Tenon Recovery
CORGI INTERNATIONAL: Placed Two UK Units Into Administration

CSW GROUP: Goes Into Administration; Seeks Potential Buyers
FIRECHECK HOLDINGS: Taps BDO Stoy as Joint Administrators
GOODMAN BAYLIS: Goes Into Administration Weeks After Buyout
GUITEL LIMITED: Calls in Administrators from Tenon Recovery
HANSON PLC: Fitch Cuts Senior Unsecured Rating to 'BB+'

ICESAVE: FSCS Informs Customers on How to Claim Back Savings
UPTON PACKAGING: Goes Into Administration
VIRGIN MEDIA: Inks Two New Channel Carriage Deals with Sky

* UK Business Failures Up 22% in First Nine Months, Experian Says
* UK Automotive Insolvencies Up 18% in 3Q2008, Experian Says
* October 2008 High Street Retail Activity Drops, Experian Says
* R3 Predicts 41% Increase in UK Business Insolvencies for 2009
* Howard Flight Blames Banking Crisis on UK Gov't. Policy Failures

* PwC Says Bank of England Should Cut Interest Rates
* Fitch Says EU Sovereign Ratings Not Threatened By Bank Bail-Outs
* Fitch Says EU Consumer Credit Decline to Affect Junior ABS Notes
* Fitch Says Senior Tranches of European CLOs Resilient
* Fitch: Severe Global Recession Expected in 2009

* Large Companies with Insolvent Balance Sheet


                         *********


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


DEXIA-KOMMUNALKREDIT: Fitch Cuts Individual Rating to 'D' From 'C'
------------------------------------------------------------------
Fitch Ratings downgraded Dexia-Kommunalkredit Bank AG's Long-term
Issuer Default Rating (IDR) to 'BBB+' from 'A', Short-term IDR to
'F2' from 'F1' and Individual rating to 'D' from 'C'.  Dexia-Kom's
Support Rating has been affirmed at '2'.

This rating action follows the announcement by majority
shareholder, Dexia (rated 'AA-' (AA minus)/Outlook Stable), that
Dexia-Kom's Slovakian subsidiary, Dexia Banka Slovensko (DBS),
suffered a sizable loss in Q308 following a client-driven foreign
currency transaction.

The downgrade of Dexia-Kom's Individual rating reflects evidenced
weaknesses in the bank's risk management system, diminished
financial flexibility due to the loss and its somewhat stretched
capitalization.

Following the announced loss, Dexia replaced DBS's Chief Executive
and announced a capital increase at Dexia-Kom.

Kommunalkredit Austria AG (rated 'A+'/Outlook Stable), Dexia-Kom's
other core shareholder, will participate in the capital increase.
Dexia expects Dexia-Kom's loss to amount to EUR82 million
(excluding minorities), which is sizable in proportion to the
bank's capital base (EUR376 million Fitch eligible capital at end-
H108).  Fitch considered Dexia-Kom's capitalization (before the
reported loss) as just adequate with a Fitch eligible capital
ratio of 7.06% at end-H108.  On a pro-forma basis, Dexia-Kom's
capital ratios are likely to be below the ratios reported at end-
H108 despite the planned capital increase.

Fitch acknowledges the planned capital support of Dexia-Kom from
its shareholders, Dexia and Kommunalkredit Austria, and as a
result Dexia-Kom's IDRs are now based on institutional support
from its majority shareholder, rather than the Individual rating.
Dexia-Kom is a joint venture between Dexia Credit Local (DCL,
owning 50.84%) and Kommunalkredit Austria, which is also in charge
of the management and operations of Dexia-Kom.  Dexia-Kom focuses
on public-sector financing in central and eastern Europe and has a
notable presence in Slovakia, Poland, Hungary, the Czech Republic,
Croatia, Bulgaria and Romania.  Dexia-Kom holds 84.4% in DBS,
which accounts for a large share of Dexia-Kom's operations.


GTE LLC: Claims Registration Period Ends November 19
----------------------------------------------------
Creditors owed money by LLC GTE (FN 112907s) have until
Nov. 19, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Stefan Jahns
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 532 17 11, Fax: 532 17 11 11
         E-mail: kanzlei@jahns.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 09.45 a.m. on Dec. 15, 2008, for the
examination of claims at:

         Trade court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 1, 2008, (Bankr. Case No. 4 S 138/08h).


ROGER KOOP: Claims Registration Period Ends November 17
-------------------------------------------------------
Creditors owed money by LLC Roger Koop (FN 109643s) have until
Nov. 17, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
              587 31 12
         Fax: 587 87 50 50
         E-mail: office@pitzal-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 09.45 a.m. on Dec. 1, 2008, for the
examination of claims at:

         Trade court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 2, 2008, (Bankr. Case No. 3 S 101/08k).


NANOIDENT TECHNOLOGIES: Claims Registration Ends November 17
------------------------------------------------------------
Creditors owed money by JSC NanoIdent Technologies (FN 245032t)
have until Nov. 17, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Rudolf Anton Mitterlehner
         Landstrasse 9
         4020 Linz
         Austria
         Tel: 0732/771653-0
         Fax: 0732/771653-18
         E-mail: office@bom.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Dec. 9, 2008, for the
examination of claims at:

         Land Court of Linz
         Room 522
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Oct. 2, 2008 (Bankr. Case No. 12 S 81/08m).


NANOIDENT ORGANIC: Claims Registration Period Ends Nov. 17
----------------------------------------------------------
Creditors owed money by LLC Nanoident Organic Fab (FN 274653b)
have until Nov. 17, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Rudolf Anton M4
         Landstrasse 9
         4020 Linz
         Austria
         Tel: 0732/771653-0
         Fax: 0732/771653-18
         E-mail: office@bom.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11.30 a.m. on Dec. 1, 2008, for the
examination of claims at:

         Land Court of Linz
         Room 522
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Oct. 2, 2008, (Bankr. Case No. 12 S 82/08h).


MARKETING TELESALES: Claims Registration Period Ends Nov. 17
------------------------------------------------------------
Creditors owed money by Mg Marketing Telesales Ltd (FN 305185b)
have until Nov. 17, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Dec. 1, 2008, for the
examination of claims at:

         Trade court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 2, 2008, (Bankr. Case No. 3 S 95/08b).


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


ADVENTURE BALLOONING: Claims Registration Period Ends Nov. 11
-------------------------------------------------------------
Creditors of Adventure Ballooning GmbH have until Nov. 11, 2008,
to register their claims with court-appointed insolvency manager
Dr. Hans Joerg Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 11, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 406
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         Germany

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

The insolvency manager can be reached at:

         Dr. Hans Joerg Laudenbach
         Carlo Mierendorff Strasse 15
         35398 Giessen
         Germany
         Tel: 0641/98292-18
         Fax: 0641/98292-16

The District Court of Giessen opened bankruptcy proceedings
against Adventure Ballooning GmbH on Sept. 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Adventure Ballooning GmbH
         Untergasse 20
         35321 Laubach
         Germany

         Attn: Ruthard Bernd Wolf, Liquidator
         Feuerbachstrasse 24
         63452 Hanau
         Germany


ASK COMPUTER: Claims Registration Period Ends November 11
---------------------------------------------------------
Creditors of Ask Computer Electronic GmbH have until Nov. 11,
2008, to register their claims with court-appointed insolvency
manager Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 6, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Markus Ernestus
         O 3
         11+12
         68161 Mannheim
         Germany
         Tel: (06 21) 53 39 220

The District Court of Karlsruhe opened bankruptcy proceedings
against Ask Computer Electronic GmbH on Oct. 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ask Computer Electronic GmbH
         Attn: Ruediger Schmidt, Manager
         Sperberstr. 6
         68753 Waghausel
         Germany


ATADO.DE GMBH: Claims Registration Period Ends November 12
----------------------------------------------------------
Creditors of ATADO.de GmbH have until Nov. 12, 2008, to register
their claims with court-appointed insolvency manager Stefan
Ebeling.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         Germany

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

The insolvency manager can be reached at:

         Stefan Ebeling
         Kurt-Schumacher-Strasse 21
         D 38102 Braunschweig
         Germany
         Tel: (05 31) 2 43 68 26
         Fax: (05 31) 24 36 83 31
         E-mail: inso@ra-sp.de

The District Court of Braunschweig opened bankruptcy proceedings
against ATADO.de GmbH on Sept. 19, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ATADO.de GmbH
         Attn: Andreas Gollnick, Manager
         Am Hauptgueterbahnhof
         38126 Braunschweig
         Germany


DL GEBAUDESERVICE: Claims Registration Period Ends Nov. 11
----------------------------------------------------------
Creditors of DL GebAudeservice GmbH have until Nov. 11, 2008, to
register their claims with court-appointed insolvency manager Jan-
Michael Lippe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 22, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 24
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Jan-Michael Lippe
         Bahnhofstrasse 101
         66111 Saarbruecken
         Tel: (0681) 976 1900
         Fax: (0681) 976 190 111

The District Court of Saarbruecken opened bankruptcy proceedings
against DL GebAudeservice GmbH on Oct. 13, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         DL GebAudeservice GmbH
         Attn: Guiseppe Bertucci, Germany
         Bruehlstr. 23
         66119 Saarbruecken
         Germany


HEIDELBERGCEMENT AG: Earns EUR2.1BB in First Nine Months of 2008
----------------------------------------------------------------
HeidelbergCement AG released its interim report for
January-September 2008.

Interim Report Highlights:

    * Group turnover increases to EUR10.8 billion (+49%)

    * Operating income rises to EUR1.6 billion (+15.6%)

    * Realization of synergies from the Hanson integration is
      proceeding as planned

    * Immediate cost savings measures complement the
      "Fitness 2009" program

    * Turnover and result forecast confirmed, while risks
      arising form strongly fluctuating exchange rates, volatile
      energy costs and the potential for further economic
      weakening still exists

                  Slowdown in Global Growth

In the first nine months, Group turnover increased by 49.0% to
EUR10,809 million (previous year: 7,254).  This was due to the
inclusion of Hanson, in particular, but the countries of Eastern
Europe as well as the Benelux countries, Scandinavia, Germany,
Indonesia, China, and Turkey also contributed to this growth.
Excluding exchange rate and consolidation effects, the increase in
turnover amounted to 6.3%.  Operating income rose by 15.6% to
EUR1,552 million (previous year: 1,343).

In the first nine months of 2008, the cement and clinker sales
volumes of HeidelbergCement rose by 4.6% to 68.5 million tonnes
(previous year: 65.5).  Excluding consolidation effects, a slight
increase of 0.3% was recorded.  Deliveries of aggregates more than
doubled, reaching 229.4 million tonnes (previous year: 98.4).
Ready-mixed concrete sales volumes grew by 58.8% to 33.7 million
m3 (previous year: 21.2).

Overall, the profit for the financial year increased to
EUR2,079.2 million (previous year: 1,901.2).  Consequently, the
Group share of profit rose to EUR1,984.7 million (previous year:
1,828.7).

        Realization of Synergies Proceeding as Planned

The cornerstones of the process of integrating the Hanson Group
were completed by the middle of the year.  Far-reaching changes
were consistently implemented starting with the restructuring of
our organizations in North America and the United Kingdom. Despite
the considerable adverse effects of the market development in the
US and United Kingdom, the realization of synergies is proceeding
as planned.  In particular, progress was achieved in bringing
together all purchasing activities, standardizing IT and
optimizing production structures.  A contribution of around EUR135
million for the whole year only partially compensates for the
decline in results caused by market-related factors.

         HeidelbergCement Makes Additional Savings

The Group said it has already responded to the weak global growth
at an early stage with the "Fitness 2009" program.  The
anticipated further optimization and efficiency increase in all
business lines and the reduction of the administrative costs are
expected to generate savings of EUR250 million per year.

In addition, the Group disclosed it has addressed the considerable
deterioration of the international economy in the past few weeks
by introducing further cost-saving measures that will take effect
immediately.  Despite this, it noted that it has already adjusted
at an early stage its structures in the U.S. and United Kingdom to
the significantly lower market level in 2008/2009 because of the
massive declines on the property markets.  The resulting cost
reductions will partially take effect this year; their full impact
will come in 2009.

                         Prospects

The current situation is further characterized by uncertainties on
the financial markets and the increasing burdens on the real
economy.  The forecasts for general economic development have
therefore been reduced worldwide.  Decisive parameters such as
exchange rates and energy prices are more volatile than ever.  In
this now more difficult environment, HeidelbergCement has fully
achieved its internal efficiency improvement and cost reduction
goals of the Hanson integration.  In addition, in the US and
United Kingdom, the adjustment of capacities and optimization of
locations are being implemented quickly and are therefore already
having a positive impact on costs this year.

"As a result of the increasingly deteriorating market situation,
we have decided to introduce further cost-saving measures that
will take effect immediately, in addition to the "Fitness 2009"
program with annual savings of EUR250 million," says Dr Bernd
Scheifele, Chairman of the Managing Board.  "We will continue to
pursue our policies consistently and with a high degree of
discipline. We are using free cash flow to reduce our liabilities.

For the whole of 2008, we expect a noticeable improvement in Group
turnover despite the significant decline in the US and United
Kingdom," says Dr Scheifele.  The increase is attributable to
positive contributions from Europe and the emerging countries as
well as consolidation-related growth.

Currently, HeidelbergCement assumes to meet its results target.
Risks in this context stem from strongly fluctuating exchange
rates, volatile energy costs and the potential for further
economic weakening.

                     About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials.  The company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in in the provision of such products as ready-mixed
concrete, as well as concrete products and elements.  In 2007, the
company took over Hanson Group.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 28,
2008, Standard & Poor's Ratings Services has lowered its long- and
short-term corporate credit ratings to 'BB+/B' from 'BBB-/A-3' on
Germany-based cement producer HeidelbergCement AG (HC).   At the
same time, S&P placed all the ratings on CreditWatch with negative
implications.

On Oct. 27, 2008, the TCR-Europe reported that Moody's Investors
Service has downgraded HeidelbergCement's (HC) long-term ratings
to Ba1 and the short term rating from P-3 to NP.  The outlook for
the ratings is negative.  In accordance with its established
practices, Moody's concurrently assigned a Ba1 Corporate Family
Rating to HC and expects to withdraw the long- term issuer rating
shortly.  The ratings of HC's EMTN program and outstanding and
guaranteed bonds are lowered to Ba1.


HEIDELBERGCEMENT AG: Fitch Cuts IDR to 'BB+'; Outlook Negative
--------------------------------------------------------------
Fitch Ratings downgraded Germany-based HeidelbergCement AG's (HC)
Long-term Issuer Default (IDR) and senior unsecured ratings to
'BB+' from 'BBB-' (BBB minus).  The Short-term IDR has also been
downgraded to 'B' from 'F3'.  The Outlook on the Long-term IDR
remains Negative.  At the same time, Fitch has downgraded
subsidiary Hanson plc's (Hanson) senior unsecured rating to 'BB+'
from 'BBB-' (BBB minus).

The downgrade reflects Fitch's view that tight credit markets,
coupled with continued difficult trading conditions in the US
construction market and a slowdown or decline in some European
markets, will undermine HC's credit metrics over the next two
years.  In Fitch's view, this could lead to substantial reduction
in headroom under existing debt covenants or even a potential
covenant breach.

The ratings continue to reflect HC's strong operational profile
and leading market positions in cement and aggregates, which are
essential for establishing a solid market presence in downstream
activities such as ready-mixed concrete and concrete products.
The group enjoys good diversification by geography -- with
presence in 50 countries -- and by end-market.

The Negative Outlook reflects the sizable refinancing risk facing
HC for its EUR5 billion tranche B Hanson acquisition facility,
maturing in May 2010.  It also reflects potential further negative
pressure on cash flow generation and credit metrics stemming from
a more protracted adverse economic environment than currently
envisaged.  For the Outlook to return to Stable, Fitch will assess
HC's success in mitigating the refinancing risk and the company's
operating performance compared with Fitch's expectations.

In its commentary dated August 7, 2008, Fitch had flagged that a
lack of progress in net debt reduction, resulting in a net
debt/EBITDA above 3x by FYE10, would likely trigger a single-notch
downgrade.  The downgrade reflects the revision of Fitch's
forecasts, which show net leverage rising above 3x by FYE08.
Fitch's forecast assumptions include a possible decline in revenue
of up to 4% in 2009 and a flat performance in 2010; slightly
deteriorating EBITDA margins up to 2010 and a downward revision of
capex spending in 2009.

H108 revenue grew 9.2% (10.6% in Q108, 10.7% in FY07) on a like-
for-like basis, thanks to solid growth in Europe and emerging
markets, which offset a 8.2% decline in north America.  However,
consolidation of the lower-margin Hanson, which is seasonally
weaker in H1, and negative trading conditions in north America
affected HC's overall operating income before depreciation margin.
The latter declined to 18.4% in H108 from 21% in H107.  Proceeds
from asset sales and a capital increase in H108 reduced total debt
to EUR13 billion at end-H108 from EUR15.5 billion at FYE07.  HC is
expected to continue to reduce debt during 2008, mainly through
cash flow generation.  A EUR1 billion bond issued in January 2008
refinanced part of the Hanson acquisition loan.


LANDESBANK BERLIN: Fitch Cuts Individual Rating to 'D'
------------------------------------------------------
Fitch Ratings downgraded Germany-based Landesbank Berlin AG's
(LBB) Individual rating to 'D' from 'C/D'.  The Long- and Short-
term Issuer Default ratings (IDR) are affirmed at 'AA-' (AA minus)
with Stable Outlook and 'F1+', respectively.  The Support rating
and Support Rating Floor are affirmed at '1' and 'AA-' (AA minus),
respectively.  LBB's guaranteed obligations are affirmed at 'AAA',
based on the grandfathering of the guarantee provided by its
owners.

The downgrade reflects Fitch's view of the bank's capacity to
absorb problems that, in Fitch's opinion, seem more likely to
arise in a weakening operating environment.  Fitch considers the
bank's eligible capital ratio of 5.65% (based on Landesbank Berlin
Holding AG's) as modest, and its high leverage to be a
constraining factor in the group's ability to deal with
deteriorating market conditions.  Although declining, the bank's
legacy real estate portfolio remains sizaable and its high NPL
ratio and low reserve coverage leave the bank potentially
vulnerable to adverse changes in property values.  Fitch
acknowledges the almost full collateralized nature of these
exposures, and no incidence of problem loans from more recent new
lending business, but considers that continued successful workouts
may be more challenging to achieve in a weakening operating
environment.  In addition, LBB's sizable capital markets exposure
has resulted in heightened market risks relative to its equity
base.  Given the recent market developments and its investment
exposure, Fitch anticipates some further pressure on the bank's
profitability.

At the same time, the Individual rating reflects the bank's strong
market share in Berlin, its strong retail banking franchise and
solid funding and good liquidity position.  It also reflects the
operational support and business opportunities arising from its
links to German savings banks, which represent the bank's indirect
majority shareholder since August 2007 with a share of 98.6%.
LBB's liquidity position benefits from its stable retail customer
deposit franchise as well as from high liquidity reserves. LBB's
operating profitability is increasingly driven by its commercial
real estate business, and would benefit from a strengthening of
its more stable retail and corporate banking business.
Profitability in 2007 and H108 has been burdened by valuation
losses in LBB's capital markets business.  A large part of this
impact relates to credit spread widening rather than permanent
impairment and Fitch notes LBB's low exposure to US sub-prime
related assets.

LBB's IDR remains at its Support Rating Floor, reflecting Fitch's
opinion on the extremely high likelihood of external support being
made available by DSGV oe.K., ie Germany's savings banks (S-
Group), if ever required.  Fitch expects that such support would
be channelled through the public banking sector's institutional
protection scheme for Germany's savings banks.  Should the
resources of S-Group ever prove insufficient, Fitch would expect
sovereign support to flow through S-Group.  Given S-Group's public
sector ownership and key position in Germany's fragmented
financial sector, Fitch sees an extremely high probability of
support for S-Group from the German authorities in case of need.

LBB's business model is centered on four operating customer
business segments, namely retail and corporate banking, commercial
real estate financing and capital markets.  At end-June 2008 LBB
employed 5,969 full-time staff.


MEGA SUPERMARKT: Claims Registration Period Ends November 11
------------------------------------------------------------
Creditors of Mega Supermarkt GmbH have until Nov. 11, 2008, to
register their claims with court-appointed insolvency manager
Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 15, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Room D 1.409
         Adalbertsteinweg 92
         52070 Aachen
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Dreschers
         Juelicher Strasse 116
         52070 Aachen
         Tel: 0241/94618-0
         Fax: 0241/533562

The District Court of Aachen opened bankruptcy proceedings against
Mega Supermarkt GmbH on Oct. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Mega Supermarkt GmbH
         Adalbertsteinweg 38-40
         52070 Aachen
         Germany

         Attn: Yilmaz Karadag, Manager
         Scheibenstr. 26
         52070 Aachen
         Germany


TAXI GMBH: Claims Registration Period Ends November 11
------------------------------------------------------
Creditors of Taxi GmbH Nordheide have until Nov. 11, 2008, to
register their claims with court-appointed insolvency manager
Gregor Schoene.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Dec. 11, 2008, at which time the
insolvency manager 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 insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Gregor Schoene
         Haferweg 22
         D 22769 Hamburg
         Germany
         Tel: 040 / 89 71 86-0
         Fax: 040 / 89 71 86-11

The District Court of Tostedt opened bankruptcy proceedings
against Taxi GmbH Nordheide on Oct. 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Taxi GmbH Nordheide
         Attn: Robbie Patke, Manager
         Tiedemannsweg 2 d
         21244 Buchholz
         Germany


=============
H U N G A R Y
=============


* Moody's Says IMF Package Will Ease Pressure on Hungarian Banks
----------------------------------------------------------------
Moody's Investors Service said it expects the EUR20 billion
package made available to Hungary by the International Monetary
Fund (IMF), the European Union and the World Bank to support the
government's efforts to alleviate the stress experienced in the
Hungarian financial markets and strengthen the financial sector.
In Moody's view, the financial package -- which reinforces the
recent efforts of the Hungarian authorities and the European
Central Bank to support liquidity on the country's financial
markets -- should ease the pressure experienced by the Hungarian
banking sector in October 2008.  Yet some of its expected benefits
are likely to materialize gradually and positive rating actions
are not envisaged as a direct result of this package.

"The growth of the Hungarian banking system has been driven in
recent years by strong foreign currency lending to both corporates
and retail clients.  At end-2007, more than 60% of all outstanding
loans were denominated in foreign currencies, this percentage
amounting to more than 90% for mortgage and home equity loans
originated in recent years (mainly Swiss francs denominated
loans).  The significant weakening of the forint in October 2008
increased banks' credit risk, while it became more difficult and
expensive for them to hedge open FX positions on their balance
sheets," explained Gabriel Kadasi, lead analyst at Moody's for
Hungarian banks.

The financial package is aimed not only at providing budget
support but at securing adequate domestic and foreign currency
liquidity, as well as strong levels of capital for the banking
system. Moody's expects the package will help restore the
confidence in Hungary and improve the liquidity and access of
Hungarian banks' to foreign currency funding.

Although uncertain at this stage, if direct support will be
provided to individual banks as part of the agreed package, such
support is unlikely to result in a positive rating action
primarily as i) all rated banks in Hungary already benefit from a
certain level of systemic support and ii) a governmental
intervention might reveal fundamental weaknesses that had not been
identified and reflected in the bank's rating.  "We continue to
view the outlook for the direction of fundamental credit
conditions in the banking system for the next 12 to 18 months as
negative," Mr. Kadasi added.

The principal factors underpinning Moody's view are as follows:
(i) the fiscal measures planned by the government and the decline
in lending activity will translate into a further slowdown in
economic growth; (ii) as a result, the Hungarian banks may
experience a deterioration in asset quality in both their retail
and corporate loan portfolios, which will weigh on their
profitability and capital-generating ability; (iii) growth in
revenue generation might be sluggish given the worsening operating
environment and stricter lending criteria; and (iv) the banks will
face higher costs of funding and tight liquidity.  The potential
volatility of the forint going forward also remains a risk factor.

The anticipated slowdown in Hungarian banks' lending will also be
driven by expected changes in their foreign currency lending.
During the recent market turbulence, many banks suspended or
significantly limited their foreign currency loans, especially
those in Swiss francs and Japanese yen.  However, Moody's does not
expect foreign currency lending to disappear in Hungary, as it is
significantly cheaper for banks' customers to borrow in foreign
currency than in forint.

In Moody's view, the slower growth of the banking sector is not
necessarily a negative factor in itself after the rapid growth of
recent years, as it will allow the banks to fine-tune their risk
management systems and clean up their seasoning loan portfolios.
However, some banks may face downward rating pressure if their
financial fundamentals deteriorate rapidly or their market
position weakens substantially.

Moody's also cautions that most Hungarian banks are foreign-owned
and their high reliance on parental funding makes them vulnerable
to developments affecting their parent.  Thus, possible changes to
the parent's ratings could have also negative implications for the
debt and deposit ratings of Hungarian banks, as most of these
banks benefit from parental support as per Moody's methodology.


=============
I C E L A N D
=============


LANDSBANKI ISLANDS: Moody's Reviews Junk Ratings for Downgrade
--------------------------------------------------------------
Moody's Investors Service placed the Caa1 long-term deposit and
Caa2 debt ratings of Landsbanki Islands hf (Landsbanki) on review
for possible downgrade.  The review status of these ratings thus
replaces the developing outlook assigned to them on October 8,
2008.  Landsbanki's bank financial strength rating (BFSR) of E and
short-term ratings of Not Prime are already at the lowest possible
level and were affirmed.  The outlook on the BFSR is now stable.

The rating action reflects Moody's view that there is significant
downward pressure on Landsbanki's deposit and debt ratings given
the latest developments.

When Moody's initially assigned the developing outlook, this
reflected the high uncertainty in respect of the likelihood and
extent of future governmental support for Landsbanki as well as
the future viability of the bank's franchise.

Landsbanki's domestic assets and deposits have since been
transferred to a newly formed bank -- fully owned by the Icelandic
Government with the formal name of New Landsbanki Islands hf (New
Landsbanki, not rated).  As a result, Moody's now views Landsbanki
as highly unlikely to receive government support.  For the same
reason, Moody's also believes that Landsbanki's franchise has been
severely impaired.

Moody's rating review will be focused on the restructuring process
of the bank and the recovery rate of defaulted deposits and senior
debt.  However, no details have been published yet on the balance
sheet structure of both banks.

Moody's notes that for the time being no coupons or bonds will be
paid pending the restructuring of Landsbanki, including all
payments due on foreign-currency-denominated bonds issued by the
bank.

Moody's previous rating action on Landsbanki was on October 8,
2008, when it was downgraded to Caa1/NP/E from A2/P-1/C-.

Headquartered in Reykjavik, Iceland, Landsbanki reported total
assets of ISK3,970 billion (EUR32 billion) at the end of June
2008.


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


DEN-2002 LLP: Creditors Must File Proofs of Claim by Dec. 12
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP DEN-2002 insolvent.

Creditors have until Dec. 12, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


FAGOT & K: Creditors' Claims Deadline Slated for Dec. 12
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Fagot & K insolvent.

Creditors have until Dec. 12, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


GRIZLI LLP: Creditors' Claims Filing Period Ends Dec. 10
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Grizli insolvent on April 18, 2008.

Creditors have until Dec. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Room 317
         Tole bi Str. 295
         Almaty
         Kazakhstan
         Tel: 8 701 772 00-03
              8 777 562 62-33


HLEBOROBNOYE LLP: Creditors Must Register Claims by Dec. 12
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Hleborobnoye insolvent.

Creditors have until Dec. 12, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


IMPEX STROY: Creditors' Claims Due on Dec. 12
---------------------------------------------
LLP Construction Company Impex Stroy has declared liquidation.
Creditors have until Dec. 12, 2008, to submit written proofs of
claims to:

         LLP Construction Company Impex Stroy
         Micro District Samal-2, 16b-20
         Almaty
         Kazakhstan


GLOBAL PAY: Creditors Must File Proofs of Claim by Dec. 12
----------------------------------------------------------
LLP Global Pay Lapyc has declared liquidation.  Creditors have
until Dec. 12, 2008, to submit written proofs of claims to:

         LLP Global Pay Lapyc
         Ospanov Str. 54/1-7
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (7132) 51-10-51


KAZAKHSKY ENERGETICHESKY: Claims Deadline Slated for Dec. 12
------------------------------------------------------------
LLP Kazakhsky Energetichesky Injenerny Center (Kazakh Energy
Engineer Center) has declared liquidation.  Creditors have until
Dec. 12, 2008, to submit written proofs of claims to:

         LLP Kazakhsky Energetichesky
         Injenerny Center
         Jandosov Str. 59v-33
         Almaty
         Kazakhstan


LIDERHOST KZ: Creditors' Claims Filing Period Ends Dec. 12
----------------------------------------------------------
LLP Company Liderhost KZ has declared liquidation.  Creditors have
until Dec. 12, 2008, to submit written proofs of claims to:

         LLP Company Liderhost KZ
         Kalinin Str. 28-25
         Temirtau
         Karaganda
         Kazakhstan


MAKSIMUM MEDIA: Creditors Must Register Claims by Dec. 10
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Maksimum Media insolvent on Sept. 23, 2008.

Creditors have until Dec. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Rayimbek ave. 12
         Erkin
         Talgarsky
         Almaty
         Kazakhstan


PT PENOPLAST: Creditors' Claims Due on Dec. 10
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP PT Penoplast insolvent on May 19, 2008.

Creditors have until Dec. 10, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Room 317
         Tole bi Str. 295
         Almaty
         Kazakhstan
         Tel: 8 701 772 00-03
              8 777 562 62-33


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


DEKA CJSC: Creditors Must File Claims by November 28
----------------------------------------------------
CJSC Advertisement Agency Deka has declared insolvency.  Creditors
have until Nov. 28, 2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 59-17-47.


=================
M A C E D O N I A
=================


* Fitch Changes Macedonia's Outlook to Stable
---------------------------------------------
Fitch Ratings has revised the Outlook on the Republic of
Macedonia's foreign currency and local currency Issuer Default
Ratings (IDR) to Stable from Positive.  The agency has affirmed
the IDRs at 'BB+', the Short-term foreign currency rating at 'B'
and the Country Ceiling at 'BBB-'.

"The downward revision in the rating Outlook to Stable reflects
both a marked widening in the current account deficit this year at
a time when financing is becoming more uncertain and adverse
political events that make the prospect of Macedonia's EU
accession more distant," says Chris Pryce, Director in Fitch's
European sovereigns group.

Macedonia has experienced a series of political shocks this year.
In April, its application for NATO membership was rejected due to
the Greek government's objection to the use of Macedonia as the
country's name.  Many commentators expect that Greece will also
refuse to support the EU setting a start date for accession
negotiations.  The road map and final destination of EU accession
provides important economic benefits and an anchor to political
stability, particularly in view of the country's ethnic tensions
and potential instability in neighboring countries, including
Kosovo.  Additionally, the handling of national elections this
year (effectively a major EU benchmark for Macedonia) was poor.
There was sporadic violence and open corruption in some areas
which forced second and subsequent elections to be held in a
number of constituencies.  Local and provincial elections to be
held next spring will be closely watched by both domestic and
international observers to see if the malign influence of local
groups/parties in the worst affected areas has been curbed.

Macroeconomic risks have also increased this year.  Fitch's main
concern is the rapid widening in the current account deficit
(CAD), which Fitch projects to reach around 12% of GDP this year,
compared with just 3% in 2007 and a virtual balance in 2006.  On
current macroeconomic policy settings, Fitch expects only a
moderate improvement in 2009 and 2010, helped by lower oil prices.
On the other hand, the slowdown in the EU economy poses downside
risks to exports and remittances (equivalent to around 15% of
GDP), which Fitch expects to fall 3% this year.  Foreign direct
investment has remained relatively strong and could finance around
half the CAD this year.  However, private sector external
borrowing, including by the banks, is rising.  Moreover, the
global credit crunch will make it more difficult for Macedonia to
secure the capital inflows it needs to finance the CAD, risking
downward pressure on foreign exchange reserves, which have fallen
as a ratio of imports this year, and ultimately could put pressure
on the exchange rate, which has been pegged to the euro for over a
decade.

A major driver of the widening in the CAD has been the exceptional
growth in credit to the private sector, admittedly from a low
base.  This grew by almost 40% in 2007 and despite central bank-
induced increases in interest rates and a rather ineffectual cap
on loans (set at 40%), as yet has given no clear indication of
slackening, though this is likely as capital inflows wane.  The
government has also contributed to pressures on inflation and the
CAD through its expansionary supplementary budget, which increased
expenditure.  Fitch expects the budget deficit to widen somewhat
to about 1.5% of GDP this year from 1.1% in 2007.  Further
expenditure increases are planned for 2009.

Macedonia's rating continues to be underpinned by its moderate and
declining government debt-to-GDP ratio, which was 25% at end-2007,
below the 'BB' category median of 35%.  Other strengths include a
moderate external debt ratio and a track record of macroeconomic
stability.  Economic growth has strengthened in recent years, and
Fitch forecasts real GDP growth of about 6% in 2008, up from 5.1%
in 2007 and 4% in 2006.  However, the global economic slowdown is
likely to cause a slowdown in 2009.  Recent governments have
pursued some reforms in the area of taxation, bureaucratic and
judicial reform although much remains to be done before these will
have the fully desired impact on economic performance.  Macedonia
rose to 71st in the World Bank Ease of Doing Business Survey for
2009, up from 79th in 2008.


=================
L I T H U A N I A
=================


BITE FINANCE: Moody's Reviews Ratings for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service today placed the ratings of Bite Finance
International B.V on review for downgrade.  Ratings impacted are
the B3 corporate family rating; the B3 probability of default
rating; the B2 rating on EUR190 million senior secured floating
rate notes due 2014; and the Caa2 rating on the EUR110 million
senior subordinated floating rate notes due 2017.

The review for downgrade was initiated by Moody's increasing
concerns over: (a) Bite's high level of indebtedness combined with
challenging conditions in both the Lithuanian and Latvian markets;
(b) its deteriorating liquidity profile as the group continues to
draw on the EUR30 million bank facility due 2014 to help finance
the expansion in Latvia; and (c) the risk of failing to meet
financial covenants in that facility, as they tighten on a
quarterly basis.

Although Bite's Lithuanian business -- which has 82% of group
assets and provides 91% of total group revenue -- remains
profitable, the market is highly competitive and is also slowing.
Bite reported 5% growth in Lithuanian service revenue for the nine
months to September 30, 2008, but Ebitda was essentially flat.
Compared to the same period in 2007, the core postpaid segment --
which generated 65% of Lithuanian service revenue -- is showing
slightly lower ARPU, 15% higher customer acquisition costs and 37%
greater churn.

The expansion of Bite's business into Latvia, where it is a new
entrant, remains challenging.  Although Latvian service revenue
for the nine months to 30 September 2008 grew by 57%, Ebitda
became even more negative over the same period and is below
expectations at the time of the LBO in February 2007.  On the
positive side, the company has managed to reduce the cost of its
network expansion so that Ebitda minus capex is broadly per
expectations.

Bite's management is publicly committed to the Latvian expansion
strategy, including material capital expenditures over the medium
term to continue build-out of the network.  Given weaknesses in
the core Lithuanian market that underpins the business and the
need to service the company's very high debt burden following the
LBO, this strategy could lead to ongoing negative group free cash
flow.  Although Bite expects to see further Ebitda growth in 2009,
actual results may be negatively impacted by the generally
deteriorating economic environment.

Bite has utilized its bank facility to help fund the expansion,
and this was drawn at EUR18 million on September 30, 2008.  Given
the negative free cash flow and the lack of material liquid
alternate assets, the company will continue to draw on the
facility and its liquidity profile will remain weak despite the
absence of any near-term debt maturities.  Without additional
funding the company may have to re-think its strategy, in
particular relating to expansion in Latvia.  It may be possible
for Bite to suspend the capex program at relatively short notice
to address a funding shortfall, although this is not currently
envisaged and would then raise broader questions about the group's
new strategy.

A further problem relates to the company's ongoing requirement to
meet its bank leverage (Debt/Ebitda) covenants.  The covenant
tightens on a quarterly basis, reflecting the LBO business plan
assumptions of higher Latvian Ebitda (and possibly an IPO
refinancing, which now appears unlikely given financial market
conditions).  Given the deteriorating economic environment and the
company's current Ebitda and debt profile, there is now greater
probability that Bite could breach the covenant at some point.
The reaction of the banks to this event, and their willingness to
call an event of default, may be influenced by the fact they have
first ranking access over security.

Bite's reported leverage at September 30, 2008 was 9.2x, with
Moody's adjusted leverage of 10.7x.  Leverage has remained very
high as the company has used debt to expand the Latvian network,
and as these Latvian operations have remained Ebitda negative.
The company has initiated cost reduction measures but prospects
for near-term debt reduction -- an important assumption behind the
current B3 corporate family rating -- may now be deferred.

The retained earnings deficit was reported at about EUR90 million
at the same date, with reported shareholder equity of EUR96
million (down from EUR136 million at December 31, 2007).  However,
changes in the economic and financial environment mean that the
company's enterprise value is likely to have deteriorated
significantly since the LBO, with fewer potential acquirers of the
business or parts of it.  It is unclear how much equity value the
shareholders believe remains in the business given the very high
leverage.  In Moody's view, that determination -- together with a
view to the benefits of completing the capex program in Latvia -
is critical to understanding whether Bite's shareholders might
support the company and/or its current business plan with
additional funding.

Moody's has not considered the recent change in the CEO of the
group as a factor in initiating the review for downgrade, as it
understands this change is unrelated to business issues.

Moody's review will focus on: (a) Bite's strategy and business
plan for 2009 and beyond, with a specific focus on the Latvian
market; (b) the company's revised credit metrics, with a focus on
expected timing of reduction in leverage; (b) the company's
liquidity profile, including the prospects for a breach of bank
financial covenants; (c) the prospects for additional equity
funding to support the company's business plan and/or to avoid any
possible default.

The rating will be downgraded if there appears to be a material
possibility of a covenant breach over the medium term, or if there
does not appear to be a reasonable prospect of material near-term
improvement in the company's liquidity and/or financial profile.
A rating downgrade of at least one notch is currently the most
likely outcome of the review.

Bite Finance International B.V. is the Dutch holding company of
the Lithuanian company Bite Lietuva UAB.  Bite is a mobile
telecommunications operator in Lithuania and Latvia, which for the
nine months to September 30, 2008 reported revenues of about
EUR161 million.  In February 2007 a private equity consortium led
by Mid Europa Partners acquired Bite through a leveraged buyout
for a total consideration of EUR443 million.


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


LYONDELL BASELL: Fitch Affirms IDRs at 'B'; Outlook Negative
------------------------------------------------------------
Fitch Ratings changed Netherlands-based petrochemicals company
Lyondell Basell Industries AF SCA's (LBI) Outlook to Negative from
Stable.  At the same time, Fitch has affirmed LBI's Long-term
Issuer Default rating (IDR) at 'B+' and Short-term IDR at 'B'.

Fitch has also withdrawn the rating on LBI's USD8bn bridge loan,
following the company's amendments to the structure of the loan.
The changes will take effect on the original maturity date of
December 20, 2008 with retrospective effect from June 16, 2008.
The agency has subsequently assigned ratings to the amended loan,
which now comprises second- and third-lien loans.

The Negative Outlook reflects LBI's lower-than-expected H108
operating results - partly due to volatile feedstock costs -
anticipated unfavorable trading results for Q308 and deteriorating
business prospects in the US and Europe.  LBI's ratings are
supported by the group's largely back-ended debt amortization
profile and its access to substantial liquidity sources of
US$2,856 million at end-June 2008.  These consist of including
unrestricted cash, un-utilized asset-based loan facilities,
committed un-drawn revolving credit facilities (subject to
financial covenant compliance) as well as an unsecured 18-month
US$750 million revolving credit facility provided by Access
Industries in March 2008.

LBI has so far been unable to tap the virtually closed high-yield
market as planned to refinance its USD8bn bridge loan facility and
incurred a substantial increase in interest costs of this facility
to around 12% as of June 20, 2008.  In a filing with the SEC on
October 23, 2008, LBI subsequently agreed with its lenders to roll
over outstanding bridge loan commitments expiring on December 20,
2008 into three tranches: US$3.5 billion 12% fixed-rate second-
lien loans, US$2 billion floating-rate second-lien loans and
USD2.5bn floating-rate third-lien loans.  Following an optional
180-day period until April 15, 2009 for conversion into various
combinations of second- and third-lien and unsecured notes, fixed-
rate second lien loans will otherwise be exchanged into non-call
four-year 12%-fixed-rate second-lien notes, with both loans and
notes reaching final maturity between 2015-2019.

LBI, owned by Access Industries, was formed in December 2007 as a
result of a merger between chemical groups, Basell and Lyondell.
It is the world's third-largest independent chemical company.

The ratings are:

   -- Lyondell Basell Industries AF SCA
     (renamed from Basell AF SCA and subsidiaries):

      Long-term IDR: affirmed at 'B+'; Outlook changed to Negative
      from Stable

      Senior notes: affirmed at 'B-' (B minus)/'RR6'

   -- Lyondell Chemicals Company

      Long-term IDR: affirmed at 'B+'; Outlook changed to Negative
      from Stable

      Secured debentures: affirmed at 'BB+'/'RR1'


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


BANCO PORTUGUES: Moody's Reviews D+ BFSR for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service placed the D+ bank financial strength
rating (BFSR) of Banco Portugues de Negocios, S.A. (BPN SA) on
review for possible downgrade and its Baa3 long-term and Prime-3
short-term debt and deposit ratings on review with direction
uncertain.  All of these ratings had a negative outlook since
June 18, 2008.  Moody's also placed the Ba1 issuer rating of the
banking group's holding company, BPN SGPS S.A., on review for
possible downgrade.

The rating actions follow the announcement by the Portuguese
government on November 2, that it is nationalizing BPN SA.  The
state's decision to take over the ownership of the bank is based
on the incapacity of BPN SA to remain financially viable after
reporting cumulated losses of around EUR700 million and failing to
comply with the Bank of Portugal's regulatory capital ratios.  As
of today, BPN SA will be managed by Caixa Geral de Depositos
(Aa1/C), which is Portugal's largest financial institution and
fully owned by the state.

The review for downgrade of BPN SA's D+ BFSR will focus on the
following key considerations: (i) the degree to which the bank's
solvency has deteriorated, after reporting high losses and capital
levels below the regulatory minimum requirements; (ii) the
likelihood and potential amount of a capital injection by the
Portuguese government, which would have a positive impact on BPN
SA's current very weak capital ratios; (iii) the availability of
any other forms of state support such as liquidity lines that
would help to reinforce the bank's financial profile; and (iv)
Caixa Geral de Depositos' capacity to address the bank's most
pressing problems as BPN SA's management is now under its full
control.  Moody's believes that, once the Portuguese government
has made public the precise measures it plans to implement
following the nationalization, BPN SA's BFSR could come under
further pressure if no immediate actions are taken to ensure the
maintenance of the bank's solvency levels.

The review with direction uncertain of BPN SA's Baa3 debt and
deposit ratings reflects the limited information on the nature of
the Portuguese government's ownership of the bank at this stage.
On the one hand, this could be a temporary nationalization subject
to the resolution of BPN SA's most urgent solvency problems, in
which case Moody's would likely downgrade these ratings.  On the
other hand, it could be a more permanent investment by the State
with the intention of remaining as a stable and sole direct or
indirect shareholder, a development that could possibly support
higher ratings, aligning the bank more closely with the ratings of
other wholly state-owned institutions.

Moody's also notes that the review for downgrade of BPN SGPS
S.A.'s issuer rating reflects the high level of uncertainty
regarding the future of the bank's holding company, now that the
Portuguese government has taken over the full ownership of BPN SA.
A downgrade of this rating could be prompted if BPN SGPS S.A. were
left on its own without receiving any form of support from the
Portuguese government.

These ratings were placed on review for possible downgrade:

   * Banco Portugues de Negocios SA: Bank financial strength
     rating of D+.

   * BPN SGPS S.A.: Issuer rating of Ba1.

These ratings were placed on review with direction uncertain:

   Banco Portugues de Negocios S.A.:

   * Long-term bank deposit rating of Baa3
   * Short-term bank deposit rating of Prime-3

   BPN-Cayman, Limited:

   * Bkd Senior unsecured rating debt of Baa3
   * Bkd Subordinated debt rating of Ba1
   * Bkd Junior Subordinated debt rating of Ba1
   * Bkd Short-term debt rating of Prime-3

   Banco Portugues de Negocios, Madeira:

   * Senior unsecured debt rating of Baa3
   * Subordinated debt rating of Ba1
   * Junior subordinated debt rating of Ba1
   * Short-term debt rating of Prime-3

Moody's previous rating action on BPN SA was on June 18, 2008,
when the bank's ratings were downgraded to Baa3/Prime-3/D+ from
Baa1/Prime-2/C- as result of its exposure to a number of
securities investments, whose declines in market value further
constrained the institution's already low capitalization levels.
The downgrades also reflected increased management challenges as
regards risk appetite, risk management systems, risk measurement
tools and practices, which, in Moody's view, were no longer
commensurate with a C- BFSR.  The outlook on all ratings was
changed to negative from stable.

Banco Portugues de Negocios, S.A. is based in Lisbon, Portugal and
had consolidated total assets of EUR9.6 billion as at
June 30, 2008.


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


KOLLEKTOR LLC: Creditor Must File Claims by November 31
-------------------------------------------------------
Creditors of LLC Kollektor (Road Construction Works)have until
Nov. 31, 2008, to submit proofs of claims to:

         S. Abyshev
         Temporary Insolvency Manager
         Office 455
         Melnikayte Str. 106
         Tumen
         Russia

The Arbitration Court of Tumenskaya will convene at 10.15 a.m.
on Feb.5, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A-70–6093/3–2008.

The Debtor can be reached at:

         LLC Kollektor
         Building 3
         Shcherbakova Str. 172
         Tumen
         Russia


MONOLITH GROUP OJSC: Moscow Bankruptcy Hearing Set March 17
-----------------------------------------------------------
The Arbitration Court of Moscow will convene at 11:45 a.m. on
March 17, 2009, to hear bankruptcy proceedings on OJSC Monolith
Group.  The case is docketed under Case No. A40–72034/06–123-
1140B.

The Insolvency Manager is:

         V. Karnaukh
         Post User Box 80
         127322 Moscow
         Russia

The Debtor can be reached at:

         OJSC Monolith Group
         Sadovnicheskaya Naberezhnaya 32/6
         Moscow
         Russia


NEFTE-REM-SERVIS CJSC: Court Names Temporary Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Khanty-Mansiysk appointed I.
Glukhovchenko as Temporary Insolvency Manager for CJSC Nefte-
Rem-Servis (TIN 8603075441) (Mining Equipment Production and
Service).  The case is docketed under Case No. A75–4456/2008.
He can be reached at:

         Apt. 6
         Mira Str.38
         Nizhnevartovsk
         Khanty-Mansiysk
         628616 Tumenskaya
         Russia


The Debtor can be reached at:

         CJSC Nefte-Rem-Servis
         9P Str. 31
         Panel 8
         Zapadny Promuzel
         Russia


PRIVOLZHSKIY ABRASIVE: Creditor Must File Claims by November 31
---------------------------------------------------------------
Creditors of LLC Privolzhskiy Abrasive Tool Plant have until
Nov. 31, 2008, to submit proofs of claims to:

         N. Kalmykov
         Temporary Insolvency Manager
         Post User Box 1914
         443052 Samara
         Russia

The Arbitration Court of Samara will convene at 1.10 p.m. on
Dec. 8, 2008, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A55–7748/2008.

The Debtor can be reached at:

         LLC Privolzhskiy Abrasive Tool Plant
         Shchersa-1
         Privolzhskiy
         Obsharovka
         445550 Samarskaya
         Russia


PRO-MASH-OREL CJSC: P. Klimenko Named as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Orlovskaya appointed P. Klimenko as
Insolvency Manager for CJSC Pro-Mash-Orel (Production of
Equipment for Food and Processing Industry).  The case is
docketed under Case No. A48–2690/07–166.  He can be reached at:

         Office 607
         Moskovskoe shosse 137
         Orel
         Russia

The Debtor can be reached at:

         CJSC Pro-Mash-Orel
         Gorkogo Str. 17
         Orel
         Russia


PYATIGORSKAYA CONSTRUCTION: Claims Deadline Set on Dec. 31
----------------------------------------------------------
Creditors of LLC Pyatigorskaya Construction Company (TIN
2632070736) have until Dec. 31, 2008, to submit proofs of claims
to:

         N. Zarutskiy
         Insolvency Manager
         Office 45 (8793)
         Ukrainskaya Str. 64/4
         Pyatigorsk
         357538 Stavropolskiy
         Russia

The Arbitration Court of Stavropolskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A63–5095/08-S5–28.

The Debtor can be reached at:

         LLC Pyatigorskaya Construction Company
         Pushkinskaya Str. 33
         Pyatigorsk
         Russia


ROS-TRUB-KONTRAKT: Yaroslavskaya Bankruptcy Hearing Set Dec. 3
--------------------------------------------------------------
The Arbitration Court of Yaroslavskaya will convene on
Dec. 3, 2008, to hear bankruptcy supervision procedure on LLC Ros-
Trub-Kontrakt Industrial and Investment Company (Metallurgy).  The
case is docketed under Case No. A82–4580/2008,–72-B/37.

The Temporary Insolvency Manager is:

         A. Kirillov
         S. Shchedrina Str. 30
         150014 Yaroslavl
         Russia

The Debtor can be reached at:

         LLC Ros-Trub-Kontrakt
         Leningradskiy Prospect 38
         150044 Yaroslavl
         Russia


STROY-VARIANT LLC: Creditors Must File Claims by December 31
------------------------------------------------------------
Creditors of LLC Stroy-Variant (TIN 6831023030) (Construction)
have until Dec. 31, 2008, to submit proofs of claims to:

         Ye. Govorova
         Insolvency Manager
         Post User Box 8
         Kosmonavtov Str. 10
         394038 Voronezh
         Russia

The Arbitration Court of Tambovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-64–1125/08–10.

The Debtor can be reached at:

         LLC Stroy-Variant
         Proletarskaya Str. 23/5
         392000 Tambov
         Russia


TEKH-STANKO-PROM OJSC: Creditors Must File Claims by December 31
----------------------------------------------------------------
Creditors of OJSC Tekh-Stanko-Prom have until Dec. 31, 2008, to
submit proofs of claims to:

         D. Tselikov
         Insolvency Manager
         Office 47
         Building 1
         Gostinichny Prospect 8
         127106 Moscow
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35–1583/2008-S-19.

The Debtor can be reached at:

         OJSC Tekh-Stanko-Prom
         Zhukovskogo Str. 31
         305010 Kursk
         Russia


ZAONEZHSKAYA FORESTRY: Creditors Must File Claims by Dec. 31
------------------------------------------------------------
Creditors of LLC Zaonezhskaya Forestry Company have until
Dec. 31, 2008, to submit proofs of claims to:

         S. Sedov
         Insolvency Manager
         Vidanskiy Str. 15v
         Petrozavodsk
         Russia

The Arbitration Court of Karelia commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A2b-1504/2008.

The Debtor can be reached at:

         LLC Zaonezhskaya Forestry Company
         Lva Rokhlina Str. 1/21
         Vilga
         Karelia
         Russia


* KALUGA RUSSIA: Fitch Assigns 'BB-' Currency Ratings
-----------------------------------------------------
Fitch Ratings assigned the Russian Kaluga region Long-term foreign
and local currency ratings of 'BB-' (BB minus), a Short-term
foreign currency rating of 'B' and a National Long-term rating of
'A+(rus)'.  The Outlooks for the Long-term ratings are Stable. The
rating action affects RUR2.6 billion outstanding domestic bonds
issued by the region.

The ratings reflect an increase in the region's overall risk,
including its contingent liabilities and below-national average
economic strength.  The ratings also factor in Kaluga's sound and
stable budget performance, with high levels of capital expenditure
-- indicating considerable expenditure flexibility -- and prudent
budget management.  The Stable Outlooks reflect Fitch's
expectation that the region will be able to consolidate its budget
performance via control over both its operating expenditure and
debt burden.

The overall scale of the region's economy is relatively modest.
Per capita gross regional product (GRP) was 53% of the average of
Russian regions in 2006.  However, during 2006-2008, the region
demonstrated fast economic development and attracted several
international strategic investors.  Volkswagen AG, PSA Peugeot
Citroen, Volvo Truck Corporation and Samsung Electronics are all
in the process of setting up manufacturing plants in the region.
Kaluga has demonstrated consistent revenue growth; tax revenue
rose to RUR11 billion in 2007 from RUR3 billion in 2003.  Over the
last five years, the region has become more reliant on its own
revenue sources and financial aid as a share of total budget
revenue declined to 10% in 2007 from 25% in 2003.  The region's
prudent budget management has resulted in tightly controlled
operating expenditure, high capital expenditure and stable
budgetary performance.  During 2005-2007, Kaluga's operating
balance averaged 10% of operating revenue and capital expenditure
accounted for 21% of total expenditure.

The region has seen a notable increase in its total debt burden
during the last five years, albeit from a low base.  Nevertheless,
its current debt burden remains manageable, with a total
debt/current balance payback ratio below three years during 2006-
2008.  As at October 1, 2008 the region's direct debt and
guarantees totaled RUR6 billion or 25% of expected full-year
revenue.

The region's contingent liabilities increased to RUR2.8 billion as
of October 1, 2008 from RUR243 million at end-2007, due to a
single guarantee issued to Development Corporation of Kaluga
Region (DCKR), which is majority-owned by the region and actively
involved in the infrastructure development of industrial parks.
The region guaranteed a RUR2.4 billion bank loan granted to DCKR
by Vnesheconombank ('BBB+'/Stable/'F2'), which will be funded
indirectly by Kaluga given DCKR's limited revenues.

Kaluga is located in the central part of Russia.  The region
contributed 0.4% of the Russian Federation's GDP in 2006 and
accounted for 0.7% of the country's population.


* YAROSLAVL RUSSIA: Fitch Assigns 'BB-' Currency Ratings
-------------------------------------------------------
Fitch Ratings assigned the Russian Yaroslavl region Long-term
foreign and local currency ratings of 'BB-' (BB minus), a Short-
term foreign currency rating of 'B' and a National Long-term
rating of 'A+(rus)'.  The Outlooks for the Long-term ratings are
Stable. The rating action affects RUR6.3 billion outstanding
domestic bonds issued by the region.

The ratings take into account the Yaroslavl region's increased
direct debt, high expenditure rigidity and revenue concentration
on a small number of tax payers.  The ratings also factor in the
region's improved budget performance in 2007 and the stable tax
revenue generated by its industrial economy.  The Stable Outlooks
reflect Fitch's expectation that continued tax revenue growth and
fiscal discipline will allow the region to consolidate its budget
performance, while debt will remain at a manageable level.

In 2007, the Yaroslavl region's operating balance reached 12.16%
of operating revenue, up from 4.9% in 2006.  The region's
operating revenue grew 24.3% yoy in 2007, outpacing the 14.9%
increase in operating expenditure, allowing the region to improve
its liquidity position and narrow its budget deficit.  The growth
was buoyed by the development of the local economy and more
conservative fiscal policy.  The region's socio-economic
development will be boosted in the medium term by preparations for
the 1,000th anniversary celebration of the city of Yaroslavl in
2010.

In 2003-2007 the region's debt burden increased and the direct
debt/current revenue ratio reached 37% at end-2007 (14% in 2003).
However, Yaroslavl optimized its debt structure and bonds
accounted for 78.2% of total debt in 2007 which helped to lengthen
its maturity profile.  The payback ratio improved to four-and-a-
half years (2006: 15.6 years).  The region's contingent
liabilities are modest and composed of the debt of several public
sector entities.

The region's budget remains rigid on the expenditure side, while
its tax revenue is concentrated in top-10 taxpayers, which
represented 33.1% of fiscal revenues in 2005-07.  Expenditure on
staff and transfers, primarily to municipalities, has resulted in
high expenditure rigidity reaching 87.2% of the region's operating
expenditure in 2003-2007.  The flexibility of the regional budget
is constrained by the high share of social spending and municipal
transfers mandated by the national and regional legislature.

The Yaroslavl region is located in the northern part of central
Russia.  Its gross regional product contributes 0.7% to Russia's
national gross domestic product, and its population accounts for
0.9% of the national total.


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


BANKINTER SERIES: Fitch Holds Junk Rating on Class E Bankinter 12
-----------------------------------------------------------------
Fitch Ratings has upgraded two tranches and affirmed 12 tranches
of the Bankinter series notes.  The agency has simultaneously
revised the Outlook of Bankinter 9, Series T, Class B and C notes
to Stable from Positive.

The Class B tranche of Bankinter 7 and Class B, Series P, of
Bankinter 9 have been upgraded as both classes benefit from
transaction de-leveraging.  The change in the Outlooks of Class B
and C of Bankinter 9, Series T, to Stable from Positive reflects
the challenging conditions in the Spanish housing market and high
LTV of the pool.

Arrears of the Bankinter series are performing well below the
Fitch Spanish arrears index.  Delinquency levels, defined as
mortgage loans that are in arrears for over three months are,
according to the latest investor report, 0.16% and 0.2% for
Bankinter 7 and Bankinter 12, respectively.  The delinquency level
for the portfolio-backing Series P of Bankinter 9 is currently
0.32%, and 0.42% for the portfolio-backing Series T notes.

The rating actions are:

   * Bankinter 7, Fondo de Titulizacion Hipotecaria (Bankinter 7):

     -- Class A (ISIN ES0313547004): affirmed at 'AAA';
        Outlook Stable

     -- Class B (ISIN ES0313547012): upgraded to 'AA+' from 'AA';
        Outlook remains Positive

     -- Class C (ISIN ES0313547020): affirmed at 'A';
        Outlook Positive

   * Bankinter 9, Fondo de Titulizacion de Activos (Bankinter 9):

     -- Series P Class A2 (ISIN ES0313814016): affirmed at 'AAA';
        Outlook Stable

     -- Series P Class B (ISIN ES0313814024): upgraded to 'AA'
        from 'AA-' (AA minus); Outlook remains Positive

     -- Series P Class C (ISIN ES0313814032): affirmed at 'BBB+';
        Outlook Positive

     -- Class A1: Paid in full July 2006

     -- Series T Class A2 (ISIN ES0313814057): affirmed at 'AAA';
        Outlook Stable

     -- Series T Class B (ISIN ES0313814065): affirmed at 'A+';
        Outlook revised to Stable from Positive

     -- Series T Class C (ISIN ES0313814073): affirmed at 'BBB';
        Outlook revised to Stable from Positive

     -- Class A1: Paid in full in July 2006

   * Bankinter 12, Fondo de Titulizacion Hipotecaria
     (Bankinter 12):

     -- Class A2 (ISIN ES0313715015): affirmed at 'AAA'; Outlook
        Stable

     -- Class B (ISIN ES0313715023): affirmed at 'A+'; Outlook
        revised to Positive from Stable

     -- Class C (ISIN ES0313715031): affirmed at 'A-'; Outlook
        revised to Positive from Stable

     -- Class D (ISIN ES0313715049): affirmed at 'BBB-'; Outlook
        Stable

     -- Class E (ISIN ES0313715056): affirmed at 'CCC'; Outlook
        Stable

     -- Class A1: Paid in full in June 2007

The Bankinter transactions are RMBS (residential mortgage-backed
securities) deals backed by loans originated and secured on
property located in Spain, mainly in Madrid and Catalonia.  In the
three transactions reviewed, the principal payments due on the
notes are allocated sequentially, starting with the most senior
class followed by the subordinated classes.  However, the notes
can amortize pro-rata if the subordinated classes represent a
predefined percentage of the outstanding note balance.  Pro-rata
amortization of the notes can only take place if loans in arrears
by more than three months are less than the specific values for
each transaction.

The notes issued by Bankinter 9 are backed by two portfolios,
segregated according to their LTV (loan to value) ratios.  Series
P is backed by a pool of loans with an LTV below 80%, while series
T is backed by loans with an LTV above 80%.  Both Series P and T
benefit from separate reserve funds and have independent and
identical priority of payments.


CODERE SA: Moody's Changes Outlook on B1 CFR to Negative
--------------------------------------------------------
Moody's Investors Service has affirmed the B1 Corporate Family
Rating (CFR) of Codere S.A. (Codere) and the B2 ratings of the
EUR660 million 8.25% senior notes due 2015 issued by Codere
Finance (Luxembourg) S.A. but has changed the outlook to negative
from stable, in light of increased uncertainty related to the
development of Codere's shareholding structure following
notification to the Spanish Stock Exchange Regulation that the c.
EUR176 million (plus accrued interest) deferred payment owed by
the Martinez Sampedro shareholding family to the former
shareholder Franco family was not made when due on October 31,
2008.  This non-payment triggers the possibility of either party
initiating a sale process over the entire shareholding of the
Martinez Sampedros (c. 71% owned directly or indirectly as of end-
October 2008).

Moody's action is based on concerns over the lack of clarity
related to the resolution of this issue in the current financial
and economic environment and the potential implications to Codere
in respect of change of control provisions or strategic and
management direction.  This comes at a time when currency
volatility in Lat Am and, in particular, economic instability in
the Argentinean market (which accounts for 43% of Codere's EBITDA)
coupled with a softening in the Spanish business, could result in
earnings and cash flow deterioration and put pressure on covenant
compliance and overall financial flexibility.

Moody's will continue to assess the evolution of the outstanding
shareholder issue and potential implications on the business and
financial trends for the group.  Moody's notes that bondholders
have a degree of protection in the face of the ownership
uncertainty in that cash leakage from the restricted group is
governed by the terms of the indenture (restricted payments test
and limitation on indebtedness), which should protect bondholders
from the financial profile of Codere being tapped to repay these
shareholder obligations outside of its restricted group.

Codere is a Spanish-based gaming operator with a focus on gaming
machines, bingo halls, off-track betting facilities, casinos and
horse race tracks.  The company has operations in Spain,
Argentina, Mexico, Italy and several other Latin American
countries.  In the 12 months to end-June 2008, Codere generated
revenues of EUR993 million and EBITDA of EUR213 million.


FONDO DE TITULIZACION: Fitch Cuts Class D Rating to 'B'
-------------------------------------------------------
Fitch Ratings downgraded three tranches of TDA 25, Fondo de
Titulizacion (FTA) and revised the Outlook to Negative from Stable
on the senior Classes.  This reflects the continued increase in
defaulted loans, which have now totaled 1.28% of the original
collateral balance, and a strong pipeline of arrears that are
likely to result in further defaults.

The rating actions are:

   -- Class A (ISIN ES0377929007) affirmed at 'AAA';
      Outlook revised to Negative from Stable

   -- Class NAS-IO (ISIN ESO377929049) affirmed at 'AAA';
      Outlook Stable

   -- Class B (ISIN ES0377929015) downgraded to 'A-' (A minus)
      from 'A'; Outlook revised to Negative from Stable

   -- Class C (ISIN ES0377929023) downgraded to 'BB+' from a
      'BBB-'(BBB minus); Outlook remains Negative

   -- Class D (ISIN ES0377929031) downgraded to 'B' from 'BB-'
     (BB minus); Outlook remains Negative

The level of defaults, defined as loans in arrears by more than 12
months, has resulted in the reserve fund being fully utilized to
write off these loans.  Although this is the first European RMBS
transaction to completely exhaust its reserve fund, it should be
noted that this has been caused by the provisioning mechanism
rather than actual losses.  The transaction will therefore receive
recoveries on these loans at a later date, and although recoveries
to date have been limited, Fitch assumes a lengthy recovery
timeline in its analysis of Spanish RMBS and expects that
recoveries will return to the transaction.

The transaction uses a combined waterfall, and therefore the
exhaustion of the reserve fund means that principal can be used to
pay interest on the notes.  This can occur until the relevant
default trigger for each class of notes is breached.  The first of
these triggers is set at cumulative defaults of 3.9%, at which
point the interest on the class D notes will be deferred.  Given
current performance this trigger is unlikely to be breached in the
near future and in the longer term Fitch expects recoveries would
replace any principal used to meet interest payments.

The Negative Outlook on all tranches reflects the uncertainty with
regards to the level of recoveries, plus the increased level of
arrears in the transaction.  Loans in arrears by more than three
months now comprise 6.04% of the current portfolio.  The deal has
experienced a high roll rate of loans in arrears to default; with
virtually all loans that are more than six months in arrears
eventually defaulting.  The NAS-IO note will mature next year and
therefore the Outlook remains Stable.

The inclusion of an interest-only note (NAS-IO) reduces the excess
spread available to cover defaulted loans.  The NAS-IO expires in
September 2009 at which point available revenue to cover defaulted
loans and potentially rebuild the reserve fund will increase.  By
this stage Fitch would also expect recoveries to begin to be
realized; however, until this happens it is likely that the amount
of defaulted loans will continue to be significantly above the
available excess spread, meaning that not all defaulted loans will
be fully written off.


FONDO DE TITULIZACION: Fitch Cuts Class F Tranche to 'C/DR6'
------------------------------------------------------------
Fitch Ratings has downgraded 10 classes from Fondo De Titulizacion
De Activos Santander Hipotecario 3 (Shipo3) and Fondo De
Titulizacion De Activos Santander Hipotecario 4 (Shipo4) RMBS
transactions.

The downgrades follow the continued high levels of written-off
loans from the pools, which have led to the complete utilization
of the reserve funds for both transactions.  The Outlooks for all
senior tranches are revised to Negative from Stable, reflecting
Fitch's concern over the future performance of both transactions.
The rating actions are:

   * Fondo De Titulizacion De Activos Santander Hipotecario 3:

     -- Class A1 (ISIN ES0338093000): affirmed at 'AAA'; Outlook
        revised to Negative from Stable.

     -- Class A2 (ISIN ES0338093018): affirmed at 'AAA'; Outlook
        revised to Negative from Stable.

     -- Class A3 (ISIN ES0338093026): affirmed at 'AAA'; Outlook
        revised to Negative from Stable.

     -- Class B (ISIN ES0338093034): downgraded to 'AA-'
        from 'AA'; Outlook revised to Negative from Stable.

     -- Class C (ISIN ES0338093042): downgraded to 'BBB+' from
        'A-'; Outlook remains Negative.

     -- Class D (ISIN ES0338093059): downgraded to 'BB' from
        'BB+'; Outlook remains Negative.

     -- Class E (ISIN ES0338093067): downgraded to 'B' from 'B+';
        Outlook remains Negative

     -- Class F (ISIN ES 0338093075): downgraded to 'C/DR6' from
        'CCC'

   * Fondo De Titulizacion De Activos Santander Hipotecario 4:

     -- Class A1 (ISIN ES0337711008): affirmed at 'AAA'; Outlook
        revised to Negative from Stable.

     -- Class A2 (ISIN ES0337711016): affirmed at 'AAA'; Outlook
        revised to Negative from Stable.

     -- Class A3 (ISIN ES0337711024): affirmed at 'AAA'; Outlook
        revised to Negative from Stable.

     -- Class B (ISIN ES0337711032): downgraded to 'AA-' from
        'AA'; Outlook revised to Negative from Stable.

     -- Class C (ISIN ES0337711040): downgraded to 'BBB+' from
        'A-'; Outlook revised to Negative from Stable.

     -- Class D (ISIN ES0337711057): downgraded to 'BB' from
        'BB+'; Outlook remains Negative.

     -- Class E (ISIN ES0337711065): downgraded to 'B' from 'B+';
        Outlook remains Negative

     -- Class F (ISIN ES0338341011): downgraded to 'C/DR6' from
        'CCC';

The total value of written-off loans has continued to increase to
1.64% and 1.32% of the current collateral balance for Shipo3 and
Shipo4, respectively.  These loans have been written off even
before meeting the technical definition of defaults in the
transaction, as the originator expects a low likelihood of any
cure.  The high level of write offs has been higher than available
excess spread, causing the respective reserves funds to be drawn.
As of the last payment date these reserve funds have been fully
depleted, significantly reducing the credit enhancement support in
the transactions.

The decision to write off loans before they trigger the 18 months
provisioning mechanism has enabled both transactions to make
efficient use of the available excess spread, which would
otherwise have flowed through the transaction structure.  In
addition, foreclosing loans with early arrears should speed up the
recovery process which, given a falling house price environment,
will help to limit losses.  The high weighted average loan-to-
value (WALTV) ratio of both transactions -- Shipo3 currently has a
WALTV of 85.58% and Shipo4 88.13% -- in combination with an
unfavorable housing market suggests many of the defaulted loans
are likely to realize a loss on sale.  Future rating actions will
depend on the level of recoveries achieved on defaulted loans.

The Negative Outlook reflects the uncertainty over when the upward
trend of arrears will peak, in addition to the volume and timing
of defaults.  Loans in arrears by more than three months have
continued to increase to account for 3.8% and 5.04% of the current
collateral balance for Shipo3 and Shipo4 respectively.

Fitch has employed its credit-cover multiple methodology in
reviewing these transactions to assess the level of credit support
available to each class of notes.


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


EASTERN EUROPEAN: Creditors Must File Proofs of Claim by Nov. 16
----------------------------------------------------------------
Creditors owed money by JSC Eastern European Trading are requested
to file their proofs of claim by Nov. 16, 2008, to:

         Dufourstrasse 121
         9001 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 16, 2008.


HARTMUT BRAUN: Deadline to File Proofs of Claim Set Nov. 16
-----------------------------------------------------------
Creditors owed money by LLC Hartmut Braun Consulting are requested
to file their proofs of claim by Nov. 16, 2008, to:

         Dr. Hartmut Braun
         Liquidator
         Buchenweg 17
         4148 Pfeffingen
         Switzerland

The company is currently undergoing liquidation in Pfeffingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 15, 2008.


IMMOFINANZ SCHWYZ: Creditors Have Until Nov. 16 to File Claims
--------------------------------------------------------------
Creditors owed money by JSC Immofinanz Schwyz are requested to
file their proofs of claim by Nov. 16, 2008, to:

         Roland J. Hubatka
         Liquidator
         Bosch 23
         6331 Huenenberg
         Switzerland

The company is currently undergoing liquidation in Schwyz.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 10, 2008.


METZGEREI BINER: Proofs of Claim Filing Deadline is Nov. 20
-----------------------------------------------------------
Creditors owed money by  LLC Metzgerei Biner in liquidation, are
requested to file their proofs of claim by Nov. 20, 2008, to:

         Abralaw Notariat
         Andreas Byland
         Bundesgasse 26
         3001 Bern
         Switzerland

The company is currently undergoing liquidation in Zermatt.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 12, 2008.


PC INVEST: Creditors' Proofs of Claim Due by Nov. 16
----------------------------------------------------
Creditors owed money by JSC PC Invest are requested to file their
proofs of claim by Nov. 16, 2008, to:

         Untermuli 11
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 29, 2008.


PRO-SENSE LLC: Nov. 19 Set as Deadline to File Claims
-----------------------------------------------------
Creditors owed money by LLC pro-sense are requested to file their
proofs of claim by Nov. 19, 2008, to:

         Hochstrasse 111
         4053 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 2, 2008.


SCHOGGIFACTORY BARBARA: Creditors Must File Claims by Nov. 16
-------------------------------------------------------------
Creditors owed money by LLC Schoggifactory Barbara Schmid are
requested to file their proofs of claim by Nov.  19, 2008, to:

         Mittlere Gasse 16
         5400 Baden
         Switzerland

The company is currently undergoing liquidation in Uster.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 6, 2008.


TELLOSA IMMOBILIEN: Deadline to File Proofs of Claim Set Nov. 15
---------------------------------------------------------------
Creditors owed money by JSC Tellosa Immobilien are requested to
file their proofs of claim by Nov. 15, 2008, to:

         Chamerstrasse 172
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Oberageri.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 18, 2008.


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


AGRARIAN-INDUSTRIAL LLC: Creditors Must File Claims by  Nov. 14
---------------------------------------------------------------
Creditors of Agrarian-Industrial LLC Dumbrava (code EDRPOU
03800617) have until Nov. 14, 2008, to submit proofs of claim to:

         Mr. Maksimiuk Grigory
         Liquidator
         Ropcha
         Storozhynetsky
         59032 Chernovcy
         Ukraine

The Arbitration Court of Chernovcy commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 19, 2008.  The case is docketed as 9/46/b.

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Debtor can be reached at:

         Agrarian-Industrial LLC Dumbrava
         Ropcha
         Storozhynetsky
         59032 Chernovcy
         Ukraine


BEREZNA AGRICULTURAL: Creditors Must File Claims by  Nov. 14
------------------------------------------------------------
Creditors of Berezna Agricultural OJSC (code EDRPOU 00851442) have
until Nov. 14, 2008, to submit proofs of claim to:

         Mrs. Riazanova Svetlana
         Liquidator
         Ap. 77
         Belov Str. 18
         14000 Chernigov
         Ukraine

The Arbitration Court of Chernigov commenced bankruptcy
proceedings against the company after finding it insolvent on
Oct. 3, 2008.  The case is docketed as 9/74b.

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         Berezna Agricultural OJSC
         Shechenko Str. 5
         Berezna
         Mensky
         15622 Chernigov
         Ukraine


GOLDEN SNACK: Creditors Must File Claims by Nov. 14
---------------------------------------------------
Creditors of LLC Golden Snack (code EDRPOU 34298613) have until
Nov. 14, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 29, 2008.
The case is docketed as 23/231-b.

The Debtor can be reached at:

         LLC Golden Snack
         Melnikov Str. 12
         04050 Kiev
         Ukraine


MOBILE CONNECTION: Creditors Must File Claims by  Nov. 14
---------------------------------------------------------
Creditors of LLC Mobile Connection Zone (code EDRPOU 33493665)
have until Nov. 14, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 29, 2008.
The case is docketed as 23/230-b.

The Debtor can be reached at:

         LLC Mobile Connection Zone
         B. 1
         40 years of Oct. Avenue, 120
         03127 Kiev
         Ukraine


NOVASEL-DNIEPROPETROVSK: Creditors Must File Claims by Nov. 14
--------------------------------------------------------------
Creditors of LLC Novasel-Dniepropetrovsk (code EDRPOU 33770905)
have until Nov. 14, 2008, to submit proofs of claim to:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Oct. 8, 2008.  The case is docketed as B 29/208-08.

The Debtor can be reached at:

         LLC Novasel-Dniepropetrovsk
         Ap. 26
         Karl Liebkneht Str. 5/7
         49000 Dnipropetrovsk
         Ukraine


OZON LTD: Creditors Must File Claims by Nov. 14
-----------------------------------------------
Creditors of LLC Ozon Ltd (code EDRPOU 32920731) have until
Nov. 14, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 29, 2008.
The case is docketed as 23/229-b.

The Debtor can be reached at:

         LLC Ozon Ltd
         Melnikov Str. 12
         04050 Kiev
         Ukraine


SMEREKA LLC: Under Bankruptcy Supervision Procedure Nov. 14
------------------------------------------------------------
Creditors of LLC Smereka (code EDRPOU 31516774) have until
Nov. 14, 2008, to submit proofs of claim to:

         Mrs. Dragun Irene
         Temporary Insolvency Manager
         Ap. 14
         Sobornaya Str. 34
         33028 Rovno
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on Sept 18, 2008.  The case is docketed
as 24/317-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine


The Debtor can be reached at:

         LLC Smereka
         Zhylianskaya Str. 120-B
         01032 Kiev
         Ukraine


SPANEYTA-UKRAINE LLC: Creditors Must File Claims by  Nov. 14
------------------------------------------------------------
Creditors of LLC LLC Spaneyta-Ukraine (code EDRPOU 33494082) have
until Nov. 14, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 29, 2008.
The case is docketed as 23/232-b.

The Debtor can be reached at:

         LLC Spaneyta-Ukraine
         Gorky Str. 95
         03150 Kiev
         Ukraine


ZEBRA-UKRAINE LLC: Creditors Must File Claims by  Nov. 14
---------------------------------------------------------
Creditors of LLC Zebra-Ukraine (code EDRPOU 34428995) have until
Nov. 14, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Arbitration Court of Kyiv commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 21, 2008.
The case is docketed as Sept. 29, 2008.

The Debtor can be reached at:

         LLC Zebra-Ukraine
         Illinskaya Str. 12
         04070 Kiev
         Ukraine


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


ABACROMBIE & CO: High Court Orders Winding Up Proceedings
---------------------------------------------------------
The High Court in Liverpool has ordered winding up proceedings
against Abacrombie & Co. Ltd. following an investigation by
Companies Investigation Branch (CIB) of the Insolvency Service.

CIB's investigation found that there was a lack of commercial
benefit to the company's clients, that the company charged
excessive fees and lacked any clear charging structure.

It was also found that the company operated an inappropriate
banking structure and the business model operated by the company
was unsustainable.  In addition, the company operated with a lack
of probity involving inappropriate transactions and advice and
there was a lack of transparency as to who was controlling the
company.


ACTIVE INSTORE: Appoints Joint Administrators from Tenon
--------------------------------------------------------
Stanley Donald Burkett-Coltman and Alexander Kinninmonth of Tenon
Recovery were appointed joint administrators of Active Instore
Ltd. on Oct. 14, 2008.

Tenon Recovery -- http://www.tenongroup.com-- provides accounting
and business advice to entrepreneurs and owner-managed and private
businesses.  It has over 1900 staff operating through a network of
over 40 offices.

The company can be reached at:

         Active Instore Ltd.
         1 Woodend Road
         Camberley
         Surrey
         GU16 6QH
         England


BURCHELL EDWARDS: Bought Out of Administration by Management
------------------------------------------------------------
Evening Telegraph reports that Burchell Edward's parent company
Cornerstone The Midlands was immediately bought out of voluntary
administration by its management, safeguarding 100 jobs.

Michael Bruce, Cornerstone's managing director, agreed to buy the
Burchell Edwards name and assets Friday, the report relates.  He
however said that he was not in a position to say how many
creditors were owed money by Cornerstone or how much debt had been
written off by going into administration, the report notes.

According to Evening Telegraph, administrator Ian Gould of PKF,
reached a deal with Cornerstone's main creditor, its bank, for the
buy-out to go ahead.

Mr. Bruce, the report discloses, cited the bank's reluctance to
invest money in Cornerstone to grow the business as the main
reason for putting the company into voluntary administration last
Friday.  Burchell Edwards closed offices in Allestree, Alvaston
and Chaddesden and made 23 staff redundant, the report recounts.

"It was effectively a package to rescue the business.  We were
doing reasonably well, better than any other agent, but in order
to advance the business we required investment," Mr. Bruce was
quoted by Evening Telegraph as saying.  "We wanted to grow and
develop and secure the business.  We had no other alternative."

Cornerstone The Midlands is one of Derby's biggest estate agents.


COLLIER LITHO: Appoints Joint Administrators from Tenon Recovery
----------------------------------------------------------------
Stanley Donald Burkett-Coltman and Alexander Kinninmonth of Tenon
Recovery were appoined joint administrators of Collier Litho Ltd.
on Oct. 8, 2008.

Tenon Recovery -- http://www.tenongroup.com-- provides accounting
and business advice to entrepreneurs and owner-managed and private
businesses.  It has over 1900 staff operating through a network of
over 40 offices.

The company can be reached at:

         Collier Litho Ltd.
         43 Mornington Road
         Chingford
         London
         England


CORGI INTERNATIONAL: Placed Two UK Units Into Administration
------------------------------------------------------------
Corgi International Ltd.  disclosed that two of its wholly owned
subsidiaries, Popco Entertainment (UK) Ltd. (formerly Corgi
Classics Ltd.) and Popco Distribution Ltd. (formerly Cards Inc.)
both United Kingdom (UK) corporations, have been placed into
administration, which is the rough equivalent to Chapter 11
reorganization in the United States.

BDO Stoy Hayward LLP, Prospect Place, 85 Great North Road,
Hatfield, Hertfordshire, AL9 5BS, have been appointed Joint
Administrators of the two companies.  The business and assets of
the UK companies are now managed by the Joint Administrators who
act as agents of the companies.

Corgi International will continue to sell its products
worldwide through their operations in Hong Kong and the United
States.

                    About Corgi International

Corgi International Ltd (Nasdaq GM:CRGI) is a global Pop Culture
company, which develops and markets innovative and high-quality
licensed and non-licensed toys, gifts and collectibles distributed
via direct, specialty, hobby, collector and mass retail channels
worldwide.  Marketed under the brand names Master Replicas, PopCo
and H2go, the Company's line of products range from premium
entertainment prop replicas and limited edition memorabilia to
traditional toys and gift merchandise.

The Company holds varying licenses for many of entertainment's
highest grossing franchises including Disney Classics, Harry
Potter, James Bond, Star Trek, Nintendo, Halo and The Beatles,
amongst others.  Corgi also has partnerships with cutting edge
technology innovators around the world.

The Company is headquartered in Hong Kong, with operations in
Walnut Creek, California, USA and in Watford and Leicester, UK.

Corgi's Independent Registered Accounting Firm, Burr, Pilger &
Mayer, LLP, noted in their report with respect to its consolidated
financial statements for the year ended March 31, 2008, that the
Company has suffered reoccurring losses from operations, has a
working capital deficiency, an accumulated deficit and negative
cash flows, which raise substantial doubt about the Company's
ability to continue as a going concern.  The consolidated
financial statements do not include any adjustments that might
result from the outcome of this uncertainty.


CSW GROUP: Goes Into Administration; Seeks Potential Buyers
-----------------------------------------------------------
CSW Group Ltd. has been placed in administration, leaving the
future support of a system used by ten London primary care trusts
to monitor child vaccinations unclear, E-Health Insider Primary
Care reports.

According to the report, administrators of CSW placed an
advertisement in the Financial Times stating that the company is
in administration and it is seeking potential buyers.

CSW, the report discloses, was contracted by BT, the local service
provider for London, to develop the Child Health Interim
Application to bridge a gap between one child health system being
withdrawn and a strategic solution being ready.

BT told E-Health Insider that it had been in contact with "both
the current CSW management team and the administrators, and will
maintain dialogue daily during this period of uncertainty."

CSW Group Ltd. is a health IT firm.  It owns CSW Health, the
Oxford-based specialist in XML-based software applications.


FIRECHECK HOLDINGS: Taps BDO Stoy as Joint Administrators
---------------------------------------------------------
Toby Scott Underwood and Francis Graham Newton of BDO Stoy Hayward
LLP were appointed joint administrators of Firecheck Systems Ltd.
and Firecheck Holdings Ltd. on Oct. 16, 2008.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as charities,
educational institutions, family businesses, financial services,
leisure, and hospitality.  The company is the U.K. arm of BDO
International and has offices in more than 15 cities throughout
the U.K.


GOODMAN BAYLIS: Goes Into Administration Weeks After Buyout
-----------------------------------------------------------
William Mitting at PrintWeek reports that Goodman Baylis has gone
into administration just weeks after its buyout by HS Printers.
The administration process is being handled by Harris Lipman.

HS PrintWeek joint managing director Steve Hardy, as cited by
PrintWeek, said the sales at Goodman Baylis were too weak to
sustain the business and it would have been trading illegally had
it continued.

Owners of Borcombe SP, the sister company of Goodman Baylis, are
currently exploring options as the fate of the firm hangs in
balance, PrintWeek discloses.

Citing sources close to the firm, PrintWeek reveals that a buyer
has been lined up for Borcombe.  The buyer is expected to take
over the business as soon as Monday, the report notes.

PrintWeek relates that HS Printers acquired the two companies last
month but faced a hostile reception from suppliers owing to the
bad debt left by former owner MPI.


GUITEL LIMITED: Calls in Administrators from Tenon Recovery
-----------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of Guitel Ltd. on Oct. 13, 2008.

Tenon Recovery -- http://www.tenongroup.com-- provides accounting
and business advice to entrepreneurs and owner-managed and private
businesses.  It has over 1900 staff operating through a network of
over 40 offices.

The company can be reached at:

         Guitel Ltd.
         C/o  Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


HANSON PLC: Fitch Cuts Senior Unsecured Rating to 'BB+'
-------------------------------------------------------
Fitch Ratings downgraded Germany-based HeidelbergCement AG's (HC)
Long-term Issuer Default (IDR) and senior unsecured ratings to
'BB+' from 'BBB-' (BBB minus).  The Short-term IDR has also been
downgraded to 'B' from 'F3'.  The Outlook on the Long-term IDR
remains Negative.  At the same time, Fitch has downgraded
subsidiary Hanson plc's (Hanson) senior unsecured rating to 'BB+'
from 'BBB-' (BBB minus).

The downgrade reflects Fitch's view that tight credit markets,
coupled with continued difficult trading conditions in the US
construction market and a slowdown or decline in some European
markets, will undermine HC's credit metrics over the next two
years.  In Fitch's view, this could lead to substantial reduction
in headroom under existing debt covenants or even a potential
covenant breach.

The ratings continue to reflect HC's strong operational profile
and leading market positions in cement and aggregates, which are
essential for establishing a solid market presence in downstream
activities such as ready-mixed concrete and concrete products.
The group enjoys good diversification by geography -- with
presence in 50 countries -- and by end-market.

The Negative Outlook reflects the sizable refinancing risk facing
HC for its EUR5 billion tranche B Hanson acquisition facility,
maturing in May 2010.  It also reflects potential further negative
pressure on cash flow generation and credit metrics stemming from
a more protracted adverse economic environment than currently
envisaged.  For the Outlook to return to Stable, Fitch will assess
HC's success in mitigating the refinancing risk and the company's
operating performance compared with Fitch's expectations.

In its commentary dated August 7, 2008, Fitch had flagged that a
lack of progress in net debt reduction, resulting in a net
debt/EBITDA above 3x by FYE10, would likely trigger a single-notch
downgrade.  The downgrade reflects the revision of Fitch's
forecasts, which show net leverage rising above 3x by FYE08.
Fitch's forecast assumptions include a possible decline in revenue
of up to 4% in 2009 and a flat performance in 2010; slightly
deteriorating EBITDA margins up to 2010 and a downward revision of
capex spending in 2009.

H108 revenue grew 9.2% (10.6% in Q108, 10.7% in FY07) on a like-
for-like basis, thanks to solid growth in Europe and emerging
markets, which offset a 8.2% decline in north America.  However,
consolidation of the lower-margin Hanson, which is seasonally
weaker in H1, and negative trading conditions in north America
affected HC's overall operating income before depreciation margin.
The latter declined to 18.4% in H108 from 21% in H107.  Proceeds
from asset sales and a capital increase in H108 reduced total debt
to EUR13 billion at end-H108 from EUR15.5 billion at FYE07.  HC is
expected to continue to reduce debt during 2008, mainly through
cash flow generation.  A EUR1 billion bond issued in January 2008
refinanced part of the Hanson acquisition loan.


ICESAVE: FSCS Informs Customers on How to Claim Back Savings
------------------------------------------------------------
The first emails to UK customers of Icesave are now going out with
more information about how to claim back their savings, the
Financial Services Compensation Scheme said Tuesday.

The email is the first stage of a process that will lead to
compensation for thousands of Icesave customers.  It will be
followed up by FSCS sending second emails to customers, in phases,
with a view to starting compensation payments in the second week
of November as planned.

The second email will provide instructions on how depositors can
log on to their existing Icesave accounts in the normal way to
complete a short electronic process allowing them to receive their
compensation.  Once UK depositors complete the process, their
money will transfer to their nominated account in a BACS transfer
within five working days.  The process of sending out the second
email is being phased to manage the flow of payments through the
system and for security reasons.

FSCS Chief Executive Loretta Minghella said: "We are pleased to
say the first email is now going to UK Icesave customers with more
information about how they can claim back their money.  This marks
the first stage of an accelerated payout process that will benefit
the vast majority of UK Icesave customers.  We have been working
hard to get the system in place.  It is another step towards
offering compensation to the vast majority of UK Icesave customers
by the end of November."

Any Icesave customers who do not receive their first email from
FSCS by the close of business on Friday should contact FSCS on
0845 7300 131 (Icesave inquiries only).  The Icesave website will
be unavailable from Tuesday until the end of the week while it is
developed to pay compensation.  Customers are asked not to log in
until their second email which will specifically invite them to do
so.

UK Icesave customers who opt not to use the accelerated payout
process will still be able to claim compensation using a paper-
based application process although this will take longer.  The
same process will also be used for anyone who does not have a
nominated account which is necessary for the accelerated process,
although FSCS believes that this may only apply to a minority of
UK depositors.

As reported in the TCR-Europe on October 9, eligible savers with
Icesave are protected by the Icelandic Depositors' and Investors'
Guarantee Fund (IDIGF), up to a limit of the first EUR20,887 of
their deposits.  As an Icelandic bank Icesave is not automatically
a member of the FSCS, but it opted to
become a 'top-up' member.  This means that eligible retail savers
with Icesave's UK branch whose savings exceed the Icelandic limit
would benefit from top-up compensation from the FSCS covering the
amount over the Icelandic limit up to the new FSCS compensation
limit for deposits of GBP50,000.

                  Icesave Accounts Frozen

All Icesave accounts were frozen in the UK on October 7, when its
parent bank, Landsbanki, went into receivership in Iceland, the
Daily Telegraph relates.  After it emerged that the Icelandic
compensation scheme had insufficient funds to meet its guarantees
the UK Government stepped in, saying it would protect all UK
savers in full, the Daily Telegraph notes.

A report in the TCR-Europe disclosed that on October 7, the HM
Treasury confirmed that if, as expected, Landsbanki is soon
declared in default, the Government will make sure that no retail
depositor will lose any money as a result of the closure of
Icesave.

The Treasury have also confirmed that arrangements are being put
in place to ensure that all ISA customers of Icesave will continue
to benefit from the tax free status of their accounts.

Icesave has approximately 300,000 savers.

                       About the FSCS

FSCS is the UK's compensation fund of last resort for customers of
financial services firms authorized by the Financial Services
Authority or previous financial regulators.  This means that FSCS
can pay compensation to consumers if an authorized financial
services firm is unable, or likely to be unable, to pay claims
against it and so is in "default."

FSCS protects deposits, life and general insurance firms,
investment business (on or after Aug. 28, 1988), home finance
(e.g. mortgage) advice and arranging (on or after Oct. 31, 2004),
and general insurance policies advice and arranging (on or after
Jan. 14, 2005).

                      About Icesave

Icesave is the UK branch of Landsbanki Islands hf (trading under
the registered name Icesave).  It is an EEA bank that is
authorized by the Fjarmalaeftirlitio (FME), the financial services
regulator in Iceland.


UPTON PACKAGING: Goes Into Administration
-----------------------------------------
Jill Park at PackagingNews reports that Uptown Packaging has gone
into administration.

S.J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of the company on Oct. 17, 2008, the report
relates.

The company, the report says, is believed to be operating.

Based in Cornwall, Uptown Packaging supplies all types of
packaging from bubblewrap, tapes, carrier bags, paper packaging
and eco-friendly bags.


VIRGIN MEDIA: Inks Two New Channel Carriage Deals with Sky
----------------------------------------------------------
Following successful negotiations, British Sky Broadcasting plc
and Virgin Media Inc., have agreed two new channel carriage deals.

The first agreement will see the return, on November 13, of Sky's
Basic channels -– including Sky1, Sky2, Sky3, Sky News, Sky Sports
News, Sky Arts 1, Sky Arts 2, Sky Real Lives and Sky Real Lives 2
-– to Virgin Media's cable TV service.  The second agreement
provides for the continued carriage of Virgin Media TV's basic
channels –- Living, Living 2, Bravo, Bravo 2, Trouble, Challenge
and Virgin 1 -– as part of Sky's retailed channel line-up on
satellite.  Both deals will run concurrently until June 12, 2011.

The agreements include fixed annual carriage fees for the channels
with both channel suppliers able to secure additional capped
payments if their channels meet certain performance-related
targets.

Commenting on the agreements, Virgin Media's CEO, Neil Berkett,
said: "We are pleased to bring our carriage negotiations with Sky
to a successful close.  I believe this agreement represents a fair
deal and is the right thing for our customers.  We recognize the
quality and popularity of Sky's channels and look forward to
welcoming them back to Virgin Media's TV service.  We are also
pleased to secure Sky's continued carriage of the VMTV channels
until June 2011."

Jeremy Darroch, Sky's CEO, adds: "This is great news for Sky and
Virgin Media customers alike.  We want our channels to be enjoyed
by as many people as possible so we're delighted to secure their
return to the Virgin Media platform."

As part of the agreements, both Sky and Virgin Media have agreed
to terminate all High Court proceedings against each other
relating to the carriage of their respective basic channels.

                   About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

As reported in the TCR-Europe on October 17, 2008, Fitch Ratings
affirmed Virgin Media Inc.'s Long-term Issuer Default Rating at
'BB-' with a Stable Outlook and Short-term IDR at 'B', following
its announcement that it is seeking amendments to its senior
secured facilities.

At the same time, Standard & Poor's Ratings Services said that its
ratings and outlook on U.K.-based telecommunications provider
Virgin Media Inc. (VMI) and related entities (B+/Positive/--) are
unchanged by the company's announcement that it has requested
various amendments to the senior facilities agreement.


* UK Business Failures Up 22% in First Nine Months, Experian Says
--------------------------------------------------------------
Experian(R), the global information services company, published
its latest insolvency data.  The analysis shows that there were
16,591 UK business failures in the first nine months of 2008,
representing a 22% increase compared to the same period in 2007.

The latest Insolvency Report and Distress Index from Experian's
Business Information division also shows that between July 1, and
September 30, 2008, 5,957 businesses failed.  This represents a
28.2% increase compared to Q3 2007, which saw 4,648 failures.

Tony Pullen, Managing Director of Experian's Business Information
division, commented: "Our analysis highlights that businesses, now
more than ever, need to know who they are dealing with and that
their customers and suppliers have the means to pay.

"Given the difficult trading conditions and rise in insolvencies,
it is important that businesses take the right steps to safeguard
the supply of their goods and services.  The best approach is to
continually monitor customers' and suppliers' commercial integrity
against financial performance, credit risk information and payment
behaviors.  Access to this level of insight provides the
intelligence to help businesses manage their exposure to risk."

                      Sector Analysis

Of the 34 sectors monitored, 25 saw increases in insolvencies over
the year to date compared to the same period in 2007.  Meanwhile,
seven sectors did not experience an increase in failures in Q3
2008 compared to Q3 2007.

Key sectors affected included Business Services with 1,284
insolvencies in Q3 2008 (up 22.3%) taking the annual total for the
sector to more than 3,550 failures (up 17.8%).  Building and
Construction saw 537 failures over the quarter (up 22.9%) with a
year to date total of 1,564 failures (up 19.2%).  The Property
sector, with 434 failures during the quarter (up 221%) saw its
annual figure reach 891 failures (up 130.2%).

                    Regional Overview

All 14 regions monitored by Experian saw an increase in
insolvencies in the first nine months of 2008 compared to 2007.

When comparing Q3 2008 and Q3 2007, only two regions -- Northern
Ireland and East Anglia -- experienced a decline in failures.  The
City of London (up 53.7% at 166 failures), Wales (up 47.6% at 134)
and Scotland (up 42.7% at 264) saw the greatest increases in
quarter-on- quarter failures.

Outside of London (969 failures) and the South East (1,163
failures), business failures in volume terms are running at their
highest in traditional manufacturing regions in the North West,
Yorkshire and the Humber and the West Midlands.  Failures in the
North West increased by over a third to 800 in Q3 2008 compared to
the same period last year.  In Yorkshire and the Humber, failures
rose by a similar amount to 593 and in the West Midlands by 29.1%
to 572.


* UK Automotive Insolvencies Up 18% in 3Q2008, Experian Says
------------------------------------------------------------
The number of insolvencies in the automotive industry rose by 18
per cent during Q3 2008 compared to the same period last year,
according to the latest figures from Experian(R), the global
information services company.

Business failures in all industries throughout the UK saw an
increase of 28.2 per cent during Q3 2008.  Of the 36 industries
analyzed by Experian, the automotive industry saw the 17th highest
number of insolvencies, with 67 businesses failing.

Kirk Fletcher, Managing Director of Experian's Automotive
division, said: "Our analysis highlights why it is important for
automotive businesses to know that their customers and suppliers
have the means to pay their bills.

"The best way for automotive businesses to protect themselves is
by continually monitoring customers’ and suppliers’ commercial
integrity.  Access to this level of detailed insight will provide
them with the intelligence to help them manage their exposure to
risk."


* October 2008 High Street Retail Activity Drops, Experian Says
---------------------------------------------------------------
The UK experienced a drop in both online and High Street retail
activity during October, according to the latest monthly retail
insight report from Experian(R), the global information services
company.

UK Internet traffic to online retailers decreased by 0.5 per cent
(between October 2007 and 2008), representing the first annual
decline this year according to Hitwise, an Experian company.  On
the high street, the Experian Retail Footfall Index recorded 2.2
per cent fewer shoppers compared with October last year.
Meanwhile, over three million square foot of new retail floorspace
created in 2008 now presents over-capacity problems in a number of
major retail destinations across the UK.

Retailers also suffered a significant rise in business failures
according to the latest Insolvency Report and Distress Index by
Experian.  Business failures in the non-food retail sector rose by
17.4 percent compared with last October.  At the same time,
retailers seeking administration orders leapt by 52.9 per in the
last 12 months and 31.0 per cent in the last month alone.

Robin Goad, Director of Research at Hitwise, said: "UK Internet
traffic to online retailers decreased by 0.5 per cent between
October 2007 and 2008, the first annual decline this year.  Up
until now, online retail has been surviving the economic downturn,
but this month's data proves that the sector is not immune.

"Despite the overall decrease in traffic to the online sector,
budget retailers are benefiting from the demands of more price-
conscious consumers.  UK Internet searches for second hand goods
have increased 22 per cent over the last 12 months and, as a
result, traffic to Classified Retailers increased by 47 per cent
over the same period.

"Supermarkets are also benefiting.  UK Internet traffic to
supermarkets is up 10 per cent year-on-year.  Although there has
been a small increase in demand for online grocery shopping, the
main growth area for supermarkets has been high-ticket consumer
electronics goods.

"Online consumers searching for laptops and washing machines are
increasingly ending up at sites operated by the likes of Tesco,
Asda and Sainsburys.  The supermarkets are driving this traffic by
investing heavily in search marketing campaigns."

Commenting on the problem of retail over-capacity, Jonathan de
Mello, Director of Retail Consultancy at Experian, said: "This
year has seen the opening of an unprecedented number of new
shopping centers and while some have clearly moved their towns up
the retail rankings, such as Liverpool from 15th place to 5th
place, others have had less of a positive impact, particularly in
the current economic climate.

"For every winner there is a loser and Liverpool has clearly had a
negative effect on nearby towns such as Wigan, and even on the
rest of Liverpool itself, with John Lewis moving into the new
Liverpool One scheme.

"Westfield Derby has also hit other areas of retail in the city
hard, given the relocation of Marks and Spencer and Debenhams into
the scheme.  The scheme has enabled the city to compete more
effectively with Nottingham and Leicester, but now dominates the
retail scene in Derby to the point where there is little or no
need to venture outside the walls of the shopping center.  The
same is true of Leicester where there is little incentive now to
leave the newly extended Shires shopping center given its size.
In the current economic climate, these schemes will inevitably
impact on a large number of retailers.

"Retailers may be hoping that the pre-Christmas reduction in the
cost of petrol may translate into extra cash to spend on the high
street.  But as we get closer to Christmas, there will inevitably
be winners and losers, and this year it is the discounters, value
chains and supermarkets that are expected to come out on top."


* R3 Predicts 41% Increase in UK Business Insolvencies for 2009
---------------------------------------------------------------
A survey conducted by R3, the Insolvency Trade Body, paints a grim
picture of dramatic rises in both personal and corporate
insolvencies over the next year and a half.  The survey also shows
some worrying trends in practices of securitization of debt which
places people's homes in jeopardy.  For the first time ever, the
UK's Insolvency Practitioners were asked to predict a figure for
the number of personal and corporate insolvencies for 2008 and
2009, based on the last known official figures for 2007.  The
survey was carried out in conjunction with polling agency ComRes.

                     Business Insolvencies

R3's President Nick O'Reilly said: "The predicted 41% increase in
business insolvencies from 2007 to 2009 is catastrophic and
unfortunately will mean we will start to approach the numbers we
saw at the peak of the last recession in 1992.  For the last three
or four years a number of businesses that perhaps were not
performing well have been kept alive artificially by the easy
availability of credit, which has now dried up."

Respondents anticipated a rise from the official figure of 13,091
in 2007 to 15,693 for 2008 and 18,440 for 2009, a 41% increase on
2007.  This is a conservative estimate as 18% of respondents
choose a figure over "over 20,000" as their prediction for 2009.

                    Personal Insolvencies

"By the end of 2009 our members anticipate a worrying increase of
22% on the 2007 figure, which is also incredibly worrying.” said
Mr. O'Reilly.  "Traditionally the route into personal insolvency
is not an overnight process and unsurprisingly people will put off
dealing with financial problems until they have exhausted all
other options."

For 2007, there were 121,796 personal insolvencies, and
respondents thought by the end of this year this figure would get
to 132,700 but would reach 148,352 by the end of 2009.  "We would
anticipate a nine month lag, with a spike in the figures for the
second quarter of 2009,” said Mr. O'Reilly.

                       Repossessions

There is further concern as over half of respondents (54%) are
seeing an increasing number of unsecured lenders attempting or
achieving securitization of debt against individuals homes.
"There is a growing trend in the UK for unsecured lenders to 'move
up the chain', an activity banks such as Northern Rock have been
practicing.  It is now not just non-payment of a mortgage that can
lead to repossession of homes unfortunately. This practice goes
some way of explaining why the repossession figures are going up."

The survey also indicates that secured lender repossessions will
"increase a lot" by the end of 2009 according to 56% of
respondents.  "In a tough financial situation, more and more
lenders will find themselves with bad debts, with limited routes
open to them," said Nick O'Reilly.  "This is sadly an inevitable
consequence of overlending in a formerly buoyant market."

"The battle for credit has been lost and there is no way out of
what is coming.  Businesses and individuals will now have to face
up to today's tougher climate and seek professional advice as
early as possible."  The survey also highlights that IPs are on
hand to offer advice, with 89% saying they offer their first hour
free.


* Howard Flight Blames Banking Crisis on UK Gov't. Policy Failures
------------------------------------------------------------------
The Centre for Policy Studies on Tuesday, November 4, published
"From Boom to Bust, a report by Howard Flight.

In the CPS report, Mr. Flight said:

   -- The banking crisis has its roots in mistaken monetary and
      economic policies; and in regulatory failure.

   -- In the UK, the main monetary policy failure was the
      imposition of a single cost of living inflation target on
      the Bank of England.  This led to excessive money supply
      growth and is the underlying cause of excessive borrowing
      and mortgage and consumer lending.

   -- The economic failure was to assume that boom and bust had
      ended; to conflate consumption growth with economic
      growth; and, as long as five years ago, not to have
      recognized that lending, debt and house prices were rising
      too fast.

   -- The regulatory failures were to remove responsibility for
      banking oversight and regulation from the Bank of England;
      and to neglect the clear signals of imminent problems in
      the banking sector.

   -- These failures (all largely the responsibility of the
      Labour Government) created the preconditions which made a
      banking crisis inevitable in the UK sooner or later.

   -- The UK outlook is for vicious house price deflation; a
      severe recession, a falling stock market and a large
      Sterling devaluation.

   -- The depth of the current crisis is such that government
      borrowing is likely to rise to over GBP100 billion this
      year and for the next two years.  There is a growing case
      for trying to advance private sector infrastructure
      investment and for cutting taxes.  The short-term
      objective must be to sustain the money supply and economic
      activity, be to sustain the money supply and economic
      activity, particularly in the SME sector.

   -- In the longer term, the UK needs a smaller and more
      efficient public sector to free up the resources to
      improve productivity and economic growth.


* PwC Says Bank of England Should Cut Interest Rates
----------------------------------------------------
Interest rates should be cut immediately by at least a further 0.5
percentage point to ease the squeeze for UK households, stimulate
growth and help get the UK economy back on track, according to
economists at PricewaterhouseCoopers LLP.

The latest PwC UK Economic Outlook suggests that GDP growth will
slow to 1% in 2008 and -0.5% in 2009 as the effects of the credit
crunch push the UK into recession.  Consumer spending growth is
also expected to turn negative at -0.5% in 2009 due to the effects
of high debt levels, tighter credit conditions, falling housing
wealth, rising unemployment and earlier food and energy bill
increases.

The report also looks in detail at the state of public finances
and suggests that the budget deficit will rise to about GBP70
billion in 2009/10 as the economic downturn takes effect, before
easing to about GBP50 billion by 2012/13 as the economy recovers.
This would still be an uncomfortably large budget deficit,
however, and the report therefore indicates an eventual need for
fiscal tightening of around GBP20 billion by 2012/13 to put the
public finances back on a more sustainable basis in the medium
term.

John Hawksworth, head of macroeconomics at PricewaterhouseCoopers
LLP, commented: "With unemployment rising, house prices continuing
to fall and consumer spending easing, the UK will experience a
recession in late 2008 and early 2009 before reaching calmer
waters in 2010.

"The Bank of England Monetary Policy Committee needs to cut
interest rates progressively to 3% or lower in order to prepare
the economy for the recovery we hope to see in 2010, and it needs
to start this process [today] by cutting rates again by at least
half a percentage point to 4% or less.

"Significant tax increases or reductions in planned public
spending growth seem likely to be needed beyond 2010, but it makes
sense in the short term for the government to allow borrowing to
rise in response to the economic downturn.  There is, however,
limited scope for further fiscal stimulus at present over and
above the measures that have already been announced and perhaps
some front-loading of existing public spending plans."

The report also notes that risks to growth are heavily weighted to
the downside and therefore suggests that businesses should make
contingency plans for a less favorable scenario in which there is
a deeper and more prolonged recession, with GDP falling by 2% in
2009 and showing little recovery in 2010.  These downside risks
have been exacerbated by the recent volatility in the global
financial markets and the continuing marked decline of house
prices, which the report estimates will in itself knock over 1%
off consumer spending in 2009.

            About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.


* Fitch Says EU Sovereign Ratings Not Threatened By Bank Bail-Outs
------------------------------------------------------------------
Fitch Ratings says in a report published that bank bail out
measures recently introduced across western and northern Europe do
not threaten sovereign ratings.  While the fiscal costs of the
measures are substantial they are within tolerances of existing
ratings, but they clearly reduce fiscal room for maneuver in the
face of shocks.

In Fitch's opinion, it is not appropriate to add together all the
various measures, including central bank liquidity support and
deposit guarantees, to conclude that government debt has
"exploded" to 100% and more of national income (GDP).  Instead,
Fitch is focused on the direct fiscal costs associated with
capital injections into financial institutions, purchases of
assets and emergency liquidity support (loans) to troubled
institutions.

Fitch views government guarantees of bank debt and deposits as a
"commitment mechanism" by the sovereign, signaling its willingness
to intervene in a bank if it becomes necessary and as a crucial
element of underpinning public confidence in the financial system.
The risk of these contingent liabilities being crystallized onto
government balance sheets on a large scale is, in Fitch's opinion,
very low, and the agency will not be adding guarantees to
government debt as if the risk has been realized.

Nonetheless, the fiscal costs of financial sector support measures
recently announced across Europe are large by the standards of
past financial crises in advanced economies and range from 6%-7%
of GDP in the UK, Germany, Belgium and the Netherlands up to 13%
in Switzerland.  Fitch estimates that gross fiscal outlays
associated with announced bank rescue measures (including
emergency liquidity support for troubled institutions) so far
total EUR477 billion (equivalent to 4% of western European GDP in
2007).  Historical evidence suggests that the net fiscal costs of
financial support are typically lower than gross outlays but there
are uncertainties in either direction and Fitch does not discount
the possibility that further up-front fiscal outlays could be
required.

The impact on European public finances of the bank bailout
measures will be substantial.  If the full EUR477 billion is
funded by government borrowing, it will increase public debt
stocks by 7%.  And combined with the expected deterioration in
underlying fiscal positions as economic recession takes hold,
government debt is projected by Fitch to approach 70% of GDP by
2010, a level last seen in the late 1990s and compared to 61% of
GDP (in aggregate for the affected countries) last year.  One of
the fastest rates of increase in government debt will be in the
UK, partly reflecting the size of the underlying fiscal deficit
before the crisis.  Fitch projects UK government gross debt to
reach the Maastricht guideline of 60% of GDP by 2010, its highest
level since the mid 1970s.

Moreover, the associated increase in the borrowing of European
governments will intensify the competition for funds and could
place upward pressure on government bond yields.  Smaller
countries with less liquid government bonds will likely see the
greatest impact.  This may be mitigated by the fact that the
private sector will be borrowing less as de-leveraging continues,
but such large scale shifts in the flow of funds could result in
volatility.  While the cost of future funding could be higher than
would otherwise have been the case, Fitch does not anticipate that
any highly-rated government will be unable to meet its financing
requirements.

While the expected increase in government debt is not sufficiently
large to threaten sovereign ratings - a public debt/GDP ratio
rising above 80% is Fitch's threshold at which a rich country's
'AAA' rating would start coming under downward pressure - fiscal
flexibility in the face of future shocks would clearly be reduced.
This increases the importance of credible medium-term fiscal
strategies to restore public finances to health once an economic
recovery is underway early in the next decade.

The report "Sovereign Implications of European Bank Bail Outs" is
available on the agency's public Web site,
http://www.fitchratings.com/


* Fitch Says EU Consumer Credit Decline to Affect Junior ABS Notes
------------------------------------------------------------------
Fitch Ratings says that during the first half of 2008,
simultaneous increases in inflation and interest rates had a
negative impact on the performance of consumer ABS transactions
within certain jurisdictions.  Combined with the generally reduced
availability of consumer credit, Fitch expects such trends to
place increasing pressure on the performance of consumer asset-
backed securities (ABS) transactions in the near term.  The impact
is expected to be most pronounced in the UK, Spain and, to a
lesser degree, Italy, but negative rating action is expected to be
confined to junior notes.

In a special report, Fitch warns that highest-cost unsecured debt
is one of the most vulnerable areas in the event of a deep or
prolonged recession.  This will negatively impact performance of
UK credit card and some auto ABS.

"Although the UK credit card and German auto loan/lease ABS
sectors appear vulnerable to a significant recession, rating
actions are likely to be confined to junior tranches," says Philip
Walsh, Head of ABS and RMBS for EMEA at Fitch.  "In particular,
auto transactions with a high residual value component could be
challenged by declines in used car prices.  Meanwhile, the junior
notes of all Fitch-rated UK credit card transactions are already
on Negative Outlook, reflecting the deteriorating performance in
that sector."

Fitch notes that UK credit card deals are to an extent protected
by originator capacity for re-pricing to protect excess spread.
The report provides an outlook for all European corporate and
consumer ABS, broken down by jurisdiction and sector.  Entitled,
'European Structured Finance, ABS Outlook - October 2008', it is
available at http://www.fitchratings.com/


* Fitch Says Senior Tranches of European CLOs Resilient
-------------------------------------------------------
Fitch Ratings says in a report that continued stability of senior
CLO ratings and the fact that only a few CLOs were downgraded as a
result of Fitch's recent corporate CDO criteria revisions
demonstrates continued resilience of senior tranches of European
CLO structures.  Senior CLO ratings are expected to remain more
stable than investment-grade synthetic CDO's even as the operating
and financing environment for some of the underlying obligors
deteriorate.

"Many companies only have limited debt amortization at present and
companies that refinanced in recent years have a long refinancing
horizon," says Philip McDuell, Head of Structured Credit at Fitch
for EMEA and Asia-Pacific.  "However, there is a risk of increased
negative rating migration on the underlying assets as some
leveraged loans issuers begin to struggle to meet their financial
projections in an increasingly difficult business environment.
The weakest credits or those whose business model is heavily
reliant on the economic cycle are therefore exposed to earlier
refinancing risk."

Meanwhile Fitch notes that European SMEs are also experiencing
financial and operating pressure.

"Although SME default rates have been low in recent years, in the
current environment banks may be less willing to provide support
to struggling borrowers than in the past, which could impact
default rates negatively," says Lars Jebjerg, Senior Director,
European Structured Credit at Fitch.  "Recovery prospects are also
likely to be negatively affected as, for example, real estate
collateral in some areas is subject to market value decline."
Since May 2008 Fitch has downgraded many investment-grade
synthetic corporate CDO ratings following the application of its
revised criteria for rating corporate CDOs.  The average synthetic
CDO remains significantly exposed to the financials, autos, and
retailing sectors, which are expected to see continued negative
rating trends.  Even where transactions have not faced downgrades
so far, credit events to date have in many cases eroded available
credit enhancement to the point that the transactions are
significantly exposed to downgrade risk if negative rating
migration continues for the underlying assets.

In the outlook report, Fitch reviews the outlook for all European
structured credit asset classes. Entitled, 'European Structured
Finance, Structured Credit Outlook - October 2008', it is
available at http://www.fitchratings.com/


* Fitch: Severe Global Recession Expected in 2009
-------------------------------------------------
In its latest Global Economic Outlook, Fitch Ratings predicts that
the world's major advanced economies -- US, UK, Euro area and
Japan -- will next year experience the steepest decline in GDP
since World War II.  In aggregate GDP growth in these countries is
expected to be (minus) -0.8% in 2009, compared to an estimated
1.1% for 2008.  Tighter credit conditions, consumer retrenchment
and falling corporate investment are expected to combine to
deliver an unusually synchronized downturn across the advanced
economies.

World GDP will grow by just 1% next year -- the slowest rate since
the early 1990s -- and compared to an average of 3.5% over the
last five years.  The combination of recession in developed
countries, lower commodity prices and reduced international
capital flows will result in a sharp slowdown in growth in
emerging markets, though most will avoid outright recession.

The rapid intensification of the global credit crisis in the last
two months and clearer evidence of household retrenchment,
declining corporate investment intentions and falling world trade
growth explain the sharp deterioration in the outlook since
Fitch's previous Global Economic Outlook was published on July 4,
2008.  These factors far outweigh the benefits to income growth in
the advanced economies from the decline in commodity prices.

Recession driven by a contraction in the supply of credit is
uncharted territory for the world economy and there are few
historical parallels on which to gauge its possible depth or
length.  However, the aggressive expansion of central bank
liquidity provision since early September, in combination with
major fiscal injections into the US and European banking systems
will head off the worst-case scenario of widespread deflation.
Nevertheless, the process of de-leveraging by households and
companies is now underway and this will weigh on spending for some
time.  Declining asset prices, rising unemployment and job
uncertainty will result in higher desired household saving rates,
while the deterioration in the cost and availability of household
credit will push the adjustment further and faster.  Business
investment is also likely to fall sharply, consistent with its
highly pro-cyclical nature as companies anticipate weak final
demand and face tough borrowing conditions.

The recent widening of the credit crisis to emerging markets
dampens the prospects of companies in the advanced economies
switching sales strategies to the developing world as the US
consumer retrenches.  This will also weigh on investment.  In
particular, the increasingly likely prospect of a hard landing in
eastern Europe will hit German export growth, which has been a
mainstay of its recent recovery.  Fitch also expects growth in
China to slow to just over 7% in 2009, its lowest rate for nearly
two decades.  Even so, it expects growth in Brazil, Russia, India
and China (BRICs) overall to be 5.7%, reflecting policy
flexibility, external financial strengths and structural factors.

The decline of inflationary pressures from the commodity markets
is positive news.  It will allow the European Central Bank and the
Bank of England to bring down interest rates rapidly, which will
ease the de-leveraging process and help banks' profitability.  In
concert, fiscal policy will also cushion the shock to growth as
governments absorb an increasing share of global liquidity through
higher borrowing and inject it back into the economy through tax
cuts or higher spending.  Indeed, the macroeconomic policy
response, along with the boost to real incomes from lower
commodity prices, forms an important part of the expectation for
recovery in 2010.  This will, however, be to a rate well below
that seen in the last five years, when credit was abundant.

The report, "Global Economic Outlook, November 2008" is available
at the agency's public site, http://www.fitchratings.com/


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (168)
Sky Europe                            (3)         213      (53)


BELGIUM
-------
Sabena S.A.                          (86)       2,223     (280)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192      (59)
Setuza A.S.                          (61)         139      (62)


DENMARK
-------
Elite Shipping                       (28)         101        3
Roskilde Bank                       (532)       7,877      N.A.


FRANCE
------
BSN Glasspack                       (101)       1,150      159
Grande Paroisse S.A.                (927)         629      347
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (44)
Matussiere et Forest S.A. MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (504)       7,213      712
Selcodis S.A.             SPVX       (21)         140      (36)
Trouvay Cauvin                        (0)         134        9


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         144      109
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (28)
EECH Group AG                          0          109       57
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         152      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (21)         204      (99)
P & T Technology                       0          109       57
Primacom AG               PRC        (14)         730      (68)
Sander AG                             (6)         128       31
Sinnleffers AG                        (4)         454     (182)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28

GREECE
------
Empedos SA                           (34)         175      (57)
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP      (15)         284     (143)
Radio A.Korassidis        KORA      (101)         181     (164)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (107)

HUNGARY
-------
Brodograde Indus                   (322)         263      (366)
IPK Osijek DD OS                    (15)         124       (82)
OT Optima Teleko                    (26)         119         8

ICELAND
-------
Decode Genetics                    (186)         111        48
Fortune Mgmt.                      (119)         265        54
Samsonite Corp.                    (199)         651       149

IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (506)         820       364


ITALY
-----
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (151)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,215      N.A.
Eurofly S.p.A.                        (8)         180      (52)
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529     (127)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,421)       4,121  (16,921)
Snia S.p.A.               SN         (25)         488       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      184
United Pan-Euro Air       UPC     (5,506)       5,113   (9,170)


NORWAY
------
Interoil Exploration      IOX        (25)         210      (11)
Petroleum-Geo Services    PGO        (18)         400     (758)


POLAND
------
Toora                               (288)          147     (86)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (170)
Rafo Onesti               RAF       (430)         353     (616)


RUSSIA
------
Akcionernoe Brd                     (116)         134      (24)
East Siberia Brd          VSNK      (113)         148      (10)
Gukovugol                            (58)         144     (148)
Omskij Kauchu             OMKA        (4)         125      (68)
OAO Samaraneftegas                  (332)         892     (611)
Vimpel Ship               SOVP      (116)         135      (24)
Zil Auto                  ZILLP     (240)         478     (447)


SWEDEN
------
Swedish Match                        (69)        2,444     545


TURKEY
------
Egs Ege Giyim VE                      (7)         147      (25)
Iktisat Financial                    (46)         108      N.A.
Mudurnu Tavukcul                     (65)         160     (115)
Nergis Holding                       (77)         299       38
Sifas                                (17)         117       21


UKRAINE
-------
Dniprooblenergo           DNON       (51)         433     (200)
Donetskoblenergo          DOON      (341)         573     (469)


UNITED KINGDOM
--------------
Advance Display                   (3,016)       2,590     (411)
Airtours Plc                        (379)       1,818     (932)
Alldays Plc                         (121)         253     (290)
Amer Bus Sys                        (497)         121     (497)
Amey Plc                  AMY        (49)         932      (76)
Anker Plc                            (22)         115       16
Atkins (WS) Plc           ATK        (46)       1,344       58
Black & Edgingto                    (140)         203       23
BNB Recruitment                      (10)         104       38
Booker Plc                BKRUY      (60)       1,300      (13)
Bradstock Group           BDK         (2)         268        7
British Energy Ltd                (5,823)       4,921      533
British Energy Plc        BGY     (5,823)       4,921      533
British Sky Broadcast               (334)       8,126     (388)
Carlisle Group                       (12)         203       30
Compass Group             CPG       (668)       2,972     (440)
Danka Bus                           (497)         121     (497)
Dawson Holdings                      (18)         226      (63)
Dignity Plc               DTY         (9)         648       71
Easynet Group             ESY.L      (45)         323       68
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (582)
European Home                        (14)         111      (70)
Farepak Plc                          (14)         111      (70)
Gartland Whalley                     (11)         145      (13)
Hilton Food Group                    (21)         256      (12)
Kleeneze Plc                         (14)         111      (70)
Ladbrokes Plc             LAD       (814)       2,403     (706)
Lambert Fenchurch Group               (1)       1,823        5
Leeds United                         (73)         144      (48)
M 2003 Plc                        (2,205)       7,210   (1,078)
Mytravel Group            MT.L      (380)       1,818     (931)
New Star Asset                      (398)         293       21
Next Plc                            (119)       3,161     (125)
Orange Plc                ORNGF     (594)       2,902       12
Orbis Plc                             (4)         123       (5)
Patientline Plc                      (55)         125      (10)
Preedy Alfred                       (119)       3,161     (125)
Rank Group Plc                      (132)       1,066     (175)
Regus Plc                            (46)         367      (97)
Rentokil Initial                      (8)       4,178     (886)
Saatchi & Saatchi         SSI       (119)         706      (67)
SFI Group                 SUF       (108)         178     (265)
Skyepharma Plc            SKP       (140)         203       23
Smiths News Plc                     (124)         201      (92)
Styles & Wood                        (57)         107       (9)
Telewest
   Communications Plc     TLWT    (3,701)       7,579  (10,039)
Thorn Emi Plc                     (2,266)       2,950     (582)
Topps Tiles Plc                     (111)         195       18
UTC Group                            (12)         204       30
Virgin Mobile                       (392)         166     (176)
Watson & Philip                     (120)         252     (290)

                            *********

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

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

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/booksto order any title today.

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Pius Xerxes V. Tovilla, Valerie C. Udtuhan, Marites
O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante, Marie
Therese V. Profetana and Peter A. Chapman, Editors.

Copyright 2008.  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$625 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 * * *