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

                           E U R O P E

          Thursday, November 13, 2008, Vol. 9, No. 226

                            Headlines

A U S T R I A

AGROM GARTENGESTALTUNG: Claims Registration Period Ends Nov. 26
CEB NEMEC: Claims Registration Period Ends November 25
ESC-EDUCATION SERVICE: Claims Registration Period Ends Nov. 24
HYPO ALPE ADRIA: Moody's Holds 'D-' Bank Financial Strength Rating
MGV LLC: Claims Registration Period Ends November 24

WASSER + WARME: Claims Registration Period Ends November 17


B U L G A R I A

* Fitch Downgrades Ratings on Five Bulgarian Banks


G E R M A N Y

ATTIKA CHEMICALS: Claims Registration Period Ends Nov. 21
BEELMANN + WESSELS: Claims Registration Period Ends November 18
CORDES GMBH: Claims Registration Period Ends November 18
D & J METALLVERARBEITUNG: Claims Registration Period Ends Nov. 18
DAS LOKAL: Claims Registration Period Ends November 24

GOLDIX TEXTIL-MODE: Claims Registration Period Ends Nov. 24
HUERTHER LEHRMITTEL: Claims Registration Period Ends November 18
INTACT GMBH: Claims Registration Period Ends November 18
INTERDRUCK GMBH: Claims Registration Period Ends November 18
LANDFLEISCHEREI HORN: Claims Registration Period Ends Nov. 24

MONUMENTUM GMBH: Claims Registration Period Ends November 21
ZB EXPRESS: Claims Registration Period Ends November 20


H U N G A R Y

K&H BANK: Fitch Affirms 'D' Individual Rating


I C E L A N D

* ICELAND: IMF Witholds Official Backing for US$6 Bln Loan


I T A L Y

ALITALIA SPA: Unions to Stage Strike on November 25
MONTE PASCHI: Alternative Buyer Still Out in the Street


K A Z A K H S T A N

AGRO MASH: Creditors Must File Proofs of Claim by December 24
BTA BANK: Loan Impairment Risk Cues Fitch to Cut Individual Rating
BTA BANK: Fitch Comments on Affiliates' Ratings Downgrade
GORODSKOYE JILISHNOYE: Claims Deadline Slated for December 24
HALYK BANK: Fitch Cuts Individual Rating on Asset Quality Concerns

IRON GROUP: Creditors' Claims Filing Period Ends December 24
JYHAN OIL: Creditors Must Register Claims by December 24
KAZKOMMERTSBANK: Asset Quality Concerns Cues Fitch's Downgrade
MEL RISE: Creditors' Claims Due on December 24
NATSIONALNYI INJENIRINGOVY: Claims Must Filed by Dec. 24

TEMIR PROM HOLDING: Claims Deadline Slated for Dec. 24
TEMIR SNUB: Creditors' Claims Filing Period Ends Dec. 24


K Y R G Y Z S T A N

AI-TAL ZELENSTROY: Creditors Must File Claims by December 5
TECH PROM INVEST: Creditors Claims Deadline on November 28


L A T V I A

PAREX BANK: Fitch Cuts Individual Rating to 'F' on Nationalization
PAREX BANK: Moody's Cuts Bank Financial Strength Rating to 'E+'


P O R T U G A L

ATLANTES MORTGAGES: Fitch Affirms 'BB' Rating on Class D Notes


R O M A N I A

* Fitch Cuts ST Currency Ratings of Bucharest and Oradea to 'B'


R U S S I A

APSHERONSKIY WOODWORKING: Creditor Must File Claims by Nov 31
ELIT-PROJECT LLC: Tumen Bankruptcy Hearing Set February 10
GORNYAK LLC: Kemerovskay Bankruptcy Hearing Set February 12
LOBVINSKIY BIOCHEMICAL: Under External Bankruptcy Procedure
MERKURIY-94 LLC: A. Krupennikov Named as Insolvency Manager

NOVATEK OAO: 3Q 2008 Net Profit Up 47.9% to RUR20.2 Billion
NOVOLIPETSK STEEL: 3Q2008 Net Profit Up by 200% to RUR30.68 Bln
NYAGANSKAYA GENERATING: Creditors Must File Claims by Nov. 31
OTP BANK: Fitch Affirms Individual Rating at 'D/E'
SIB-STROY LLC: Court Names Ye. Karavayev as Insolvency Manager

SIBIRSKIY MINING: Creditors Must File Claims by December 31
TATFONDBANK: Moody's Reviews Ratings for Possible Downgrade
ULYANOVSK-AVTO-TRANS OJSC: Creditor Must File Claims by Dec. 31
URAL METAL: Creditors Must File Claims by November 31

* Fitch Affirms Individual Ratings on Six Banks at 'D'
* Fitch Rates Ulyanovsk Region 'BB-'; Outlook Stable


S P A I N

BANCAJA 8: Fitch Affirms 'BB+' Rating on Class D Notes
FONDO DE TITULIZACION: Moody's Puts 'C' Rating on EUR66 Mil. Notes


S W I T Z E R L A N D

GLOBAL ELECTRONICS: Creditors Must File Claims by Nov. 27
HOTEL TGESA: Deadline to File Proofs of Claim Set Nov. 27
KAMPF + PARTNER: Creditors Have Until Nov. 24 to File Claims
OYSTER DEVELOPMENTS: Creditors' Proofs of Claim Due by Nov. 26
PULLMAN JSC: Nov. 19 Set as Deadline to File Claims

VIOLA SANITARMODELLE: Creditors Must File Claims by Nov. 26
WUHE LLC: Deadline to File Proofs of Claim Set Nov. 27


U K R A I N E

DNIEPROINVEST GROUP: Creditors Must File Claims by November 23
EXTORIMPEX LLC: Creditors Must File Claims by November 23
INFORM COMPLECT: Creditors Must File Claims by November 23
KREMENCHUK INDUSTRIAL: Creditors Must File Claims by Nov. 23
PRIMA-M LLC: Creditors Must File Claims by November 23

STAROPTTORG LLC: Creditors Must File Claims by November 23
VELUX UNIVERSAL: Creditors Must File Claims by November 23
VINTAGE LLC: Creditors Must File Claims by November 23
VPF METAPRODUCTION: Creditors Must File Claims by November 23


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Offloading Pension Deficit to Cost GBP6 Billion
DSG INTERNATIONAL: To Sell Loss-Making Electroworld Division
DSG INTERNATIONAL: Fitch Trims LT Issuer Default Rating to 'BB-'
EDEUS MORTGAGE: Businesses and Assets Sold
GIFFORDS LTD: Appoints Joint Administrators from BDO Stoy

ID DATA: Names Joint Administrators from Grant Thornton
KENSINGTON MORTGAGE: Fitch Cuts Rating on Class B2 Notes to 'B'
MARCHPOLE HOLDINGS: Goes Into Administrative Receivership
PENHAVEN LEISURE: Taps Joint Administrators from BDO Stoy
PHOENIX HOME: Appoints Joint Liquidators from Tenon Recovery

SC FINLAND: Brings in Liquidators from Ernst & Young
TAYLOR WIMPEY: Sees Bleak Future as 3Q Mortgage Approvals Fell 70%
URBIS LTD: Appoints Joint Administrators from KPMG
VIRGIN MEDIA: To Cut 2,200 Jobs by 2012
WHOLESALE CARS: Calls in Joint Administrators from Tenon

WINDRUSH FROZEN: Names Joint Administrators from BDO Stoy

* UK Insolvency Service Publishes 3Q2008 Insolvency Statistics
* Moody's Anticipates Deterioration in UK Credit Card Sector
* October 2008 UK Retail Sales Values Fell 2.2%, KPMG Says
* KPMG Says Lenders to Set Up Private Equity Style Departments
* Fitch Downgrades Bulgaria, Hungary, Kazakhstan and Romania

* Upcoming Meetings, Conferences and Seminars


                         *********


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A U S T R I A
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AGROM GARTENGESTALTUNG: Claims Registration Period Ends Nov. 26
---------------------------------------------------------------
Creditors owed money by LLC Agrom Gartengestaltung (FN 293761b)
have until Nov. 26, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Rainer Herzig
         Dr. Karl-Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 01/533 16 95-0
         Fax: 01/535 56 86
         E-mail: herzig@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Dec. 10, 2008, for the
examination of claims at:

         Land Court of Korneuburg
         Room 204
         Korneuburg
         Austria

Headquartered in Maria Ellend, Austria, the Debtor declared
bankruptcy on Oct. 22, 2008 (Bankr. Case No. 36 S 114/08v).


CEB NEMEC: Claims Registration Period Ends November 25
------------------------------------------------------
Creditors owed money by Kg Ceb Nemec (FN 252092z) have until
Nov. 25, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Manfred Opetnik
         Hauptplatz 2
         9100 Voelkermarkt
         Austria
         Tel: 04232/4170
         Fax: 04232/4170-3
         E-mail: kanzlei@ra-opetnik.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Dec. 2, 2008, for the
examination of claims at:

         Land Court of Klagenfurt
         Room 225
         Klagenfurt
         Austria

Headquartered in St. Primus, Austria, the Debtor declared
bankruptcy on Oct. 22, 2008 (Bankr. Case No. 40 S 63/08t).


ESC-EDUCATION SERVICE: Claims Registration Period Ends Nov. 24
--------------------------------------------------------------
Creditors owed money by LLC ESC-Education Service Center (FN
227280k) have until Nov. 24, 2008, to file written proofs of claim
to the court-appointed estate administrator:

         Dr. Paul Wuntschek
         LLC Klein
         Wuntschek + Partner
         Kaiser Josef Kai 70
         8010 Graz
         Austria
         Tel: 0316/813862
         Fax: 0316/813862-2
         E-mail: office@klein-wuntschek-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m.on Dec. 9, 2008, for the
examination of claims at:

         Graz Land Court
         Room 236
         Graz
         Austria

Headquartered in Graz =96 Liebenau, Austria, the Debtor declared
bankruptcy on Oct. 17, 2008, (Bankr. Case No.  40 S 52/08g).


HYPO ALPE ADRIA: Moody's Holds 'D-' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the A2 long-term bank deposit and senior debt ratings of
Hypo Alpe-Adria-Bank International AG.  The bank's subordinated
debt (rated A3) and preference stock (Baa2) as well as the short
term debt and deposit ratings of P-1 have also been placed on
review for possible downgrade.

At the same time, Moody's affirmed (i) Hypo Alpe Adria's backed
Prime-1 short-term rating and the backed Aa2 rating for the bank's
grandfathered obligations; (ii) the D- bank financial strength
rating with its positive outlook.

The review of the support factors has been prompted by the recent
news that Hypo Alpe-Adria is looking to receive a capital increase
from its shareholders and are in discussions with the Austrian
Government to take up the Austrian financial market's support
package.  Given the 7-notch uplift for Hypo Alpe Adria, that
mainly stems from the State of Carinthia, the review will focus on
the willingness and ability of all potential support providers to
continue to provide strong support that underpins this ratings
uplift.  Hypo Alpe Adria is majority owned by Bayerische
Landesbank (rated Aa2/C-, owning a 57.49% stake) and has the State
of Carinthia as significant minority shareholder (16.04%).  A
greater reliance on Bayerische Landesbank -- which has a lower
rating than the Land of Carinthia (rating unpublished) and is
facing its own current credit challenges -- as key support
provider could put downward pressure on the deposit rating.

Moody's said that the review will focus on:

   (i) the probability of support of the majority shareholder
       BayernLB.  In this connection, Moody's will consider the
       ability to support, given that the bank itself has asked
       for support both from its owners and under the German
       Government rescue package.  Moreover, Moody's will need to
       address the issue whether BayernLB can "pass through"
       support funds to a group company in Austria, when it has
       asked its owners and/or the German State to support its own
       financial health.

  (ii) the probability and ability of the state of Carinthia to
       provide support.

Moody's has currently no intention of reviewing systemic support
in connection with the ratings of Hypo Alpe-Adria.

The current A2 long-term bank deposit and debt ratings reflect a
seven-notch uplift from the bank's BFSR of D-.

These ratings were placed on review for possible downgrade:

   Hypo Alpe-Adria International AG:

   -- Long-term bank deposits: A2
   -- Senior unsecured debt: A2
   -- Subordinated debt: A3
   -- Preference stock: Baa2
   -- Short-term bank deposits: Prime-1
   -- Short-term debt: Prime-1

The last rating action on Hypo Alpe-Adria was on May 23, 2007,
when the outlook on the D- BFSR was changed to positive from
stable.

Hypo Alpe-Adria-Bank International AG, headquartered in Carinthia,
Austria, had total assets of EUR41.2 billion at end-June 2008.


MGV LLC: Claims Registration Period Ends November 24
----------------------------------------------------
Creditors owed money by LLC MGV (FN 73543b) have until Nov. 24,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Otmar Pfeifer
         Drevesstrasse 2
         6800 Feldkirch
         Austria
         Tel: 05522/78000
         Fax: 05522/78000-4
         E-mail: office@advokaten.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on  Dec. 4, 2008, for the
examination of claims at:

         Land Court of Feldkirch
         Meeting Room 45
         Feldkirch
         Austria

Headquartered in Feldkirch, Austria, the Debtor declared
bankruptcy on Oct. 21, 2008, (Bankr. Case No. 13 S 42/08v).


WASSER + WARME: Claims Registration Period Ends November 17
-----------------------------------------------------------
Creditors owed money by LLC Wasser + Warme Installationen Wilfried
Forster & Co (FN 16049b) have until  Nov. 17, 2008 Nov. 17, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Matthias Kucera
         Hofsteigstrasse 89
         6971 Hard
         Austria
         Tel: 05574/76655
         Fax: 05574/76655-6
         E-mail: rechtsanwalt@kucera.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on  Nov. 27, 2008, for the
examination of claims at:

         Land Court of Feldkirch
         Meeting room 45
         Feldkirch
         Austria

Headquartered in Bregenz, Austria, the Debtor declared bankruptcy
on Oct. 21, 2008, (Bankr. Case No. 14 S 51/08z).


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* Fitch Downgrades Ratings on Five Bulgarian Banks
--------------------------------------------------
Fitch Ratings has downgraded five Bulgarian banks following the
downgrade of Bulgaria's sovereign ratings.  Bulgaria's sovereign
ratings were downgraded by the agency on November 10 to Long-term
foreign Issuer Default (IDR) 'BBB-' (BBB minus) from 'BBB' and
Long-term local currency IDR 'BBB' from 'BBB+'.  The Country
Ceiling was downgraded to 'BBB+' from 'A-' (A minus).  The
Outlooks on four of the five banks are now Stable following the
rating action.

* Allianz Bank Bulgaria AD
Long-term IDR downgraded to 'BBB+' from 'A-' (A minus); Outlook
Stable
Support rating downgraded to '2' from '1'
Short-term foreign currency IDR affirmed at 'F2'; Individual
affirmed at 'D'

* Economic and Investment Bank AD
Long-term IDR downgraded to 'BBB+' from 'A-' (A minus); Outlook
Stable
Support rating downgraded to '2' from '1'
Short-term foreign currency IDR affirmed at 'F2'; Individual
affirmed at 'D'

* Eurobank EFG Bulgaria AD
Long-term IDR downgraded to 'BBB+' from 'A-' (A minus); Outlook
Stable
Support rating downgraded to '2' from '1'
Short-term foreign currency IDR affirmed at 'F2'; Individual
affirmed at 'C/D'

* Societe Generale Expressbank AD
Long-term IDR downgraded to 'BBB+' from 'A-' (A minus); Outlook
Stable
Support rating downgraded to '2' from '1'
Short-term foreign currency IDR affirmed at 'F2'; Individual
affirmed at 'D'

* UniCredit Bulbank
Support rating downgraded to '2' from '1'

The Long and Short-term IDRs and Support ratings reflect the high
probability that support for the respective banks from their
foreign parents would be forthcoming in case of need.  The
downgrades are a direct consequence of the downgrade of Bulgaria's
Country Ceiling to 'BBB+' from 'A-'(A minus).  Bulgaria's Country
Ceiling limits the extent to which support from the shareholders
of the five banks can be factored into their Long and Short-term
IDRs and Support ratings.  All five banks' ratings, with the
exception of the Individual ratings, are therefore currently
constrained by Bulgaria's Country Ceiling.


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ATTIKA CHEMICALS: Claims Registration Period Ends Nov. 21
---------------------------------------------------------
Creditors of  Attika Chemicals GmbH have until Nov. 21, 2008, to
register their claims with court-appointed insolvency manager
Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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:

         Jens-Soeren Schroeder
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

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

The Debtor can be reached at:

         Attika Chemicals GmbH
         Attn: Uljana Uphoff, Manager
         Glockengiesserwall 26
         20095 Hamburg
         Germany


BEELMANN + WESSELS: Claims Registration Period Ends November 18
---------------------------------------------------------------
Creditors of B E W E - B A U Beelmann + Wessels GmbH have until
November 18, 2008, to register their claims with court-appointed
insolvency manager Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on December 9, 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 Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         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:

         Manfred Vellmer
         Adalbertstr. 8
         48565 Steinfurt
         Germany
         Tel: 02552/638710
         Fax: +4925526387111

The District Court of Muenster opened bankruptcy proceedings
against B E W E - B A U Beelmann + Wessels GmbH on October 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         B E W E - B A U Beelmann + Wessels GmbH
         Attn: Heinrich Wessels, Manager
         Duesterbergstrasse 11
         48432 Rheine
         Germany


CORDES GMBH: Claims Registration Period Ends November 18
--------------------------------------------------------
Creditors of Cordes GmbH Elmenhorster Verbrauchermarkt have until
November 18, 2008, to register their claims with court-appointed
insolvency manager Reiner Linck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on December 17, 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 Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         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:

         Reiner Linck
         Paulstrasse 44
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Cordes GmbH Elmenhorster Verbrauchermarkt on October 7,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          Cordes GmbH Elmenhorster Verbrauchermarkt
          Attn: Volker Biegemann, Manager
          Am Handelspark 11
          18209 Bad Doberan
          Germany


D & J METALLVERARBEITUNG: Claims Registration Period Ends Nov. 18
------------------------------------------------------------------
Creditors of D & J Metallverarbeitung GmbH have until November 18,
2008, to register their claims with court-appointed insolvency
manager Joachim Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on December 9, 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

          Joachim Scholz
          Paderborner Str. 11
          33415 Verl
          Germany

The District Court of Bielefeld opened bankruptcy proceedings
against D & J Metallverarbeitung GmbH on October 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          D & J Metallverarbeitung GmbH
          Attn: Vera Farthmann, Manager
          Suerenheider Str. 312 b
          33415 Verl
          Germany


DAS LOKAL: Claims Registration Period Ends November 24
------------------------------------------------------
Creditors of Das Lokal GmbH have until Nov. 24, 2008, to register
their claims with court-appointed insolvency manager Ulrike Hoge -
Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 12, 2009, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Homburg v.d. Hoehe
         Room E 36
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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:

         Ulrike Hoge - Peters
         Cronstettenstrasse 30
         60322 Frankfurt am Main
         Germany
         Tel: 069-9591100
         Fax: 069-95911012

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Das Lokal GmbH on Oct. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Das Lokal GmbH
         Zimmersmuehlenweg 2
         61440 Oberursel
         Germany

         Attn: Burkard Kircher, Manager
         Karlsbader Strasse 26
         63741 Aschaffenburg
         Germany


GOLDIX TEXTIL-MODE: Claims Registration Period Ends Nov. 24
-----------------------------------------------------------
Creditors of Goldix Textil-Mode GmbH have until Nov. 24, 2008, to
register their claims with court-appointed insolvency manager
Dr. Martin Prager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Jan. 8, 2009, 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 Ingolstadt
         Meeting Room 28/I
         Schrannenstr. 3
         85049 Ingolstadt
         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 Prager
         Barthstrasse 16
         80339 Muenchen
         Germany
         Tele: 089/8589633
         Fax: 089/85896350

The District Court of Ingolstadt opened bankruptcy proceedings
against Goldix Textil-Mode GmbH on Oct. 2, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Goldix Textil-Mode GmbH
         Bahnhofstr. 5
         86150 Augsburg
         Germany

         Attn: Johannes Boecker, Manager
         Franz-Boecker-Str. 80
         86633 Neuburg
         Germany


HUERTHER LEHRMITTEL: Claims Registration Period Ends November 18
----------------------------------------------------------------
Creditors of Huerther Lehrmittel GmbH have until November 18,
2008, to register their claims with court-appointed insolvency
manager Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on December 18, 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 Cologne
         Meeting Hall 1240
         Luxemburger Strasse 101
         50939 Cologne
         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. Joerg Nerlich
          Sachsenring 81
          50667 Cologne
          Germany

The District Court of Cologne opened bankruptcy proceedings
against Huerther Lehrmittel GmbH on October 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Huerther Lehrmittel GmbH
          fka LD Didactic GmbH
          Leyboldstrasse 1
          50354 Huerth
          Germany

          Attn: Dr. Manfred Hunkemoeller, Manager
          Kettelerweg 18
          44141 Dortmund
          Germany


INTACT GMBH: Claims Registration Period Ends November 18
--------------------------------------------------------
Creditors of Intact GmbH Industrieservice have until November 18,
2008, to register their claims with court-appointed insolvency
manager Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on December 16, 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 Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         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:

          Achim Thomas Thiele
          Bronnerstrasse 7
          44141 Dortmund
          Germany

The District Court of Dortmund opened bankruptcy proceedings
against Intact GmbH Industrieservice on September 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          Intact GmbH Industrieservice
          Zum Gewerbepark 11
          44532 Luenen
          Germany

          Attn: Ali Tay, Manager
          Arndtstr. 18
          44534 Luenen
          Germany


INTERDRUCK GMBH: Claims Registration Period Ends November 18
------------------------------------------------------------
Creditors of InterDruck GmbH  have until November 18, 2008, to
register their claims with court-appointed insolvency manager Dr.
Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on December 18, 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 Cologne
         Meeting Hall 1240
         Luxemburger Strasse 101
         50939 Cologne
         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. Christoph Niering
          Brabanter Str. 2
          50674 Cologne
          Germany

The District Court of Cologne opened bankruptcy proceedings
against InterDruck GmbH  on October 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          InterDruck GmbH
          fka QuickPrinter GmbH
          Attn: Ibrahim Tastan
          Maarweg 13
          51491 Overath
          Germany


LANDFLEISCHEREI HORN: Claims Registration Period Ends Nov. 24
-------------------------------------------------------------
Creditors of Landfleischerei Horn GmbH have until Nov. 24, 2008,
to register their claims with court-appointed insolvency manager
Dr. Nikolaus Schmidt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Dec. 16, 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 Dessau-Rosslau
         Hall 123
         Willy-Lohmann-Str. 33
         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. Nikolaus Schmidt
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court of Dessau-Rosslau opened bankruptcy proceedings
against Landfleischerei Horn GmbH on Sept. 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Landfleischerei Horn GmbH
         Schafstrasse 31
         06909 Trebitz
         Germany


MONUMENTUM GMBH: Claims Registration Period Ends November 21
------------------------------------------------------------
Creditors of Monumentum GmbH have until Nov. 21, 2008, to register
their claims with court-appointed insolvency manager Eberhard
Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Nov. 28, 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 Krefeld
         Meeting Room H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         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:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: (02151) 5813-0
         Fax: +4921515813134

The District Court of Krefeld opened bankruptcy proceedings
against Monumentum GmbH on Sept. 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Monumentum GmbH
         Hueserheide 52
         47918 Toenisvorst
         Germany

         Attn: Udo Rosier, Manager
         Kuehlerstr. 4
         47445 Moers
         Germany


ZB EXPRESS: Claims Registration Period Ends November 20
-------------------------------------------------------
Creditors of ZB Express GmbH have until Nov. 20, 2008, to register
their claims with court-appointed insolvency manager Holger
Harzig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Hagen
         Meeting Hall 252
         Heinitzstrasse 42/44
         58097 Hagen
         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:

         Holger Harzig
         Wall 28
         42103 Wuppertal
         Germany

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

The Debtor can be reached at:

         ZB Express GmbH
         Werdohler Landstr. 344
         58513 Luedenscheid
         Germany

         Attn: Elizbieta Helena Zortsis, Manager
         Werdohler Landstr. 350
         58513 Luedenscheid
         Germany


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H U N G A R Y
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K&H BANK: Fitch Affirms 'D' Individual Rating
---------------------------------------------
Fitch Ratings has downgraded Kereskedelmi es Hitelbank Zrt.'s (K&H
Bank) and CIB Bank Ltd's (CIB) Long-term Issuer Default ratings
(IDRs) to 'A' from 'A+'.  These rating actions follow today's
downgrade of Hungary's sovereign ratings.  Following the
downgrade, CIB's Outlook is now Stable while K&H remains on Rating
Watch Negative (RWN).

Hungary's sovereign ratings were downgraded to Long-term foreign
Issuer Default (IDR) 'BBB' from 'BBB+' and to Long-term local
currency IDR 'BBB+' from 'A-' (A minus) with Outlook Stable.  The
Country Ceiling was downgraded to 'A' from 'A+'.

The banks' LT IDRs are driven by institutional support from their
respective parents and are constrained by Hungary's 'A' Country
Ceiling.  The Country Ceiling limits the extent to which potential
support from the banks' foreign parents can be factored into their
ratings.

The RWN on K&H's Long-term IDR mirrors the one of its parent,
Belgium's KBC Bank, which is reflecting Fitch's concerns regarding
the KBC group's collateralized debt obligation (CDO) portfolio.
Fitch expects to resolve the RWN once it has undertaken a full
review of the CDO portfolio.

* K&H:
Long-term foreign currency IDR downgraded to 'A' from 'A+';
remains Rating Watch Negative
Short-term foreign currency IDR affirmed at 'F1'
Individual rating affirmed at 'D'
Support rating affirmed at '1'

* CIB:
Long-term foreign currency IDR affirmed at 'A'; Outlook now Stable
Short-term foreign currency IDR affirmed at 'F1'
Individual rating affirmed at 'C/D'
Support rating affirmed at '1'

The Long- and Short-term IDRs and Support ratings of the two banks
are based on the extremely high probability of support from their
respective majority shareholders, Italy-based Intesa Sanpaolo
(rated 'AA-' (AA minus)/Outlook Stable) and KBC Bank (rated 'AA-'
(AA minus)/RWN).

The Support ratings of Erste Bank Hungary Zrt, MKB Bank Zrt, OTP
Bank plc and Raiffeisen Bank Zrt remain unaffected by the
downgrade of Hungary's sovereign ratings.


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I C E L A N D
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* ICELAND: IMF Witholds Official Backing for US$6 Bln Loan
----------------------------------------------------------
David Ibison at the Financial Times reports that the International
Monetary Fund withheld official backing for a US$6 billion loan to
Iceland.

Iceland, the FT relates, agreed a US$2.1 billion (EUR1.7 billion,
GBP1.4 billion) loan with the IMF on October 24.
However, the IMF board has delayed the approval of the loan three
times without providing any reason.

According to the FT, there have been rumors that the UK government
has put pressure on the IMF to delay the loan until a dispute over
the compensation Iceland owes savers in Icesave, one of its
collapsed banks, is resolved.

The IMF approval, the FT says, is crucial as Sweden, Denmark and
Norway have declared they will only offer loans to Iceland once
the IMF package and an associated economic stabilization plan have
been agreed by its board.

No new date has been set for the final decision on the loan, the
FT notes.

Citing a government official, the FT discloses Iceland also failed
to raise the full sum it needs to stabilize its economy.  It is is
seeking to make up a US$500 million shortfall with a loan from the
US, Japan, Russia or China, but has not had a response to its
appeal for help, the FT adds.


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I T A L Y
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ALITALIA SPA: Unions to Stage Strike on November 25
----------------------------------------------------
Unions for Alitalia SpA pilots and flight attendants will carry
out a strike on November 25 to protest against a plan by Italian
investors to rescue the airline by laying off workers and cutting
routes, the Scotsman reports.

The unions, the report relates, also plan a total of 14 days of
walkouts between December and May despite warnings from Alitalia's
bankruptcy administrator against strikes.

                      About Alitalia

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.

As reported in the TCR-Europe on November 7, 2008, Alitalia-Linee
Aeree Italiane, S.p.A. filed for Chapter 15 protection with the
U.S. Bankruptcy Court in the Southern District of New York.
Italy's national airline experienced financial difficulties for a
number of years caused, in large measure, by a combination of
competition from low-cost air carriers, poor management and
onerous union obligations, according to papers filed with the
court.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties have been and exacerbated by spiraling fuel prices.

                 Italian Bankruptcy Filing

On Aug. 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.


MONTE PASCHI: Alternative Buyer Still Out in the Street
-------------------------------------------------------
Mediobanca SpA may have already found an alternative buyer for
Banca Monte dei Paschi di Siena SpA's 150 branches, however it is
still awaiting for a formal sale mandate from Monte Paschi,
Bloomberg News' Armorel Kenna reports citing Il Sole 24 Ore.

According to Bloomberg News, Italy's third-biggest bank is selling
the branches to comply with an antitrust ruling.  Reuters reported
last month that Monte dei Paschi is selling the branches to meet
regulatory requirements for its purchase of smaller peer
Antonveneta from Spain's Banco Santander.

However, Reuters said according to business daily MF, a consortium
put together by Britain's Barclays Plc to buy Monte dei Paschi
branches had unravelled and other bidders could pull out.

Bloomberg News relates Deutsche Bank AG and Barclays Plc expressed
interests to buy the branches but didn't present formal offers.

Headquartered in Siena, Italy, Banca Monte dei Paschi di Siena SpA
-- http://www.mps.it/-- provides traditional banking services,
asset management and private banking, including life insurance,
pension funds and investment trusts.  In addition, it offers
investment banking, including project finance, merchant banking
and financial advisory services.  The Company comprises more than
2,094 branches, and a structure of channels of distribution.
Banca Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, the United States, South East Asia and
Africa.  It has numerous subsidiaries, including Banca Agricola
Mantovana SpA, Banca del Monte di Parma SpA, Banca Popolare di
Spoleto SpA, Biverbanca SpA, MPS Capital Services SpA, Intermonte
SpA and Banca MP Belgio SpA.


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K A Z A K H S T A N
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AGRO MASH: Creditors Must File Proofs of Claim by December 24
-------------------------------------------------------------
LLP Agro Mash Holding Kazakhstan has gone into liquidation.
Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         LLP Agro Mash Holding Kazakhstan
         Promyshlennaya Str. 41
         Kostanai
         Kazakhstan


BTA BANK: Loan Impairment Risk Cues Fitch to Cut Individual Rating
------------------------------------------------------------------
Fitch Ratings comments on the downgrade of Kazakhstan-based BTA
Bank's ratings to Long-term foreign currency Issuer Default 'BB'
from 'BB+', and to Individual 'D' from 'C/D'.  The Outlook on the
Long-term IDR remains Negative.

The downgrade of the Long-term IDR reflects the reduced ability of
the Kazakh authorities to provide support to the bank, as
reflected in downgrade of the sovereign ratings.

The downgrade of the Individual rating reflects the heightened
risk of an increase in loan impairment levels in view of the
deterioration in the outlook for the Russian real estate market to
which BTA is heavily exposed.  The downgrade also considers a
poorer asset quality outlook domestically as loan impairments
gradually increase and as economic prospects are impacted by
likely global recession, lower oil prices and a sustained
near-closure of capital markets leading to sharply lower credit
growth.

BTA has increased its exposure to the real estate and construction
sector to 30% of gross loans at end-H108 (1.8x core capital) from
16% at end-2006.  This has been driven mainly by aggressive growth
on the Russian market, in land lending and the commercial real
estate sector, where BTA tends to provide financing at an early
stage of development.  Fitch notes that there is uncertainty as to
how some of these projects will be further financed.  As liquidity
has dried up abruptly in the sector and property prices have come
under significant pressure, Fitch now considers there to be a
heightened risk that the quality of BTA's Russian portfolio could
deteriorate, with the bank either having to restructure some of
its facilities in the medium term or recognize losses.

Furthermore, the portion of loans with interest and principal
repayable at maturity has increased to 17% at end-H108 (equal to
1x core capital) from under 2% at end-2006; Fitch understands that
there is considerable overlap between these loans and the Russian
real estate/construction exposures.  The structuring of loans in
this way, combined with restructuring of other exposures (4.7% of
the portfolio at end-H108), means that a significant part of the
book cannot fall into the past due category; in part because of
this, reported non-performing loans (NPLs - defined as loans
overdue by 90 days or more) were just 1.8% at end-H108.  The
volume of loans with bullet repayments also impairs the quality of
capital, as Fitch estimates accrued interest (which has not
actually been received by the bank) now comprises more than a
third of BTA'a core capital.

Fitch is also concerned about the quality of corporate governance
at BTA, as the lack of disclosure on the bank's shareholders and
their other business interests make it difficult to assess the
level of related-party business in the loan portfolio.  This is
particularly so in relation to the recent growth in lending
outside Kazakhstan and to the real estate sector in particular.
Overall, lending to non-Kazakh borrowers has increased to 42%
(equal to 2.4x core capital) of the portfolio at end-H108 from 31%
at end-2006 although some of these may relate to foreign
affiliates of Kazakh borrowers.  The still high dependence on
foreign funding is a further negative for the Individual rating,
although Fitch notes that BTA has continued to grow its balance
sheet during 2008 without further international debt placements.

At the same time, BTA's Individual rating is supported by its
strong domestic franchise, still sound pre-impairment performance
(albeit this is supported by accrued, but not received, interest
income) and reasonable liquidity and capital ratios.  Fitch also
notes that the expected substantial capital injection by the
Kazakh authorities should boost BTA's capital ratios considerably,
providing additional comfort with respect to its loss absorption
capacity.

BTA is one of the two largest banks in Kazakhstan, but has a
significant portion of its assets allocated in Russia and other
CIS countries.  It has developed a network of affiliate banks
across the CIS and acquired a minority stake in Turkey's Sekerbank
T.A.S. (Long-term IDR 'B'/Outlook Stable).  BTA's shareholder
structure is not transparent, but Fitch understands that the bank
is controlled by a number of Kazakh investors.

Rating actions:

  -- Long-term foreign currency IDR: downgraded to 'BB' from
     'BB+'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'BB' from 'BBB-'
     (BBB minus); Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Short-term local currency IDR: downgraded to 'B' from 'F3'

  -- Support rating: affirmed at '3'

  -- Individual rating: downgraded to 'D' from 'C/D'

  -- Support Rating Floor: revised to 'BB' from 'BB+'

  -- Senior unsecured debt: downgraded to 'BB' from 'BB+'

  -- Tier 1 perpetual preferred securities: downgraded to 'B-' (B
     minus) from 'B+'


BTA BANK: Fitch Comments on Affiliates' Ratings Downgrade
---------------------------------------------------------
Fitch Ratings comments on rating actions taken on affiliates of
Kazakhstan-based BTA Bank (BTA Kazakhstan).  The actions followed
downgrades of BTA Kazakhstan and the Kazakh sovereign.

In particular, in respect to BTA Kazakhstan's affiliates, Fitch
downgraded to 'B' from 'B+' the Long-term Issuer Default Rating
(IDR) of BTA Bank (Russia), with Outlook remaining Negative. It
also changed the Outlook on Temirbank's 'Long-term BB-' (BB minus)
IDR to Negative from Evolving.  The Long-term 'B' IDRs on Bank
BTA-Kazan and BTA Bank (Georgia) were affirmed and removed from
Rating Watch Positive and Rating Watch Evolving respectively.  A
Negative Outlook was assigned to the banks.

The downgrade of BTA Russia reflects both the deterioration in BTA
Kazakhstan's stand-alone financial strength, as reflected in the
downgrade to 'D' of its Individual rating, and the dilution of BTA
Kazakhstan's stake in BTA Russia to 22.2% from 52.8% as a result
of a new equity issue in October 2008.  At the same time, BTA
Russia's ratings are supported by BTA Kazakhstan's intention to
fully consolidate BTA Russia in its accounts and, to a limited
degree, by the possibility that in future BTA Russia may qualify
as a material subsidiary under the terms of cross default clauses
in BTA Kazakhstan's bond issues.  In light of these mitigating
factors, Fitch has downgraded BTA Russia to 'B', rather than to
'B-' (B minus), the level of the bank's Long-term IDR prior to BTA
Kazakhstan acquiring a majority stake in June of this year.

BTA Russia's ratings are underpinned by potential support from BTA
Kazakhstan.  However, the latter's 'BB' Long-term IDR is itself
driven by potential sovereign support, which may not be allowed to
flow through to the bank's foreign affiliates.  Taking this into
account, and Fitch's assessment of the stand-alone strength of BTA
Kazakhstan, BTA Russia's Long-term IDR is currently three notches
below that of BTA Kazakhstan's.  The Negative Outlook on BTA
Russia reflects Fitch's view of further potential deterioration in
BTA Kazakhstan's stand-alone financial profile.  Any significant
deterioration in BTA Kazakhstan's ability to provide support may
result in a further downgrade of BTA Russia's IDR.

Under the terms of BTA Kazakhstan's bond issues, a material
subsidiary is defined as any entity (majority owned or controlled)
which accounts for more than 10% of BTA Kazakhstan's consolidated
assets, revenues or pre-tax profit.  At end-H108 (prior to
consolidation), Fitch calculates that BTA Russia's assets,
revenues and pre-tax profit (without intra-group eliminations)
were equal to 6.5%, 9% and 11.9% of BTA Kazakhstan's respectively.
Given plans to consolidate BTA Russia and to rapidly grow its
balance sheet, it is feasible that the bank may represent more
than 10% of BTA Kazakhstan's consolidated assets in the future
(ratios based on revenues and profit are likely to be less
stable).  However, at the same time, it remains to be seen what
the position of the Kazakh authorities would be on BTA Russia
becoming a material subsidiary of BTA Kazakhstan in light of the
potential significant contingent liability this might represent
for the sovereign.

The affirmation of Temirbank's ratings reflects the rather strong
likelihood, in Fitch's view, that support made available to BTA
Kazakhstan by the Kazakh authorities would flow through to a
domestic bank subsidiary.  Temirbank narrowly qualified as a
material subsidiary of BTA Kazakhstan at end-H108.  However, even
if this ceased to be the case in future, in Fitch's view a default
by Temirbank would be sufficiently damaging for BTA Kazakhstan
(and potentially also for the Kazakh authorities, as a future
minority shareholder of BTA Kazakhstan) for the authorities to
have a high propensity to avert this.  Temirbank's Outlook is now
Negative, reflecting that on the sovereign rating, as a sale of
the bank to a strong foreign shareholder, which had been factored
into the previous Evolving Outlook, now seems to be a more distant
possibility than previously.

The ratings of BTA-Kazan and BTA (Georgia) reflect the limited
potential support from BTA Kazakhstan, in case of need, in light
of minority ownership, common branding and the small size of these
two banks relative to BTA Kazakhstan.  The assignment of Negative
Outlooks reflects the potential for further deterioration in BTA
Kazakhstan's credit profile and also greater uncertainty as
regards plans for the consolidation of these banks by BTA
Kazakhstan.

Temirbank was the eighth-largest bank in Kazakhstan at
end-September 2008, but held a small 2% share of the system's
assets; BTA Kazakhstan directly owns a 64% stake in Temirbank.
BTA Russia, formerly Slavinvest Limited, is a mid-sized
Moscow-based universal bank that operates through nine branches
and 25 offices in Russia. It mainly focuses on corporate business
and is also developing its retail franchise.  BTA-Kazan is a small
universal bank based in the Republic of Tatarstan, in Russia, and
has been affiliated with BTA Kazakhstan since 2005.  BTA
Kazakhstan currently owns a 47% stake in BTA-Kazan.  BTA Bank
(Georgia) has been affiliated with BTA Kazakhstan since 2005, with
the latter now owning a 49% stake.  Although BTA Kazakhstan owns
minority stakes in BTA Russia, BTA-Kazan and BTA (Georgia), Fitch
understands that in all three cases a majority stake is owned by
BTA Kazakhstan and its shareholders, combined.

Rating actions:

  * BTA Kazakhstan

    -- Long-term foreign currency IDR: downgraded to 'BB' from
       'BB+'; Outlook remains Negative

    -- Long-term local currency IDR: downgraded to 'BB' from
       'BBB-' (BBB minus); Outlook remains Negative

    -- Short-term foreign currency IDR: affirmed at 'B'

    -- Short-term local currency IDR: downgraded to 'B' from 'F3'

    -- Support rating: affirmed at '3'

    -- Individual rating: downgraded to 'D' from 'C/D'

    -- Support Rating Floor: revised to 'BB' from 'BB+'

    -- Senior unsecured debt: downgraded to 'BB' from 'BB+'

    -- Tier 1 perpetual preferred securities: downgraded to 'B-'
       (B minus) from 'B+'

  * Temirbank

    -- Long-term foreign currency IDR: affirmed at 'BB-'
       (BB minus); Outlook changed to Negative from Evolving

    -- Short-term foreign currency IDR: affirmed at 'B'

    -- Support rating: affirmed at '3'

    -- Support Rating Floor: assigned at 'BB-' (BB minus)

    -- Individual rating: affirmed at: 'D/E'

    -- Senior unsecured debt: affirmed at 'BB-' (BB minus)

  * BTA Bank (Russia)

    -- Long-term foreign currency IDR: downgraded to 'B' from
       'B+'; Outlook remains Negative

    -- Short-term foreign currency IDR: affirmed at 'B'

    -- National Long-term rating: downgraded to 'BBB-(minus)(rus)'
       from 'A-(minus)(rus)'; Outlook remains Negative

    -- Individual rating: affirmed at 'D/E'

    -- Support rating: affirmed at '4'

    -- Senior unsecured debt: downgraded to 'B' from 'B+'

  * Bank BTA-Kazan

    -- Long-term foreign currency IDR: affirmed at 'B'; Positive
       Watch removed, Negative Outlook assigned

    -- Short-term foreign currency IDR: affirmed at 'B'

    -- National Long-term rating: downgraded to 'BBB-(minus)(rus)'
       from 'BBB+(rus)'; Positive Watch removed, Negative Outlook
       assigned

    -- Individual rating: affirmed at 'D/E'

    -- Support rating: affirmed at '4'

  * BTA Bank (Georgia)

    -- Long-term foreign currency IDR: affirmed at 'B'; Evolving
       Watch removed, Negative Outlook assigned

    -- Short-term foreign currency IDR: affirmed at 'B'

    -- Individual rating: affirmed at 'D/E'

    -- Support rating: affirmed at '4'


GORODSKOYE JILISHNOYE: Claims Deadline Slated for December 24
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared Gorodskoye Jilishnoye Upravleniye Pri Akime Kokshetau
(State Utility Enterprise City Housing Department Under Kokshetau
Administration) insolvent on Sept. 29, 2008.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

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


HALYK BANK: Fitch Cuts Individual Rating on Asset Quality Concerns
------------------------------------------------------------------
Fitch Ratings comments on downgrade on the foreign currency
Long-Term Issuer Default Rating of Kazakhstan's Halyk Bank to 'BB'
from 'BB+'.  The agency also announced that it was maintaining the
Negative Outlook on the rating.  Halyk's Individual rating of
'C/D' was affirmed, but is now also under downward pressure.

The downgrade of the bank's Long-term IDR reflects the reduced
ability of the Kazakh authorities to provide support to the bank,
as reflected in the downgrade of the sovereign ratings.

The downward pressure on the Individual Rating reflects the
agency's deepening concerns over asset quality as loan impairment
rapidly increases and the domestic economy's growth prospects are
impacted by a likely global recession, lower oil prices and a
sustained near-closure of capital markets which has led to sharply
lower credit growth.  Impaired loans (defined as doubtful 5 and
loss categories according to the standards of the local FSA) have
doubled to 7.0% of the individually assessed portfolio at end-Q308
from 3.4% at end-2007, with loans more than 90 days overdue at
5.2% of the loan book.  Given that around 9% of the loan book has
been restructured (although with relatively conservative grace
periods of up to three months), there is a risk that headline
impairment ratios may understate the extent of asset quality
problems.  Fitch also notes that the seasoning of Halyk's
portfolio started somewhat later than at other banks, as rapid
loan growth continued in H207 when other banks had generally
stopped expanding.  Individual borrower concentrations are still
relatively high.

On a positive note, Halyk has a significantly smaller exposure to
the real estate and construction sectors than peers BTA Bank and
Kazkommertsbank. In addition, Halyk is also considerably less
reliant on international funding and enjoys a broader and more
stable domestic funding franchise, having enjoyed a flight to
perceived quality in retail deposits during H207.  In Fitch's
view, these factors justify a one-notch difference, at present,
between the Individual ratings of Halyk and BTA/KKB, whose
Individual ratings were downgraded to 'D' from 'C/D'.  Halyk's
stand-alone credit profile is also supported by still sound
pre-impairment profitability and reasonable liquidity.

However, a significant slowdown in domestic growth, coupled with
further seasoning of the portfolio, could result in further asset
quality deterioration at Halyk.  Fitch notes that Halyk's capital
ratios are slightly tighter than its peers, meaning it has
somewhat less capacity to absorb additional losses.

"In light of these factors, the Individual rating is now under
significant downward pressure and the expected capital injection
from the government may only partially offset existing credit
risks," says Alexei Kechko, Director in Fitch's Financial
Institutions Group.

Halyk was the third largest bank in Kazakhstan at end-Q308, with a
14.6% share of assets, and the largest by retail deposits (22.4%
market share) and network.  The bank is 68.7% owned by the Almex
Group, whose beneficiaries are President Nursultan Nazarbayev's
daughter, Dinara Kulibayeva, and son-in-law, Timur Kulibayev.
Fitch has been informed that Almex' stake is likely to be diluted
in the coming share issue, but remain above 50%.  The National
Wealth Fund Samruk-Kazyna is offering capital injections into four
of the country's leading banks, including Halyk.
Rating Actions:

  -- Long-term foreign currency IDR: downgraded to 'BB' from
     'BB+'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'BB' from 'BBB-'
     (BBB minus); Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Short-term local currency IDR: downgraded to 'B' from 'F3'

  -- Support rating: affirmed at '3'

  -- Individual rating: affirmed at 'C/D'

  -- Support Rating Floor: revised to 'BB' from 'BB+'

  -- Senior unsecured debt: downgraded to 'BB' from 'BB+'


IRON GROUP: Creditors' Claims Filing Period Ends December 24
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Iron Group insolvent on Sept. 29, 2008.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Kenesary Str. 46-38
         Astana
         Kazakhstan


JYHAN OIL: Creditors Must Register Claims by December 24
--------------------------------------------------------
LLP Jyhan Oil has gone into liquidation.  Creditors have until
Dec. 24, 2008, to submit written proofs of claims to:

         LLP Jyhan Oil
         Nekrasov Str. 54a
         Jezkazgan
         Karaganda
         Kazakhstan


KAZKOMMERTSBANK: Asset Quality Concerns Cues Fitch's Downgrade
--------------------------------------------------------------
Fitch Ratings comments on downgrade of Kazakhstan-based
Kazkommertsbank's ratings to Long-term foreign currency Issuer
Default 'BB' from 'BB+' and to Individual 'D' from 'C/D'.  The
Outlook on the Long-term IDR remains Negative.

The downgrade of the Long-term IDR reflects the reduced ability of
the Kazakh authorities to provide support to the bank, as
reflected in the downgrade of the sovereign ratings.

The downgrade of the Individual rating reflects Fitch's deepening
concerns over asset quality as loan impairments rapidly increase
and as economic prospects are impacted by likely global recession,
lower oil prices and a sustained near-closure of capital markets
leading to sharply lower credit growth.  Impaired loans (defined
as doubtful 5 and loss categories according to the standards of
the local FSA) have almost doubled to 8.5% of the individually
assessed portfolio at end-Q308 from 4.8% at end-2007, with loans
more than 90 days overdue at 3.5% of the loan book.  Furthermore,
given that around 7% of the loan book has been restructured and
10% of interest income (in H108) was accrued but not received in
cash, there is a risk the headline impairment ratios may
understate the extent of asset quality problems.  Further
deterioration could result from a significant slowdown in domestic
growth coupled with further seasoning of the portfolio, with the
bank's high construction sector and individual borrower
concentrations and doubtful collateral liquidity adding to risks.

High dependence on foreign funding remains a further weakness for
the bank's stand-alone credit profile.  Since August 2007, KKB has
not been able to enter capital markets on reasonable terms, and it
has become increasingly difficult for the bank to refinance its
sizable international debt (end-H108: 58% of total liabilities).
Although repayments are well-diversified by tenor (2009 total
external maturities equal to around 7,2% of liabilities) and the
liquidity profile is supported by asset and liability maturities
being quite well-matched, financial flexibility has reduced
considerably.

At the same time, the Individual rating is supported by sound
pre-impairment performance to date and currently reasonable
capital ratios, which provide significant loss absorption capaci
ty, as well as KKB's substantial domestic franchise.  "The planned
capital injection from the Kazakh authorities may further increase
loss absorption capacity, while also helping to increase funding
stability," says Alexei Kechko, Director in Fitch's Financial
Institutions Group, "However, in light of the risks facing the
bank, these factors are no longer sufficient, in Fitch's view, to
justify an Individual 'C/D' rating."

The downgrade of Moskommertsbank, KKB's wholly-owned Russian
subsidiary, reflects the weakening of KKB's stand-alone credit
profile and doubts as to whether the Kazakh authorities would
allow support for KKB to flow through to a foreign subsidiary.
Fitch also notes that as at end-Q308 MKB accounts for somewhat
less than 10% of KKB's consolidated assets and revenues, and so
would not at present qualify as a material subsidiary under the
terms of the cross default clauses in KKB's bond issues.

KKB is one of the two largest commercial banks in Kazakhstan, with
a core franchise in the large corporate segment.  It has been
gradually increasing the proportion of SME and retail business.
As at Oct. 1, 2008, the current Chairman of the Board of Directors
and former CEO, Nurzhan Subkhanberdin, controlled a large 40.6%
minority stake.  Alnair Capital Holding, a private equity fund
established with the capital of a member of the Abu Dhabi royal
family, controls another 25.15%.  The European Bank for
Reconstruction and Development also has a minority 8.5% stake.
Most of the remaining shares are held by portfolio investors.
Current shareholders will face stake dilution should they forego
their rights to participate in the forthcoming share issue.

Rating actions:

Kazkommertsbank

  -- Long-term foreign currency IDR: downgraded to 'BB' from
     'BB+'; Outlook remains Negative

  -- Long-term local currency IDR: downgraded to 'BB' from 'BBB-'
     (BBB minus); Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Short-term local currency IDR: downgraded to 'B' from 'F3'

  -- Support rating: affirmed at '3'

  -- Individual rating: downgraded to 'D' from 'C/D'

  -- Support Rating Floor: revised to 'BB' from 'BB+'

  -- Senior unsecured debt: downgraded to 'BB' from 'BB+'

  -- Subordinated debt: downgraded to 'BB-' (BB minus) from 'BB'

  -- Tier 1 perpetual subordinated notes: downgraded to 'B-' (B
     minus) from 'B+'

Moskommertsbank

  -- Long-term foreign currency IDR: downgraded to 'B' from 'B+';
     Outlook remains Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- National Long-term rating: downgraded to 'BBB-(minus)(rus)'
     from 'A- (minus)(rus)'; Outlook remains Negative

  -- Individual rating: affirmed at 'D/E'

  -- Support rating: affirmed at '4'


MEL RISE: Creditors' Claims Due on December 24
----------------------------------------------
Representation of CJSC Mel Rise International Ltd. has gone into
liquidation.  Creditors have until Dec. 24, 2008, to submit
written proofs of claims to:

         CJSC Mel Rise International Ltd.
         Office 3
         Seifullin Str. 525
         Almaty
         Kazakhstan


NATSIONALNYI INJENIRINGOVY: Claims Must Filed by Dec. 24
--------------------------------------------------------
JSC Natsionalnyi Injeniringovy Center (National Engineering
Center) has gone into liquidation.  Creditors have until Dec. 24,
2008, to submit written proofs of claims to:

         JSC Natsionalnyi Injeniringovy Center
         (National Engineering Center)
         Promyshlennaya Str. 41
         Kostanai
         Kazakhstan


TEMIR PROM HOLDING: Claims Deadline Slated for Dec. 24
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Temir PROM Holding insolvent on Sept. 29, 2008.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional Economic
         Court of East Kazakhstan
         Office 105
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 57-83-69


TEMIR SNUB: Creditors' Claims Filing Period Ends Dec. 24
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Temir Snub insolvent on Sept. 29, 2008.

Creditors have until Dec. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Kenesary Str. 46-38
         Astana
         Kazakhstan


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AI-TAL ZELENSTROY: Creditors Must File Claims by December 5
-----------------------------------------------------------
LLC Ai-Tal Zelenstroy has declared insolvency.  Creditors have
until Dec. 5, 2008, to submit proofs of claims.

The company can be reached at:

         Tel: (0-543) 90-27-90
              (0-543) 06-39-06


TECH PROM INVEST: Creditors Claims Deadline on November 28
----------------------------------------------------------
LLC Tech Prom Invest has declared insolvency.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLC Tech Prom Invest
         Room 6
         Kulatov Str. 1a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 90-66-91


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PAREX BANK: Fitch Cuts Individual Rating to 'F' on Nationalization
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Fitch Ratings has downgraded Latvia-based Parex Banka's Long-term
Issuer Default Rating to 'BB' from 'BB+' and Individual rating to
'F' from 'C/D'.  In addition, Fitch has placed the Long-term IDR
on Rating Watch Negative.  The senior unsecured ratings are also
downgraded to 'BB' and put on Rating Watch Negative.  Fitch has
affirmed the bank's Short-term IDR at 'B', Support rating at '3'
and Support Rating Floor at 'BB'.

The rating action follows the nationalization of the bank (51% of
total shares) after the bank's application for support from the
government as a result of resident and non-resident deposit
withdrawals between Oct. 1 and Nov. 7 that amounted to 12% of
total customer deposits.  It also follows the downgrade of the
sovereign ratings of Latvia to Long-term foreign IDR 'BBB-' (BBB
minus) from 'BBB', Long-term local currency IDR 'BBB' from 'BBB+'
and Country Ceiling to 'A-' from 'A'.

The ratings are now at the support rating floor and reflect the
support Parex received from the government in the form of
liquidity injection and guarantee of EUR775 million of syndication
loans that are coming due in 2009 (EUR275 million in February 2009
and EUR500 million in June 2009).  The government is also looking
to sell the bank to a strategic investor; however, Fitch believes
it will be difficult given the current global operating
environment.  The Individual rating reflects Fitch's opinion that
if the bank had not received support from the government it would
have defaulted.

On Nov. 8, 2008 Parex Banka became a subsidiary of the state-owned
Mortgage and Land Bank when it acquired 51% of the shares of the
bank.  The previous owners, Valery Kargin and Viktor Krasovitsky,
who held 86% of the bank, will continue to work for the bank and
35% of their shares are pledged to Mortgage and Land Bank.  The
remaining 14% minority shareholders are not affected.  While the
bank has received liquidity support from the government and
guarantees for its maturing syndications, the resident and
non-resident deposit outflow has not stopped and Fitch is closely
monitoring the situation.

While Parex is the largest non-resident service provider bank in
Latvia, it has strengthened its domestic franchise dramatically in
the last few years.  However, with the sharp economic slowdown in
Latvia and the Baltics as a whole, it is also seeing an increase
in its impaired lending.  Although the non-resident business has
been generating stable fees and commission income, cost of funds
is increasing as well as impairment charges and non-interest
expenses.  The capitalization is only adequate and the bank is
facing very challenging times.

Parex was the second-largest bank by assets in Latvia at the end
of third-quarter 2008.  It is a universal bank offering the full
range of banking products directly and through specialized
subsidiaries.


PAREX BANK: Moody's Cuts Bank Financial Strength Rating to 'E+'
---------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Parex Bank to E+ from D+, the local and foreign
currency long-term bank deposit and debt ratings to Ba1 from Baa3
and the short-term rating to Not Prime from Prime-3.  The outlook
on the deposit and debt ratings is developing while the BFSR has a
stable outlook.  At the same time, Moody's has affirmed the
ratings of Mortgage and Land Bank of Latvia (Mortgage Bank) at
A3/P-2/D- with negative outlook.

This rating action follows the announcement on Nov. 8, 2008 that
the Latvian government will acquire a 51% stake in Parex Bank via
its fully owned bank, Mortgage Bank.  The government intervention
was in response to Parex Bank's short-term liquidity difficulties
in light of adverse market conditions.  The government is to be
viewed as a temporary shareholder only as it plans to find a
strategic investor for the bank.  Moody's notes that the
transaction is subject to regulatory approval by the EU
Competition Council and by Latvia's Financial and Capital Market
Commission.

The downgrade of the BFSR to E+ from D+ reflects Parex Bank's
weakened profitability, stretched capitalization levels and
Moody's concerns with regard to the bank's asset quality
development, especially in light of the weakening economic
environment in Latvia.  In particular, Moody's views Parex Bank as
facing increasing challenges due to its high exposure to the real
estate sector (both commercial and residential), which could be
adversely affected by the current economic slowdown.  The rating
agency also notes the bank's weakened liquidity position, although
this has been now restored following the government intervention.

Parex Bank's profitability weakened in the first half of 2008: its
pre-tax, pre-provision income decreased 27% year on year,
primarily due to weaker financial income and higher operating
expenses.  In addition, the combination of weaker internal capital
generation and rapid historic growth has put pressure on the
bank's capital adequacy.  The Tier 1 ratio at end-June 2008 was
7.6%, down from 8.8% at year-end 2007, and the total capital
adequacy ratio was 9.1%, down from 9.6% at year-end 2007.  In
Moody's view, the weakened capitalization levels have
significantly reduced the bank's loan loss absorption capacity.

Parex Bank's asset quality indicators have also weakened in 2008.
The ratio of problem loans (i.e. individually impaired and over 90
days past due but not impaired loans) accounted for 3.8% of total
loans at end-June 2008, up from 2.4% at end-2007.  Moody's expects
that the economic downturn -- which is likely to be worse than
previously anticipated -- could have a negative impact on the
bank's asset quality.  At the same time the bank's credit risk
concentrations remain high.  The bank's real estate management
sector exposure accounted for a high 18% of the total loan
portfolio (or 175% of Tier 1 capital) at end-June 2008, whilst
residential mortgage loans accounted for 17%.  Moody's also notes
that non-residential clients have historically been a key customer
group for the bank on both the asset and liability sides.

The downgrade of Parex Bank's deposit and debt ratings to Ba1 is
primarily a result of the downgrade of the BFSR, which has
resulted in the bank's baseline credit assessment falling to B1
from Ba1 under Moody's rating methodology.  However, following the
government's intervention, Moody's now assesses the probability of
systemic support for the bank in the event of a stress situation
as high.  Consequently, the bank's deposit and debt ratings
receives a three-notch uplift from its B1 baseline credit
assessment.

According to Moody's, the developing outlook on Parex Bank's
deposit and debt ratings reflects the uncertainties surrounding
the bank's future ownership, given that the government has stated
its intention to be only a temporary shareholder in the bank.
Upward rating pressure could emerge if a higher-rated entity were
to make an acquisition proposal.  Conversely, downward rating
pressure could emerge if attempts to find a strategic investor
were unsuccessful or if the bank's franchise were to be further
adversely affected by recent events.

The affirmation of Mortgage Bank's ratings reflects Moody's
recognition that it will not be a permanent shareholder in Parex
Bank and will be kept as a fully separate entity; therefore, the
acquisition of the stake has no implications for the bank's BFSR
and long-term ratings.  Moody's notes that it downgraded Mortgage
Bank's deposit ratings on November 7 and changed the outlook on
all ratings to negative.

Headquartered in Riga, Latvia, Parex Bank reported total assets of
LVL3.3 billion (EUR4.6 billion) at the end of June 2008.


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ATLANTES MORTGAGES: Fitch Affirms 'BB' Rating on Class D Notes
--------------------------------------------------------------
Fitch Ratings has upgraded two tranches of two Portuguese RMBS
transactions: Atlantes Mortgages No. 1 Plc and Azor Mortgages Plc.
The upgrades on these transactions reflect the high seasoning of
the transactions and increased credit enhancement of the senior
tranches as a result of de-leveraging.  The Stable Outlooks on the
junior tranches reflect Fitch's concern about the increasing
volumes of loans in arrears by more than three months.  The rating
actions are:

Atlantes Mortgages No. 1 Plc:

  -- Class A: affirmed at 'AAA'; Outlook Stable

  -- Class B: upgraded to 'A+' from 'A'; Outlook revised to Stable
     from Positive

  -- Class C: affirmed at 'BBB'; Outlook Stable

  -- Class D: affirmed at 'BB'; Outlook Stable

Azor Mortgages Plc:

  -- Class A: affirmed at 'AAA'; Outlook Stable

  -- Class B: upgraded to 'AA+' from 'AA'; Outlook revised to
     Stable from Positive

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

Redemption of the notes in both transactions is fully sequential,
and the reserve fund balances are at their required, floor
amounts.

According to the latest investor reports loans in arrears by more
than three months (including written-off loans) continued to rise
in both transactions reaching 7.37% (Atlantes 1) and 2.71% (Azor)
of the pool outstanding. Due to the lengthy foreclosure procedures
in Portugal, both transactions have provisioning mechanisms
incorporated, whereby loans in arrears by more than 12 months are
provisioned 50%, while written-off loans, defined as loan in
arrears by more than 24 months are provisioned 100%.  The latest
investor reports show that written-off loans are at 0.85% and
0.31% of the closing portfolios of Atlantes 1 and Azor
respectively.

The revision of Outlook to Stable from Positive on class C notes
of Azor Mortgages is also a result of declining volumes of excess
spread generated by the transaction, which Fitch expects, may
result in reserve fund draws on future interest payment dates.  In
Q308, the transaction generated only a total of EUR66,000 (i.e.
0.06% of the collateral outstanding), compared to EUR 370,000 in
June 2008.

Fitch has employed its credit-cover multiple methodology in
reviewing this transaction to assess the level of credit support
available to each class of notes.  Credit cover levels are
influenced by a number of factors, such as delinquency levels,
speed of note amortization, reserve fund levels and the seasoning
of the transaction.

The Atlantes Mortgages No. 1 Plc and Azor Mortgages Plc are
originated and serviced by members of the BANIF Group.


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* Fitch Cuts ST Currency Ratings of Bucharest and Oradea to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-term foreign currency
ratings of the Romanian cities of Bucharest and Oradea to 'BB+'
from 'BBB-' (BBB minus) and revised both cities' Outlooks to
Negative from Stable.  The agency has also downgraded both cities'
Short-term foreign currency ratings to 'B' from 'F3'.  Fitch has
simultaneously affirmed the two cities' Long-term local currency
ratings at 'BBB-' (BBB minus) and revised their Outlooks to
Negative from Stable.

The rating actions follow the downgrade of Romania's Long-term
foreign currency Issuer Default Rating (IDR) to 'BB+' from 'BBB',
Long-term local currency IDR to 'BBB-' (BBB minus) from 'BBB+',
and Short-term foreign currency IDR to 'B' from 'F3'.  The
Outlooks on the sovereign ratings remain Negative.

The rating actions on Bucharest and Oradea reflect the tight
financial and governance relationships between the Romanian
cities' local governments and the sovereign, whose ratings act as
a cap for the former.  The highly-centralized budgetary system for
Romanian local governments ensures State support and control of
the cities' financial position, including debt approval, but it
also acts as a constraint on the cities' budgetary flexibility.
The State controls the cities' tax base, tax rates and main
revenue collection, as well as important expenditures such as
staff salaries.  The bulk of the cities' revenue is derived from
the pool of national tax revenue (personal income tax (PIT) and
valued added tax (VAT)).

The rating actions affecting the two cites are:

* City of Bucharest
Long-term foreign currency rating: downgraded to 'BB+' from
'BBB-'(BBB minus); Outlook revised to Negative from Stable
Long-term local currency rating: affirmed at 'BBB-'(BBB minus);
Outlook revised to Negative from Stable
Short-term foreign currency rating: downgraded to 'B' from 'F3'

* City of Oradea
Long-term foreign currency rating: downgraded to 'BB+' from 'BBB-'
(BBB minus); Outlook revised to Negative from Stable
Long-term local currency rating: affirmed at 'BBB-' (BBB minus);
Outlook revised to Negative from Stable
Short-term foreign currency rating: downgraded to 'B' from 'F3'


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APSHERONSKIY WOODWORKING: Creditor Must File Claims by Nov 31
-------------------------------------------------------------
Creditors of LLC Apsheronskiy Woodworking Plant (PSRN
1032314210015) have until Nov. 31, 2008, to submit proofs of
claims to:

         I. Lukakhin
         Temporary Insolvency Manager
         Volnaya Str. 25
         Lenina
         350037 Krasnodar
         Russia
         Tel: 928=96400-9751

The Arbitration Court of Krasnodarskiy will convene at
11.00 a.m. on Jan.15, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A-32=969106/2008=96
14/283B.

The Debtor can be reached at:

         LLC Apsheronskiy Woodworking Plant
         Komarova Str. 131
         Apsheronsk
         Krasnodarskiy
         Russia


ELIT-PROJECT LLC: Tumen Bankruptcy Hearing Set February 10
----------------------------------------------------------
The Arbitration Court of Tumen will convene on Feb. 10, 2009, to
hear bankruptcy supervision procedure on LLC Elit-Project.  The
case is docketed under Case No. A-70-5687/3-2008.

The Temporary Insolvency Manager is:

         I. Guzhva
         Post User Box 1812
         625048 Tumen
         Russia


GORNYAK LLC: Kemerovskay Bankruptcy Hearing Set February 12
-----------------------------------------------------------
The Arbitration Court of Kemerovskaya will convene on
Feb. 12, 2009, to hear bankruptcy supervision procedure on LLC
Gornyak (Quarry).  The case is docketed under Case No. A27=96
8589/08=964.

The Temporary Insolvency Manager is:

         D. Shaptala
         Post User Box 5228
         650055 Kemerovo
         Russia

The Debtor can be reached at:

         LLC Gornyak
         Pugacheva Str. 2/5
         Insloy
         Belovo
         Russia


LOBVINSKIY BIOCHEMICAL: Under External Bankruptcy Procedure
-----------------------------------------------------------
The Arbitration Court of Sverdlovskaya has commenced external
management bankruptcy procedure on LLC Lobvinskiy Biochemical
Plant.  The Case is docketed under No. A60-5799/2008-S11.

The External Insolvency Manager is:

         A. Koryakina
         Lunacharskogo Str. 185/403
         620026 Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Lobvinskiy Biochemical Plant
         Lenina Str.  52
         Lobva
         Novolyalinsliy
         624420 Sverdlovskaya
         Russia


MERKURIY-94 LLC: A. Krupennikov Named as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Irkutskaya appointed A. Krupennikov as
Insolvency Manager for LLC Merkutiy-94 (Lumber Production).  The
case is docketed under Case No. A19=969505/08=9649.  He can be
reached at:

         Mechtateley Str. 11/107
         Ust-Ilimsk
         666679 Irkutskaya
         Russia

The Debtor can be reached at:

         LLC Merkutiy-94
         Ust-Ilimsk
         Irkutskaya
         Russia


NOVATEK OAO: 3Q 2008 Net Profit Up 47.9% to RUR20.2 Billion
-----------------------------------------------------------
OAO Novatek released its consolidated interim condensed financial
information for the three and nine months ended
September 30, 2008 prepared in accordance with International
Financial Reporting Standards.

In the three and nine months ended September 30, 2008, Novatek's
total revenues grew by 34.5% to RUR20.4 billion and by 37.8% to
RUR62.7 billion as compared to the corresponding periods of 2007.
The increase in total revenues reflects the general strength and
stability of the company's core business operations.

Profit attributable to Novatek shareholders in the third quarter
and nine months of 2008 increased by 11.0% to RUR5.7 billion, or
RUR1.87 per share, and by 47.9% to RUR20.2 billion, or RUR6.67 per
share, respectively, as compared to the corresponding periods of
2007.

In the third quarter 2008, Novatek's natural gas sales volumes
increased due to the restoration of production levels at the East
Tarkosalinskoye field and organic production growth at the
Yurkharovskoye field.

Novatek's liquids sales volumes were lower in the period due to an
increase in its inventory balances as of September 30, 2008.   At
September 30, 2008, the company had 216 thousand tons of stable
gas condensate in transit or storage and recognized as inventory
until such time as it is delivered to the port of destination as
compared to 128 thousand tons as of September 30, 2007.  During
the period, the company had one tanker of stable gas condensate
that was delayed from discharging its cargo due to damages at the
receiving port in Houston, Texas caused by Hurricane Ike.  The
cargo subsequently was discharged in October and will be recorded
as revenues in the fourth quarter 2008.

"We are very pleased with the results achieved in the third
quarter 2008 despite some challenging market conditions caused by
the credit and liquidity crisis" stated Novatek CEO Leonid V.
Mikhelson.  "We are committed to delivering results according to
our strategy and have achieved a 9.2% growth in our natural gas
production for the year.  With the recent launch of the second
phase of the Yurkharovskoye field development and the upcoming
commissioning of the second stage expansion of the Purovsky
processing plant, we have laid the requisite platform for the
future growth of Novatek."

                         About Novatek

Based in Tarko-Sale, Russia, OAO Novatek -- http://www.novatek.ru/
-- engages in the exploration, production and processing of
natural gas and liquid hydrocarbons.  The company's upstream
activities are concentrated in the prolific Yamal-Nenets Region in
Western Siberia.

                         *     *     *

OAO Novatek continues to carry a 'BB+' long-term corporate credit
rating from Standard & Poor's with stable outlook.  The rating was
raised by S&P to its current level from 'BB' in July 2008.

The company also carries a Ba2 corporate family rating from
Moody's Investors Service with stable outlook.


NOVOLIPETSK STEEL: 3Q2008 Net Profit Up by 200% to RUR30.68 Bln
---------------------------------------------------------------
Novolipetsk Steel's net profit under Russian Accounting Standards
increased by almost 200% to RUR30.68 billion (US$1.14 billion) in
the third-quarter of 2008, RIA Novosti reports.

According to the report, NLMK's revenue in the reporting period
grew 65% to RUR65.37 billion (US$2.4 billion).  The company's
gross profit doubled to RUR34.44 billion (US$12.8 billion), while
its operating profit more than doubled to RUR28.53 billion (US$1.6
billion), the report adds.

The company, the report discloses, attributed the revenue growth
in the third quarter of 2008 to increased metal product prices,
and to changes in the sales structure towards a larger share of
added-value products.

However, the report notes the company expects its financial
results to deteriorate in the fourth quarter due to the global
financial crisis, which has caused a decline in steel prices and
lower demand.

                    About Novolipetsk Steel

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.


                        *     *    *

Novolipetsk Steel OJSC continues to carry Ba1 Corporate Family and
Probability-of-Default ratings from Moody's with stable outlook.

NLMK still carries a BB+ issuer credit rating from
Standard & Poor's with stable outlook.

The company also carries a BB+ long-term issuer default and
B short-term issuer default ratings from Fitch with stable
outlook.


NYAGANSKAYA GENERATING: Creditors Must File Claims by Nov. 31
-------------------------------------------------------------
Creditors of LLC Nyaganskaya Generating Company have until
Nov. 31, 2008, to submit proofs of claims to:

         A. Rodin
         Insolvency Manager
         Gagarina Str. 65
         Khanty-Mansiysk
         628002 Khanty-Mansiysk-Yugra
         Russia

The Arbitration Court of Khanty-Mansiysk-Yugra commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A75-5731/2008.

The Debtor can be reached at:

         LLC Nyaganskaya Generating Company
         Sibirskaya Str. 40
         Nyagan
         628183 Khanty-Mansiysk-Yugra
         Russia


OTP BANK: Fitch Affirms Individual Rating at 'D/E'
-------------------------------------------------
Fitch Ratings has downgraded the ratings of Russia-based OTP Bank,
including its Long-term Issuer Default Rating to 'BB+' from
'BBB-'.

The rating action follows the downgrade of Hungary's Sovereign
ratings on Nov. 11, 2008 and its Outlook revised to Stable from
Negative.  The deteriorating operating environment in Hungary,
which is the core key market for the bank's majority shareholder,
Hungary's largest bank, OTP Bank Plc (OTP Hungary, Support '2'),
could negatively affect OTP Hungary's ability to support its
Russian subsidiary, if needed.

Fitch notes that OTP Russia's liquidity position has been stable
since Oct. 23, 2008, when the Outlook on the bank's ratings was
revised to Negative.

OTP Russia is a medium-sized Russian bank and assumed its present
form during 2005/6 as a result of the merger of four domestic
banks.  With total consolidated assets of US$2.7 billion, OTP
Russia was the 46th-largest Russian bank at end-Q308.  OTP Hungary
currently holds a 95.5% stake.

The rating actions affecting OTP Russia are:

  -- Long-term foreign currency IDR: downgraded to 'BB+' from
     'BBB-' (BBB minus); Outlook changed to Stable from Negative

  -- Short-term foreign currency IDR downgraded to 'B' from 'F3'

  -- Support rating: downgraded to '3' from '2'

  -- Individual rating: affirmed at 'D/E'

  -- National Long-term rating: downgraded to 'AA(rus)' from
     'AA+(rus)'; Outlook changed to Stable from Negative


SIB-STROY LLC: Court Names Ye. Karavayev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Sverdlovskaya appointed Ye. Karavayev
as Insolvency Manager for LLC Sib-Stroy.  The case is docketed
under Case No. A60=962934/2008-S11.  He can be reached at:

         Office 205
         Angliyskiy pereulok 3
         190121 Saint-Petersburg
         Russia

The Debtor can be reached at:

         LLC Sib-Stroy
         40-letiya Oktyabrya Str. 52/15
         650042 Yekaterinburg
         Russia


SIBIRSKIY MINING: Creditors Must File Claims by December 31
-----------------------------------------------------------
Creditors of CJSC Sibirskiy Mining Machinery Plant (TIN
5410131775, PSRN 1025403909761) have until Dec. 31, 2008, to
submit proofs of claims to:

         S. Tsareva
         Insolvency Manager
         Post User Box 33
         630011 Novosibirsk
         Russia

The Arbitration Court of Novosibirskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45=9611255/07=9629/35.

The Debtor can be reached at:

         CJSC Sibirskiy Mining Machinery Plant
         Bolnichnaya Str.   8
         Tomsk
         Russia


TATFONDBANK: Moody's Reviews Ratings for Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service has Moody's placed on review for
possible downgrade the B2 long-term local and foreign currency
deposit and debt ratings and the E+ bank financial strength rating
of Tatfondbank.

According to Moody's, this rating action was triggered by a recent
decision of Tatfondbank's management to introduce temporary limits
on cash withdrawals by individual depositors, whereby the bank
paid out only those deposits that have already matured.  These
limits, which have already been removed, followed the mass deposit
withdrawals from Tatfondbank in mid-October, 2008.  The rating
agency said that the review will focus on the bank's liquidity
position, the planned capital increase and franchise strength
perspectives.

Moody's noted that Tatfondbank's liquidity position has been
supported by significant liquidity injection from the Central Bank
of Russia, totaling over RUR8 billion (about US$300 million).
Although these funds have eased the short-term liquidity tension,
Moody's considers that Tatfondbank's liquidity position remains
vulnerable and requires substantial improvement.

Tatfondbank has stated that the Government of the Republic of
Tatarstan would inject RUR2 billion (about US$75 million) into
Tatfondbank's capital by the end of 2008, thus becoming the bank's
majority shareholder.  Moody's said that the successful completion
of this transaction along with improved liquidity position could
notably relieve the negative pressure on the bank's liquidity,
capital adequacy and franchise sustainability.

However, if the capital injection by the government does not
materialise in the near term, this may further challenge
Tatfondbank's deposit taking franchise and consequently its
liquidity.  Such a development could, in Moody's opinion, result
in concluding the ratings review with a downgrade.

Tatfondbank's B2 long-term deposit rating is based on Moody's
assessment that there is a moderate probability of support being
extended to the bank in the event of need by the government of the
Republic of Tatarstan.  Thus, the bank's deposit and debt ratings
incorporate its B3 Baseline Credit Assessment, and Moody's
assessment of the probability of support from the regional
government.

Moody's previous rating action on Tatfondbank was taken on
May 4,2007 (following the implementation of the agency's Joint
Default Analysis and BFSR methodologies), when the rating agency
upgraded the bank's deposit and debt ratings to B2 from B3 and
National Scale Rating to Baa1.ru from Baa2.ru.

Tatfondbank reported total assets and net income of
RUR44.09 billion and RUR187.66 million, respectively, at end-H1
2008 (vs. RUR38.56 billion and RUR155.12 million, respectively, at
end-H1 2007) according to the regulatory reports.


ULYANOVSK-AVTO-TRANS OJSC: Creditor Must File Claims by Dec. 31
---------------------------------------------------------------
Creditors of OJSC Ulyanovsk-Avto-Trans have until Dec. 31, 2008,
to submit proofs of claims to:

         V. Bogdanov
         Temporary Insolvency Manager
         50 let VLKSM Prospect 7
         432034 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovskaya will convene at 09.00 a.m.
on March 23, 2009 to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A72=966560/08=9620/53B.


URAL METAL: Creditors Must File Claims by November 31
-----------------------------------------------------
Creditors of LLC Ural Metal Business have until
Nov. 31, 2008, to submit proofs of claims to:

         G. Baturin
         Insolvency Manager
         Post User Box 226
         Kopeysk
         456617 Chelyabinskaya
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76=966338/2008=9652-67.

The Debtor can be reached at:

         LLC Ural Metal Business
         Pobedy prospect 290
         Chelyabinsk
         Russia


* Fitch Affirms Individual Ratings on Six Banks at 'D'
------------------------------------------------------
Fitch Ratings has changed the Outlooks on 12 Russian banks, four
European banking subsidiaries of Russian Bank VTB and two Russian
leasing companies to Negative from Stable and affirmed their
ratings. This action follows today's revision of the Outlook on
Russia's IDRs to Negative from Stable.


The change in Outlooks on the IDRs of ZAO Unicredit Bank, Absolut
Bank, ZAO Raiffeisenbank, Orgresbank and Rosbank reflects the
potential downward revision of Russia's Country Ceiling (currently
'A-' (A minus)), following the change in Russia's Outlook.  The
Country Ceiling of Russia captures transfer and convertibility
risks and limits the extent to which support from the foreign
shareholders of these banks can be factored into their Long-term
foreign currency IDRs.  Their Long-term local-currency IDRs, where
assigned, also take account of Russian country risks.

ZAO Unicredit Bank is 100%-owned by UniCredit S.p.A.
('A+'/Negative), Absolut Bank is majority (95%)-owned by Belgium-
based KBC Bank (rated 'AA-' (AA minus)/ Rating Watch Negative),
ZAO Raiffeisenbank is 99.9%-owned by Austria's Raiffeisen
Zentralbank Osterreich, Orgresbank is 75.01 %-owned by Nordea Bank
AB ('AA-' (AA minus)/Stable) and Rosbank is 57.57%-owned by
France's Societe Generale (rated 'AA-' (AA minus)/Stable).  The
Long- and Short-term IDRs and Support ratings of these banks
reflect the high probability of support being forthcoming from
their majority shareholders, in case of need.

The change in Outlooks on the Long-term IDRs of Vnesheconombank,
Sberbank, Bank VTB, Russian Agricultural Bank and Rosagroleasing
reflect the increased likelihood of a deterioration in the
government's ability to provide support in case of need, as
reflected in the change of the Outlooks for the sovereign Long-
term IDRs.  The Russian state owns 77.5% and 60.3% (of ordinary
shares), respectively, of Bank VTB and Sberbank.  Russian
Agricultural Bank and Rosagroleasing are fully owned by the
government.  Vnesheconombank is a state corporation established by
the Russian Federation and was assigned the role of a national
development bank by federal law in May 2007.

The change in Outlooks on the Long-term IDRs of Bank VTB North-
West, Bank VTB24, VTB Leasing, VTB Bank (Austria), VTB Bank
(France), VTB Bank Europe and Russian Commercial Bank (Cyprus)
follows the revision of the Outlook for their parent, Bank VTB,
indicating a possible weakening of the latter's ability to support
them due to, in its turn, possible deterioration in support from
the Russian state.

The change in Outlook on the Long-term IDR of Bank of Moscow (BOM)
follows today's revision of the Outlook on the City of Moscow's
Long-term IDRs to Negative form Stable, also following the change
of the Outlooks for the Russian sovereign IDRs.  The City of
Moscow owns 44% of BOM directly and controls a further 15% through
Capital Insurance Group.

* Absolut Bank
Long-term foreign currency IDR: affirmed at 'A-' (A minus);
Outlook revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support rating: affirmed at '1'
Individual rating: affirmed at 'D'

* Bank VTB (JSC)
Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised
to Negative from Stable
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support rating: affirmed at '2'
Individual rating: affirmed at 'C/D'
Support Rating Floor: affirmed at 'BBB+'

* Bank of Moscow
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AA+(rus)'; Outlook Stable
Support rating: affirmed at '2'
Individual rating: affirmed at 'D'

* CJSC Bank VTB24
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support rating: affirmed at '2'
Individual rating: affirmed at 'D'

* JSC Bank VTB North-West
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
Support rating: affirmed at '2'
Individual rating: affirmed at 'D'

* JSC Rosagroleasing
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3
National Long-term rating: affirmed at 'AA+(rus)'; Outlook Stable
Support rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'

* Orgresbank
Long-term foreign currency IDR: affirmed at 'A-' (A minus);
Outlook revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support rating: affirmed at '1'
Individual rating: affirmed at 'D'

* Rosbank
Long-term foreign currency IDR: affirmed at 'A-' (A minus);
Outlook revised to Negative from Stable
Long-term local currency IDR: affirmed at 'A-' (A minus); Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support rating: affirmed at '1'
Individual rating: affirmed at 'C/D'

* Russian Agricultural Bank
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support rating: affirmed at '2'
Individual rating: affirmed at 'D'
Support Rating Floor: affirmed at 'BBB+'

* Russian Commercial Bank (Cyprus) Ltd
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Support rating: affirmed at '2'

* Sberbank - Savings Bank of the Russian Federation
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
Support rating: affirmed at '2'
Individual rating: affirmed at 'C'
Support Rating Floor: affirmed at 'BBB+'

* Vnesheconombank
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
Support rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB+'

* VTB Bank (Austria) AG
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Support rating: affirmed at '2'
Individual rating: affirmed at 'C/D'

* VTB Bank (France) SA.
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Support rating: affirmed at '2'
Individual rating: affirmed at 'C/D'

* VTB Bank Europe plc.
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Support rating: affirmed at '2'
Individual rating: affirmed at 'C/D'

* VTB Leasing
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
Short-term local currency IDR: affirmed at 'F2'
Support rating: affirmed at '2'

* ZAO Raiffeisenbank
Long-term foreign currency IDR: affirmed at 'A-' (A minus);
Outlook revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support rating: affirmed at '1'
Individual rating: affirmed at 'C/D'

* ZAO Unicredit Bank
Long-term foreign currency IDR: affirmed at 'A-' (A minus);
Outlook revised to Negative from Stable
Long-term local currency IDR: affirmed at 'A-' (A minus); Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
Short-term local currency IDR: affirmed at 'F2'
Support rating: affirmed at '1'
Individual rating: affirmed at 'C/D'


* Fitch Rates Ulyanovsk Region 'BB-'; Outlook Stable
----------------------------------------------------
Fitch Ratings has assigned the Russian Ulyanovsk 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 foreign and
local currency ratings and National Long-term rating are Stable.

The ratings reflect the modest scale of the local economy and high
concentration of the tax revenue in the few companies.  The
ratings also factor in the region's sound budgetary performance,
sustained high level of capital expenditure co-financed by the
federal government and its low debt.

The Stable Outlooks reflect Fitch's expectation that the region's
moderately growing local economy will support tax revenue and lead
to a consolidation of its budgetary performance.  It also reflects
the agency's expectations that the region will continue its
conservative fiscal policy and control over expenditure over the
medium term.

The Ulyanovsk region reported a sound performance in 2006-2007,
with operating balance averaging 9.2% of operating revenue.  Its
surplus before debt variation increased to 8% of total revenue in
2007 from 4.5% in 2004, which led to an improvement in its
liquidity position. The region's capital expenditure peaked at 23%
of its total spending in 2007, buoyed by federal capital transfers
for transport infrastructure modernization.  The Ulyanovsk region
direct risk is low at 3.1% of current revenue in H108.  Its direct
risk/current balance ratio has remained below six months since
2006.  Although debt is expected to increase over the medium term
to support capital expenditure, the debt coverage ratio should
still remain sound.

The region's per capita gross regional product (GRP) accounted for
49% the national total in 2006.  The industrial sector represents
a considerable share of the regional economy and the tax base.
Tax revenue is concentrated in the top 10 taxpayers, increasing to
46.1% of the budget tax revenue in 2007 from 35.8% in 2006.
However, this fiscal concentration is mitigated by the high level
of federal transfers in the region's operating revenue.

The Ulyanovsk region is located in western Russia.  Its population
accounts for 0.9% of the national total.  Taxes and federal
transfers accounted for 45% and 48% of the total budget revenue
respectively in 2007.


=3D=3D=3D=3D=3D=3D=3D=3D=3D
S P A I N
=3D=3D=3D=3D=3D=3D=3D=3D=3D


BANCAJA 8: Fitch Affirms 'BB+' Rating on Class D Notes
------------------------------------------------------
Fitch Ratings has affirmed 20 tranches from Bancaja RMBS
transactions following a satisfactory performance review.  The
portfolios are backed by loans originated by Caja de Ahorros de
Valencia, Castellon y Alicante.

The most seasoned transactions, Bancaja 3 to 7, have shown loans
in arrears by more than three months persistently below 0.6% of
the outstanding balance.  These deals closed between 2002 and 2004
and had a high seasoning at closing ranging from 15 to 40 months.
On the other hand, Bancaja 8, which closed in 2005, has seen
higher delinquencies than the previous transactions - in the last
reporting month they were 1.44% of the current balance.  Although
higher than the earlier transactions this does not affect the
current ratings.  Given the current performance trends and the
level of credit enhancement of each deal for the ratings, all
tranches have been affirmed.

All the transactions, except Bancaja 3, have a sequential
amortization structure for the notes until the proportion of the
junior classes increases to a certain required level of the total
note balance.  Because the credit enhancement of Bancaja 4 to 7
has grown to the necessary level, the amortization of the notes
has switched to pro rata and their reserve fund has also started
to amortize.  Since this limits their CE growth, and given the
expectation of arrears increases in Spain, the Outlooks are
changed to Stable from Positive on selected tranches.  Bancaja 8
is still paying sequentially and therefore, its CE is still grow
ing, but due to the upward trend of its delinquencies the Outlook
of the most junior tranches remains Stable.

In June 2007 the substitution period of Bancaja 3 expired.
Thereafter until June 2009, the mortgage principal receipts will
be maintained in the fund's principal account.  The pay down of
the notes using these funds will commence in June 2009.  At
present EUR141.8 million is available to pay down the notes, which
will lead to an increase in CE and is reflected in the Outlook
change on the class B notes to Positive.

The RF of Bancaja 6 and 7 started to amortize in 2007 and given
the current CE levels, rating upgrades could occur if performance
remains good.  This is reflected in their Positive Outlooks. The
CE of Bancaja 4 and 5 will not grow until the RF reaches its floor
amount.  Because Fitch does not expect this to occur in the next
two years, the Outlooks are Stable.

Bancaja is the result of the mergers of four savings banks from
the Autonomous Community of Valencia.  Bancaja 3 to Bancaja 6 have
a high concentration in the region, ranging from 87.6% to 54.6%.
The concentration at closing of Bancaja 7 is 48.4%

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

The rating actions are:

Bancaja 3, Fondo de Titualizacion de Activos:

  -- Class A: affirmed at 'AAA'; Outlook Stable
  -- Class B: affirmed at 'A+'; Outlook revised to Positive from
     Stable
  -- Class C: affirmed at 'BBB'; Outlook Stable

Bancaja 4, Fondo de Titualizacion Activos:

  -- Class A: affirmed at 'AAA'; Outlook Stable
  -- Class B: affirmed at 'AAA'; Outlook Stable
  -- Class C: affirmed at 'A+'; Outlook revised to Stable from
     Positive

Bancaja 5, Fondo de Titualizacion de Activos:

  -- Class A: affirmed at 'AAA'; Outlook Stable
  -- Class B: affirmed at 'AAA'; Outlook Stable
  -- Class C: affirmed at 'A-' (A minus); Outlook revised to
     Stable from Positive

Bancaja 6, Fondo de Titualizacion de Activos:

  -- Class A2; affirmed at 'AAA'; Outlook Stable
  -- Class B: affirmed at 'AA'; Outlook Positive
  -- Class C: affirmed at 'A-'(A minus); Outlook revised to Stable
     from Positive

Bancaja 7, Fondo de Titualizacion de Activos:

  -- Class A2: affirmed at 'AAA'; Outlook Stable
  -- Class B: affirmed at 'AA-'(AA minus); Outlook Positive
  -- Class C: affirmed at 'A-' (A minus); Outlook Positive
  -- Class D: affirmed at 'BBB-' (BBB minus); Outlook revised to
     Stable from Positive

Bancaja 8, Fondo de Titulizacion de Activos:

  -- Class A: affirmed at 'AAA'; Outlook Stable
  -- Class B: affirmed at 'A+'; Outlook Positive
  -- Class C: affirmed at 'BBB+'; Outlook revised to Stable from
     Positive
  -- Class D: affirmed at 'BB+'; Outlook Stable


FONDO DE TITULIZACION: Moody's Puts 'C' Rating on EUR66 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to these classes of Notes to be issued by TDA CAM 11 Fondo de
Titulizaci=F3n de Activos, a Spanish Asset Securitisation Fund:

   - (P)Aaa to the EUR334.8 million Series A1 notes

   - (P)Aaa to the EUR517.9 million Series A2 notes

   - (P)Aaa to the EUR403.2 million Series A3 notes

   - (P)Aaa to the EUR229.1 million Series A4 notes

   - (P)Aa1 to the EUR33 million Series B notes

   - (P)Baa3 to the EUR132 million Series C notes

   - (P)C to the EUR66 million Series D notes

The transaction represents the securitization of Spanish
residential mortgage loans originated by CAM (Caja de Ahorros del
Maditerraneo, A2/Prime-1).  The assets supporting the Notes are
prime mortgage loans secured on residential properties located in
Spain.  The portfolio will be serviced by CAM.

The ratings of the Notes are based upon the analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, the legal and
structural integrity of the issue and the credit quality of the
parties involved in the transaction.

Compared to the previous TDA CAM series, this transaction includes
looser arrears triggers for the pro-rata amortization of the
series as well as for the Reserve Fund amortization.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest and ultimate payment of principal on
Classes A, B, and C at par on or before the legal final maturity
date.  Moody's ratings address only the credit risks associated
with the transaction.  Other non-credit risks have not been
addressed but may have a significant effect on the yield to
investors.

The Spanish Government announced on November 4, 2008, a package of
aid to assist unemployed, self employed and pensioner borrowers
through a form of mortgage subsidy aid.  It in unclear how this
package will be implemented, and also if it is implemented, how
the transaction will be affected, although both liquidity and
credit implications are possible on this portfolio.  However, any
implications on the ratings will ultimately depend on the actual
financial aid conditions which will be approved.

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


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S W I T Z E R L A N D
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GLOBAL ELECTRONICS: Creditors Must File Claims by Nov. 27
---------------------------------------------------------
Creditors owed money by JSC Global Electronics are requested to
file their proofs of claim by Nov. 27, 2008, to:

         BKS =96 Advocacy Notary's Office
         Baarerstrasse 8
         Mail Box: 224
         6301 Zug
         Switzerland

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


HOTEL TGESA: Deadline to File Proofs of Claim Set Nov. 27
---------------------------------------------------------
Creditors owed money by LLC Hotel Tgesa Scarpatetti are requested
to file their proofs of claim by Nov. 27, 2008, to:

         Regine Valli-Marti
         Puntenstrasse 4
         8185 Winkel-Ruti
         Switzerland

The company is currently undergoing liquidation in Cunter.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 9, 2008.


KAMPF + PARTNER: Creditors Have Until Nov. 24 to File Claims
------------------------------------------------------------
Creditors owed money by JSC Kampf + Partner are requested to file
their proofs of claim by Nov. 24, 2008, to:

         The Advocacy and Notary's Office Hanke
         Waisenhausplatz 14
         3001 Bern
         Switzerland

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


OYSTER DEVELOPMENTS: Creditors' Proofs of Claim Due by Nov. 26
--------------------------------------------------------------
Creditors owed money by LLC Oyster Developments are requested to
file their proofs of claim by Nov. 26, 2008, to:

         JSC Grivo
         Bahnhofstrasse 94
         8001 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 25, 2008.


PULLMAN JSC: Nov. 19 Set as Deadline to File Claims
---------------------------------------------------
Creditors owed money by JSC Pullman are requested to file their
proofs of claim by Nov. 19, 2008, to:

         JSC Tribeg Treuhand
         Baarerstrasse 73
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 8, 2008.


VIOLA SANITARMODELLE: Creditors Must File Claims by Nov. 26
-----------------------------------------------------------
Creditors owed money by LLC Viola Sanitarmodelle are requested to
file their proofs of claim by Nov. 26, 2008, to:

         Mail Box: 629
         4242 Laufen
         Switzerland

The company is currently undergoing liquidation in Laufen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 1, 2005.


WUHE LLC: Deadline to File Proofs of Claim Set Nov. 27
------------------------------------------------------
Creditors owed money by LLC Wuhe are requested to file their
proofs of claim by Nov. 27, 2008, to:

         Heinz Wurgler
         Liquidator
         Buelmattweg 2 d
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar ZG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 22, 2008.


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U K R A I N E
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DNIEPROINVEST GROUP: Creditors Must File Claims by November 23
--------------------------------------------------------------
Creditors of  LLC Dnieproinvest Group (code EDRPOU 35447207) have
until Nov. 23, 2008, to submit proofs of claim to:

         Mr. Alexander Baranovsky
         Liquidator
         P.O.B. 1802
         49027 Dnipropetrovsk
         Ukraine
         Tel: 8(056)744-21-37
              8(056)770-22-92

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Oct.
21, 2008.  The case is docketed as B 15/225-08.

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

The Debtor can be reached at:

         LLC Dnieproinvest Group
         Newspaper 'Pravda' Avenue, 50
         49000 Dnipropetrovsk
         Ukraine


EXTORIMPEX LLC: Creditors Must File Claims by November 23
---------------------------------------------------------
Creditors of LLC Extorimpex (code EDRPOU 35080027) have until
Nov. 23, 2008, to submit proofs of claim to:

         Mrs. Liubov Gruzdeva
         Liquidator
         Ap. 85
         Pobedonosnaya Str.  21
         91000 Lugansk
         Ukraine

The Arbitration Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 3, 2008.
The case is docketed as 22/62b.

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Extorimpex
         Ap. 11
         Schadenko Str.  14-v
         91005 Lugansk
         Ukraine


INFORM COMPLECT: Creditors Must File Claims by November 23
----------------------------------------------------------
Creditors of  LLC Inform Complect Trade (code EDRPOU 35427526)
have until Nov. 23, 2008, to submit proofs of claim to:

         LLC Universal Complect Group
         Liquidator
         Of. 197
         Yanvarskogo Vosstaniya Str.  3-B
         01010 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 24/310-b.

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


KREMENCHUK INDUSTRIAL: Creditors Must File Claims by Nov. 23
------------------------------------------------------------
Creditors of JSC Kremenchuk Industrial Railway Transport
Enterprise (code EDRPOU 01268805) have until Nov. 23, 2008, to
submit proofs of claim to:

         Mrs. S. Akayeva
         Liquidator / Insolvency Manager
         Shevchenko Str. 52
         36009 Poltava
         Ukraine
         Tel: 8(0532)509-552

The Arbitration Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 11, 2008.
The case is docketed as 4/39.

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine


The Debtor can be reached at:

         OJSC Kremenchuk Industrial Railway
         Transport Enterprise
         Pervomayskaya Str.  2-b
         Kremenchuk
         Poltava
         Ukraine


PRIMA-M LLC: Creditors Must File Claims by November 23
------------------------------------------------------
Creditors of LLC Prima-M (code EDRPOU 31163413) have until
Nov. 23, 2008, to submit proofs of claim to:

         Mr. O. Zabrodin
         Liquidator / Insolvency Manager
         P.O.B. 6335
         69121 Zaporozhje
         Ukraine
         Tel: 8(067)780-39-60

The Arbitration Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
Oct. 14, 2008.  The case is docketed as 16/278/08.

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Debtor can be reached at:

         LLC Prima-M
         Ap. 31
         Marshal Tchuykov Str.  20B
         69096 Zaporozhje
         Ukraine


STAROPTTORG LLC: Creditors Must File Claims by November 23
----------------------------------------------------------
Creditors of LLC Staropttorg (code EDRPOU 35079357) have until
Nov. 23, 2008, to submit proofs of claim to:

         Mr. Alexander Vasilenko
         Liquidator
         2nd. Cooperative Lane, 20
         91000 Lugansk
         Ukraine

The Arbitration Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 3, 2008.
The case is docketed as 22/61b.

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Staropttorg
         Of. 21
         Heroes of Brest Fortress Quarter, 7
         91031 Lugansk
         Ukraine


VELUX UNIVERSAL: Creditors Must File Claims by November 23
----------------------------------------------------------
Creditors of LLC Velux Universal (code EDRPOU 35372865) have until
Nov. 23, 2008, to submit proofs of claim to:

         LLC Universal Complect Group
         Liquidator
         Office 197
         Yanvarskogo Vosstaniya Str. 3-B
         01010 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 24/311-b.

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

The Debtor can be reached at:

         LLC Velux Universal
         Office 197
         Yanvarskogo Vosstaniya Str. 3-B
         01010 Kiev
         Ukraine


VINTAGE LLC: Creditors Must File Claims by November 23
------------------------------------------------------
Creditors of LLC Vintage (code EDRPOU 34751380) have until
Nov. 23, 2008, to submit proofs of claim to:

         LLC Apriliya
         Liquidator
         Office 1
         Vladimirskaya Str.  7
         01023 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 18, 2008.
The case is docketed as 24/309-b.

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

The Debtor can be reached at:

         LLC Vintage
         Miloslavskaya Str. 58
         02097 Kiev
         Ukraine


VPF METAPRODUCTION: Creditors Must File Claims by November 23
-------------------------------------------------------------
Creditors of LLC VPF Metaproduction (code EDRPOU 35081942) have
until Nov. 23, 2008, to submit proofs of claim to:

         LLC Optimal-Trade
         Liquidator
         P.O.B. 101-V
         01001 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 9, 2008.
The case is docketed as 24/385-b.

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

The Debtor can be reached at:

         LLC VPF Metaproduction
         Ap. 34
         Pobeda Avenue, 136,
         03115 Kiev
         Ukraine


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U N I T E D   K I N G D O M
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BRITISH AIRWAYS: Offloading Pension Deficit to Cost GBP6 Billion
----------------------------------------------------------------
Alistair Osborne at the Daily Telegraph reports that John Ralfe,
an independent pensions consultant, has warned it would cost
British Airways plc at least GBP6 billion to sell its pension
liability.

Mr. Ralf, as cited by the report, noted the cost of offloading the
pension deficit would be several times the market cap of the
airline, which is currently valued at about GBP1.6 billion,
insisting his figures were based not on his own calculations, but
those of the trustees of BA's two final-salary pension schemes =96-
the New Airways Pension Scheme (NAPS) and the Airways Pension
Scheme (APS).

"The annual reports for the two schemes to March 31, 2007, show a
GBP5 billion deficit in NAPS on a buy-out basis and a GBP1 billion
deficit in APS.  Given the fall in asset prices since then, the
total deficit will now be significantly worse,"
Mr. Ralfe was quoted by the report as saying.

The report states that while the trustees disclosed in September
that the total deficit in the two schemes on a continual funding
basis was GBP1.74 billion, the calculation is at the mercy of such
things as asset values and calculations of pensioners' longevity.

According to the report, the deficit is likely to impact the
airline's negotiations with Spanish carrier Iberia for an all-
share merger.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
-- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd.  and British Airways
Travel Shops Ltd.  BA has offices in India and Guatemala.

                         *     *     *

British Airways Plc continues to carry a "Ba1" senior
unsecured debt rating from Moody's with a stable outlook.


DSG INTERNATIONAL: To Sell Loss-Making Electroworld Division
------------------------------------------------------------
DSG International plc has put its loss-making central and eastern
European operations up for sale, breakingnews.ie reports.

DSG, the report relates, has decided to offload its Electroworld
chain as part of a wider restructuring by new chief executive John
Browett.  The Electroworld division made losses of about GBP10
million in 2007, the report notes.

According to the report, DSG had appointed a corporate finance
house in Poland to find buyers for the division, which has more
than 30 stores spread across the Czech Republic, Hungary and
Poland and combined sales of about GBP250 million (EUR305
million).

Citing analysts, the report discloses possible bidders could
include German electrical retailer Media Markt and Comet firm Kesa
Electricals.

DSG, the report says, is battling a slowdown in consumer spending.
The company reported a 30% slide in annual profits in June, having
already warned over profits twice in the year, the report states.

Headquartered in Hemel Hempstead, England, DSG international plc
-- http://www.dsgiplc.com/-- is engaged in electrical retailing.

                       *     *     *

As reported in the TCR-Europe on Oct. 29, 2008, Moody's Investors
Service placed the Ba1 ratings of DSG International on review for
possible downgrade.


DSG INTERNATIONAL: Fitch Trims LT Issuer Default Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has downgraded UK-based consumer electronics
retailer DSG International plc's Long-term Issuer Default rating
to 'BB-' from 'BB+' and affirmed the company's Short-term IDR at
'B'.  The Rating Outlook remains Negative.

The downgrade reflects the deterioration in the consumer
environment, particularly for discretionary goods, which will
further constrain DSG's cash flow and credit metrics.  The
Negative Outlook reflects DSG's high lease-adjusted leverage, and
the increasingly competitive nature of consumer electronics
retailing.

DSG reported that its like-for-like sales declined by 7% in the 24
weeks ended 18 October 2008, following a 1% increase in FY07.  The
company experienced weakness in all of its regions, including the
UK and Ireland, the Nordic region and southern Europe.  DSG also
reported that gross margins narrowed by 0.7% in H108.

DSG's weak sales and margin trends have resulted in negative free
cash flow after dividends and declining cash balances during the
past two years, and free cash flow is expected to remain negative
in FY09.  Further declines in the cash balance from GBP381 million
(excluding restricted cash) at FYE08 would be mitigated in part by
future dividend reductions, which Fitch views as possible.  The
company could also dispose of assets as part of its strategic
review of weaker businesses.  These disposals would reduce a drain
on the company's cash flow.

Fitch expects DSG's net financial leverage to increase further in
FY09, with adjusted net debt/EBITDAR potentially increasing to
above 5x at FYE09 from 4.4x at FYE08.  Moreover, the difficult
macroeconomic environment in the UK and Europe suggests the
company's recovery effort could take several years.  As such, the
agency does not expect DSG's credit profile to significantly
improve over the next two years.

DSG's ratings continue to be supported by the group's leading
positions within the UK (approximately 20% of market share and
three times larger than its next UK rival, Kesa) and Nordic
consumer electronics markets.  DSG's liquidity is underpinned by
its access to a GBP400 million syndicated revolving credit
facility expiring in October 2011.  The facility was undrawn at
year-end, and contains leverage and fixed-charge cover covenants.
DSG has only one bond outstanding, which totals GBP300 million and
is due in 2012.


EDEUS MORTGAGE: Businesses and Assets Sold
------------------------------------------
The businesses and assets of Edeus Mortgage Creators Ltd. and
Edeus Creators Ltd. have been sold for an undisclosed sum.  The
new business, which will continue to be based in Wolverhampton,
will trade under the name "Exact".  All remaining 25 Edeus
employees will transfer to the new business.

Allan Graham, joint administrator from KPMG commented: "We are
pleased to have secured the sale of Edeus during a very difficult
period for the mortgage market.  It will be 'business as usual'
for the new company which will continue to offer due diligence and
related mortgage services."

The joint administrators also hope to secure a return to unsecured
creditors in due course.

                      About KPMG LLP (UK)

KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.  KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms. As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.


GIFFORDS LTD: Appoints Joint Administrators from BDO Stoy
---------------------------------------------------------
Martha H. Thompson and C. K. Rayment of BDO Stoy Hayward LLP were
appointed joint administrators of Giffords Ltd. on Oct. 29, 2008.

The company can be reached through BDO Stoy Hayward LLP at:

         Kings Wharf
         20-30 Kings Road
         Reading
         Berkshire
         RG1 3EX
         England

Giffords Ltd. is engaged in wholesale of foods and drinks.


ID DATA: Names Joint Administrators from Grant Thornton
-------------------------------------------------------
John Whitfield and Malcolm Shierson of Grant Thornton UK LLP were
appointed joint administrators of ID Data Ltd. on Oct. 29, 2008.

The company can be reached at:

         ID Data Ltd.
         New Mint House, Bedford Road
         Petersfield, Hampshire
         GU32 3AL
         England

ID Data Ltd. manufactures computers and other information
processing equipment.


KENSINGTON MORTGAGE: Fitch Cuts Rating on Class B2 Notes to 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded three tranches and affirmed 17 from
the UK Nonconforming RMBS transaction Kensington Mortgage
Securities plc - series 2007-1.  The Outlook on the Class M2b
notes has been revised to Negative from Stable.

The class B1 and class B2 notes are downgraded, by one notch and
three notches respectively, due to Fitch's expectation that
deteriorating economic conditions in the UK will continue to
negatively impact the transaction.  As of the September 2008
investor report, 3.19% of the current portfolio is in
repossession.  The agency believes this percentage will increase
as property sales remain difficult and a strong arrears pipeline
suggests an increase in repossessions.  Furthermore, the loss
severity of the portfolio (on repossessed properties) is expected
to increase above its current level of 30%.

It is important to note that, even though there has been an
increase in arrears levels and a drop in payment rates, the
transaction is generating considerable excess spread.  In the
quarter to September 2008, 50bps of excess spread was generated
and 46bps was allocated to clear the principal deficiency ledger
of losses from the period.  Nevertheless, Fitch believes expected
further losses on sold repossessions could cause the generated
excess spread to be completely utilized and lead to possible
future reserve fund draws.

The total sold repossessions to date are 2.83% of the initial
portfolio balance and realized losses widened to 0.85% in
September 2008 from 0.78% in August 2008.  As of the September
2008 investor report, the loss severity for the transaction is
currently at 30.33%

The ratings are:

Kensington Mortgage Securities plc - series 2007-1:

  -- Class A1a: affirmed at 'AAA'; Outlook Stable

  -- Class A1a: affirmed at 'AAA'; Outlook Stable

  -- Class A1b: affirmed at 'AAA'; Outlook Stable

  -- Class A1b: affirmed at 'AAA'; Outlook Stable


  -- Class A1c: affirmed at 'AAA'; Outlook Stable

  -- Class A1c: affirmed at 'AAA'; Outlook Stable

  -- Class A2: affirmed at 'AAA'; Outlook Stable

  -- Class A2: affirmed at 'AAA'; Outlook Stable

  -- Class A3a: affirmed at 'AAA'; Outlook Stable

  -- Class A3a: affirmed at 'AAA'; Outlook Stable

  -- Class A3b: affirmed at 'AAA'; Outlook Stable

  -- Class A3b: affirmed at 'AAA'; Outlook Stable

  -- Class A3c: affirmed at 'AAA'; Outlook Stable

  -- Class A3c: affirmed at 'AAA'; Outlook Stable

  -- Class M1a: affirmed at 'AA'; Outlook Stable

  -- Class M1b: affirmed at 'AA'; Outlook Stable

  -- Class M2b: affirmed at 'A'; Outlook revised to Stable

  -- Class B1a (ISIN XS0292639902): downgraded to 'BBB-'
     (BBB minus) from 'BBB'; Outlook remains Negative

  -- Class B1b (ISIN XS0292651436): downgraded to 'BBB-'
     (BBB minus) from 'BBB'; Outlook remains Negative

  -- Class B2 (ISIN XS0292640157): downgraded to 'B' from 'BB';

Outlook remains Negative

Rating Outlooks for European Structured Finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-year
period.


MARCHPOLE HOLDINGS: Goes Into Administrative Receivership
---------------------------------------------------------
James Thompson at The Independent reports that Marchpole Holdings
plc has gone into administrative receivership.  The company
appointed Grant Thornton as administrative receivers.

The administrative receivers will seek buyers of the operating
companies as trading businesses in co-operation with stakeholders,
the report notes.

Marchpole, the report relates, suspended trading in its shares on
November 4.

Headquartered in London, Marchpole Holdings plc --
http://www.marchpole.com/marchpoleplc/-- was incorporated on
June 20, 1973 under the name Marchpole Ltd as a designer,
manufacturer and distributor of fashion merchandise.


PENHAVEN LEISURE: Taps Joint Administrators from BDO Stoy
---------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP, were named joint administrators of Penhaven Leisure
Resorts Ltd. on Oct. 29, 2008.

The company can be reached at:

         Penhaven Leisure Resorts Ltd.
         C/o BDO Stoy Hayward LLP
         4th. Floor
         One Victoria Street
         Bristol
         BS1 6AA
         England


PHOENIX HOME: Appoints Joint Liquidators from Tenon Recovery
------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Phoenix Home Improvement Services
Ltd. on Oct. 21, 2008.

The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


SC FINLAND: Brings in Liquidators from Ernst & Young
----------------------------------------------------
Patrick Joseph Brazzill and Elizabeth Anne Bingham of Ernst &
Young LLP were appointed joint liquidators of SC Finland Ltd. on
Oct. 21, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Ernst & Young LLP at:

         1 More London Place
         London
         SE1 2AF
         England


TAYLOR WIMPEY: Sees Bleak Future as 3Q Mortgage Approvals Fell 70%
------------------------------------------------------------------
Taylor Wimpey plc said in a press statement that from July 1, 2008
to November 11, 2008, conditions in the UK housing market have
remained extremely challenging, with the recent events in the
world financial markets further depressing customer confidence.
Third quarter mortgage approvals fell by 70 per cent year on year,
and the main mortgage lender house price indices have now fallen
by around 14 per cent over the last year.  Net private
reservations for the second half to date average 165 per week,
around 27 per cent below the second half of 2007 (H1 2008: 220, H2
2007: 225).  These net reservation rates, Taylor Wimpey said,
include the impact of cancellations, which have continued to run
above normal levels in the second half of the year.

Taylor Wimpey expects to maintain prices at current levels for the
next few weeks.  The company is currently selling from around 400
outlets, down from a peak of circa 500 at the beginning of the
year, reflecting caution regarding the opening of new outlets.
Build rate is now running below current sales rates, at around 40
per cent of normal levels.

For the year to date, Taylor Wimpey reduced its headcount in the
UK by nearly 1,900 as a result of the previously announced
restructuring of its operations and further efficiency savings
across our business.

The company also reduced its expected cash outflows in respect of
land to the end of 2009 by a further GBP75 million from the
commitments outlined at the half year stage.

Taylor Wimpey notes that the absence of any improvement to current
market conditions increases the likelihood that it will need to
make further provisions against its land and work in progress.

Taylor Wimpey said it remains of the view that there will not be a
recovery in the UK housing market in the short term.

                       North America Housing

Taylor Wimpey's North America sales rates in recent weeks have
declined from those achieved earlier in 2008 and have recently
experienced higher levels of cancellations.

The company said it has approximately 220 active outlets across
its operations in the US and Canada.  This equates to a reduction
of around 15 per cent over the last twelve months, reflecting
tight control over investment in working capital.

Taylor Wimpey expects market conditions in North America to remain
weak into next year.

                   Spain & Gibraltar Housing

The housing market in Spain remains weak and its plans to exit
Gibraltar remain on track, Taylor Wimpey said .

                 Review of Capital Requirements

Taylor Wimpey said it remains in compliance with all of its
existing covenants and has adequate facilities available.

Net debt currently stands at approximately GBP1.9 billion, in line
with its expectations, despite the adverse impact of sterling's
recent weakness on its dollar-denominated debt.

The company said discussions with its banking group and the
private placement noteholders are progressing and, as announced on
October 3, it is in the process of extending its debt negotiations
to include applicable Eurobond holders.

The interests of these various stakeholder groups mean that these
discussions are complex and it therefore remains likely that a
revised covenant structure will only be concluded early next year,
the company noted.

Bloomberg News recounts Taylor Wimpey Chief Executive Officer
Peter Redfern previously said the company may breach loan terms as
early as February if it doesn't strike a deal with debt holders.

"Our primary focus is on the debt renegotiations, but where we
have been approached by providers of equity capital, we will talk
to them," Bloomberg News quoted Mr. Redfern as saying.  "We are
not deep in negotiations with anybody and we don't think it's
likely we will raise equity capital in any form before the end of
the debt negotiations."

The company also has the option to sell assets such as land or
parts of the business in the U.K., the CEO added.

According to Bloomberg News, Taylor Wimpey's net debt currently
stands at approximately 1.9 billion pounds.  The homebuilder owed
1.7 billion pounds as of June 30.  The homebuilder also has closed
a third of its U.K. Offices and scrapped its first-half dividend.

                      About Taylor Wimpey

Headquartered in London, Taylor Wimpey plc --
http://www.taylorwimpey.com/-- builds homes in the U.K., North
America, Spain and Gibraltar.  Taylor Wimpey also operates in the
Construction sector under the Taylor Woodrow brand.

Taylor Wimpey plc's major markets are experiencing a significant
downturn, characterized by significantly lower weekly sales
rates and lower average selling prices than in recent years.

Taylor Wimpey remains in full compliance with its banking
covenants.  However, without an amendment to the terms of its
banking facilities, in certain negative market scenarios Taylor
Wimpey might breach one or more banking covenants at the first
testing date in 2009.

                         *     *     *

As reported in the TCR-Europe on Oct. 7, 2008, Fitch Ratings has
downgraded Taylor Wimpey plc's Long-term Issuer Default and senior
unsecured ratings to 'B' from 'BB-' and maintained them on Rating
Watch Negative.  Its Short-term IDR at 'B' is now also on RWN.
Fitch also assigned a Recovery Rating of 'RR4' to TW's senior
unsecured debt instruments.


URBIS LTD: Appoints Joint Administrators from KPMG
--------------------------------------------------
Jonathan Scott Pope and Richard John Hill of KPMG LLP were
appointed joint administrators of Urbis (St. Stephens House
Freehold) Ltd. on Oct. 30, 2008.

The company can be reached through KPMG LLP at:

         Urbis (St. Stephens House Freehold) Ltd.
         100 Temple Street
         Bristol
         England


VIRGIN MEDIA: To Cut 2,200 Jobs by 2012
---------------------------------------
Virgin Media Inc. is laying off 2,200 workers, or about 15% of its
workforce, by 2012 as part of a group-wide restructuring plan that
will save up to GBP120 million (US$186.4 million) over the next
four years, BBC News reports.

The group, the report discloses, would not start cutting jobs
until the fourth quarter of next year.

Neil Berkett, the group's chief executive, as cited by the report,
said "These changes are critical to ensuring Virgin Media is
positioned to compete effectively and deliver on our customers'
changing expectations."

                       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.


WHOLESALE CARS: Calls in Joint Administrators from Tenon
--------------------------------------------------------
Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint administrators of Wholesale Cars Direct Ltd. on
Oct. 24, 2008.

The company can be reached at:

         Wholesale Cars Direct Ltd.
         348-350 Lytham Road
         Blackpool
         Lancashire
         FY4 1DW
         England


WINDRUSH FROZEN: Names Joint Administrators from BDO Stoy
---------------------------------------------------------
Martha H. Thompson and C. K. Rayment of BDO Stoy Hayward LLP were
appointed joint administrators of Windrush Frozen Foods Ltd. on
Oct. 29, 2008.

The company can be reached through  BDO Stoy Hayward LLP at:

         Windrush Frozen Foods Ltd.
         Kings Wharf
         20-30 Kings Road
         Reading
         Berkshire
         RG1 3EX
         England


* UK Insolvency Service Publishes 3Q2008 Insolvency Statistics
-------------------------------------------------------------
The Insolvency Service on Friday, November 7, published statistics
showing insolvencies in the  third quarter of 2008.

                   Company Insolvencies

England and Wales

There were 4,001 compulsory liquidations and creditors' voluntary
liquidations in total in England and Wales in the third quarter of
2008 (on a seasonally adjusted basis).  This was an increase of
10.5% on the previous quarter and an increase of 26.3% on the same
period a year ago.

This was made up of 1,483 compulsory liquidations (which are up
10.9% on the previous quarter and 16.1% on the corresponding
quarter of the previous year), and 2,518 creditors voluntary
liquidations (which are up 10.2% on the previous quarter and 33.2%
on the corresponding quarter of the previous year).

In the twelve months ending Q3 2008, 0.6% of active companies went
into liquidation, the same as the previous quarter and the
corresponding quarter of 2007.

Additionally, there were 1,444 other corporate insolvencies in the
third quarter of 2008 (not seasonally adjusted) comprising 270
receiverships, 1,007 administrations and 167 company voluntary
arrangements.  In total these represented an increase of 64.7% on
the same period a year ago.

Scotland

There were 127 compulsory liquidations and creditors' voluntary
liquidations in total in Scotland in the third quarter of 2008
(not seasonally adjusted).  This was an increase of 1.6% on the
same period a year ago.

This was made up of 111 compulsory liquidations (which are up 5.7%
on the corresponding quarter of the previous year), and 16
creditors voluntary liquidations (which are down 20% on the
corresponding quarter of the previous year).

Northern Ireland

There were 44 compulsory liquidations and creditors' voluntary
liquidations in total in Northern Ireland in the third quarter of
2008 (not seasonally adjusted).

This was made up of 27 compulsory liquidations (which are down
3.6% on the corresponding quarter of the previous year), and 17
creditors voluntary liquidations (which are up 21.4%  on the
corresponding quarter of the previous year).

                 Individual Insolvencies

England and Wales

There were 27,087 individual insolvencies in England and Wales in
the third quarter of 2008 on a seasonally adjusted basis. This was
an increase of 8.8% on the previous quarter and an increase of
4.6% on the same period a year ago.

This was made up of 17,341 bankruptcies (which were up 12.1% on
the previous quarter and 9.5% on the corresponding quarter of the
previous year), and 9,746 Individual Voluntary Arrangements
(IVAs), (which were up 3.3% on the previous quarter but down 3.1%
on the corresponding quarter of the previous year).

Scotland

There were 5,998 individual insolvencies in Scotland in the third
quarter of 2008 (not seasonally adjusted).  This was an increase
of 70.1% on the same period a year ago.

This was made up of 4,055 sequestrations (which were up 162.5%  on
the corresponding quarter of the previous year), and 1,943
protected trust deeds, (which were down 2% on the corresponding
quarter of the previous year).

Northern Ireland

There were 386 individual insolvencies in Scotland in Northern
Ireland in the third quarter of 2008 (not seasonally adjusted).
This was an increase of 14.2% on the same period a year ago.

This was made up of 229 bankruptcies (which were up 0.9%  on the
corresponding quarter of the previous year), and 157 Individual
Voluntary Arrangements (IVAs), (which were up 41.4% on the
corresponding quarter of the previous year).


* Moody's Anticipates Deterioration in UK Credit Card Sector
------------------------------------------------------------
Moody's Investors Service reported in its UK Credit Card Index
Report for September 2008 that the UK credit card ABS sector will
witness a deterioration over the next coming months despite
relatively stable credit card indicators reported in September
2008.

"In light of the recent increase in delinquencies, Moody's expects
a further rise in delinquencies and subsequent charge-offs over
the coming months, albeit the magnitude of the increase is
difficult to predict" said Elise Lucotte and Virginie Marraud des
Grottes, analysts at Moody's and co-authors of the report.
Moody's further notes a significant increase in insolvencies.

They go on to point out: "Given these industry forecasts, it is
still to be seen whether the originators will be able to avoid a
deterioration in performance in their trusts."  Customers' future
behaviour in the current environment remains uncertain.

Moody's continues to have a negative outlook on the UK credit card
sector.  This view is primarily driven by the UK economy being
within a whisker of a technical recession, increasing costs of
living, decreased availability of credit and highly leveraged
borrowers.  Moody's is closely monitoring the performance of each
UK trust, speaking regularly to originators and requesting
additional data in order to better understand the potential
performance of each portfolio.


* October 2008 UK Retail Sales Values Fell 2.2%, KPMG Says
----------------------------------------------------------
BRC-KPMG Retail Sales Monitor October 2008 shows UK retail sales
values fell 2.2% on a like-for-like basis, from October 2007, when
they had risen 1.0%.  Total sales  were lower than a year ago for
the first time since April 2005.

As in previous months, food and drink was the only sector
to show sales significantly up on a year ago.  Clothing
and footwear remained poor and often discount-driven,
despite colder and much wetter weather than last October.
Furniture and homewares fell further below year-earlier
levels, despite further discounts and promotions.

Discounts and promotions continued but often failed to
tempt customers unless they perceived value or the purchases
filled a need.

Non-food non-store sales in October were 16.6% higher than
year ago.  Online sales fell on the days after the banking
crisis hit, as consumers were anxious about their financial
outlook.

Stephen Robertson, Director General, British Retail Consortium,
said: "These are seriously poor numbers, especially in the run-up
to Christmas.  For the first time in three years total retail
sales fell into negative territory =96 further evidence of how
difficult trading conditions are for retailers.  Like-for-like
sales have now fallen in seven of the last eight months with every
sector down on a year ago apart from food and footwear.  Shoe
sales were driven by extensive discounts.

"The negative sales figures reflect record low consumer
confidence.  These are tough times for families and retailers, who
are hoping the Bank of England's bold interest rate cuts will
provide a much-needed boost."

Helen Dickinson, Head of Retail, KPMG, said: "A fall in the value
of total sales is extremely rare -- the last time it occurred, in
April 2005, was due the timing of Easter.  With shop price
inflation rising at about 3%, the extent to which consumers have
reduced the volume of purchases becomes apparent. This is hardly
surprising given the uncertainty created by the turmoil in the
financial markets and its knock-on implications.  It is unlikely
that the much needed 1.5% rate cut will influence Christmas
spending patterns -- historically it takes a number of months for
rate cuts to feed through into spending.  Retailers can only hope
that the October performance is not representative of consumers'
spending intentions for the next 6 weeks.  However, there is no
doubt retailers will need to resort to heavy discounting to
bolster sales over this crucial trading period."

Food & Drink =96 Joanne Denney-Finch, Chief Executive, IGD, said:
"As the economic downturn bites and food inflation begins to wane,
the pace of growth in food and grocery sales slowed slightly
during October.  The seasonal boost of Halloween and the first
signs of Christmas promotions kept the momentum going during the
latter part of the month.  "Retailers have been adjusting to a new
economic reality by focusing on value, while IGD research shows
consumers have been adapting by putting more effort into their
grocery shopping -=96 seeking out promotions, cooking from scratch,
and searching out the best deals.  With the surge in interest in
the provenance and ethics of food which has occurred since the
last major downturn, it seems that shoppers are scrutinizing
value, but they are not compromising their values."

                      About KPMG LLP (UK)

KPMG LLP (UK) -- http://www.kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.  KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms. As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.


* KPMG Says Lenders to Set Up Private Equity Style Departments
--------------------------------------------------------------
The banking industry is setting up private equity style
departments as their ownership of businesses increases in the
worsening economic environment, according to KPMG.

Philip Davidson, Head of Restructuring at KPMG, said: "With the
levels of financial distress in businesses increasing and no
market to sell on distressed debt, a debt for equity swap is an
option for a lender whose interest cannot be crystallized.  We
predict a large increase in debt for equity swaps as trading
conditions worsen, particularly in the first half of next year.
This changes fundamentally the role of the bank's relationship
with a business, particularly where banks end up with a
controlling interest.  Each of the big commercial banks has set up
a department to manage their increased ownership responsibilities.
This approach is likely to be adopted more widely throughout the
banking industry.  Lenders are well-equipped with debt experts but
traditionally they have not had a large resource of business
managers at their disposal.  As the liquidity crisis and economic
downturn have changed the business of banking, so have staffing
needs.  There has been high profile coverage of job losses but the
recruitment of business management expertise, from private equity
houses or their own private equity arms in some instances, is a
new twist in the tale."

Mr. Davidson went on to comment on changing attitudes amongst the
lenders to ownership of business: "Historically banks have sold
out of their equity interests as soon as there is an upturn in
economic fortunes but this does not necessarily make the most of
the investment, particularly if large costs have been incurred in
managing the business back to health.  If the new bank departments
have experienced private equity specialists to deploy, they will
be able to apply some of the longer-term, growth strategies
practiced in the private equity industry.  A more long-term
approach creates a more stable footing for the business and could
mean a more profitable return for the bank: a win/win result."

                   About KPMG LLP (UK)

KPMG LLP (UK)-- http://www.kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.  KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms. As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.


* Fitch Downgrades Bulgaria, Hungary, Kazakhstan and Romania
------------------------------------------------------------
Following the conclusion of its global review of the sovereign
ratings of 17 major investment-grade 'emerging market' economies,
Fitch Ratings has today downgraded the sovereign ratings of
Bulgaria, Hungary, Kazakhstan and Romania.  The ratings Outlook
for South Africa and Russia have also been revised from Stable to
Negative.

Emerging Europe is the most vulnerable Emerging Market region to
the deterioration in the global financial and economic environment
owing to the presence in many countries of large current account
deficits and relatively high levels of short-term external debt.
This renders them susceptible to reduced capital and financial
market flows (including from foreign parent banks).  Other factors
that increase the region's vulnerability are the presence of
significant currency mismatches on balance sheets, their relative
trade openness and, in the case of Kazakhstan and Russia, their
exposure to the fall in commodity prices.

Since the onset of the credit crunch in August 2007, Fitch has
downgraded the foreign currency ratings of nine countries in
emerging Europe by a total of 11 notches, compared with just three
upgrades. Moreover, eight countries are now on Negative Outlooks
-- a record level for the region -- while no countries are on
Positive Outlooks, signaling that ratings remain under downward
pressure.

Hungary: the downgrade reflects the severity of the recession and
post-crisis correction to macroeconomic imbalances and associated
risks to the public finances and from foreign currency mismatches
in the private sector.  However, the EUR20 billion IMF-led package
of support has largely removed external financing and liquidity
risks, supporting Fitch's Stable Outlook.

Bulgaria: the downgrade reflects the increasing risk of a
recession in response to a marked decline in external financing
flows, which will necessitate a sharp contraction in domestic
demand to rein in the current account deficit.  However, given the
strong sovereign balance sheet -- large fiscal reserves mean that
government net financial liabilities are virtually zero -- and the
broad-based commitment to the currency board arrangement (CBA),
Fitch believes the risk of recession broadening into a deeper
economic and financial crisis over the medium-term is limited and
consistent with a Stable Outlook.

Romania: the two-notch downgrade reflects Fitch's concerns about
the macroeconomic policy framework in Romania and its ability to
avoid a severe economic and financial crisis.  With a widening
current account deficit - expected to exceed 14% of GDP this year
- fueled by excessive credit growth, Fitch believes a much
stronger policy adjustment, especially in fiscal policy, is needed
to avoid a currency crisis.  Given private sector foreign currency
balance sheet mismatches, such an outcome could require
substantial external financial support from the international
community to prevent a sovereign credit crisis.  The rating
Outlook is Negative.

Kazakhstan: although the strength of the sovereign balance sheet
continues to justify its investment-grade status -- it is a net
creditor with very little foreign currency debt -- its capacity to
manage its domestic banking crisis has been weakened by the global
financial crisis and decline in commodity prices, warranting a
downgrade by one notch and a Negative Outlook.  Despite extensive
support measures taken by the Kazak authorities, bank asset
quality is deteriorating following the abrupt halt to capital
inflows last summer and a sharp correction of the property market.
Banks are a large contingent liability for the government and the
provision of support to them as well as the commitment to the
stability of the Tenge in the highly dollarized economy and
against the backdrop of lower oil prices will potentially drain
sovereign foreign assets and weaken its balance sheet.

Russia: the sovereign's exceptionally strong balance sheet gives
it the capacity to take measures to stabilize the banking system
and effectively finance the repayment of the corporate and banking
sectors' external and foreign currency liabilities.  However, its
room for policy maneuver is constrained by the risk of deposit and
capital flight, the systemic weakness of the banking system and
relatively high inflation.  Moreover, the decline in commodity
prices will also adversely affect the sovereign balance sheet and
complicate the policy response given the consequent downward
pressure on the rouble real exchange rate.

South Africa: the ratings are supported by the a relatively strong
banking system -- in contrast to other countries, banks have not
required sovereign financial support -- and robust macroeconomic
policy framework including a free floating exchange rate.  The
South African Reserve Bank has not intervened in the currency
markets to support the rand and the economy is largely free of
currency mismatches in private sector as well as sovereign balance
sheets.  However, the current account deficit in excess of 7% of
GDP, which is largely funded by portfolio flows, means the risk of
a 'hard landing' and even recession has increased significantly
given the expected reduction in capital and financial flows to
emerging markets.  Moreover, the policy challenges are exacerbated
by still relatively high inflation and in the event of a
recession, the political commitment to the current macroeconomic
policy framework could be tested.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Case Study
         Summit Club, Birmingham, Alabama
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Effective Turnarounds:A View From Workout Consultants
         TBA, Buffalo, New York
            Contact: www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Social
         TBD, Melville, New York
            Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         TBD, Calgary, Alberta
            Contact: 503-768-4299 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         Tournament Players Club at Jasna Polana, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Interaction Between Professionals in a
Restructuring/Bankruptcy
         Bankers Club, Miami, Florida
            Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Senior Housing & Long Term Care
         Washington Athletic Club,Seattle, Washington
            Contact: www.turnaround.org

Nov. 27, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Chris Kaup
         TBD, Phoenix, Arizona
            Contact: www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Party
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         Terminal City Club, Vancouver, British Columbia
            Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

Dec. 8, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Gathering
         TBD, Long Island, New York
            Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         Washington Athletic Club, Seattle, Washington
            Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         University Club, Portland, Oregon
            Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday MIxer
         TBD, Phoenix, Arizona
            Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Sponsorships - Annual Golf Outing, Various Events
         TBA, New Jersey
            Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Bellagio, Las Vegas, Nevada
            Contact: www.turnaround.org

Jan. 22-23, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Insolvency Symposium
         Westin Casurina, Grand Cayman Island, AL
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Valcon
         Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Beverly Wilshire, Beverly Hills, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
   NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
      NABT Spring Seminar
         The Peabody, Orlando, Florida
            Contact: http://www.nabt.com/

Apr. 20, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         John Adams Courthouse, Boston, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Governance Meetings
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

Apr. 28-30, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: www.turnaround.org

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

May 14-16, 2009
   ALI-ABA
      Chapter 11 Business Reorganizations
         Langham Hotel, Boston, Massachusetts
            Contact: http://www.ali-aba.org

June 11-13, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa
            Traverse City, Michigan
               Contact: http://www.abiworld.org/

June 21-24, 2009
   INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
      BANKRUPTCY PROFESSIONALS
         8th International World Congress
            TBA
               Contact: http://www.insol.org/

July 16-19, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Mt. Washington Inn
            Bretton Woods, New Hampshire
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Brewster, Massachusetts
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay, Cambridge, Maryland
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

Dec. 2-4, 2010
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
   2006 BACPA Library
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Carve-Out Agreements for Unsecured Creditors
      Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   China's New Enterprise Bankruptcy Law
      Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
      for Navigating the Restructuring Process
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency =96 Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Examining the Examiners: Pros and Cons of Using
      Examiners in Chapter 11 Proceedings
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   New 'Red Flag' Identity Theft Rules
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Non-Traditional Lenders and the Impact of Loan-to-Own
      Strategies on the Restructuring Process
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers=97the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today's Legal
Processes
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Battle of Green & Red: Effect of Bankruptcy
      on Obligations to Clean Up Contaminated Property
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   The Subprime Sector Meltdown:
      Legal Developments and Latest Opportunities
         Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite Corporate Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
   Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
      Audio Conference Recording
          Contact: 240-629-3300;
http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

                            *********

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 * * *