TCREUR_Public/081117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 17, 2008, Vol. 9, No. 228

                            Headlines

A U S T R I A

AIGNER LEOPOLD: Claims Registration Period Ends December 2
KNAPP LLC: Claims Registration Period Ends December 1
KUERNER LLC: Claims Registration Period Ends December 1
LAZAREAN LLC: Claims Registration Period Ends December 1
LUPO BAU: Claims Registration Period Ends December 1


B U L G A R I A

KREMIKOVTZI: Workers to Receive August Salaries Tomorrow


F R A N C E

* ECJ Orders France to Recover Illegal Aid from Beneficiaries


G E R M A N Y

ARCON-TRUST ZWEITE: Claims Registration Period Ends November 28
AUFMERKSAM GMBH: Claims Registration Period Ends December 4
ETRAPHO VERMOEGENSVERWALTUNG: Claims Registration Ends Dec. 5
FLEISCHEREI MAI: Claims Registration Period Ends December 1
IAP CONSULT: Claims Registration Period Ends Dec. 5

INNOTEC VOGTLAND: Claims Registration Period Ends December 3


I C E L A N D

* IMF Admits Deposit Issues Delay Approval of Loan to Iceland
* S&P Downgrades Ratings on 29 Leveraged Super Senior Notes


K A Z A K H S T A N

AL-SHARAF LLP: Creditors Must File Proofs of Claim by Dec. 24
ATS TECHNOLOGY-SYSTEM: Claims Deadline Slated for Dec. 24
ARAGORL-PV LLP: Creditors' Claims Filing Period Ends Dec. 24
BEIBARS-SINEGORYE LLP: Creditors Must Register Claims by Dec. 24
KOM HOZ SERVICE: Creditors' Claims Due on December 19

MADO STROY: Creditors Must File Proofs of Claim by Dec. 24
RAYIMBEK AUTO: Creditors' Claims Deadline Slated for Dec. 24
STANDARD GRAIN-2003: Claims Filing Period Ends Dec. 24
SUNKAR LLP: Creditors Must Register Claims by Dec. 24
ZOLOTAYA PULYA: Creditors' Claims Due on Dec. 24


K Y R G Y Z S T A N

BISHKEK LIFT: Creditors Must File Claims by December 5
OIL-INVEST LLC: Creditors Must File Claims by December 5


L A T V I A

LATVIJAS KRAJBANKA: Moody's Puts Neg. Outlook on Ba2/D- Ratings
NORVIK BANKA: Moody's Changes Outlook on 'D-' BFSR to Negative


N E T H E R L A N D S

ING GROEP: EU Commission Okays Dutch Emergency Recapitalization


P O R T U G A L

BANCO PRIVADO: Bank Challenges Cue Moody's BFSR Rating Cut to D

* Moody's Reports: Portuguese RMBS Delinquencies Rise in Q3 2008


R U S S I A

ELIPS-STROY-INVEST LLC: Moscow Bankruptcy Hearing Set April 7
FAR EASTERN SHIPPING: Moody's Cuts Corporate Family Rating to B2
HOUSING FINANCE: Current Financial Status Cues Fitch to Junk IDR
IN-TRANSIT TAMAN: Creditors Must File Claims by December 7
KON-MET LLC: Creditors Must File Claims by December 7

MINUSINSKAYA ARM-1: Creditors Must File Claims by January 7
NIZHNEVARTOVSKAYA PIPELINE: Creditors Must File Claims by Jan. 7
NORTHERN CLEAN WATER LLC: Creditors Must File Claims by Jan. 7
POKROVSKIY POLYMER: Bankruptcy Hearing Set December 25
ROS-KHIM-PROM LLC: Creditors Must File Claims by January 7

STROITEL LLC: Creditors Must File Claims by January 7
STROY-ALYANS XXI: Creditors Must File Claims by December 7
TNK-BP: To Be Fined US$36.4 Mln for Breach of Competition Laws

* Fitch Takes Various Rating Actions on Seven Russian Securities


S P A I N

BANCAJA 9: Fitch Affirms Rating on Class E Tranche at 'CCC-'
FONDO DE TITULIZACION: Moody's Puts 'C' Rating on EUR76.4MM Notes
MASDEVALLIA: Files for Insolvency; Administrators Appointed

* Moody's Says Spanish Mortgage Aid Package Has Credit Effects
* Fitch Reports Weakening Economy to Weigh on Spanish SF Deals


S W I T Z E R L A N D

CHRISTINE MOULLET: Creditors Must File Claims by Nov. 29
NETWORKOMNI EUROPE: Deadline to File Proofs of Claim Set Nov. 29
ORDINA CONSULTING: Creditors Have Until Nov. 28 to File Claims
POINT OF SALE: Proofs of Claim Filing Deadline is  Nov. 28
STRUKO LLC: Creditors' Proofs of Claim Due by  Nov. 30

TRANS-PORTMANN JSC: Nov. 29 Set as Deadline to File Claims
VENPA BETEILIGUNG: Creditors Must File Claims by Nov. 29
WASOM LLC: Deadline to File Proofs of Claim Set Nov. 30


T U R K E Y

REPUBLIC OF TURKEY: S&P Affirms Low-B Ratings; Outlook Negative


U K R A I N E

ANTEKS PLUS: Creditors Must File Claims by November 23
KHLEBODEL LLC: Creditors Must File Claims by November 23
CONCENTRATING EQUIPMENT: Creditors Must File Claims by Nov. 23
PROMINVESTBANK: Klyuyev Brothers Acquire 34% Stake
SCIENCE-PRODUCTION ENTERPRISE: Claims Must Be Filed by Nov. 23

TERNOPOL POULTRY: Creditors Must File Claims by November 23


U N I T E D   K I N G D O M

CARTWRIGHT'S LTD: Taps Joint Liquidators from BDO Stoy
CLAVIS: Fitch Shifts Outlook on Two 'BB'-Rated Tranches to Stable
DEXTER PAINTS: Goes Into Administration
DIXON DEBOISE: Names Joint Liquidators from BDO Stoy
EUROSAIL 2006-3NC: S&P Junks Ratings on Three Classes of Notes

GHOST LTD: Taps Joint Administrators from BDO Stoy
JOHN JARVIS: Appoints Joint Liquidators from BDO Stoy
MIDDLETON TOWERS: Names Joint Administrators from BDO Stoy
MILBANK TRUCKS: Appoints Joint Administrators from KPMG LLP
PORTER FOODS: Appoints Joint Liquidators from BDO Stoy

PROPERTY PARTNER: Names Joint Liquidators from BDO Stoy
PRESTIGIOUS RETIREMENT: Taps Joint Administrators from BDO
MILBANK INDUSTRIES: Names Joint Administrators from KPMG
RENOVA ENERGY: Appoints Joint Administrators from BDO Stoy
ROCK CAPITAL: Goes Into Administration; Mazars Appointed

* S&P Downgrades Ratings on Three Tranches from Two Transactions
* UK Insolvency Service Figures Worse Than Expected, R3 Says
* Hotel Occupancy in London to Drop 70% Next Year, PwC Warns
* Moody's: Defaults Continue to Rise in EMEA Consumer Loan ABS
* European Auto Industry Looks Forward to EUR40 Bil. Lifeline

* BOND PRICING: For the Week Nov. 10 to Nov. 14, 2008


                         *********


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


AIGNER LEOPOLD: Claims Registration Period Ends December 2
----------------------------------------------------------
Creditors owed money by LLC Aigner Leopold & Co KG (FN 497g) have
until Dec. 2, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Wilhelm Deutschmann
         Stelzhamerstr. 12/3
         4020 Linz
         Austria
         Tel: 602080
         Fax: 60208020
         E-mail: info@df-ra.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Dec. 16, 2008, for the
examination of claims at:

         Land Court of Linz
         Hall 522
         Linz
         Austria

Headquartered in Pregarten, Austria, the Debtor declared
bankruptcy on Oct. 14, 2008, (Bankr. Case No. 17 S 46/08a).


KNAPP LLC: Claims Registration Period Ends December 1
-----------------------------------------------------
Creditors owed money by LLC Knapp (FN 285758h) have until
Dec. 1, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Martin Edelmann
         Stadtplatz 36
         4840 Voecklabruck
         Austria
         Tel: 07672/29360
         Fax: 07672/29360-13
         E-mail: ANWAELTE@VB-LEX.AT

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:20 p.m. on Dec. 11, 200, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

Headquartered in Voecklabruck, Austria, the Debtor declared
bankruptcy on Oct. 16, 2008, (Bankr. Case No. 20 S 133/08x).


KUERNER LLC: Claims Registration Period Ends December 1
-------------------------------------------------------
Creditors owed money by LLC Kuerner (FN 108236x) have until
Dec. 1, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Gerhard Eigner
         Ringstrasse 13
         4600 Wels
         Austria
         Tel: 07242/58120
         Fax: 07242/58120-22
         E-mail: OFFICE@EIGNER-ROYER.AT

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on Dec. 11, 2008, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy on
Oct. 14, 2008, (Bankr. Case No. 20 S 131/08b).


LAZAREAN LLC: Claims Registration Period Ends December 1
--------------------------------------------------------
Creditors owed money by LLC Lazarean (FN 249544b) have until
Dec. 1, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Peter Pullez
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         Fax: 513 29 79-25
         E-mail: pullezgschwandtner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Dec. 15, 2008, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on  Oct. 14, 2008, (Bankr. Case No. 3 S 123/08w).


LUPO BAU: Claims Registration Period Ends December 1
----------------------------------------------------
Creditors owed money by LLC Lupo Bau (FN 248656x) have until
Dec. 1, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Dec. 15, 2008, for the
examination of claims at:

         Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 16, 2008, (Bankr. Case No. 3 S 126/08m).


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


KREMIKOVTZI: Workers to Receive August Salaries Tomorrow
-------------------------------------------------------
Kremikovtzi workers are expected to receive their August salaries
tomorrow, November 18, Novinite reports.

The payment, Novinite relates, was negotiated Thursday during a
meeting of the Deputy Economy Minister Nina Radeva, the Chair of
Bulgaria's State Reserve and War-time Stocks Agency Nikolay
Borshukov, and representatives of the factory management.

According to Novinite, the funds for the workers' delayed salaries
for August and September are provided through a deal, in which the
government is purchasing 25,00 tons of Kremikovtzi's produce at
market prices.

Citing Vassil Yanachkov, head of the Confederation of the
Independent Trade Unions in Bulgaria union at the plant, Sofia
Echo discloses that Bulgaria's wartime reserve fund has started
buying out the last quantities of steel produced at Kremikovtzi
mill.

The steel, Sofia Echo states, should fetch about BGN24 million, of
which BGN11 million has been slated for workers' pay, which will
be paid in several installments.

However, the workers, who staged a protest rally in downtown Sofia
on Thursday, warned their protests would not stop until the future
of the plant did not become clear.  They also demanded that they
be told how they were going to be paid their salaries for October
and November, Novinite notes.

                        About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer in
Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.

As reported in the Troubled Company Reporter-Europe on Aug. 8,
2008, the Sofia City Court commenced insolvency proceedings
against Kremikovtzi AD after declaring it bankrupt.  The court
appointed a temporary bankruptcy administrator for the steelmaker.
The court also ruled that Kremikovtzi's insolvency started on Dec.
31, 2005.  As of Dec. 31, 2007, the company had BGN1.63 billion
(US$1.3 billion) in total debts.


===========
F R A N C E
===========


* ECJ Orders France to Recover Illegal Aid from Beneficiaries
-------------------------------------------------------------
The European Court of Justice ruled that France has failed to
fulfill its obligations under EC Treaty state aid rules by failing
to execute a Commission decision adopted on December 16, 2003.
This decision ordered France to abolish an aid scheme granting tax
exemptions for the takeover of firms in difficulties and to
recover the illegal aid already granted from the beneficiaries.
The Court fully confirmed the Commission's decision and rejected
all pleas brought by France.  The ruling is important, because the
Court defined clear criteria to assess the correct implementation
of a recovery decision.

In April 2007, the Commission brought an action before the
European Court of Justice against France for failure to execute
the recovery Decision within the prescribed time-limit.  More than
four years after the adoption of the recovery Decision, France had
not taken any practical action to recover illegal aid from the
recipients.  France claimed that it was impossible to recover the
aid from the beneficiaries.

The Court specified in particular, that where a beneficiary of
illegal aid has ceased its activity by the time when the aid has
to be recovered, the liability must be registered in the schedule
of liabilities; in case the period for registration has expired,
any available procedure must be applied to lift a time-bar so as
to allow the presentation of claims out of time.  As regards
recipients which have transferred their assets, the authorities
must check whether the financial conditions of the transfer
complied with market conditions.

As regards the argument invoked by France of absolute
impossibility to recover, the Court confirms its settled
jurisprudence that the condition of absolute impossibility is not
fulfilled where the defendant Member State merely informs the
Commission of the legal, political or practical difficulties
involved in implementing the decision, without taking any real
steps to recover the aid from the undertakings concerned and
without proposing to the Commission any alternative arrangements
for its implementation which could enable those difficulties to be
overcome.  In this context, the Court recognizes that despite the
efforts made by the Commission in the framework of loyal
cooperation under Article 10 EC, to facilitate the recovery
process, France has not taken any advantage of this framework.


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


ARCON-TRUST ZWEITE: Claims Registration Period Ends November 28
--------------------------------------------------------------
Creditors of Arcon-Trust zweite Immobilienanlagen GmbH have until
Nov. 28, 2008, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Jan. 7, 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 Bonn
         Hall S 2.18
         William-Strasse 23
         53111 Bonn
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dirk Obermueller
         Godesberger Allee 125-127
         53175 Bonn
         Germany

The District Court opened bankruptcy proceedings against the
company on Oct. 14, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         ARCON-TRUST zweite Immobilienanlagen GmbH
         Attn: Guenter Walter, Manager
         Niedertorplatz 2
         53340 Meckenheim
         Germany


AUFMERKSAM GMBH: Claims Registration Period Ends December 4
-----------------------------------------------------------
Creditors of Aufmerksam GmbH have until Dec. 4, 2008, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 15, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24 E
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Tobias Hohmann
         Hilbersdorfer Strasse 1
         09131 Chemnitz
         Germany
         Tel: (0371) 459 02 35
         Fax: (0371) 459 02 38
         E-mail: chemnitz@floetherwissing.de

The District Court opened bankruptcy proceedings against the
company on Oct. 16, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Aufmerksam GmbH
         Attn: Ralf Klottzer and
               Carsten Mayer, Managers
         Leipziger Str. 64
         09113 Chemnitz
         Germany


ETRAPHO VERMOEGENSVERWALTUNG: Claims Registration Ends Dec. 5
-------------------------------------------------------------
Creditors of ETRAPHO Vermoegensverwaltung GmbH have until Dec. 5,
2008, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Jan. 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Strasse 48
         10785 Berlin
         Germany

The District Court opened bankruptcy proceedings against the
company on Oct. 8, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         ETRAPHO Vermoegensverwaltung GmbH
         Attn: Alfred Bujak, Manager
         Berliner Strasse 123 c
         14979 Grossbeeren
         Germany


FLEISCHEREI MAI: Claims Registration Period Ends December 1
-----------------------------------------------------------
Creditors of Fleischerei Mai GmbH have until Dec. 1, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Jan. 7, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-mail: Heiko.Rautmann@gmx.de

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

The Debtor can be reached at:

         Fleischerei Mai GmbH
         Luebecker Str. 88-90
         39124 Magdeburg
         Germany

         Attn: Andre Wald, Manager
         Farsleber Str. 18
         39128 Magdeburg
         Germany


IAP CONSULT: Claims Registration Period Ends Dec. 5
---------------------------------------------------
Creditors of IAP Consult Unternehmensberatungsgesellschaft mbH
have until Dec. 5, 2008, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2.00 p.m. on Jan. 19, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Noerdlingen
         Meeting Hall F/I
         Kaisheimer House
         Tandelmarkt 5
         Noerdlingen
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Sebastian Braun
         Buergermeister-Reiger-Str. 16
         86720 Noerdlingen
         Germany
         Tel: 09081/2763276
         Fax: 09081/2763277

The District Court opened bankruptcy proceedings against the
company on Oct. 16, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         IAP Consult Unternehmensberatungsgesellschaft mbH
         Dorfstrasse 24
         86720 Noerdlingen OT Pfafflingen
         Germany


INNOTEC VOGTLAND: Claims Registration Period Ends December 3
------------------------------------------------------------
Creditors of INNOTEC Vogtland GmbH have until Dec. 3, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 14, 2008, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24 E
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Andreas Schenk
         Schumannstr. 9
         08056 Zwickau
         Germany
         Tel: 0375/2118570,
         Fax: 0371/21185728
         E-mail: zwickau@scharl-schenk-scheufler.de

The District Court opened bankruptcy proceedings against the
company on Oct. 16, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         INNOTEC Vogtland GmbH
         Attn: Andreas Weissbach, Manager
         Schillerstrasse 18-22
         08606 Oelsnitz
         Germany


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


* IMF Admits Deposit Issues Delay Approval of Loan to Iceland
-------------------------------------------------------------
The International Monetary Fund admitted on Thursday that it has
delayed the approval of a U$2 billion loan to Iceland as there are
deposit issues between the country and potential creditors that
need to be resolved, Reuters reports.

Reuters relates that according to the IMF, the disputes with
European creditors, including the Netherlands and Britain, over
its citizens' deposits in Icelandic banks abroad, caused the
delays.

IMF spokesman David Hawley, as cited by Reuters, said "We are
discussing with a number of issues raised by potential creditors
including the process of determining Iceland's obligations with
regard to foreign deposits taken by the three intervene banks."
Mr. Hawley noted progress was being made in the talks, adding an
IMF board meeting would be held "in due course," Reuters states.

David Jolly at the New York Times writes Wouter Bos, the
Netherlands finance minister, opposed any monetary fund bailout
unless Iceland compensated Dutch savers.  "We think it's important
that Iceland resolves its issues with other countries before the
I.M.F. grants the loan," Hendrienke Bolhaar, a spokeswoman for Mr.
Bos, was quoted by the New York Times as saying.

The Netherlands, the New York Times recounts, lent the Icelandic
government EUR1.3 billion, or US$1.7 billion, to help it pay back
Dutch depositors.

However Dutch News.nl, citing the NRC reports, says the Icelandic
government may refuse to use the loan as it will still find it
extremely difficult to pay back savers even if it can borrow the
money elsewhere.  Dutch News.nl discloses Iceland's total debt to
savers in the Netherlands and Britain is some EUR6 billion, not
much less than its annual GDP.

On the other hand, reports say, Gordon Brown, the British prime
minister, has called Iceland's unwillingness to compensate savers
is "totally unacceptable and illegal."  The New York Times notes
the prime minister even threatened to use anti-terrorist
legislation to take over assets of Icelandic companies in Britain.

However, in an e-mailed statement, cited by the New York Times,
Iceland's prime minister, Geir H. Haarde, said that his government
was seeking to resolve the compensation issue with Britain and the
Netherlands.


* S&P Downgrades Ratings on 29 Leveraged Super Senior Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 29
spread-based leveraged super senior notes issued by Chess II Ltd.,
Claris Ltd., Eirles Two Ltd., ELM B.V., Omega Capital Investments
PLC, Helix Capital Ltd., and Sceptre Capital B.V.  At the same
time, these ratings remain or were placed on CreditWatch negative.

LSS transactions reference both credit and market-value risks
associated with their underlying portfolios.  These transactions
have a market-value trigger based on the weighted-average
portfolio spread and portfolio losses at a given point in time.
If breached, this would lead to an "unwind event," where the notes
may become immediately repayable.  If the notes are unwound,
investors may suffer a mark-to-market loss on their investment.

Rating actions follow a widening in credit default swap spreads
over recent weeks for the underlying reference obligors.  Some of
the transactions affected include reference obligors that have
also suffered credit events.  For these obligors S&P assumes the
ISDA Protocol Auction Price as the recovery rate received
following the credit event.

In S&P's opinion these factors mean that spread-based LSS
transactions have a higher probability of breaching their
portfolio spread triggers.  Consequently, S&P has taken rating
actions.

When assigning or reviewing a rating, S&P assess credit risk by
calculating the likelihood of portfolio losses breaching their
"attachment point" and assess market value risk by determining the
probability of a specific spread trigger being breached.

S&P has analyzed these transactions under S&P's latest criteria
assumptions applicable to collateralized debt obligation
transactions referencing insurance, real-estate investment trust,
and real estate operating company assets.

                         Ratings List

* Chess II Ltd.

US$10 million secured leveraged super senior credit-linked
floating-rate notes series 10

                          Rating
                          ------
Class         To                       From
-----         --                       ----
A             B/Watch Neg              BB/Watch Neg

EUR5 million secured leveraged super senior credit-linked notes
series 11

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR5 million secured leveraged super senior credit-linked notes
series 12

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR5 million secured leveraged super senior credit-linked notes
series 13

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR5 million secured leveraged super senior credit-linked notes
series 14

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR3 million secured leveraged super senior credit-linked notes
series 15

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR10 million secured leveraged super senior credit-linked notes
series 16

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR12 million secured leveraged super senior credit-linked notes
series 17

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR8 million secured leveraged super senior credit-linked notes
series 18

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR30 million secured leveraged super senior credit-linked notes
series 19

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR30 million secured leveraged super senior credit-linked notes
series 20

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR10 million secured leveraged super senior credit-linked fixed-
rate notes
series 21

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg

EUR20 million secured leveraged super senior credit-linked fixed-
rate notes
series 22

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BB/Watch Neg


* Claris Ltd.

EUR50 million leveraged floating-rate credit-linked notes series
64/2006

                          Rating
                          ------
              To                       From
              --                       ----
              BBB/Watch Neg            AAA/Watch Neg

* Eirles Two Ltd.

EUR45 million floating-rate leveraged super senior credit-linked
secured notes series 162

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              BBB/Watch Neg

EUR105 million class A floating-rate leveraged super senior
secured credit- linked notes series 207

                          Rating
                          ------
Class         To                       From
-----         --                       ----
A             B/Watch Neg              A/Watch Neg

EUR30 million fixed-rate credit-linked leveraged super senior
secured series 213

                          Rating
                          ------
              To                       From
              --                       ----
              B/Watch Neg              A/Watch Neg

* ELM B.V.
                          Rating
                          ------
Class         To                       From
-----         --                       ----
EUR45 million leveraged super senior notes series 34

                          Rating
                          ------
              To                       From
              --                       ----
              CCC/Watch Neg            A/Watch Neg

EUR50 million leveraged super senior secured notes series 35

                          Rating
                          ------
              To                       From
              --                       ----
              BBB/Watch Neg            A

US$40 million class A leveraged super senior secured notes
(Cairn IG CDO II) series 37

                          Rating
                          ------
Class         To                       From
-----         --                       ----
A             D                        B/Watch Neg
              NR                       D

EUR50 million class A leveraged super senior secured notes (Cairn
IG CDO II) series 38

                          Rating
                          ------
Class         To                       From
-----         --                       ----
A             D                        B/Watch Neg
              NR                       D

* Helix Capital (Jersey) Ltd.

EUR50 million variable redemption limited recourse leveraged CDO
notes series 2006-1

                          Rating
                          ------
              To                       From
              --                       ----
              BBB/Watch Neg            AAA

* Omega Capital Investments PLC

EUR100 million secured floating-rate notes (Highway series 1)
series 12

                          Rating
                          ------
Class         To                       From
-----         --                       ----
B5E-1         BB/Watch Neg             AAA/Watch Neg
B5E-2         BB/Watch Neg             AAA/Watch Neg
B7E-1         BBB/Watch Neg            AAA/Watch Neg
C7E-1         B/Watch Neg              BB/Watch Neg
C7E-2         D                        BB/Watch Neg
              NR                       D

* Sceptre Capital B.V.

EUR50 million long-short variable-redemption limited recourse
leveraged CDO notes series 2005-7

                          Rating
                          ------
              To                       From
              --                       ----
              CCC/Watch Neg            B/Watch Neg

EUR20 million variable redemption-linked recourse-limited
leveraged CDO notes series 2005-8

                          Rating
                          ------
              To                       From
              --                       ----
              CCC/Watch Neg            BB/Watch Neg


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


AL-SHARAF LLP: Creditors Must File Proofs of Claim by Dec. 24
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Al-Sharaf insolvent.

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
         Kazakhstan
         Tel: 8 (7162) 25-79-32


ATS TECHNOLOGY-SYSTEM: Claims Deadline Slated for Dec. 24
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP ATS Technology-System insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Karbyshev Str. 47-39
         Kostanai
         Kazakhstan


ARAGORL-PV LLP: Creditors' Claims Filing Period Ends Dec. 24
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Aragorl-PV insolvent.

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

         The Specialized Inter-Regional Economic
         Court of Pavlodar
         Gagarin Str. 84-129
         Pavlodar
         Kazakhstan


BEIBARS-SINEGORYE LLP: Creditors Must Register Claims by Dec. 24
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Beibars-Sinegorye insolvent.

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
         Kazakhstan
         Tel: 8 (7162) 25-79-32


KOM HOZ SERVICE: Creditors' Claims Due on December 19
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Kom Hoz Service insolvent.

Creditors have until Dec. 19, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional Economic
         Court of Mangistau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


MADO STROY: Creditors Must File Proofs of Claim by Dec. 24
----------------------------------------------------------
LLP Construction Company Mado Stroy Service has declared
liquidation.  Creditors have until Dec. 24, 2008, to submit
written proofs of claims to:

         LLP Construction Company
         Mado Stroy Service
         Micro District Orbita-1, 12-28
         Almaty
         Kazakhstan
         Tel: 8 (7272) 27-62-52


RAYIMBEK AUTO: Creditors' Claims Deadline Slated for Dec. 24
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Rayimbek Auto insolvent.

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

         The Specialized Inter-Regional Economic
         Court of Almaty
         Office 8
         Kassin Str. 2/1
         Mamyr
         050052 Almaty
         Kazakhstan
         Tel: 8 777 559 68-31
              8 777 258 50-41


STANDARD GRAIN-2003: Claims Filing Period Ends Dec. 24
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Standard Grain-2003 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Karbyshev Str. 47-39
         Kostanai
         Kazakhstan


SUNKAR LLP: Creditors Must Register Claims by Dec. 24
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Firm Sunkar insolvent on Sept. 26, 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


ZOLOTAYA PULYA: Creditors' Claims Due on Dec. 24
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Zolotaya Pulya insolvent on Sept. 26, 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


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


BISHKEK LIFT: Creditors Must File Claims by December 5
------------------------------------------------------
Branch of OJSC Kyrgyz Lift - Bishkek Lift JYL Service has declared
insolvency.  Creditors have until Dec. 5, 2008, to submit written
proofs of claims to:

         Branch of OJSC Kyrgyz Lift
         Bishkek Lift JYL Service
         Kievskaya Str. 95a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 62-25-86


OIL-INVEST LLC: Creditors Must File Claims by December 5
--------------------------------------------------------
LLC Oil-Invest has declared insolvency.  Creditors have until
Dec. 5, 2008, to submit written proofs of claims to:

         LLC Oil-Invest
         Chui ave. 158
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-92-31


===========
L A T V I A
===========


LATVIJAS KRAJBANKA: Moody's Puts Neg. Outlook on Ba2/D- Ratings
---------------------------------------------------------------
Moody's Investors Service changed the outlook on Latvijas
Krajbanka's D- bank financial strength rating and Ba2 long-term
deposit ratings to negative from stable.  The bank's Not Prime
short-term deposit rating was affirmed.

The rating action was prompted by concerns over the future trend
in the bank's asset quality, which, in Moody's opinion, does not
yet fully reflect the deteriorating economic environment in
Latvia.  The rating agency cautioned that the economic downturn,
which is already underway, is now likely to be more acute than
previously anticipated and thus have a negative impact on the
bank's asset quality in the near future.

Moody's notes that Latvijas Krajbanka's exposure to the real
estate sector (both residential and commercial) accounts for
around 35% of total lending (or 345% of its Tier 1 capital).  In
addition, the bank is exposed to consumer and credit card lending,
which accounts for 10% of total lending (or 102% of its Tier 1
capital).  Moody's expects that both of these segments are likely
to be adversely affected by the ongoing economic slowdown.
Additional concerns relate to the bank's rapid historic loan
growth and high single-borrower concentration.

In Moody's view, the rapid credit expansion that has been taking
place in Latvia in recent years is likely to lead to future asset
quality problems as the bank's loan book starts to season on the
back of more challenging economic conditions.  While this has not
yet been reflected in a weakening of the bank's asset quality, the
negative outlook on Latvijas Krajbanka's BFSR and deposit ratings
reflects Moody's concern that such a development is likely in the
short term.

The bank's problem loans (i.e. individually impaired and over 90
days past due but not impaired loans) accounted for only about
2.0% of gross loans at end-September 2008 (end-2007: 2.3%).
Although the bank's loan growth slowed down to 12% in the first
nine months of this year, this was from high levels of 55% in 2007
and 25% in 2006.

Moody's recognizes that Latvijas Krajbanka benefits from a large
deposit base, which accounted for 92% of its total funding at end-
September 2008.  As a result, its liquidity profile is not exposed
to the risk of being unable to meet its debt repayments in the
near term.  However, the deposit base is highly concentrated and
exhibits some reliance on non-resident deposits, albeit to a
lesser degree than for other Baltic banks.

Finally, the rating agency cautions that a downgrade of Latvijas
Krajbanka's BFSR and deposit ratings could be prompted by a
potential weakening of its asset quality, or a tightening of its
liquidity profile given the current challenging market conditions
in the Latvian banking sector.

Latvijas Krajbanka is the 10th largest bank in Latvia and majority
owned (77%) by Lithuania's Bankas Snoras (Ba3/D-, review for
possible downgrade).  Latvijas Krajbanka's long-term global local
currency deposit rating of Ba2 is based on Moody's assessment of a
high probability of parental support from Bankas Snoras and a low
probability of systemic support.  Consequently, there is a one-
notch uplift for this rating from the bank's Ba3 Baseline Credit
Assessment (mapped from its D- BFSR).

Headquartered in Riga, Latvia, Latvijas Krajbanka reported
consolidated assets of LVL563 million (EUR799 million) at end-June
2008.


NORVIK BANKA: Moody's Changes Outlook on 'D-' BFSR to Negative
--------------------------------------------------------------
Moody's Investors Service changed the outlook on Norvik Banka's D-
bank financial strength rating and Ba3 long-term deposit ratings
to negative from stable.  The bank's Not Prime short-term deposit
rating was affirmed.

The rating action was prompted by concerns over the bank's asset
quality development in light of the deteriorating economic
environment in Latvia.  The rating agency cautioned that the
economic downturn, which is already well underway, is now likely
to be worse than previously anticipated and thus have a negative
impact on the bank's asset quality.

Moody's notes that Norvik Banka's exposure to the real estate
sector (both residential and commercial) accounts for about 23% of
total lending (or 160% of its Tier 1 capital).  In addition, the
bank is exposed to consumer and credit card lending, which
accounts for 12% of total lending (or 84% of its Tier 1 capital).
Moody's expects that both of these segments are likely to be
adversely affected by the ongoing economic slowdown.  Additional
concerns relate to the bank's rapid historic loan growth and high
single-borrower concentration.

In Moody's view, the rapid credit expansion that has been taking
place in Latvia in recent years is gradually revealing increased
asset quality problems as the bank's loan book starts to season on
the back of more challenging economic conditions.  Indeed, this
has already been reflected in Norvik Banka's asset quality in the
form of a sharp increase in its problem loans (i.e. individually
impaired and over 90 days past due but not impaired loans), which
accounted for 7.3% of gross loans at end-September 2008, up
significantly from 1.5% at end-2007.  Although the bank's loan
growth has slowed down to around 1% in the first nine months of
this year, this was from the high levels of 73% in 2007 and 67% in
2006.

Norvik Banka's liquidity position is satisfactory.  Moody's notes
that Norvik Banka has a large deposit base, which accounted for
nearly 80% of funding at end-June 2008.  However, the deposit base
is highly concentrated and exhibits a high reliance on non-
resident deposits.

Finally, the rating agency cautions that a downgrade of Norvik
Banka's BFSR and deposit ratings could be prompted by a further
weakening of its asset quality, or a tightening of its liquidity
profile given the current challenging market conditions in the
Latvian banking sector.

Headquartered in Riga, Latvia, Norvik Banka reported consolidated
assets of LVL552 million (EUR783 million) at end-June 2008.


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


ING GROEP: EU Commission Okays Dutch Emergency Recapitalization
---------------------------------------------------------------
The European Commission has approved, under EC Treaty state aid
rules, an emergency intervention in the form of recapitalization,
that the Dutch authorities intend to grant to ING Groep N.V.  The
Commission found the measure to be in line with its Guidance
Communication on state aid to overcome the current financial
crisis.  The measure constitutes an adequate means to remedy a
serious disturbance in the Dutch economy while avoiding undue
distortions of competition and is therefore compatible with
Article 87.3.b. of the EC Treaty.  In particular, the measure is
limited in time and scope, requires an adequate remuneration and
provides safeguards to minimize distortions of competition.

Competition Commissioner Neelie Kroes said: "The Commission's
decision on the Dutch Government's support for ING once again
demonstrates the importance of state aid rules - on the hand;
they ensure a level playing field so that there are no subsidy
races between Member States and, on the other hand, allow measures
which are necessary for financial stability."

On October 22, 2008, the Dutch authorities notified their plans to
recapitalize ING Groep N.V. with EUR10 billion via a special type
of securities.  These securities are to be issued on
November 12, 2008.

In the current financial climate, even fundamentally sound
institutions like ING may experience distress and be required to
reassure financial markets of their financial stability.  Against
this background, ING Groep N.V. needed to reinforce its core tier
1 capital position, which will increase from 6.5% to 8% after the
capital injection.

The securities to be issued would qualify as core tier 1 capital
and produce an annual coupon equal to the higher of:

    * EUR0.85 per security, non cumulative, payable annually in
      arrears

    * 110% of the dividend paid on the ordinary shares in 2009

    * 120% of the dividend paid on the ordinary shares in 2010

    * 125% of the dividend paid on the ordinary shares from 2011
      onwards

The coupon will only be paid if a dividend is paid on the ordinary
shares.  In the event that ING decides to repurchase the
securities, the state will receive 150% of the issue price.

The Commission has concluded that the measure complies with the
conditions laid down in its Communication on the application of
State aid rules to measures taken in relation to financial
institutions in the context of the current global financial
crisis.  In particular, the measures meet these criteria:

    * necessity: ING has a pivotal function within the Dutch
      financial sector -- a loss of confidence in such a core
      institution would have led to a further disturbance of the
      current situation and harmful spill-over effects to the
      economy as whole

    * limited temporal scope: the Dutch authorities have
      committed to submitting a restructuring plan after six
      months

    * appropriate own contribution: the Commission has verified
      that, even with the uncertainty inherent in such core tier
      1 securities, ING would pay, taking into account the
      annual coupon and the repurchase premium, an adequate
      remuneration to the state, with an expected return in
      excess of 10%.  Adequate safeguards are in place so that
      the Commission is informed if there are any deviations
      and, if necessary, can impose additional behavioral
      constraints

    * avoidance of undue distortions of competition: the package
      foresees sufficient behavioral rules to prevent an abuse
      of the state support, in particular balance sheet growth
      constraints and the maintenance of a certain solvency
      ratio.

                           About ING

Headquartered in Amsterdam, the Netherlands, ING --
http://www.ing.com/-- is a global financial services company
providing banking, investments, life insurance and retirement
services and operates in more than 50 countries.


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


BANCO PRIVADO: Bank Challenges Cue Moody's BFSR Rating Cut to D
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Banco
Privado Portugues, S.A.: the bank financial strength rating to D
from D+, the long-term local and foreign currency bank deposit
ratings to Ba2 from Baa3 and the short-term deposit rating to Not
Prime from Prime-3.  The BFSR and the long-term deposit ratings
are on review for possible further downgrade.

The downgrade of BPP's BFSR to D primarily reflects the increased
challenges the bank is facing to maintain a business model that is
highly dependent on developments in the capital markets.  Moody's
considers that BPP's market risk appetite -- through proprietary
positions in equities, participation in private equity funds
managed by the bank and offered to its private banking clients,
securities investments that have experienced significant declines
in market values, credit default swaps, among others -- may not
only offset the relatively more stable results from the private
banking business line but may also weaken this franchise.

More specifically, the downgrade reflects these concerns:

1) Profitability is under pressure due to trading losses and has
   been supported by management fees from the Private Equity SPVs.
   The bank reported a net loss of EUR9.3 million in 2007 and a
   non-audited profit of EUR1.6 million in H1 2008.  In 2007,
   Privado Holding, not rated, which owns 100% of BPP and
   consolidates all the businesses of the Group, reported a
   consolidated net income of EUR24.2 million.  At the Group level
   Moody's expects a continued decline in net interest income and
   losses in the securities portfolio and believes that the level
   of fees and commissions reported in H1 2008 is not sustainable.

2) The bank displays a high concentration, which is reflected in
   various aspects: credit risk concentration, concentration of
   profits/losses in a small number of transactions, deposits and
   other sources of funding concentration.

3) Capital is tight given the risk profile of the bank and the
   high credit risk concentration in single-name exposures.
   Moody's considers that the bank's regulatory capital ratios --
   with a Tier 1 of 15.4% as of June 2008, well above the minimum
   regulatory -- do not fully capture either the level of market
   risk in which it engages or its operational, reputational and
   performance-related risks.

4) Risk positioning is weak, given the existence of related-party
   and inter-group lending, low transparency, a considerable
   market risk appetite and the above-mentioned high credit risk
   concentration.

5) The greater scrutiny and lower tolerance among investors in the
   current environment for banks with such a higher risk profile,
   which is expected to put further pressure on the bank's
   business model, although this might be mitigated by the bank's
   close relationship with its clients.

The downgrade of BPP's other ratings has been prompted by the
downgrade of the BFSR to D.  Under Moody's methodology, the bank's
deposit ratings are based solely on its baseline credit
assessment, which measures its intrinsic financial strength and
maps directly from the BFSR, and do not benefit from uplift as
Moody's assesses the probability of BPP receiving systemic support
in case of need as low.  With the BFSR having been downgraded to
D, the BCA has been lowered to Ba2 from the previous level of
Baa3.

The ratings have been placed under review for further possible
downgrade as Moody's remains concerned that the above outlined
challenges may put further pressure on the bank's ratings in the
short term.  Therefore, the review will focus on: (i) the impact
on the bank's franchise and profitability of its investments in
structured credit products, derivatives and lending to private
equity funds, which may continue to experience severe market price
declines; (ii) the ongoing reassessment of all the risks
associated with related-party lending, inter-group company loans
and lending to private banking funds; and (iii) developments in
the bank's funding profile and liquidity pressures it may
experience.

Moody's last rating action on BPP SA was on April 13, 2007, when
the bank's ratings were affirmed as result of the implementation
of Moody's Joint Default Analysis and BFSR methodologies.  Banco
Privado Portugues, S.A. is based in Lisbon, Portugal and had
consolidated total assets of EUR1.4 billion as at Dec. 31, 2007.


* Moody's Reports: Portuguese RMBS Delinquencies Rise in Q3 2008
----------------------------------------------------------------
The total outstanding portfolio balance of Portuguese Residential
Mortgage Backed Securities increased to EUR21.7 billion in Q3
2008, a 20.6% increase from the previous year, says Moody's
Investors Service in its latest Portuguese RMBS index report.
Currently, Banco Santander Totta accounts for 37.7% of the total
securitised portfolios outstanding, representing the largest
contributor to this RMBS market.

The delinquency trend (+60 days) in Q3 2008 was 2.43%, up from
1.63% in Q3 2007. Generally, 60+ day delinquencies on a vintage
basis, show growth over time as the portfolios amortize and loans
become delinquent, the report notes.  "The 2003 vintage shows low
60+ day delinquencies of 1.05% after 27 months whereas the
respective index stands at 1.92%," says Ignacio Rivela, a Moody's
associate analyst and author of the report.

"Delinquency performance in Portuguese RMBS has displayed mild
deterioration, even during the economic recovery in Portugal.
Economic growth in Portugal is likely to continue to weaken as a
consequence of the global slowdown; therefore, Moody's expect the
delinquency performance to continue to deteriorate," continues
Nitesh Shah, a Moody's economist and co-author of the report.

Since Q3 2007, where the loss proxy trend stood at 0.18%, the
trend increased to 0.31% by the end of Q3 2008.  An increase over
time is also expected as delinquencies are provisioned for or
delinquent loans become written-off.  "Current Constant Prepayment
Rate (CPR) stands at 8.15% in Q3 2008 compared to 10.45% a year
ago," continues Mr. Rivela.

"With negative real wage pressures and tightening credit
conditions, house prices have been falling.  By the end of Q3
2008, house prices were down -4.8% year-over-year.  As the economy
continues to slow and improvements to unemployment abate, further
slowing in house prices should be expected," says Mr. Shah.


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


ELIPS-STROY-INVEST LLC: Moscow Bankruptcy Hearing Set April 7
-------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10.00 a.m. on
April 7, 2009, to hear bankruptcy supervision procedure on LLC
Elips-Stroy-Invest (Construction).  The case is docketed under
Case No. A40- 53021/08101-132B.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 773
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Temporary Insolvency Manager is:

         V. Kozlov
         Office 403
         Sovetskaya Str. 112
         300041 Tula
         Russia

The Debtor can be reached at:

         LLC Elips-Stroy-Invest
         Building 1
         Gospitalnaya Str. 14
         111024 Moscow
         Russia


FAR EASTERN SHIPPING: Moody's Cuts Corporate Family Rating to B2
----------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Far Eastern Shipping Company to B2 from B1.  At the same
time, Moody's Interfax Rating Agency, which is majority owned by
Moody's has downgraded the Company's long-term National Scale
Rating to A3.ru from A2.ru.  The ratings are on review for further
possible downgrade.

"The rating action reflects Moody's concerns surrounding the
effects that the current negative market conditions, due to a
weaker economic environment, may have on the financial flexibility
of Fesco, giving its exposure to both shipping and logistic
market," says Marco Vetulli, a Vice President-Senior Analyst in
Moody's Corporate Finance Group.

"Given the negative market conditions, Moody's expects that 2009
would see a deterioration of FESCO's performance, and a weakening
of credit metrics," explains Mr. Vetulli, adding "furthermore, the
expected revenues and cash flow deterioration creates uncertainty
regarding Fesco's ability to remain in compliance with the
financial covenants under its credit facilities.  Although at this
stage Moody's expect Fesco's banks to remain supportive, Moody's
notes that any potential waiver would most likely result in
increased pricing conditions, thereby creating additional stress
on the Company's cash flows."

"The combined effect of the economic slowdown of Russian Economy
and the significant deterioration in global capital markets could
constrain Fesco's financial flexibility," explains Mr. Vetulli.
The review will focus on these factors: (i) the Company's plans to
refinance the upcoming debt repayments; (ii) the Company's updated
forecasts and plan to adjust its growth in light of the current
economic environment.

The last rating action on FESCO was implemented on March 11, 2008,
when Moody's assigned an A2.ru national scale rating to the
Company.

Ratings affected are:

  -- Corporate family rating: to B2 from B1
  -- Long-Term National Scale Rating to A3.ru from A2.ru

Headquartered in Moscow, Russia, FESCO is an integrated logistics
group active in four business segments: shipping (16,2% of H1 2008
revenues); liner and logistics operations (45,2%), container
terminals (20,2%); and railway transportation (18,3%).  FESCO's
main shareholder is Industrial Investors Group, which controls
53.81% of the Russian group.  Other important shareholders are
East Capital (8.29%), European Bank for Reconstruction and
development (3.76%), and Garant Investment Group (7/84%).  The
shares in free float amount to 17%. In FY2007, FESCO reported
revenues of US$872 million.

                    National Scale Ratings

Moody's Interfax Rating Agency's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Russia are
designated by the ".ru" suffix.  NSRs differ from global scale
ratings, as assigned by Moody's Investors Service, in that they
are not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.


HOUSING FINANCE: Current Financial Status Cues Fitch to Junk IDR
----------------------------------------------------------------
Fitch Ratings downgraded Russia-based Housing Finance Bank's Long-
term Issuer Default Rating to 'CCC' from 'B-' and its Individual
rating to 'E' from 'D/E'.  The Long-term IDR remains on Rating
Watch Negative.

The rating action reflects Fitch's concerns over the current
financial position of OJSC PIK Group, a Russian residential
developer with whom HFB is affiliated.  PIK's Long-term IDR was
downgraded on 12 November 2008 to 'CCC' from 'BB-' and placed on
Rating Watch Evolving over concerns about the company's ability to
meet upcoming debt repayments.  HFB's operations are highly
dependent on those of PIK, to whom it has substantial contingent
credit risk exposure and on whom it relies to a significant degree
for funding and liquidity (86% of customer accounts at end-October
2008 came from PIK and its shareholders).

HFB's liquidity position has been relatively stable over the last
two months, with no major outflow from customer accounts of
related or non-related parties.  While HFB's liquid resources are
insufficient to meet even PIK's near-term debt repayments in full,
there is a heightened risk that PIK may seek to withdraw what
liquid funds are available in order to support its repayments.
This could significantly undermine HFB's liquidity position and
ability to meet its obligations to unaffiliated creditors.

HFB's ratings have been placed on RWN, rather than RWE (like PIK),
because the bank's ratings are unlikely to be upgraded in the near
term.  If PIK is upgraded by one notch upon resolution of its RWE
(the likely maximum rating upside for PIK), HFB's RWN is likely to
be resolved with an affirmation of its Long-term IDR at 'CCC',
reflecting the still significantly weaker credit profile of PIK
relative to when its 'BB-' rating was assigned.  However, if the
resolution of PIK's RWE results in a further downgrade, then HFB's
ratings would likely also be downgraded.  Prior to the resolution
of PIK's RWE, HFB may also be downgraded if there is significant
deterioration in its liquidity position.

HFB is a Moscow-based bank.  It ranked as Russia's 158th largest
bank by assets at end-H108 and primarily focuses on home loans.
Capitalization and reported asset quality are currently adequate,
but performance has been weak, mainly due to rising operating
costs.  HFB is jointly and wholly beneficially owned by Kirill
Pisarev and Yury Zhukov, who also control around an 80% stake in
PIK.

Rating actions:

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
     (B minus); remains on Rating Watch Negative

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     remains on Rating Watch Negative

  -- National Long-term rating: downgraded to 'B-(minus)(rus)'
     from 'BB-(rus)'; remains on Rating Watch Negative

  -- Support rating: affirmed at '5'

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


IN-TRANSIT TAMAN: Creditors Must File Claims by December 7
----------------------------------------------------------
Creditors of LLC In-Transit Taman (TIN 2332036482, PSRN
1052329057560) (Cargo Transportation) have until Dec.7, 2008, to
submit proofs of claims to:

         Ye. Litvinov
         Temporary Insolvency Manager
         Office 81
         Yu. Kommunarov 70
         Slavyansk-on-Kuban
         353560 Krasnodarskiy
         Russia

The Arbitration Court of Krasnodarsky commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A32
20615/200844/1328B.

The Debtor can be reached at:

         LLC In-Transit Taman
         Office 9
         Lenina Str. 35
         Temryuk
         353500 Krasnodarskiy
         Russia


KON-MET LLC: Creditors Must File Claims by December 7
-----------------------------------------------------
Creditors of LLC Kon-Met (Reinforcing Net Production) have until
Dec.7, 2008, to submit proofs of claims to:

         Ye. Yemelin
         Insolvency Manager
         Office 313
         Suvorova Str. 111a
         440000 Penza
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A5512850/2008.

The Debtor can be reached at:

         LLC Kon-Met
         Promyshlennaya Str. 11
         Kinel
         Samarskaya
         Russia


MINUSINSKAYA ARM-1: Creditors Must File Claims by January 7
-----------------------------------------------------------
Creditors of LLC Minusinskaya ARM-1 (Production of Industrial
Exhausters and other equipment) have until Jan. 7, 2009, to submit
proofs of claims to:

         I. Morlang
         Insolvency Manager
         L. Ketskhoveli Str. 30/39
         660001 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsky commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A335687/2008.

The Debtor can be reached at:

         LLC Minusinskaya ARM-1
         Altayskaya Str. 1a
         Minusinsk
         Russia


NIZHNEVARTOVSKAYA PIPELINE: Creditors Must File Claims by Jan. 7
---------------------------------------------------------------
Creditors of LLC Nizhnevartovskaya Pipeline Company (TIN
8603138300, PSRN 1068603070018) have until Jan. 7, 2009, to submit
proofs of claims to:

         I. Glukhovchenko
         Insolvency Manager
         Apt. 6
         Mira Str. 38
         Nizhnevartovsk
         628616 Khanty-Mansiysk
         Russia

The Arbitration Court of Khanty-Mansiysk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A753149/2008.

The Debtor can be reached at:

         LLC Nizhnevartovskaya Pipeline Company
         Apt. 25/26
         Lenina Str. 38
         Nizhnevartovsk
         628609 Khanty-Mansiysk
         Russia


NORTHERN CLEAN WATER LLC: Creditors Must File Claims by Jan. 7
--------------------------------------------------------------
Creditors of LLC Northern Clean Water (Heating and Water
Service) have until Jan. 7, 2009, to submit proofs of claims to:

         A. Baklykova
         Insolvency Manager
         Office 610
         Derzhavinskaya Str. 16a
         392000 Tambov
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A814142/2007.

The Debtor can be reached at:

         LLC Northern Clean Water
         Proezd 14
         Panel 15
         Promzona
         Noyabrsk
         Tumenskaya
         Yamalo-Nenetskiy
         Russia


POKROVSKIY POLYMER: Bankruptcy Hearing Set December 25
------------------------------------------------------
The Arbitration Court of Vladimirskaya will convene on
Dec. 25, 2008, to hear bankruptcy supervision procedure on OJSC
Pokrovskiy Polymer.  The case is docketed under Case No. A11
1580/2008-A193B.

The Temporary Insolvency Manager is:

         I. Chistov
         Post User Box 22
         125476 Moscow
         Russia

The Debtor can be reached at:

         OJSC Pokrovskiy Polymer
         Volginskiy
         Petushinskiy
         601125 Vladimirskay
         Russia


ROS-KHIM-PROM LLC: Creditors Must File Claims by January 7
----------------------------------------------------------
Creditors of LLC Ros-Khim-Prom (TIN 6148012224) (Artificial and
Synthetic Fiber Production) have until Jan. 7, 2009, to submit
proofs of claims to:

         D. Tatyanchenko
         Insolvency Manager
         Sotsialisticheskaya Str. 60V
         Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A53531/2008-S151.

The Debtor can be reached at:

         LLC Ros-Khim-Prom
         Pavlova Str. 60
         Krasny Sulin
         Krasnosulinskiy
         Russia


STROITEL LLC: Creditors Must File Claims by January 7
-----------------------------------------------------
Creditors of LLC Stroitel (Construction) have until
Jan. 7, 2009, to submit proofs of claims to:

         I. Ovchinnikov
         Insolvency Manager
         Post User Box 37
         Post Office-20
         302020 Orel
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A4011575/0874-33B.

The Debtor can be reached at:

         LLC Stroitel
         Proizvodstvennya Str. 6
         119619 Moscow
         Russia


STROY-ALYANS XXI: Creditors Must File Claims by December 7
----------------------------------------------------------
Creditors of LLC Stroy-Alyans XXI (Construction) have until
Dec. 7, 2008, to submit proofs of claims to:

         Sh. Dzhabrailov
         Temporary Insolvency Manager
         Pereulok Umakhanova 12
         Makhachkala
         Dagestan
         Russia

The Arbitration Court of Chechnya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A77
936/08.

The Debtor can be reached at:

         LLC Stroy-Alyans XXI
         Zhukovskogo Str. 183
         Grozny
         Russia


TNK-BP: To Be Fined US$36.4 Mln for Breach of Competition Laws
--------------------------------------------------------------
Russia's Anti-Monopoly Service plans to levy a fine of at least
US$36.4 million on TNK-BP and Gazprom Neft for breach of
competition laws, RIA Novosti reports.

"The fine will not be under 1 billion rubles for each company,"
the Russian anti-monopoly regulator was quoted by Ria Novosti as
saying.

The anti-monopoly regulator, RIA Novosti relates, sent inquires to
both companies and other Russia's major crude producers in July
over hikes in fuel prices, and demanded in September that seven of
them cut prices.

                    About TNK-BP

Headquartered in Moscow, Russia, TNK-BP -- http://www.tnk-bp.ru/
-- is a vertically integrated oil company.  The company owns and
operates four refineries in Russia and one in Ukraine, and has a
retail network of approximately 1,600 sites.  It employs
approximately 65,000 people.

TNK-BP was formed in 2003 as a result of the merger of BP's
Russian oil and gas assets and the oil and gas assets of Alfa,
Access/Renova group (AAR).  BP and AAR each own 50% of the
company.

                          *     *     *

TNK-BP International Ltd. continues to carry 'BB' long-term and
'B' short-term corporate credit ratings from Standard & Poor's.
S&P affirmed the ratings and revised its outlook on the company to
stable from negative in September 2008.


* Fitch Takes Various Rating Actions on Seven Russian Securities
----------------------------------------------------------------
Fitch Ratings has taken various rating actions on seven Russian
securitizations.  A total of 12 ratings are affirmed, of which the
rating Outlook on five transactions was revised to Negative from
Stable and the Outlook on two transactions was revised to Stable
from Positive.

All the ratings on the four classes of notes issued by ROOF Russia
S.A. have been placed on Rating Watch Negative.

The rating actions were triggered by a revision of the rating
Outlook on the sovereign to Negative from Stable on Nov. 9, 2008.
Under Fitch's structured finance criteria for emerging markets,
the sovereign's rating and its Country Ceiling play a key role in
assessing the risks inherent in securitizations.  Fitch will
publish a detailed rationale explaining the rating changes for
each transaction in coming days.

A summary of the ratings actions:

Gazprom International S.A.

  -- Series 1: affirmed at 'BBB+'; Outlook Stable

Moscow Stars B.V.

  -- Class A: affirmed at 'BBB'; Outlook revised to Negative from
     Stable

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

Red & Black Prime Russia MBS No. 1 Ltd.

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

  -- Class B: affirmed at 'BBB+'; Outlook Stable

  -- Class C: affirmed at 'BB+'; Outlook Stable

ROOF Russia S.A.

  -- Class A: 'A-' (A minus); placed on Rating Watch Negative
  -- Class B: 'BBB'; placed on Rating Watch negative
  -- Class C: 'BB'; placed on Rating Watch Negative
  -- Class D: 'B'; placed on Rating Watch Negative

Russia International Card Finance S.A.

  -- Class 2004-A: affirmed at 'A-'(A minus); Outlook revised to
     Negative from Stable

Russian Mortgage Backed Securities 2006-1 S.A

  -- Class A: affirmed at 'A-' (A minus); Outlook Stable

  -- Class B: affirmed at 'BBB'; Outlook revised to Stable from
     Positive

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

Russian Securitisation Platform S.A.

  -- Class A: affirmed at 'BBB+'; Outlook revised to Negative from
     Stable

  -- Class B: affirmed at 'BBB'; Outlook revised to Negative from

  -- Stable


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


BANCAJA 9: Fitch Affirms Rating on Class E Tranche at 'CCC-'
------------------------------------------------------------
Fitch Ratings has downgraded two junior tranches from Bancaja 9
and revised the Outlook on three Classes to Negative from Stable
following a performance review.  The portfolio is backed by
residential mortgage loans originated by Caja de Ahorros de
Valencia, Castellon y Alicante.

This transaction has shown an upward trend of arrears since
closing in February 2006; loans in arrears by more than three
months reached 3.21% in September 2008.  Defaults, defined as
loans in arrears by more than 18 months, reached 0.6% in September
2008.  Because in the last two quarters the newly defaulted loans
have been above the available excess spread, the reserve fund has
been reduced to EUR21.3 million from its target level of EUR22
million.  As the current level and timing of defaults and
delinquencies is higher than originally expected in the rating
scenarios of the two most junior tranches, their ratings have been
downgraded.

The future development of arrears and defaults, as well as the
timing and extent of recoveries, will drive future rating actions.
The rate at which arrears translate into defaults has been high.
This, together with the increasing delinquencies in the later
buckets, will place additional pressure on defaults.
Consequently, the pace of newly defaulted loans is expected to
increase in the next quarters, leading to anticipated further
draws on the RF.  The high probability of both a declining RF and
further deterioration in performance are reflected in the change
in Outlook to Negative.  Bancaja is the result of the merger of
four savings banks from the Autonomous Community of Valencia.
Bancaja 3 to Bancaja 8 were recently affirmed.  The concentration
of loans in Valencia in Bancaja 9 was 37.72% at closing.

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

The rating actions are:

Bancaja 9, Fondo de Titulizacion de Activos:

  -- Class A2 (ISIN ES0 312888011): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN ES0 312888029): affirmed at 'A+'; Outlook
     revised to Negative from Stable.

  -- Class C (ISIN ES0 312888037): downgraded to 'BBB' from
     'BBB+'; Outlook revised to Negative from Stable.

  -- Class D (ISIN ES0 312888045): downgraded to 'BB-'(BB minus)
     from 'BB+' Outlook revised to Negative from Stable

  -- Class E (ISIN ES0 ES0312888052): affirmed at 'CCC-' (CCC
     minus)/Distressed Recovery '3'


FONDO DE TITULIZACION: Moody's Puts 'C' Rating on EUR76.4MM Notes
-----------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to the
debt to be issued by FONCAIXA FTPYME 2, Fondo de Titulizacion de
Activos:

  -- Aaa to the EUR533.7 million Series AS notes
  -- Aaa to the EUR456.3 million Series AG notes
  -- A3 to the EUR27.5 million Series B notes
  -- Baa3 to the EUR82.5 million Series C notes
  -- C to the EUR76.4 million Series D notes

FONCAIXA FTPYME 2, Fondo de Titulizacion de Activos, a
securitization of small- and medium-sized enterprise loans under
the FTPYME program carried out by La Caixa, comes after the
concession by the Spanish Ministry of Economy of a new guarantee
budget for the current year.

According to Moody's, this deal benefits from several credit
strengths including these: (1) a well diversified portfolio in
terms of industry concentration, with a Real Estate exposure below
18% (and no loans to real estate developers); (2) a strong swap
agreement guaranteeing an excess spread of 0.50%; (3) a 6.95%
reserve fund to cover potential shortfalls in interest or
principal; (4) a 12-month artificial write-off mechanism; and (5)
the guarantee of the Kingdom of Spain (Aaa/P-1), as concerns the
Series AG notes.  However, Moody's notes that the deal also
features credit weaknesses, notably: (1) around 41% of the
borrowers are micro-SMEs (turnover below EUR1 million) and around
26% are self-employed; (2) pro-rata amortization of the notes; and
(3) the negative impact of the interest deferral trigger on the
subordinated series.  These increased risks were reflected in the
credit enhancement calculation.

The provisional pool of underlying assets was, as of October 2008,
composed of a portfolio of 30,456 loans and 27,535 borrowers,
granted to Spanish enterprises and self-employed individuals.  The
loans were originated between 1990 and 2008, with a weighted
average seasoning of 2.89 years and a weighted average remaining
life of 9.47 years.  Around 62% of the outstanding of the
portfolio is secured by mortgage guarantee over different types of
properties (58.9% of the portfolio being first-lien with a
weighted average LTV of 46.7%). Geographically, the pool is
concentrated in Madrid (24.3%), Andalusia (12.8%) and Valencia
(12.1%).  At closing, there will be no loans in arrears.

Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the swap
agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the GIC account, the excess spread,
the cash reserve and the subordination of the notes; and (v) the
legal and structural integrity of the transaction.  Moody's
initially analyzed and will monitor this transaction using the
rating methodology for EMEA SMEs loan-backed transactions as
described in the Rating Methodology report.  The only previous
rating action relates to the assignment of the provisional rating.

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


MASDEVALLIA: Files for Insolvency; Administrators Appointed
-----------------------------------------------------------
DWF LLP, a law firm in the UK, warned time is running out for
Britons affected by the collapse of Spanish property developer
Compania Inmobiliaria Masdevallia to put forward their claim for
recompense.

The firm said that buyers affected by the collapse of Masdevallia
should inform the Spanish court as soon as possible, or appoint a
lawyer to do so on their behalf.

Masdevallia was the developer behind the ambitious Nueva Ribera
and Nueva Ribera Golf Club developments in Murcia.  Both
Masdevallia and One Properties, which marketed the schemes and
which has also filed for insolvency, appear to be linked to Juan
Antonio Roca, ex-planning councilor at the Marbella town hall and
one of the main people involved in the Malaya Operation, the anti-
corruption campaign in Marbella.

Both companies are in a voluntary insolvency arrangement and
administrators have been appointed to supervise their management.
Antonio Guillen, a Spanish lawyer with DWF who are acting on
behalf of British buyers affected, explained: "The administrators
will detail the companies' resources and assets as well as the
debts and point out any possible ways of saving them.  This
procedure takes time and could prove extremely complicated and
frustrating for those who are not familiar with Spanish law.

"Creditors of the insolvent company, and that includes purchasers
of properties off-plan or owners of properties that have not been
fully finished, should inform the administrators and the court of
their credit as soon as possible.

"Under the Spanish Insolvency Act all creditors should receive a
personal communication from the administrators but this does not
always happen.  Therefore it is advisable for anyone affected to
contact a lawyer versed in Spanish insolvency law and provide them
with any documents that can help to prove the payments they have
made.  These will have to be lodged with the court to ensure they
are included in the final list of creditors.

"It is also necessary to ascertain whether the developer has a
bank guarantee in place to cover any amounts paid by the
purchasers towards the construction.  This is a requirement under
Spanish law although not all developers comply.  This document is
extremely important as it could make all the difference between
creditors losing all their money and getting a refund.  Your
lawyer will check this for you."

Mr. Guillen is also currently representing clients of
Martinsa-Fadesa, Spain's largest property developer and the
largest insolvency in the country's history, as well as another
Spanish developer Herrada del Tollo S.L. He adds: "It is vital for
purchasers affected by the insolvency of a Spanish developer to
appoint a lawyer as soon as possible to make sure they are duly
represented in the insolvency procedure, as well as considering
alternative solutions such as enforcing the bank guarantee, if
there is one."

DWF LLP -- http://www.dwf.co.uk/-- is one of the fastest growing
regional law firms in the UK.  With over 970 people based in
Leeds, Liverpool, London, Manchester and Preston, DWF provides a
range of services grouped under these practice areas: Corporate,
Banking & Finance, Business Recovery, Litigation, Real Estate,
People, Insurance, Private Client.

DWF has developed extensive sector-specific expertise in a number
of areas including: automotive, education, retail & leisure, legal
expenses and food and resourcing.


* Moody's Says Spanish Mortgage Aid Package Has Credit Effects
--------------------------------------------------------------
Moody's Investors Service said that there may be liquidity and
credit implications for Spanish RMBS deals following the Spanish
Government's announcement of aid for unemployed, self-employed and
pensioner mortgage borrowers.

The Spanish Government said on Nov. 8, 2008 that it was putting
together various economic measures to stimulate the economy and
particularly to assist borrowers that were struggling to make
their mortgage payments through a form of mortgage subsidy.
At present, there is limited information about the details of the
scheme.  However, the basic tenets of the proposal are that if a
borrower has a loan originated before September 2008 for an amount
lower than EUR170,000 for a first residence, and is unemployed or
loses his/her employment before January 2010, the borrower will
have the option to pay only 50% of the required installment for 24
months (starting from 1 January 2009).  The frozen payment amount
will be guaranteed by the government-owned Instituto de Credito
Oficial and the debtors will have to repay it pro rata from
January 2011 for a maximum period of 10 years.

Moody's notes that it is unclear how this package will be
implemented, and how transactions will be affected, but cautions
that there are possible liquidity and credit implications for RMBS
portfolios.  However, Moody's says that rating actions, if any,
will ultimately depend on the actual financial aid conditions that
are approved, and how each transaction structurally caters for the
changes.

Although there are potentially positive outcomes from the scheme,
such as enabling unemployed debtors to continue making payments,
and postponing property foreclosures in the hope that the
environment will improve (i.e. interest rates will decrease,
unemployment figures will decrease, financial markets will
stabilise, etc.), Moody's points out that there are also possible
negative implications and that the proposals may also have the
opposite effect to that intended.  For instance, it is possible
that a borrower who is currently employed could be better off with
the mortgage subsidy and unemployment subsidy than if he/she was
employed and paying off his/her mortgage, leading to an artificial
improvement in foreclosures until the two-year relief period is
over.

Another issue to take into account is whether there could be a
payment shock for the borrower once the two-year subsidy period is
over. The scheme could also be difficult for originators to
implement and manage efficiently (for example, IT systems will
need to be modified to support the process).  Furthermore, the
economic environment may fail to improve, or even worsen.
From a RMBS structural viewpoint, there are also some
uncertainties that need to be clarified.  For instance, how this
measure will impact the transaction swaps, how it will impact the
transaction's cashflows, and how banks will enforce this measure.
In addition, depending on the number of loans/debtors affected,
there could even be a liquidity shortfall in the deal.  However as
principal is usually available for interest payment, it is more
likely that only a negative carry would be generated.
Furthermore, the impact on various performance triggers needs to
be clarified, as there is uncertainty as to how banks will
classify such borrowers.


* Fitch Reports Weakening Economy to Weigh on Spanish SF Deals
--------------------------------------------------------------
Fitch Ratings expects sharply deteriorating economic conditions
and the continued disruption in wholesale funding markets to
continue to weigh on Spanish structured finance issuance and
credit performance over the near term.  This is the conclusion in
the latest issue of Fitch Spanish Structured Finance Newsletter.

Fitch believes the current economic environment has reduced the
financial flexibility and ability to service outstanding debt
obligations for both households and businesses.  Given
deteriorating macroeconomic conditions and weak prospects for
meaningful improvement over the near term, Fitch maintains a
negative asset performance outlook across most structured finance
sectors and expects rising arrears and defaults over the near
term.  Fitch expects that rising arrears will test servicing
strategies and platforms, particularly in light of more
aggressively underwritten loans originated in recent years.

Despite the challenging financial and macroeconomic environment,
Spanish structured finance volumes remained active in the first
half of the year, with 43 transactions issued representing EUR59.9
billion in debt.  This represents a 20.2% decline in volume from
the first half of 2007, when 39 transactions, accounting for
EUR75.1 billion in securitized debt, were issued.  Similar to
prior year debt issuance patterns, most of H108 volume was backed
by mortgage collateral, with the RMBS and multi-issuer cedulas
accounting for 45.9% and 29.2% respectively of the debt issued in
the first six months of the year.

"Despite steeper haircuts that will be applied to eligible
structured finance collateral by the ECB beginning in February
2009, Fitch believes securitization issuance volumes will continue
to be driven by ECB's discounting strategies as long as present
capital market conditions persist," said Rui J. Pereira, Head of
Fitch's Structured Finance team in Madrid.  "Volume over the near-
term may also be supported by transactions issued as part of the
recently announced government temporary fund called Fondo para la
Adquisicion de Activos Financieros."

The newsletter provides an updated view and outlook on the Spanish
RMBS sector as well as other key segments.  It also provides a
brief commentary on RMBS backed by officially sponsored housing,
which is expected to grow in the latter part of the year.


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


CHRISTINE MOULLET: Creditors Must File Claims by Nov. 29
--------------------------------------------------------
Creditors owed money by LLC Christine Moullet Pharma Consulting
are requested to file their proofs of claim by Nov. 29, 2008, to:

         Christine Moullet
         Baselmattweg 143
         4123 Allschwil
         Switzerland

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


NETWORKOMNI EUROPE: Deadline to File Proofs of Claim Set Nov. 29
----------------------------------------------------------------
Creditors owed money by JSC NetworkOmni Europe are requested to
file their proofs of claim by Nov. 29, 2008, to:

         Seefeldstrasse 45
         8034 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 14, 2008.


ORDINA CONSULTING: Creditors Have Until Nov. 28 to File Claims
--------------------------------------------------------------
Creditors owed money by Ordina Consulting and Engineering Ltd. are
requested to file their proofs of claim by Nov. 28, 2008, to:

         Dr. Georg Wiederkehr
         Liquidator
         Company Bratschi Wiederkehr & Buob
         Bahnhofstrasse 46
         Mail Box:  1130
         8021 Zuerich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 3, 2008.


POINT OF SALE: Proofs of Claim Filing Deadline is  Nov. 28
----------------------------------------------------------
Creditors owed money by JSC Point of Sale are requested to file
their proofs of claim by Nov. 28, 2008, to:

         Trust Company Hartmann Treuhand
         Parkstrasse 6
         4402 Frenkendorf
         Switzerland

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


STRUKO LLC: Creditors' Proofs of Claim Due by  Nov. 30
------------------------------------------------------
Creditors owed money by LLC Struko are requested to file their
proofs of claim by Nov. 30, 2008, to:

         Werner Kohler
         Kirchgasse 5
         7208 Malans
         Switzerland

The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 3, 2007.


TRANS-PORTMANN JSC: Nov. 29 Set as Deadline to File Claims
----------------------------------------------------------
Creditors owed money by JSC Trans-Portmann are requested to file
their proofs of claim by Nov. 28, 2008, to:

         LLC Treuhand A. Willimann
         Liquidator
         Alpenstrasse 1
         6004 Luzern
         Switzerland

The company is currently undergoing liquidation in Escholzmatt.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 3, 2008.


VENPA BETEILIGUNG: Creditors Must File Claims by Nov. 29
--------------------------------------------------------
Creditors owed money by JSC Venpa Beteiligung are requested to
file their proofs of claim by Nov. 29, 2008, to:

         JSC Quadris
         Nueschelerstrasse 31
         8022 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 24, 2008.


WASOM LLC: Deadline to File Proofs of Claim Set Nov. 30
-------------------------------------------------------
Creditors owed money by LLC Wasom are requested to file their
proofs of claim by Nov. 30, 2008, to:

         Anton Waser
         Obermattlistrasse 14
         6015 Reussbuehl
         Switzerland

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


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


REPUBLIC OF TURKEY: S&P Affirms Low-B Ratings; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Republic of Turkey to negative from stable.

Standard & Poor's also said that it affirmed its 'BB-/B' foreign
currency and 'BB/B' local currency sovereign credit ratings and
its 'BB+' transfer and convertibility assessment on the republic.

In conjunction with the rating action on the sovereign, Standard &
Poor's also revised its outlook on Export Credit Bank of Turkey to
negative from stable and affirmed its 'BB-/B' foreign currency
credit rating on the bank.

"The outlook revision follows a shift in the balance of risks to
the downside as external financing conditions remain difficult,"
explained Standard & Poor's credit analyst David T. Beers.
"Although S&P expects Turkey's current account to narrow in 2009
from a projected deficit of 7.3% of GDP in 2008, 2009 gross
external financing needs will exceed 140% of 2009 current account
receipts plus usable international reserves.  This is one of the
higher ratios among emerging market countries."  The bulk of this
external funding requirement stems from banks and corporations.

S&P expects that the high cost of external financing will cause
the Turkish private sector to replace a portion of its external
funding locally, putting further pressure on the exchange rate, or
to contract its own activities to generate cash, which would
hamper growth.  The extent of the narrowing of the current account
and the slowing of economic growth will depend on the amount of
debt the private sector is able to roll over externally.

"Our outlook revision signals that a prolonged sudden stop of
external financing to Turkey's private sector could weaken the
government's creditworthiness by requiring direct assistance to
affected banks and by depressing government revenues, thus
reversing a decade-long decline in the republic's debt burden,"
Mr. Beers added.  "Conversely, government confidence-raising
actions that ease external financing conditions--either by
tightening policies or by securing official creditor support--
could enable the ratings to stabilize at the current levels."


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


ANTEKS PLUS: Creditors Must File Claims by November 23
------------------------------------------------------
Creditors of LLC Anteks Plus (code EDRPOU 31169043) have until
Nov. 23, 2008, to submit proofs of claim to:

         LLC Consulting Company Quant
         Liquidator
         Ap. 10
         Mayakovsky Avenue, 32-D
         02222 Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 2, 2008.
The case is docketed as 43/497.

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

The Debtor can be reached at:

         LLC Anteks Plus
         Saksagansky Str. 55
         01033 Kiev
         Ukraine


KHLEBODEL LLC: Creditors Must File Claims by November 23
--------------------------------------------------------
Creditors of Agricultural LLC Khlebodel (code EDRPOU 30953215)
have until Nov. 23, 2008, to submit proofs of claim to:

         Mrs. Liudmila Orletskaya
         Liquidator / Insolvency Manager
         3rd. Polevoy Lane, 6
         Zhytomir
         Ukraine
         Tel: 8(0412)46-1364
              8(063)383-0491
              8(097)316-0956

The Arbitration Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 7, 2008.
The case is docketed as 7/112-b.

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Khlebodel
         Zarechya Str. 17
         Vishnevoye

         Ruzhynsky
         13633 Zhytomir
         Ukraine


CONCENTRATING EQUIPMENT: Creditors Must File Claims by Nov. 23
--------------------------------------------------------------
Creditors of State Enterprise State Project-Engineering Institute
of Concentrating Equipment (code EDRPOU 04816112) have until
Nov. 23, 2008, to submit proofs of claim to:

         Mr. Vitaly Levchenko
         Liquidator
         P.O.B. 1819
         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.
14, 2008.  The case is docketed as B 29/86-08.

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

The Debtor can be reached at:

         State Enterprise State Project-Engineering
         Institute of Concentrating Equipment
         Chkalov Str. 11
         49029 Dnipropetrovsk
         Ukraine


PROMINVESTBANK: Klyuyev Brothers Acquire 34% Stake
--------------------------------------------------
Reuters reports that brothers Andriy and Serhiy Klyuyev acquired a
34% stake in Prominvestbank through Austrian holding company Slav
AG.   The Klyuyev brothers are members of the opposition Regions
Party.

Citing Volodymyr Krotyuk, deputy chairman of Ukraine's central
bank and Prominvestbank's receiver, Reuters discloses that a
further 34% is held by an individual on the board of Slav,
although Mr. Krotyuk declined to give any more details on the
identity of the other new shareholders of the bank.

Reuters says the takeover, according to Mr. Krotyuk, would be
complete after the purchase of new shares valued at about
UAH900 million (US$155 million) as well as an inflow to the bank
of another UAH3.6 billion in the form of deposits or subordinate
debt.  He noted the shares had to be issued and purchased within
10 working days and the UAH3.6 billion injected by December 5, the
report adds.

Prime Minister Yulia Tymoshenko warned Prominvestbank will be
nationalized if the new buyers failed to stabilize its operations
within a month, Reuters relates.

As reported in the Troubled Company Reporter-Europe on Oct. 22,
2008, the prime minister declared support for the bank's
nationalization, saying: "The government will do everything it
needs to do.  We should return this bank back to the state and the
state will assume all responsibility for Prominvestbank's
obligations."

On Oct. 13, 2008, the TCR-Europe reported that Ukraine's central
bank placed Prominvestbank in receivership.  The central bank had
barred all withdrawals from the bank for the next six months, and
put Mr. Krotyuk in charge.

In September, the central bank loaned Prominvest US$1 billion
after depositors rushed to withdraw their money following an
ownership dispute.

Headquartered in Kiev, Prominvestbank -- http://www.pib.ru/--
is sixth largest bank in Ukraine.

                          *    *    *

As reported in the TCR-Europe on Oct. 13, 2008, Moody's Investors
Service downgraded the bank financial strength rating (BFSR) of
Prominvestbank to E from E+, its long-term local currency and
foreign currency bank deposit ratings to Caa2 from Ba2 and B2,
respectively, and its National Scale Rating (NSR) to B3.ua from
Aa1.ua. Long-term deposit ratings have been placed on review with
direction uncertain.


SCIENCE-PRODUCTION ENTERPRISE: Claims Must Be Filed by Nov. 23
--------------------------------------------------------------
Creditors of LLC Science-Production Enterprise Fereight (code
EDRPOU 31725782) have until Nov. 23, 2008, to submit proofs of
claim to:

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

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on Aug. 14, 2008.  The case is docketed
as 50/246.

The Debtor can be reached at:

         LLC Science-Production Enterprise Fereight
         Ap. 56
         Soviet Ukraine Avenue, 6
         04208 Kiev
         Ukraine


TERNOPOL POULTRY: Creditors Must File Claims by November 23
-----------------------------------------------------------
Creditors of JSC Ternopol Poultry Factory (code EDRPOU 03369177)
have until Nov. 23, 2008, to submit proofs of claim to:

         Mr. Oleg Mikitiv
         Liquidator / Insolvency Manager
         Verbitsky Str. 8/24
         46000 Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy supervision
procedure on the company on DD.  The case is docketed as #.

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine

The Debtor can be reached at:

         JSC Ternopol Poultry Factory
         Galitskaya Str. 180
         Bolshiye Gai
         Ternopol
         Ukraine


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


CARTWRIGHT'S LTD: Taps Joint Liquidators from BDO Stoy
------------------------------------------------------
Matthew Tait and Andrew Beckingham of BDO Stoy Hayward LLP were
appoint jointed liquidators of Cartwright's (Tonbridge) Ltd. on
Oct. 23, 2008.

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

         2 City Place
         Beehive Ring Road
         Gatwick
         West Sussex
         RH6 0PA
         England

The company is a building contractor.


CLAVIS: Fitch Shifts Outlook on Two 'BB'-Rated Tranches to Stable
-----------------------------------------------------------------
Fitch Ratings revised the Outlook on Clavis Securities plc Series
2006-01 junior tranches to Stable from Positive.  The ratings of
Clavis Securities plc Series 2006-01 and Clavis Securities plc
Series 2007-01 are affirmed, following the review of these two UK
non-conforming RMBS transactions.  Both transactions contain
collateral originated by GMAC RFC.

Both transactions consist of collateral considered to be "near-
prime" in nature.  Expected arrears levels in the transactions are
therefore lower than other non-conforming transactions.  In Clavis
2006-01, loans in arrears by greater than three months accounted
for 4.07% as of the September investor report with current
repossessions totaling 3.25%, up from 2.18% in June 2008.  Losses
to date have been negligible, accounting for 0.01% of the original
collateral balance.  The Fitch calculated weighted average loss
severity in September 2008 was low at 3.44%.  Principal payment
rates have dropped significantly in the last two quarters to its
current level of 32.10% from 78.77% in March 2008; despite the
decline, the level remains reasonably high in comparison to much
of the non-conforming market.  To date, Clavis 2006-01 has
generated sufficient excess spread each quarter to clear the
principal deficiency ledger.  However, given the current negative
macroeconomic environment, the low level of excess spread, rising
arrears and, specifically, repossessions and the strong level of
possessions in the pipeline, the Outlook has been revised to
Stable.

Clavis 2007-01 arrears levels for three months or greater surpass
levels seen in Clavis 2006-01 at comparable seasoning.  Current
arrears greater than three months accounted for 2.51% of the
outstanding balance as of September 2008.  In the last quarter
arrears, inclusive of repossessions, jumped to 4.65% from 2.48% in
June 2008, and current repossessions increased to 2.13% from
0.91%.  This deal experienced its first losses in September 2008
of GBP24,036; translating to 0.0044% of the initial portfolio
balance; the Fitch calculated WALS is 3.24%.  The deal has a large
number of possessions in the pipeline which, given the current
housing market, may generate further losses.  PPR has risen
significantly, to 60.7% in September 2008 from 14.5% in March
2008.  Given the current market, the majority of the loans,
reverting to their reversionary rates in the current quarter, may
have a short-term negative impact on the performance of the loans.
Clavis 2007-01 generates little excess spread; however to date,
the PDL has been cleared.  At the June interest payment date
(IPD), GBP150,000 of excess spread was retained in the deal in
order to prevent a predicted reserve fund draw at the September
IPD, a result of the unhedged basis risk.  With the preventative
measures being taken to avoid a reserve fund draw, the Outlook for
this transaction remains Stable.

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

Clavis Securities plc Series 2006-01:

  -- Class A3a (ISIN XS0255457706): affirmed at 'AAA'; Outlook
     Stable

  -- Class A3b (ISIN XS0255438748): affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0255424441): affirmed at 'AA'; Outlook
     revised to Stable from Positive

  -- Class M1b (ISIN XS0255439043): affirmed at 'AA'; Outlook
     revised to Stable from Positive

  -- Class M2a (ISIN XS0255425414): affirmed at 'A'; Outlook
     revised to Stable from Positive

  -- Class B1a (ISIN XS0255425927); affirmed at 'BBB'; Outlook
     revised to Stable from Positive

  -- Class B1b (ISIN XS0255440728); affirmed at 'BBB'; Outlook
     revised to Stable from Positive

  -- Class B2a (ISIN XS0255426818); affirmed at 'BB'; Outlook
     revised to Stable from Positive

Clavis Securities plc Series 2007-01:

  -- Class A3a (ISIN XS0302268361): affirmed at 'AAA'; Outlook
     Stable

  -- Class A3b (ISIN XS0302269096): affirmed at 'AAA'; Outlook
     Stable

  -- Class AZa (ISIN XS0302268445): affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0302269682): affirmed at 'AA'; Outlook
     Stable

  -- Class M1b (ISIN XS0302270854): affirmed at 'AA'; Outlook
     Stable

  -- Class M2a (ISIN XS0302270185): affirmed at 'A'; Outlook
     Stable

  -- Class M2b (ISIN XS0302271662): affirmed at 'A'; Outlook
     Stable

  -- Class B1a (ISIN XS0302270268): affirmed at 'BBB'; Outlook
     Stable

  -- Class B1b (ISIN XS0302271829): affirmed at 'BBB'; Outlook
     Stable

  -- Class B2 (ISIN XS0302270342): affirmed at 'BB'; Outlook
     Stable


DEXTER PAINTS: Goes Into Administration
---------------------------------------
Dexter Paints has gone into administration, putting more than 40
jobs at risk, Lancashire Telegraph reports.

The company, which had turnover of GBP3.15 million last year,
called in Bury-based administrators Leonard Curtis.  According to
the report, the company had been hit by the credit crunch in East
Lanchashire.

"We are still compiling details regarding the company before we
release any information," a spokesman for Dexter Paints was quoted
by Lancashire Telegraph as saying.

The report notes management buyouts have taken place at the
company's shops in Vernon Street, Blackburn and Burnley town
center, and they are now known as Dexter Decorative Supplies and
Dexter's of Burnley, respectively.

Based in Trafalgar Street, Burnley, Dexter Paints makes paints,
varnishes, printing inks and mastics.


DIXON DEBOISE: Names Joint Liquidators from BDO Stoy
----------------------------------------------------
William Matthew Humphries Tait and Andrew Howard Beckingham of BDO
Stoy Hayward LLP were appointed joint liquidators of Dixon Deboise
(South East) Ltd. on Oct. 22, 2008.

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

         2 City Place
         Beehive Ring Road
         Gatwick
         West Sussex
         RH6 0PA
         England


EUROSAIL 2006-3NC: S&P Junks Ratings on Three Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has taken various rating
actions on the notes issued by Eurosail 2006-3NC PLC, including
downgrading all the class B to F notes following deteriorating
collateral performance and recent reserve fund draws.

The transaction is also currently breaching a trigger so that the
liquidity facility cannot be used to pay interest on the
subordinate notes.  No drawing can be made under the liquidity
facility to pay interest for the class B1a, C, D1, and E1c notes
if the balance of all loans that are 90+ days in arrears
(including repossessions) is greater than 15% of the initial
collateral-backed note balance.  This percentage currently stands
at 16.8%.

S&P expects the reserve fund to be fully depleted in the near
future so there is a significant probability of non-payment of
timely interest for the most subordinate classes of notes while
the liquidity facility trigger is breached.

On the September 2008 interest payment date, the transaction drew
GBP1,367,871 from its reserve fund (74.5% of the fund's quarter
opening balance).  The current remaining reserve fund balance of
GBP467,109 represents 18.3% of the reserve fund required amount.

In the transaction's seventh (previous) quarter, the detachable
A3c coupon (DAC) stepped up to 2.25%.  This coupon will step up to
2.50% in Q8, 2.75% in Q9 and Q10, and then 3.00% in Q11 and Q12.
This will continue to place cash flow pressure on the transaction.

As of September 2008, total delinquencies (including
repossessions) for Eurosail 2006-3NC were 46.7%.  Unsold
repossessions have increased quarter by quarter to 3.7% of the
outstanding principal balance and cumulative losses were
GBP1,862,575 (0.37% of the original collateral-backed note
balance).  The weighted-average loss severity in the quarter to
September 2008 was 26.7%.  With U.K. house prices likely to
continue falling in the coming months, S&P expects to see further
losses in coming quarters.

Rating actions are due to the deal's performance and not its
unhedged fixed-rate loans.  All loans currently paying a fixed
rate of interest revert to a floating rate of interest linked to
LIBOR by September 2009.  S&P considered this exposure as part of
S&P's initial analysis and ongoing surveillance, but the current
fixed/floating mismatch does not have an effect on S&P's ratings
in this transaction at present.

On Sept. 17, S&P placed all the notes in this deal (except the
class FTc notes) on CreditWatch negative.  These CreditWatch
placements resulted from the transaction's exposure to Lehman
Brothers Special Financing Inc. as the fixed/floating swap
counterparty.

                         Ratings List

                    Eurosail 2006-3NC PLC

EUR227.85 Million, GBP269.913 Million, and US$205 Million
Mortgage-Backed Floating-Rate Notes, an Overissuance Of GBP18.360
Million Mortgage-Backed Floating-Rate Notes, and GBP1.173 Million
Mortgage-Backed Deferrable-Interest Notes

     Rating Lowered and Removed From CreditWatch Negative

   Class                    Rating
   -----                    ------
              To                            From
              --                            ----
   B1a        A                             AA/Watch Neg

     Ratings Lowered and Kept on CreditWatch Negative

   C1a        BBB/Watch Neg                 A+/Watch Neg
   C1c        BBB/Watch Neg                 A+/Watch Neg
   D1a        B/Watch Neg                   BB+/Watch Neg
   D1c        B/Watch Neg                   BB+/Watch Neg
   E1c        CCC/Watch Neg                 B/Watch Neg
   ETc        CCC/Watch Neg                 B/Watch Neg

    Rating Lowered and Placed on CreditWatch Negative

   FTc        CCC-/Watch Neg                CCC

    Ratings Removed from CreditWatch Negative and Affirmed

   A2b        AAA                           AAA/Watch Neg
   A2c        AAA                           AAA/Watch Neg
   A3a        AAA                           AAA/Watch Neg
   A3c        AAA                           AAA/Watch Neg
   A3c DACs   AAA                           AAA/Watch Neg


GHOST LTD: Taps Joint Administrators from BDO Stoy
--------------------------------------------------
Antony David Nygate and David Harry Gilbert of BDO Stoy Hayward
LLP were appointed joint administrators of Ghost Ltd. on
Oct. 31, 2008.

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

         55 Baker Street
         London
         W1U 7EU
         England

The company is engaged in retailing ladies fashion clothing.


JOHN JARVIS: Appoints Joint Liquidators from BDO Stoy
-----------------------------------------------------
Matthew Tait and Andrew Beckingham of BDO Stoy Hayward LLP were
appointed joint liquidators of John Jarvis Ltd. on Oct. 23, 2008.

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

         2 City Place
         Beehive Ring Road
         Gatwick
         West Sussex
         RH6 0PA
         England


MIDDLETON TOWERS: Names Joint Administrators from BDO Stoy
----------------------------------------------------------
Shay Bannon and Dermot Justin Power of BDO Stoy Hayward LLP were
appointed joint administrators of Middleton Towers Village
Management Company Ltd. on Oct. 31, 2008.

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

         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1WE
         England

The company develops and sell real estate.


MILBANK TRUCKS: Appoints Joint Administrators from KPMG LLP
-----------------------------------------------------------
Richard James Philpott and Allan Watson Graham of KPMG LLP were
appointed joint administrators of Milbank Trucks Ltd. on Nov. 4,
2008.

The company can be reached through KPMG LLP at:

         1 Waterloo Way
         Leicester
         LE1 6LP
         England


PORTER FOODS: Appoints Joint Liquidators from BDO Stoy
------------------------------------------------------
Matthew Tait and Andrew Beckingham of BDO Stoy Hayward LLP were
appointed joint liquidators of Porter Foods Company Ltd. on
Oct. 17, 2008.

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

         2 City Place
         Beehive Ring Road
         Gatwick
         West Sussex
         RH6 0PA
         England


PROPERTY PARTNER: Names Joint Liquidators from BDO Stoy
-------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Property Partner International Ltd.
on Oct. 24, 2008.

The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


PRESTIGIOUS RETIREMENT: Taps Joint Administrators from BDO
----------------------------------------------------------
Shay Bannon and Dermot Justin Power of BDO Stoy Hayward LLP were
appointed joint administrators of Prestigious Retirement Villages
(UK) Ltd. on Oct. 31, 2008.

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

         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1WE
         England

The company develops and sell real estate.


MILBANK INDUSTRIES: Names Joint Administrators from KPMG
--------------------------------------------------------
On Oct. 31, 2008, Jane Bronwen Moriarty and Myles Antony Halley of
KPMG LLP were appointed joint administrators of:

   -- Milbank Industries Ltd.,
   -- Milbank Designs Ltd., and
   -- Milbank Floors Ltd.

These companies can be reached through KPMG LLP at:

         8 Salisbury Square
         London
         EC4Y 8BB
         England


RENOVA ENERGY: Appoints Joint Administrators from BDO Stoy
----------------------------------------------------------
Malcolm Cohen and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of Renova Energy Plc on
Oct. 31, 2008.

The company is located at:

         Renova Energy Plc.
         No 1 Portland Place
         London
         W1B 1PN
         England


ROCK CAPITAL: Goes Into Administration; Mazars Appointed
--------------------------------------------------------
Jennifer Rigby at Property Week reports that Rock Capital Group
has been placed under administration.

Mazars, the report relates, has been appointed administrator for
the holding company.

The report notes that Rock Capital's subsidiary and linked
companies, including Rock Asset Management, are not in
administration, while the hedge fund -- Rock Real Estate
Securities Fund -- is being wound up.

Rock Capital is 75% owned by Roger Smee and 25% owned by chief
executive Mark Laurence, Ms. Rigby writes.

According to the report, the directors are drawing up plans to
bring the company out of administration.


* S&P Downgrades Ratings on Three Tranches from Two Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
tranches from two collateralized fund obligation transactions
backed by diversified pools of hedge funds.  Concurrently, S&P
placed two of the three lowered ratings on CreditWatch negative.
Additionally, S&P placed its rating on a tranche from another
hedge fund CFO transaction on CreditWatch negative.

S&P initiated these rating and CreditWatch actions because of the
significant losses suffered by the CFOs issuing the notes, and the
corresponding erosion of overcollateralization that provides
credit protection to CFO liabilities.

S&P stressed key hedge fund performance assumptions during S&P's
analysis, including expected hedge fund returns and the volatility
of such returns, compliance with covenanted diversification
parameters, and the amount of time S&P estimates will be required
to redeem the hedge fund investments into cash.  S&P placed S&P's
ratings on three of the downgraded tranches on CreditWatch
negative because of uncertainty regarding future losses relative
to S&P's stressed scenarios.

Additionally, Standard & Poor's has been informed that tests
typically leading to the redemption of the underlying hedge fund
investments owned by the CFOs have been breached in two of the
three affected transactions.

S&P will continue to monitor its rated CFO transactions and take
rating actions when appropriate.  Additionally, Standard & Poor's
is continuing to review its current criteria assumptions related
to volatility and lack of liquidity should market conditions vary
from S&P's current expectations.

                         Rating Actions

                                            Rating
                                            ------
      Transaction               Class  To             From
      -----------               -----  --             ----
      RMF Four Seasons CFO Ltd. M3     B+/Watch Neg   BB
      ZOO HF 3 PLC              D      B-/Watch Neg   BBB
      ZOO HF 3 PLC              E      CCC-           BB

               Rating Placed on CreditWatch Negative

                                            Rating
                                            ------
      Transaction               Class  To             From
      -----------               -----  --             ----
      Antarctica CFO I Ltd.     E      BB/Watch Neg   BB

                    Other Ratings Reviewed

         Transaction               Class  Rating
         -----------               -----  ------
         Antarctica CFO I Limited  A      AA
         Antarctica CFO I Limited  B      AA
         Antarctica CFO I Limited  C      A
         Antarctica CFO I Limited  D      BBB/Watch Neg
         RMF Four Seasons CFO Ltd. S      AA
         RMF Four Seasons CFO Ltd. M1     AA
         RMF Four Seasons CFO Ltd. M2     BBB
         ZOO HF 3 PLC              A      AA
         ZOO HF 3 PLC              B      AA
         ZOO HF 3 PLC              C      A


* UK Insolvency Service Figures Worse Than Expected, R3 Says
------------------------------------------------------------
R3, representing the Insolvency Profession, is concerned by
figures released last Friday by the Insolvency Service on
corporate insolvencies which show a 53% increase in Receiverships.
This is a jump from 177 Receiverships in the second quarter to 270
in the third quarter, an indication that repossession of
commercial property is on the increase.

"Companies buying or selling property are being squeezed by a
reduction in prices and a shortage of buyers," said R3's
President, Nick O'Reilly.  "A bank trying to recover lost assets
will appoint a surveyor which shows up as a Receivership.  We have
all known for some time that the property and construction sector
has been badly hit by the downturn, and these figures are evidence
of that."

The figures indicate that overall, the number of corporate
insolvencies for just three quarters of 2008 now stands at 15,164
which is almost as much as the figure cited by R3 for the entire
year.  In October, R3 members predicted a rise from the official
figure of 13,091 corporate insolvencies for 2007 to 15,693 for
2008.

Rises are expected to continue into 2009 with 18,440 company
insolvencies predicted.  This would translate as a massive 41%
increase in business insolvencies from 2007 to 2009.  These
predictions were made in a survey of the Insolvency Profession
last month in conjunction with the polling agency ComRes.

"The Insolvency Service figures are worse than we expected.
However, there will always be a 'lag' in filtering through and it
won't be until the end of 2009 that we will start to approach the
numbers we saw at the peak of the last recession in 1992.

"For the last three or four years a number of businesses that
perhaps were not performing well have been kept alive artificially
by the easy availability of credit, which has now dried up.
Businesses which are more vulnerable will fail."

There are also concerns about the reported figures of 27,087
personal insolvencies for this quarter, which marks a jump in the
number of bankruptcies and IVAs.  "Again, these figures show that
Insolvency Practitioner's predictions of a 22% rise in personal
insolvencies between 2007 and 2009 is worryingly on track," said
Nick O'Reilly.  "Traditionally the route into personal insolvency
is not an overnight process and unsurprisingly people will put off
dealing with financial problems until they have exhausted all
other options."


* Hotel Occupancy in London to Drop 70% Next Year, PwC Warns
------------------------------------------------------------
The drop appears steep for London hotels poised at the top of the
rollercoaster with RevPAR set to fall by almost 12 per cent in
2009 as occupancies tumble, a PricewaterhouseCoopers LLP report
reveals today.

Driven largely by London, UK hotels have seen a boom period of
unprecedented revenue growth and investment over the past five
years.  This means that as they stare down the barrel of a
recession they are at least in good shape.  However the economic
slide will take London's RevPAR (the industry's benchmark) from
GBP94.28 in 2008 to GBP82.92 in 2009, as companies cut costs and
travel budgets, alongside squeezed consumer income.

The descent began in September of this year, and despite following
a fifth successive year of room rate growth, the Autumn is seeing
a demand slowdown in London hotels with occupancies falling and
room rates set to follow.

Robert Milburn, UK Hospitality & Leisure (H&L) Leader,
PricewaterhouseCoopers LLP, said: "The ricochet from continuing
turmoil in the financial markets, the sharp global economic
slowdown, and the negative consumer and corporate sentiment means
that the outlook for travel and hotel demand has deteriorated
significantly in recent weeks.  But the outlook for 2009 is even
more worrying."

"Occupancy in London looks set to drop to 70 per cent next year.
The capital has not seen a decline on this scale since 9/11, and
before that as far back as 1991, when they fell as low as 65 per
cent."

"Room rates are not safe either and even if hotels manage to
maintain room rate levels in 2009 this will represent a real
reduction of some four per cent when inflation is taken into
account," he added.


Downside scenario

PwC's main scenario is based on a 0.5% decline in GDP (despite the
recent interest rate cut) next year, and as a result the UK hotel
industry should see a 4.3 per cent RevPAR decline as room rates
fall for the first time since 2003.

However, should the UK face a harsher recession (a 1.9% decline in
GDP in 2009) then the outlook for hotels is even starker.  In this
instance UK RevPAR could fall by nearly 10 per cent and room rates
in London could plummet to give a RevPAR drop of 23 per cent.

Banking crisis hits London hotels

City hotels in London (the home of the World's most prominent
financial services center) will suffer at the hands of the banking
crisis and the low confidence in the City, resulting from major
events such as the collapse of Lehman Brothers.  While there is
still a large workforce in Canary Wharf much of the traveling
business community will be staying at home.

Hotels will now be hit quickly as corporates and consumers turn
off the travel tap.  Companies are already tightening travel
budgets meaning fewer conferences and meetings, and will trade
down, seeking cost reduction and no-frills conference packages and
training.  While a fall in conference and consumer spend will be
immediate, corporate cost cutting may take longer to feed through
as new corporate rate negotiations are agreed.

Liz Hall, head of H&L research, PricewaterhouseCoopers said: "This
blitz on corporate travel spend, rising job losses and the whole
confidence issue, means that although London has been the
powerhouse of UK growth and has seen the biggest boom, it will
likely see the biggest fall as well."

This recession differs from the very UK-specific 90s downturn. The
current economic problems are of a global nature, with travel to
the UK from abroad more likely to suffer.  As a result the UK
hotel industry and particularly London will contract in the short
term.

"In an effort to persuade consumers to venture out we can expect
many more deals in 2009 - especially in January.  Hotels will be
hit hard as consumers paying from their own pocket may choose to
defer spending plans on weekend breaks.  Hospitality is a late
cycle sector and as yet the real pain has not been felt," she
added.

The "Aldi" effect

In general, hotels have seen very good trading in recent years and
many go into this recession from a relatively strong position.
Intuitively, well managed groups with attractive products and
brands and properties in prime locations will have a good chance
of continuing to win market share over the next 18 months.

Ms. Hall explained: "Despite tougher times ahead there has been no
shortage of new brands coming to town, keen to get a foothold in
one of the most profitable hotel markets in the world. Budget,
luxury, lifestyle and upscale operators are all keen to be active
as the Olympics approach."

"Budget hotels have been the most resilient segment of the hotel
sector and will benefit from the trading down effect.  While no
one is immune to the effect of a recession, those who offer
attractive value for money products will appeal to cash strapped
businesses and consumers.  If the experience justifies the
expense, many travelers may stick with these brands after the
frost of the recession melts away."

          About PricewaterhouseCoopers LLP

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


* Moody's: Defaults Continue to Rise in EMEA Consumer Loan ABS
--------------------------------------------------------------
Asset-backed securities (ABS) transactions backed by consumer loan
portfolios in the Europe, Middle East and Africa (EMEA) region
accounted for an outstanding pool balance of EUR 26.7 billion
distributed among 44 underlying pools of receivables as at the end
of the third quarter of 2008, says Moody's Investors Service in
its new index report for the EMEA consumer loan ABS market.
Moody's index report covers performance data up to the end of
September 2008 and provides details on delinquencies, defaults and
losses for EMEA consumer loans ABS transactions.

"Over the past twelve months, Moody's consumer loan 90-180 days
delinquencies index has increased from 0.42% to 0.91% as of the
end of Q3 2008," says Olimpia da Silva, a Moody's Associate
Analyst and author of the report.  "The net cumulative default
index ended in Q3 2008 at 0.99% which constitutes a rise of 0.23%
from Q3 2007.  Cumulative losses showed a marginal increase of
0.18% during the past four quarters and stood at 0.88% as of Q3
2008."

The EMEA consumer loan ABS segment displayed an average constant
prepayment rate of 13.5% in Q3 2008 and showed a slightly
decreasing trend in the recent past.  Moody's notes that
differences in transaction definitions limit the comparability of
performance data and caution needs to be applied when reviewing
this information.

Generally, EMEA consumer loan portfolios backing ABS transactions
comprise three types of loans: personal loans, purpose loans and
auto loans.  The transactions are backed by portfolios from
various EMEA jurisdictions, the largest markets being Spain and
Italy at present.

"Although 3rd Quarter GDP results have not been released across
most EMEA countries, the 2nd quarter results appear to mark the
opening of a recession in the major economies in the region," says
Nitesh Shah, a Moody's Economist and co-author of the report. "As
global oil and food prices have fallen, the inflationary pressure
across much of Europe has now passed.  A slowing economy will
further lower inflationary pressure.  Indeed, the falling price
pressure has allowed the ECB to respond to the threat to output
growth (and hence medium term prices) and so far it has cut rates
by 1% in the current cycle," adds Mr. Shah.


* European Auto Industry Looks Forward to EUR40 Bil. Lifeline
-------------------------------------------------------------
Europe's car industry executives are optimistic that a EUR40
billion credit program supported by the European Investment Bank
will soon push through as automakers begin to lay off workers and
idle plants in response to their worst business conditions since
the early 1990s, The Financial Times reports.

According to the FT, details of the EIB package could emerge as
early as next week, when the European Commission is expected to
make a series of proposals to bolster struggling industries in the
face of the economic slowdown.  The credit line, the FT relates,
will be tied to investments in building lower-emission cars.


* BOND PRICING: For the Week Nov. 10 to Nov. 14, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Oester Volksbk            4.81     07/29/25     EUR      67.23

CYPRUS
------
Abh Financial Lt          8.200    06/25/12     USD      49.74
Alfa MTN Invest           9.250    06/24/13     USD      97.50

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      10.74
                          6.375    04/07/14     EUR      67.32
Altran Technologies S.A.  3.750    01/01/09     EUR      12.73
Artemis Conseil           2.000    07/31/11     EUR      72.78
Bouygues                  4.250    07/22/20     EUR      73.41
                          5.500    10/06/26     GBP      70.66
Calyon                    6.000    06/18/47     EUR      34.87
Soc Air France            2.750    04/01/20     EUR      15.87
Wavecom S.A.              1.750    01/01/14     EUR      24.32

GERMANY
-------
BASF AG                   3.375    05/30/12     EUR      96.38
Bayer AG                  5.000    07/29/05     EUR      67.36

IRELAND
-------
Alfa Bank                 8.625    12/09/15     USD      44.87
                          8.635    02/22/17     USD      42.23
Allied Irish Bks          5.250    03/10/25     GBP      67.63
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Bank of Ireland           4.625    02/27/19     EUR      80.28
Banca Agrileasin          5.220    04/11/17     EUR      74.20

LUXEMBOURG
----------
AK Bars Bank              8.250    06/28/10     USD      51.42
Bank of Moscow            7.335    05/13/13     USD      54.87
                          6.807    05/10/17     USD      34.00
Beverage Pack             9.500    06/15/17     EUR      42.12

NETHERLANDS
-----------
ABN Amo Bank B.V.         4.650    06/04/18     USD      79.00
                          8.060    01/13/20     USD      30.50
                          6.000    03/16/35     EUR      54.62
Air Berlin Finance B.V.   1.500    04/11/27     EUR      23.33
ALB Finance BV            8.750    04/20/11     USD      39.93
                          7.875    02/01/12     EUR      32.44
                          9.250    09/25/13     USD      37.29
                          9.250    09/25/13     USD      34.89
Ardagh Glass Fin          8.875    07/01/13     EUR      70.20
                          8.875    07/01/13     EUR      63.92
ASML Holding NV           5.750    06/13/17     EUR      73.54
Astana Finance            7.875    06/08/10     EUR      98.97
ATF Capital BV            9.250    02/21/14     USD      52.28
BK Ned Gemeenten          0.500    06/27/18     CDN      68.42
                          0.500    02/24/25     CDN      43.21
BLT Finance BV            7.500    05/15/14     USD      26.40
Centercrdt Intl           8.000    02/02/11     USD      53.01
Turanalem Fin BV          7.875    06/02/10     USD      97.12
                          6.250    09/27/11     EUR      37.92
                          7.750    04/25/13     USD      35.85
                          8.000    03/24/14     USD      32.19
                          8.500    02/10/15     USD      36.59
                          8.250    01/22/37     USD      39.54

RUSSIA
------
Sistema Capital           8.875    01/28/11     USD      64.41

SPAIN
-----
Abertis Infra             4.375    03/30/20     EUR      71.25
Ayt Cedulas Caja          3.750    12/14/22     EUR      73.33
Banco Bilbao Viz          5.750    07/20/17     USD     102.52

UNITED KINGDOM
--------------
Alfa-Bank CJSC            9.250     07/26/10    USD      98.88
Anglian Water
  Finance Plc             2.400     04/20/35    GBP      44.58
Aspire Defence            4.674     03/31/40    GBP      57.33
                          4.674     03/31/40    GBP      57.67
Aviva Plc                 5.250     10/02/23    EUR      76.30
                          6.875     05/22/38    EUR      63.70
                          6.875     05/20/58    GBP      74.14
Bank Of India             6.625     09/22/21    USD      65.61
Barclays Bank Plc        11.650     05/20/10    USD      60.50
                          5.700     07/14/25    USD      69.09
                          5.750     09/14/26    GBP      79.62
BL Super Finance          5.270     07/04/25    GBP      74.79
                          4.482     10/04/25    GBP      73.96
Bradford&Bin BLD          5.625     02/02/13    GBP      74.76
                          4.875     06/28/17    EUR      89.48
                          5.500     01/15/18    GBP      14.97
                          6.625     06/16/23    GBP      14.96
                          4.910     02/01/47    EUR      66.55
Brit Insurance            6.630     12/09/30    GBP      66.30
British Sky Broadcasting  6.000     0 5/21/27   GBP      74.68
Britannia Building
  Society                 5.875     03/28/33    GBP      63.20
                          5.750     12/02/24    GBP      65.37
British Land Co           5.005     09/24/35    GBP      70.47
British Tel Plc           5.750     12/07/28    GBP      69.53
                          6.375     06/23/37    GBP      74.92
Broadgate Finance         4.999     10/05/31    GBP      72.58
                          5.098     04/05/33    GBP      64.59
                          4.821     07/05/33    GBP      71.58
White City                5.120     04/17/35    GBP      74.60

                            *********

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,
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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.

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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *