TCREUR_Public/081201.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, December 1, 2008, Vol. 9, No. 238

                            Headlines

A U S T R I A

HEINZ UNGERSBACK: Claims Registration Period Ends December 9
KARL THIERSCHADL: Claims Registration Period Ends December 5


B E L A R U S

MINSK TRANSIT: Moody's Puts E+ Bank Financial Strength Rating


D E N M A R K

* Moody's Says Denmark Banking System Outlook Is Negative


F R A N C E

SOCGEN: Canadian Unit Agrees to Buy Portus' Notes to End Suit

* FRANCE: Draws Up Rescue Plan for Automobile & Building Sectors


G E R M A N Y

AMEDIS GMBH: Claims Registration Period Ends December 23
BUNDE WOHNBAU: Claims Registration Period Ends December 30
CONSULT SOLINGEN: Claims Registration Period Ends December 30
DIEREC GMBH: Claims Registration Period Ends December 29
KRAFT HAUSHERR: Claims Registration Period Ends December 29

MEGA NANO: Claims Registration Period Ends December 30


G R E E C E

NAVIOS MARITIME: Posts US$30.7 Mln Net Income in Third Quarter
NAVIOS MARITIME: Moody's Holds B3 Sr. Unsec. Rating; Outlook Neg.


I C E L A N D

GLITNIR BANKI: Voluntary Chapter 15 Case Summary


I R E L A N D

RUBY FINANCE: Moody's Withdraws Ratings on Eight Note Classes


K A Z A K H S T A N

ALAU TRANS: Creditors Must File Proofs of Claim by January 14
ALLIANCE SERVICE XXI: Claims Deadline Slated for January 14
ATYRAU TRANS: Creditors' Claims Filing Period Ends January 14
INTER FISH: Creditors Must Register Claims by January 14
TRANS ENERGO: Creditors Must Register Claims by January 14

TRANSMERIDIAN EXPLORATION: No Date Yet on Shareholders' Meeting


K Y R G Y Z S T A N

CARGO LUX-B: Creditors Must File Claims by January 2
NERUD STROY: Creditors Must File Claims by January 2
UJ UGOL PROM: Creditors Must File Claims by January 2


R U S S I A

ALROSA CO: Gets Approval to Acquire 45% Stake in KIT Finance
APSHERONSK-MUZ-DREV LLC: Creditor Must File Claims by Dec. 21
DIMITROVGRADSKAYA FOUNDRY: Court Names Insolvency Manager
FIN-LES LLC: Creditors Must File Claims by December 21
INDUSTRIAL CONSTRUCTION: Creditors Must File Claims by Jan. 21

INFRO-STROY-MONOLIT LLC: Court Names Insolvency Manager
INVESTMENT BANK: Moody's Withdraws E+ BFSR After NBT Merger
LYASKELYA SEVERO: Creditors Must File Claims by Jan. 21
MASTER WOOD LLC: Creditors Must File Claims by December 21
MOESK OJSC: Moody's Holds Ba2 Corp Family Rating; Outlook Positive

NATIONAL BANK: Completes Merger with Trust Investment Bank
NATIONAL BANK: Moody's Downgrades Sr. Unsec. Debt Ratings to B2
NOVGORODSKIY MACHINERY: Creditors Must File Claims by Dec. 21
PIK GROUP: Gets Up to US$300 Million Loan from Vnesheconombank
PROBUSINESSBANK: Fitch Lowers Individual Rating to 'D/E'

RENAISSANCE CAPITAL: To Buy Back Unit's Loan Participation Notes
ROSPROMBANK: Moody's Upgrades Long-Term Deposit Ratings to B1
SEVERSTAL: Collapse in Steel Demand Cues Moody's to Change Outlook
SKB BANK: Fitch Affirms Individual Rating at 'D/E'
VIK-OIL LLC: Creditors Must File Claims by January 21

ZURINSKIY FLAX-PROCESSING: Creditors Must File Claims by Jan. 21

* LIPETSK REGION: Fitch Raises Long-Term Currency Ratings to 'BB'
* RUSSIA: Deposit Insurer Gets RUR200BB Fund for Bank Bailout
* RUSSIA: Banks to be Barred from State Bailout Over Loan Abuse


S P A I N

BANCAJA: S&P Keeps 'CCC-' Ratings on Two Class E Notes
HIPOCAT 11: S&P Cuts Rating on Class C Notes to 'BB+'
IM SABADELL: S&P Cuts 'BBB' Ratings on Class C Notes to 'BB'
METROVACESA SA: Refinancing Failed, HSBC May Buy Back Headquarters


S W E D E N

FORD MOTOR: May Get Gov't Bailout, Says Deutsche; Shares Rise


S W I T Z E R L A N D

AC ALPENCONSULT: Creditors Must File Proofs of Claim by Dec. 12
IFS GROUP: Deadline to File Proofs of Claim Set Dec. 11
PIM GOLDBY: Creditors Have Until Dec. 11 to File Claims
THERAWELL JSC: Proofs of Claim Filing Deadline is Dec. 11
UBS AG: Declining Credit Quality Cues Moody's to Cut Rating to B2

VERDI TREUHAND: Creditors' Proofs of Claim Due by Dec. 11
WAMAR IMMOBILIEN: Dec. 11 Set as Deadline to File Claims


U K R A I N E

MHP SA: Fitch Maintains Long-Term Issuer Default Ratings at 'B'


U N I T E D   K I N G D O M

AIRTEK SAFETY: Appoints Joint Administrators from Tenon Recovery
ATRIUM EUROPEAN: Fitch Holds Senior Unsecured Rating at 'BB+'
B.P.M GROUND: Appoints Joint Liquidators from PKF
BRITANNIA BULK: Saxena White Files Class Action Suit
CARNUNTUM HIGH: S&P Puts BB-Rated Class E Notes Watch Negative

CHESS II: Increasing Volatility on Swaps Spur S&P's 'D' Rating
HBOS PLC: Lloyds Seeks Buyers for Integrated Finance Arm
MONEY PARTNER: Fitch Takes Various Rating Actions on 14 Tranches
NATIONWIDE TIMBER: Names Colin Nicholls as Liquidator
PRUDDEN ROAD: Brings in Joint Administrators from PwC

PURA HEALTH: Appoints Joint Liquidators from Tenon Recovery
REFCO INC: Suit Against Account Holder Settled for US$17.5 Million
SUNSCOOP PRODUCTS: Calls in Joint Administrators from BDO
SYNCORA GUARANTEE: S&P Reinstates 'B' Ratings on 3 Debt Issues
WISE 2006-1: S&P Cuts Ratings on GBP63.75MM Floating-Rate Notes

* Moody's Says UK Prime Mortgages May Continue to Deteriorate
* Fitch Says UK Credit Card Delinquencies Rise Again; Outlook Neg.
* S&P: UK Nonconforming Mortgage Delinquencies Rise to Record High
* UNITED KINGDOM: Recession Looms as Economy Shrinks

* BOND PRICING: For the Week Nov. 24 to Nov. 28, 2008


                         *********


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A U S T R I A
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HEINZ UNGERSBACK: Claims Registration Period Ends December 9
------------------------------------------------------------
Creditors owed money by LLC Heinz Ungersback (FN 138236p) have
until Dec. 9, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Peter Bubits
         Elisabethstrasse 2
         2340 Moedling
         Tel: 02236/89 31 61
         Fax: 02236/42210-25
         E-mail: peter.bubits@bkb-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 18, 2008, for the
examination of claims at:

         Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Brunn am Gebirge, Austria, the Debtor declared
bankruptcy on Nov. 3, 2008, (Bankr. Case No. 10 S 122/08g).


KARL THIERSCHADL: Claims Registration Period Ends December 5
------------------------------------------------------------
Creditors owed money by LLC Karl Thierschadl Karosseriebau & Co KG
(FN 120965s) have until Dec. 5, 2008, to file written proofs of
claim to the court-appointed estate administrator:

         LLC Reinisch & Wisiak Rechtsanwalte
         Attn: Dr. Wolfgang Reinisch
         Hauptplatz 28
         8430 Leibnitz
         Tel: 03452/83296
         Fax: 03452/83296-20
         E-nail: leibnitz@reinisch-wisiak.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 3:15 a.m. on Dec. 18, 2008, for the
examination of claims at:

         Graz Land Court
         Room 222
         Graz
         Austria

Headquartered in Vogau, Austria, the Debtor declared bankruptcy on
Nov. 3, 2008, (Bankr. Case No. 25 S 91/08g).


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B E L A R U S
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MINSK TRANSIT: Moody's Puts E+ Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has assigned B2 long-term and Not Prime
short-term local and foreign currency deposit ratings and an E+
bank financial strength rating to Minsk Transit Bank.  The outlook
on all ratings is stable.

According to Moody's, the ratings reflect the good diversification
of the bank's loan book, its adequate liquidity position and its
high capital adequacy, which significantly underpins the bank's
further growth prospects.  At the same time, the bank's ratings
are constrained by its small size with an underdeveloped
franchise, its unseasoned retail loan portfolio resulting from its
rapid loan growth in 2007-2008 and its weak corporate governance
procedures.

Moody's notes that MTB is highly active in the retail and
corporate auto loan segment, which correlates with the business of
its major shareholder.  Potential pressures in this market
segment, which have already materialized in all major auto markets
worldwide, could thus not only weigh on the bank's asset quality
but also constrain its major shareholder's revenues, with
amplified effects for both.

If MTB were to succeed in effecting a significant but manageable
increase in the scale of its operations at the same time as
building a franchise that could be considered as more independent
from its owners, this could result in upward rating pressure
provided the bank's financial metrics remain strong.  Conversely,
downward rating pressure could arise from a significant weakening
of the bank's liquidity position, a material deterioration in its
asset quality or a significant increase in concentrations in its
loan book.  However, a downgrade of the bank's BFSR of E+ is
unlikely in the near term.

Headquartered in Minsk, Belarus, MTB reported total 2007 IFRS
assets of US$150 million, total equity of US$42 million and net
income of US$3.8 million.  In the first nine months of 2008, MTB's
total unaudited local GAAP assets increased 24% to US$186 million.


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D E N M A R K
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* Moody's Says Denmark Banking System Outlook Is Negative
---------------------------------------------------------
The fundamental credit outlook for the Danish financial
institutions is negative, reflecting the recent weakening in their
profitability and asset quality and the operating environment,
says Moody's Investors Service in its new Banking System Outlook
for Denmark.

Moody's negative outlook for the Danish banking system expresses
the rating agency's view on the likely future direction of
fundamental credit conditions in the industry over the next 12 to
18 months.  It does not represent a projection of rating upgrades
versus downgrades.

"Denmark's financial institutions have enjoyed several years of
sound growth and low impaired loan figures, but started facing
more challenging credit fundamentals in the final quarter of 2007
and these conditions persisted into the third quarter of 2008.
This took the form of lower earnings from fees and commissions,
resulting from reduced activity levels not only in savings
products but also in new mortgage loan origination and other fee-
generating products," explains Janne Thomsen, a Moody's Senior
Vice President and author of the report.

On the one hand, Moody's recognizes that net interest income
generally increased in the second and third quarters of this year,
thanks to higher lending margins that helped mitigate increases in
funding costs.  However, this was not sufficient to outweigh the
decline in fees and commissions that all rated Danish financial
institutions have experienced.

"With bankruptcies increasing and house prices falling, the
overriding concern is the quality of the assets of the Danish
banks and mortgage banks going forward, in the form of increases
in impaired loans.  For most of the rated banks, their high
single-loan exposures in relation to earnings and capital exert
additional downward pressure on their ratings," Ms Thomsen says.
So far the Danish system has been affected less by the turmoil on
the international markets than by such asset quality challenges on
domestic lending -- mainly relating to property developers and
property management firms and rapid declines in the value of
collateral.

Amid such challenges, several smaller banks merged in
September/October 2008 or were taken over by larger banks.
Previously, in August, the assets and senior liabilities of the
eighth largest regional bank, Roskilde Bank, were taken over by
the government after it announced huge losses.

In response to the increased pressures on interbank funding, with
smaller banks that are dependent on such funding finding it
difficult to access the market, the major parties in Parliament
announced an agreement to safeguard financial stability, which
became law in October.

Moody's believes this support scheme has already helped to improve
liquidity within the system and will continue to do so.  However,
the costs of contributing to the scheme, together with the reduced
loan growth, increases in impaired loans and reduced fee and
commission income, mean that the banks face continued challenges
with regard to their profitability.

"In this context, it will be important for the Danish banks to
improve net interest income to maintain good core earnings and to
maintain adequate levels of capital to withstand the pressures on
their asset quality.  It will also be vital for the banks to
prepare for when the support scheme comes to an end," Ms. Thomsen
explains.


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F R A N C E
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SOCGEN: Canadian Unit Agrees to Buy Portus' Notes to End Suit
-------------------------------------------------------------
Societe Generale (Canada), a unit of Societe Generale SA, has
settled a lawsuit Manulife Securities Investment Services Inc.
filed under the Class Proceedings Act of Ontario on its behalf and
on behalf of all purchasers of certain investment products of
Portus Alternative Asset Management Inc. and related entities.

Under the settlement, Societe Generale (Canada) has agreed to
repurchase deposit instruments underlying the Portus investments
that are held by KPMG Inc., the Trustee in bankruptcy of the
Portus estate, prior to their maturity such that the approximate
total C$611 million face value of all of the Societe Generale
deposit instruments will have been paid upon the completion of the
settlement.

Under the settlement, Manulife said Societe Generale continues to
deny all of the allegations in the lawsuit.

The settlement is subject to court approval which will be sought
at a hearing in the Superior Court of Ontario=97Commercial list on
December 18, 2008.

As reported in the Troubled Company Reporter, Mr. Justice Colin L.
Campbell of the Ontario Superior Court placed Portus Alternative
Asset Management Inc. in bankruptcy on March 24, 2006.

Joe Schneider of Bloomberg News recalls Manulife sued Societe
Generale in July 2006, seeking C$1.6 billion in damages stemming
from the collapse of Portus.

According to Bloomberg News, Manulife claimed Societe Generale
didn't properly investigate an investment plan proposed by Portus
co-founders Michael Mendelson and Boaz Manor.  Societe Generale
issued notes that Portus was supposed to use to back hedge-fund
investments, according to court papers obtained by Bloomberg News.
Portus, which had attracted about 26,000 investors who deposited
almost C$800 million, was placed into bankruptcy in March 2006,
Bloomberg News notes.

Manulife, which referred clients to Portus, paid them in full for
their investments in 2005, Bloomberg News discloses.  The news
agency says the Canadian insurer is now Portus's biggest creditor,
holding notes worth about C$240 million.

The case is Between Manulife Securities International Ltd. and
Societe Generale, Ontario Superior Court of Justice (Toronto),
45065/06.

Manulife Securities is a subsidiary of Manulife Financial, a
leading Canadian-based financial services group serving millions
of customers in 19 countries and territories worldwide.  Operating
as Manulife Financial in Canada and Asia, and primarily through
John Hancock in the United States, the Company offers clients a
diverse range of financial protection products and wealth
management services through its extensive network of employees,
agents and distribution partners.  Funds under management by
Manulife Financial and its subsidiaries were C$385 billion (US$364
billion) as at September 30, 2008.

Portus Alternative Asset Management Inc.--
http://www.kpmg.ca/portus-- is a registered investment
counsel/portfolio manager and limited market dealer.  KPMG Inc.
acts as Portus' receiver of all its property, undertakings and
assets.


* FRANCE: Draws Up Rescue Plan for Automobile & Building Sectors
----------------------------------------------------------------
French President Nicolas Sarkozy is set to unveil a recovery plan
for the automobile and building industry in the coming days, the
Associated Press reports.

Mr. Sarkozy however gave no details of the plan, the report notes.

"We will announce a rather massive recovery plan to counter
difficulties of the automobile sector" and "to strengthen the
building industry," Mr. Sarkozy was quoted by the report as
saying.

He added energy savings would be part of the plan to help the
building sector, the report relates.

According to the report, up to 10 percent of France's working
population is in the auto sector, including dealerships.

He stressed his recovery plan would notably aim to help auto
industry subcontractors, the report discloses.


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G E R M A N Y
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AMEDIS GMBH: Claims Registration Period Ends December 23
--------------------------------------------------------
Creditors of Amedis GmbH have until Dec. 23, 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. 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         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. Joerg Nerlich
         Laurentiusstr. 21 - 23
         42103 Wuppertal
         Germany
         Tel: 0202/40 86 150
         Fax: 02024086159

The District Court opened bankruptcy proceedings against the
company on Nov. 20, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Amedis GmbH
         Corneliusstrasse 25
         42329 Wuppertal
         Germany

         Attn: Cornelia Annelie Koehler, Liguidator
         Corneliusstrasse 25
         42329 Wuppertal
         Germany


BUNDE WOHNBAU: Claims Registration Period Ends December 30
----------------------------------------------------------
Creditors of Bunde Wohnbau GmbH have until Dec. 30, 2008, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Jan. 27, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Harry Kressl
         Uhlandstrasse 57-61
         74072 Heilbronn
         Germany
         Tel: 07131/96540
         Fax: 07131/965432

The District Court opened bankruptcy proceedings against the
company on Nov. 21, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Bunde Wohnbau GmbH
         Attn: Holger Bunderla, Manager
         Buchenweg 11/1
         71726 Benningen
         Germany


CONSULT SOLINGEN: Claims Registration Period Ends December 30
-------------------------------------------------------------
Creditors of B.C.S Bau Consult Solingen GmbH & Co. KG have until
Dec. 30, 2008, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Jan. 28, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Isle 2
         42103 Wuppertal
         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:

         Robert Fliegner
         Gruenewalder Str. 29-31
         42657 Solingen
         Germany
         Tel: 0212/24 94 200
         Fax: 0212/24 94 201

The District Court opened bankruptcy proceedings against the
company on Nov. 21, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         B.C.S Bau Consult Solingen GmbH & Co. KG
         Attn: Heinz-Joachim Buchmueller, Manager
         Obenitterstrasse 21
         42719 Solingen
         Germany


DIEREC GMBH: Claims Registration Period Ends December 29
--------------------------------------------------------
Creditors of DieRec GmbH Dienstleistung und Recycling von
Kunststoffen have until Dec. 29, 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. 28, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Cornelia Moenert
         Lise-Meitner-Str. 13
         33605 Bielefeld
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 18, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         DieRec GmbH Dienstleistung und
         Recycling von Kunststoffen
         Attn: Dirk Jacobs and
               Joerg Wengoborski, Managers
         Nord-West-Ring 10
         32832 Augustdorf
         Germany


KRAFT HAUSHERR: Claims Registration Period Ends December 29
-----------------------------------------------------------
Creditors of KRAFT Hausherr GmbH & Co. KG have until Dec. 29,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Jan. 13, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 291
         Zweigertstr. 52
         45130 Essen
         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. Joerg Nerlich
         Alfredstr. 279
         45133 Essen
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 25, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         KRAFT Hausherr GmbH & Co. KG
         Hombergstr. 13
         45549 Sprockhoevel
         Germany

         Attn: Erika Zimmermann-Hausherr, Liquidator
         Erlbruchstr. 6
         45549 Sprockhoevel
         Germany


MEGA NANO: Claims Registration Period Ends December 30
------------------------------------------------------
Creditors of Mega Nano GmbH have until Dec. 30, 2008, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 14, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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. Paul Fink
         Koenigsallee 33
         40212 D=FCsseldorf
         Germany

The District Court opened bankruptcy proceedings against the
company on Nov. 25, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Mega Nano GmbH
         Attn: Harald Schremb, Manager
         Moselstrasse 5
         41464 Neuss
         Germany


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NAVIOS MARITIME: Posts US$30.7 Mln Net Income in Third Quarter
--------------------------------------------------------------
Navios Maritime Holdings Inc. reported financial results for the
third quarter and nine months ended September 30, 2008.

"We believe that Navios' flexible business model and conservative
strategy will benefit us during this difficult period in the
drybulk market," stated Angeliki Frangou Chairman and CEO of
Navios Holdings.  "Consistent with past practices, we entered into
long-term charters-out and, as a result, our core fleet is 82%
covered for 2009 and 59% covered for 2010.  We have also taken
steps to preserve capital by cancelling 12 unfixed vessels."

Ms. Frangou continued, "We are paying dividends for the third
quarter of US$0.09 per share.  We remain committed to returning
capital to shareholders while allowing for future growth.  We have
increased the share repurchase program by US$25.0 million and
intend to maintain a quarterly dividend of US$0.06 per share,
commencing with the fourth quarter of 2008.

           Q3 2008 Highlights - Recent Developments

      Cancellation of Three Unfixed Capesize Newbuildings

In November 2008, Navios Holdings cancelled three Capesize vessels
scheduled for delivery to Navios Holdings' owned fleet in Q4 2009
and Q1 2010.  These vessels had not been chartered-out, and the
cancellation will result in capital expenditure savings of
US$265.0 million.  Installments already paid to the shipyard were
applied towards future payments on three other Capesize vessels
under construction with the same shipyard in South Korea.  The
cancellation fee was US$1.5 million in total.

In October 2008, Navios Holdings cancelled six Kamsarmax vessels
scheduled for delivery in 2010 and 2011 to Navios Holdings' long-
term charter-in fleet.  In November 2008, Navios Holdings also
cancelled three Handysize vessels scheduled for delivery to Navios
Holdings' long-term charter-in fleet in 2010 and 2011.  These
vessels had not been chartered out, and the cancellation will
result in annual savings of US$61.0 million.  All cancellations
were at no cost.

                         Financing

In November 2008, Navios Holdings entered into a new revolving
credit facility of up to US$90.0 million.  The facility can be
used for general corporate purposes.  As of November 17, 2008, no
amount had been drawn under this facility.

                       Dividend Policy

On November 14, 2008, the Board of Directors declared a quarterly
cash dividend with respect to the third quarter of 2008 of US$0.09
per share of common stock.  This dividend is payable on January 6,
2009, to stockholders of record as of December 22, 2008.

The Board revised Navios Holdings' dividend policy for the fourth
quarter of 2008 and subsequent periods to US$0.06 per share
(US$0.24 per share annually).  The board of directors may amend
dividend policy from time to time in light of the company's
capital needs, among other factors.  The amount of dividends the
company can pay is also limited by its credit agreements.

                   Share Repurchase Program

In October 2008 Navios Holdings completed a US$50.0 million share
repurchase program of Navios Holdings' common stock, as approved
by the Board of Directors on February 14, 2008.  A total of
6,959,290 shares were repurchased under this program.

In November 2008, the Board of Directors approved a share
repurchase program authorizing the purchase of up to US$25.0
million of Navios Holdings' common stock pursuant to a program
adopted under Rule 10b5-1 under the Securities Exchange Act.  The
program does not require any minimum purchase or any specific
number or amount of shares and may be suspended or reinstated at
any time in Navios Holdings' discretion and without notice.

                      Warrant Exercises

During the nine months ended September 30, 2008, Navios Holdings
issued 1,349,868 shares of common stock following the exercise of
warrants.  The exercise of these warrants generated US$6.7 million
of cash proceeds. As of September 30, 2008, Navios Holdings had
102,989,458 shares of common stock outstanding and 6,452,837
warrants remaining outstanding.  As of November 17, 2008, Navios
Holdings had 100,816,958 shares of common stock outstanding and
6,451,337 warrants remaining outstanding.  The warrants expire in
accordance with their terms on December 9, 2008.

                    Sale of Navios Aurora I

On July 1, 2008, Navios Holdings sold the Navios Aurora I, a
75,397 dwt Panamax vessel built in 2005, to Navios Maritime
Partners L.P. for approximately US$80.0 million, consisting of
US$35.0 million cash and 3,131,415 common units.  The number of
the common units issued was calculated using the US$14.3705 volume
weighted average trading price for the 10 business days
immediately before the closing date.  Following the sale of Navios
Aurora I, Navios Holdings owns a 51.6% equity interest in Navios
Partners which includes 2% general partner interest.

                    Acquisition of Vessels

In October 2008, Navios Holdings took delivery of Navios Ulysses,
a 2007 built, 55,728 dwt Ultra Handymax vessel built in Japan.
The total acquisition price of the vessel amounted to US$79.6
million.  The vessel commenced a five-year time charter at a net
daily rate of US$31,281.

       Update on Navios Maritime Acquisition Corporation

The initial public offering of Navios Maritime Acquisition
Corporation closed on July 1, 2008.  The offering raised gross
proceeds of US$253.0 million.  The units, common stock and
warrants trade on the NYSE under the symbols NNA.U, NNA, and NNA
WS, respectively. Navios Holdings has a 19% ownership position in
Navios Maritime Acquisition Corporation.  In addition, Navios
Holdings has purchased 7.6 million warrants for US$1 per warrant.

              Update on Navios South American Logistics

Navios South American Logistics Inc. completed its acquisition
program of six push boats, 108 dry barges and three self-propelled
barges anticipated to be fully operational sometime during the
fourth quarter of 2008.  Navios Logistics also took delivery of
Estefania H on July 25, 2008, a 12,000 dwt product tanker, built
in 2008 which was employed as of August 2, 2008 in the Argentinean
cabotage business.

Navios Logistics began construction of a new silo at its port
facility in Uruguay.  The silo is expected to be fully operational
by April 2009 in time for the new crop season and will add an
additional 80,000 metric tons of storage capacity. The project is
fully funded by Navios Logistics' internally generated cash.

                      Financial Highlights

Throughout this press release, "Adjusted EBITDA" for the three and
nine months ended September 30, 2008 and 2007 is defined as
EBITDA, excluding unrealized losses from marked-to-market
valuations of sponsor warrants acquired as part of the initial
public offering of Navios Maritime Acquisition Corporation.

     -- Revenues increased by 74% to US$371.3 million in the
        third quarter of 2008 from US$212.9 million in the same
        period in 2007

     -- Adjusted EBITDA increased by 1% to US$58.6 million in
        the third quarter of 2008 from US$57.9 million for the
        same period in 2007

     -- Adjusted EBITDA increased by 6% to US$142.7 million in
        the nine months ended September 30, 2008 from US$135.1
        million for the same period in 2007

     -- Net debt to book capitalization was 40.0% at
        September 30, 2008 compared with 7.4% at December 31, 2007

     -- Stockholders' Equity increased by 7.4% to US$825.8
        million at September 30, 2008 compared with US$769.2
        million at December 31, 2007

Revenue from vessel operations for the three months ended
September 30, 2008 was US$337.7 million as compared to US$210.1
million for the same period during 2007.  The increase in revenue
is mainly attributable to the increase in Time Charter Equivalent
per day and the increase in the available days of the fleet in
2008 as compared to 2007.  The achieved TCE rate per day,
excluding FFAs, increased 59.9% from US$31,122 per day in the
third quarter of 2007 to US$49,769 per day in the same period of
2008.  The available days for the fleet increased by 15.9% to
6,036 in the third quarter of 2008 from 5,207 days in the same
period of 2007.

Revenue from the logistics business was approximately US$33.6
million for the three months ended September 30, 2008 as compared
to US$2.8 million during the same period of 2007.  This is due to
the acquisition of Horamar Group in January 2008.

EBITDA for the third quarter of 2008 and 2007 was US$57.0 million
and US$57.9 million, respectively.  Adjusted EBITDA for the third
quarter of 2008 and 2007 was US$58.6 million and US$57.9 million,
respectively.  Adjusted EBITDA reflects EBITDA adjusted for the
effect of the unrealized losses on warrants acquired as part of
the initial public offering of Navios Acquisition.  The increase
in Adjusted EBITDA of US$0.7 million was primarily due to an
increase in revenue by US$158.4 million from US$212.9 million in
the third quarter of 2007 to US$371.3 million for the same period
in 2008, a decrease in direct vessel expenses (excluding the
amortization of deferred dry dock and special survey costs) by
US$0.6 million from US$6.7 million in the third quarter of 2007 to
US$6.1 million for the same period in 2008, an increase in equity
in net earnings from affiliated companies by US$3.6 million and an
increase in gain on sale of assets by US$24.9 million, due to the
sale of vessel Navios Aurora I to Navios Partners.  This overall
favorable variance of US$187.5 million was mitigated mainly by a
decrease in gain of FFA trading by US$5.0 million from US$10.2
million for the third quarter of 2007 to US$5.2 million for the
same period in 2008, an increase in time charter, voyage and
logistic business expenses by US$174.8 million from US$154.2
million in the third quarter of 2007 to US$329.0 million for the
same period in 2008, an increase in general and administrative
expenses by US$4.5 million from US$5.0 million in the second
quarter of 2007 to US$9.5 million for the same period in 2008
(excluding the US$0.7 million share-based compensation for the
second quarter of 2008), a decrease of US$0.7 million relating to
interest income from finance leases, an increase in minority
interest of US$0.9 million and an increase in net other expenses
(excluding unrealized losses on warrants) of US$0.9 million.

Net income for the third quarter ended September 30, 2008 was
US$30.7 million as compared to US$36.5 million for the comparable
period in 2007.  The decrease of Net income by US$5.8 million was
mainly affected by a US$6.0 million increase in depreciation and
amortization expense mainly due to the purchase price allocation
from the acquisition of Horamar, a US$1.1 million decrease in
interest income, a US$0.1 million increase in amortization of
drydock and special survey, the unrealized losses on warrants of
US$1.6 million and a US$0.7 million increase in share-based
compensation expense.  This was mitigated by a US$0.7 million
increase in Adjusted EBITDA, the US$1.1 million decrease in
interest expense and the US$1.9 million decrease in income taxes.

Revenue from vessel operations for the nine months ended September
30, 2008 was US$983.4 million as compared to US$442.2 million for
the same period during 2007.  The increase in revenue is mainly
attributable to the increase in TCE per day and the increase in
the available days of the fleet in 2008 as compared to 2007.  The
achieved TCE rate per day, excluding FFAs, increased 87.0% from
US$25,561 per day in the first nine months of 2007 to US$47,798
per day in the same period of 2008.  The available days for the
fleet increased by 37.4% to 18,040 days in the first nine months
of 2008 from 13,125 days in the same period of 2007.

Revenue from the logistics business was approximately US$80.5
million in the first nine months of 2008 as compared to US$7.7
million during the same period of 2007.  This is due to the
acquisition of Horamar group in January 2008.

EBITDA for the first nine months of 2008 and 2007 was US$141.1
million and US$135.1 million, respectively.  Adjusted EBITDA for
the first nine months of 2008 and 2007 was US$142.7 million and
US$135.1 million, respectively.  Adjusted EBITDA reflects EBITDA
adjusted for the effect of the unrealized losses on warrants
acquired as part of the initial public offering of Navios
Acquisition. The increase in Adjusted EBITDA of US$7.6 million was
primarily due to an increase in revenue by US$614.1 million from
US$449.9 million in nine months ended September 30, 2007 to
US$1,064 million for the same period in 2008, a decrease in direct
vessel expenses (excluding the amortization of deferred dry dock
and special survey costs) by US$2.1 million from US$19.8 million
in the first nine months of 2007 to US$17.7 million for the same
period in 2008, an increase in equity in net earnings from
affiliated companies by US$10.8 million, a gain of US$27.7 million
from the sale of assets in the first nine months of 2008.  This
overall favorable variance of US$654.7 million was mitigated
mainly by the decrease in gain of FFA trading by US$3.8 million
from US$20.3 million for the first nine months of 2007 to US$16.5
million for the same period in 2008, the increase in time charter,
voyage and logistic business expenses by US$625.1 million from
US$304.6 million in the first nine months of 2007 to US$929.7
million for the same period in 2008, an increase in general and
administrative expenses by US$12.6 million from US$14.1 million in
the first nine months of 2007 to US$26.7 million for the same
period in 2008 (excluding the US$2.2 million share-based
compensation for the first nine months of 2008), an increase in
minority interest by US$2.7 million and a decrease of US$2.9
million in net other expenses (including interest income from
finance leases and excluding unrealized losses on warrants).

Net income for the first nine months of 2008 was US$124.1 million
as compared to US$74.5 million for the comparable period in 2007.
Net income for the first nine months of 2008 includes a US$57.3
million write-off of deferred Belgian taxes.  Adjusting for this
item, net income for the first nine months of 2008 would have been
US$66.8 million.  The decrease of Adjusted Net income by US$7.7
million was mainly affected by a US$19.8 million increase in
depreciation and amortization expense mainly due to the purchase
price allocation from the acquisition of Horamar, a US$0.1 million
increase in amortization of deferred drydock and special survey,
the unrealized losses on warrants of US$1.6 million and a US$2.2
million increase in share-based compensation expense.  This was
mitigated by a US$7.6 million increase in Adjusted EBITDA, the
increase in interest income by US$1.4 million, the US$2.7 million
decrease in interest expense and the US$4.3 million decrease in
income taxes.

                     Time Charter Coverage

Navios Holdings has extended its long-term fleet employment by
entering into agreements to charter out vessels for periods
ranging from one to ten years.  As a result, as of November 17,
2008, Navios Holdings has currently contracted 100.0%, 81.8% and
59.3% of its available days on a charter-out basis for 2008, 2009
and 2010, respectively, equivalent to US$220.0 million, US$232.7
million and US$260.8 million in revenue, respectively.  The
average contractual daily charter-out rate for the core fleet is
US$24,744, US$28,515 and US$35,917 for 2008, 2009 and 2010,
respectively.  The average daily charter-in rate for the active
long term charter-in vessels for 2008 is US$9,727.

The figures do not include vessels servicing the COA business.

                       Purchase Options

Navios Holdings has options to acquire four of the 17 chartered-in
vessels currently in operation within the next two years (two
Ultra-Handymaxes, one Panamax and one Capesize) and eight of the
11 long-term chartered-in vessels on order (on two of the 12
purchase options Navios Holdings holds a 50% initial purchase
option).

                       Fleet Profile

Navios Holdings controls a fleet of 53 vessels totaling 5.1
million dwt, of which 25 are owned and 28 are chartered-in under
long term charters.  The company currently operates 34 vessels
totaling 2.6 million dwt and has 19 newbuildings to be delivered.
These vessels are expected to be delivered at various dates
through 2013.  The average age of the operating fleet is 4.6
years.

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

                        *     *     *

Navios Maritime carries to date Moody's Investors Service's 'B1'
probability of default rating and 'B3' senior unsecured debt
rating, which were placed in March 2007.


NAVIOS MARITIME: Moody's Holds B3 Sr. Unsec. Rating; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed Navios Maritime Holdings,
Inc.'s B1 Corporate Family Rating and B3 senior unsecured rating
for its US$300 million notes due in 2014, but changed the outlook
on the ratings to negative from stable.  The rating action
reflects Moody's concerns about the current market conditions, but
also takes into account the solid business profile of the company.

Navios's third quarter 2008 results were below Moody's
expectations.  The EBITDA level was negatively impacted by short-
term trading, and Navios had considerable working capital drains
due to margin calls related to Freight Forward Agreement
activities.

"At September 2008, Navios's operating performance has been
suffering from a deterioration of market conditions in the dry
bulk shipping sector," explains Marco Vetulli, a Moody's Vice
President - Senior Analyst and responsible for Navios.  "Although
Navios has absorbed this market shock without damaging the long-
term viability of its business model, its credit metrics have
temporarily deviated from the limit set as guidance for the
current rating level."

Moody's notes that the company has taken measures to counteract
the current market conditions by lowering capital investment
commitments, improving liquidity with a new US$90 million
revolving committed credit line and reducing its exposure to the
spot and FFA markets.  Furthermore, the company's FFA cash flow
should return in the next few quarters.

"Moody's recognizes the combined effects of (i) the good
visibility of Navios's future results also taking into
consideration that its charter out contracts are covered by credit
insurance, (ii) the positive impact of the measures undertaken by
the company to counter the current challenging market conditions,
and (iii) a decrease in the spot rate, which should allow Navios
to recover credit metrics in line with its current rating level in
the next few quarters," explains Mr. Vetulli.

The negative outlook reflects Moody's concerns that Navios may be
challenged over the intermediate term in achieving the targets set
for a B1 rating, given the impact of (i) the upcoming heavy
capital expenditure program, (ii) the difficult situation in the
dry bulk market that could potentially lead to the cancellation of
some of its long term charter-out contracts, and/or (iii) delays
in recovering its FFA cash flow in the next few quarters.  The
rating outlook could be stabilized over the next quarters by a
reduction of adjusted leverage and improved cash flow generation,
translating into RCF to net debt regularly over 10%, a debt-to-
EBITDA ratio reducing to below 6x and EBIT to interest coverage
remaining over 1.5x.

Moody's previous rating action on Navios was implemented on 29
March 2008, when the rating agency downgraded the senior unsecured
rating to B3 from B2 following the introduction of the LGD
methodology.

Navios is a vertically integrated global seaborne shipping
company, specializing in the worldwide carriage, trade, storage
and other related logistics of international dry-bulk cargo
transportation.  The company controls a fleet of 53 vessels,
comprising 25 wholly-owned vessels and 28 long-term charters, with
an aggregate carrying capacity of 5.1 million deadweight tonnes
and an average age of 4.6 years.  In the financial year ended
Dec. 31, 2007, the company's revenues totaled US$758 million.


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GLITNIR BANKI: Voluntary Chapter 15 Case Summary
------------------------------------------------
Chapter 15 Debtor: Glitnir banki hf
                 Steinunn Gudbjarsdottir as duly
                 authorized foreign representative
                 Kirkjusandur 2, IS-155
                 Reykjavik
                 Iceland

Bankruptcy Case No.: 08-14757

Type of Business: The Debtor offers an array of financial services
                to corporation, financial institutions,
                investors and individuals.

                See: http://www.glitnir.is/

Chapter 15 Petition Date: November 26, 2008

Court: Southern District of New York (Manhattan)

Judge: Stuart M. Bernstein

Debtor's Counsel: Gary S. Lee, Esq.
                glee@mofo.com
                Morrison & Foerster LLP
                1290 Avenue of the Americas, 40th Floor
                New York, NY 10022
                Tel: (212) 468-8042
                Fax: (212) 468-7900

Estimated Assets: More than US$1 billion

Estimated Debts: More than US$1 billion


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I R E L A N D
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RUBY FINANCE: Moody's Withdraws Ratings on Eight Note Classes
-------------------------------------------------------------
Moody's Investors Service said it has withdrawn the ratings of
these classes of notes issued by Ruby Finance plc:

  -- Series N=B0.2005-1 Class A2 Leveraged Super Senior Tranche
     Notes due 2010

  -- Series N=B0.2005-1 Class A3 Leveraged Super Senior Tranche
     Notes due 2010

  -- Series N=B0.2005-1 Class A4 Leveraged Super Senior Tranche
     Notes due 2010

  -- Series N=B0.2005-1 Class A5 Leveraged Super Senior Tranche
     Notes due 2010

  -- Series N=B0.2005-1 Class A6 Leveraged Super Senior Tranche
     Notes due 2010

  -- Series N=B0.2005-1 Class A7 Leveraged Super Senior Tranche
     Notes due 2010

  -- Series N=B0 2005-1 Class A8 Leveraged Super Senior Tranche
     Notes due 2010

  -- Series N=B0.2005-1 Class A9 Leveraged Super Senior Tranche
     Notes due 2010

  -- Current rating: WR

  -- Prior rating: B2, under review for possible downgrade

  -- Prior Rating Action Date: Oct. 20, 2008


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K A Z A K H S T A N
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ALAU TRANS: Creditors Must File Proofs of Claim by January 14
-------------------------------------------------------------
LLP Alau Trans Service has opted for liquidation.  Creditors have
until Jan. 14, 2009, to submit written proofs of claims to:

         LLP Alau Trans Service
         Abai Str. 36
         Abai
         Karasaisky
         Almaty
         Kazakhstan


ALLIANCE SERVICE XXI: Claims Deadline Slated for January 14
-----------------------------------------------------------
LLP Alliance Service XXI has opted for liquidation.  Creditors
have until Jan. 14, 2009, to submit written proofs of claims to:

         LLP Alliance Service XXI
         Micro District Jetysu-3, 2
         Almaty
         Kazakhstan


ATYRAU TRANS: Creditors' Claims Filing Period Ends January 14
--------------------------------------------------------------
LLP Atyrau Trans Com has opted for liquidation.  Creditors have
until Jan. 14, 2009, to submit written proofs of claims to:

         LLP Atyrau Trans Com
         Atambaev Str. 12a
         Atyrau
         Kazakhstan
         Tel: 8 (7122) 45-75-12


INTER FISH: Creditors Must Register Claims by January 14
--------------------------------------------------------
LLP Joint Enterprise Inter Fish MBG has opted for liquidation.
Creditors have until Jan. 14, 2009, to submit written proofs of
claims to:

         LLP Joint Enterprise Inter Fish MBG
         Office 7
         Baitursynov Str. 68
         Almaty
         Kazakhstan


TRANS ENERGO: Creditors Must Register Claims by January 14
----------------------------------------------------------
LLP Trans Energo Stroy has opted for liquidation.  Creditors have
until Jan. 14, 2009, to submit written proofs of claims to:

         LLP Trans Energo Stroy
         Jybek joly Str. 69
         Kulan
         Ryskulovsky
         Jambyl
         Kazakhstan


TRANSMERIDIAN EXPLORATION: No Date Yet on Shareholders' Meeting
---------------------------------------------------------------
Transmeridian Exploration Inc. filed with the Securities and
Exchange Commission early this month a revised preliminary proxy
statement on Form PRER14A.

The preliminary statement relates to the planned annual meeting of
the company's shareholders.  The date of the meeting has yet to be
determined.

The proposed agenda of the meeting are:

  (1) To elect eight directors of Transmeridian, four of which
      will be elected by the holders of the company's Common
      Stock, par value US$0.0006 per share, and four of which
      will be elected by the holders of the 20% Junior
      Redeemable Convertible Preferred Stock, par value
      US$0.0006 per share.

  (2) To approve the proposed issuance of Common Stock, the
      15% Redeemable Convertible Preferred Stock, Series B-1
      and B-2, par value US$0.0006 per share, of the company, and
      warrants to purchase Common Stock pursuant to the
      Investment Agreement, dated as of June 11, 2008, as
      amended and restated as of September 22, 2008, by and
      between Transmeridian and United Energy Group Limited, an
      exempted company with limited liability existing under the
      laws of Bermuda, which may result in a potential change
      of control of the company.

  (3) To approve the sale of a number of shares of Common Stock
     in excess of 20% of the company's currently issued and
     outstanding shares of Common Stock at a price below the
     greater of book value or market price as a result of the
     company's issuing Common Stock, the New Preferred Stock and
     warrants convertible into or exercisable for shares of
     Common Stock to UEGL.

  (4) To amend and restate the Transmeridian Amended and
      Restated Certificate of Incorporation pursuant to the
      Investment Agreement.

  (5) To amend the Certificate of Designations of the company's
      15% Senior Redeemable Convertible Preferred Stock, US$0.0006
      par value per share pursuant to the Investment Agreement.

  (6) To amend the Certificate of Designations of the Junior
      Preferred Stock pursuant to the Investment Agreement.

  (7) To ratify the appointment of UHY LLP as the company's
      independent auditors for the fiscal year ending
      December 31, 2008.

  (8) To amend the company's Certificate of Incorporation so as
      to increase the number of shares of Common Stock
      authorized for issuance from 200 million to 500 million,
      in the event the transactions contemplated by the
      Investment Agreement are not consummated.

  (9) To approve a proposal to adjourn the meeting, if necessary,
      to solicit additional proxies.

Proposals Two, Three, Four, Five and Six are interrelated, the
regulatory filing explained.  Approval of each of the proposals,
according to the SEC filing, is a condition to the closing of the
transactions contemplated by the Investment Agreement, and none of
Proposals Two, Three, Four, Five and Six will be implemented
unless all of the proposals are approved by the company's common
stockholders.

The close of business on Oct. 24, 2008, has been fixed as the
record date for determining stockholders entitled to notice of,
and to vote, either in person or by proxy, at, the Annual Meeting
or any adjournments or postponement thereof.  For at least 10 days
prior to the meeting, a complete list of stockholders entitled to
vote at the meeting will be open to any stockholder's examination
during ordinary business hours at the company's offices at 5847
San Felipe, Suite 4300, in Houston, Texas.

                 About Transmeridian Exploration

Based in Houston, Transmeridian Exploration Inc. (AMEX: TMY) --
http://www.tmei.com/-- is an independent energy company
established to acquire and develop oil reserves in the Caspian Sea
region of the former Soviet Union.  The company's primary oil and
gas property is the South Alibek Field in the Republic of
Kazakhstan covered by License 1557 and the related exploration and
production contracts with the government of Kazakhstan.
Transmeridian Exploration's consolidated balance sheet at
March 31, 2008, showed US$402.2 million in total assets,
US$341.2 million in total liabilities, and US$92.5 million in
redeemable convertible preferred stock, resulting in a
US$31.5 million total stockholders' deficit.

                      Going Concern Doubt

UHY LLP in Houston raised substantial doubt on Transmeridian's
ability to continue as a going concern after auditing the
company's consolidated financial statements for the years ended
Dec. 31, 2007, and 2006.  The auditing firm pointed to the
company's negative working capital, stockholders' deficit, and
operating losses since its inception.


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K Y R G Y Z S T A N
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CARGO LUX-B: Creditors Must File Claims by January 2
-----------------------------------------------------
LLC Cargo Lux-B has declared insolvency.  Creditors have until
Jan. 2, 2009, to submit written proofs of claims to:

         LLC Cargo Lux-B
         Umetaliev Str. 39
         Bishkek
         Kyrgyzstan


NERUD STROY: Creditors Must File Claims by January 2
----------------------------------------------------
LLC Construction Company Nerud Stroy has declared insolvency.
Creditors have until Jan. 2, 2009, to submit written proofs of
claims to:

         LLC Construction Company Nerud Stroy
         Chui Ave. 36-80
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 24-49-90


UJ UGOL PROM: Creditors Must File Claims by January 2
-----------------------------------------------------
LLC Coal Company UJ Ugol Prom has declared insolvency.  Creditors
have until Jan. 2, 2009, to submit written proofs of claims to:

         LLC Coal Company UJ Ugol Prom
         Gorky Str. 1/2
         Bishkek
         Kyrgyzstan
         Tel: (+996312) 24-49-90


=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
R U S S I A
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D


ALROSA CO: Gets Approval to Acquire 45% Stake in KIT Finance
------------------------------------------------------------
RIA Novosti reports that Russia's Antimonopoly Service approved on
November 25 an application by Alrosa Col Ltd. to buy a 45% stake
in KIT Finance Holding Co.

Russian Railways will take a 45% stake in the company via the rail
monopoly's 100% subsidiary, KRP-Invest, while the remaining 10%
will be bought by the National Capital company.

The buyout, the report says, is to be completed by the end of
January.

                          About Alrosa

ALROSA Co. Ltd. -- http://eng.alrosa.ru/eng/-- is Russia's
largest diamond company engaged in the exploration, mining,
manufacture and sales of diamonds and one of the world's major
rough diamond producers.  ALROSA produces about 20% of the world's
rough diamond output and accounts for almost 100% of all rough
diamonds produced in Russia.

                          *     *     *

As reported in the TCR-Europe on Nov. 27, 2008, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating on
Russian diamond miner ALROSA Co. Ltd. to 'BB-' from 'BB' on
increasing leverage, weak liquidity, and deteriorating operations.
The short-term corporate credit rating remains unchanged at 'B'.
The ratings remain on CreditWatch with negative implications,
where they were placed in Oct. 10, 2008, pending clarification
about Alrosa's future involvement in the operations of Russian KIT
Finance Investment Bank (not rated), in which it recently acquired
a 45% stake.


APSHERONSK-MUZ-DREV LLC: Creditor Must File Claims by Dec. 21
-------------------------------------------------------------
Creditors of LLC Apsheronsk-Muz-Drev have until Dec. 21, 2008, to
submit proofs of claims to:

         V. Bugayev
         Temporary Insolvency Manager
         Pochtovaya Str. 2
         Krasnoselskiy
         Gulkevichskiy
         352188 Krasnodarskiy
         Russia

The Arbitration Court of Krasnodarskiy will convene on
March 2, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. ?-32=9612373/2008,=9627/736B.

The Debtor can be reached at:

         LLC Apsheronsk-Muz-Drev
         Shchorsa Str. 1a
         Apsheronsk
         Russia


DIMITROVGRADSKAYA FOUNDRY: Court Names Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Ulyanovskaya appointed O. Ivanova as
Insolvency Manager for LLC Dimitrovgradskaya Foundry Production
Company named after R. V. Igoshin.  The case is docketed under
Case No. ?72=964984/08=9626/44B.  He can be reached at:

         Post User box 3
         Khvalynsk
         412780 Saratovskaya
         Russia

The Debtor can be reached at:

         LLC Dimitrovgradskaya Foundry Production Company
         Kuibysheva Str. 235
         Dimitrovgrad
         Ulyanovskaya
         Russia


FIN-LES LLC: Creditors Must File Claims by December 21
------------------------------------------------------
Creditors of LLC Fin-Les (TIN 2901099334) (Forestry) have until
Dec. 21, 2008, to submit proofs of claims to:

         A. Zamarayev
         Temporary Insolvency Manager
         Post User Box 18
         160004 Vologda
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?05=96
7190/2008.

The Debtor can be reached at:

         LLC Fin-Les
         Dobro, Ubova Str. 1/1
         Arkhangelsk
         Russia


INDUSTRIAL CONSTRUCTION: Creditors Must File Claims by Jan. 21
-------------------------------------------------------------
Creditors of CJSC Industrial Construction (TIN 6321058388) have
until Jan. 21, 2009, to submit proofs of claims to:

         Yu. Boiko
         Insolvency Manager
         Post User Box 968
         Dimitrovgrad-13
         433513 Ulyanovskaya
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?55=965019/2006.

The Debtor can be reached at:

         CJSC Industrial Construction
         Vokzalnaya Str. 54
         Tolyatti
         Samarskaya
         Russia


INFRO-STROY-MONOLIT LLC: Court Names Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Saint-Peterburg appointed M. Chukin as
Temporary Insolvency Manager for LLC Infro-Stroy-Monolit.  The
case is docketed under Case No. ?56=9620816/2008.  He can be reached
at:

         Chaikovskogo Str. 27
         191028 Saint-Peterburg
         Russia

The Debtor can be reached at:

         LLC Infro-Stroy-Monolit
         17 liniya Str. 58
         199178 Saint-Peterburg
         Russia


INVESTMENT BANK: Moody's Withdraws E+ BFSR After NBT Merger
-----------------------------------------------------------
Moody's Investors Service has downgraded the long-term foreign and
local currency deposit ratings and foreign currency senior
unsecured debt ratings of both National Bank Trust and Investment
Bank Trust to B2 from B1.  The ratings of NBT have been placed on
review for possible further downgrade, while the ratings of IBT
will be withdrawn.  The banks' Not Prime short-term foreign and
local currency ratings and E+ bank financial strength ratings have
been affirmed.  The outlook on the BFSRs is stable.

At the same time, Moody's Interfax Rating Agency has downgraded
the long-term national scale credit ratings of NBT to Baa1.ru from
A1.ru.  Moscow-based Moody's Interfax is majority-owned by
Moody's, a leading global rating agency.

These ratings of IBT will be withdrawn: the B2 long-term foreign
and local currency ratings, B2 foreign currency senior debt
rating, the E+ BFSR and the Not Prime short-term foreign and local
currency ratings.

The downgrades follow the significant outflow of deposits that
NBT, the surviving bank of the two merged entities, has suffered,
forcing it to revert to the Central Bank of Russia as the lender
of last resort, which has provided 25% of the bank's liabilities
as of mid-November.

In Moody's view, the significant shrinkage of the bank's funding
base resulting from the deposit outflow has demonstrated the high
vulnerability of its funding to adverse macroeconomic events and
depositor sentiment.  The downgrades reflect the rating agency's
concerns that, although the bank has managed to stabilize the
deposit outflow in November, there remains a significant
likelihood that a further deterioration in macroeconomic
conditions in Russia will weaken the bank's liquidity profile and
franchise to a notable extent.

Moody's also believes that the bank is likely to experience a
substantial deterioration in asset quality in both its corporate
and retail loan books if the operating environment continues its
deteriorating trend.  The level of impaired retail loans is
already significant and increasing as a proportion of the overall
loan book.

The withdrawal of IBT's ratings follows the announcement that the
merger between the two banks has been finalized with IBT ceasing
to exist as a separate legal entity.

In the event that the bank fails to withstand the continuing
deterioration in the operating environment with increasing
reliance on central bank funding and weakening asset quality,
Moody's will likely conclude the rating review by downgrading the
ratings further.  Conversely, if the bank is acquired by a
stronger entity, Moody's will confirm the ratings or potentially
place them on review for possible upgrade.

Moody's previous rating action on NBT and IBT was in September
2008, when the outlook was changed to stable from positive.

NBT is headquartered in Moscow, Russian Federation, but the
majority of its business is located in the country's regions,
supported by its wide regional branch network.  It had total
consolidated assets of RUR89.1 billion and total equity of
RUR14.6 billion under IFRS at end-Q3 2008, and ranked among the
top 50 largest banks by total assets.


LYASKELYA SEVERO: Creditors Must File Claims by Jan. 21
-------------------------------------------------------
Creditors of LLC Lyakelya Severo-Ladozhskiy Paper Mill (TIN
1001132403) have until Jan. 21, 2009, to submit proofs of claims
to:

         V. Tyurlik
         Insolvency Manager
         Dzerzhinskogo Str. 4/2
         185035 Petrozavodsk
         Karelia
         Russia

The Arbitration Court of Karelia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?26=961773/2008,.

The Debtor can be reached at:

         LLC Lyakelya Severo-Ladozhskiy Paper Mill
         Leningradskaya Str. 6b
         185035 Petrozavodsk
         Karelia
         Russia


MASTER WOOD LLC: Creditors Must File Claims by December 21
----------------------------------------------------------
Creditors of LLC Master Wood (Woodworking) have until Dec. 21,
2008, to submit proofs of claims to:

         L. Nachayeva
         Insolvency Manager
         Office 21
         Bolshevikov Str. 89a
         610002 Kirov
         Russia
         Tel: 32=9616=9680 (833=962)

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?28=964478/2008,=96127/3.

The Debtor can be reached at:

         LLC Master Wood
         K. Marksa Str. 84
         610000 Kirov
         Russia


MOESK OJSC: Moody's Holds Ba2 Corp Family Rating; Outlook Positive
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating for OJSC MOESK, the largest regional electricity
distribution grid company in Russia with a focus on the Moscow
region, but changed the rating outlook to stable from positive.
At the same time, Moody's Interfax Rating Agency, which is
majority-owned by Moody's, has affirmed the company's Aa2.ru
national scale rating.

The change in outlook reflects Moody's view that the level of the
state support incorporated in the ratings remains stable rather
than growing as the Moscow government has postponed a further
increase in its stake in the company; the expected increase of the
Moscow government's stake up to 25% was a key factor in the
positive outlook.  Worsening economic conditions and the credit
crunch, which put pressure on the demand for the company's
services, its cash generation and its liquidity profile were also
considerations in the stabilization of the outlook.

In the current, challenging environment, Moody's takes comfort
from the sustainability of cash flow generation from MOESK's
regulated monopoly distribution grid business under a generally
supportive regulatory environment.  Moody's also expects the
company to review its investment program, depending on the 2009
tariffs that will be set in December 2008, with a view to
absorbing a reduction in the demand for grid connection services,
as well as to cap its leverage and manage its liquidity profile.
Moody's expects the latter to be supported by the company's access
to new long-term credit facilities.

Negative pressure could be placed on MOESK's rating if the
company's cash flow generation ability and liquidity profile
deteriorates, with its debt-to-EBITDA ratio exceeding 3x and
retained cash flow to debt falling below 20-25%.

The last rating action was implemented on Oct. 26, 2007, when
Moody's assigned a first-time CFR of Ba2, with positive outlook,
to MOESK.

Headquartered in the city of Moscow, OJSC MOESK is Russia's
largest regional power distribution grid company servicing the
Moscow region and the city of Moscow.  MOESK recently merged with
the Moscow city distribution company, taking control of the
distribution of electricity across low-voltage grids in the city
of Moscow.  MOESK is a regulated monopoly distribution grid
business, whose regulated revenues, including electricity
transmission revenues and connection charges, accounted for about
90% of its 2007 total revenues of RUR38.7 billion.  The 2007 pro-
forma revenues of the MOESK group, with MGESK consolidated, are
Rbl 48.4 billion, with the same share of the regulated revenues.
MOESK had been majority-owned by RAO UES of Russia until the
latter ceased to exist on July 1, 2008 upon completion of its
restructuring.  Currently, the largest shareholders of MOESK are a
state-controlled MRSK Holding with a 50.9% stake in the company,
Gazprom (28.2%) and the Moscow government (7.6%).


NATIONAL BANK: Completes Merger with Trust Investment Bank
----------------------------------------------------------
In a press statement on November 24, 2008, the major shareholders
of TRUST Banking Group announced the completion of the merger of
TRUST Investment Bank (TIB) into National Bank TRUST (NBT)
initiated in June 2007.  The reorganization of the banks by
merging TIB into NBT was registered by state authorities on
November 7, 2008.

The first consolidated balance sheet of the combined entity will
be issued on November 24, 2008.

The combined bank will retain the name of National Bank TRUST.
The expected aggregate assets of the bank will amount to RUR86
billion and shareholders' equity will exceed RUR 14 billion (in
accordance with IFRS).

According to Ilya Yurov, Chairman of the Board of Directors
and the major shareholder of TRUST Banking Group,  "The integrated
structure will have sufficient capital, resources and one of the
most powerful regional networks operating in Russia to develop
business in the environment of the severe global financial
crisis."

The major shareholders will retain their positions in the combined
bank.

              About TRUST Investment Bank

Founded in 1994, TRUST Investment Bank -- http://www.trust.ru--
has become one of Russia's leading investment and corporate
banking financial institutions.  In 2008 The Banker magazine
included TIB in the list of 1000 leading world banks.

             About National Bank TRUST

According to the Central Bank of Russia, National Bank TRUST   is
among the Top 30 largest Russian banks with one of the widest
regional networks operating in 167 cities through 200 sales
offices. NBT was awarded EFFIE/THE BEST BRAND in the category "
Financial institution, products and services"
(2007). The Bank is in the Top 10 in SME lending and TOP 20 in
retail lending in Russia and it is the fourth best deposit bank in
Russia (RBC,2007).

                      *     *     *

National Bank Trust carries an individual rating of 'D/E' from
Fitch.  The rating was affirmed by Fitch in July 2007.


NATIONAL BANK: Moody's Downgrades Sr. Unsec. Debt Ratings to B2
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term foreign and
local currency deposit ratings and foreign currency senior
unsecured debt ratings of both National Bank Trust and Investment
Bank Trust to B2 from B1.  The ratings of NBT have been placed on
review for possible further downgrade, while the ratings of IBT
will be withdrawn.  The banks' Not Prime short-term foreign and
local currency ratings and E+ bank financial strength ratings have
been affirmed.  The outlook on the BFSRs is stable.

At the same time, Moody's Interfax Rating Agency has downgraded
the long-term national scale credit ratings of NBT to Baa1.ru from
A1.ru.  Moscow-based Moody's Interfax is majority-owned by
Moody's, a leading global rating agency.

These ratings of IBT will be withdrawn: the B2 long-term foreign
and local currency ratings, B2 foreign currency senior debt
rating, the E+ BFSR and the Not Prime short-term foreign and local
currency ratings.

The downgrades follow the significant outflow of deposits that
NBT, the surviving bank of the two merged entities, has suffered,
forcing it to revert to the Central Bank of Russia as the lender
of last resort, which has provided 25% of the bank's liabilities
as of mid-November.

In Moody's view, the significant shrinkage of the bank's funding
base resulting from the deposit outflow has demonstrated the high
vulnerability of its funding to adverse macroeconomic events and
depositor sentiment.  The downgrades reflect the rating agency's
concerns that, although the bank has managed to stabilize the
deposit outflow in November, there remains a significant
likelihood that a further deterioration in macroeconomic
conditions in Russia will weaken the bank's liquidity profile and
franchise to a notable extent.

Moody's also believes that the bank is likely to experience a
substantial deterioration in asset quality in both its corporate
and retail loan books if the operating environment continues its
deteriorating trend.  The level of impaired retail loans is
already significant and increasing as a proportion of the overall
loan book.

The withdrawal of IBT's ratings follows the announcement that the
merger between the two banks has been finalized with IBT ceasing
to exist as a separate legal entity.

In the event that the bank fails to withstand the continuing
deterioration in the operating environment with increasing
reliance on central bank funding and weakening asset quality,
Moody's will likely conclude the rating review by downgrading the
ratings further.  Conversely, if the bank is acquired by a
stronger entity, Moody's will confirm the ratings or potentially
place them on review for possible upgrade.

Moody's previous rating action on NBT and IBT was in September
2008, when the outlook was changed to stable from positive.

NBT is headquartered in Moscow, Russian Federation, but the
majority of its business is located in the country's regions,
supported by its wide regional branch network.  It had total
consolidated assets of RUR89.1 billion and total equity of
RUR14.6 billion under IFRS at end-Q3 2008, and ranked among the
top 50 largest banks by total assets.


NOVGORODSKIY MACHINERY: Creditors Must File Claims by Dec. 21
-------------------------------------------------------------
Creditors of CJSC Novgorodskiy Machinery Plant (TIN 532109487124)
have until Dec. 21, 2008, to submit proofs of claims to:

         V. Gulyayev
         Temporary Insolvency Manager
         Post User Box 208
         173025 Velikiy Novgorod
         Russia

The Arbitration Court of Novgorodskaya will convene at 10.00 a.m.
on March 12, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?44=963447/2008,.

The Debtor can be reached at:

         CJSC Novgorodskiy Machinery Plant
         Gerasimenko-Manitsina Str. 25
         173000 Velikiy Novgorod
         Russia


PIK GROUP: Gets Up to US$300 Million Loan from Vnesheconombank
--------------------------------------------------------------
Russia's state bank Vnesheconombank has provided a loan of US$250
million-US$300 million to OJSC PIK Group, Reuters reports citing
company spokeswoman Natalia Konovalova.

The spokeswoman however did not give the terms of the loan, the
report relates.

The loan, the report notes, is part of the government rescue plan
aimed at helping real estate companies to refinance their foreign
debts.

According to the report, PIK has to repay US$900 million of debt
before the end of 2008.

Evgeny Luneev, chief financial officer of PIK, said the company
would channel US$400 million of its own funds to the debt
repayment, and seek to raise the remainder from financial
institutions, the report recounts.

As reported in the TCR-Europe on Nov. 20, 2008, default concerns
prompted JPMorgan Chase & Co. to downgrade PIK to "underweight"
from "overweight".

Elena Jouronova, a property analyst at JPMorgan in Moscow, warned
the developer may be unable to repay US$700 million of debt due
this year as the Moscow city government seeks to overturn housing
orders PIK won in October and renegotiate prices.

JP Morgan cut its earnings per share estimates for PIK for 2008 to
2010 by between 55 percent and 75 percent amid the weakening of
the RURle and the dwindling demand for real estate.  The bank also
removed its price estimate for the shares on questions about how
PIK will repay its debt.

                       About OJSC PIK Group

OJSC PIK Group -- http://www.pik.ru/-- is a residential
nationwide developer in Russia, focusing on mass market
communities.  Its business activities are concentrated in Moscow
and the Moscow region with a footprint in many of Russia's other
regions.  Its principal activity is the development, construction
and sale of residential properties in large scale developments
targeted primarily at the middle income housing market in Russia.
The Company's core activities include development of residential
real estate projects and sales of completed units, including
service and maintenance of residential real estate developed by
the Company and by other developers; production and assembly of
concrete panel housing in Moscow and the Moscow region, and
production and sales of raw materials and construction materials.
As of January 1, 2008, 96% of the Company's property portfolio was
represented by residential areas and 40% of the portfolio's total
area consisted of properties in the course of development.

                          *     *     *

As reported in the TCR-Europe on Nov. 14, 2008, Fitch Ratings
downgraded Russian housebuilder OJSC PIK Group's Long-term Issuer
Default rating to 'CCC' from 'BB-' and Short-term
IDR to 'C' from 'B' due to liquidity concerns.  All ratings have
also been placed on Rating Watch Evolving.

The downgrade reflects Fitch's concern that PIK will not be able
to honor upcoming debt maturities.  The company faces sizable
maturities in the very near-term and currently has insufficient
liquidity to meet these.


PROBUSINESSBANK: Fitch Lowers Individual Rating to 'D/E'
--------------------------------------------------------
Fitch Ratings has affirmed Russia-based Probusinessbank's Long-
term Issuer Default Rating at 'B-', but downgraded its Individual
and National Long-term ratings, respectively, by one notch.  The
Outlooks on long-term ratings remain Stable.

The ratings reflect PBB's potentially vulnerable liquidity
position and deteriorating asset quality in a currently
challenging operating environment.  However, the ratings are
supported by PBB's broad franchise, reasonable capital ratios,
access to government funding and improved corporate governance.
The downgrade of Individual and National Long-term ratings reflect
Fitch's view that PBB now sits more in the middle of the 'B'
rating category, rather than having been a relatively strong
credit for this rating level previously.

Liquidity risk arising from the recent acquisition of the
distressed small regional Gazenergobank ('GEB' - assets of RUR4
billion at end-Q308, equal to 6% of PBB's consolidated assets)
should be minimal, in Fitch's view, as funding received from the
Deposit Insurance Agency to support the takeover was substantial
relative to GEB's balance sheet.  However, asset quality at GEB
seems to be weak, and the acquisition is also likely to divert
some of the group's management resources.

Like many other banks in Russia, PBB's liquidity position has come
under significant pressure since mid-September 2008 due to outflow
of customer deposits, which, Fitch estimates, fell on a group
level by 8% during October.  In addition, PBB repaid US$250
million of foreign debt in September.  However, funds attracted
from the Central Bank of Russia and the DIA have helped to support
the liquidity position, and the deposit base was also more stable
in the first half of November.  As of November 17, available group
liquidity, comprising cash and equivalents and the undrawn part of
a CBR unsecured lending line, was approximately RUR11.4 billion,
equal to 24% of consolidated customer funding.

Non-performing loans (defined as loans with payments more than 90
days overdue) rose to 5.2% of the portfolio at end-H108, driven
mainly by impairment in the unsecured retail book.  Asset quality
could deteriorate further as the portfolio seasons in a
challenging credit environment.

Further downward pressure on the ratings could result from a major
liquidity shortfall and/or significant worsening of asset quality.
Near-term potential rating upside is very limited given the
currently very challenging operating environment.

PBB is the parent entity of a banking group which in total
includes five Russian banks; on a consolidated basis the group
would have ranked among the 50 largest banks in the country by
assets at end-H108.  Group banks provide services to corporate,
retail and SME clients under the common "Life" brand, but retain
their original names.  Four individuals, who are senior managers
of the bank, own 63.8% of PBB, and four private equity funds have
36.2%.

The Rating actions are:

  -- Long-term foreign currency IDR: affirmed at 'B-' (B minus);
     Outlook remains Stable

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

  -- Long-term local currency IDR: affirmed at 'B-' (B minus);
     Outlook remains Stable

  -- National Long-term: downgraded to 'BB(rus)' from 'BB+(rus)';
     Outlook remains Stable

  -- Support rating: affirmed at '5'

  -- Support rating floor: affirmed at No Floor

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


RENAISSANCE CAPITAL: To Buy Back Unit's Loan Participation Notes
----------------------------------------------------------------
Renaissance Group's Commercial Bank Renaissance Capital has
offered to buy back some of US$300 million loan participation
notes issued by its unit Renaissance Consumer Funding Ltd that
fall due in June 2010, Dmitry Sergeyev and Guy Faulconbridge at
Reuters report citing company spokesman Simon Moyse.

Reuters relates Mr. Moyse said Renaissance Capital will use up to
US$85 million to buy the loan participation notes.

According to a copy of the offer document obtained by Reuters from
a market source, Renaissance will offer to buy back the debt at
price not greater than US$490 per US$1,000 principal amount with
Citibank as tender agent.

Reuters notes the offer document stated Commercial Bank
Renaissance Capital will use available cash to reduce the amount
of its outstanding debt.

The tender, Reuters discloses, is scheduled to expire at
4:00 p.m. GMT on December 5.

                     About Renaissance Group

Renaissance Group is an independent group of investment banking,
asset and wealth management, merchant banking, and consumer
finance companies specializing in high-opportunity emerging
markets.  Renaissance Group operates in Russia, Ukraine,
Kazakhstan, the United Kingdom, the United States of America,
Cypus and Sub-Saharan Africa.

                    About Renaissance Capital

Renaissance Capital is a leading investment banking firm in the
CIS, Central Asia and Sub-Saharan Africa.  Renaissance Capital has
market-leading positions in each of its core businesses - M&A,
equity and debt capital markets, securities sales and trading,
research and derivatives.  Renaissance Capital is part of the
Renaissance Group.

                          *     *     *

As reported in the TCR-Europe on Oct. 21, 2008, Standard & Poor's
Ratings Services revised the outlook on its long-term counterparty
rating on Russia-based Commercial Bank Renaissance Capital (CBRC)
to negative from stable.  At the same time, the 'B-' long-term and
'C' short-term counterparty credit ratings were affirmed.  The
Russia national scale rating was lowered to 'RURBB-' from 'RURBB'.

On Oct. 13, 2008, the TCR-Europe reported Fitch Ratings placed
Russia-based CB Renaissance Capital's Long-term Issuer Default
'B-', Short-term IDR 'B', National Long-term 'BB(rus)' and
Individual 'D/E' ratings on Rating Watch Negative.  The bank's
other ratings are affirmed at Support '5' and Support Rating Floor
'No Floor'.


ROSPROMBANK: Moody's Upgrades Long-Term Deposit Ratings to B1
-------------------------------------------------------------
Moody's Investors Service upgraded the long-term local and foreign
currency deposit ratings of Rosprombank to B1 from B3.
Rosprombank's bank financial strength rating of E+ and its Not
Prime short-term global scale local and foreign currency deposit
ratings were affirmed.  The outlook on all ratings is stable.

Concurrently, Moody's Interfax Rating Agency upgraded the bank's
long-term national scale rating to A2.ru from Baa2.ru.  Moscow-
based Moody's Interfax is majority-owned by Moody's, a leading
global rating agency.

In September 2008, Marfin Popular Bank Public Company Ltd (MPB,
rated A3/P-1/C-, stable) completed its acquisition of a 50.04%
stake in ZAO "RPB-Holding", which owns close to 100% of
Rosprombank, following approvals from the Cypriot and Russian
regulatory authorities.

"The upgrade of Rosprombank's deposit ratings reflects Moody's
view of the prospective level of parental support for the bank on
the part of its new shareholder, although Moody's do not expect
the acquisition to have any immediate effect on Rosprombank's
intrinsic financial strength," says Maxim Bogdashkin, lead analyst
at Moody's for Rosprombank.

Given the relatively small size of the acquisition, MPB's own
ratings are not affected.

According to Moody's, Rosprombank's E+ BFSR remains constrained by
the operating and regulatory environment in Russia, the
uncertainty relating to the bank's ability to increase its market
share and the still concentrated nature of its loan portfolio.
However, it is supported by the bank's good financial indicators.
Moody's notes that MPB will be exercising close strategic and
managerial oversight of Rosprombank's activity through majority
representation on the subsidiary's board of directors and audit
committee, on which it holds three of the five seats and two of
the three seats, respectively.  Moody's expects this to result in
improvements in Rosprombank's corporate governance and risk
management practices in the medium to longer term.

According to MPB, Rosprombank will continue to focus on the
corporate sector while expanding its penetration of the SME
segment, capitalising on its relatively wide territorial coverage.
Incorporated in Cyprus, MPB is the second-largest commercial bank
in its domicile, with significant operations in Greece and an
expanding presence in Southeastern Europe.  Reflecting the strong
business links between Cyprus and Russia, the bank is now entering
the Russian market.  It reported total assets of EUR35.3 billion
at June 2008.

Moody's prior rating action on Rosprombank was on December 21,
2007, when the rating agency assigned first-time ratings of B3/Not
Prime/E+.  At the same time, Moody's Interfax Rating Agency
affirmed the bank's Baa2.ru long-term national scale credit
rating.

Headquartered in Moscow, Russian Federation, Rosprombank
reported total consolidated assets in accordance with IFRS of
US$436.3 million, total shareholders' equity of US$78.8 million
and net profit of US$9.28 million as at Dec. 31, 2007.  The bank
operates a distribution network of 35 branches and sales offices
in Moscow and 13 other Russian regions.


SEVERSTAL: Collapse in Steel Demand Cues Moody's to Change Outlook
------------------------------------------------------------------
Moody's has changed the outlook of Severstal Ba2 rating to
negative.  The rating action was prompted by recent collapse in
demand for steel products and consequential significant reduction
in prices for steel products especially from the CIS steel
producers as well as the low visibility for prospects of short
term recovery and the current limitations for Russian companies to
receive funding from local and international banks.  At the same
time the rating continues to incorporate the sound business
profile of the company, and anticipates that the company will be
able to adjust its capacity swiftly to remain reasonably
profitable and hence generate free cash-flow in 2009.

This worsening operating environment is likely to lead to
significantly lower cash flows generated by Severstal than has
been previously anticipated.  The negative outlook hence
encompasses the possibility that negative developments may in
certain stress scenarios create material pressure on the liquidity
of the company and impact its financial strength.  However,
Moody's notes that the current level of operating efficiency, good
liquidity position supported by US$3.2 billion cash at hand and
US$1.2 billion of undrawn credit facilities as well as the ability
of the company to make necessary adjustments including scaling
back capex projects and reducing production volumes, in order to
adjust to the new environment could allow the company to mitigate
the negative pressure.  Moody's also notes that the profile of the
long term debt is reasonably spread out over the next few years.

In order to maintain the current level of rating, Moody's would
expects that Severstal is able: (1) to adjust capacities load to
new more challenging market environment; (ii) to maintain
reasonable profitability; and (iii) generate positive free cash
flow.  Though Moody's sees it possible that the gross leverage
would increase beyond the 2x Debt/EBITDA guidance given previously
for a possible downgrade, the agency would expect this situation
to be only temporary with the ratio at no times exceeding the 2.5x
level.

On June 23, 2008, Moody's affirmed current rating of Severstal
which was prompted by recent developments at OAO Severstal.
During the first half of 2008 the company has executed a number of
transactions and reached an agreement to acquire certain assets in
the USA namely acquisitions of Sparrows Point, WCI, PBS Coal and
Esmark, consolidation of remaining shares in SeverCorr.

OAO Severstal is the largest steel producers in Russia, with
subsidiaries in the US and Italy.  The key operating assets are
located in 20 different locations around the globe.  The company
also owns substantial mining assets in Russia and has some mining
activities in Western Africa.  The company is listed on RTS and
LSE and is directly and indirectly controlled by CEO Mr. Alexey
Mordashov who owns 82.37% stake in the company.

For the financial year 2007, Severstal produced 17.5 million
tons of steel.  Revenue were US$15.2 billion and EBITDA was
US$3.7 billion.  In 1H 2008 the company reported US$18.3 billion
in revenue (61% increase YoY) and US$5.0 billion in EBITDA (69%
increase YoY).


SKB BANK: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------
Fitch Ratings has affirmed Russia-based SKB-Bank's ratings,
including its 'B-' Long-term Issuer Default rating, following the
acquisition of the failed Sverdlovsky Gubernsky Bank by Sinara
Group, a holding company affiliated with SKB.

SGB, which like SKB is based in the Urals city of Yekaterinburg,
was forced to seek external support after a severe liquidity
squeeze caused by an outflow of customer deposits and interbank
funding.  Sinara acquired a 75% stake in SGB in a deal brokered by
the state-owned Deposit Insurance Agency.  The transaction
involved the DIA providing a loan to Sinara, which it has placed
with SGB in order to enable the bank to become current on its
obligations again.

Fitch is informed that SKB will not incur any financial obligation
through Sinara's acquisition, and SKB does not plan to provide any
funding to SGB.  SKB's management may, though, assist with the
planned turnaround of SGB.

Fitch has also been informed that SKB and SGB may eventually be
merged.  In light of SGB's currently weaker credit profile, Fitch
believes such a merger could increase risks for SKB's creditors.
However, Fitch notes these mitigating factors in this respect: (1)
SGB is significantly smaller than SKB (total assets of RUR17bn and
RUR38bn, respectively, at end-Q308); (2) SGB's failure was driven
by issues of liquidity, rather than solvency (albeit some of SGB's
lending operations are high risk, in the agency's view); (3) Fitch
is informed that no merger is planned in the very near-term (six
months); and (4) a merger would need to be approved by
shareholders of both banks. The European Bank for Reconstruction
and Development (EBRD) holds a blocking stake in SKB and - in
Fitch's view - would be unlikely to consent to a transaction which
significantly impairs SKB's financial position.

Like many other banks in Russia, SKB experienced significant
customer deposit outflow in September and October (around 18%
between 15th September and end-October).  However, deposits at
November 20 were flat to their end-October level, and additional
liquidity has been made available to the bank through CBR (the
Central Bank of Russia) credit facilities and an equity injection
(which also helped to improve SKB's statutory capital adequacy
ratio to 20.8% at November 20 from 15.7% at November 1).  Fitch
estimates that, at November 20, available liquidity (cash and
equivalents, securities which could be refinanced with the CBR and
the undrawn part of a CBR unsecured lending line) were equal to
RUR5.5bn, providing 24% coverage of customer accounts and issued
promissory notes.  More broadly, SKB's ratings are supported by
its significant regional franchise, sound performance to date and
developed corporate governance.  However, the ratings are
constrained by the bank's relatively small size, credit risks
arising from rapid growth in uncollateralized retail lending and
the very challenging operating environment.

While affirmed at present, Fitch notes that if SKB's balance sheet
is used in future to provide support to SGB, or if an eventual
merger occurs, this could significantly weaken SKB and its ratings
could come under downward pressure.  TMK's substantial 2009 debt
repayments also represent a potential source of risk for SKB's
liquidity profile.  Finally, as with most Russian banks, SKB's
ratings could come under downward pressure if deposit outflow
picks up again, or if asset quality deteriorates in a now much
tougher credit environment.

SKB was Russia's 74th largest bank by assets at end-Q308. SKB's
strategy primarily focuses on expansion within its home region and
development of SME and retail lending, although further
significant balance sheet growth is unlikely in the near term
given current funding challenges.  A majority stake in the bank is
controlled by Dmitry Pumpyansky, beneficial owner of the pipe
company TMK and Sinara.  The EBRD holds a blocking (25%) share in
SKB. SGB was ranked 123rd by assets among Russia's banks at end-
Q308.  The bank's regional network comprises six branches and 27
additional offices, located primarily in the Sverdlovsk and
adjacent regions.  The government of the Sverdlovsk region holds a
25% stake in the bank.

Rating actions:

  * Long-term foreign currency Issuer Default rating (IDR):
    affirmed at 'B-' (B minus) with Stable Outlook;

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

  * Individual rating: affirmed at 'D/E';

  * Support rating: affirmed at '5'

  * Support Rating Floor: affirmed at 'No Floor'


VIK-OIL LLC: Creditors Must File Claims by January 21
-----------------------------------------------------
Creditors of LLC Vik-Oil (Oil Products) have until Jan. 21, 2009,
to submit proofs of claims to:

         S. Kononov
         Insolvency Manager
         Office 90
         Lermontavskaya Str. 83
         344000 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. A53=962002/08-SI-8.

The Debtor can be reached at:

         LLC Vik-Oil
         Neftezavodskaya Str. 5
         Chistoozernuy
         Kamenskiy
         Rostovskaya
         Russia


ZURINSKIY FLAX-PROCESSING: Creditors Must File Claims by Jan. 21
----------------------------------------------------------------
Creditors of MUE Zurinskiy Flax-Processing Plant (TIN 1809000510,
PSRN 1021800677689) have until Jan. 21, 2009, to submit proofs of
claims to:

         A. Khristyanov
         Insolvency Manager
         Office 32
         Pushkinskaya Str. 144
         426076 Izhevsk
         Udmurtia
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?71=967020/2008,-G9.

The Debtor can be reached at:

         MUE Zurinskiy Flax-Processing Plant
         Lnozavodskaya Str. 1
         Zura
         Igrinskiy
         Udmurtia
         Russia


* LIPETSK REGION: Fitch Raises Long-Term Currency Ratings to 'BB'
-----------------------------------------------------------------
Fitch Ratings has upgraded the Russian Lipetsk Region's Long-term
foreign and local currency ratings to 'BB' from 'BB-',
respectively.  The Outlooks for both Long-term ratings have been
revised to Stable from Positive.  The Short-term foreign currency
rating is affirmed at 'B'.  The National Long-term Rating is
affirmed at 'AA-(rus)' with a Stable Outlook.

The upgrade of the Long-term ratings reflects the region's strong
liquidity position and moderate debt burden, which is unlikely to
increase over the medium-term.  The ratings also factor in the
region's high tax concentration and the expected slowdown of the
national economy.

The region's economy is heavily weighted towards ferrous
metallurgy, and the Novolipetsk steel smelting plant is the single
largest contributor to the regional budget.  The plant provides
the very high tax concentration and makes the region's budget
performance susceptible to fluctuations in the international
metals market.  The corporate income tax proceeds from the ferrous
metallurgy sector accounted for 68.6% of regional CIT, which in
turn contributed 65% of the region's tax revenue proceeds in 2007.

Corporate income tax revenue usually declines in years of
unfavorable market conditions for steel products and caused the
operating margin to fluctuate from a peak of 38% in 2004 to a low
of 2% in 2005.  Fitch expects the 2008 full-year operating balance
will be close to 15% of operating revenue.  However, the expected
slowdown of the Russian economy and metal price declines would
lead to region's budget performance deteriorating in 2009 with
operating margin declining to about 7.5%.

The regional administration has demonstrated prudent budget and
liquidity management and has been able to smooth sharp revenue
fluctuations by using cash reserves accumulated in favorable
years.  At November 1, 2008, the region had accumulated RUR7.4
billion cash reserves (27% of expected full-year operating
revenue), part of which could be used for expected deficit
financing in 2009.

Furthermore, the regional administration has consistently improved
Lipetsk's investment climate, which has resulted in a large-scale
increase in direct foreign investment and gradual diversification
of local economy.  Lipetsk has a special economic zone, the
Lipetsk SEZ, supported by the national government; and a network
of six regionally supported special economic zones is being
developed.

The region's debt burden is moderate: total debt, including
guarantees, was 9% of current revenue at end-2007, while interest
expenses and debt servicing remained negligible.  The region
recorded a very strong debt payback ratio, which has never
exceeded 1.5 years during the last five years.  The bulk of the
region's risk corresponds to long-term debt issuance (above 90%).
Based on the administration's budget projection for 2009-2011, the
region will not increase direct debt beyond its current absolute
level of RUR3.5 billion.

The Lipetsk Region is located in the centre of the European part
of the Russian Federation.  The region accounted for 0.6% of the
national gross domestic product in 2006 and 0.8% of its
population.


* RUSSIA: Deposit Insurer Gets RUR200BB Fund for Bank Bailout
-------------------------------------------------------------
Russia's Deposit Insurance Agency received RUR200 billion (US$7.2
billion) from the federal budget Monday last week which will be
used to rescue troubled banks amid the financial crisis, RIA
Novosti reports.

Citing Alexander Turbanov, head of the agency, the report
discloses between 20 and 40 national banks could require emergency
bailout funds by the end of next year.

Russia's Central Bank, the report recounts, has authorized the
the agency to transfer control of troubled banks to new investors
without the need to revoke their banking licenses until December
31, 2011, as part of efforts to strengthen stability of the
country's banking system.


* RUSSIA: Banks to be Barred from State Bailout Over Loan Abuse
---------------------------------------------------------------
RIA Novosti reported that First Deputy Prime Minister Igor
Shuvalov warned Russian banks that have received state loans
during the current financial crisis but converted them into U.S.
dollars will be barred from the government's rescue package.

Mr. Shuvalov, as cited by the report, said they have drafted a
law.  He added the Central Bank will also be given additional
authority to check how money received as state support is spent.

The report noted the move comes after Prime Minister Vladimir
Putin said earlier this month that some banks had transferred
government bailout money to offshore accounts instead of giving it
to the intended recipients.


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BANCAJA: S&P Keeps 'CCC-' Ratings on Two Class E Notes
------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class C and D notes
issued by Bancaja 10 Fondo de Titulizacion de Activos and Bancaja
11 Fondo de Titulizacion de Activos.  S&P also affirmed the
ratings on the class A, B, and E notes in these two deals.
Bancaja 12 Fondo de Titulizacion de Activos' class C and D notes
remain on CreditWatch negative, where they were placed on Nov. 3.
S&P also affirmed Bancaja 12's class B notes.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information that S&P has received.
This analysis showed that the credit enhancement available for
Bancaja 10 and 11's class C and D notes was not sufficient to
maintain the current ratings.  This was mainly driven by further
deterioration in pool performance.

Long-term arrears in these transactions are rising at a faster
rate than earlier cohorts of deals from the same originator (Caja
de Ahorros de Valencia, Castellon y Alicante).  Arrears greater
than 90 days reached 3.13% in Bancaja 10 and 3.52% in Bancaja 11
at the October interest payment date.

S&P inputs current delinquency and default information into S&P's
cash flow analysis.  This demonstrated that the class C and D
notes in Bancaja 10 and 11 could no longer withstand S&P's 'BBB'
and 'BB' rating stresses.

Bancaja 12 closed relatively recently, in April 2008.  At this
stage, S&P is continuing to monitor the evolution of distressed
loans and expect to resolve the class C and D note CreditWatch
placements after the January interest payment date.

The Bancaja deals are Spanish residential mortgage-backed
securities transactions backed by pools of first-ranking mortgages
secured over owner-occupied residential properties in Spain,
originated by Bancaja.

      Ratings Lowered and Removed From CreditWatch Negative

         Bancaja 10, Fondo de Titulizacion de Activos
      EUR2.631 Billion Mortgage-Backed Floating-Rate Notes

                                 Rating
                                 ------
          Class        To                  From
          -----        --                  ----
          C            BBB-                BBB/Watch Neg
          D            BB-                 BB/Watch Neg

         Bancaja 11, Fondo de Titulizacion de Activos
      EUR2.022 Billion Mortgage-Backed Floating-Rate Notes
                                 Rating
                                 ------
          Class        To                  From
          -----        --                  ----
          C            BBB-                BBB/Watch Neg
          D            BB-                 BB/Watch Neg

             Ratings Remain on CreditWatch Negative

           Bancaja 12, Fondo de Titulizacion de Activos
        EUR2.1 Billion Mortgage-Backed Floating-Rate Notes


                    Class       Rating
                    -----       ------
                    C           BBB/Watch Neg
                    D           BB/Watch Neg

                        Ratings Affirmed

          Bancaja 10, Fondo de Titulizacion de Activos
       EUR2.631 Billion Mortgage-Backed Floating-Rate Notes

                    Class       Rating
                    -----       ------
                    A1          AAA
                    A2          AAA
                    A3          AAA
                    B           A
                    E           CCC-

           Bancaja 11, Fondo de Titulizacion de Activos
       EUR2.022 Billion Mortgage-Backed Floating-Rate Notes

                    Class       Rating
                    -----       ------
                    A1          AAA
                    A2          AAA
                    A3          AAA
                    B           A
                    E           CCC-

          Bancaja 12, Fondo de Titulizacion de Activos
      EUR2.1 Billion Mortgage-Backed Floating-Rate Notes

                    Class       Rating
                    -----       ------
                    B           A


HIPOCAT 11: S&P Cuts Rating on Class C Notes to 'BB+'
-----------------------------------------------------
CreditWatch negative its credit ratings on the class B and C notes
issued by Hipocat 11, Fondo de Titulizacion de Activos.  S&P also
affirmed its ratings on the class A1, A2, and A3 notes.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information that S&P has received.
The results of S&P's analysis showed that the credit enhancement
available for Hipocat 11's class B and C notes was insufficient to
maintain the current ratings.

At 5%, the current level of 90+ day delinquencies is well above
the average for other Spanish residential mortgage-backed
securities transactions with a similar seasoning.  Arrears are
heavily concentrated on loans with current loan-to-value ratios
above 90% granted to non-Spanish borrowers.  The combination of
the relatively high level of 90+ day delinquencies and the
limited equity in those loans is likely to lead to further
defaults and potentially reduced recoveries even though defaults
are limited to date.  As of the October 2008 investor report,
cumulative defaults were about EUR843,703.  Hipocat 11 features a
structural mechanism that traps excess spread to provision for
gross defaults.

S&P has not seen any recoveries to date, which is to be expected
considering the length of the foreclosure process and the
transaction's low seasoning.

The loans securitized in this deal are first-ranking mortgages
secured over owner-occupied residential properties in Spain.  The
originator, Caixa d'Estalvis de Catalunya, is a leading financial
entity in Catalonia, where its activities, including mortgage
lending, are concentrated.

          Hipocat 11, Fondo de Titulizacion de Activos
EUR1.628 Billion Residential Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
        Class      To                       From
        -----      --                       ----
        B          BBB                      A/Watch Neg
        C          BB+                      BBB/Watch Neg

                         Ratings Affirmed

                   Class               Rating
                   -----               ------
                   A1                  AAA
                   A2                  AAA
                   A3                  AAA


IM SABADELL: S&P Cuts 'BBB' Ratings on Class C Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class C notes
issued by IM SABADELL EMPRESAS 1, Fondo de Titulizacion de Activos
and GC FTPYME SABADELL 6, Fondo de Titulizacion de Activos.  The
ratings have been affirmed on all other classes of notes in these
two transactions.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information and loan-level data that
S&P has received.  S&P's analysis focused on risks related to
obligor concentrations, in particular real estate and construction
sector exposures, and the concentration of loans granted for
development or land financing, as well as risks related to loan
repayment profiles.  For loan payment profiles, S&P focused on the
risk posed by loans with bullet maturities.  Given Spain's current
economic outlook, S&P believes that loans granted to developers or
companies operating in the real estate and construction sectors
will be more exposed to a severe correction over the next few
months.

The output of S&P's credit analysis was input into its cash flow
analysis.  This showed that the credit enhancement available for
the class C notes in both transactions was insufficient to
maintain the current ratings.  Therefore, S&P has lowered the
ratings on these notes to the level at which they passed S&P's
rating stresses: 'BB' for IM Sabadell 1 and 'BBB=96' in GC Sabadell
6.  All other classes of notes passed S&P's stresses at their
respective rating levels.

S&P noted that there is a higher portion of secured loans in the
GC Sabadell 6 portfolio compared with IM Sabadell 1; consequently,
S&P assumed higher recovery levels for GC Sabadell 6.
Furthermore, S&P's analysis of that portfolio accounted for its
lack of exposure to developer loans and a lower portion of bullet
loans, resulting in lower default rates assumed at each rating
level, compared with IM Sabadell 1.

Loans in arrears for more than 90 days account for 1.46% of the GC
Sabadell 6 portfolio and 1.53% of IM Sabadell 1 (as of the end of
October).  Severe delinquencies in each case have doubled over the
past six months, in line with the rapid growth in delinquencies
observed elsewhere across the Spanish SME securitization market.
While the performance to date of both portfolios remains broadly
similar, S&P believes that the GC Sabadell 6 portfolio will
ultimately outperform that of IM Sabadell 1.  S&P has reflected
the relative changes in increased risk in the respective rating
changes.

S&P expects that a significant portion of the current long-term
arrears could roll into default in the near to medium term.  This
could put further pressure on the ratings on the junior notes.
However, cumulative defaults for GC Sabadell 6 and IM Sabadell 1
currently remain very low at 0.09% and 0.02% of the original
balance, respectively.

GC Sabadell 6 and IM Sabadell 1 closed in June and October 2007
respectively.  The collateral in these transactions comprises
loans to Spanish small- and medium-enterprises originated by Banco
de Sabadell S.A.

      Ratings Lowered and Removed From CreditWatch Negative

      GC FTPYME SABADELL 6, Fondo de Titulizacion de Activos
                 EUR1 Billion Floating-Rate Notes

     Class               To                 From
     -----               --                 ----
     C                   BBB-               BBB/Watch Neg


    IM SABADELL EMPRESAS 1, Fondo de Titulizacion de Activos
                 EUR1 Billion Floating-Rate Notes

     Class               To                 From
     -----               --                 ----
     C                   BB                 BBB/Watch Neg

                         Ratings Affirmed

      GC FTPYME SABADELL 6, Fondo de Titulizacion de Activos
                 EUR1 Billion Floating-Rate Notes

                   Class               Rating
                   -----               ------
                   A2                  AAA
                   A3(G)               AAA
                   B                   A

     IM SABADELL EMPRESAS 1, Fondo de Titulizacion de Activos
                 EUR1 Billion Floating-Rate Notes

                   Class               Rating
                   -----               ------
                   A1                  AAA
                   A2                  AAA
                   B                   A


METROVACESA SA: Refinancing Failed, HSBC May Buy Back Headquarters
------------------------------------------------------------------
Metrovacesa SA's 45-story tower in London's Canary Wharf financial
district may be sold back to HSBC Holdings Plc after the Spanish
developer's GBP800 million (US$1.2 billion) loan on the property
came due Thursday last week, Nov. 27, Bloomberg News reports,
citing three people with knowledge of the matter.

According to the report, HSBC is in talks to buy back the property
which it sold to Metrovacesa in April 2007 for GBP1.09 billion.
The report relates under that 2007 sale agreement, HSBC agreed to
lease back the building from Metrovacesa for 20 years, with an
option to extend this for another five years.  HSBC pays an annual
rent of GBP43.5 million, the report says.

Bloomberg News' sources said Metrovacesa hasn't refinanced the
bridge loan and is continuing to negotiate with HSBC.

Guillermo Escribano, a fund manager at Metagestion SGIIC SA in
Madrid that oversees EUR200 million, told Bloomberg News the drop
in the building's value discouraged Metrovacesa's lenders from
providing additional credit to enable the company to keep the
property.  "The banks taking control of the company would have to
provision for the loss in value of the tower on their own balance
sheets in the event Metrovacesa kept the tower," Mr. Escribano was
cited by Bloomberg News as saying.

Metrovacesa SA (MCE:MVC) -- http://www.metrovacesa.es/-- is a
Spain-based company active in the real estate sector. The Company
is divided into two separated business units: Metrovacesa =96
property business focused on Spain, but with rental assets in
France, and Gecina where property business is focused on France.
Metrovacesa owns and manages five shopping centers: Tres Aguas in
Madrid, El Saler in Valencia, Artea in Bilbao, La Maquinista in
Barcelona and Habaneras in Torrevieja. The Company is also active
in the field of the house renting, design, construction and
management of Business Parks in Spain, as well as in the hotel
business. Its hotel portfolio compromises 12 hotels. Through
affiliated companies Metrovacesa develops such business areas as
car parks for rental (Metropark), homes and centers for the
elderly (Planiger SA or directly). The Company is headquartered in
Madrid, Spain.


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FORD MOTOR: May Get Gov't Bailout, Says Deutsche; Shares Rise
-------------------------------------------------------------
Soyoung Kim at Reuters reports that Deutsche Bank said that
chances for Ford Motor Co. and General Motors Corp., and Chrysler
LLC to get a bailout from the government have improved.

Reuters quoted Deutsche Bank analyst Rod Lache as saying, "There
is growing concern about the risks to the U.S. economy that would
be derived from inaction.  The proximity of these bailout hearings
to the Citigroup bailout may have also tipped the scales
somewhat."

Ford Motor, GM, and Chrysler would likely present "relatively
aggressive" plans to the Congress during a Dec. 8 session,
addressing challenges to operating costs and revenues, Reuters
says, citing Mr. Lache.  "We believe winning over skeptics will
require U.S. automakers to submit plans that demonstrate an
ability to achieve cash flow break-even at relatively low demand
and conservative market share levels," the report quoted Mr. Lache
as saying.

Mr. Lache, according to Reuters, said that GM could reduce its
yearly fixed costs for North American operations to the
US$20 billion range, from US$31 billion, but that would involve
"significant execution and timing risks."  Shareholders would
likely be diluted near no value for the stock, even if GM were
able to restructure outside of bankruptcy, the report says, citing
Mr. Lache.

"There is speculation that the automakers are going to release
their future business plan by Monday, which would allow the
government to give the auto industry their funds for the bailout,"
Reuters quoted brokerage firm vFinance Investments options
strategist William Lefkowitz as saying.

Reuters relate that some analysts expect GM's remaining equity
value to be wiped out by a government recapitalization.  According
to the report, Mr. Lefkowitz said that "trading in options" on GM
shares was active on Wednesday.  Call options allow buyers to
acquire a security at the predetermined price.

Reuters relates that GM shares surged 36.5%, or US$1.30, to
US$4.86 on the New York Stock Exchange, after hitting a 70-year
low of US$1.70 last week.  The report says that Ford Motor shares
also rose 26.5%, or 44 cents, to US$2.10 on the same day.  No
mention of Chrysler's shares was made.

            No Changes in Executive Compensation

Matthew Dolan at The Wall Street Journal reports that Ford Motor
hasn't indicated any changes in CEO Alan Mulally's salary, after
the Congress suggested that company executives cut their pay.
Ford Motor said in a statement that its board of directors'
compensation committee regularly reviews pay packages.

As reported in the Troubled Company Reporter on Nov. 20, 2008, Mr.
Mulally and GM CEO Rick Wagoner refused to have their salaries cut
to US$1 per year.  Chrysler CEO Robert Nardelli agreed in the US$1
yearly salary.

Citing people familiar with the matter, WSJ relates that Mr.
Nardelli isn't paid a salary now under his current employment
agreement.  WSJ states that Mr. Nardelli will be compensated when
Chrysler's owner Cerberus Capital Management LP make a profit on
its acquisition of the auto maker.

          Ford Motor Focuses on Car Manufacturing

Seattlepi.com columnist Joel Connelly says that Mr. Mulally said
on Wednesday, "It's all about the products: We decided to make
cars that people really do want.  It's a very sophisticated plan."

According to Mr. Connelly, Mr. Mulally told the Seattle Rotary
Club, "This is a big deal for Ford because in the United States,
we had focused on big trucks and SUVs," and now has "the most safe
portfolio of new products."  The report states that Mr. Mulally
said that "in the United States, because of cost structures, we
moved away from cars."

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                      *     *     *

As reported in the Troubled Company Reporter on Nov. 11,
2008, Moody's Investors Service lowered the debt ratings of
Ford Motor Company, Corporate Family and Probability of
Default Ratings to Caa1 from B3.  The company's Speculative
Grade Liquidity rating remains at SGL-3 and the rating outlook
is negative.  In a related action Moody's also lowered the
long-term rating of Ford Motor Credit Company to B3 from B2.
The outlook for Ford Credit is negative.

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


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S W I T Z E R L A N D
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AC ALPENCONSULT: Creditors Must File Proofs of Claim by Dec. 12
---------------------------------------------------------------
Creditors owed money by JSC AC Alpenconsult are requested to file
their proofs of claim by Dec. 12, 2008, to:

         JSC Lehmann
         Mezenerweg 8A
         3000 Bern 25
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 20, 2008.


IFS GROUP: Deadline to File Proofs of Claim Set Dec. 11
-------------------------------------------------------
Creditors owed money by JSC IFS Group are requested to file their
proofs of claim by Dec. 11, 2008, to:

         Hans Ulrich Jost
         Muehlerain 31
         8706 Meilen
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 12, 2005.


PIM GOLDBY: Creditors Have Until Dec. 11 to File Claims
-------------------------------------------------------
Creditors owed money by LLC Pim Goldby are requested to file their
proofs of claim by Dec. 11, 2008, to:

         Company Haussmann & Partner
         Liquidator
         Seefeldstrasse 45
         8008 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 20, 2008.


THERAWELL JSC: Proofs of Claim Filing Deadline is Dec. 11
---------------------------------------------------------
Creditors owed money by JSC TheraWell are requested to file their
proofs of claim by Dec. 11, 2008, to:

         LLC Firest GmbH
         Guntenmatte
         3654 Gunten
         Switzerland

The company is currently undergoing liquidation in Stettlen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 23, 2008.


UBS AG: Declining Credit Quality Cues Moody's to Cut Rating to B2
-----------------------------------------------------------------
Moody's Investors Service said it has downgraded its ratings of
one credit default swap entered into by UBS AG, London branch.

According to Moody's, the rating action is the result of
deterioration in the credit quality of the transaction's reference
portfolio, which includes but is not limited to exposure to Lehman
Brothers Holdings Inc., which filed for protection under Chapter
11 of the U.S. Bankruptcy Code on Sept. 15, 2008, Washington
Mutual Inc., which was seized by federal regulators on Sept. 25,
2008 and subsequently virtually all of its assets were sold to
JPMorgan Chase, Fannie Mae and Freddie Mac, which were placed into
the conservatorship of the U.S. government on Sept. 8, 2008 and
one Icelandic bank, specifically Kaupthing Bank hf.

Rating action is:

UBS AG, London Branch - Credit Default Swap (BLB1):

GBP153,727,000 Credit Default Swap with scheduled termination date
on October 2014

  -- Current Rating: B2
  -- Prior Rating: A3
  -- Prior Rating Action Date: June 30, 2006


VERDI TREUHAND: Creditors' Proofs of Claim Due by Dec. 11
---------------------------------------------------------
Creditors owed money by LLC Verdi Treuhand are requested to file
their proofs of claim by Dec. 11, 2008, to:

         Markus Scherrer
         Liquidator
         Solothurnerstrasse 4
         4614 Hagendorf
         Switzerland

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


WAMAR IMMOBILIEN: Dec. 11 Set as Deadline to File Claims
--------------------------------------------------------
Creditors owed money by JSC Wamar Immobilien are requested to file
their proofs of claim by Dec. 11, 2008, to:

         Anton Graf
         Liquidator
         Halde 22
         6263 Richenthal
         Switzerland

The company is currently undergoing liquidation in Pfaffnau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 7, 2008.


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U K R A I N E
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MHP SA: Fitch Maintains Long-Term Issuer Default Ratings at 'B'
---------------------------------------------------------------
Fitch Ratings has affirmed the Ukraine-based MHP S.A.'s foreign
and local currency Long-term issuer default ratings at 'B', and
the Recovery Rating at 'RR4'on MHP's US$250 million 10.25% senior
notes maturing in 2011.  The Outlook on the Long-term IDRs is
revised to Negative from Stable.

Fitch has also affirmed MHP's subsidiary, OJSC Myronivsky
Hliboproduct's foreign and local currency Long-term IDRs at 'B'
and downgraded its National Long-term rating to 'A- (ukr)' from 'A
(ukr)'.  The Outlook for its Long-term IDRs and National Long-term
rating have been revised to Negative from Stable.

The rating affirmations reflect MHP's leading position in the
Ukrainian poultry market, supported by its high level of vertical
integration that, together with government subsidies, enables MHP
to generate EBITDA margins in excess of 30%.  The affirmations
also recognize the company's US dollar denominated cash position,
which totaled US$83 million as of end of September 2008 - this
cash would be available to repay MHP's near-term dollar debt
maturities in the event they could not be refinanced or rolled
over.

Negative rating factors include the narrow focus of MHP's business
on the Ukrainian poultry market and the challenges it faces in
executing an aggressive expansion program.  MHP is undergoing a
rapid expansion program, with phase 1 of a planned US$550 million
investment completed in June 2007 and phase 2 due to be completed
in mid-2009.  In total, this expansion will increase the company's
chicken production capacity by more than 150%.  Fitch notes that
managing this growth will present operating challenges for MHP,
although once complete it will enable the company to preserve its
position in the growing Ukraine market.

The Negative Outlook and the downgrade of OJSC Myronivsky
Hliboproduct's National Long-term rating reflect the heightened
economic risks and the potential for a continued devaluation of
the UAH as a result of the financial crisis that developed in
Ukraine during October 2008, when the hryvnia depreciated by 40%
before partially recovering.  A continued devaluation of the UAH
would imply an increase in financial leverage for MHP given the
mismatch between its foreign currency debt and local currency
revenues.

Even with the recent devaluation, MHP's adjusted net debt/EBITDAR
is expected to improve in 2008 from 3.2x at end-2007, as a result
of strong growth in EBITDAR as well as the completion of an IPO in
May 2008.  The company's longer-term objective is to maintain
leverage at about 2.0x-2.5x, which is appropriate for the 'B'
rating.  However, a sustained decline in the UAH would push
leverage above this range.


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U N I T E D   K I N G D O M
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AIRTEK SAFETY: Appoints Joint Administrators from Tenon Recovery
---------------------------------------------------------------
On Nov. 11, 2008, T. J. Binyon and N. C. Simmons of Tenon Recovery
were appointed joint administrators of:

   -- Airtek Safety Ltd.,
   -- Airtek Safety Products Ltd., and
   -- Airtek Safety Services Ltd.

The company can be reached through Tenon Recovery at:

         54 Clarendon Road
         Watford
         WD17 1DU
         England

Airtek is engaged in manufacturing and fabrication of metal
products.


ATRIUM EUROPEAN: Fitch Holds Senior Unsecured Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed property company Atrium European Real
Estate Ltd's senior unsecured rating at 'BB+' and Long-Term Issuer
Default Rating at 'BB+'.  The Outlook on the IDR is Stable.  The
Short-Term IDR is affirmed at 'B'.

The ratings have been removed from RWN, where they were originally
placed on 6 September 2007 due to material share buybacks.  This
resolution reflects an alleviation of Fitch's concerns relating to
liquidity and corporate governance following the restructuring of
the company by a joint-venture between Citi Property Investors and
Gazit Globe Ltd and further discussions with the new management of
the company.  The restructuring of the company involves an
injection of at least EUR800 million of funds, including a fully
backstopped rights issue by CPI and Gazit Globe Ltd of EUR300
million to be completed in Q109.  This should allow Atrium to
complete its development program which Fitch believes will be
scaled back substantially.  This resolves the immediate liquidity
issue that was created by share buybacks of EUR1.8 billion in
2007.  The restructuring of the company has also improved
corporate governance with a new board of directors in place and
all agreements with Meinl European Real Estate Ltd and Meinl Bank
AG being terminated.

The Stable Outlook reflects Fitch's anticipation that liquidity
will remain comfortable and that EBIT net interest cover will
stabilize from 2010.  The ratings continue to reflect Atrium's
existing property portfolio which is supported by continued,
albeit lower, economic growth in Central and Eastern Europe and
rental yields in excess of those seen in more developed markets.
Rental yields should benefit from continued growth in consumer
spending and a lack of quality retail space in many countries
where Atrium has operations.  Atrium also benefits from good
tenant diversification with a portfolio of 2,000 tenants, none of
which represent more than 7% of rental income, and a modest lease
expiry profile over the short and medium term (only 14% of leases
expire within the next three years).

Atrium's liquidity also supports the rating level with Fitch
recognising that the remainder of the development program will be
cash funded with no apparent need to access capital markets, at
least in the short-term.  As at June 2008 Atrium had EUR1.2
billion of cash on balance sheet.  Since then convertible bond
proceeds of EUR500 million have been received.  However, the cash
balance will be reduced by EUR160 million due fees paid to cancel
external management contracts.  An anticipated rights issue of
EUR300 million is expected to take place in 2009.  It is likely
that cash will be able to support negative free cash flow,
stemming from the development program, and debt amortizations.
This is likely to continue to be the case due to both a back-ended
amortization profile, with only EUR65 million of debt maturing in
2009-2012, and the completion of the scaled back development
program by 2010.

However, the ratings are constrained by the risks emanating from
Atrium's development activities.  There are significant risks
inherent in executing a still sizable development program in
Central and Eastern Europe.  Atrium is now increasingly reliant on
as yet uncontracted rental income from its development portfolio
from Q409 onwards in order to meet its interest costs.  Anything
causing the receipt of these rents to not materialize would
clearly have negative consequences for Atrium's NIC and
potentially its credit profile.

The ratings are also constrained by Atrium's complete exposure to
the retail sector with its entire property portfolio consisting of
shopping centers and supermarkets.  Although the risk of tenant
defaults is mitigated somewhat by high tenant diversification
Fitch would expect the now less benign economic environment in
Central and Eastern Europe to lead to pressure on tenant quality
and lease renewals.


B.P.M GROUND: Appoints Joint Liquidators from PKF
-------------------------------------------------
Matthew Gibson and Brian Hamblin of PKF (UK) LLP were appointed
joint liquidators of B.P.M Ground Services Ltd. on Oct. 22, 2008.

The company can be reached through PKF (UK) LLP at:

         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


BRITANNIA BULK: Saxena White Files Class Action Suit
----------------------------------------------------
Britannia Bulk Holdings Inc. is facing a securities fraud class
action suit filed by law firm Saxena White P.A. in the United
States District Court for the Southern District of New York.

In a Nov. 20 press statement, Saxena White said it filed the suit
on behalf of shareholders of Britannia Bulk Holdings Inc.

The complaint seeks damages for violations of federal securities
laws on behalf of all investors who acquired Britannia Bulk
Holdings Inc. common stock pursuant or traceable to the Company's
Registration Statement and Prospectus issued in connection with
its June 17, 2008 initial public offering.

According to Saxena White, on June 17, 2008, Britannia Bulk
accomplished its IPO of 8.3 million shares at US$15.00 per share
for net proceeds of US$116.2 million, pursuant to the Registration
Statement.  In its first day of trading, Britannia Bulk stock
closed at US$13.85 per share.  Then, on October 28, 2008,
Britannia   Bulk issued a press release announcing that the
Company expected a significant net loss for the third quarter of
2008 compared to the net income achieved during the second quarter
of 2008.  The loss was due to problems with hedges the Company had
entered into earlier in the year which clearly violated the
Company's investment policy described in the Prospectus.

Following this disclosure, Saxena White recalls the Company's
stock collapsed to US$0.16 per share.  The following day, the
Company disclosed that it had been notified  by its lenders that
they were accelerating all of its subsidiary's  obligations under
a US$170 million lending facility.  This would ultimately result
in the subsidiary being placed into administration under
insolvency laws in the United Kingdom.

Headquartered in London, England, Britannia Bulk Holdings Inc.
(OTC:BBLKF) -- http://www.britbulk.com/-- is an international
provider of drybulk shipping and maritime logistics services with
a market position in transporting drybulk commodities in and out
of the Baltic region.  As of March 31, 2008, Company-owned fleet
consisted of 22 vessels, including 13 drybulk vessels, five of
which are ice-class, five ocean-going ice-class barges, and four
ice-class tugs.  To complement its owned fleet, the Company
charters-in a number of vessels.  At March 31, 2008, the number of
chartered-in drybulk vessels under its control was 45, 11 of which
were ice-class.  The Company's managed drybulk vessels serve a
variety of ports and carry multiple cargoes, while its tug and
barge vessels provide the ability for its to serve ports that are
too small or otherwise unable to accommodate drybulk vessels.


CARNUNTUM HIGH: S&P Puts BB-Rated Class E Notes Watch Negative
--------------------------------------------------------------
Standard & Poor's Rating Services placed on CreditWatch negative
five classes of notes issued by Carnuntum High Grade I Ltd. due to
portfolio deterioration.

S&P placed the ratings on the class B to E notes on CreditWatch
negative following deterioration in the credit quality of the
underlying portfolio.  The portfolio has experienced a number
credit downgrades, and contains a significant proportion of assets
with credit ratings on CreditWatch negative.

S&P will conduct an in-depth review to assess the effect of this
credit migration on the ratings on these notes and resolve the
CreditWatch placement in due course.

In a separate action, S&P also placed on CreditWatch negative the
ratings on the class A1, A2, and A3 notes due to the transaction's
exposure to an 'A-2' rated counterparty.

Carnuntum is a CDO of ABS (collateralized debt obligation of
asset-backed securities) transaction that closed in March 2007 and
is backed primarily by European ABS assets.

                   Carnuntum High Grade I Ltd.
                 EUR1 Billion Floating-Rate Notes

              Ratings Placed on CreditWatch Negative
                   Due to Negative Performance

                                     Rating
                                     ------
       Class              To                      From
       -----              --                      ----
       B                  AA/Watch Neg            AA
       C                  A/Watch Neg             A
       D                  BBB/Watch Neg           BBB
       E                  BB/Watch Neg            BB
       C combo            A/Watch Neg             A

              Ratings Placed on CreditWatch Negative
                   Due to Counterparty Exposure

                                    Rating
                                    ------
       Class              To                      From
       -----              --                      ----
       A1                 AAA/Watch Neg           AAA
       A2                 AAA/Watch Neg           AAA
       A3                 AAA/Watch Neg           AAA


CHESS II: Increasing Volatility on Swaps Spur S&P's 'D' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CC' and
then withdrew its rating on Chess II Ltd.'s series 28 constant
proportion debt obligation.  This follows widening and increasing
volatility in credit default swap spreads, which have led the net
asset value to fall below 10%.

The 10% trigger is referred to as the "cash-out" trigger.  Once
the NAV falls below 10%, the transaction is unwound.  The low NAV
means that noteholders will suffer principal losses, so S&P
lowered the rating to 'D'.  S&P then withdrew its rating due to
the fact that the transaction has unwound and does not require
future surveillance.


HBOS PLC: Lloyds Seeks Buyers for Integrated Finance Arm
--------------------------------------------------------
Ben Harrington and Katherine Griffiths at the Daily Telegraph
report that Lloyds TSB Group plc has begun to look for potential
buyers to take on HBOS plc's equity stakes and funding obligations
in about 70 businesses, including Keepmoat and newsagent group
Martin McColl.

Lloyd's move was aimed at reducing the stress of HBOS's balance
sheet and helping secure a smooth merger of the two banks, the
report says.

Lloyds, the report relates, sought the advice of investment bank
NM Rothschild about how to deal with HBOS's "integrated finance"
and joint venture divisions, where the bank took equity stakes in
companies and extended loans to them.

Integrated finance accounts for GBP4.5 billion of HBOS's GBP110
billion loans in its corporate banking business, the report
discloses.

HBOS, the report recounts, valued the equity stakes it holds in
the companies at GBP1.5 billion at its half year results in June.

However, banking sources said Lloyds may fail to strike a deal as
HBOS has already tried to reduce its exposure in its integrated
finance division but has been unable to find parties who would
take on both the equity and the debt, the report notes.

According to the report, if Lloyds cannot find parties to take on
the debt, it may choose to hold the businesses, as its priority is
to reduce HBOS's funding obligations, and much of the equity has
already been written down to almost zero.

HBOS, the report adds, has also been trying to sell Intelligent
Finance, its Internet banking operation, to raise cash ahead of
the merger but has not generated much interest.

As reported in the TCR-Europe on Nov. 24, 2008, Lloyds TSB
shareholders overwhelmingly supported the proposed takeover of
HBOS.

Lloyds TSB shareholders voted 95.98% in favor of the takeover,
which if pushed through will create a banking giant with
145,000 staff and 3,000 branches.

The shareholders also approved plans to raise GBP5.5 billion by
issuing new shares and special preference shares.

On Nov. 19, 2008, the TCR-Europe  reported that HBOS urged its
shareholders to vote in favor of its merger with Lloyds TSB.

HBOS warned the bank could face nationalization if shareholders
turn down a proposed takeover by Lloyds TSB as it would need
significantly more capital, making the loss of private sector
status more likely.

HBOS shareholders are scheduled to vote on the GBP12 billion
(US$18 billion) takeover by Lloyds TSB on December 12.

                       About HBOS Plc

HBOS Plc (LON: HBOS) -- http://www.hbosplc.com/-- is a United-
Kingdom based company.  It is the holding company of the HBOS
Group.  It operates through five divisions: retail, corporate,
insurance & investment, international and treasury & asset
management.  The company's retail range of products includes
personal and business banking products and services to 23 million
customers.


MONEY PARTNER: Fitch Takes Various Rating Actions on 14 Tranches
----------------------------------------------------------------
Fitch Ratings has taken various rating actions on the Money
Partner Securities' transactions.  In total 14 tranches were
downgraded and the rating Outlook on 19 tranches was revised to
Negative from Stable.

The rating actions are a result of the combined effect of the
deterioration in the housing and mortgage market and to a certain
degree the transaction performance.  Fitch has also upgraded the
mezzanine class M1 tranche of Money Partners Securities 1 Plc due
to the strong build-up in credit enhancement, which as of the last
reporting period stood at 40.55% (compared to the target credit
enhancement of 11.3% at close).

According to the latest investor reports MPS 1, MPS3 and MPS 4
reported reserve fund draws in the amount of 9.96%, 13.55% and
9.16% of their target amounts, respectively.  The reserve fund
draws occurred due to the volume of losses that were realized in
the previous quarter: GBP1.4 million (MPS 1), GBP2.2 million (MPS
3) and GBP2 million (MPS 4).  To date there have been no reported
reserve fund draws on MPS 2, although the volume of realized
losses in the previous quarter is comparable to those seen in the
other MPS transactions (i.e. GBP1.7 million).  This is due to the
structure of the transaction, which features a further redemptions
ledger.  The further redemptions ledger is used to cover losses
and according to the latest investor reports, a further GBP2.6
million remains available for losses expected to occur in the
forthcoming interest payment date.

The portion of loans in arrears by more than three months
continues to increase across the MPS series.  According to the
latest investor reports, loans in arrears by more than three
months stood between 16.36% (MPS 3) and 23.82% (MPS 1) of the
current portfolios outstanding.  The reports also show loans in
repossession ranging from 3.69% (MPS 4) to 7.72% (MPS 1), and with
the ongoing decline in house prices, Fitch expects to see further
losses realized in the future IPDs.  As a result, the agency
believes that MPS 1, MPS 3 and MPS 4 are likely to experience
further reserve fund draws.  If losses continue at the current
pace, Fitch also believes that reserve fund draws on MPS 2 are
likely to occur once the further redemptions ledger is depleted.

The rating actions also reflect Fitch's concern about the quality
of the underlying collateral of the pools.  Weighted average
current LTV ratios across all pools have been reported at
approximately 80%.  In the current environment with the decline in
house prices, losses on such loans are likely to increase over
time.  In addition, the pools contain between 11.08% (MPS 3) and
16.96% (MPS 4) of second lien mortgages.  Cumulative loss
severities on second lien mortgages for these transactions as of
the last reporting period, range from 59.22% (MPS 1) to 78.61%
(MPS 4), compared to those reported for first lien loans (11.21%
in MPS 1 to 19.22% in MPS 4).

The rating actions are:

Money Partners Securities 1 Plc

  -- Class A2a (ISIN XS0226128329) affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A2a-2010 Coupons (ISIN XS0226129137) affirmed at
     'AAA'; Outlook Stable

  -- Class A2b (ISIN XS0226129566) affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A2b-2010 Coupons (ISIN XS0226130655) affirmed at
     'AAA'; Outlook Stable

  -- Class A2c (ISIN XS0226156536) affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A2c-2010 Coupons (ISIN XS0226157187) affirmed at
     'AAA'; Outlook Stable

  -- Class M1 (ISIN XS0226131117) upgraded to 'AAA' from 'AA+';
     Outlook revised to Stable from Positive

  -- Class M2a (ISIN XS0226131463) affirmed at 'A+'; Outlook
     Positive

  -- Class M2b (ISIN XS0226131620) affirmed at 'A+'; Outlook
     Positive

  -- Class B1 (ISIN XS0226132198) affirmed at 'BBB'; Outlook
     revised to Stable from Positive

  -- Class B2 (ISIN XS0226132271) affirmed at 'BB'; Outlook
     revised to Negative from Stable

  -- MERC (ISIN XS0226157427) affirmed at 'AAA'; Outlook Stable

Money Partners Securities 2 Plc

  -- Class A2a (ISIN XS0236411780) affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A2a-2011 Coupons (ISIN XS0236521968) affirmed at
     'AAA'; Outlook Stable

  -- Class A2c (ISIN XS0236412754) affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A2c-2011 Coupons (ISIN XS0236528468) affirmed at
     'AAA'; Outlook Stable

  -- Class M1a (ISIN XS0236413307) affirmed at 'AA-' (AA minus);
     Outlook Stable

  -- Class M1b (ISIN XS0236413489) affirmed at 'AA-' (AA minus);
     Outlook Stable

  -- Class M2a (ISIN XS0236740501) downgraded to 'BBB' from 'A-'
     (A minus); Outlook revised to Negative from Stable

  -- Class M2b (ISIN XS0236742036) downgraded to 'BBB' from 'A-'
     (A minus); Outlook revised to Negative from Stable

  -- Class B1 (ISIN XS0236413646) downgraded to 'BB-' (BB minus)
     from 'BBB'; Outlook revised to Negative from Stable

  -- MERC (ISIN XS0237043152) affirmed at 'AAA'; Outlook Stable

Money Partners Securities 3 Plc

  -- Class A2a (ISIN XS0254114712) affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A2a-2011 Coupons (ISIN XS0254124430) affirmed at
     'AAA'; Outlook Stable

  -- Class A2b (ISIN XS0254121337) affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A2b-2011 Coupons (ISIN XS0254126567) affirmed at
     'AAA'; Outlook Stable

  -- Class A2c (ISIN XS0254122814) affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A2c-2011 Coupons (ISIN XS0254129314) affirmed at
     'AAA'; Outlook Stable

  -- Class M1a (ISIN XS0254130080) affirmed at 'AA-' (AA minus);
     Outlook revised to Negative from Stable

  -- Class M1b (ISIN XS0254130676) affirmed at 'AA-' (AA minus);
     Outlook revised to Negative from Stable

  -- Class M2a (ISIN XS0254130916) downgraded to 'BBB' from 'A-'
     (A minus); Outlook revised to Negative from Stable

  -- Class M2b (ISIN XS0254131484) downgraded to 'BBB' from 'A-'
     (A minus); Outlook revised to Negative from Stable

  -- Class B1a (ISIN XS0254132375) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class B1b (ISIN XS0254132458) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class B2a (ISIN XS0254132706) downgraded to 'B-' (B minus)
     from 'BB'; Outlook revised to Negative from Stable

  -- Class B2b (ISIN XS0254307605) downgraded to 'B-' (B minus)
     from 'BB'; Outlook revised to Negative from Stable

  -- MERC (ISIN XS0254134587) affirmed at 'AAA'; Outlook Stable

Money Partners Securities 4 Plc

  -- Class A1a (ISIN XS0274950368) affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A1a-2012 Coupons (ISIN XS0275153392) affirmed at
     'AAA'; Outlook Stable

  -- Class A1b (ISIN XS0274965556) affirmed at 'AAA'; Outlook
     Stable

  -- Detachable A1b-2012 Coupons (ISIN XS0275154796) affirmed at
     'AAA'; Outlook Stable

  -- Class M1a (ISIN XS0274969384) affirmed at 'AA'; Outlook
     revised to Negative from Stable

  -- Class M1b (ISIN XS0274970713) affirmed at 'AA'; Outlook
     revised to Negative from Stable

  -- Class M2a (ISIN XS0274972685) downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable

  -- Class M2b (ISIN XS0274974111) downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable

  -- Class B1a (ISIN XS0274978450) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class B1b (ISIN XS0274979185) downgraded to 'BB' from 'BBB';
     Outlook revised to Negative from Stable

  -- Class B2 (ISIN XS0274980191) downgraded to 'B-' (B minus)
     from 'BB'; Outlook revised to Negative from Stable

  -- MERC (ISIN XS0275207156) affirmed at 'AAA'; Outlook Stable

The Money Partners Securities deals are UK non-conforming
securitizations of mortgage loans originated by the Kensington
Mortgage Company Limited.


NATIONWIDE TIMBER: Names Colin Nicholls as Liquidator
-----------------------------------------------------
Colin Nicholls of Tenon Recovery was appointed liquidator of
Nationwide Timber Supplies Ltd. on Nov. 6, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Nationwide Timber Supplies Ltd.
         Unit 2, Albion Industrial Estate
         Oldbury Road
         West Bromwich
         B70 9BP
         England


PRUDDEN ROAD: Brings in Joint Administrators from PwC
-----------------------------------------------------
Anthony Steven Barrell and Robert Jonathan Hunt of
PricewaterhouseCoopers LLP were appointed joint administrators of
Prudden Road Surfacing Ltd. on Nov. 17, 2008.

The company can be reached at:

         Prudden Road Surfacing Ltd.
         15 Highfield Road
         Hall Green
         Birmingham
         West Midlands
         B28 0EL
         England

The company is into road resurfacing, skip and machinery hire.


PURA HEALTH: Appoints Joint Liquidators from Tenon Recovery
-----------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Pura Health Ltd. on Nov. 12, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

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


REFCO INC: Suit Against Account Holder Settled for US$17.5 Million
----------------------------------------------------------------
Bankruptcy Law360 says the plan administrator for Refco Capital
Markets Ltd. has settled an adversary proceeding with an account
holder, allowing US$175 million in unsecured claims to stand
against the estate.  In return, the report says, the claimant has
agreed to return US$17.5 million of a disputed US$30 million to
RCM.  The proposed settlement, the report says, resolves the
administrator's action to disallow the account holder's claims.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts to
the Bankruptcy Court on the first day of its Chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Pursuant to the plan, RJM, LLC, was named plan administrator to
reorganized Refco, Inc. and its affiliates, and Marc S. Kirschner
as plan administrator to Refco Capital Markets, Ltd.  (Refco
Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SUNSCOOP PRODUCTS: Calls in Joint Administrators from BDO
---------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Sunscoop
Products Ltd. on Nov. 13, 2008.

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

         Fourth Floor
         One Victoria Street
         Bristol
         BS1 6AA
         England


SYNCORA GUARANTEE: S&P Reinstates 'B' Ratings on 3 Debt Issues
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected an administrative
error related to three debt issues wrapped by bond insurer Syncora
Guarantee Inc. (B/Watch Dev/--) or Syncora Guarantee U.K. Ltd.
(B/Watch Dev/--).

Standard & Poor's reinstated its long-term insured 'B' ratings on
the EUR130 million bank loan due 2025 and the EUR126.5 million
bonds due 2027 issued by Algarve International B.V.  The ratings
are on CreditWatch with developing implications.  The insured
rating and CreditWatch status reflect the unconditional and
irrevocable guarantee provided by Syncora Guarantee Inc. of
payment of scheduled interest and principal on the loan and bonds.

At the same time, S&P reinstated its long-term insured 'B' rating
on the GBP151 million bonds due 2034 issued by Connect M77/GSO PLC
as well as the EUR103 million senior secured European Investment
Bank loan due 2030 and EUR64.1 million bonds due 2027 issued by
Autovia de los Vinedos S.A.  The ratings are on CreditWatch with
developing implications.  The insured ratings and CreditWatch
status reflect the unconditional and irrevocable guarantee
provided by Syncora Guarantee U.K. Ltd. of payment of scheduled
interest and principal on the notes and loan.

On Nov. 18, 2008, the financial strength ratings on Syncora
Guarantee Inc. and Syncora Guarantee U.K. Ltd. were lowered to 'B'
from 'BBB-' and the CreditWatch status was revised to developing
from negative.  After this, Standard & Poor's suspended its
ratings on public finance and corporate transactions insured by
Syncora companies that did not have a Standard & Poor's underlying
rating.  The insured ratings on these three projects were,
however, suspended in error.  Under S&P's project finance
criteria, a project's issue rating reflects that on the relevant
monoline where there is no SPUR.

                    Insured Ratings Reinstated

          Algarve International B.V.

          -- Senior secured

             * EUR130 mil. bank loan(1)        B/Watch Dev
             * EUR126.5 mil. bonds(1)          B/Watch Dev

          Connect M77/GSO PLC

          -- Senior secured

             * GBP151 mil. bonds(2)            B/Watch Dev

          Autovia de los Vinedos S.A.

          -- Senior secured

             * EUR103 mil. EIB bank loan(2)    B/Watch Dev
             * EUR64.1 mil. bonds(2)           B/Watch Dev

          (1) Guaranteed by Syncora Guarantee Inc.
          (2) Guaranteed by Syncora Guarantee U.K. Ltd.


WISE 2006-1: S&P Cuts Ratings on GBP63.75MM Floating-Rate Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the floating-rate credit-linked notes issued by WISE 2006-1 PLC.

These rating actions are the result of various factors, which in
S&P's opinion has lowered the likelihood of full repayment of the
notes.

The main driver of these rating actions is the recent rating
downgrades on the monoline bond insurers, Ambac Assurance Corp.,
Financial Guaranty Insurance Co., and Syncora Guarantee Inc.
(formerly XL Capital).  These monolines provide insurance to some
of the project finance and utility bonds in WISE 2006-1's
portfolio, and represent a combined exposure of about 30% of the
portfolio.

Based on S&P's analysis the lower ratings on Ambac, FGIC, and
Syncora are, in S&P's view, consistent with a greater likelihood
of double default, i.e., default of both the monoline and the
bond.

S&P's approach to double default analysis has been refined since
the transaction closed.  The ratings assigned are one notch lower
on the class A notes than if S&P had used the original approach
and two notches lower on the class B and C notes.

In addition, S&P has revised its credit analysis to include
recently reclassified and updated correlation assumptions relating
to collateralized debt obligations with exposure to obligors in
the insurance industry.

                        Ratings Lowered

                        WISE 2006-1 PLC
         GBP63.75 Million Floating-Rate Credit-Linked Notes

                                     Rating
                                     ------
            Class         To                     From
            -----         --                     ----
            A             BB                     AA-
            B             B+                     A-
            C             B                      BBB+


* Moody's Says UK Prime Mortgages May Continue to Deteriorate
------------------------------------------------------------
Key performance measures indicate that delinquencies increased
further during the third quarter of 2008, says Moody's Investors
Service in its latest index report for the sector.  Outstanding
repossessions and the cumulative loss trend increased both month-
on-month and year-on-year (all ratios are based on current pool
balances).

"The rate of decline of the performance of 90+ delinquencies
increased during Q3 2008 with the index for the market currently
recording 1.11% of current pool balance, and when compared with
one year ago, the percentage of outstanding 90+ delinquencies has
almost doubled." notes Daron Kularatnam, a Moody's Senior
Associate and co-author of the report.

"Despite current market conditions there were four Master Trust
transactions closed during the quarter, with a total issuance
value of GBP28.95 billion."  These issuances came from the Arkle,
Fosse and Pendeford Master Trusts, as well as the newly structured
Silverstone Master Trust originated by Nationwide Building Society
(Aa2/Prime-1).

In addition, one new UK Prime Non-Master Trust transaction was
issued during Q3 2008; Brae Financing Plc.  This transaction is
the first issuance under the Brae program, which securitizes
mortgage loans originated by Bank of Scotland plc (Aa1/Prime-1).

"With the UK economy in recession and unemployment, personal
insolvencies and house possessions all rising sharply, the
performance of prime mortgages is likely to continue to
deteriorate," says Nitesh Shah, a Moody's Economist and co-author
of the report.  "Transaction activity in the housing market is low
and consumer confidence is depressed, pointing towards continued
falls in house prices."


* Fitch Says UK Credit Card Delinquencies Rise Again; Outlook Neg.
------------------------------------------------------------------
Fitch Ratings highlights increased delinquencies and reduced
excess spread, in line with its Negative Outlook for the sector.

The monthly Fitch Delinquency Index increased by 10bps for the
second successive month in October, to 3.9%.  Only one of the
credit card trusts, Cumbernauld, reported a fall in its monthly 60
to 180 day delinquency value.  Gracechurch and Turquoise remained
unchanged from their September values and all the other trusts
registered an increase in delinquencies in October as a result of
the general market deterioration; with Pillar and CARDS II
reporting the largest month-on-month increases of 20bps.

For the first time in five months, the Fitch Excess Spread Index
also fell in October, dropping 20bps to 6.4%.  Of the series
included in the index with trapping triggers, seven series, across
two trusts - CARDS II and Sherwood, reported three month average
excess spread below their trigger levels; four series more than in
September 2008.  Fitch believes excess spread for some of the
trusts have been affected by higher Libor rates, but that this
impact will be lessened going forward as Libor rates return
towards lower levels.

While the Fitch Charge-off Index remained stable at 6.6% in
October, the credit card trusts included in the index reported
mixed charge-off numbers, with the slight falls in Sherwood,
Turquoise and Arran, offset by increases for Gracechurch, Pillar
and Cumbernauld; whilst both CARDS' trusts remained unchanged from
the previous month.

The Fitch Monthly Payment Rate Index increased by 50bps in
October, to 17.7%; with each of the trusts, other than Turquoise
and Gracechurch, registering a month-on-month rise in MPR from
September 2008.  While this is positive, Fitch expects it to
partly be a result of the increased day count in October.
However, despite the increased day count in the month, the Fitch
Yield Index dropped by 20bp to 20.7%, with all but the Arran and
CARDS II trusts reporting a month-on-month drop in yield.


* S&P: UK Nonconforming Mortgage Delinquencies Rise to Record High
------------------------------------------------------------------
Delinquencies for U.K. nonconforming mortgages have increased by
24% in the past year to their highest level yet, driven by house
price declines, refinancing problems, and a lack of affordability,
according to a report published by Standard & Poor's Ratings
Services.

S&P tracks the performance of approximately 350,000 U.K.
nonconforming mortgages that have been securitized in S&P's
quarterly index.  S&P defines nonconforming loans as those made by
certain specialist lenders to borrowers with adverse or limited
credit history.  The latest index report shows that total
delinquencies for U.K. nonconforming mortgages increased in Q3
2008 to a record level of 25.0%, from 23.3% in Q2.  One year ago,
total delinquencies were 20.2%, meaning that they have increased
by 4.8% in absolute terms and 24.0% in relative terms over the
past 12 months.

The report also reveals that the current stock of repossession
cases accounts for 2.8% of all outstanding nonconforming mortgage
balances, up from 2.2% in Q2 and 1.5% a year ago.  In addition,
prepayments by mortgage borrowers dropped markedly to 21.2% in Q3
from 24.0% in Q2, highlighting the fact that fewer people are
refinancing their mortgages in the current constrained credit
environment.

Mortgages taken out in 2005 and 2006 now have the highest 90+ day
delinquency rates and these have been rising sharply.  S&P
believes this has been partly due to refinancing stresses since
mid-2007 for those borrowers coming off initial two- or three-year
fixed- and discount-rate periods.

"In our opinion, the uptick in delinquencies has, to date,
primarily been driven by affordability issues, an inability to
refinance, and by house price declines," said credit analyst Kate
Livesey.  "Recent cuts in the Bank of England base rate should
improve the affordability of mortgage payments for those borrowers
who have a loan product linked to this benchmark.  However, the
worsening economic environment is likely to result in further
increases in delinquencies, repossessions, and losses for the U.K.
nonconforming sector in the coming months."

Ms. Livesey added, "The sector is particularly exposed to the
current squeeze in wholesale funding markets.  As the turmoil
there continues, lenders remain faced with higher funding costs
and appear to be continuing to rein in their lending.  Taking out
a new mortgage or refinancing as a nonconforming borrower is now
extremely difficult, given the effective withdrawal of specialist
lenders and a reluctance by others to lend to borrowers with any
blemish on their credit history."

The effective closure of the market for new nonconforming lending
leaves only those borrowers with the cleanest payment histories
able to seek refinancing among mainstream prime lenders.  Even in
this sector, lending criteria have been tightened and the number
of available products has been cut.  S&P expects the downward
trend in prepayment rates to persist until mortgage credit becomes
more widely available once again.

Current conditions in the housing market have reduced the number
of prospective homebuyers and this is likely to lengthen the time
between repossession and eventual sale of properties by lenders.
Based on a sample of repossession cases S&P has investigated, the
average time from repossession to sale for properties sold in the
first half of 2008 was around five months.

The continued decline in house prices will clearly lead to higher
loss severities for lenders going forward, and this will be most
significant for more recent mortgages, which have not benefited
from house price appreciation before 2007.  That said, it is
important to note that even those loans originated during a rising
house price environment will not necessarily be sheltered from
foreclosure and subsequent loss on repossession and sale.


* UNITED KINGDOM: Recession Looms as Economy Shrinks
----------------------------------------------------
BBC News reports the Office for National Statistics confirmed the
UK economy shrank 0.5% between July and September.

The ONS warned if the economy shrinks again between October and
December the UK will officially be in recession, BBC relates.

BBC notes the ONS also confirmed its earlier estimate that the UK
economy expanded just 0.3% year-on-year between July and
September, compared to the same quarter in 2007.

The ONS predicted that economic output in the UK will fall by 1.1%
next year, more than any other major G7 country, BBC adds.

On the other hand, Chancellor Alistair Darling in his pre-Budget
report said that the UK economy will likely contract for the next
four quarters.

The chancellor estimates that economic output will decline between
minus 0.75% and minus 1.25% in 2009, although he expects growth to
return in 2010 as the economy recovers, BBC discloses.


* BOND PRICING: For the Week Nov. 24 to Nov. 28, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

BELGIUM
-------
Barry Calle SVCS            6.000    07/13/17    EUR       73.76

CYPRUS
------
Abh Financial Lt          8.200    06/25/12    USD       59.84
Alfa MTN Invest           9.250    06/24/13    USD       54.95

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      12.26
                          6.380    04/07/14    EUR       69.69
Altran Technologies S.A.  3.750    01/01/09     EUR      12.83
Artemis Conseil           2.000    07/31/11     EUR      75.06
Axa SA                    7.130    12/15/20    GBP       77.86
Calyon                    6.000    06/18/47     EUR      40.86
Credit Agricole           3.750    10/20/20    EUR       70.25
                          4.050    12/22/20    EUR       72.38
                             4.500    02/22/26    EUR       73.13
Soc Air France            2.750    04/01/20     EUR      17.46
Wavecom S.A.              1.750    01/01/14     EUR      24.24

GERMANY
-------
Bayer AG                  5.000    07/29/2105    EUR       74.11


IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      72.31
                          5.630    11/29/30    GBP       68.14
Banesto Finance Plc       6.120    11/07/37    EUR        6.12

LUXEMBOURG
----------
AK Bars Bank              8.250    06/28/10     USD      97.93
                          9.250    06/20/11    USD       48.50
Alrosa Finance            8.880    11/17/14    USD       55.07
                          8.880    11/17/14    USD       57.94
Beverage Pack             8.000    12/15/16    EUR       59.71

NETHERLANDS
-----------
ABN Amo Bank B.V.         7.410    01/13/20    USD
30.50
                          6.250    06/29/35    EUR       56.88
Aegon NV                6.130    12/15/31    GBP       70.68
Air Berlin Finance B.V.   1.500    04/11/27    EUR       22.82
Alfa Bk Ukraine          9.750    12/22/09    USD       99.46
Alfa-Bank CJSC         12.000    08/11/11    USD       62.46
ALB Finance BV            9.000    11/22/10    USD       65.01
                          8.750    04/20/11    USD         55.01
                          7.880    02/01/12    EUR       36.37
                          9.250    09/25/13    USD       41.89
Alfa BK Ukraine           9.750    12/22/09    USD      100.33
ASML Holding NV           5.750    06/13/17     EUR      61.91
Astana Finance            7.880    06/08/10     EUR      98.74
                          9.000    11/16/11    USD       94.63
ATF Capital BV            9.250    02/21/14     USD      59.09
BK Ned Gemeenten         0.500    06/27/18    CAD       65.91
                          0.500    02/24/25    CAD       44.29
Centercrdt Intl           8.000    02/02/11     USD
46.88
                          8.630    01/30/14    USD       35.10

RUSSIA
------
Ak Bars Bank            8.250    06/28/10    USD       96.73
                          9.250    06/20/11    USD       96.18

Bank of Moscow            7.380    11/26/10    USD       76.10
                          7.340    05/13/13    USD       58.40
                          7.500    11/25/15    USD       39.91
                          6.8100   05/10/17    USD       34.89
Sistema Capital           8.880    01/28/11    USD       65.21

SPAIN
-----
Ayt Cedulas Caja            3.750    06/30/25    EUR       77.39
Auvisa                    4.790    12/15/27    EUR       65.11

UNITED KINGDOM
--------------
Acergy S.A.               2.250    10/11/13    USD       59.71
Amlin Plc                  6.500     12/19/26    GBP       64.55
Anglian Water
  Finance Plc             2.400     04/20/35    GBP      45.07
Aspire Defence            4.670    03/31/40    GBP       60.22
                          4.670    03/31/40    GBP       59.47
Aviva Plc               6.880    05/20/58    GBP       76.82
Barclays Bank Plc        11.650     05/20/10    USD      60.50
                          5.600    02/22/21    USD       74.26
BL Superstores
    Finance Plc           4.480    10/4/25    GBP       73.21
British Airways Plc       8.750    08/23/16    GBP       84.49
                          5.700     07/14/25    USD       73.34
British Land Co          5.010    09/24/35    GBP       72.10
Broadgate Finance Plc     5.100    04/05/33    GBP       63.31
                         4.820    07/05/33    GBP       79.30
CGNU Plc                  6.130    11/16/26    GBP       69.43

                            *********

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

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

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


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

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

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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