TCREUR_Public/081226.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

           Friday, December 26, 2008, Vol. 9, No. 255

                            Headlines

A U S T R I A

FAQT LLC: Claims Registration Period Ends January 13
HOUDEK TANKSTELLE: Claims Registration Period Ends January 14
GASTAR LLC: Claims Registration Period Ends January 14
DAGDEMIR LLC: Claims Registration Period Ends January 15


C Z E C H   R E P U B L I C

KEY PLASTICS: Taps Chanin Capital as Financial Advisors


F R A N C E

NATIXIS: Moody's Downgrades BSFR to 'D+'; Outlook Stable
PHENIX CFO: Moody's Downgrades Ratings on Three Class Notes
RMF FOUR: Moody's Downgrades Rating on EUR16.45MM Notes to 'B1'


G E R M A N Y

BAYERISCHE LANDESBANK: Fitch Downgrades Long-Term Rating to 'CCC+'
BAYERNLB: EU Commission Approves Recapitalization Measures
B-O-GASTRO GMBH: Claims Registration Period Ends Jan. 19
DAIMLER CHRYSLER: Poor Fin'l Condition Cues Fitch's Junk Rating
ESCADA AG: Moody's Junks Corporate Family Rating from B3

FRANZ HANIEL: S&P Cuts Rating on EUR32 Million Securities to 'BB'
GILDEMEISTER AG: S&P Affirms 'BB-' Long-Term Corp. Credit Rating
HAIEN INTERNATIONAL: Claims Registration Period Ends Feb. 18
HYPO REAL ESTATE HOLDING: Investors' Suit Alleges Misleading Info
O.B.B. BAUGESELLSCHAFT: Claims Registration Period Ends Jan. 20

PRO INTEGRA: Claims Registration Period Ends January 20
WEL-HAUS GMBH: Claims Registration Period Ends January 16


G R E E C E

SCIENS CFO: Moody's Junks Rating on EUR13.9 Mln Class C Notes


I C E L A N D

KAUPTHING BANK: Luxembourg Gov't Inks Initial Sale Deal for Unit


I R E L A N D

EIRLES TWO: Moody's Downgrades Ratings on Two Note Classes to 'C'
IXION PLC: S&P Withdraws 'CCC-' Rating on Class E Notes


I T A L Y

IT HOLDING: Defers Installment on EUR85 Million Loan
IT HOLDING: Moody's Downgrades Corporate Family Rating to 'Ca'
IT HOLDING: S&P Downgrades Corporate Credit Rating to 'SD'


K A Z A K H S T A N

AKTOBE-VERTIKAL LLP: Proof of Claim Deadline Slated for Feb. 5
BARYS LLP: Creditors Must File Claims by February 10
ELIT SERVICE: Claims Filing Period Ends February 5
GAUHAR JSC: Creditors' Claims Due on February 5
JEZKAZGAN AGRO: Claims Registration Ends February 10


K Y R G Y Z S T A N

AGRO HIMIK: Creditors Must File Claims by February 12


L U X E M B O U R G

KAUPTHING LUXEMBOURG: Luxembourg Gov't Inks Initial Sale Deal


R U S S I A

ANGARSKAYA CONSTRUCTION: Irkutsk Bankruptcy Hearing Set Feb. 11
CERAMIC FACTORY LLC: Creditor Must File Claims by February 12
KOKSO-KHIM-MONTAZH: Creditors Must File Claims by February 12
LES-EKSPO-PROM LLC: Creditors Must File Claims by January 12
LES-TORG LLC: Creditors Must File Claims by January 12

SINTEZ-OIL LLC: Creditors Must File Claims by January 12
SISTEMA-HALS: Moody's Downgrades Corporate Family Rating to 'B3'
SLAVYANSKIY MECHANICAL: Creditors Must File Claims by Feb.  12
STROY-PROFIL LLC: Creditors Must File Claims by February 12
SURAN MINING: Court Names A. Sayfetdinov as Insolvency Manager

TERMO-STROY-KOMPLEKT 21: Creditors Must File Claims by Jan. 12


S P A I N

IM SABADELL: Moody's Assigns Ba2 Rating on EUR121.8 Mil. Notes
KING STURGE: Spanish Unit to Enter Into Administration
TDA CCM: Moody's Assigns Ba3 Rating on EUR100MM Series C Notes


S W E D E N

FORD MOTOR: Moody's Lowers Ratings Deeper Into Junk Territory


S W I T Z E R L A N D

ACEVANTAGE MANAGEMENT: Creditors Must File Claims by Jan. 1
AUF DEM STEI: Deadline to File Proofs of Claim Set Jan. 1
CRYSTAL CREDIT: S&P Puts All Ratings on CreditWatch Negative
GENERAL MOTORS: To Mull Alternatives for Saturn, May Sell Brand
GENERAL MOTORS: Fitch Downgrades IDR to 'C'; Default Imminent

INTERPLANO JSC: Creditors Have Until Jan. 1 to File Claims
KEBAPHAUS HONGG: Proofs of Claim Filing Deadline is Jan. 1
UBS AG: To Liquidate Two Spanish Hedge Fund Units


T U R K E Y

PETROL OFISI: Fitch Affirms Issuer Default Ratings at 'BB-'
SEKERBANK TAS: Fitch Affirms Individual Rating at 'D'
TURKIYE PETROL: Fitch Affirms LT Foreign Currency IDR at 'BB'
VESTEL ELEKTRONIK: S&P Cuts LT Corporate Credit Rating to 'B-'


U K R A I N E

AKTAR LLC: Creditors Must File Claims by January 4
AVT COURIER: Creditors Must File Claims by January 4
BROCARD LLC: Creditors Must File Claims by January 4
ENERGYTRANSINVEST CJSC: Creditors Must File Claims by Jan. 3
GOROKHOV BREADRECEIVING: Creditors Must File Claims by Jan. 4

NOVOSELITSA FOOD: Creditors Must File Claims by January 3
TECHNOPLAST-007 LLC: Creditors Must File Claims by January 3


U N I T E D   K I N G D O M

BETTER REMOVALS: Appoints Joint Liquidators from Tenon Recovery
CORIOLANUS LIMITED: Moody's Cuts Rating on US$10 Mln Notes to Caa2
CRUST LANE: Brings in Joint Liquidators from Baker Tilly
DUNCANNON CRE: S&P Cuts Ratings on Cl. E1 and E2 Notes to Low-B
EVOLUTION MORTGAGE: Taps Joint Liquidators from Tenon Recovery

FREE RADICAL: Goes Into Administration
HOLMES MASTER: S&P Assigns 'BB' Rating on GBP190 Mln Class D Notes
KING FINANCE: Calls in Joint Liquidators from Baker Tilly
LIGHTMAKER MANCHESTER: Peter Gabriel Acquires Assets
QUEBECOR WORLD: Appoints Joint Liquidators from Ernst & Young

RANK GROUP: Like-For-Like Revenue Down 7% for 50-Wks Ended Dec. 14
RECOMAC SURFACING: Road Spraying Buys Business; 15 Jobs Saved
RICHMOND HILL: Operations Continuing Despite Owner's Collapse
ROBERT WYPER: Goes Into Provisional Liquidation
SCHOLASTIC CORP: Moody's Puts 'Ba1' CFR on Review for Likely Cut

SCHOLASTIC CORP: S&P Puts 'BB' Corp. Credit Rating on WatchNeg.
SWIFT-LITE CHARCOAL: Taps Joint Liquidators from Tenon Recovery
TATA MOTORS: To Inject Millions Into Jaguar Land Rover
VEDANTA RESOURCES: Moody's Cuts Corporate Family Rating to 'Ba1'
WAGON AUTOMOTIVE: To Cut 292 Jobs at Walsall Plant

WHINSTONE 2: Fitch Assign 'BB' Rating on EUR129 Mln Class C2 Notes


X X X X X X X X

* Moody's Downgrades Ratings on 144 CDO Transactions
* S&P Affirms Ratings on Three Natural Peril Catastrophe Bonds

* BOOK REVIEW: The First Junk Bond: A Story of Corp. Boom & Bust


                         *********


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


FAQT LLC: Claims Registration Period Ends January 13
----------------------------------------------------
Creditors owed money by LLC Faqt (FN 261803f) have until Jan. 13,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Maria-Christina Nau
         Bahnhofsplatz 1a/Stg. 1/Top 5
         2340 Modling
         Austria
         Tel: 02236/22 050
         Fax: 02236/49239
         E-mail: office@viehboeck.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Jan. 27, 2009, for the
examination of claims at:

         Land Court of Innsbruck
         Room 31
         Innsbruck
         Austria

Headquartered in Maria Enzersdorf am Gebirge, Austria, the Debtor
declared bankruptcy on Nov. 17, 2008, (Bankr. Case No. FN
261803f).


HOUDEK TANKSTELLE: Claims Registration Period Ends January 14
-------------------------------------------------------------
Creditors owed money by LLC Houdek Tankstelle (FN 115183m) have
until Jan. 14, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Thomas Hofer-Zeni
         Landstrasser Hauptstrasse 14-16/8
         1030 Wien
         Austria
         Tel: 715 25 26
         Fax: 715 25 26 27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Jan. 28, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 12, 2008, (Bankr. Case No. 4 S 172/08h).


GASTAR LLC: Claims Registration Period Ends January 14
------------------------------------------------------
Creditors owed money by LLC Gastar (FN 288896y) have until
Jan. 14, 2009, to file written proofs of claim to the
court-appointed estate administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 28, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 13, 2008, (Bankr. Case No. is 4 S 173/08f).


DAGDEMIR LLC: Claims Registration Period Ends January 15
--------------------------------------------------------
Creditors owed money by LLC Dagdemir (FN 231588x) have until
Jan. 15, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Peter Sommerer
         Nottendorfer Gasse 11
         1030 Wien
         Austria
         Tel: 503 17 90
         Fax: 503 17 90 444
         E-mail: office@sommerer.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Jan. 29, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 18, 2008, (Bankr. Case No. 5 S 120/08v).


===========================
C Z E C H   R E P U B L I C
===========================


KEY PLASTICS: Taps Chanin Capital as Financial Advisors
-------------------------------------------------------
Key Plastics LLC and Key Plastics Finance Corp. ask the United
States Bankruptcy Court for the District of Delaware for
permission to employ Chanin Capital Partners LLC as their
financial advisors.

The firm is expected to:

  a) evaluate the Debtors' potential debt capacity in light of
     their projected cash flows;

  b) assist in determining a capital structure for the Debtors;

  c) assist in the determination of a range of values for the
     Debtors on a going concern basis;

  d) render financial advice to the Debtors and participate in
     meetings or negotiations with stakeholders, ratings
     agencies, or other appropriate parties in connection with
     the Chapter 11 cases;

  e) advise the Debtors on the timing, nature, and terms of new
     securities, other consideration or other inducements to be
     offered pursuant to the Chapter 11 cases;

  f) assist the Debtors in identifying and evaluating and
     obtaining potential financing including debtor in possession
     financing, contacting potential sources of capital, as the
     Debtors may designate, and assist the Debtors in
     implementing the financing; and

  g) provide testimony, as necessary, with respect to matters on
     which the firm has been engaged to advise the Debtors in any
     proceeding before the Court.

The firm will be paid US$115,000 per month and US$1,000,000 in
restructuring fee upon consummation of a restructuring.

Brian J. Cullen, Esq., a managing director at the firm, assures
that the firm does not hold any interests adverse to the Debtors'
estate and is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.

Headquartered in Northville, Michigan, Key Plastics LLC aka Key
Plastics Technology LLC -- http://www.keyplastics.com-- supply
plastic components to the automotive industry.  The Debtors have
24 manufacturing facilities located in the United States, Canada,
Mexico, Germany, Portugal, Spain, the Czech Republic, France,
Slovakia, Italy and China.  According to Bloomberg News, the
company filed for bankruptcy in March 23, 2000, in Detroit and
emerged a year later under the ownership of private-equity firm
Carlyle, Bloomberg said.  The company and Key Plastics Finance
Corp. filed for Chapter 11 protection on December 15, 2008
(Bankr. D. Del. Case Nos. 08-13326 and 08-13324).  Mark D.
Collins, Esq., Richards Layton & Finger PA, represents the Debtors
in their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed assets and debts
between US$100 million to US$500 million each.


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


NATIXIS: Moody's Downgrades BSFR to 'D+'; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has downgraded Natixis' Bank Financial
Strength Rating to D+ from C.  The outlook on the BFSR was changed
to stable from negative.  Moody's also affirmed the Aa3 long-term
deposit and senior unsecured debt ratings and the bank's short-
term Prime-1 deposit rating, with a stable outlook, in line with
the deposit and senior unsecured debt ratings of Natixis' two
parent companies: Caisse Nationale des Caisses d'Epargne and
Banque Federale des Banques Populaires.  The bank's preferred
stocks and junior subordinated debts were downgraded by one notch
to A3 from A2 with a stable outlook.

Commenting on the downgrade of Natixis' BFSR to D+ from C, Moody's
said that it reflects a deterioration of the bank's franchise, the
scope for additional pressure on profitability and efficiency
indicators, and the bank's high dependence on wholesale funding
and especially its increasing reliance on its parents for meeting
its financing needs.

Moody's takes note of the plan announced on Friday, December 19 of
a further downsizing of the corporate and investment banking
division, notably a decrease of the bank's riskier capital markets
activities and a geographical refocus.  Moody's believes that the
recent deterioration of Natixis' capital markets activities have
impaired the group's franchise and negatively affected its
underlying revenue generation capacity going forward.  In
addition, a sustained economic slowdown in the bank's main markets
along with the potential sale of non-core assets could further
reduce Natixis' revenue base and profitability levels, including
those of the more stable asset management, private banking,
services or retail banking businesses.

According to Moody's stress tests and based on Natixis current
exposure to structured finance and monoline products, Natixis may
still have to recognize additional write-downs and provisions.
Additionally, Moody's believes that a likely increase of the cost
of risk -- Natixis disclosed a material indirect exposure of
EUR450 million on the US investment manager Bernard L. Madoff
Investments Securities LLC on 15 December 2008 --will make it
difficult for Natixis to restore its profitability and efficiency
levels in the coming quarters.

Also, the high dependence on parental support and central banks
with respect to funding requirements remains a matter of concern
motivating the rating action.  The stable outlook incorporates
Moody's expectation that the revised strategic positioning of
Natixis and the ongoing de-risking of the bank will result in a
less volatile and more sustainable business model over the medium-
term.  Going forward, Moody's will monitor the implementation of
the bank's strategic re-positioning.

Moody's observes that the issuance of deeply subordinated notes by
its parents BFBP and CNCE of EUR950 million and EUR1.1 billion,
respectively, on December 11, 2008 -- as part of the French
government package to restore confidence in banks -- should be
mostly channeled to Natixis.  This should provide additional loss
absorption capacity in view of the bank's 8.6% Tier 1 ratio at the
end of September 2008, and is in line with Natixis' commitment to
maintain a Tier 1 ratio between 8.5% and 9%, an element fully
factored in the bank's BFSR of D+.  Moody's views positively the
combined strong support from Natixis' parent companies and their
respective mutualist groups as evidenced via this hybrid capital
contribution which came shortly after a capital injection of
EUR3.7 billion undertaken in September 2008 (including
EUR2.5 billion from the parents, the remainder was raised through
the capital markets).  Moody's expectation of full support from
the mutualist goups for Natixis, as well as very high systemic
support for the groups themselves, continue to be factored into
Natixis' Aa3 deposit and senior unsecured debt ratings.

The last rating action on Natixis was on July 18, 2008, when
Moody's downgraded to Aa3 with a stable outlook, from Aa2, the
deposit and senior unsecured debt ratings of Natixis.  Moody's
also assigned a negative outlook to Natixis' C BFSR.  The bank's
short-term Prime-1 deposit rating was unchanged.

Based in Paris, Natixis reported audited, consolidated assets of
EUR520 billion and a net profit -- Group share -- of EUR1.1
billion at year-end 2007.  The bank disclosed a Tier 1 ratio
(after early application of Basel 2 / CRD rules) of 8.3% at year-
end 2007.


PHENIX CFO: Moody's Downgrades Ratings on Three Class Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded debt instruments issued
by Phenix CFO Ltd:

EUR120,000,000 Credit Facility provided by Natixis

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: A1, on review for possible downgrade

EUR60,000,000 Class S Floating Rate Notes due 2013

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: A1, on review for possible downgrade

EUR24,000,000 Class M1 Floating Rate Notes due 2013

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade

EUR15,000,000 Class M2 Floating Rate Notes due 2013

  -- Current Rating: Ba3, on review for possible downgrade
  -- Prior Rating: Ba3, on review for possible downgrade

EUR21,000,000 Class M3 Floating Rate Notes due 2013

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: Caa1, on review for possible downgrade

Originally rated on February 10, 2006, Phenix CFO Ltd is a
collateralized fund obligation backed by equity interests in a
diversified fund of hedge funds.  The fund is managed by Allianz
Alternative Asset Management (formerly AGF Alternative Asset
Management S.A.).

The last rating action on the affected securities was on
November 21, 2008 when several debt tranches were downgraded and
all debt tranches were maintained on review for further possible
downgrade.  The rating action reflects continued deterioration of
the net asset values of the underlying hedge funds within the
structure.  The ratings reflect concern over the vehicle's ability
to liquidate portfolio assets within the covenanted timeframe.

Moody's considered the increased likelihood of suspension or
gating of redemptions in the underlying funds within the portfolio
as a negative factor during its review.


RMF FOUR: Moody's Downgrades Rating on EUR16.45MM Notes to 'B1'
---------------------------------------------------------------
Moody's Investors Service has downgraded these debt securities of
RMF Four Seasons CFO Ltd.

EUR141,000,000 Credit Facility provided by Natixis (formerly Ixis
Corporate & Investment Bank)

  -- Current Rating: Aa1, on review for downgrade
  -- Prior Rating: Aaa, on review for downgrade

EUR23,500,000 Class S Floating Rate Notes due 2013

  -- Current Rating: Aa1, on review for downgrade
  -- Prior Rating: Aaa, on review for downgrade

EUR18,800,000 Class M1 Floating Rate Notes due 2013

  -- Current Rating: A1, on review for downgrade
  -- Prior Rating: Aa1, on review for downgrade

EUR11,750,000 Class M2 Floating Rate Notes due 2013

  -- Current Rating: Baa2, on review for downgrade
  -- Prior Rating: Aa3, on review for downgrade

EUR16,450,000 Class M3 Floating Rate Notes due 2013

  -- Current Rating: B1, on review for downgrade
  -- Prior Rating: Baa1, on review for downgrade

Originally rated on August 23 2006, RMF Four Seasons CFO Ltd. is a
collateralized fund obligation backed by equity interests in a
diversified fund of hedge funds.  The fund is managed by RMF
Investment Management.

The last rating action on the affected securities was on
October 15, 2008 when all tranches of debt were placed on review
for possible downgrade.

The rating action reflects continued deterioration of the net
asset values of the underlying hedge funds within the structure.
The ratings reflect concern over the vehicle's ability to
liquidate portfolio assets within the covenanted timeframe.

Moody's considered the increased likelihood of suspension or
gating of redemptions in the underlying funds within the portfolio
as a negative factor during its review.


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


BAYERISCHE LANDESBANK: Fitch Downgrades Long-Term Rating to 'CCC+'
------------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Rating of Bayerische
Landesbank's US$850 million Tier 1 securities to 'CCC+' from
'BBB'.  A recovery rating of 'RR2' is assigned, reflecting
superior recovery prospects on these notes.

The rating action follows an announcement by BayernLB on
December 18, 2009 that the bank, contrary to its previous
intention, will not make any interest payments or distributions on
profit participation capital (Genussrechtskapital), hybrid capital
instruments and silent participations, unless the bank is
contractually obliged to do so.  Despite this limitation, in
Fitch's opinion, it has become unlikely that the bank will make
interest payments on the Tier 1 instrument in the light of the
European Commission's approval of the bank's EUR10 billion
recapitalization and a sizable net loss expected for 2008.

However, BayernLB has some flexibility to avoid a write-down on
the instrument's nominal value, as capital payments on the Tier 1
instrument are linked to the bank's unconsolidated distributable
profit that may benefit from releasing capital and silent reserves
under German accounting standards.

The rating of BayernLB's US$850 million Tier 1 securities is
linked to BayernLB's standalone financial strength, which is
indirectly supported by the incoming capital from the state of
Bavaria.  The issue remains classified as Class E (100% equity, 0%
debt) in accordance with Fitch's hybrids methodology.

RR2 rated securities have characteristics in line with securities
historically recovering 71%-90% of current principal and related
interest.

BayernLB, based in Munich, is Germany's second-largest Landesbank
by equity.  Its ratings are Individual 'C/D', Long-term Issuer
Default 'A+'/Stable, Short-term IDR 'F1+', Support '1' and Support
Rating Floor 'A+'.


BAYERNLB: EU Commission Approves Recapitalization Measures
----------------------------------------------------------
The EU Commission on Thursday, December 18, 2008, approved the
measures proposed by the Free State of Bavaria to recapitalize
BayernLB.  As a result, the Government of Bavaria will be able to
pay the first tranche of EUR3 billion for the bank's
recapitalization before the end of 2008.  Additional tranches up
to EUR10 billion will be made available in the first quarter of
2009.

Agreements to protect the Bank against losses of up to EUR4.8
billion from its ABS investment portfolio will also be concluded
this year.

BayernLB's Board of Management and Board of Administration
presented the core elements of the bank's new business model on
December 1, 2008.

Approval of the stabilization measures is an important step
towards implementing the new business model.

After examining the proposed measures, the EU Commission endorsed
the recapitalization package on the understanding that the bank,
contrary to its previous intention, will not make any interest
payments or distributions on profit participation capital and
hybrid capital (tier I capital) or capital contributions from
silent partners unless the bank is contractually obliged to do so.

Headquartered in Munich, Germany, Bayerische Landesbank --
http://www.bayernlb.de-- acts as the principal bank to the state
of Bavaria and as the central clearing house for the 75 Bavarian
sparkassen (savings banks).  Also serving corporations, national
and local governments, financial institutions, and real estate
firms, the bank offers a variety of services, including financing,
security underwriting and trading, and risk management.  It
provides retail and private banking services for individuals
through its Internet bank, Deutsche Kreditbank, and through
banking subsidiaries in central and southeastern Europe.
BayernLB's Landesbank Saar subsidiary (75% owned) provides
financing to small and midsized businesses in the German state of
Saarland and in France.


B-O-GASTRO GMBH: Claims Registration Period Ends Jan. 19
--------------------------------------------------------
Creditors of B-O-Gastro GmbH have until Jan. 19, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Feb. 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany
         Tel: 02114914412
         Fax: 02114914434

The District Court opened bankruptcy proceedings against the
company on Dec. 15, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         B-O-Gastro GmbH
         Poststr. 1
         52428 Juelich
         Germany

         Attn: Klaus-Willi Odenbrett, Manager
         Josef-Meisen-Weg 5
         52428 Juelich
         Germany


DAIMLER CHRYSLER: Poor Fin'l Condition Cues Fitch's Junk Rating
---------------------------------------------------------------
Fitch Ratings has downgraded and placed on Rating Watch Negative
the Issuer Default Rating of Daimler Chrysler Financial Services
America LLC to 'CC' from 'B-'.  A 'CC' rating indicates that
default of some kind appears probable.  Approximately US$8 billion
of debt is affected by this action.

The action reflects the deteriorating financial condition of DCFS'
parent company Chrysler LLC.  Chrysler's downgrade was driven by
the terms of federal government support, whereby the company has
until March 31, 2009 to produce a plan for long-term
profitability, including concessions from unions, creditors,
suppliers and dealers.  Terms also include a reduction in
Chrysler's current debt load, which Fitch believes could take the
form of a distressed debt exchange.  Chrysler's IDR of 'C'
indicates that default is imminent.

Where appropriate, Fitch has recognized a one-notch differential
between the IDR of a captive finance company and that of an
original equipment manufacturer in the past.  However, Fitch
believes that a one-notch differential would not be supported if
Chrysler declares bankruptcy or its viability becomes suspect.
Fitch would also downgrade and equalize the ratings of DCFS with
those of Chrysler should the debt of DCFS be restructured or
become subordinate to obligations purchased by the U.S. Treasury.
Negative rating actions would also result if the existing escrow
backstop that supports any obligation Chrysler may owe to DCFS is
amended.

Similarly, DCFS' Recovery Ratings could be revised to reflect the
impact of debt restructuring or diminished collateral valuations
from the bankruptcy of one or more U.S automakers.  The Recovery
Ratings on the first-lien term loan and second-lien revolver are
'RR1' and 'RR3', respectively, and are based on the respective
collateral coverage for these instruments.  'RR1' implies recovery
between 90%-100%, while 'RR3' implies recovery between 51%-70%.
Fitch has downgraded and placed on Rating Watch Negative these:

Daimler Chrysler Financial Services Americas LLC

  -- Long-term IDR to 'CC' from 'B-'
  -- Secured first lien to 'CCC+/RR1' from 'BB-/RR1'
  -- Secured second lien to 'CCC-/RR3' from 'B/RR3'
  -- Short-term IDR to 'C' from 'B.'


ESCADA AG: Moody's Junks Corporate Family Rating from B3
--------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating, the Probability Default Rating of Escada AG and the senior
unsecured rating on the EUR200 million notes due 2012 to Caa2 from
B3.  The outlook on the ratings remains negative.

"The further ratings downgrade follows the company's announcement
of key preliminary figures for FYE October 2008 and Moody's view
that the current operating performances, in conjunction with
ongoing pressure in the market, are not seen as sustainable and
are likely to add pressure on the liquidity profile of the
company", says Paolo Leschiutta, a Senior Analyst -- Vice
President at Moody's and responsible for Escada.  FYE October 2008
results showed additional deterioration in operating performances
compared to the third EBITDA revision guidance provided to the
market earlier in the year as trading in October was particularly
difficult.  "The downgrade and the negative outlook reflect also
Moody's expectation that operating performances are likely to
remain subdued for good part of the current FYE October 2009 as
softness in consumer spending will continue to challenge the
execution of the restructuring program.  The current ratings,
however, assume the ongoing support from the company's
shareholders and key banks", continued Mr. Leschiutta.

Financial leverage, estimated at FYE October 2008 to be at around
11x on a reported preliminary Debt to EBITDA bases, is seen as
unsustainable given the current economic environment and remains
above previous Moody's expectations.  In addition, Moody's views
the liquidity profile of the group as weak given that cash burning
rate is expected to remain high while modest cash generation is
likely to remain constrained by interest payments and challenging
working capital management.  In addition Moody's notes that the
company needs to invest heavily in advertising and promotion in
order to maintain strong brand perception with customers.  Moody's
acknowledges management's effort in restructuring the business and
the success earlier in 2008 to renegotiate a new EUR60 million
bank facility and in securing EUR50 million of new capital in
July.  Soft consumer spending and market pressure in the luxury
segment are likely, however, to challenge the company in
completing successfully its restructuring program.

The negative outlook reflects Moody's view that 2009 will remain a
year of transition for ESCADA as the pressure on top line and the
relative high operating leverage of Group's activities reduce the
company's flexibility.  The outlook could be changed to stable
following improvements in the liquidity profile of the company and
clear evidence of recovery in market conditions that had to lead
to positive changes in operating margins and successful
implementation of the restructuring program.  Deterioration in
Escada's liquidity profile, erosion in cash flow generation
capability or further deterioration in market conditions could
result in further negative pressure on the rating.

Downgrades:

Issuer: Escada AG

  -- Probability of Default Rating, Downgraded to Caa2 from B3

  -- Corporate Family Rating, Downgraded to Caa2 from B3

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
     from B3

The last rating action on Escada was on the October 7, 2008, when
Moody's downgraded the company's CFR to B3, leaving the negative
outlook on the ratings. The rating action followed the third
revision of EBITDA guidance for the full year made by the company
in less than 12 months.

ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear luxury apparel for
women.  In the financial year ended October 31, 2008, the company
reported on a preliminary basis consolidated sales of
EUR582.5 million and EBITDA of EUR19.7 million.


FRANZ HANIEL: S&P Cuts Rating on EUR32 Million Securities to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long- and
short-term corporate credit ratings on Germany-based operating
holding company Franz Haniel & Cie GmbH to 'BBB-/A-3' from
'BBB+/A-2'.  At the same time, the EUR32 million junior
subordinated hybrid securities (issued by Haniel Finance B.V. and
guaranteed on a subordinated basis by FHC) were lowered to 'BB'
from 'BBB-'.  The long-term ratings were removed from CreditWatch,
where they were placed with negative implications on Sept. 3,
2008.  The outlook is negative.

"The downgrade reflects FHC's lack of significant progress in
reducing debt and subsequently its loan-to-value ratio to within
S&P's rating requirements," said Standard & Poor's credit analyst
Andreas Kindahl.  "The LTV is now at about 45% and is likely to
exceed 40% by year's end.  S&P had expected this ratio to be less
than 35% by year-end 2008 and to fall to less than 30%
very early in 2009."

Although FHC intended to reduce debt gradually, this task has been
more difficult than anticipated.  S&P continue to expect the
company to reduce debt, although more modestly than initially
projected, because FHC is mindful not to destroy the long-term
equity value of the company.  Consequently, S&P has reassessed its
financial risk profile to incorporate this higher-than-expected
level of financial risk.

Significant drops in equity values over the past 12 months have
continually reduced the value of FHC's investment portfolio.  The
share prices of the company's two main investments--German
retailer Metro AG (BBB+/Stable/A-2) and Europe's largest drug
distributor Celesio AG (not rated)--have fallen by 51% and 55%,
respectively, over the past 12 months.  This, combined with much
higher debt levels following a large add-on investment in Metro
shares in 2007, have resulted in FHC's LTV ratio weakening
significantly beyond that incorporated in the ratings.

This high leverage is not commensurate with a 'BBB+' rating and is
also excessive for the 'BBB-' rating.  For the current ratings and
portfolio profile, FHC's LTV rating threshold is 35%, which it has
already breached.  Although stock markets could rebound and
mechanically restore the ratio, S&P is very cautious about making
any predictions based on future stock market movements, given the
extreme uncertainty about the future direction of share prices.
S&P will instead focus on management's efforts to reduce debt in
line with rating expectations.

The ratings on FHC reflect the company's portfolio of listed and,
to some extent, unlisted corporate and financial investments,
which provide financial flexibility and annual dividend inflows
that cover overheads and interest expenses at the parent company.
From time to time, however, FHC operates with fairly high leverage
at the parent company level, and its portfolio is concentrated on
two large investments (Celesio and Metro represent about three-
fourths of the portfolio's value).  The estimated fair market
value of FHC's portfolio was EUR9 billion as of Sept. 30, 2008,
but has since fallen.

"The outlook is negative because of FHC's excessive market-value
leverage for the current ratings," said Mr. Kindahl.  "S&P expects
the company to continue to gradually reduce debt so that its LTV
falls within S&P's 35% rating threshold.  S&P will monitor equity
market trends and the company's efforts in the near term to assess
progress."


GILDEMEISTER AG: S&P Affirms 'BB-' Long-Term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Germany-based machine-tool maker Gildemeister AG to stable from
positive.  The 'BB-' long-term corporate credit rating was
affirmed.

"The outlook revision reflects a lower upside potential in the
rating on Gildemeister over the next 12 months," said Standard &
Poor's credit analyst Varvara Nikanorava.  "S&P expects the
company's financial performance and resulting credit measures to
weaken from their currently strong level, but to still remain
adequate for the current rating."  Meanwhile, Gildemeister's
ability to sustainably reach a financial profile adequate for a
higher rating has been impaired by the economic weakening leading
to lower machine-tool demand, and overall very uncertain market
conditions.

Over recent months, the prospects for Gildemeister's end markets
have deteriorated sharply.  This development affected the
company's order intake during the third quarter of 2008, which
declined by 16% compared with third-quarter 2007.  S&P recognizes
Gildemeister's well-diversified customer base and that, at the
moment, not all end markets have been hit to the same extent.
This trend is likely to continue, however, because companies in
the manufacturing sector are revising their capital expenditure
programs.  Although some moderation of demand from the high levels
of the past few years was expected because of the anticipated
cyclical downturn, S&P believes that the slowdown will be
accelerated by the global economic weakening and tight lending
conditions in financial markets.

This would have an impact on operating margins and consequently on
credit measures, which we, however, expect to remain adequate for
the rating.  As of Sept. 30, 2008, funds from operations to debt
was about 41% and debt to EBITDA was 2.3x, which was strong for
the rating.

"The stable outlook incorporates S&P's view that, despite the
difficult market conditions, Gildemeister's leading position in
the global machine-tool industry and a substantial share of its
earnings generated by the service business will allow it to
maintain credit measures and liquidity that are consistent with
the current rating," said Ms. Nikanorava.  At the 'BB-' level,
Gildemeister should maintain FFO to debt of about 20% and debt to
EBITDA between 3.0x and 4.0x.


HAIEN INTERNATIONAL: Claims Registration Period Ends Feb. 18
------------------------------------------------------------
Creditors of Haien International GmbH have until Haien
International GmbH, 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 March 11, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11/15
         22761 Hamburg
         Germany

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

The Debtor can be reached at:

         Haien International GmbH
         Attn: Dr. Daniel Albrecht, Liquidator
         Buxtehuder Strasse 96
         21073 Hamburg
         Germany


HYPO REAL ESTATE HOLDING: Investors' Suit Alleges Misleading Info
-----------------------------------------------------------------
Investors has sued Hypo Real Estate Holding AG for failure to
disclose the extent of its exposure to the financial crisis in a
timely way, Reuters reports citing
law firm Rotter.

According to the report, the law firm said it represented
plaintiffs who bought Hypo Real Estate shares between November
2007 and January 2008 for an average price of EUR35 per share.
Hypo Real Estate stock fell sharply after the bank said in mid-
January it would have to write down assets as a result of the
market turmoil, the report recalls.

The law firm, the report relates, said investors also felt misled
by statements about the situation at Hypo Real Estate's Depfa
subsidiary.

"On Sept. 29, 2008, HRE finally admitted that it was facing
insolvency due to inadequate refinancing of Depfa, which it bought
on Oct. 2, 2007," Rotter said in a statement obtained by Reuters.
"Shortly before that management said refinancing of Depfa was
secured despite the financial market crisis."

                             Job Cuts

The Financial Times reports that Hypo Real Estate is to slash more
than 40 per cent of its workforce and retreat from some business
areas to secure its survival.

According to FT, staff numbers would fall from 1,800 to 1,000 in
the next three years.

FT adds the company was terminating the contracts of Markus Fell,
finance chief, and Frank Lamby, responsible for commercial real
estate operations.

                         4th Qtr Outlook

Kevin Crowley at Bloomberg News relates that Hypo Real Estate said
fourth-quarter results will be hurt by restructuring costs.

According to a company statement obtained by Bloomberg News, Hypo
Real Estate will spend EUR400 million (US$560 million) to
restructure its public-sector finance business and invest in
information technology, about EUR267 million of which
will come off fourth-quarter results.

As reported in the Troubled Company Reporter-Europe on Nov. 25,
2008, the German Financial Markets Stabilisation Fund ("SoFFin")
granted a EUR20 billion framework guarantee to Hypo Real Estate
Group, to strengthen the Group's liquidity.

Hypo Real Estate Bank AG, part of Hypo Real Estate Group, was
authorized to use the guarantees to be issued by SoFFin to
collateralize debt securities to be issued, which must be due for
repayment by January 15, 2009 at the latest.

Hypo Real Estate Bank AG will pay to SoFFin a pro-rata commitment
commission of 0.1% of the undrawn portion of the frame work
guarantee.  The fee for guarantees drawn will be 1.5% p.a.

The agreed framework guarantee is a result of the ongoing
negotiations of Hypo Real Estate Group with SoFFin regarding
longer-term and comprehensive liquidity and capital support
measures for the Group.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.


O.B.B. BAUGESELLSCHAFT: Claims Registration Period Ends Jan. 20
---------------------------------------------------------------
Creditors of O.B.B. Baugesellschaft mbH have until Jan. 20, 2009,
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 Feb. 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         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. Tjark Thies
         Domstrasse 15
         20095 Hamburg
         Germany
         Tel: 040/415 22-400
         Fax: 040/415 22-411

The District Court opened bankruptcy proceedings against the
company on Dec. 10, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         O.B.B. Baugesellschaft mbH
         Attn: Otto Burmester, Manager
         Pieperstrasse 20
         21357 Bardowick
         Germany


PRO INTEGRA: Claims Registration Period Ends January 20
-------------------------------------------------------
Creditors of Pro Integra GmbH have until Jan. 20, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on March 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Insolvency Tribunal
         Hall 3.011
         Fuerstenstr. 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Olaf Kupke
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel: (0371) 335170
         Fax: (0371) 3351715

The District Court opened bankruptcy proceedings against the
company on Dec. 15, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Pro Integra GmbH
         Attn: Dietmar Mueller, Manager
         Waldenburger Strasse 136
         09212 Limbach-Oberfrohna
         Germany


WEL-HAUS GMBH: Claims Registration Period Ends January 16
---------------------------------------------------------
Creditors of WEL-HAUS GmbH Bernburg-Leipzig have until Jan. 16,
2009, 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 Feb. 17, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Michael Hawelka
         Nonnenstr. 37
         04229 Leipzig
         Germany

The District Court opened bankruptcy proceedings against the
company on Dec. 17, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         WEL-HAUS GmbH Bernburg-Leipzig
         Attn: Klaus Uwe Marsch, Manager
         Industriestrasse 30
         04229 Leipzig
         Germany


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


SCIENS CFO: Moody's Junks Rating on EUR13.9 Mln Class C Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded these debt securities of
Sciens CFO I Limited:

EUR121,200,000 Class A Floating Rate Notes due 2014

  -- Current Rating: A3, on review for downgrade
  -- Prior Rating: Aa3, on review for downgrade

EUR21,000,000 Class B Floating Rate Notes due 2014

  -- Current Rating: B3, on review for downgrade
  -- Prior Rating: Ba1, on review for downgrade

EUR13,900,000 Class C Floating Rate Notes due 2014

  -- Current Rating: Caa3, on review for downgrade
  -- Prior Rating: B2, on review for downgrade

Originally rated on 14 December 2006, Sciens CFO I Limited is a
collateralized fund obligation backed by equity interests in a
diversified fund of hedge funds.  The fund is managed by SF
Management Ltd.

The last rating action on the affected securities was on
December 10, 2008 when several debt tranches were downgraded and
all debt tranches were maintained on review for further possible
downgrade.  The rating action reflects continued deterioration of
the net asset values of the underlying hedge funds within the
structure.  The ratings reflect concern over the vehicle's ability
to liquidate portfolio assets within the covenanted timeframe.
Moody's considered the increased likelihood of suspension or
gating of redemptions in the underlying funds within the portfolio
as a negative factor during its review.


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


KAUPTHING BANK: Luxembourg Gov't Inks Initial Sale Deal for Unit
----------------------------------------------------------------
Michele Sinner and Dale Hudson at Reuters report that Luxembourg's
budget minister Luc Frieden has signed a declaration of intent for
the sale of Kaupthing Luxembourg SA, a unit of Iceland's Kaupthing
Bank hf, to a group of investors from Arab countries.

In a statement on Saturday, the Luxembourg government, as cited by
Reuters, said the agreement needs acceptance from the Belgian
state and creditor banks.  It added that together with Belgium and
the creditor banks, it would provide credit to Kaupthing
Luxembourg, enabling the unit to keep functioning and reimburse
depositors, Reuters relates.

Reuters recounts a decision on the takeover of Kaupthing
Luxembourg had been postponed earlier this month, with the Belgian
government citing technical reasons.

Belgian accounts, Reuters notes, are held by the Luxembourg unit
of Kaupthing and their money was frozen in November by
Luxembourg's financial regulator after the Icelandic parent
company was taken over by the Icelandic state.

Reuters discloses that according to Belgian Prime Minister Yves
Leterme there was a serious candidate to buy Kaupthing Luxembourg,
and that three or four other parties were also eyeing a takeover
of Kaupthing's Belgian customers.

Potential buyers for the Belgin customers included online lender
Keytrade Bank, German bank Landesbank Nord and the Libyan
Investment Autority fund, Reuters discloses citing Luxembourg
daily Tageblatt.

                 Suspension of Payment Status

On October 9, 2008, the Board of Directors of Kaupthing Bank
Luxembourg SA applied for suspension of payments status with the
Luxembourg District Court sitting in commercial matters.
The bank was granted this status with monitoring of the bank's
management by the administrators.  The Court appointed
PriceWaterhouseCoopers Luxembourg - represented by Mrs Emmanuelle
Caruel-Henniaux - and Mr Franz Fayot, Attorney at law, to act as
the bank's administrators.

               Monitoring of the Bank's Operations

Among other things, the bank has been unable to reimburse its
customers' cash deposits since it was granted suspension of
payment status on October 9, 2008.  Also, the bank is not
authorized to make any other payments unless the administrators
give their prior consent.  As a result, the administrators signed
off on a limited number of transactions in the interest of the
bank's creditors and customers.

Some of those transactions were the subject of judgments by the
Luxembourg District Court sitting in commercial matters.  These
judgments are dated October 29, 2008 and relate to the suspension
of payment status of the Bank and that of another Luxembourg-based
Icelandic bank.

The administrators apply the solutions proposed by the judgments
as they manage the suspension of payment.  These solutions
include:

    * The income made up of securities (such as interest and
      dividends) owned by the bank's customers and the related
      cash are not included in the bank's assets.

    * Those transfer orders and share buy orders which have not
      yet been closed as of the receivership date must be
      canceled.  The related amounts must be credited to the
      relevant customers' accounts.

    * If certain requirements are met, securities, which are not
      subject to a pledge, guarantee or lien, may be
      transferred.

                      Takeover Efforts

The administrators would like to come to a solution which will
enable the bank to remain in business.  This would have the
advantage of putting an end to the suspension of payment status.
To achieve this, the administrators, together with the bank's
management, have facilitated contacts and discussions with
potential buyers about the terms of a potential takeover with
them.

Using a Data Room made available to them by the bank, potential
buyers can have access to the information they need to confirm
their interest and communicate their offers.

Talks with potential buyers are still ongoing.  Making sure the
bank and /or its Belgian and Swiss branches can be taken over is a
key priority for the administrators and for the bank's management.

               About Kaupthing Bank Luxembourg

Kaupthing Bank Luxembourg SA is a unit of Iceland-based Kaupthing
Bank hf.

                      About Kaupthing Bank

Headquartered in Reykjavik, Iceland, Kaupthing Bank --
http://www.kaupthing.com-- is engaged in the provision of
financial services, such as private banking, asset management,
pension services, brokerage services, investment banking, as well
as corporate and retail banking.  The Bank's offer is targeted at
companies, institutional investors and individuals.  The Bank is
operational in thirteen countries, including Luxembourg,
Switzerland, the Nordic countries, the United Kingdom and the
United States.  The main subsidiaries include Kaupthing Singer &
Friedlander and FIH Erhvervsbank.

                          *     *     *

As reported in the Troubled Company Reporter, on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15
case ancillary to the Icelandic Proceeding and seeking recognition
for the Icelandic Proceeding as a "foreign main proceeding" under
the Bankruptcy Code and relief in aid of the Icelandic Proceeding.

Citing a court filing by Olafur Gardarsson, Reuters disclosed
Kaupthing has about US$14.8 billion of principal assets, including
US$222 million located in the United States, and US$26
billion of principal indebtedness.


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


EIRLES TWO: Moody's Downgrades Ratings on Two Note Classes to 'C'
-----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its
ratings of two classes of notes issued by Eirles Two Limited.  The
transactions are managed synthetic CDOs exposed to the credit risk
of a pool of corporate names.

According to Moody's, the rating actions are 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 September 15, 2008; Fannie Mae
and Freddie Mac, which were placed into the conservatorship of the
U.S. government on September 8, 2008; and two Icelandic banks,
specifically Kaupthing Bank hf, and Glitnir Banki hf.  These
credit events will likely lead to a complete writedown of both
tranches.  The tranches are thin and supported by small credit
enhancements.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports below:

  -- Moody's Approach To Rating Synthetic CDOs (July 2003)

  -- Moody's Revisits Its Assumptions Regarding Corporate Default
     (and Asset) Correlations for CDOs (November 2004)

  -- Understanding Collateral Risks of Funded Synthetics in CDOs
     (June 2006)

The rating actions are:

Eirles Two Limited:

(1) The Series 177 EUR10,000,000 Floating Rate Credit-Linked
Secured Notes due 2010

  -- Current Rating: C
  -- Prior Rating: A3
  -- Prior Rating Date: 15 November 2007, upgraded from Baa2 to A3

(2) The Series 256 EUR7,500,000 Series 256 Floating Rate Credit
Linked Secured Notes due 2013

  -- Current Rating: C
  -- Prior Rating: Ba1
  -- Prior Rating Date: 17 July 2006, assigned Ba1


IXION PLC: S&P Withdraws 'CCC-' Rating on Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the class E notes issued by Ixion PLC's Matrix 2007-1 series 20, a
synthetic collateralized debt obligation of asset-backed
securities transaction.

The withdrawal follows the repurchase of the class by the issuer
pursuant to the Dec. 17, 2008, deed of release and repurchase.

                         Rating Withdrawn

                            Ixion PLC
                     Matrix 2007-1 series 20

                                   Rating
                                   ------
                   Class       To          From
                   -----       --          ----
                   E           NR          CCC-

                         NR -- Not rated.


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


IT HOLDING: Defers Installment on EUR85 Million Loan
----------------------------------------------------
Reuters reports that IT Holding SpA has asked its creditors
to postpone the installment on its EUR85 million (US$119 million)
loan until April 18, 2009.

The company, the report relates, was due to pay the installment on
the loan on Monday, December 22, 2008.

In a statement on Monday, the company, as cited by the report,
said "IT Holding's management has met the representatives of the
group's major banks to discuss possible short-term actions aimed
at giving financial support to the group."

According to the report, the remaining amount due on the loan is
EUR29 million at the end of September.

The loan, the report discloses, was syndicated by a group of banks
led by Intesa Sanpaolo in 2004.

The report recounts the payment of the EUR9.4 million  installment
was postponed for the first time last month.

The new date for the installment was moved to Dec. 22 from
Oct. 20, the report recalls.

Headquartered in Milan, Italy, IT Holding SpA --
http://www.itholding.com-- operates in the luxury goods market.
The company and its subsidiaries design, produce and distribute
apparel, accessories, eyewear and perfumes.  Its brand portfolio
embraces: owned brands, Gianfranco Ferre, Malo, Exte, as well as
licensed brands, Versace Jeans Couture, Versace Sport, Just
Cavalli, C'N'C Costume National and Galliano.

                          *     *     *

As reported in the TCR-Europe on Nov. 25, 2008, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Italy-based fashion company IT Holding SpA to 'CC' from 'SD'.  The
outlook is negative.

At the same time, the 'C' debt rating on the EUR185 million senior
secured notes issued by IT Holding Finance S.A. was affirmed.  The
recovery rating is unchanged at '5', indicating S&P's expectation
of modest (10%-30%) recovery for senior noteholders in the event
of a payment default.

As reported in the TCR-Europe on Nov. 19, 2008, Moody's Investors
Service downgraded IT Holding SpA Corporate Family Rating and
Probability of Default Rating to Caa1 from B3,
and the Senior Secured rating on the EUR 185 million notes due
2012 issued by IT Holding Finance SpA to Caa2 (LGD4, 69%) from B3.
The ratings are on review for further possible downgrade.


IT HOLDING: Moody's Downgrades Corporate Family Rating to 'Ca'
--------------------------------------------------------------
Moody's Investors Service has downgraded IT Holding SpA Corporate
Family Rating and Probability of Default Rating to Ca from Caa1,
and the Senior Secured rating on the EUR185 million notes due 2012
issued by IT Holding Finance SpA to Ca (LGD3, 49%) from Caa2. The
outlook on the ratings is developing.  The rating action concludes
the review initiated on the November 17, 2008.

"The rating downgrade follows the operating difficulties the
company is facing due to adverse market conditions and soft
consumer spending and Moody's view that ongoing uncertainties on
future operating performances might challenge the company to
obtain further support from key banks", says Paolo Leschiutta,
Vice President at Moody's and lead analyst for IT Holding.  "In
November 2008 IT Holding's core banks provided the company with an
agreement to delay a EUR9.4 million payment that was due by the
end of October 2008 under the EUR85 million senior bank loan. The
extension was granted until December 22.  The company has recently
requested a further postponement of the payment as trading
activity during the last quarter of the year has been affected by
weaknesses in the apparel market and have been below expectations.
Failure to secure a further extension would result in an event of
default".

Moody's understands the company is considering different line of
actions to restore profitability and remove immediate liquidity
pressure, and the likelihood of a potential restructuring has
increased at this stage.  Uncertainties on any potential outcome,
however, remain high at the moment as indicated by the developing
outlook.  In addition the difficult economic and financial
environments heighten the execution risk of management's plans.
The developing outlook incorporates both the uncertainty
surrounding the potential recovery rate for bond holders in case
of restructuring and also the limited downward potential at
current rating levels.  Moody's highlights the risk of potential
default of the company should banks stop supporting the company
and the liquidity pressure in light of next year bond coupon
payments and the need to finance inventory build up for next year
seasons.

Ratings affected by the action are as follow:

  -- Corporate Family Rating and Probability of Default Rating
     downgraded to Ca from Caa1;

  -- Senior secured rating on the EUR 185 million notes due 2012
     downgraded to Ca (LGD3, 49%) from Caa2;

The last rating action on IT Holding was on the November 17, 2008
when Moody's downgraded the company's CFR to Caa1 and placed
ratings under review for further possible downgrade.

Based in Italy, IT Holding S.p.A. is a European leading operator
in the branded apparel and accessories market mainly focused on
the young lines segment.  During the first nine months ended
September 2008, IT Holding reported EUR468 million of consolidated
net revenues and EUR38.2 million of EBITDA (adjusted for
investments in collection development during the period).


IT HOLDING: S&P Downgrades Corporate Credit Rating to 'SD'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Italy-based fashion company
IT Holding SpA to 'SD' from 'CC'.  At the same time, the senior
unsecured debt rating on the EUR185 million senior secured notes
issued by IT Holding Finance S.A. was affirmed at 'C'.  The
recovery rating on the notes is unchanged at '5', indicating S&P's
expectation of modest (10%-30%) recovery for senior noteholders in
the event of a payment default.

The rating actions reflect the announcement by ITH on Dec. 22 that
it has once again requested a deferral of a EUR9.4 million
principal payment on its unrated bank loan.  The initial payment
fell due Oct. 20, 2008, but the pool of banks had accepted a
waiver until Dec. 22 and has now been requested to further extend
the waiver until April 18, 2009.  The semiannual coupon on the
EUR185 million senior secured notes due Nov. 15, 2008, was paid.

Standard & Poor's has lowered the corporate credit rating on ITH
to 'SD' as the due date of ITH's bank loan payment has passed and
the payment was missed; S&P's default definitions include payment
defaults on both rated and unrated financial obligations.  ITH
has, however, confirmed that the payments on the senior secured
notes remain current, which is why S&P see this default as
selective.


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


AKTOBE-VERTIKAL LLP: Proof of Claim Deadline Slated for Feb. 5
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe-Vertikal insolvent.

Creditors have until Feb. 5, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (7132) 21-30-32


BARYS LLP: Creditors Must File Claims by February 10
----------------------------------------------------
LLP Construction Company Barys has declared insolvency.  Creditors
have until Feb. 10, 2009, to submit written proofs of claim to:

         LLP Construction Company Barys
         Altynsarin Str. 10a
         Telman
         Abaisky
         Shymkent
         160050 South Kazakhstan
         Kazakhstan


ELIT SERVICE: Claims Filing Period Ends February 5
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Elit Service insolvent.

Creditors have until Feb. 5, 2009, to submit written proofs of
claim to:

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


GAUHAR JSC: Creditors' Claims Due on February 5
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared JSC Gauhar insolvent.

Creditors have until Feb. 5, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


JEZKAZGAN AGRO: Claims Registration Ends February 10
----------------------------------------------------
JSC Jezkazgan Agro Zoo Vet Service has declared insolvency.
Creditors have until Feb. 10, 2009, to submit written proofs of
claim to:

         JSC Jezkazgan Agro Zoo Vet Service
         Promzona
         Jezkazgan
         Karaganda
         Kazakhstan


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


AGRO HIMIK: Creditors Must File Claims by February 12
-----------------------------------------------------
OJSC Agro Himik has declared insolvency.  Creditors have until
Feb. 12, 2009, to submbit claims to:

         OJSC Agro Himik
         Tolstoy Str. 6
         Kyzyl-Jyldyz
         Manassky
         Talas
         Kyrgystan



===================
L U X E M B O U R G
===================


KAUPTHING LUXEMBOURG: Luxembourg Gov't Inks Initial Sale Deal
-------------------------------------------------------------
Michele Sinner and Dale Hudson at Reuters report that Luxembourg's
budget minister Luc Frieden has signed a declaration of intent for
the sale of Kaupthing Luxembourg SA, a unit of Iceland's Kaupthing
Bank hf, to a group of investors from Arab countries.

In a statement on Saturday, the Luxembourg government, as cited by
Reuters, said the agreement needs acceptance from the Belgian
state and creditor banks.  It added that together with Belgium and
the creditor banks, it would provide credit to Kaupthing
Luxembourg, enabling the unit to keep functioning and reimburse
depositors, Reuters relates.

Reuters recounts a decision on the takeover of Kaupthing
Luxembourg had been postponed earlier this month, with the Belgian
government citing technical reasons.

Belgian accounts, Reuters notes, are held by the Luxembourg unit
of Kaupthing and their money was frozen in November by
Luxembourg's financial regulator after the Icelandic parent
company was taken over by the Icelandic state.

Reuters discloses that according to Belgian Prime Minister Yves
Leterme there was a serious candidate to buy Kaupthing Luxembourg,
and that three or four other parties were also eyeing a takeover
of Kaupthing's Belgian customers.

Potential buyers for the Belgin customers included online lender
Keytrade Bank, German bank Landesbank Nord and the Libyan
Investment Autority fund, Reuters discloses citing Luxembourg
daily Tageblatt.

                 Suspension of Payment Status

On October 9, 2008, the Board of Directors of Kaupthing Bank
Luxembourg SA applied for suspension of payments status with the
Luxembourg District Court sitting in commercial matters.
The bank was granted this status with monitoring of the bank's
management by the administrators.  The Court appointed
PriceWaterhouseCoopers Luxembourg - represented by Mrs Emmanuelle
Caruel-Henniaux - and Mr Franz Fayot, Attorney at law, to act as
the bank's administrators.

               Monitoring of the Bank's Operations

Among other things, the bank has been unable to reimburse its
customers' cash deposits since it was granted suspension of
payment status on October 9, 2008.  Also, the bank is not
authorized to make any other payments unless the administrators
give their prior consent.  As a result, the administrators signed
off on a limited number of transactions in the interest of the
bank's creditors and customers.

Some of those transactions were the subject of judgments by the
Luxembourg District Court sitting in commercial matters.  These
judgments are dated October 29, 2008 and relate to the suspension
of payment status of the Bank and that of another Luxembourg-based
Icelandic bank.

The administrators apply the solutions proposed by the judgments
as they manage the suspension of payment.  These solutions
include:

    * The income made up of securities (such as interest and
      dividends) owned by the bank's customers and the related
      cash are not included in the bank's assets.

    * Those transfer orders and share buy orders which have not
      yet been closed as of the receivership date must be
      canceled.  The related amounts must be credited to the
      relevant customers' accounts.

    * If certain requirements are met, securities, which are not
      subject to a pledge, guarantee or lien, may be
      transferred.

                      Takeover Efforts

The administrators would like to come to a solution which will
enable the bank to remain in business.  This would have the
advantage of putting an end to the suspension of payment status.
To achieve this, the administrators, together with the bank's
management, have facilitated contacts and discussions with
potential buyers about the terms of a potential takeover with
them.

Using a Data Room made available to them by the bank, potential
buyers can have access to the information they need to confirm
their interest and communicate their offers.

Talks with potential buyers are still ongoing.  Making sure the
bank and /or its Belgian and Swiss branches can be taken over is a
key priority for the administrators and for the bank's management.

                    About Kaupthing Bank

Headquartered in Reykjavik, Iceland, Kaupthing Bank --
http://www.kaupthing.com-- is engaged in the provision of
financial services, such as private banking, asset management,
pension services, brokerage services, investment banking, as well
as corporate and retail banking.  The Bank's offer is targeted at
companies, institutional investors and individuals.  The Bank is
operational in thirteen countries, including Luxembourg,
Switzerland, the Nordic countries, the United Kingdom and the
United States.  The main subsidiaries include Kaupthing Singer &
Friedlander and FIH Erhvervsbank.

              About Kaupthing Bank Luxembourg

Kaupthing Bank Luxembourg SA is a unit of Iceland-based Kaupthing
Bank hf.


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


ANGARSKAYA CONSTRUCTION: Irkutsk Bankruptcy Hearing Set Feb. 11
---------------------------------------------------------------
The Arbitration Court of Irkutsk will convene on Feb. 11, 2009, to
hear bankruptcy supervision procedure on LLC Angarskaya
Construction Company (PSRN 1023800515298).  The case is docketed
under Case No. ?19-13196/08-8.

The Temporary Insolvency Manager is:

         Yu. Nikonov
         Dzerzhinskogo Str. 45
         664007 Irkutsk
         Russia


CERAMIC FACTORY LLC: Creditor Must File Claims by February 12
-------------------------------------------------------------
Creditors of LLC Ceramic Factory have until Feb. 12, 2009, to
submit proofs of claims to:

         E. Teplyakov
         Insolvency Manager
         Post user Box 13023
         454091 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk will convene at 2.00 p.m. on
Apr.15, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?76-2007/2008-55-293.

The Debtor can be reached at:

         LLC Ceramic Factory
         Bobrovaya Str. 5
         Kyshtym
         456871 Chelyabinskaya
         Russia


KOKSO-KHIM-MONTAZH: Creditors Must File Claims by February 12
-------------------------------------------------------------
Creditors of OJSC Kokso-Khim-Montazh-Magnitogorsk (TIN
7414001499 ) (Construction) have until Feb. 12, 2009, to submit
proofs of claims to:

         G. Mufazalov
         Insolvency Manager
         Apt. 84
         Shafiyeva Str. 10
         450083 Ufa
         Bashkortostan
         Russia
         Tel: (347) 248-81-17

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?76-2914/2008-36-37.

The Debtor can be reached at:

         OJSC Kokso-Khim-Montazh-Magnitogorsk
         Building 1
         Stalevarov Str. 11
         455038 Magnitogorsk
         Russia


LES-EKSPO-PROM LLC: Creditors Must File Claims by January 12
------------------------------------------------------------
Creditors of LLC Les-Ekspo-Prom (TIN 3823015713) (Forestry) have
until Jan. 12, 2009, to submit proofs of claims to:

         Ye. Romanova
         Insolvency Manager
         Office 802
         Sotsialisticheskaya Str. 74
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Krasnodarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?32-10224/2008-27/377B.

The Debtor can be reached at:

         LLC Les-Ekspo-Prom
         Office 9
         Altayskaya Str. 101
         Novokubansk
         Krasnodarskiy
         Russia


LES-TORG LLC: Creditors Must File Claims by January 12
------------------------------------------------------
Creditors of LLC Les-Torg (Forestry) have until Jan. 12, 2009, to
submit proofs of claims to:

         N. Nikonorov
         Insolvency Manager
         Post User Box 9484
         454092 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?76-6169/2008-55- 102.

The Debtor can be reached at:

         LLC Les-Torg
         Solnechnya Str. 22a/6
         Chelyabinsk
         Russia


SINTEZ-OIL LLC: Creditors Must File Claims by January 12
--------------------------------------------------------
Creditors of LLC Sintez-Oil have until Jan. 12, 2009, to submit
proofs of claims to:

         V. Makov
         Temporary Insolvency Manager
         Apt. 40
         Molodezhnaya Str. 8
         443031 Samara
         Russia

The Arbitration Court of Samaraskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?55-
12356/2008.


SISTEMA-HALS: Moody's Downgrades Corporate Family Rating to 'B3'
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and NSR of Sistema-Hals to B3 from B1 and to Baa3.ru from
A1.ru.  The ratings remain on review for possible downgrade
subject to a resolution of the review for downgrade already
underway relating to Sistema-Hals' parent Sistema Joint Stock
Financial Corporation (Ba3, on review for downgrade).

This action is prompted by continuing concerns arising from the
substantial deterioration that is occurring in the operating
performance and outlook -- as well as expectations that the
challenges the company is facing on the operating performance and
liquidity fronts will continue into 2009 -- as a result of
deteriorating conditions in the Russian real estate sector as
being experienced by the company.  Sistema-Hals ratings were
originally placed on review for downgrade on October 16, 2008 due
to the above concerns.

The rating action takes into account these factors: (i) the
deterioration being reported in financial metrics including
profitability, return on assets, and interest coverage during 2007
and the first 9 months of 2008; (ii) the substantial increase in
aggregate debt levels and leverage in this environment where debt
levels have increased from US$378 million as at the end 2006 to a
forecast US$1.6 billion as at December 2008 in the absence of a
comparable increase in revenue and EBITDA, and (iii) the
expectation that the company will be continuing to report weak
operating performance and negative operating cash flow looking
ahead into 2009.  Moody's regards Sistema-Hals as having now
become even further reliant upon support from its parent, Sistema.
A key consideration in the review - and therefore the continued
direct linkage to the assessment already underway with respect to
Sistema's credit profile - is not only the willingness but also
the capacity of Sistema to provide support in the current market
environment acknowledging the role that Sistema has already played
to date in providing assistance to Sistema-Hals in the
renegotiation of its financing arrangements.

Sistema-Hals last rating action was on October 16, 2008 when the
ratings were placed on review for downgrade.

Sistema-Hals is a 71.1% subsidiary of Sistema JSFC (Ba3, on review
for downgrade) and headquartered in Moscow, Russia, is one of the
leading property developers in Moscow and the Moscow region, with
operations in six regions in Russia as well as Yalta and Kiev in
Ukraine.  During fiscal year 2007, Sistema-Hals reported revenue
of US$452 million and EBITDA of US$64 million (US$163 million
excluding stock-based compensation).  In the first nine months of
2008, the company reported revenue of US$326 million and EBITDA of
US$42.9 million, and a net loss of US$72.5 million.


SLAVYANSKIY MECHANICAL: Creditors Must File Claims by Feb.  12
-------------------------------------------------------------
Creditors of CJSC Slavyanskiy Mechanical Plant have until Feb. 12,
2009, to submit proofs of claims to:

         A. Savelyev
         Insolvency Manager
         Severnaya Str. 309
         Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?32–2248/08–27/57B.

The Debtor can be reached at:

         CJSC Slavyanskiy Mechanical Plant
         Druzhby narodov Str. 13
         Slavyansk-on-Kuban
         Russia


STROY-PROFIL LLC: Creditors Must File Claims by February 12
-----------------------------------------------------------
Creditors of LLC Stroy-Profil (Construction Materials) have until
Feb. 12, 2009, to submit proofs of claims to:

         A. Savelyev
         Insolvency Manager
         Severnaya Str.309
         Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?32–4076/08–1/101B.

The Debtor can be reached at:

         LLC Stroy-Profil
         Voskresenskiy
         Anapskiy
         Krasnodarskiy
         Russia


SURAN MINING: Court Names A. Sayfetdinov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Bashkortostan appointed A. Sayfetdinov as
Insolvency Manager for OJSC Suran Mining Company.  The case is
docketed under Case No. ?07-2455/07-G-NLV.  He can be reached at:

         Bessonova Str. 2B
         450001 Ufa
         Bashkortostan
         Russia


TERMO-STROY-KOMPLEKT 21: Creditors Must File Claims by Jan. 12
--------------------------------------------------------------
Creditors of LLC Termo-Stroy-Komplekt 21 (TIN 2319038436) (Molded
Steel Shape Production) have until Jan. 12, 2009, to submit proofs
of claims to:

         Ye. Romanova
         Insolvency Manager
         Office 802
         Sotsialisticheskaya Str. 74
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Krasnodarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?32-2487/08-38/68B.

The Debtor can be reached at:

         LLC Termo-Stroy-Komplekt
         Shosseynaya Str. 2
         Sochi
         Krasnodarskiy
         Russia


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


IM SABADELL: Moody's Assigns Ba2 Rating on EUR121.8 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned these ratings to the debt
issued by IM Sabadell Empresas 3, FTA:

  -- Aaa to the EUR1,409.4 million Series A notes;
  -- A3 to the EUR208.8 million Series B notes; and
  -- Ba2 to the EUR121.8 million Series C notes.

IM Sabadell Empresas 3, FTA is a securitization fund created with
the aim of purchasing a pool of loans granted by Banco de
Sabadell, S.A. (Aa3/P-1/B-) to Spanish enterprises and self-
employed individuals, out of the scope of any public guarantee
programme.

According to Moody's, this deal benefits from strong features,
including: (i) a strong swap agreement guaranteeing an excess
spread of 0.25%; (ii) an excess spread-trapping mechanism through
a 12-month "artificial write-off"; (iii) a reserve fund that will
be fully funded upfront to cover a potential shortfall in interest
and principal; (iv) a trigger whereby if Banco de Sabadell's
rating falls below Baa3, a back-up servicer is appointed; and (v)
eligibility criteria that will limit the amount of loans in
arrears (up to 30 days) at closing date and will prevent the
securitization of loans corresponding to the restructuring or
refinancing of debts.

However, Moody's notes that the deal also has weaknesses,
including: (i) high borrower concentration, with the top borrower
representing 9.35% of the issuance amount; (ii) lack of pool
information to assess the pool concentration by group of borrowers
and the occupancy type of mortgaged properties; (iii) regional
concentration in Catalonia (40%); (iv) the deferral of interest
payments on each of Series B and C, which increases the expected
loss on these subordinated series; and (v) the pro-rata
amortization of the B and C Series of notes, which leads to
reduced credit enhancement of the senior series in absolute terms.
These features were reflected in Moody's credit enhancement
calculation.

As of November 2008, the provisional pool of underlying assets
comprised a portfolio of 4,665 loans granted to 4,327 borrowers,
all of which are Spanish corporates or self-employed individuals.
The loans were originated between 1998 and September 2008, and
have a weighted-average seasoning of 2.0 years and a weighted-
average remaining term of 9.2 years.  The weighted-average
interest rate is 5.7%, with the majority of the loans linked to
floating reference rates.  49.5% of the outstanding of the
portfolio is secured by a first-lien mortgage guarantee over
different types of properties (25% residential properties and 9%
land), with a weighted-average loan to value equal to 52%.
Geographically the pool is concentrated in Catalonia (40%), a
natural consequence of the location of the originator.  The pool
is around 39% concentrated in the "buildings and real estate"
sector according to Moody's industry classification.

Moody's has based the ratings primarily on these factors: (i) an
evaluation of the underlying portfolio of loans; (ii) historical
performance and other statistical information; (iii) the swap
agreement hedging the interest rate risk; (iv) the credit
enhancement provided through the GIC accounts, the excess spread,
the reserve fund and the subordination of the notes; and (v) the
legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (October 2044).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par with respect to the notes on or before
the final legal maturity date.  Moody's ratings address only the
credit risks associated with the transaction. Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.

Moody's initially analyzed and monitors this transaction using the
rating methodology for European SME securitizations as described
in the Rating Methodology reports "Moody's Approach to Rating
Granular SME Transactions in Europe, Middle East and Africa", June
2007 and "Moody's Approach to Rating CDOs of SMEs in Europe",
February 2007.  Date of previous rating action: assignment of
provisional ratings on the December 18, 2008.


KING STURGE: Spanish Unit to Enter Into Administration
------------------------------------------------------
Jonathan Brasse at Property Week reports that King Sturge
International LLP applied to the Spanish courts to allow its
Spanish unit King Sturge Espana to enter into administration
proceedings.

Property Week relates an administrator is expected to be appointed
by the new year.

Richard Batten, joint senior partner at King Sturge LLP, as cited
by the report, said the Spanish arm had relied too heavily on fees
from development-related services such as project management and
agency on completed developments.

Property Week discloses the company's turnover fell to just EUR2.7
million (GBP2.4 million) for the six months to October, compared
with EUR18 million (GBP16.1 million) a year over the previous
three years.

Mr. Batten added the company, which is 75%-owned by King Sturge
International LLP, has bank debts that are due to be repaid,
although he declined to state how much was owed, and to whom,
Property Week discloses.

"There are ongoing discussions with these banks and we are trying
to arrive at a solution going forward," Mr. Batten was quoted by
Property Week as saying.

According to Property Week, a cash injection of about EUR3 million
(GBP2.7 million) would have been needed to keep the business going
but the shareholders could not reach an agreement.

Property Week recounts King Sturge Espana general manager Sergio
Martinez, who holds a 25% stake in the company, quit his post.  He
has been replaced with Lucio Gomez, Property Week notes.

                About King Sturge International LLP

King Sturge International LLP -- http://www.kingsturge.co.uk/--
provides property services to owners and occupiers in the UK
industrial, office, retail and leisure and residential sectors
through over 1,400 people in 26 locations.

The company's services include agency, asset management, building
consultancy, business recovery, corporate
real estate services, investment, landlord and tenant, planning
and valuations.   It also offers a complete range of financial
services to the property sector and plant & machinery
valuations and sales.

                    About King Sturge Espana

King Sturge Espana -- http://www.kingsturge.es/en/-- employs a
staff of 150 property consultants in five offices across Spain -
Madrid, Barcelona, Valencia, Getafe and Tarragona.


TDA CCM: Moody's Assigns Ba3 Rating on EUR100MM Series C Notes
--------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
the debt issued by the Spanish securitization fund TDA CCM
EMPRESAS 1, Fondo de Titulizacion de Activos:

  -- Aaa to the EUR240.0 million Series A notes;
  -- A3 to the EUR60.0 million Series B notes;
  -- Ba3 to the EUR100.0 million Series C notes;

TDA CCM EMPRESAS 1, FTA is a securitization fund created to
purchase a pool of loans granted by Caja Castilla-La Mancha to
Spanish corporates. This is the first SME transaction launched by
CCM.

In Moody's view, the strengths of this transaction include, among
others: (i) a swap agreement guaranteeing the weighted-average
margin on the notes plus an excess spread of 0.50%; (ii) a 27.5%
reserve fund, which can be used to cover potential interest and/or
principal shortfalls; this reserve has a liquidity ledger that
provides liquidity protection to the structure; (iii) a
commingling reserve equal to 5% of the initial portfolio; and (iv)
the triggers in place to mitigate servicer disruption risk.
However, Moody's notes that the transaction includes several
challenging features, namely: (i) the obligor concentration of the
portfolio, with the top debtor accounting for 7.72%; (ii)
geographical concentration in the regions of Madrid and Albacete;
(iii) exposure to the building and real estate sector; (iv) pro-
rata amortization of the notes; and (v) the negative impact of the
interest deferral trigger on the subordinated series.  These risks
were taken into account in the credit enhancement calculation.

As of December 2008, the provisional pool of underlying assets
comprised a portfolio of 3,625 loans and leases granted to 3,053
borrowers. 100% of the loans hold a personal guarantee.
Geographically, the pool is concentrated in Madrid (29%) and
Albacete (21%), and around 45% of the portfolio is concentrated in
the "buildings and real estate" sector according to Moody's
industry classification.  At closing, the management company will
determine the final portfolio based on a random selection, after
having eliminated receivables that are more than 30 days in
arrears.

Moody's initially analyzed and monitors this transaction using the
rating methodology for EMEA SME ABS transactions as described in
the Rating Methodology report, June 2007.  Moody's based the
provisional ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance and
bank internal information; (iii) the swap agreements hedging the
interest rate risk; (iv) the credit enhancement provided by the
reserve fund, the subordination of the notes, and the excess
spread; and (v) the legal and structural integrity of the
transaction.

The ratings address the expected loss posed to investors by the
legal final maturity (February 2029).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on or before the final legal maturity date.
Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.
Date of previous rating action: Assignment of provisional ratings
on the December 17, 2008.


===========
S W E D E N
===========


FORD MOTOR: Moody's Lowers Ratings Deeper Into Junk Territory
-------------------------------------------------------------
Moody's Investors Service lowered the Corporate Family Rating and
Probability of Default Rating of Ford Motor Company to Caa3 from
Caa1 and lowered the company's Speculative Grade Liquidity rating
to SGL-4 from SGL-3.  The outlook is negative.  The downgrade
reflects the increased risk that Ford will have to undertake some
form of balance sheet restructuring in order to achieve the same
UAW concessions that General Motors (GM) and Chrysler are likely
to achieve as a result of the recently-approved government bailout
loans.  Such a balance sheet restructuring would likely entail a
loss for bond holders and would be viewed by Moody's as a
distressed exchange and consequently treated as a default for
analytic purposes.

Bruce Clark, Senior Vice President with Moody's said, "In return
for its loans to GM and Chrysler, Washington is going to demand
that all stake holders step up and make sacrifices.  This will
mean wage and benefit concessions from the UAW, and haircuts to
debt for creditors."  Clark went on to explain, "Even if Ford ends
up not needing government loans because of its stronger liquidity
position, the company must have UAW parity with GM and Chrysler.
But, the UAW is unlikely to make concessions to Ford unless Ford's
creditors also bear some pain in the form of a debt
restructuring."

The terms of the recently-approved US$17.4 billion in short-term
government financing for GM and Chrysler include important
operational and financial targets.  Substantial progress in
achieving these targets will be important to: the government's
decision to extend these loans beyond March 31, 2009; the
provision of any additional funds that might be needed; and, the
restoration of the companies' operational competitiveness.  These
targets include substantial wage and benefit concessions by the
UAW and a reduction in debt by as much as two-thirds through a
debt for equity exchange. Moody's expects that considerable
progress will be made in both of these targeted areas.

Ford has maintained that it is not facing a near-term liquidity
shortfall, and it is not seeking short-term financial assistance
from the government.  Rather, it has requested the provision of up
to US$9 billion in bridge financing that would be available should
market and demand conditions during 2009 be worse than the company
anticipates.  Nevertheless, if GM and Chrysler achieve UAW
concessions in conjunction with a forced reduction in debt,
Moody's believes it will be critical for Ford to obtain similar
labor concessions in order to remain competitive.  However, Ford
is unlikely to receive those concessions in the absence of some
form of debt reduction that would entail a loss to bond holders.

Moody's expects that the framework of the government loans
extended to GM and Chrysler will create considerable labor and
cost of capital motivations for Ford to undertake a debt
restructuring even if the company does not have to draw on bailout
funds from the government.  Moreover, it is possible that the
provision of the committed borrowing facility that Ford is
requesting from the government could have labor concession and
debt reduction provisions similar to those contained in the loans
granted to GM and Chrysler.

Ford's liquidity position at September 30, 2008 consisted of
US$18.9 billion in cash and US$10.7 billion in undrawn committed
credit facilities.  The company believes that this liquidity
profile, combined with the cash saving initiatives it is
undertaking, should enable it to fund itself through 2009.
However, the weak outlook for the US economy, depressed consumer
confidence, and falling automotive demand in the US and Europe
could severely strain the company's liquidity position during
2009.  Ford's current operating plan anticipates that US light
vehicle sales will approximate 12.2 million units during 2009.
This planning assumption is significantly higher than the 10.3
million seasonally adjusted annual rate of US automotive shipments
for November.  As a result of these mounting operating pressures
Ford's Speculative Grade Liquidity rating was lowered to SGL-4,
indicating weak liquidity during the coming 12 to 15 months.
These same operating pressures result in the negative rating
outlook.

The last rating action on Ford was an affirmation of the company's
Caa1 Corporate Family Rating on December 3, 2008.

The principal methodology used in rating Ford was Moody's Global
Automotive Manufacturer Methodology, which can be found at
http://www.moodys.comin the Credit Policy & Methodologies
directory, in the Ratings Methodologies subdirectory.  Other
methodologies and factors that may have been considered in the
process of rating this issuer can also be found in the Credit
Policy & Methodologies directory."

Ford Motor Company, headquartered in Dearborn, MI, is a leading
global automotive manufacturer.


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


ACEVANTAGE MANAGEMENT: Creditors Must File Claims by Jan. 1
-----------------------------------------------------------
Creditors owed money by LLC ACEvantage Management Beratung are
requested to file their proofs of claim by Jan. 1, 2009, to:

         Marcus Johannes Meissner
         Liquidator
         Sommerhaldenstrasse 19B
         5405 Baden-Dattwil
         Switzerland

The company is currently undergoing liquidation in Baden.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 17, 2008.


AUF DEM STEI: Deadline to File Proofs of Claim Set Jan. 1
---------------------------------------------------------
Creditors owed money by LLC Auf dem Stei are requested to file
their proofs of claim by Jan. 1, 2009, to:

         Zwislenstrasse 15
         9056 Gais
         Switzerland

The company is currently undergoing liquidation in Gais.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 13, 2008.


CRYSTAL CREDIT: S&P Puts All Ratings on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
all the classes of principal-at-risk variable-rate notes issued by
Crystal Credit Ltd., due to concerns about the potential
deterioration in claim activity and potential increase in
aggregate losses in that deal.

This transaction involves the securitization of payments related
to an indemnity-based excess-of-loss retrocession agreement
between Swiss Re and Crystal Credit, covering the risk on a
defined portfolio of credit reinsurance treaties for the
underwriting years 2006 to 2008.

Given the stresses observed in the macroeconomic environment and
an increase in overall claim activity, S&P is cautious about the
level of aggregate losses.  In S&P's view, Swiss Re's recent
decision to extend the maturity of the notes, coupled with S&P's
macroeconomic forecasts, indicates that potential losses may be
higher than S&P expected.  As such, S&P is placing all classes of
notes on CreditWatch negative until S&P receive from Swiss Re
additional data on the performance of 2008 to date.

S&P expects to receive the 2008 performance information in Q1
2009.  S&P will then factor this into its analytical process when
resolving the CreditWatch placements.

The current ratings reflect the underlying quality of the defined
portfolio of credit reinsurance treaties and the structural
features that address the financial ability of the issuer to meet
full and timely payment of interest and ultimate payment of
principal on all classes of notes.

                           Ratings List

              Ratings Placed On CreditWatch Negative
                       Crystal Credit Ltd.

       EUR252 Million Principal-At-Risk Variable-Rate Notes

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



GENERAL MOTORS: To Mull Alternatives for Saturn, May Sell Brand
---------------------------------------------------------------
Sharon Terlep at Dow Jones Newswires reports that General Motors
promised to explore alternatives for its Saturn brand, including
joining it with another automaker, selling it, or closing the
brand, as part of the restructuring plan the company rolled out to
secure federal loans.

GM's sales chief Mark LaNeve, to try to minimize speculation that
the company will kill the Saturn brand, said on Monday that GM is
focused on finding a new business model for the "money-losing
lineup," promising aggressive incentives beginning in January to
move 2009 cars and trucks, Dow Jones relates.

According to Dow Jones, GM launched the Saturn brand in 1985 to
battle Toyota Motor Co. and Honda Motor Corp.  Dow Jones says that
despite major investments from GM and an all-new lineup of
vehicles, Saturn has struggled with "red ink" and dropping sales
for years.

Dow Jones quoted Mr. LaNeve as saying, "We have a very successful
consumer brand with Saturn.  We need to find the right business
model.  We are completely behind Saturn."  GM has received
hundreds of letters from Saturn clients supporting the brand, the
report states, citing Mr. LaNeve.

Mr. LaNeve, according to Dow Jones, said that the franchise
agreements GM has with Saturn dealers gives the automaker more
freedom to restructure the brand.

GM is concentrating on clearing its 2007 and 2008 model-year
vehicles from showrooms by year-end, so that the company would be
able to make discounts on 2009 vehicles, Dow Jones says, citing
Mr. LaNeve.  The report quoted Mr. LaNeve as saying, "We need to
sell to generate cash.  We will be aggressive," on incentives.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


GENERAL MOTORS: Fitch Downgrades IDR to 'C'; Default Imminent
-------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of General
Motors Corporation to 'C', indicating that default is imminent.

The rating action reflects the terms of federal government
assistance that were announced, which include a reduction in the
company's current debt load.  Debt reduction is expected to take
the form of a distressed debt exchange, which is a default under
Fitch's methodology, although how the exchange is to be
accomplished remains highly uncertain.

The ability of GM to use equity to address debt and VEBA
obligations is very limited given the size of the obligations and
GM's current market capitalization.  The threat of a bankruptcy
remains, given the terms of the federal assistance, and the
maturity.  Fitch expects the current agreement will be
significantly restructured prior to its maturity.

Recovery ratings for unsecured holders could move down further
from current estimates of 10%-30%.  Under GM's plan, unsecured
holders could lose 50% immediately under a distressed debt
exchange.  Recoveries will also be impaired by the potential
elimination of any remaining value ascribed to GM's equity
interest in GMAC, and the fact that government loans (or loan
guarantees) will be placed in a senior position to exiting
unsecured debt.  Changes to other liabilities, such as health
care, and other changes to GMs cost structure will also be
factored into the recovery analysis as details become available.

Fitch has downgraded these ratings:

General Motors Corporation

-- IDR to 'C' from 'CCC';
-- Senior secured to 'CCC/RR1' from 'B/RR1';
-- Senior unsecured to 'C/RR5' from 'CCC-/RR5'.

General Motors of Canada Ltd.

-- Long-term IDR to 'C' from 'CCC';
-- Senior unsecured to 'C/RR5' from 'CCC-/RR5'.


INTERPLANO JSC: Creditors Have Until Jan. 1 to File Claims
----------------------------------------------------------
Creditors owed money by JSC Interplano are requested to file their
proofs of claim by Jan. 1, 2009, to:

         Franziska Horber-Stadlin
         Liquidator
         Gartenstrasse 2
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 11, 2008.


KEBAPHAUS HONGG: Proofs of Claim Filing Deadline is Jan. 1
----------------------------------------------------------
Creditors owed money by LLC Kebaphaus Hongg are requested to file
their proofs of claim by Jan. 1, 2009, to:

         Uste Aziz
         Im Rank 6
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 11, 2008.


UBS AG: To Liquidate Two Spanish Hedge Fund Units
-------------------------------------------------
Victor Mallet at the Financial Times reports that UBS AG plans to
liquidate its hedge fund investment vehicles in Spain.

According to the FT, UBS is winding up its funds, UBS Alpha Select
Hedge and UBS Stable Growth, after the global financial crisis hit
the two-year-old hedge fund sector in the country and generated
intense public suspicion about wealth managers in general.

UBS Alpha Select Hedge was established in 2007 while UBS Stable
was established in 2008, the FT discloses.

"It's only in Spain and the reason is the repayments we've had to
make and the liquidity conditions in the market," Monica Garay,
UBS chief executive in Spain, told the FT.

Ms. Garay, however, stressed that the liquidation was unconnected
to the suspected US$50 billion investment fraud by Bernard Madoff
in New York, the FT relates.  She said
UBS-managed funds were not exposed to Mr. Madoff either in Spain
or elsewhere.

The FT meanwhile notes several other Spanish hedge fund units have
been closed or reduced in size in recent months.

                         About UBS AG

Based in Zurich, Switzerland, UBS AG -- http://www.ubs.com/--
is a global provider of financial services for wealthy clients.
UBS's financial businesses are organized on a worldwide basis
into three Business Groups and the Corporate Center.  Global
Wealth Management & Business Banking consists of three segments:
Wealth Management International & Switzerland, Wealth Management
US and Business Banking Switzerland.  The Business Groups
Investment Bank and Global Asset Management constitute one
segment each.  The Industrial Holdings segment holds all
industrial operations controlled by the Group.  Global Asset
Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


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


PETROL OFISI: Fitch Affirms Issuer Default Ratings at 'BB-'
-----------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Petrol Ofisi A.S.'s Long-
term local and foreign currency Issuer Default ratings at 'BB-'
(BB minus).  Fitch has also affirmed POAS's National Long-term
rating at 'AA-(AA minus)(tur)'.  The Outlooks on all Long-term
ratings are Stable.  Fitch has also simultaneously affirmed the
senior unsecured rating on the US$175 million notes issued by
POAS's 100%-owned and guaranteed subsidiary, PO Oil Financing Ltd,
at 'BB-' (BB minus).

The ratings reflect POAS's leading market position in the Turkish
fuel distribution market (30% market share in diesel sales and 24%
in gasoline sales), strong and relatively resilient profit
margins, solid free cash flow and low financial leverage.  The
ratings also incorporate POAS's strong position in fuel storage
(25% of domestic capacities).  This enables the company to import
a substantial proportion of its product volumes and achieve cost-
and working capital-related benefits of imported fuels, when
compared to purchases from sole domestic refining company Turkiye
Petrol Rafinerileri A.S. (TUPRAS, Long-term local currency rating
of 'BBB-'/Stable).  The ratings also take into account
management's plan to increase capital expenditure in the next five
years, focusing on petrol station network expansion and
modernization, fuel terminals and selected acquisitions in the oil
exploration and production segment.  The ratings are constrained
by the company's high exposure to foreign currency risk given its
short position in US$.

Within its strategy of becoming a vertically integrated regional
energy player, POAS plans to build a large 10 million tones per
annum refinery in Ceyhan, Turkey's energy hub.  This US$3 billion-
US$4 billion project will be conducted together with POAS's two
owners, Dogan Sirketler Grubu Holding A.S. and Austria's OMV AG
('A-'/Stable), who are expected to provide most of the project-
related funding.  The agency notes that POAS, on a standalone
basis, does not have the financial capacity to fund a substantial
part of the refinery project.  Fitch will analyze the impact of
the refinery project on POAS's ratings once the financial
structure of the transaction is unveiled.  Fitch notes that the
refinery project may be delayed as the license application process
by the Energy Market Regulatory Authority is still pending.  In
addition, the impact of the current global financial crisis and
expectations of a weaker market environment for refining companies
may put this project, as well as two competitive refinery projects
in Turkey, on hold.  The company reported solid cash flow in the
first nine months of 2008.  EBITDA was up by 37% due to higher
distribution margins and increased volumes as growth in diesel and
jet fuel more than offset declining petrol volumes.

The company has sufficient liquidity - at end-September 2008 it
had cash of TRY777 million against short-term debt of TRY358
million.  POAS does not have committed bank lines, which is common
for Turkish corporates.  As a result of its substantial cash
position, POAS decided to redeem the US$175 million 5-year
Eurobond in December 2008 ahead of its maturity in July 2009.
Liquidity related to outstanding letters of credit is largely
covered by inventories and trade receivables.  POAS's net
debt/EBITDA was relatively stable in the past two years.  It stood
at 0.5x at end-September 2008, up from 0.4x at YE07.


SEKERBANK TAS: Fitch Affirms Individual Rating at 'D'
-----------------------------------------------------
Fitch Ratings has affirmed Turkey-based Sekerbank T.A.S.'s Long-
term foreign and local currency and Short-term foreign and local
currency Issuer Default Ratings at 'B', respectively.  The agency
has simultaneously affirmed Sekerbank's National Long-term rating
at 'BBB+(tur)', Individual 'D', Support '5' and Support Rating
Floor at 'NF'.  The Outlooks for the Long-term IDRs and National
Long-term rating are Stable.

Sekerbank's ratings reflect a high cost base which constrains
profitability, and rapid loan growth which may lead to a
deterioration in asset quality.  These factors are counterbalanced
by declining, though still adequate, capitalization, improved risk
management controls and a well diversified core deposit base.

The bank's operating profitability remained moderate in Q308,
mainly due to a high cost base and growing loan impairment
charges, despite strong margins.  The high cost base is mainly a
reflection of low customer penetration at Sekerbank's large branch
network which is due to the bank's focus on small-sized and micro
businesses which are more labor intensive to manage compared to
corporate and commercial lending.  The loan portfolio is dominated
by short-term Turkish lira SME loans.

The impaired loan ratio improved to 3.55% at end-Q308, mainly due
to substantial write-offs, collections, and also aided by loan
growth.  Reserve coverage remained strong at 110% at end-Q308.
However, the bank's rapid loan growth will increase potential
asset quality risks when loans season, especially in a tougher
economic environment.  The bank's stable, well-diversified core
deposit base remains its main strength and major funding source,
which also serves to partly mitigate liquidity risk.  Fitch
eligible capital equaled 14.30% of weighted risk at end-Q308,
mainly reflecting strong growth in risk weighted assets and also
additional regulatory capital charges.

Sekerbank envisages slower loan growth of 15% in 2009 and plans to
increase paid-in capital by TRY100 million in H109.  Sekerbank's
adequate capitalization provides a buffer against potential risks
which might arise from recent rapid loan growth and a volatile
operating environment.

The bank's pension fund and TuranAlem Securities JSC of Kazakhstan
have each held 33.98% of Sekerbank's shares since March 2007.  The
remaining shares are publicly held.  Sekerbank, which provides a
full range of banking services through its 250 branches, has
increasingly focused on SMEs, including micro borrowers and
agricultural customers, and retail lending.


TURKIYE PETROL: Fitch Affirms LT Foreign Currency IDR at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Petrol Rafinerileri A.S's Long-
term local currency Issuer Default rating at 'BBB-' (BBB minus)
and Long-term foreign currency IDR at 'BB' (the latter is capped
by the Country Ceiling of Turkey).  The Outlooks for both Long-
term ratings are Stable.  The National Long-term rating is also
affirmed at 'AAA(tur)' with a Stable Outlook.

The ratings reflect TUPRAS's leading position in the Turkish oil
refining and marketing sector, refining margins that exceed
regional benchmarks, its strong position in Turkey's storage
market, solid cash flow from operations, and also its prudent
financial policy that is reflected in low financial leverage.  The
ratings are constrained by TUPRAS's generous dividend policy,
substantial capex program (largely related to a delayed coker
project) and its exposure to foreign currency risk given the
company's short position in the US dollar.

Fitch expects that the US$1.6 billion delayed coker project, which
TUPRAS plans to fund primarily with debt, as well as other
investments, will result in higher financial leverage in the next
five years.  However, the agency anticipates that leverage will
peak at around 1.0x net debt to EBITDA in 2011-2012 (assuming
similar market conditions as in 2008), which it still considers
commensurate with TUPRAS's rating level given the company's
business profile.   In addition, the coker project, once completed
in 2013, will enhance the company's business profile due to an
improvement in the refining product mix (particularly as a result
of increased production of diesel) and stronger EBITDA, which will
likely have a positive impact on the credit profile.

The ratings also take into account high business risks in the
refining sector given its cyclicality and capital intensity.  The
agency expects the market environment for refiners in Europe to
worsen in 2009 and 2010 as the global economic slowdown and new
refining capacity coming on stream will impact refining margins,
which have remained strong since 2004.

The company's solid cash flow generation, partly driven by its
strong domestic position in the refining sector as the sole
refiner, may weaken when new refining capacity is commissioned in
Turkey in the next 5-10 years.  There are currently three large
refinery projects planned with total refining capacity of around
35 million tones per annum compared to TUPRAS's existing capacity
of 28.1 mpta.  The new refineries planned to be built in Ceyhan
are expected to sell refined products on the undersupplied
domestic market and also export markets.  Fitch believes that the
impact of the current global financial crisis and expectations of
a weaker refining market environment may put some of those
projects on hold.

TUPRAS has sufficient liquidity - as at end-September 2008 its
short-term debt of TRY309 million was comfortably covered with
cash of TRY487 million.  The company does not have committed bank
facilities, which is common among Turkish corporates.  Its net
debt to EBITDA ratio stood at a solid 0.1x at end-September 2008.


VESTEL ELEKTRONIK: S&P Cuts LT Corporate Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Turkey-based consumer electronics
and white goods manufacturer Vestel Elektronik Sanayi Ve Ticaret
A.S. to 'B-' from 'B'.  The outlook is negative.

At the same time, S&P lowered the issue rating on the US$225
million
guaranteed notes issued by Vestel Electronics Finance Ltd. to 'B-'
from 'B', in line with the corporate credit rating.  The notes
carry a recovery rating of 4, indicating S&P's expectation of
average (30%-50%) recovery in the event of a payment default.
At Sept. 30, 2008, Vestel had gross unadjusted debt of about
US$543 million.

"The downgrade reflects Vestel's continued low headroom under its
financial covenants in a very difficult operating environment,
including in the key business of TV exports to the EU," said
Standard & Poor's credit analyst Patrice Cochelin.

The rapid demand shift to flat (liquid crystal display, or LCD,
and plasma) TVs away from cathode ray tube based models continues
to challenge Vestel's volume growth.  Vestel's competitive and
flexible manufacturing base and the Turkish lira's recent
weakening against the euro should continue to support the
company's competitiveness, however.  Support from diversified
group Zorlu (not rated), Vestel's owner, could become increasingly
important, including through a planned TRY160 million restricted
cash rights issue, for which Vestel is awaiting regulatory
approval.  The rights issue would be a positive development for
Vestel's credit quality.

"The negative outlook reflects S&P's concerns about the group's
trading prospects, weak margins, and tight liquidity," said Mr.
Cochelin.

S&P could lower the ratings if the company's liquidity position
does not rapidly improve.

S&P would deem any discounted exchange offer for the US$225
million bonds -- currently trading at low levels -- as distressed
given the company's weak liquidity and deteriorating trading
environment.  The execution of distressed exchange offers are
tantamount to default under S&P's criteria.  It should be noted
that S&P has no indication that Vestel's management intends to
explore such a route, but also that many low-rated companies have
recently executed or considered discounted exchange offers.

S&P could revise the outlook to stable if Vestel uses proceeds
from the planned TRY160 million cash rights issue from Zorlu
Holding for gross debt reduction -- notably reducing its reliance
on short-term funding -- and improves covenant headroom.


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


AKTAR LLC: Creditors Must File Claims by January 4
--------------------------------------------------
Creditors of LLC Aktar (EDRPOU 32536938) have until Jan. 4, 2009,
to submit proofs of claim to:

         Mrs. Helen Fink
         Liquidator / Insolvency Manager
         Apt. 322
         Panphilov avenue, 1
         83048 Donetsk
         Ukraine

The Arbitration Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 42/156b.

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Aktar
         Ovnatanian Str. 4
         83017 Donetsk
         Ukraine


AVT COURIER: Creditors Must File Claims by January 4
----------------------------------------------------
Creditors of LLC AVT Courier (EDRPOU 32524063) have until Jan. 4,
2009, to submit proofs of claim to:

         Mrs. Zhanna Efremova
         Liquidator
         Apt. 89
         Lesnoy avenue, 15
         Kiev
         Ukraine


The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 20, 2008.
The case is docketed as 44/405-b.

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

The Debtor can be reached at:

         LLC AVT Courier
         Volgogradskaya Str. 41-A
         03141 Kiev
         Ukraine


BROCARD LLC: Creditors Must File Claims by January 4
----------------------------------------------------
Creditors of LLC Brocard (EDRPOU 31976799) have until Jan. 4,
2009, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Arbitration Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 3, 2008.
The case is docketed as 2/217-08-4995.

The Debtor can be reached at:

         LLC Brocard
         Black See Kosatstvo Str. 72
         Odessa
         Ukraine


ENERGYTRANSINVEST CJSC: Creditors Must File Claims by Jan. 3
------------------------------------------------------------
Creditors of CJSC Corporation Energytransinvest (EDRPOU 32209097)
have until Jan. 3, 2009, to submit proofs of claim to:

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

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 19, 2008.
The case is docketed as 23/155-b.

The Debtor can be reached at:

         CJSC Corporation Energytransinvest
         Kikvidze Str. 18-A
         01103 Kiev
         Ukraine


GOROKHOV BREADRECEIVING: Creditors Must File Claims by Jan. 4
-------------------------------------------------------------
Creditors of OJSC Gorokhov Breadreceiving Enterprise have until
Jan. 4, 2009, to submit proofs of claim to:

         State Tax Inspection in Gorokhov District
         Liquidator:
         Zelenaya Str. 4
         Gorokhov
         45700 Volin
         Ukraine
         Tel: 0337921334


The Arbitration Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 20, 2008.
The case is docketed as 1/137-B.

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Debtor can be reached at:

         OJSC Gorokhov Breadreceiving Enterprise
         Privokzalnaya Str. 17
         Marianovka
         Gorokhov
         Volin
         Ukraine


NOVOSELITSA FOOD: Creditors Must File Claims by January 3
---------------------------------------------------------
Creditors of OJSC Novoselitsa Food-Flavouring Plant (EDRPOU
00380913) have until Jan. 3, 2009, to submit proofs of claim to:

         Mr. Rabaniuk Victor
         Liquidator
         Zalozetsky Str. 38/1
         58022 Chernovcy
         Ukraine
         Tel: 8(095)362-6813

The Arbitration Court of Chernovcy commenced bankruptcy
proceedings against the company after finding it insolvent on Nov.
24, 2008.  The case is docketed as 10/159/B.

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

The Debtor can be reached at:

         OJSC Novoselitsa Food-Flavouring Plant
         Lenin Str. 93
         Novoselitsa
         63000 Chernovcy
         Ukraine


TECHNOPLAST-007 LLC: Creditors Must File Claims by January 3
------------------------------------------------------------
Creditors of LLC Company Technoplast-007 (EDRPOU 35700798) have
until Jan. 3, 2009, to submit proofs of claim to:

         LLC Special Technology-XXI
         Liquidator
         Apt. 173
         Barabashov Str. 46
         61168 Kharkov
         Ukraine
         Tel: 8(097)4757686

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Nov. 26, 2008.
The case is docketed as B-39/156-08.

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Company Technoplast-007
         Krasnoshkolnaya naberezhnaya Str. 16
         61010 Kharkov
         Ukraine


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


BETTER REMOVALS: Appoints Joint Liquidators from Tenon Recovery
---------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Better Removals Ltd. on Dec. 2, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


CORIOLANUS LIMITED: Moody's Cuts Rating on US$10 Mln Notes to Caa2
------------------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of notes issued by Coriolanus Limited.

The transaction is a managed synthetic CDO referencing a pool of
131 corporate names.

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 September 15, 2008; Fannie Mae
and Freddie Mac, which were placed into the conservatorship of the
U.S. government on September 8, 2008; and three Icelandic banks,
specifically Kaupthing Bank hf, Landsbanki Islands hf, and Glitnir
Banki hf.  The transaction also has a significant exposure to
other corporate names which continue to deteriorate in the current
economic environment.  This will weigh on the ratings of the
tranches in this transaction.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports:

  -- Moody's Approach To Rating Synthetic CDOs (July 2003)

  -- Moody's Revisits Its Assumptions Regarding Corporate Default
     (and Asset) Correlations for CDOs (November 2004)

  -- Understanding Collateral Risks of Funded Synthetics in CDOs
     (June 2006)

The rating action is:

Coriolanus Limited:

(1) The Series 71 US$10,000,000 Floating Rate Secured Portfolio
Credit-linked Notes due June 2017

  -- Current Rating: Caa2
  -- Prior Rating: Aa3
  -- Prior rating action: 15 August 2007, assigned Aa3


CRUST LANE: Brings in Joint Liquidators from Baker Tilly
--------------------------------------------------------
Peter John Robertson Souster and Michael Rollings of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators of
Crust Lane Davis LLP on Dec. 5, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached through Baker Tilly Restructuring and
Recovery LLP at:

         5 Old Bailey
         London
         EC4M 7AF
         England


DUNCANNON CRE: S&P Cuts Ratings on Cl. E1 and E2 Notes to Low-B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit ratings on the class A to E-2
notes issued by Duncannon CRE CDO I PLC due to collateral
performance concerns.  The ratings on the class X and RCF notes
remain unaffected.

The notes were issued in 2007 and were used to acquire a portfolio
of loans backed by pan-European commercial real estate.  The
portfolio has a concentration of junior debt, representing 55% of
the loans by principal balance outstanding.  Approximately 40% of
the portfolio by balance is secured by assets located in the U.K.
The rating actions are the result of S&P's increased concerns
about the future performance of the underlying collateral given
the portfolio's exposure to junior debt and the U.K. property
market.

S&P expects to publish a full report in the early part of 2009.
Ratings List

                     Duncannon CRE CDO I PLC
    EUR808.75 Million Senior And Mezzanine Deferrable-Interest
                       Floating-Rate Notes

        Ratings Lowered And Placed On CreditWatch Negative

                                  Ratings
                                  -------
             Class        To                  From
             -----        --                  ----
             A            AA/Watch Neg        AAA
             B            A/Watch Neg         AA
             C1 def       BBB/Watch Neg       A
             C2 def       BBB-/Watch Neg      A-
             D1 def       BB+/Watch Neg       BBB+
             D2 def       BB/Watch Neg        BBB
             D3 def       BB-/Watch Neg       BBB-
             E1 def       B/Watch Neg         BB
             E2 def       B-/Watch Neg        BB-


EVOLUTION MORTGAGE: Taps Joint Liquidators from Tenon Recovery
--------------------------------------------------------------
Peter John Forsey and Nick Simmonds of Tenon Recovery were
appointed joint liquidators of Evolution Mortgage Planning Ltd. on
Dec. 5, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Evolution Mortgage Planning Ltd.
         54 Clarendon Road
         Watford
         WD17 1DU
         England


FREE RADICAL: Goes Into Administration
--------------------------------------
Tanya Holden at thisisnottingham.co.uk reports that computer games
company Free Radical Design has gone into administration.

It is understood the company, which employs 185 people, had been
working on a Star Wars game for LucasArts, but the deal fell
through in October after two years of development, the report
recounts.

The administrators, the report relates, are expected to put the
business up for sale.

"We are very confident that we will achieve a sale if we decide to
market the business," Cameron Gunn, of Resolve Partners, was
quoted by the report as saying.  "It's a testament to the
employees and the regard of the company that a significant
interest has already been shown."

According to the report, a number of publishers have shown an
interest in buying Free Radical Design, although Mr. Gunn would
not disclose what companies had shown an interest in the company,
or how many.

Mr. Gunn, as cited by the report, said "No one has yet been made
redundant and all staff have been paid until the end of December."

Free Radical was founded in 1999 by former Rare developers
including David Doak, Steve Ellis, Graeme Norgate and Karl Hilton.


HOLMES MASTER: S&P Assigns 'BB' Rating on GBP190 Mln Class D Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its credit ratings
to the floating-rate notes series 2008-2 issued by Holmes Master
Issuer PLC.

The notes are a mixture of scheduled amortization and pass-through
notes.

This is Abbey National PLC's 16th issuance from its Holmes Funding
issuance platform, and the sixth issuance out of Holmes Master
Issuer PLC.

This structure provides for the creation of a third reserve if the
CPR is lower than 15%.  The third reserve is funded by funding
available revenue receipts.  The third reserve required level is
0.5% of the class A outstanding (subject to a floor of
GBP1 million).

The issuer issued the notes and lent the proceeds to Holmes
Funding Ltd. under an intercompany loan agreement.  Funding used
the money to acquire part of the seller's share of the trust
property.  Funding pays its obligations to the issuer from the
money it receives for this share in the trust property, allowing
the issuer to meet its obligations.

                          Ratings List

                    Holmes Master Issuer PLC
        GBP9.860 Billion and US$5.425 Million Floating-Rate
         Residential Mortgage-Backed Notes Series 2008-2

          Class          Rating         Amount (Million)
          -----          ------         ---------------
          A1             AAA             GBP2,000.0
          A2             AAA             GBP7,000.0
          A3             AAA             $5,425.0
          B              AA              GBP450.0
          C              BBB             GBP220.0
          D              BB              GBP190.0


KING FINANCE: Calls in Joint Liquidators from Baker Tilly
---------------------------------------------------------
John David Ariel and Susan Maund of Baker Tilly Restructuring and
Recovery LLP were appointed joint liquidators of King Finance Ltd.
on Nov. 28, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Baker Tilly Restructuring and
Recovery LLP at:

         12 Gleneagles Court
         Brighton Road
         Crawley
         West Sussex
         RH10 6AD
         England


LIGHTMAKER MANCHESTER: Peter Gabriel Acquires Assets
----------------------------------------------------
How-Do reports that rock legend and digital pioneer Peter Gabriel
has bought the Manchester site of new media agency Lightmaker out
of administration.

Citing insiders, How-Do relates that the agency, which was put
into administration on December 11, has been struggling over
recent months in the economic downturn, forcing it to close
offices in Scotland, Boston, San Francisco and Melbourne.

Matt Farrar, the managing director of the Manchester outpost of
the agency, however, noted that the new operation although
distinct from Lightmaker, would be retaining the same staff and
building, How-Do discloses.

"The economy has been effecting everyone," Mr. Farrar was quoted
by How-Do as saying.  "It became apparent that it was becoming
harder to chase the funds that were owed to us for the inter-group
work that we had been carrying out… and that made us uneasy about
exactly what was going on."

According to How-Do, the agency struggled to meet wage demands.

Mr. Farrar told How-Do at the end of November he was informed by
HSBC that the agency's funds had run dry and they would not
provide the facility to cover the staff wages.


QUEBECOR WORLD: Appoints Joint Liquidators from Ernst & Young
-------------------------------------------------------------
Ian Best and David Kenneth Duggins of Ernst & Young LLP were
appointed joint liquidators of Quebecor World Plc on Dec. 3, 2008,
for the creditors' voluntary winding-up proceeding.

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

         One Bridewell Street
         Bristol
         BS1 2AA
         England


RANK GROUP: Like-For-Like Revenue Down 7% for 50-Wks Ended Dec. 14
------------------------------------------------------------------
The Rank Group Plc released trading results for the 50 weeks to
December 14, 2008.

                         Group

Rank said "During the 15 weeks to December 14, 2008, we achieved
1% growth in like-for-like revenue.  This period covers Group
trading since the anniversary of the Gambling Act (implemented on
September 1, 2007) and reflects the actions taken in Mecca Bingo
and Grosvenor Casinos to counter the negative effects of the Act.

"For the 50-week period to December 14, 2008, Group like-for-like
revenue declined by 7%, with total revenue down by 5%.  Over the
course of the year, we have reduced operating costs and taken a
number of actions to strengthen the Group's financial position.

                         Mecca Bingo

"During the 15 weeks to December 14, 2008, like-for-like revenue
in Mecca Bingo was in line with the comparable period in 2007,
with a 5% increase in spend per head offsetting a 5% decline in
admissions.

"For the year to week 50, like-for-like revenue declined by 11%
with admissions down by 11% and spend per head up 1% on the first
50 weeks in 2007.

"A statutory order to increase the maximum entitlement of B3
gaming machines (GBP1 maximum stake and GBP500 maximum prize) in
bingo clubs from four to eight was laid before Parliament on 24
November 2008.  We expect to install an additional 300 B3 gaming
machines in our Mecca Bingo clubs, should the provisions of the
order take effect during the first quarter of 2009.

"In addition, the Group continues to seek opportunities to develop
adult gaming centers within Mecca Bingo properties and currently
has 80 operating with a further 10 licenses approved. As a
consequence of this program, we have now deployed more than 310 B3
gaming machines in addition to the 406 in operation at the start
of the year.

                         Top Rank Espana

"Trading at our Spanish bingo clubs business, Top Rank Espana,
remained difficult as a result of high levels of unemployment and
weak consumer confidence in Spain.  In local currency, revenue
declined by 9% for the 15 weeks to December 14, 2008, with
admissions down by 3% and spend per head 6% lower than in the
comparable period in 2007.  This was offset by the strength of the
Euro against Sterling, which resulted in a 4% increase in reported
revenue.

"For the first 50 weeks of the financial year, revenue in local
currency was down 5% with admissions and spend per head both lower
than in 2007.  Reported revenue (Sterling) for the period rose by
6%.

                      Grosvenor Casinos

"During the 15 weeks to December 14, 2008, like-for-like revenue
in Grosvenor Casinos grew by 4%.  Higher average handle and an
improved win margin resulted in a 16% increase in spend per head,
which offset a 12% decline in admissions.

"Our London casinos grew revenue by 8% in the period with
admissions down 3% and spend per head up 11%.  Revenue from our
provincial casinos was down by 1% versus the comparable period in
2007 with a 15% rise in spend per head mitigating a 14% decline in
admissions.

"For the period covering the first 50 weeks of the financial year,
like-for-like revenue declined by 3% with admissions down 14% and
spend per head up 10%.

"At the end of October, we opened the G Casino Aberdeen, our first
casino in Scotland and our sixth in the UK under the G Casino
brand.  During the first quarter of 2009 we will convert our
Bolton casino to the G Casino brand.

                          Blue Square

"During the 15 weeks to December 14, 2008, like-for-like revenue
from Blue Square, our interactive gaming and betting business,
increased by 1%.  The performance of meccabingo.com continued to
drive revenue growth from gaming, although sportsbook remained
disappointing.  For the first 50 weeks of the financial year, Blue
Square's revenue grew by 3%.

"On December 3, 2008, Mark Jones was appointed managing director
of Blue Square.  Mark has considerable experience in online
retail, having founded Online Travel Corporation and been UK
managing director of lastminute.com.

                    Value Added Tax (VAT)

"On November 10, 2008, we received from Her Majesty's Revenue &
Customs (HMRC) GBP59.1 million in overpaid VAT, following the VAT
& Duties Tribunal's ruling in May that the application of VAT to
games of interval bingo contravened European Union law. The
benefit will be partially offset by higher gross profits tax and
associated costs.

"Also as a result of the Tribunal's ruling, we have not paid VAT
on revenues from interval game bingo since July 1, 2008.


"Following consultation with our auditors, PricewaterhouseCoopers,
we now intend to recognize in our financial statements, the
effects of both the VAT repayment from HMRC and the ongoing non-
payment of VAT on games of interval bingo.  We estimate that this
will benefit Mecca Bingo's revenues by approximately GBP13 million
and increase operating profit by approximately GBP6 million in the
current year.  Also, we will recognize a one-off exceptional gain
of GBP44 million  in Group profit before tax, which reflects the
element of the net VAT repayment relating to the period 2003 to
2007.

"In order to ensure comparability with prior periods, the effect
of this change in VAT treatment is not reflected in this trading
statement's revenue disclosure for either the Group or for Mecca
Bingo.

"HMRC has appealed the ruling of the Tribunal and this appeal is
scheduled to be heard during the first quarter of 2009.

                      Financing

"Rank's convertible bonds mature in January 2009.  It remains the
Group's intention to redeem the bonds using the available headroom
under existing banking facilities put in place in April 2007 and
which are committed until 2012.

                         Outlook

"While the outlook for the UK economy in 2009 is uncertain, Rank
has taken a number of key actions this year to strengthen the
Group's position - stabilizing trading; reducing operating costs;
and exiting its final salary pension plan - and the Board is
confident in the Group's longer-term strategy.  Trading for the
current financial year remains in line with market expectations."

                        About Rank Group

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

Rank Group plc continues to carry a B1 corporate family rating
from Moody's Investors Service, while its subsidiary Rank Group
Finance Plc carries a B3 debt rating.  The ratings were confirmed
in June 2008.  The rating outlook is negative.


RECOMAC SURFACING: Road Spraying Buys Business; 15 Jobs Saved
-------------------------------------------------------------
The joint administrators of Recomac Surfacing Ltd in a press
statement on Monday, December 22, 2008, announced that the
company's business and assets have been sold to Road Spraying Ltd.
The sale secures a total of 15 jobs.

Paul Flint and Brian Green from KPMG Restructuring in Manchester
were appointed joint administrators to Recomac on October 28 2008.

The sale and purchase agreement also provides a three month option
for Road Spraying to acquire Recomac's trading premises based in
Kearsley, Manchester.

Paul Flint, associate partner, KPMG Restructuring in Manchester,
commented, "In addition to securing fifteen jobs, this deal
demonstrates that even in this increasingly difficult economic
climate, we have the tenacity and the creativity to identify and
deliver finance solutions to ensure that deals can still be done."

Based in Manchester Recomac Surfacing Ltd manufactures specialist
surfacing for motorways, roads, car parks and footpaths.

                   About KPMG LLP (UK)

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


RICHMOND HILL: Operations Continuing Despite Owner's Collapse
-------------------------------------------------------------
Ian Mason at Richmond Twickenham Times reports that it is business
as usual at Richmond Hill Hotel despite its owner Folio Hotels
Group going into administration.

"People are guaranteed their jobs and do get paid.  We are running
as if nothing has happened because we still need people to serve
the customers," Richmond general manager Mark Barber was quoted by
the report as saying.

"We are honoring bookings and still taking bookings," Mr. Barber
stressed.  "We are just being operated under an administrator
rather than a head office."

The report relates the administration firm MCR has taken
responsibility of contracts for the 65 permanent workers at the
149-bedroom hotel.

Mr. Barber meanwhile disclosed Folio Hotels, which has an annual
turnover of around GBP70 million, is set to streamline its
portfolio of hotels from 36 to 20.  He, however, was optimistic a
management buyout could be completed before Christmas for the
remaining properties, including Richmond.


ROBERT WYPER: Goes Into Provisional Liquidation
-----------------------------------------------
Martin Williams at The Herald reports that Robert Wyper's car firm
Robert Wyper Ltd has gone into provisional liquidation.  Charles
Moore of Glasgow-based Moore & Co. has been appointed provisional
liquidator.

According to the report, a collection of used vehicles from the
Renault dealership in Dean Street, which is understood to have
employed more than 20 staff, has been removed for auction and the
workshop and sales departments have closed down.

The report relates that Mr. Moore said Renault decided to
terminate its dealership agreement with Wyper and repossess the
cars that were located at the company's garage in Kilmarnock
following a failed payment.

"Once that happened the business of the company was at the end.
It was then decided just to put the company into liquidation
because it was clear also the company was insolvent," Mr. Moore
was quoted by the report as saying.

The liquidator, the report notes, was still trying to assess the
amount of debt left by the company.


SCHOLASTIC CORP: Moody's Puts 'Ba1' CFR on Review for Likely Cut
----------------------------------------------------------------
Moody's Investors Service placed Scholastic Corporation's Ba1
Corporate Family rating, Ba1 Probability of Default rating and Ba2
senior unsecured note ratings on review for possible downgrade.

The review is prompted by Moody's concern that cutbacks in
consumer and educational spending will continue to create revenue
pressure and make it difficult for Scholastic to improve its
credit metrics to the levels necessary to maintain the Ba1 rating.
Debt-to-EBITDA leverage (approximately 4.0x LTM 11/30/08
incorporating Moody's standard adjustments) and free cash flow are
currently weak for the rating.  LGD rates were updated based on
the current debt mix.

On Review for Possible Downgrade:
Issuer: Scholastic Corporation

-- Corporate Family Rating, Placed on Review for Possible
    Downgrade, currently Ba1

-- Probability of Default Rating, Placed on Review for Possible
    Downgrade, currently Ba1

-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
    Possible Downgrade, currently Ba2, LGD5 - 89% (from LGD6 -
    90%)

Outlook Actions:

Issuer: Scholastic Corporation

-- Outlook, Changed to Rating Under Review For Possible
    Downgrade From Negative

In the review, Moody's will evaluate Scholastic's revenue outlook
including the potential that consumers and school districts trade
down to lower priced items and lengthen re-order cycles in
response to budget pressures.  Moody's will consider Scholastic's
ability to mitigate any softness in client spending through new
product introductions such as the System 44 reading intervention
program, cost saving initiatives and rationalization of the
business portfolio in order to improve free cash flow and credit
metrics.  In addition, Moody's will review the company's planned
capital allocation strategy in light of recent increases in share
repurchase activity and the introduction of a quarterly dividend.
Moody's will also evaluate the liquidity position, although the
company has capacity under its financial covenants to absorb
incremental operating weakness.

Moody's last rating action on Scholastic was a change in the
rating outlook to negative from stable and affirmed the company's
Ba1 CFR on June 4, 2007.

Scholastic's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Scholastic's core industry and Scholastic's ratings are
believed to be comparable to those of other issuers of similar
credit risk."

Scholastic, headquartered in New York, is a publisher and
distributor of children's books, classroom and professional
magazines, educational technology, and instructional materials,
with operations in the United States, Canada, the United Kingdom,
Australia, New Zealand and Southeast Asia.  Annual revenues
approximate US$1.9 billion.


SCHOLASTIC CORP: S&P Puts 'BB' Corp. Credit Rating on WatchNeg.
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating for New York City-based Scholastic Corp., as well as
its issue-level ratings for the company, on CreditWatch with
negative implications.  Scholastic had US$449 million in debt as
of Nov. 30, 2008, including capital leases.

"The CreditWatch placement reflects the company's weak operating
performance in the second quarter and its meaningful revision to
earnings and cash flow guidance," said Standard & Poor's credit
analyst Tulip Lim.

In the quarter ended Nov. 30, 2008 (the company's most important
quarter), revenue declined 3.8% and EBITDA declined 20%.  The
company reduced its full-year 2009 earnings from operations
guidance to a range of US$1.20 to US$1.50 per share, or roughly
US$45 million to US$57 million, from a range of US$1.75 to US$2.00
per share, or US$66 million to US$75 million.  Business segments
posting the largest underperformance in operating income were
Children's Book Publishing & Distribution and International.
Although revenue declined 1% in Children's Book Publishing &
Distribution, operating income declined 9% because of higher
reserves for unearned royalty advances, increased bad debt in
Trade Publishing, and higher investments in Clubs.  International
operating income declined 44%, partially because of unfavorable
exchange movements.

Scholastic now expects cash flow from operations for full-year
2009 of US$55 million to US$80 million, from a previously expected
range of US$90 million to US$100 million.  S&P is concerned that
reduced earnings could lead to a narrowing of headroom under the
company's financial covenants.  Scholastic ended the quarter with
US$30.8 million in cash.  The company's term loan due 2012
requires annual principal repayments of US$42.8 million.

In resolving the CreditWatch listing, S&P will assess the
company's margin of compliance with financial covenants and its
near-term earnings prospects.


SWIFT-LITE CHARCOAL: Taps Joint Liquidators from Tenon Recovery
---------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Swift-Lite Charcoal Company Ltd. on Dec. 1,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


TATA MOTORS: To Inject Millions Into Jaguar Land Rover
------------------------------------------------------
Jean Eaglesham and Joe Leahy at the Financial Times report that
Tata Motors Ltd agreed to inject "tens of million" of pounds into
Jaguar Land Rover to prevent an immediate cash flow crisis.

The report relates that people close to Tata said the emergency
aid provided to Jaguar Land Rover comes on top of "hundreds of
millions" of working capital it had provided since it bought the
car manufacturer for US$2.3 billion from Ford in March.

On Dec. 22, 2008, the TCR-Europe reported that according to BBC
News, Business Secretary Lord Mandelson confirmed that the UK
government held talks with Jaguar Land Rover over the possibility
of state aid for the carmaker.

He, however, noted no decision had yet been made, and there was
not "an open chequebook", BBC disclosed.

"We are analyzing very carefully what is going on in the [car]
sector, and we will make good judgments in good time if it is
appropriate for the government to take any action or if it is
possible for us to do so," Lord Mandelson was quoted by BBC as
saying.  "I have had discussions with the owners and management of
Jaguar Land Rover in particular, because they argue that they are
under particular strain."

He stressed Tata, owner of Jaguar Land Rover, had first and
primary responsibility for the carmaker's financial requirements,
BBC noted.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. On CreditWatch
with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).  At
the same time, Standard & Poor's ratings on all Tata Motors' rated
debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford  contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
2, 2008, Moody's Investors Service downgraded the corporate family
rating of Tata Motors Ltd to B1 from Ba2.  The outlook remains
negative.

"The rating change reflects the slowdown in demand seen in both
Tata Motors Ltd's domestic and overseas markets.  This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage.  Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.


VEDANTA RESOURCES: Moody's Cuts Corporate Family Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
corporate family rating of Vedanta Resources plc. Concurrently,
Moody's has downgraded to Ba2 from Ba1 the company's senior
unsecured rating.  The outlook on the ratings is stable.
These rating actions complete the rating review process for
possible downgrade initiated on September 10, 2008, when Vedanta
announced a substantial investment plan to increase its fully-
integrated aluminum smelting capacity to nearly 2.6 million tonnes
per annum by 2012.

"The ratings downgrade reflects Moody's concerns over Vedanta's
plans to continue substantial capital investment at a time when
operating cash flow generation will be under pressure due to the
very challenging environment for base metals", says Ivan Palacios,
a Moody's AVP/Analyst.

"Since September 2008, this operating environment has dramatically
deteriorated as demand has collapsed and prices for Vedanta's
major products have dropped by 40-55%", says Palacios.  "The
magnitude of the ongoing downturn and the moribund state of the
credit markets make it difficult to develop a forecast for the
industry and for Vedanta."

"There is a lack of visibility as to how much further prices can
fall and the state of demand at the new pricing levels," says
Palacios.  "As a result, Vedanta's credit metrics are expected to
weaken over the next 2 years and the timing and speed of any
recovery remains uncertain."

Although the company has recently cut to around US$6.3 billion
from US$9.8 billion the total cost of its aluminum expansion plan,
it has other capital requirements, such as planned minority buy-
outs, the construction of substantial power generation capacity,
and potentially, the acquisition of Asarco, which is currently
being renegotiated.  These capital spendings remain substantial
when compared to other mining companies which are curtailing
capital expenditures to conserve cash and manage uncertainty.
In addition, the aluminum expansion projects, which will not start
to generate significant cash flows until they begin progressive
commissioning from March 2010 and are fully commissioned by 2012,
will expose Vedanta to execution risk relative to its ability to
bring them on-stream on schedule and within budget.  However, this
risk is partly mitigated by management's demonstrated track record
for implementing large-scale projects and the staggered nature of
the projects.

The stable outlook is underpinned by Vedanta's very strong
liquidity profile, as evidenced by high levels of cash and liquid
assets in excess of its debt balance, as well as its limited
refinancing needs over the next 12 months.

Upward pressure on the rating is unlikely over the next 12-18
months. However, positive pressure could develop once the
operating environment for base metals stabilizes in terms of
demand and price levels and the planned expansion projects start
generating the expected returns.

On the other hand, the ratings could be downgraded if 1) Vedanta's
profitability declines beyond Moody's expectations for FY2009 and
FY2010 as a result of further weaknesses in base metals prices, 2)
the company undertakes further acquisitions, investments or
shareholder remuneration policies that include incremental debt,
or 3) faces material disappointments in executing its expansion
projects.

Credit metrics that Moody's would consider for a ratings downgrade
include CFO (less dividends)/Adjusted Debt falling below 15%,
Adjusted Debt to EBITDA exceeding 4x, or EBIT interest coverage
declining to 3.5x or less on a sustained basis.

The last rating action was taken on September 10, 2008, when the
ratings of Vedanta were placed under review for possible
downgrade.

Headquartered in London, UK, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, alumina/aluminum and
copper smelting and refining and iron ore mining.  Its operations
are predominantly located in India.  The company is listed on the
London Stock Exchange and is 54% owned by Volcan Investments Ltd.


WAGON AUTOMOTIVE: To Cut 292 Jobs at Walsall Plant
--------------------------------------------------
BBC News reports that 292 jobs at the Walsall manufacturing plant
of Wagon Automotive will go after administrators Zolfo Cooper
failed to sell the business.

The administrators will close the company's Walsall plant, which
makes panels and door parts for Honda, Ford, General Motors, Land
Rover and Nissan.  Its sister site in Coventry, however, remains
open, BBC notes.

"Understandably, the current trading conditions have made it very
difficult to secure an ongoing commitment from Wagon's customers,
and we have therefore been left with no option but to close the
Brownhills facility," Alastair Beveridge at Zolfo Cooper was
quoted by BBC as saying.

On Dec. 11, 2008, the TCR-Europe reported that according to the
Financial Times, Wagon, which employs 4,500 staff across Europe,
went into administration after its banks, led by Royal Bank of
Scotland, refused to back an emergency funding package.

Wagon , the FT disclosed, had been hit by a downturn in European
car sales.  Its shares were suspended in October, the FT recalled.


WHINSTONE 2: Fitch Assign 'BB' Rating on EUR129 Mln Class C2 Notes
------------------------------------------------------------------
Fitch Ratings has assigned Whinstone 2 Capital Management
Limited's currency swap payment obligations on its EUR129 million
Class C2 notes due January 2055 a rating of 'BB' with Stable
Outlook.  The rating reflects that on the Class C2 notes.

Whinstone 2 is a fully funded synthetic securitization referencing
the performance of Granite Master Issuer plc reserve fund and the
Granite Finance Funding 2 Limited reserve fund.  The reserve
funds, at the closing of Whinstone 2, acted as credit enhancement
for six mortgage-backed securitizations launched by Northern Rock
plc from GMI.  Granite is backed by residential mortgage loans
originated by Northern Rock plc.

To determine the appropriate rating, Fitch analyzed the swap
agreement and underlying transaction documents in conjunction with
its criteria report.  The rating is based on Fitch's assessment
that the currency swap payment obligations rank pro rata and
equally with the Class C2 notes.  Consequently, the credit profile
of the currency swap payment obligations is consistent with the
rating of the notes.

Whinstone 2's payment obligations to the currency swap
counterparty include the interim and final principal payments
required to redeem the note and the floating-rate payments
necessary to pay ongoing interest on the note (issuer's payment
obligations).  Fitch's rating does not address any swap
termination payments due by the issuer to the currency swap
counterparty.


===============
X X X X X X X X
===============


* Moody's Downgrades Ratings on 144 CDO Transactions
----------------------------------------------------
Moody's Investors Service has downgraded its ratings of 144 Notes
issued by certain collateralized debt obligation transactions
backed by structured finance securities, each of which originated
in 2003 - 2004.

Moody's explained that the rating actions taken are the result of
the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of SF
CDOs.  The revisions affect the three key parameters in Moody's
model for rating SF CDOs: asset correlation, default probability
and recovery rate. Moody's announced the changes to these
assumptions in a press release published on December 11, 2008.
Moody's noted that the lowered ratings remain on review for
possible downgrade due to the continuing weakness in the
performance of and outlook for structured finance securities that
back SF CDOs.

Moody's initially analyzed and continues to monitor these
transactions using primarily the methodology and its supplements
for ABS CDOs as described in Moody's Special Reports below:

  -- Moody's Approach to Rating Multisector CDOs (15/09/2000)

  -- Moody's Approach To Rating Synthetic Resecuritizations
     (29/10/2003)

  -- Moody's Revisits its Assumptions Regarding Structured Finance
     Default (and Asset) Correlations for CDOs (27/06/2005)

  -- Moody's Modeling Approach to Rating Structured Finance Cash
     Flow CDO Transactions (26/09/2005)

The rating actions are:

Issuer: ABSolute II Synthetic CDO Limited

(1) Class A

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa1, on review for possible downgrade
  -- Prior Rating Date: 25 November 2008

(2) Class B

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: 25 November 2008

Issuer: ABSolute III Synthetic CDO Limited

(1) Class A

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 26 March 2004

(2) Class B1

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa3
  -- Prior Rating Date: 26 March 2004

(3) Class B2

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa3
  -- Prior Rating Date: 26 March 2004

Issuer: Alexandria Capital Plc. Series 2003-2

(1) Alexandria Class A Secured Floating Rate Credit Linked Notes

  -- Current Rating: Aa2, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 24 December 2003

(2) Alexandria Class B Secured Floating Rate Credit Linked Notes

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 24 December 2003

(3) Alexandria Class C Secured Floating Rate Credit Linked Notes

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa3
  -- Prior Rating Date: 24 December 2003

(4) Alexandria Class D Secured Floating Rate Credit Linked Notes

  -- Current Rating: Baa1, on review for possible downgrade
  -- Prior Rating: A1
  -- Prior Rating Date: 24 December 2003

Issuer: Argon Capital PLC - Series 21

(1) Series 21 EUR13,020,000 Class A+1 Limited Recourse Secured
Credit-Linked Fixed Rate Notes due 2043

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 06 May 2003

(2) Series 21 EUR2,790,000 Class A+3 Limited Recourse Secured
Credit-Linked Floating Rate Notes due 2043

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 06 May 2003

Issuer: Arosa Funding Limited - Series 2003-2

(1) Class A

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: B3
  -- Prior Rating Date: 22 October 2008

(2) Class B1

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa1
  -- Prior Rating Date: 22 October 2008

(3) Class B2

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa1
  -- Prior Rating Date: 22 October 2008

Issuer: Arosa Funding Limited - Series 2003-3

(1) Class A1

  -- Current Rating: B3, on review for possible downgrade
  -- Prior Rating: Ba3
  -- Prior Rating Date: 22 October 2008

(2) Class A2

  -- Current Rating: B3, on review for possible downgrade
  -- Prior Rating: Ba3
  -- Prior Rating Date: 22 October 2008

Issuer: Arosa Funding Limited - Series 2003-4

(1) Series 2003-4

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Ba1
  -- Prior Rating Date: 22 October 2008

Issuer: Arosa Funding Limited - Series 2004-6

(1) Class A Notes

  -- Current Rating: B3, on review for possible downgrade
  -- Prior Rating: Ba3
  -- Prior Rating Date: 22 October 2008

(2) Class B Notes

  -- Current Rating: B3, on review for possible downgrade
  -- Prior Rating: Ba3
  -- Prior Rating Date: 22 October 2008

Issuer: Brooklands Euro Referenced Linked Notes 2004-1 Limited

(1) Class A1-a Floating Rate Notes due 2054

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 11 August 2005

(2) Class A1-b Floating Rate Notes due 2054

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 11 August 2005

(3) Class A2 Floating Rate Notes due 2054

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1
  -- Prior Rating Date: 11 August 2005

Issuer: Bruckner CDO I B.V.

(1) Class A-1 Secured Floating Rate Notes

  -- Current Rating: Aa2, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 30 September 2004

(2) Class A2-1 Secured Floating Rate Notes

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 30 September 2004

(3) Class B Secured Floating Rate Notes

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1
  -- Prior Rating Date: 30 September 2004

(4) Class C-1 Deferrable Interest Secured Floating Rate Notes

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa3
  -- Prior Rating Date: 30 September 2004

(5) Class D-1 Deferrable Interest Secured Floating Rate Notes

  -- Current Rating: B2, on review for possible downgrade
  -- Prior Rating: Baa2
  -- Prior Rating Date: 30 September 2004

(6) Class A2-2 Secured Fixed Rate Notes

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 30 September 2004

(7) Class C-2 Deferrable Interest Secured Fixed Rate Notes

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa3
  -- Prior Rating Date: 30 September 2004

(8) Class D-2 Deferrable Interest Secured Fixed Rate Notes

  -- Current Rating: B2, on review for possible downgrade
  -- Prior Rating: Baa2
  -- Prior Rating Date: 30 September 2004

(9) Class Q Combination Notes

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa1
  -- Prior Rating Date: 30 September 2004

(10) Class R Combination Notes

  -- Current Rating: Caa2, on review for possible downgrade
  -- Prior Rating: Ba2
  -- Prior Rating Date: 30 September 2004

(11) Class S Combination Notes

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa1
  -- Prior Rating Date: 30 September 2004

Issuer: Camber 4 plc

(1) Class A1-A Floating Rate Notes due 2053

  -- Current Rating: Ba3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Date: 15 August 2008

Issuer: CDC Ixis Capital Markets - Credit-Linked Note linked to
Chrome Funding Must 50/5

(1) EUR10,000,000 Series 1388 Fixed Rate Credit-linked Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Date: 01 December 2008

Issuer: Chrome Funding Ltd - Series Must 50/5

(1) Class A1-A Floating Rate Secured Portfolio Credit-linked Notes

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Date: 01 December 2008

(2) Class A2-A Floating Rate Secured Portfolio Credit-linked Notes

  -- Current Rating: Ba3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Date: 01 December 2008

(3) Class B Floating Rate Secured Portfolio Credit-linked Notes

  -- Current Rating: B3, on review for possible downgrade
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Date: 01 December 2008

(4) Class C1 Floating Rate Secured Portfolio Credit-linked Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: B3, on review for possible downgrade
  -- Prior Rating Date: 01 December 2008

(5) Class C2 Floating Rate Secured Portfolio Credit-linked Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Date: 01 December 2008

(6) Class D Floating Rate Secured Portfolio Credit-linked Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: 01 December 2008

(7) Class A1-B

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Date: 01 December 2008

(8) Class A2-B

  -- Current Rating: Ba3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Date: 01 December 2008

Issuer: Claris Limited Series 20, 21, 22 and 23/2004 (Millesime)

(1) Series 20

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 15 June 2004

(2) Series 21

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Date: 15 June 2004

(3) Series 22

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: A2
  -- Prior Rating Date: 15 June 2004

(4) Series 23

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: A2
  -- Prior Rating Date: 15 June 2004

Issuer: Claris Limited Series 25/2004 (Millesime)

(1) Series 25

  -- Current Rating: Baa3, on review for possible downgrade
  -- Prior Rating: A3
  -- Prior Rating Date: 13 July 2004

Issuer: Claris Limited Series 29/2004

(1) Series 29/2004 Tranche 1 EUR 40,000,000 Napa Valley II
Synthetic CDO of ABS Floating Rate Notes due 2024

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Date: 28 November 2008

Issuer: Cloverie Plc - Ghibli CDO I

(1) Series 2004-26 Class A

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1, on review for possible downgrade
  -- Prior Rating Date: 03 November 2008

(2) Series 2004-27 Class B

  -- Current Rating: Caa2, on review for possible downgrade
  -- Prior Rating: B2, on review for possible downgrade
  -- Prior Rating Date: 03 November 2008

Issuer: Cloverie Plc - Rotonda CDO: Series 2004- 56, 59, 61, 63

(1) Series 2004-56 Portfolio Credit Linked Note

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Date: 01 December 2008

Issuer: Cloverie Plc - Series 2004-72, 2004-77 & 2005-04 (US Onyx)

(1) EUR30,000,000 Class C Secured Floating Rate Portfolio Linked
Notes due 2024

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1, on review for possible downgrade
  -- Prior Rating Date: 02 June 2008

(2) EUR50,000,000 Class C Secured Floating Rate Series 77

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1, on review for possible downgrade
  -- Prior Rating Date: 02 June 2008

Issuer: Cloverie plc - Series 64-65 (Brera)

(1) Series 2004-64 US$37,500,000 Class A Brera CDO I Secured
Floating Rate Portfolio Credit Linked Notes due 2030

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Date: 15 July 2008

Issuer: Cloverie PLC: Rotonda CDO Series 2004-59

(1) Series No: 2004-59 US$60,000,000 Class A Floating Rate
Portfolio Credit Linked Notes due 2009

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1
  -- Prior Rating Date: 01 December 2008

Issuer: Corsair (Jersey) No 3 Limited Series 7 (Alhambra)

(1) Series 7 Floating ate Portfolio Credit Linked Notes due 2013

  -- Current Rating: B2, on review for possible downgrade
  -- Prior Rating: Ba2
  -- Prior Rating Date: 23 October 2008

Issuer: Credit Derivative Transaction between Mizuho International
plc and Cradle Limited

(1) Mizuho - Cradle - SS Swap

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 30 November 2004

Issuer: Deutsche Bank AG, London Branch - N-Tsar

(1) Class B Swap

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: B3, on review for possible downgrade
  -- Prior Rating Date: 31 July 2008

Issuer: Deutsche Bank AG, London Branch - Tsar_05

(1) Class A-(1) Swap

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Date: 18 November 2008

(2) Class A(2) Swap - Earls Four Limited Series 899

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Date: 18 November 2008

(2) Class A(3) Swap

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Ba1, on review for possible downgrade
  -- Prior Rating Date: 18 November 2008

Issuer: Eirles Four Limited - Series 32 due 2013

(1) Series 32 Floating and Variable Rate Secured Notes

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Date: 18 November 2008

Issuer: Eirles Four Series 60 (Tsar_05 Class A and Class A- Swap)

(1) Series 60 Floating and Variable Rate Secured Notes

  -- Current Rating: B3, on review for possible downgrade
  -- Prior Rating: Ba3, on review for possible downgrade
  -- Prior Rating Date: 18 November 2008

Issuer: Eirles Two Limited - Series 101, 102, 103, 104

(1) Eirles Two Limited - Series 101

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: B3, on review for possible downgrade
  -- Prior Rating Date: 31 July 2008

Issuer: Eirles Two Limited, Series 153 and 156

(1) Series 153 US$32,000,000 Floating and Variable Rate Secured
Notes due 2038

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 21 December 2004

(2) Series 156 US$8,000,000 Floating and Variable Rate Secured
Notes DUE 2038

  -- Current Rating: Baa1, on review for possible downgrade
  -- Prior Rating: A1
  -- Prior Rating Date: 21 December 2004

Issuer: Eirles Two Series 71 (Tsar_05 Class A-(1) Swap)

(1) Eirles Two Series 71 Floating and Variable Rate Secured Notes

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Date: 18 November 2008

Issuer: FAB CBO 2003-1 B.V.

(1) Class A-1E Floating Rate Notes

  -- Current Rating: Aa2, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 31 July 2003

(2) Class A-1F Zero Coupon Notes

  -- Current Rating: Aa2, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 31 July 2003

(3) Class A-2E Floating Rate Notes

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 31 July 2003

(4) Class A-2F Fixed Rate Notes

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 31 July 2003

(5) Class A-3E Floating Rate Notes

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Date: 31 July 2003

(6) Class A-3F Fixed Rate Notes

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Date: 31 July 2003

(7) Class BE Floating Rate Notes

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: A2
  -- Prior Rating Date: 31 July 2003

(8) Class BF Fixed Rate Notes

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: A2
  -- Prior Rating Date: 31 July 2003

(9) Class S1 Combination Notes

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 31 July 2003

(10) Class S2 Combination Notes

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 31 July 2003

(11) Class S3 Combination Notes

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 31 July 2003

Issuer: Faxtor ABS 2003-1 B.V.

(1) Class A-1E Floating Rate Notes

  -- Current Rating: Aa1, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 19 May 2003

(2) Class A-2E Floating Rate Notes

  -- Current Rating: Aa2, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 19 May 2003

(3) Class A-2F Fixed Rate Notes

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 19 May 2003

(4) Class A-3E Floating Rate Notes

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Date: 19 May 2003

(5) Class A-3F Fixed Rate Notes

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Date: 19 May 2003

(6) Class BE Floating Rate Notes

  -- Current Rating: B2, on review for possible downgrade
  -- Prior Rating: Baa2
  -- Prior Rating Date: 19 May 2003

(7) Class BF Fixed Rate Notes

  -- Current Rating: B2, on review for possible downgrade
  -- Prior Rating: Baa2
  -- Prior Rating Date: 19 May 2003

Issuer: Faxtor ABS 2004-1 B.V.

(1) Class A-1 Floating Rate Notes

  -- Current Rating: Aa2, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 25 May 2004

(2) Class A-2 Floating Rate Note

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 25 May 2004

(3) Class A-3 Floating Rate Notes

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Date: 25 May 2004

(4) Class BE Floating Rate Notes

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa1
  -- Prior Rating Date: 25 May 2004

(5) Class BF Fixed Rate Notes

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa1
  -- Prior Rating Date: 25 May 2004

(6) Class S Combination Notes

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa1
  -- Prior Rating Date: 25 May 2004

Issuer: G Square Finance Limited

(1) Class A Notes

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: B3, on review for possible downgrade
  -- Prior Rating Date: 28 November 2008

Issuer: Heather Finance Limited 2004-8 (CoRDS)

(1) Series 2004-8 JPY1,100,000,000 Secured Credit-Linked Floating
Rate Notes

  -- Current Rating: Baa3, on review for possible downgrade
  -- Prior Rating: A3
  -- Prior Rating Date: 09 June 2008

Issuer: High Tide CDO I S.A.

(1) Class A Senior Secured Floating Rate Notes

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 16 June 2003

(2) Class B Senior Secured Floating Rate Notes

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1
  -- Prior Rating Date: 16 June 2003

(3) Class C Senior Secured Floating Rate Notes

  -- Current Rating: Baa3, on review for possible downgrade
  -- Prior Rating: A3
  -- Prior Rating Date: 16 June 2003

Issuer: Iliad Investments P.L.C. Series 8

(1) Class A Series 8 Secured Floating Rate Notes

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Date: 16 May 2008

(2) Class B Series 8 Secured Floating Rate Note

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: A1, on review for possible downgrade
  -- Prior Rating Date: 16 May 2008

(3) Class C Series 8 Secured Floating Rate Note

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: Baa1, on review for possible downgrade
  -- Prior Rating Date: 16 May 2008

Issuer: Iona CDO I Limited

(1) Class A Secured Floating Rate Credit-Linked Notes due 2049

  -- Current Rating: B2, on review for possible downgrade
  -- Prior Rating: Ba2, on review for possible downgrade
  -- Prior Rating Date: 12 December 2008

Issuer: Menton CDO I (Lunar Funding V plc)

(1) Series 2 US$50,000,000 Secured Asset-Backed Floating Rate
Notes due 2041

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1, on review for possible downgrade
  -- Prior Rating Date: 25 November 2008

(2) Series 3 US$40,000,000 Secured Asset-Backed Floating Rate
Notes due 2041

  -- Current Rating: B1, on review for possible downgrade
  -- Prior Rating: Ba1, on review for possible downgrade
  -- Prior Rating Date: 25 November 2008

(3) Series 4 US$40,000,000 Secured Asset-Backed Floating Rate
Notes due 2041

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: 25 November 2008

Issuer: Merak CDO Limited - Series 2003-3

(1) Class B

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1, on review for possible downgrade
  -- Prior Rating Date: 10 December 2003

(2) Class C

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Date: 10 December 2003

Issuer: Merak CDO Limited Series 2003-01

(1) Class B Credit-Linked Notes due 2010

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa, on review for possible downgrade
  -- Prior Rating Date: 19 September 2003

Issuer: Merak CDO Limited Series 2003-02

(1) Class C Credit-Linked Notes due 2010

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: Aa2, on review for possible downgrade
  -- Prior Rating Date: 19 September 2003

Issuer: Rhodium 1 B.V.

(1) Class A

  -- Current Rating: Aa2, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 07 June 2004

(2) Class B

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 07 June 2004

(3) Class C

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Date: 07 June 2004

(4) Class D

  -- Current Rating: Ba2, on review for possible downgrade
  -- Prior Rating: Baa2
  -- Prior Rating Date: 07 June 2004

Issuer: Ryder Square Limited - Evergreen

(1) Series No: 3 EUR29,000,000 Evergreen-ABS Secured Credit Linked
Notes due 2009

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1
  -- Prior Rating Date: 10 November 2008

(2) Series No: 4 EUR38,000,000 Evergreen-ABS Secured Credit Linked
Notes due 2009

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: A2
  -- Prior Rating Date: 10 November 2008

Issuer: SAGA Investment Series Limited

(1) JPY700,000,000 Class A1 Secured Fixed/Floating Rate Credit-
Linked Notes due 2011

  -- Current Rating: Caa2, on review for possible downgrade
  -- Prior Rating: B2, on review for possible downgrade
  -- Prior Rating Date: 13 May 2008

(2) JPY2,300,000,000 Class A2 Secured Floating Rate Credit-Linked
Notes due 2011

  -- Current Rating: Caa2, on review for possible downgrade
  -- Prior Rating: B2, on review for possible downgrade
  -- Prior Rating Date: 13 May 2008

(3) EUR7,500,000 Class A3 Secured Floating Rate Credit-Linked
Notes due 2011

  -- Current Rating: Caa2, on review for possible downgrade
  -- Prior Rating: B2, on review for possible downgrade
  -- Prior Rating Date: 13 May 2008

(4) JPY4,000,000,000 Class B Secured Fixed Rate Credit-Linked
Notes due 2011

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa1, on review for possible downgrade
  -- Prior Rating Date: 13 May 2008

Issuer: SGA Societe Generale Acceptance N.V. Series 7040/04-09

(1) Series 7040/04-09 Tranche 1 EUR28,500,000 Napa Valley II
Synthetic CDO of ABS Floating Rate Notes due 2024

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Date: 28 November 2008

Issuer: SGA Societe Generale Acceptance N.V. Series 7041/04-09

(1) Series 7041/04-09 Tranche 1 EUR5,000,000 Napa Valley II
Synthetic CDO of ABS Floating Rate Notes due 2024

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Date: 28 November 2008

Issuer: Skylark Limited Series 2004-3 (US$Saqqara)

(1) US$ denominated Saqqara Class A Floating Rates Credit Linked
Notes

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 16 June 2004

Issuer: Societe Generale - Napa Valley II Synthetic CDO of ABS
Swap

(1) CDS providing protection on the reference portfolio for losses
exceeding 0.05% up to 1.65% of the portfolio related to SGA Series
7041/04-09 Notes

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Date: 28 November 2008

(2) CDS providing protection on the reference portfolio for losses
up to 1.65% of the portfolio related to SGA Series 7040/04-09
Notes

  -- Current Rating: Caa1, on review for possible downgrade
  -- Prior Rating: B1, on review for possible downgrade
  -- Prior Rating Date: 28 November 2008

Issuer: Stanton MBS I p.l.c.

(1) Class A1 Senior Secured Floating Rate Delayed Draw Notes due
2054

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 08 November 2004

(2) Class A1 Senior Secured Floating Rate Term Notes due 2054

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 08 November 2004

(3) Class A1 Senior Secured Floating Rate Revolving Notes due 2054

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 08 November 2004

Issuer: Tempo CDO 1 Limited

(1) Class A

  -- Current Rating: Ba2, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Date: 06 November 2008

(2) Class B

  -- Current Rating: Caa3, on review for possible downgrade
  -- Prior Rating: Caa2, on review for possible downgrade
  -- Prior Rating Date: 06 November 2008

Issuer: Triplas IV Limited

(1) EUR17,000,000 Class A Secured Floating Rate Credit-Linked
Notes due 2011

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Date: 24 November 2008

(2) EUR17,000,000 Class B Secured Floating Rate Credit-Linked
Notes due 2011

  -- Current Rating: Baa2, on review for possible downgrade
  -- Prior Rating: A2, on review for possible downgrade
  -- Prior Rating Date: 24 November 2008

(3) EUR10,300,000 Class C1 Secured Floating Rate Credit-Linked
Notes due 2011

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa1, on review for possible downgrade
  -- Prior Rating Date: 24 November 2008

(4) EUR2,000,000 Class C2 Secured Floating Rate Credit-Linked
Notes due 2011

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Baa1, on review for possible downgrade
  -- Prior Rating Date: 24 November 2008

(5) EUR750,000 Class D Secured Floating Rate Credit-Linked Notes
due 2011

  -- Current Rating: Ba2, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Date: 24 November 2008

Issuer: Triplas Series II Synthetic CDO Limited

(1) Class A

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1, on review for possible downgrade
  -- Prior Rating Date: 24 November 2008

(2) Class B

  -- Current Rating: A3, on review for possible downgrade
  -- Prior Rating: Aa3, on review for possible downgrade
  -- Prior Rating Date: 24 November 2008

(3) Class C

  -- Current Rating: Baa3, on review for possible downgrade
  -- Prior Rating: A3, on review for possible downgrade
  -- Prior Rating Date: 24 November 2008

(4) Class D

  -- Current Rating: Ba2, on review for possible downgrade
  -- Prior Rating: Baa2, on review for possible downgrade
  -- Prior Rating Date: 24 November 2008

(5) Class E

  -- Current Rating: Ba3, on review for possible downgrade
  -- Prior Rating: Baa3, on review for possible downgrade
  -- Prior Rating Date: 24 November 2008

Issuer: Triplas Synthetic CDO S.A.

(1) Class A

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 09 January 2003

(2) Class B

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Date: 09 January 2003

(3) Class C

  -- Current Rating: Baa1, on review for possible downgrade
  -- Prior Rating: A1
  -- Prior Rating Date: 09 January 2003

Issuer: Vespucci Investments Plc

(1) Class A

  -- Current Rating: Aa3, on review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Date: 06 July 2004

(2) Class B


* S&P Affirms Ratings on Three Natural Peril Catastrophe Bonds
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings on three natural peril catastrophe bonds.  The ratings on
Ajax Re Ltd.'s class A principal-at-risk variable-rate series 1
notes and Carillon Ltd.'s class A-1 principal-at-risk variable-
rate notes are 'CC'.  The ratings on Newton Re Ltd.'s class A
2008-1 principal-at-risk variable-rate notes are 'CCC'.

At the same time, Standard & Poor's removed the ratings on Ajax Re
Ltd. and Carillon Ltd. from CreditWatch with negative
implications, where they had been placed on Sept. 15, 2008.  The
ratings on Newton Re Ltd. were removed from CreditWatch with
developing implications, where they had been placed on Sept. 30,
2008 (originally on CreditWatch negative on Sept. 15).

The original CreditWatch placement was due to the notes' exposure
to Lehman Brothers Holdings Inc., which was the guarantor of
Lehman Brothers Special Financing Inc., the total return swap
counterparty in all the transactions.  Since then, S&P has
withdrawn its ratings on Lehman Brothers Holdings and downgraded
the notes on Sept. 30, 2008.  All the issuers have terminated
their swaps and the ratings now reflect the risk embedded within
the transaction assuming that no replaced TRS are provided.
Furthermore, timely scheduled interest payments were made on each
of the cat bonds on Dec. 15, 2008.  Accordingly, the CreditWatch
placements are no longer applicable.

Carillon Ltd. and Ajax Re Ltd. notes remain highly vulnerable
regarding future scheduled interest payments on the notes and
ultimately paying the principal at maturity.  The significant
issues are a) the cash flow on the assets in the collateral
account are not necessarily matched to those on the notes (this is
part of the protection offered by a TRS counterparty), and b) a
default in payment on any of these assets could result in a
payment shortfall.  Ultimate payment of principle now relies on
the realizable value of the collateral assets at the maturity of
the notes.  Given the current disruption in the credit markets,
asset valuations are difficult to assess.  Based on the quality of
the assets in the collateral trust, S&P expects significant
impairment and therefore modest recovery.  Given the significant
difference between the current market value and the notional
amount of the notes, S&P is not expecting the entire notional
amount to be paid in full at maturity.

Newton Re Ltd.'s class A 2008-1 notes remain vulnerable and are
dependent upon favorable financial and economic conditions to make
scheduled interest payments on the notes and ultimately pay the
principal at maturity.  However, based on the quality of the
assets in the collateral trust, S&P believes there is a better
chance of the notional amount being paid in full at maturity even
though the current market value is below the notional amount of
the notes. Standard & Poor's will continue to monitor events
related to the notes.  The next scheduled interest payment date
for the Ajax Re Ltd., Newton Re Ltd., and Carillon Ltd.
transactions is March 15, 2009.

The ratings on the notes will be lowered to 'D' if these issuers
miss a scheduled payment.

                           Ratings List

      Ajax Re Ltd.'s class A principal-at-risk variable-rate
                          series 1 notes

                     To        From
                     --        ----
                     CC        CC/Watch Neg

    Carillon Ltd.'s class A-1 principal-at-risk variable-rate
                          series 1 notes

                     To        From
                     --        ----
                     CC        CC/Watch Neg

        Newton Re Ltd.'s class A 2008-1 principal-at-risk
                        variable-rate notes

                      To        From
                      --        ----
                      CCC       CCC/Watch Dev


* BOOK REVIEW: The First Junk Bond: A Story of Corp. Boom & Bust
----------------------------------------------------------------
Author:     Harlan D. Platt
Publisher:  Beard Books
Paperback:  256 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587981203/internetbankrupt

This is a book that business people will find particularly
enlightening.  It details how Texas International, Inc.'s
bankruptcy filing affected various stakeholders, the bankruptcy
negotiation process, and the alternative post-bankruptcy
structures that were considered.

This engrossing book follows the extraordinary journey of the
company through its corporate growth and decline, debt exchange
offers, and corporate rebirth.

It is a case study of a company that exemplified the 1980s,
complete with fascinating people, financial innovations, and
successive rounds of high stakes poker, as the misfortunes of
the company unfold.

Detailed is the involvement of Drexel Lambert banking house and
its guiding spirit Michael Milken, who secured fresh capital for
the company through the issuance of a high-yield bond with an
above-market rate of interest to counterbalance its elevated
credit risk.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *