TCREUR_Public/090119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, January 19, 2009, Vol. 10, No. 12

                            Headlines

A U S T R I A

ALPHA OMEGA: Claims Registration Period Ends February 3
BESCHRIFTUNG UND KOPIE: Claims Registration Period Ends Jan. 30
CRESCENDO MUSIC: Claims Registration Period Ends January 29
FIVEGATE AUSTRIA: Claims Registration Period Ends Jan. 28
GAP-SOLAR LLC: Claims Registration Period Ends January 27

LEOPOLD WINDSBERGER: Claims Registration Period Ends January 29
PROBAU LLC: Claims Registration Period Ends January 29
SST LLC: Claims Registration Period Ends February 3


B U L G A R I A

* Moody's Changes Outlook on Bulgarian Banking System to Negative


I R E L A N D

ANGLO IRISH: On the Brink of Nationalization
ANGLO IRISH: Fitch Cuts Individual Rating to 'D/E' from 'B'


K A Z A K H S T A N

ASIA INVEST: Proof of Claim Deadline Slated for February 20
AMAN SHUREN: Creditors Must File Claims by February 24
BAUER & K: Claims Filing Period Ends February 20
ISKER HOLDING: Creditors' Proofs of Claim Due on February 20
JURAS-DD LLP: Claims Registration Period Ends February 20

MARKET-NOVOSEL LLP: Proof of Claim Deadline Slated for Feb. 24
RAT-LTD LLP: Creditors Must File Proofs of Claim by February 20
SARMAT-2006 LLP: Claims Filing Period Ends February 20
TECHNIKA CONSTRUCTION: Creditors' Claims Due on February 24
TRISTAN OIL: Moody's Reviews 'B2 Rating for Possible Downgrade


K Y R G Y Z S T A N

RESOURSE STROY: Creditors Must File Claims by February 26


I T A L Y

BANCA POPOLARE: Fitch Puts 'D/E' Individual Rtng on Watch Negative


N E T H E R L A N D S

FAXTOR ABS: Moody's Corrects on December 22 Rating Actions
SCEPTRE CAPITAL: S&P Cuts US$50MM Notes to 'CC' From 'CCC-'


S W I T Z E R L A N D

AD USUM: Creditors Must File Proofs of Claim by February 6
CAFE ALEXANDER: Deadline to File Proofs of Claim Set Feb. 1
CSW 51 LLC: Creditors Have Until January 31 to File Claims
GENERAL MOTORS: Bank Loan Sells at Almost 50% Discount
GENERAL MOTORS: Bondholders Form Committee to Negotiate Debt Swap

GENERAL MOTORS: Cuts U.S. Auto-Industry Sales Forecast to 10.5MM
GENERAL MOTORS: Posts All-Time Sales Record in LatAm, Africa & ME
GENERAL MOTORS: Says It Is on Track on Meeting Viability Plan
GOTTHARD IMMO-FINANZ: Proofs of Claim Filing Deadline is Jan. 31
INTEC KOHLER: Creditors' Proofs of Claim Due by Jan. 31

POLORENA LLC: February 1 Set as Deadline to File Claims
SPORTBAHNEN ERNER: Creditors Must File Claims by January 30
TECNO GRAF: Deadline to File Proofs of Claim Set January 31


U K R A I N E

BELAYA TSERKOV: Creditors Must File Claims by January 21
GELICON-PLUS LLC: Creditors Must File Claims by January 21
INVESTMENTS SVI: Creditors Must File Claims by January 21
PRIDNEPROVSKY METALLURGICAL: Claims Registration Ends Jan. 21
SALCOM-2007 LLC: Creditors Must File Claims by Jan. 21

SLOBOZHANSCHINA LLC: Creditors Must File Claims by Jan. 21
TRADING-INVESTMENT GROUP: Creditors Must File Claims by Jan. 21


U N I T E D   K I N G D O M

CAPRICORN TIMBER: Appoints Administrators from Tenon Recovery
CORSAIR NO 4: Moody's Junks Rating on US$20 Mil. Notes from 'A1'
INOV8 TECHNOLOGIES: Placed Into Administration by Parent
ITV PLC: OFT Consults on Contracts Rights Renewal Undertakings
ITV PLC: Fitch Gives 'BB+' Long-Term Issuer Default Rating

MSPA REALISATIONS: Taps Joint Administrators from Baker Tilly
NOR-SCREEN LTD: Appoints Joint Administrators from Deloitte
NORTEL NETWORKS: Enters Administration; Ernst & Young Appointed
PI DISTRIBUTION: Names Joint Administrators from KPMG
RD PLASTICS: Taps Joint Administrators from KPMG

SWB CYMRU: Appoints Joint Administrators from Grant Thornton
T. HARDING SON: Calls In Joint Administrators from PKF
VICTORIA FUNDING: Moody's Downgrades Rating on Class E to 'B1'

* UK: Govt Unveils Support Package for Small and Medium Businesses
* UK: KPMG Says Demands for Cash to Pension Schemes Looming
* UK: Roland Berger Says 33% Unused Biz Credit Lines Withdrawn
* UK: KPMG Says Retail Sales Values Fell 3.3% in December 2008


X X X X X X X X

* KPMG Says 2009 a Tough Year for General Insurers
* EUROPE: ECB Cuts Rate on Main Refinancing Operations to 2%

* BOND PRICING: For the Week Jan. 12 to Jan. 16, 2009

                         *********


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


ALPHA OMEGA: Claims Registration Period Ends February 3
-------------------------------------------------------
Creditors owed money by LLC Alpha Omega (FN 273545y) have until
Feb. 3, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Josef Wimmer
         Bahnhofstr. 59
         4910 Ried im Innkreis
         Austria
         Tel: 07752 / 26872
         Fax: 07752 / 26872-10
         E-mail: rechtsanwalt@wimmer.or.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:05 a.m. on Feb. 11, 2009, for the
examination of claims at:

         Land Court of Ried im Innkreis
         Hall 101
         Ried im Innkreis
         Austria

Headquartered in Scharding, Austria, the Debtor declared
bankruptcy on Dec. 11, 2008, (Bankr. Case No. 17 S 45/08m).


BESCHRIFTUNG UND KOPIE: Claims Registration Period Ends Jan. 30
---------------------------------------------------------------
Creditors owed money by Beschriftung und Kopie Limited (28 S
164/08h) have until Jan. 30, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Andrea Eisner
         Weyrgasse 8/7
         1030 Wien
         Austria Tel: 712 04 77, Fax: 712 04 77 12
         E-mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Feb. 13, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1607
         Vienna
         Austria

The Debtor declared bankruptcy on Dec. 11, 2008, (Bankr. Case No.
28 S 164/08h).


CRESCENDO MUSIC: Claims Registration Period Ends January 29
-----------------------------------------------------------
Creditors owed money by LLC Crescendo Music (FN 279424v) have
until Jan. 29, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Nikolaus Vogt
         Zeltgasse 3/13
         1080 Wien
         Austria
         Tel: 01/402 57 01 33
         Fax: 01/402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Feb. 11, 2009, for the
examination of claims at:

         Land Court of Korneuburg
         Room 204
         Korneuburg
         Austria

Headquartered in Schwechat, Austria, the Debtor declared
bankruptcy on Dec. 5, 2008, (Bankr. Case No. 36 S 129/08z).


FIVEGATE AUSTRIA: Claims Registration Period Ends Jan. 28
---------------------------------------------------------
Creditors owed money by LLC Fivegate Austria (FN 264233d) have
until Jan. 28, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Wien
         Austria
         Tel: 713 99 46
         Fax: 713 99 46-22
         E-mail: ra.reisnerstr@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Feb. 11, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 11, 2008, (Bankr. Case No. 4 S 156/08f).


GAP-SOLAR LLC: Claims Registration Period Ends January 27
---------------------------------------------------------
Creditors owed money by LLC gap-solar (FN 222162i) have until
Jan. 27, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Elisabeth Achatz-Kandut
         Schillerstrasse 12
         4020 Linz
         Austria
         Tel: 65 69 69
         Fax: 65 69 69 60
         E-mail: e.achatz@hep.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 10, 2009, for the
examination of claims at:

         Land Court of Linz
         Hall 522
         Linz
         Austria

The Debtor declared bankruptcy on Dec. 11, 2008, (Bankr. Case No.
17 S 60/08k).


LEOPOLD WINDSBERGER: Claims Registration Period Ends January 29
---------------------------------------------------------------
Creditors owed money by LLC Leopold Windsberger (FN 58166p) have
until Jan. 29, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Wien
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Feb. 12, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 4, 2008, (Bankr. Case No. 5 S 131/08m).


PROBAU LLC: Claims Registration Period Ends January 29
------------------------------------------------------
Creditors owed money by LLC Probau (FN 263152p) have until
Jan. 29, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Wien
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Feb. 12, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 4, 2008, (Bankr. Case No. 5 S 137/08v).


SST LLC: Claims Registration Period Ends February 3
---------------------------------------------------
Creditors owed money by LLC SST (FN 242625b) have until Feb. 3,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Heinz Kassmannhuber
         Stelzhamerstrasse 11
         4400 Steyr
         Austria
         Tel: 07252/50 300
         Fax: DW 50
         E-mail: office@sks-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 p.m. on Feb. 17, 2009, for the
examination of claims at:

         Land Court of Steyr
         Hall 7
         2nd. Floor
         Steyr
         Austria

Headquartered in Weyer, Austria, the Debtor declared bankruptcy on
Feb. 5, 2008, (Bankr. Case No. 14 S 62/08b).


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


* Moody's Changes Outlook on Bulgarian Banking System to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed the credit outlook for
Bulgaria's banking system to negative from stable.  This outlook
expresses Moody's expectations for the fundamental credit
conditions in the Bulgarian banking system over the next 12 to 18
months.

Moody's has also changed to negative from stable the outlook on
the Bank Financial Strength Ratings and long-term local currency
deposit ratings of these two Bulgarian banks: DSK Bank PLC and
Raiffeisenbank EAD.  Additionally, the outlook on all ratings of
First Investment Bank and MKB Unionbank has been changed to
negative from stable.  The outlook on all ratings of International
Asset Bank has also been changed to stable from positive.

"The change in the credit outlook on Bulgaria's banking system and
the outlook on the ratings of individual banks, reflects the
weakening operating environment in Bulgaria and expectations that
it will have a severe impact on the banks' financial fundamentals,
mainly profitability and asset quality," says Elena Panayiotou, a
Moody's Analyst, and lead analyst for Bulgarian banks.

Moody's expects the domestic economic growth and activity to slow
down significantly in the short-to-medium-term, mostly due to
anticipated lower levels of foreign direct investment in the
country -- mainly in the construction and the real estate sectors
-- a reflection of the global financial conditions which affects
investor behavior.  "Moreover, the performance of the export
industry and the tourism sectors is expected to deteriorate
further, while private consumption is also likely to decline.
Subsequently, such weakening economic conditions in Bulgaria are
likely to have an impact on the growth prospects and the financial
performance of banks operating in the country," adds Ms
Panayiotou.

Furthermore, Moody's notes that the financial difficulties faced
by the foreign parents of Bulgarian banks in their home countries
-- mainly operating in Western European markets -- is expected to
impact the level of funds channeled from the parent banks to their
Bulgarian subsidiaries but also elevate the costs of these funds.
Moreover, fierce competition for customer deposits in Bulgaria is
likely to continue to put further pressure on the banks' funding
costs, their interest rate margins and hence their profitability
levels.

The rating agency notes that the rapid credit expansion that has
been taking place in Bulgaria over the recent years, together with
the rising levels of consumer indebtedness in the country, has
raised concerns about the future performance of the banks' credit
portfolios once loans start to season and go through an economic
cycle.  As Bulgaria's economic environment is expected to weaken
and unemployment levels to increase further, Moody's believes that
the banks' asset quality metrics will deteriorate, exerting a
downward pressure on the banks' earnings, capital cushion and
therefore their ratings.

Moody's will continue to closely monitor the ongoing economic
crisis and, depending on the severity and longevity of the crisis
and on the degree of potential problems in troubled sectors, may
downgrade ratings of those Bulgarian banks that exhibit weakened
financial strength, particularly in terms of asset quality and
profitability.

The change in outlook to negative from stable applies to these
issuers and ratings:

DSK Bank AD

  - D+ BFSR
  - Baa1 long-term local currency deposit rating

Raiffeisenbank (Bulgaria) EAD

  - D+ BFSR
  - Baa1 long-term local currency deposit rating

First Investment Bank AD

  - D BFSR
  - Ba1 long-term local and foreign currency deposit ratings
  - Ba1 long-term senior unsecured debt rating
  - Ba2 long-term subordinated debt rating

MKB Unionbank AD

  - D- BFSR
  - Ba1 long-term local and foreign currency deposit ratings

The change in outlook to stable from positive applies to this
issuer and ratings:

International Asset Bank AD

  - E+ BFSR
  - B1 long-term local and foreign currency deposit ratings

Moody's previous rating action on DSK Bank and Raiffeisenbank
(Bulgaria) was on September 30, 2008, when it changed the outlook
on the short-term and long-term foreign currency deposit ratings
of Baa3/Prime-3 to stable from positive, in line with a similar
change in Bulgaria's ceiling for such instruments.  Moody's last
rating action on First Investment Bank AD (Bulgaria) was on
September 16, 2008 when the agency confirmed the issuer's ratings
which had been placed on review for possible downgrade, following
the short-lived run on customer deposits experienced by the bank
during the second week of May that was prompted by rumours about
the bank.  Moody's previous rating action on International Asset
Bank was on April 24, 2007, when it placed a positive outlook on
all the bank's ratings.  Moody's previous rating action on MKB
Unionbank was on July 31, 2007, when it first assigned ratings to
the bank.  No further rating action has been taken on this
institution since then.

At the end of September 2008, DSK Bank had total assets of
BGN8.766 billion (EUR4.482 billion); Raiffeisenbank (Bulgaria) had
total assets of BGN7.160 billion (EUR3.661 billion); First
Investment Bank had total assets of BGN 4.229 billion (EUR2.162
billion); MKB Unionbank had total assets of BGN1.410 billion
(EUR721 million); and International Asset Bank had total assets of
BGN555 million (EUR284 million).  All banks are headquartered in
Sofia, Bulgaria.


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


ANGLO IRISH: On the Brink of Nationalization
--------------------------------------------
BBC News reports that the Irish government is set to nationalize
Anglo Irish Bank.

According to the report, the government said that while it planned
on injecting EUR1.5 billion (GBP1.4 billion) into the bank, weak
funding and damage to its reputation prompted a change of tack.

The government however notes all employees would stay with the
bank and shareholders would be protected, the report relates.

The bank's board meanwhile said it would work with the government
to ensure its long-term commercial viability, the report adds.

"I would again stress that this government decision safeguards the
interest of the depositors of Anglo, and the stability of the
economy, given the significance of Anglo in this regard, as
already recognized by the European Commission," Irish Finance
Minister Brian Lenihan was quoted by the report as saying.  "The
bank will continue to operate as normal and depositors and
creditors should continue to transact as normal."

Anglo Irish, the report discloses, has about EUR100 billion on its
books.

                       Reputational Damage

The report recounts the bank's chairman, Sean Fitzpatrick,
resigned in December after a EUR87 million loan controversy, which
according to the government caused "serious reputational damage to
the bank at a time when overall market sentiment towards it was
negative".

Mr. Fitzpatrick, the report recalls, admitted he had transferred
millions of euros out of the Dublin-based bank's accounts.

                        Recapitalization

As reported in the TCR-Europe on Dec. 29, 2008, following
government decisions of November 28 and December 14, the Minister
for Finance on December 21 announced specific decisions
in relation to three major financial institutions.

The Taoiseach said: "In relation to Anglo Irish Bank, the Minister
for Finance announces an initial investment of EUR1.5 billion of
core tier 1 capital to assist in restructuring the bank's capital.
The Government will continue to reinforce the position of Anglo
Irish Bank and will make further capital available if required so
that it remains a sound and viable institution.  The investment
will be in the form of EUR1.5 billion of perpetual preference
shares with a fixed annual dividend of 10%.  The preference shares
carry 75% of the voting rights of Anglo Irish Bank.  The
investment is subject to the approval of the ordinary shareholders
at a general meeting which will be convened as soon as possible.
On the basis of positive contact with the European Commission, the
Minister said he was confident that the Anglo proposal will meet
with EU State Aid requirements when formally notified in due
course."

                            Writedowns

On Jan. 13, 2009, the TCR-Europe, citing the Sunday Business Post
Online, reported that according to new analysis from stock broking
firm NCB, Anglo Irish Bank could be forced to write down the value
of its commercial property book by up to EUR450 million as a
result of a recent High Court examinership case.

The case involved Birchport, the company behind the Ocean bar in
Dublin.

In the case, the High Court approved the writing down of a secured
asset during the examinership process, the first time that a
secured asset had been reduced in this way.

                     About Anglo Irish Bank

Headquartered in Dublin, Ireland, Anglo Irish Bank Corporation plc
-- http://www.angloirishbank.ie/-- operates in three core areas:
Business Lending, Treasury and Wealth Management.


ANGLO IRISH: Fitch Cuts Individual Rating to 'D/E' from 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
and Individual Ratings of Allied Irish Banks, Anglo Irish Bank
Corporation, Bank of Ireland and Irish Nationwide Building Society
and the Individual rating of Irish Life & Permanent.  The agency
has placed EBS Building Society's (EBS) Long-term IDR of 'A-' (A
minus) and Individual rating of 'B/C' on Rating Watch Negative.
Fitch has also upgraded the Support ratings and revised upwards
the Support Rating Floors for a number of Irish credit
institutions.

The downgrades reflect the deteriorating economic environment, an
abrupt contraction in forecasts for Irish economic growth in 2009,
rising unemployment and a worsening outlook for commercial
property.  Fitch considers that these changes are likely to lead
to weaker revenue generation, sharp rises in impaired loans and
steep falls in operating profitability for the Irish banks.

"These rating actions incorporate Fitch's expectation of
significantly weaker earnings by the banks and poorer asset
quality," said Matthew Taylor, Senior Director in Fitch's
Financial Institutions group.  On a positive note, these
institutions all have strong customer franchises and attentively
manage expenses, which may offer some protection against declining
revenues and larger loan impairment charges.  In recent years,
these institutions have reported notable asset growth and rising
profitability as they benefited from robust economic growth.  In
addition, the Irish government has guaranteed all retail,
commercial, institutional and interbank deposits until end-
September 2010.

In upgrading the Support Ratings and revising upwards the Support
Rating Floors, Fitch has taken note of the commitment of the Irish
government to guarantee the covered liabilities of seven Irish
credit institutions.  It also notes the commitment by the Irish
government to subscribe to preference shares in AIB, Anglo and BoI
and its indication of the availability of additional capital to
support further capital issuance by these institutions.  In view
of these elements, and the government's acquisition of 75% voting
rights in Anglo, Fitch has upgraded Anglo's Support Rating to '1'
from '3' and revised upwards its Support Rating Floor to 'A-' (A
minus) from 'BB+'.  The Support Rating Floors at AIB and BoI have
been revised upwards to 'A' from 'A-' and the Support Ratings of
'1' have been affirmed.  The agency has also upgraded the Support
Ratings of EBS, ILP and INBS to '2' from '3'.  The Support Rating
Floors have been revised upwards to 'BBB-' at EBS and INBS from
'BB+' and 'BB' respectively.  Having seen the extent of the
commitment from the Irish government to support its banks, Fitch
considers that this support should continue to be available for
the period covered by the Long-term IDR.

AIB is active in Ireland, the UK and Poland and holds a non-
controlling stake in the American M&T Bank Corporation, which
diversifies earnings and risks.  However, the bank has sizable
investment and development commercial mortgage portfolios and
Fitch is concerned that the development book in particular
represents a significant risk.  Combined with Fitch's expectations
of a tough operating environment leading to falling revenues and
weighty loan impairment charges, the agency considers that the 'C'
Individual Rating definition of 'an adequate bank' appropriately
characterizes the bank.  More positively, AIB has large market
shares in Ireland in retail funding, business loans and
residential mortgages, which should continue positively to
underpin the bank's performance and its receipt of EUR2bn
government subscribed preference shares help to strengthen the
bank.

Fitch considers that Anglo's specialization in lending supported
by commercial real estate is especially vulnerable to the
weakening economy and commercial property markets.  In addition to
its investment portfolio, the bank has significant exposure to
riskier development loans.  In this context of increasing company
defaults and falling commercial property values, Fitch expects the
bank to report weaker revenues and large loan impairment charges
and considers that the scale of the impaired loan charges could
intensify the vulnerability of the bank to economic developments.
In addition, the agency considers that the sustainability of the
bank's business model may be in question and that the bank may
need to review its positioning to improve its otherwise weak
prospects.  The presence of EUR1.5bn government preference shares
strengthens the bank's capital position.

Low risk residential mortgages make up about half of BoI's loan
book and should help protect the bank from some of the
difficulties presented by the economic downturn.  However, the
bank is also exposed to commercial real estate in its investment
and development property lending and Fitch considers that these
portfolios are still sufficiently large to generate loan
impairment charges that may severely dent operating profit.  The
bank has a strong franchise also in retail funding and business
loans in Ireland and is active in the UK market.  The bank's
capital position is strengthened by EUR2 billion of preference
shares subscribed by the government.

In the light of these rating actions taken on Irish credit
institutions, Fitch is evaluating the Long-term IDR and Individual
ratings of EBS.

The downgrade of ILP's Individual Rating to 'B/C' from 'B'
reflects Fitch's expectations of smaller revenues and weaker asset
quality in the bank as a result of the contraction in economic
growth and rising unemployment in Ireland.  The bank's buy-to-let
mortgage portfolio in the UK may also be susceptible to losses.
On the other hand, ILP benefits from the diversification provided
by its insurance operations.  Fitch expects a decline in insurance
revenues, but considers that the performance of the overall
organization may be less influenced by the economic downturn than
its Irish peers.

INBS has developed a specialization in commercial property
mortgages, which make up most of its loan book.  Within this
specialization, there are some loan concentrations and a portion
of loans with high loan to value ratios, which Fitch considers to
represent a greater risk.  With declining property values and an
expected increase in company defaults, Fitch expects INBS to
record smaller revenues and large loan impairment charges.  The
agency considers that the scale of the impaired loan charges could
intensify the vulnerability of the society to economic
developments.  The society is taking action to reduce its loan
exposures and Fitch views positively the appointment of additional
Board Directors.

Fitch has affirmed at 'F1+' the Short-term IDR rating of AIB,
Anglo Irish, BoI, EBS, and INBS in view of the existence of an
Irish government guarantee for senior and lower Tier II
subordinated debt which matures before end-September 2010.  The
agency has also affirmed at 'AAA' the senior and lower Tier II
debt issues with original terms longer than one year which mature
before September 29, 2010 and which are included in the Irish
government's credit institutions financial support scheme.

The ratings of AIB, Anglo, BoI, EBS, ILP and INBS are:

Allied Irish Banks

  -- Long-term IDR downgraded to 'A' from 'AA-' ('AA minus), off
     RWN; Stable Outlook assigned

  -- Senior debt downgraded to 'A' from 'AA-' ('AA minus), off RWN

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'C' from 'B', off RWN

  -- Support rating affirmed at '1'

  -- Support Rating Floor revised upwards to 'A' from A- (A minus)

  -- Subordinated debt downgraded to 'A-' (A minus) from 'A+'; off
     RWN

  -- Preference shares downgraded to 'BBB' from 'A+'; remain on
     RWN

AIB Bank (CI) Limited

  -- Long-term IDR downgraded to 'A' from 'AA-' (AA minus), off
     RWN; Stable Outlook assigned

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'C' from 'B'; off RWN

  -- Support rating affirmed at '1'

AIB Group (UK) plc

  -- Long-term IDR downgraded to 'A' from 'AA-' (AA minus); off
     RWN; Stable Outlook assigned

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'C' from 'B'; off RWN

  -- Support rating affirmed at '1'

Anglo Irish Bank Corporation

  -- Long-term IDR downgraded to 'A-' (A minus), from 'A+'; off
     RWN; Stable Outlook assigned

  -- Senior debt downgraded to 'A-' from 'A+'; off RWN

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'D/E' from 'B'; off RWN

  -- Support rating upgraded to '1' from '3'

  -- Support Rating Floor revised upwards to 'A-' (A minus) from
     'BB+'

  -- Subordinated debt downgraded to 'BBB+' from 'A'; off RWN

  -- Preference shares downgraded to 'BBB-' (BBB minus) from 'A';
     remain on RWN

Bank of Ireland

  -- Long-term IDR downgraded to 'A' from 'AA-' (AA minus); off
     RWN; Stable Outlook assigned

  -- Senior debt downgraded to 'A' from 'AA-' ('AA minus), off RWN

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'C' from 'B'; off RWN

  -- Support rating affirmed at '1'

  -- Support Rating Floor revised upwards to 'A' from 'A-' (A
     minus)

  -- Subordinated debt downgraded to 'A-' (A minus) from 'A+'; off
     RWN

  -- Preference shares downgraded to 'BBB' from 'A+'; remain on
     RWN

EBS Building Society

  -- Long-term IDR of 'A-' (A minus) placed on RWN

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating of 'B/C' placed on RWN

  -- Support Rating upgraded to '2' from '3'

  -- Support Rating Floor revised upwards to 'BBB-' (BBB minus)
     from 'BB+'

  -- Senior debt of EBS at 'A' placed on RWN

  -- Subordinated debt and permanent interest-bearing shares at
     'BBB+' placed on RWN

EBS Mortgage Finance

  -- Long-term IDR of 'A-' (A minus) placed on RWN
  -- Short-term IDR affirmed at 'F1+'
  -- Support rating affirmed at '1'

Irish Life & Permanent

  -- Individual rating downgraded to 'B/C', from 'B'; off RWN
  -- Support rating upgraded to '2' from '3'

Irish Nationwide Building Society

  -- Long-term IDR downgraded to 'BBB-' (BBB minus) from 'BBB+';
     off RWN; Stable Outlook assigned

  -- Senior debt downgraded to 'BBB-' (BBB minus) from 'BBB+'; off
     RWN

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'D/E' from 'C'; off RWN

  -- Support rating upgraded to '2' from '3'

  -- Support Rating Floor revised upwards to 'BBB-' (BBB minus)
     from 'BB'

  -- Subordinated debt downgraded to 'BB+' from 'BBB' RWN; off RWN

In the light of the rating actions, Fitch has reviewed the credit
institutions' covered bond programs.  Following the downgrade or
placing on RWN of the Long-term IDRs of the related covered bond
issuers or their parent bank, Fitch affirms the 'AAA' ratings for
these covered bonds:

The residential mortgage covered securities issued by AIB Mortgage
Bank.  The ratings continue to be based on probability of default.

The UK commercial mortgage contractual covered bonds issued by
Anglo, which were formerly based solely on probability of default
and are now assigned based on a 'AA+' probability of default
rating with one notch credit for high recoveries leading to the
final 'AAA' rating.  Anglo is the swap counterparty for the
program.  Its rating is now below the 'A' rating referred to in
the program documentation, which provides for remedial action to
be taken within 30 days of such a downgrade.  The UK residential
mortgage contractual covered bonds issued by BoI, which were
formerly assigned based solely on probability of default and are
now assigned based on a 'AA+' probability of default rating with
one notch credit for high recoveries leading to the final 'AAA'
rating on the covered bonds.

The residential MCS issued by EBS Mortgage Finance, which continue
to be rated 'AA+' based on probability of default with one notch
credit for high recoveries leading to the final 'AAA' rating.


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


ASIA INVEST: Proof of Claim Deadline Slated for February 20
-----------------------------------------------------------
LLP Asia Invest Consulting has declared insolvency.  Creditors
have until Feb. 20, 2009, to submit written proofs of claim to:

         LLP Asia Invest Consulting
         Deribas Str. 19
         140000 Pavlodar
         Kazakhstan


AMAN SHUREN: Creditors Must File Claims by February 24
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aman Shuren insolvent.

Creditors have until Feb. 24, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 20-31-32


BAUER & K: Claims Filing Period Ends February 20
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Bauer & K insolvent.

Creditors have until Feb. 20, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Makataev Str. 196-36
         Almaty
         Kazakhstan
         Tel: 8 (7272) 79-86-76


ISKER HOLDING: Creditors' Proofs of Claim Due on February 20
------------------------------------------------------------
LLP Isker Holding has declared insolvency.  Creditors have until
Feb. 20, 2009, to submit written proofs of claim to:

         LLP Isker Holding
         Staraya krepost
         Beskaragaisky
         East Kazakhstan
         Kazakhstan


JURAS-DD LLP: Claims Registration Period Ends February 20
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Juras-DD insolvent.

Creditors have until Feb. 20, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


MARKET-NOVOSEL LLP: Proof of Claim Deadline Slated for Feb. 24
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Stroy Market-Novosel insolvent.

Creditors have until Feb. 24, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 20-31-32


RAT-LTD LLP: Creditors Must File Proofs of Claim by February 20
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Rat-Ltd. insolvent.

Creditors have until Feb. 20, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


SARMAT-2006 LLP: Claims Filing Period Ends February 20
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Sarmat-2006 insolvent.

Creditors have until Feb. 24, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


TECHNIKA CONSTRUCTION: Creditors' Claims Due on February 24
-----------------------------------------------------------
The Tax Committee of Almaty has declared LLP Rem Stroy Technika
Construction insolvent.

Creditors have until Feb. 24, 2009, to submit written proofs of
claim to:

         The Tax Committee of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-19-77


TRISTAN OIL: Moody's Reviews 'B2 Rating for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the B2 corporate family rating of Tristan Oil Ltd and B2
rating of its US$300 million and US$120 million Senior Secured
Notes maturing 2012.

The rating action follow Tristan's announcement that on December
18, 2008 the Ministry of Energy and Mineral Resources of
Kazakhstan informed the company that it had canceled its
previously issued waiver of the MEMR's pre-emptive rights in
connection with the transfer of ownership of its prime subsidiary,
Tolkynneftegaz in 2003 when the current shareholders acquired TNG
from an affiliated entity.  The waiver was canceled due to the
insufficiency of information submitted at that time by the
company.

Moody's understands that Tristan intends to submit all the
required documentation to the MEMR by January 23, 2009, as
requested by the authorities.  Moody's understands that the
company expects to obtain a formal response from the authorities
on this matter by the end of January 2009.  The failure of TNG to
obtain a favorable resolution would result in TNG loosing the
subsoil use contract with respect to the Tolkyn field and Tabyl
block -- assets that contribute around 70% to the group's revenue
base.

Around the same time, on December 24, 2008 the Department for
Fighting Economic Offenses and Corruption of the Mangistau region
opened a criminal investigation with respect to Tristan's other
main subsidiary Kazpolmunay.  As per the company, the basis for
the investigation has not been disclosed by the authorities,
however KPM believes it relates to the oil pipeline built by KPM
in 2004 to transport its oil from the Borankol field to the
delivery point at the KazTransOil pipeline.  KPM has requested
that the authorities provide details regarding the basis for the
investigation, and estimates that in the worst case scenario a
fine would need to be paid.

In Moody's view both developments are alarming.  The events are
particularly surprising given the length of time the company has
been operating both assets and the fact that none of the issues
had been brought up until recently.  A potential loss of the
license to the Tolkyn field, or/and a sizable fine with respect to
KPM operations, would jeopardize the company's current and future
ability to service its debt obligations in relation to the US$420
million Eurobond rated by Moody's, and would have a profound
negative impact on the company's ratings.

Moody's will be closely monitoring the developments and will
update the market once there is a further clarity on the
resolution of both cases.  In line with the company's
expectations, Moody's anticipates a formal response from
authorities with respect to TGN's license to be obtained by the
end of January 2009, and the size of a fine at KPM level to be
estimated.  Failure by Tristan to resolve both issues by the date
indicated would force Moody's to take actions on the credit.

Moody's previous rating action on Tristan took place on May 23,
2007, when a negative outlook was assigned to Tristan's ratings on
the back of the heightened financial risk as a result of raising
the additional US$120 million Eurobond.

Tristan is a special purpose vehicle domiciled in the British
Virgin Islands created for the sole purpose of issuing secured
notes to finance a loan to two oil and gas companies, KPM and TNG,
organized under the laws of Kazakhstan.  The guarantors of the
notes, KPM and TNG are engaged in the exploration and development
of two oil and gas fields and in the production of oil, condensate
and gas in the Pre Caspian basin of Western Kazakhstan.  All
companies directly or indirectly are owned by Mr. Stati, a
Moldovan citizen, and certain members of his family.


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


RESOURSE STROY: Creditors Must File Claims by February 26
---------------------------------------------------------
LLC Construction Company Resourse Stroy has declared insolvency.
Creditors have until Feb. 26, 2009, to submit written proofs of
claim to:

         LLC Construction Company Resourse Stroy
         Room 500a
         Kievskaya Str. 96b
         Bishkek
         Kyrgyzstan


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


BANCA POPOLARE: Fitch Puts 'D/E' Individual Rtng on Watch Negative
------------------------------------------------------------------
Fitch Ratings has placed Italy-based Veneto Banca Holding's Long-
term Issuer Default Rating of 'A-' (A minus) on Rating Watch
Negative.  This follows an announcement on Wednesday, January 14,
2009, that VBH and BancApulia have reached an agreement for the
incorporation of VBH's fully owned subsidiary Banca Meridiana,
active in Southern Italy, in BA.  As a result of this transaction,
VBH will own a controlling stake of 50.2% in BA.  Fitch expects to
resolve the RWN at the legal completion of the deal.  The deal is
subject to the approval of the central bank, which is expected in
the second half of 2009, and of the two banks' general
shareholding meetings.

At the same time, the agency has affirmed VBH' Short-term IDR at
'F2', the Individual rating at 'C', the Support rating at '3' and
the Support Rating Floor at 'BB'.  The agency has also placed
subsidiary Banca Popolare di Intra's Long-term Issuer Default
Rating of 'A-' (A minus) and Support rating of '1' on RWN and
affirmed its Short-term IDR 'F2' and Individual rating 'D/E'.
VBH's senior and subordinated notes - rated 'A-' (A minus) and
'BBB+' respectively and issued under the bank's EMTN program -
have been placed on RWN.  Its EUR200 million of subordinated
perpetual Tier 1 notes - rated 'BBB+' - have also been put on RWN.

The acquisition will allow VBH to strengthen its presence in an
area in which it is already active and is strategically coherent
with the recent agreement to acquire a 27% stake in Cassa di
Risparmio di Fabriano e Cupramontana to link the northern and
southern Italian areas where VBH is present.  However, it also
increases the group's exposure to the relatively more fragile
economy of southern Italy as well as increasing integration risk.
BA is a small commercial bank, based in the South of Italy region
of Puglia, with 52 branches and focused on retail customers.  At
end-June 2008, BA had equity of EUR195 million and total assets of
EUR4.5 billion, representing around 10% and 22% of VBH's
consolidated equity and total assets respectively.  It owns 70% of
a small consumer credit company, Apulia ProntoPrestito, listed on
the Milan Stock Exchange.  BA's main shareholder is the Chiro
family which owns a 52% stake in BA through a finance company,
Finanziaria Capitanata; the remainder is widely held by local
entrepreneurs and individuals.

VBH is a cooperative bank historically based in the Veneto region
of Italy with a client base mainly composed of small and micro
enterprises and private individuals.  Intra is VBH's subsidiary in
charge of the north-western branch network of the group.  The
group is complemented by product companies.  VBH has also a
foothold in some central and eastern European countries (Romania,
Moldova, Croatia and Albania) through small, local banks.


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


FAXTOR ABS: Moody's Corrects on December 22 Rating Actions
----------------------------------------------------------
Moody's Investors Service has taken rating actions on certain
tranches from Faxtor ABS 2003-1 B.V.  These actions are a
correction to rating actions announced December 22, 2008 where a
certain payment made to the Class A-1E was not fully reflected and
pari-passu tranches of Class A-2E and A-2F were incorrectly
treated.  The impacted tranches are:

(1) Class A-2E

  -- Correct rating: Aa3, on review for possible downgrade
  -- Previous incorrect rating: Aa2, on review for possible
     downgrade

(2) Class A-3E

  -- Correct rating: Baa1, on review for possible downgrade
  -- Previous incorrect rating: Ba1, on review for possible
     downgrade

(3) Class A-3F

  -- Correct rating: Baa1, on review for possible downgrade
  -- Previous incorrect rating: Ba1, on review for possible
     downgrade

(4)Class BE

  -- Correct rating: Ba2, on review for possible downgrade
  -- Previous incorrect rating: B2, on review for possible
     downgrade

(5) Class BF

  -- Correct rating: Ba2, on review for possible downgrade
  -- Previous incorrect rating: B2, on review for possible
     downgrade

Corrected press release follows:

Moody's Investors Service announced that it 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.

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:

  -- 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: Aa3, 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: Baa1, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Date: 19 May 2003

(5) Class A-3F Fixed Rate Notes

  -- Current Rating: Baa1, on review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Date: 19 May 2003

(6) Class BE Floating Rate Notes

  -- Current Rating: Ba2, on review for possible downgrade
  -- Prior Rating: Baa2
  -- Prior Rating Date: 19 May 2003

(7) Class BF Fixed Rate Notes

  -- Current Rating: Ba2, 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 EUR 28,500,000 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 EUR 5,000,000 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

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

(3) Class C

  -- Current Rating: A1, on review for possible downgrade
  -- Prior Rating: Aa1
  -- Prior Rating Date: 06 July 2004


SCEPTRE CAPITAL: S&P Cuts US$50MM Notes to 'CC' From 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series
2007-4 US$50 million synthetic collaterized debt obligation
variable rate notes due 2012 issued by Sceptre Capital B.V. to
'CC' from 'CCC-/Watch Neg'.  The rating was subsequently
withdrawn.

The downgrade reflects a deterioration in the credit quality of
the transaction following the default of several reference names
in the portfolio.  The withdrawal of the rating is at the request
of the issuer following a buy-back of the notes.

The rating action on the affected transaction is:
                          Rating lowered

      Name                         Rating To    Rating From
      ----                         ---------    -----------
      Sceptre Capital B.V.         CC           CCC-/Watch Neg
      Series 2007-4

                         Rating withdrawn

      Name                         Rating To    Rating From
      ----                         ---------    -----------
      Sceptre Capital B.V.         NR           CC
      Series 2007-4


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


AD USUM: Creditors Must File Proofs of Claim by February 6
----------------------------------------------------------
Creditors owed money by LLC Ad Usum are requested to file their
proofs of claim by Feb. 6, 2009, to:

         Christa Furrer-Muller
         Oberhofstrasse 13
         8265 Mammern
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 27, 2008.


CAFE ALEXANDER: Deadline to File Proofs of Claim Set Feb. 1
-----------------------------------------------------------
Creditors owed money by LLC Cafe Alexander are requested to file
their proofs of claim by Feb. 1, 2009, to:

         Francesco Pologruto
         Wiesenweg 18b
         4663 Aarburg
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 1, 2008.


CSW 51 LLC: Creditors Have Until January 31 to File Claims
----------------------------------------------------------
Creditors owed money by LLC CSW 51 are requested to file their
proofs of claim by Jan. 31, 2009, to:

         LLC S & S Occ. Truck Center
         Willy Sommer
         Industriestrasse 23
         4623 Neuendorf
         Switzerland

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


GENERAL MOTORS: Bank Loan Sells at Almost 50% Discount
------------------------------------------------------
Participations in a syndicated loan under which General Motors
Corp. is a borrower traded in the secondary market at 51.56 cents-
on-the-dollar during the week ended January 9, 2009, according to
data compiled by Loan Pricing Corp. and reported in The Wall
Street Journal.  This represents an increase of 5.78 percentage
points from the previous week, the Journal relates, General Motors
Corp. pays interest at 275.00 points above LIBOR.  The bank loan
matures on November 27, 2013.  The bank loan carries Moody's B3
rating and Standard & Poor's CCC rating.

                   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: Bondholders Form Committee to Negotiate Debt Swap
-----------------------------------------------------------------
Sharon Terlep at The Wall Street Journal reports that General
Motors Corp. executives said on Thursday that bondholders have
created a committee to negotiate the terms of a debt-for-equity
swap.

A Paul, Weiss, Rifkind, Wharton & Garrison LLP spokesperson said
that the firm was representing GM's bondholders, WSJ relates.
Paul, Weiss also represents bondholders of General Growth
Properties Inc., the report states.  Citing the spokesperson, WSJ
says that the committee represents 10 institutions holding GM debt
and that it has held its first meeting by telephone.

GM must also convince individual bondholders to sign off on the
debt swap, WSJ says, citing Daryl Robertson, who has represented
bondholders at Hunton & Williams LLP, which isn't involved in the
talks.

According to WSJ, the debt swap is a requirement of the government
loan.  The report says that under the terms of the government's
US$13.4 billion loan program, GM must:

    -- have a plan in place that would cut its US$27.5 billion in
       unsecured debt by two-thirds by Feb. 17; and

    -- reach a cost-cutting agreement with its union workers.

WSJ relates that GM lowered on Thursday its forecast for this
year's industry sales of cars and light trucks.  GM, according to
the report, expects global sales to drop 15% to 57.5 million
vehicles in 2009, from 67.1 million cars and trucks in 2008.  The
report says that GM expects industry sales of 10.5 million
vehicles in the U.S. this year, down 22% from 13.5 million last
year.

                     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: Cuts U.S. Auto-Industry Sales Forecast to 10.5MM
----------------------------------------------------------------
In light of the ongoing uncertainty of global market conditions,
General Motors said it is adopting more conservative industry
volume assumptions than those presented to Congress.  For
liquidity and viability planning purposes, GM will assume 2009
U.S. total vehicle sales of 10.5 million units and global sales of
57.5 million units.  The initial plan included a downside scenario
of 10.5 million U.S. sales in 2009, with a baseline scenario of 12
million sales.  GM also said it revised downwards its assessment
of global industry volume assumptions for 2010-2012 for liquidity
planning purposes.

In its statement regarding its viability plan in Dec. 2, 2008, GM
said that after it has completed the restructuring actions laid
out in the plan, the company will be able to operate profitably at
industry volumes between 12.5 and 13 million vehicles.  It noted
at that time that those assumptions were reasonably conservative
for gauging liquidity needs, as the figures were substantially
below the 17 million industry levels averaged over the last nine
years.

Bloomberg News says that the 10.5 million units projected by GM
would be the lowest in 27 years, as a worsening economy crimps
demand.

Chrysler CEO Bob Nardelli, in an interview with Bloomberg News
early this week, said that they have pegged total 2009 production
by U.S to 11.1 million units.  Ford Motor Chief Financial Officer
Lewis Booth said Ford has lowered its prediction from a range of
12.2 million to 12.5 million, to 12 million to 12.5 million.

Other firms, however, have given lower forecasts.  "The market
will not reach 12.2 million units this year, no way, no how," said
John Wolkonowicz, an IHS Global Insight analyst.  IHS, according
to Bloomberg, has trimmed its 2009 sales estimate last week to
between 10 million and 10.5 million.

Standard & Poor's Ratings Services said it expects sales in 2009
to be 10 million units, 24% below 2008 actual sales.  It notes
that for the last three months of 2008, the seasonally adjusted
annual rate of light-vehicle sales in the U.S. was below 11
million units. The ratings agency noted that GM's production in
the first quarter of 2009 is expected to be down more than 50%
year over year.  S&P expects production to also be down for other
customers in North America and for Europe as well in 2009

In cutting auto supplier Dana Holdings' credit rating to B from
B+, Standard & Poor's credit analyst,  Nancy Messer, said,  "We
expect revenues to be reduced by weak auto sales and production in
North America, weak auto sales in Europe, and the U.S. recession,
which has stalled the recovery of commercial truck sales.  S&P has
also made ratings cuts for other auto suppliers, including
American Axle Inc., Visteon Corp. and ArvinMeritor Inc. for the
same reasons.

In mid-December 2008, Johnson Controls Inc. said it was cutting
its projections for total auto sales to 9.3 million units in North
America and 16.2 million units in Europe.  JCI, which sales to
Ford, GM, Chrysler and Toyota accounts to 10% of revenues in the
U.S., had projected North American production of 12.3 million
vehicles and European production of 21.2 million vehicles.

According to data from the International Organization of Motor
Vehicle Manufacturers, production of cars and commercial vehicles
in the U.S. in 2007 was 10,780,729, down 4.5% from the previous
year.  Bloomberg has said 2008 U.S. sales of cars and light trucks
have tumbled 16% through November.

                  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: Posts All-Time Sales Record in LatAm, Africa & ME
-----------------------------------------------------------------
General Motors Latin America, Africa and Middle East region posted
an all-time sales record in 2008, selling over 1.276 million
vehicles, up 40,000 units over 2007, representing a 3.2 percent
growth rate.  In addition, LAAM's market share increased to 17.1
percent for the year.

Maureen Kempston Darkes, GM group vice president and president of
GM LAAM said, "We are pleased to post our fifth consecutive record
sales year, with the Chevrolet brand continuing to lead the growth
throughout the region."

All-time yearly GM sales records were set in Argentina, Brazil,
Chile, Ecuador, Paraguay, Peru, Uruguay, Egypt, Kenya, North
Africa and Middle East markets in 2008.  And, for the 2008
calendar
year, market share gains were recorded in Ecuador, Paraguay, Peru,
Uruguay, Egypt, Kenya, Israel, Middle East, North Africa, South
Africa and Venezuela.

The North African market and Egypt were GM's highest market
gainers in 2008, growing 57 percent and 52 percent, respectively,
both of which significantly out-paced the industry growth rate.

Despite a slowdown in the fourth quarter throughout the region due
to the global economic crisis, the North African market posted
all-time quarterly GM sales and market share records in Q4 2008.
In addition, Ecuador, Peru and Egypt set fourth quarter sales
records.

Chevrolet Corsa, Celta and Aveo remained as the top three sellers
across the region in 2008, representing 41 percent of GM's sales
volume.  Chevrolet represents 90 percent of GM sales in LAAM.
Brazil represents the second largest market for Chevrolet outside
the U.S., with sales of 549,000 in 2008.

In 2009, the Chevrolet brand will continue to play a key role as
several new products, such as the Camaro, Cruze, Malibu, Traverse
will be launched in the region.

General Motors Latin America, Africa and Middle East Region (GM
LAAM), with headquarters in Miramar, Florida, is one of GM's four
regional business units.  GM LAAM employs approximately 35,000
people throughout the region in 18 countries and has manufacturing
facilities in Argentina, Brazil, Colombia, Ecuador, Egypt, Kenya,
South Africa and Venezuela.  In 2008, GM LAAM had a record year,
selling over 1.27 million vehicles.  GM LAAM markets vehicles
under the Buick, Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel,
Saab and Suzuki brands.

                  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: Says It Is on Track on Meeting Viability Plan
-------------------------------------------------------------
General Motors Corp. on Jan. 16 provided an update on its
restructuring efforts included in the viability plan submitted to
the federal government last month, and announced more conservative
industry volume planning assumptions to ensure the viability plan
is successful even in the most challenging of markets.

The updates were part of a comprehensive review of GM's global
business by Rick Wagoner, chairman and CEO; Fritz Henderson,
president and COO; and Ray Young, executive vice president and
CFO; at the Deutsche Bank 2009 Auto Analysts Conference in
Detroit.

Their remarks focused on the global financial, operational and
product portfolio actions GM is taking to restructure its business
for greater competitiveness and long-term viability.

"We are on track to accomplish the requirements of the viability
plan," Mr. Wagoner stated.  "We know we have a lot of work in
front of us, but we are already working closely with many key
stakeholders.  The GM team is 100 percent dedicated to achieving
the goals of our plan."

In light of the ongoing uncertainty of global market conditions,
GM is adopting more conservative industry volume assumptions than
those presented to Congress.  For liquidity and viability planning
purposes, GM will assume 2009 U.S. total vehicle sales of 10.5
million units and global sales of 57.5 million units.  The initial
plan included a downside scenario of 10.5 million U.S. sales in
2009, with a baseline scenario of 12 million sales.  GM also
revised downwards its assessment of global industry volume
assumptions for 2010-2012 for liquidity planning purposes.

GM said that lowering the assumptions on U.S. and global industry
volumes will drive tougher operational decisions that will result
in a more robust viability plan, one that better positions the
company for long-term growth as the auto market recovers.  GM said
it would continue to refine its plan in response to changing
market conditions.

GM's detailed Restructuring Plan for Long-Term Viability was
presented to Congress on December 2, 2008, and it formed the
basis for the loan agreement with the U.S. Treasury signed on
December 19.  An updated plan is due to the U.S. President's
designee on February 17, 2009.

GM and Chrysler LLC have obtained loans from the treasury in order
to avert collapse.  On Dec. 31, 2008, the U.S. Treasury completed
a transaction with General Motors Corp., under which the Treasury
will provide GM with up to a total of US$13.4 billion in a three-
year loan from the Troubled Assets Relief Program.  On Jan. 2,
2009, the Treasury provided a three-year US$4 billion loan to
Chrysler.  The Treasury has required each of the two to submit a
plan that would prove the automaker's long-term viability.  The
loan agreement provides for acceleration of the loan if those
goals under the plan, which are subject to review by a designee of
the U.S. President, are not met.

                       GM Viability Plan

GM's viability, submitted in response to Congressional hearings in
November, includes a detailed blueprint for a successful,
sustainable General Motors.  Building on a product renaissance and
comprehensive restructuring that has been under way for several
years, the plan calls for:

  * Increased production of fuel-efficient vehicles and energy-
    saving technologies;

  * Rationalization of brands, models and retail outlets;

  * Reduced wage and benefit costs, including further reductions
    in executive compensation;

  * Significant capital structure restructuring;

  * Further consolidation in manufacturing operations.

The plan calls for shared sacrifice, including further reduction
in the number of executives and total compensation paid to senior
leadership.  GM cited that the chairman and CEO Rick Wagoner will
reduce his salary to US$1 per year.

A full-text copy of GM's viability plan is available at:

              http://researcharchives.com/t/s?3815

                  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.


GOTTHARD IMMO-FINANZ: Proofs of Claim Filing Deadline is Jan. 31
----------------------------------------------------------------
Creditors owed money by JSC Gotthard Immo-Finanz are requested to
file their proofs of claim by Jan. 31, 2009, to:

         Wallimann Marcel
         LLC N & N Treuhand
         Bahnhofstrasse 4
         6052 Hergiswil/NW
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 5, 2006.


INTEC KOHLER: Creditors' Proofs of Claim Due by Jan. 31
-------------------------------------------------------
Creditors owed money by JSC Intec Kohler are requested to file
their proofs of claim by Jan. 31, 2009, to:

         Peter Kohler
         Im Gostel 1
         3232 Ins
         Switzerland

The company is currently undergoing liquidation in Ins.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 27, 2008.


POLORENA LLC: February 1 Set as Deadline to File Claims
-------------------------------------------------------
Creditors owed money by LLC Polorena are requested to file their
proofs of claim by Feb. 1, 2009, to:

         Francesco Pologruto
         Wiesenweg 18b
         4663 Aarburg
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 1, 2008.


SPORTBAHNEN ERNER: Creditors Must File Claims by January 30
-----------------------------------------------------------
Creditors owed money by JSC Sportbahnen Erner Galen are requested
to file their proofs of claim by Jan. 30, 2009, to:

         JSC Schwestermann & Michel Treuhand
         Haus Romantica
         3984 Fiesch
         Switzerland

The company is currently undergoing liquidation in Muhlebach.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 21, 2008.


TECNO GRAF: Deadline to File Proofs of Claim Set January 31
-----------------------------------------------------------
Creditors owed money by JSC Tecno Graf are requested to file their
proofs of claim by Jan. 31, 2009, to:

         Waldeggstrasse 20
         2540 Grenchen
         Switzerland

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


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


BELAYA TSERKOV: Creditors Must File Claims by January 21
--------------------------------------------------------
Creditors of OJSC Belaya Tserkov Agricultural Technics (EDRPOU
23570740) have until Jan. 21, 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 Dec. 3, 2008.
The case is docketed as B 14/406-07/11.

The Debtor can be reached at:

         OJSC Belaya Tserkov Agricultural Technics
         Lenin Str. 1-b
         Fursy
         Tserkov
         Kiev
         Ukraine


GELICON-PLUS LLC: Creditors Must File Claims by January 21
----------------------------------------------------------
Creditors of LLC Gelicon-Plus (EDRPOU 32860175) have until
Jan. 21, 2009, to submit proofs of claim to:

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

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Dec. 16, 2008.  The case is docketed as B 15/324-08.

The Debtor can be reached at:

         LLC Gelicon-Plus
         Apt. 8
         Rogalev Str. 3
         49000 Dnipropetrovsk
         Ukraine


INVESTMENTS SVI: Creditors Must File Claims by January 21
---------------------------------------------------------
Creditors of LLC Ukrainian Investments SVI (EDRPOU 34479196) have
until Jan. 21, 2009, to submit proofs of claim to:

         Mr. S. Kitsul
         Liquidator
         Apt. 15
         Leskovskaya Str. 28
         02097 Kiev
         Ukraine
         Tel: 8(067)295-0803

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 4, 2008.
The case is docketed as 24/504-b.

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

The Debtor can be reached at:

         LLC Ukrainian Investments SVI
         Kikvidze Str. 11
         01103 Kiev
         Ukraine


PRIDNEPROVSKY METALLURGICAL: Claims Registration Ends Jan. 21
-------------------------------------------------------------
Creditors of LLC Pridneprovsky Metallurgical Alliance (EDRPOU
33164764) have until Jan. 21, 2009, to submit proofs of claim to:

         Mr. Eugene Galchenko
         Temporary Insolvency Manager:
         P.O.B. 6119
         49125 Dnipropetrovsk
         Ukraine
         Tel: 8(056)377-83-17
              8(066)986-63-64

The Arbitration Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Nov. 7, 2008.  The case is docketed as B 26/251-08.

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

The Debtor can be reached at:

         LLC Pridneprovsky Metallurgical Alliance
         Apt. 704
         Newspaper Pravda avenue, 29
         49000 Dnipropetrovsk
         Ukraine


SALCOM-2007 LLC: Creditors Must File Claims by Jan. 21
------------------------------------------------------
Creditors of LLC Salcom-2007 (EDRPOU 35264564) have until Jan. 21,
2009, to submit proofs of claim to:

         Mr. S. Kitsul
         Liquidator
         Apt. 15
         Leskovskaya Str. 28
         02097 Kiev
         Ukraine
         Tel: 8(067)295-0803

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 4, 2008.
The case is docketed as 24/506-b.

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

The Debtor can be reached at:

         LLC Salcom-2007
         Citadel Str. 6/8
         01010 Kiev
         Ukraine


SLOBOZHANSCHINA LLC: Creditors Must File Claims by Jan. 21
----------------------------------------------------------
Creditors of LLC Slobozhanschina (EDRPOU 30714277) have until
Jan. 21, 2009, to submit proofs of claim to:

         Mr. O. Tischenko
         Liquidator
         Apt. 33
         Mironositskaya Str. 65
         61002 Kharkov
         Ukraine

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 3, 2008.
The case is docketed as B-48/110-07.

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

The Debtor can be reached at:

         LLC Slobozhanschina
         Privokzalnaya Str. 10
         Slatino
         Dergachi
         62321 Kharkov
         Ukraine


TRADING-INVESTMENT GROUP: Creditors Must File Claims by Jan. 21
---------------------------------------------------------------
Creditors of LLC Trading-Investment Group (EDRPOU 34576600) have
until Jan. 21, 2009, to submit proofs of claim to:

         Mr. S. Kitsul
         Liquidator
         Apt. 15
         Leskovskaya Str. 28
         02097 Kiev
         Ukraine
         Tel: 8(067)295-0803

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 4, 2008.
The case is docketed as 24/505-b.

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

The Debtor can be reached at:

         LLC Trading-Investment Group
         Kikvidze Str. 11
         01103 Kiev
         Ukraine


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


CAPRICORN TIMBER: Appoints Administrators from Tenon Recovery
-------------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed joint administrators of Capricorn Timber Ltd. on
Dec. 23, 2008.

The company can be reached through Tenon Recovery at:

         1 Bede Island Road
         Bede Island Business Park
         Leicester
         LE2 7EA
         England


CORSAIR NO 4: Moody's Junks Rating on US$20 Mil. Notes from 'A1'
----------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
on one class of notes issued by Corsair (Jersey) No. 4 Ltd -
Series 14.

Corsair (Jersey) No. 4 Ltd - Series 14 is a self-managed single
tranche synthetic CDO consisting primarily of corporate and
sovereign 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; Washington
Mutual Inc., which was seized by federal regulators on September
25, 2008 and subsequently virtually all of its assets were sold to
JPMorgan Chase; Fannie Mae, 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.  Due to these credit events, subordination has been
negatively impacted.  The transaction also has a significant
exposure to other corporate names which continue to deteriorate in
the current economic environment and 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 Corporate Collateralized Synthetic
     Obligations (December 2008)

The rating action is:

Corsair (Jersey) No. 4 Ltd - Series 14:

(1) Series 14 US$20,000,000 Secured Portfolio Credit-Linked Notes
due 2014

  -- Current Rating: Caa3
  -- Prior Rating: A1
  -- Prior Rating Date: 17 April 2008, downgraded to A1 from Aa2


INOV8 TECHNOLOGIES: Placed Into Administration by Parent
--------------------------------------------------------
Mid-States PLC on Tuesday, January 13, 2009, provided a further
update on strategic developments in its Environmental Division,
and its separate and distinct Engineering Division.

The Environmental Division includes the ground breaking air
disinfection device, the AD.  The Engineering Division houses the
fuel injection testing business.

As reported on December 24, 2008, the Group's recent trading has
been below expectations.  In particular, the Group's Engineering
Division, which serves the global automotive market, has
been experiencing the increasingly severe pressures in that
industry.  As also reported on December 24, 2008, the Board was
investigating a number of alternative courses of action to limit
any further losses in the Engineering Division.  Regrettably, as a
consequence of this investigation, Inov8 Technologies Limited, the
Group subsidiary through which the Engineering Division operates,
has been placed into administration.  The Group has agreed to
assist the administrator to try to find a suitable buyer for the
Engineering Division.  A newly-formed wholly-owned subsidiary of
Mid-States has acquired and will be retaining ownership of certain
assets utilized by the separate Environmental Division in its air
disinfection business, which will continue to trade through Mid-
States' other subsidiaries Inov8 Science Limited and AD Science
Limited.

As a result of this action, Mid-States expects to eliminate the
trading losses in the Engineering Division and to make the
necessary write downs in its financial statements.  Except for the
write down, the appointment of administrators to Inov8
Technologies does not affect Mid-States, the Group's Environmental
Division, or its other trading subsidiaries which are separate
legal entities to Inov8 Technologies, and continue to operate.

The Board remains encouraged by the potential of the Company's
ground breaking Air Disinfection technology and is continuing to
explore raising additional equity from shareholders to help
realize this potential.

Further announcements will be made in due course.


ITV PLC: OFT Consults on Contracts Rights Renewal Undertakings
--------------------------------------------------------------
The OFT has reached a preliminary view to recommend to the
Competition Commission that it relaxes ITV's Contract Rights
Renewal (CRR) Undertakings.  These were introduced following the
merger of Carlton and Granada in 2003.

The consultation document, published Thursday, January 15, 2009,
follows the OFT's in-depth review into CRR, conducted with the
assistance of Ofcom.  The OFT highlights that since CRR was
introduced in 2003, ITV1's market position has declined but the
channel remains almost the only provider of very large commercial
audiences, which are of particular value to some advertisers.  The
OFT provisionally concludes that the detrimental effects of the
merger on the advertising market appear to have reduced but may
not have been eroded completely.

The OFT's consultation document explores a range of possible
outcomes from, at one end of the scale, the removal of CRR in its
entirety to retaining CRR largely as it is today, and various
easements and modifications in between the two extremes.

On the basis of the evidence collected so far, the OFT's
preliminary assessment is that:

    * It may be appropriate to ease CRR if there is an effective
      remedy which addresses any remaining detriments arising from
      the merger between Carlton and Granada.

    * One such easement could be to remove the requirement that
      ITV1 rolls over contracts, while retaining effective
      safeguards to prevent discrimination against those
      advertisers which still rely heavily on ITV1.

Following the consultation the OFT may remit the matter to the
Competition Commission, which makes the final decision on whether
change to CRR is appropriate or not and, if it is, what form it
should take.

John Fingleton, OFT Chief Executive, said: "Since the remedy was
introduced in 2003, ITV's position has changed and so has the
wider market.  This means it is now the right time to ask whether
the remedy remains proportionate, or could be eased or removed.

"Our provisional view is that we should recommend to the
Competition Commission relaxation of the CRR Undertakings, while
retaining safeguards for advertisers and media buyers.  However we
are keen to hear any new evidence or data during consultation
before formally advising the Commission."

Interested parties can submit their views or evidence, by
February 27, 2009, to: CRR@oft.gsi.gov.uk.

                       About ITV plc

Headquartered in London, ITV plc -- http://www.itvplc.com/-- is a
U.K. media company, owning all of the regional Channel 3 licenses
in England and Wales.  The company wholly owns three leading free-
to-air digital channels: ITV2, ITV3 and ITV4.  It owns the market
leading cinema screen advertising businesses in the U.K. and
Republic of Ireland and has similar joint ventures in continental
Europe and the United States.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
October 30, 2008, Fitch Ratings downgraded ITV plc's Long-term
Issuer Default rating and senior unsecured rating to 'BB+' from
'BBB-'.  Following the downgrade, the rating Outlook is now
Stable.  Fitch also downgraded ITV's Short-term IDR to 'B' from
'F3' and withdrew the Short-term rating.

The rating action follows further downward revisions in Fitch's
expectations for the UK advertising market over the medium term.


ITV PLC: Fitch Gives 'BB+' Long-Term Issuer Default Rating
----------------------------------------------------------
Fitch Ratings says that The Office of Fair Trading's consultation
on ITV plc's Contract Rights Renewal undertakings, published,
provides some positive signs for ITV, but that it is the first
step in a process which is likely to take much of this year to
complete.

ITV's Long-term Issuer Default Rating and senior unsecured rating
are 'BB+' respectively.  The Long-term IDR has a Stable Outlook.

"Fitch had expected some relaxation of the CRR mechanism to
reflect the changing dynamics of the market - the increased range
of competitor TV offerings, and the prevalence of Internet
advertising - which have put ITV in a weaker bargaining position
than it was in when the remedy was introduced, and the OFT appears
to have accepted this," said Alex Griffiths, Senior Director in
Fitch's European TMT group.  "This is, however, only the first
stage in a relatively drawn out process.  The recommendations are
open for consultation, and only after this consultation closes
will the OFT make its recommendations to the Competition
Commission, which will then make an ultimate decision on the
matter.  Fitch will determine the full impact on ITV once the
Competition Commission has released its decision."

While the timing of regulatory processes can be unpredictable,
Fitch does not presently see any hurdles to the originally
announced timing that a remedy would be in place for the 2010
trading season.

Fitch is also monitoring the developments in Ofcom's Public
Service Broadcaster review.  The Phase 2 consultation appears to
recognize many of the arguments put forward by ITV regarding
changes to the value of its PSB status over time.  However, this
process is also ongoing, and as the goals of the review are wider
than the OFT's review, the timing and outcome are more
unpredictable.

The risks to ITV's performance, which drove Fitch's 28 October
2008 downgrade of ITV to 'BB+' from 'BBB-', remain in the short-
term, particularly as 2009 looks like it will be a weak year for
the TV advertising market in the UK.  For further detail, see
Fitch's announcement, entitled "Fitch Downgrades ITV to 'BB+';
Outlook Stable", available on the agency's public website,
www.fitchratings.com.

ITV's strong liquidity profile provides considerable support to
its ratings. It is underpinned by balance-sheet cash and liquid
investments of GBP573 million as of June 30, 2008 (including a
GBP100 million short-term note due March 2009), available
committed bank facilities of GBP450 million, with a further GBP200
million covenant-free facilities.  This compares to scheduled
maturities of GBP250 million in 2009 and GBP335 million in 2011.


MSPA REALISATIONS: Taps Joint Administrators from Baker Tilly
-------------------------------------------------------------
Lynn Robert Bailey and Guy Edward Brooke Mander of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Mspa Realisations Ltd. on Jan. 2, 2009.

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

         St. Philips Point
         Temple Row
         Birmingham
         B2 5AF
         England


NOR-SCREEN LTD: Appoints Joint Administrators from Deloitte
-----------------------------------------------------------
Ian Brown and Neil Matthews of Deloitte LLP were appointed joint
administrators of Nor-Screen Ltd. on Jan. 12, 2009.

The company can be reached at:

         Nor-Screen Ltd.
         Gainsborough House
         34-40 Grey Street
         Newcastle upon Tyne
         NE1 6AE
         England


NORTEL NETWORKS: Enters Administration; Ernst & Young Appointed
---------------------------------------------------------------
Alan Bloom, Stephen Harris, Chris Hill and Alan Hudson of Ernst &
Young LLP were appointed Joint Administrators of Nortel Networks
UK Ltd and 18 other EMEA entities on Thursday, January 15, 2009.

Nortel Networks Inc. is a multinational telecommunications
equipment manufacturer headquartered in Toronto, Ontario, Canada
with a workforce of approximately 30,000 employees globally.
Nortel Networks UK Ltd is the Company's European headquarters and
is based in Maidenhead, Berkshire.

On a global basis, adverse economic conditions have made the
current capital structure of Nortel Networks Inc. unsustainable
and it is imperative that the Group addresses its financial
position and the legacy costs burdening its balance sheet, to
overcome current challenges and reposition itself for the future.
The Group concluded that the best way to effect this
transformation was to undertake a restructuring process.

The Administration Orders for Nortel Networks UK Ltd and certain
EMEA entities were sought by the Company after full consideration
of all other alternatives, and in light of actions being taken in
Canada and the USA.  The Board of Nortel Networks Inc. has
concluded that these steps are in the best long-term interests of
Nortel and its stakeholders.  The process of Administration is
expected to have no immediate impact on the company's day-to-day
operations including employee pay and benefits, or on customer
obligations.

The filing of an Administration Order for Nortel companies across
EMEA has brought together a number of legal entities under a
common reorganization process, covering selected European
companies which have their centers of main interests in England
and therefore fall under the jurisdiction of the Order.  The
Administration Order will allow these companies to continue to
operate while a restructuring plan is completed.

The Administrators will be working closely with Nortel to review
the options available to EMEA Companies covered by the
Administration Order in the context of the wider Group
restructuring process.

Alan Bloom and David Hughes of Ernst & Young LLP were appointed as
Joint Administrators of Nortel (Ireland) Limited.

Nortel Group, the ultimate parent company of Nortel based in
Canada, filed an application for creditor protection under the
Companies' Creditors Arrangement Act ("CCAA") in Canada to
facilitate a comprehensive business and financial reorganization.
Certain U.S. subsidiaries have filed in the United States a
concurrent voluntary petition under Chapter 11 of the U.S.
Bankruptcy Code as part of the proactive reorganization process.

EMEA entities in the following jurisdictions are included in the
Administration Order, and therefore will form part of a common
reorganization process, although subject to employment and other
legislation in local markets: Austria, Belgium, Czech Republic,
Finland, France, Germany, Hungary, Ireland, Italy, Netherlands,
Poland, Portugal, Romania, Slovenia, Spain and Sweden.


PI DISTRIBUTION: Names Joint Administrators from KPMG
-----------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed
joint administrators of Pi Distribution (UK) Ltd. on Jan. 6, 2009.

The company can be reached at:

         Pi Distribution (UK) Ltd.
         Dalton Airfield
         Thirsk
         North Yorkshire
         England


RD PLASTICS: Taps Joint Administrators from KPMG
------------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed
joint administrators of Rd Plastics Moulding Ltd. on Jan. 5, 2009.

The company can be reached through KPMG LLP at:

         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


SWB CYMRU: Appoints Joint Administrators from Grant Thornton
------------------------------------------------------------
Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP, were
appointed joint administrators of SWB CYMRU CYF on Dec. 29, 2008.

The company can be reached at:

         SWB CYMRU CYF
         Tyle Teg
         743 Heol Clydach
         Ynystawe
         Abertawe
         SA6 5BA
         England


T. HARDING SON: Calls In Joint Administrators from PKF
------------------------------------------------------
Keith R. Morgan and Brian J. Hamblin of PKF (UK) LLP were
appointed joint administrators of T. Harding Son & Company Ltd. on
Dec. 22, 2008.

The company can be reached through PKF (UK) LLP

         18 Park Place
         Cardiff
         CF10 3PD
         England


VICTORIA FUNDING: Moody's Downgrades Rating on Class E to 'B1'
--------------------------------------------------------------
Moody's Investors Service has taken this rating action on Notes
issued by Victoria Funding (EMC-III) PLC (amounts reflecting
initial outstanding):

Upgraded:

  - GBP16,500,000 Class C Mortgage Backed Floating Rate Notes due
    2014, Upgraded to Aaa from Aa3; previously on 15 March 2006
    Upgraded to Aa3 from A2; and

  - GBP17,300,000 Class D Mortgage Backed Floating Rate Notes due
    2014, Upgraded to A2 from Baa2; previously on 20 October 2005
    Assigned Baa2.

Downgraded:

  - GBP3,300,000 Class E Mortgage Backed Floating Rate Notes due
    2014, downgraded to B1 from Ba2; previously on 20 October 2005
    Assigned Ba2.

In addition, Moody's affirmed the Aaa rating of the Class B Notes.
The ratings on the Class A Notes were withdrawn on November 24,
2008 due to redemption in full of the Class A Notes on October 30,
2008 following the repayment of the Calamander Investments Limited
Loan on its maturity date.

Victoria Funding (EMC-III) PLC closed in October 2005 and
represents the securitization of initially seven commercial
mortgage loans originated by Citibank, N.A., London Branch, that
were secured by 18 properties located predominantly in Greater
London.  Currently two loans remain in the pool: (i) the Zeloof
Loan (90.4% of the current pool balance) secured by a mixed use
building, formerly the Truman Brewery, located in the east of the
City of London; and (ii) the Brisk Loan (9.6% of the current pool
balance) secured by a retail property located in Coventry in the
West Midlands.

The rating upgrade on the Class C and D Notes was prompted by the
repayment and consequent sequential allocation of the Calamander
Loan on the October 2008 Interest Payment Date and Moody's
adjusted expectations with respect to the Zeloof Loan's property
value.  The rating downgrade on the Class E Notes is due to
Moody's expectation of a quarterly interest shortfall occurring on
the Class E Notes until the maturity date of the longer dated
Zeloof loan.

Following the Calamander loan repayment on its maturity date, the
credit enhancement for the Class C Notes has increased to 49.4%
from 14.3% in March 2006 when Class C was upgraded to Aa3 from A2,
while the credit enhancement for the Class D Notes has increased
to 7.9% compared to 1.3% at closing.  The sequential payment
trigger had been hit as the principal amount of the currently
outstanding Notes is less than 20% of the initial principal amount
of the Notes at closing.  As a result, any prepayments and the
final repayment from the Zeloof Loan which would have been
allocated to Notes on a 100% pro-rata basis will be allocated
sequentially along with any prepayments and final repayments from
the Brisk Loan.

Moody's has reviewed the current rental cash flow performance of
and the value assumptions for the remaining properties in the
pool.  In terms of cash flow performance, the Brisk Loan is
performing in-line with Moody's initial expectations, also taking
into account the current low interest environment in the UK (the
Brisk Loan pays floating interest based on the Bank of England
base rate), while the Zeloof loan is performing better than
Moody's initial expectations.  The properties securing the two
remaining loans were last valued during the second half of 2004.
Taking into account the improved cash flow characteristics of the
property and current market yields for this property type, Moody's
has revised its initial assumptions upwards with respect to its
property value assumption for the Zeloof loan from GBP26 million
to GBP42 million.

The rating downgrade on the Class E Notes is due to Moody's
expectation of a quarterly interest shortfall occurring going
forward with respect to this class.  The Class E Notes are subject
to an interest deferral mechanism when such shortfall in revenue
funds available to pay interest on the Class E Notes is due to a
prepayment of a loan.  Whilst this is generally considered to be
an available funds cap, it differs compared to other AFC
mechanisms because the unpaid Class E interest is not extinguished
on such IPD but deferred.  The significant sequential paydown of
the Notes since closing due to repayments and prepayments has
resulted in a negative interest differential between the loans and
the notes which will result in interest shortfalls on the Class E
Notes in most quarters going forward.

Furthermore, the Brisk Loan, which pays interest based on the Bank
of England base rate, exposes the Issuer to an unhedged exposure
in relation to the spread between 3-month GBP-Libor and the Bank
of England base rate, which currently contributes to the negative
interest differential between interest due on the loans and
interest due on the notes.  Consequently, Moody's understands that
two reasons result in the currently negative interest
differential: (i) the margin differential between the remaining
loans and the outstanding Notes; and (ii) the unhedged nature of
the Brisk Loan in relation to Bank of England base rate versus 3-
month GBP-Libor.  Due to the interest deferral mechanism of the
Class E Notes, liquidity might not be available for all or part of
this shortfall, resulting in a deferral with only a low likelyhood
of being paid in later periods.  Moody's has analyzed different
interest rate scenarios and Bank of England base rate versus 3-
month GBP-Libor spread scenarios and came during its review to the
conclusion that the additional loss posed to Class E Noteholders
due to lost interest on the Notes is, together with the portfolio
credit risk expected loss, consummerate with a B1 rating.  Moody's
notes that the credit risk expected loss of the Class E Notes has
decreased compared to closing.

The last rating action on this transaction was the withdrawal of
rating on the Class A notes on November 24, 2008.  The latest
Performance Overview for this transaction has been published on
June 2, 2008.


* UK: Govt Unveils Support Package for Small and Medium Businesses
------------------------------------------------------------------
Business Secretary Lord Mandelson on Wednesday, January 14,
unveiled a package of measures designed to address the cash flow,
credit and investment needs of small and medium businesses.

The support package, which builds upon the commitments outlined in
November's Pre Budget Report, consists of loan guarantees and a
new Enterprise Fund aimed at helping companies struggling to
access finance for working capital and investment.

The Government measures include:

    * a GBP10 billion Working Capital Scheme, securing up to GBP20
      billion of short term bank lending to companies with a
      turnover of up to GBP500 million

    * an Enterprise Finance Guarantee Scheme, securing up to
      GBP1.3 billion of additional bank loans to small firms with
      a turnover of up to GBP25 million

    * a GBP75 million Capital for Enterprise Fund (GBP50 million
      from Government augmented by GBP25 million from the banks)
      to invest in small businesses which need equity

Business Secretary Lord Mandelson said: "UK companies are the
lifeblood of the economy and it is crucial that Government acts
now to provide real help to support them through the downturn and
see them emerge stronger on the other side.

"We know that some companies are struggling to secure the finance
they need, not because of any failure in their business but due to
the tougher credit conditions.  That is why we have designed a
package of measures addressing different forms of credit and
providing real help for businesses."

The Working Capital Scheme is a direct response to the constraint
on bank credit available for lending to ordinary-risk businesses
with a turnover of up to GBP500 million a year.

The Government will provide banks with guarantees covering 50 per
cent of the risk on existing and new working capital portfolios
worth up to GBP20 billion.

The guarantee will secure up to GBP20 billion of working capital
credit lines for companies - ensuring they are safe from reduction
or withdrawal.

In addition, the guarantee will free up capital which the banks
must use for new lending as a condition of this scheme.  This is
lending that would otherwise not have been provided.

The Enterprise Finance Guarantee aims to help smaller, credit-
worthy companies which might otherwise fail to access the finance
they need for working capital or investment finance due to the
current tight lending conditions.

The Government will provide GBP1 billion of guarantees to support
to GBP1.3 billion of bank lending to smaller firms with an annual
turnover of up to GBP25 million, which are looking for loans of up
to GBP1 million for a period of up to 10 years.

The guarantee, available through high street banks, will apply to
loans and can also be used to convert existing overdrafts into
loans to enable businesses to free up their current overdraft
facilities to meet working capital demands.

To help businesses raise new long-term finance, the Government
will also offer to invest in viable companies which have high
levels of existing debt through a new GBP75 million Capital for
Enterprise Fund.  Banks are contributing to this fund.

The fund, to be managed externally, will provide long term capital
to businesses which have exhausted traditional forms of finance.
Companies can then use this capital to invest in and grow their
business.

Lord Mandelson also confirmed the Government is discussing with
trade credit insurance providers a Government scheme to help
companies affected by reductions in their credit insurance.

In order to help businesses identify their financial needs, the
Government launched a new "one stop shop" easy-to-use web portal.
The portal, on the businesslink.gov website, will direct companies
to the most appropriate form of support and help them ascertain
their eligibility for a range of government support.


* UK: KPMG Says Demands for Cash to Pension Schemes Looming
-----------------------------------------------------------
Soaring pension deficits may lead to pension trustees demanding
more cash but companies struggling in the downturn may need the
funds just to keep the business going, says KPMG.

Official figures released by the Pension Protection Fund on
Monday, January 12, 2009, showed that the collective deficit of
over 7,800 defined benefit funds in its sample rose from GBP136
billion in November 2008 to GBP194.5 billion by the end of the
year, based on actuarial assumptions for 179 valuations.  And the
total deficit of schemes in deficit rose to almost GBP210 billion,
an annual increase of GBP143 billion.

Separately, a recent KPMG analysis revealed that the FTSE350
Pension Scheme assets lost GBP150 billion during 2008.

There is a substantial risk that companies could see demands for
cash to pension schemes increase dramatically as anxious pension
fund trustees seek to shore up the losses.

But this may not be the best use of the company's cash.  Indeed,
counter-intuitive as it may seem, it may appropriate for companies
to decrease pension scheme contributions to protect the business
by improving liquidity.

Mike Smedley, Pensions Partner at KPMG in the UK, said: "It is
important for companies and trustees to recognize that pension
deficits are not the same as bank debt.  Pension schemes are
wholly tied to their sponsoring company and are very long term
compared with bank debt.  If the company goes down, the pension
scheme suffers.  Being flexible on contributions may be the key
action that helps to ensure the underlying business's survival,
which is what is most important to the pension scheme in the
longer term."

In addressing the current capital and liquidity crisis companies
have a number of options.  Companies are reducing costs, often
leading to large scale redundancies, and cutting back on capital
expenditure and dividends.  Improved visibility and management of
cash flow is also critical in current times.  However, this is a
difficult tightrope for companies to walk.  Mr. Smedley added,
"There is only so far companies can go on reducing investment and
returns to shareholders who ultimately are the source of capital
businesses need to survive.  Now more than ever, it is crucial
that pension trustees work with companies to ensure their future
viability and provide much needed financial flexibility."

There are two key areas that businesses are addressing with their
pension trustees during the current time.  Reducing or changing
future pension promises is helping to significantly reduce costs
for companies.  Mr. Smedley commented, "We are seeing companies
becoming increasingly concerned over the future defined benefit
liabilities that are building up in their pension schemes.  As
businesses contract these are becoming more significant relative
to the company.  Addressing this now not only removes this risk
but provides much needed cost reduction to support the future
viability of companies."

Companies under pressure from their banks are also working with
trustees to improve their cash position.  It can be in trustees'
best interests to agree to a short term reduction in cash
payments, potentially helping business avoid bank covenant
breaches, maintain control and improve long-term prospects.
"There is flexibility under the funding rules to renegotiate
deficit payment periods with trustees," said Mr. Smedley.  "We
also expect that the Pension Regulator will be more commercial in
this regard than trustees and their advisers may expect.  It is
clearly in pension schemes interests to have a viable ongoing
employer and trustees can help ensure both this and the future of
their own schemes."

                      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.


* UK: Roland Berger Says 33% Unused Biz Credit Lines Withdrawn
--------------------------------------------------------------
Banks have withdrawn unused credit facilities from over a third
(34%) of the UK's largest companies, starving them of liquidity,
damaging revenues and forcing them to consider job cuts, new
research from Roland Berger Strategy Consultants revealed
Wednesday, January 14.

On average, a third (33%) of unused credit lines have been
withdrawn from affected companies amid toughening financial
conditions.

The study, Credit Where it's Due?, draws opinion from finance
managers at 137 of the UK's top 1000 corporations by turnover.

                       Uncertain Outlook

Credit conditions in 2009 look set to be equally bleak, and will
seriously impair firms' ability to survive the recession
unscathed, the report reveals.  Only around half (52%) of
companies expect to be able to renew current credit lines in full
in the next 12 months.

In addition, finance managers expressed serious concern that the
credit shortage will endure longer than their businesses can cope
with, predicting tightening credit for a further 19 months on
average.

By contrast, they expect to be able to operate for only 17 months
without material damage to their businesses under current credit
conditions.  Worse still, almost half (47%) anticipate material
damage before the year is out.

Klaus Kremers, Restructuring and Turnaround Partner at Roland
Berger Strategy Consultants, comments: "The tightening of credit
to UK firms is well documented, but these findings reveal the
severity of the shortage at the highest levels of British
industry.

"UK corporations are feeling the squeeze, with half not expecting
to survive 2009 unscathed."

                  Impact of Credit Withdrawal

The removal of credit lines is having a clear negative impact on
businesses, as recognized by the majority (70%) of firms affected.
The practice has left over half (55%) of companies with poor
liquidity, and a third (33%) reporting a direct loss of revenues
as a result.

Unused credit lines are key to the effective running of businesses
two thirds (60%) of finance managers earmark the cash as a
safety buffer against a worsening economy.  Other potential uses
include financing long-term assets (according to 45% of managers),
realizing investment opportunities (45%) or general working
capital (64%).

However, corporations affected have seen on average 33% of unused
credit lines withdrawn by banks.  Additionally, half (55%) have
seen their ratings downgraded, and over a third (36%) reporting
increased interest rates on their debt.

Klaus Kremers, Restructuring and Turnaround Partner at Roland
Berger Strategy Consultants, comments: "Credit can be the vital
lifeblood of a firm's operations, but is being progressively
eroded as the credit crisis persists."

"UK firms are being starved of essential working capital, which is
damaging revenues, ability to invest and future competitiveness.
With the lack of a financial safety net, 2009 may see some serious
casualties."

                     Strategic Responses

Alarmingly, 54% of firms state the current lack of liquidity will
force them to cut jobs.

Additionally, over a third (34%) of firms confess to feeling
pressure to spend unused credit facilities unnecessarily to avoid
them being withdrawn.  Enforced spending is being directed to
general cash flow and working capital, according to 36% of
companies, as well as being placed in savings (23%) or used to
finance long-term assets (18%).

Other coping strategies cited by finance managers include:
reducing company funding by operational (40%) and structural
measures (40%); increasing medium and long term funding (27%); and
seeking alternative sources of finance (27%).

Klaus Kremers, Restructuring and Turnaround Partner at Roland
Berger Strategy Consultants, comments: "The credit crisis is not
going away.  Companies cannot afford to bury their heads in the
hope that it will turn around any time soon.

"Firms must place liquidity at the very top of the boardroom
agenda.  If they focus only on profit, or worse still, stop
spending and investing altogether, they run the risk of operations
grinding to a halt.

"Businesses must decide which activities to focus on, but also
need to collect and control existing cash, review pricing and
reduce net working capital through operational streamlining.  And
most importantly, keep lines of communication open with banks and
credit insurers."

                  Firms' Frustrations

UK companies feel let down by both the Government and banks.

Over half of finance managers (58%) believe the Government is not
doing enough to boost bank lending to major corporates, and near
half (41%) lack confidence in the Government's initiatives to
boost the economy.

Meanwhile, over a third (34%) claim to be "very frustrated" with
their banks' lack of support for their business.

                       About the Study

Credit Where it's Due? is based on interviews with finance
managers at 137 of the UK's top 1000 companies by turnover.
Respondents were drawn from manufacturing, retail and consumer
goods, financial services (excluding banks) and property and
construction sectors.  All participating companies have a minimum
turnover of GBP250 million, with 60% of firms having a turnover in
excess of GBP750 million.

                      About Roland Berger

Roland Berger Strategy Consultants, founded in 1967, is one of the
world's leading strategy consultancies.  The Restructuring and
Turnaround Practice Group of Roland Berger is the European market
leader in corporate recovery.  With 36 offices in 24 countries,
the company has successful operations in all major international
markets.  In 2007, it generated more than EUR600 million in
revenues with 2,000 employees.  The strategy consultancy is an
independent partnership exclusively owned by more than 160
Partners.


* UK: KPMG Says Retail Sales Values Fell 3.3% in December 2008
--------------------------------------------------------------
According to the BRC-KPMG Retail Sales Monitor for December 2008:

    * UK retail sales values fell 3.3% on a like-for-like basis,
      and 1.4% on a total basis, from December 2007.  By both
      measures, this was the worst December since the survey began
      14 years ago and, barring Easter distortions, the worst
      performance of any month in that time.

    * Food and footwear were the only sectors to show sales up on
      a year ago the latter reflecting further heavy
      discounting.  Clothing, furniture and big-ticket homewares
      fell further below year-earlier levels.

    * The first half of December was very tough for many.
      Christmas buying came later than usual: there were more
      shopping days in Christmas week this year and shoppers
      tended to wait for discounts and early clearance sales.

    * Non-food non-store sales in December were 30.0% higher than
      a year ago.  This was stronger than the 16.6% gain in
      November, as people were more confident about Christmas
      shopping online and several stores had later last order
      dates than last Christmas.

Stephen Robertson, Director General, British Retail Consortium,
said: "These are truly dreadful numbers.  Some retailers were more
successful than others and the second half of December was better
than the first.  But overall the food sector was almost the only
one to show growth.  And even this was at the slowest rate since
last March.  Footwear was the only other sector where sales were
up on a year ago.  Otherwise, non-food retailers had a torrid
December despite a blizzard of promotions and deals, which would
have hit margins.  Many hard-pressed customers couldn't be seduced
into spending.

"This is no time for the Government to be piling new burdens on a
major job-supporting sector such as retailing.  For example, its
plans to push retailers' business rates bills up by GBP1.6 billion
over the next two years urgently needs revising."

Helen Dickinson, Head of Retail, KPMG, said: "December's
performance has historically set the scene for the year ahead, so
the outlook is indeed bleak.  In a business environment where cash
is even more important than ever, due to the impact of the 'credit
crunch', retailers did all they could in December to keep the
money coming in, raising discounts across the month to
unprecedented levels.  That this was the worst December sales
performance since the survey began 14 years ago is testament to
the severity of the shift in mentality of the consumer.  Although
the food sector continues to hold up, most non-food retailers are
having to manage the 'double whammy' of falling sales and falling
margins and this doesn't look like changing any time soon."

Food & Drink Joanne Denney-Finch, Chief Executive, IGD, said:
"Shoppers continued to enjoy their traditional Christmas dinners
in 2008, maintaining spending on food and drink.  Indeed many food
and grocery retailers have been reporting very healthy sales in
the days running up to Christmas.

"December's grocery sales remained robust, but grew more slowly
than the previous month.  This may be down to retailers promoting
heavily during the last week of November to encourage people to
make some Christmas purchases early.  Food inflation also started
to ease during the final part of 2008."

Non-Food Non-Store* - Sharon Hardiman, Head of Non-Store
Retailing, BRC, said: "The sharp contrast between December's
strong non- store sales growth and the previous month indicates
customers are increasingly confident with leaving Internet
shopping until nearer Christmas.

"Some retailers offered later dates for guaranteed Christmas
delivery this year.  While this is a fast-growing sector, it still
represents too small a part of total spending to compensate the
poor performance of retailing overall."

*Non-Food Non-Store sales are transactions which take place over
the Internet, or via mail order or telesales.

                   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.


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


* KPMG Says 2009 a Tough Year for General Insurers
---------------------------------------------------
KPMG published its general insurance outlook for 2009.

"2009 will be a tough year for general insurers, but not as tough
as for other financial services players," says Mark Winlow,
European Head of General Insurance Performance Advisory Services
at KPMG.

Return of increasing prices

* More insurers will be targeting underwriting profit in 2009

"Investment returns will be very low in 2009 and will not
compensate for underwriting losses.  Moreover, many insurers have
little left in terms of reserves to release.  Currently, some
insurers, desperate to retain business in a recessionary
environment, are eroding capital by under pricing risks, but this
cannot be sustained.  Generally, commerce and consumers appreciate
that the future will be riskier and so insurance costs will be
higher.  The only way ahead is for premiums to rise, thus yielding
a return to a hardening market.

Increased incidence of fraud

* Insurers need to increase vigilance for fraud by customers and
   staff

"Economic downturns are linked to increased fraud, both inflated
and false claims as well as non- and false disclosure.  Insurers
are aware of this link but now have more tools available to
protect against this activity.  These tools and disciplines need
not only be applied externally, but internally as well, especially
where claims and payment operations have been outsourced.
Battling against increased levels of fraud will be a paramount
activity for insurers in 2009.

Insurers and brokers will need to make do with less

* Cost optimization will be key

"We expect that insurers will seek to reduce expense ratios in
2009 as a way to improve profitability.  Large international
groups will draw in spending decisions to head office and only
those local investments with compelling business cases will be
made.  We expect to continue to see significant spend in direct
marketing, for instance, but the challenge will be to spend just
enough to keep ahead of the competition.  This will also apply to
distribution more generally: Broker commission and income will
trend downwards and the pace of broker consolidation will slow;
affinity deals will be revisited to concentrate on those insurance
products that are tied closely to the partner's product or
service.  Overall, both insurers and brokers will need to make do
with less.

Drastic changes to the competitive landscape unlikely, but there
is appetite for assets

* Banks divesting insurance operations may find buyers, but
   challenges remain

"The capital challenges faced by banks have already led to mergers
and potential, pending divestments.  Notwithstanding the
protracted sale process relative to RBS Insurance, there will be
an appetite for these assets in 2009 and there are currently
players in the market who are still well-placed to acquire at
realistic prices.  These will be companies that have strong
capital positions, can be confident in their risk management and
capital measurement systems and for whom the assets fit their
strategic aims, typically enabling cost synergies from the
combination of operations.  The challenge for this year will be to
bridge the gap between buyer and seller price expectations and for
buyers to maintain support from their own investors with sound
investment stories.

More intrusive regulation

* Being prepared is key

"In 2009, we expect to see more intrusive regulation on the part
of the Financial Services Authority (FSA).  Insurers and brokers
should expect the regulator to accelerate its visits to those
organizations it has not yet seen, generally visit on a more
regular basis, and probe more deeply into every aspect of the
business.  Stress and scenario testing and liquidity will be high
on their agenda, even for organizations that have previously
showed little sign of exposure.  Such regulation will necessarily
mean an extra cost burden for all insurers and brokers.  Careful
preparation and management of these visits will be crucial to
avoiding even heavier burdens."

                      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.


* EUROPE: ECB Cuts Rate on Main Refinancing Operations to 2%
------------------------------------------------------------
CNN reports that the European Central Bank on Thursday, January
15, cut the rate on main refinancing operations by half a
percentage point to 2 percent.

CNN notes this is the lowest level in the bank's 10-year history.

According to CNN, the decision, which takes effect January 21, is
aimed at stimulating Europe's economy in the midst of a global
economic slowdown.


* BOND PRICING: For the Week Jan. 12 to Jan. 16, 2009
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Oester Volksbk         4.810    07/29/25 EUR    68.36

BELGIUM
-------
Barry Calle SVCS         6.000    07/13/17 EUR    73.40

CYPRUS
------
Abh Financial Lt          8.200    06/25/12 USD    64.90
Alfa MTN Invest           9.250    06/24/13 USD    61.67

FRANCE
------
Alcatel SA                4.750    01/01/11     EUR      13.40
                          6.380    04/07/14 EUR    68.23
Axa SA                    8.600    12/15/30 USD    69.91
BNP Paribas               0.250    12/20/14 USD    67.97
Calyon                    6.000    06/18/47     EUR      37.30
Soc Air France            2.750    04/01/20 EUR    19.18
Wavecom SA                1.750    01/01/14     EUR      30.53

GREECE
------
Antenna TV SA         7.250    02/15/15 EUR    65.00

HUNGARY
-------
Agrokor                7.000    11/23/11 EUR    70.70

IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      75.47
                          5.630    11/29/30 GBP    69.36
Alfa Bank                 8.630    12/09/15     USD      43.76
                          8.640    02/22/17 USD    39.91
Ardagh Glass              7.130    06/15/17 EUR    72.20
Banesto Finance Plc       6.120    11/07/37 EUR     6.12
Bank Soyuz                9.380    02/16/10 USD    74.99

ITALY
-----
Banca Italease            3.000 06/30/11 EUR     61.11
                          3.000 09/30/11 EUR      59.16


LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13 USD    59.26
Ak Bars Bank              9.250    06/20/11 USD    68.43
Alrosa Finance            8.880    11/17/14 USD    66.44

Bank of Moscow            7.340    05/13/13 USD    64.20
                          7.500    11/25/15 USD    45.64
                          6.810    05/10/17 USD    40.65
Beverage Pack             8.000    12/15/16 EUR    66.06
                          9.500    06/15/17 EUR    44.00
Breeze                    4.520    04/19/27 EUR    67.22
                         11.750    04/19/27 EUR    72.25

NETHERLANDS
-----------
ABN Amro Bank NV          6.250    06/29/35 EUR    54.18
Aegon NV                  4.630    12/09/19 EUR    74.69
                          6.130    12/15/31 GBP    72.51
Air Berlin Finance BV     1.500    04/11/27 EUR    37.36
Alfa Bk Ukraine    9.750    12/22/09 USD   101.51
ALB Finance BV            9.750    02/14/11 GBP    37.12
                          8.750    04/20/11 USD      42.56
                          7.880    02/01/12 EUR    34.93
                          9.250    09/25/13 USD    43.12
ASM International NV    4.250    12/06/11 USD    63.92
ASML Holding NV           5.750    06/13/17     EUR      61.36
Astana Finance            7.880    06/08/10     EUR      58.06
                          9.000    11/16/11 USD    49.87
ATF Capital BV            9.250    02/21/14     USD      63.18

BK Ned Gemeenten      0.500    06/27/18 CAD    68.60
                          0.500    02/24/25 CAD    48.06
Centercrdt Intl           8.000    02/02/11     USD      56.08
                          8.630    01/30/14 USD    39.05
Hit Finance BV         4.880    10/27/21 EUR    72.10
JSC Bank Georgia          9.000    02/08/12 USD    46.41
Turanalem Fin BV          7.130    12/21/09 GBP    70.24
                          7.880    06/02/10 USD    62.62
                          6.250    09/27/11 EUR    46.65
                          7.750    04/25/13 USD    40.83
                          8.000    03/24/14 USD    45.07
                          8.500    02/10/15 USD    46.69
                          8.250    01/22/37 USD    44.89

ROMANIA
-------
Bucharest                 4.130    06/22/15 EUR    52.14

RUSSIA
------
Sistema Capital           8.880    01/28/11 USD    74.85

SPAIN
-----
Abertis                   5.990    05/14/38 EUR    73.76
Abertis Infra    4.380    03/30/20 EUR    77.45
Auvisa                    4.790    12/15/27 EUR    64.92

UNITED KINGDOM
--------------
Amlin Plc               6.500    12/19/26 GBP    65.25
Anglian Water
  Finance Plc             2.400    04/20/35     GBP      44.65
Ashtead Holdings          8.630    08/01/15 USD    59.13
Aspire Defence            4.670    03/31/40 GBP    61.19
Aviva Plc            5.250    10/02/23 EUR    66.20
                          6.880    05/22/38 EUR    61.61
Bank of India             6.630    09/22/21 USD    76.44
Beazley Group             7.250    10/17/26 GBP    75.72
Bradford&Bin Bld          7.630    02/16/10 GBP    30.95
                          6.630    06/16/23 GBP    22.86
                          4.910    02/01/47 EUR    66.45
BL Super Finance          4.480    10/04/25 GBP    74.82
Britannia Bldg            5.750    12/02/24 GBP    71.43
                          5.880    03/28/33 GBP    63.70
British Airways Plc       8.750    08/23/16 GBP    77.50
Brit Insurance         6.630    12/09/30 GBP    71.53
British Land Co    5.010    09/24/35 GBP    74.22
                          5.260    09/24/35 GBP    71.34
Brit Sky Broadca          6.000    05/21/27 GBP    73.42
British Tel Plc           5.750    12/07/28 GBP    71.42
                          6.380    06/23/37 GBP    74.54
Broadgate Finance Plc     4.850    04/05/31 GBP    74.09
                          5.100    04/05/33 GBP    70.49
CGNU Plc                  6.130    11/16/26 GBP    65.30
Heating Finance           7.880    03/31/14 GBP    38.77

                            *********

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.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Pius Xerxes V. Tovilla, Joy A. Agravante, Marie
Therese V. Profetana and Peter A. Chapman, Editors.

Copyright 2009.  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 * * *