TCREUR_Public/090130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, January 30, 2009, Vol. 10, No. 21

                            Headlines

A U S T R I A

BEHRENDS LLC: Claims Registration Period Ends March 2
CHR. BREZINA: Claims Registration Period Ends February 2
IMMOBILIENVERWERTUNG BEHRENDS: Claims Registration Ends March 2
KREATIVWERKSTATT BEHRENDS: Claims Registration Ends March 2
SCHIRNHOFER LLC: Claims Registration Period Ends February 9

SCHWARZBACH LLC: Claims Registration Period Ends February 9
STRASSER & PARTNER: Claims Registration Period Ends Feb. 19


C Z E C H   R E P U B L I C

CE WOOD: Moody's Downgrades Corporate Family Rating to 'B3.cz'


F R A N C E

REMY COINTREAU: S&P Changes Outlook to Negative; Holds BB- Rating
THOMSON SA: Mulls "Balance Sheet" Restructuring, Assets Sales


G E R M A N Y

AL FIUME: Claims Registration Period Ends March 1
ALLSEARCH GMBH: Claims Registration Period Ends February 27
AMERICAN AXLE: At High Risk of Bankruptcy in 2009, KDP Says
ARTEC ENERGIESYSTEME: Claims Registration Period Ends March 6
AVESTA BIOTHERAPEUTICS: Claims Registration Period Ends Feb. 20

CONTINENTAL: Bavaria Can't Take Direct Equity Stake in Schaeffler
GMAC-RFC BANK: Fitch Places E-MAC DE RMBS Deals on Negative Watch
HYPO REAL ESTATE HOLDING: Shares Move Up on Nationalization News
LEVEL ONE: Declared Insolvency; Owes EUR1.5 Billion


G R E E C E

DRYSHIPS INC: In Breach of Certain Financial Covenants


I R E L A N D

AMERICAN INT'L: Agrees to Sell Phil. Finance Units to East West
ATLAS REINSURANCE: S&P Assigns Low-B Preliminary Ratings on Notes
STARLING ONE: S&P Withdraws 'CCC-' Rating on JPY5 Bln Cl. C Notes
TUSKAR ASSET: High Court Approves Rescue Plan for TCIPS
WATERFORD WEDGWOOD: Two Executives Resign from Board


I T A L Y

NEAFIDI-SOCIETA COOPERATIVA: Fitch Affirms Low-B Ratings
SEAT PAGINE: Mediobanca Guarantee Won't Affect Fitch's 'B+' Rating


K A Z A K H S T A N

ALIMJAN STROY: Proof of Claim Deadline Slated for March 6
BALHASH MEAT: Creditors Must File Claims by March 6
CHERNY KOT: Claims Filing Period Ends March 6
ECOVITA GROUP: Creditors' Proofs of Claim Due on March 6
IRBIS LTD: Claims Registration Period Ends March 6

KARABASKIYE ELECTRO: Proof of Claim Deadline Slated for March 6
KEN-TRANS LLP: Creditors Must File Claims by March 6
KOSTANAI-KAMA LLP: Claims Filing Period Ends March 6
MASH COMPLECT: Creditors' Proofs of Claim Due on March 6
TECHNO COM: Claims Registration Period Ends March 6


K Y R G Y Z S T A N

AUS-MOTORS LTD: Creditors Must File Claims by Feb. 27


N E T H E R L A N D S

EUROSAIL-NL 2007-1: Moody's Junks Rating on Class ET Notes
ING BANK: Moody's Cuts Financial Strength Rating to C+


N O R W A Y

GLITNIR: Norwegian Unit's Book Value Up Three Months After Sale


R U S S I A

BANK SOYUZ: Moody's Cuts Deposit Ratings to 'Caa1' from 'B2'
IMPERIUM LLC: Creditors Must File Claims by March 23
KAM-TRANS-STROY LLC: Creditors Must File Claims by March 23
KUCHINSKIY STONEWARE: Creditors Must File Claims by March 23
MIR SE: Creditors Must File Claims by March 23

ONEZHSKIE KARYERY LLC: Creditors Must File Claims by February 23
ROS-STROY LLC: Creditors Must File Claims by March 23
SECONDARY METALS: Moscow Bankruptcy Hearing Set May 26
STEKLO-MASH-7 LLC: Creditors Must File Claims by March 23
TSESNA LLC: Creditors Must File Claims by February 23

UNITED CONFECTIONERS: Fitch Assigns 'B' Issuer Default Rating
ZAPADNO-URALSKIY MACHINERY: Claims Filing Deadline Set Feb. 23

* IRKUTSK OBLAST: S&P Keeps 'B+' Long-Term Issuer Credit Rating


S P A I N

EDT FTPYME: S&P Cuts Ratings on Two Classes of Notes to Low-B
GC FTPYME: S&P Cuts Ratings on Two Classes of Notes to Low-B
TDA EMPRESAS: S&P Cuts Ratings on Floating Rate Notes to D

* SPAIN: Economy in Recession, Bank of Spain Says


S W I T Z E R L A N D

ACCELERATE INNOVATION: Creditors Must File Claims by February 7
ADDITIA TREUHAND: Deadline to File Proofs of Claim Set Feb. 11
COLOR PRINT: Creditors Have Until February 7 to File Claims
CONSULT-LOGISTIK LLC: Proof of Claim Filing Deadline Set Feb. 6
IMPLANTINVEST HOLDING: Creditors' Proofs of Claim Due by Feb. 7

TRANSPORT ALLMEND: February 11 Set as Deadline to File Claims
TROJA LOUNGE: Creditors Must File Proofs of Claim by February 7


T U R K E Y

TURKIYE KALKINMA: Fitch Affirms Individual Rating at 'D'


U K R A I N E

AVTOROM LTD: Creditors Must File Claims by February 11
BANK DIAMANT: Fitch Comments on Long-Term Rating Downgrade
FENIX LTD: Creditors Must File Claims by February 11
FIRST UKRAINIAN: Fitch Comments on Ratings Affirmation
INDEX-BANK: Moody's Withdraws 'E+' Bank Financial Strength Rating

KORDEL LLC: Creditors Must File Claims by February 11
NOVY SEZON: Creditors Must File Claims by February 11
PLEBANOVKA AGRICULTURAL: Creditors Must File Claims by Feb. 11
PRIVATBANK CJSC: Fitch Comments on Long-Term IDR Affirmation
RADIOENGINEERING SYSTEMS: Creditors Must File Claims by Feb. 11

RODOVID BANK: Fitch Comments on LT Issuer Default Rating Cut
ROSUKRQUARRY LLC: Creditors Must File Claims by February 11
TOLOKA LLC: Creditors Must File Claims by February 11
TRIUMPH LLC: Creditors Must File Claims by February 11
VOSTOK LLC: Creditors Must File Claims by February 11


U N I T E D   K I N G D O M

ASTON MARTIN: Puts Production Line Staff on a Three-Day Week
CHESS II: S&P Withdraws 'BB' Rating on EUR40 Mil. Notes
DE WIND HOLDINGS: Appoints Joint Liquidators from Grant Thornton
NEW STAR: In Talks With Henderson Over Possible Takeover
HHGC REALISATIONS: Names Joint Liquidators from Grant Thornton

INDEPENDENT NEWS: Mulls Web Site Sale, Debt Refinancing
MCLEISH BROTHERS: Gets Twelve Bids, Tenon Recovery Says
MF CAPITAL: S&P Cuts EUR32.5MM Promissory Notes to B
NOVAE GROUP: Chaucer Merger Won't Affect Fitch's 'BB+' Rating
OAKDENE HOMES: Nigel Wray Resigns as Director

PREMIERE SURFACING: Taps Liquidators from Smith & Williamson
REAL HOTEL: Closes Norwich's Floatel and Three Other Hotels
SECURETICKET LTD: Appoints Joint Liquidators from Tenon Recovery
TATA MOTORS: May Roll Over US$2BB Bridge Loan, Times of India Says
ULTIMATE WINDOWS: Names Joint Liquidators from Tenon Recovery

SICONNECT LTD: Taps Joint Liquidators from Smith & Williamson
TRINSUM GROUP: Voluntary Chapter 11 Case Summary

* UK: Unveils GBP2.3 Bln Aid Package for Auto Industry
* S&P Cuts Ratings on 13 European Financial Cos.' Securities to B

* BOOK REVIEW: Beyond the Quick Fix


                         *********


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


BEHRENDS LLC: Claims Registration Period Ends March 2
-----------------------------------------------------
Creditors owed money by LLC Behrends (FN 273479a) have until
March 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         LLC TPA Insolvenztreuhand
         Schwedengasse 2
         3500 Krems an der Donau
         Austria
         Tel: 02732/70280-80
         Fax: 02732/70280-9
         E-mail: insolvenz.krems@tpawt.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 18, 2009, for the
examination of claims at:

         Land Court of Krems an der Donau
         Hall A
         2nd. Floor
         Krems an der Donau
         Austria

Headquartered in Raabs an der Thaya, Austria, the Debtor declared
bankruptcy on Dec. 30, 2008, (Bankr. Case No. 9 S 73/08w).


CHR. BREZINA: Claims Registration Period Ends February 2
--------------------------------------------------------
Creditors owed money by LLC Chr. Brezina (FN 216348i) have until
Feb. 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Michael Kaintz
         Gartenweg 108
         7100 Neusiedl/See
         Austria
         Tel: 02167/8296-0
         Fax: 02167/8296-20
         E-mail: ra_kaintz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Feb. 16, 2009, for the
examination of claims at:

         Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Frauenkirchen, Austria, the Debtor declared
bankruptcy on Dec. 30, 2008, (Bankr. Case No. 26 S 108/08x).


IMMOBILIENVERWERTUNG BEHRENDS: Claims Registration Ends March 2
---------------------------------------------------------------
Creditors owed money by LLC Immobilienverwertung Behrends & Co KEG
(FN 274665w) have until March 2, 2009, to file written proofs of
claim to the court-appointed estate administrator:

         Gerald Streibel
         LLC TPA Insolvenztreuhand
         Schwedengasse 2
         3500 Krems an der Donau
         Austria
         Tel: 02732/70280-80
         Fax: 02732/70280-9
         E-mail: insolvenz.krems@tpawt.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on March 18, 2009, for the
examination of claims at:

         Land Court of Krems an der Donau
         Hall A
         2nd. Floor
         Austria

Headquartered in Raabs an der Thaya, Austria, the Debtor declared
bankruptcy on Dec. 30, 2008, (Bankr. Case No. 9 S 77/08h).


KREATIVWERKSTATT BEHRENDS: Claims Registration Ends March 2
-----------------------------------------------------------
Creditors owed money by LLC Kreativwerkstatt Behrends & Co. KG (FN
277185a) have until March 2, 2009, to file written proofs of claim
to the court-appointed estate administrator:

         Gerald Streibel
         LLC TPA Insolvenztreuhand
         Schwedengasse 2
         3500 Krems an der Donau
         Austria
         Tel: 02732/70280-80
         Fax: 02732/70280-9
         E-mail: insolvenz.krems@tpawt.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on March 18, 2009, for the
examination of claims at:

         Land Court of Krems an der Donau
         Hall A
         2nd. Floor
         Austria

Headquartered in Raabs an der Thaya, Austria, the Debtor declared
bankruptcy on Dec. 30, 2008, (Bankr. Case No. 9 S 76/08m).


SCHIRNHOFER LLC: Claims Registration Period Ends February 9
-----------------------------------------------------------
Creditors owed money by LLC Schirnhofer (FN 292369f) have until
Feb. 9, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Wien
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Feb. 23, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 23, 2008, (Bankr. Case No. 38 S 63/08d).


SCHWARZBACH LLC: Claims Registration Period Ends February 9
-----------------------------------------------------------
Creditors owed money by LLC Schwarzbach (FN 79440z) have until
Feb. 9, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Wien
         Austria Tel: 4060551, Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Feb. 23, 2009, for the
examination of claims at:

         Trade Court of Vienna
         Room 1609
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Dec. 23, 2008, (Bankr. Case No. 38 S 62/08g).


STRASSER & PARTNER: Claims Registration Period Ends Feb. 19
-----------------------------------------------------------
Creditors owed money by LLC Strasser & Partner (FN 112958s) have
until Feb. 19, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Raoul Gregor Wagner
         Rathausstrasse 15/4
         1010 Wien
         Austria
         Tel: 405 33 82
         Fax: 408 84 67
         E-mail: office@hopmeier.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on March 5, 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. 23, 2008, (Bankr. Case No. 5 S 149/08h).


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


CE WOOD: Moody's Downgrades Corporate Family Rating to 'B3.cz'
-------------------------------------------------------------
Moody's Investors Service has downgraded CE WOOD's long-term
national scale corporate family rating to B3.cz from Ba3.cz, has
changed the outlook to stable from negative and expects to
withdraw the rating at the request of the issuer.

"The rating downgrade follows the filing, by three of CE WOOD's
key customers, of default notices relating to claims that have
remained unpaid," explains Michal Severa, an Analyst in Moody's
Corporate Finance Group.  The relevant courts now only have a
short period of time in which to establish the solvency and
liquidity of the company or to open bankruptcy proceedings against
CE WOOD.  The filings are a reflection of CE WOOD's poor financial
performance as a result of extremely difficult market conditions
and failure, so far, to secure an equity infusion or other
supplemental liquidity provisions.

Moody's expects to shortly withdraw CE WOOD's B3.cz rating for
business reasons.

Moody's last rating action on CE WOOD was on September 17, 2008,
when the national scale corporate family rating of CE WOOD was
downgraded to Ba3.cz with negative outlook.

Headquartered in Zlin in the Czech Republic, CE WOOD is the parent
company of a forest and timber holding, the largest timber group
in the Czech Republic and Central Europe with sales of
CZK5.6 billion (EUR224 million) in 2007.


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


REMY COINTREAU: S&P Changes Outlook to Negative; Holds BB- Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised to
negative from stable its outlook on France-based spirits and wine
group Remy Cointreau S.A.  The revision follows the weaker than
expected operating performance in the important year-end quarter
2008, which, if a sign of a longer lasting trend, could bring
group's financial metrics under pressure.

The 'BB-' long-term corporate credit and debt ratings were
affirmed.  Remy's EUR200 million senior unsecured notes due 2012
are rated 'BB-', in line with the 'BB-' corporate credit rating on
the group, with a '3' recovery rating, indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default.

The ratings on Remy Cointreau reflect its high exposure to the
slowing U.S. market and to U.S. dollar foreign exchange risk.  The
ratings also reflect the group's limited diversification compared
with leading peers, despite Remy's leading position in cognac and
its presence in other high-margin drink categories.

"The negative outlook reflects our concerns that, despite Remy's
good cash generation capacity and liquidity, a prolonged weakening
of Remy's operating performance could result in pressure on the
covenants in the group's loan documentation," said Standard &
Poor's credit analyst Michael Seewald.

Downward pressure on the ratings would arise if this leads to a
sudden deterioration of group liquidity, or if Remy fails to
sustain a financial profile in line with the ratings due to
operating performance, acquisitions, or shareholder returns.

To maintain the ratings, Standard & Poor's expects Remy to
maintain its adequate liquidity profile through continued progress
in prices and mix management, offsetting potential shortfalls
arising from foreign exchange risk and slowing consumer spending
in the U.S., which should mitigate potential pressure on loan
covenants.  From a financial metrics perspective, S&P expects Remy
to maintain adjusted FFO to net debt of 15% and net debt to EBITDA
of about 3.5x.

S&P could revise the ratings or outlook upward if Remy manages to
improve its cash flows to levels sufficient to allow further
sustainable deleveraging, despite expected still-high dividend
payments and the one-off impact of the group's exit fee from its
current distribution arrangements to be paid in March 2009.


THOMSON SA: Mulls "Balance Sheet" Restructuring, Assets Sales
-------------------------------------------------------------
France-based Thomson SA said that it will explore with its main
creditors and potential investors solutions aimed at improving its
balance sheet.  Thomson also said that it is initiating a process
to divest business lines which no longer fit within the above
framework.  These business lines represented approximately EUR1
billion in revenues in 2008.

In a Jan. 28 release, Thomson said it estimates unaudited
consolidated revenues for the fourth quarter of 2008 of EUR1.47
billion, a decrease of 8.2% on a constant currency basis as
compared to the fourth quarter of 2007.  Its estimated unaudited
net debt at December 31, 2008 was EUR2.1 billion, corresponding to
a gross debt of EUR2.9 billion and a cash position of EUR800
million.  The Group will publish its unaudited year-end results
for fiscal year 2008 on March 10, 2009, at which time it will
detail its strategic roadmap as well as its plans for cost
reduction and optimization of operational processes.

Frederic Rose, Chief Executive Officer of Thomson, commented
"Today we announce the refocusing of our business on content
creators, leveraging our technological expertise and our
positioning with network operators.  Strengthening our balance
sheet is the precondition to implementing this strategic
framework."

              Prelim Trading Update on 4th Quarter

Based on unaudited financial data, consolidated 2008 fourth
quarter revenues amounted to EUR1.468 billion, a decrease of 8.4%
at current exchange rates as compared to the fourth quarter of
2007.  The exchange rate effects, linked primarily to fluctuations
of the dollar against the euro, had a limited impact over the
course of the quarter.  On a constant currency basis, the Group
registered an 8.2% decrease in revenues for the fourth quarter of
2008 as compared to the fourth quarter of 2007.  This continues
the trend observed in the third quarter of 2008, which saw a 7.9%
decrease in revenues on a constant currency basis as compared to
the third quarter of 2007.

Based on unaudited financial data, consolidated revenues for
fiscal year 2008 amounted to EUR4.839 billion, a decrease of 12.7%
at current exchange rates as compared to fiscal year 2007. On a
constant currency basis, the Group registered a 7.7% decrease in
revenues in 2008 as compared to fiscal year 2007.

As part of its annual results preparation, the Group is carrying
out a complete and thorough review of its financial statements.
The Group has appointed PricewaterhouseCoopers as independent
appraiser focusing on goodwill and certain other types of assets,
taking into account the changed market conditions in which the
Group operates and its strategic framework.

                  Debt and Liquidity Situation

Based on preliminary unaudited financial data, Thomson's estimated
net debt at December 31, 2008 was approximately EUR2.1 billion,
corresponding to a gross debt of approximately EUR2.9 billion and
a cash position of approximately EUR0.8 billion.

The increase in net debt in the second half of 2008, of
approximately EUR800 million, is mainly due to:

  -- a rise in working capital needs of about EUR350 million: in
     order to bolster the confidence of its commercial partners,
     and taking into account a more restrictive credit
     environment, Thomson has significantly shortened its
     supplier payment cycle and reduced its use of factoring and
     client advances.  This has also led to a reduction in costs
     linked to payment delays to suppliers, factoring and early
     customer payment discounts;

  -- restructuring costs of approximately EUR80 million; and

  -- other non-operating items of approximately EUR300 million,
     including a related non-cash impact of approximately
     EUR220 million principally due to the impact of exchange
     rate fluctuations on Thomson's debt.

At December 31, 2008, following the drawdown of the remaining
balance on its syndicated credit facility, Thomson's cash position
amounted to EUR775 million.

Some of the company's financing agreements (private placement
notes) contain covenants requiring the net debt to net worth ratio
as at December 31, 2008 not to exceed 1:1.  This ratio will be
measured based on the company's 2008 audited consolidated
financial statements when available.  Based on preliminary
unaudited data, it is likely that when the 2008 audited
consolidated financial statements are completed and available at
the latest by the end of April 2009, this covenant will be
breached.  Thomson intends to engage with the noteholders to
discuss a resolution of any potential future covenant breach so as
to avoid a decision by the noteholders to accelerate the notes,
which could trigger acceleration of substantially all of the
Group's senior debt.

In any case, reinforcing Thomson's financial flexibility requires
the improvement of its balance sheet and is key to the
implementation of the Group's strategy.  The Group, assisted by
its financial advisors Perella Weinberg Partners and Ph. Villin
Conseil, and by the law firm Davis Polk & Wardwell, is reaching
out to its principal creditors and potential equity investors to
present its strategic framework, engage in a dialogue regarding
the Company's balance sheet and address any question of a
potential future breach of the net debt to net worth covenant.  At
this stage, it is not possible to predict the outcome of these
upcoming discussions.

                       Strategic Framework

As part of an in-depth operational and financial review covering
the whole business, the Board of Directors has approved the
strategic framework proposed by the Chief Executive Officer.

The Group has decided to focus on providing services to content
creators, leveraging its position as a world leader in this area,
the strength of the Technicolor brand with film and television
studios, and its technological assets.  Thomson will support and
assist its customers in their transition towards a digital and
electronic environment, through production, post-production, and
physical and digital content distribution.  The Group will thus
strengthen its market position and growth opportunities in all
activities associated with content creators.

The Group's presence in the set-top box and gateway market
represents a significant edge to support film and television
studios who aim to develop channels for electronic content
distribution to the end-consumer. Thomson brings:

  -- a world market leader position and a cutting-edge
     technological and industrial capability in residential
     access products and related content management systems; and

  -- its strong partnership with network operators.

Thomson's research activities will underpin this strategic
framework and will thus reinforce the Group's patent licensing
business.

                         Asset Disposals

The Board of Directors has approved the Chief Executive Officer's
proposal to divest its non-strategic operations.  These assets,
which include Grass Valley and PRN, accounted for approximately 1
billion euros of sales in 2008.

These disposals will be made in accordance with applicable local
labour laws in countries where Thomson operates.

Thomson benefits from a strong technological expertise in video
and a leading commercial position with content creators.  The
Group aims to implement a strategy focused on these strengths.
The first step will be to improve its balance sheet.  The Group is
confident in its ability to maximize the value of its assets.

                        About Thomson SA

Thomson SA is a France-based Company that provides technology,
services, and systems to Media & Entertainment (M&E) clients,
including content creators, content distributors and broadcasters.
It has three principal operating divisions: Services, Systems
(previously Systems & Equipment) and Technology.  The remaining
activities are regrouped in two additional segments: Other and
Corporate.  The Services Division offers end-to-end management of
video-related services for its customers in the M&E industries.
Systems division plays a role in supplying hardware and software
technology for the M&E industries in the areas of production,
delivery, management, transmission, and access.  Technology
division includes activities, such as corporate research; Silicon
Solutions: Integrated Circuit design and tuners, and Software &
Technology Solutions: video and audio security solutions, and
other technologies.  In December 2008, the Company sold its
digital film equipment product line.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 12,
2008, Standard & Poor's Ratings Services downgraded the ratings of
France-based Thomson to 'B'.  S&P said that Thomson's credit
quality has seriously eroded during 2008 as a result of several
cumulative factors, and the Dec. 2 action reflects S&P's greater
emphasis on aspects of the company's financial flexibility and
liquidity.  "Our concerns hinged on weaker-than-expected sales in
the third quarter amid a further general deterioration in the
economic and operating environment," said S&P's credit analyst
Leandro De Torres Zabala.  "The CreditWatch placement reflects our
lack of visibility about Thomson's headroom under its financial
covenants and overall financial flexibility at year-end 2008 and
the first half of 2009," added Mr. De Torres Zabala.


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


AL FIUME: Claims Registration Period Ends March 1
-------------------------------------------------
Creditors of Al Fiume GmbH have until Al Fiume GmbH, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10.00 a.m. on April 2, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         Germany

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

The insolvency manager can be reached at:

         Stefan Waldherr
         Peuntgasse 3
         90402 Nuernberg
         Germany

The District Court opened bankruptcy proceedings against the
company on Jan. 27, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Al Fiume GmbH
         Attn: Mina Willkommen and
               Piyusk Bharti, Managers
         Winklerstr. 1
         90403 Nuernberg
         Germany


ALLSEARCH GMBH: Claims Registration Period Ends February 27
-----------------------------------------------------------
Creditors of AllSearch GmbH have until Feb. 27, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on March 31, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Jan. 20, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         AllSearch GmbH
         Attn: Richard Rodgers, Manager
         Mohnhof 19 a
         21029 Hamburg
         Germany


AMERICAN AXLE: At High Risk of Bankruptcy in 2009, KDP Says
-----------------------------------------------------------
American Bankruptcy Institute reports that Bankruptcy Research
firm KDP Investment Advisors said American Axle Manufacturing
Holdings Inc. is at high risk of filing for bankruptcy in the next
12 months as declining auto production further pressures the
supplier's earnings.  The analyst's report was released Monday,
Bankruptcy Law360 says.

American Axle will hold a briefing with institutional investors
and security analysts, news media representatives and other
interested parties at 10:00 a.m. ET today, January 30, 2009.
AAM's Co-Founder, Chairman & CEO Richard E. Dauch and Group Vice
President-Finance & CFO Michael K. Simonte will co-host the call.
AAM will discuss its fourth quarter and full year 2008 financial
results as well as other matters.  This briefing may be accessed
via conference call or webcast.

To participate by phone:

   (877) 278-1452 from the United States
   (973) 200-3383 outside the United States

According to ABI, struggling auto parts suppliers are gearing up
to lobby for federal aid in the coming weeks.

As reported by the Troubled Company Reporter on January 14, 2009,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Detroit-based American Axle Manufacturing & Holdings
Inc. to 'CCC+' from 'B' and removed all the ratings from
CreditWatch, where they had been placed with negative implications
on Oct. 9, 2008.  The outlook is negative.  At the same time, S&P
also lowered its issue-level ratings on the company's debt.

The downgrade reflects S&P's view that declining North American
auto production by primary customer General Motors Corp.
(CC/Negative/--) in 2009 will severely reduce American Axle's
profitability and cash flow generation, straining liquidity.
American Axle's revenue is heavily dependent on sales of GM's SUVs
and pickup trucks, and demand for these products has weakened
substantially.  Despite government assistance, GM's condition
remains precarious.

"We expect U.S. light-vehicle sales to fall about 24% in 2009, to
about 10.0 million units," said Standard & Poor's credit analyst
Lawrence Orlowski.  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.

S&P expects 2009 to be another weak year for American Axle's sales
and profitability because of a further decline in auto demand and
the likelihood of lower production at GM, its major customer.  S&P
could lower the rating further if American Axle is unable to
maintain access to its bank facility, or if its EBITDA drops
roughly 10% below S&P's 2009 EBITDA projection of
US$193 million.  This could occur if demand for American Axle's
products is lower than S&P currently expect.  For example, a gross
margin of 9.3% and a 15% decline in 2009 revenue would bring
EBITDA down to a level that would be insufficient to cover
interest expense and reasonable capital spending.

S&P could revise the outlook to positive or raise the rating if
GM's financial situation stabilizes and its production of vehicles
that American Axle serves appears to also stabilize, and if
American Axle stops using cash.  The company would also have to
demonstrate potential for generating at least breakeven free cash
flow and increasing the cushion under its existing covenants.
This would likely require U.S. light-vehicle sales to go well
above the 10.0 million units S&P expects for 2009.

In November, Fitch Ratings placed American Axle's 'B' Issuer
Default Rating on Rating Watch Negative, reflecting the
uncertainty of General Motor's short-term operating and financial
profile.  GM accounted for 73% of Axle's total net sales in
through the first nine months of 2008.

In 2008, American Axle obtained amendments to its bank and term
loan agreements.  According to Fitch, the amended bank agreement
reduces the amount of the facility from US$600 million to
US$477 million, while also increasing the pricing (on the majority
of the facility) and extending the maturity on US$369 million of
the facility to December 2011.  The remaining US$108 million will
retain the original maturity date of April 2010.  Collateral
includes U.S. receivables and inventory, U.S. PP&E (subject to
indenture restrictions), intracompany notes, and a pledge of 65%
of the company's international subsidiaries.

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE: AXL) -- http://www.aam.com/
-- is a world leader in the manufacture, engineering, design and
validation of driveline and drivetrain systems and related
components and modules, chassis systems and metal-formed
products for trucks, sport utility vehicles, passenger cars and
crossover utility vehicles.  In addition to locations in the
United States (Michigan, New York, Ohio and Indiana), the
company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea,
Thailand and the United Kingdom.


ARTEC ENERGIESYSTEME: Claims Registration Period Ends March 6
-------------------------------------------------------------
Creditors of Artec Energiesysteme GmbH have until March 6, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on March 31, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Gerloff
         Nymphenburger Str. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

The District Court opened bankruptcy proceedings against the
company on Jan. 26, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Artec Energiesysteme GmbH
         Senator-Gerauer-Str. 25
         85586 Poing/Grub
         Germany

         Attn: Christian Duerregger, Manager
         Richardisweg 19
         85666 Forstinning
         Germany


AVESTA BIOTHERAPEUTICS: Claims Registration Period Ends Feb. 20
---------------------------------------------------------------
Creditors of Avesta Biotherapeutics GmbH have until Feb. 20, 2009,
to register their claims with the court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 25, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfόrstendamm 26 a
         10719 Berlin
         Switzerland

The District Court opened bankruptcy proceedings against the
company on Dec. 29, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Avesta Biotherapeutics GmbH
         Attn: Dr. Mathias Schroedter, Manger
         Heinrich-Hertz-Str. 1b
         14532 Kleinmachnow
         Germany


CONTINENTAL: Bavaria Can't Take Direct Equity Stake in Schaeffler
-----------------------------------------------------------------
Christian Kraemer and Christiaan Hetzner at Reuters report that
Economics Minister Martin Zeil of the Germany's laissez-faire Free
Democrats said Tuesday the state of Bavaria cannot take a direct
equity stake in Schaeffler Group.

Mr. Zeil, as cited by Reuters, said "It can only concern loan
guarantees."

Schaeffler however declined to comment, Reuters notes.

                            Financing

On Jan.27, 2009, the TCR-Europe reported that according to
The Financial Times, Schaeffler and Continental are in
talks with the regional governments of their home states about a
possible bail-out as they struggle under a combined debt of EUR22
billion (US$29 billion).

The governments of Lower Saxony and Bavaria are in talks with
Continental and Schaeffler over state aid packages, the report
disclosed citing bankers close to the two companies.

However, the report stated the talks are still at a very early
stage and it remains unclear whether they will lead to any
favorable result.

According to the report, Schaeffler is saddled with a debt load of
more than EUR10 billion after its EUR12.1 billion takeover of
Continental, which closed this month.

As reported in the Troubled Company Reporter-Europe on Dec. 29,
2008, the European Commission cleared under the EU Merger
Regulation the proposed acquisition of Continental by Schaeffler.

The FT recalled Continental recently managed to refinance its
EUR11.8 billion loan.

Continental AG said nearly all of its more than 50 lender banks
approved the company's financing proposals.

The company currently has liquidity exceeding EUR3.5 billion in
cash, cash equivalents and unused credit lines, Dr. Alan Hippe,
who resigned as member of Continental's Executive Board, said.

                       About Schaeffler KG

Germany-based Schaeffler KG a.k.a Schaeffler Group --
http://www.schaeffler.com/-- manufactures a vast array of
bearings, from cylindrical roller bearings to needle roller
bearings, used in the aerospace, automotive, machine tool, and
semiconductor industries.  Its three main brands are INA, FAG, and
LuK, and though the entities are treated separately within the
company, they also work collaboratively on specific product
development.  The company is owned by Maria-Elisabeth Schaeffler,
the widow of a co-founder, and her son, Georg F. W. Schaeffler

                      About Continental AG

Headquartered in Hanover, Germany, Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
main divisions.  Chassis and Safety provides active and passive
driving safety, safety and chassis sensor systems, as well as
chassis components.  Powertrain offers gasoline and diesel
systems, actuators, motor drives and fuel supply, as well as
hybrid electric vehicles systems.  Interior manufactures
information management modules and wireless  mobile devices.
Passenger and Light Truck Tires provides tires for passenger cars,
light trucks, motorcycles and bicycles.  Commercial Vehicle Tires
offers tires for trucks, as well as industrial and off-the-road
vehicles.  ContiTech specializes in the rubber and plastics
technology, offering functional parts, components and systems for
the automotive industry and other sectors.

                          *     *     *

As reported in the TCR-Europe on Jan. 29, 2009, Standard & Poor's
Ratings Services said it lowered its long-term corporate credit
rating on Germany-based automotive supplier Continental AG to 'BB'
from 'BBB-', following its analysis of Continental's revised
business plan and the renegotiation of financial covenants.  The
short-term corporate credit rating on the group was lowered to 'B'
from 'A-3'.  At the same time, the ratings were removed from
CreditWatch where they were placed with negative implications on
Dec. 15, 2008, on increasing concerns about a possible covenant
breach.  The outlook is negative.

As reported in the TCR-Europe on Dec. 17, 2008, Fitch Ratings
downgraded Continental AG's Long-term Issuer Default and senior
unsecured ratings to 'BB+' from 'BBB-' (BBB minus) and its Short-
term IDR to 'B' from 'F3'.  The Long-term IDR and senior unsecured
ratings have been placed on Rating Watch Negative.


GMAC-RFC BANK: Fitch Places E-MAC DE RMBS Deals on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has placed E-MAC DE series of Fitch Rated German
RMBS transactions, originated by GMAC-RFC Bank GmbH, on Rating
Watch Negative.

The RWN reflects Fitch's concerns over the quality and accuracy of
the information provided by GMAC-RFC.  Fitch has requested from
GMAC-RFC additional data on performance, specifically on the level
of losses and the timing of loss declaration in the pools and
their treatment in the transactions waterfalls.  In Fitch's view,
the current investor reports do not clearly show that losses are
being correctly written to the principal deficiency ledger, which
potentially allows available excess revenue to flow through the
transaction structure to the junior uncollateralized notes and the
originator rather than benefiting senior note holders.

Data provided to Fitch by GMAC-RFC during 2008 indicated that
losses had been incurred on a number of foreclosed loans; however,
to date Fitch is unable to account for these losses being applied
to the transactions in accordance with the transaction
documentation.

Fitch also has outstanding questions with regards to the arrears
management and servicing procedures following changes to the
organizational structure of GMAC-RFC.  Higher than expected
arrears levels in these transactions mean that a clear servicing
strategy is required to effectively manage the portfolios.

Fitch will resolve the RWN once information regarding
repossessions and losses, and other outstanding questions are
provided.

The ratings are:

E-MAC DE 2005-I B.V.:

  -- Class  A (ISIN XS0221900243): 'AAA'; on Rating Watch Negative

  -- Class  B (ISIN XS0221901050): 'AA'; on Rating Watch Negative

  -- Class  C ((ISIN XS0221902538): 'A'; on Rating Watch Negative

  -- Class  D (ISIN XS0221903429): 'BBB-' (BBB minus); on Rating
     Watch Negative

  -- Class  E (ISIN XS0221904237): 'BB-' (BB minus); on Rating
     Watch Negative

E-MAC DE 2006-I B.V.:

  -- Class  A (ISIN XS0257589860): 'AAA'; on Rating Watch Negative

  -- Class  B (ISIN XS0257590876): 'AA-' (AA minus); on Rating
     Watch Negative

  -- Class  C (ISIN XS0257591338): 'BBB+'; on Rating Watch
     Negative

  -- Class  D (ISIN XS0257592062): 'BBB-' (BBB minus); on Rating
     Watch Negative

  -- Class  E (ISIN XS0257592575): 'BB-' (BB minus); on Rating
     Watch Negative

  -- Class  F (ISIN XS0257704717): 'B+'; on Rating Watch Negative

E-MAC DE 2006-II B.V.:

  -- Class  A1 (ISIN XS0276932539): 'AAA'; on Rating Watch
     Negative

  -- Class  A2 (ISIN XS0276933347): 'AAA'; on Rating Watch
     Negative

  -- Class  B (ISIN XS0276933859): 'AA-' (AA minus); on Rating
     Watch Negative

  -- Class  C (ISIN XS0276934667): 'BBB+'; on Rating Watch
     Negative

  -- Class  D (ISIN XS0276935045): 'BB+'; on Rating Watch Negative

  -- Class  E (ISIN XS0276936019): 'BB-' (BB minus); on Rating
     Watch Negative

  -- Class  F (ISIN XS0276936951): 'B+'; on Rating Watch Negative


HYPO REAL ESTATE HOLDING: Shares Move Up on Nationalization News
----------------------------------------------------------------
Bloomberg News reports Hypo Real Estate Holding AG rose the most
in more than a month in Frankfurt trading Wednesday on speculation
that investors might be bought out by the German government.  The
lender's shares gained 9 cents, or 5.7 percent, to EUR1.68, on
January 28, the biggest gain since Dec. 19, the report says.

According to the report, three people familiar with the situation
said Germany is considering buying a 70 percent stake in Hypo Real
after two previous state bailouts.

The report relates Hypo Real's shares have fallen 90 percent in
six months, cutting its market value to EUR355 million.

"The stock is rising on speculation the government will have to
buy out remaining shareholders," Bloomberg News quoted Andreas
Plaesier, a Hamburg-based analyst at M.M. Warburg, as saying.  "If
the state doesn't nationalize the bank, it may face bankruptcy."

The report recalls Hypo Real foundered in October after its
Dublin-based Depfa Bank Plc unit was unable to borrow after credit
markets seized up.  It has since received EUR92 billion (US$121
billion) in debt guarantees and credit lines, the report notes.

As reported in the Troubled Company Reporter-Europe on Jan. 23,
2009, the German Financial Markets Stabilisation Fund ("SoFFin")
extended its framework guarantee granted to Hypo Real Estate Group
by an additional EUR12 billion, bringing the aggregate guarantee
amount to EUR42 billion.

Hypo Real Estate Bank AG, part of Hypo Real Estate Group, can use
the additional guarantees to be issued by SoFFin to collateralize
debt securities to be issued, which must be due for repayment by
June 12, 2009 at the latest.

Hypo Real Estate Bank AG will pay to SoFFin a pro-rata commitment
commission of 0.1% on the undrawn portion of the framework
guarantee, and a 0.5% p.a. fee on guarantees drawn upon.

Negotiations between Hypo Real Estate and SoFFin regarding more
extensive and longer-term liquidity and capital support measures
for the Group have not yet been finalized.

About three weeks ago, SoFFin extended its EUR30 billion framework
guarantee for the Group from January 15, 2009 until April 15,
2009.  Under the extended guarantee, Hypo Real Estate Bank AG can
use the SoFFin guarantees to collateralize debt securities to be
issued, which must be due for repayment by April 15, 2009 at the
latest.  Hypo Real Estate Bank AG will then pay to SoFFin a pro-
rata commitment commission of 0.1% of the undrawn portion of the
framework guarantee.  The fee for guarantees drawn will be 0.5%
p.a. (previously 1.5% p.a.).

                      About Hypo Real Estate

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2008, Dominion Bond Rating Service downgraded its long-term
ratings for Hypo Real Estate Holding AG (Holding) and related
entities (together Hypo Real Estate or the Group), including the
Senior Unsecured Long-Term Debt rating for Holding, which was
downgraded to A (low) from "A".  Concurrently, all ratings have
been placed Under Review with Negative Implications.

DBRS's rating action followed the announcement of Hypo Real
Estate's Q3 2008 results, the announcement of an additional EUR20
billion short-term debt guarantee and of additional information
about the Group's liquidity challenges, earnings outlook and
pending application for more comprehensive external support.

The downgrade and the Under Review Negative status reflect DBRS's
concern that Hypo Real Estate's franchise has been weakened by its
ongoing liquidity challenges.  The Group's lack of access to
market funding currently restricts its ability to write new
business and requires it to seek more comprehensive support,
demonstrating the weakening of its intrinsic fundamentals, the
rating agency said.

A TCR-Europe report on Nov. 24, 2008, said Hypo Real Estate Group
incurred a consolidated pre-tax loss of EUR3.105 billion for the
third quarter of 2008 compared with a pre-tax profit of EUR237
million in the corresponding previous year period.  The quarterly
loss is mainly attributable to the writeoff of goodwill
and other intangible assets attributable to the initial
consolidation of DEPFA Bank Plc (EUR2.482 billion).

On Oct. 28, 2008, the TCR-Europe reported Standard & Poor's
Ratings Services lowered its long-term counterparty credit ratings
on the seven rated entities of Hypo Real Estate (HRE) group to
'BBB' from 'BBB+', namely, Germany-based commercial real estate
lenders Hypo Real Estate Bank International AG and Hypo Real
Estate Bank AG, public-finance lenders Depfa Deutsche
Pfandbriefbank AG, Ireland-based DEPFA BANK PLC, Depfa ACS, and
Hypo Public Finance Bank, and Luxembourg-based Hypo Pfandbriefbank
Bank International S.A.

"These rating actions reflect the group's strained financial
profile, weak funding position, and concerns about the viability
of its business model," said Standard & Poor's credit analyst
Volker von Kruechten.  "We expect HRE to restructure and downsize,
which may cause further pressure on earnings and capital, owing to
the difficult market environment and a deteriorating credit
cycle."


LEVEL ONE: Declared Insolvency; Owes EUR1.5 Billion
---------------------------------------------------
Monsters and Critics reports that British-run property investor
Level One has declared insolvency after being hit by the British
slump.

According to the report, Level One, which invested mainly in
substandard communist-era public housing in eastern Germany and
Berlin, ran out of credit to renovate the apartments as bank
lending tightened up.

The company's German properties are hard to let without upgrading,
the report says.

Citing insolvency administrator Rolf Rattunde, the report
discloses the group, which owns 20,000 apartments and 500
commercial properties, racked up debts of EUR1.5 billion (US$2
billion).

The report relates 38 companies in the group applied for
protection from creditors last week with more applications due
next week.

"It's one of Germany's biggest real-estate failures," Mr. Rattunde
was quoted by the report as saying.

The report states according to Mr. Rattunde, the consortium owning
Level One includes a real-estate investor, Cevdet Caner, who is
based in London and Monaco.

The German units are directly owned by companies registered in the
British Channel Island territory of Jersey, the report notes.

The report recalls Mr. Rattunde said the owner of the Jersey
companies had filed for protection in London in September.  Its
creditors included Credit Suisse International, JP Morgan and
Royal Bank of Scotland, the report adds.


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


DRYSHIPS INC: In Breach of Certain Financial Covenants
------------------------------------------------------
Sakthi Prasad at Reuters reports that DryShips Inc. said Wednesday
it was notified by two of its banks that it was in breach of
certain financial covenants, sending its shares down 15% to
US$10.39.

In a filing with the U.S. Securities and Exchange Commission, the
company, as cited by Reuters, said "Two of our leading banks,
which collectively held US$751.8 million of our indebtedness as of
December 31, 2008, have notified us that we are in breach of
certain financial covenants contained in our loan agreements."

"Currently, we are in discussions with these and other lenders for
waivers and amendment of certain financial and other covenants
contained in our loan agreements," the company said in the SEC
filing.

Reuters relates according to the company, it is in talks with
another lender that currently holds US$650 million of its debt
regarding breach of loan covenants.

The company noted the general decline in the drybulk carrier
charter market has resulted in lower charter rates for 12 of its
vessels exposed to the spot market, Reuters adds.

Based in Greece, DryShips Inc. -- http://www.dryships.com/-- is
an owner and operator of drybulk carriers that operate worldwide.
DryShips owns a fleet of 43 drybulk carriers in the water
comprising seven Capesize, 29 Panamax, two Supramax and five
newbuilding drybulk vessels with a combined deadweight tonnage of
approximately 3.9 million tons, 2 ultra deep water semi-
submersible drilling rigs and 2 ultra deep water newbuilding
drillships.

DryShips Inc.'s common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".


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


AMERICAN INT'L: Agrees to Sell Phil. Finance Units to East West
---------------------------------------------------------------
American International Group Inc. has agreed to sell its
Philippine retail bank and auto-lending unit to East West Banking
Corp., BusinessMirror reports citing Bloomberg News.

Citing joint statement released by the two companies,
BusinessMirror says the deal to sell PhilAm Savings Bank, PhilAm
Auto Finance & Leasing and PFL Holdings is expected to be
completed in the second quarter.

According to Reuters, AIG's local unit, Philippine American Life
and General Insurance Co (Philamlife), did not say how much it
would get from the sale, but sources said the deal was worth about
Php2 billion (US$42 million).

Reuters says the Philamlife group is being sold by AIG as part of
its global fund-raising to repay billions of dollars worth of debt
to the U.S. Government.  Philamlife group has total assets of
Php170 billion as of end-2007, Reuters notes.

Deutsche Bank advised the Philam group on the sale while
Blackstone Group LP is advising AIG on its global divestment plan,
according to Reuters.

                           About AIG

Based in New York, American International Group, Inc. (AIG) is the
leading international insurance organization with operation in
more than 130 countries and jurisdictions.  AIG companies serve
commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance
networks of any insurer.  In addition, AIG companies are leading
providers of retirement services, financial services and asset
management around the world.  AIG's common stock is listed on the
New York Stock Exchange, as well as the stock exchanges in Ireland
and Tokyo.

During the third quarter of 2008, requirements to post collateral
in connection with AIG Financial Products Corp.'s credit default
swap portfolio and other AIGFP transactions and to fund returns of
securities lending collateral placed stress on AIG's liquidity.
AIG's stock price declined from US$22.76 on Sept. 8, 2008, to
US$4.76 on Sept. 15, 2008.  On that date, AIG's long-term debt
ratings were downgraded by Standard & Poor's, a division of The
McGraw-Hill Companies, Inc., Moody's Investors Service and Fitch
Ratings, which triggered additional requirements for liquidity.
These and other events severely limited AIG's access to debt and
equity markets.

On Sept. 22, 2008, AIG entered into an US$85 billion revolving
credit agreement with the Federal Reserve Bank of New York and,
pursuant to the Fed Credit Agreement, AIG agreed to issue 100,000
shares of Series C Perpetual, Convertible, Participating Preferred
Stock to a trust for the benefit of the United States Treasury.
At Sept. 30, 2008, amounts owed under the facility created
pursuant to the Fed Credit Agreement totaled US$63 billion,
including accrued fees and interest.

Since Sept. 30, AIG has borrowed additional amounts under the
Fed Facility and has announced plans to sell assets and businesses
to repay amounts owed in connection with the Fed Credit Agreement.
In addition, subsequent to Sept. 30, 2008, certain of AIG's
domestic life insurance subsidiaries entered into an agreement
with the NY Fed pursuant to which the NY Fed has borrowed, in
return for cash collateral, investment grade fixed maturity
securities from the insurance subsidiaries.

On Nov. 10, 2008, the U.S. Treasury agreed to purchase, through
its Troubled Asset Relief Program, US$40 billion of newly issued
AIG perpetual preferred shares and warrants to purchase a number
of shares of common stock of AIG equal to 2% of the issued and
outstanding shares as of the purchase date.  All of the proceeds
will be used to pay down a portion of the Federal Reserve Bank of
New York credit facility.  The perpetual preferred shares will
carry a 10% coupon with cumulative dividends.

AIG and the Fed also agreed to revise the existing FRBNY credit
facility.  The loan terms were extended from two to five years to
give AIG time to complete its planned asset sales in an orderly
manner.  The equity interest that taxpayers will hold in AIG,
coupled with the warrants, will total 79.9%.

At Sept. 30, 2008, AIG had US$1.022 trillion in total consolidated
assets and US$950.9 billion in total debts.  Shareholders' equity
was US$71.18 billion, including the addition of US$23 billion of
consideration received for preferred stock not yet issued.


ATLAS REINSURANCE: S&P Assigns Low-B Preliminary Ratings on Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary credit
ratings to the US$200 million principal at-risk variable-rate
notes series 1, 2, and 3 issued by Atlas Reinsurance V Ltd.

The sponsor and ceding reinsurer for this transaction is SCOR
Global P&C SE, a global multi-line reinsurer providing reinsurance
to property and casualty, and life cedants.  It is proposing to
enter into this transaction to receive a multi-year source of
retrocession capacity for certain U.S. hurricane and earthquake
events.

The risk modeling is based on AIR Worldwide Corporation's East and
Gulf coast tropical cyclone model version 10.0, Caribbean tropical
cyclone model version 10.0, and U.S. earthquake model version 7.9.
For the risk analysis, AIR used its database of insured property
values as of Dec. 31, 2007 in the U.S. and Dec. 31, 2003 for
Puerto Rico.

Series 1 will cover events above US$280 million on a per
occurrence basis, up to a limit of US$50 million.  Series 2 will
cover events above $200 million in excess of a US$70 million inner
aggregate retention on a per occurrence basis.  Series 3 will
cover second and following event losses above US$25 million in
excess of a US$50 million inner aggregate retention on a per
occurrence basis.  The maximum payout per event will be $50
million minus any remaining inner retention.

                           Ratings List

                     Atlas Reinsurance V Ltd.
        US$200 Million Principal At-Risk Variable-Rate Notes
                        Series 1, 2, And 3

                          Prelim.        Prelim.
           Series         rating         amount (Mil. US$)
           ------         -------        ---------------
           1              B+               50
           2              B+              100
           3              B                50


STARLING ONE: S&P Withdraws 'CCC-' Rating on JPY5 Bln Cl. C Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' credit
rating on the JPY5 billion class C floating-rate Keltic One
portfolio credit-linked notes series 2006-14 issued by Starling
Finance PLC.

The rating withdrawal follows an early redemption of the notes.


TUSKAR ASSET: High Court Approves Rescue Plan for TCIPS
-------------------------------------------------------
Wexford People reports that Mr. Justice Peter Kelly in the High
Court in Dublin approved Thursday last week a rescue plan
for Tuskar Asset Management plc's subsidiary Tuskar Commercial
Investment Property Services Ltd, saving the company from
liquidation.

The rescue plan was put together by examiner Kevin Hughes, of
Hughes Blake Chartered Accountants in Enniscorthy, the report
notes.

TCIPS, the report recounts, was set up as a special purpose
vehicle to redevelop and own the new Bank of Ireland building in
Wexford town.

According to the report, the scheme of arrangement entered into,
and approved by the company's creditors, involves a substantial
writedown of interest owing to the company's bankers and a small
dividend to the companies' creditors.

The report relates 18 of the former 81 shareholders of Tuskar
Asset Management plc, along with one new investor, re-invested in
the project to ensure it avoided liquidation and emerged
successfully from the process.

On Jan. 22, 2009, the TCR-Europe reported that according to The
Irish Times, the court heard that the initial investment figure of
EUR2 million could be reduced to EUR751,000 because Ulster Bank, a
creditor, had reduced its terms.

TCIPS, The Irish Times disclosed, owed EUR13 million to Ulster
Bank, EUR2.2 million in a reverse premium due to the Bank of
Ireland, and more than EUR1 million to the Revenue.

"In light of the market conditions that have prevailed throughout
the restructuring process, I am delighted that the examinership
has resulted in at least one of the companies of the Tuskar group
continuing to trade and in particular that a certain number of the
original shareholders in the group are to retain a long-term
ownership in the project," Mr. Hughes was quoted by the report as
saying.

The report recalls Wexford-based Tuskar Asset Management plc
entered examinership following the collapse of property prices in
Ireland.  Four of the five subsidiary companies in the group (with
liabilities of up to EUR50 million) went into liquidation; East
Quay Hotel and Leisure Ltd, Bodjaca 8135 Ltd, Tuskar Development
Co. Ltd and Tuskar Residential Investment Properties Ltd (TRIPS),
the report recounts.


WATERFORD WEDGWOOD: Two Executives Resign from Board
----------------------------------------------------
Waterford Wedgwood plc on Wednesday, Jan. 28, confirmed that it
received notices of the resignations of Ali Wambold and Jonathan
Kagan from the the company's board.

Both resignations are effective immediately.

As reported in the TCR-Europe, Waterford Wedgwood plc along with
10 subsidiaries entered administration on January 5.  Angus
Martin, Neville Kahn, Nick Dargan and Dominic Wong of Deloitte
LLP, were appointed as joint administrators while David Carson,
partner of Deloitte in Ireland, was appointed Receiver of
Waterford Wedgwood plc, (the ultimate parent of the UK companies),
and a number of its trading subsidiaries.

The Waterford Wedgwood subsidiaries also in administration are:

   Waterford Wedgwood UK Plc
   Wedgwood Limited
   Josiah Wedgwood & Sons Limited
   Josiah Wedgwood & Sons (Exports) Limited
   Waterford Wedgwood Retail Limited
   Royal Doulton Ltd
   Royal Doulton (UK) Limited
   Royal Doulton Overseas Holdings Ltd
   Stuart & Sons Limited
   Statum Limited

The companies are involved in the manufacture, wholesale and
retail of Waterford crystal, Wedgwood fine china and Royal Doulton
fine china products around the world.  In the UK there are
approximately 1,900 staff working across manufacturing and retail
and Worldwide there are approximately another 5800 employees
covering the USA, Germany, Ireland, Canada, Australia, Indonesia,
Japan and Pan Asia.

In a statement, administrator Deloitte said that in recent years,
the companies benefited from significant shareholder support as
exhaustive efforts were made by the management team to restructure
the businesses.  However, as trading conditions deteriorated, it
became apparent that a restructuring of the businesses could not
be achieved in an acceptable timescale.

Consequently management began looking at the alternative strategy
of trying to find a buyer for the businesses which would also have
involved a comprehensive financial restructuring.  While
considerable progress was made, no firm offer was secured.  The
current global economic conditions have continued to affect the
business and the companies have needed the protection of
administration.

Waterford Wedgwood plc, (the ultimate holding company), is an
Irish company with manufacturing operations in Ireland.  The Irish
businesses in total employ approximately 800 people.  The group
also has manufacturing operations in the UK, Indonesia and
Germany.

The UK head office is located in London and employs 6 people.  The
Irish head office is located in Waterford, Ireland  and employs 14
people

Manufacturing is undertaken in Barlaston in the UK, the Irish
Republic and Indonesia.  The approximate number of manufacturing
employees in each location is 600, 450 and 1500 respectively.

In the UK, there are 19 retail stores which employ 170 people.  In
addition there are approximately 120 retail concessions.  The
retail operations are spread throughout the UK.  There are also
retail outlets around the world but these are operated by separate
overseas companies which are continuing to trade and which are not
in insolvency.

As reported in the TCR-Europe on Jan. 9, 2009, the joint
administrators of Waterford Wedgwood UK Plc and the
receiver of Waterford Wedgwood Plc, respectively, entered
into a letter of intent with KPS Capital Partners, LP, a New York-
based private equity limited partnership, in connection with the
proposed acquisition by KPS of assets of the group worldwide,
including certain assets of Waterford, Wedgwood, and Royal
Doulton, among others.

The joint administrators and receiver are working with KPS to
expeditiously agree the terms upon which a transaction can be
completed in the interests of stakeholders.


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


NEAFIDI-SOCIETA COOPERATIVA: Fitch Affirms Low-B Ratings
--------------------------------------------------------
Fitch Ratings has affirmed Italy-based NeaFidi - Societa
Cooperativa di Garanzia Colletiva Fidi's ratings at Long-term
Issuer Default 'BB+' with Stable Outlook, Short-term IDR 'B', and
Insurer Financial Strength 'BB+' with Stable Outlook.  All the
ratings have been withdrawn.

Fitch will no longer provide ratings or analytical coverage of
Neafidi.

Neafidi is a cooperative company based in north east Italy
providing credit guarantees to small and medium-sized enterprises.


SEAT PAGINE: Mediobanca Guarantee Won't Affect Fitch's 'B+' Rating
------------------------------------------------------------------
Fitch Ratings says that Seat Pagine Gialle S.p.A.'s ratings will
not be affected by the guarantee provided by a syndicate
coordinated by Mediobanca to underwrite any unsubscribed shares in
relation to Seat's planned EUR200 million capital increase.  The
relevant ratings are listed.

Seat Pagine Gialle's ratings are:

  -- Long-Term Issuer Default Rating (IDR): 'B+'; Outlook Negative

  -- Senior Secured facilities: 'BB-' (BB minus)

  -- Lighthouse International Company SA Senior Unsecured
     facilities: 'B-' (B minus)

"We had already taken into account a likely rights issue in the
rating downgrade published on 2 December 2008," says Cecile
Durand-Agbo, Director in Fitch's Leveraged Finance team.

"Notwithstanding the expected additional liquidity headroom, the
direction of the ratings continues to depend on the operating
performance through the first half of 2009."


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


ALIMJAN STROY: Proof of Claim Deadline Slated for March 6
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Construction Company Alimjan Stroy insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:
         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Samal, 15-29
         Taldykorgan
         Almaty
         Kazakhstan
         Tel:  8 (7282) 25-43-90
               8 777 382 33-86
               8 701 482 68-18


BALHASH MEAT: Creditors Must File Claims by March 6
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Balhash Meat Plant Balhashsky Myaso Combinat
insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:

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


CHERNY KOT: Claims Filing Period Ends March 6
---------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Firm Cherny Kot insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:

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


ECOVITA GROUP: Creditors' Proofs of Claim Due on March 6
--------------------------------------------------------
LLP Ecovita Group Kaz has declared insolvency.  Creditors have
until March 6, 2009, to submit written proofs of claim to:

         LLP Ecovita Group Kaz
         Rozybakiev Str. 283-62
         Almaty
         Kazakhstan


IRBIS LTD: Claims Registration Period Ends March 6
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Irbis Ltd. insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 24-06-50


KARABASKIYE ELECTRO: Proof of Claim Deadline Slated for March 6
---------------------------------------------------------------
LLP Karabaskiye Electro Seti has declared insolvency.  Creditors
have until March 6, 2009, to submit written proofs of claim to:

         LLP Karabaskiye Electro Seti
         Promzona
         Temirtau
         Karaganda
         Kazakhstan


KEN-TRANS LLP: Creditors Must File Claims by March 6
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Ken-Trans insolvent.

Creditors have until March 6, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 24-06-50


KOSTANAI-KAMA LLP: Claims Filing Period Ends March 6
----------------------------------------------------
LLP Trade House Kostanai-Kama has declared insolvency.  Creditors
have until March 6, 2009, to submit written proofs of claim to:

         LLP Trade House Kostanai-Kama
         Leonid Beda Str. 126
         Kostanai
         Kazakhstan


MASH COMPLECT: Creditors' Proofs of Claim Due on March 6
--------------------------------------------------------
LLP Kaz Munai Mash Complect has declared insolvency.  Creditors
have until March 6, 2009, to submit written proofs of claim to:

         LLP Kaz Munai Mash Complect
         Abylhair han ave. 28-1
         Aktobe
         Aktube
         Kazakhstan


TECHNO COM: Claims Registration Period Ends March 6
---------------------------------------------------
LLP Techno Com Ltd. has declared insolvency.  Creditors have until
March 6, 2009, to submit written proofs of claim to:

         LLP Techno Com Ltd.
         Korchagin Str. 100-99
         Rudny
         Kostanai
         Kazakhstan


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


AUS-MOTORS LTD: Creditors Must File Claims by Feb. 27
-----------------------------------------------------
LLC Aus-Motors Ltd. has declared insolvency.  Creditors have until
Feb. 27, 2009, to submit proofs of claim at:

         LLC Aus-Motors Ltd.
         Sydykov Str. 187
         Bishkek
         Kyrgyzstan


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


EUROSAIL-NL 2007-1: Moody's Junks Rating on Class ET Notes
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of these
notes issued by Eurosail-NL 2007-1 B.V.:

  - Class E1, Downgraded to B2, Under Review for Possible
    Downgrade; previously on 31 July 2007 Assigned Ba2; on 17
    September 2008 Placed Under Review for Possible Downgrade; and

  - Class ET, Downgraded to Caa1, Under Review for Possible
    Downgrade; previously on 31 July 2007 Assigned Ba3; on 17
    September 2008 Placed Under Review for Possible Downgrade.

The rating actions were prompted by the worse-than-expected
collateral performance.  The downgrade took also into
consideration an increased loss expectation for this portfolio.
At the same time, Moody's analyzed the replacement of the hedging
arrangements previously in place with Lehman Brothers Special
Financing Inc.  All classes of notes (including those that are not
listed above) remain on review for possible downgrade due to the
outstanding uncertainties relating to the back-up issuer
administration arrangements.

As stated in the investor report published in October 2008,
Eurosail-NL 2007-1 has already experienced cumulative losses equal
to 0.37% of the closing portfolio balance.  Additionally,
according to the waterfall calculations for the interest payment
date of January 2009, the transaction has experienced additional
EUR734,768 of losses in the last quarter, bringing the total
cumulative losses to 0.58% of the original portfolio balance.  As
of October 2008, the loans in arrears for more than 90 days amount
to approximately 4.7% of the current portfolio balance.  On this
basis, Moody's has increased its expected loss assumption for this
transaction from 1.4% to 2.5% of the original portfolio balance.
Moody's also notes that effective from January 20, 2009, Credit
Suisse International (Aa1/P-1) (the "Replacement Swap
Counterparty") has replaced Lehman Brothers Special Financing Inc.
in this transaction as counterparty in the fixed/floating swap,
Euribor swap and bullet cap agreement.  ISDA Schedule, CSA and
Confirmation agreements are compliant with Moody's criteria for
de-linking swap counterparty risks.  The conditions of the new
hedging arrangements are the same as of closing except for these:

  - On the interest payment date falling in January 2009, an
    upfront payment is to be paid by the Issuer to the Replacement
    Swap Counterparty senior to the interest on the notes;

  - according to the replacement Euribor swap, the margin over the
    1-month-Euribor rate paid by Issuer to the Replacement Swap
    Counterparty increases from minus 3 bps to plus 16 bps; and

  - in the replacement swaps, an additional termination event has
    been included in case the notes are fully or partially
    redeemed following the exercise of the put option by
    noteholders.  In these circumstances, according to the new
    hedging agreements, the Issuer will have to pay the
    termination costs of the swaps senior to the interest on the
    notes.  However, these costs will be included in the price
    paid by the seller to the Issuer to repurchase the mortgage
    portfolio, for the portion not covered by the funds available
    after the replenishment of the reserve fund at that date.

Although the increase in the loss assumption has been the main
driver of the rating action, Moody's have fully factored into
Moody's analysis the terms and conditions of the new hedging
arrangements.

Eurosail-NL 2007-1 closed in July 2007 and the pool factor as of
October 2008 is approximately 80%.  ELQ Hypotheken N.V, a wholly-
owned subsidiary of Lehman Brothers Inc., is the appointed
servicer and issuer administrator under this transaction.  Stater
Nederland B.V. is the delegated day-to-day servicer and has
committed to assume the role of primary servicer in case the
appointment of ELQ Hypotheken N.V is terminated.

In this transaction, no back-up issuer administrator was appointed
at closing.  In the event ELQ Hypotheken N.V. was to become
insolvent, the Issuer might be unable to allocate available funds
when payments fall due.  This could result in various
consequences, ranging from untimely payments on the notes, to
increased credit losses for noteholders due to the unwinding of
interest rate hedges following termination prompted by missed
payments.  As already stated in the update provided on 15 December
2008, Moody's has been informed that ELQ Hypotheken N.V. is in the
process to put in place back-up cash management arrangements.  The
failure to shortly put in place such back-up issuer administration
arrangements is likely to result in rating downgrade of the
ratings on review in this transaction.

Moody's monitors this transaction and continues its rating review.
The review will now focus on the completion of back-up cash
management agreements and on the servicing.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.


ING BANK: Moody's Cuts Financial Strength Rating to C+
------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of ING Bank N.V. to C+ from B- and its long-term senior
debt ratings to Aa3 from Aa2.  The senior debt of ING
Verzekeringen N.V. was also downgraded by one notch to A2 from A1.
At the same time, Moody's downgraded the senior debt rating of ING
Groep N.V., the main holding company, to A1 from Aa3.  Moody's
also downgraded the insurance financial strength ratings of ING's
U.S. life insurance operating companies to A1 from Aa3, concluding
the review on these ratings.  The outlook on ING Bank's C+ BFSR is
negative, while all long-term ratings have stable outlooks.  The
short-term debt ratings of all entities were affirmed at Prime-1.

Moody's rating actions follows the release of preliminary Q4 2008
results and reflect the sharp deterioration in group
profitability, in both the banking and insurance operations.  The
rating agency expects the more negative trend may continue given
the Group's business and asset exposure and the current and
prospective economic environment.  For the fourth quarter, ING
Group expects to report a net loss of EUR3.9 billion after
disinvestments, split between a loss of EUR2.5 billion in the
insurance operation and EUR1.4 billion in the banking operation,
reversing the positive result for the first nine months of the
year.  The downgrades also reflect Moody's expectation that,
despite the beneficial impact of the illiquid assets back-up
facility arranged with the Dutch government covering the majority
of the Alt-A portfolio, impairments on the other structured
finance assets and corporate bonds/loans will continue to exert
pressure on capital and profitability.

                         ING Bank Ratings

Moody's said that the downgrade of ING Bank's BFSR from B-
(stable) to C+ (negative outlook) reflects its expectation that
the bank's profitability will remain constrained and will be in
particular affected by the increase in loan loss provisions given
that loan quality is deteriorating at a faster pace than
previously expected; the loan loss provisions reported in the last
quarter of 2008 -- EUR0.6 billion -- almost doubled the loan loss
provisioning for the first three quarters which amounted to EUR0.7
billion.  On this basis, ING Bank's profit will provide limited
benefit in replenishing the capital base via retained earnings.

Furthermore, additional writedowns are likely to emerge on the
bank's structured finance assets, according to Moody's stress
tests.  Those potential losses could further impact profitability
and deplete capital in the short term.  Moody's will also closely
monitor potential mark to market adjustments stemming from the
rest of the bank's fixed income portfolios.

The downgrade of the BFSR also incorporates Moody's view that the
bank's capital position remains relatively weak when compared to
European peers.  As of end December 2008, ING Bank has announced a
tier 1 ratio of 9.1% on a Basel 2 basis without accounting for the
transitional floor.  According to Moody's estimates on a basis
consistent with other European financial institutions, the tier 1
ratio will stand at about 7.3%, once taking into account the floor
for 2008.

The long-term debt and deposit ratings were downgraded to Aa3 from
Aa2 as a direct consequence of the downgrade of the BFSR.  Over
the recent months, Moody's view that the bank benefits from "very
high" systemic support has been confirmed and as a consequence the
long-term debt and deposit ratings continue to benefit from a two-
notch uplift from the Baseline Credit Assessment of A2.  The
stable outlook on the long-term debt and deposit ratings indicate
that a further downgrade of the BFSR by one notch would be
unlikely to result in a change of the debt and deposit ratings.

Moody's views as a positive step the illiquid assets back-up
facility agreed with the Dutch government covering 80% of ING's
EUR27.7 billion Alt-A mortgage securities, held by both ING Bank
-- approximately 87% of Group total -- and in ING's US insurance
operations.  This arrangement, which effectively transfers the
majority of economic risk of the securities to the Dutch State in
exchange for a guarantee fee, considerably reduces the risk
originated by this portfolio.  The risk transfer takes place at a
discount of only 10% of par value.

                      ING Insurance Ratings

Commenting on the downgrade of ING's US Insurance ratings (IFSR to
A1 from Aa3), Moody's cited both the weaker financial flexibility
of the ING Group overall and the continuing deterioration in the
US operation's stand-alone financial profile.  The weakening of
ING US's stand-alone credit profile is the result of continuing
asset impairments and tighter liquidity -- particularly within the
company's institutional investment product portfolio.  In
addition, core earnings associated with ING US's core annuity and
pension businesses were substantially lower in 2008 and are
expected to continue to be constrained in 2009, driven by a
decline in net investment income and fee income, given the
weakening economy and equity market.  More positively, Moody's
notes the recent capital contributions to the US operation from
the Dutch government infusion as offsetting an otherwise
significant decline in US regulatory capital as of year-end 2008.

The downgrade of ING Insurance debt ratings (senior to A2 from A1)
reflects the weakening in the credit strength of ING's US
operations, and the broader pressures at ING's Insurance
operations overall, as well as the deterioration in the credit
profile of the Bank and the Group, from which Insurance draws
benefit.  Overall, ING Insurance's operating profit, before
impairments and other market volatility impacts, declined sharply
in Q4 2008 to only EUR0.3 billion, well below Moody's
expectations, compared to EUR1.7 billion for the rest of 2008.  In
Moody's opinion, this level of decline demonstrates the degree to
which the insurance operating results are -- and are expected to
remain -- correlated to the volatile market conditions.  The
rating agency expects the negative global economic outlook, equity
market volatility and declining government interest rates to
continue to exert pressure on insurance sales volumes and
profitability.

                        ING Group Ratings

The downgrade at the holding company level reflects the credit
deterioration at both ING Bank and ING Insurance; ING Group's
rating continues to incorporate the benefits deriving from a
highly integrated and diversified financial conglomerate.  ING
Group's debt ratings also reflect the different level of
subordination of the holding company's senior obligations with
reference to the obligations of the banking and insurance
operating entities.

                         Rating Outlooks

The negative outlook on ING Bank's C+ BFSR reflects Moody's view
that the bank's profitability and capitalization are likely to
continue to come under pressure during 2009, as loan loss
provisions potentially increase and as further asset impairments
materialize on the non-Alt-A portfolio.

The stable outlook on ING Bank's debt rating reflects the
stability of ING Bank's Aa3 senior debt rating in the event of a
further one-notch downgrade of ING Bank's C+ BFSR.  The stable
outlooks on ING Insurance and ING Group's ratings reflect Moody's
view that the current ratings already take into consideration an
expected deterioration in the earnings profile of the group.

The outlooks on Moody's senior debt ratings also reflect the view
that the nature and extent of support provided to ING Group by the
Dutch State is a strong example of systemic support available for
the group, which is expected to be forthcoming in these
challenging market conditions.  Finally, the stable outlook
reflects the beneficial impact of the additional actions announced
by the management as a part of a program of de-risking, including,
inter alia, the EUR1.0 billion reduction in operating expenses,
the reduction in direct and indirect equity exposure, measures to
protect against interest rate decline, a reduction in the fixed
income portfolio of financial institutions and the repricing of
variable annuity products.

                         Ratings Affected

These ratings were downgraded with a negative outlook:

  -- ING Bank N.V.: bank financial strength rating to C+ from B-;

  -- ING Belgium SA/NV: bank financial strength rating C+ from B-;


  -- ING Bank of Canada: long-term bank deposits to A2 from A1;

  -- ING Bank, S.A. (Mexico): local currency long-term bank
     deposits to A2 from A1;

These ratings were downgraded with a stable outlook:

  -- ING Groep N.V.: senior debt to A1 from Aa3;

  -- ING Groep N.V.: subordinated debt to A2 from A1;

  -- ING Groep N.V.: preference stocks to A3 from A2;

  -- ING Verzekeringen, N.V.: senior debt to A2 from A1;

  -- ING Verzekeringen, N.V.: subordinated debt to A3 from A2;

  -- Lion Connecticut Holdings, Inc.: guaranteed (by ING Groep
     N.V.): senior debt to A1 from Aa3;

  -- ING America Insurance Holdings, Inc. guaranteed (by ING
     Verzekeringen, N.V.): senior debt to A2 from A1;

  -- ING Capital Funding Trust I; guaranteed (by ING Groep N.V.):
     preferred debt to A3 from A2;

  -- ING Capital Funding Trust II; guaranteed (by ING Groep N.V.):
     preferred debt to A3 from A2;

  -- ING Capital Funding Trust III; guaranteed (by ING Groep
     N.V.): preferred debt to A3 from A2;

  -- ING Capital Funding I LLC; guaranteed (by ING Groep N.V.):
     preferred debt to A3 from A2;

  -- Security Life of Denver Insurance Company: insurance
     financial strength to A1 from Aa3;

  -- ING Life Insurance & Annuity Company: insurance financial
     strength to A1 from Aa3;

  -- ING USA Annuity and Life Insurance Company: insurance
     financial strength to A1 from Aa3;

  -- Reliastar Life Insurance Company: insurance financial
     strength to A1 from Aa3;

  -- Reliastar Life Insurance Company of New York: insurance
     financial strength to A1 from Aa3;

  -- ING USA Global Funding Trusts 1-6: senior secured debt to A1
     from Aa3;

  -- Lion Connecticut Holdings, Inc.: unguaranteed senior
     unsecured debt to A3 from Aa3; long-term issuer rating to A3
     from A1;

  -- Equitable of Iowa Companies Capital Trust II: preferred stock
     to Baa1 from A2

  -- ING Security Life Institutional Funding: senior secured debt
     rating to A1 from Aa3

  -- ING Bank N.V.: long-term bank deposits, senior unsecured and
     senior unsecured MTN to Aa3 from Aa2;

  -- ING Bank N.V.: subordinate MTN and junior subordinate MTN to
     A1 from Aa3;

  -- ING Belgium SA/NV: long-term bank deposits to Aa3 from Aa2;

  -- ING Belgium International Finance S.A.: senior unsecured and
     senior unsecured MTN to Aa3 from Aa2 (guaranteed by ING
     Belgium SA/NV);

  -- ING Belgium International Finance S.A.: subordinated debt to
     A1 from Aa3 (guaranteed by ING Belgium SA/NV);

  -- Internationale Nederlanden Bank N.V., Paris: long-term bank
     deposits to Aa3 from Aa2;

  -- ING Bank N.V., Tokyo Branch: long-term bank deposits to Aa3
     from Aa2;

  -- Postbank Groen N.V.: senior unsecured MTN to Aa3 from Aa2;

  -- Postbank Groen N.V.: subordinate MTN and junior subordinate
     MTN to A1 from Aa3;

  -- Postbank Groen N.V.: Tier III debt MTN to A1 from Aa3;

  -- ING Bank of Canada: subordinate and subordinate MTN
     (guaranteed by ING Bank N.V.) to A1 from Aa3;

  -- ING Bank (Australia) Ltd.: backed senior unsecured and senior
     unsecured MTN to Aa3 from Aa2;

  -- ING Bank (Australia) Ltd.: backed long-term deposit note/CD
     program to Aa3 from Aa2.

  -- ING Bank (Australia) Ltd.: long-term bank deposit to A1 from
     Aa3

  -- ING Bank (Australia) Ltd.: long-term issuer rating to A1 from
     Aa3

  -- ING Bank Slaski S.A.: local currency long-term bank deposits
     to A2 from A1;

  -- ING (US) Issuance LLC: long-term debt rating to Aa3 from Aa2;

  -- ING Americas Issuance B.V.: long-term debt rating to Aa3 from
     Aa2;

These ratings were affirmed with a stable outlook:

  -- ING Bank N.V., Sao Paulo: local currency long-term bank
     deposits at A1;

  -- ING Bank N.V., Sao Paulo: foreign currency long-term bank
     deposits at Ba2;

  -- ING Bank N.V., Sao Paulo: foreign currency short-term bank
     deposits at Non-Prime;

  -- ING Bank N.V., Sao Paulo: long-term national scale rating at
     Aaa.br;

  -- ING Bank N.V., Sao Paulo: short-term national scale rating at
     BR-1;

  -- ING Bank Slaski S.A.: bank financial strength rating at D+;

  -- ING Bank Slaski S.A.: foreign currency long-term bank
     deposits at A2;

  -- ING Bank Slaski S.A.: local and foreign currency short-term
     bank deposits at Prime-1;

  -- ING Bank Ukraine: bank financial strength rating at D;

  -- ING Bank Ukraine: local currency long-term bank deposits at
     Ba1;

  -- ING Bank Ukraine: foreign currency long-term bank deposits at
     B2;

  -- ING Bank Ukraine: local and foreign currency short-term bank
     deposits at Non-Prime;

  -- ING Bank Ukraine: long-term national scale rating at Aa1.ua;

  -- ING Bank Eurasia: bank financial strength rating at D;

  -- ING Bank Eurasia: long-term national scale rating at Aaa.ru;

  -- ING Bank, S.A. (Mexico): bank financial strength rating at
     D+;

  -- ING Bank, S.A. (Mexico): foreign currency long-term bank
     deposits at Baa1;

  -- ING Bank, S.A. (Mexico): long-term national scale rating at
     Aaa.mx;

  -- ING Bank, S.A. (Mexico): short-term national scale rating at
     MX-1;

  -- ING Bank, S.A. (Mexico): local currency short-term bank
     deposits at Prime-1;

  -- ING Bank, S.A. (Mexico): foreign currency short-term bank
     deposits at Prime-2;

  -- ING Bank of Canada: bank financial strength at C;

  -- ING Bank (Australia) Ltd.: bank financial strength rating at
     C+;

These ratings were affirmed:

  -- ING Verzekeringen, N.V.: short-term rating for commercial
     paper at Prime-1

  -- Security Life of Denver Insurance Company: short-term
     insurance financial strength at Prime-1;

  -- ING USA Annuity and Life Insurance Company: short-term
     insurance financial strength rating at Prime-1;

  -- ING America Insurance Holdings, Inc.: short-term rating for
     commercial paper (guaranteed by ING Verzekeringen, N.V.) at
     Prime-1;

  -- ING Bank N.V.: short-term bank deposits, commercial paper at
     Prime-1;

  -- ING Belgium SA/NV: short-term bank deposits at Prime-1;

  -- ING (U.S.) Funding LLC: commercial paper at Prime-1
     (guaranteed by ING Bank N.V.);

  -- Internationale Nederlanden Bank N.V., Paris: short-term bank
     deposits at Prime-1;

  -- ING Bank N.V., Tokyo Branch: short-term bank deposits and
     commercial paper at Prime-1;

  -- ING Bank N.V., Sao Paulo: local currency short-term bank
     deposits at Prime-1;

  -- Postbank Groen N.V.: short-term debt at Prime-1;

  -- ING Bank Eurasia: short-term bank deposits at Prime-2;

  -- ING Bank, S.A. (Mexico): local currency short-term bank
     deposits at Prime-1;

  -- ING Bank, S.A. (Mexico): foreign currency short-term bank
     deposits at Prime-2;

  -- ING Bank of Canada: short-term deposit note/CD program at
     Prime-1;

  -- ING Bank (Australia) Ltd.: short-term bank deposits and
     issuer rating at Prime-1.

These ratings were affirmed with a negative outlook:

  -- ING Bank Eurasia: long-term bank deposits at Baa1;

The last rating actions took place on October 21, 2008, when
Moody's downgraded the BFSR of ING Bank to B- from B and its long-
term senior debt ratings to Aa2 from Aa1.  The senior debt of ING
Insurance was also downgraded by one notch to A1 from Aa3.  At the
same time, Moody's downgraded the senior debt rating of ING Group
to Aa3 from Aa2.  All these ratings had stable outlooks.  Moody's
also placed on review for possible downgrade the Aa3 insurance
financial strength ratings of ING US.  Moody's rating actions
reflected the view that the group's profitability, particularly at
ING Bank, had deteriorated.

Based in Amsterdam, ING Groep N.V. had total assets amounting to
EUR1,370 billion at end-June 2008 (YE 2007: EUR1,312 billion) and
reported a net profit of EUR3.46 billion for the six months ending
June 2008 (end-June 2007: EUR4.45 billion).

Based in Amsterdam, ING Banking activities had total assets
amounting to EUR1,072 billion at end-June 2008 (YE 2007: EUR994
billion) and its Tier 1 ratio stood at 8.15% (YE 2007: 9.9%), on a
Basel II basis.  At year-end 2007, the Tier 1 ratio under Basel I
was 7.39%.  In H1 2008, the banking activities of ING Groep
reported a net profit of EUR1.77 billion, down from EUR1.96
billion in H1 2007.

The insurance activities of ING Groep had total assets amounting
to EUR304.4 billion at end-June 2008, down from EUR322.1 billion
at year-end 2007 and the insurance capital coverage ratios for
insurance activities was 281%, up from 244% at year-end 2007.  In
H1 2008, the insurance activities of ING Groep reported a net
profit of EUR1.69 billion, down from EUR2.50 billion in H1 2007.
The ING Americas segment reported total assets (general and
separate accounts) of $207 billion and total capital of close to
$14 billion (on an IFRS basis) at end-June 2008.


===========
N O R W A Y
===========


GLITNIR: Norwegian Unit's Book Value Up Three Months After Sale
---------------------------------------------------------------
Iceland Review reported last week that the book value of Glitnir
Bank ASA, the Norwegian unit of Iceland's Glitnir banki hf,
increased by ISK31 billion (US$239 million, EUR185 million) just
three months after it was sold.

According to the report, the current worth of the bank, which was
sold for NOK300 million (US$33 million, EUR33 million) on Oct. 21,
2008, is estimated at ISK36.5 billion (US$281 million, EUR217
million).

Sparebank 1 SMN, the report recalled, acquired a 25% stake in the
bank.  On Jan. 1, 2009, bank was re-branded BN Bank.

Finn Haugan, the managing director of Sparebank 1 SMN, as cited by
the report, said "The parent bank in Iceland needed to sell
Glitnir here in Norway within a certain timeframe that was set by
Norwegian authorities."

Mr. Haugan, the report stated, insisted there was nothing wrong
with the takeover price, arguing "Anyone could make offers for
this bank and several did.  This highest offer was [NOK] 300
million."

The report added, Mr. Haugan also does not see anything strange
about how much the bank's value has increased in three months.

"Because of the problems facing Glitnir it could no longer support
the bank in Norway.  However, the Norwegian bank was never in
trouble and everyone knew that.  But since the parent company
couldn't support the subsidiary, the subsidiary had to be sold,"
Mr. Haugan was quoted by the report as saying.

              Glitnir Norway's Loan Channel Revoked

The report disclosed that according to Morgunbladid, Mr. Haugan is
also the chairman of the board of the insurance fund of deposit
holders in Norway that revoked Glitnir's loan channel, demanding
that the bank be sold.

Mr. Haugan, however, denied participation in granting the loan
channel to Glitnir, the report recalled.

"I immediately stepped aside from the board and was not given any
information on that process.  I don't know for how long the loan
channel was supposed to remain open, but I do know that it was for
a limited time," the report quoted Mr. Haugan as saying.

The report recounted Morgunbladid said the Glitnir's Norwegian
unit was granted a loan of NOK5 billion (US$700 million, EUR540
million) after the collapse of the banks in Iceland in October
2008 so that it could withstand the crash.

However, the report noted the loan channel was suddenly revoked
after a meeting between the Norwegian central bank, financial
supervisory authority and insurance fund.

As reported in the TCR-Europe on Dec. 9, 2008, the acquisition of
Glitnir Bank ASA was carried out without the SpareBank 1 banks
bringing in fresh capital.

According to the report, the Ministry of Finance authorized the
SpareBank 1 banks to acquire all shares of Glitnir Bank.

The new owners of Glitnir Bank are SpareBank 1 SMN (25 per cent),
SpareBank 1 SR-Bank (20 per cent), SpareBank 1 Nord-Norge (20 per
cent), 16 collaborating savings banks (20 per cent) and
Sparebanken Hedmark (15 per cent).

                       About Glitnir banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

As reported in the TCR-Europe on Jan. 8, 2009, Bloomberg News said
that Judge Stuart Bernstein of the U.S. Bankruptcy Court for the
Southern District Court of New York granted Glitnir banki hf
permission to enter Chapter 15 of the U.S. bankruptcy code on
January 6, 2008.

Judge Bernstein, Bloomberg recalled, granted the motion for
recognition but told lawyers that he wanted more information about
how Icelandic law would handle claims.

Bloomberg noted the bank is shielded from lawsuits while it
reorganizes in Reykjavik.

Glitnir, Bloomberg disclosed, listed both debt and assets of more
than US$1 billion in its Chapter 15 petition.

As reported in the TCR-Europe on December 3, 2008, Bloomberg News
said Glitnir filed for Chapter 15 bankruptcy protection on
November 26 to stay creditor actions in the United States.
According to Bloomberg, while Glitnir has few assets and no
operations in the United States, the bank has sold more than US$7
billion in debt offerings in the U.S. market in a span of three
years.

On Nov. 27, 2008, the TCR-Europe reported that according to
Bloomberg, Glitnir's assets in the United States comprised of bank
accounts and loan provided to U.S. companies.  The bank, Bloomberg
said, citing papers filed with the court, issued 22 short- and
long- term notes for about US$7 billion in the country.

Iceland's government took control of Glitnir and two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after they failed to obtain short-term funding.  The banks
incurred about US$61 million in debt, Bloomberg stated.


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


BANK SOYUZ: Moody's Cuts Deposit Ratings to 'Caa1' from 'B2'
------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local and
foreign currency deposit ratings and senior unsecured foreign
currency debt rating of Bank Soyuz to Caa1 from B2 and put them on
review for possible further downgrade.  Soyuz's bank financial
strength rating was downgraded to E (stable outlook) from E+.  The
bank's Not Prime short-term local and foreign currency deposit
ratings were affirmed. Concurrently, Moody's Interfax Rating
Agency downgraded Soyuz's long-term national scale rating to
Ba3.ru from Baa1.ru and put it on review for possible further
downgrade.  Moscow-based Moody's Interfax is majority-owned by
Moody's, a leading global rating agency.

This rating action continues the process of review of Soyuz's
ratings which started on October 9, 2008 when Moody's downgraded
the bank's deposit and debt ratings to B2 from B1 and put them on
review for further possible downgrade, while simultaneously
affirming the E+ BFSR with stable outlook and the bank's Not Prime
short-term local and foreign currency deposit ratings.
Additionally, Soyuz's NSR was downgraded to Baa1.ru from A2.ru and
put on review for possible further downgrade.  (These rating
actions represent the last rating actions for Soyuz taken by
Moody's).

According to Moody's, the process of reviewing Soyuz's ratings
continues to be affected by limited availability of data and the
lack of transparency surrounding Soyuz's current condition.  The
rating agency added that Moody's review of Soyuz's ratings has
been mainly based on publicly available information.

Moody's notes that Soyuz's financial fundamentals have
deteriorated substantially during Q4 2008, with almost 40%
reduction in the bank's customer funding, while its reliance on
interbank loans and loans provided by the Central Bank of Russia
has increased significantly, to one third of total non-equity
funding.  The bank's substantial trading book continued to weigh
heavily on its profitability and capitalization levels, and
Moody's notes that the recurring income from lending activities,
along with a number of one-off sale proceeds and the earlier
announced transfer of a subordinate loan in the amount of
RUB4.1 billion (approx. US$130 million) to the bank's Tier 1
capital, may provide only short-term relief to the bank's
regulatory capitalization.  Furthermore, Moody's said that this
will continue to come under pressure from increasing credit losses
stemming from both the bank's historically weak credit
underwriting practices (especially in the corporate segment) and
the overall deteriorating economic environment in Russia.

According to Moody's, further review and monitoring of Soyuz's
ratings will be primarily linked to the recently announced deal
for the acquisition -- through an intermediation and under control
of the Russian state Deposit Insurance Agency -- of a controlling
stake in Soyuz by Gazfinance, a member of Gazprom group.  If this
acquisition goes ahead, Moody's review will focus on the ability
of Gazfinance to develop and successfully implement a financial
rehabilitation plan for Soyuz, as stipulated by the announced
agreement between the Deposit Insurance Agency, Soyuz, Holding
FinanceResource (the bank's previous controlling shareholder) and
Gazfinance.

"The major parameters and conditions of this acquisition are non-
transparent currently, as are the future development prospects of
Soyuz, and Moody's has significant concerns regarding the
willingness and ability of the new shareholder to maintain Soyuz
as a full-scale market institution, since the strategic fit of
Soyuz to Gazfinance appears limited," says Olga Ulyanova, a
Moody's Assistant Vice-President/Analyst and lead analyst for
Soyuz.  "More generally, the lack of transparency and the
consequently limited access to information is considered by
Moody's as an important factor potentially negatively weighing on
Soyuz's ratings going forward," Ms. Ulyanova adds.

Domiciled in Moscow, Russia, Bank Soyuz reported -- as at
December 31, 2007 -- total IFRS assets of US$3.7 billion, total
shareholders' equity of US$472 million and a net income of
US$42 million.


IMPERIUM LLC: Creditors Must File Claims by March 23
----------------------------------------------------
Creditors of LLC Imperium Publishing Group have until March 23,
2009, to submit proofs of claims to:

         A. Malinov
         Insolvency Manager
         Apt. 613
         Prospect Mira 36
         660049 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33-7978/2008.

The Debtor can be reached at:

         LLC Imperium
         Vysotnaya Str. 2/317
         Krasnoyarsk
         Russia


KAM-TRANS-STROY LLC: Creditors Must File Claims by March 23
-----------------------------------------------------------
Creditors of LLC Kam-Trans-Stroy (Construction) have until
March 23, 2009, to submit proofs of claims to:

         N. Kalmykov
         Insolvency Manager
         Post User Box 104
         Yelabuga
         423603 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65–21196/2008-SG4–27.

The Debtor can be reached at:

         LLC Kam-Trans-Stroy
         Malaya Shilnaya
         Tatarstan
         Russia


KUCHINSKIY STONEWARE: Creditors Must File Claims by March 23
------------------------------------------------------------
Creditors of LLC Kuchinskiy Stoneware Tile Plant have until
March 23, 2009, to submit proofs of claims to:

         Ye. Ivanov
         Insolvency Manager
         Post User Box 6
         127287 Moscow
         Russia
         Tel: 727–10–40.

The Arbitration Court of Moscovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-41–15430/08.

The Debtor can be reached at:

         LLC Kuchinskiy Stoneware Tile Plant
         Keramicheskaya Str.2a
         Zheleznodorozhnuy
         143983 Moskovskaya
         Russia


MIR SE: Creditors Must File Claims by March 23
----------------------------------------------
Creditors of SE Mir Publishing House (TIN 7717002212,
PSRN1037739569856) have until March 23, 2009, to submit proofs of
claims to:

         A. Rudchenko
         Insolvency Manager
         1-i Rizhskiy pereulok 2
         GSP-6
         107996 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–80225/05–73–254B.

The Debtor can be reached at:

         SE Mir
         1-i Rizhskiy pereulok 2
         GSP-6
         107996 Moscow
         Russia


ONEZHSKIE KARYERY LLC: Creditors Must File Claims by February 23
----------------------------------------------------------------
Creditors of LLC Onezhskie Karyery Management Company (Stone
Quarry) have until Feb. 23, 2009, to submit proofs of claims to:

         M. Snarskiy
         Insolvency Manager
         Komsomolskaya Str. 161/3/9
         Russia

The Arbitration Court of Karelia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A26-6451/2008.


ROS-STROY LLC: Creditors Must File Claims by March 23
-----------------------------------------------------
Creditors of LLC Ros-Stroy (TIN 2901150647) (Construction) have
until March 23, 2009, to submit proofs of claims to:

         M. Fedorov
         Insolvency Manager
         Abramova Str. 9
         163009 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05-6200/2008.

The Debtor can be reached at:

         LLC Ros-Stroy
         Abramova Str. 9
         163009 Arkhangelsk
         Russia


SECONDARY METALS: Moscow Bankruptcy Hearing Set May 26
------------------------------------------------------
The Arbitration Court of Moscow will convene at 11:30 a.m. on
May 26, 2009, to hear bankruptcy supervision procedure on CJSC
Secondary Metals and Alloys Plant.  The case is docketed under
Case No. A40–99263/08–101–189B.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 773
         Novaya Basmannaya Str. 10
         107996 Moscow
         Russia

The Temporary Insolvency Manager is:

         V. Limonov
         Neftebazovskiy proezd 4
         Novo-Syrovo
         Podolsk
         142101 Moskovskaya
         Russia

The Debtor can be reached at:

         CJSC Secondary Metals and Alloys Plant
         Building 3
         Lyapin pereulok 3
         105062 Moscow
         Russia


STEKLO-MASH-7 LLC: Creditors Must File Claims by March 23
---------------------------------------------------------
Creditors of LLC Steklo-Mash-7 (TIN 5034020269) (Glass
Production Equipment) have until March 23, 2009, to submit proofs
of claims to:

         A. Fedoseyev
         Insolvency Manager
         Office 9
         Sovetskaya Str. 4
         440026 Penza
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-41-12504/08.

The Debtor can be reached at:

         LLC Steklo-Mash-7
         Moiseyenko Str. 11
         Orekhovo-Zuyevo
         Moskovskaya
         Russia

TSESNA LLC: Creditors Must File Claims by February 23
-----------------------------------------------------
Creditors of LLC Tsesna Management Company (TIN 7716513334, PSRN
1047796707639) (Hydraulic Cylinder Production) have until
Feb. 23, 2009, to submit proofs of claims to:

         I. Sarkisyan
         Temporary Insolvency Manager
         Post User Box 70
         125183 Moscow
         Russia
         Tel: (495) 743-12-97

The Arbitration Court of Moscow will convene at 11:00 a.m. on
Jun. 2, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A 40-82993/08-103-277B.

The Debtor can be reached at:

         LLC Tsesna
         Tayninskaya Str. 7
         129345 Moscow
         Russia


UNITED CONFECTIONERS: Fitch Assigns 'B' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned Russia-based OJSC Holding Company
United Confectioners a Long-term foreign currency Issuer Default
Rating of 'B'.  At the same time, Fitch has also assigned UC a
National Long-term Rating of 'BBB-(rus)' (BBB minus).  The IDR and
National Rating are both on Rating Watch Negative.

The ratings reflect the UC's leading market position supported by
a portfolio of strong national and regional brands, and
historically steady consumption of confectionery products through
economic cycles.  These factors are offset by the company's
weakened profitability and credit metrics, currency mismatch, and
more challenging economic conditions in Russia.

The Rating Watch Negative reflects the company's refinancing risk,
including put options on two RUB3 billion bond issues in April
2009 and May 2010.  To repay the April 2009 put, UC had RUB1.1bn
of cash and a RUB1.33 billion uncommitted bank line available to
draw as of September 30 2008, plus support from the major
shareholder, Guta Group.  The Rating Watch Negative reflects, in
particular, the fact that the repayment of the April 2009 put
relies in part on an uncommitted line.

Fitch has also assigned ratings to the above-mentioned domestic
bonds issued by UC's subsidiary OOO United Confectioners-Finance.
A Recovery Rating of 'RR4' was assigned to the 7.7% RUB3 billion
bond due May 2012 (Bond 01), implying expected recovery in a
distressed scenario of 31-50%.  A Recovery Rating of 'RR5' was
assigned to the 10.4% RUB3 billion bond due April 2013 (Bond 02),
implying expected recovery in a distressed scenario of 11-30%.
Combining the IDR and the Recovery Ratings yields a rating for
Bond 01 of 'B' and Bond 02 of 'B-' (B minus).  The difference in
the ratings reflects structural differences between the two bonds.

UC's profitability was pressured in 2007 and 2008 in part by the
disruption caused by a major investment program.  The EBITDA
margin deteriorated to 11.7% in the twelve months ended Sept. 2008
from 12.7% in FY07 and 17.0% in FY06.  At the same time, the
company's debt levels increased in 2007 by RUB7.4bn to finance a
RUB7.6 billion investment program.  As a result, net debt/EBITDA
grew to 3.1x at 9m08 from 2.7x at FYE07 and -0.3x at FYE06.

Going forward, UC's profitability should begin to recover, though
it will be constrained by the unfolding economic downturn in
Russia.  While the company has reduced capital expenditure in the
near-term, Fitch does not expect UC to deleverage materially over
next few years, as the group may embark on the next stage of its
investment program in 2010.  In addition, leverage will be
moderately impacted by the ongoing depreciation of the rouble, as
approximately 30% of UC's debt is denominated in euros.


ZAPADNO-URALSKIY MACHINERY: Claims Filing Deadline Set Feb. 23
--------------------------------------------------------------
Creditors of LLC Zapadno-Uralskiy Machinery Concern (TIN
5908019492, PSRN1025901610206) have until Feb. 23, 2009, to submit
proofs of claims to:

         Ye. Yemelin
         Temporary Insolvency Manager
         Office 206
         Suvorova Str. 111a
         440000 Penza
         Russia

The Arbitration Court of Permskiy will convene on Apr.22, 2009, to
hear bankruptcy supervision procedure.  The case is docketed under
Case No. A50–15850/2008-B4.

The Debtor can be reached at:

         LLC Zapadno-Uralskiy Machinery Concern
         Lipatova Str. 30
         614113 Perm
         Russia


* IRKUTSK OBLAST: S&P Keeps 'B+' Long-Term Issuer Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services announced that it was keeping
its 'B+' long-term issuer credit rating on Irkutsk Oblast on
CreditWatch, where it was placed with negative implications on
Oct. 29, 2008, on insufficient liquidity.  At the same time, S&P
affirmed the rating.

"The rating remains on CreditWatch because of uncertainty
regarding the new oblast administration's financial policy, which
must deal with persistent refinancing risks and worsening
macroeconomic conditions," said Standard & Poor's credit analyst
Felix Ejgel.

The oblast's administration is in the final stages of formation
after the governor, who was temporarily appointed by the president
in April 2008, was approved for his position by the Oblast
Assembly (regional parliament) in late November 2008.  S&P expects
the new administration to develop a comprehensive plan to tackle
its mounting debt service in 2009.  The country-wide economic
stagnation could result in lower budget revenues.

In November and December 2008, the oblast managed to repay Russian
ruble RUR2.8 billion (US$100 million) in short-term loans and bond
amortizations, thanks to the willingness of state banks to extend
loans and additional financial support from the federal budget.

The oblast expects debt service as a percentage of operating
revenues to double to 15% in 2009 from about 7% in 2008, thereby
raising refinancing risk.

The oblast's financial flexibility remains limited and it may have
difficulties addressing a possible contraction of tax revenues in
2009 by cutting costs or delaying non-debt-related expenses.

S&P plans to resolve the CreditWatch placement within the next two
months, after S&P has reviewed the recent amendments to the
oblast's budget and debt policy for 2009-2011.

"If the oblast fails to develop a consistent plan to reduce the
risk of mounting debt service and contracting revenues in 2009,
S&P could lower the rating by several notches," said Mr. Ejgel.

If the oblast provides a comprehensive solution for refinancing
its debt coming due in 2009-2010, the evolution of the rating will
depend on how successful Irkutsk is in curbing expenditure
accumulation to ensure satisfactory budgetary performance in 2009.

If the oblast government manages to adjust non-debt-related
spending to match realistic revenues in 2009, or receives material
financial support from the federal government to accumulate cash
reserves ahead of the amortization of its bonds and loans
throughout 2009 (which will amount to about RUR8.1 billion in
total), the rating will be affirmed.


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


EDT FTPYME: S&P Cuts Ratings on Two Classes of Notes to Low-B
-------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE
ACTIVOS, GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos, and
TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos.

Specifically, S&P:

   -— Lowered the ratings on GC FTPYME PASTOR 4's and TDA Empresas
      Pastor 5's class B notes;

   -— Lowered and removed from CreditWatch negative the ratings on
      GC FTPYME Pastor 4's class C, D, and E notes;

   -— Lowered and removed from CreditWatch negative the ratings on
      TDA Empresas Pastor 5's class C notes;

   -- Affirmed and removed from CreditWatch negative the ratings
      on EdT FTPYME PASTOR 3's class C notes;

   —- Kept on CreditWatch negative the ratings on EdT FTPYME
      PASTOR 3's class A1 and A2(G) notes and TDA Empresas Pastor
      5's class A notes; and

   —- Affirmed all the other class of notes in the three.

S&P initially placed EdT FTPYME PASTOR 3's class C notes, GC
FTPYME PASTOR 4's class C, D, and E notes, and TDA Empresas Pastor
5's class C notes on CreditWatch negative on Oct. 17, 2008,
following an initial analysis of the performance of those deals.
At that time, the collateral performance had highlighted factors
that had increased the possibility of negative rating actions for
certain junior classes.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information and loan-level data that
S&P has received for these particular Spanish small and midsize
enterprises, originated by Banco Pastor, S.A.

S&P's analysis focused on risks related to geographical
concentrations, real estate and construction sector exposures, and
the concentration of loans granted to developers, as well as risks
related to loan prepayment profiles.  For loan payment profiles,
S&P focused on the risk posed by loans with bullet maturities.

The collateral backing these transactions shows a high
geographical concentration in the Galicia region, representing
20.17% of the outstanding collateral in EdT FTPYME PASTOR 3,
34.52% in GC FTPYME PASTOR 4, and 21.49% in TDA Empresas Pastor 5.
The assets backing the transactions also show concentration in the
real estate and construction industry of 47.58% for EdT FTPYME
PASTOR 3, 23.23% for GC FTPYME PASTOR 4, and 31.33% for TDA
Empresas Pastor 5.

                       EdT FTPYME PASTOR 3

90+ day delinquent loans currently represent 8.99% of the
outstanding pool balance or EUR14.19 million. The transaction
benefits from increased credit enhancement due to the pool's
amortization.  The current outstanding balance is around 33% of
the original balance.  Moreover, the cash reserve is not
amortizing due to high delinquency level and it is at its required
level of EUR16.38 million.  Gross cumulative defaults represent
only 0.22% of the original outstanding balance.  Although S&P
expects defaults to increase in the near to medium term, in S&P's
view the ratings are well protected by the high level of credit
enhancement.  S&P's credit and cash flow analysis showed that the
class C notes can maintain their current rating.

                        GC FTPYME PASTOR 4

As of the end of December 2008, 90+ day delinquencies accounted
for 6.19% of GC FTPYME PASTOR 4's portfolio.  Gross cumulative
defaults remain fairly low at 0.34%, but the cash reserve was
drawn on at the last payment date in October 2008.  It is now at
EUR12.505 million, slightly below its required level of
EUR12.600 million.

A rapid rise in defaults may increase the likelihood of a breach
of the deferral of interest trigger.  The breach would occur when
gross cumulative defaults reach 5.5% of the initial collateral
balance for class E, 8.0% for class D, 11.0% for class C, and
15.0% for class B.  A breach of this trigger could potentially
result in the junior and mezzanine notes experiencing an interest
shortfall, while the 'AAA' rated notes will be repaid faster.

S&P's credit and cash flow analysis showed that the class B, C, D,
and E notes can no longer maintain their current ratings.

                      TDA Empresas Pastor 5

This transaction closed in December 2007.  According to the latest
available information, 90+ day arrears reached 3.9% of the
outstanding collateral.  Written-off loans are defined as loans in
arrears for more than 18 months so they have not yet accrued.
However, delinquency rates have experienced a sharp increase in
recent months and, given the current economic environment, S&P
expect this trend to continue over the near to medium term putting
further pressure on the deal.

Almost 12% of the collateral in this transaction was granted to
finance land acquisition and almost 80% of these loans have bullet
maturities that may cause a spike in the default rates if
borrowers fail to refinance.  Over 60% of the pool is unsecured.
This is very high compared with the other Spanish SME transactions
S&P rate and the other two deals referenced in this media release
(36% for EdT FTPYME PASTOR 3 and 40% for GC FTPYME PASTOR 4).

S&P's credit and cash flow analysis showed that TDA Empresas
Pastor 5's class B and C notes can no longer maintain their
current ratings.

S&P is keeping on CreditWatch negative S&P's ratings on EdT FTPYME
PASTOR 3's class A1 and A2(G) notes and TDA Empresas Pastor 5's
class A notes.  This is not driven by collateral performance
issues, but continues to reflect unresolved issues relating to the
substitution of Banco Pastor as swap counterparty.

Following Banco Pastor's downgrade to 'A-2' on Oct. 3, 2008, it
was replaced as treasury account provider for these transactions
by Banco de Sabadell S.A. (A+/Negative/A-1).

                           Ratings List

                         Ratings Lowered

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

                                       Rating
                                       ------
            Class               To                From
            -----               --                ----
            B                   BBB               A

       GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
                EUR630 Million Floating-Rate Notes

                                       Rating
                                       ------
            Class               To                From
            -----               --                ----
            B                   AA-               AA

       Ratings Lowered and Removed From Creditwatch Negative

       GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
                EUR630 Million Floating-Rate Notes

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

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

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

      Ratings Affirmed And Removed From Creditwatch Negative

      EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS
                EUR520 Million Floating-Rate Notes

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

               Ratings Kept on Credit Watch Negative

      EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS
                EUR520 Million Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     A1                AAA/Watch Neg
                     A2(G)             AAA/Watch Neg

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

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

                     Ratings Affirmed

       EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS
                EUR520 Million Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     B                 AAA

        GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
                EUR630 Million Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     A2                AAA
                     A3(G)             AAA

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     D                 CCC-


GC FTPYME: S&P Cuts Ratings on Two Classes of Notes to Low-B
-------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE
ACTIVOS, GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos, and
TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos.

Specifically, S&P:

   -— Lowered the ratings on GC FTPYME PASTOR 4's and TDA Empresas
      Pastor 5's class B notes;

   -— Lowered and removed from CreditWatch negative the ratings on
      GC FTPYME Pastor 4's class C, D, and E notes;

   -— Lowered and removed from CreditWatch negative the ratings on
      TDA Empresas Pastor 5's class C notes;

   -- Affirmed and removed from CreditWatch negative the ratings
      on EdT FTPYME PASTOR 3's class C notes;

   —- Kept on CreditWatch negative the ratings on EdT FTPYME
      PASTOR 3's class A1 and A2(G) notes and TDA Empresas Pastor
      5's class A notes; and

   —- Affirmed all the other class of notes in the three.

S&P initially placed EdT FTPYME PASTOR 3's class C notes, GC
FTPYME PASTOR 4's class C, D, and E notes, and TDA Empresas Pastor
5's class C notes on CreditWatch negative on Oct. 17, 2008,
following an initial analysis of the performance of those deals.
At that time, the collateral performance had highlighted factors
that had increased the possibility of negative rating actions for
certain junior classes.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information and loan-level data that
S&P has received for these particular Spanish small and midsize
enterprises, originated by Banco Pastor, S.A.

S&P's analysis focused on risks related to geographical
concentrations, real estate and construction sector exposures, and
the concentration of loans granted to developers, as well as risks
related to loan prepayment profiles.  For loan payment profiles,
S&P focused on the risk posed by loans with bullet maturities.

The collateral backing these transactions shows a high
geographical concentration in the Galicia region, representing
20.17% of the outstanding collateral in EdT FTPYME PASTOR 3,
34.52% in GC FTPYME PASTOR 4, and 21.49% in TDA Empresas Pastor 5.
The assets backing the transactions also show concentration in the
real estate and construction industry of 47.58% for EdT FTPYME
PASTOR 3, 23.23% for GC FTPYME PASTOR 4, and 31.33% for TDA
Empresas Pastor 5.

                       EdT FTPYME PASTOR 3

90+ day delinquent loans currently represent 8.99% of the
outstanding pool balance or EUR14.19 million. The transaction
benefits from increased credit enhancement due to the pool's
amortization.  The current outstanding balance is around 33% of
the original balance.  Moreover, the cash reserve is not
amortizing due to high delinquency level and it is at its required
level of EUR16.38 million.  Gross cumulative defaults represent
only 0.22% of the original outstanding balance.  Although S&P
expects defaults to increase in the near to medium term, in S&P's
view the ratings are well protected by the high level of credit
enhancement.  S&P's credit and cash flow analysis showed that the
class C notes can maintain their current rating.

                        GC FTPYME PASTOR 4

As of the end of December 2008, 90+ day delinquencies accounted
for 6.19% of GC FTPYME PASTOR 4's portfolio.  Gross cumulative
defaults remain fairly low at 0.34%, but the cash reserve was
drawn on at the last payment date in October 2008.  It is now at
EUR12.505 million, slightly below its required level of
EUR12.600 million.

A rapid rise in defaults may increase the likelihood of a breach
of the deferral of interest trigger.  The breach would occur when
gross cumulative defaults reach 5.5% of the initial collateral
balance for class E, 8.0% for class D, 11.0% for class C, and
15.0% for class B.  A breach of this trigger could potentially
result in the junior and mezzanine notes experiencing an interest
shortfall, while the 'AAA' rated notes will be repaid faster.

S&P's credit and cash flow analysis showed that the class B, C, D,
and E notes can no longer maintain their current ratings.

                      TDA Empresas Pastor 5

This transaction closed in December 2007.  According to the latest
available information, 90+ day arrears reached 3.9% of the
outstanding collateral.  Written-off loans are defined as loans in
arrears for more than 18 months so they have not yet accrued.
However, delinquency rates have experienced a sharp increase in
recent months and, given the current economic environment, S&P
expect this trend to continue over the near to medium term putting
further pressure on the deal.

Almost 12% of the collateral in this transaction was granted to
finance land acquisition and almost 80% of these loans have bullet
maturities that may cause a spike in the default rates if
borrowers fail to refinance.  Over 60% of the pool is unsecured.
This is very high compared with the other Spanish SME transactions
S&P rate and the other two deals referenced in this media release
(36% for EdT FTPYME PASTOR 3 and 40% for GC FTPYME PASTOR 4).

S&P's credit and cash flow analysis showed that TDA Empresas
Pastor 5's class B and C notes can no longer maintain their
current ratings.

S&P is keeping on CreditWatch negative S&P's ratings on EdT FTPYME
PASTOR 3's class A1 and A2(G) notes and TDA Empresas Pastor 5's
class A notes.  This is not driven by collateral performance
issues, but continues to reflect unresolved issues relating to the
substitution of Banco Pastor as swap counterparty.

Following Banco Pastor's downgrade to 'A-2' on Oct. 3, 2008, it
was replaced as treasury account provider for these transactions
by Banco de Sabadell S.A. (A+/Negative/A-1).

                           Ratings List

                         Ratings Lowered

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

                                       Rating
                                       ------
            Class               To                From
            -----               --                ----
            B                   BBB               A

       GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
                EUR630 Million Floating-Rate Notes

                                       Rating
                                       ------
            Class               To                From
            -----               --                ----
            B                   AA-               AA

       Ratings Lowered and Removed From Creditwatch Negative

       GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
                EUR630 Million Floating-Rate Notes

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

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

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

      Ratings Affirmed And Removed From Creditwatch Negative

      EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS
                EUR520 Million Floating-Rate Notes

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

               Ratings Kept on Credit Watch Negative

      EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS
                EUR520 Million Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     A1                AAA/Watch Neg
                     A2(G)             AAA/Watch Neg

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

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

                     Ratings Affirmed

       EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS
                EUR520 Million Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     B                 AAA

        GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
                EUR630 Million Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     A2                AAA
                     A3(G)             AAA

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     D                 CCC-


TDA EMPRESAS: S&P Cuts Ratings on Floating Rate Notes to D
----------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE
ACTIVOS, GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos, and
TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos.

Specifically, S&P:

   -— Lowered the ratings on GC FTPYME PASTOR 4's and TDA Empresas
      Pastor 5's class B notes;

   -— Lowered and removed from CreditWatch negative the ratings on
      GC FTPYME Pastor 4's class C, D, and E notes;

   -— Lowered and removed from CreditWatch negative the ratings on
      TDA Empresas Pastor 5's class C notes;

   -- Affirmed and removed from CreditWatch negative the ratings
      on EdT FTPYME PASTOR 3's class C notes;

   —- Kept on CreditWatch negative the ratings on EdT FTPYME
      PASTOR 3's class A1 and A2(G) notes and TDA Empresas Pastor
      5's class A notes; and

   —- Affirmed all the other class of notes in the three.

S&P initially placed EdT FTPYME PASTOR 3's class C notes, GC
FTPYME PASTOR 4's class C, D, and E notes, and TDA Empresas Pastor
5's class C notes on CreditWatch negative on Oct. 17, 2008,
following an initial analysis of the performance of those deals.
At that time, the collateral performance had highlighted factors
that had increased the possibility of negative rating actions for
certain junior classes.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information and loan-level data that
S&P has received for these particular Spanish small and midsize
enterprises, originated by Banco Pastor, S.A.

S&P's analysis focused on risks related to geographical
concentrations, real estate and construction sector exposures, and
the concentration of loans granted to developers, as well as risks
related to loan prepayment profiles.  For loan payment profiles,
S&P focused on the risk posed by loans with bullet maturities.

The collateral backing these transactions shows a high
geographical concentration in the Galicia region, representing
20.17% of the outstanding collateral in EdT FTPYME PASTOR 3,
34.52% in GC FTPYME PASTOR 4, and 21.49% in TDA Empresas Pastor 5.
The assets backing the transactions also show concentration in the
real estate and construction industry of 47.58% for EdT FTPYME
PASTOR 3, 23.23% for GC FTPYME PASTOR 4, and 31.33% for TDA
Empresas Pastor 5.

                       EdT FTPYME PASTOR 3

90+ day delinquent loans currently represent 8.99% of the
outstanding pool balance or EUR14.19 million. The transaction
benefits from increased credit enhancement due to the pool's
amortization.  The current outstanding balance is around 33% of
the original balance.  Moreover, the cash reserve is not
amortizing due to high delinquency level and it is at its required
level of EUR16.38 million.  Gross cumulative defaults represent
only 0.22% of the original outstanding balance.  Although S&P
expects defaults to increase in the near to medium term, in S&P's
view the ratings are well protected by the high level of credit
enhancement.  S&P's credit and cash flow analysis showed that the
class C notes can maintain their current rating.

                        GC FTPYME PASTOR 4

As of the end of December 2008, 90+ day delinquencies accounted
for 6.19% of GC FTPYME PASTOR 4's portfolio.  Gross cumulative
defaults remain fairly low at 0.34%, but the cash reserve was
drawn on at the last payment date in October 2008.  It is now at
EUR12.505 million, slightly below its required level of
EUR12.600 million.

A rapid rise in defaults may increase the likelihood of a breach
of the deferral of interest trigger.  The breach would occur when
gross cumulative defaults reach 5.5% of the initial collateral
balance for class E, 8.0% for class D, 11.0% for class C, and
15.0% for class B.  A breach of this trigger could potentially
result in the junior and mezzanine notes experiencing an interest
shortfall, while the 'AAA' rated notes will be repaid faster.

S&P's credit and cash flow analysis showed that the class B, C, D,
and E notes can no longer maintain their current ratings.

                      TDA Empresas Pastor 5

This transaction closed in December 2007.  According to the latest
available information, 90+ day arrears reached 3.9% of the
outstanding collateral.  Written-off loans are defined as loans in
arrears for more than 18 months so they have not yet accrued.
However, delinquency rates have experienced a sharp increase in
recent months and, given the current economic environment, S&P
expect this trend to continue over the near to medium term putting
further pressure on the deal.

Almost 12% of the collateral in this transaction was granted to
finance land acquisition and almost 80% of these loans have bullet
maturities that may cause a spike in the default rates if
borrowers fail to refinance.  Over 60% of the pool is unsecured.
This is very high compared with the other Spanish SME transactions
S&P rate and the other two deals referenced in this media release
(36% for EdT FTPYME PASTOR 3 and 40% for GC FTPYME PASTOR 4).

S&P's credit and cash flow analysis showed that TDA Empresas
Pastor 5's class B and C notes can no longer maintain their
current ratings.

S&P is keeping on CreditWatch negative S&P's ratings on EdT FTPYME
PASTOR 3's class A1 and A2(G) notes and TDA Empresas Pastor 5's
class A notes.  This is not driven by collateral performance
issues, but continues to reflect unresolved issues relating to the
substitution of Banco Pastor as swap counterparty.

Following Banco Pastor's downgrade to 'A-2' on Oct. 3, 2008, it
was replaced as treasury account provider for these transactions
by Banco de Sabadell S.A. (A+/Negative/A-1).

                           Ratings List

                         Ratings Lowered

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

                                       Rating
                                       ------
            Class               To                From
            -----               --                ----
            B                   BBB               A

       GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
                EUR630 Million Floating-Rate Notes

                                       Rating
                                       ------
            Class               To                From
            -----               --                ----
            B                   AA-               AA

       Ratings Lowered and Removed From Creditwatch Negative

       GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
                EUR630 Million Floating-Rate Notes

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

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

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

      Ratings Affirmed And Removed From Creditwatch Negative

      EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS
                EUR520 Million Floating-Rate Notes

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

               Ratings Kept on Credit Watch Negative

      EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS
                EUR520 Million Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     A1                AAA/Watch Neg
                     A2(G)             AAA/Watch Neg

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

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

                     Ratings Affirmed

       EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS
                EUR520 Million Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     B                 AAA

        GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
                EUR630 Million Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     A2                AAA
                     A3(G)             AAA

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
      EUR550 Million Floating-Rate Notes and EUR18.7 Million
                       Floating-Rate Notes

                             Rating
                             ------
                     To                From
                     --                ----
                     D                 CCC-


* SPAIN: Economy in Recession, Bank of Spain Says
-------------------------------------------------
The Associated Press reports that Spain has slipped into a
recession.

Citing the Bank of Spain, the report discloses the Spanish
economic output fell 1.1 percent in the last three months of 2008
compared with the previous quarter.

The report relates according to the bank, the country's third
quarter decline was 0.2 percent, its first in 15 years.

The two consecutive quarters of negative growth are in keeping
with the technical definition of a recession, the report notes.

The bank, as cited by the report, said the weakening of the
Spanish economy intensified in the fourth quarter of 2008, blaming
a steep fall in domestic consumption and investment.

According to the report, Spain's economy has been hit hard by the
collapse of a real estate bubble and the global financial crisis.
The country's construction industry has been suffering from higher
interest rates on mortgages and a credit crunch at banks for the
past two years, the report says.

"Everyone was aware that we were entering recession.  The speed of
the descent makes you think that recovery cannot be immediate,"
Antonio Argandona, economics professor at the IESE business
school, was quoted by the report as saying.

The Spanish government, the report recalls, expects gross domestic
production to fall 1.6 percent this year.

Unemployment in the country now stands at an EU high of 13.9
percent, the report states.


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


ACCELERATE INNOVATION: Creditors Must File Claims by February 7
---------------------------------------------------------------
Creditors owed money by LLC Accelerate Innovation are requested to
file their proofs of claim by Feb. 7, 2009, to:

         Kaspar Schindler
         Wannenhofstrasse 41
         5726 Unterkulm
         Switzerland

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


ADDITIA TREUHAND: Deadline to File Proofs of Claim Set Feb. 11
--------------------------------------------------------------
Creditors owed money by JSC Additia Treuhand are requested to file
their proofs of claim by Feb. 11, 2009, to:

         JSC Schadeli Treuhand
         Belpbergstrasse 46c
         3110 Munsingen
         Switzerland

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


COLOR PRINT: Creditors Have Until February 7 to File Claims
-----------------------------------------------------------
Creditors owed money by JSC Color Print are requested to file
their proofs of claim by Feb. 7, 2009, to:

         Guglielmo and Marianne Cibolini
         Grosbuisson 407
         1585 Salavaux
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 10, 2008.


CONSULT-LOGISTIK LLC: Proof of Claim Filing Deadline Set Feb. 6
---------------------------------------------------------------
Creditors owed money by LLC Consult-Logistik are requested to file
their proofs of claim by Feb. 6, 2009, to:

         Rainer Herrmann
         Liquidator
         Mail Box 201
         4008 Basel
         Switzerland

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


IMPLANTINVEST HOLDING: Creditors' Proofs of Claim Due by Feb. 7
---------------------------------------------------------------
Creditors owed money by JSC Implantinvest Holding are requested to
file their proofs of claim by Feb. 7, 2009, to:

         Urs Leu
         Liquidator
         Thunstrasse 7
         3000 Bern 6
         Switzerland

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


TRANSPORT ALLMEND: February 11 Set as Deadline to File Claims
-------------------------------------------------------------
Creditors owed money by LLC Transport Allmend are requested to
file their proofs of claim by Feb. 11, 2009, to:

         Franz Bremgartner
         Allmend 5
         4657 Dulliken
         Switzerland

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


TROJA LOUNGE: Creditors Must File Proofs of Claim by February 7
---------------------------------------------------------------
Creditors owed money by LLC Troja Lounge Club are requested to
file their proofs of claim by Feb. 7, 2009, to:

         Mohamad Tahan
         Kleestrasse 7
         4153 Reinach
         Switzerland

The company is currently undergoing liquidation in Sissach.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 15, 2008.


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


TURKIYE KALKINMA: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Turkiye Kalkinma Bankasi's
ratings:

  -- Long-term foreign currency Issuer Default Rating: 'BB-'
     (BB minus)

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

  -- Long-term local currency IDR: 'BB'

  -- Short-term local currency IDR: 'B'

  -- National Long-term Rating: 'AA+(tur)'

  -- Individual Rating: 'D'

  -- Support Rating: '3'

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

The Outlooks for the bank's Long-term IDRs and the National Long-
term rating are Stable.

TKB, which is 99% owned by the Turkish Treasury, is a development
and investment bank.  The Turkish Treasury either provides or
guarantees a significant amount of total non-equity funding (88%
at end-Q308).  TKB's Long-term IDRs, National Long-term Rating and
Support Rating reflect the potential support which the bank could
expect to receive, if required, from the government.  TKB's
Individual Rating takes into account the bank's improving, but
still moderate core profitability, its increasing revenues aided
by a growing loan portfolio and improving, but still poor, asset
quality.  It also reflects the bank's strong capitalization,
matched funding, high liquidity and competitive advantage of being
funded or guaranteed by the Turkish Treasury.

"TKB's core profitability is positively affected by the bank's
increasing loan portfolio aided by the simplification of loan
extension procedures and asset quality improvements.  Further
improvements depend on whether the bank can increase its revenues
and make further asset quality improvements, which may be
challenging as the Turkish economy is slowing," says Banu
Cartmell, Director in Fitch Ratings' Financial Institutions group.

Although TKB's asset quality has improved due to a reduction in
impaired loans, mainly as a result of collections, it remains poor
with such loans at 8.8% of total gross loans at end-Q308.
Nevertheless, reserve coverage was sound at 100.3% of total
impaired loans.  The bank has high levels of liquid assets as it
keeps its large free capital in bank placements.  Liquidity is
comfortable due to match funded medium- and long-term loans.
Apart from the funding provided by the Turkish Treasury, TKB also
receives funds from international and local financial
institutions, and development agencies.  TKB operates with high
levels of equity and its capitalization is solid with a total
capital adequacy ratio of 80.94% at end-Q308.  TKB was established
to promote Turkey's economic development and focuses on
geographical areas that have been identified by the government as
a high priority.


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


AVTOROM LTD: Creditors Must File Claims by February 11
------------------------------------------------------
Creditors of LLC Avtorom Ltd. (EDRPOU 36085432) have until
Feb. 11, 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. 18, 2008.
The case is docketed as 15/51-b.

The Debtor can be reached at:

         LLC Avtorom Ltd
         Kikvidze Str. 15
         01103 Kiev
         Ukraine


BANK DIAMANT: Fitch Comments on Long-Term Rating Downgrade
----------------------------------------------------------
Fitch Ratings comments on the recent downgrade of Ukraine-based
Bank Diamant's National Long-term rating to 'B+(ukr)' from 'BB-(BB
minus)(ukr)'.  The Outlook is Negative.  The rating action was
taken as part of a more general review of Ukrainian bank ratings,
and took into account the heightened liquidity and asset quality
risks and greater pressure on capital which Ukrainian banks have
faced following the sharp depreciation of the UAH in Q408, as well
as the weaker outlook for the Ukrainian economy.

The downgrade reflects the weakening of the bank's liquidity
position following significant recent deposit outflow, as well as
the potential for significant asset quality deterioration in light
of the bank's large credit exposure to the construction sector,
significant related-party lending and the deterioration in the
operating environment.  High borrower concentrations and low free
capital are also negatives for the rating.  At the same time, the
rating also considers the current low level of reported non-
performing loans.

Like many other Ukrainian banks, Bank Diamant experienced a marked
deposit outflow in Q408 (a reduction of 14% net of the impact of
UAH depreciation, according to Fitch estimates), notwithstanding a
deposit from the shareholder made in December, and saw a further
10% drop in the first half of January 2009.  The liquidity cushion
(cash and equivalents plus the net interbank position) has become
limited and covered the deposit base by just 4% as at January 15,
2009.

Reported NPLs have remained low, with loans overdue by 90 days or
more reportedly comprising 0.2% of the portfolio at end-2008.
However, Fitch notes the sizable exposure to the construction
sector, which may be vulnerable during the current macroeconomic
downturn.  In addition, the impairment reserve (equal to 3.3% of
gross loans at end-2008) may prove insufficient in case of large
individual defaults in a highly concentrated loan portfolio.

Capital adequacy was moderate (total regulatory capital ratio of
14.8% at end-2008), and free capital comprised only 30% of equity.
A further downgrade would be possible in case of further
deterioration in the bank's liquidity position, significant credit
losses or erosion of the capital base.  A stabilization of the
macroeconomic environment, cessation of the deposit outflow and
strengthening of the liquidity position could lessen pressure for
a downgrade.

Bank Diamant was established in 1993 and specializes mainly in
corporate lending and private banking services.  The bank was
ranked 62nd in Ukraine by total assets, with a market share of
0.2%, at end-Q308.  Bank Diamant has a network of 59 branches and
outlets covering 14 regions of Ukraine.  It is solely owned by
David Zhvania, a member of the Ukrainian parliament (the
Verkhovnaya Rada).


FENIX LTD: Creditors Must File Claims by February 11
----------------------------------------------------
Creditors of LLC Fenix Ltd. (EDRPOU 01049959) have until Feb. 11,
2009, to submit proofs of claim to:

         Mr. Popovich Dmitriy
         Liquidator
         P.O.B. 608
         58010 Chernovcy
         Ukraine
         Tel: 8-095-211-7377

The Arbitration Court of Chernovcy commenced bankruptcy
proceedings against the company after finding it insolvent on
Oct. 14, 2008.  The case is docketed as 10/98/B.

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

The Debtor can be reached at:

         LLC Fenix Ltd.
         Chernovcy
         Ukraine


FIRST UKRAINIAN: Fitch Comments on Ratings Affirmation
------------------------------------------------------
Fitch Ratings comments on the recent affirmation of Ukraine-based
First Ukrainian International Bank's ratings; the Outlook on the
bank's Long-term IDR remains Negative.  The rating was part of a
more general review of Ukrainian bank ratings, which took into
account the heightened liquidity and asset quality risks and
greater pressure on capital which Ukrainian banks have faced as a
result of the sharp depreciation of the UAH in Q408, as well as
the weaker outlook for the Ukrainian economy.

While FUIB currently faces heightened risks as a result of its
previously rapid lending growth, the high proportion of foreign
currency loans and the worsening operating environment, in Fitch's
view these risks are currently reflected in the bank's 'B' rating
and Negative Outlook.  FUIB's ratings are supported by the
relative strength of the bank's franchise, better-than-average
(for the Ukrainian market) risk management systems and controls,
the currently reasonable liquidity and capital positions, low
reported loan impairment to date and relatively moderate loan
concentrations.

The bank's liquidity came under pressure during the market
turbulence in Q408 as a result of the outflows from the bank's
client accounts; however, the overall loss of client funds was
more moderate than at most peers, peaking at 8% (net of FX
effects) in October 2008, and with some reversal of this trend in
December 2008.  At end-2008, highly liquid assets (including cash;
placements with the National Bank of Ukraine net of obligatory
reserves; net short-term (less than one month) interbank
placements and unpledged government securities) were equal to 21%
of total client funds or 50% of client accounts with contractual
maturities of up to one month.  The liquidity position remains
reasonably managed with minor maturity gaps and Fitch was informed
it may be supported by the shareholders, if necessary.  However,
at the same time, Fitch notes that refinancing requirements during
2009 are significant, with maturing foreign funding equal to about
20% of end-2008 liabilities.

Loan growth was rapid to end-2007 and remained high at 35% in
9M08, broadly in line with the sector average, but was limited in
Q408 (net of FX effects).  Loan concentration levels are moderate
for a CIS-bank with exposure to the largest 20 borrowers
representing 27% of loans and 77% of equity at end-Q308.  Asset
quality is likely to come under considerable pressure as a result
of the sharp depreciation of the UAH during Q408; a very high 76%
of FUIB's lending was in foreign currencies at end-2008, although
Fitch notes that a significant proportion of FUIB's borrowers are
exporters with foreign currency revenues.  Loans overdue by more
than 90 days (NPLs) were still a moderate 1.6% of the portfolio at
end-Q308, with reserve coverage of 1.9x.  The total regulatory
capital ratio remained higher that the sector average at 14.7% in
the beginning of January 2009 although this was down from 18% in
mid-October 2008 due to the impact of the UAH depreciation.
FUIB's ratings could be downgraded in case of a substantial
weakening of asset quality or a further tightening of liquidity
resulting from renewed deposit outflow and/or repayments of
international borrowings.  Stabilization of the macroeconomic
environment and maintenance of moderate loan impairment levels
would reduce downward pressure on the ratings.

At end-Q308, FUIB was the 12th-largest bank in Ukraine, with a
2.3% market share by total assets.  FUIB's core franchise is in
the larger corporate segment, although since 2006 it has targeted
SMEs and affluent retail customers.  SCM, one of the largest
industrial conglomerates in Ukraine, is FUIB's ultimate parent;
its core businesses are metals and mining, energy and finance with
other interests in telecoms, real estate, oil products, retail and
media.

Rating actions on First Ukrainian International Bank:

  -- Long-term IDR: affirmed at 'B'; Outlook Negative

  -- Senior unsecured debt: Long-term rating affirmed at 'B',
     Recovery Rating affirmed at 'RR4'

  -- Short-term IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D'

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term rating: affirmed at 'A(ukr)'; Outlook
     Negative


INDEX-BANK: Moody's Withdraws 'E+' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the E+ Bank Financial
Strength Rating, Ba1/NP global local currency deposit ratings,
B2/NP global foreign currency deposit ratings as well as Aa1.ua
national scale rating of Index-Bank.  The ratings have been
withdrawn for business reasons.

The previous rating action on Index-Bank was on October 20, 2008
when Moody's downgraded the bank's global local currency deposit
rating to Ba1/NP from Baa3/P-3 and national scale rating to Aa1.ua
from Aaa.ua.  At the same time the rating agency changed the
outlook on Index-Bank's global foreign currency deposit rating to
stable from positive, following the change in outlook on the
sovereign ceiling for such deposits.

Headquartered in Kyiv, Ukraine, Index-Bank reported total assets
of US$601 million in accordance with its management reports at
year-end 2007.


KORDEL LLC: Creditors Must File Claims by February 11
-----------------------------------------------------
Creditors of LLC Kordel Firm (EDRPOU 21213065) have until Feb. 11,
2009, to submit proofs of claim to:

         Mr. O. Berezhnoy
         Temporary Insolvency Manager
         Apt. 1
         Tchaikovsky Str. 33-B
         Kharkov
         Ukraine

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 29, 2008.
The case is docketed as B-50/186-08.

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

The Debtor can be reached at:

         LLC Kordel Firm
         1st. of May Str. 6/1
         Budy
         Kharkov
         Ukraine


NOVY SEZON: Creditors Must File Claims by February 11
-----------------------------------------------------
Creditors of LLC Company Novy Sezon (EDRPOU 34644806) have until
Feb. 11, 2009, to submit proofs of claim to:

         Mr. Alexander Tatarintsev
         Liquidator
         Apt. 173
         Barabashov Str. 46
         61168 Kharkov
         Ukraine
         Tel: 8-097-475-76

The Arbitration Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Dec. 29, 2008.
The case is docketed as B-39/201-08.

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


PLEBANOVKA AGRICULTURAL: Creditors Must File Claims by Feb. 11
--------------------------------------------------------------
Creditors of Plebanovka Agricultural LLC (EDRPOU 30808527) have
until Feb. 11, 2009, to submit proofs of claim to:

         Mrs. Oksana Gonta
         Liquidator
         Apt. 11
         P. Zaporozhets Str. 46-a
         Vinnica
         Ukraine

The Arbitration Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 29, 2008.
The case is docketed as 10/165-08.

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         Plebanovka Agricultural LLC
         Kirov Str. 23
         Plebanovka
         Shargorod
         23510 Vinnica
         Ukraine


PRIVATBANK CJSC: Fitch Comments on Long-Term IDR Affirmation
------------------------------------------------------------
Fitch Ratings comments on the recent affirmation of Ukraine-based
CJSC Privatbank's ratings; the Outlook on the bank's Long-term IDR
remains Negative.  The rating affirmation was part of a more
general review of Ukrainian bank ratings, which took into account
the heightened liquidity and asset quality risks and greater
pressure on capital which Ukrainian banks have faced as a result
of the sharp depreciation of the UAH in Q408, as well as the
weaker outlook for the Ukrainian economy.

While the bank currently faces heightened risks as a result of its
tighter liquidity position, previously rapid lending growth, the
high proportion of foreign currency loans and the worsening
operating environment, in Fitch's view these risks are currently
reflected in the bank's 'B' rating and Negative Outlook.  Privat's
ratings are supported by the bank's broad domestic franchise and
sizable market shares, relatively long track record and better-
than-average (for the Ukrainian market) risk management systems
and controls.  Currently high loan impairment reserve coverage
also provides a significant cushion to absorb future loan losses.
Having grown rapidly to end-2007, loans expanded in line with the
sector average (33%) in 9M08 and on a limited basis in Q408 (net
of FX effects).  Asset quality is under substantial pressure from
the sharp depreciation of the local currency during Q408 (around
56% of Privat's lending was in foreign currencies, including to
unhedged borrowers, at end-2008).  Loans overdue for more than 90
days (NPLs) were a still moderate 2.6% of end-2008 loans (on an
unconsolidated basis), up from 2% at end-2007, but are expected to
grow markedly; loans with extended maturities accounted for 3% of
loans at end-2008 (end-2007: 6%).  The loan impairment reserve
(equal to 12.2% of gross loans) provided high 4.7x coverage of
existing NPLs at end-2008, following an increase in reserves in
Q408.  This represents a significant additional cushion to absorb
a furth er rise in credit losses; however, the regulatory total
capital ratio, at 10.6%, was close to the 10% regulatory minimum
in mid-January 2009.  Having substantially increased reserves in
Q408 and, thus, coverage of existing NPLs, Fitch understands that
Privat has no immediate capital-raising plans.

In common with other Ukrainian banks, Privat experienced marked
outflows of customer funds during Q408.  Fitch estimates that the
overall loss of customer funding (net of FX effects) was
approximately 16% in Q408, having peaked at 10% in October 2008
and then moderated during November-December.  The liquidity
position was partially supported by term collateralized borrowings
received from the National Bank of Ukraine in Q408, although these
comprised a moderate 5% of liabilities at mid-January 2009.  At
the latter date, highly liquid assets (including cash; placements
with NBU net of obligatory reserves; net short-term (less than one
month) interbank placements; and unpledged government securities)
were equal to 14% of total customer funds or around 40% of
customer accounts with contractual maturities up to one month,
while debt refinancing requirements are small for 2009.

Privat's Long-term IDR could be downgraded if a substantial
weakening of asset quality causes reserve coverage to deteriorate
markedly without new capital being received, or if renewed deposit
outflow results in a major liquidity shortfall.  A stabilization
of the macroeconomic environment and maintenance of relatively
moderate loan impairment levels would reduce downward pressure on
the rating.

At end-Q308, Privat was the largest bank in Ukraine, with a 9.7%
market share of total assets and 15.2% of retail deposits.
Gennady Bogolubov and Igor Kolomojsky, who also have extensive
industrial assets, directly owned over 97% of the bank's shares at
end-2008.

Rating actions on CJSC Privatbank:

  -- Long-term IDR: affirmed at 'B'; Outlook Negative

  -- Senior unsecured debt: Long-term rating affirmed at 'B',
     Recovery Rating affirmed at 'RR4'

  -- Short-term IDR: affirmed at 'B'

  -- Individual rating: affirmed at 'D'

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'B-' (B minus)


RADIOENGINEERING SYSTEMS: Creditors Must File Claims by Feb. 11
---------------------------------------------------------------
Creditors of LLC Radioengineering Systems (EDRPOU 31753830) have
until Feb. 11, 2009, to submit proofs of claim to:

         Mr. Ivan Gusar
         Liquidator
         Apt. 2
         Podlesnaya Str. 5/21
         Kiev
         Ukraine

The Arbitration Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Oct. 30, 2008.
The case is docketed as 24/418-b.

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

The Debtor can be reached at:

         LLC Radioengineering Systems
         Podgornaya/Tatarskaya Str. 3/7
         04107 Kiev
         Ukraine


RODOVID BANK: Fitch Comments on LT Issuer Default Rating Cut
------------------------------------------------------------
Fitch Ratings comments on the recent downgrade of the Long-term
Issuer Default rating of Ukraine's Rodovid Bank to 'CC' from
'CCC'.  The agency also announced that the Outlook on the bank's
Long-term IDR is Negative.  The rating actions were taken as part
of a more general review of Ukrainian bank ratings, and took into
account the heightened liquidity and asset quality risks and
greater pressure on capital which Ukrainian banks have faced
following the sharp depreciation of the UAH in Q408, as well as
the weaker outlook for the Ukrainian economy.

The downgrade reflects further tightening of RB's liquidity and
capitalization in Q408 and concerns about likely asset quality
deterioration given recent rapid growth, the very high risk nature
of RB's loan exposures and the deterioration in the operating
environment.

RB's liquidity position has come under heightened pressure on the
back of significant outflow of customer funds, which Fitch
estimates at 25% net of foreign currency effects, since end-Q308.
As a result, and notwithstanding a significant one-year
collateralized refinancing facility received from the National
Bank of Ukraine, liquid assets (defined as cash, net short-term
interbank placements and placements with NBU net of regulatory
reserves) covered only 21% of customer funding as of end-December
2008.  Furthermore, RB has significant volumes of very short-term
borrowings from financial institutions which are not matched by
interbank placements.

The most recent data available to Fitch show only moderate
reported non-performing loans (loans overdue by 90 days, were 1.6%
of the portfolio at end-June 2008).  However, the proportion of
restructured loans has been significant (6.2% at end-June 2008),
although some of these may have been due to planned loan maturity
extensions rather than deterioration of borrowers' financial
positions In Fitch's view, a further, marked deterioration of
asset quality is likely, in particular given very rapid recent
growth, the still largely unseasoned portfolio, a high proportion
of foreign currency loans (30% at end-2008), the recent sharp
devaluation of the UAH and the deteriorating macroeconomic
environment.  Additionally, RB has exceptionally high exposure to
the real estate sector from a single development project.  Loss
absorption capacity is very weak, with reserve coverage of NPLs
just 67% at end-June 2008, and the total regulatory capital ratio
just 10.1% at end-2008 (barely above the minimum 10% level).

Failure to strengthen the liquidity and capital positions of the
bank could make it difficult for RB to fulfill its obligations,
and therefore result in a further downgrade of the ratings.
Recapitalization of the bank could help to support both capital
and liquidity and provide some capacity to absorb losses resulting
from deterioration of asset quality.

At end-9M08, RB was the 19th largest bank in Ukraine with an
approximately 1% share of sector assets. RB is majority owned by
five individuals.  In December 2008, the majority owners
reportedly entered into negotiations to sell a controlling stake
in RB's holding company (and hence an indirect 39% in the bank) to
the ISTIL Group, which has interests in the construction and media
sectors.

Rating Actions:

  -- Long-term IDR: downgraded to 'CC' from 'CCC'; Rating Watch
     Negative removed; Negative Outlook assigned

  -- Short-term IDR: affirmed at 'C'; Rating Watch Negative
     removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- National Long-term rating: downgraded to 'B'(ukr) from 'BB-
     (ukr)' (BB minus (ukr)); Rating Watch Negative removed;
     Negative Outlook assigned


ROSUKRQUARRY LLC: Creditors Must File Claims by February 11
-----------------------------------------------------------
Creditors of LLC Rosukrquarry (EDRPOU 33997585) have until
Feb. 11, 2009, to submit proofs of claim to:

         Mrs. Aleksiya Pavlenko
         Liquidator / Insolvency Manager
         P.O.B. 210
         10014 Zhytomir
         Ukraine

The Arbitration Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on DD.  The case is
docketed as #.

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

The Debtor can be reached at:

         LLC Rosukrquarry
         Putiatinskiy square, 3/65
         10002 Zhytomir
         Ukraine


TOLOKA LLC: Creditors Must File Claims by February 11
-----------------------------------------------------
Creditors of LLC Toloka (EDRPOU 22936512) have until Feb. 11,
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.  The case is
docketed as 43/633.

The Debtor can be reached at:

         LLC Toloka
         Obolonsky Avenue, 7-A
         04205 Kiev
         Ukraine


TRIUMPH LLC: Creditors Must File Claims by February 11
------------------------------------------------------
Creditors of LLC Triumph (EDRPOU 31993861) have until Feb. 11,
2009, to submit proofs of claim to:

         Mr. S. Okhinchenko
         Liquidator / Insolvency Manager
         P.O.B. 1/14
         25006 Kirovograd
         Ukraine
         Tel: 8(0522)24-13-83
         Fax: 8(0522)22-54-73

The Arbitration Court of Kirovograd commenced bankruptcy
proceedings against the company after finding it insolvent on Dec.
23, 2008.  The case is docketed as 11/32.

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         LLC Triumph
         Sadovaya Str. 1-A
         Shyrokaya Balka
         Dolinsky
         28500 Kirovograd
         Ukraine


VOSTOK LLC: Creditors Must File Claims by February 11
-----------------------------------------------------
Creditors of LLC Brokerage Firm Vostok (EDRPOU 13616033) have
until Feb. 11, 2009, to submit proofs of claim to:

         Mr. Vladimir Koshlichenko
         Temporary Insolvency Manager
         Apt. 21
         Malinovsky Str. 17
         69104 Zaporozhje
         Ukraine
         Tel: 8-050-42-120-42
         Fax: 8-061-233-05-89

The Arbitration Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on Dec.
23, 2008.  The case is docketed as 19/322/08.

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

The Debtor can be reached at:

         LLC Brokerage Firm Vostok
         Troleybusnaya Str. 34
         Zaporozhje
         Ukraine


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


ASTON MARTIN: Puts Production Line Staff on a Three-Day Week
------------------------------------------------------------
BBC News reports that Gaydon, Warwickshire-based luxury car
manufacturer Aston Martin has put all its production line staff on
a three-day week, citing the unprecedented downturn in the global
economy.

Aston however notes the new Monday to Wednesday shift pattern was
temporary and affected just under 600 staff, BBC relates.

According to BBC, the employees' hours will be "banked" and
claimed back by the company later.

The company said it already consulted unions over the move, BBC
states.

BBC recalls Aston announced 600 redundancies in December.  BBC
discloses 300 staff have already left, while the company is in the
final stages of consultation over the remaining 300.

It will employ 1,250 staff at Gaydon following the planned
redundancies, BBC says.

"Following detailed consultation with our trade union partners we
have agreed further measures to help manage our way through this
challenging period, while minimizing the impact on our employees
as much as possible," a spokesman for  the company was quoted by
BBC as saying.

On Jan. 20, 2009, the TCR-Europe, citing The Daily Telegraph,
reported Aston warned it could breach its banking covenants later
this year amid the economic downturn.

David Richards, chairman of Aston, admitted in an interview that
the current turmoil could force the company into a technical
breach of its covenants.  However, he maintained that it faced no
immediate problems and was better placed than many of its rivals,
the report noted.

Mr. Richards, the report added, also confirmed it had delayed
spending on product development by six months.

The company, the report noted, has been forced to make a series of
cutbacks, including the loss of 600 jobs, after it was left with a
huge overhang of unsold stock as buyers of its cars, which start
at about GBP83,000, have proved to be scarce.


CHESS II: S&P Withdraws 'BB' Rating on EUR40 Mil. Notes
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB/Watch Neg'
credit rating on the EUR40 million SURF constant proportion debt
obligation fixed-rate notes series 29 issued by Chess II Ltd.

The rating withdrawal follows an early redemption of the notes.


DE WIND HOLDINGS: Appoints Joint Liquidators from Grant Thornton
----------------------------------------------------------------
David Dunckley and Malcolm Shierson of Grant Thornton UK LLP were
appointed joint liquidators of De Wind Holdings Ltd. on Jan. 12,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         De Wind Holdings Ltd.
         Chancery Pavilion
         Boycott Avenue
         Oldbrook
         Buckinghamshire
         MK6 2TA
         England


NEW STAR: In Talks With Henderson Over Possible Takeover
--------------------------------------------------------
Jonathan Sibun at The Daily Telegraph reports that Henderson Group
was in talks with New Star Asset Management over a possible
takeover.

Henderson confirmed the talks, although it noted there was "no
certainty that any transaction will be forthcoming", the report
relates.

The report recalls Henderson was granted exclusive rights to
negotiate with New Star last week after reportedly outbidding
Schroders and Neptune Investment Management.  Schroders, the
report discloses, is understood to have tabled a bid worth more
than GBP100 million.

New Star meanwhile confirmed it would pay a total dividend for
2008 of 6.1p a share, irrespective of whether any deal was
completed, the report notes.

Kate Burgess at The Financial Times says Henderson emerged as the
preferred bidder.

According to the FT, the acquisition is expected to be announced
next week.

Henderson, the FT states, is expected to pay about GBP120 million
for the group.

                      Debt-For-Equity Swap

On Dec. 12, 2008, the TCR-Europe, citing The Daily Telegraph,
reported that John Duffield, the chairman and the founder of New
Star, was forced to agree to a GBP240 million debt-for-equity swap
to prevent the company from collapse.

The report recalled the banks which negotiated the debt-for-equity
swap include HBOS, HSBC, Lloyds TSB, Royal Bank of Scotland, and
National Australia Bank.  Under the deal, the banks would take a
75% stake in exchange for GBP240 million of the company's
GBP260 million debt.

On Dec. 4, 2008, the TCR-Europe reported that according to The
Daily Telegraph, New Star has more than GBP230 million worth of
debt on its balance sheet after a special dividend paid to
shareholders in 2007.  Its assets under management dropped from
GBP19.8 billion at the end of June, to around GBP13 billion amid
falling markets and a wave of redemptions by nervous investors,
the report added.

New Star Asset Management -- http://www.newstaram.com/-- is a UK
fund manager, offering a wide range of investment products for
retail and institutional investors


HHGC REALISATIONS: Names Joint Liquidators from Grant Thornton
--------------------------------------------------------------
Joseph P. McLean and Keith Hinds of Grant Thornton UK LLP were
appointed joint liquidators of HHGC Realisations Ltd. on Jan. 13,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Grant Thornton UK LLP at:

         Earl Grey House
         75-85 Grey Street
         Newcastle Upon Tyne
         NE1 6EF
         England


INDEPENDENT NEWS: Mulls Web Site Sale, Debt Refinancing
-------------------------------------------------------
Independent News & Media Plc plans to sell its U.K. online gaming
unit and a price-comparison Web site, Bloomberg News reports
citing people familiar with the plans.

The company also plans to refinance EUR200 million (US$265
million) of debt, the report says.

Bloomberg News relates Independent News said Jan. 26 it would sell
assets to cut debt and omit a final dividend because of falling
earnings.

The company slashed 90 jobs at its London-based newspapers in
November as advertising revenue shrinks, the report recalls.

According to the people cited by Bloomberg News, the company hired
Jefferies International Ltd to sell Cashcade Ltd., which operates
Foxybingo.com, and Greenhill & Co. to advise on selling Verivox, a
German price-comparison site.
Merrill Lynch International and Dublin-based Davy meanwhile will
advise on refinancing the bond due in May, the people told
Bloomberg News.

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


MCLEISH BROTHERS: Gets Twelve Bids, Tenon Recovery Says
-------------------------------------------------------
Tenon Recovery said twelve bids had been submitted by the closing
date for offers for McLeish Brothers.

Following strong interest in the company with around 60 inquiries
having been received, the joint administrator, Iain Fraser of
Tenon Recovery, announced a closing date for offers of 5:00 p.m.
on Monday, January 26.

There were a variety of bids made and Tenon Recovery will now
focus on assessing the offers with a view to making a further
announcement in due course.  It will take time to assess the
offers, hence a further update is unlikely until the beginning of
next week at the earliest.

Mr. Fraser said: "We are delighted at the number and quality of
the offers received, which augurs well for the sale of the
business in whole or in part.  Our team, in conjunction with our
solicitors, will now assess the bids in detail, and liaise with
the interested parties, following which we will announce a
preferred bidder or bidders.  We cannot make forecasts on the
implications for jobs, as that will be determined by any new owner
or owners.  I would like to thank all those interested parties for
preparing their bids, and also to thank the staff, customers and
suppliers that have stood by the business during this difficult
time."

McLeish Brothers went into administration as a result of cash flow
problems caused by the credit crisis and a dramatic fall in
consumer spending.  The company, which had grown to 10 retail
outlets including a central kitchen facility, had become
established as a high quality delicatessen with a focus on
sourcing and supporting food products from Scotland.  Turnover was
on track to reach GBP6 million and the company was poised to
launch an ambitious store opening program across Scotland, to be
followed by expansion into England.

Following the administration, seven stores, the head office and
central kitchen facility were closed with three stores continuing
to trade (Inverurie, Schoolhill in Aberdeen and Whitehall in
Dundee).


MF CAPITAL: S&P Cuts EUR32.5MM Promissory Notes to B
----------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
six European synthetic collateralized debt obligation tranches.

These rating actions reflect a change to the rating on a dependent
party in the transactions.

Specifically, the ratings on:

  -— One tranche was placed on CreditWatch negative;

  -— One tranche was lowered;

  —- One tranche was lowered and remains on CreditWatch negative;

  —- One tranche was lowered and placed on CreditWatch negative;

  —- One tranche was lowered and placed on CreditWatch developing;
     and

  —- One tranche was lowered and removed from CreditWatch
     negative.

                          Ratings List

                   Aquarius + Investments PLC
       EUR100 Million Secured-Senior Floating-Rate Series 1

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

                             Aria CDO I
      EUR31.5 Million, CHF58.4 Million, GBP0.4 Million, and
US$17.4 Million Floating-Rate Secured Notes (Issued By Aria CDO I
                  (Cayman Islands) Ltd.) Series 8

                            Rating
                            ------
                    To                    From
                    --                    ----
                    BBB-                  A

                            Claris Ltd.
EUR10 Million CMS Indexed Rate Credit-Linked Notes Series 56/2005

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

                       Clearway Finance B.V.
        EUR215 Million Fixed-Rate Installment Secured Notes

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

                        MF Capital II Ltd.
                 EUR32.5 Million Promissory Notes

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

                      UBS AG (Jersey Branch)
   EUR50 Million Principal-Rated Floating-Rate Notes Series 4491

                          Rating
                          ------
                 To                    From
                 --                    ----
                 A+p                   AA-p/Watch Neg


NOVAE GROUP: Chaucer Merger Won't Affect Fitch's 'BB+' Rating
-------------------------------------------------------------
Fitch Ratings says it does not intend to take any immediate action
on Novae Group plc's ratings following the group's public
announcement confirming its intention to start discussions
regarding a possible all-share merger with the insurance and
reinsurance group, Chaucer Holdings plc.  The agency notes the
preliminary stage of Novae's proposal that is subject to a number
of conditions, including completion of satisfactory reciprocal due
diligence, as well as the separate announcement made by Chaucer of
its intention to raise GBP75 million of additional capital by way
of a fully underwritten rights issue.

Fitch will continue to monitor the situation closely and, in the
event of Novae making a formal offer, the agency will review the
group's ratings and publish an update.  Any rating action taken
will consider the terms and conditions and structure of the offer,
as well as the proposed integration plans.  The likely financial
impact of Chaucer's higher-risk investment portfolio and claims
development arising from its current book of business would form
an important part of Fitch's review should a formal offer be made.
Ratings on Novae Group plc and its debt are:

Novae Insurance Company Limited

  - Insurer Financial Strength 'A-' (A minus), Stable
    Outlook

Novae Group plc

  - Long-term Issuer Default Rating 'BBB', Stable Outlook
  - Subordinated debt 'BB+'


OAKDENE HOMES: Nigel Wray Resigns as Director
---------------------------------------------
Joey Gardiner at building.co.uk reports tht Nigel Wray, resigned
as director of Oakdene Homes Plc after the company went into
administration Thursday last week.

Mr. Wray, the report relates, joined the board of Oakdene last
November.

The report notes it is not known what Mr. Wray's present
shareholding in the business is.

On Jan. 27, 2009, the TCR-Europe, citing getsurrey.co.uk reported
that Oakdene has been placed in administration, putting 40 jobs at
risk.

The report recalled on Thursday, Jan. 22, shares in Oakdene and
its sister companies, Oakdene Marina Developments, Oakdene Estate
Management and Propan Properties, were suspended.

On Friday, Jan. 23, Colin Haig, Mark Shires and Karen Dukes, of
PricewaterhouseCoopers LLP, were appointed as administrators of
the company by The Royal Bank of Scotland.

"The companies have recently been suffering from financial
difficulties as a result of the high profile problems that the
residential property industry has faced in the economic downturn,"
PWC administrator Colin Haig was quoted by the report as saying.

The report disclosed that according to Mr. Haig, the
administrators' immediate priority is to evaluate Oakdene's
residential sites across southern England currently under
construction or completed.


PREMIERE SURFACING: Taps Liquidators from Smith & Williamson
------------------------------------------------------------
Mark Guy Boughey and Peter William Engel of Smith & Williamson
Restructuring and Recovery Services were appointed joint
liquidators of Premiere Surfacing Contractors Ltd. on Jan. 16,
2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Smith & Williamson
Restructuring and Recovery Services at:

         Portwall Place
         Portwall Lane
         Bristol
         BS1 6NA
         England


REAL HOTEL: Closes Norwich's Floatel and Three Other Hotels
-----------------------------------------------------------
Ben Coulbeck at Mid Cheshire Chronicle reports that following a
business review, BDO Stoy Hayward, administrators of The Real
Hotel Company Limited, decided to close Norwich's floating hotel
Floatel along with three other hotels in the group.

According to the report, the closures resulted to the loss of 150
jobs in Thetford, Newcastle-upon-Tyne and Newcastle-under-Lyme.

The report recalls The Real Hotel Company went into administration
last week.  As reported in the TCR-Europe, Shay Bannon and Tony
Nygate of BDO Stoy Hayward LLP were appointed joint administrators
of the hotel group on Jan. 21, 2009.

"The group has experienced deterioration in trading during the
last quarter of 2008 with this trend accelerating into the first
two weeks of January, which resulted in severe cash flow
pressures," Shay Bannon, partner at BDO Stoy Hayward, was quoted
by the report as saying.

"It is regrettable that we've had to close a small number of
hotels but we continue to trade a significant number of hotels
with the support of stakeholders and will be actively marketing
the group for sale."

Citing Mr. Bannon, the report discloses the administrators
received several expressions of interest for the group.

The Real Hotel Company Limited -- http://www.realhotelcompany.com/
-- currently operates over 50 owned, leased or managed hotels in
the UK, France, Germany and Belgium as well as the New Connaught
Rooms.

The Real Hotel Group Plc (RHG) is the ultimate holding company for
the Group which operates The Real Hotel Company and purplehotels.
The shares trade on AIM.

The Real Hotel Group Plc's country of incorporation and main
country of operation is The United Kingdom of Great Britain and
Northern Ireland.


SECURETICKET LTD: Appoints Joint Liquidators from Tenon Recovery
----------------------------------------------------------------
Nicholas Charles Simmonds and Steven John Parker of Tenon Recovery
were appointed joint liquidators of Secureticket (UK) Ltd. on
Jan. 19, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Secureticket (UK) Ltd.
         Secure Park
         Nine Mile Water
         Nether Wallop
         Stockbridge
         Hampshire
         England


TATA MOTORS: May Roll Over US$2BB Bridge Loan, Times of India Says
------------------------------------------------------------------
Tata Motors Limited might, at current reckoning, pay an interest
rate of Libor (London Inter-Bank Offered Rate) plus 400 basis
points to roll over its US$2-billion bridge loan, contracted to
fund its acquisition of Jaguar and Land Rover, The Times of India
reports, citing bankers.

Tata Motors has to tie up funds by June to complete the
transaction, the Times says.  Bankers, the report relates, say the
company intends to roll over the loan for a year and depending
upon the pricing negotiations at that time, it may roll it over
for another 12 months.

The company is in the midst of arranging the funds and is looking
at either a roll-over of the bridge loan or replacing it with a
new loan, a Tata group source was cited by the report as saying.

The Times recalls Tata Motors UK, a wholly-owned subsidiary of
Tata Motors, last year purchased Jaguar and Land Rover from Ford
Motor for US$3 billion through a bridge loan underwritten by a
consortium of 10 foreign and Indian banks.

According to the report, of the total consideration, the car maker
has repaid US$1 billion, which it had raised through rights issues
and sale of part of its investment portfolio.  For the balance
amount, Tata Motors is in negotiations with its lenders with the
help of Citigroup, the report relates.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

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

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

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

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


ULTIMATE WINDOWS: Names Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Ultimate Windows & Doors Ltd. on
Jan. 16, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

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


SICONNECT LTD: Taps Joint Liquidators from Smith & Williamson
-------------------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Limited, were appointed joint liquidators of Siconnect
Ltd. on Jan. 12, 2009, for the creditors' voluntary winding-up
proceeding.

The company can be reached through Smith & Williamson Limited at:

         25 Moorgate
         London
         EC2R 6AY
         England


TRINSUM GROUP: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Trinsum Group, Inc.
       fka Marakon Associates, Inc.
       245 Park Avenue
       New York, NY 10167

Bankruptcy Case No.: 09-10394

Related Information: The Debtor is a holding company whose
                    portfolio comprises: Marakon - International
                    strategy and management consulting firm;
                    SmartNest(R) - Patent-pending, technology-
                    enabled investment-management platform;
                    and; an interest in QFR Victoria, a global
                    macro/relative value bias private investment
                    fund.

                    In addition, the Debtor advises major
                    corporations including Cardinal Heath,
                    Xerox, Roche, Barclays and Gillette.  The
                    Debtor has offices in New York, Chicago,
                    London, Singapore and Tokyo and owns
                    interests in and provides services to
                    clients through its subsidiaries around the
                    globe.

                    The Debtor was formed in 2007 by the merger
                    of Marakon and Integrated Finance Limited.
                    Unfortunately, the merger of the Marakon and
                    Integrated failed that created many
                    practical problems which hampered the
                    the Debtor's business, including (a)
                    disagreements between and among the Marakon
                    and Integrated partners regarding the
                    direction and operation of the Debtor's
                    business, (b) the assumption of millions of
                    dollars of debt owed to former partners of
                    Marakon and Integrated and (c) the general
                    economic downturn of the past year.

                    Saddled with this legacy debt, the Debtor's
                    financial performance has deteriorated
                    and the Debtor has defaulted in its
                    obligations to the former partners of
                    Marakon and Integrated.  Those defaults have
                    led to months of negotiations between groups
                    of former partners and the Debtor's current
                    management. While those negotiations were
                    ongoing, three former partners of Marakon
                    filed an involuntary petition against the
                    Debtor in this Court.

                    On July 3, 2008, M. Scott Gills, Leroy J.
                    Mrogy and Joseph R. Shalleck made an
                    involuntary petition under Chapter 7 in the
                    United States Bankruptcy Court for the
                    Southern District of New York against
                    Trinsum.  The creditors claimed US$2.2 million
                    in the aggregate against the Debtor.
                    Douglas S. Skalka, Esq., at Neubert, Pepe &
                    Monteith, P.C., represents the creditors.

                    On Jan. 28, 2009, the Debtor asked the Court
                    to convert the involuntary Chapter 7 case to
                    a Chapter 11 reorganization.

                    Gerard R. Luckman, Esq., at Silverman
                    Acampora LLP, said the petition was to
                    be filed in the pending case 08-12547
                    after entry of the order converting that
                    involuntary chapter 7 case to a chapter
                    11 case.  However, the document was
                    inadvertently filed as a new case in
                    bankruptcy.

                    See: http://www.trinsum.com/

Chapter 11 Petition Date: January 28, 2009

Court: Southern District of New York (Manhattan)

Debtor's Counsel: Gerard R. Luckman, Esq.
                 Silverman Acampora, LLP
                 100 Jericho Quadrangle, Suite 300
                 Jericho, NY 11753
                 Tel: (516) 479-6300
                 Fax: (516) 479-6301
                 filings@spallp.com

Estimated Assets: US$1 million to US$10 million

Estimated Debts: US$50 million to US$100 million

The Debtor did not file a list of 20 largest unsecured creditors.

The petition was signed by James M. McTaggart, chief executive
officer.


* UK: Unveils GBP2.3 Bln Aid Package for Auto Industry
------------------------------------------------------
Julia Werdigier at the International Herald Tribune reports that
Britain on Tuesday announced a GBP2.3 billion aid package for its
ailing auto industry.

Citing business secretary Peter Mandelson, the report relates
Britain offered auto manufacturers and suppliers access to GBP1.3
billion, or US$1.8 billion, in loan guarantees from the European
Investment Bank, topped up with another GBP1 billion from the
Treasury.

Mr. Mandelson, as cited by the report, also said the government
would increase its funding for retraining workers who had lost
their jobs.

The automotive industry "is in the front line of the downturn,
with output falling faster and further than any other sector since
the summer," the report quoted Mr. Mandelson as saying.  "We need
to counter this to prevent an irreversible loss of capacity,
skills and technology."  He however added that the "industry is
not a lame duck and this is no bailout."


* S&P Cuts Ratings on 13 European Financial Cos.' Securities to B
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered the
issue ratings on the hybrid capital securities of several European
financial institutions by two or more notches following S&P's
review of institutions that have received material government
capital support:

  -- Commerzbank AG (A/Stable/A-1), plus subsidiaries Dresdner
     Bank AG (A/Stable/A-1) and Eurohypo AG (A/Negative/A-1);

  -- Entities of the group Dexia S.A.: Dexia Credit Local, Dexia
     Banque Internationale a Luxembourg, and Dexia Bank S.A. (all
     three entities A/Stable/A-1);

  -- Fortis Bank SA/NV (A/Watch Pos/A-1), and

  -- Northern Rock PLC (A/Stable/A-1).

Note that several of the issue ratings of the issuing groups
remain on CreditWatch with negative or developing implications due
to uncertainties regarding restructuring plans and the future
nature and extent of state aid.  Also note that the counterparty
credit ratings on the financial institutions whose hybrid
securities this action affects remain unchanged.

S&P lowered the issue ratings on the junior subordinated (Tier 1
and Upper Tier 2) instruments of these financial groups because of
S&P's view of:

  -- The current and projected difficult operating environment
     will result in significant bottom-line losses for most of the
     issuing financial groups, and

  -- Their reliance on their respective governments for capital
     support.

Under Standard & Poor's rating approach for hybrid capital
securities, S&P widens the gap between the CCR and the hybrid
issue rating of the issuer entity to three or more notches when
S&P consider that the probability of payment deferral has
increased.

Hybrid capital instruments are designed to absorb losses and
preserve capital on a going-concern basis in times of stress, such
as the present and projected difficult economic and industrial
environment.  S&P believes that in the short to medium term there
is a greater potential that financial institutions may, through
their own initiative or under government order, defer coupon or
dividend payments to preserve cash and capital.

Governments fully or partly own the four financial groups involved
in this rating action.

S&P believes that governments in mature market economies are not
willing to support hybrid capital issues to the same extent as
more senior obligations.  When a bank incurs material net losses
and needs to conserve cash and rebuild capital with help from the
government, deferral of payments on hybrid securities may be one
way to accomplish this.  S&P recognizes the broader negative
market implications of a payment deferral on banks' future access
to capital markets.  However, S&P believes that governments may be
more prone to using the deferral option because their recent
support programs for banks are significant and the need to shore
up bank capital is great.

S&P also believes that weak financial performance and poor near-
term earnings prospects heighten the risk of payment deferral on
hybrid instruments of financial institutions that have not
received material direct government investment.  Leading
indicators of heightened risk of hybrid payment deferral include
reduction or elimination of common dividends and potential for a
breach of minimum regulatory capital requirements.

EU law regarding state aid may, in S&P's view, contribute to
heightened payment deferral of the hybrid capital securities of
financial institutions.  A capital injection from an EU government
into a financial (or other) institution requires an application to
the European Commission under EU State Aid rules.  S&P observes
that over the past few months, the EC has granted conditional
approval to a number of national support schemes.  As part of its
assessment of an application, the EC determines whether a bank is
distressed or fundamentally sound at the time it receives the
support.  In one instance involving Germany's Bayerische
Landesbank S&P notes that the EC requested that the bank defer
payments on hybrid capital instruments, reflecting BayernLB's
financial situation and the scope of the recapitalization
measures.  S&P believes that as a policy matter the EC aims to
ensure that state aid granted to banks in difficulties is
preserved and used to strengthen capitalization and not paid out
to shareholders or other holders of capital instruments.  This
potential intervention of the EC in certain cases of state aid to
banks is a further consideration in S&P's assessment of payment
deferral risk for European financial institutions.  However, in
S&P's opinion, the EC will not prohibit payments that banks are
contractually obliged to make.

Standard & Poor's will continue to monitor the various factors
that influence payment deferral risk of hybrid capital securities
of financial institutions and will follow the same approach in
similar instances.

                           Ratings List

                            Downgraded

                Commerzbank Capital Funding Trust I
                Commerzbank Capital Funding Trust II

                                 To                 From
                                 --                 ----
Preferred Stock                 BB+/Watch Neg      BBB/Watch Neg

               Commerzbank Capital Funding Trust III

                                 To                 From
                                 --                 ----
Preference Stock (1)            BB+/Watch Neg      BBB/Watch Neg

                     Dresdner Capital LLC I
                     Dresdner Capital LLC II
                     Dresdner Capital LLC III
                     Dresdner Capital LLC IV

                                 To                 From
                                 --                 ----
Junior Subordinated              BB+/Watch Neg      BBB/Watch Neg

                     Dresdner Funding Trust I
                     Dresdner Funding Trust II
                     Dresdner Funding Trust III
                     Dresdner Funding Trust IV

                                 To                 From
                                 --                 ----
Junior Subordinated              BB+/Watch Neg      BBB/Watch Neg

                  Eurohypo Capital Funding Trust I
                  Eurohypo Capital Funding Trust II

                                 To                 From
                                 --                 ----
Preferred Stock (2)              BB+/Watch Neg      BBB/Watch Neg

                         HT1 Funding GmbH

                                 To                 From
                                 --                 ----
Junior Subordinated (3)         BB+/Watch Neg      BBB/Watch Neg

                         UT2 Funding PLC

                                 To                 From
                                 --                 ----
Junior Subordinated             BB+/Watch Neg      BBB/Watch Neg

                         Dexia Bank S.A.
                       Dexia Credit Local

                                      To                 From
                                      --                 ----
     Junior Subordinated              BB/Watch Neg       BBB

             Dexia Banque Internationale a Luxembourg

                                      To                 From
                                      --                 ----
Junior Subordinated                  BB+/Watch Neg      BBB

                    Dexia Fdg Luxembourg S.A.

                                      To                 From
                                      --                 ----
Junior Subordinated (4)               BB/Watch Neg       BBB

                       Dexia Overseas Ltd.

                                      To                 From
                                      --                 ----
Junior Subordinated (5)              BB/Watch Neg       BBB

                         Fortis Bank SA/NV

                                  To                 From
                                  --                 ----
Junior Subordinated              BB+/Watch Dev      BBB/Watch Dev

                         Northern Rock PLC

                                      To                 From
                                      --                 ----
Junior Subordinated                  B                  BBB-

                  (1) Support by Commerzbank AG.
                  (2) Guaranteed by Eurohypo AG.
                  (3) Support by Allianz SE.
                  (4) Guaranteed by Dexia S.A.
                  (5) Guaranteed by Dexia Bank S.A.

       NB: This list does not include all ratings affected.


* BOOK REVIEW: Beyond the Quick Fix
-----------------------------------
Author: Ralph H. Kilmann
Publisher: Beard Books
Hardcover: 320 pages
Listprice: US$34.95
Review by Henry Berry

Every few years, a new approach is offered for unleashing the full
potential of organized efforts.  These are the quick fixes to
which the title of this book refers.  The jargon of the quick fix
is familiar to any businessperson: decentralization, human
resources, restructuring, mission statement, corporate strategy,
corporate culture, and so on.  These terms are all limited in
scope or objective, and some are even irrelevant or misconceived
with regard to the overall well-being and purpose of a
corporation.

With his extensive experience as a corporate consultant, author of
numerous articles, and professor in business studies, Kilmann
recognizes that each new idea for optimum performance and results
is germane to some area of a corporation.  However, he also
recognizes that each new idea inevitably falls short in bringing
positive change – that is, a change that is spread throughout the
corporation and is lasting.  At best, when a corporation relies on
an alluring, and sometimes little more than fashionable, idea, it
is a wasteful distraction.  At worst, it can skew a corporate
organization and its operations, thereby allowing the
corporation's true problems or weaknesses to grow until they
become  ruinous.  As the author puts it, "Essentially, it is not
the single approach of culture, strategy, or restructuring that is
inherently ineffective.  Rather, each is ineffective only if it is
applied by itself – as a "quick fix"."

Kilmann tells corporate leaders how to break the cycle of
embracing a quick fix, discarding it after it proves ineffective,
and then turning to a newer and ostensibly better quick fix that
soon proves to be equally ineffective. F or a corporation to break
this self-defeating cycle, the author offers a five-track program.
The five tracks, or elements, of this program are corporate
culture, management skills, team-building, strategy-structure, and
reward system.  These elements are interrelated.  The virtue of
Kilmann's multidimensional five-track program is that it addresses
a corporation in its entirety, not simply parts of it.

Kilmann's five tracks offer structural and operational aspects of
a corporation that executives and managers will find familiar in
their day-to-day leadership and strategic thinking.  Thus, the
author does not introduce any unfamiliar or radical perspectives
or ideas, but rather advises readers on how to get all parts of a
corporation involved in productive change by integrating the five
tracks into "a carefully designed sequence of action: one by one,
each track sets the stage for the next track."  Kilmann does more,
though, than bring all significant features of a modern
corporation together in a five-track program and demonstrate the
interrelation of its elements.  His singularly pertinent and
useful contribution is providing a sequence of steps to be
implemented with respect to each track so that a corporation
progresses toward its goals in an integrated way.

Beyond the Quick Fix is a manual for implementing and evaluating
the progress of a five-track program for corporate success.  The
book should be read by any corporate leader desiring to bring
change to his or her organization.

Ralph H. Kilmann has been connected with the University of
Pittsburgh for 30 years.  For a time, he was its George H. Love
Professor of Organization and Management at its Katz Graduate
School of Business.  Additionally, he is president of a firm
specializing in quantum transformations.

                          *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *