TCREUR_Public/090216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Monday, February 16, 2009, Vol. 10, No. 32

                            Headlines

A N D O R R A

* Fitch Cuts Support Ratings on Three Andorran Banks to '4'


A U S T R I A

AUSTRIAN AIRLINES: EC Opens Probe Into Lufthansa Sale


B E L G I U M

ETHIAS GROUP: EU Commission Approves EUR1.5 Bln Capital Injection


C Y P R U S

DELANCE LTD: Moody's Downgrades Corporate Family Rating to 'B2'


C Z E C H   R E P U B L I C

CADENCE INNOVATION: Magna Unit Acquires European Operations


F R A N C E

RHODIA SA: S&P Changes Outlook to Negative; Affirms 'BB' Rating
WENDEL SA: S&P Downgrades Long-Term Ratings to 'BB' from 'BB+'


G E R M A N Y

BALTIC MATCH: Claims Registration Period Ends March 18
D&S PERSONALSERVICE: Claims Registration Period Ends March 5
GLOBAL ENERGY: Claims Registration Period Ends March 13
HELTEC VERWALTUNGS: Claims Registration Period Ends March 10
KGS IMMOBILIEN: Claims Registration Period Ends March 5

MARK 5 GMBH: Claims Registration Period Ends March 2

* S&P Puts Low-B Ratings on 10 Classes of Notes on Watch Negative


H U N G A R Y

* HUNGARY: Commission Okays Support Package for Fin'l Institutions


I R E L A N D

ALLIED IRISH: Fitch Cuts Individual Rating to 'D' from 'C'
ELVA FUNDING: S&P Junks Rating on EUR43 Million Notes
SCOTTISH RE: Chief Financial Officer Steps Down

* IRELAND: Gov't Revises Rescue Plan for Country's Two Top Banks


I T A L Y

* ITALY: To Liquidate Scip Real Estate Securitization Vehicle


K A Z A K H S T A N

ECO SERVICE: Proof of Claim Deadline Slated for March 21
INTER HOLDING: Creditors Must File Claims by March 21
JAPOLAK LLP: Claims Filing Period Ends March 21
KAIRAT LLP: Creditors' Proofs of Claim Due on March 21
KARASPAN-SU LLP: Claims Registration Period Ends March 21

MEDET LLP: Proof of Claim Deadline Slated for March 21
ORDABASY-SU-1 LLP: Creditors Must File Claims by March 21
SPLAV LLP: Claims Filing Period Ends March 21
TAU-HOLDING LLP: Creditors' Proofs of Claim Due on March 21
TECH RESOURSE: Claims Registration Period Ends March 21


K Y R G Y Z S T A N

CONTINENTAL TRANS: Creditors Must File Claims by March 6
UNICOM PLUS: Creditors Must File Claims by March 6


N E T H E R L A N D S

ASM INTERNATIONAL: S&P Puts 'BB-' Rating on CreditWatch Negative
KHAMSIN CREDIT: S&P Withdraws 'CCC-' Rating on EUR2 Mil. Notes
MONTE 2008-I: S&P Assigns BB Rating on EUR14 Mln Class C Notes


R U S S I A

KAZANORGSINTEZ OJSC: Fitch Cuts Issuer Default Rating to 'CC'
MIRAX GROUP: Inks Restructuring Deal on US$200 Million Loan
MORTGAGE CORPORATION: S&P Withdraws 'CC' L-T Issuer Credit Rating
SEVERNAYA KAZNA: Moody's Affirms 'E' Financial Strength Rating


S W E D E N

* SWEDEN: EU Commission Approves Scheme to Recapitalize Banks


S W I T Z E R L A N D

CATWEAZLE PHOTOGRAPHY: Creditors Must File Claims by Feb. 27
EDELMANN SCHREINEREI: Deadline to File Claims Set Feb. 27
EICHWALD JSC: Creditors Have Until February 28 to File Claims
HEUSS-CONSULTING LLC: Proof of Claim Filing Deadline Set Feb. 27
RHEINFALL MEDIA: Creditors' Proofs of Claim Due by February 27

VETCO JSC: Feb. 23 Set as Deadline to File Claims
VMF PROPERTIES: Creditors Must File Proofs of Claim by Feb. 28


U K R A I N E

AITA COMPANY: Court Starts Bankruptcy Supervision Procedure
BANK CREDIT: Fitch Puts 'D/E' Individual Rating on Negative Watch
BANK NADRA: Moody's Downgrades Financial Strength Rating to 'E'
BUILDING TRADE: Creditors Must File Claims by February 27
INITIATIVE GROUP: Creditors Must File Claims by Feb. 27

KVARTIRNY VOPROS: Creditors Must File Claims by February 27
LINK-WEST LLC: Creditors Must File Claims by February 27
METRAZH-D LLC: Creditors Must File Claims by February 27
OKSAMYT PLUS: Creditors Must File Claims by February 27
RODOVID BANK: Fitch Cuts Long-Term Issuer Default Rating to 'D'

SANTEKS LTD: Creditors Must File Claims by February 27

* Fitch Downgrades Ukraine's Issuer Default Ratings to 'B'


U N I T E D   K I N G D O M

ACCESS SCAFFOLDING: Appoints Joint Administrators from Tenon
AMERICAN INT'L: SFO Launches Probe Into Unit's UK Operations
CEDO PLC: Moody's Cuts Ratings on Three Tranches to Ca
CENTURY WEB: Administrator Seeks Potential Buyer
CONTRACT APPLIANCES: PwC Named Joint Administrators

CULLEN PACKAGING: Goes Into Administration; 150 Jobs at Risk
ENERGY BATTERIES: In Administration; KPMG Appointed
EUROHOME MORTGAGES: Fitch Cuts Ratings on Two Tranches to 'C'
JEBRON: Goes Into Administration; Begbies Traynor Appointed
LAND OF LEATHER: Administrators In Talks with Potential Buyers

LIKE & SONS: Taps Joint Administrators from Baker Tilly
P.C. PACKAGING: Appoints Joint Administrators from PwC
P J ROWAN: Appoints Joint Liquidators from Grant Thornton
POUNDWORLD LTD: Goes Into Liquidation; Begbies Traynor Appointed
ROBERT DUNCAN: Bought Out of Administration

SANDRINGHAM HOTEL: Gets 10 Expressions of Interest
STAFFORDSHIRE TRADE: PKF Named Joint Liquidators
T B SCAFFOLDING: Appoints Joint Administrators from Tenon Recovery

* UK: Administrations in England Wales Soar to 2,018 in 4Q 2008
* UK: E&Y Report Shows Significant Rise in Corporate Insolvencies
* UK: E&Y Report Shows Media Industry Faces Structural Challenges
* Fitch Downgrades Ratings on Seven Tranches from Four CLOs
* Fitch Says Trend of Rising Stressed European Loans to Continue

* BOND PRICING: For the Week Feb. 9 to Feb. 13, 2009


                         *********


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A N D O R R A
=============


* Fitch Cuts Support Ratings on Three Andorran Banks to '4'
-----------------------------------------------------------
Fitch Ratings has downgraded three Andorran banks' Support rating
to '4' from '3'.  The banks are Credit Andorra, Andorra Banc
Agricol Reig and Banca Privada d'Andorra.  The Support Rating
Floor for CA and Andbanc has been revised to 'B' from 'BB+' and
for BPA to 'B' from 'BB'.

The rating actions follow Fitch's reassessment of external support
to Andorran banks amid the more complex operating environment.
Fitch does not rate Andorra's sovereign risk.  However, given the
size of the Andorran banking system relative to the country's
economy - assets are more than 4x nominal GDP - Fitch believes
there would be a limited probability of support to Andorran banks
in case of need because of the limited resources at the
government's disposal.

Andorra does not have a lender of last resort, nor does it have a
deposit guarantee scheme.  However, a significant precedent was
established when an Andorran bank was rescued from collapse by
other local banks to maintain confidence in and the reputation of
the Andorran banking system.

Fitch recently affirmed the abovementioned Andorran banks' other
ratings - Long-term Issuer Default Rating, Short-term IDR and
Individual rating.


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


AUSTRIAN AIRLINES: EC Opens Probe Into Lufthansa Sale
-----------------------------------------------------
The European Commission on Wednesdy, Feb. 11, decided to open the
formal investigation procedure into the privatization and
restructuring of Austrian Airlines whereby it will be taken over
by Lufthansa.  The Commission expresses doubts that the price to
be paid by Lufthansa reflects the market price for what is being
sold, that the Austrian State has acted as private investor and
whether the restructuring plan as notified is in accordance with
the Community framework for rescue and restructuring of firms in
difficulty.

Following a privatization procedure Lufthansa has been selected to
buy the Austrian State's stake (41.56%) in Austrian Airlines.  The
deal comprises three elements:

    * Lufthansa pays a purchase price of EUR366.268,75

    * the State receives a debtor warrant, which may lead to an
      additional payment

    * the State pays a grant of EUR500 million, which Lufthansa
      shall use for a capital increase in Austrian Airlines

The Commission has decided to open the investigative State aid
procedure as it has doubts concerning existence of State aid and
whether this State aid can be declared compatible with the common
market.  In particular, it doubts whether the price paid
(including the debtor warrant) reflects the market price for
Austrian Airlines at the time it was sold.  And it has doubts also
whether the sale was truly open, transparent and unconditional and
whether the State really acted as a market economy investor.

With regard to the compatibility of the aid the Commission has
doubts on whether the amount of the aid has been kept to a minimum
and whether the restructuring plan submitted by Austria will
restore the long-term viability of the company in the shortest
possible time and without the need for additional aid in the
future.  Therefore, having examined this restructuring plan, the
Commission questions certain elements of this plan and whether
these meet the criteria for authorisation of restructuring aid as
set out in the Commissions guidelines for rescue and restructuring
of firms in difficulty.  Furthermore, the Commission has doubts if
the compensatory measures proposed are sufficient to remedy the
market distortion of the aid vis-à-vis the competing airlines and
whether Austrian Airlines and Lufthansa will contribute
sufficiently to the restructuring.

The decision follows a separate but related Commission decision of
January 19, 2009 whereby the Commission authorized a guarantee on
a loan worth EUR200 million of rescue aid for Austrian Airlines.

On Feb. 9, 2009, the TCR-Europe reports that according to Reuters,
Austrian state holding company and key Austrian Airlines
shareholder OeIAG warned the Austrian flag carrier could go
insolvent if a planned takeover by Germany's Lufthansa (LHAG.DE)
falls through.

AUA will be seeking the European Commission's approval on a EUR500
million (US$562 million) state aid that is part of the Lufthansa
deal.

According to  OeIAG Chief Executive Peter Michaelis, a
restructuring of AUA or a possible insolvency would be more
expensive for Austrian taxpayers than the state aid.


=============
B E L G I U M
=============


ETHIAS GROUP: EU Commission Approves EUR1.5 Bln Capital Injection
-----------------------------------------------------------------
Under the EC Treaty rules on state aid, the European Commission on
Thursday, Feb. 12, approved a capital injection of EUR1.5 billion
from the Belgian Government for the insurance and banking group
Ethias.  It concluded that the measure was in line with its
communication providing guidance on state aid to overcome the
current financial crisis as well as its rescue and restructuring
aid guidelines.  The aid is limited to the minimum required to
enable the Ethias group to continue operations and provides for an
adequate return on the capital provided by the state authorities.
It is therefore compatible with Article 87(3)(b) of the EC Treaty,
which permits aid intended to remedy a serious disturbance in the
economy of a Member State.

EU Competition Commissioner Neelie Kroes said: "This capital
injection will enable the Ethias group to weather the financial
crisis.  The group can now draw up a restructuring plan to ensure
its long-term viability.  The Commission has once again
demonstrated that it can take effective decisions on measures
aimed at stabilizing the situation of enterprises affected by the
crisis once it is in possession of full information and sufficient
commitments."

The Belgian authorities informed the Commission on October 20,
2008 of the proposed capital injection of EUR1.5 billion for the
Ethias group.  The additional information required by the
Commission to assess the aid was provided in January and February
2009.

Thanks to this measure, the group's solvency margin coverage has
been restored to a level acceptable for the Belgian regulator.
Owing to the current financial crisis, the Ethias group is
experiencing a sharp fall in the value of its financial assets and
the withdrawal of a large number of investors.  This has resulted
in a drop in the solvency margin coverage and in urgent state
intervention.

In return for this capital injection, the state authorities will
acquire a stake in the Ethias group that will give it a
preferential claim on future profits.  An appropriate level has
been set for the return on capital to be paid by Ethias to the
state authorities if it returns to profit.  Investors have
priority in receiving dividends up to 10% of their investment, a
level which is furthermore guaranteed by other conditions in the
subscription agreement.

The aid is authorized for a maximum of six months.  To obtain an
extension of the derogation, the Belgian Government has agreed to
submit to the Commission by April 20, 2009 a restructuring plan
aimed at restoring the long-term viability of the Ethias group and
avoiding any undue distortion of competition.


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C Y P R U S
===========


DELANCE LTD: Moody's Downgrades Corporate Family Rating to 'B2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Delance Ltd. to B2.  The outlook is negative.  This
concludes the review for possible downgrade initiated on December
19, 2008.

Falk Frey, Senior Vice President and lead analyst at Moody's for
ROLF, commented: "The downgrade reflects primarily Moody's
expectation of significantly weaker leverage ratios for 2009 on
the back of lower demand.  Moreover, the rating considers ROLF's
reliance on credit facilities that need to be extended over the
course of 2009 as well as tightened headroom under financial
covenants in its credit facility agreements."  Mr. Frey went on:
"The negative outlook is based on the ongoing uncertainty around
the severity of the impact from economic downturn on ROLF's
businesses as well as potential risks from the further development
of the Ruble exchange rate."  Moreover, the outlook reflects that
further material rating pressure could materialize should ROLF
fail to extend its exclusive distribution agreement with
Mitsubishi - contrary to current expectations - or fail to
successfully manage the roll-over of maturing credit facilities.

Declining consumer confidence and tighter lending terms have led
to a steep decline in vehicle sales in Russia through the end of
2008.  In light of the overall economic environment Moody's would
expect that this trend will continue well into 2009.  Moreover,
Moody's expect that the current devaluation of the Ruble is likely
to result in a "dollar-linked" pricing for import cars which would
drive up prices for Russian consumers and further dampen demand.
As a result Moody's would expect ROLF's revenues and earnings to
be markedly lower in 2009 which has been the primary driver for
the downgrade to B2.

At the same Moody's would expect lower sales volume to have a
positive cash flow impact as inventory levels are expected to
reduce over 2009.  In the current environment, Moody's would also
expect ROLF to decelerate its branch expansion and consequently
reduce capex.  As a result Moody's believes that - depending on
the development of working capital and the magnitude of earnings
reduction - ROLF could achieve break-even Free Cash Flow despite
the challenging environment.

The B2 rating is further based on the expectation that ROLF would
be able to extend its exclusive distribution agreement with
Mitsubishi for which Russia a key market.  The current agreement
expires in April 2009 and is an important element in ROLF's
business activities.

Moreover, the rating considers the company's foreign exchange
exposure resulting from (i) a significant share of traded vehicles
being purchased in US-Dollars and (ii) the majority of the group's
financial debt being denominated is US-dollars.  As the market for
import cars is expected to move towards a "dollar-linked" pricing
Moody's would expect the existing, transactional foreign exchange
exposure to reduce over 2009.  However, a further Ruble
devaluation would likely have a negative impact on the group's net
income and equity ratio as translation losses would arise from the
group's foreign exchange balance sheet exposure.

In terms of liquidity ROLF had a solid cash position of US$225
million per year end 2008 based on preliminary data but no further
headroom under existing credit facilities.  The current rating is
based on the expectation that ROLF manages to roll-over sufficient
credit facilities to avoid an erosion in the company's financial
flexibility.  Moreover, the rating is based on the assumption that
banks would continue to support the group also in the case of a
financial covenant breach.  In this context, Moody's notes that
ROLF's bank borrowings arise largely from financing working
capital which is expected to reduce over 2009.

Downgrades:

Issuer: Colgrade Limited

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to B2
     from B1

Issuer: Delance Limited ROLF

  -- Corporate Family Rating, Downgraded to B2 (National Scale:
     Baa1.ru) from B1 (National Scale A2.ru)

Outlook Actions:

Issuer: Colgrade Limited

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Delance Limited ROLF

  -- Outlook, Changed To Negative From Rating Under Review

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

Moody's last rating action on Delance Limited was on December 19,
2008 when the corporate family rating was downgraded to B1 from
Ba3 with further review for possible downgrade.

Headquartered in Cyprus, Delance Limited, the holding company of
the ROLF Group is an automotive group with its principal
operations in Russia.  ROLF is the leading importer and retailer
of foreign-made cars in Russia with revenues of US$3.6 billion in
fiscal 2007 (excluding de-consolidated Hyundai distribution sales
of approximately US$400 million).


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


CADENCE INNOVATION: Magna Unit Acquires European Operations
-----------------------------------------------------------
Decoma International, an operating unit of Magna International
Inc., on Tuesday, February 10, 2009, entered into an agreement to
acquire Cadence Innovation s.r.o., a European subsidiary of
Cadence Innovation LLC, headquartered in Troy, Michigan, U.S.A.
Cadence Europe is a supplier of automotive interior and exterior
plastic components and systems.  The completion of the transaction
is conditional on certain matters, including the receipt of all
necessary regulatory approvals and third-party consents.

Cadence Europe reported sales of approximately US$369 million in
2007 and currently supplies components and systems such as
bumpers, instrument panels, radiator grills and door panels to
several European- and Asian-based OEMs.  The company maintains
four production sites in Europe: three in the Czech Republic and a
joint-venture facility in Hungary.

"This acquisition expands our presence and manufacturing footprint
in a key market," said Tom Skudutis, Chief Operating Officer,
Magna Global Exterior and Interior Systems.  "Central and Eastern
Europe are strategically important due to the competitive
advantages afforded by the countries in this region."

Jerry Mosingo, CEO of Cadence Innovation LLC commented: "Over the
last few years, we have grown Cadence Europe and added new
technologies.  Through the new ownership, the company will be able
to exploit its capabilities further."

                   About Decoma International

Decoma International, an operating unit of Magna International
Inc., is a full-service supplier of interior and exterior vehicle
systems to the global automotive industry.  Its capabilities range
from market and consumer research to concept development, design
and engineering, testing and validation, and manufacturing and
assembly.

                   About Magna International

Magna International –- http://www.magna.com/–- designs, develops
and manufactures automotive systems, assemblies, modules and
components, and engineer and assemble complete vehicles, primarily
for sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia, South America and Africa.
Its capabilities include the design, engineering, testing and
manufacture of automotive interior systems; seating systems;
closure systems; metal body and structural systems; vision
systems; electronic systems; exterior systems; powertrain systems;
roof systems; as well as complete vehicle engineering and
assembly.

Magna has approximately 77,500 employees in 241 manufacturing
operations and 86 product development, engineering and sales
centers in 25 countries.

                     About Cadence Innovation

Headquartered in Troy, Michigan, Cadence Innovation LLC --
http://www.cadenceinnovation.com/-- manufactures and sells auto
parts to its customers GM and Chrysler.  The company has at least
4,200 employees in the United States and Europe, including Hungary
and Czech Republic.  The company and its debtor-affiliate, New
Venture Real Estate Holdings, LLC, filed for Chapter 11
reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08-
11973).  Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at
Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as
counsel.  When the Debtors filed for protection from their
creditors, they listed assets of between US$10 million and
US$50 million, and debts of between US$100 million and US$500
million.  (Cadence Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


RHODIA SA: S&P Changes Outlook to Negative; Affirms 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on France-based chemicals producer Rhodia S.A. to negative
from stable.  At the same time, the 'BB' long-term and 'B' short-
term corporate credit ratings on the group were affirmed.

"The outlook revision reflects our concerns that demand for
Rhodia's products could be very weak in 2009 at least, notably in
the automotive and construction markets, while visibility is very
limited at this stage," said Standard & Poor's credit analyst
Lucas Sevenin.

The outlook change is also based on negative price developments
for carbon credits, which could reduce profits beyond S&P's
current expectations for the rating.  A large drop in profits
would also weaken the group's currently good headroom under
financial covenants, as well as its credit metrics and free
operating cash flow.  That said, S&P expects end-2008 financials
and operational results to be broadly in line with the rating.

S&P is concerned about a potential material weakening of
profitability triggered by significantly lower volumes sold.  This
would put pressure on the credit metrics and operating cash flow
in 2009 beyond the level assumed for the rating.  Visibility on
demand remains very limited at this stage.  S&P would expect
Rhodia to show FFO to debt of about 20% for the 'BB' long-term
corporate credit rating.  Rating pressures will increase if
metrics and/or liquidity deteriorate significantly in 2009, and if
Rhodia clearly fails to achieve its target metrics within the next
18 months.

S&P could revise the outlook back to stable if S&P gain confidence
that operating performance and market conditions are highlighting
a positive trend in 2009, notably for the core chemical segments,
and if realized carbon credit prices in 2009 are higher than
current market prices of about EUR10 per ton.


WENDEL SA: S&P Downgrades Long-Term Ratings to 'BB' from 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term ratings on French investment holding company Wendel to
'BB' from 'BB+'.  The ratings were removed from CreditWatch, where
they were placed on Oct. 9, 2008 with negative implications.  The
outlook is negative.

At the same time, the 'B' short-term ratings on the company were
affirmed.  A recovery rating of '3' was assigned to the company's
senior unsecured bond issues and a EUR1.2 billion revolving credit
facility due in 2013.

"The downgrade reflects Wendel's lack of significant progress in
reducing net debt and subsequently its loan-to-value ratio to
within S&P's rating requirements," said Standard & Poor's credit
analyst Andreas Kindahl.

Continued depressed equity valuations have reduced the fair market
value of Wendel's investment portfolio, while the company's debt
levels remain high following an aggressively structured investment
(including financing with margin calls) in shares in France-based
Compagnie de Saint-Gobain (BBB+/Negative/A-2) in 2007.
Positively, Wendel's liquidity position remains strong and a key
strength underpinning the ratings due to long average debt
maturities and significant cash balances on hand.

The ratings on Wendel are constrained by the company's high
financial gearing, a somewhat concentrated investment portfolio,
and continued unpredictable equity market conditions.  These
weaknesses are offset by the company's portfolio of listed and
unlisted corporate investments, which provide financial
flexibility and annual dividend inflows.  In addition, the
three largest investments have solid credit quality.

The company's financial gearing (as measured by its loan-to-value
ratio based on spot values) remains high (estimated at about 55%-
60%), and has not been reduced to within the 40% threshold deemed
appropriate for the previous ratings.  For the 'BB' ratings, S&P
expects Wendel to reduce gearing so that its loan-to-value ratio
improves to below 50% in 2009, and that further progress is made
at the beginning of 2010 so it improves to below 45% on a
permanent basis.  Asset rotation through the investment cycle
remains a core strategy for Wendel, and asset disposals could
strengthen its financial profile in the intermediate term.


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G E R M A N Y
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BALTIC MATCH: Claims Registration Period Ends March 18
------------------------------------------------------
Creditors of Baltic Match GmbH have until March 18, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall E
         1. Stick
         Jungfernstieg 3
         23701 Eutin
         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:

         Ute Jacob
         Lorentzendamm 19
         24103 Kiel
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 3, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Baltic Match GmbH
         c/o Klaus-Juergen Engler, Manger
         Weidestrasse 56
         23774 Heiligenhafen
         Germany


D&S PERSONALSERVICE: Claims Registration Period Ends March 5
------------------------------------------------------------
Creditors of D&S Personalservice GmbH have until March 5, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on April 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Matthias Roensch
         Gustav-Adolf-Strasse 6 b
         01219 Dresden
         Germany
         Web site: www.munz-anwaelte.de

The District Court opened bankruptcy proceedings against the
company on Feb. 4, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         D&S Personalservice GmbH
         Attn: Sven Boettger, Manger
         Dresdner Strasse 63
         01640 Coswig
         Germany


GLOBAL ENERGY: Claims Registration Period Ends March 13
-------------------------------------------------------
Creditors of Global Energy Systems GmbH have until March 13, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on April 15, 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:

         Burckhardt Reimer
         Domstrasse 15
         20095 Hamburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 3, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Global Energy Systems GmbH
         Attn: Tarik Ersin Yoleri, Manager
         Warburgstrasse 45
         20354 Hamburg
         Germany


HELTEC VERWALTUNGS: Claims Registration Period Ends March 10
------------------------------------------------------------
Creditors of Heltec Verwaltungs GmbH have until March 10, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on April 14, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Rolf Weidmann
         Laurentiusstr. 21 – 23
         42103 Wuppertal
         Germany
         Tel: 0202 4086150
         Fax: 0202 479329199

The District Court opened bankruptcy proceedings against the
company on Feb. 1, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Heltec Verwaltungs GmbH
         Attn: Holger Heldt, Manager
         Thunbuschstr. 8
         42781 Haan
         Germany


KGS IMMOBILIEN: Claims Registration Period Ends March 5
-------------------------------------------------------
Creditors of KGS Immobilien GmbH have until March 5, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen am Rhein
         Meeting Hall XIII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         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:

         Klaus Loeffler
         Welschgasse 3
         D 67227 Frankenthal
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 2, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         KGS Immobilien GmbH
         Ricarda-Huch-Str. 12
         67067 Ludwigshafen
         Germany

         Attn: Walter Martin Raymund Heini Nader, Manager
         Ilseweg 7
         67067 Ludwigshafen
         Germany


MARK 5 GMBH: Claims Registration Period Ends March 2
----------------------------------------------------
Creditors of Mark 5 GmbH have until March 2, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on March 19, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Frank Kischko
         Pferdemarkt 6
         45127 Essen
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 1, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Mark 5 GmbH
         Max-Keith-Str. 66
         45136 Essen
         Germany

         Attn: Michael Zukunft, Manager
         Hinter den Zaunen 13 b
         53773 Hennef
         Germany


* S&P Puts Low-B Ratings on 10 Classes of Notes on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its ratings in six German mezzanine small and medium enterprise
CLO transactions.

These rating actions follow S&P's review of all six portfolios,
relying on an updated analysis of concentration risk in each
transaction.

The current analysis includes a revised view on sizing
concentration risks in each portfolio and is based on the Jan. 5,
2009 update to S&P's criteria for rating SME securitizations.

For each transaction, S&P has applied bespoke concentration checks
in light of the individual parameters of the securitized
portfolios, based on their current compositions.  The cumulative
gross exposure to the largest obligors has been compared with the
subordination for each rated class of notes in each transaction.
This view reflects the marginal recovery rate benefit and
addresses the bullet nature of the underlying assets.

S&P's analysis showed that the subordination for each rated note
is currently insufficient to cover the derived concentration risk
at the individual rating levels.

Our review also considered the historically weak performance of
German mezzanine SME CLOs.  Furthermore, S&P expects these
portfolios to continue their negative performance trend throughout
2009, as the overall SME sector in Germany is showing signs of
recession.

To resolve the CreditWatch placements in each transaction, S&P
will carry out a full, individual cash flow analysis on all six
portfolios.  Actual performance and current defaults will also
form part of the analysis required to resolve the placements.

                            Ratings List

              Ratings Placed On CreditWatch Negative

                  CB MezzCAP Limited Partnership
                EUR199.5 Million Floating-Rate Notes

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

                FORCE 2005-1 Limited Partnership
               EUR370.5 Million Floating-Rate Notes

                                     Ratings
                                     -------
           Class               To                  From
           -----               --                  ----
           A                   AAA/Watch Neg       AAA
           B                   AA/Watch Neg        AA
           C                   A/Watch Neg         A
           D                   BBB/Watch Neg       BBB

                  FORCE Two Limited Partnership
          EUR214.5 Million Fixed- And Floating-Rate Notes

                                     Ratings
                                     -------
           Class               To                  From
           -----               --                  ----
           A                   AAA/Watch Neg       AAA
           B                   AA/Watch Neg        AA
           C                   A/Watch Neg         A
           D                   BBB/Watch Neg       BBB
           E                   BB/Watch Neg        BB

                       PULS CDO 2006-1 PLC
    EUR260 Million Senior and Subordinated Deferrable Fixed- and
                       Floating-Rate Notes

                                     Ratings
                                     -------
           Class               To                  From
           -----               --                  ----

           A-1                 AAA/Watch Neg       AAA
           A-2A                AAA/Watch Neg       AAA
           A-2B                AAA/Watch Neg       AAA
           B                   AA/Watch Neg        AA
           C-1                 A-/Watch Neg        A-
           C-2                 BBB+/Watch Neg      BBB+
           D                   BBB-/Watch Neg      BBB-
           E-1                 BB/Watch Neg        BB
           E-2                 BB/Watch Neg        BB
           Q combo             BB/Watch Neg        BB
           R combo             AAA/Watch Neg       AAA

                       PULS CDO 2007-1 Ltd.
         EUR300 Million Senior and Subordinated Deferrable
                       Floating-Rate Notes

                                     Ratings
                                     -------
           Class               To                  From
           -----               --                  ----
           A-1                 AAA/Watch Neg       AAA
           A-2A                AAA/Watch Neg       AAA
           A-2B                AAA/Watch Neg       AAA
           B                   AA/Watch Neg        AA
           C                   A/Watch Neg         A
           D                   BBB/Watch Neg       BBB
           E                   BB/Watch Neg        BB

             PRIME 2006-1 Funding Limited Partnership
               EUR186.5 Million Floating-Rate Notes

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


=============
H U N G A R Y
=============


* HUNGARY: Commission Okays Support Package for Fin'l Institutions
------------------------------------------------------------------
The European Commission on Thursday, Feb. 12, approved under EC
Treaty state aid rules a Hungarian package intended to stabilize
the markets as a response to the global financial crisis.  The
package will provide eligible credit institutions with new capital
and guarantees on short and medium term newly issued debt, under
strict conditions. The Commission found the measures to be in line
with its guidance Communications on state aid to overcome the
financial crisis.  In particular, the package ensures non
discriminatory access, is limited in time and scope, provides for
a market-oriented remuneration and foresees adequate safeguards to
minimise potential distortions of competition.  The Commission
therefore concludes that the scheme is an adequate means to remedy
a serious disturbance in the Hungarian economy and is as such
compatible with Article 87.3.b of the EC Treaty.

Competition Commissioner Neelie Kroes said: "The Hungarian scheme
provides effective means for strengthening confidence in the
markets and, above all, for financing the real economy in a period
of crisis, while at the same time establishing safeguards to limit
distortions of competition".

The package includes two measures designed to stabilise the
financial markets:

    * a recapitalization measure, making available new capital to
      credit institutions in exchange for preferential shares, to
      enable them to strengthen their capital base against
      potential losses.  The State can purchase preference shares,
      which are considered as tier 1 capital, until March 31,
      2009.  The measure is fully in line with the Commission
      guidance on bank recapitalization.

    * a guarantee measure covering, against remuneration, new debt
      with a maturity of up to three years (or five years in duly
      justified cases), issued before June 30, 2009.  Subordinated
      debt and interbank deposits are excluded from the scheme.
      The remuneration is aligned on the recommendations of the
      European Central Bank (ECB).

The Commission concluded that the support package comprises
elements of state aid but contains several provisions aimed at
ensuring its adequacy and proportionality, in line with the EU
state aid rules.  Hence, the scheme is an appropriate,
proportionate and necessary means to maintain confidence in the
Hungarian credit institutions' creditworthiness and to stimulate
interbank lending.

In particular, the scheme is open to all credit institutions of
systemic importance on the Hungarian banking market.  It is
limited in time and scope, with entry windows and budget caps.  It
requires beneficiaries to pay a market-oriented remuneration.  The
measures target only fundamentally sound financial institutions;
the provision of guarantees and capital is based on an assessment
by the Hungarian Central Bank and the Hungarian Financial
Supervisory Authority.

Moreover, several behavioural safeguards are in place, to avoid an
abusive use of the state support.  These include a special veto
share aimed at enabling the State to object to decisions which
would lead to a misuse of the funds or which would be detrimental
to the stability of the financial system.  Moreover, Hungary
introduced a ban on advertising the State's intervention and can
also impose limitations to management remuneration while the
support measures are in place.  Finally, Hungary has committed to
notify restructuring or liquidation plans for companies that have
either failed under the guarantee scheme or for banks that can no
longer be considered as fundamentally sound.

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


ALLIED IRISH: Fitch Cuts Individual Rating to 'D' from 'C'
----------------------------------------------------------
Fitch Ratings has downgraded Allied Irish Banks' Individual Rating
to 'D' from 'C' and Bank of Ireland's Individual Rating to 'C/D'
from 'C'.  The agency has also downgraded both banks' preference
shares to 'BB' from 'BBB'.  The preference shares remain on Rating
Watch Negative.  At the same time, Fitch has affirmed the banks'
other ratings.  In the coming days, Fitch will publish a separate
rating action comment on Bank Zachodni WBK.

The downgrade of AIB's and BOI's Individual Ratings reflects
Fitch's expectation that asset quality will deteriorate
significantly as the recession deepens.  Fitch expects loan
impairment charges to continue to rise steeply on the back of
higher unemployment and slower GDP growth and could potentially
absorb most or all of the two banks' pre-loan impairment
profitability over the next three years, weakening the banks'
standalone financial flexibility.

The Individual Ratings also reflect the banks' strong domestic
franchises and improved capitalization.  Compared with BOI, a
larger proportion of AIB's loan book is exposed to property
finance, and in particular to property development and landbank
loans which Fitch views as riskier.  Hence, Fitch considers that
AIB is more vulnerable than BOI to any additional financial
shocks, which the agency reflects in the one notch rating
differential.  Meanwhile, the agency notes that the two banks have
similar regulatory capital ratios, and views positively the
announcement of fresh government subscribed preference shares.

The downgrade of the preference shares reflects the heightened
possibility of coupon deferral. In view of the weak expected
profitability of the banks in the coming three years and the large
relative size of the coupon payments, Fitch considers that the
risk of deferral is heightened.  AIB and BOI each will receive
EUR3.5bn in non-cumulative preference shares subscribed by the
Irish government.  Under the terms of the government preference
shares, if the cash coupon were deferred, the government would
receive a payment in shares, protecting the government's position.

Existing preference share holders would receive no such
alternative payment.  The government's preference shares offer a
coupon of 8% per annum and thus coupon payments alone account for
EUR1.4bn over five years.  The agency notes that both banks have
expressed strongly their intention to pay and continue paying
coupons.  Overall, Fitch views positively the capital injection by
the Irish government as it will strengthen the banks' capital
position, should raise confidence in the banks, allow for further
lending and provide an additional cushion to absorb potential
credit losses over the next few years.

The Long-Term Issuer Default Ratings of AIB and BOI are at their
Support Rating Floor, reflecting the high probability of support
from the Irish financial authorities, if required.  AIB's and
BOI's Short-Term IDR reflects the guarantee provided by the Irish
government for all non-hybrid funding.

AIB and BOI are the two largest banks in Ireland providing a wide
range of financial services to retail and corporate customers.
Both banks have large market shares in retail deposits.  However,
AIB has been more active in property lending than its slightly
smaller rival, BOI.

Allied Irish Banks plc

  -- Long-term IDR affirmed at 'A'; Stable Outlook

  -- Senior debt affirmed at 'A'

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'D' from 'C'

  -- Support rating affirmed at '1'

  -- Support Rating Floor affirmed at 'A'

  -- Subordinated debt affirmed at 'A-' (A minus)

  -- Upper Tier 2 capital downgraded to 'BB+' from 'BBB+', remain
     on RWN

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

AIB Bank (CI) Limited

  -- Long-term IDR affirmed at 'A'; Stable Outlook

  -- Senior debt affirmed at 'A'

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'D' from 'C'

  -- Support rating affirmed at '1'

AIB Group (UK) plc

  -- Long-term IDR affirmed at 'A'; Stable Outlook

  -- Senior debt affirmed at 'A'

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'D' from 'C'

  -- Support rating affirmed at '1'

Bank of Ireland

  -- Long-term IDR affirmed at 'A'; Stable Outlook

  -- Senior debt affirmed at 'A'

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating downgraded to 'C/D' from 'C'

  -- Support rating affirmed at '1'

  -- Support Rating Floor affirmed at 'A'

  -- Subordinated debt affirmed at 'A-' (A minus)

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


ELVA FUNDING: S&P Junks Rating on EUR43 Million Notes
-----------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
14 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:

  -- Four tranches were placed on CreditWatch negative;

  -- Eight tranches were lowered; and

  -- Two tranches were lowered and removed from CreditWatch
     negative.

                           Ratings List

              Ratings Placed on CreditWatch Negative

                             ELM B.V.
          EUR1 billion perpetual step-up notes series 44

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

                             ELM B.V.
      A$300 million perp fixed-rate step-up notes series 105

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

                             ELM B.V.
    A$450 million perp floating-rate step-up notes series 106

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

                 Royal Bank of Scotland PLC (The)
      GBP150 million TelSec credit-linked notes series 4169

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

                         Ratings Lowered

                        CID Finance B.V.
           EUR204.4 million sovereign debt index-lined
                  variable-rate notes series 12

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

                         CID Finance B.V.
           EUR67.1 million sovereign debt index-linked
                   variable-rate notes series 13

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

                         CID Finance B.V.
            US$35.5 million sovereign debt index-linked
                   variable-rate notes series 14

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

                          Hemisphere CDO
     JPY1 billion class G-1J7 floating-rate secured portfolio
    credit-linked notes series 3 (Issued by Hemisphere CDO PLC)

                              Rating
                              ------
                       To                    From
                       --                    ----
                       AA+                   AAA

                   Willow No.2 (Ireland) PLC
  EUR16.238 million secured limited-recourse floating-rate notes

                              Rating
                              ------
                       To                    From
                       --                    ----
                       A                     AA-

                   Willow No.2 (Ireland) PLC
EUR30 million secured limited-recourse fixed-rate notes series 8

                              Rating
                              ------
                       To                    From
                       --                    ----
                       A                     AA-

                    Willow No.2 (Ireland) PLC
   EUR44.5 million secured limited-recourse variable rate notes
                             series 15

                              Rating
                              ------
                       To                    From
                       --                    ----
                       A                     AA-

                    Willow No.2 (Ireland) PLC
       EUR7 million secured limited-recourse variable rate
                  index-linked  notes series 14

                              Rating
                              ------
                       To                    From
                       --                    ----
                       A                     AA-

      Ratings Lowered and Removed from CreditWatch Negative

                         Elva Funding PLC
      EUR43 million secured credit-linked variable-rate notes
                          series 2006-51

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

                       Lunar Funding V PLC
EUR50 million secured asset-backed variable-rate notes series 19

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


SCOTTISH RE: Chief Financial Officer Steps Down
-----------------------------------------------
Terry Eleftheriou has resigned from his position as executive vice
president and chief financial officer of Scottish Re Group
Limited, effective February 9, 2009, to pursue other interests.
Mr. Eleftheriou had served as the company's chief financial
officer since September 2007.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United
Kingdom, United States, and Singapore.  Its flagship operating
subsidiaries include Scottish Annuity & Life Insurance Company
(Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re Capital
Markets, Inc., a member of Scottish Re Group Ltd., is a registered
broker dealer that specializes in securitization of life insurance
assets and liabilities.

As reported in the Troubled Company Reporter-Latin America on
February 13, 2009, A.M. Best Co. downgraded the financial strength
rating to D from C- and issuer credit ratings to "c" from "cc" of
the primary operating insurance subsidiaries of Scottish Re Group
Limited (Scottish Re) (Cayman Islands).

Concurrently, A.M. Best downgraded the FSR to E (Under
Regulatory Supervision) from C- and ICR to "rs" from "cc" of
Scottish Re, Inc.  A.M. Best also affirmed the ICR of "c" and
all debt ratings of Scottish Re.  The outlook for all ratings is
negative, with exception of the FSR and ICR of Scottish Re (U.S.),
Inc and the US$125 million non-cumulative preferred shares of
Scottish Re.

According to a TCRLA report on June 17, Moody's Investors Service
placed on review with direction uncertain Scottish Re Group Ltd.'s
senior unsecured shelf of (P)Caa1, subordinate shelf of (P)Caa2,
junior subordinate shelf of (P)Caa2, preferred stock of Caa3, and
preferred stock shelf of (P)Caa3.  Moody's had previously placed
the ratings on review for possible downgrade.


* IRELAND: Gov't Revises Rescue Plan for Country's Two Top Banks
----------------------------------------------------------------
BBC News reports the Irish government has decided not to take
control of Allied Irish Bank and Bank of Ireland, two of the
country's biggest banks.

BBC discloses AIB and BoI will each receive EUR3.5 billion (US$4.5
billion, GBP3.1 billion) under the government's revised rescue
plan for the banks.

However, Brian Lenihan, Ireland's finance minister, said the banks
would be expected to increase lending and cut senior executives'
pay, BBC notes.  According to The Daily Telegraph's Roland
Gribben, the banks agreed to increase lending to small and medium
sized businesses by 10pc, while salary packages are to be slashed
by at least a third, bonuses scrapped and basic pay frozen until
the end of the year.

"The state will not hold ordinary shares in either bank... but it
will have an option to buy shares in five years time at a
predetermined strike price, thus providing the state with the
potential for a significant return," BBC quoted Mr. Lenihan as
saying.

BBC relates both banks will also have to suspend home
repossessions.  The banks, The Daily Telegraph states, agreed to
halt repossession of homes and increase advances to first-time
homebuyers by 30pc this year as part of the rescue package.

Under the deal, the government, BBC adds, will also be able to
select a quarter of the boards in both banks.

As reported in the TCR-Europe on Jan. 26, 2009, citing BBC,
the government pledged in December to inject billions of euros in
exchange for a 25% stake in each of the banks.

Mr. Lenihan, as cited by the report, said the two banks were
"fundamentally sound and solvent institutions."


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


* ITALY: To Liquidate Scip Real Estate Securitization Vehicle
-------------------------------------------------------------
Italy will liquidate the Scip company for the securitization of
public real estate and pay around EUR1.6 billion of its debt as
part of a package of legislation approved Wednesday by the
country's upper house, Giuseppe Fonte and Francesca Landini at
Reuters report, citing sources close to the situation.

The legislation, the report notes, is awaiting final approval by
the lower house of Parliament.

The report relates the public real estate securitization vehicle
launched two securitizations, Scip 1 at the end of 2001 and Scip 2
in 2002, worth EUR2.3 billion and over EUR5.1 billion,
respectively.

The report recalls difficulties led to a restructuring of Scip 2.

According to the report, one of the sources said cash funds raised
from Scip 1 would be used to pay Scip 2's debt, which also
includes two outstanding tranches of securitized assets worth
nearly EUR800 million.

The report discloses the other source said the Scip 2
securitization would be reimbursed at par on Apr. 26, when
interest payments are due.

"In the last few months the Scip 2 securities have been trading at
ridiculous prices -- around 90-92," a trader on the secondary
market was quoted by the report as saying.


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


ECO SERVICE: Proof of Claim Deadline Slated for March 21
--------------------------------------------------------
LLP Eco Service has declared insolvency.  Creditors have until
March 21, 2009, to submit written proofs of claim to:

         LLP Eco Service
         Micro District 10, 12-53
         Aksai
         West Kazakhstan
         Kazakhstan
         Tel: 8 777 215 79-09


INTER HOLDING: Creditors Must File Claims by March 21
-----------------------------------------------------
LLP Inter Holding has declared insolvency.  Creditors have until
March 21, 2009, to submit written proofs of claim to:

         LLP Inter Holding
         Gumilev St. 3
         Astana
         Kazakhstan
         Tel: 8 (7172) 37-90-99


JAPOLAK LLP: Claims Filing Period Ends March 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Japolak insolvent.

Creditors have until March 21, 2009, to submit written proofs of
claim to:

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


KAIRAT LLP: Creditors' Proofs of Claim Due on March 21
------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Kairat insolvent.

Creditors have until March 21, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabaev St. 109-407
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KARASPAN-SU LLP: Claims Registration Period Ends March 21
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Karaspan-SU insolvent.

Creditors have until March 21, 2009, to submit written proofs of
claim to:

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


MEDET LLP: Proof of Claim Deadline Slated for March 21
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Medet insolvent.

Creditors have until March 21, 2009, to submit written proofs of
claim to:

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


ORDABASY-SU-1 LLP: Creditors Must File Claims by March 21
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP ORDABASY-SU-1 insolvent.

Creditors have until March 21, 2009, to submit written proofs of
claim to:

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


SPLAV LLP: Claims Filing Period Ends March 21
---------------------------------------------
LLP Scientific-Technical Firm Splav has declared insolvency.
Creditors have until March 21, 2009, to submit written proofs of
claim to:

         LLP Scientific-Technical Firm Splav
         Ermekov St. 81-52
         Karaganda
         Kazakhstan


TAU-HOLDING LLP: Creditors' Proofs of Claim Due on March 21
-----------------------------------------------------------
LLP Tau-Holding has declared insolvency.  Creditors have until
March 21, 2009, to submit written proofs of claim to:

         LLP Tau-Holding
         Marechek St. 1/8
         Almaty
         Kazakhstan


TECH RESOURSE: Claims Registration Period Ends March 21
-------------------------------------------------------
LLP Kaz Tech Resourse has declared insolvency.  Creditors have
until March 21, 2009, to submit written proofs of claim to:

         LLP Kaz Tech Resourse
         Muratbaev St. 64-37
         Almaty
         Kazakhstan


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


CONTINENTAL TRANS: Creditors Must File Claims by March 6
--------------------------------------------------------
LLC Continental Trans Service has declared insolvency.  Creditors
have until March 6, 2009, to submit written proofs of claim.

The company can be reached at: (+996 312) 65-58-59


UNICOM PLUS: Creditors Must File Claims by March 6
--------------------------------------------------
LLC Unicom Plus has declared insolvency.  Creditors have until
March 6, 2009, to submit written proofs of claim.

The company can be reached at: (+996 312) 68-32-16


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


ASM INTERNATIONAL: S&P Puts 'BB-' Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'BB-' long-
term corporate credit rating and 'BB' subordinated debt ratings on
the Netherlands-based semiconductor equipment manufacturer ASM
International N.V. on CreditWatch with negative implications.

"The CreditWatch placement reflects our expectation that global
semiconductor equipment sales will continue to fall sharply in
2009, possibly resulting in significantly weaker EBIT margins and
credit measures," said Standard & Poor's credit analyst Matthias
Raab.

S&P expects ASMI's liquidity to be tested in 2009 by significant
negative free cash flow generation at the company's front-end
operations and meaningful restructuring costs.  Furthermore, S&P
expects ASMI to receive significantly lower dividends from its so
far very profitable 53%-owned subsidiary ASM Pacific Technology
Ltd. in 2009 because S&P also expect ASMPT's margins to decline in
the current market downturn.

On the other hand, the extent to which ASMI's liquidity could be
supported by positive working capital movements as sales decline
is as yet unclear to us.  Indeed, S&P expects inventory management
and customer collections to be key challenges in the coming
months, given the speed and intensity of order declines.

In January 2009, ASMI announced that it plans a major
restructuring of ASM Europe, which will be implemented over the
next 12 months.  ASMI expects restructuring charges of about
EUR25 million to EUR30 million, which include EUR6 million in
noncash fixed-asset impairment charges.

On Sept. 30, 2008, ASMI had on-balance-sheet gross debt of
EUR184 million.

"We intend to resolve the CreditWatch placement during first-
quarter 2009, after reviewing the company's 2008 results and
prospects for 2009," said Mr. Raab.  "In particular, S&P will
discuss with ASMI's management the negative implications of the
expected downturn and the company's ability to cut costs and
capital expenditures to preserve its liquidity position."  S&P
will also discuss to what extent the company's liquidity could
benefit from positive working capital changes as sales decline and
the potential for meaningful dividend payments from ASMPT.  A
downgrade by one notch appears possible, given the rapidly
deteriorating operating environment, fierce margin pressures,
deteriorating credit measures, and negative free cash flow
generation.


KHAMSIN CREDIT: S&P Withdraws 'CCC-' Rating on EUR2 Mil. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' credit
rating on the EUR2 million class B long-short floating-rate
managed credit-linked notes series 2006-15 (Silver Square) issued
by Khamsin Credit Products (Netherlands) II B.V.

The rating withdrawal follows early redemption of the notes in the
deal.


MONTE 2008-I: S&P Assigns BB Rating on EUR14 Mln Class C Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned credit ratings to
the floating-rate notes issued by MONTE 2008-I B.V. MONTE 2008-I
also issued an unrated tranche, which provides subordination to
the rated classes.

The transaction is a securitization of European residential
mortgage-backed securities, asset-backed securities, commercial
mortgage-backed securities, and collateralized debt obligation of
corporate loans and small and medium enterprises.

MONTE 2008-I is a static balance-sheet CDO of ABS.  The
transaction portfolio comprises European structured finance bonds
with ratings ranging from investment grade to non-investment
grade.  The underlying collateral is spread across several
jurisdictions, with Italy and The Netherlands being the largest
portions.  The largest sectors are RMBS, ABS, CMBS, and CDOs.

                           Ratings List

                        MONTE 2008-I B.V.
     EUR440.4 Million Floating-Rate Notes and EUR28.3 Million
                        Subordinated Notes

          Class          Rating         Amount (Mil. EUR)
          -----          ------         ---------------
          A              A              370.2
          B              BBB             56.2
          C              BB              14.0
          Subordinated
          notes(1)       NR              28.3

(1) This tranche is being issued to serve as part credit
    enhancement to the rated notes.


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


KAZANORGSINTEZ OJSC: Fitch Cuts Issuer Default Rating to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded Tatarstan-based chemical producer
OJSC Kazanorgsintez's Long-term Issuer Default Rating to 'CC' from
'CCC'.  Fitch also downgraded the senior unsecured debt rating of
Kazanorgsintez SA's US$200m loan participating notes to 'C' from
'CCC-' (CCC minus) and revised the Recovery Rating on the notes to
'RR6' from 'RR5' to reflect poor recovery prospects in the event
of a default.  The Short-term IDR of 'C' is placed on Rating Watch
Negative.  The Long-term IDR and the senior unsecured rating
remain on RWN.

The rating actions reflect Fitch's heightened concerns about the
company's reliance on debt refinancing and maturity extensions to
meet approximately RUB4.9 billion (US$139 million equivalent) of
debt maturing before April 2009.  Economic and market conditions
deteriorated sharply in late 2008, putting additional pressure on
KOS's weak credit profile and already stretched cash flow and
liquidity position.  This, together with the worsening
macroeconomic environment, could jeopardise the company's ability
to secure funding or extensions on its near-term debt obligations.

FYE08 leverage, which Fitch expects to come above the 6x covenant
under the US$200 million five-year participation notes, has also
been materially impacted by the devaluation of the RUB against the
US$ since July 2008 (around 67% of gross debt was denominated in
foreign currency at January 31, 2009).  The agency stresses that
the company's debt service burden is likely to increase as the
terms and conditions on any new or extended financing could become
more stringent (such as higher interest rates and security on
assets).  Fitch notes that the bond documentation contains a
negative pledge covenant with permitted collateral capped at 20%
of the group's assets.  In Fitch's view, KOS could also face the
additional challenge of having to obtain a new waiver from
noteholders and some bilateral lenders for the forecast covenant
breach on FYE08 IFRS audited numbers, which should be tested by
end-May 2009.

Aside from bank refinancing and maturity extensions, recourses
currently explored by the company include state banks funding and
financial support from its shareholders.  Fitch stresses however
that amid uncertain economic and financial conditions in Russia,
such support could prove to be difficult to obtain and could only
partially address the company's refinancing issues.  The agency
notes that there has been no reported progress on the negotiations
for a potential acquisition by Sibur ('BB'/stable).

Fitch will monitor and assess KOS's situation with regard to
refinancing of short-term maturities closely.


MIRAX GROUP: Inks Restructuring Deal on US$200 Million Loan
-----------------------------------------------------------
Catherine Belton at The Financial Times reports that Mirax Group
had reached a restructuring agreement with Credit Suisse on
its US$200 million loan amid weakening demand.

The report relates Sergei Polonsky, chairman of Mirax Group, told
reporters that the US$200 million loan, which fell due last week,
had been restructured over two years.

Mirax also said it was close to reaching a restructuring deal on
a US$180 million credit-linked note on which it faces a put option
in mid-March, the report discloses.

The company, as cited by the report, said it would also seek to
restructure another US$133 million in debt due to be repaid this
year.

The company, the report says, plans to cut costs and freeze
projects.

Headquartered in Moscow, Russia, Mirax Group –-
http://www.mirax.ru/–- is active in the construction industry.
It operates through six segments: MiraxConstruction, MiraxCity,
MiraxService, MiraxPharma and MiraxTenders.

                           *     *     *

As reported in the TCR-Europe on Feb. 13, 2009, Fitch Ratings
downgraded Russian construction and property company Mirax Group
Holding B.V's Long-term foreign and local currency Issuer Default
Ratings to 'CCC' from 'B-' (B minus).  The agency also downgraded
the Short-term IDR to 'C' from 'B' and the National Long-term
rating to 'CCC(rus)' from 'BB-(BB minus)(rus)'.  All ratings
remain on Rating Watch Negative.

The downgrade reflects significant concerns about Mirax's weak
liquidity position.  The company has a large amount of debt due to
mature over the near term (up to US$395 million potentially
maturing in Q109, including possibly a US$180 million 2011 credit-
linked note if a put option is exercised on March 20, 2009) and
currently has insufficient liquidity to meet these payments.  As
of January 1, 2009 the company's liquidity score (sources of
liquidity/uses of liquidity over the next 12 months) equalled
0.2x.

On Dec. 11, 2008, the TCR-Europe reported that Moody's Investors
Service assigned a B3 corporate family rating to Mirax Group
Holding B.V. and withdrew the B2 CFR on review for
downgrade of Mirax Group LLC.  At the same time, Moody's Interfax
Rating Agency, which is majority owned by Moody's, assigned
Baa3.ru national scale rating to Mirax Group Holding B.V. and
withdrew the A3 national scale rating of Mirax Group LLC.  The
outlook of all rating is negative.

The rating action was prompted by the fact that in 2008 Mirax
completed the corporate restructuring and incorporated a new
holding company Mirax Group Holding B.V. Mirax Group LLC,
previously rated at B2 CFR on review for downgrade ceased to exist
and therefore the rating was withdrawn.


MORTGAGE CORPORATION: S&P Withdraws 'CC' L-T Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'CC' long-
term issuer credit rating and 'ruCC' national scale rating on the
Mortgage Corporation of Moscow Region at the issuer's request.
MCMR is controlled by Moscow Oblast (SD/--/--) directly and via
the oblast's wholly owned Moscow Regional Investment Trust Co.
(global scale rating CC/Watch Dev/--, Russia national scale
ruCC/Watch Dev.  The ratings have been on CreditWatch with
negative implications since Oct. 27, 2008.

Due to the lack of necessary information, Standard & Poor's is
unable to resolve the CreditWatch and determine accurate final
ratings prior to withdrawing them.


SEVERNAYA KAZNA: Moody's Affirms 'E' Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has upgraded the long-term local and
foreign currency deposit ratings of Bank Severnaya Kazna (Russia)
to B2 (positive outlook) from Caa2.  Severnaya Kazna's E bank
financial strength rating was affirmed with stable outlook, its
Not Prime short-term local and foreign currency deposit ratings
were also affirmed.

Concurrently, Moody's Interfax Rating Agency upgraded Severnaya
Kazna's long-term national scale rating to A3.ru from B2.ru.  The
NSR carries no specific outlook.  Moscow-based Moody's Interfax is
majority owned by Moody's.

According to Moody's, these rating actions conclude the review
process commenced on October 23, 2008 when Severnaya Kazna's
deposit ratings had been placed on review with direction uncertain
following the downgrade of the bank's BFSR, foreign and local
currency deposit ratings and NSR to E/Caa2/B2.ru from
E+/B2/Baa1.ru, which was the most recent rating action taken by
Moody's on Severnaya Kazna's ratings.

Moody's says that the rating action captures high probability of
parental support to the bank from its new shareholder -- Alfa-Bank
(rated D+/Ba1) now controlling 85.021% stake in Severnaya Kazna.
Moody's believes that the majority ownership and deep involvement
of Alfa-Bank in strategic oversight of Severnaya Kazna's operating
activities, the recently launched re-branding project aimed at
strengthening perceptions of market participants as to the close
association of the two financial institutions, as well as the
current process of operational integration of Severnaya Kazna with
its parent testify the relative importance and good strategic fit
of this regional subsidiary to Alfa-Bank.

At the same time, Moody's notes that its rating review process did
not reveal any fundamental improvements in Severnaya Kazna's
stand-alone credit standing, with the bank continuing to rely
significantly on external liquidity support (with approximately
20% of its non-equity funding stemming from wholesale sources --
either directly from the parent or under its intermediation),
while Severnaya Kazna's capitalization level is weak and expected
to further deteriorate, as are the bank's asset quality and other
financial fundamentals.

"Since Severnaya Kazna is currently undergoing the rehabilitation
plan which has been developed jointly with its parent -- Alfa-Bank
-- and the State Corporation Deposit Insurance Agency (DIA), the
breach by the bank of some of otherwise mandatory regulatory
ratios may be allowed, if provided for in the above-mentioned plan
and under control of DIA," says Olga Ulyanova, a Moscow-based
Moody's Assistant Vice President - Analyst, and lead analyst for
this issuer."  At the same time, the rating agency understands
that following the rehabilitation plan Alfa-Bank assumes the final
responsibility for all of Severnaya Kazna's senior unsecured
obligations, which assumption results in positive outlook on
Severnaya Kazna's supported deposit ratings," Ms. Ulyanova adds.

Domiciled in Yekaterinburg, Russia, Severnaya Kazna reported total
IFRS assets of US$1.518 billion, total shareholders' equity of
US$145 million and a net income of US$18 million as at
December 31, 2007.


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


* SWEDEN: EU Commission Approves Scheme to Recapitalize Banks
-------------------------------------------------------------
The European Commission on Wednesdy, Feb. 11, under EC Treaty
state aid rules, a Swedish aid scheme intended to bolster the
financing of the real economy by providing capital to banks.  The
scheme is in line with the Commission's guidance on support
measures for banks during the financial crisis.  In particular,
the measures are limited in time and require a significant
proportion of private investment alongside with the state
intervention.  The Commission therefore concluded that the scheme
is an adequate means to remedy a serious disturbance of the
Swedish economy and as such in line with Article 87.3.b of the EC
Treaty.

Competition Commissioner Neelie Kroes said: "The Swedish
recapitalisation scheme should contribute to strengthening the
confidence in the Swedish banking sector and, above all, to
provide finance to the real economy in these difficult times.  The
scheme is building on private contributions to the
recapitalization, which gives sound incentives to the markets."

The Swedish recapitalisation scheme allows the Government to
provide share capital or hybrid capital to be counted as bank Tier
1 capital.  The state will only provide capital if a substantial
contribution is provided by private investors (at least 30% of the
total investment).  The state will then participate in the
recapitalisation on the same terms as the private investors.

The fact that the state will invest on equal footing with private
investors can be regarded as ensuring that the capital is provided
at market rates as foreseen in the Commission's guidance on bank
recapitalization.  Recapitalization will also carry with it
certain constraints on corporate remuneration.  The Financial
Supervisory Authority (Finansinspektionen) will regularly monitor
the lending of recapitalized banks towards households and
companies in the real economy and provide public reports on a
monthly basis.

The Commission found the scheme to constitute an appropriate means
to bolster the Swedish financial sector and to stimulate lending
to the real economy.  The measures are well-designed and
interventions will be limited to what is necessary to achieve
their objectives.  Sweden will regularly report to the Commission
on the implementation of the aid scheme.


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


CATWEAZLE PHOTOGRAPHY: Creditors Must File Claims by Feb. 27
------------------------------------------------------------
Creditors owed money by LLC Catweazle Photography are requested to
file their proofs of claim by Feb. 27, 2009, to:

         The Trust Company Stefan Eggimann Treuhand
         Kurzfeldstrasse 11
         8500 Frauenfeld
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 30, 2008.


EDELMANN SCHREINEREI: Deadline to File Claims Set Feb. 27
---------------------------------------------------------
Creditors owed money by JSC Edelmann Schreinerei are requested to
file their proofs of claim by Feb. 28, 2009, to:

         Josef Huebscher
         St. Galler Strasse 23
         9304 Bernhardzell
         Switzerland

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


EICHWALD JSC: Creditors Have Until February 28 to File Claims
-------------------------------------------------------------
Creditors owed money by JSC Eichwald are requested to file their
proofs of claim by Feb. 28, 2009, to:

         Mathieu Jaus
         JSC Copartner Revision
         Dufourstrasse 11
         Mail Box 336
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 4, 2008.


HEUSS-CONSULTING LLC: Proof of Claim Filing Deadline Set Feb. 27
----------------------------------------------------------------
Creditors owed money by LLC Heuss-Consulting are requested to file
their proofs of claim by Feb. 27, 2009, to:

         Eichhornstrasse 14
         4059 Basel
         Switzerland

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


RHEINFALL MEDIA: Creditors' Proofs of Claim Due by February 27
--------------------------------------------------------------
Creditors owed money by LLC Rheinfall Media are requested to file
their proofs of claim by Feb. 27, 2009, to:

         Monique Cristina
         Mattenstrasse 9
         8212 Neuhausen am Rheinfall
         Switzerland

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


VETCO JSC: Feb. 23 Set as Deadline to File Claims
-------------------------------------------------
Creditors owed money by JSC Vetco are requested to file their
proofs of claim by Feb. 23, 2009, to:

         Gewerbestrasse 1
         3421 Lyssach
         Switzerland

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


VMF PROPERTIES: Creditors Must File Proofs of Claim by Feb. 28
--------------------------------------------------------------
Creditors owed money by LLC VMF Properties are requested to file
their proofs of claim by Feb. 28, 2009, to:

         Peter A. Iten
         Neugasse 4
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Walchwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 19, 2008.


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


AITA COMPANY: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Ivano-Frankovsk region commenced bankruptcy
supervision procedure on LLC AITA COMPANY (EDRPOU 31889324).

The Temporary Insolvency Manager is:

         S. Lototsky
         Office 7
         Getman Mazepa St. 40-A
         Ivano-Frankovsk
         Ukraine

The Court is located at:

         The Economic Court of Ivano-Frankovsk region
         Mir avenue 20
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Aita Company
         Mazepa St. 303
         Kolomiya
         Ivano-Frankovsk region
         Ukraine


BANK CREDIT: Fitch Puts 'D/E' Individual Rating on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has put Ukraine-based Bank Credit Dnepr's ratings,
including its Long-term Issuer Default Rating of 'B-' (B minus) on
Rating Watch Negative.  At the same time, Fitch has withdrawn all
of the bank's ratings and will no longer provide ratings or
analytical coverage on this issuer.

The RWN reflects Fitch's increased concerns over the potential
contagion risk from the credit pressures facing major Ukrainian
pipes and railway wheels producer, Interpipe Limited ('CCC'/Rating
Watch Negative), which has the same beneficiary as BCD.  It also
reflects the further recent reduction of the bank's liquidity
cushion in a worsening operating environment.

Rating actions:

  -- Long-term IDR 'B-' (B minus), placed on Rating Watch Negative
     and withdrawn

  -- Short-term IDR: 'B', placed on Rating Watch Negative and
     withdrawn

  -- Individual rating: 'D/E', placed on Rating Watch Negative and
     withdrawn

  -- Support rating: affirmed at '5' and withdrawn

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

  -- National Long-term rating: 'BBB- (BBB minus)(ukr)', placed on
     Rating Watch Negative and withdrawn


BANK NADRA: Moody's Downgrades Financial Strength Rating to 'E'
---------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Bank Nadra to E from E+, its long-term local
currency and foreign currency bank deposit ratings and foreign
currency debt rating to Caa2 from B2 and its National Scale Rating
to B3.ua from A3.ua.  The bank's long-term deposit ratings have
been placed on review for further downgrade.

"The rating action is in response to the announcement that the
National Bank of Ukraine has taken control of Bank Nadra following
concerns about the bank's ability to continue its operations as a
viable stand-alone entity," says Yaroslav Sovgyra, a Moscow-based
Moody's Vice President-Senior Credit Officer and lead Analyst for
Bank Nadra.  Ukrainian legislation gives the NBU powers such as
limiting or prohibiting the disposal of the bank's capital and
assets, and imposing temporary restrictions on payments to
creditors.  The NBU has announced a temporary moratorium on
payments to creditors over a period of six months.

The review for possible downgrade reflects a potential risk of the
bank liquidation, which, if materialised, would merit further
rating downgrade as the expected losses for creditors in case of
bank liquidation are estimated by Moody's to be higher than those
implied by the current Caa2 ratings.  The review also captures the
uncertainty surrounding the position of the bank's wholesale
creditors, as Moody's expect that some of the existing lenders may
be entitled to demand early repayment of debt, since taking the
bank into administration may qualify as acceleration event for the
repayments of debt by the bank.

If, on the other hand, the bank receives additional support either
from the regulatory authorities or from a financially strong
strategic partner that would assume Bank Nadra's obligations,
Moody's would be likely to confirm Bank Nadra's deposit and debt
ratings or place them on review for a possible upgrade.  At this
stage, however, there have been no information regarding the
additional support from regulators.

The previous rating action on Bank Nadra was on January 22, 2009,
when Moody's downgraded to B2 from B1 the long-term local currency
deposit rating, to B2 from B1 the foreign currency debt rating and
to A3.ua from Aa3.ua the National Scale Rating and all the ratings
were placed on review for possible downgrade.  Moody's rating
action reflected recent weakening of Bank Nadra's liquidity
position under the current stressed market conditions.

Headquartered in Kiev, Ukraine, Bank Nadra reported unaudited
consolidated total assets of UAH30.5 billion (US$4 billion) and
total equity of UAH1.8 billion (US$239 million) according to
Ukrainian Accounting Standards as at December 31, 2008.


BUILDING TRADE: Creditors Must File Claims by February 27
---------------------------------------------------------
Creditors of LLC BUILDING TRADE (EDRPOU 34936282) have until
Feb. 27, 2009, to submit proofs of claim to:

         A. Nesterenko
         Insolvency Manager
         Office 89
         Tampere St. 17/2
         02105 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/71-?.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy street 44-b
         01030, Kiev
         Ukraine

The Debtor can be reached at:

         LLC Building Trade
         Office 55
         Reznitskaya St. 8
         01011 Kiev
         Ukraine


INITIATIVE GROUP: Creditors Must File Claims by Feb. 27
-------------------------------------------------------
Creditors of LLC Initiative Group (EDRPOU 34936193) have until
Feb. 27, 2009, to submit proofs of claim to:

         A. Nesterenko
         Insolvency Manager
         Office 89
         Tampere St. 17/2
         02105 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/70-?.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Initiative Group
         Office 55
         Reznitskaya St. 8
         01011 Kiev
         Ukraine


KVARTIRNY VOPROS: Creditors Must File Claims by February 27
-----------------------------------------------------------
Creditors of LLC Kvartirny Vopros (EDRPOU 34601715) have until
Feb. 27, 2009, to submit proofs of claim to Insolvency Manager
Y. Vanzhula.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 44/5-?.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy street 44-b
         01030, Kiev
         Ukraine

The Debtor can be reached at:

         LLC KVARTIRNY VOPROS
         Gorky St. 95
         03150 Kiev
         Ukraine


LINK-WEST LLC: Creditors Must File Claims by February 27
--------------------------------------------------------
Creditors of LLC LINK-WEST (EDRPOU 35031687) have until
Feb. 27, 2009, to submit proofs of claim to:

         A. Nesterenko
         Insolvency Manager
         Office 89
         Tampere St. 17/2
         02105 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/57-?.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy street 44-b
         01030, Kiev
         Ukraine

The Debtor can be reached at:

         LLC Link-West
         Artem St. 37-41
         04053 Kiev
         Ukraine


METRAZH-D LLC: Creditors Must File Claims by February 27
--------------------------------------------------------
Creditors of LLC METRAZH-D (EDRPOU 35163820) have until
Feb. 27, 2009, to submit proofs of claim to:

         I. Tsiganenko
         Insolvency Manager
         Office 32
         Pobeda Quay 108, b. 7
         49094 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk region commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No B24/6-09.

The Court is located at:

         The Economic Court of Dnepropetrovsk region
         Kujbishev St. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Metrazh-D
         Office 31
         Pogrebniak St. 27
         Dnepropetrovsk
         Ukraine


OKSAMYT PLUS: Creditors Must File Claims by February 27
-------------------------------------------------------
Creditors of LLC OKSAMYT PLUS (EDRPOU 34762015) have until
Feb. 27, 2009, to submit proofs of claim to:

         A. Nesterenko
         Insolvency Manager
         Office 89
         Tampere St. 17/2
         02105 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/55-?.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy street 44-b
         01030, Kiev
         Ukraine

The Debtor can be reached at:

         LLC Oksamyt Plus
         Pshenichnaya St. 2
         03148 Kiev
         Ukraine


RODOVID BANK: Fitch Cuts Long-Term Issuer Default Rating to 'D'
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Rating
of Ukraine's Rodovid Bank to 'D' from 'CC'.

The downgrade of the LT IDR reflects Fitch's understanding that RB
is currently not servicing all of its liabilities in full in a
timely manner.  At the same time, the agency has withdrawn all the
bank's ratings and Fitch will no longer provide rating or
analytical coverage of RB.

Rating actions on Rodovid Bank are:

  -- Long-term IDR: downgraded to 'D' from 'CC'; rating withdrawn

  -- Short-term IDR: downgraded to 'D' from 'C'; rating withdrawn

  -- Support Rating: affirmed at '5'; rating withdrawn

  -- Individual Rating: downgraded to 'F' from 'E'; rating
     withdrawn

  -- Support Rating Floor: affirmed at 'No Floor'; rating
     withdrawn

  -- National Long-term rating: downgraded to 'D(ukr)' from
     'B(ukr)'; rating withdrawn

  -- Senior unsecured debt: downgraded to 'CC(ukr)' from 'B(ukr)';
     rating withdrawn


SANTEKS LTD: Creditors Must File Claims by February 27
------------------------------------------------------
Creditors of LLC Santeks Ltd (EDRPOU 35159222) have until
Feb. 27, 2009, to submit proofs of claim to:

         A. Nesterenko
         Insolvency Manager
         Office 89
         Tampere St. 17/2
         02105 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/69-?.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy street 44-b
         01030, Kiev
         Ukraine

The Debtor can be reached at:

         LLC SANTEKS LTD
         Office 2
         Vozdukhoflotsky avenue 21/2
         03151 Kiev
         Ukraine


* Fitch Downgrades Ukraine's Issuer Default Ratings to 'B'
----------------------------------------------------------
Fitch Ratings has downgraded Ukraine's Long-term foreign and local
currency Issuer Default Ratings to 'B' from 'B+'.  This reflects
increased risk of a banking and currency crisis in Ukraine, due to
intensified stress on the financial system and greater risks to
successful implementation of Ukraine's IMF-supported programme.
The Outlooks on both IDRs are Negative.  The agency has also
downgraded the Country Ceiling to 'B' from 'B+'.  The Short-term
foreign currency IDR is affirmed at 'B'.

"The political consensus needed for Ukraine to adhere to its IMF-
backed programme is fragile, while the global and regional
macroeconomic environment has deteriorated further since the
previous downgrade in October 2008," says Andrew Colquhoun,
Director in Fitch's Sovereigns Group.

Stress on Ukraine's heavily-dollarised financial system has
intensified. Local-currency deposits in the banking system fell
7.4% month-on-month in January 2009, while FX deposits fell 2.2%.
The central bank has taken six banks into administration.  Fitch
has downgraded the Individual ratings of six banks since October
2008.  The NBU has announced that larger banks so far audited need
an additional UAH22 billion in capital, around 2% of projected
2009 GDP. More will be needed as smaller banks are audited, while
a further deterioration in the economy or a sharp fall in the UAH
could increase the requirement, and potentially the call on the
sovereign to provide the resources.

The UAH remains under downwards pressure.  The NBU has come under
political pressure to stem the currency's depreciation, even at
the cost of draining reserves, which fell to US$28.8 billion by
end-January 2009, 24% down from an end-August 2008 peak of US$38.1
billion.  A full banking and currency crisis would damage the real
economy and the sovereign's financing options, directly impairing
sovereign creditworthiness.  The sovereign faces a US$0.5 billion
eurobond maturity in August 2009, and a possible additional CHF768
million in September 2009 if holders choose to exercise put
options.  The sovereign's ability to service this debt remains
supported by reserves of US$28.8 billion, although Fitch is
concerned that willingness to pay may be eroded by a full
financial crisis.

The IMF has warned that risks remain high to successful
implementation of Ukraine's programme, matching US$16.4 billion of
IMF finance to tough policy conditions including a freer exchange-
rate float and a fiscal tightening towards balance.  The degree of
exchange rate management by the NBU, arguably, has gone against
the spirit of the programme, while the 2009 budget targets a
deficit of 3% of GDP.  On balance, Fitch still expects the next
US$1.9bn tranche to be disbursed, possibly with a delay.  However,
Fitch is concerned that the program is at risk from the difficulty
of securing the necessary policy consensus in a challenging
political environment.  Even if the program remains on track, the
further deterioration in global economic prospects since October
2008 adds to the difficulties facing Ukraine.  Fitch expects the
economy to contract 4.5% in 2009, making fiscal tightening more
difficult to implement.


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


ACCESS SCAFFOLDING: Appoints Joint Administrators from Tenon
------------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon Recovery
were appointed joint administrators of Access Scaffolding (Essex)
Ltd. on Jan. 23, 2009.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


AMERICAN INT'L: SFO Launches Probe Into Unit's UK Operations
------------------------------------------------------------
The Serious Fraud Office on Thursday, Feb. 12, launched a
preliminary inquiry into the UK operations of AIG Financial
Products Corp., a subsidiary of American International Group Inc.
(AIG).

The SFO is cooperating with US authorities who are already
conducting separate, independent investigations involving conduct
at AIG Financial Products Corp and with UK- based financial
services regulator, the Financial Services Authority.  SFO's
inquiry does not concern the insurance operations of AIG in the UK
or elsewhere.

The Director of the Serious Fraud Office, Richard Alderman, said:
"It is right for us to look into the UK operations of AIG
Financial Products Corp., to determine if there has been criminal
conduct.  We will use our full range of powers to seek information
and to speak to those with an inside knowledge of the company's
operations."

AIG Financial Products Corp. and AIG are cooperating with the SFO
and have offered their assistance to the SFO as it conducts its
inquiry.

BBC News recalls the financial products division racked up huge
losses on, among other investments, sub-prime mortgages, which led
to AIG being bailed out by the US taxpayer in September last year.

"They've had very serious valuation losses on their products and
that really played a very large role in the financial troubles AIG
has had over the past year," company spokesman Nick Ashooh told
BBC Radio Five Live.

"We're effectively winding down most of the businesses involved
with it.....and reducing our financial exposure and continuing on
with our other very successful insurance businesses."

According to the Daily Telegraph's Yvette Essen, the division
had a "market valuation loss of US$11.5 billion" (GBP8.1 billion)
related to its credit default swap portfolio.

                            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.


CEDO PLC: Moody's Cuts Ratings on Three Tranches to Ca
------------------------------------------------------
Moody's Investors Service has affirmed the ratings of three notes
issued by CEDO PLC and downgraded the ratings of three loan
facilities borrowed by CEDO PLC.  In addition the ratings of the
three loan facilities will be withdrawn.

The downgrades and subsequent withdrawals are the result of the
execution of a Termination Deed from the February 6, 2009
regarding the loan facilities, which resulted in the termination
of the loan facilties.  Moody's views this restructuring as a
distressed exchange which had the effect of allowing the SPV to
avoid a payment default at maturity.

The ratings actions:

CEDO PLC:

(1) Floating Rate Loan Facility in relation to Series 4 Tranche D
EUR73,000,000 Asset-Backed Deferrable Floating Rate Notes due 2012

  -- Current Rating: Ca, to be withdrawn
  -- Previous Rating: B3
  -- Prior Rating Action Date: 21 January 2009, rating downgraded

(2) Floating Rate Loan Facility in relation to Series 4 Tranche E
EUR47,000,000 Asset Backed Deferrable Floating Rate Notes due 2012

  -- Current Rating: Ca, to be withdrawn
  -- Previous Rating: Caa1
  -- Prior Rating Action Date: 21 January 2009, rating downgraded

(3) Floating Rate Loan Facility in relation to Series 4 Tranche F
EUR17,000,000 Asset Backed Deferrable Floating Rate Notes due 2012

  -- Current Rating: Ca, to be withdrawn
  -- Previous Rating: Caa2
  -- Prior Rating Action Date: 21 January 2009, rating downgraded

(4) Series 4 Tranche D EUR73,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012

  -- Current Rating: B3
  -- Previous Rating: B3
  -- Prior Rating Action Date: 21 January 2009, rating downgraded

(5) Series 4 Tranche E EUR47,000,000 Asset Backed Deferrable
Floating Rate Notes due 2012

  -- Current Rating: Caa1
  -- Previous Rating: Caa1
  -- Prior Rating Action Date: 21 January 2009, rating downgraded

(6) Series 4 Tranche F EUR17,000,000 Asset Backed Deferrable
Floating Rate Notes due 2012

  -- Current Rating: Caa2
  -- Previous Rating: Caa2
  -- Prior Rating Action Date: 21 January 2009, rating downgraded


CENTURY WEB: Administrator Seeks Potential Buyer
------------------------------------------------
Smith & Williamson, the accountancy and financial services group,
is looking for a buyer for Century, which is based near Falmouth
in Cornwall and employs 10 staff.

The company, which trades as Century Web Offset Ltd, not to be
confused with Century Litho (Truro) Ltd, printed for more than 200
customers in the tourism industry alone each year and drew upon
decades of experience.

Century, located at an industrial estate in Penryn, was started a
few miles away in a Truro basement in 1975.

Staff increased from the original two to 100 during its peak as
demand grew for magazines, catalogues and brochures.

Greg Palfrey, from Smith & Williamson's south coast office in
Southampton, is handling the administration.

Mr. Palfrey said: "We have already received a number of
expressions of interest for Century.  It was one of the largest
printing firms in the region, with some of the most extensive
print capabilities available.

"Unfortunately, despite being highly respected, it joins the
growing list of printers across the UK which have fallen victim to
the downturn in what is already a highly competitive sector.  The
company had committed to a 10-year, GBP3 million investment in new
technologies and plant.  But the downturn came, so suddenly
servicing that debt, coupled with dwindling orders, meant the
business could not carry on.

"My priority now is to find someone keen to buy Century as a going
concern or to salvage as many of the assets as possible for the
creditors."

According to Century's website, the firm produced a range of
diverse products to public and private sector industries, from
simple leaflets, business cards and stationery to complex bespoke
marketing brochures and massive mail-order requirements.  Staff at
the south coast office of Smith & Williamson in Southampton have
previous experience in dealing with troubled printers.  They acted
for creditors of Integrity FSP, a high-profile digital print firm
near Portsmouth which published Home Information Packs and
collapsed with the loss of 35 jobs in October 2007.  Print Week,
the industry's "bible", recently reported that 80 print firms
across the country are believed to be on the "critical" list as
the recession deepens.


CONTRACT APPLIANCES: PwC Named Joint Administrators
---------------------------------------------------
Stuart David Maddison and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint administrators of
Contract Appliances Ltd. on Jan. 29, 2009.

The company can be reached at:

         Contract Appliances Ltd.
         Unit 8 Coalville Business Park
         Jackson Street
         Coalville
         Leicestershire
         LE67 3NR
         England


CULLEN PACKAGING: Goes Into Administration; 150 Jobs at Risk
------------------------------------------------------------
Cullen Packaging has gone into administration, putting 150 jobs at
risk, packagingnews.co.uk reports.

The report relates Fraser Gray, Elizabeth Mackay and Anne O'Keefe
were appointed joint administrators of Robert Cullen and Sons and
Taliesin Holdings on Wednesday, February 11.

Based in Glasgow, Cullen Packaging produces a range of products
including retail-ready packaging and recycling bins, the report
discloses.


ENERGY BATTERIES: In Administration; KPMG Appointed
---------------------------------------------------
Corby-based Energy Batteries Limited has gone into administration.
Mark Orton and Richard Philpott of KPMG Restructuring were
appointed joint administrators on February 10, 2009.

The business which employed 46 people is a wholesaler and supplier
of commercial and industrial batteries to a number of markets.
However, it had been experiencing trading difficulties as a result
of a decline in sales in key sectors, especially within the
automotive marketplace.

Mark Orton, joint administrator from KPMG Restructuring in the
Midlands said: "Over the next few days we will be working to
stabilise the business while we are seeking a buyer.
Unfortunately, the business is unable to sustain the employment of
all 46 employees and as a result, we have had to make 38 people
redundant upon appointment.  This will enable us to stem the
losses while we look to secure a future for the business."


EUROHOME MORTGAGES: Fitch Cuts Ratings on Two Tranches to 'C'
-------------------------------------------------------------
Fitch Ratings has downgraded all six tranches of the pan-European
transaction, Eurohome Mortgages 2007-1 plc.  The agency has
simultaneously removed classes A to D from Rating Watch Negative
and assigned Negative Outlooks to classes A to C.  A Distressed
Recovery Rating of 'DR6' has been assigned to class D.

The rating actions are:

  -- Class A (ISIN XS0309227279) downgraded to 'A' from 'AA';
     Negative Outlook assigned

  -- Class B (ISIN XS0309230497) downgraded to 'BBB' from 'A';
     Negative Outlook assigned

  -- Class C (ISIN XS0309232196) downgraded to 'B' from 'BBB';
     Negative Outlook assigned

  -- Class D (ISIN XS0309232600) downgraded to 'CC' from 'B';
     Distressed Recovery Rating 'DR6' assigned

  -- Class E (ISIN XS0309233244) downgraded to 'C' from 'CC';
     Distressed Recovery Rating affirmed at 'DR6'

  -- Class X (ISIN XS0309234309) downgraded to 'C' from 'CC';
     Distressed Recovery Rating affirmed at 'DR6'

  -- German Mortgage Early Repayment Certificates (ISIN
     XS0309236007) affirmed at 'AAA'; Outlook Stable

  -- Italian Mortgage Early Repayment Certificates (ISIN
     XS0309788031) affirmed at 'AAA'; Outlook Stable

The downgrades follow the latest investor report for February
2009, which showed the full depletion of the reserve fund,
EUR275,002 as of Q408, and EUR1.3 million worth of debit balance
allocated to the principal deficiency ledger of the class E notes.
The reserve fund draws and more recently outstanding debit balance
on the class E PDL are a result of provisioning for defaulted
loans in the Italian part of the pool.  In February 2009, reported
defaulted loans amounted to EUR2.1 million, bringing the
cumulative balance of defaulted loans to EUR6.4 million, or 3.28%
of the initial portfolio outstanding.

The latest investor report showed further increases in loans with
three or more missed payments.  The breakdown of missed payments
in the Italian part of the pool shows stability in real terms,
however, the bucket indicating nine to 12 missed payments
continues to grow.  According to the investor report, the
percentage of such loans in the Italian pool represented 1.8% of
the portfolio outstanding.  Based on the current flow of arrears,
Fitch expects to see similar volumes of defaults flow through the
PDLs.  The agency believes that the PDL of class E notes will
build up to 100% of its current outstanding amount (from a present
31%) and that first debit balances outstanding on the class D PDL
can be expected thereafter.  Fitch expects that the class E
noteholders are likely to stop receiving interest payments due on
the notes during the course of 2009, due to restrictions in the
liquidity facility agreement.  A similar scenario is expected for
the class D notes, which is why Fitch has assigned a Distressed
Recovery Rating of 'DR6' to this tranche and affirmed a 'DR6'
rating for the class E and X notes.

As stated in previous commentaries, the foreclosure period in
Italy can take up to six years, which is why the agency does not
expect to see recoveries on provisioned loans being realised in
the near future.

In the German part of the pool, terminated loans, defined as
mortgage loans more than 120 days past due, make up 10.33% of the
German pool outstanding.  In addition, the pool comprising of 100%
fixed loans, has shown little to no signs of prepayments.  As of
February 2009, the German pool stood at 93.67% of the original
amount, with EUR3.5 million (3.3% of the portfolio at close) being
repurchased by the issuer, as a result of undistributed further
advances.  No losses have been reported to date, but with weighted
average loan-to-value ratios of 100.47% the agency expects to see
high principal losses realized in the course of 2009.  Such losses
would put additional pressure on the transaction.

The lock out period for the Italian part of the pool ends in April
2009, when EUR20.4 million will be released to the class A
noteholders, and will in turn help build up the credit enhancement
of the notes.  However, if Italian defaults continue at the
current pace, and losses begin to be realized in the German part
of the pool, PDL balances will build up, limiting the issuer's
ability to draw on the liquidity facility in order to pay interest
due on the notes.  This in turn would likely lead to deferral of
interest and an accumulation of the issuer's obligations to the
noteholders.

The liquidity facility for the transaction is provided by Deutsche
Bank AG ('AA-'(AA minus)/Rating Watch Negative/'F1').  The loans
in the German pool were originated by Deutsche Bank AG, while
Deutsche Bank Mutui S.p.A. granted the loans in the Italian part
of the pool.  Both entities continue to service their respective
portfolios.

Fitch will continue to monitor the performance of the transaction,
which might result in further rating actions, if deemed necessary.


JEBRON: Goes Into Administration; Begbies Traynor Appointed
-----------------------------------------------------------
Black Country manufacturer Jebron and its sister company Jebron
Plating have gone into administration.

Administrators James Martin and John Lowe of business recovery
specialists Begbies Traynor said the move was necessary to secure
the future of the two businesses, which are based in Kings Hill,
Wednesbury.

James Martin said that Jebron, which makes door closers and floor
springs, and Jebron Plating, one of Britian's largest specialist
aluminium platers, both have strong order books and the prospects
for the businesses were promising

"Jebron is trading profitably and Jebron Plating has shown recent
signs of improvement, but the businesses were struggling to meet
their commitments in terms of some historic debt.  The directors
took the decision to go into administration to seek protection and
lay the foundations for a secure future," Mr. Martin added.

The companies, which have a combined turnover of GBP6 million,
will continue to trade as going concerns as the administrators try
to arrange a re-financing package or seek a buyer.

No immediate redundancies are planned among the 90-strong
workforce.

Jebron was founded in 1926 as J&E Brown, making fittings for cars
including the legendary range of winged radiator cap mascots.
During the war the company produced precision parts for tanks and
heavy artillery.

It later developed and designed a new type of engine for Norton
motor cycles.

The first door closer was produced in 1951.

Jebron Plating was initially an in-house facility to assist in
door closer production, but it became a separate company in 1989,
providing Jebron with its unique electro plating processes and
undertaking contracts for a wide range of manufacturers from the
window, door, brewery, domestic appliance and electrical
industries.


LAND OF LEATHER: Administrators In Talks with Potential Buyers
--------------------------------------------------------------
Lee Manning, Deloitte Partner and Joint Administrator, commented:
"While it has not yet been possible to sell Land of Leather, we
continue to talk to interested parties, and our goal remains to
find a buyer for the business as a going concern.  However, it is
prudent to make contingency plans and we have notified all
employees of the risk of redundancy and store closures should a
buyer for the business not be found.

"We would like to reassure customers that we are still receiving
goods from suppliers and our aim remains to fulfil as many
existing orders as possible.  Land of Leather will be speaking to
or writing to all customers with outstanding orders with an update
within the next week."

Land of Leather currently operates 82 stores across the UK and the
Republic of Ireland, and the company employs 656 members of staff
in total.


LIKE & SONS: Taps Joint Administrators from Baker Tilly
-------------------------------------------------------
Graham Paul Bushby and Bruce Alexander Mackay of Baker Tilly
Restructuring & Recovery LLP were appointed joint administrators
of J. V. Like & Sons (Hay) Ltd. on Jan. 26, 2009.

The company can be reached at:

         J. V. Like & Sons (Hay) Ltd.
         Javel House
         Javel Estate
         Three Cocks
         Brecon
         Powys
         LD3 0SL
         England


P.C. PACKAGING: Appoints Joint Administrators from PwC
------------------------------------------------------
Anthony Steven Barrell and David Matthew Hammond of
PricewaterhouseCoopers LLP were appointed joint administrators of
P.C. Packaging Ltd. on Jan. 28, 2009.

The company can be reached through PricewaterhouseCoopers LLP at:


         Hill House
         Richmond Hill
         Bournemouth
         BH2 6HR
         England


P J ROWAN: Appoints Joint Liquidators from Grant Thornton
---------------------------------------------------------
Neil Tombs and Leslie Ross of Grant Thornton UK LLP were appointed
joint liquidators of P J Rowan Ltd. on Jan. 21, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         P J Rowan Ltd.
         Enterprise House
         115 Edmund Street
         Birmingham
         B3 2HJ
         England


POUNDWORLD LTD: Goes Into Liquidation; Begbies Traynor Appointed
----------------------------------------------------------------
Adrian Rabet and Alan Roberts of business rescue, recovery and
restructuring specialist Begbies Traynor have been appointed by
the Court as joint liquidators of Poundworld (Jersey) Limited
which has four branches in Jersey and one in Guernsey.

The move comes following a deterioration in trading conditions
which, combined with last year's introduction of a 3% Goods &
Services Tax, led the directors to the reluctant conclusion that
their hopes of trading out of current financial difficulties were
unrealistic.

The decision to put the company into immediate liquidation under
the Companies (Jersey) Law 1991 by Acte of the Royal Court of
Jersey, underlines the directors' commitment to maximizing returns
to creditors.

Under the terms of the winding up order made on February 5, 2009,
Poundworld's shops will remain open to retail customers for up to
six weeks in order to sell as much stock as possible.

"It was inevitable that the company would be wound up at some
point in the not-too-distant future but in the event, the
directors of Poundworld needed to act quickly to safeguard the
best interests of their creditors and ensure that they did not
find themselves in the position of trading illegally," Adrian
Rabet, director at the Jersey office of Begbies Traynor,
explained.

"Begbies Traynor are licensed insolvency practitioners and it is
our role to liquidate assets and bring Poundworld to a
constructive conclusion in the best interests of the general body
of creditors and under the supervision of the Court.

"We are extremely sensitive to the impact that Poundworld's
closure will have on the islands' communities and recognize that
the speed of events has taken many people by surprise.

"The fact is that, having reached the point of no return, the
directors made the most sensible  decision in the circumstances.
As liquidators we are now doing our utmost to bring matters to as
satisfactory a conclusion as possible for all parties involved."


ROBERT DUNCAN: Bought Out of Administration
-------------------------------------------
Gateshead timber merchant Robert Duncan (Timber) Ltd has been
acquired out of administration less than a week after
administrators were called in.

Gerald Krasner and Andrew Haslam of Begbies Traynor in Newcastle,
were appointed Joint Administrators to the company on Friday,
January 30, 2009.

The GBP7.5 million company, which employs 45 people is based in
Felling, Gateshead was established over sixty years ago, and until
last week was being run by the third generation of the Duncan
family.  Last year the company took the step to close three depots
in Pontefract, Middlesbrough and Leeds with the loss of over 20
jobs.

Joint Administrator Andrew Haslam said: "Efforts were underway all
last week to find a buyer and secure of sale of the business as a
going concern, which was the best possible way to save as many of
the jobs as possible, and recover funds for the creditors."

"I am delighted to confirm that, following a short trading period,
the Joint Administrators have been successful in selling the
business to a local competitor, M H Southern Limited, in a deal
that which will safeguard jobs and allow the business to continue
to trade in Gateshead."

"The sale will also ensure continuity of supply for all Robert
Duncan's customers and result in the maximum return for the firm's
creditors.

"In the current economic climate, it was crucial that we found a
swift resolution to the Company's problems was found.  The fact
that M H Southerns are another local North East firm that knew
Robert Duncan well certainly helped and together we were able to
complete the transaction within a very tight timescale, allowing
the business to be rescued," Mr. Haslam concluded.


SANDRINGHAM HOTEL: Gets 10 Expressions of Interest
--------------------------------------------------
Smith & Williamson was appointed administrator to seek buyers for
the 53-bedroom Sandringham Hotel in Portsmouth.

The debt-laden budget hotel, on the edge of Southsea Common, went
into administration in December.

Greg Palfrey, joint administrator with accountancy and financial
services group Smith & Williamson, said: "We have received 10
serious expressions of interest.

"We have been approached by developers, who see an opportunity in
converting the building into apartments with views of the Solent
and Isle of Wight, and potential investors who would like to make
a go of running the property as a profitable hotel.

"Our priority is to accept the best viable offer on behalf of
creditors so that they receive the highest returns possible.
Meanwhile the hotel continues to trade on."

Mr. Palfrey, based at the south coast office of Smith & Williamson
in Southampton, is working jointly on the case with James Money
from the London office.

Smith & Williamson said the Sandringham had been operated by a
Southsea-registered firm, Beacon Commercial Limited.


STAFFORDSHIRE TRADE: PKF Named Joint Liquidators
------------------------------------------------
Ian J. Gould and Edward T. Kerr of PKF (UK) LLP were appointed
joint administrators of Staffordshire Trade Parts Specialists Ltd.
on Jan. 28, 2009, for the creditors' voluntary winding-up
proceeding.

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

         New Guild House
         45 Great Charles Street
         Queensway
         Birmingham
         B3 2LX
         England


T B SCAFFOLDING: Appoints Joint Administrators from Tenon Recovery
------------------------------------------------------------------
Stanley Donald Burkett-Coltman and Nigel Ian Fox of Tenon Recovery
were appointed joint administrators of T B Scaffolding Ltd. on
Jan. 23, 2009.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


* UK: Administrations in England Wales Soar to 2,018 in 4Q 2008
---------------------------------------------------------------
The number of companies being placed into administration in
England and Wales has surged to 2,018 in the fourth quarter of
2008, according to statistics released Friday, Feb. 6, by the
Government's Insolvency Service.  This figure should however be
adjusted downwards to reflect a single appointment involving 729
managed service companies in September 20008.  The adjusted figure
of 1,289 is still 124% higher than in the fourth quarter of 2007,
when 575 new administrations were recorded and 28% higher than the
1,007 administrations announced in the third quarter of 2008.

The single appointment over 729 managed service companies was
second only to Grant Thornton's record appointment as
administrators of 844 companies managed by tax solutions provider
Asciom Solutions Ltd. and Safe Solutions Ltd. in Q4 2006.

Company insolvencies in England and Wales also jumped by 51.6% to
a total of 4,607 in the final quarter of 2008 compared to the same
period the previous year, when 3,039 liquidations were recorded.
This represented an increase of 11.9% on the third quarter of
2008, which saw 4,118 liquidations.

"These numbers are bad, but they are going to get progressively
worse as business and consumer confidence continues to fall,"
Malcolm Shierson, Partner at Grant Thornton's Recovery and
Reorganisation practice, said.

"Companies across all sectors will struggle when they need to
refinance their debt as lenders rein back on  corporate lending,"

"On top of this, the arteries of business are being clogged up as
credit insurers cut back on the provision of cover for suppliers
and contractors," Mr. Shierson added.

"More retail businesses will run into difficulties as British
consumers maintain a negative outlook in the face of rising
unemployment, which is  predicted to reach three million, as well
as a decline in spending power following significant rises in
essential household expenditure," Mr. Shierson specified.

"It is vital that companies facing liquidity problems or
difficulties refinancing their debt seek professional advice
immediately," Mr. Shierson warned.

Please note that these figures are available at:
http://www.insolvency.gov.uk/otherinformation/statistics/200902/i
ndex.htm

Grant Thornton UK LLP -– http://www.grantthornton.co.uk/–- is a
financial and business adviser with  offices in 30 locations
nationwide and more than 25,000 individual and 15,000 corporate
and institutional clients.


* UK: E&Y Report Shows Significant Rise in Corporate Insolvencies
-----------------------------------------------------------------
Liz Bingham, London Head of Restructuring at Ernst & Young
commented: "The dramatic quarterly rise in both corporate and
individual insolvencies in Q4 2008 is a vivid reflection of the
stresses in the UK economy.  Demand has fallen off a cliff many
industries, and with consumers weighed down by debt and concerns
about the future; it certainly feels like a bleak midwinter."

Corporate Insolvencies

"The number of corporate insolvencies has risen significantly, but
we certainly haven't reached the peak as companies remain mired by
the credit squeeze and rapidly diminishing demand.

"A recent report from Ernst & Young revealed the growing strain on
UK companies with profit warnings from quoted companies reaching
449 in 2008, the highest yearly total since 2001.  Already in
2009, we have seen a blizzard of profit warnings with 50 recorded
in the year so far.  This is slightly less than the same period in
2008, due to the most part by a significant decrease in the number
of retail profit warnings.  Ostensibly, this is surprising, but
severely restrained expectations and insolvency appear to have
diminished the number of warnings from the long-beleaguered
sector, where most areas outside of 'value' continue to suffer
sharp falls in consumer demand.

"And there is no sign of respite ahead.  The Ernst & Young ITEM
Club believes that UK growth will drop from 0.7% in 2008 to - 2.7%
this year and -0.5% in 2010.  The UK is now in the midst of a
prolonged and painful recession and continuing credit contraction
will only amplify the impact of any slowdown on corporate health
with many millions of pounds of debt up for refinancing in the
coming year."

Individual Insolvencies

"A steep rise in individual insolvencies has been expected for
some time.  Many consumers have been living in the edge of their
resources without the safety net of savings or home equity for a
while now.  With UK household debt around 170 per cent of
disposable income, this was always a perilous position for the UK
consumer to approach a credit crunch and a recession in which many
thousands will lose their jobs.  The 161,000 increase in the
number of people claiming unemployment benefits in November and
December is a deeply worrying figure given the lack of buffer
built up by households for the bad times ahead.

"There are early signs that households are now saving more, but
paradoxically increasing retrenchment and thrift could make the
outlook for consumer facing businesses far worst.

"For the consumer at least there will be some relief in 2009 from
falling prices as CPI is set to fall below the 1% threshold.  But
real disposable incomes are also expected to fall by 0.4% in 2009,
and to recover by just 1.1% in 2010, according to ITEM who also
expect unemployment to hit 2.7m by the end of the year. It is a
long road out of the woods yet."

                     About Ernst & Young

Ernst & Young LLP -- http://www.ey.com/--  provides assurance,
tax, transaction and advisory services.


* UK: E&Y Report Shows Media Industry Faces Structural Challenges
-----------------------------------------------------------------
A report released by Ernst & Young Wednesday, Feb. 11, on the
media sector highlights that cable and pay television, B2B
publishers and diversified agencies are best placed to weather the
current downturn.  Commercial television and radio are highly
exposed with newspapers performing worse than in previous
recessions.

The report, Media & Entertainment…by numbers, shows that the UK
media industry is suffering from the 'multiplier effect' – media
companies' structural challenges are being exacerbated by the
onset of the recession.

Michael Rudberg, Head of media and entertainment at Ernst & Young
comments: "The primary structural challenges faced by the media
sector include the migration online and viewer fragmentation.
These trends were not as prevalent in previous recessions and will
be amplified in the current downturn as consumers increasingly
turn to the web for free content and advertisers increasingly
demand measurable return on investment for their reduced
advertising spend."

          Cable, Pay Television and B2B Publishers

Cable, pay television and B2B publishers will be the best
recessionary performers thanks to their low exposure to
advertising and a large subscriber base.  An increase in the
revenue generated from corporate non-discretionary spending such
as professional publishing and online data products also makes B2B
more robust than in past recessions.

Large media agencies will also be among those who will remain
resilient as the consolidation process that has been going on for
over 20 years has made the industry stronger, more diverse and
geographically broader.  Emerging markets are still presenting a
growth opportunity and therefore a strong international strategy
is a must for media agencies if they are to offset the decline in
UK advertising spend.

Market research is another area where the recession is less likely
to hit.  Historically, the top research companies' organic growth
has outperformed that of the major advertising agencies.
Forecasts suggest that this will continue to be the case during
this recession.

It is already clear that those industries dependent on advertising
spend have suffered and will continue to do so.  However, as
advertising spend tends to overreact to GDP growth we are
expecting an upturn in the first half of 2010.

Luca Mastrodonato, media analyst at Ernst & Young commented:
"Unlike the previous two downturns, this one does not follow an
advertising spend boom.  In 2007, advertising spend as a
percentage of GDP was at its lowest level since 1993.  As a
result, advertisers will be quicker to increase advertising spend
during the recovery this time round."

"With advertising rates expected to fall throughout 2009 many
advertisers will see some traditional platforms (e.g. TV) as good
value for money when the recovery does happen to help them push
their brands back into the market."

While television has been one of the first areas to feel the
impact of the recession, it is also likely to benefit from the
recovery ahead of the curve.  Regional newspapers, which generate
half of their revenues from print classifieds, which are already
suffering from the migration online, will find the recovery more
challenging.

National newspapers and consumer magazines are also likely to
suffer as both will be exposed to the advertising downturn and the
slowdown in consumer spending.  Although certain titles will be
able to offset the pressure by increasing cover prices, this will
not be an option for all titles as readers move online for free
content.

                      Online Advertisers

As we continue to spend more time online advertisers are
increasing their presence.  Online advertising is estimated to
have reached approximately a fifth of all UK advertising spend in
2008, the highest penetration in Europe, and will almost certainly
overtake television as the largest advertising medium in 2009.
But to assume that a media accounting for a fifth of all
advertising budgets could be totally immune to a downturn would be
too optimistic.

Mr. Mastrodonato commented: "Although each online format will
experience different challenges, the one common theme will be the
shift of budgets from advertising focused on reach to more
engaging and performance-based formats such as search, which is to
increase this year.  This shift will cause a decrease in CPM
(cost-per-thousand) rates for basic banners which will impact
publishers' online revenues."

Mr. Rudberg commented: "Current consensus estimates point towards
a 0.2 percent decline in average operating margins for the FTSE
all-share media companies in 2009.  Given that the previous two
recessions saw the average operating margins for the main UK
listed media companies decline by 3 per cent and 4 per cent in
1991 and 2001 respectively, it would seem that the sector is
holding up well.  That said, we expect the worst economic
conditions in the UK in 60 years and the multiplier effect to
bring down bottom line expectations during the first half of
2009."

                     About Ernst & Young

Ernst & Young LLP -- http://www.ey.com/--  provides assurance,
tax, transaction and advisory services.


* Fitch Downgrades Ratings on Seven Tranches from Four CLOs
-----------------------------------------------------------
Fitch Ratings has downgraded seven tranches and four combination
notes from four collateralized loan obligations.  In addition
Fitch has assigned a Negative Outlook to 94 mezzanine and
subordinate tranches from 26 European CLOs.

These actions reflect several risk factors: a recent clustering of
corporate loan defaults, increasing 'CCC' exposure within CLO
portfolios, increasing Negative Outlooks assigned to corporate
loans and decreasing recovery expectations as the global
macroeconomic environment continues its downturn.  In a separate
comment issued today, Fitch notes the current economic environment
is characterised by declining asset valuations and a severe
reduction in available financing for distressed borrowers, which
has led Fitch to selectively revise its recovery estimates for
leveraged borrowers downwards primarily for credits and sectors
with the highest risk of a default.  Given these factors, Fitch
will continue to carefully monitor the CLO sector.

The four downgraded transactions detailed below have between 2.1%
and 5.2% exposure to recent credit events.  While Fitch's previous
ratings anticipated losses, the tight clustering of the recent
defaults and the low recovery expectations have led Fitch to
downgrade 'BB' and 'B' tranches as well as combination notes
comprising 'BB' and 'B' tranches.  In addition to the defaults, in
transactions with over-collateralisation cuts, the advent of
increasing 'CCC' exposure is pushing collateral coverage levels
closer to the trigger levels.  While this should benefit the
senior classes, there is an increasing likelihood that subordinate
tranches could be cut off from cashflow for an extended period.
Fitch's rating addresses the ultimate repayment of interest on
these notes so a temporary diversion of interest to de-leverage
the transaction would not be considered a default by Fitch.  The
credit concern is that if the notes capitalize interest for a
significant period of time it may be difficult to repay the
capitalized interest.

The Negative Outlooks reflect Fitch's long-term view of the
increased likelihood of downgrades primarily driven by lower-than-
expected recoveries relative to Fitch's 'BBB' and below stress
scenarios.  Across the European CLO sector, Negative Outlooks have
been assigned to 'BBB' and below tranches as well as combination
securities comprising these notes.  In the four downgraded
transactions, Negative Outlooks were also assigned to 'A' and
below rated tranches.

Fitch will continue to conduct regular surveillance of rated
European CLOs.

Avoca CLO V plc

  -- EUR237.5m Class A1A notes (ISIN: XS0256535567): 'AAA'; Stable
     Outlook assigned

  -- EUR66m Class A1B notes (ISIN: XS0256536029): 'AAA'; Stable
     Outlook assigned

  -- EUR46.5m Class A2 notes (ISIN: XS0256536532): 'AAA'; Stable
     Outlook assigned

  -- EUR34.5m Class B notes (ISIN: XS0256536888): 'AA'; Stable
     Outlook assigned

  -- EUR23.5m Class C1 notes (ISIN: XS0256537423): 'A'; Negative
     Outlook assigned

  -- EUR9.5m Class C2 notes (ISIN: XS0256538157): 'A'; Negative
     Outlook assigned

  -- EUR22.5m Class D notes (ISIN: XS0256538405): 'BBB'; Negative
     Outlook assigned

  -- EUR22m Class E notes (ISIN: XS0256539122): downgraded to 'B'
     from  'BB'; Negative Outlook assigned

  -- EUR10m Class F notes (ISIN: XS0256539635): downgraded to
     'CCC' from 'B';

Since Fitch's last rating action on 13 August 2008, Avoca CLO V
plc has suffered exposure to two defaulted issuers comprising 5.2%
of the portfolio.  As such the credit enhancement has shown
significant deterioration.  Avoca CLO V currently has 10.7%
exposure to 'CCC' assets compared to 0% at the last rating action.
The defaults and the increase in 'CCC' exposure could lead to the
failure of the class D coverage tests which would prevent any cash
distribution to the class E and F. The credit enhancement of the
class E and F are no longer consistent with a 'BB' and 'B' rating
definition respectively.  As such Fitch is downgrading class E to
'B' and class F to 'CCC'; the Class C1, C2, D and E are on
Negative Outlook.

Avoca CLO VII plc

  -- EUR284m Class A1 notes (ISIN: XS0289562745): 'AAA'; Stable
     Outlook assigned

  -- EUR62.5.m Class A2 notes (ISIN: XS0289563396): 'AAA'; Stable
     Outlook assigned

  -- EUR145m Class A3 notes (ISIN: XS0289564014): 'AAA'; Stable
     Outlook assigned

  -- EUR48.5m Class B notes (ISIN: XS0289565763): 'AA'; Stable
     Outlook assigned

  -- EUR42m Class C1 notes (ISIN: XS0289566571): 'A'; Negative
     Outlook assigned

  -- EUR4.5m Class C2 notes (ISIN: XS0290383412): 'A'; Negative
     Outlook assigned

  -- EUR23m Class D1 notes (ISIN: XS0289566902): 'BBB'; Negative
     Outlook assigned

  -- EUR8.5m Class D2 notes (ISIN: XS0290383768): 'BBB'; Negative
     Outlook assigned

  -- EUR28.25m Class E1 notes (ISIN: XS0289567546): downgraded to
     'B' from 'BB'; Negative Outlook assigned

  -- EUR2.75m Class E2 notes (ISIN: XS0290384493): downgraded to
     'B' from 'BB'; Negative Outlook assigned

  -- EUR14m Class F notes (ISIN: XS0289568437): downgraded to
     'CCC' from 'B' EUR40m Class V combination notes (ISIN:
     XS0290386431):

  -- 'AAA'; Stable Outlook assigned

Since Fitch's latest rating action on 13 August 13, 2008, Avoca
CLO VII plc has suffered exposure to two defaulted issuers
comprising 2.1% of the portfolio. As such, credit enhancement has
shown deterioration.  In addition, Avoca CLO VII also has 7.4%
exposure to 'CCC' assets compared to 0% at the last rating action.
The defaults and the increase in 'CCC' exposure could lead to the
failure of the class D coverage tests which would prevent any cash
distribution to the class E and F.  The credit enhancement of the
class E1, E2 and F are no longer consistent with a 'BB', 'BB' and
'B' rating definition respectively, as such Fitch is downgrading
class E1 and E2 to 'B' and class F to 'CCC'.  The Class C1, C2,
D1, D2, E1 and E2 are on Negative Outlook.

Harbourmaster CLO 6 B.V.

  -- EUR327.6m Class A1 notes (ISIN: XS0233868107): 'AAA'; Stable
     Outlook assigned

  -- EUR71m Class A2 notes (ISIN: XS0233873875): 'AAA'; Stable
     Outlook assigned

  -- EUR32m Class A3 notes (ISIN: XS0233875227) 'AA'; Stable
     Outlook assigned

  -- EUR4.5m Class A4E notes (ISIN: XS0233876209): 'A'; Negative
     Outlook assigned

  -- EUR8m Class A4F notes (ISIN: XS0233876381): 'A'; Negative
     Outlook assigned

  -- EUR15.6m Class B1 notes (ISIN: XS0233876621): 'BBB' ;
     Negative Outlook assigned

  -- EUR15.3m Class B2 notes (ISIN: XS0233877603): downgraded to
     'B' from 'BB'; Negative Outlook assigned

  -- EUR3.3m Class S1 combination notes (ISIN: XS0234258076):
     downgraded to 'B' from 'BB'; Negative Outlook assigned

  -- EUR9.3m Class S2 combination notes (ISIN: XS0234259470): 'A';
     Negative Outlook assigned

  -- EUR8.9m Class S3 combination notes (ISIN: XS0234260643):
     'AAA'; Stable Outlook assigned

  -- EUR9.0m Class S4 combination notes (ISIN: XS0234648375):
     downgraded to 'BB' from 'BBB'; Negative Outlook assigned

  -- EUR3.9m Class S6 combination notes (ISIN: XS0234649852):
     downgraded to 'B' from 'BB'; Negative Outlook assigned

Since Fitch's latest rating action on August 8, 2008,
Harbourmaster CLO 6 has suffered exposure to three defaulted
issuers comprising 4.8% of the portfolio.  As such the credit
enhancement has shown significant deterioration.  In addition,
Harbourmaster 6 also has 5.9% exposure to 'CCC' assets compared to
0% at Fitch's last rating action.  Given the current defaults, the
additional coverage test (the most junior over-collateralization
test) could soon be breached.  This would result in a partial
redemption of the class B2 notes, which reduces the credit risk on
these notes.  However, in Fitch's view this benefit is likely to
be temporary, as additional defaults in the portfolio would lead
to the failure of the class B1 coverage tests.  This failure would
then prevent any cashflow distribution to the class B2 notes.  As
such, the credit enhancement of the class B2 is no longer deemed
consistent with a 'BB' rating definition, and Fitch has downgraded
this class to 'B'.  Class A4E, A4F, B1 and B2 are on Negative
Outlook.

The combination notes S1 and S6 are both reliant on cash
distribution made to the class B2 and the equity holders.
However, the class B1 coverage test could become under pressure,
and consequently cashflow may be cut-off from both the junior and
the equity holders.  As such the agency is downgrading the
combination notes S1 and S6 to 'B' and has assigned them Negative
Outlooks.  In addition, the S4 combination notes (composed of B1
and B2 notes) have been downgraded as a result of the downgrade of
the B2 component.  S2 combination notes (composed of A4F and
unrated C notes), have been assigned a Negative Outlook to reflect
that of the underlying A4F note.

Harbourmaster CLO 7 B.V.

  -- EUR576m Class A1 floating-rate notes (ISIN: XS0273833516):
     'AAA'; Stable Outlook assigned

  -- EUR149m Class A2 floating-rate notes (ISIN: XS0273887363):
     'AAA'; Stable Outlook assigned

  -- EUR41m Class A3 floating-rate notes (ISIN: XS0273889229):
     'AA'; Stable Outlook assigned

  -- EUR38m Class A4 floating-rate notes (ISIN: XS0273890664):
     'A'; Negative Outlook assigned

  -- EUR38m Class B1 floating-rate notes (ISIN: XS0273891639):
     'BBB'; Negative Outlook assigned

  -- EUR21m Class B2 floating-rate notes (ISIN: XS0273893502):
     downgraded to 'B' from 'BB'; Negative Outlook assigned

  -- EUR1.6m Class S1 combination notes (ISIN: XS0273895200):
     downgraded to 'B' from 'BB'; Negative Outlook assigned

  -- EUR4.4m Class S2 combination notes (ISIN: XS0273896273):
     'AA'; Stable Outlook assigned

  -- EUR6.2m Class S4 combination notes (ISIN: XS0273897917):
     'BBB+'; Negative Outlook assigned

  -- EUR3.4 Class S5 combination notes (ISIN: XS0273900992): 'A-'
      (A minus); Negative Outlook assigned

Since Fitch's latest rating action on August 8, 2008,
Harbourmaster CLO 7 has suffered exposure to four defaulted
issuers comprising 3.4% of the portfolio.  As such, the credit
enhancement has shown significant deterioration.  In addition,
Harbourmaster 7 also has 4.3% exposure to 'CCC' assets compared to
0% at the last rating action.  Given the current defaults, the
additional coverage test (the most junior over-collateralization
test) could be breached.  This would result in a partial
redemption of the class B2 notes, which reduces the credit risk on
these notes.  However, in Fitch's view this benefit is likely to
be temporary, as additional defaults in the portfolio would lead
to the failure of the class B1 coverage tests.  This failure would
then prevent any cashflow distribution to the class B2 notes.  As
such, the credit enhancement of the class B2 is no longer deemed
consistent with a 'BB' rating definition, and Fitch has downgraded
this class to 'B'.  Class A4, B1 and B2 are on Negative Outlook.

The combination notes S1 is reliant on cash distribution made to
the class B2 and the equity holders.  However, the class B1
coverage test could come under pressure, and consequently cashflow
could be cut-off from both the class B2 and the equity holders.
As such the agency is downgrading the combination notes S1 to 'B'
and assigned it a Negative Outlook.  In addition the class S4 and
S5 combination notes have been assigned a Negative Outlook
reflecting the Outlook of the respective underlying class A4
notes.

For further information on the risks evolving in the underlying
loans backing Cashflow CLO's in Europe, please refer to Fitch's
Leveraged Finance group's publication 'Losses mount for European
Leveraged Loan Investors as Recession Bites' published earlier
today.  The report highlights many of the credit concerns
affecting the underlying loans in these portfolios.


* Fitch Says Trend of Rising Stressed European Loans to Continue
----------------------------------------------------------------
Fitch Ratings says in a special comment published that the recent
trend of rising stressed and distressed European leveraged loans
is expected to continue through to 2010, with estimated recoveries
well below historical precedents.

The agency estimates that while refinancing risk does not rise
materially across the whole market until 2013, default rates could
rise as high as 10-15% over the next 12-18 months, from 2.5% by
the end of January 2009, based on the number of shadow-rated
borrowers in Fitch's portfolio with the lowest Issuer Default
Ratings of 'B-*' (B minus) with Negative Outlook and below.  In
addition, declining asset valuations and a severe reduction in
available financing for distressed borrowers have led Fitch to
revise down its recovery estimates for many leveraged borrowers,
primarily for credits and sectors with the highest risk of a
default.

"The severe deterioration in the economy since Q308 has led to a
serious weakening in debt service coverage, particularly for
borrowers in cyclical sectors", says Pablo Mazzini, Senior
Director in Fitch's European Leveraged Financed group.  "Sectors
which are closely correlated with the economy, such as
building/materials, automobiles, chemicals and media-related
borrowers, will likely be most vulnerable to early distressed debt
restructurings."

Defaults are rising, reaching 2.5% at the end of January 2009 from
0.9% at Q407; however, the back-ended debt structures common to
many European leveraged loans may mean that some of the default
risk is deferred until 2013 when many bullet tranches fall due.
By then, those borrowers with stronger business models as well as
transactions structured on a more conservative basis after the
onset of the credit crunch are still expected to show some
evidence of de-leveraging.

Borrowers who need to restructure in 2009/2010, at a time when the
economic downturn is compounded by the continuing credit crisis,
will have several obstacles to overcome including much-reduced
availability of financing, little activity from trade buyers, the
possibility of contentious and delayed cross-border debt
restructurings, as well as diminished medium-term sales and profit
growth prospects, all of which translate into declining enterprise
value/EBITDA multiples.  These factors will make consensual debt
restructurings more difficult than in previous cycles.  As a
result, Fitch does not rule out the possibility of an increased
number of formal insolvencies that result in liquidations and
distressed asset sales, as seen in the recent cases of TMD
Friction, Edscha and Waterford Wedgwood.

While expected recoveries for junior debt (second lien and
mezzanine) were already low (generally in the 'RR6*'/ 0%-10%
range), the above factors are now limiting expected recoveries for
senior loans, which increasingly fall into the 'RR3*' category
(51%-70%), whereas previously the agency had estimated average
leveraged loan recoveries at the lower end of the 'RR2*' category
(71%-90%).

Fitch's (shadow-rated) portfolio principally comprises 2006/2007
vintage transactions, a period of aggressive structuring and
leverage, and as a result IDRs assigned between 2005 and 2007 were
overwhelmingly (83%) in the 'B-*'/'B*' range, in comparison to
2003-2005 when ratings were typically in the 'B*'/'B+*' range.  At
the end of January 2009, 52% of the shadow-rated portfolio of
approximately 300 European leveraged loans carried IDRs of 'B-*'
(B minus) or below (for an estimated amount of EUR90bn in total
debt) while those rated 'CCC*' and below represented 10% of all
shadow ratings.  This compared with 38% and 1% respectively as of
June 2007, at the onset of the credit crunch.  In addition, while
Fitch currently has a Stable Outlook on 60% of its shadow ratings,
the increase in the proportion of ratings that are either on
Negative Outlook or Rating Watch Negative is noteworthy, rising to
31% by the end of 2008, from 9% in Q407, signalling the
possibility of further negative rating actions.


* BOND PRICING: For the Week Feb. 9 to Feb. 13, 2009
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

BELGIUM
-------
Barry Calle SVCS         6.000    07/13/17 EUR    74.02

CYPRUS
------
Abh Financial Lt          8.200    06/25/12 USD    69.12
Alfa MTN Invest           9.250    06/24/13 USD    71.81

FRANCE
------
Alcatel SA                4.750    01/01/11     EUR      13.01
                          6.380    04/07/14 EUR    64.20

Bouygues                  5.500    10/06/26     GBP      75.27
BNP Paribas               0.250    12/20/14 USD    70.42
Calyon                    6.000    06/18/47     EUR      33.15
Cap Gemini SA             2.500    01/01/10     EUR      50.29
                          1.000    01/01/12     EUR      40.96
Soc Air France            2.750    04/01/20 EUR    18.47
Wavecom SA                1.750    01/01/14     EUR      30.75

GREECE
------
Antenna TV SA         7.250    02/15/15 EUR    52.50

HUNGARY
-------
Agrokor                7.000    11/23/11 EUR    70.37

IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      69.74
                          5.630    11/29/30 GBP    66.02
Alfa Bank                 8.630    12/09/15     USD      58.88
                          8.640    02/22/17 USD    50.88
Ardagh Glass              7.130    06/15/17 EUR    71.13
Banesto Finance Plc       6.120    11/07/37 EUR     6.12

Bank of Ireland           4.630    02/27/19 EUR    75.99
Bank Soyuz                9.380    02/16/10 USD    64.96

ITALY
-----
Banca Italease            3.000 06/30/11 EUR    63.63
                          3.000 09/30/11 EUR      61.38
LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13 USD    62.18
Ak Bars Bank              9.250    06/20/11 USD    72.77
Alrosa Finance            8.880    11/17/14 USD    70.63
Bank of Moscow            7.340    05/13/13 USD    71.69
                          7.500    11/25/15 USD    49.98
                          6.810    05/10/17 USD    44.68
Beverage Pack             8.000    12/15/16 EUR    70.75
                          9.500    06/15/17 EUR    43.88
Breeze                    4.520    04/19/27 EUR    45.89
Globus Capital            8.500    03/05/12 USD    49.42

NETHERLANDS
-----------
Aegon NV                  6.130    12/15/31 GBP    69.47
Air Berlin Finance BV     1.500    04/11/27 EUR    36.19
Alfa Bk Ukraine    9.750    12/22/09 USD   101.76
AL Finance BV             9.000    11/22/10     USD      59.92
ALB Finance BV            9.750    02/14/11 GBP    40.44
                          8.750    04/20/11 USD      44.87
                          7.880    02/01/12 EUR    39.87
                          9.250    09/25/13 USD    47.37
ASM International NV    4.250    12/06/11 USD    70.25
ASML Holding NV           5.750    06/13/17     EUR      65.34
Astana Finance            7.880    06/08/10     EUR      58.38
                          9.000    11/16/11 USD   100.43
ATF Capital BV            9.250    02/21/14     USD      62.17
BK Ned Gemeenten      0.500    06/27/18 CAD    69.04
                          0.500    02/24/25 CAD    47.58
Centercrdt Intl           8.000    02/02/11     USD      55.90
                          8.630    01/30/14 USD    41.62
Hit Finance BV         4.880    10/27/21 EUR    71.45
JSC Bank Georgia          9.000    02/08/12 USD    41.13
Turanalem Fin BV          7.130    12/21/09 GBP    71.63
                          7.880    06/02/10 USD    57.10
                          6.250    09/27/11 EUR    42.34
                          7.750    04/25/13 USD    44.52
                          8.000    03/24/14 USD    42.20
                          8.500    02/10/15 USD    46.16
                          8.250    01/22/37 USD    45.70

ROMANIA
-------
Bucharest                 4.130    06/22/15 EUR    52.10

SPAIN
-----
Abertis                   5.990    05/14/38 EUR    73.63
Abertis Infra    4.380    03/30/20 EUR    75.97
Auvisa                    4.790    12/15/27 EUR    65.63
Ayt Cedulas Caja         3.750    06/30/25 EUR    75.26
Bancaja                   4.380    02/14/17 EUR    71.67

UNITED KINGDOM
--------------
Alfa-Bank CJSC         9.250    07/26/10 USD   101.66
Amlin Plc               6.500    12/19/26 GBP    63.31
Anglian Water
  Finance Plc             2.400    04/20/35     GBP      44.61
Annes Gate Pppty          5.660    06/30/31 GBP    73.41
Ashtead Holdings          8.630    08/01/15 USD    59.13
Aspire Defence            4.670    03/31/40 GBP    60.49
Aviva Plc            5.250    10/02/23 EUR    60.58
                          5.75     11/14/21     EUR      66.24
                          6.880    05/22/38 EUR    52.38
                          6.880    05/20/58     GBP      71.73
Bank of India             6.630    09/22/21 USD    73.27
Barcklays Bk Plc          9.750    09/30/09     GBP      68.69
Beazley Group             7.250    10/17/26 GBP    70.34
Bradford&Bin Bld          7.630    02/16/10 GBP    75.25
                          5.500    01/15/18 GBP    19.94
                          5.750    12/12/22 GBP    24.87
                          6.630    06/16/23 GBP    22.86
                          4.910    02/01/47 EUR    66.45
BL Super Finance          4.480    10/04/25 GBP    72.00
Britannia Bldg            5.750    12/02/24 GBP    67.93
                          5.880    03/28/33 GBP    61.02
British Airways Plc       8.750    08/23/16 GBP    84.94
British Land Co    5.010    09/24/35 GBP    71.22
                          5.260    09/24/35 GBP    66.16
Brit Sky Broadca          6.000    05/21/27 GBP    74.42
British Tel Plc           5.750    12/07/28 GBP    70.66
                          6.380    06/23/37 GBP    73.63

Brixton Plc               5.250    10/21/15 GBP    69.48
                          6.000    09/30/19 GBP      57.98
Broadgate Finance Plc     4.850    04/05/31 GBP    71.09
                          5.000    10/05/31     GBP      65.85
                          5.100    04/05/33 GBP    57.86
                          4.820    07/05/33     GBP      68.89
Cattles Plc               7.880    01/17/14 GBP    18.75
                          8.130    07/05/17 GBP    19.13
CGNU Plc                  6.130    11/16/26 GBP    64.39
Heating Finance           7.880    03/31/14 GBP    59.63

                            *********

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

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

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

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

                            *********


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

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

Copyright 2009.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *