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        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

           Tuesday, February 24, 2009, Vol. 10, No. 38

                            Headlines

A U S T R I A

AUTOCENTER STOEGER: Claims Registration Period Ends March 10
AUTOHAUS STOEGER: Claims Registration Period Ends March 10
KAYOKO LLC: Claims Registration Period Ends March 11


B E L A R U S

BTA BELARUS: Fitch Junks Long-Term Issuer Default Rating


B E L G I U M

FORTIS SA/NV: Fitch Cuts Long-Term Issuer Default Ratings to 'BB'


F R A N C E

COMPAGNIE GENERALE: Fitch Cuts Michelin's Bond Rating to 'BB+'
RENAULT SA: Moody's Downgrades Long-Term Ratings to 'Ba1'


G E R M A N Y

BIOMASSEHOF BRANDENBURG: Claims Registration Ends March 27
HSH NORDBANK: Moody's Lowers Financial Strength Rating to 'D'
HYPO REAL ESTATE HOLDING: Flowers Doesn't Intend to Sell Stake
INEX GMBH: Claims Registration Period Ends March 30
L-FORM MOEBEL: Claims Registration Period Ends April 1

LPG-WELT GMBH: Claims Registration Period Ends March 24
POWER MOVING: Claims Registration Period Ends March 27
SCHULZ BUEROSYSTEME: Claims Registration Period Ends March 13


G E O R G I A

BTA GEORGIA: Fitch Junks Long-Term Issuer Default Rating


G R E E C E

YIOULA GLASSWORKS: S&P Gives Negative Outlook; Affirms 'B' Rating


I C E L A N D

KAUPTHING BANK: Court Extends Moratorium Until November 13
MOSAIC FASHIONS: Future Depends on Kaupthing Financial Support


I R E L A N D

ATLAS V: S&P Assigns Low-B Ratings on Series 1, 2, and 3 Notes
CASTLE FINANCE: Moody's Junks Ratings on Series 1 and 2 Notes
WELPLAN: Goes Into Liquidation; Owes About EUR1.5 Mln to Creditors


I T A L Y

FIAT SPA: Obtains EU1 Billion Loan, Law Firm Tells Bloomberg


K A Z A K H S T A N

ASTRA LLP: Creditors Must File Claims by March 27
BOSPHORUS CONSULTING: Creditors Must File Claims by March 27
BTA KAZAN: Fitch Junks Long-Term Issuer Default Rating
GEO SERVICE 2005 LLP: Creditors Must File Claims by March 27
KORVET LLP: Creditors Must File Claims by March 27

LADOS KAZALY: Creditors Must File Claims by March 27
NUR TALAP: Creditors Must File Claims by March 27
SHI PLAY: Creditors Must File Claims by March 27
SHYGYS DARYN: Creditors Must File Claims by March 27
TRANS MASH: Creditors Must File Claims by March 27


K Y R G Y Z S T A N

AK-KUU LTD: Creditors Must File Claims by March 13


N E T H E R L A N D S

ASTIR BV: Moody's Cuts Ratings on EUR60MM Series 18 Notes to 'Ca'


P O L A N D

ELEKTRIM: Vivendi Gets EUR1.9 Bln in Damages Over PTC Dispute


R U S S I A

BALAKHINSKIY METAL: Creditors Must File Claims by March 15
BALASHOVSKIY MACHINE-BUILDING: Court Names Insolvency Manager
BTA RUSSIA: Fitch Junks Long-Term Issuer Default Ratings
FREGAT OJSC: Creditors Must File Claims by March 15
GLAZOVSKIY PLYWOOD: Creditors Must File Claims by March 15

KLARANS LLC: Creditors Must File Claims by March 15
KOMSOMOLSKIY LOGGING: Court Names Temporary Insolvency Manager
MOSKOMMERTSBANK: Fitch Cuts Individual Rating to 'E'
NOVOZYBKOVSKIY MACHINE: Bryanskaya Bankruptcy Hearing Set June 4
ORSHANSKIY FLAX: Creditors Must File Claims by March 15

PROM-LES LLC: Creditors Must File Claims by March 15
RYBINSKIY SHIP-BUILDING: Creditors Must File Claims by March 15


S P A I N

AYT CAIXANOVA: Fitch Assigns 'BB-' Rating on EUR26 Mil. Notes
MADRID RMBS: S&P Puts 'B'-Rated Class E Notes to Watch Negative
FTPYME TDA: Fitch Downgrades Rating on Class 3SA to 'BB'
SANTANDER CONSUMER: Fitch Puts 'CCC' Ratings on EUR35.7 Mil. Notes


S W I T Z E R L A N D

GEBRUDER MULLER: Creditors Must File Proofs of Claim by Feb. 28
MAGIP LLC: Deadline to File Proofs of Claim Set Feb. 27
MAGUS INTELLECTUAL: Creditors Have Until Feb. 27 to File Claims
VERIFAX BADEN: Feb. 27 Set as Deadline to File Proofs of Claim
PAOLO LLC: Creditors' Proofs of Claim Due by Feb. 27

PROCESS SQUARE: Feb. 27 Set as Deadline to File Claims
VIN DI VIN: Creditors Must File Proofs of Claim by Feb. 28


T U R K E Y

* Moody's Withdraws 'B1' Rating on Municipality of Gaziantep


U K R A I N E

EUROBUILDING-LG LLC: Court Starts Bankruptcy Procedure
GRANIT STATE: Creditors Must File Claims by March 5
PAPIRUS PRODUCTION: Creditors Must File Claims by March 6
PORT-O-FRANKO LLC: Court Starts Bankruptcy Supervision Procedure
PROD-TK-TRADE LLC: Creditors Must File Claims by March 6

TELOS LLC: Creditors Must File Claims by March 6
UKRMAST LLC: Creditors Must File Claims by March 6
YUVIT-SERVICE LLC: Creditors Must File Claims by March 6
ZEUS LLC: Creditors Must File Claims by March 5


U N I T E D   K I N G D O M

ABBOT GROUP: S&P Puts 'B+' Corporate Rating on Negative Watch
ANGLO AMERICAN: Won't Pay Dividends, to Cut 19,000 Jobs
ATRIUM EUROPEAN: S&P Cuts Long-Term Corp. Credit Rating to 'BB'
BIOGANIX PLC: Puts Two Units Into Administration, May Wind Up
CATTLES PLC: Fitch Cuts Long-Term Issuer Default Rating to 'B'

GA REALISATIONS: Appoints Joint Administrators from Tenon
GREAT NORTHERN: In Administration; Buyer Sought
HALCYON DAIS: Names Joint Administrators from Tenon Recovery
HUDSON & MIDDLETON: Sold to Hudsons; 22 Jobs Saved
KAUPTHING SINGER: Decision on Repayment Scheme Adjourned to Apr. 9

KC CLO: Moody's Lowers Ratings on US$35 Mil. Notes to 'Ba3'
LIDDINGTON: Goes Into Administration
MAGNA GROUP: Provisional Liquidator Appointed
NSL INTEGRATED: Bought Out of Administration by Dark Peak Trading
RADAMANTIS PLC: Fitch Cuts Rating on Class G Tranche to 'BB'

SOUTHERN PACIFIC: S&P Takes Various Rating Actions on Securities
TALANTO PLC: Moody's Rates Overall Portfolio at 'Ba3'

* UK: Company Winding Up Petitions Up 18% in Fourth Quarter 2008
* Moody's Downgrades Ratings on 236 Notes by 55 CDO Transactions
* Europe Calls on IMF to Double War Chest, WSJ Says

* Large Companies with Insolvent Balance Sheet


                         *********


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A U S T R I A
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AUTOCENTER STOEGER: Claims Registration Period Ends March 10
------------------------------------------------------------
Creditors owed money by LLC Autocenter Stoeger (FN 38298x) have
until March 10, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Mario Noe-Nordberg
         Hamernikgasse 10
         3830 Waidhofen/Thaya
         Austria
         Tel: 02842/52570
         Fax: 02842/52570-4
         E-mail: ra-noe-nordberg@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on March 25, 2009, for the
examination of claims at:

         Land Court of Krems an der Donau (129)
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Frauenhofen, Austria, the Debtor declared
bankruptcy on Jan. 26, 2009, (Bankr. Case No. 9 S 5/09x).


AUTOHAUS STOEGER: Claims Registration Period Ends March 10
----------------------------------------------------------
Creditors owed money by LLC Autohaus Stoeger (FN 120862p) have
until March 10, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Mario Noe-Nordberg
         Hamernikgasse 10
         3830 Waidhofen/Thaya
         Austria
         Tel: 02842/52570
         Fax: 02842/52570-4
         E-mail: ra-noe-nordberg@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on March 25, 2009, for the
examination of claims at:

         Land Court of Krems an der Donau (129)
         Hall A
         Second Floor
         Krems an der Donau
         Austria

Headquartered in Frauenhofen, Austria, the Debtor declared
bankruptcy on Jan. 26, 2009, (Bankr. Case No. 9 S 4/09z).


KAYOKO LLC: Claims Registration Period Ends March 11
----------------------------------------------------
Creditors owed money by LLC Kayoko (FN 183152t) have until
March 11, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Wien
         Austria
         Tel: 587 31 11
              587 31 12
              587 87 50
         Fax: 587 87 50-50
         E-mail: office@pitzal-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on March 25, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 13, 2009, (Bankr. Case No. 3 S 6/09s).


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BTA BELARUS: Fitch Junks Long-Term Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has downgraded by two notches, to 'CCC', the Long-
term IDRs of BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus,
and downgraded the Long-term IDR of Moskommertsbank by one notch
to 'B-' (B minus).  The rating actions reflect the agency's view
that support is now less likely to be made available to these
banks in case of need.  At the same time, Fitch has withdrawn the
ratings of BTA Russia and Fitch will no longer provide rating or
analytical coverage of the bank.

The downgrades of the four CIS affiliates of Kazakhstan's BTA Bank
('BTA') - BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus -
reflect Fitch's view that support from BTA for these banks cannot
be relied upon, at least in the near-term, in light of the Kazakh
authorities' primary focus on stabilizing the financial position
of BTA at the parent bank level.

The Rating Watch Negative on the ratings of BTA Russia reflects
Fitch's concerns about the heightened near-term asset quality and
liquidity risks that the bank currently faces.  The downgrade to
'CC' of the Long-term rating on the bank's US$100 million 9.875%
senior unsecured loan participation notes due December 2009 and
the revision of the Recovery Rating on the notes to 'RR5' from
'RR4' reflect Fitch's view of the weaker-than-average recovery
prospects for bondholders in case of BTA Russia's default.

The downgrade of Kazkommertsbank's Russian subsidiary MKB reflects
similar concerns about the readiness of the Kazakh authorities to
allow KKB to provide support in case of need.  MKB is rated one
notch higher than BTA's affiliates because KKB is currently in a
more stable financial position than BTA and because MKB is 100%-
owned by KKB.  In light of these factors, and also because a
default at MKB would be potentially destabilising for KKB, Fitch
continues to believe that some limited support for MKB from KKB is
still possible.

Fitch currently considers it unlikely that BTA Russia and MKB
would qualify as material subsidiaries under the cross default
clauses in BTA's and KKB's debt issues.  It is unlikely that BTA
Russia will in future be consolidated as a subsidiary after BTA's
stake in BTA Russia fell to 22% in Q408.  KKB estimates that MKB's
assets were equal to about 8% of KKB's (consolidated) balance
sheet at end-2008., In Fitch's view MKB's share of KKB's
consolidated gross revenues would be very unlikely to be higher
than this, so both of these measures would be below the 10%
threshold required for MKB to qualify as a material subsidiary of
KKB.

Rating actions are:

LLS BTA Bank (Russia)

  -- Long-term foreign currency IDR downgraded to 'CCC' from 'B';
     remains on RWN; rating withdrawn

  -- Short-term foreign currency IDR downgraded to 'C' from 'B';
     remains on RWN; rating withdrawn

  -- Individual rating: downgraded to 'E' from 'D/E'; RWN removed;
     rating withdrawn

  -- National Long-term rating: downgraded to 'B-(B minus)(rus)'
     from 'BBB-(BBB minus)(rus)'; remains on RWN; rating withdrawn

  -- Support rating: downgraded to '5; from '4'; RWN removed,
     rating withdrawn

  -- Senior unsecured debt: downgraded to 'CC' from 'B'; RWN
     removed; Recovery Rating revised to 'RR5' from 'RR4'; ratings
     withdrawn

CJSC BTA Bank (Belarus) (BTA Belarus)

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: downgraded to '5' from '4'; RWN removed

JSC Bank BTA-Kazan

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: downgraded to 'E' from 'D/E'; RWN removed

  -- National Long-term rating: downgraded to 'B(rus)' from 'BBB-
     (BBB minus)(rus)'; RWN removed; Negative Outlook assigned

  -- Support rating: downgraded to '5' from '4'; RWN removed

JSC BTA Bank (Georgia)

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: downgraded to '5' from '4'; RWN removed

CB Moskommertsbank

  -- Long-term foreign currency IDR: downgraded to 'B-' (B minus)
     from 'B'; Outlook remains Negative

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

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

  -- Support rating: downgraded to '5' from '4'

  -- National Long-term rating: downgraded to 'BB- (BB minus)
     (rus)' from 'BBB- (BBB minus) (rus)', Outlook remains
     Negative


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FORTIS SA/NV: Fitch Cuts Long-Term Issuer Default Ratings to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
to 'BB' from 'BBB' and the Short-term IDRs to 'B' from 'F3' of the
five Fortis holding companies: Fortis SA/NV, Fortis N.V., Fortis
Brussels, Fortis Utrecht and Fortis Insurance NV.  The agency has
simultaneously changed the Rating Watch on the companies' Long-
term IDRs to Evolving from Negative, where they were placed on
October 6, 2008.

The rating actions reflect the increased uncertainties regarding
the future of the five holding companies following the shareholder
vote against the sale of a 50.1% stake in Fortis Bank to the
Belgian government.  This has effectively blocked BNP Paribas from
acquiring a controlling stake in Fortis Bank.  Fitch has
particular concerns about the liquidity of the holding companies
as the Belgian government could enforce an October 2008 agreement
making them fund EUR3.9 billion for a structured credit defeasance
vehicle, presently funded by Fortis Bank, which could lead to a
cash shortfall at the holding companies.  While the rating actions
reflect this possibility, it is not the agency's central
expectation that the Belgian government will enforce an agreement
that could put the holding companies into a difficult situation
given the present systemic financial stress, especially as the
holding companies are the shareholders of Fortis Insurance
Belgium, the largest Belgian insurance company.  The holding
companies are thus expected to continue to have enough cash to
repay all of their outstanding debt.

Hybrid capital instruments guaranteed by the holding companies
have been downgraded to 'B' on RWE from 'BB+' on RWN.  These
hybrid capital instruments have been issued by Fortis Hybrid
Financing, which has down-streamed them on a mirror basis to
Fortis Bank and Fortis Insurance Belgium, as well as by Fortfinlux
SA.  While these instruments contain an alternative coupon
settlement mechanism, the agency has concerns that the ACSM may
not work as planned given the present uncertainties regarding the
group.

The rating actions are:

Fortis SA/NV

  -- Long-term IDR downgraded to 'BB' from 'BBB'; rating watch
     changed to Evolving from Negative

  -- Short-term IDR downgraded to 'B' from 'F3'

Fortis N.V.

  -- Long-term IDR downgraded to 'BB' from 'BBB'; rating watch
     changed to Evolving from Negative

  -- Short-term IDR downgraded to 'B' from 'F3'

Fortis Brussels

  -- Long-term IDR downgraded to 'BB' from 'BBB'; rating watch
     changed to Evolving from Negative

  -- Short-term IDR downgraded to 'B' from 'F3'

Fortis Utrecht

  -- Long-term IDR downgraded to 'BB' from 'BBB'; rating watch
     changed to Evolving from Negative Short-term IDR downgraded
     to 'B' from 'F3'

Fortis Insurance N.V.

  -- Long-term IDR downgraded to 'BB' from 'BBB'; rating watch
     changed to Evolving from Negative Short-term IDR downgraded
     to 'B' from 'F3'

Fortis Finance N.V.

  -- Senior unsecured downgraded to 'BB' from 'BBB'; rating watch
     changed to Evolving from Negative

  -- Subordinated debt downgraded to 'BB-' from 'BBB-'; rating
     watch changed to Evolving from Negative

  -- Commercial Paper downgraded to 'B' from 'F3'

Fortis Hybrid Financing

  -- Hybrid Capital Instruments downgraded to 'B' from 'BB+';
     rating watch changed to Evolving from Negative

Fortfinlux SA

  -- Hybrid Capital Instruments downgraded to 'B' from 'BB+';
     rating watch changed to Evolving from Negative


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COMPAGNIE GENERALE: Fitch Cuts Michelin's Bond Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded France-based Compagnie Generale des
Etablissements Michelin's Long-term Issuer Default Rating and
senior unsecured rating to 'BBB-' (BBB minus) from 'BBB'
respectively.  Michelin's Short-term IDR has been affirmed at
'F3'.  The Outlook for the Long-term IDR is Negative.  Fitch has
additionally downgraded Michelin's EUR500m hybrid bond rating to
'BB+' from 'BBB-' (BBB minus).

The agency has also downgraded the Long-term IDR and senior
unsecured rating of Compagnie Financiere Michelin, the group's
finance arm and intermediate holding entity for Michelin's non-
domestic operations, to 'BBB-' (BBB minus) from 'BBB', and
affirmed the Short-term IDR at 'F3'.  CFM's Outlook is also
Negative.

The downgrades reflect the further deterioration of Michelin's
financial profile beyond Fitch's previous expectation amid the
accelerating downturn in the global auto markets to a level not
commensurate with a 'BBB' rating.  Fitch calculates that the
group's lease adjusted net leverage significantly increased to
2.7x at FYE08 from 1.8x at FYE07 and the agency does not expect a
marked improvement in its financial profile before 2010.  The
group posted a sizeable negative free cash flow of EUR660 million
(according to Fitch's definition) for FY08 after posting a
positive EUR170 million in FY07.

In the wake of the slump in tyre demand, particularly in Q408,
Michelin reported a marked decline of its operating margin before
non-recurring items to 5.6% for FY08 (FY07: 9.8%) compared with
its former guidance of 7% to 7.5% as of Q308.  The group has also
had to absorb nearly EUR1bn of additional expenses in FY08, of
which EUR804m was related to raw material cost inflation and
EUR164m was tied to higher energy and transportation costs.  Sales
decreased by 3.5% in H208 compared to H207, impacted by negative
volume effects of 7.9% and negative currency effects of 1.6% which
were partly offset by a 6.5% positive price-mix effect.

Fitch expects a further decline of the global tyre markets in
H109, primarily due to significant production cuts by vehicle
manufacturers.  However, Michelin's profitability should benefit
from several price increases announced in 2008 in combination with
lower raw material prices, particularly for natural rubber and oil
derivatives.  Michelin intends to cut capex to approximately
EUR700 million in FY09 (FY08: EUR1.3bn) to improve its cash flow
generation and will also seek to enhance its plant flexibility.  A
key issue for management is adjusting its manufacturing capacity
to reflect expected volumes in the future.

While Fitch acknowledges management's measures to encounter the
downturn, the heightened risk of a severe and protracted global
recession could jeopardize the group's plan for materially
improving cash flow.  A prolonged weakening of the automotive
industry could have further negative effects on volumes, capacity
utilization and increase price pressure.  These factors are
reflected in the Negative Outlook.

Michelin's financial flexibility is considered adequate.  In
addition to cash and equivalents of EUR456 million at FYE08
(FYE07: EUR330 million), the group has a EUR1.5 billion syndicated
revolving credit facility in place which matures in 2012.  The
company reported current financial liabilities of EUR1,440 million
at FYE08 (FYE07: EUR1,145 million) including a EUR470 million bond
due in April 2009.  Michelin stated that it has a bridge loan of
EUR480 million in place to refinance this upcoming maturity.
Total debt increased further to EUR4.9 billion from EUR4.1
billion, mainly as a result of the group's negative free cash
flow.

The company's ratings continue to be supported by Michelin's
strong market position as a leading tyre manufacturer in the
passenger car/light truck and truck segments, as well as in
specialty operations such as earthmovers.  The group's end-market
diversification has helped to mitigate some of the pressures
affecting the automotive industry.  In line with its tyre sector
peers, Michelin generates the bulk of its revenues in the
generally less cyclical replacement market.  The company will
continue to benefit from its good reputation and brand
recognition, which support Michelin's pricing power.


RENAULT SA: Moody's Downgrades Long-Term Ratings to 'Ba1'
---------------------------------------------------------
Moody's Investors Service downgraded Renault S.A's long term
ratings to Ba1 from Baa2 and its short term ratings to Not Prime
from P-2.  The outlook on the ratings is stable.  At the same time
Moody's assigned a Ba1 Corporate Family Rating.  This concludes
Moody's review for downgrade initiated on January 13, 2009.

Falk Frey, Senior Vice President and the lead analyst at Moody's
for the European automotive sector, said: "The downgrade reflects
the significantly worse operating performance and negative free
cash flow in FY2008 leading to a material deterioration in
Renault's financial flexibility with reported net industrial debt
deterioration of EUR5.9 billion to EUR7.9 billion."

In Moody's view the markets will remain challenging in 2009 with
significant drops in volume expected with limited prospect of a
meaningful recovery in 2010 though the scrapping bonuses may
cushion the shock in some European countries.  Against this
background Moody's is of the opinion that the operating
profitability and cash flow generation will remain very weak in
the intermediate term.  In addition, Renault's cash flow might no
longer benefit from a sizable dividend income from its two key
shareholdings in Nissan and Volvo over the medium term.  As a
result the time for recovery of credit metrics of Renault in line
with an investment grade rating is likely to take more time than
can be accommodated for such rating level without even considering
more negative economic scenarios.

The Ba1 rating nonetheless continues to recognize the sound
business profile of the company based on a good product offering,
an adequate cost position and good market positions in several
geographic areas.  It also recognises that the liquidity position
of the company has been mitigated by the planned loan from the
French State as well as the strong focus of the company for a
target of breakeven free cash flow in 2009 which nonetheless in
Moody's opinion could be challenging to fully achieve.  The agency
also acknowledges that management is proactively addressing the
operating issues of the company and remains determined to further
strengthen the refinancing profile.

Renault published fiscal year group revenues of EUR37.8 billion,
down by 7% and an operating margin of EUR212 million for FY2008,
whereby the automotive business generated EUR35.6 billion
revenues, down by 7.4% from previous year and an operating loss of
EUR275 million.  The loss in the automotive business was the
result of a 2.2% and 30.0% fall in revenues in the third and
fourth quarter that resulted in an operating loss of EUR873
million in the second half 2008.  Renault's reported automobile
free cash flow (including dividend from Nissan and Volvo) was
EUR3.0 billion negative.  Dividend payments and the acquisition of
the stake in AvtoVAZ added to the increase in reported automobile
net debt of EUR5.9 billion in 2008 to EUR7.9 billion.

Moody's anticipates Renault's car and light commercial vehicle
demand declining by around 20% in the first quarter of 2009 which
should result in a further deterioration in Renault's
profitability and key credit metrics in the first half 2009.

Moody's ratings anticipate a sequential improvement of volumes and
cash flow generation in the subsequent quarters.  The ratings
could come under further downward pressure however, in case of
evidence that the market environment would turn worse than
anticipated with regards to volumes or prices and the company's
inability to adjust capacity measures in a timely and adequate
manner resulting in further sizable cash absorption by the
industrial operations in contrast to the company's aim to achieve
a positive free cash flow.  Moody's comments nonetheless that
there is some headroom built in the current rating for such
negative circumstances.

The stable outlook takes into account that the liquidity position
of the company has been buffered by the planned EUR3.0 billion
loan from the French State as well as Moody's belief that the
strategic nature of Renault and the automotive industry within the
French economy should argue with some level of confidence for
further financial support beyond the announced loan if needed.

Downgrades:

Issuer: Renault S.A.

  -- Multiple Seniority Medium-Term Note Program, Downgraded to a
     range of Ba2 to NP from a range of Baa3 to P-2

  -- Senior Unsecured Commercial Paper, Downgraded to NP from P-2

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
     from Baa2

Assignments:

Issuer: Renault S.A.

  -- Corporate Family Rating, Assigned Ba1

Outlook Actions:

Issuer: Renault S.A.

  -- Outlook, Changed To Stable From Rating Under Review

Moody's last rating action on Renault was the review for possible
downgrade of the Baa2 long- and P-2 short term ratings on January
13, 2009.

Renault S.A., headquartered in Paris, France, is one of Europe's
leading car manufacturers.  The group's Renault brand is the
Western European market leader in light commercial vehicles and
ranks number four in passenger cars.  The two other brands offered
by Renault are Dacia (Romania) and Renault Samsung Motors (Korea).

Renault also provides financing to dealers and end-customers
through its wholly owned finance company, RCI Banque.  In fiscal
2008, the group sold 2.4 million vehicles and reported total
revenues of EUR37.8 billion.


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BIOMASSEHOF BRANDENBURG: Claims Registration Ends March 27
----------------------------------------------------------
Creditors of Biomassehof Brandenburg GmbH have until March 27,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         Biomassehof Brandenburg GmbH
         Gewerbering 9
         14656 Brieselang OT Zeestow
         Germany

         Attn: Karsten Helbig, Manager
         Huenensteig 14 A
         12169 Berlin
         Germany


HSH NORDBANK: Moody's Lowers Financial Strength Rating to 'D'
-------------------------------------------------------------
Moody's Investors Service downgraded the long-term debt and
deposit ratings of HSH Nordbank AG to A1 from Aa3 and the bank
financial strength rating to D from D+.  The bank's subordinated
and hybrid ratings were downgraded to A2 from A1 and to Baa1 from
A2, respectively.

The outlook on the A1 long-term debt and deposit ratings and the
subordinated debt is now negative.  The BSFR and the hybrid
securities were placed on review for possible downgrade.

Moody's affirmed, with a stable outlook, HSH's Aa1 rating for
obligations qualifying for the grandfathering of "Anstaltslast" (a
maintenance obligation) and "Gewaehrtraegerhaftung" (a guarantee
obligation), which were abolished in July 2005, its Aaa rating for
obligations guaranteed by the Federal Republic of Germany and its
Prime-1 short-term rating.

Pressure on capital levels and uncertainties regarding the future
business profile warrant the BFSR downgrade to D Moody's decision
to downgrade HSH's BFSR to D from D+ was prompted by the bank's
reports of substantially increased loan-loss provisions which in
Moody's view reflect a much faster-than-expected deterioration in
its asset quality.  Moody's is particularly concerned that this
accelerated weakening of the banks risk profile at an early stage
of the current recession is putting critical pressure on economic
and regulatory capitalisation.  "The 2008 results reveal a degree
of vulnerability which is better reflected by a BFSR at the D
level," explained Uwe Barth, Assistant Vice President - Analyst in
Moody's Frankfurt-based Financial Institutions Group.
Furthermore, Moody's notes that the bank is in discussion with its
main owners regarding a capital injection of EUR3 billion and a
risk shield amounting to EUR10 billion mainly needed to compensate
the multibillion-euro losses and alleviate the pressure of the
bank's capital ratios.

Review to focus on structural changes, credit risk and loss
absorption capacity

Moody's review will mainly focus on the three areas of (i) changes
that will be brought about by the announced restructuring
measures, (ii) an assessment of credit risks, and (iii) the extent
and timeliness of the expected recapitalization measures.  Moody's
notes positively that the announced strategic realignment of HSH,
aims at shaping a leaner bank with a stronger focus on core
competencies and a lower risk profile.  However, even a
streamlined bank will likely require substantially high capital
levels in order to move back into the BFSR range of C, as it must
still weather the cyclical nature and currently sharply rising
credit risk of its main business lines, shipping, corporates and
real estate.  Moody's will thus pay particular attention to a risk
assessment of the main loan portfolios and the bank's risk
absorption capacity taking into account expected restructuring
measures.

At the A1 level, senior unsecured ratings face less pressure than
the BFSR

Moody's downgrade of the bank's senior unsecured debt and deposit
ratings to A1 reflects the lower BFSR at unchanged assumptions for
a very high probability of support.  The rating agency stressed
that any mild further downgrade of the BFSR may not necessarily
lead to a downgrade of the A1 long-term ratings, as the
assumptions for high support probabilities give it a higher
resilience.  The negative outlook on the debt and deposit ratings,
however, reflects that any further strong deterioration of HSH's
intrinsic strength, or support measures that may remain below
expectations could exert renewed downward pressure.  Besides,
should recapitalization measures result in a change in the bank's
shareholder structure, this may also require a review of Moody's
support assumptions.

Hybrid ratings on review for further downgrade

The downgrade of HSH's rated subordinated debt to A2 as well as
the negative outlook follows the downgrade and outlook change of
the bank's senior unsecured ratings.  The downgrade on the bank's
hybrid securities to Baa1 from A2 reflects Moody's current
notching guidelines which require a wider notching for hybrid
instruments for banks rated D or below.  In addition, the review
for possible downgrade on HSH's hybrid securities will assess the
extent to which possible future losses could increase the risk of
payment deferral or non-payment of coupons or of a principal
write-down where applicable.

Moody's previous rating action on HSH was on November 20, 2008,
when the bank's long-term debt and deposit ratings were downgraded
to Aa3 from Aa2 and the BFSR to D+ from C.

Headquartered in Hamburg and Kiel, HSH is the fourth largest
Landesbank and the 11th largest banking group in Germany (as of
end-2007) and had total assets of around EUR204.4 billion as at
June 30, 2008.


HYPO REAL ESTATE HOLDING: Flowers Doesn't Intend to Sell Stake
--------------------------------------------------------------
Aaron Kirchfeld at Bloomberg News reports J. Christopher Flowers-
led investment firm J. C. Flowers & Co would prefer to remain a
shareholder of Hypo Real Estate Holding AG following a Feb. 18
approval of a draft bill allowing the German government to take
control of the property lender.

"It is not our preference to sell and to cash in.  It is our
preference to stay as a shareholder," Mr. Flowers said in a
statement obtained by the news agency.

The report relates Mr. Flowers has been holding talks with the
government on finding a solution for Hypo Real Estate.

According to Bloomberg News, Mr. Flowers paid EUR1.1 billion for
his stake in Hypo Real Estate and is asking for 10 euros per share
from the government.

Rescue of Hypo Real Estate is being pulled by two forces.
Bloomberg News said in a Feb. 4 talks in Berlin, Chancellor Angela
Merkel and Social Democrat leader Frank-Walter Steinmeier, her
challenger in Sept. 27 elections, failed to resolve differences
over the lender.  The Social Democrats favor nationalizing the
bank, while Chancellor Merkel's Christian Democrats is pushing to
explore alternatives, its budget spokesman Steffen Kampeter told
Bloomberg News in a Feb. 3 interview.

                         Government Aid

According to Bloomberg News, Hypo Real, which already received
EUR92 billion from the government, was forced to seek a bailout
after Depfa Bank Plc, its Dublin-based unit, failed to get short-
term funding in September when credit markets seized up.
Hypo Real now needs another EUR10 billion, a Handelsblatt report
obtained by Bloomberg News said.

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

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

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

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

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

                      About Hypo Real Estate

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


                          *     *     *

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

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

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

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

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

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


INEX GMBH: Claims Registration Period Ends March 30
---------------------------------------------------
Creditors of Inex GmbH have until March 30, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 20, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Nordenham
         Hall III
         Bahnhofstrasse 56
         26954 Nordenham
         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:

         Wolf-Dieter H. Weber
         Hauptstrasse 91
         26188 Edewecht
         Germany
         Tel: 04405/7071
         Fax: 04405/8046

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:

         Inex GmbH
         Neptunstr. 20
         26954 Nordenham
         Germany

         Attn: Viktor Scheifel, Manager
         Weserstr. 1
         26954 Nordenham
         Germany


L-FORM MOEBEL: Claims Registration Period Ends April 1
------------------------------------------------------
Creditors of L-Form Moebel GmbH have until April 1, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on April 20, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Rottweil
         Room 234
         Koernerstr. 20
         78628 Rottweil
         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:

        Karsten Sauter
        Berner Feld 74
        78628 Rottweil
        Germany
        Tel: 0741-175400
        Fax: 0741-1754020

The District Court opened bankruptcy proceedings against the
company on Feb. 9, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         L-Form Moebel GmbH
         Attn: Renate Lehmann, Manager
         Otto-Hahn-Str. 1
         72280 Dornstetten
         Germany


LPG-WELT GMBH: Claims Registration Period Ends March 24
-------------------------------------------------------
Creditors of LPG-Welt GmbH have until March 24, 2009, to register
their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

        The District Court of Leipzig
        Hall 056
        Enforcement Court
        Bernhard Goering Strasse 64
        04275 Leipzig
        Germany

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

The insolvency manager can be reached at:

        Dr. Florian Stapper
        Karl-Heine-Strasse 16
        04229 Leipzig
        Germany
        Tel: 0341/984110
        Fax: 0341/9841111
        E-mail: leipzig@stapper-korn.de

The District Court opened bankruptcy proceedings against the
company on Feb. 9, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

        LPG-Welt GmbH
        Abrahamstr. 7 b
        04179 Leipzig
        Germany

        Attn: Mikhail Boukhman, Manager
        Zuechnerstr. 4
        56070 Koblenz
        Germany


POWER MOVING: Claims Registration Period Ends March 27
------------------------------------------------------
Creditors of Power Moving GmbH have until March 27, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on April 30, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Room 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         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:

         Florian Fuechsl
         Leopoldstrasse 139
         80804 Muenchen
         Germany
         Tel: 089/361930-0
         Fax: 089/361930-199

The District Court opened bankruptcy proceedings against the
company on Feb. 5, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Power Moving GmbH
         Attn: Enrico Franek, Manager
         Pfaffenhofener Str. 8 a
         85302 Gerolsbach


SCHULZ BUEROSYSTEME: Claims Registration Period Ends March 13
-------------------------------------------------------------
Creditors of Schulz Buerosysteme 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 12:00 p.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 Kleve
         Meeting Hall D 178
         Schlossberg 1
         47533 Kleve
         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:

         Dirk Hammes
         Hafenstrasse 35
         47119 Duisburg-Ruhrort
         Germany
         Tel: 020386050860
         Fax: 020386050861

The District Court opened bankruptcy proceedings against the
company on Feb. 5, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Schulz Buerosysteme GmbH
         Repelener Strasse 46
         47441 Moers
         Germany

         Attn: Wolfgang-Dietrich Schulz, Manager
         Huelsdonker Strasse 3
         47441 Moers
         Germany


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BTA GEORGIA: Fitch Junks Long-Term Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has downgraded by two notches, to 'CCC', the Long-
term IDRs of BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus,
and downgraded the Long-term IDR of Moskommertsbank by one notch
to 'B-' (B minus).  The rating actions reflect the agency's view
that support is now less likely to be made available to these
banks in case of need.  At the same time, Fitch has withdrawn the
ratings of BTA Russia and Fitch will no longer provide rating or
analytical coverage of the bank.

The downgrades of the four CIS affiliates of Kazakhstan's BTA Bank
('BTA') - BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus -
reflect Fitch's view that support from BTA for these banks cannot
be relied upon, at least in the near-term, in light of the Kazakh
authorities' primary focus on stabilizing the financial position
of BTA at the parent bank level.

The Rating Watch Negative on the ratings of BTA Russia reflects
Fitch's concerns about the heightened near-term asset quality and
liquidity risks that the bank currently faces.  The downgrade to
'CC' of the Long-term rating on the bank's US$100 million 9.875%
senior unsecured loan participation notes due December 2009 and
the revision of the Recovery Rating on the notes to 'RR5' from
'RR4' reflect Fitch's view of the weaker-than-average recovery
prospects for bondholders in case of BTA Russia's default.

The downgrade of Kazkommertsbank's Russian subsidiary MKB reflects
similar concerns about the readiness of the Kazakh authorities to
allow KKB to provide support in case of need.  MKB is rated one
notch higher than BTA's affiliates because KKB is currently in a
more stable financial position than BTA and because MKB is 100%-
owned by KKB.  In light of these factors, and also because a
default at MKB would be potentially destabilising for KKB, Fitch
continues to believe that some limited support for MKB from KKB is
still possible.

Fitch currently considers it unlikely that BTA Russia and MKB
would qualify as material subsidiaries under the cross default
clauses in BTA's and KKB's debt issues.  It is unlikely that BTA
Russia will in future be consolidated as a subsidiary after BTA's
stake in BTA Russia fell to 22% in Q408.  KKB estimates that MKB's
assets were equal to about 8% of KKB's (consolidated) balance
sheet at end-2008., In Fitch's view MKB's share of KKB's
consolidated gross revenues would be very unlikely to be higher
than this, so both of these measures would be below the 10%
threshold required for MKB to qualify as a material subsidiary of
KKB.

Rating actions are:

LLS BTA Bank (Russia)

  -- Long-term foreign currency IDR downgraded to 'CCC' from 'B';
     remains on RWN; rating withdrawn

  -- Short-term foreign currency IDR downgraded to 'C' from 'B';
     remains on RWN; rating withdrawn

  -- Individual rating: downgraded to 'E' from 'D/E'; RWN removed;
     rating withdrawn

  -- National Long-term rating: downgraded to 'B-(B minus)(rus)'
     from 'BBB-(BBB minus)(rus)'; remains on RWN; rating withdrawn

  -- Support rating: downgraded to '5; from '4'; RWN removed,
     rating withdrawn

  -- Senior unsecured debt: downgraded to 'CC' from 'B'; RWN
     removed; Recovery Rating revised to 'RR5' from 'RR4'; ratings
     withdrawn

CJSC BTA Bank (Belarus) (BTA Belarus)

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: downgraded to '5' from '4'; RWN removed

JSC Bank BTA-Kazan

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: downgraded to 'E' from 'D/E'; RWN removed

  -- National Long-term rating: downgraded to 'B(rus)' from 'BBB-
     (BBB minus)(rus)'; RWN removed; Negative Outlook assigned

  -- Support rating: downgraded to '5' from '4'; RWN removed

JSC BTA Bank (Georgia)

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: downgraded to '5' from '4'; RWN removed

CB Moskommertsbank

  -- Long-term foreign currency IDR: downgraded to 'B-' (B minus)
     from 'B'; Outlook remains Negative

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

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

  -- Support rating: downgraded to '5' from '4'

  -- National Long-term rating: downgraded to 'BB- (BB minus)
     (rus)' from 'BBB- (BBB minus) (rus)', Outlook remains
     Negative



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YIOULA GLASSWORKS: S&P Gives Negative Outlook; Affirms 'B' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Greece-based glass container manufacturer Yioula Glassworks S.A.
to negative from stable.  At the same time, S&P affirmed all
ratings on the company, including the 'B' long-term corporate
credit rating.

"The outlook revision reflects our view that there is a heightened
risk of a covenant breach in Yioula's bank facilities at some of
its operating entities for the fourth quarter of 2008 or in 2009,
following rapidly weakened local economic conditions in Eastern
Europe and significant devaluation of local currencies," said
Standard & Poor's credit analyst Izabela Listowska.

Covenant compliance is sensitive to highly volatile local
currencies, so that any meaningful improvement of ratios for
covenant purposes is unlikely in the near term, in S&P's opinion.
Because the debt documentation of some of Yioula's subsidiaries
includes cross-default clauses with other debt facilities, if
breached they could have an effect on the group's overall
liquidity position.

Yioula is highly leveraged.  As of Sept. 30, 2008, its reported
total debt was about EUR290 million.  In the 12 months to
Sept. 30, 2008, debt to EBITDA was 5.0x and funds from operations
to debt was 9.0%, which is broadly in line with S&P's guidelines
for the 'B' rating.  Yioula has the possibility of lowering
capital expenditures in 2009, which is a positive factor, but S&P
remain concerned that its 2009 earnings and cash flows might be
lower than S&P previously expected, given the gloomy market
outlook.

Should Yioula breach financial covenants, if not properly restored
this could trigger early repayment of certain debt facilities.
"Although S&P believes Yioula could proactively repair such a
breach or to engage in discussions with the banks involved to
waive covenants, failure to successfully amend a possible breach
would trigger a downgrade," said Ms. Listowska.  In addition, the
operating environment in Eastern Europe is becoming increasingly
difficult, which could put pressure on the company's
profitability.

S&P would consider an outlook revision to stable if the company
regains an adequate cushion under all its financial covenants and
if S&P consider Yioula's operating performance prospects
commensurate with the current ratings.


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KAUPTHING BANK: Court Extends Moratorium Until November 13
----------------------------------------------------------
The District Court of Reykjavik on Thursday, February 19, agreed
to a request from the Resolution Committee of Kaupthing Bank hf.
for the extension of the moratorium on payments until November 13.
2009.

Mr. Olafur Gardarsson, Attorney to the Supreme Court of Iceland,
chaired a meeting of the bank's creditors on February 5.  At the
meeting a report was presented on developments at the bank since
it requested the intervention of the Icelandic Financial
Supervisory Authority on October 9, 2008.  Details of the bank's
finances and a preliminary assessment of the bank's assets as of
November 15, 2008 were also given.  Information distributed at the
meeting along with meeting minutes is available on the bank's
website, www.kaupthing.com.  The Moratorium Supervisor announced
his and the Resolution Committee's proposal that an application
will be made to extend the moratorium by nine months at the next
hearing of the Reykjavik District Court.

One of the main tasks of the Resolution Committee and its
employees has been to protect assets and safeguard the interests
of creditors as far as possible.  In the opinion of the Resolution
Committee and the Moratorium Supervisor it is crucial that
Kaupthing be given the breathing space to concentrate on the tasks
at hand within the bank so that it can achieve its objectives to
protect creditors' interests, maximise the recovery rate of claims
and ensure the equal treatment of creditors.

The bank intends to compile a monthly report for creditors which
will be available on the bank's website, www.kaupthing.com, so
that creditors and other interested parties can keep abreast of
the main developments and achievements since the previous report
was issued.

                      About Kaupthing Bank

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

                          *     *     *

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

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


MOSAIC FASHIONS: Future Depends on Kaupthing Financial Support
--------------------------------------------------------------
Helia Ebrahimi and Richard Fletcher at The Daily Telegraph report
that Mosaic Fashions hf, which racked up debts more than GBP400
million, has three months left to refinance.

The report relates that in a set of statements attached to
Mosaic's accounts filed at Companies House, the company said that
a standstill agreement between itself and its bankers, Kaupthing,
expires on May 31.  The agreement, the reports notes, was reached
last November after Mosaic breached its covenants on the loans.

The report discloses that according to the notes to the accounts,
Mosaic and Kaupthing have been in talks since October.  The bank,
the report recounts, has agreed to waive several repayment and
covenant deadlines since then with interest payments being
satisfied by the issue of "PIK notes".  The report states capital
repayments due in January have been added to the original loan.

In the documents, the report recalls auditors KPMG said the future
of the group is dependent on several factors, including the
continuing co-operation and financial support of Kaupthing.  These
factors represent material uncertainties that could cast
significant doubt on the ability of the company to continue as a
going concern, the report says citing Mosaic's directors.

However, an executive close to Mosaic maintained the negotiations
were progressing well and the company was confident of success,
the report adds.

                       About Kaupthing Bank

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

                          About Mosaic

Mosaic Fashions hf -- http://www.mosaic-fashions.co.uk/-- is the
parent company of eight design-led fashion brands; Anoushka G,
Coast, Karen Millen, Oasis, Odille, Principles, Shoe Studio and
Warehouse.


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ATLAS V: S&P Assigns Low-B Ratings on Series 1, 2, and 3 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned credit ratings to
the series 1, 2, and 3 notes issued by Atlas V Capital Ltd., a
special-purpose entity incorporated under the laws of Ireland.

Since S&P published its presale on Jan. 28, 2009, the transaction
structure has changed to a risk transfer contract from a
reinsurance contract.  The underlying risk has not changed.
However, the name of the issuer has changed to Atlas V Capital
Ltd. from Atlas Reinsurance V Ltd.

All of Atlas V's issued and outstanding share capital is held in
trust for charitable purposes by Wilmington Trust SP Services
(Dublin) Ltd.

The sponsor for this transaction is SCOR Global P&C SE, a global
multi-line reinsurer providing reinsurance to property and
casualty, and life cedants.  SCOR entered into a risk transfer
counterparty contract to receive a source of multi-year coverage
for certain U.S. hurricane and earthquake events.

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

                           Ratings List

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

         Series        Rating              Amount (Mil. US$)
         ------        ------              ---------------
         1             B+                      50
         2             B+                     100
         3             B                       50


CASTLE FINANCE: Moody's Junks Ratings on Series 1 and 2 Notes
-------------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of two series of notes issued by Castle Finance I Ltd.

The transaction is a synthetic CDO referencing global corporate
names.  According to Moody's, the rating actions are the result of
Moody's updated key assumptions for rating corporate synthetic
CDOs announced on  January 15, 2009 combined with deterioration in
the credit quality of the reference portfolio, which includes but
is not limited to the exposure to Tribune Company.

The transaction also has a significant exposure to corporate names
which continue to deteriorate in the current economic environment.
This will weigh on the ratings of the tranches in this
transaction.

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

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

The rating actions are:

Castle Finance I Ltd:

(1) Series 1 EUR132,903,226 Floating-Rate Secured Credit-Linked
Notes due 2011

  -- Current Rating: Caa3

  -- Prior Rating: Ba1

  -- Prior Rating Date: 17 October 2008, downgraded to Ba1 from A2

(2) Series 2 EUR154,838,710 Floating-Rate Secured Credit-Linked
Notes due 2011

  -- Current Rating: Ca

  -- Prior Rating: B1

  -- Prior Rating Date: 17 October 2008, downgraded to B1 from
     Baa2


WELPLAN: Goes Into Liquidation; Owes About EUR1.5 Mln to Creditors
------------------------------------------------------------------
Welplan (Ireland) has gone into liquidation after trading for 35
years, Gavin Daly and Ian Kehoe of The Sunday Business Post
reports.

Ken Fennell of accountancy firm Kavanagh Fennell has been
appointed liquidator, the report notes.

Welplan, the report discloses, owed almost EUR1.5 million to
creditors, including Bank of Ireland and a range of suppliers.

John Bright, chairman of Welplan, as cited by the report, said the
company had suffered from "an unprecedented fall-off in workload
in recent months" and was concerned it might not be able to cover
its costs.

According to the report, the company's turnover fell to GBP3.7
million last year from EUR14.7 million in 2007.

The report relates Mr. Bright disclosed in a creditors' meeting
that the company lost EUR1 million on a project at Spencer Dock in
Dublin and was left with a bad debt of EUR388,000 when property
firm Kendar stopped trading after the disappearance of Lynn.
Welplan, the report recounts, brought a High Court petition to
wind up Kendar last year.

Based in Stillorgan, Dublin, Welplan supplied office partititions
and toilet cubicles.  It employed 63 people in 2007.


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FIAT SPA: Obtains EU1 Billion Loan, Law Firm Tells Bloomberg
------------------------------------------------------------
Bloomberg News reports Fiat SpA obtained a EUR1 billion revolving
loan from Intesa Sanpaolo SpA, UniCredit SpA and Calyon.

International law firm Allen & Overy LLP said in an e-mailed
statement to the news agency that it helped the three lenders
organize the loan for the carmaker.

Fiat will use the financing for its "liquidity needs," the
statement cited by Bloomberg News said.

As reported in the Troubled Company Reporter-Europe on Jan. 23,
2009, The Wall Street Journal said Fiat has EUR5.94 billion
(US$7.67 billion) in industrial debt as at the end of 2008, a huge
increase from EUR355 million at the end of 2007.

The Journal said adding to Fiat's woes is the declining car sales
amid the global economic slowdown.

According to the Journal, Fiat's net income plunged 71% in the
last three months of 2008 to EUR163 million, down from EUR570
million a year earlier, while revenue fell 17.2% to EUR13.09
billion in the quarter.  For all of 2008, Fiat's net profit fell
16.2% to EUR1.7 billion, the report noted.

Warning that sales will fall further, Fiat halted a share-buyback
program, lowered its forecast for 2009 and planned to cut its
dividend, the Journal disclosed.

Forbes.com reported the carmaker cut its profit outlook for 2009
to EUR1.0 billion (US$1.3 billion) from a previous forecast of
between EUR1.5 and EUR2.3 billion (US$1.9 and US$3.0 billion).

                          Chrysler Deal

As reported by the Troubled Company Reporter on Jan. 21, 2009,
Fiat is in talks with Chrysler LLC about acquiring a stake in the
U.S. car maker and forming a partnership to let the Italian auto
maker build and sell its small cars in the U.S.  Fiat is likely to
take a 35% stake in Chrysler by the middle of the year.

Both auto makers say Fiat doesn't plan to inject any money into
Chrysler as part of the potential deal, the Journal disclosed.

The deal however is contingent on Chrysler getting US$3 billion
more in financial aid from the U.S. Government, the Journal said
in an earlier report citing people familiar with the matter.

                        About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.


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K A Z A K H S T A N
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ASTRA LLP: Creditors Must File Claims by March 27
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Astra insolvent.  Creditors have until March 27,
2009, to submit written proofs of claim to:

         Myzy St. 29-77
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov St. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


BOSPHORUS CONSULTING: Creditors Must File Claims by March 27
------------------------------------------------------------
LLP Bosphorus Consulting Company has declared insolvency.
Creditors have until March 27, 2009, to submit written proofs of
claim to:

           Dostyk St. 105-726
           Almaty
           Kazakhstan


BTA KAZAN: Fitch Junks Long-Term Issuer Default Rating
------------------------------------------------------
Fitch Ratings has downgraded by two notches, to 'CCC', the Long-
term IDRs of BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus,
and downgraded the Long-term IDR of Moskommertsbank by one notch
to 'B-' (B minus).  The rating actions reflect the agency's view
that support is now less likely to be made available to these
banks in case of need.  At the same time, Fitch has withdrawn the
ratings of BTA Russia and Fitch will no longer provide rating or
analytical coverage of the bank.

The downgrades of the four CIS affiliates of Kazakhstan's BTA Bank
('BTA') - BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus -
reflect Fitch's view that support from BTA for these banks cannot
be relied upon, at least in the near-term, in light of the Kazakh
authorities' primary focus on stabilizing the financial position
of BTA at the parent bank level.

The Rating Watch Negative on the ratings of BTA Russia reflects
Fitch's concerns about the heightened near-term asset quality and
liquidity risks that the bank currently faces.  The downgrade to
'CC' of the Long-term rating on the bank's US$100 million 9.875%
senior unsecured loan participation notes due December 2009 and
the revision of the Recovery Rating on the notes to 'RR5' from
'RR4' reflect Fitch's view of the weaker-than-average recovery
prospects for bondholders in case of BTA Russia's default.

The downgrade of Kazkommertsbank's Russian subsidiary MKB reflects
similar concerns about the readiness of the Kazakh authorities to
allow KKB to provide support in case of need.  MKB is rated one
notch higher than BTA's affiliates because KKB is currently in a
more stable financial position than BTA and because MKB is 100%-
owned by KKB.  In light of these factors, and also because a
default at MKB would be potentially destabilising for KKB, Fitch
continues to believe that some limited support for MKB from KKB is
still possible.

Fitch currently considers it unlikely that BTA Russia and MKB
would qualify as material subsidiaries under the cross default
clauses in BTA's and KKB's debt issues.  It is unlikely that BTA
Russia will in future be consolidated as a subsidiary after BTA's
stake in BTA Russia fell to 22% in Q408.  KKB estimates that MKB's
assets were equal to about 8% of KKB's (consolidated) balance
sheet at end-2008., In Fitch's view MKB's share of KKB's
consolidated gross revenues would be very unlikely to be higher
than this, so both of these measures would be below the 10%
threshold required for MKB to qualify as a material subsidiary of
KKB.

Rating actions are:

LLS BTA Bank (Russia)

  -- Long-term foreign currency IDR downgraded to 'CCC' from 'B';
     remains on RWN; rating withdrawn

  -- Short-term foreign currency IDR downgraded to 'C' from 'B';
     remains on RWN; rating withdrawn

  -- Individual rating: downgraded to 'E' from 'D/E'; RWN removed;
     rating withdrawn

  -- National Long-term rating: downgraded to 'B-(B minus)(rus)'
     from 'BBB-(BBB minus)(rus)'; remains on RWN; rating withdrawn

  -- Support rating: downgraded to '5; from '4'; RWN removed,
     rating withdrawn

  -- Senior unsecured debt: downgraded to 'CC' from 'B'; RWN
     removed; Recovery Rating revised to 'RR5' from 'RR4'; ratings
     withdrawn

CJSC BTA Bank (Belarus) (BTA Belarus)

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: downgraded to '5' from '4'; RWN removed

JSC Bank BTA-Kazan

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: downgraded to 'E' from 'D/E'; RWN removed

  -- National Long-term rating: downgraded to 'B(rus)' from 'BBB-
     (BBB minus)(rus)'; RWN removed; Negative Outlook assigned

  -- Support rating: downgraded to '5' from '4'; RWN removed

JSC BTA Bank (Georgia)

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: downgraded to '5' from '4'; RWN removed

CB Moskommertsbank

  -- Long-term foreign currency IDR: downgraded to 'B-' (B minus)
     from 'B'; Outlook remains Negative

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

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

  -- Support rating: downgraded to '5' from '4'

  -- National Long-term rating: downgraded to 'BB- (BB minus)
     (rus)' from 'BBB- (BBB minus) (rus)', Outlook remains
     Negative


GEO SERVICE 2005 LLP: Creditors Must File Claims by March 27
------------------------------------------------------------
LLP Geo Service 2005 has declared insolvency.  Creditors have
until March 27, 2009, to submit written proofs of claim to:

         Maresyev St. 95a-14
         Aktobe
         Aktube
         Kazakhstan


KORVET LLP: Creditors Must File Claims by March 27
--------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Firm Korvet insolvent.

Creditors have until March 27, 2009, to submit written proofs of
claim to:

         Saraishyk St. 19-92
         Uralsk
         West Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin St. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


LADOS KAZALY: Creditors Must File Claims by March 27
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Lados Kazaly insolvent.

Creditors have until March 27, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi St. 29
         120014 Kyzylorda
         Kyzylorda
         Kazakhstan


NUR TALAP: Creditors Must File Claims by March 27
-------------------------------------------------
LLP Nur Talap Service Tgo Ltd. has declared insolvency.  Creditors
have until March 27, 2009, to submit written proofs of claim to:

         Aksham St. 9
         Sholakkorgan
         Suzaksky district
         South Kazakhstan
         Kazakhstan


SHI PLAY: Creditors Must File Claims by March 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Shi Play insolvent.

Creditors have until March 27, 2009, to submit written proofs of
claim to:

          Timiryazev St. 61-2
          Almaty
          Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov St. 273b
         Almaty
         Kazakhstan


SHYGYS DARYN: Creditors Must File Claims by March 27
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Shygys Daryn insolvent.  Creditors have until
March 27, 2009, to submit written proofs of claim to:

         Satpaev St. 22/1-56
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov St. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


TRANS MASH: Creditors Must File Claims by March 27
--------------------------------------------------
LLP Trans Mash Servie Plus has declared insolvency.  Creditors
have until March 27, 2009, to submit written proofs of claim to:

         Dostyk Ave. 105
         Almaty
         Kazakhstan


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K Y R G Y Z S T A N
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AK-KUU LTD: Creditors Must File Claims by March 13
--------------------------------------------------
Manufacturing Commercial Company Ak-Kuu Ltd. has declared
insolvency.  Creditors have until March 13, 2009, to submit
written proofs of claim.

The company can be reached at: (0-555) 50-60-84


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N E T H E R L A N D S
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ASTIR BV: Moody's Cuts Ratings on EUR60MM Series 18 Notes to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Astir B.V. under Series 18 (Isara).

The transaction is a managed synthetic CDO referencing, among
other assets US subprime RMBS, Alt-A and ABS CDOs of the 2005 --
2007 vintages.  Moody's explained that the rating actions taken
are the result of expectations of increased losses in the
underlying RMBS and ABS CDO assets and the application of revised
and updated key modeling parameter assumptions that Moody's uses
to rate and monitor ratings of structured finance CDOs.  Moody's
announced the changes to these assumptions in a press release
published on December 11, 2008.  The revisions affect key
parameters in Moody's model for rating structured finance CDOs:
default probability, asset correlation and recovery rate.

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

  -- Moody's Approach to Rating Multisector CDOs (September 2000)

  -- Moody's Approach To Rating Synthetic Resecuritizations
      (October 2003)

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

  -- Moody's updates its key assumptions for rating structured
     finance CDOs (December 2008)

  -- Subprime RMBS Loss Projection Update (September 2008)

  -- Moody's revising Alt-A lifetime loss expectations (November
     2008)

  -- Moody's updates loss projections for '06 and '07 Alt-A RMBS
      (January 2009),

  -- Moody's updates loss projections for Option ARMs RMBS
      (February 2009)

The rating actions are:

Isara -- Astir B.V. Series 18:

(1) Series 18 Class A2 EUR30,000,000 Floating Rate Variable Coupon
Amount Credit Linked Notes due 2019, Downgraded to Ca; previously
on 19 December 2008, Downgraded to Ba1 and remains on Review for
Possible Downgrade

(2) Series 18 Class B EUR30,000,000 Floating Rate Variable Coupon
Amount Credit Linked Notes due 2019, Downgraded to Ca; previously
on 25 November 2008, Downgraded to Caa3 and remains on Review for
Possible Downgrade


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ELEKTRIM: Vivendi Gets EUR1.9 Bln in Damages Over PTC Dispute
-------------------------------------------------------------
On February 12, 2009, an arbitral tribunal under the auspices of
the London Court of International Arbitration (LCIA) issued its
final award in the dispute between Vivendi and Elektrim, a Polish
company controlled by Mr. Zygmunt Solorz.  The tribunal awarded
damages of EUR1.876 billion (plus accrued interest from February
2005) to Vivendi for intentional breaches by Elektrim of the
investment agreement entered into in September 2001 regarding
their joint venture Elektrim Telekomunikacja Sp. z o.o. (Telco)
and their investment in Polska Telefonia Cyfrowa Sp. z o.o. (PTC).

This final award follows a partial award rendered on March 19,
2008 which declared that "Elektrim breached the basic premise of
the [investment agreement] by systematically acting against the
interests of Telco in furtherance of its own interests and by
refusing to acknowledge Telco's right to the economic benefit of
the PTC shares."  All of Elektrim's counterclaims against Vivendi
have been dismissed.

Elektrim had received more than EUR1.8 billion from Vivendi to
transfer the PTC shares to Telco and protect Telco's economic
interests therein.  Vivendi is the largest creditor of Elektrim
and this final award confirms its claim, of which recognition is
requested in Elektrim's bankruptcy.

The confirmation of Telco's ownership rights on the PTC shares is
still pending before the Polish courts.

                       About PTC

Vivendi is a 51% shareholder in Telco and Carcom, companies
organized under and existing under the laws of Poland which own,
either directly or indirectly, 51% of PTC, one of the primary
mobile telephone operator in Poland.

                      About Vivendi

Vivendi =96- http://www.vivendi.com/=96- controls Activision
Blizzard, Universal Music Group, SFR, Maroc Telecom, Canal+  and
owns 20% of NBCU.  In 2007, Vivendi achieved revenues of EUR21.7
billion and adjusted net income of EUR2.8 billion.  With
operations in 77 countries, the Group has about 43,000 employees.

                       About Elektrim

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.

The company filed for bankruptcy protection in a court in Warsaw
on Aug. 10, 2007, after its second debt restructuring talks with
bondholders failed.



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BALAKHINSKIY METAL: Creditors Must File Claims by March 15
----------------------------------------------------------
Creditors of LLC Balakhinskiy Metal Structures Plant (TIN
5244014991) have until March 15, 2009, to submit proofs of claims
to:

         Ye. Filipyev
         Temporary Insolvency Manager
         Post User Box 51
         603005 Nizhny-Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya will convene on May 26,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A43=9633019/2008,33=96235.

The Debtor can be reached at:

         LLC Balakhinskiy Metal Structures Plant
         Administrativnaya St. 16
         Gidrotorf
         Balakhinskiy
         Nizhegorodskaya
         Russia


BALASHOVSKIY MACHINE-BUILDING: Court Names Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Saratovskaya appointed M. Murnin as
Insolvency Manager for LLC Balashovskiy Machine-Building Plant.
The case is docketed under Case No. A-57=968060/08=9632.  He can be
reached at:

         Post User Box 2493
         410076 Saratov
         Russia

The Debtor can be reached at:

         LLC Balashovskiy Machine-Building Plant
         30 let Pobedy St. 156
         Balashov
         412340 Saratovskaya
         Russia


BTA RUSSIA: Fitch Junks Long-Term Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has downgraded by two notches, to 'CCC', the Long-
term IDRs of BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus,
and downgraded the Long-term IDR of Moskommertsbank by one notch
to 'B-' (B minus).  The rating actions reflect the agency's view
that support is now less likely to be made available to these
banks in case of need.  At the same time, Fitch has withdrawn the
ratings of BTA Russia and Fitch will no longer provide rating or
analytical coverage of the bank.

The downgrades of the four CIS affiliates of Kazakhstan's BTA Bank
('BTA') - BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus -
reflect Fitch's view that support from BTA for these banks cannot
be relied upon, at least in the near-term, in light of the Kazakh
authorities' primary focus on stabilizing the financial position
of BTA at the parent bank level.

The Rating Watch Negative on the ratings of BTA Russia reflects
Fitch's concerns about the heightened near-term asset quality and
liquidity risks that the bank currently faces.  The downgrade to
'CC' of the Long-term rating on the bank's US$100 million 9.875%
senior unsecured loan participation notes due December 2009 and
the revision of the Recovery Rating on the notes to 'RR5' from
'RR4' reflect Fitch's view of the weaker-than-average recovery
prospects for bondholders in case of BTA Russia's default.

The downgrade of Kazkommertsbank's Russian subsidiary MKB reflects
similar concerns about the readiness of the Kazakh authorities to
allow KKB to provide support in case of need.  MKB is rated one
notch higher than BTA's affiliates because KKB is currently in a
more stable financial position than BTA and because MKB is 100%-
owned by KKB.  In light of these factors, and also because a
default at MKB would be potentially destabilising for KKB, Fitch
continues to believe that some limited support for MKB from KKB is
still possible.

Fitch currently considers it unlikely that BTA Russia and MKB
would qualify as material subsidiaries under the cross default
clauses in BTA's and KKB's debt issues.  It is unlikely that BTA
Russia will in future be consolidated as a subsidiary after BTA's
stake in BTA Russia fell to 22% in Q408.  KKB estimates that MKB's
assets were equal to about 8% of KKB's (consolidated) balance
sheet at end-2008., In Fitch's view MKB's share of KKB's
consolidated gross revenues would be very unlikely to be higher
than this, so both of these measures would be below the 10%
threshold required for MKB to qualify as a material subsidiary of
KKB.

Rating actions are:

LLS BTA Bank (Russia)

  -- Long-term foreign currency IDR downgraded to 'CCC' from 'B';
     remains on RWN; rating withdrawn

  -- Short-term foreign currency IDR downgraded to 'C' from 'B';
     remains on RWN; rating withdrawn

  -- Individual rating: downgraded to 'E' from 'D/E'; RWN removed;
     rating withdrawn

  -- National Long-term rating: downgraded to 'B-(B minus)(rus)'
     from 'BBB-(BBB minus)(rus)'; remains on RWN; rating withdrawn

  -- Support rating: downgraded to '5; from '4'; RWN removed,
     rating withdrawn

  -- Senior unsecured debt: downgraded to 'CC' from 'B'; RWN
     removed; Recovery Rating revised to 'RR5' from 'RR4'; ratings
     withdrawn

CJSC BTA Bank (Belarus) (BTA Belarus)

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: downgraded to '5' from '4'; RWN removed

JSC Bank BTA-Kazan

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: downgraded to 'E' from 'D/E'; RWN removed

  -- National Long-term rating: downgraded to 'B(rus)' from 'BBB-
     (BBB minus)(rus)'; RWN removed; Negative Outlook assigned

  -- Support rating: downgraded to '5' from '4'; RWN removed

JSC BTA Bank (Georgia)

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: downgraded to '5' from '4'; RWN removed

CB Moskommertsbank

  -- Long-term foreign currency IDR: downgraded to 'B-' (B minus)
     from 'B'; Outlook remains Negative

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

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

  -- Support rating: downgraded to '5' from '4'

  -- National Long-term rating: downgraded to 'BB- (BB minus)
     (rus)' from 'BBB- (BBB minus) (rus)', Outlook remains
     Negative


FREGAT OJSC: Creditors Must File Claims by March 15
---------------------------------------------------
Creditors of OJSC Fregat (Machinery Spare Parts Production) have
until March 15, 2009, to submit proofs of claims to:

         Yu. Adushkin
         Insolvency Manager
         Post User Box 23
         Central Postal Office
         410000 Saratov
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57=9624440/2008=9631.

The Debtor can be reached at:

         OJSC Fregat
         Promyshlennya St. 3
         Engels
         Saratovskaya
         Russia


GLAZOVSKIY PLYWOOD: Creditors Must File Claims by March 15
----------------------------------------------------------
Creditors of LLC Glazovskiy Plywood Manufacturing Plant have until
March 15, 2009, to submit proofs of claims to:

         F. Farakhutdinov
         Temporary Insolvency Manager
         Mayakovskogo St. 18
         426028 Izhevsk
         Udmurtia
         Russia

The Arbitration Court of Udmurtia will convene at 9:00 a.m. on
May 12, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A71=9612580/2008-G26.

The Court is located at:

         The Arbitration Court of Udmurtia
         Lomonosova St. 5
         Izhevsk
         Udmurtia

The Debtor can be reached at:

         LLC Glazovskiy Plywood Manufacturing Plant
         Sovetskaya St. 49
         427620 Glazov
         Udmurtia
         Russia


KLARANS LLC: Creditors Must File Claims by March 15
---------------------------------------------------
Creditors of LLC Klarans (Cement production) have until March 15,
2009, to submit proofs of claims to:

         T. Dokalova
         Insolvency Manager
         Post User Box 3185
         410012 Saratov
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57=9622960/08=9623.


KOMSOMOLSKIY LOGGING: Court Names Temporary Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Khabarovskiy appointed O. Zaytsev as
Temporary Insolvency Manager for LLC Komsomolskiy Logging
Enterprise.  The case is docketed under Case No. A73=9610496/2008=96
38.  He can be reached at:

         Post User Box 11/10
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         LLC Komsomolskiy Logging Enterprise
         Shkolnaya St. 6v
         Boktor
         Komsomolskiy
         Khabarovskiy
         Russia


MOSKOMMERTSBANK: Fitch Cuts Individual Rating to 'E'
----------------------------------------------------
Fitch Ratings has downgraded by two notches, to 'CCC', the Long-
term IDRs of BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus,
and downgraded the Long-term IDR of Moskommertsbank by one notch
to 'B-' (B minus).  The rating actions reflect the agency's view
that support is now less likely to be made available to these
banks in case of need.  At the same time, Fitch has withdrawn the
ratings of BTA Russia and Fitch will no longer provide rating or
analytical coverage of the bank.

The downgrades of the four CIS affiliates of Kazakhstan's BTA Bank
('BTA') - BTA Russia, BTA Kazan, BTA Georgia and BTA Belarus -
reflect Fitch's view that support from BTA for these banks cannot
be relied upon, at least in the near-term, in light of the Kazakh
authorities' primary focus on stabilizing the financial position
of BTA at the parent bank level.

The Rating Watch Negative on the ratings of BTA Russia reflects
Fitch's concerns about the heightened near-term asset quality and
liquidity risks that the bank currently faces.  The downgrade to
'CC' of the Long-term rating on the bank's US$100 million 9.875%
senior unsecured loan participation notes due December 2009 and
the revision of the Recovery Rating on the notes to 'RR5' from
'RR4' reflect Fitch's view of the weaker-than-average recovery
prospects for bondholders in case of BTA Russia's default.

The downgrade of Kazkommertsbank's Russian subsidiary MKB reflects
similar concerns about the readiness of the Kazakh authorities to
allow KKB to provide support in case of need.  MKB is rated one
notch higher than BTA's affiliates because KKB is currently in a
more stable financial position than BTA and because MKB is 100%-
owned by KKB.  In light of these factors, and also because a
default at MKB would be potentially destabilising for KKB, Fitch
continues to believe that some limited support for MKB from KKB is
still possible.

Fitch currently considers it unlikely that BTA Russia and MKB
would qualify as material subsidiaries under the cross default
clauses in BTA's and KKB's debt issues.  It is unlikely that BTA
Russia will in future be consolidated as a subsidiary after BTA's
stake in BTA Russia fell to 22% in Q408.  KKB estimates that MKB's
assets were equal to about 8% of KKB's (consolidated) balance
sheet at end-2008., In Fitch's view MKB's share of KKB's
consolidated gross revenues would be very unlikely to be higher
than this, so both of these measures would be below the 10%
threshold required for MKB to qualify as a material subsidiary of
KKB.

Rating actions are:

LLS BTA Bank (Russia)

  -- Long-term foreign currency IDR downgraded to 'CCC' from 'B';
     remains on RWN; rating withdrawn

  -- Short-term foreign currency IDR downgraded to 'C' from 'B';
     remains on RWN; rating withdrawn

  -- Individual rating: downgraded to 'E' from 'D/E'; RWN removed;
     rating withdrawn

  -- National Long-term rating: downgraded to 'B-(B minus)(rus)'
     from 'BBB-(BBB minus)(rus)'; remains on RWN; rating withdrawn

  -- Support rating: downgraded to '5; from '4'; RWN removed,
     rating withdrawn

  -- Senior unsecured debt: downgraded to 'CC' from 'B'; RWN
     removed; Recovery Rating revised to 'RR5' from 'RR4'; ratings
     withdrawn

CJSC BTA Bank (Belarus) (BTA Belarus)

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: downgraded to '5' from '4'; RWN removed

JSC Bank BTA-Kazan

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: downgraded to 'E' from 'D/E'; RWN removed

  -- National Long-term rating: downgraded to 'B(rus)' from 'BBB-
     (BBB minus)(rus)'; RWN removed; Negative Outlook assigned

  -- Support rating: downgraded to '5' from '4'; RWN removed

JSC BTA Bank (Georgia)

  -- Long-term foreign currency IDR: downgraded to 'CCC' from 'B';
     RWN removed; Negative Outlook assigned

  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     RWN removed

  -- Individual rating: affirmed at 'E'

  -- Support rating: downgraded to '5' from '4'; RWN removed

CB Moskommertsbank

  -- Long-term foreign currency IDR: downgraded to 'B-' (B minus)
     from 'B'; Outlook remains Negative

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

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

  -- Support rating: downgraded to '5' from '4'

  -- National Long-term rating: downgraded to 'BB- (BB minus)
     (rus)' from 'BBB- (BBB minus) (rus)', Outlook remains
     Negative


NOVOZYBKOVSKIY MACHINE: Bryanskaya Bankruptcy Hearing Set June 4
----------------------------------------------------------------
The Arbitration Court of Bryanskaya will convene on June 4, 2009,
to hear bankruptcy supervision procedure on LLC Novozybkovskiy
Machine-Building Plant.  The case is docketed under Case No. A09=96
12130/2008=968.

The Temporary Insolvency Manager is:

         I. Medvedev
         Post User Box 26
         241012 Bryansk
         Russia

The Debtor can be reached at:

         LLC Novozybkovskiy Machine-Building Plant
         Lenina St. 61
         Novozybkov
         Bryanskaya
         Russia


ORSHANSKIY FLAX: Creditors Must File Claims by March 15
-------------------------------------------------------
Creditors of OJSC Orshanskiy Flax-Processing Plant (TIN
1210001860, PSRN 1021201849800) have until March 15, 2009, to
submit proofs of claims to:

         S .Pitikov
         Temporary Insolvency Manager
         Internatsionalnaya St. 96
         603002 Nizhny-Novgorod
         Russia

The Arbitration Court of Mari El will convene on June 4, 2009, to
hear bankruptcy supervision procedure.  The case is docketed under
Case No. A38=965383/2008.

The Debtor can be reached at:

         OJSC Orshanskiy Flax-Processing Plant
         Zavodskaya St. 1
         Orshanka
         425250 Mari El
         Russia


PROM-LES LLC: Creditors Must File Claims by March 15
----------------------------------------------------
Creditors of LLC Prom-Les (Lumber) have until March 15, 2009, to
submit proofs of claims to:

         N. Krasnoperov
         Temporary Insolvency Manager
         Orlovskaya St. 20A
         610002 Kirov
         Russia

The Arbitration Court of Kirovskaya will convene at 9:00 a.m. on
May 6, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A28=9613699/2008=96396/6.

The Court is located at:

         The Arbitration Court of Kirovskaya
         Office 206
         K. Libknekhta St. 102
         Kirov
         Russia

The Debtor can be reached at:

         LLC Prom-Les
         Novyy Mir Str 11
         Darovskoy
         612120 Kirovskaya
         Russia


RYBINSKIY SHIP-BUILDING: Creditors Must File Claims by March 15
---------------------------------------------------------------
Creditors of CJSC Rybinskiy Ship-Building Plant (TIN 7610046760)
have until March 15, 2009, to submit proofs of claims to:

         V. Akimov
         Temporary Insolvency Manager
         Office 201
         Building 6
         Ostapovskiy Proezd 3
         109316 Moscow
         Russia

The Arbitration Court of Yaroslavskaya will convene at
10:00 a.m. on April 21, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A82=9613810/2008=9630-
B/78.

The Debtor can be reached at:

         CJSC Rybinskiy Ship-Building Plant
         Pyatiletky St. 60
         Rybinsk
         152909 Yaroslavskaya
         Russia


=3D=3D=3D=3D=3D=3D=3D=3D=3D
S P A I N
=3D=3D=3D=3D=3D=3D=3D=3D=3D


AYT CAIXANOVA: Fitch Assigns 'BB-' Rating on EUR26 Mil. Notes
-------------------------------------------------------------
Fitch has assigned AyT CAIXANOVA FTPYME I FTA's notes totaling
EUR200 million, due in March 2030, these ratings:

  -- EUR70.2 million Series T: 'AAA'; Outlook Stable
  -- EUR73.8 million Series A: 'AAA'; Outlook Stable
  -- EUR30.0 million Series B: 'A-' (A minus); Outlook Stable
  -- EUR26.0 million Series C: 'BB-' (BB minus); Outlook Stable

The transaction is a cash flow securitization of a EUR200 million
static pool of unsecured loans granted by Caixa de Aforros de
Vigo, Ourense e Pontevedra (Caixanova, rated 'A'/Negative/'F1'), a
Spanish savings bank, to small- and medium-sized Spanish
enterprises with the purpose of financing business activity.

The ratings address the payment of interest on the notes according
to the terms and conditions of the documentation, subject to a
deferral trigger for the class B and C notes, as well as the
repayment of principal by legal maturity in March 2030.

AyT CAIXANOVA FTPYME I is the first single-seller SME
securitisation transaction originated by Caixanova.  The issuer is
legally represented and managed by Ahorro y Titulizacion SGFT, SA
(AyT, or the Sociedad Gestora), a special-purpose management
company with limited liability incorporated under the laws of
Spain.

The ratings on the notes are based on the quality of the
collateral, the underwriting and servicing of the loans, available
credit enhancement, the characteristics and integrity of the
transaction's legal and financial structure and the Sociedad
Gestora's administrative capabilities, and incorporate Fitch's
most up-to-date view of Spanish SME credit risk.  Although the
class T notes benefit from the unconditional guarantee of the
Kingdom of Spain, the 'AAA' rating assigned to these notes is not
dependent on the guarantee.

Fitch is in the process of reviewing its rating methodology and
model assumptions for all new issue SME CDO ratings.  Investors
should be aware that Fitch is reassessing its analytical views
which could impact existing ratings, including the ratings
assigned to the securities in this announcement.


MADRID RMBS: S&P Puts 'B'-Rated Class E Notes to Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services has taken various rating
actions on four Spanish RMBS deals: MADRID RMBS I, Fondo de
Titulizacion de Activos, MADRID RMBS II, Fondo de Titulizacion de
Activos, MADRID RMBS III, Fondo de Titulizacion de Activos, and
MADRID RMBS IV, Fondo de Titulizacion de Activos.

Specifically, the rating agency:

  -- Placed the class A notes in each deal on CreditWatch
     negative;

  -- Placed the ratings on the class B, C, and D notes issued by
     MADRID RMBS I on CreditWatch negative and lowered the rating
     on the class E notes and placed them on CreditWatch negative;
     and

  -- Placed the class D and E notes issued by MADRID RMBS IV on
     CreditWatch negative.

The most recent transaction information points to a further
deterioration in the performance of the underlying mortgage loan
pools in these deals.  The results of S&P's preliminary analysis
showed that the credit enhancement available for these
securitizations may not be sufficient to maintain the current
ratings.

The notes, issued in November 2006, December 2006, July 2007, and
December 2007 (I to IV, respectively) are backed by four
portfolios of residential mortgage loans secured over properties
in Spain.  The loans were originated and are serviced by Caja de
Ahorros y Monte de Piedad de Madrid (A+/Negative/A-1).

The mortgage portfolios underlying these transactions continue to
generate high levels of arrears.  90+ day delinquencies, including
defaulted loans, are 11.10% (Madrid RMBS I), 12.85% (Madrid RMBS
II), 11.96% (Madrid RMBS III), and 13.37% (Madrid RMBS IV) of
their current mortgage portfolios, well above the average for
other Spanish residential mortgage-backed securities
transactions with similar seasoning.

Recent performance data combined with the portfolio
characteristics suggest that delinquencies will continue to
rapidly increase over the next quarters.  From Q2 2008 to Q4 2008,
severe delinquencies reached around 8.6% from 3.1% (Madrid RMBS
I), 10.4% from 5.5% (Madrid RMBS II), 10.5% from 3.4% (Madrid RMBS
III), and 9.6% from 2.9% (Madrid RMBS IV).

All the transactions feature a structural mechanism that traps
excess spread to provide for defaults.  Defaults in these
transactions are defined as arrears greater than six months, with
the exception of Madrid RMBS IV, where defaults are defined as
arrears greater than 12 months.  As a result of higher
delinquencies and this structural feature, all the transactions
have drawn under their cash reserves.  At the latest interest
payment date Madrid RMBS II drew around EUR23.86 million (the
total amount in that reserve).

The effect of the reserve drawings is twofold.  On the one hand,
it will not allow excess spread to flow from the deals for the
foreseeable future, but on the other hand it impairs the internal
liquidity of the transactions for so long as recoveries on
defaulted assets are not received.

When the cumulative default rates in these Madrid RMBS
securitizations reach a certain percentage of the initial balance,
the priority of payments is altered so as to shut off interest
payments to the related class of notes.  For example, trigger
levels are set for the class E notes at 8.00% (Madrid RMBS I),
8.00% (Madrid RMBS II), 8.94% (Madrid RMBS III), and 8.19% (Madrid
RMBS IV).

As of the last investor report, the level of cumulative defaults
as a percentage of the closing collateral balance was 5.66%,
6.97%, 5.81%, and 0.92%, for Madrid RMBS I, II, III, and IV,
respectively.  At the same time, 90+ day arrears plus cumulative
defaults as a percentage of the closing balance were 9.83%,
11.62%, 11.41%, and 12.62%, respectively.  This could be a used as
a proxy of the expected default level of the transactions assuming
that there is a high roll-over of 90+ day arrears into defaults.
The rating actions take into account the relative likelihood of
nonpayment of interest in the light of realized defaults and an
assessment of the default risk in the residual portfolios.

                            Ratings List

          MADRID RMBS I, Fondo de Titulizacion de Activos
   EUR2 Billion Residential Mortgage-Backed Floating-Rate Notes

              Ratings Placed on Creditwatch Negative

                                   Rating
                                   ------
                Class       To                 From
                -----       --                 ----
                A1          AAA/Watch Neg      AAA
                A2          AAA/Watch Neg      AAA
                B           AA/Watch Neg       AA
                C           A/Watch Neg        A
                D           BBB/Watch Neg      BBB

        Rating Lowered and Placed on Creditwatch Negative

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

              Ratings Placed on Creditwatch Negative

          MADRID RMBS II, Fondo de Titulizacion de Activos
         EUR1.8 Billion Mortgage-Backed Floating-Rate Notes

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

         MADRID RMBS III, Fondo de Titulizacion de Activos
         EUR3 Billion Mortgage-Backed Floating-Rate Notes

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

         MADRID RMBS IV, Fondo de Titulizacion de Activos
        EUR2.4 Billion Mortgage-Backed Floating-Rate Notes

                                   Rating
                                   ------
                Class       To                 From
                -----       --                 ----
                A1          AAA/Watch Neg      AAA
                A2          AAA/Watch Neg      AAA
                D           BB/Watch Neg       BB
                E           B/Watch Neg        B


FTPYME TDA: Fitch Downgrades Rating on Class 3SA to 'BB'
--------------------------------------------------------
Fitch Ratings has downgraded FTPYME TDA CAM 2 Fondo de
Titulizacion de Activos' junior class, affirmed the remaining
three classes and simultaneously assigned rating Outlooks:

  -- Class 1SA (ISIN ES0339758007) affirmed at 'AAA'; assigned a
     Stable Outlook

  -- Class 1CA(G) (ISIN ES0339758015) affirmed at 'AAA'; assigned
     a Stable Outlook

  -- Class 2SA (ISIN ES0339758023) affirmed at 'A+'; assigned a
     Negative Outlook

  -- Class 3SA (ISIN ES0339758031) downgraded to 'BB' from 'BBB';
     assigned a Negative Outlook

After taking into account Spain's economic downturn and the
ongoing correction in the real estate and construction sectors,
Fitch's analysis of the delinquency pipeline and an updated
default forecast indicated that the credit protection for class
3SA was no longer adequate to support the prior rating.  As such,
class 3SA has been downgraded and assigned a Negative Outlook.
The Negative Outlook assigned to class 2SA also reflects the
tranche's exposure to the delinquency pipeline and Fitch's
expectation of significant further credit deterioration over the
next two years.

As the Kingdom of Spain ('AAA'/Stable/'F1+') guarantees the class
1CA(G) notes, the 'AAA' rating on these securities was affirmed
with a Stable Outlook.  Class 1SA has been affirmed with a Stable
Outlook due to the increase in credit enhancement following the
transaction's de-leveraging and class A's reported expected
average life of less than a year, which assumed a 5% constant
prepayment rate.

As of 31 December 2008, the outstanding portfolio was 33.7% of the
initial portfolio balance.  90+ day delinquencies stood at 1.1% of
the current portfolio.  The portfolio is concentrated in real
estate and related sectors with the current exposure at 26.8%, and
the largest geographical region is Alicante at 34%.  The reserve
fund of EUR8.5m provides 3.2% of credit enhancement.

Spanish macroeconomic conditions have deteriorated sharply in
recent months and there has been a notable increase in
delinquencies across small- and medium-sized enterprise
collateralized debt obligation transactions.  However, many
originators have begun to reinforce collection efforts by adding
staff and employing more proactive collection strategies.  Given
Fitch's expectation for further credit deterioration in the SME
segment, the agency continues to review rated transactions to
ensure the credit protection in place is sufficient to maintain
existing ratings.

In the analysis undertaken, assumptions on probability of default
(PD) and loss severity were made with regards to current
delinquencies as well as the performing portfolio.  With respect
to default probability, the base assumption on the current
performing portion of the portfolio was revised upward to reflect
the non-investment grade nature of underlying borrowers and to
consider how the portfolio or loans could perform through-the
cycle.  This resulted in an increase in the base default
probability to approximately 10-15%, which was then adjusted to
reflect the remaining weighted average life of the portfolio.  The
base case PD was further adjusted to account for the existing
portfolio delinquency pipeline, with loans that have been in
arrears for longer being assigned progressively higher default
probabilities (up to 100% for loans greater than six months in
arrears).  On the recovery side, Fitch assumed the 'BB' recovery
from the initial rating analysis.  These updated PD and recovery
assumptions were used to determine an updated loss expectation and
then compared against existing subordination available for each
tranche, with minimum coverage ratios of the updated expected loss
driving the actions noted above.  Seasoning, excess spread, as
well as industry and borrower concentration risk also factored
into Fitch's credit view.

This transaction is a cashflow securitization of loans to Spanish
SMEs granted by Caja de Ahorros del Mediterraneo (rated 'A-' (A
minus)/Stable/'F2').  The assets of FTPYME CAM 2 were subscribed
at closing by Titulizacion de Activos SGFT, SA, a special purpose
management company with limited liability, incorporated under the
laws of Spain.


SANTANDER CONSUMER: Fitch Puts 'CCC' Ratings on EUR35.7 Mil. Notes
------------------------------------------------------------------
Fitch Ratings has assigned FTA SANTANDER CONSUMER SPAIN 09-1's
notes totaling EUR735.7 million, due in October 2021, final
ratings,:

    -- EUR562.8 million class A: 'AAA'; Outlook Stable
    -- EUR99.4 million class B: 'A'; Outlook Stable
    -- EUR37.8 million class C: 'BBB'; Outlook Stable
    -- EUR35.7 million class D: 'CCC'; Outlook Stable

The transaction is a cash flow securitization of a EUR700 million
static pool of consumer and auto loans granted by Santander
Consumer E.F.C.,S.A., a wholly-owned and fully integrated
subsidiary of Santander Consumer Finance ('AA'/Rating Watch
Negative/'F1+'), to individuals and SMEs in Spain.  All the loans
have been originated following Santander Consumer E.F.C.,S.A.
guidelines in the course of its normal business.

The final ratings are based on the quality of the collateral,
underwriting and servicing of the underlying loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure, and Santander de Titulizacion S.G.F.T, S.A's
administrative capabilities.

Initial CE for the class A, B and C notes is provided by
subordination and a reserve fund.  The class D notes are an
uncollateralized class issued at closing to finance the reserve
fund.  The final ratings address the payment of interest on the
notes according to the terms and conditions of the documentation,
subject to a deferral trigger on the class B and C notes, and the
repayment of principal by legal final maturity.  Should the
deferral trigger on the class B and C notes be hit, interest on
these notes will be deferred in the priority of payments.  In such
an event, interest payments might not be received for a period of
time, but will be received by legal final maturity.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998.  Its sole purpose is to convert
consumer and auto loans from the seller into fixed-income
securities.  The fund will be legally represented and managed by
Santander de Titulizacion S.G.F.T, S.A, a limited liability
company incorporated under Spanish law, whose activities are
limited to the management of securitization funds.


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S W I T Z E R L A N D
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GEBRUDER MULLER: Creditors Must File Proofs of Claim by Feb. 28
---------------------------------------------------------------
Creditors owed money by JSC Gebruder Muller are requested to file
their proofs of claim by Feb. 28, 2009, to:

         Company ERX Treuhand
         Markus Steiner
         Haldelistrasse 9
         8712 Stafa
         Switzerland

The company is currently undergoing liquidation in Schmerikon. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 2 2008.


MAGIP LLC: Deadline to File Proofs of Claim Set Feb. 27
-------------------------------------------------------
Creditors owed money by LLC Magip are requested to file their
proofs of claim by Feb. 27, 2009, to:

         The Advocacy Badertscher Rechtsanwalte
         Dr. Markus Dorig
         Liquidator
         Muhlebachstrasse 32
         Mail Box: 769
         8024 Zurich
         Switzerland

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


MAGUS INTELLECTUAL: Creditors Have Until Feb. 27 to File Claims
---------------------------------------------------------------
Creditors owed money by LLC Magus Intellectual Property are
requested to file their proofs of claim by DL, to:

         The Advocacy Badertscher Rechtsanwalte
         Dr. Markus Doerig
         Liquidator
         Muhlebachstrasse 32
         Mail Box: 769
         8024 Zurich

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


VERIFAX BADEN: Feb. 27 Set as Deadline to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by LLC Verifax are requested to file their
proofs of claim by Feb. 27, 2009, to:

         JSC Senn Treuhand
         Landstrasse 177
         Mail Box: 2256
         5430 Wettingen
         Switzerland

The company is currently undergoing liquidation in Baden AG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 5, 2008.


PAOLO LLC: Creditors' Proofs of Claim Due by Feb. 27
----------------------------------------------------
Creditors owed money by LLC Paolo are requested to file their
proofs of claim by Feb. 27, 2009, to:

         Pal Dada
         Reckenwinkel 7
         8154 Oberglatt
         Switzerland

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


PROCESS SQUARE: Feb. 27 Set as Deadline to File Claims
------------------------------------------------------
Creditors owed money by JSC Process Square are requested to file
their proofs of claim by Feb. 27, 2009, to:

         JSC Progressia Treuhand und Verwaltung
         Rue St. Pierre 18
         1700 Freiburg
         Switzerland

The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 2, 2008.


VIN DI VIN: Creditors Must File Proofs of Claim by Feb. 28
----------------------------------------------------------
Creditors owed money by LLC Vin Di Vin are requested to file their
proofs of claim by Feb. 28, 2009, to:

         LLC Demetz & Siegrist
         Beundengasse 21
         3250 Lyss
         Switzerland

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


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T U R K E Y
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* Moody's Withdraws 'B1' Rating on Municipality of Gaziantep
------------------------------------------------------------
Moody's Investors Service has withdrawn the B1 (Global Scale,
local and foreign currency) and Baa2.tr (Turkey National Scale)
issuer ratings of Turkey's Metropolitan Municipality of Gaziantep
for business reasons.

The last rating action with respect to Gaziantep was taken on
July 19, 2007, when its ratings were assigned.


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U K R A I N E
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EUROBUILDING-LG LLC: Court Starts Bankruptcy Procedure
------------------------------------------------------
The Economic Court of Kharkov has begun bankruptcy supervision
procedure on LLC Eurobuilding-LG (EDRPOU 33205842).

The Temporary Insolvency Manager is:

         O. Berezhnoy
         Office 1
         Tchaikovsky St. 33-b
         61024 Kharkov
         Ukraine

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Eurobuilding-LG
         Office 115
         Ac. Pavlov St. 134/16
         Kharkov
         Ukraine


GRANIT STATE: Creditors Must File Claims by March 5
---------------------------------------------------
Creditors of State Enterprise Granit (EDRPOU 13483678) have until
March 5, 2009, to submit proofs of claim to:

         V. Tkachuk
         Insolvency Manager
         Office 2
         A.    Akhmatova St. 9/18
         02068 Kiev
         Ukraine

The Economic Court of Donetsk has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 27/171b.

The Court is located at:

         The Economic Court of Donetsk
         Artem Street 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         State Enterprise Granit
         Mospino-1
         Donetsk
         Ukraine


PAPIRUS PRODUCTION: Creditors Must File Claims by March 6
---------------------------------------------------------
Creditors of LLC Production and Commerce Firm Papirus (EDRPOU
30244941) have until March 6, 2009, to submit proofs of claim to:

         CJSC Joint Stock Commerce Industrial and
         Investment Bank
         Insolvency Manager
         Yaroslavsky St. 2
         Okhtyrka
         42700 Sumy
         Ukraine

The Economic Court of Kharkov has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 24/214-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:
         LLC Production and Commerce Firm Papirus
         Novgorodskaya St. 3
         Kharkov
         Ukraine


PORT-O-FRANKO LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Kiev has begun bankruptcy supervision
procedure on LLC Port-O-Franko (EDRPOU 34733555).

The Temporary Insolvency Manager is:

         Arbitral manager V. Gliadchenko
         Sverdlov St. 68/4
         49006 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Port-O-Franko
         Borodinskaya St. 24/3
         49000 Dnepropetrovsk
         Ukraine


PROD-TK-TRADE LLC: Creditors Must File Claims by March 6
--------------------------------------------------------
Creditors of LLC Prod-TK-Trade (EDRPOU 35709518) have until
March 6, 2009, to submit proofs of claim to Insolvency Manager V.
Varakina.

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/59-b.

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 Prod-Tk-Trade
         Bulgakov St. 16
         03134 Kiev
         Ukraine


TELOS LLC: Creditors Must File Claims by March 6
------------------------------------------------
Creditors of LLC Telos (EDRPOU 31175649) have until March 6, 2009,
to submit proofs of claim to:

         V. Letskan
         Insolvency Manager
         Office 42
         Dovzhenko St. 16
         Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 50/298.

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 Telos
         Novokonstantinovskaya St. 4-A
         04080 Kiev
         Ukraine


UKRMAST LLC: Creditors Must File Claims by March 6
--------------------------------------------------
Creditors of LLC UKRMAST (EDRPOU 31902287) have until March 6,
2009, to submit proofs of claim to:

         V. Letskan
         Insolvency Manager
         Office 42
         Dovzhenko St. 16
         Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 50/296.

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 Ukrmast
         Berezhanskaya St. 6-A
         04074 Kiev
         Ukraine


YUVIT-SERVICE LLC: Creditors Must File Claims by March 6
--------------------------------------------------------
Creditors of LLC Yuvit-Service (EDRPOU 31452428) have until
March 6, 2009, to submit proofs of claim to:

         O. Borisov
         Insolvency Manager
         Office 32
         Franko St. 2
         Borispol
         Kiev
         Ukraine

The Economic Court of Kiev has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 28/334-b.

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 Yuvit-Service
         Office 16
         Obolonsky avenue 23-A
         04205 Kiev
         Ukraine


ZEUS LLC: Creditors Must File Claims by March 5
-----------------------------------------------
Creditors of LLC ZEUS (EDRPOU 32609597) have until March 5, 2009,
to submit proofs of claim to:

         S. Atamanenko
         Insolvency Manager
         Sibirtsev St. 17/321
         Artemovsk
         84500 Donetsk
         Ukraine

The Economic Court of Donetsk has begun bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 45/239b.

The Court is located at:

         The Economic Court of Donetsk
         Artem street 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Zeus
         Miroshnichenko St. 37
         Konstantinovka
         85107 Donetsk
         Ukraine


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U N I T E D   K I N G D O M
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ABBOT GROUP: S&P Puts 'B+' Corporate Rating on Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B+' long-
term corporate credit rating on U.K.-based Abbot Group Ltd. and on
Turbo Alpha Ltd. on CreditWatch with negative implications due to
concerns regarding what S&P view to be increasingly challenging
market conditions and the subsequent lower-than-expected
deleveraging and tight covenant headroom, given Abbot's high
initial reported debt of US$1.9 billion following the leveraged
buyout by First Reserve Corp. in March 2008.  The recovery rating
of '3' remains unaffected.

"We believe that the demand for oil and gas drilling operations
will continue to weaken over the short term thus limiting Abbot's
ability to increase EBITDA and in turn deleverage," said Standard
& Poor's credit analyst Sophia Dedemadis.  "Our initial
expectations when the rating was assigned, took into account a
favorable growth demand outlook for drilling services and assumed
that the company's run-rate EBITDA margin would expand to about
20% and that the group would achieve debt to EBITDA of close to
5.0x at year-end 2008, decreasing to 3.5x-4.0x by 2010-2011."
Based on management covenant compliance figures for the credit
facility agreement, leverage was 5.32x for fiscal year-end 2008.

"Furthermore, in our opinion, covenant headroom, although
currently adequate (at 15%-30%), will tighten significantly by
mid-2009 to below 15%," said Ms. Dedemadis.  In addition, in the
absence of a market recovery or additional measures being taken --
such as additional shareholder support for example -- S&P believes
it is unlikely that covenants will be met in 2011 and onward, as
under the credit agreement they trend down significantly.

More positively, in S&P's view, Abbot still benefits from strong
contractual visibility.  Other relative strengths remain the
group's strong geographic and operational diversification, and
operational track record.

Any downward rating pressure would likely be one notch, noting,
however, that the possibility of a two-notch downgrade cannot be
entirely ruled out given Abbot's high debt and the abrupt change
in market conditions for oil services.  As part of its analysis
S&P will also assess any potential future shareholder support that
may be offered by First Reserve Corp.  S&P expects to reassess the
CreditWatch within 60 days.


ANGLO AMERICAN: Won't Pay Dividends, to Cut 19,000 Jobs
-------------------------------------------------------
Anglo American plc has suspended dividend payments as it faces a
year end net debt of US$11.0 billion.  The company paid total
dividend of 44 cents per share for the year ended Dec. 31, 2008.

The suspension of dividends was necessary "given the horrendous
market conditions, which are likely to materially impact our 2009
earnings," Bloomberg News quoted Chief Executive Officer Cynthia
Carroll as saying during a presentation in London on Friday.
Paying a dividend "would have put the balance sheet under undue
pressure."

The company also suspended share buyback and will lay off 19,000
jobs as net profit for 2008 decreased 29% to US$5.2 billion from
US$7.3 billion in 2007.

Anglo American employed about 100,000 people in 2007, with three-
quarters in South Africa, according to data compiled by Bloomberg.

Total revenue for the year ended Dec. 31, 2008, decreased 7.6% to
US$32.9 billion from US$35.6 billion in 2007.

Underlying earnings for the period also fell 9% to US$5.2 billion
while total operating profit including associates before special
items and remeasurements increased 0.3% to US$5.2 billion.

The company has committed undrawn bank facilities and cash of over
US$7 billion at December 31, 2008.

Based in London, England, Anglo American plc (NASDAQ:AAUK) ---
http://www.angloamerican.co.uk/--- is a mining and natural
resource company.  With its subsidiaries, joint ventures and
associates, it is a global player in platinum group metals and
diamonds, with interests in coal, base and ferrous metals, as well
as an industrial minerals business and a stake in AngloGold
Ashanti Limited.  The Company is geographically diverse with
operations in Africa, Europe, South and North America, Australia
and Asia.  On July 2, 2007, the Paper and Packaging business was
demerged from the Company.  On October 2, 2007, Anglo American
plc's holding in AngloGold Ashanti reduced from 41.6% to 17.3%.
The Company has subsequently reduced its shareholding in AngloGold
Ashanti, which as of December 31, 2007, was 16.6%.  In August
2008, the Company acquired a 63.3% shareholding in IronX, which
holds a 51% interest in the Minas-Rio iron ore project and a 70%
interest in the Amapa iron ore system.


ATRIUM EUROPEAN: S&P Cuts Long-Term Corp. Credit Rating to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Jersey-based real estate
group Atrium European Real Estate Ltd. to 'BB' from 'BB+', and
removed the rating from CreditWatch where it had been placed on
Jan. 14, 2009, with negative implications.  At the same time, S&P
affirmed the 'B' short-term corporate credit rating.  The outlook
is stable.

"The rating actions reflect the increasingly challenging market
conditions in the Central and Eastern European markets, as well as
Russia, where the company operates," said Standard & Poor's credit
analyst Pierre Georges.  "These negative trends result in
depressed real estate asset valuations, rent levels, and
ultimately cash flows."

The downgrade also reflects the operating challenges ahead,
notably in implementing new systems and organizational structure;
and the lack of investor confidence due to corporate governance
issues, which reduces financial flexibility.

Offsetting rating strengths include support from a strong capital
structure and liquidity position; and a significant reduction of
development risks as a result of a material cutback of the
investment pipeline.

"The outlook is stable and reflects our expectations that the
group will maintain a sound capital structure and an adequate
liquidity position, which are necessary to mitigate the high risks
in the company's development pipeline and in its Russian and
Eastern European property portfolio," said Mr. Georges.  "We also
anticipate that cash flow metrics will improve from currently weak
levels after completion of the development pipeline."

S&P could revise the outlook to negative or lower the ratings if
operating performance is weaker than expected, Atrium's
development pipeline is not successfully completed, or the company
carries out unexpected capital restructuring transactions that
weaken its financial profile.  Alternatively, S&P could
contemplate a positive rating action if economic conditions
sustainably improve in Atrium's key markets, the development
pipeline is properly executed, and investor confidence is
restored.


BIOGANIX PLC: Puts Two Units Into Administration, May Wind Up
-------------------------------------------------------------
The Directors of Bioganix plc on February 11, 2009, said that they
have filed a notice of appointment of an Administrator to Bioganix
Composting Limited ("BCL") which, along with BCL's wholly-owned
subsidiary Bioganix Research Limited, is the sole
operating entity within the Bioganix Group ("the Group").

This follows the announcement on January 26, 2009 that it appeared
unlikely that the proceeds receivable from any disposal of the
operating business and assets of the Group would result in a
surplus to shareholders.  Discussions were then progressing to
a disposal through a sale of the entire issued share capital of
BCL, thereby avoiding insolvency.  It became clear for the first
time during Thursday, February 5, however, that the Bank believed
that the only remaining offer from potential purchasers was for
the purchase of certain assets of Bioganix Composting Ltd out of
administration using a "pre-pack" arrangement.  The Directors
therefore have had no alternative than to commence steps for the
appointment of an Administrator to BCL.  The Company will
not itself be placed in administration but is likely to be wound
up in due course.

Blue Oar Securities Plc resigned on February 10, 2009 as the
Company's Nominated Adviser.  In consequence as the Company does
not intend to appoint a replacement nominated adviser, the
Company's AIM listing will be canceled with effect from
7:00 a.m. on March 10, 2009.  Trading of the Company's shares on
AIM remains suspended.

Based in Herefordshire, Bioganix plc -=96 http://www.bioganix.co.uk/
=96- operates in the waste management sector.  The Group's principal
activity is the processing of organic wastes such as the by-
products from food processing and source separated domestic waste
collected by local authorities.


CATTLES PLC: Fitch Cuts Long-Term Issuer Default Rating to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded Cattles PLC's Long-term Issuer
Default Rating to 'B' from 'B+' and downgraded its senior
unsecured debt to 'B' from 'BB-' (BB minus).  Both ratings remain
on Rating Watch Negative.

The downgrades follow Cattles' announcement that it has delayed
the publication of its 2008 financial results, pending a review of
the adequacy of its impairment charges.  This development is a
concern and could weaken the company's position at a time when it
is engaged in refinancing discussions with various banks relating
to a GBP500 million syndicated loan that matures in July 2009 and
a GBP135 million bilateral bank line due in December.

Cattles has interest cover covenants in its bank facilities and
private placements of 1.75x and in its public bonds of 1.5x.
There is a growing risk that the 1.75x covenants and maybe even
the 1.5x covenants could be breached, if not for the end-2008
testing date, at testing dates in the near- or medium-term, given
the company's review of impairment charges and also the
deteriorating outlook for asset quality (and hence impairment
charges) in the face of the severe downturn in the UK economy.
Cattles has around GBP200 million of private placement notes
outstanding, with maturities ranging from 2011 to 2021 and GBP750
million of public bonds, maturing in 2014 and 2017.

The RWN is likely to be resolved once the outcome of Cattles'
refinancing discussions and how the company is situated in respect
of its interest cover covenants and impairment charges become
clearer.

The downgrade of Cattles' senior unsecured bonds to the same
rating level as the company's IDR and the change in their Recovery
Rating to 'RR4' from 'RR3' reflects the likely deterioration in
the quality of Cattles' loans and receivables and hence lower
recovery expectations.

The rating actions are:

  -- Long-term IDR: downgraded to 'B' from 'B+'; remains on RWN

  -- Short-term IDR 'B' remains on RWN

  -- Senior unsecured debt: downgraded to 'B' from 'BB-' (BB
     minus); remains on RWN; Recovery Rating changed to 'RR4' from
     'RR3'

Cattles is listed in London.  Its main business is the provision
of loan products, collected via direct debit, to individuals who
find it difficult to obtain mainstream bank credit.


GA REALISATIONS: Appoints Joint Administrators from Tenon
---------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of Ga Realisations (UK) Ltd. on
Feb. 6, 2009.

The company can be reached at:

         Ga Realisations (Uk) Ltd.
         Bahama Road\
         Haydock Industrial Estate
         Haydock
         St. Helens
         Merseyside
         WA11 9XB
         England


GREAT NORTHERN: In Administration; Buyer Sought
-----------------------------------------------
Emma Eversham at Big Hospitality reports that a buyer is being
sought for Peter Boizot's The Great Northern 35-bedroom hotel in
Peterborough.

The hotel, the report relates, went into administration after
being hit by the economic crisis.  Mr. Boizot appointed Tim Dolder
and Colin Wilson of Tenon Recovery as joint administrators on
Feb. 4.

According to the report, the administrators have appointed agents
Christie & Co to sell the freehold for offers in excess of GBP2.6
million.  Best and final bids must be made on or before March 16,
the report discloses.

Tim Gooding of Christie Co, as cited by the report, said "There
has been a significant amount of interest expressed already and we
are hopeful of generating a number of bids for this established
business."

The report notes the hotel will continue to trade while
administrators seek a new owner, in the hope that it could save
jobs.


HALCYON DAIS: Names Joint Administrators from Tenon Recovery
------------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Halcyon Dais Ltd. on Feb. 3,
2009.

The company can be reached at:

         Halcyon Dais Ltd.
         226 Old Christchurch Road
         Bournemouth
         Dorset BH1 1PE
         England


HUDSON & MIDDLETON: Sold to Hudsons; 22 Jobs Saved
--------------------------------------------------
The administrators of Hudson & Middleton Limited, one of the
oldest potteries in England, have sold the business and its assets
to Hudsons Fine Bone China Limited, preserving 22 jobs at the
firm's base in Stoke-on-Trent.

Hudsons Fine Bone China Limited is a newco founded by Hudson &
Middleton's former management.  The firm will continue to trade
from Hudson & Middleton's premises in Longton, Stoke-on-Trent.

Richard Philpott, joint administrator and partner at KPMG
Restructuring, said, "Coupled with the going concern sale of Jesse
Shirley & Son which also completed earlier this week, this deal
brings the total number of jobs saved in the Potteries area to 62.
This is fantastic news for all those concerned, and we wish the
management team all the very best for the future."

Richard Philpott and Allan Graham from KPMG were appointed
administrators to Jesse Shirley & Son Limited and Hudson &
Middleton Limited at the request of the company directors on
Jan. 20, 2009.

As reported in the TCR-Europe on Jan. 22, 2009, Mr. Philpott said,
"The current climate is an extremely difficult time for the fine
china industry as a whole; however, following the administration
of Wedgwood the company has experienced a 30% decline in turnover
and suffered a bad debt of approximately GBP120,000 across the two
companies.  This, together with the tightening of trade credit,
has led to the businesses' recent cash flow difficulties and the
directors had no option but to make the decision to call in the
administrators."

According to the report, 36 staff were made redundant at Jesse
Shirley & Son and 19 at Hudson and Middleton.


KAUPTHING SINGER: Decision on Repayment Scheme Adjourned to Apr. 9
------------------------------------------------------------------
Lauren Thompson at Times Online reports that an Isle of Man court
has adjourned a decision on a Scheme of Arrangement that is
understood to offer a better outcome for depositors with Kaupthing
Singer Friedlander (Isle of Man) Ltd than if the bank had gone
into liquidation.

The court, the report says, was adjourned to April 9, for a change
to be made to the final proposals for the scheme to protect the
rights of savers to pursue third parties over the bank's collapse.

The report relates under the scheme approved Thursday by the
court, depositors with the bank will get at least 60% of their
money back.

The report discloses that according to the Isle of Man government,
54 per cent of depositors will get back all their money within
three months under the scheme, while 71 per cent will receive 100
per cent within two years.

The scheme, the report notes, still has to be approved by
depositors.  It will put to vote within a month.  The scheme if
rejected will result in the liquidation of the bank, the report
states.

                      Early Payment Scheme

As reported in the TCR-Europe, on December 17, 2008, Tynwald
approved the development of an Early Payment Scheme for depositors
with KSF IOM together with the release of GBP11 million from the
Reserve Fund to meet depositor claims.

The scheme, funded from Isle of Man Government reserves, will make
GBP1,000 per account holder available as an initial measure
pending the finalization of a more comprehensive solution.

                   Controlled Wind Down Favored

On Jan. 26, 2009, the TCR-Europe reported that Citywire, citing a
report by US financial consultancy AlixPartners, commissioned by
the island's Treasury, disclosed a controlled wind down of the
bank would be a simpler and quicker way of returning money to
savers than a liquidation.

Citywire stated that according to the report's author David
Lovett, the wind down plan would streamline the claims process and
accelerate payments which would equal those offered by the
Depositor Compensation Scheme.

In the report, Mr. Lovett, Citywire added, recommended that the
Isle of Man Treasury should lend money to the bank to support the
wind down and guarantee compensation for around 8,000 savers if
the value of its assets fell short.

      About Kaupthing Singer & Friedlander (Isle of Man) Ltd.

Kaupthing Singer & Friedlander (Isle of Man) Ltd. --
http://www.kaupthingsingers.co.im/-- is the UK subsidiary of
Iceland-based Kaupthing Bank hf.

On Oct. 9, 2008, the Isle of Man Court made a provisional
liquidation order in relation to Kaupthing Singer & Friedlander
(Isle of Man).  Subsequently, Michael Simpson of
PricewaterhouseCoopers was appointed as provisional liquidator of
the bank.

On Oct. 8, 2008, The Isle of Man Financial Supervision Commission
suspended the banking license of Kaupthing Singer & Friedlander
(Isle of Man).


KC CLO: Moody's Lowers Ratings on US$35 Mil. Notes to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has downgraded its rating of one class
of notes issued by KC CLO I Limited.  Moody's also published the
underlying rating of one class of notes wrapped by a financial
guarantor.

The transaction is exposed to a portfolio of US denominated
leverage loans predominantly held through cash exposures but also
through synthetic securities.  The rating downgrade is a response
to credit deterioration in the collateral portfolio and the result
of the application of revised and updated key modelling parameter
assumptions that Moody's uses to rate and monitor ratings of
collateralised loan obligations.  Moody's announced that changes
to these assumptions in a press release published on February 4,
2009.  The revisions affect default probability and diversity
score, which are key parameters in Moody's model for rating CLOs.

The Class A notes are wrapped by Ambac Assurance UK Limited which
is currently rated Baa1.  In accordance with current Moody's
methodology in relation to tranches wrapped by financial
guarantors, described in the Moody's report titled "Moody's
modifies approach to rating structured finance securities wrapped
by financial guarantors (October 2008), the notes are now rated
Aa2 due to its stand-alone strength without the guarantor backing.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Report below:

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008).

The rating actions are:

Issuer : KC CLO I Limited

(1) US$425,000,000 Class A Senior Floating Rate Notes due 2016

  -- Current Rating: Aa2

  -- Prior Rating: Aa3, on watch for uncertain

  -- Prior Rating Date: 17 November 2008, Aa3 placed on watch for
     uncertain

(2) US$35,000,000 Class B Floating Rate Notes due 2016

  -- Current Rating: Ba3
  -- Prior Rating: Baa1
  -- Prior Rating Date: 15 October 2004, assigned Baa1


LIDDINGTON: Goes Into Administration
------------------------------------
Swindon Business News reports that The Liddington, the 200 bedroom
hotel and conference center near Swindon, has gone into
administration as corporate demand for meetings, conferences and
training dried up amid the economic downturn.

"September trading was excellent but sadly this was just one month
before the country's economy started to collapse.  On a local
level the Liddington was severely affected.  Training and travel
budgets were soon frozen by the Liddington's mainstream clients in
the Swindon area," the report quoted the Liddington's directors as
saying.

According to the report, the directors made a request for a
temporary overdraft facility after poor trading at over the last
four months put enormous strain on the conference center's cash
flow and capital resources.  However, the report notes the request
for temporary cash was declined.

The report discloses the Liddington, which was purchased last year
by the owners of the Petersham Group, will continue to trade as
normal under the administration of Grant Thornton Accountants and
managed by De Vere Venues (AHG).

The other hotels in The Petersham Group are separately owned,
independent companies and will not in any way be affected by the
administration of the Liddington, the report states.


MAGNA GROUP: Provisional Liquidator Appointed
---------------------------------------------
The Secretary of State for Business, Enterprise and Regulatory
Reform has presented petitions in the High Court to wind up Magna
Group plc, Magna Engineering Limited, Magna Recycling Limited and
Magna Toughened Glass Limitedin the public interest.  And, on
February 11, 2009, the Official Receiver was appointed provisional
liquidator of all four companies.

The role of the provisional liquidator is to protect assets in the
possession or under the control of the company pending the
determination of the petition.  The provisional liquidator also
has the power to investigate the affairs of the company insofar as
it is necessary to protect the assets including any third party or
trust monies or assets in the possession of or under the control
of the company.

The companies headed by Magna Group plc, recycled glass waste
material, primarily operating from a site at Common Lane, Burn,
near Selby, North Yorkshire.

The petitions to wind up the companies were presented following an
investigation carried out by Companies Investigation Branch under
section 447 of the Companies Act 1985 (as amended).

The case is now subject to High Court action and no further
information will be made available until the hearing in the High
Court of the adjourned petitions on April 1, 2009.

The petitions were presented under Section 124A of the Insolvency
Act 1986.


NSL INTEGRATED: Bought Out of Administration by Dark Peak Trading
-----------------------------------------------------------------
Tom Hall at printweek.com reports that Dark Peak Trading has
bought the business and assets of NSL Integrated Print Solutions
out administration, safeguarding 52 jobs.

NSL, the report relates, went into administration on January 5,
resulting in the loss of 22 jobs.

"We're happy to say that Norscreen's assets have been taken on by
Dark Peak Trading.  It is early days but I would think that the
company will focus on consolidation for the first few months," Ian
Brown, of Deloitte, as cited by the report, said.  "There is a
good range of kit at the company, so investment won't necessarily
be an immediate priority."

Graham Spencer and Paul Thompson are directors of Dark Peak
Trading, the report discloses.

NSL Integrated Print Solutions is based in Newcastle.


RADAMANTIS PLC: Fitch Cuts Rating on Class G Tranche to 'BB'
------------------------------------------------------------
Fitch Ratings has downgraded six tranches of Radamantis (European
Loan Conduit No. 24) plc and affirmed the class A floating-rate
notes and class X certificate.  The Outlooks on the class B and C
FRN have been revised to Negative from Stable.  All tranches are
due in October 2015.

  -- GBP315 million class A FRN (XS0263691346) affirmed at 'AAA';
     Outlook Stable

  -- Class X certificate (XS0263696172) affirmed at 'AAA'; Outlook
     Stable

  -- GBP64 million class B FRN (XS0263697111) downgraded to 'AA+'
     from 'AAA'; Outlook revised to Negative from Stable

  -- GBP25 million class C FRN (XS0263697970) downgraded to 'AA-'
    (AA minus) from 'AAA'; Outlook revised to Negative from Stable

  -- GBP18.4 million class D FRN (XS0263698945) downgraded to 'A+'
      from 'AA'; Outlook Negative

  -- GBP39.1 million class E FRN (XS0263700279) downgraded to
     'BBB+' from 'A'; Outlook Negative

  -- GBP14 million class F FRN (XS0263700782) downgraded to 'BBB'
     from to 'A-' (A minus); Outlook Negative

  -- GBP18 million class G FRN (XS0263701244) downgraded to 'BB'
     from 'BBB'; Outlook Negative

Fitch believes that deteriorating market conditions have weakened
the creditworthiness of the four loans securitized in the
transaction.  Three of the loans are tranched, with only their
respective A notes forming part of the securitisation, while the B
notes would act as the first-loss pieces in the event of potential
principal losses.  As the A notes are interest-only and their
collateral has not been re-valued since closing, the reported
weighted-average loan-to-value ratio of the portfolio remained
unchanged at 69.8%, as of the January 2009 interest payment date.
This compares to an estimated WA Fitch LTV of 93.0%, which
reflects an overall market value decline of 25%.  None of the
loans have LTV covenants.

The Milton & Shire Houses, Westferry Circus and Hayes Park loans
are all secured by assets let on long leases.  As a consequence,
collateral income and interest coverage ratios have remained
virtually unchanged since closing.  However, the interest-only
nature of the loans means that they do not benefit from the strong
income profile through any scheduled paying down of the
outstanding loan balance.

The only whole loan in the transaction, South Quay Plaza, benefits
from tenant diversity, but it only has a short weighted-average
lease term of 5.5 years.  It is secured on a grade A office
located in London's Docklands, adjacent to Canary Wharf.  The
vacancy rate in the building decreased to 1.6% in January 2009
from 17.4% in January 2007, when the largest tenant surrendered
its leases after closing.  However, this improvement was partly
due to a major letting to Lehman Brothers Limited, from which no
income has been received as LB's default in September 2008
occurred prior to the end of the agreed rent-free period in
January 2009.  LB has yet to surrender its remaining leases in the
property to give the borrower the opportunity to relet the
respective office space.

The transaction's ratings could be affected by further declines in
London office values as the loans approach their respective
maturity dates, and/or any deterioration in the credit quality of
the tenants.


SOUTHERN PACIFIC: S&P Takes Various Rating Actions on Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
notes issued by Southern Pacific Securities 05-2 PLC (SPS 05-2),
Southern Pacific Securities 05-3 PLC (SPS 05-3), and Southern
Pacific Securities 06-1 PLC (SPS 06-1).

The actions follow a full credit and cash flow analysis of the
most recent information S&P has received for each transaction.
This analysis showed a further weakening of collateral performance
and an increasing negative trend in key performance indicators for
all three deals.

Specifically, we:

  -=97 Lowered S&P's ratings on four tranches issued by SPS 05-3;

  =97- Lowered and removed from CreditWatch negative S&P's ratings
     on three tranches issued by SPS 05-3 and three issued by SPS
     06-1;

  =97- Lowered and placed on CreditWatch negative S&P's ratings on
     three tranches issued by SPS 06-1;

  =97- Placed on CreditWatch negative S&P's ratings on three
     tranches issued by SPS 06-1; and

  -=97 Affirmed S&P's ratings on four tranches issued by SPS 05-3,
     three issued by SPS 06-1, and two issued by SPS 05-2.

For SPS 05-3, repossessions have significantly increased in the
last two quarters, to 9.64% in December from 4.98% in June 2008,
with cumulative losses rising 34 basis points (bps) over the same
period.  SPS 06-1 has experienced the same trend over the same
period, with repossessions increasing to 7.49% from 4.64% and
losses rising by 41 bps.

Given these substantial negative movements in collateral
performance, S&P has taken various ratings actions on SPS 05-3 and
SPS 06-1.  S&P will closely monitor both transactions in the
coming quarters.

SPS 05-2 continues to show the same trends as SPS 05-3 and SPS 06-
1: Repossessions are currently 11.53%, with losses at 1.62% as of
the December 2008 quarter.  This transaction has deleveraged more
than SPS 05-3 and SPS 06-1.  As such, it has built sufficient
credit enhancement and seasoning to provide some degree of
mitigation for the weakened collateral performance.  S&P will,
however, continue to monitor this transaction closely.


TALANTO PLC: Moody's Rates Overall Portfolio at 'Ba3'
-----------------------------------------------------
Moody's Investors Service has assigned this definitive rating to
the class A note issued by Talanto plc, an SPV incorporated in the
United Kingdom:

-A1 to the EUR811,650,000 Class A Senior Secured Note due 2031,

The rating of the Notes addresses the expected loss posed to
investors by the legal maturity of the Class A Senior Secured
Notes.

This transaction is a Collateralised Bond Obligation backed by a
EUR1,248.7 million static portfolio of corporate and sovereign
bonds.  Over 80% of the portfolio consists of obligors in the
banking and financial sectors with a significant exposure to
Russia; Ukraine and Greece.  The bonds are being transferred to
the SPV by Alpha Bank AE (A2/P-1)

The principal methodology used in rating the transaction is
described in these reports:

1) "Moody's Approach to Rating the CDOs of SMEs in Europe"
(February 2007); and

2) "Framework for De-Linking Hedge Counterparty Risks from Global
Structured Finance Cashflow Transactions" (May 2007)

Additionally, the quantitative analysis incorporated the parameter
framework.  This parameter framework was used as a starting point
by Moody's to analyse this transaction.  Since the Talanto
portfolio predominantly consists of debts owed by financial
institutions with a significant concentration in Russia, Ukraine &
Greece, Moody's has refined the above assumptions:

  - Regarding default probability, for banking exposures, Moody's
    further assumed that bank ratings in respect of which the
    related country's "Bank System Outlook" is negative or
    anticipated to be downgraded to negative in the short term to
    be one notch lower.  As a result the average stressed rating
    of the overall portfolio is Ba3

  - Regarding correlation, Moody's stressed the correlation
    between sovereign and financials exposure by reclassifying the
    sovereigns' exposures as financial exposure.  This was deemed
    necessary to capture the significant systemic support embedded
    in most of the emerging market banking obligor's ratings.

Moody's used its CDOROM model to generate stochastic default and
recovery scenarios for each name in the pool.  On the basis of
these scenarios, Moody's built a cash-flow model that replicates
all deal-specific characteristics in order to determine the
potential loss incurred by the notes under each scenario.
Weighting each scenario loss by its probability of occurrence,
Moody's calculated the expected loss for the Class A Notes which,
combined with the their expected average life, is consistent with
the assigned rating.

This approach captures the effect of the 35% credit enhancement
provided by the Class B Note and portfolio overcollateralisation,
as well as the support from potential excess spread and the
interest trapping mechanism whereby interest proceeds will be
diverted from the class B notes to deleverage the deal to the
extent any portfolio loss occur.  Counterparty risk under such
hedge agreements and related mitigants were also considered in the
analysis.

The main drivers of Moody's analysis for this transaction are:

  -- The portfolio asset ratings, ranging from A1 to Caa1, with a
     weighted average stressed rating of Ba3;

  -- An average default probability post default probability
     stresses of 7.9%;

  -- An average pair-wise asset correlation of 31.8%;

  -- An average mean recovery rate of 21.6%; and

  -- A weighted average life after stresses of 5.6 years.

Although the models used capture many of the dynamics of the
structure, they remain a simplification of the complex reality.
Such simplification is intended to have a limited impact in terms
of credit risk measurement, but still introduces some level of
uncertainty.  Of greatest concern are (a) variations over time in
default rates instruments with a given rating, (b) variation in
recovery rates for instruments with particular seniority/security
characteristics and (c) uncertainty about the default and recovery
correlation characteristics of the reference pool.

Given the tranched nature of the notes, rating transition of the
reference pool may have leveraged rating implications for the
ratings of this transaction, thus leading to a high degree of
volatility.


* UK: Company Winding Up Petitions Up 18% in Fourth Quarter 2008
----------------------------------------------------------------
The Ministry of Justice on Friday, February 20, 2009, published
statistics for company winding up, and creditors' and debtors'
bankruptcy petitions issued in the High Court and county courts of
England and Wales during the fourth quarter of 2008.

In the fourth quarter of 2009 the following number of petitions
were issued:

    * 3,382 company winding up petitions - an increase of 18% on
      the petitions in the same quarter of 2007

    * 4,722 creditors' petitions - an increase of 3% on the
      petitions in the same quarter of 2007;

    * 15,358 debtors' petitions - an increase of 32% on the
      petitions in the same quarter of 2007


* Moody's Downgrades Ratings on 236 Notes by 55 CDO Transactions
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of 236 Notes
issued by 55 collateralized debt obligation transactions which
have significant exposure to asset-backed securities and to
corporate names.  Moody's also confirmed the ratings of 4 Notes.

The rating actions are a response to credit deterioration in the
underlying portfolio due to: expectations of increased losses in
the underlying RMBS and ABS assets, corporate name defaults and
general corporate deterioration; and to updates in the key
assumptions Moody's makes when rating these transactions.

The rating actions listed below reflect Moody's revised loss
projections for RMBS securities, Moody's updated key assumptions
for rating structured finance CDOs, and Moody's updated key
assumptions for rating corporate synthetic CDOs.  The revised loss
projections for RMBS can be seen in press releases.

Moody's said that the rating actions take into account the updated
key modelling parameter assumptions that Moody's uses to rate and
monitor ratings of corporate CDOs.  Specifically, the changes
announced include: (1) a 30% increase in the assumed likelihood of
default for all corporate credits in synthetic CDOs, (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation it applies to corporate
portfolios as generated through a combination of higher default
rates and an increase in investment grade and financial sector
asset correlations.

Moody's also explained that the rating actions take into account
the application of revised and updated key modelling parameter
assumptions that Moody's uses to rate and monitor ratings of SF
CDOs.  The revisions affect the three key parameters in Moody's
model for rating SF CDOs: asset correlation, default probability
and recovery rate.

Moody's initially analyzed and continues to monitor these
transactions using primarily the methodology and its supplements
for CDOs as described in Moody's Special Reports below, as well as
the revised parameters mentioned above:

  -- Moody's Approach to Rating Multisector CDOs (September 2000)

  -- Moody's Approach To Rating Synthetic Resecuritizations
     (October 2003)

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

  -- Subprime RMBS Loss Projection Update (September 2008)

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

The rating actions are:

ABSolute III Synthetic CDO Limited

  -- Class A, Downgraded to B2; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Class B1, Downgraded to Caa3; previously on 22 December 2008
     Downgraded to A3 and Placed Under Review for Possible
     Downgrade

  -- Class B2, Downgraded to Caa3; previously on 22 December 2008
     Downgraded to A3 and Placed Under Review for Possible
     Downgrade

Alexandria Capital plc - Series 2004-17 - Karnak II

  -- Series 2004-17 A, Downgraded to Caa1; previously on 18
     December 2008 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade

  -- Series 2004-17 C, Downgraded to Caa3; previously on 18
     December 2008 Downgraded to Ba3 and Placed Under Review for
     Possible Downgrade

ARLO IV 2006 - Lemar & Rosenheim I CDO

  -- Series 2006 (Lemar I - Class B-2E) EUR 10,000,000 Secured
     Limited Recourse Credit-Linked Notes due 2013, Downgraded to
     Caa3; previously on 18 December 2008 Downgraded to Ba3 and
     Placed Under Review for Possible Downgrade

  -- Series 2006 (Lemar I - Class B-3E) EUR 10,000,000 Secured
     Limited Recourse Credit-Linked Notes due 2013, Downgraded to
     Caa3; previously on 18 December 2008 Downgraded to B1 and
     Placed Under Review for Possible Downgrade

  -- Series 2006 (Lemar I - Class C-2E) EUR 10,000,000 Secured
     Limited Recourse Credit-Linked Notes due 2013, Downgraded to
     Ca; previously on 18 December 2008 Downgraded to Caa1 and
     Placed Under Review for Possible Downgrade

  -- Series 2006 (Rosenheim I - Class B-3E) EUR 5,000,000 Secured
     Limited Recourse Credit-Linked Notes due 2013, Downgraded to
     Caa3; previously on 18 December 2008 Downgraded to B1 and
     Placed Under Review for Possible Downgrade

ARLO IV 2006 - Lemar & Rosenheim II CDOs

  -- Series 2006 (Lemar II - Class B-1E) EUR 5,000,000 Secured
     Limited Recourse Credit-Linked Notes due 2013, Downgraded to
     Ca; previously on 18 December 2008 Downgraded to Caa3 and
     Placed Under Review for Possible Downgrade

Arosa Funding Limited - Series 2003-2

  -- Class A, Downgraded to Ca; previously on 22 December 2008
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade

  -- Class B1, Downgraded to Ca; previously on 22 December 2008
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade

  -- Class B2, Downgraded to Ca; previously on 22 December 2008
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade

Arosa Funding Limited - Series 2003-3

  -- Class A1, Downgraded to Ca; previously on 22 December 2008
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade

  -- Class A2, Downgraded to Ca; previously on 22 December 2008
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade

Arosa Funding Limited - Series 2003-4

  -- Series 2003-4, Downgraded to Caa3; previously on 22 December
     2008 Downgraded to B1 and Placed Under Review for Possible
     Downgrade

Arosa Funding Limited - Series 2004-5

  -- Class A1, Downgraded to Ba3; previously on 16 December 2008
     Downgraded to A2

  -- Class A2, Downgraded to Ba3; previously on 16 December 2008
     Downgraded to A2

  -- Class B1, Downgraded to Caa2; previously on 16 December 2008
     Downgraded to Ba1

  -- Class B2, Downgraded to Caa2; previously on 16 December 2008
     Downgraded to Ba1

  -- Class C, Downgraded to Caa3; previously on 16 December 2008
     Downgraded to B1

Arosa Funding Limited - Series 2006-6

  -- EUR20,000,000 Secured Credit-Linked Floating Rate Notes due
     2013, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Ba1 and remains Under Review for Possible
     Downgrade

Asgard CDO plc

  -- CHF6,000,000 Series A Swiss Franc Floating Rate Credit
     Linked Secured Notes due 2011, Downgraded to Ba3; previously
     on 18 December 2008 Downgraded to A1 and Placed Under Review
     for Possible Downgrade

  -- EUR327,000,000 Series A Euro Floating Rate Credit Linked
     Secured Notes due 2011, Downgraded to Ba3; previously on 18
     December 2008 Downgraded to A1 and Placed Under Review for
     Possible Downgrade

  -- GBP2,000,000 Series A Sterling Floating Rate Credit Linked
     Secured Notes due 2011, Downgraded to Ba3; previously on 18
     December 2008 Downgraded to A1 and Placed Under Review for
     Possible Downgrade

  -- GBP2,000,000 Series B Sterling Floating Rate Credit Linked
     Secured Notes due 2011, Downgraded to B1; previously on 18
     December 2008 Downgraded to A2 and Placed Under Review for
     Possible Downgrade

  -- NZD10,000,000 Series B New Zealand Dollar Floating Rate
     Credit Linked Secured Notes due 2011, Downgraded to B1;
     previously on 18 December 2008 Downgraded to A2 and Placed
     Under Review for Possible Downgrade

  -- US$20,000,000 Series B Dollar Floating Rate Credit Linked
     Secured Notes due 2011, Downgraded to B1; previously on 18
     December 2008 Downgraded to A2 and Placed Under Review for
     Possible Downgrade

  -- EUR125,000,000 Series B Euro Floating Rate Credit Linked
     Secured Notes due 2011, Downgraded to B1; previously on 18
     December 2008 Downgraded to A2 and Placed Under Review for
     Possible Downgrade

  -- US$10,000,000 Series C Dollar Floating Rate Credit Linked
     Secured Notes due 2011, Downgraded to B2; previously on 18
     December 2008 Downgraded to A3 and Placed Under Review for
     Possible Downgrade

  -- CHF5,000,000 Series C Swiss Franc Floating Rate Credit
     Linked Secured Notes due 2011, Downgraded to B2; previously
     on 18 December 2008 Downgraded to A3 and Placed Under Review
     for Possible Downgrade

  -- EUR7,500,000 Series D Euro Fixed Rate Credit Linked Secured
     Notes due 2011, Downgraded to B3; previously on 18 December
     2008 Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

Baker Street Finance Limited / Baker Street US$ Finance Limited

  -- Class A-1a Floating Credit Linked Notes, Downgraded to Caa2;
     previously on 19 December 2008 Downgraded to A2 and remains
     on Review for Possible Downgrade

  -- Class A-1b Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Baa1 and remains
     on Review for Possible Downgrade

  -- Class A-1c loating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Baa2 and remains
     on Review for Possible Downgrade

  -- Class A1-US$ Floating Credit-Linked Notes-1, Downgraded to
     Ca; previously on 19 December 2008 Downgraded to Baa2 and
     remains on Review for Possible Downgrade

  -- Class A2 Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Ba2 and remains
     on Review for Possible Downgrade

  -- Class A2-US$ Floating Credit-Linked Notes-2, Downgraded to
     Ca; previously on 19 December 2008 Downgraded to Ba2 and
     remains on Review for Possible Downgrade

  -- Class B Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class B-US$ Floating Credit-Linked Notes-3, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class C Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class C-US$ Floating Credit-Linked Notes-4, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class D Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class D-US$ Floating Credit-Linked Notes-5, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class E Floating Credit Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class E-US$ Floating Credit-Linked Notes-6, Downgraded to Ca;
     previously on 14 October 2008 Downgraded Caa3 and remains on
     Review for Possible Downgrade

  -- Class F Floating Credit Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class F-US$ Floating Credit-Linked Notes-7, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class G Floating Credit Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class G-US$ Floating Credit-Linked Notes-8, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class H Floating Credit Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class H-US$ Floating Credit-Linked Notes-9, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

Brooklands Euro Referenced Linked Notes 2001-1 Ltd

  -- A, Downgraded to B3; previously on 19 November 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- B, Downgraded to Ca; previously on 19 November 2008
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade

Brooklands Euro Referenced Linked Notes 2004-1 Ltd

  -- Class A1-a Floating Rate Notes due 2054, Downgraded to Ba1;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- Class A1-b Floating Rate Notes due 2054, Downgraded to Ba1;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- Class A2 Floating Rate Notes due 2054, Downgraded to B3;
     previously on 22 December 2008 Downgraded to A1 and Placed
     Under Review for Possible Downgrade

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

  -- EUR10,000,000 Series 1388 Fixed Rate Credit-linked Notes,
     Downgraded to Ca; previously on 22 December 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

Chrome Funding Ltd - Series Must 50/5

  -- Class A1-A Floating Rate Secured Portfolio Credit-linked
     Notes, Downgraded to Ba1; previously on 22 December 2008
     Downgraded to Baa2 and remains on Review for Possible
     Downgrade

  -- Class A1-B, Downgraded to Ba1; previously on 22 December 2008
     Downgraded to Baa2 and remains on Review for Possible
     Downgrade

  -- Class A2-A Floating Rate Secured Portfolio Credit-linked
     Notes, Downgraded to Caa1; previously on 22 December 2008
     Downgraded to Ba3 and remains on Review for Possible
     Downgrade

  -- Class A2-B, Downgraded to Caa1; previously on 22 December
     2008 Downgraded to Ba3 and remains on Review for Possible
     Downgrade

  -- Class B Floating Rate Secured Portfolio Credit-linked Notes,
     Downgraded to Caa3; previously on 22 December 2008 Downgraded
     to B3 and remains on Review for Possible Downgrade

  -- Class C1 Floating Rate Secured Portfolio Credit-linked Notes,
     Downgraded to Ca; previously on 22 December 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

  -- Class C2 Floating Rate Secured Portfolio Credit-linked Notes,
     Downgraded to Ca; previously on 22 December 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

  -- Class D Floating Rate Secured Portfolio Credit-linked Notes,
     Downgraded to Ca; previously on 22 December 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

Clifton Street Finance Limited

  -- Class A-1, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class A-2, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Ba3 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to Ca; previously on 19 December 2008
     Downgraded to B3 and remains on Review for Downgrade

  -- Class C, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class D, Downgraded to Ca; previously on 24 November 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class E, Downgraded to Ca; previously on 24 November 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Cloverie Plc - Rotonda CDO: Series 2004-40 to 50 & 52

  -- Series 2004-41 Portfolio Credit Linked Note, Downgraded to
     Ba1; previously on 01 December 2008 Downgraded to A2 and
     Placed Under Review for Possible Downgrade

  -- Series 2004-42 Portfolio Credit Linked Note, Downgraded to
     Ba1; previously on 01 December 2008 Downgraded to A2 and
     Placed Under Review for Possible Downgrade

  -- Series 2004-43 Portfolio Credit Linked Note, Downgraded to
     Baa2; previously on 01 December 2008 Downgraded to Aa2 and
     Placed Under Review for Possible Downgrade

  -- Series 2004-44 Portfolio Credit Linked Note, Downgraded to
     Baa2; previously on 01 December 2008 Downgraded to Aa2 and
     Placed Under Review for Possible Downgrade

  -- Series 2004-45 Portfolio Credit Linked Note, Downgraded to
     B1; previously on 01 December 2008 Downgraded to Baa2 and
     Placed Under Review for Possible Downgrade

  -- Series 2004-48 Portfolio Credit Linked Note, Downgraded to
     Caa1; previously on 01 December 2008 Downgraded to Ba1 and
     Placed Under Review for Possible Downgrade

  -- Series 2004-50 Portfolio Credit Linked Note, Downgraded to
     Ba1; previously on 01 December 2008 Downgraded to A2 and
     Placed Under Review for Possible Downgrade

Cloverie Plc - Rotonda CDO: Series 2004-51

  -- Series 2004-51 Portfolio Credit Linked Note, Downgraded to
     B1; previously on 01 December 2008 Downgraded to Baa2 and
     Placed Under Review for Possible Downgrade

Cloverie Plc - Rotonda CDO: Series 2004-53

  -- Series 2004-53 Portfolio Credit Linked Note, Downgraded to
     Ba1; previously on 01 December 2008 Downgraded to A2 and
     Placed Under Review for Possible Downgrade

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

  -- Series 2004-56 Portfolio Credit Linked Note, Downgraded to
     A3; previously on 22 December 2008 Downgraded to Aa3 and
     remains on Review for Possible Downgrade

Cloverie PLC: Rotonda CDO Series 2004-59

  -- Series No: 2004-59 US$ 60,000,000 Class A Floating Rate
     Portfolio Credit Linked Notes due 2009, Downgraded to Ba2;
     previously on 22 December 2008 Downgraded to A1 and Placed
     Under Review for Possible Downgrade

Corsair (Jersey) No. 3 Limited (Alhambra)

  -- Series 1, Downgraded to Ca; previously on 23 October 2008
     Downgraded to B1

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

  -- Series 7 Floating ate Portfolio Credit Linked Notes due 2013,
     Downgraded to Ca; previously on 22 December 2008 Downgraded
     to B2 and Placed Under Review for Possible Downgrade

Corsair (Jersey) No 4 Limited - Series 11

  -- Series 11 Floating Rate Step-down Secured Portfolio CLN,
     Downgraded to Ba1; previously on 19 December 2008 Downgraded
     to A3 and Placed Under Review for Possible Downgrade

Curzon Funding Limited Series 2005-1 (HORIZON CDO Series)

  -- Series 2005-1 Horizon Class A Variable Coupon Notes,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to A2 and remains on Review for Possible Downgrade

  -- Series 2005-1 Horizon Class B Variable Coupon Notes,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to B1 and remains on Review for Possible Downgrade

  -- Series 2005-1 Horizon Class C Variable Coupon Notes,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

  -- Series 2005-1 Horizon Class D Variable Coupon Notes,
     Downgraded to Ca; previously on 19 November 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

Curzon Funding Limited Series 2005-2 (Horizon IIIE)

  -- Series 2005-2 Horizon IIIE Class A Variable Coupon Notes,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to A2 and remains on Review for Possible Downgrade

  -- Series 2005-2 Horizon IIIE Class B Variable Coupon Notes,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to B1 and remains on Review for Possible Downgrade

  -- Series 2005-2 Horizon IIIE Class C Variable Coupon Notes,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

  -- Series 2005-2 Horizon IIIE Class D Variable Coupon Notes,
     Downgraded to Ca; previously on 19 November 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

Curzon Funding Limited Series 2006-1 (Horizon CDO VI)

  -- Series 2006-1 Class A Variable Coupon Notes, Downgraded to
     Ca; previously on 19 December 2008 Downgraded to Ba2 and
     remains on Review for Possible Downgrade

  -- Series 2006-1 Class B Variable Coupon Notes, Downgraded to
     Ca; previously on 19 December 2008 Downgraded to B2 and
     remains on Review for Possible Downgrade

  -- Series 2006-1 Class C Variable Coupon Notes, Downgraded to
     Ca; previously on 19 December 2008 Downgraded to Caa2 and
     remains on Review for Possible Downgrade

  -- Series 2006-1 Class D Variable Coupon Notes, Downgraded to
     Ca; previously on 19 December 2008 Downgraded to Caa3 and
     remains on Review for Possible Downgrade

Curzon Funding Limited Series 2006-3 (Horizon CDO VIII)

  -- Series 2006-3 Class A Floating Coupon Notes, Downgraded to
     Ca; previously on 19 December 2008 Downgraded to B1 and
     remains on Review for Possible Downgrade

  -- Series 2006-3 Class B Floating Coupon Notes, Downgraded to
     Ca; previously on 19 December 2008 Downgraded to Caa3 and
     remains on Review for Possible Downgrade

KBC Investments Cayman Islands Ltd - Super Senior CDS Dorset
Street Finance Limited

  -- Super Senior Swap Dorset Street Finance Limited, Downgraded
     to B2; previously on 19 December 2008 Downgraded to A1 and
     remains on Review for Possible Downgrade

Dorset Street Finance Limited

  -- Class A1 Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Baa3 and remains
     on Review for Possible Downgrade

  -- Class A2 Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Ba2 and remains
     on Review for Possible Downgrade

  -- Class B Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Ba3 and remains
     on Review for Possible Downgrade

  -- Class C Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class D Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class E Floating Credit Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class F Floating Credit Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class G Floating Credit Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class H Floating Credit Linked Notes, Downgraded to Ca;
     previously  on 14 October 2008 Downgraded to Caa3 and
     remains on Review for Possible Downgrade

Eirles Two Limited Series 87 - TAPAS 2004-1 Portfolio

  -- Eirles Two Limited Series 87 Floating Rate Portfolio Credit
     linked Secured Notes due 2011, Downgraded to Caa1; previously
     on 16 December 2008 Downgraded to Baa1 and remains on Review
     for Possible Downgrade

Eirles Two Limited Series 88 - ABS Select Portfolio

  -- Eirles Two Limited Series 88 Floating Rate Portfolio Credit
     Linked Secured Notes due 2011, Downgraded to Caa2; previously
     on 16 December 2008 Downgraded to Baa2 and Placed Under
     Review for Possible Downgrade

  -- Eirles Two Limited Series 120 US$50,000,000 Floating Rate
     Secured Notes due 2011

  -- Series 120 US$ 50,000,000 Floating Rate Secured Notes due
     2011, Downgraded to Ba3; previously on 18 December 2008
     Downgraded to A1 and Placed Under Review for Possible
     Downgrade

Elva Funding plc Series 2004-6

  -- Class A1 Notes, Downgraded to Ba1; previously on 18 December
     2008 Downgraded to Aa1 and Placed Under Review for Possible
     Downgrade

  -- Class A2 Notes, Downgraded to Ba1; previously on 18 December
     2008 Downgraded to Aa1 and Placed Under Review for Possible
     Downgrade

  -- Class A3 Notes, Downgraded to Ba1; previously on 18 December
     2008 Downgraded to Aa1 and Placed Under Review for Possible
     Downgrade

  -- Class B1 Notes, Downgraded to B2; previously on 18 December
     2008 Downgraded to A2 and remains on Review for Possible
     Downgrade

  -- Class B2 Notes, Downgraded to B2; previously on 18 December
     2008 Downgraded to A2 and remains on Review for Possible
     Downgrade

  -- Class B3 Notes, Downgraded to B2; previously on 18 December
     2008 Downgraded to A2 and remains on Review for Possible
     Downgrade

  -- Class C1 Notes, Downgraded to Caa2; previously on 18 December
     2008 Downgraded to Baa3 and remains on Review for Possible
     Downgrade

  -- Class C2 Notes, Downgraded to Caa2; previously on 18 December
     2008 Downgraded to Baa3 and remains on Review for Possible
     Downgrade

  -- Class C3 Notes, Downgraded to Caa2; previously on 18 December
     2008 Downgraded to Baa3 and remains on Review for Possible
     Downgrade

  -- Class D1 Notes, Downgraded to Ca; previously on 18 December
     2008 Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class D2 Notes, Downgraded to Ca; previously on 18 December
     2008 Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class D3 Notes, Downgraded to Caa3; previously on 18 December
     2008 Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class E1 Notes, Downgraded to Ca; previously on 18 December
     2008 Downgraded to Ba3 and remains on Review for Possible
     Downgrade

  -- Class E2 Notes, Downgraded to Ca; previously on 18 December
     2008 Downgraded to Ba3 and remains on Review for Possible
     Downgrade

Fulham Road Finance Limited

  -- Class A, Downgraded to B1; previously on 24 November 2008
     Downgraded to A1 and remains on Review for Possible Downgrade

  -- Class B, Downgraded to B3; previously on 24 November 2008
     Downgraded to A3 and remains on Review for Possible Downgrade

  -- Class C, Downgraded to Caa2; previously on 24 November 2008
     Downgraded to Baa3 and remains on Review for Possible
     Downgrade

  -- Class D, Downgraded to Caa3; previously on 24 November 2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class E, Downgraded to Caa3; previously on 24 November 2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class F, Downgraded to Ca; previously on 24 November 2008
     Downgraded to B3 and remains on Review for Possible Downgrade

Hanover Street Finance Limited

  -- Class A1 Floating Rate Credit-Linked Notes, Downgraded to
     Caa2; previously on 19 December 2008 Downgraded to Baa1 and
     remains on Review for Possible Downgrade

  -- Class A2 Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Baa3 and remains
     on Review for Possible Downgrade

  -- Class B Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Ba3 and remains
     on Review for Possible Downgrade

  -- Class C Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class D Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class E Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class F Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class G Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class H Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class I Floating Rate Credit-Linked Notes-1, Downgraded to
     Ca; previously on 14 October 2008 Downgraded to Caa3 and
     remains on Review for Possible Downgrade

Heather Finance Limited 2004-8 (CoRDS)

  -- Series 2004-8 JPY1,100,000,000 Secured Credit-Linked Floating
     Rate Notes, Downgraded to Caa2; previously on 22 December
     2008 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade

Iliad Investments P.L.C. Series 14

  -- Class A, Downgraded to Ca; previously on 10 November 2008
     Downgraded to Caa1 and Placed Under Review for Possible
     Downgrade

  -- Class B, Downgraded to Ca; previously on 10 November 2008
     Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade

  -- Class C, Downgraded to Ca; previously on 10 November 2008
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade

Merak CDO Limited Series 2003-01

  -- Class B Credit-Linked Notes due 2010, Downgraded to Baa2;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

Merak CDO Limited Series 2003-02

  -- Class C Credit-Linked Notes due 2010, Downgraded to Baa3;
     previously on 22 December 2008 Downgraded to A2 and Placed
     Under Review for Possible Downgrade

Merak CDO Limited - Series 2003-3

  -- Class B, Downgraded to Ba1; previously on 22 December 2008
     Downgraded to A1 and Placed Under Review for Possible
     Downgrade

  -- Class C, Downgraded to Ba3; previously on 22 December 2008
     Downgraded to A3 and Placed Under Review for Possible
     Downgrade

Morgan Stanley Capital Services Inc. - Credit Derivative
Transactions GR_1 to GR_20

  -- GR_1 MSCS Credit Derivative Transaction, Downgraded to Caa3;
     previously on 02 November 2007 Downgraded to Baa2

  -- GR_2 MSCS Credit Derivative Transaction, Downgraded to B1;
     previously on 07 June 2007 Downgraded to A2

  -- GR_3 MSCS Credit Derivative Transaction, Downgraded to Ba3;
     previously on 07 June 2007 Downgraded to A1

  -- GR_4 MSCS Credit Derivative Transaction, Downgraded to B3;
     previously on 02 April 2008 Downgraded to A2

  -- GR_5 MSCS Credit Derivative Transaction, Downgraded to B3;
     previously on 02 April 2008 Upgraded to A1

  -- GR_6 MSCS Credit Derivative Transaction, Downgraded to Caa1;
     previously on 02 April 2008 Downgraded to Baa2

  -- GR_7 MSCS Credit Derivative Transaction, Downgraded to Caa2;
     previously on 02 April 2008 Downgraded to A3

  -- GR_8 MSCS Credit Derivative Transaction, Downgraded to Ba3;
     previously on 30 July 2008 Downgraded to A1

  -- GR_9 MSCS Credit Derivative Transaction, Downgraded to Caa1;
     previously on 02 April 2008 Downgraded to Baa1

  -- GR_10 MSCS Credit Derivative Transaction, Downgraded to B3;
     previously on 30 July 2008 Downgraded to A3

  -- GR_11MSCS Credit Derivative Transaction, Downgraded to Ba3;
     previously on 30 July 2008 Downgraded to A3

  -- GR_12 MSCS Credit Derivative Transaction, Downgraded to Caa2;
     previously on 07 June 2007 Downgraded to Baa1

  -- GR_13 MSCS Credit Derivative Transaction, Downgraded to Caa3;
     previously on 07 June 2007 Downgraded to A1

  -- GR_14 MSCS Credit Derivative Transaction, Downgraded to B1;
     previously on 30 July 2008 Downgraded to A2

  -- GR_15 MSCS Credit Derivative Transaction, Downgraded to B2;
     previously on 07 June 2007 Downgraded to A2

  -- GR_16 MSCS Credit Derivative Transaction, Downgraded to B3;
     previously on 30 July 2008 Downgraded to Baa3

  -- GR_17 MSCS Credit Derivative Transaction, Downgraded to Caa1;
     previously on 02 April 2008 Downgraded to A3

  -- GR_18 MSCS Credit Derivative Transaction, Downgraded to Caa2;
     previously on 07 June 2007 Downgraded to Aa3

  -- GR_19 MSCS Credit Derivative Transaction, Downgraded to Ba2;
     previously on 07 June 2007 Downgraded to Baa2

  -- GR_20 MSCS Credit Derivative Transaction, Downgraded to Caa1;
     previously on 30 July 2008 Downgraded to A2

  -- GR_21 MSCS Credit Derivative Transaction, Downgraded to B1;
     previously on 07 June 2007 Downgraded to A2

Oxford Street Finance Limited

  -- Class A1, Downgraded to Caa2; previously on 19 December 2008
     Downgraded to Baa2 and remains on Review for Possible
     Downgrade

  -- Class A2, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Ba3 and remains on Review for Possible
     Downgrade

  -- Class C, Downgraded to Ca; previously on 19 December 2008
     Downgraded to B2 and remains on Review for Possible Downgrade

  -- Class D, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- Class E, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class F, Downgraded to Ca; previously on 24 November 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class G, Downgraded to Ca; previously on 24 November 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class H, Downgraded to Ca; previously on 24 November 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Pembridge Square Finance Limited

  -- EUR17,000,000 Class A1 Floating Rate Credit Linked Notes,
     Downgraded to Caa3; previously on 19 December 2008 Downgraded
     to Baa2 and remains on Review for Possible Downgrade

  -- EUR80,000,000 Class A2 Floating Rate Credit Linked Notes,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Baa3 and remains on Review for Possible Downgrade

  -- EUR70,000,000 Class B Floating Rate Credit Linked Notes,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to B1 and remains on Review for Possible Downgrade

  -- EUR60,000,000 Class C Floating Rate Credit Linked Notes,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

  -- EUR50,000,000 Class D Floating Rate Credit Linked Notes,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

  -- EUR40,000,000 Class E Floating Rate Credit Linked Notes,
     Downgraded to Ca; previously on 14 October 2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- EUR25,000,000 Class F Floating Rate Credit Linked Notes,
     Downgraded to Ca; previously on 14 October 2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- EUR22,000,000 Class G Floating Rate Credit Linked Notes,
     Downgraded to Ca; previously on 14 October 2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- EUR16,000,000 Class H Floating Rate Credit Linked Notes,
     Downgraded to Ca; previously on 14 October 2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

Rally CDO Limited

  -- US$42,000,000 Class A Floating Rate Notes due 2010,
     Downgraded to Ba3; previously on 18 December 2008 Downgraded
     to Aa1 and Placed Under Review for Possible Downgrade

  -- US$18,000,000 Class B Floating Rate Notes due 2010,
     Downgraded to Caa2; previously on 18 December 2008 Downgraded
     to A3 and Placed Under Review for Possible Downgrade

  -- US$12,000,000 Class C Floating Rate Notes due 2010,
     Downgraded to Caa3; previously on 18 December 2008 Downgraded
     to Ba1 and Placed Under Review for Possible Downgrade

  -- US$6,000,000 Class D Floating Rate Notes due 2010,
     Downgraded to Ca; previously on 18 December 2008 Downgraded
     to B2 and Placed Under Review for Possible Downgrade

Regent Street Finance Limited

  -- Class A1 Floating Rate Credit-Linked Notes, Downgraded to
     Caa1; previously on 19 December 2008 Downgraded to A2 and
     remains on Review for Possible Downgrade

  -- Class A2 Floating Rate Credit-Linked Notes, Downgraded to
     Caa2; previously on 19 December 2008 Downgraded to Baa1 and
     remains on Review for Possible Downgrade

  -- Class B Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Baa3 and remains
     on Review for Possible Downgrade

  -- Class C Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Ba3 and remains
     on Review for Possible Downgrade

  -- Class D Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class E Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class F Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class G Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class H Floating Rate Credit-Linked Notes, Downgraded to Ca;
     previously on 14 October 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

Rijn Finance Company B.V. Series 1.4 (Alhambra)

  -- Series 1.4 Tranche A Fixed Rate, Downgraded to Ca; previously
     on 23 October 2008 Downgraded to B3

  -- Series 1.4 Tranche A Floating Rate, Downgraded to Ca;
     previously on 23 October 2008 Downgraded to B3

  -- Series 1.4 Tranche B Fixed Rate, Downgraded to Ca; previously
     on 23 October 2008 Downgraded to Caa2

  -- Series 1.4 Tranche B Floating Rate, Downgraded to Ca;
     previously on 23 October 2008 Downgraded to Caa2

Ryder Square Limited - Evergreen

  -- Series No: 3 EUR29,000,000 Evergreen-ABS Secured Credit
     Linked Notes due 2009, Downgraded to Baa1; previously on 22
     December 2008 Downgraded to A1 and Placed Under Review for
     Possible Downgrade

  -- Series No: 4 EUR38,000,000 Evergreen-ABS Secured Credit
     Linked Notes due 2009, Downgraded to Ba1; previously on 22
     December 2008 Downgraded to Baa2 and Placed Under Review for
     Possible Downgrade

Skylark Limited Series 2004-3 (US$ Saqqara)

  -- US$ denominated Saqqara Class A Floating Rates Credit Linked
     Notes, confirmed at Aa3; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

Starts (Ireland) plc - Amber Structured Finance CDO

  -- Class A1-E1 Credit-Linked Notes, Downgraded to Caa1;
     previously on 18 December 2008 Downgraded to Baa2 and Placed
     Under Review for Possible Downgrade

  -- Class A2-E1 Credit-Linked Notes, Downgraded to Caa3;
     previously on 18 December 2008 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade

  -- Class A2-E2 Credit-Linked Notes, Downgraded to Caa3;
     previously on 18 December 2008 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade

  -- Class B-E1 Credit-Linked Notes, Downgraded to Ca; previously
     on 18 December 2008 Downgraded to Caa1 and Placed Under
     Review for Possible Downgrade

Starts (Ireland) plc Series 2005-1 (Amber Structured Finance CDO)

  -- Series 2005-1 US$25,000,000 Class A2-D2 Floating Rate Amber
     Credit-Linked Notes due 2010, Downgraded to Caa3; previously
     on 18 December 2008 Downgraded to Ba2 and Placed Under Review
     for Possible Downgrade

Sydney Street Finance Limited

  -- Class A-1, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class A-2, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Ba3 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to Ca; previously on 19 December 2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- Class C, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class D, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class E, Downgraded to Ca; previously on 24 November 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class F, Downgraded to Ca; previously on 24 November 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class G, Downgraded to Ca; previously on 24 November 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Triplas Series II Synthetic CDO Limited

  -- Class A, Downgraded to A3; previously on 22 December 2008
     Downgraded to A1 and remains on Review for Possible Downgrade

  -- Class B, Downgraded to Baa3; previously on 22 December 2008
     Downgraded to A3 and remains on Review for Possible Downgrade

  -- Class C, Downgraded to Ba2; previously on 22 December 2008
     Downgraded to Baa3 and remains on Review for Possible
     Downgrade

  -- Class D, Downgraded to B1; previously on 22 December 2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class E, Downgraded to B2; previously on 22 December 2008
     Downgraded to Ba3 and remains on Review for Possible
     Downgrade

Triplas III Limited

  -- B, Downgraded to Ca; previously on 17 December 2008
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade

  -- C, Downgraded to Ca; previously on 17 December 2008
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade

  -- D, Downgraded to Ca; previously on 17 December 2008
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade

Triplas IV Limited

  -- EUR10,300,000 Class C1 Secured Floating Rate Credit-Linked
     Notes due 2011, Downgraded to Caa2; previously on 22 December
     2008 Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- EUR17,000,000 Class A Secured Floating Rate Credit-Linked
     Notes due 2011, Downgraded to Ba1; previously on 22 December
     2008 Downgraded to A3 and remains on Review for Possible
     Downgrade

  -- EUR17,000,000 Class B Secured Floating Rate Credit-Linked
     Notes due 2011, Downgraded to B3; previously on 22 December
     2008 Downgraded to Baa2 and remains on Review for Possible
     Downgrade

  -- EUR2,000,000 Class C2 Secured Floating Rate Credit-Linked
     Notes due 2011, Downgraded to Caa2; previously on 22 December
     2008 Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- EUR750,000 Class D Secured Floating Rate Credit-Linked Notes
     due 2011, Downgraded to Caa2; previously on 22 December 2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

Vespucci Investments Plc

  -- Class A, Confirmed at Aa3; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Class B, Confirmed at Aa3; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Class C, Confirmed at A1; previously on 22 December 2008
     Downgraded to A1 and Placed Under Review for Possible
     Downgrade


* Europe Calls on IMF to Double War Chest, WSJ Says
---------------------------------------------------
Leaders of Europe's major economies called on the International
Monetary Fund to double its war chest to US$500 billion as the
global financial crisis takes a beating on the region's economy,
The Wall Street Journal reports.

Severely affected by the crisis are countries in Europe's eastern
part, the report says.

The report recalls the IMF already has bailed out four countries
in the region's former Communist East in recent months.

According to the Journal, Europe's developing economies from
Poland to Ukraine are facing their worst economic crisis since the
fall of the Berlin Wall 20 years ago.  Capital is fleeing Europe's
east, sending currencies sliding and threatening the region with
deep declines in output and employment, and a deluge of debt
defaults, the report states.

The Journal relates according to a report by Swiss bank UBS AG,
Eastern European borrowers need to repay about US$400 billion in
debt owed to Western banks this year, much of which is denominated
in foreign currencies.

"There is no doubt that this is the biggest economic crisis in
Central and Eastern Europe since the end of communism," the
Journal quoted Lars Christensen, chief emerging-markets analyst at
Danske Bank, as saying.  Economies from the Baltic to the Balkans
face contractions of up to 15% in gross domestic product, he said.

Latvia's economy could shrink by as much as 10% this year,
according to some estimates cited by the Journal.

Poland's industrial output in January fell at a painful 15% annual
rate and bankruptcies are expected to rise by at least 20% this
year as Polish borrowers face a US$71 billion debt, the report
notes citing Euler Hermes, a unit of the Allianz insurance group.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (110)         174     (168)
Sky Europe                            (4)         213      (54)


BELGIUM
-------
Sabena S.A.                          (85)       2,215     (279)


CYPRUS
------
Allbury Travel                        (5)         275     (100)
Libra Holidays                        (5)         275     (100)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192      (59)
Setuza A.S.                          (61)         139      (62)


DENMARK
-------
Elite Shipping                       (28)         101        3
Roskilde Bank                       (533)       7,877      N.A.


FRANCE
------
BSN Glasspack                       (101)       1,151      159
Grande Paroisse S.A.                (927)         629      347
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (44)
Matussiere et Forest S.A. MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (342)       6,507      712
SDR Centrest                        (132)        (252)     N.A.
Selcodis S.A.             SPVX       (21)         141      (36)
Trouvay Cauvin                        (0)         134        9


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         144      109
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (27)
EECH Group AG                          0          109       57
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         151      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (17)         182      (99)
Nordsee AG                            (8)         195      (14)
P & T Technology                       0          109       57
Primacom AG               PRC        (14)         730      (68)
Rinol AG                               0          168       (6)
Sander AG                             (6)         128       32
Sinnleffers AG                        (4)         454     (182)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28


GREECE
------
Empedos SA                           (34)         175      (57)
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP      (15)         294     (143)
Radio A.Korassidis        KORA      (101)         181     (165)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (107)


HUNGARY
-------
Brodograde Indus                   (322)         264      (366)
IPK Osijek DD OS                    (15)         124       (82)
OT Optima Teleko                    (26)         119         7


ICELAND
-------
Decode Genetics                    (187)         111        48


IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (506)         821       364


ITALY
-----
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (152)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,213      N.A.
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (73)         540     (127)
Lazzio S.p.A.                        (15)         261      (40)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,4219)       4,121  (16,919)
Snia S.p.A.               SN         (25)         488       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


LUXEMBOURG
----------
Carrier1 International S.A.          (95)         472      393


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      184
United Pan-Euro Air       UPC     (5,505)       5,113   (9,170)


NORWAY
------
Interoil Exploration      IOX        (25)         210      (11)
Petroleum-Geo Services    PGO        (18)         400     (758)


POLAND
------
Toora                               (289)          147     (86)


PORTUGAL
--------
Lisgrafica Impressao
   e Artes Graficas SA    LIG         (4)          117     (27)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (170)
Rafo Onesti               RAF       (430)         353     (616)


RUSSIA
------
Akcionernoe Brd                     (117)         135      (24)
East Siberia Brd          VSNK      (113)         148      (11)
Gukovugol                            (58)         144     (148)
OAO Samaraneftegas                  (332)         892     (611)
Vanadiy-Tula-Brd                     (12)         105       (3)
Vimpel Ship               SOVP      (116)         135      (24)
Zil Auto                  ZILLP     (240)         478     (447)


SWITZERLAND
-----------
Fortune Management                  (119)         265      (54)

TURKEY
------
Egs Ege Giyim VE                      (7)         147      (25)
Iktisat Financial                    (46)         108      N.A.
Mudurnu Tavukcul                     (65)         160     (115)
Nergis Holding                       (77)         299       38
Sifas                                (17)         117       21
Yasarbank                          (4,025)      2,644      N.A.

UKRAINE
-------
Dniprooblenergo           DNON       (51)         433     (200)
Donetskoblenergo          DOON      (367)         631     (469)


UNITED KINGDOM
--------------
Advance Display                   (3,016)       2,590     (411)
Airtours Plc                        (379)       1,818     (932)
Alldays Plc                         (120)         252     (290)
Amer Bus Sys                        (497)         121     (497)
Amey Plc                  AMY        (49)         932      (76)
Anker Plc                            (22)         115       16
Atkins (WS) Plc           ATK        (46)       1,345       58
Black & Edgingto                    (140)         203       23
BNB Recruitment                      (10)         104       38
Booker Plc                BKRUY      (60)       1,298      (13)
Bradstock Group           BDK         (2)         269        7
British Energy Ltd                (5,823)       4,921      534
British Energy Plc        BGY     (5,823)       4,921      534
British Sky Broadcast               (334)       8,126     (388)
Carlisle Group                       (12)         204       30
Compass Group             CPG       (668)       2,972     (440)
Danka Bus                           (497)         121     (497)
Dawson Holdings                      (18)         226      (63)
Dignity Plc               DTY         (9)         648       71
E-II Holdings                       (199)         651      149
Easynet Group             ESY.L      (45)         323       68
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (582)
European Home                        (14)         111      (70)
Farepak Plc                          (14)         111      (70)
Gartland Whalley                     (11)         145      (13)
Hilton Food Group                    (21)         256      (12)
Kleeneze Plc                         (14)         111      (70)
Ladbrokes Plc             LAD       (814)       2,403     (706)
Lambert Fenchurch Group               (1)       1,827        5
Leeds United                         (73)         144      (48)
M 2003 Plc                        (2,204)       7,204   (1,078)
Mytravel Group            MT.L      (380)       1,818     (931)
New Star Asset                      (398)         293       21
Next Plc                            (119)       3,161     (125)
Orange Plc                ORNGF     (594)       2,902       12
Orbis Plc                             (4)         128       (5)
Patientline Plc                      (55)         125      (10)
Preedy Alfred                       (119)       3,161     (125)
Rank Group Plc                      (132)       1,066     (175)
Regus Plc                            (46)         367      (97)
Rentokil Initial                      (8)       4,178     (886)
Saatchi & Saatchi         SSI       (119)         705      (66)
Samsonite Corp.                     (199)         651     (149)
SFI Group                 SUF       (108)         178     (265)
Skyepharma Plc            SKP       (140)         203       23
Smiths News Plc                     (124)         201      (92)
Styles & Wood                        (57)         107       (9)
Telewest
   Communications Plc     TLWT    (3,702)       7,581  (10,042)
Thorn Emi Plc                     (2,266)       2,950     (582)
Topps Tiles Plc                     (111)         195       18
Trio Finance                         (14)         592      N.A.
UTC Group                            (12)         204       30
Virgin Mobile                       (392)         166     (176)
Watson & Philip                     (120)         252     (290)

                            *********

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 * * *