TCREUR_Public/090302.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, March 2, 2009, Vol. 10, No. 42

                            Headlines

A U S T R I A

A. & H. LOACKER: Claims Registration Period Ends March 16
FUERNSINN-BAUW LLC: Claims Registration Period Ends March 16
GERHARD SCHAPFL: Claims Registration Period Ends March 16
PARTL LLC: Claims Registration Period Ends March 10
REISEN UND FREIZEITORGANISATION: Claims Period Ends March 10

SIEGLS CAFE: Claims Registration Period Ends March 16


B U L GA R I A

KREMIKOVTZI AD: Smart Holding Withdraws Acquisition Talks


D E N M A R K

AMAGERBANKEN A/S: Moody's Cuts Financial Strength Rating to 'D-'
FIONA BANK: Moody's Downgrades Financial Strength Rating to 'E'


F I N L A N D

STORA ENSO: S&P Changes Outlook to Negative; Affirms 'BB+' Rating


G E R M A N Y

ANTEGA GRUNDBESITZ: Claims Registration Period Ends April 2
BLITZSCHUTZ UND ELEKTRO: Claims Registration Ends March 30
CITY CLEANING: Claims Registration Period Ends April 9
DUERR AG: Moody's Reviews 'B1' Rating for Possible Downgrade
HERTIE GMBH: German State Mulls Loan Guarantee

SM VERWALTUNGS: Claims Registration Period Ends April 18
WEINBOERSE ERLEBNIS: Claims Registration Period Ends April 27

* GERMANY: Unemployed Reaches 3.31 Million in February


G R E E C E

HELLAS TELECOMMUNICATIONS: Moody's Junks Corporate Family Rating


I R E L A N D

ANGLO IRISH: Fitch Cuts Rating on GBP300 Million Shares to 'C'


I T A L Y

IT HOLDING: In Bankruptcy Following Subsidiary's Collapse
SAFILO SPA: Fitch Puts 'B' Issuer Default Rating on Negative Watch


K A Z A K H S T A N

COMSER LLP: Creditors Must File Claims by April 10
DYNASTY NETWORK: Creditors Must File Claims by April 10
IRTYSH AGRO CJSC: Creditors Must File Claims by April 10
KAZ GEO SERVICE: Creditors Must File Claims by April 10
KAZKOMMERTS: Moody's Cuts Ratings on 7 Series of Notes to 'Ba3'

KOKSHE RELIZ: Creditors Must File Claims by April 10
KOKSHE SHINA: Creditors Must File Claims by April 10
KSM SERVICE XXI LLP: Creditors Must File Claims by April 10
RBK TECHNOLOGIES: Creditors Must File Claims by April 10
RG BRANDS: Moody's Reviews 'B2' Corporate Rating for Possible Cut

SERVICE TELECOM: Creditors Must File Claims by April 10
SIVRES LTD: Creditors Must File Claims by April 10

* Moody's Lowers Ratings on 15 Kazakh Financial Institutions


K Y R G Y Z S T A N

ORIENT TRANS: Creditors Must File Claims by March 20


L U X E M B O U R G

LECTA SA: S&P Changes Outlook to Negative; Affirms 'B+' Rating


N E T H E R L A N D S

CARLSON WAGONLIT: Moody's Cuts Corporate Family Rating to 'B2'
NXP BV: S&P Affirms Issue Rating on Senior Secured Notes at 'CCC'


R U S S I A

EKO-STROY LLC: Creditors Must File Claims by April 22
INDO-RUS-MANUFAKTURA LLC: Creditors Must File Claims by March 22
MIRAX GROUP: Recent Exchange Offer Cues Moody's Junk Rating
PLAST-FORM PLANT LLC: Creditors Must File Claims by April 22
RAPSOD TRADE: S&P Junks Corporate Credit Rating From 'B-'

SEVERO-ZAPAD OJSC: Creditors Must File Claims by April 22
SOKOLNIKI OJSC: Creditors Must File Claims by April 22
STROY-MASH PLANT LLC: Creditors Must File Claims by April 22
STROITELNOE UPRAVLENIE: Creditors Must File Claims by April 22
TEKH-STROY LLC: Creditors Must File Claims by April 22

TEKHNO-POLIMER LLC: Creditors Must File Claims by March 22
VELES LLC: Creditors Must File Claims by April 22

* Moody's Cuts Local Currency Deposit Ratings on 8 Russian Banks
* TOMSK OBLAST: S&P Downgrades Long-Term Issuer Rating to 'B-'


S L O V A K   R E P U B L I C

TERMMING AS: Moody's Withdraws 'Ba1' Long-Term National Rating


S L O V E N I A

STS: Siemens Launches Liquidation Proceedings; 320 Jobs at Risk


S P A I N

CEMEX SAB: Fitch Assigns 'BB' Rating on Dollar-Denominated Bond
CEMEX SAB: S&P Retains Negative Watch on 'BB+' Corporate Rating


S W I T Z E R L A N D

HYUNDAI SUISSE: Creditors Must File Proofs of Claim by March 31
INVESLINK LLC: Deadline to File Proofs of Claim Set March 31
KUPAT BETEILIGUNG: Creditors Have Until March 14 to File Claims
LOTHOS JSC: Proof of Claim Filing Deadline is April 8
MAKUMED JSC: Creditors' Proofs of Claim Due by March 18

SCHELLENBERG HOLDING: April 14 Set as Deadline to File Claims
SEMA SERVICE: Creditors Must File Proofs of Claim by March 13


T U R K E Y

FINANSAL KIRALAMA: Fitch Affirms Issuer Default Rating at 'BB'


U K R A I N E

ALDK GROUP: Creditors Must File Claims by March 11
AZOVSTAL JSC: Bad Macroeconomic Environment Cues S&P's Junk Rating
BUILDING UNIVERSAL: Court Starts Bankruptcy Procedure
CENTRAL EUROPEAN: S&P Cuts Corporate Credit Ratings to 'BB-'
DRUZHBA BREAD: Creditors Must File Claims by March 11

MOTORCAR ENTERPRISE 14827: Claims Filing Deadline Set March 11
NIKOLAYEV MANUFACTURES: Creditors Must File Claims by March 12
ORGTEKS LLC: Creditors Must File Claims by March 13
SERBKA AGRICULTURAL: Creditors Must File Claims by March 12
STIL LLC: Court Starts Bankruptcy Supervision Procedure

VINNITSA SOUTH: Court Starts Bankruptcy Supervision Procedure

* Moody's Reviews Ratings on Republic of Ukraine for Likely Cuts
* Moody's Reviews 'B1' Issuer Ratings of Three Ukrainian Cities


U N I T E D   K I N G D O M

ARNGROVE GROUP: Appoints Administrators from Grant Thornton
BRAPACK LTD: Taps Joint Administrators from Tenon Recovery
CASTLEMORE SECURITIES: Goes Into Administration; 700 Jobs at Risk
EDWARDS GROUP: S&P Puts 'B+' Corp. Credit Rating on Negative Watch
KW LINFOOT: Goes Into Administration

NIGEL ESTATE: Closes Eight Sales Offices; 18 Jobs Affected
PACKAGING FACTORY: Goes Into Administration; 30 Jobs At Risk
PROPINVEST: Debt Restructuring May Be Delayed
ROYAL BANK: U.K. Gov't Agrees to Provide Additional Funding
WINDCROWN LTD: Taps Joint Administrators from PKF

WINDERMERE XIV: S&P Lifts Ratings on Class E and F Notes to 'BB'

* U.K.: Economy Shrinks 1.5% in the Fourth Quarter
* S&P Takes Rating Actions on 368 European Synthetic CDO Tranches
* Fitch Says 2009 Challenging Year for European Luxury Goods Firms

* BOND PRICING: For the Week Feb. 23 to Feb. 27, 2009


                         *********


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


A. & H. LOACKER: Claims Registration Period Ends March 16
---------------------------------------------------------
Creditors owed money by LLC A. & H. Loacker (FN 63233s) have until
March 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Juergen Nagel
         Rheinstrasse 35
         6900 Bregenz
         Austria
         Tel: 05574/84003
         Fax: 05574/84003-33
         E-mail: juergen@eberle-nagel.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on March26, 2009, for the
examination of claims at:

         Land Court of Feldkirch
         Room 45
         First Floor
         Austria

Headquartered in Koblach, Austria, the Debtor declared bankruptcy
on Feb. 9, 2009, (Bankr. Case No. 14 S 7/09f).


FUERNSINN-BAUW LLC: Claims Registration Period Ends March 16
------------------------------------------------------------
Creditors owed money by LLC Fuernsinn-Bauw (FN 188583d) have until
March 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Martina Withoff
         Hauptplatz 5
         3910 Zwettl
         Austria
         Tel: 02822/52417
         Fax: 02822/52417-4
         E-mail: dr.withoff@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on April 1, 2009, for the
examination of claims at:

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

Headquartered in Gmuend, Austria, the Debtor declared bankruptcy
on Feb. 3, 2009, (Bankr. Case No. 9 S 7/09s).


GERHARD SCHAPFL: Claims Registration Period Ends March 16
---------------------------------------------------------
Creditors owed money by KEG Gerhard Schapfl (FN 145248a) have
until March 16, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Edwin Schubert
         Triester Strasse 21
         2620 Neunkirchen
         Austria
         Tel: 02635/62 6 11
         Fax: 02635/62 6 11 13
         E-mail: ra-e.schubert@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 2, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt (239)
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Ternitz, Austria, the Debtor declared bankruptcy
on Feb. 16, 2009, (Bankr. Case No. 10 S 13/09d).


PARTL LLC: Claims Registration Period Ends March 10
---------------------------------------------------
Creditors owed money by LLC Partl (FN 253712g) have until
March 10, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Gottfried Tazol
         Muenzgasse 3
         9100 Voelkermarkt
         Austria
         Tel: 04232/2520
         Fax: 04232/2520-20
         E-mail: office@ra-rack-tazol.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 17, 2009, for the
examination of claims at:

         Land Court of Klagenfurt (729)
         Room 225
         Klagenfurt
         Austria

Headquartered in Eberndorf, Austria, the Debtor declared
bankruptcy on Feb. 6, 2009, (Bankr. Case No. 40 S 9/09b).


REISEN UND FREIZEITORGANISATION: Claims Period Ends March 10
------------------------------------------------------------
Creditors owed money by LLC Reisen und Freizeitorganisation (FN
241116h) have until March 10, 2009, to file written proofs of
claim to the court-appointed estate administrator:

         Dr. Kurt Weinreich
         Josefstrasse 13
         3100 St. Poelten
         Austria
         Tel: 02742/72 222
         Fax: 02742/72 222-10
         E-mail: kanzlei@tws-rae.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on March 31, 2009, for the
examination of claims at:

         Land Court of St. Poelten (199)
         Room 216
         St. Poelten
         Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Feb. 2, 2009, (Bankr. Case No. 14 S 19/09y).


SIEGLS CAFE: Claims Registration Period Ends March 16
-----------------------------------------------------
Creditors owed money by LLC Siegls Cafe (FN 32032g) have until
March 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Guenther Csar
         Hauptplatz 35
         2700 Wiener Neustadt
         Austria
         Tel: 02622-23433
         Fax: 02622-23433-22
         E-mail: ra.drcsar@adis.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 26, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt (239)
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Feb. 6, 2009, (Bankr. Case No. 10 S 11/09k).


==============
B U L GA R I A
==============


KREMIKOVTZI AD: Smart Holding Withdraws Acquisition Talks
---------------------------------------------------------
Sabina Zawadzki and Irina Ivanova at Reuters report that Ukraine-
based steel company Smart Holding has decided to withdraw from
talks over the purchase of Kremikovtzi AD, citing lack of support
among the mill's creditors.

Reuters relates according to Smart Holding, majority of
Kremikovtzi's creditors were against its restructuring plan for
the mill, although it noted the Bulgarian government's position
was "constructive".

Smart Holdings said it had proposed an investment plan worth
EUR220 million (US$281.9 million) and a US$60 million loan, while
offering to pay back debt worth EUR80 million across three years
and turn the rest of the mill's debts into shares, Reuters
discloses.

                        About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer in
Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.

As reported in the TCR-Europe on Aug. 8, 2008, the Sofia City
Court commenced insolvency proceedings against Kremikovtzi AD
after declaring it bankrupt.  The court appointed a temporary
bankruptcy administrator for the steelmaker.

The court also ruled that Kremikovtzi's insolvency started on
Dec. 31, 2005.  As of Dec. 31, 2007, the company had BGN1.63
billion (US$1.3 billion) in total debts.


=============
D E N M A R K
=============


AMAGERBANKEN A/S: Moody's Cuts Financial Strength Rating to 'D-'
----------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating (BFSR) of Amagerbanken A/S to D- from C-.  The
bank's long-term deposit rating was downgraded to Baa2.  The
short-term deposit rating of Prime-2 was affirmed.  The outlook on
the BFSR and long-term deposit rating is negative.

The downgrades were prompted by Moody's view that Amagerbanken's
financial strength has weakened following a rapid deterioration in
its asset quality and that further weakening is likely.  The scale
of deterioration has been more pronounced than Moody's had
anticipated at the time of the previous rating action in November
when the BFSR and the deposit rating were downgraded to C- and A3,
respectively.

The downgrade of the BFSR to D- takes account of the further
decline in Amagerbanken's profitability and pressure on its
capital adequacy.  Moody's believes, based on its loss
expectations for the bank's loan portfolio, that capital could
potentially erode to levels consistent with a BFSR in the D range.
As a result of adverse developments in its property and investment
credit exposures, the bank increased loan loss provisions
significantly in the fourth quarter of 2008.  Problem loans
(defined as individually impaired loans) accounted for 4.9% of
gross loans and guarantees at the end of 2008, in comparison with
about 1% at end-2007.

Amagerbanken continues to display a high exposure to the Danish
real estate sector, which has experienced challenging conditions
since mid-2008.  With property finance accounting for 36% of the
bank's total lending at end-2008, the portfolio exhibits
significant concentration risk.  In light of current conditions,
Moody's has concerns about the viability of the bank's business
model related to property finance given the adverse developments
in this sector.  In addition, about 10% of loans are investment
credits, which are also likely to remain under pressure given the
downturn in the markets.

As regards the bank's capitalization, its solvency ratio was 10.3%
at year-end 2008, which remains above the regulatory minimum
requirement of 8%.  However, Moody's cautions that any increase in
credit risk could exert additional pressure on capitalization.
The rating agency also notes that the individual solvency
requirement which is set by the board of directors has not been
published and could be higher than the regulatory minimum.

Amagerbanken's Baa2 long-term deposit rating incorporates a four-
notch uplift from the bank's Ba3 Baseline Credit Assessment (the
measure of its standalone financial strength that maps from its D-
BFSR).  This takes into account Moody's expectation that systemic
support for Amagerbanken would be forthcoming if needed including
the measures available under the state company Finansiel
Stabilitet established by the Danish government.

The negative outlook on Amagerbanken's ratings reflects Moody's
concern that the bank's credit quality may continue to deteriorate
further, especially given the adverse developments in the property
sector in Denmark and the continuing downturn in the securities
market.  Moody's therefore believes that Amagerbanken's
profitability will continue to face increasing challenges, which
could weigh on its solvency measures.

Moody's last rating action on Amagerbanken was on November 4,
2008, when the BFSR was downgraded to C- from C.  At the same
time, the bank's long-term deposit rating was downgraded to A3
from A1 and the short-term deposit rating to Prime-2 from Prime-1.
The outlook on the BFSR and long-term rating remained negative.

Headquartered in Copenhagen, Denmark, Amagerbanken reported total
assets of DKK35.7 billion (EUR4.8 billion) at end--December 2008.


FIONA BANK: Moody's Downgrades Financial Strength Rating to 'E'
---------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Fionia Bank A/S to E from D- and the
subordinated debt rating to C from B1.  The long-term debt and
deposit ratings were confirmed at A3 and short-term deposit rating
at Prime-2 reflecting the transfer of these senior unsecured
liabilities to the new bank under the government scheme.  The
backed Aaa rating assigned to a bond that matures within the
period of the guarantee scheme established by the Danish
government was affirmed.  The outlook on all ratings is stable.

The rating action -- which concludes the rating review initiated
on December 10, 2008 -- follows Fionia Bank's announcement that it
has entered into a framework agreement with the state company
Afviklingsselskabet til sikring af finansiel stabilitet A/S
referred to as Finansiel Stabilitet (Financial Stability) whereby
Fionia Bank will establish a new bank (not rated) to which it will
transfer all of its assets and liabilities except equity and
subordinated capital.  Fionia Bank remains the majority owner of
the new bank but its shareholding will be pledged with Finansiel
Stabilitet, which will inject subordinated or hybrid capital into
the new bank.  The intervention of the authorities was prompted by
the deteriorated financial condition of the bank.  Fionia Bank's
total capital ratio at year-end 2008 was 8.3%, which is well below
the individual solvency requirement of 11.5% set by the bank's
Board of Directors.  The agreement with Finansiel Stabilitet is
subject to approval from the Danish FSA and the EU and competition
authorities.

The E BFSR -- the lowest possible rating on Moody's scale --
reflects Moody's understanding that, following the transfer of its
assets and senior liabilities, Fionia Bank will cease its banking
operations and will consequently hand in its banking licence.  It
will remain as a holding company owning the shares in the new bank
and its name is planned to be changed to Fionia Bank Holding A/S.
Fionia Bank's financial strength has deteriorated rapidly since
summer 2008 and, in particular, reflects problems with its real
estate-related exposures.  Moody's also believes that the bank's
franchise has been impaired given the recent events.

The confirmation of the deposit and senior debt ratings is
underpinned by the fact that the liabilities including deposits
and senior debt will be transferred to a new bank that will be
controlled by the government-owned company, Finansiel Stabilitet.
This company was created as part of Denmark's first banking
support package introduced in October 2008.  The guarantee scheme
covers the senior claims of participating banks until September
30, 2010.

The downgrade of Fionia Bank's subordinated debt rating under the
MTN program to C from B1 follows the decision not to transfer
these liabilities to the new bank.  Any compensation to the
holders of subordinated debt is uncertain and would be payable
only after Finansiel Stabilitet has received interest on its
injected capital.  Moody's notes, however, that Fionia Bank does
not have any subordinated debt outstanding under the rated MTN
program.  Moody's will consider withdrawing the BFSR, debt and
deposit ratings once Fionia Bank hands in its banking license.

Moody's last rating action on Fionia Bank was on December 10,
2008, when the BFSR was downgraded to D- and the subordinated
rating to B1 following the bank's announcement of increased
impairments and a significant decrease in capital ratios.  All the
ratings were also placed on review for possible downgrade.

Headquartered in Odense, Denmark, Fionia Bank reported total
assets of DKK30.5 billion (EUR4.1 billion) at end-September 2008.


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F I N L A N D
=============


STORA ENSO: S&P Changes Outlook to Negative; Affirms 'BB+' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Finland-based forest product company Stora Enso Oyj to
negative from stable.  At the same time, the 'BB+' long-term and
'B' short-term issuer credit and debt ratings were affirmed.

"The outlook revision reflects the increased risk of a downgrade,
in light of Stora Enso's underperformance relative to S&P's
expectations for a 'BB+' rating in 2008, a downward revision of
S&P's financial base-case scenario for the company and the
increased likelihood of a weaker stress case scenario, and a
possible adverse revision of the company's business risk score,"
said Standard & Poor's credit analyst Andreas Zsiga.

S&P anticipates that the rapidly weakening economic environment
will massively pressure paper demand.  This would temper potential
price increases and curb the positive impact of lower costs.  As a
result, Stora Enso's medium-term financial profile could recover
more slowly from its current level.

Further adverse changes in S&P's economic forecast or paper market
prospects for the next few months could trigger a downgrade.

S&P could revise the outlook back to stable if improvements in
Stora Enso's financial performance become more likely.  This would
include more certainty that demand could fall only 5% in 2009 and
be stable in 2010, as well as margin and cash generation
improvement resulting from a combination of price increases and
cost reductions.  At the current rating level, S&P would normally
expect to see FFO to debt gradually improve toward 20% in the
short term and 25% in the medium term.  S&P would also anticipate
free operating cash flow that is positive by some EUR300 million
annually.


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


ANTEGA GRUNDBESITZ: Claims Registration Period Ends April 2
-----------------------------------------------------------
Creditors of Antega Grundbesitz GmbH have until April 2, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on April 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 16, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Antega Grundbesitz GmbH
         Attn: Klaus Nuerck, Manager
         Konrad-Zuse-Str. 12
         99099 Erfurt
         Germany


BLITZSCHUTZ UND ELEKTRO: Claims Registration Ends March 30
----------------------------------------------------------
Creditors of Blitzschutz und Elektro GmbH have until March 30,2
009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on April 21, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera
         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. D. Herzig
         Promenadenstr. 3
         09111 Chemnitz
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 16, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Blitzschutz und Elektro GmbH
         Attn: Dieter Daube, Manager
         Mozartstrasse 5
         04600 Altenburg
         Germany


CITY CLEANING: Claims Registration Period Ends April 9
------------------------------------------------------
Creditors of City Cleaning Hamburg GmbH have until April 9, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on May 13, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Karsten Toetter
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 16, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         City Cleaning Hamburg GmbH
         Attn: Rafael Espinosa, Manager
         Ahrensburger Strasse 164 p
         22045 Hamburg
         Germany


DUERR AG: Moody's Reviews 'B1' Rating for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service has placed Duerr's B1 corporate family
rating and B3 bond rating under review for possible downgrade.

Rainer Neidnig, lead analyst at Moody's for Duerr, said: "The
rating action was triggered by the unexpected steep decline in
order intake in Q4/2008 and reflects Moody's concern that weak
order intake could potentially continue over 2009 resulting in
pressure on earnings and cash flow.  As a result financial ratios
might weaken to levels no longer commensurate with a B1 rating and
headroom under financial covenants might tighten significantly
during 2009".

Hence, the review will focus in particular on the company's
ability to restore comfortable headroom under financial covenants
and on the expected development of order intake, sales and
earnings for 2009.

On February 19, 2009, Duerr announced preliminary results for
fiscal 2008.  While 2008 as a whole was still a record year with
EUR1.6 billion in sales and reported EBIT of EUR73 million, order
intake in Q4/2008 slumped to EUR187 million which compares to
EUR474 million in Q4/2007.  While Moody's notes that order intake
in Q4/2007 was extraordinarily strong -- including a large order
from BMW -- Moody's are concerned that the weak order intake could
continue over 2009.  This view also considers that Duerr's largest
customer segment is still the automotive industry which is
currently going through a severe downturn.

Although Moody's acknowledges that Duerr's by now substantial
service activities should prove to be fairly resilient through the
current downturn, Moody's caution that lower business activity in
the new equipment segment could place a substantial burden on
revenues and earnings.  Moreover, Moody's notes that lower order
intake could also result in lower prepayments and hence negatively
impact cash flow generation and the group's net debt position.  As
a result Moody's sees the risk that financial ratios could
deteriorate over 2009 to levels below what would be expected for
the current B1 rating.  In order to remain positioned within the
B1 rating category Moody's would expect Duerr to achieve financial
ratios such as EBITA margins not falling below 3% or Debt/EBITDA
not to increase to 4.5x or higher.

Besides cash on hand (app. EUR90 million per year end 2008) and
cash flow from operations, Duerr's major funding source is the
company's EUR200 million syndicated credit facility.  In Moody's
view these sources should, in total, provide for an adequate 12-
months liquidity position to cover funding needs which are
expected to arise mainly from working capital, capex and
dividends.  However, Moody's cautions that Duerr's core credit
facility agreement contains conditionality language in form of
financial covenants and headroom is expected to tighten
significantly in light of the difficult operating environment over
2009.  Management plans to address this covenant pressure and
establish more comfortable headroom is one focus of the rating
review.

On Review for Possible Downgrade:

Issuer: Duerr AG

  -- Probability of Default Rating, Placed on Review for Possible
     Downgrade, currently B1

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B1

  -- Senior Subordinated Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B3, LGD6, 91%

Outlook Actions:

Issuer: Duerr AG

  -- Outlook, Changed To Rating Under Review From Stable

Moody's last rating action on Duerr was to upgrade the corporate
family ratings to B1 (stable outlook) from B2 (positive outlook)
on September 15, 2008.

Headquartered in Stuttgart, Germany, Duerr is a leading plant and
mechanical engineering group with 47 locations in 21 countries.
The group generates about 85% of revenues with automobile
manufacturers and their suppliers but increasingly supplies
sectors such as aviation, mechanical engineering, chemical,
pharmaceutical or printing.  Duerr's product offering includes
paint shops, assembly systems, balancing and diagnostic systems,
industrial cleaning systems and related services.  The group holds
strong market positions in all of its activities, e.g. a 40%
global market share in paint shops and painting lines which
account for approximately half of the group's revenues. In 2008,
Duerr recorded revenues of EUR1.6 billion with about 6,000
employees.


HERTIE GMBH: German State Mulls Loan Guarantee
----------------------------------------------
Nikola Rotscheroth and Eva Kuehnen at Reuters report that the
German state of North Rhine Westphalia said Wednesday it may give
a loan guarantee to Hertie GmbH.

Reuters relates that after talks with Hertie's administrator and
potential investors for the company, the regional ministry of
economics said the investors would make a loan application as soon
as possible, which it would then process quickly.  It did not
disclose details of the size of the guarantee needed or names of
investors, Reuters notes.

However, German retail association HDE, as cited by the report,
said the state aid was not a solution and would disrupt sector
competition.

"We in the retail industry have never called the state for help,
in contrast to the banking and automotive industry," Reuters
quoted the HDE spokesman as saying.

As reported in the TCR-Europe on Aug. 6, 2008, Hertie GmbH filed
for commencement of insolvency proceedings at the District Court
of Essen on July 31, 2008.  The court appointed Biner Baehr of
White & Case LLP as preliminary insolvency administrator for
Hertie.

According to Bloomberg News, Hertie filed for insolvency after
its debt-restructuring talks failed.

Hertie Warenhandels GmbH, one of Hertie's units, filed for opening
of insolvency proceedings on Aug. 1, 2008.  Mr. Baehr was also
appointed preliminary insolvency administrator for that unit.

Erik van Heuven, Hertie's chief marketing officer, told Bloomberg
News that Hertie will revive the concept of neighborhood
department-stores as part of its restructuring.

Based in Essen, Germany, Hertie GmbH -- http://www.hertie.de/--
operates 73 department stores and employs 4,100 people.  Hertie
posted EUR30 million in losses on EUR540 million in sales for
financial year 2007.


SM VERWALTUNGS: Claims Registration Period Ends April 18
--------------------------------------------------------
Creditors of SM Verwaltungs GmbH have until April 18l, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on May 12, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bad Kreuznach
         Hall A4
         Hofgartenstr. 2
         55545 Bad Kreuznach
         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. Jur. Wolfgang Maus
         Mannheimer Str. 254a
         D 55543 Bad Kreuznach
         Germany
         Tel: 0671-79496-13
         Fax: 0671-79496-10

The District Court opened bankruptcy proceedings against the
company on Feb. 13, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         SM Verwaltungs GmbH
         Attn: Sven Malz, Manager
         Johannisgarten 3
         55546 Frei-Laubersheim
         Germany


WEINBOERSE ERLEBNIS: Claims Registration Period Ends April 27
-------------------------------------------------------------
Creditors of Weinboerse Erlebnis & Genuss Handelsgesellschaft mbH
have until April 27, 2009, to register their claims with court-
appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         Nordwall 131
         47798 Krefeld
         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:

         Wilhelm Klaas
         Eichendorffstrasse 25
         47800 Krefeld
         Germany

The District Court opened bankruptcy proceedings against the
company on Feb. 15, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Weinboerse Erlebnis & Genuss
         Handelsgesellschaft mbH
         Suedwall 20-22
         47798 Krefeld
         Germany

         Attn: Uwe Siegel, Manager
         Minkweg 18
         47803 Krefeld
         Germany


* GERMANY: Unemployed Reaches 3.31 Million in February
------------------------------------------------------
Adjusted jobless rate in Germany rose to 7.9 percent in February
from 7.8 percent, Rainer Buergin at Bloomberg News reports.

The report relates data from the Nuremberg-based Federal Labor
Agency showed the number of people out of work rose a seasonally
adjusted 40,000 to 3.31 million.

In unadjusted terms, the number of jobless increased by 63,121 in
February, report says.

"German unemployment has not risen as sharply as elsewhere in the
euro zone, but surveys of hiring intentions point to much worse to
come," Ben May, an economist at Capital Economics in London, was
quoted by the news agency as saying.

According to the report, some German companies are reducing
working hours before cutting jobs after the government said it
would cover companies' social-insurance payments for workers put
on short time.

Companies in February announced they're planning to add 600,000
workers to those already working shortened shifts, Bloomberg News
cited Labor Agency head Frank-Juergen Weise as saying during an
interview with Bloomberg Television.

The report discloses according to a survey of 25,000 companies by
the DIHK chambers of trade and industry, the share of German
companies planning to cut jobs rose to 30 percent in January from
18 percent in October.


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


HELLAS TELECOMMUNICATIONS: Moody's Junks Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Hellas Telecommunications II S.a.r.l. to Caa1 from B3 as
well as the ratings on the existing debt instruments issued by its
subsidiaries as detailed below.  Hellas Telecommunications II is a
holding company of Wind Hellas Telecommunications.  The outlook on
the ratings is negative.

The ratings affected are:

  -- Corporate Family Rating at Hellas Telecommunications II
     downgraded to Caa1 from B3

  -- Senior secured notes issued at Hellas Telecommunications
     (Luxembourg) V downgraded to B3 from B2

  -- Senior notes issued at Hellas Telecommunications (Luxembourg)
     III downgraded to Caa2 from Caa1

  -- Subordinated notes issued at Hellas Telecommunications II
     S.a.r.l. downgraded to Caa3 from Caa2.

The ratings downgrades reflect (i) an acceleration during the
fourth quarter of 2008 of the negative trends in operating
performance that were identified at the time of the last rating
action in November 2008; (ii) the expected full-year impact of
these trends in 2009, which could result in a lower EBITDA for
Wind Hellas compared to 2008; (iii) limited headroom in the
Company's liquidity position for any further weakening in its cash
burn expectations targeted by the company at less than EUR50
million for 2009; and (iv) developing concerns over the
sustainability of the Company's debt capital structure.

Based on the reported annual EBITDA of EUR455 million for Wind
Hellas on a standalone basis, the company has under-performed its
EBITDA guidance of EUR470 million.  Tellas, the company's fixed
line business performed modestly better than expected with an
EBITDA loss of EUR22 million for 2008.  Therefore, its total
reported EBITDA of EUR434 million (before one-off items) was lower
than the EUR440 million guidance.

Moody's is factoring into the rating action the perspective that
the company is facing challenging operating conditions in 2009.
On January 1, 2009, the termination rate has been significantly
reduced and the termination rate asymmetry applicable to Wind
Hellas has been eliminated.  Wind Hellas publicly estimates a
negative EUR25 million impact on the mobile business's EBITDA.
Furthermore, the economic environment in Greece has weakened over
the course of 2008 and the decrease in usage experienced by Greek
mobile operators in Q4 2008 is likely to put further pressure on
revenue and EBITDA in 2009.  As regards Tellas, the company
publicly indicated that it would expect its subsidiary to be
EBITDA break even in 2009.  Moody's notes the existence of a high
degree of execution risk associated with the company's business
plan for 2009.

In addition to challenges associated with the operating
environment, Moody's is concerned about Wind Hellas' tight
liquidity profile.  As of December 31, 2008, the Company had
EUR36.8 million in cash & cash equivalents and EUR50 million of
undrawn revolving credit facility availability.  It was free cash
flow negative in Q4 2008, with a cash burn of approximately EUR20
million.  The Company publicly expects negative free cash flow of
between EUR0 and EUR50 million during 2009.  Furthermore given the
company's capex cycle, it will be using cash through working
capital absorption during the first half of 2009.  Therefore,
Moody's believe that the liquidity profile could come under
further pressure, particularly during the second quarter of 2009,
although the company has indicated that any shortfall could be
absorbed by a changing the timing of its capital expenditures.

Moody's acknowledges that the company's current strategy is
focused on cash preservation to the extent it is feasible for a
growing company in a competitive market.  The company is also
expecting positive cash contributions from the merger with Tellas
through the realization of operating synergies, more efficient tax
treatment and receipt of government subsidies with a particular
benefit noted by management of no tax outflows anticipated for
2009.

The negative outlook on the rating reflects (i) Moody's concerns
about the sustainability of the current debt structure; and (ii)
the high degree of execution risk of the company's business plan
associated with achieving its public guidance on free cash flow in
light of the planned termination rate reduction and a weakened
operating environment.  Therefore, liquidity will remain a concern
over the next 12 months.  The outlook could be stabilized if the
company substantially improves the group's liquidity risk profile.

The last rating action was on November 28, 2008 when the ratings
were downgraded by one notch.

Wind Hellas is the third mobile operator in Greece.  At the end of
2007, the company acquired Tellas, an alternative fixed line
operator.  In 2008, the company generated EUR1,269 million in
revenues on a consolidated basis.


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


ANGLO IRISH: Fitch Cuts Rating on GBP300 Million Shares to 'C'
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-term rating of Anglo Irish
Bank Corporation's (Anglo) GBP300 million preference shares (ISIN
no. IE00B085VK31) to 'C' from 'BB-' (BB minus) and removed the
rating from Rating Watch Negative.  Fitch has simultaneously
withdrawn the ratings on the preference shares.  Anglo's other
Tier 1 hybrid issues, which have a Long-term rating of 'BB-' (BB
minus), remain on RWN.

The downgrade follows the announcement earlier this month by
Ireland's Department for Finance that no further coupon payments
will be made on the preference shares.  The withdrawal reflects
the automatic transfer of ownership of the preference shares to
the Minister of Finance.

The Department for Finance also announced that Anglo's other Tier
1 hybrid securities are unaffected and that Anglo will continue to
service its obligations regarding coupon payments and repayment of
principal to holders, subject to Anglo's right to defer coupon
payments.  Consequently, Fitch has maintained its ratings for
these instruments.

Anglo's ratings are:

  -- Long-term IDR: 'A-' (A minus); Outlook Stable
  -- Short-term IDR: 'F1+'
  -- Individual Rating: 'F'
  -- Support Rating: '1'
  -- Support Rating Floor: 'A-' (A minus)


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


IT HOLDING: In Bankruptcy Following Subsidiary's Collapse
---------------------------------------------------------
IT Holding SpA sought bankruptcy protection Thursday last week
putting 1,700 jobs at risk, The Associated Press reports.

The filing, the AP relates, came two weeks after the company put
one of its subsidiaries, Ittierre SpA, into bankruptcy protection.

The Financial Times reports Italy's Minister of Economic
Development, Mr. Claudio Scajola, said the government was
extending bankruptcy protection to IT Holding "to safeguard the
group and its ability to continue in business."

IT Holding was put into bankruptcy after missing loan installments
and failing to pay suppliers and royalties for as much as a year,
Bloomberg News says.

According to Bloomberg News, IT Holding missed a loan payment in
October and an extension three months later.

                        Ratings Downgrade

As reported in the Troubled Company Reporter-Europe on Feb. 11,
2009, Moody's Investors Service downgraded IT Holding's
Probability of Default Rating to D from Ca.

Moody's said the downgrade was prompted by IT Holding's February
9, 2009 decision to place its main operating subsidiary, Ittierre,
into administration under the Italian law.

On Dec. 26, 2008, the TCR-Europe reported Standard & Poor's
Ratings Services lowered its long-term corporate credit rating on
IT Holding to 'SD' from 'CC'.

S&P's rating actions reflect the announcement by IT Holding on
Dec. 22 that it has once again requested a deferral of a EUR9.4
million principal payment on its unrated bank loan.  The initial
payment fell due Oct. 20, 2008, but the pool of banks had accepted
a waiver until Dec. 22.  The semiannual coupon on the EUR185
million senior secured notes due Nov. 15, 2008, was paid, S&P
noted.

                       Ittierre Bankruptcy

Ittierre, IT Holding's main production and licensing unit, filed
for protection from its creditors Feb. 9 after banks refused to
inject the necessary capital to keep its business keep going, the
AP says.

Bloomberg News adds Ittierre said it missed loan payments and was
late in paying royalties to designers.

On Feb. 12, 2009, Minister Scajola accepted the application filed
by Ittierre for "Amministrazione Straordinaria" and appointed Mr.
Andrea Ciccoli, partner in Bain & Co., Mr. Stanislao Chimenti,
lawyer, and Mr. Roberto Spada, Certified Public Accountant, as
commissioners.

                     Ittierre Gets Financing

The Financial Times relates Ittierre received Feb. 25 a EUR30
million (US$38 million) loan from a consortium of Italian banks.

UniCredit SpA, Banca Popolare dell'Emilia Romagna Scrl, Banca
Popolare di Milano Scarl, Banco Popolare SC and Intesa Sanpaolo
SpA will provide the loan, Ittierre's administrators said in an e-
mailed note obtained by Bloomberg News.

                        Cavalli Affected

Bloomberg News reports Italian fashion designer Roberto Cavalli
canceled a fashion show scheduled Feb. 26 in Milan for the Just
Cavalli fall/winter collection, citing the collapse of Ittierre.

"I made the decision to safeguard the image and clients of Just
Cavalli," the designer said in an e-mailed statement obtained by
Bloomberg News.  "The difficult situation of Ittierre doesn’t give
me the guarantee or security to be able to remain, as always, at
the forefront with my youthful line."

In a separate report, Bloomberg News says Mr. Cavalli told daily
Il Sole 24 Ore in an interview he is owed about EUR20 million
(US$26 million) in royalties from Ittierre.

Ittiere controls 100% of the Just Cavalli licence, according to
The Guardian.

                            Lifeline

The AP reports Minister Scajola on Thursday said he would announce
the first measures by mid-March to support Italy's fashion
industry.

                        About IT Holding SpA

Based in Milan, Italy, IT Holding SpA (BIT:ITH) ---
http://www.itholding.com/--- operates in the luxury goods market.
The company and its subsidiaries design, produce and distribute
apparel, accessories, eyewear and perfumes.  Its brand portfolio
embraces: owned brands, Gianfranco Ferre, Malo, Exte, as well as
licensed brands, Versace Jeans Couture, Versace Sport, Just
Cavalli, C’N’C Costume National and Galliano.  The company's
production facilities are located in Italy.  IT Holding SpA has a
worldwide distribution network, including 39 directly operated
stores, 274 monobrand stores and over 6,000 department and
specialty stores.  In order to be present in the most significant
markets, IT Holding SpA has dedicated market companies: ITTIERRE
SpA, ITTIERRE France SA, ITTIERRE Moden GmbH, IT USA HOLDING Inc
and IT Asia Pacific Limited, among others.


SAFILO SPA: Fitch Puts 'B' Issuer Default Rating on Negative Watch
------------------------------------------------------------------
Fitch Ratings has placed the Long-term and Short-term Issuer
Default Ratings of Italy-based eyewear designer and manufacturer
Safilo S.p.A., which are 'B' respectively, on Rating Watch
Negative due to concerns about Safilo's debt repayment schedule
and liquidity.  Fitch has simultaneously affirmed Safilo's EUR400
million senior credit facilities at 'BB-'(BB minus)/'RR2' and
Safilo Capital International S.A.'s EUR195 million senior notes
due 2013 at 'B-'(B minus)/'RR5'.  The individual Long-term IDR for
Safilo Capital International S.A. is affirmed at 'B' and
withdrawn.

"The Rating Watch Negative reflects the potential weakness in the
company's debt profile as the EUR40 million in scheduled
amortizations due in 2009 will put pressure on free cash flow,
which was already negative in 2008, and on the level of committed
liquidity, which has shrunk further to just EUR35 million at
December 2008," says Michelle De Angelis, a Senior Director in
Fitch's Leveraged Finance team.  "Furthermore, the company still
needs to agree an amendment to financial covenants on its
committed senior facilities, which the agency believes could
otherwise be in breach at the June 2009 test date."

These issues, which were noted by Fitch in its last rating action
in December 2008, have yet to be addressed, and could result in
further negative rating action if a resolution is not forthcoming.
Fitch notes management's comment that its term loan lenders remain
"helpful and co-operative", but the lack of an agreement on
covenant amendments to date, and the potential for a multiple
notch downgrade should it not be achieved, are reflected in the
Rating Watch Negative.  The Rating Watch could be resolved if the
company successfully addresses the amendments and should FCF
generation prove sufficient to address the scheduled amortizations
and improve the level of undrawn committed liquidity.  However, if
covenant amendments are not agreed, or if they are agreed, but the
company fails to address its shrinking committed liquidity sources
or relies to an increasing extent on uncommitted liquidity
sources, Safilo's ratings could be downgraded.

In 2008 the company generated free cash flow before dividends and
debt drawdowns/repayments of negative EUR32 million, of which a
net EUR25 million was spent on the acquisition of two retail
chains.  Generation of positive free cash flow to cover the
upcoming debt amortizations of EUR40 million in 2009 (split
between June and December) will be dependent on the company's
success in managing working capital, its dividend distribution
policy, the cost of production rationalization measures, capital
expenditure and the level of EBITDA generated for 2009.

EBITDA for the full year 2008 was in line with the agency's
expectations at EUR126 million, a reduction of 28% year-on-year.
As a result of this decline, Fitch estimates that lease-adjusted
net leverage reached 5.1x at FYE08, up sharply from 4.0x at Q208
and 3.5x at FYE07.  Fitch anticipates still lower EBITDA levels in
2009 and potentially static debt levels.  Given Safilo's strong
competitive position as one of two leading global eyewear
companies, and its impressive brand portfolio, the current level
of leverage could potentially be accommodated within the 'B'
rating.  However as noted above, this would also be dependent on a
more sustainable, back-ended committed debt repayment profile.


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


COMSER LLP: Creditors Must File Claims by April 10
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Comser insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

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


DYNASTY NETWORK: Creditors Must File Claims by April 10
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Dynasty Network insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

         Buhar-Jyrau Str. 50a-32
         Almaty
         Kazakhstan
         Tel: 8 777 689 11-10

The Court is located at:

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


IRTYSH AGRO CJSC: Creditors Must File Claims by April 10
--------------------------------------------------------
CJSC Irtysh Agro has declared insolvency.  Creditors have until
April 10, 2009, to submit written proofs of claim to:

          Torgovaya Str. 11
          140000 Pavlodar
          Pavlodar
          Kazakhstan


KAZ GEO SERVICE: Creditors Must File Claims by April 10
-------------------------------------------------------
LLP Kaz Geo Service has declared insolvency.  Creditors have until
April 10, 2009, to submit written proofs of claim to:

          Satpayev Str. 18-14
          Aktobe
          Aktube
          Kazakhstan


KAZKOMMERTS: Moody's Cuts Ratings on 7 Series of Notes to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has downgraded these series of notes
issued by Kazkommerts DPR Company.  This rating action follows
Moody's rating action on the ratings of Kazkommertsbank on
February 24, 2009 and concludes the review of the transaction
following the rating action on December 12, 2008, during which
these series of notes were placed on review for possible
downgrade.

  -- US$50,000,000 Series 2005-B Floating Rate Notes due 2012,
     from Baa3 to Ba3

  -- US$150,000,000 Series 2007-A Floating Rate Notes due 2017,
     from Baa3 to Ba3

Moody's has also downgraded the underlying rating reflecting the
risk posed to the providers of the financial guarantees in
relation to these series of notes from Baa3 to Ba3 (for the
avoidance of doubt, these underlying ratings do not take the
benefit of the related financial guarantees into account and the
ratings of the notes, which incorporate the support of such
guarantees, are unaffected by this rating action).

  -- US$200,000,000 Series 2005-A Floating Rate Notes due 2012,
     from Baa3 to Ba3

  -- US$100,000,000 Series 2006-A Floating Rate Notes due 2013,
     from Baa3 to Ba3

  -- US$100,000,000 Series 2006-B Floating Rate Notes due 2013,
     from Baa3 to Ba3

  -- US$250,000,000 Series 2007-B Floating Rate Notes due 2017,
     from Baa3 to Ba3

  -- US$100,000,000 Series 2007-C Floating Rate Notes due 2017,
     from Baa3 to Ba3

The rating action reflects Moody's downgrade of Kazkommertsbank's
global local currency deposit rating from Ba1 to Ba3 and its
foreign currency senior unsecured debt rating from Ba1 to Ba3 on
February 24, 2009.

In March 2008, the transaction has been amended to include
structural protections to achieve one-notch uplift from ratings of
Kazkommertsbank.  In Moody's opinion the decline in the level of
flows observed in the recent months do not provide sufficient
comfort that the transaction features warrant a one-notch uplift
from the current ratings of Kazkommertsbank.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.

Date of last rating action: December 12, 2008 when notes were put
on review for possible downgrade.


KOKSHE RELIZ: Creditors Must File Claims by April 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kokshe Reliz insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

         Kenesary Str. 46-38
         Astana
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Gorky Str. 37
         Kokshetau
         Akmola
         Kazakhstan


KOKSHE SHINA: Creditors Must File Claims by April 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kokshe Shina insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

         Kenesary Str. 46-38
         Astana
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Gorky Str. 37
         Kokshetau
         Akmola
         Kazakhstan


KSM SERVICE XXI LLP: Creditors Must File Claims by April 10
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Ksm Service XXI insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional Economic Court of Aktube
         Satpayev Str. 16
         Aktobe
         Aktube
         Kazakhstan


RBK TECHNOLOGIES: Creditors Must File Claims by April 10
--------------------------------------------------------
LLP RBK Technologies has declared insolvency.  Creditors have
until April 10, 2009, to submit written proofs of claim to:

          Gaidar Str. 56-113
          Almaty
          Kazakhstan


RG BRANDS: Moody's Reviews 'B2' Corporate Rating for Possible Cut
-----------------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family
rating and probability of default rating of OJSC RG Brands under
review for possible downgrade.

These ratings were affected:

  - B2 Corporate Family Rating and Probability of Default Rating

"The rating action was prompted primarily by the impact that the
decision by Kazakhstan's central bank to allow the devaluation of
the Kazakh tenge by around 18% will have on RG Brands' 2009
financial metrics," explains Stefano del Zompo, lead analyst for
RG Brands at Moody's.  "Moody's is concerned given the company's
relatively large debt exposure to foreign currencies and large
portion of costs denominated in euros and dollars, and the effect
the devaluation could have on its ability to meet a stepped-down
covenant test in March 2009".  Other factors continue to exert
negative pressure on the ratings, including: (i) 2008 results
slightly below expectations; (ii) an increasingly difficult
macroeconomic environment in Kazakhstan, leading to reduced
consumer spending and possibly a less favourable sales mix for the
company; and (iii) a significant degree of liquidity risk given a
reliance on uncommitted credit facilities in addition to the
committed facilities granted by the European Bank of Restructuring
and Development and the Development Bank of Kazakhstan.

Moody's understands that the majority of the contracts between RG
Brands and its suppliers include automatic price adjustment
mechanisms which should cushion the pressure from the unfavourable
foreign exchange development on the company's margins this year.
"However, Moody's expects that the devaluation of the Kazakh tenge
and the difficult macroeconomic environment will largely absorb RG
Brands' headroom for credit metrics within the rating category in
2009, says Mr. del Zompo.  "This will render a breach under the
existing covenants very likely unless the EBRD continues to offer
its support".

Moody's review will focus on: (i) the likelihood that the company
will be able to renegotiate its existing covenants with the EBRD
and its other banks and to maintain sufficient headroom under the
new covenant structure; (ii) the short-to-medium term prospects of
the company and its capacity to withstand the current economic
downturn; and iii) RG Brands' financial plan and the ability of
the company to maintain credit metrics in line with the targets
set by Moody's within its rating category.

Moody's last rating action on RG Brands was on January 16, 2008,
when Moody's affirmed the company's B2 ratings and changed the
outlook to negative from stable.

Headquartered in Almaty, Kazakhstan, OJSC RG Brands is a leading
food and beverages producer in Central Asia.  The company, which
is 100% owned by the Resmi Group and RG brands management team,
was established in 1994 and has grown rapidly through
acquisitions.  In 2007, the company reported sales and EBITDA of
around KZT25 billion (ca. US$220 million) and KZT3.4 billion (ca
US$28.3 million), respectively and is expected to report 2008
results that are broadly in line with the previous year.


SERVICE TELECOM: Creditors Must File Claims by April 10
-------------------------------------------------------
LLP Service Telecom has declared insolvency.  Creditors have until
April 10, 2009, to submit written proofs of claim to:

          Micro District "Stepnoi-4", 19-84
          Karaganda
          Kazakhstan


SIVRES LTD: Creditors Must File Claims by April 10
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Sivres Ltd. insolvent.

Creditors have until April 10, 2009, to submit written proofs of
claim to:

         Myzy Str. 29-77
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 47-82-66

The Court is located at:

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


* Moody's Lowers Ratings on 15 Kazakh Financial Institutions
------------------------------------------------------------
Moody's Investors Service downgraded the deposit and debt ratings
of 15 financial institutions in Kazakhstan.  The deposit and debt
ratings of five financial institutions previously on review for
downgrade were confirmed.  The deposit and debt ratings of four
financial institutions remain on review for possible further
downgrade, while the ratings of one bank are on review with
direction uncertain.  The outlook on all Kazakh financial
institutions' deposit and debt ratings, except for those on
review, is negative.

At the same time, the rating agency downgraded the bank financial
strength ratings of six banks and confirmed the BFSRs of three
banks.  The BFSRs of the remaining six Kazakh financial
institutions previously not on review were affirmed.  For six
banks, the BFSR outlook is stable, and for nine, it is negative.

See rating list below for details of the affected institutions and
the rating actions carried out.

Moody's said that the rating downgrades -- which conclude its
review initiated on December 12, 2008 -- reflect the increasingly
negative impact of the global economic crisis on the Kazakh
economy and its financial institutions.

In its review, Moody's had focused on: (i) analysing the impact of
the deteriorating macroeconomic conditions on Kazakh financial
institutions' fundamentals; and (ii) re-examining the government
support incorporated into the deposit and debt ratings of banks
and government-related issuers (GRIs -- financial institutions
with significant government ownership or a special charter or
public policy mandate from the government).

The mounting asset quality and liquidity problems in Kazakh banks
continue to exert downward pressure on their financial stability.
Moody's estimates that the level of non-performing loans in Kazakh
banks accounts for about a quarter of all loans outstanding.
Despite the recent recapitalization of the largest banks by the
government, selected institutions may face a significant weakening
of their capital positions from rising loan losses in the short
term, the rating agency concluded.

Furthermore, the inability to refinance their large foreign
wholesale debt, as well as a likely decline in customer funding,
creates notable liquidity problems for most banks.  As of year-end
2008, the total foreign wholesale debt of Kazakh banks was about
USUS$40 billion, of which USUS$12 billion is payable in 2009.

"The recent devaluation of the Kazakh tenge also erodes the banks'
financial standing by increasing their foreign currency debt
burdens and by raising the default probability of their foreign
currency loans," says Armen Dallakyan, a London-based Moody's
analyst.  "All of these problems expose Kazakh financial
institutions to substantial risks that challenge the viability of
their franchises and financial fundamentals, and therefore the
banks' BFSRs, which reflect these risks, remain under pressure,"
Mr Dallakyan adds.

The rating agency has also re-examined the systemic support
probabilities incorporated into Kazakh banks' and GRIs' deposit
and debt ratings.  The revised assumptions, which reflect Moody's
assessment of the government's willingness to actually furnish
support, are based on both the individual institution's
significance to the Kazakh economy and the potential cost of such
support.  Moody's acknowledged the Kazakh authorities' commitment
to supporting the country's banking system to ensure the security
of customer deposits and credit flow to the economy.  At the same
time, the rating agency cautioned that the uncertainty about the
length and severity of the current crisis and its impact on the
Kazakh economy may make the government more cautious and selective
in using its resources, especially its foreign currency reserves,
to support various projects and entities.

Given these considerations, Moody's has lowered its assessment of
the systemic support probability of the six largest Kazakh banks.
On the other hand, the systemic support assumptions for the rated
GRIs remains unchanged, or have been reduced only modestly,
reflecting the relative importance of these entities' policy
roles, as well as the likely size and expense of any support
needed.

The deposit and debt ratings of one bank -- BTA Bank -- remain on
review, with direction uncertain.  The conclusion of Moody's
review will depend on the outcome of the negotiations to resell
the bank to Russia's Sberbank following the nationalization of BTA
Bank.

The institutions affected by Moody's rating actions are as
follows.

BTA Bank

  - BFSR: downgraded to E+ (mapping to a Baseline Credit
    Assessment of B3) from D- (mapping to a Baseline Credit
    Assessment of Ba3), negative outlook;

  - Local and foreign currency deposit ratings: downgraded to B1
    from Ba1;

  - Foreign currency senior unsecured debt rating: downgraded to
    B1 from Ba1;

  - Subordinated foreign currency debt rating: downgraded to B2
    from Ba2;

  - Junior subordinated foreign currency debt rating: downgraded
    to Caa1 from Ba3;

  - The local currency deposit rating benefits from a moderate
    systemic support probability that results in a two-notch
    uplift from the Baseline Credit Assessment of B3;

  - The bank's deposit and debt ratings are placed on review with
    direction uncertain.

ATF Bank

  - BFSR: downgraded to E+ (mapping to a Baseline Credit
    Assessment of B2) from D- (mapping to a Baseline Credit
    Assessment of Ba3);

  - Local currency deposit rating: downgraded to Ba1 from Baa2;

  - Foreign currency senior unsecured debt rating: downgraded to
    Ba1 from Baa2;

  - Junior subordinated foreign currency debt rating: downgraded
    to Ba3 from Ba1;

  - The local currency deposit rating benefits from a high
    probability of support from its ultimate parent, UniCredit,
    and a low systemic support probability that result in a four-
    notch uplift from the Baseline Credit Assessment of B2;

  - The outlook on all of the bank's ratings is negative.

Temirbank

  - BFSR: unchanged at E (mapping to a Baseline Credit Assessment
    of Caa1), stable outlook;

  - Local and foreign currency deposit ratings: downgraded to B3
    from B2;

  - Foreign currency senior unsecured debt rating: downgraded to
    B3 from B2;

  - Subordinated foreign currency debt rating: downgraded to Caa1
    from B3;

  - The local currency deposit rating benefits from a high
    probability of support from its parent, BTA Bank, that results
    in a one-notch uplift from the Baseline Credit Assessment of
    Caa1;

  - The bank's deposit and debt ratings remain on review for
    possible further downgrade.

Kazkommertsbank

  - BFSR: downgraded to E+ (mapping to a Baseline Credit
    Assessment of B2) from D- (mapping to a Baseline Credit
    Assessment of Ba3);

  - Local and foreign currency deposit ratings: downgraded to Ba3
    from Ba1;

  - Foreign currency senior unsecured debt rating: downgraded to
    Ba3 from Ba1;

  - Subordinated debt rating: downgraded to B1 from Ba2;

  - Junior subordinated debt rating: downgraded to B3 from Ba3;

  - The local currency deposit rating benefits from a moderate
    systemic support probability that results in a two-notch
    uplift from the Baseline Credit Assessment of B2;

  - The outlook on all of the bank's ratings is negative.

Bank CenterCredit

  - BFSR: downgraded to E+ (mapping to a Baseline Credit
    Assessment of B1) from D- (mapping to a Baseline Credit
    Assessment of Ba3);

  - Local and foreign currency deposit ratings: downgraded to Ba3
    from Ba1;

  - Foreign currency senior unsecured debt rating: downgraded to
    Ba3 from Ba1;

  - Junior subordinated debt rating: downgraded to B2 from Ba3;

  - The local currency deposit rating benefits from a moderate
    systemic support probability that results in a one-notch
    uplift from the Baseline Credit Assessment of B1;

  - The outlook on all of the bank's ratings is negative.

Halyk Savings Bank of Kazakhstan

  - BFSR: downgraded to D- (mapping to a Baseline Credit
    Assessment of Ba3) from D (mapping to a Baseline Credit
    Assessment of Ba2);

  - Local currency deposit rating: downgraded to Ba2 from Baa3;

  - Foreign currency deposit rating: downgraded to Ba2 from Ba1;

  - Foreign currency senior unsecured debt rating: downgraded to
    Ba2 from Baa3;

  - The local currency deposit rating benefits from a moderate
    systemic support probability that results in a one-notch
    uplift from the Baseline Credit Assessment of Ba3;

  - The outlook on all of the bank's ratings is negative.

Nurbank

  - BFSR: unchanged at E+ (mapping to a Baseline Credit Assessment
    of B2), stable outlook;

  - Local and foreign currency deposit ratings: downgraded to B2
    from B1;

  - The outlook on all of the bank's deposit ratings is negative.

Tsesna Bank

  - BFSR: unchanged at E+ (mapping to a Baseline Credit Assessment
    of B3 from B1);

  - Local and foreign currency deposit ratings: downgraded to B3
    from B1;

  - The outlook on all of the bank's ratings is negative.

Kazakhstan Mortgage Company

  - Baseline Credit Assessment: lowered to 14 from the range of
    11-13;

  - Local currency issuer rating: downgraded to Baa3 from Baa1;

  - The local currency issuer rating benefits from a very high
    systemic support probability that results in a four-notch
    uplift from the Baseline Credit Assessment of 14, two notches
    lower than the local currency government bond rating for
    Kazakhstan;

  - The outlook on the rating is negative.

House Construction Savings Bank of Kazakhstan

  - BFSR: unchanged at E+ (mapping to a Baseline Credit Assessment
    of B2), stable outlook;

  - Local currency deposit rating: downgraded to Baa3 from Baa2;

  - Local currency issuer rating benefits from a very high
    systemic support probability that results in a five-notch
    uplift from the Baseline Credit Assessment of B2;

  - The outlook on the local currency deposit rating is negative.

Kazagrofinance

  - Baseline Credit Assessment: lowered to 15 from 14;

  - Local and foreign currency issuer ratings: downgraded to Baa3
    from Baa2;

  - The local currency issuer rating benefits from a very high
    systemic support probability that results in a five-notch
    uplift from the Baseline Credit Assessment of 15, two notches
    lower than the local currency government bond rating for
    Kazakhstan;

  - The outlook on the ratings is negative.

Agrarian Credit Corporation

  - Baseline Credit Assessment: unchanged at 15;

  - Local and foreign currency issuer ratings: downgraded to Baa3
    from Baa2;

  - The local currency issuer rating benefits from a very high
    systemic support probability that results in a five-notch
    uplift from the Baseline Credit Assessment of 15, two notches
    lower than the local currency government bond rating for
    Kazakhstan;

  - The outlook on the ratings is negative.

Astana Finance

  - Baseline Credit Assessment: lowered to 17 from 14;

  - Local and foreign currency debt ratings: downgraded to B3 from
    Ba1;

  - The local currency issuer rating benefits from a high systemic
    support probability that results in a one-notch uplift from
    the Baseline Credit Assessment of 17, eight notches lower than
    the local currency government bond rating for Kazakhstan;

  - The outlook on all of the company's ratings is negative.

Delta Bank

  - BFSR: confirmed at E+ (mapping to a Baseline Credit Assessment
    of B3);

  - Local and foreign currency deposit ratings: confirmed at B3;

  - The outlook on all of the bank's ratings is negative.

Eximbank

  - BFSR: confirmed at E+ (mapping to a Baseline Credit Assessment
    of B3);

  - Local and foreign currency deposit ratings: confirmed at B3;

  - The outlook on all of the bank's ratings is negative.

Eurasian Bank

  - BFSR: unchanged at E+ (mapping to a Baseline Credit Assessment
    of B1), stable outlook;

  - Local and foreign currency deposit ratings: confirmed at B1;

  - The outlook on all of the bank's deposit ratings is negative.

Kaspi Bank

  - BFSR: downgraded to E+ (mapping to a Baseline Credit
    Assessment of B1) from D- (mapping to a Baseline Credit
    Assessment of Ba3);

  - Local and foreign currency deposit ratings: downgraded to B1
    from Ba3;

  - The outlook on all of the bank's ratings is negative.

SB Sberbank

  - BFSR: unchanged at E+ (mapping to a Baseline Credit Assessment
    of B2), stable outlook;

  - Local and foreign currency deposit ratings: confirmed at Ba2;

  - The local currency deposit rating benefits from a high
    probability of support from its Russian parent, Sberbank, that
    results in a three-notch uplift from the Baseline Credit
    Assessment of B2;

  - The outlook on all of the bank's deposit ratings is negative.

Alfa Bank Kazakhstan

  - BFSR: unchanged at E+ (mapping to a Baseline Credit Assessment
    of B1), stable outlook;

  - Local and foreign currency deposit ratings: confirmed at Ba3;

  - The local currency deposit rating benefits from a high
    probability of support from its Russian parent, Alfa Bank,
    that results in a one-notch uplift from the Baseline Credit
    Assessment of B1;

  - The outlook on all of the bank's deposit ratings is negative.

Development Bank of Kazakhstan

  - Baseline Credit Assessment: unchanged in the range of 11-13;

  - Local and foreign currency issuer ratings: downgraded to Baa2
    from Baa1;

  - The local currency issuer rating benefits from a very high
    systemic support probability that results in a four-notch
    uplift from the Baseline Credit Assessment in the range of 11-
    13, one notch lower than the local currency government bond
    rating for Kazakhstan;

  - The outlook on all of the bank's ratings is negative.

DBK Leasing

  - Baseline Credit Assessment: lowered to 16 from 15;

  - Local currency issuer rating is affirmed at Ba3;

  - The local currency issuer rating benefits from a high systemic
    support probability that results in a three-notch uplift from
    the Baseline Credit Assessment of 16, five notches lower than
    the local currency government bond rating for Kazakhstan;

  - The outlook on the rating is negative.

Moody's previous rating action on BTA Bank was on December 12,
2008 when the bank's D- BFSR, local currency and foreign currency
deposit ratings of Ba1, senior unsecured debt rating of Ba1 were
placed on review for possible downgrade.

Moody's previous rating action on ATF Bank was on December 12,
2008 when the bank's D- BFSR, local currency deposit rating of
Baa2, local currency deposit rating of Baa2, senior unsecured debt
rating of Baa2 were placed on review for possible downgrade.

Moody's previous rating action on Temirbank was onFebruary 9, 2009
when the bank's E+ BFSR was downgraded to E, and long-term bank
deposit and unsecured debt ratings were downgraded to B2 from Ba3.

Moody's previous rating action on Kazkommertsbank was on December
12, 2008 when the bank's D- BFSR, local currency and foreign
currency deposit ratings of Ba1, and senior unsecured debt rating
of Ba1 were placed on review for possible downgrade.

Moody's previous rating action on Bank CenterCredit was on
December 12, 2008 when the bank's D- BFSR, local currency and
foreign currency deposit ratings of Ba1, and senior unsecured debt
rating of Ba1 were placed on review for possible downgrade.

Moody's previous rating action on Halyk Savings Bank of Kazakhstan
was on December 12, 2008 when the bank's D BFSR, local currency
deposit rating of Baa3, and senior unsecured debt rating of Baa3
were placed on review for possible downgrade.

Moody's previous rating action on Nurbank was implemented on
December 12, 2008 when the bank's E+ BFSR was affirmed, local
currency and foreign currency deposit ratings of B1 were placed on
review for possible downgrade.

Moody's previous rating action on Tsesna Bank was on December 12,
2008 when the E+ BFSR was affirmed, and local currency and foreign
currency deposit ratings of B1, senior unsecured debt rating of B1
were placed on review for possible downgrade.

Moody's previous rating action on Kazakhstan Mortgage Company was
on December 12, 2008 when the Baa1 issuer rating was placed on
review for possible downgrade.

Moody's previous rating action on House Construction Saving Bank
of Kazakhstan was on December 12, 2008 when the bank's E+ BFSR was
affirmed, and the local currency deposit rating of Baa2 was placed
on review for possible downgrade.

Moody's previous rating action on KazAgroFinance was on December
12, 2008 when the Baa2 issuer rating was placed on review for
possible downgrade.

Moody's previous rating action on Agrarian Credit Corporation was
on 12 December 2008 when the Baa2 issuer rating was placed on
review for possible downgrade.

Moody's previous rating action on Astana Finance was on December
12, 2008 when the Ba1 issuer rating was placed on review for
possible downgrade.

Moody's previous rating action on Delta Bank JSC was on December
12, 2008 when the bank's E+ BFSR, and local currency and foreign
currency deposit ratings of B3 were placed on review for possible
downgrade.

Moody's previous rating action on Eximbank Kazakhstan was on
December 12, 2008 when the bank's E+ BFSR, and local currency and
foreign currency deposit ratings of B3 were placed on review for
possible downgrade.

Moody's previous rating action on Eurasian Bank was on December
12, 2008 when the bank's E+ BFSR was affirmed, and local currency
and foreign currency deposit ratings of B1 were placed on review
for possible downgrade.

Moody's previous rating action on Kaspi Bank was on December 12,
2008 when the bank's D- BFSR, local currency and foreign currency
deposit ratings of Ba3, and senior unsecured debt rating of Ba3
were placed on review for possible downgrade.

Moody's previous rating action on SB Sberbank JSC was on December
12, 2008 when the bank's E+ BFSR was affirmed, and local currency
and foreign currency deposit ratings of Ba2 were placed on review
for possible downgrade.

Moody's previous rating action on Alfa-Bank Kazakhstan was on
December 12, 2008 when the bank's E+ BFSR was affirmed, and local
currency and foreign currency deposit ratings of Ba3 were placed
on review for possible downgrade.

Moody's previous rating action on Development Bank of Kazakhstan
was implemented on December 12, 2008 when the issuer rating was
downgraded to Baa1 from A2, and placed on review for possible
further downgrade.

Moody's previous rating action on DBK Leasing was December 12,
2008 when the Ba3/Not Prime ratings were affirmed.


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


ORIENT TRANS: Creditors Must File Claims by March 20
----------------------------------------------------
LLC Orient Trans has declared insolvency.  Creditors have until
March 20, 2009, to submit written proofs of claim to:

         LLC Orient Trans
         Tolstoy Str. 190a-6
         Bishkek
         Kyrgyzstan


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


LECTA SA: S&P Changes Outlook to Negative; Affirms 'B+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Luxembourg-based paper manufacturer Lecta S.A. to
negative from stable.  At the same time, the 'B+' long-term and
'B' short-term corporate credit ratings were affirmed.

The outlook revision reflects challenging operating conditions in
Europe's coated woodfree paper market.

"This results from the deterioration in economic conditions, which
has caused demand to decrease," said Standard & Poor's credit
analyst Jacob Zachrison.  "Consequently, S&P see increased risk
that the benefits of lower pulp prices, a currently strong U.S
dollar, and price increases achieved during 2008 could be offset
by lower volumes and restructuring charges related to capacity
closures."

The ratings continue to reflect Lecta's exposure to the cyclical,
competitive, and challenging European CWF paper market.  They also
reflect significant exposure to market pulp prices, although Lecta
will benefit from this in the near term.  The financial risk
profile is highly leveraged.

These weaknesses are offset by a good market position, with
leading cost advantages derived from the company's location close
to key end markets; access to a modern, flexible asset base; and a
focused business and financial strategy.  In addition, Lecta's
liquidity position, which S&P considers adequate for the time
being, is a key supportive factor for the ratings.

Owing to current market conditions, S&P expects Lecta's financial
performance to remain weak for the ratings in the short term.  S&P
base its view primarily on lower demand, higher capital
expenditures related to new cogeneration plants, and restructuring
charges associated with capacity closures.  For the 12 months
ended Sept. 30, 2008, Lecta's fully adjusted debt to EBITDA was
5.5x and funds from operations to debt was 6.4%.  These credit
metrics are low for the rating level and there is little room for
further deterioration without a rating impact.  Although free
operating cash flow is likely to turn negative, in S&P's view,
during 2009, S&P believes that Lecta will be able to maintain an
adequate liquidity position for the ratings.

"The negative outlook reflects the possibility of a downgrade if
Lecta's operating and financial performance fail to recover in the
near term," said Mr. Zachrison.  "This could happen, for example,
as a result of lower demand."

Standard & Poor's could also lower the ratings if Lecta's
liquidity position materially weakens owing to lower-than-expected
free operating cash flow generation.  S&P consider credit metrics
of FFO to debt of 10%-15% and debt to EBITDA of about 5x or lower
to be consistent with the current ratings.

S&P could revise the outlook back to stable if Lecta improves its
financial performance to levels commensurate with the current
rating level.  S&P believes this would be possible if Lecta could
raise its CWF prices during 2009, combined with still low pulp
costs and a strong U.S. dollar.


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


CARLSON WAGONLIT: Moody's Cuts Corporate Family Rating to 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating of Carlson Wagonlit BV.  At the same time,
Moody's has downgraded CWT's EUR285 million notes to Caa1 from B3
and US$850 million senior facilities to B1 from Ba3.  The ratings
remain under review for further downgrade.

"The rating action reflects a more severe anticipated downturn in
global travel demand than was anticipated by Moody's at the end of
last year," explains Marika Makela, an Assistant Vice President-
Analyst in Moody's Corporate Finance Group.  "Indeed, Moody's
believes there is a strong likelihood that CWT's credit metrics
will not be in line with the B1 rating category."

Moody's has previously stated that negative pressure could evolve
if CWT's gross debt to EBITDA exceeded 5.5x.  Moody's now expects
that the anticipated weaker activity levels could put the
company's EBITDA generation under pressure in the current
financial year.  Furthermore, while Moody's expects the company to
have been compliant with its financial covenants at December 2008,
there is a significant step-up in the covenant levels each quarter
under the senior facilities.  "Therefore, if the economic
conditions worsen, CWT's operating conditions could be negatively
affected at a time when the company still needs solid EBITDA
generation to meet its tightening covenants," comments Ms. Makela.

Moody's recognizes the more resilient nature of CWT's US
Government & Military business.  Furthermore, CWT's management is
committed to delivering cost savings and productivity
improvements, and is continuously improving its market position
through new sales.  Moody's notes that with over two-thirds of
costs relating to personnel salaries, CWT benefits from staffing
flexibility and an ability to adjust its costs in the event of a
downturn.  Nevertheless, Moody's cautions that, given the current
challenges from the global economic environment to international
travel demand, these measures may not be sufficient to compensate
for the decline in revenues.

Moody's rating review will focus on (i) assessing the measures
that could be implemented across the group in order to support
margins, and (ii) to what extent such measures could offset
deteriorating market conditions to sustain operating performance
and mitigate risks of a potential breach of the financial
covenants included in the senior facility agreements.

The last rating action was implemented on November 26, 2008, when
Moody's downgraded CWT's CFR to B1 with a negative outlook.

Headquartered in the Netherlands, CWT is a global leader in travel
management, serving corporations of all sizes and government
institutions.  It reported revenues of approximately US$1.8
billion in 2007.


NXP BV: S&P Affirms Issue Rating on Senior Secured Notes at 'CCC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
recovery ratings on the senior secured notes co-issued by NXP B.V.
(CCC/Negative/--) and NXP Funding LLC to '4' from '3'.  A '4'
recovery rating indicates Standard & Poor's expectation of average
(30%-50%) recovery in the event of a payment default.  The issue
rating on these notes remains unchanged at 'CCC', in line with the
corporate credit rating on NXP B.V.

The issue ratings and recovery ratings on all other debt,
including the secured revolver and unsecured notes, remain
unchanged.

The revised recovery rating for the senior secured notes primarily
reflects S&P's expectation of a higher level of debt outstanding
assumed at S&P's hypothetical default.  The cash proceeds of
US$92 million that S&P understand the company has received from
the sale of the remaining 20% wireless division are materially
below S&P's initial assumptions of US$300 million-US$450 million.
This results in higher senior secured debt outstanding at default
-- due to much lower bond prepayments from the disposals -- and
lower expected recovery expectations at default for secured and
unsecured notes.  Furthermore, S&P consider that recovery
prospects for senior secured noteholders are highly dependent on
the value realized from the group's intellectual property assets
pledged as collateral, which, in S&P's view, creates greater
uncertainty of recovery for secured creditors.  Overall, recovery
expectations, which were previously at the low end of the 50%-70%
range, now fall within the 30%-50% range using S&P's revised
assumptions.

Under S&P's hypothetical default scenario, S&P assume that the
company is reorganized and valued in bankruptcy at a distressed
EBITDA multiple of about 6.7x, although this reflects substantial
differences between the valuations of the core NXP business and
the  stake in Systems on Silicon Manufacturing Co. Pte. Ltd.
Numerical coverage for the senior secured and unsecured debt
issues reflects S&P's view of the low share of group EBITDA
generated by the guarantor group, which reduces the potential
value of the collateral available for secured lenders in favor of
unsecured bondholders.

As part of S&P's analysis S&P has assumed that secured noteholders
do not benefit from prior-ranking access to assets or shares of
61.2%-owned SSMC, a key cash generator of the group.

S&P will publish a full recovery report on NXP B.V. on
RatingsDirect in the next few days.


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


EKO-STROY LLC: Creditors Must File Claims by April 22
-----------------------------------------------------
Creditors of LLC Eko-Stroy (TIN 7805402675) have until April 22,
2009, to submit proofs of claims to:

         A. Borunov
         Insolvency Manager
         Office 606
         Prospect Mira 68
         129110 Moscow
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56–57705/2008.

The Debtor can be reached at:

         LLC Eko-Stroy
         Office 6H
         Marshala Govorova St. 47A
         198095 Saint-Petersburg
         Russia


INDO-RUS-MANUFAKTURA LLC: Creditors Must File Claims by March 22
----------------------------------------------------------------
Creditors of LLC Indo-Rus-Manufaktura (TIN 3703013640) (Jewelry
Industry) have until March 22, 2009, to submit proofs of claims
to:

         M. Khasanova
         Temporary Insolvency Manager
         Post User Box 345
         115230 Moscow-230
         Russia

The Arbitration Court of Ivanovskaya will convene at on
April 22, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A 17–6476/2008–10-B .

The Debtor can be reached at:

         LLC Indo-Rus-Manufaktura
         Komsomolskaya St.11
         Kineshma
         Ivanovskaya
         Russia


MIRAX GROUP: Recent Exchange Offer Cues Moody's Junk Rating
-----------------------------------------------------------
Moody's Investors Service has downgraded the Caa1 corporate family
rating and Ba3.ru national scale rating of Mirax Group Holding
B.V. to Ca and Ca.ru respectively.  The rating outlook was changed
to negative to reflect the risk that the refinancing may fail
contrary to current expectations.  The actions conclude the rating
review initiated on February 5, 2009.

The downgrade of the ratings to Ca reflects Moody's view that
Mirax's recent offer to exchange credit linked notes and a loan
for longer dated and higher yielding instruments will constitute a
distressed exchange.  It also reflects the very high likelihood of
the transaction closing.  While no payment default may have
occurred in Moody's opinion the successful closing of the
transaction, which is designed to extend debt maturities, would
represent the occurrence of a deemed default.

During the exchange offer process, the Ca CFR will prevail.  Upon
closing of the exchange, the suffix "/LD" (limited default) will
be attached to the corporate rating to reflect the limited default
that will have occurred.  The "/LD" suffix will be removed three
business days after the exchange and the CFR repositioned.

Moody's last rating action was taken on February, 5 2008 when
Moody's Investors Service downgraded the B3 corporate family
rating and Baa3.ru national scale rating of Mirax Group Holding
B.V. to Caa1 and Ba3.ru respectively.  At the same time, Moody's
had placed all rating under review for possible downgrade.  The
rating action was then prompted by the fact that Mirax has a very
short maturity profile of its debt with a total US$380 million due
within the next few weeks, including the refinancing of maturing
bank debt totaling of US$ 200 million, and the potential CLN put
option of US$180 million expected in March 2009, which makes the
company dependent on its ability to continue to generate projected
cash flow or arrange alternative refinancing facilities.

Mirax Group B.V. was incorporated in 2008 in the Netherlands as a
result of corporate restructuring of Mirax Group.  It is now one
of the five largest real estate development companies in Moscow,
with a strong market position in the development of business class
offices and premium housing.  Apart from developing several
residential and commercial real estate complexes, Mirax is
currently constructing the Federation Tower which, when finished,
will be the tallest building in Europe. In 2007, the company
reported revenue of approximately US$1.28 billion and EBITDA of
US$608 million.  The company is majority owned by Mr. Sergey
Polonsky, chairman of the board of directors.


PLAST-FORM PLANT LLC: Creditors Must File Claims by April 22
------------------------------------------------------------
Creditors of LLC Plast-Form Plant (TIN 3905068427, PSRN
1053900160412) (Plastic Materials) have until April 22, 2009, to
submit proofs of claims to:

         I. Melnikov
         Insolvency Manager
         Poltavskaya St. 5
         236004 Kaliningrad
         Russia
         Tel/Fax: 8(4012)685502

The Arbitration Court of Kaliningradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21–2951/2008.

The Debtor can be reached at:

         LLC Plast-Form Plant
         Dobro Ubova St.25
         236010 Kaliningrad
         Russia


RAPSOD TRADE: S&P Junks Corporate Credit Rating From 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit and debt ratings on Russian outdoor
advertising group Rapsod Trade Ltd. (Gallery Media) to 'CCC+' from
'B-'.  The outlook is negative.

At the same time, S&P revised its recovery rating on Gallery
Capital's US$175 million senior secured notes, guaranteed by
Rapsod Trade Ltd., to '4' from '3'. A '4' recovery rating
indicates S&P's expectation of average (30%-50%) recovery for
secured creditors in the event of a payment default.

At Sept. 30, 2008, Gallery Media had gross on-balance-sheet debt
of US$288 million.

"The downgrade mainly reflects our belief that Gallery Media may
struggle to honor its financial interest payment obligations over
the next 18 months, following industry reports that, since the
start of 2009, the Russian advertising market has been
experiencing a material reversal from last year's double-digit
growth," said Standard & Poor's credit analyst Melvyn Cooke.

There is, in S&P's view and given current macroeconomic
conditions, little prospect for a significant improvement in the
advertising market in Russia in the short term.  In addition, the
Russian ruble, which is the group's main operating currency, has
reportedly already lost about 20% of its value since Jan. 1, 2009
versus the dollar, which is the group's reporting currency.  The
ruble's weakness will, in S&P's view, likely contribute to a
marked deterioration of Gallery Media's liquidity over the coming
months, since the group does not hedge interest payments on its
dollar-denominated debt.  Furthermore, S&P believes that the
group's Ukrainian business, which accounted for about 13% of sales
in the first nine months of 2008, is also suffering from the steep
advertising market downturn there.

If the current rate of decline in the Russian advertising market
persists throughout 2009, Standard & Poor's believes that the
group's cash balances may not be sufficient to cover Gallery
Media's anticipated negative free cash flow over the next 12-18
months.  The group has a relatively high fixed cost base and a
strong decline in revenues may result in a disproportionate
decrease in operating profit.  While S&P anticipate that the group
should be able to meet its semi-annual interest payment in May
2009, S&P believes there may be greater uncertainty attached to
the November 2009 interest payment and thereafter.

S&P would view any discounted exchange offer for part or all of
the group's notes as distressed given the company's tight
liquidity and deteriorating trading environment.  The execution of
distressed exchange offers are tantamount to default under S&P's
criteria.  S&P notes that S&P has no indication that Gallery
Media's management intends to explore such a route, but many low-
rated companies have recently executed or considered discounted
exchange offers.

A positive rating action would likely require a material
improvement in the group's liquidity position and trading
conditions.


SEVERO-ZAPAD OJSC: Creditors Must File Claims by April 22
---------------------------------------------------------
Creditors of OJSC Severo-Zapad (Ferro-Concrete Constructions
Production) (TIN 2901101424, PSRN 1032900001100) have until
April 22, 2009, to submit proofs of claims to:

         V. Kil’chikov
         Insolvency Manager
         Office 317
         Uritskogo St. 47
         163000 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05–1110/2008.

The Debtor can be reached at:

         OJSC Severo-Zapad
         Prospect Leningradskiy 38
         163009 Arkhangelsk
         Russia


SOKOLNIKI OJSC: Creditors Must File Claims by April 22
------------------------------------------------------
Creditors of OJSC Sokolniki (TIN 7704178963; PSRN 1027700135100)
(Package Production) have until April 22, 2009, to submit proofs
of claims to:

         B. Mazenko
         Insolvency Manager
         Post User Box 24
         117042 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–55550/08–36–171B.

The Debtor can be reached at:

         OJSC Sokolniki
         Building 1, 2
         Arbat St. 6/2
         119019 Moscow
         Russia


STROY-MASH PLANT LLC: Creditors Must File Claims by April 22
------------------------------------------------------------
Creditors of LLC Stroy-Mash Plant (TIN 5615019870, RVC
561501001) (Equipment) have until April 22, 2009, to submit proofs
of claims to:

         S. Chernysh
         Insolvency Manager
         Gaya St. 23A
         460000 Orenburg
         Russia
         Tel/Fax: 78–40-26

The Arbitration Court of Orenburgskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47–3391/2008–14GK.

The Debtor can be reached at:

         LLC Stroy-Mash Plant
         Orskoe Shosse 1
         Orsk
         462403 Orenburgskaya
         Russia


STROITELNOE UPRAVLENIE: Creditors Must File Claims by April 22
--------------------------------------------------------------
Creditors of LLC Stroitelnoe Upravlenie A 15 (TIN 0721055197,
PSRN 1070721007279) (Construction) have until April 22, 2009, to
submit proofs of claims to:

         Yu. Shapavalov
         Insolvency Manager
         Ermolova St. 38
         Pyatigorsk
         Russia

The Arbitration Court of Kabardino-Balkaria commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A20–1858/2008.

The Debtor can be reached at:

         LLC Stroitelnoe Upravlenie A 15
         Chechenskaya St. 4
         Nalchik
         Kabardino-Balkaria
         Russia


TEKH-STROY LLC: Creditors Must File Claims by April 22
------------------------------------------------------
Creditors of LLC Tech-Stroy (TIN 1701038660, PSRN 1051700528890)
have until April 22, 2009, to submit proofs of claims to:

         A. Sundui
         Insolvency Manager
         Apt. 85
         Bai-Khaakskay aSt.8
         Kyzyl
         667011 Tyva
         Russia

The Arbitration Court of Tyva commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A69–2081/08–8.

The Debtor can be reached at:

         LLC Tech-Story
         Shetinkina-Kravchenko St. 31/105
         Kyzyl
         667000 Tyva
         Russia


TEKHNO-POLIMER LLC: Creditors Must File Claims by March 22
----------------------------------------------------------
Creditors of LLC Tehno-Polimer (TIN 4007007997) (Plastic, Resin
Production) have until March 22, 2009, to submit proofs of claims
to:

         Z. Ganiyev
         Insolvency Manager
         Apt. 61
         Potapovskiy pereulok 9/11
         101000 Moscow
         Russia

The Arbitration Court of Kaluzhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A23–4306/08B-17–141.

The Debtor can be reached at:

         LLC Tehno-Polimer
         Lesnaya St. 2a
         Zhukov
         249190 Kaluzhskaya
         Russia


VELES LLC: Creditors Must File Claims by April 22
-------------------------------------------------
Creditors of LLC Veles (TIN 3811097895, PSRN 1063811019018)
(Construction) have until April 22, 2009, to submit proofs of
claims to:

         V. Kadach
         Insolvency Manager
         Post User Box 113
         664019 Irkutsk
         Russia

The Arbitration Court of Irkutskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19–9753/08–49.

The Debtor can be reached at:

         LLC Veles
         Trilissera St. 57a/16
         Irkutsk
         Russia


* Moody's Cuts Local Currency Deposit Ratings on 8 Russian Banks
----------------------------------------------------------------
Moody's Investors Service downgraded the local currency deposit
ratings of eight Russian banks and the issuer rating of one
government-owned mortgage lender, the Agency for Housing Mortgage
Lending.  All ratings remain investment grade.  The foreign
currency deposit ratings of seven banks were affirmed while the
foreign currency deposit rating of Gazprombank and issuer ratings
of AHML were downgraded.  According to the rating agency, with the
exception of the Bank of Moscow, the outlooks on the other banks'
local and foreign currency debt and deposit ratings are stable;
for the Bank of Moscow's ratings, the outlook was changed to
negative from stable.

Moody's affirmed the bank financial strength ratings of all 8
banks but changed the outlooks on the BFSRs to negative from
stable for all the banks except for Russian Agricultural Bank,
where it was changed to stable from positive, and for
Vnesheconombank, where the outlook remained unchanged at stable.
The ratings of five foreign subsidiaries of these Russian banks
were also affected by Moody's rating actions.  All rating actions
are detailed below.

Moody's notes that the rating actions reflect the increasingly
negative impact of the global economic crisis on the Russian
economy and on the intrinsic strength of its financial
institutions.  In recent months, most of the banks included in the
rating action have come to rely on capital and liquidity support
provided directly or indirectly by the Russian government, as
alternative sources of funding or capital have become more
difficult to access.  Given the systemic nature of the crisis and
the large, but not unlimited, resources of the Russian government,
Moody's has taken the view that the banks' local currency ratings
need to be more closely aligned with the government's local
currency debt rating, since it now represents the primary driver
of their credit strength.

All of these institutions continue to be rated substantially
higher than what would be implied by their intrinsic financial
strength or BFSR, ranging from an E+ (mapping to a Baseline Credit
Assessment of B1) to a D+ (mapping to a Baseline Credit Assessment
of Ba1).  Moody's believes that this approach continues to be
justified by the support that the government would likely supply,
and has already supplied, to these banks during the current
crisis.  The banks are considered of systemic importance to Russia
given, for instance, their large depositor base (Sberbank), their
function as a vehicle for channelling financial support and other
public policy initiatives or sector support (RAB).

Despite the large number of local currency rating downgrades,
Moody's affirmed the majority of these financial institutions'
foreign currency deposit ratings given that the latter were
already constrained by Russia's foreign currency deposit ceiling,

The change in outlook on most of the banks' BFSRs to negative from
stable -- and to stable from positive for RAB -- is driven by the
rapidly deteriorating operating environment in Russia, which
directly impacts the core financial strength of most banks. The
resulting decline in asset quality is further aggravated by the
depreciation of the Russian rouble, which is also reducing
borrowers' ability to meet their debt service obligations and
raises the cost of foreign currency lending by the banks. In
addition, Moody's notes that the relatively low capital and
provisioning levels among the banks limit their ability to absorb
future losses from the anticipated poor asset performance.
Furthermore, refinancing risk has increased, especially for
foreign currency debt, as international markets continue to
provide limited opportunities for raising debt.

The rating actions taken by Moody's are:

Sberbank

  - BFSR: Affirmed at D+ (mapping to Baseline Credit Assessment of
    Ba1), outlook change to negative from stable;

  - Local currency deposit ratings: downgraded to A3/P-2 from
    A1/P-1;

  - Foreign currency deposit ratings: Affirmed at Baa1/P-2;

  - Senior unsecured foreign currency debt rating: downgraded to
    A3 from A2;

  - Subordinated foreign currency debt ratings: downgraded to Baa1
    from A2;

  - The local currency deposit rating benefits from a very high
    systemic support probability that results in a four-notch
    uplift from the Baseline Credit Assessment of Ba1;

  - The outlook on all of the bank's deposit and debt ratings is
    stable.

Bank VTB JSC

  - BFSR: Affirmed at D- (mapping to Baseline Credit Assessment of
    Ba3), outlook changed to negative from stable;

  - Local currency deposit ratings: downgraded to Baa1/P-2 from
    A1/P-1;

  - Foreign currency deposit ratings: Affirmed at Baa1/P-2;

  - Senior unsecured local currency debt rating: downgraded to
    Baa1 from A1;

  - Senior unsecured foreign currency debt rating: downgraded to
    Baa1 from A2;

  - Subordinated foreign currency debt ratings: downgraded to Baa2
    from A2;

  - The local currency deposit rating benefits from a very high
    systemic support probability that results in a five-notch
    uplift from the Baseline Credit Assessment of Ba3;

  - The outlook on all of the bank's deposit and debt ratings is
    stable.

Bank VTB24

  - BFSR: Affirmed at D- (mapping to Baseline Credit Assessment of
    Ba3), outlook changed to negative from stable;

  - Local currency deposit ratings: downgraded to Baa1/P-2 from
    A1/P-1;

  - Foreign currency deposit ratings: Affirmed at Baa1/P-2;

  - Senior unsecured foreign currency debt rating: downgraded to
    Baa1 from A2;

  - Subordinated foreign currency debt ratings: downgraded to Baa2
    from A2;

  - The local currency deposit rating benefits from a very high
    systemic support probability that results in a five-notch
    uplift from the Baseline Credit Assessment of Ba3;

  - The outlook on all of the bank's deposit and debt ratings is
    stable.

Bank VTB North-West

  - BFSR: Affirmed at D- (mapping to Baseline Credit Assessment of
    Ba3), outlook changed to negative from stable;

  - Local currency deposit ratings: downgraded to Baa1/P-2 from
    A2/P-1;

  - Foreign currency deposit ratings: Affirmed at Baa1/P-2;

  - Subordinated foreign and local debt ratings: downgraded to
    Baa2 from A3;

  - The local currency deposit rating benefits from a very high
    systemic support probability that results in a five-notch
    uplift from the Baseline Credit Assessment of Ba3;

  - The outlook on all of the bank's deposit and debt ratings is
    stable.

Vnesheconombank (VEB)

  - BFSR: Affirmed at E+ (mapping to Baseline Credit Assessment of
    B1) with stable outlook;

  - Long-term local currency deposit ratings: downgraded to Baa1
    from A3;

  - Foreign currency deposit ratings: Affirmed at Baa1/P-2;

  - The local currency deposit rating benefits from a very high
    systemic support probability that results in a six-notch
    uplift from the Baseline Credit Assessment of B1;

  - The outlook on all of the bank's deposit ratings is stable.

    Russian Agricultural Bank (RAB)

  - BFSR: Affirmed at E+ (mapping to Baseline Credit Assessment of
    B1), outlook changed to stable from positive;

  - Local currency deposit ratings: downgraded to Baa1/P-2 from
    A3/P-1;

  - Foreign currency deposit ratings: Affirmed at Baa1/P-2;

  - Senior unsecured local and foreign currency debt rating:
    downgraded to Baa1 from A3;

  - Subordinated foreign and local debt ratings: downgraded to
    Baa2 from Baa1;

  - The local currency deposit rating benefits from a very high
    systemic support probability that results in a six-notch
    uplift from the Baseline Credit Assessment of B1;

  - The outlook on all of the bank's deposit and debt ratings is
    stable.

Bank of Moscow

  - BFSR: Affirmed at D (mapping to Baseline Credit Assessment of
    Ba2);

  - Long-term local currency deposit ratings: downgraded to Baa1
    from A3;

  - Foreign currency deposit ratings: Affirmed at Baa1/P-2,

  - Senior unsecured local and foreign currency debt rating:
    downgraded to Baa1 from A3;

  - Subordinated foreign and local debt ratings: downgraded to
    Baa2 from Baa1;

  - The local currency deposit rating benefits from a very high
    probability of support from the City of Moscow and a very high
    systemic support probability that results in a four-notch
    uplift from the Baseline Credit Assessment of Ba2;

  - The outlook on all of the bank's BFSR and deposit and debt
    ratings changed to negative from stable.

Gazprombank

  - BFSR: Affirmed at D- (mapping to Baseline Credit Assessment of
    Ba3); outlook changed to negative from stable;

  - Long-term local currency deposit ratings: downgraded to Baa2
    from A3;

  - Foreign currency deposit ratings: downgraded to Baa2/P-2 from
    Baa1/P-2;

  - Senior unsecured local and foreign currency debt rating:
    downgraded to Baa2 from A3;

  - The local currency deposit rating benefits from a very high
    probability of support from Gazprom and a very high systemic
    support probability that result in a four-notch uplift from
    the Baseline Credit Assessment of Ba3;

  - The outlook on all of the bank's deposit and debt ratings is
    stable.

Agency for Housing Mortgage Lending (AHML)

  - Foreign and local currency issuer rating: downgraded to
    Baa1/P-2 from A3/P-1, outlook is stable;

  - The local currency issuer rating benefits from a very high
    systemic support probability that results in a multi-notch
    uplift from the Baseline Credit Assessment of 11-13. This
    rating is placed at the same level as the local currency
    government bond rating for Russia.

Subsidiaries of the above institutions affected by Moody's rating
action .

VTB Bank (Austria) AG

  - BFSR: D (mapping to Baseline Credit Assessment of Ba2), placed
    on review for downgrade;

  - Deposit ratings: downgraded to Baa3/P-3 from Baa2/P-2, placed
    on review for downgrade.

VTB Bank (France) SA

  - BFSR: D (mapping to Baseline Credit Assessment of Ba2), placed
    on review for downgrade;

  - Deposit ratings: downgraded to Baa3/P-3 from Baa2/P-2, placed
    on review for downgrade.

VTB Capital plc

  - BFSR: D (mapping to Baseline Credit Assessment of Ba2), placed
    on review for downgrade;

  - Deposit ratings: downgraded to Baa3/P-3 from Baa2/P-2, placed
    on review for downgrade.

Russian Bank for Development -- Subsidiary of Vnesheconombank
(VEB)

  - All ratings confirmed with stable outlook.

Bank of Moscow Minsk -- Subsidiary of Bank of Moscow (BOM)

  - The local currency deposit ratings: Affirmed at Ba2/NP,
    outlook changed to negative from stable

  - Foreign currency deposit ratings: Affirmed at B2/NP with
    stable outlook.

Moody's previous rating action on Sberbank was implemented on
December 12, 2008, when the outlook on Baa1 foreign currency
deposit rating and the A2 long-term senior unsecured foreign
currency debt rating was changed to stable from positive.

Moody's previous rating action on Bank VTB, JSC was implemented on
December 12, 2008, when the outlook on Baa1 foreign currency
deposit rating and the A2 long-term senior unsecured foreign
currency debt rating was changed to stable from positive.

Moody's previous rating action on VTB24 was implemented on
December 12, 2008, when the outlook on Baa1 foreign currency
deposit rating and the A2 long-term senior unsecured foreign
currency debt rating was changed to stable from positive.

Moody's previous rating action on Bank VTB North-West was
implemented on December 12, 2008, when the outlook on Baa1 foreign
currency deposit rating was changed to stable from positive.

Moody's previous rating action on VTB Bank (Austria) AG was
implemented on May 4, 2007, when the BFSR was upgraded to D from
D-.

Moody's previous rating action on VTB Capital plc was implemented
on May 4, 2007, when the BFSR was downgraded to D from D+.

Moody's previous rating action on VTB Bank (France) SA was
implemented on May 11, 2007, when the bank's D/Baa2 ratings were
affirmed.

Moody's previous rating action on Vnesheconombank was implemented
on December 12, 2008, when the outlook on Baa1 foreign currency
deposit rating was changed to stable from positive.

Moody's previous rating action on Russian Agricultural Bank was
implemented on December 12, 2008, when the outlook on the Baa1
foreign currency deposit rating was changed to stable from
positive.

Moody's previous rating action on JSCB Bank of Moscow was
implemented on December 12, 2008 , when the outlook on Baa1
foreign currency deposit rating was changed to stable from
positive.

Moody's previous rating action on Gazprombank was implemented on
December 12, 2008, when the outlook on Baa1 foreign currency
deposit rating was changed to stable from positive.

Moody's previous rating action on Agency for Housing Mortgage
Lending OJSC was implemented on March 27, 2008 when Moody's raised
AHML's long-term and short-term foreign currency issuer ratings to
A3/Prime-1 from Baa2/Prime-2 aligning them with the issuer's
A3/Prime-1 long-term and short-term local currency ratings.


* TOMSK OBLAST: S&P Downgrades Long-Term Issuer Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
issuer rating on the Tomsk Oblast, located in western Siberia in
the Russian Federation (foreign currency BBB/Negative/A-3; local
currency BBB+/Negative/A-2; Russia national scale 'ruAAA'), to
'B-' from 'B+' and lowered its national scale rating to 'ruBBB'
from 'ruA+'.  The ratings remain on CreditWatch with negative
implications.

"The rating actions reflect the fact that, despite the Oblast's
continued efforts to come up with a reliable refinancing plan and
in contradiction to S&P's earlier expectations, it still has not
been able to secure the refinancing of its upcoming debt service
payments in March-May 2009, including the bank loan payment on
March 2," said Standard & Poor's credit analyst Boris Kopeykin.

The Oblast's liquidity position is very weak.  As of Feb. 25,
2009, the Oblast had just Russian ruble 281 million in free cash,
whereas it has to repay a RUR1 billion loan on March 2, 2009.
Initial plans were to refinance this loan, but despite some
indications from the Oblast's banking partner that refinancing
would be provided, a timely receipt of the funds has still not
been secured.  However, the Oblast has an additional committed
bank line for RUR450 million and expects to receive more than
RUR500 million in revenues before the due date, making the
repayment without refinancing tight but possible.

In addition, the Oblast has yet to clarify its refinancing schemes
for the remaining RUR1.5 billion of bank loans due in March-May
2009, as well as for the second debt repayment peak estimated at
more than RUR2 billion in November-December 2009, against a
backdrop of contracting revenue streams.


=============================
S L O V A K   R E P U B L I C
=============================


TERMMING AS: Moody's Withdraws 'Ba1' Long-Term National Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1.sk long-term
national scale rating of Termming, A.S. at the request of the
issuer.

Moody's has withdrawn this rating for business reasons. Please
refer to Moody's Withdrawal Policy on moodys.com.

Moody's previous rating action on Termming was on July 17, 2008,
when the outlook on the rating was changed to stable from
negative.

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

Termming a.s. is a local producer and distributor of steam heating
for the majority of the City of Bratislava, the capital of the
Slovak Republic, and surrounding areas.  Of its total 2007 sales
of SKK431 million (EUR 12.8 million), 99% is derived from
regulated heating deliveries and 1% from unregulated residential
facilities management services.  COMERON SPS currently holds
70.25% of the company, with the remainder owned by private
entities.


===============
S L O V E N I A
===============


STS: Siemens Launches Liquidation Proceedings; 320 Jobs at Risk
---------------------------------------------------------------
Siemens has launched liquidation proceedings for its Maribor-based
rail vehicle assembly plant STS, putting around 320 jobs at risk,
STA reports citing the Maribor District Court.

According to the report, the workers are expected to be out of
work by the end of March.

In a Feb. 3 report Steel Guru disclosed talks on the sale of STS
to Slovenian rail operator Slovenske zeleznice collapsed.

Korea-based company Heung also backed out of talks due to the
global financial crisis, Steel Guru noted.

Steel Guru stated worker representatives believe the liquidation
of STS would be detrimental to the state, in particular given the
major investments planned in Slovenian rail infrastructure.

On Jan. 29, 2009, around 250 workers carried out an industrial
action in Ljubljana to protest against the possible shut down of
the factory, Steel Guru added.


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


CEMEX SAB: Fitch Assigns 'BB' Rating on Dollar-Denominated Bond
---------------------------------------------------------------
Fitch Ratings expects to assign a rating of 'BB' to Cemex, S.A.B.
de C.V.'s proposed dollar-denominated bond.  Proceeds from this
bond, which is expected to be approximately US$500 million, will
be used to repay existing bank debt.  The bond will be issued by
Cemex and guaranteed by New Sunward and Cemex Mexico, S.A. de C.V.

The 'BB' rating of these proposed notes takes into consideration
Cemex's strong global business position as an integrated cement
player and its ability to continue to generate free cash flow
during the worst economic downturn in recent history.  The ratings
factor in as positive the Mexican government's support of Cemex
due to the size of the company and its importance to the country's
economy, as well as the banks continued support of the company.

Balanced against these credit strengths are the high level of
leverage at Cemex, as well as the debt maturities of approximately
US$4.1 billion, USUS$3.8 billion and US$7.8 billion during 2009,
2010 and 2011, respectively.  Fitch expects Cemex's total adjusted
net debt to EBITDAR ratio to remain above 5.0 times (x) during
2009 and to remain above 4.0x during 2010.  This level of leverage
is due to unprecedented downturns in three of the company's key
markets - the United States, Spain and the U.K. - as well as a
weakening of some of the company's markets that performed well in
2008.

Cemex's foreign currency Issuer Default Rating was downgraded to
'BB' from 'BB+' by Fitch on Feb. 23, 2009.  Fitch's Rating Outlook
for Cemex is Negative.  This Rating Outlook reflects the
challenges that all companies in the cement, ready-mix and
aggregate industries will face during 2009 and 2010, particularly
those that are reliant upon the U.S. and European markets.

As of Dec. 31, 2008, Cemex had total adjusted debt of US$23
billion and cash and marketable securities of US$993 million;
adjusted debt includes total debt plus perpetual debt and
operating leases.  During 2008, Cemex generated US$4.6 billion of
EBITDAR, resulting in a total adjusted debt to EBITDAR ratio of
about 5.0x.  During the fourth quarter of 2008 the company's
EBITDAR declined to about US$860 million from about US$1.350
billion during the prior quarter.  Factoring in seasonality, the
numbers were still substantially lower than during the last
quarter of 2007, when Cemex's EBITDAR was US$1.150 billion.  The
drop-off in EBITDAR was driven by steep declines in sales volumes
and the devaluation of the Mexican peso, British pound and Euro
versus the U.S. dollar.

For 2009, Cemex projects an EBITDAR range of about US$3.7 billion
to US$3.9 billion.  Through free cash flow and asset sales, the
company intends to reduce debt by US$3.6 billion.  To achieve
these goals the company has scaled back its 2009 capital expenses
to US$650 million from around US$2 billion during both 2007 and
2008.  The company has also implemented a restructuring program
aimed at achieving US$700 million of recurring synergies.  In
addition to the aforementioned, Cemex is attempting to divest
about US$2 billion of assets in 2008.  Obstacles the company will
have to overcome as it seeks to sell assets include: the high debt
burden of several leading producers of cement and ready mix; tight
credit conditions and high cost of capital; and the ability of the
company to obtain attractive bids given the current economic
uncertainty.

Cemex is the third-largest cement producer in the world based on
production capacity of approximately 97 million metric tons and
operates in more than 50 countries.  The company is also the
global leader in the ready mix concrete market with sales of over
80.5 million cubic meters, and an important global player in the
aggregates business with sales of 222.7 million tons.  In 2008,
Cemex generated US$4.370 billion of EBITDA on US$21.8 billion of
sales revenues.


CEMEX SAB: S&P Retains Negative Watch on 'BB+' Corporate Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' long-term
corporate credit ratings on Cemex S.A.B de C.V. and its key
operating subsidiaries (Cemex Espana S.A., Cemex Mexico S.A. de
C.V., and Cemex Inc.) remain on CreditWatch, where they were
placed with negative implications on Jan. 21, 2009.  At the same
time, S&P assigned a 'BB+' rating to Cemex's intermediate-maturity
notes in the amount of about US$500 million.  The recovery rating
is '3', indicating that lenders can expect substantial (70% to
90%) recovery in the event of a payment default.

"The CreditWatch placement reflects our concerns that Cemex will
experience further deterioration in its key financial ratios and
that the company will continue to rely on asset disposals to cover
part of its debt maturities in 2009," said Standard & Poor's
credit analyst Juan Pablo Becerra.  "Additionally, S&P is
concerned that Cemex's asset sales may be hampered by depressed
asset prices and the near-freeze in global credit markets."

The company has continued its effort to cover its 2009 maturities'
shortfall, as evidenced by its planned debt issuance.  S&P expects
to resolve the CreditWatch listing by April 2009, if not earlier,
based on a full review of the issuer's plans and progress in
addressing its 2009 maturities.  S&P could affirm the rating if
the company is able to raise US$2.0 billion or so to cover its
2009 maturities shortfall and if it demonstrates progress in
refinancing its maturities due 2010.  Nevertheless, if Cemex is
unable to raise this amount by April 2009, the company's
refinancing risk will increase and liquidity will weaken further,
which could result in a multiple-notch downgrade.

The ratings assigned to Cemex reflect S&P's expectations that the
company's 2009 financial performance will be under a great deal of
pressure, especially in light of the worsening of worldwide
economic conditions.  About 74% of the company's revenue is
concentrated in the U.S., Mexico, and Spain--all of which S&P
expects to record negative growth this year.  This will translate
into lower volumes and cash flow generation compared with 2008.
As a result, S&P believes that the financial target of the ratio
of funds from operations-to-adjusted net debt in 2009 will be
below S&P's expected 2008 ratio of 15%. S&P believes that Cemex's
2009 shortfall will be US$1.8 billion to US$2.0 billion.


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


HYUNDAI SUISSE: Creditors Must File Proofs of Claim by March 31
---------------------------------------------------------------
Creditors owed money by JSC Hyundai Suisse are requested to file
their proofs of claim by March 31, 2009, to:

         JSC Alcadis Logistics & Services
         Liquidator
         Brandbachstrasse 6
         8305 Dietlikon
         Switzerland

The company is currently undergoing liquidation in Dietlikon ZH.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 20, 2008.


INVESLINK LLC: Deadline to File Proofs of Claim Set March 31
------------------------------------------------------------
Creditors owed money by LLC Inveslink are requested to file their
proofs of claim by March 31, 2009, to:

         Dorfstrasse 38
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 13, 2009.


KUPAT BETEILIGUNG: Creditors Have Until March 14 to File Claims
---------------------------------------------------------------
Creditors owed money by JSC Kupat Beteiligung are requested to
file their proofs of claim by March 14, 2009, to:

         JSC HPF
         Dynamostrasse 5
         5400 Baden
         Switzerland

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


LOTHOS JSC: Proof of Claim Filing Deadline is April 8
------------------------------------------------------
Creditors owed money by JSC Lothos are requested to file their
proofs of claim by April 8, 2009, to:

         Heiniger Thomas and
         Ebnat-Kappel
         JSC Fischer+Partner Treuhand
         Volkshausstrasse 20
         9630 Wattwil
         Switzerland

The company is currently undergoing liquidation in Jonschwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 18, 2008.


MAKUMED JSC: Creditors' Proofs of Claim Due by March 18
-------------------------------------------------------
Creditors owed money by JSC MakuMed are requested to file their
proofs of claim by March 18, 2009, to:

         Company Gisler & Partner
         Klosterhofstrasse 12
         8598 Bottighofen
         Switzerland

The company is currently undergoing liquidation in Tagerwilen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 21, 2009.


SCHELLENBERG HOLDING: April 14 Set as Deadline to File Claims
-------------------------------------------------------------
Creditors owed money by JSC Schellenberg Holding are requested to
file their proofs of claim by April 14, 2009, to:

         JSC Kuhn Treuhand
         Muhlebachstr. 172
         Mail Box
         8034 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 14, 2009.


SEMA SERVICE: Creditors Must File Proofs of Claim by March 13
-------------------------------------------------------------
Creditors owed money by JSC SEMA Service und Handel are requested
to file their proofs of claim by March 13, 2009, to:

         Mario Stehrenberger
         Liquidator
         Rotwaldstrasse 2a
         9602 Bazenheid SG
         Switzerland

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


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


FINANSAL KIRALAMA: Fitch Affirms Issuer Default Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Rating of
Turkey-based Is Finansal Kiralama A.S. (Is Leasing) at 'BB' with a
Stable Outlook.

Is Leasing is the 58%-owned subsidiary of Turkiye Is Bankasi A.S.
(Isbank, rated 'BB').  Its IDRs are aligned with Isbank's ratings
because Fitch believes Isbank would have a high propensity to
provide timely support to Is Leasing, should it be needed.  Is
Leasing is part of the 'Is' brand and generates around half of its
business from Isbank customers and the wider Is Group of
companies.  It is highly integrated with Isbank in terms of risk
management, operations, IT and human resources.  Isbank is
technically restricted in the amount of capital and liquidity it
can provide Is Leasing by prudential regulations.  However, the
size difference is such (Isbank had TRY100 billion of assets and
TRY11 billion of equity at end-H108 compared with Is Leasing which
had TRY1.2 billion of assets and TRY263 million of equity) that
this is not presently a concern.

The rating actions with respect to Is Leasing are:

  -- Long-term foreign currency IDR: affirmed at 'BB' with a
     Stable Outlook

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

  -- Long-term local currency IDR: affirmed at 'BBB-' (BBB minus)
     with a Stable Outlook

  -- Short-term local currency IDR: affirmed at 'F3'

  -- National Long-term Rating: affirmed at 'AAA(tur)' with a
     Stable Outlook

  -- Support Rating: affirmed at '3'.


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


ALDK GROUP: Creditors Must File Claims by March 11
--------------------------------------------------
Creditors of LLC Aldk Group (EDRPOU 33211112) have until March 11,
2009, to submit proofs of claim to:

         N. Martynenko
         Insolvency Manager
         Office 5
         Mayakovsky Avenue 12
         69035 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 19/37/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian St. 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Aldk Group
         Gorky St. 71
         69002 Zaporozhye
         Ukraine


AZOVSTAL JSC: Bad Macroeconomic Environment Cues S&P's Junk Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
foreign currency long-term corporate credit rating on Ukrainian
steel producer JSC Azovstal Iron and Steel Works to 'CCC+' from
'B' and its local currency long-term corporate credit rating to
'B-' from 'B' and removed them from CreditWatch following its
downgrade of the sovereign rating on Ukraine.

The outlook, which was negative before the CreditWatch placement,
remains negative.  The ratings had been placed on CreditWatch with
negative implications on Feb. 17, 2009.

S&P also lowered the rating on the senior unsecured debt issued by
Azovstal Capital B.V. to 'CCC' from 'B-' and removed it from
CreditWatch.  The recovery rating is unchanged at '5', indicating
S&P's expectation of modest (10%-30%) recovery for senior
noteholders in the event of a payment default.

"The downgrade reflects Ukraine's worsening macroeconomic
environment, highlighted by S&P's downgrade of the sovereign,"
said Standard & Poor's credit analyst Andrey Nikolaev.  "We also
note that the decline in sovereign credit quality could hamper
access to financing for Azovstal and its parent Metinvest B.V.,
particularly given currently difficult global financial markets."

The foreign currency rating is capped by S&P's transfer and
convertibility assessment on Ukraine, which reflects Standard &
Poor's view of the likelihood of the Ukrainian government or
central bank restricting nonsovereign access to foreign exchange
needed for debt service.

The ratings continue to reflect Azovstal's stand-alone credit
quality, as well as expected ongoing and extraordinary support
from its parent, Metinvest, which controls about 97% of the
company.  Azovstal is Metinvest's largest asset and generated
about 25% of the group's EBITDA in 2008.

The ratings are further pressured by the current very weak global
steel industry conditions, the company's weak liquidity, volatile
cash flow generation, and aged asset base that requires large
capital expenditures.

These risks are somewhat tempered by Azovstal's high proportion of
exports; access to low-cost resources in Ukraine, further
reinforced by hryvnia devaluation; and vertical integration in
iron ore, coke, and scrap at the parent level.

Azovstal's liquidity largely depends on that of the group as a
whole.  As of Dec. 31, 2008, Metinvest had about US$0.7 billion of
term loans maturing in 2009 versus cash of about US$0.5 billion
deposited with Western European banks and another US$0.2 billion
with a related party bank.

"The outlook is negative because of our concerns regarding the
impact of deterioration in Ukraine's economic environment on
Azovstal's credit quality," said Mr. Nikolaev.

Further deterioration in steel industry conditions or the
company's inability to roll over trade-finance lines or manage its
working capital could also put pressure on the ratings in the
future.

S&P could revise the outlook to stable -- and ultimately to
positive -- after the Ukrainian environment and steel industry
conditions stabilize, because Azovstal's business mix could
theoretically support a higher rating.


BUILDING UNIVERSAL: Court Starts Bankruptcy Procedure
-----------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Building Universal Group (EDRPOU
34883723).  S. Tchikildina is the temporary insolvency manager.

The Court is located at:

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

The Debtor can be reached at:

         LLC Building Universal Group
         Office 303
         20 Years of Victory St. 26
         49127 Dnepropetrovsk
         Ukraine


CENTRAL EUROPEAN: S&P Cuts Corporate Credit Ratings to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'BB-' from
'BB' its long-term corporate credit ratings on Bermuda-based
emerging markets TV broadcaster Central European Media Enterprises
Ltd.  At the same time, S&P lowered to 'BB-' from 'BB' S&P's debt
ratings on CME's US$475 million senior secured convertible notes
due 2013, its EUR245 million notes due 2012, and EUR150 million
notes due 2014.

In addition, all of the ratings on CME were placed on CreditWatch
with negative implications.

"The downgrade and CreditWatch placement primarily reflect
Standard & Poor's assessment of a rapidly deteriorating operating
environment at many of CME's business units, including very sharp
declines recently in the local currencies of Central and Eastern
European countries where CME generates cash," said Standard &
Poor's credit analyst Manuela Gabetta.  The bulk of the group's
debt is generated in euro and dollar.  As a result, in S&P's view,
a further deterioration in the group's credit metrics is likely in
2009.

S&P will reassess the CreditWatch placement primarily based on the
evolution of the group's liquidity profile with reference to these
main aspects:

  -- CME's capacity to curtail possible cash burn in its start-up
     assets, notably Ukraine; and

  -- A more clear assessment of potential restructuring benefits
     in 2009, notably in terms of reducing the break-even point of
     its operations.

S&P will also bases its reassessment on S&P's view of the long-
term sustainability of CME's capital structure in the context of
the generally depressed macroeconomic conditions.  In the absence
of a more negative assessment on liquidity, any potential
downgrade will likely be limited to one notch given the group's
leading position in its core markets, which could partially
mitigate the impact of the economic downturn.


DRUZHBA BREAD: Creditors Must File Claims by March 11
-----------------------------------------------------
Creditors of Joint Enterprise Druzhba Bread Plant (EDRPOU
30084100) have until March 11, 2009, to submit proofs of claim to:

         S. Poliakov
         Insolvency Manager
         Novomestenskaya St. 10/31
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 4/78-08.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40011 Sumy
         Ukraine

The Debtor can be reached at:

         Joint Enterprise Druzhba Bread Plant
         K. Mark lane 5
         Druzhba
         Yampolsky district
         Sumy
         Ukraine


MOTORCAR ENTERPRISE 14827: Claims Filing Deadline Set March 11
--------------------------------------------------------------
Creditors of OJSC Motorcar Enterprise 14827 (EDRPOU 03117843) have
until March 11, 2009, to submit proofs of claim to:

         L. Timofeyeva
         Insolvency Manager
         Post office Box 179
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/307/08.

The Court is located at:
         The Economic Court of Nikolayev
         Admiralskaya St. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         OJSC Motorcar Enterprise 14827
         Komintern St. 34
         54031 Nikolayev
         Ukraine


NIKOLAYEV MANUFACTURES: Creditors Must File Claims by March 12
--------------------------------------------------------------
Creditors of LLC Nikolayev Manufactures (EDRPOU 33250544) have
until March 12, 2009, to submit proofs of claim to Insolvency
Manager N. Derebchinsky.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 5/342/08.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya St. 22
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Nikolayev Manufactures
         Hydrocomplex St. 4
         Yuzhnoukrainsk
         55001 Nikolayev
         Ukraine


ORGTEKS LLC: Creditors Must File Claims by March 13
----------------------------------------------------
Creditors of LLC Orgteks (EDRPOU 35008160) have until March 13,
2009, to submit proofs of claim to:

         LLC Production Enterprise Prikarpatye
         Insolvency Manager
         Kikvidze St. 26
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 28/322-?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Orgteks
         Tchokolovsky Boulevard 19
         03186 Kiev
         Ukraine


SERBKA AGRICULTURAL: Creditors Must File Claims by March 12
-----------------------------------------------------------
Creditors of Agricultural LLC Serbka (EDRPOU 00855243) have until
March 12, 2009, to submit proofs of claim to:

         S. Derkach
         Insolvency Manager
         Post Office Box 61
         65065 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 2/128-08-2737.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65019 Odessa
         Ukraine

The Debtor can be reached at:

         Joint Enterprise Druzhba Bread Plant
         Tsentralnaya St. 74-b
         Serbka
         Kominternovsky district
         67510 Odessa
         Ukraine


STIL LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Stil (EDRPOU 32241193).

The Temporary Insolvency Manager is:

         V. Androsova
         Office 112
         Yangel St. 17
         49089 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 Stil
         Office 213
         Fuchik St. 30
         49027 Dnepropetrovsk
         Ukraine


VINNITSA SOUTH: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Vinnitsa has commenced bankruptcy
supervision procedure on LLC Vinnitsa South Trade (EDRPOU
23062436).

The Temporary Insolvency Manager is:

         Y. Melnikov
         Office 117
         Stakhursky St. 6
         21100 Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Vinnitsa South Trade
         Pirogov St. 31
         21018 Vinnitsa
         Ukraine


* Moody's Reviews Ratings on Republic of Ukraine for Likely Cuts
----------------------------------------------------------------
Moody's Investors Service put these ratings of the Republic of
Ukraine under review for possible downgrade: the foreign and local
currency government bond ratings (B1) and the foreign currency
country ceilings for bonds (Ba3) and bank deposits (B2).

"The rating action reflects concerns about how persistent
political uncertainty clouds the prospects for an orderly
resolution of banking problems, in the context of a severe
economic downturn," said Jonathan Schiffer, Senior Credit Officer
in Moody's Sovereign Risk Group.

The rating review will focus on two main issues, in an attempt to
identify possible sources of credit risk stabilization.

First, in a context of heightened financial volatility, the review
will concentrate on the policy direction of both the government
and the National Bank of Ukraine in dealing with the stresses on
the country's financial system and currency and will aim to
determine whether there is scope for reliable external financing
from the multilaterals.

Second, the review will analyze the trends extant in the
macroeconomy and the possibilities open to the government and
National Bank to stabilize the economy and prevent a further
deterioration of economic performance over the medium term.

Schiffer noted that while there have been manifestations of
support by parent (European) banks to Ukrainian banks and while
the bank recapitalization scheme seems, to date, to imply lower-
than-expected costs for the government's balance sheet, the
stabilization of the banking system remains key to the sovereign
credit outlook.

In recent months, weaknesses in the financial system and local
currency have necessitated various interventions by the National
Bank of Ukraine.  The nature of some of these interventions --
such as a partial bank deposit freeze -- suggests an orientation
towards regulatory interventions that might have consequences for
sovereign credit ratings.  Moody's will attempt to assess the risk
of administrative measures that may be detrimental to creditors'
interests should the economy deteriorate further.

Both the National Bank of Ukraine and the government have differed
with the IMF on the latter's policy prescriptions with reference
to the exchange rate regime and budgetary assumptions and deficit.
Moody's rating review will examine whether or not these
disagreements can be resolved in a constructive manner such that
the IMF package continues to function effectively.

"In recent years, Ukraine's political spectrum has generated
considerably 'noise'," said Schiffer. Moody's review will analyze
whether or not continued political infighting, reflecting lack of
institutional and constitutional clarity on rights and
responsibilities of different branches of government, will have
both direct and indirect affects on macroeconomic policy such that
general confidence of both residents and non-residents in the
ability of Ukraine to manage this complicated conjuncture in an
efficient manner is undermined.

Moody's review will be completed within three months. During this
time, the rating agency will monitor closely the government and
National Bank of Ukraine's economic policies and strategy in
response to the many, difficult obstacles and challenges that face
the country.

Moody's last rating action with respect to the Republic of Ukraine
occurred on October 20, 2008, when the outlook on all major
sovereign ratings was changed to stable from positive.


* Moody's Reviews 'B1' Issuer Ratings of Three Ukrainian Cities
---------------------------------------------------------------
Moody's Investors Service has placed the B1 foreign and local
currency issuer ratings of the City of Kyiv, City of Kharkiv and
City of Berdyansk (Ukraine) under review for possible downgrade.
The agency has also placed Kyiv's B1 foreign currency loan
participation note ratings, and Berdyansk's B1 global scale and
Aa3.ua national scale debt ratings under review for possible
downgrade.

"The rating action reflects a possible weakening of stand-alone
creditworthiness of Ukrainian municipalities stemming from a sharp
deterioration in domestic economic and financial market
conditions," explains Alexander Proklov, a Moody's senior analyst
and lead analyst for Kyiv, Kharkiv and Berdyansk. The rating
action follows Moody's recent decision (February 24, 2009) to
place the Ukrainian government's ratings on a review for possible
downgrade.

Moody's understands that the current global turmoil has led to
numerous negative implications on both the national and local
levels.  "Ukrainian municipalities are being adversely impacted by
a budget revenue slump resulting from the significant decline in
economic activity," says Mr. Proklov.  "Indeed, the shortfall in
tax proceeds coupled with limited flexibility in the expenditure
base could lead to a material deterioration in operating balances
in 2009."  Furthermore, the transfers from the national to
municipal level could decrease due to the central government's
high budgetary deficit, which could exert additional pressure on
the municipal budgets.

Moody's notes that, under the current tight financial market
conditions, the rated local authorities could find it difficult to
finance needed infrastructure projects through new borrowings.
"Refinancing risk, however, is partially mitigated by a favourable
maturity debt profile," adds Mr Proklov.

The rating review for the three cities will focus on the severity
of the budgetary and financial challenges, and the cities' ability
to manage these pressures and avoid a structural impairment in
their debt service capacity.

The last rating action on Kyiv was implemented on October 20,
2008, when Moody's changed Kyiv's outlook to stable.

The last rating action on Kharkiv was implemented on December 15,
2006, when Moody's upgraded the city's issuer rating to B1.

The last rating action on Berdyansk was implemented December 22,
2006, when Moody's assigned provisional ratings of B1/Aa3.ua
(Ukraine national rating scale) to the city's UAH10 million (EUR1
million) bond due 2012.


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


ARNGROVE GROUP: Appoints Administrators from Grant Thornton
-----------------------------------------------------------
Joseph Peter Francis McLean and Keith Hinds of Grant Thornton UK
LLP were appointed joint administrators of Arngrove Group Holdings
Ltd. on Feb. 17, 2009.

The company can be reached at:

         Arngrove Group Holdings Ltd.
         Properties House
         Easter Park
         Teesside Industrial Park
         Thornaby
         Stockton on Tees
         Cleveland
         TS17 9NT
         England


BRAPACK LTD: Taps Joint Administrators from Tenon Recovery
----------------------------------------------------------
Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Brapack Ltd. on Feb. 16, 2009.

The company can be reached through Tenon Recovery at:

         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


CASTLEMORE SECURITIES: Goes Into Administration; 700 Jobs at Risk
-----------------------------------------------------------------
West Midlands-based developer Castlemore Securities has gone into
administration, putting 700 jobs at risk.

According to the report, the company, which is behind the latest
GBP200 million development of Temple Quay's in Bristol, opted to
called in administrators after being hit by the credit crunch.

Castlemore, the report discloses, was founded by Graeme Whateley
in 1971.


EDWARDS GROUP: S&P Puts 'B+' Corp. Credit Rating on Negative Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B+' long-
term corporate credit rating on U.K.-based Edwards Group Ltd., a
leading worldwide supplier of vacuum technology, on CreditWatch
with negative implications.

At the same time, S&P placed the issue ratings on the loans and
credit facility of related entity Edwards (Cayman Islands II) Ltd.
on CreditWatch with negative implications.  On Sept. 30, 2008,
Edwards had on-balance-sheet gross debt of US$656 million.

"The CreditWatch placement reflects our opinion that Edwards'
operating margins and credit measures will likely weaken
materially in 2009 because S&P expects the sharp decline of global
semiconductor equipment sales to continue," said Standard & Poor's
credit analyst Matthias Raab.

In the first nine months of 2008, Semi Equipment, Edwards' largest
segment, contributed 46% of sales.  S&P believes that revenues
from Edwards' profitable services and spare parts business could
also decline.  Moreover, S&P expects lower sales from Edwards'
General Vacuum Equipment segment as a result of the general
macroeconomic downturn, and the company may incur further
significant restructuring costs as it aligns its cost structure to
falling demand.  Consequently, Edwards' currently solid liquidity
could gradually diminish during 2009, owing to significant
negative free cash flows.  S&P is uncertain to what extent the
company's ongoing restructuring, lower capital expenditures, and
positive working capital movements will support liquidity as sales
decline.  S&P expects inventory management and customer
collections to be key challenges in the coming months, given the
speed and intensity of order declines.

Lease-adjusted gross debt to last-12-months EBITDA was already
high at 5.0x on Sept. 30, 2008 (4.1x on a net debt basis) and
could deteriorate significantly in 2009, in S&P's opinion, as
profits decline.

"We intend to resolve the CreditWatch placement over the next
three months, after reviewing the company's 2008 results and
prospects for 2009," said Mr. Raab.  "In particular, S&P will
discuss with Edwards' management the negative implications of the
expected downturn on revenues and the company's ability to cut
costs and capital expenditures to preserve its liquidity
profile.  S&P will also discuss to what extent the company's cash
flow generation could be affected from its recently implemented
and new restructuring programs, working-capital changes, and the
recent weakness of the British pound against the U.S. dollar,
euro, and Japanese yen."

A downgrade by one notch appears possible, given the rapidly
deteriorating operating environment, fierce margin pressures,
deteriorating credit measures, and expected negative free cash
flow generation.  S&P is unlikely to downgrade Edwards by more
than one notch, however, in view of its long-term capital
structure and currently still supportive liquidity profile.


KW LINFOOT: Goes Into Administration
------------------------------------
Doug Morrison and David Doyle at Property Week report that Leeds-
based property developer KW Linfoot has gone into administration
after being hit by the difficulty in securing debt finance and
the reduction in people completing the purchase of apartments in
its schemes.

BWC Solutions has been appointed administrator, the report says.

However, the report notes the company's Lumiere and Manor Mills
developments in Leeds, and its Manyoo scheme in Manchester, are
unaffected by the administration.  These will be taken over by the
the company's joint venture partners, Frasers and John Hitchcox's
Yoo, the report states.

The report discloses a company statement said "The board
recognized the problems in the market and UK banking sector some
12 months ago and since then has been actively seeking alternative
funding routes."

The company, as cited by the report, said it held talks with
overseas investors willing to invest GBP50 million into its
schemes, but potential deals fell through because of the lack
of bank funding.

The report relates the company has reduced its debt in advance of
the administration following a large capital injection from
principle shareholder and founder Kevin Linfoot.  The company, the
report adds, has also reduced the number of its employees from 34
to ten.


NIGEL ESTATE: Closes Eight Sales Offices; 18 Jobs Affected
----------------------------------------------------------
Devon-based Nigel Green Estate Agents has closed its eight sales
offices, resulting in the loss of 18 jobs, BBC News reports

The report however notes a spokesperson for the company said
clients with properties under offer will still have sales proceed.

Nigel Green, the report relates, went into administration on
February 6.  The report discloses business recovery firm Lameys
were called in to try to save the sales side of the business.

"We all know that the housing sales market is shrinking rapidly in
the current recession which unfortunately compromised this
business, necessitating my appointment," the report quoted
Michelle Weir, of Lameys, as saying.  "At the same time, the
recession has increased interest in the rental sector and
therefore I am able to keep this side of the business operational
and it has attracted strong interest from the market."

According to the report, property consultancy firm Edward Symmon,
which was tasked to find a buyer for Nigel Green, had only
received offers for parts of the business, rather than the entire
operation.

Nick Wheeldon, as cited by the report, said "We have had several
good offers for the property rental business a nd we expect
negotiations to be concluded in the very near future."


PACKAGING FACTORY: Goes Into Administration; 30 Jobs At Risk
------------------------------------------------------------
Liz Wells at Packaging News reports that Hampshire-based The
Packaging Factory has gone into administration, putting 30 jobs at
risk.

Paul Boyle and John Sallabank from Harrisons were appointed
administrators of the company, the report discloses.

The report relates that according to a spokesperson for the
administrators, the company was still trading but was being funded
by an unnamed third party while a buyer for the business was
sought.

Established in 1985, The Packaging Factory provides services
including design, printing, filling, hand packing, blister packing
and shrink wrapping, the report notes.


PROPINVEST: Debt Restructuring May Be Delayed
---------------------------------------------
Deirdre Hipwell at Property Week reports that a restructuring plan
for Propinvest, Glenn Maud's Gemini Eclipse commercial mortgage-
backed securities vehicle, may be put on hold after senior
noteholders ousted the portfolio's special servicer.

Property Week relates on Wednesday controlling class E senior
noteholders,including Rivlin's Palatium Investment Management,
voted to replace current special servicer Barclays Capital
Mortgage Servicing (BCMS), which outlined the restructuring
proposal, with CB Richard Ellis Loan Servicing as special
servicer.  The class E noteholders hold GBP75 million of the
senior notes, Property Week adds.

Barclays, the Daily Teleraph discloses, is the manager of a GBP850
million loan that breached its terms last July.  The loan, which
is secured against Propinvest's 35 commercial properties, was made
in August 2006, the Daily Telegraph says.  Bloomberg News, citing
a quarterly report from Barclays, notes the properties backing the
loan were valued at GBP1.2 billion in July 2007.  The last
reported valuation was GBP801 million on Sept. 26, according to a
Regulatory News Service statement, which was 6 percent less than
the loan's value, Bloomberg News relates.

Bloomberg News recounts that in a Feb. 20 statement Barclays said
that it was proposing a restructuring to halt further breaches
because Propinvest, "is not in a position to provide further
equity support" for the loan.  However, senior noteholders claim
that Barclays, which is paid GBP2.1 million a year as special
servicer, did not consult them on the restructuring proposal,
which junior creditors have agreed to, the Daily Telegraph states.

Property Week discloses that according to Barclays the proposal
would maximize cashflow and income revenue; build reserves to meet
senior loan interest payments and avoid fire sales.  It added it
would also avoid crystallizing GBP119.5 million of super senior
termination payments on junior and senior hedging arrangements.

Barclays warned if it was removed as special servicer it would
take no further steps to implement it as it would expect CBRE to
form its 'own view on the merits' of the proposal, Property Week
notes.


ROYAL BANK: U.K. Gov't Agrees to Provide Additional Funding
-----------------------------------------------------------
The U.K. government agreed to provide The Royal Bank of Scotland
Group plc with as much as GBP25.5 billion (US$36.64 billion) in
capital and insure GBP300 billion of the bank's assets, The Wall
Street Journal reports.

The move, according to the Journal, could increase the
government's economic stake in the bank to as much as 95% from the
current 70%.

The recent help given to RBS is part of U.K.'s GBP500 billion
bank-insurance plan announced in January.

Under the funding agreement, the Journal discloses RBS will pay a
fee of GBP6.5 billion to participate in the insurance plan.

The bank will also absorb the first GBP20 billion in losses on the
GBP300 billion asset pool before the insurance kicks in, and will
be responsible for 10% of subsequent losses, the Journal relates.

RBS will also pay the insurance fee, and raise an additional GBP13
billion in fresh capital, by issuing special "B" shares to the
government, the Journal says.

                            Huge Loss

As reported in the Troubled Company Reporter-Europe on Feb. 27,
RBS incurred a GBP24.0 billion net loss for the full year ending
Dec. 31, 2008 from a net income of GBP6.8 billion in 2007.

Total income for 2008 decreased 20% to GBP26.8 billion from
GBP33.5 billion in 2007.

The losses, the Journal says, stemmed from some GBP15 billion in
impairment charges on bad loans and trading losses, and from a
goodwill write-down related to its decision to lead the 2007
takeover of Dutch bank ABN AMRO Holding N.V.

RBS's balance sheet as of Dec. 31, 2008 showed total assets of
GBP2.2 trillion, total liabilities of GBP2.1 trillion and total
equity GBP64.3 billion.

                       Job Cuts, Asset Sale

To correct factors that made its business particularly vulnerable
to the downturn, RBS plans to create a "non-core" division during
the second quarter, separately managed, but within the existing
legal structures of the Group and matrix-managed to donating
divisions where necessary.

This division will have approximately GBP240 billion of third
party assets, GBP145 billion of derivative balances and GBP155
billion of risk-weighted assets, RBS said.

As part of this effort, RBS said it is intended that the Group's
representation in approximately 36 of the 54 countries where it
operates will be significantly reduced or sold.

The income, expenses, impairments and credit market and other
trading asset write-downs associated with the non-core division in
2008 were approximately GBP3.9 billion, GBP1.1 billion, GBP3.2
billion and GBP9.2 billion respectively.

In addition, RBS said the Group aims of achieving run-rate
reductions by 2011 of greater than GBP2.5 billion (16% of 2008
cost base) at constant exchange rates, a process which will
involve reductions in employment.

As reported in the Troubled Company Reporter-Europe on Feb. 19,
2009, The Sunday Times said RBS intends to cut a further 10,000 to
20,000 jobs as part of its cost-cutting measures.

The Times recalled RBS already axed 13,000 jobs internationally
since last April, including 3,000 in its investment-banking
business.

Bloomberg News relates the bank this month said it plans to cut
2,300 jobs in Britain, in addition to about 2,700 jobs at its
global banking and markets unit.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


WINDCROWN LTD: Taps Joint Administrators from PKF
-------------------------------------------------
Charles William Anthony Escott and Ian Christopher Schofield of
PKF (UK) LLP were appointed joint administrators of Windcrown Ltd.
on Feb. 9, 2009.

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

         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England


WINDERMERE XIV: S&P Lifts Ratings on Class E and F Notes to 'BB'
----------------------------------------------------------------
Standard & Poor's Rating Services raised its ratings on the class
E and F notes issued by Windermere XIV CMBS Ltd. to 'BB' and 'B',
respectively, from 'D'.  This follows the payment in full of
current and previously unpaid interest on these notes at the
latest interest payment date.

At the same time, S&P placed the notes on CreditWatch negative to
reflect the current counterparty risk owing to the insolvency of
the swap counterparty, Lehman Brothers Holdings Inc.

The ratings on the other classes in the transaction are
unaffected.

S&P downgraded the class E and F notes to 'D' in December 2008
following a note interest shortfall that occurred for reasons
connected with the Lehman insolvency, including nonpayment under
the swaps.  As a result, the cash manager drew liquidity to meet
shortfalls in interest due under the class A to D notes but not
the class E and F notes.

Since then, S&P understand that the liquidity documentation has
been amended to clarify that liquidity will be available for the
class E and F notes.  As a consequence, on the January interest
payment date the interest due on the class E and F notes was paid
in full and the October shortfall was made whole.

Total liquidity facility drawings currently stand at EUR2.3
million.  S&P understand that the issuer and its financial adviser
(J.C. Rathbone & Associates Ltd.) expect to replace the issuer-
level swaps by the next interest payment date in April.  Depending
on the new swap arrangements, there are scenarios in which
sufficient excess cash may be generated to repay the liquidity
facility that was tapped as a result of the Lehman insolvency.

Notwithstanding these positive factors, S&P consider that the
creditworthiness of some of the loans has deteriorated, namely the
Queen Mary and Sisu loans.  Both mature in 2012 and are "sell-
down" transactions, involving property sales.  Given the size of
the Sisu loan -- relative to the loan pool and to its narrow real
estate market, Finland -- and the signs that the business plan for
the Queen Mary loan is behind schedule (according to current
vacancy rates and property sales achieved thus far), S&P consider
that achieving sales in the current environment has become more
difficult and that losses may be experienced as a result.

Accordingly, S&P has raised these notes to 'BB' and 'B', rather
than to their pre-December levels of 'BBB' and 'BB', respectively.

                          Ratings List

                    Windermere XIV CMBS Ltd.
   EUR1,111,835,000 Commercial Mortgage-Backed Floating-Rate Notes

             Class                 Rating
             -----                 ------
                         To                        From
                         --                        ----
         Ratings Raised And Placed On CreditWatch Negative

             E           BB/Watch Neg              D
             F           B/Watch Neg               D


* U.K.: Economy Shrinks 1.5% in the Fourth Quarter
--------------------------------------------------
The U.K. economy contracted the most since 1980 in the fourth
quarter as gross domestic product fell 1.5 percent from the third
quarter, Bloomberg News reports citing the Office for National
Statistics.  On the year, GDP fell 1.9 percent, the report says.

"The U.K. economy is certainly in a recession if not a mini
depression," the report quoted Neil Mackinnon, chief economist at
ECU Plc in London and a former U.K. Treasury official, in an
interview on Bloomberg Television.  "Things are likely to get
worse before they get better."

According to the report, data from the statistics office showed
consumer spending declined 0.7 percent on the quarter, the most
since 1991, while fixed investment dropped 2.3 percent.

Industrial production dropped 4.5 percent in the quarter, compared
with a previous estimate of 3.9 percent, while manufacturing fell
5.1 percent, down from an estimate of 4.6 percent, the report
relates citing data from the statistics office.


* S&P Takes Rating Actions on 368 European Synthetic CDO Tranches
-----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
368 European synthetic collateralized debt obligation tranches.

Specifically, the ratings on:

  -- 271 tranches were lowered;
  -- 73 tranches were lowered and remain on CreditWatch negative;
  -- 23 tranches were placed on CreditWatch negative; and
  -- One tranche was raised.

Of the 367 tranches lowered and/or placed on CreditWatch negative:

  -- 19 reference U.S. residential mortgage-backed securities and
     U.S. CDOs that are exposed to U.S. RMBS, which have
     experienced negative rating actions; and

  -- 348 have experienced corporate downgrades in their portfolio.

The rating actions are part of S&P's regular monthly review of
synthetic CDOs.  These actions incorporate, among other things,
the effect of recent rating migration within reference portfolios
and recent credit events on several corporate entities.

This table provides a summary of the rating actions S&P has taken
on European synthetic CDO tranches since June 2008.

           Downgrades  Upgrades
           (no. of     (no. of   Key corporate
           tranches)   tranches) downgrades*
           ----------  --------- -------------
  Jul-08    44        41       Radian Asset Assurance Inc.
                               (AA/Watch Neg to A/Watch Neg)
                               June 16, 2008

                               Countrywide Home Loans, Inc.
                               (BB+/Watch Dev to AA/Negative)
                               July 1, 2008

  Aug-08    75        27       Residential Capital, LLC
                               (SD to CCC+/Negative)
                               July 15, 2008

                               Louisiana-Pacific Corp.
                               (BBB-/Negative to BB+/Watch Neg)
                               July 29, 2008

  Sep-08    38         0       Radian Group Inc.
                               (BBB/Watch Neg to BB+/Negative)
                               Aug. 26, 2008

                               PMI Group Inc.
                               (BBB+/Negative to BBB-/Watch Neg)
                               Aug. 26, 2008

  Oct—08    77         0       Lehman Brothers Inc.
                               (A+/Negative to A+/Watch Neg)
                               Sept. 9, 2008
                               (A+/Watch Neg to BB-/Watch Dev)
                               Sept. 15, 2008
                               (BB-/Watch Dev to D)
                               Sept. 23, 2008

                               Washington Mutual, Inc.
                               (BBB-/Negative to BB-/Negative)
                               Sept. 15, 2008
                               (BB-/Negative to CCC/Negative)
                               Sept. 24, 2008
                               (CCC/Negative to D)
                               Sept. 26, 2008

                               American International Group Inc.
                               (AA-/Watch Neg to A-/Watch Neg)
                               Sept. 15, 2008

  Nov—08   791         0       Fortis N.V.
                               (A-/Developing to
                               BBB-/Watch Neg)
                               Oct. 6, 2008

                               Glitnir Bank
                               (CCC/Watch Neg to D)
                               Oct. 9, 2008

  Dec-08   396         8       Residential Capital, LLC
                               (CCC-/Negative to CC/Watch Neg)
                               Nov. 20, 2008

                               Financial Guaranty Insurance Co.
                               (BB/Watch Neg to CCC/Negative)
                               Nov. 24, 2008

                               Clear Channel Communications Inc.
                               (B to CC)
                               Dec. 5, 2008

  Jan-09   253         2       Citigroup Inc.
                               (AA-/Watch Neg to A/Stable)
                               Dec. 19, 2008

                               Morgan Stanley
                               (A+/Negative to A/Negative)
                               Dec. 19, 2008

  Feb-09   344         1       MBIA Inc.
                               (A-/Negative to BB+/Negative)
                               Feb. 18, 2009

                               MBIA Insurance Corp.
                               (AA/Negative to BBB+/Negative)
                               Feb. 18, 2009

* Corporate names that have experienced a significant notch
   downgrade, as well as being highly referenced within European
   synthetic CDOs.

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements made
on Feb. 11, 2009.

For the second review, SROC (synthetic rated
overcollateralization) is run for scenarios that project the
current portfolio 90 days into the future, assuming no asset
rating migration.

For those transactions that have been on CreditWatch negative for
longer than 90 days, where S&P has either not received material
levels of information or relative portfolio credit quality has not
improved since the CreditWatch placement to a level sufficient to
affirm the rating, S&P has assessed portfolio credit quality and
not run scenarios 90 days into the future.

                          What Is Sroc?

One of the main steps in S&P's rating analysis is the review of
the credit quality of the securitized assets. SROC is one of the
tools S&P use for this purpose when rating and surveilling ratings
assigned to most synthetic CDO tranches.  SROC is a measure of the
degree by which the credit enhancement (or attachment point) of a
tranche exceeds the stressed loss rate assumed for a given rating
scenario.  It is comparable across different tranches of the same
rating.

Changes in SROC capture any developments in the major influences
on a tranche's creditworthiness: the credit quality of a reference
portfolio, improvement or deterioration of ratings in the
reference portfolio, credit events, and time decay.  When SROC is
100%, there is exactly sufficient credit enhancement to maintain
the rating on a tranche.

When SROC is less than 100%, it indicates that the current credit
enhancement may not be sufficient to maintain the current tranche
rating.  If the SROC is less than 100%, but the 90 day projection
indicates that the SROC would return to a level above 100% at that
time, S&P maintain the rating at its current level and it remains
on CreditWatch negative.  If, on the other hand, the projection
indicates that the SROC would remain below 100%, S&P may lower the
rating subject to S&P's criteria (see "Related Research").

If the current SROC of a tranche would be greater than 100% at a
higher rating level than the current rating, S&P may upgrade
subject to S&P's criteria.


* Fitch Says 2009 Challenging Year for European Luxury Goods Firms
------------------------------------------------------------------
Fitch Ratings says that against a backdrop of declining disposable
income and consumer confidence, larger European luxury goods and
above-premium alcoholic beverages and cosmetics companies are
likely to be cushioned from these effects by balanced capital
structures and healthy legacy profit margins and cash flow
generation.  Conversely, Fitch expects smaller companies,
typically characterized by lower product or geographical
diversification and more limited financial flexibility, to be more
negatively impacted by the current economic downturn.

"Companies such as L'Oreal SA ('F1+'/Stable), Diageo plc
('A'/Negative/'F1'), LVMH ('BBB+'/Stable/'F2'), all have some
financial headroom at their current rating level to protect their
operations and credit quality during 2009, however rating headroom
will be eroded over time as Fitch expects weakening operating
performance this year," says Giulio Lombardi, Senior Director in
Fitch's Corporate Finance team.

"Fitch expects 2009 to be, with the exception of a few countries,
a challenging year in terms of demand for luxury goods.  These
concerns are only partially mitigated by the fact that the Asian
region, excluding Japan, and parts of South America could remain a
positive contributor to the overall performance of the European
luxury goods industry," says Johnny Da Silva, Director in Fitch's
Corporate Finance team.

Overall, Fitch believes the recently reported pressure on luxury
goods companies' operating margins should continue through to
2010, due to the reduction of scale benefits from lower
production, trading down by consumers in their choices and the
need for companies to maintain momentum in product innovation and
brand visibility.  This pressure could be partially alleviated by
a re-allocation of resources, including investments in
communication, innovation, and new store openings, in favour of
companies' core leading brands.  Furthermore, to withstand the
economic environment, large European luxury, alcoholic beverages
and cosmetics groups, including LVMH, PPR, Diageo and L'Oreal have
announced cost optimization programs.

From a credit perspective, Fitch views positively measures
recently introduced to protect credit quality, which include
cutting down share buyback programs, as demonstrated by Diageo and
L'Oreal, as well as higher discipline in the management of working
capital.  Also, as Fitch expects most of these companies to
emphasize organic growth, acquisition risks should diminish.  The
impact of the financial crisis should, in the medium term,
reinforce the dominance of the large international players and
brands characterized by a wide and loyal customer base.
Furthermore, with the exception of those companies that had major
M&A activity in 2008 such as Pernod Ricard SA,
('BB+'/Negative/'B'), the agency notes that balanced capital
structures are likely to provide support to the credit profiles of
larger companies.

The agency notes that smaller, less diversified industry players,
who were already suffering from thin margins and low free cashflow
generation are now experiencing more difficulty.  Also,
availability of liquidity is now becoming, in a more credit
rationed environment, a major issue for these smaller companies.
As an example, these issues have been key for UK-based luxury
tableware company Waterford Wedgwood, which went into
administration in January 2009.

The impact of the global economic downturn highlights both
geographic and product diversification as key factors of
resilience.  Results reported for 2008 highlight that during Q408,
when the global financial crisis intensified, demand for luxury
products experienced a particularly severe correction in the USA
and Japan while already sluggish performance in western Europe was
further exaggerated.  However, demand remained buoyant for longer
in Asia and parts of Eastern Europe and companies including
L'Oreal SA, LVMH and Pernod Ricard were still able to maintain
double digit revenue growth in 2008 in these regions.  Sales
performance also differed widely by product categories, for
instance, sales of champagne were(down by 5% in 2008 and)luxury
watches were also severely impacted, with Richemont for instance
reporting a 11% fall in divisional sales at constant rates for the
quarter ending 31 December 2008.  Conversely, the most established
international brands in the Fashion & Leather products category,
including Hermes, LVMH's Louis Vuitton, PPR's Yves-Saint Laurent
appear to be demonstrating resilience.

In 2009, Fitch also notes that companies should benefit from
improved pricing on their media and communication purchasing, and
that the allocation of this expenditure will most likely be
shifted in terms of geography and away from past rising "stars" in
favour of the already well established brands.  Fitch expects most
luxury companies to maintain or only slightly reduce their
typically high marketing and selling costs of between 20% and 30%
of sales.


* BOND PRICING: For the Week Feb. 23 to Feb. 27, 2009
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Oester Volksbk    6.600    05/06/23 EUR   106.52
                          4.000    12/14/23 EUR    80.75
                          4.260    03/22/24 EUR    83.02
BA Creditanstalt    5.210    12/21/22 EUR    92.69
Bank Austria AG        5.800    12/27/21 EUR    99.77

BELGIUM
-------
Barry Calle SVCS         6.000    07/13/17 EUR    74.57

CYPRUS
------
Abh Financial Lt          8.200    06/25/12 USD    69.74
Alfa MTN Invest           9.250    06/24/13 USD    72.14

FRANCE
------
Alcatel SA                4.750    01/01/11     EUR      13.00
                          6.380    04/07/14 EUR    62.03
BNP Paribas               0.250    12/20/14 USD    70.68
Calyon                    5.050    11/02/22 EUR    96.57
                          6.000    06/18/47     EUR      49.56
Credit Agricole    5.050    07/26/22 EUR    96.19
Credit Agricole         5.070    08/10/22 EUR    96.26
Soc Air France            2.750    04/01/20 EUR    18.64
Wavecom SA                1.750    01/01/14     EUR      30.60

GERMANY
-------
Aareal Bank AG    6.570    05/04/26 EUR   103.11

GREECE
------
Antenna TV SA         7.250    02/15/15 EUR    52.63

HUNGARY
-------
Agrokor                7.000    11/23/11 EUR    70.73

IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      68.20
                          5.630    11/29/30 GBP    64.57
Alfa Bank               8.630    12/09/15 USD    51.50
Ardagh Glass              7.130    06/15/17 EUR    70.13
Banesto Finance Plc       6.120    11/07/37 EUR     6.12
Bank of Ireland           4.630    02/27/19 EUR    74.07

ITALY
-----
Banca Italease            3.000 06/30/11 EUR    73.25
                          3.000 09/30/11 EUR      70.63
LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13 USD    65.02
Ak Bars Bank              9.250    06/20/11 USD    72.43
Alrosa Finance            8.880    11/17/14 USD    67.44
Bank of Moscow            7.340    05/13/13 USD    67.51
                          7.500    11/25/15 USD    53.16
                          6.810    05/10/17 USD    45.03
Beverage Pack             8.000    12/15/16 EUR    70.38
                          9.500    06/15/17 EUR    43.91

NETHERLANDS
-----------
ABN Amro Bank NV    4.400    04/28/27 EUR    88.84
Achmea Hypobk      4.300    04/03/24 EUR    73.77
Achmea Hypobk    4.000    12/27/24 EUR    70.13
Aegon NV                  6.130    12/15/31 GBP    71.50
Air Berlin Finance BV     1.500    04/11/27 EUR    35.10
Alfa Bk Ukraine    9.750    12/22/09 USD    57.96
ALB Finance BV            9.000    11/22/10     USD      29.96
                          9.750    02/14/11 GBP    23.75
                          7.880    02/01/12 EUR    24.63
                          9.250    09/25/13 USD    29.81
ASML Holding NV           5.750    06/13/17     EUR      67.89
ASM Intl NV               4.250    12/06/11 USD    70.96
Astana Finance            7.880    06/08/10     EUR      46.50
                          9.000    11/16/11 USD    99.53
ATF Capital BV            9.250    02/21/14     USD      56.16
BK Ned Gemeenten      0.500    06/27/18 CAD    70.66
                          0.500    02/24/25 CAD    48.25
Centercrdt Intl           8.000    02/02/11     USD      51.60
                          8.630    01/30/14 USD    35.72
Hit Finance BV         4.880    10/27/21 EUR    72.96
JSC Bank Georgia          9.000    02/08/12 USD    38.38

SPAIN
-----
Abertis                   5.990    05/14/38 EUR    72.63
Abertis Infra    4.380    03/30/20 EUR    77.25
Ayt Cedulas Caja         3.750    06/30/25 EUR    76.92
Banco Bilbao Viz         5.750    07/20/17 USD   111.58
                        6.200    07/04/23 EUR    88.15
Comunidad Aragon    4.820    10/10/22 EUR   102.15
Junta Andalucia    5.000    07/13/22 EUR   110.28

UNITED KINGDOM
--------------
Alfa-Bank CJSC         9.250    07/26/10 USD   101.00
Amlin Plc               6.500    12/19/26 GBP    65.74
Anglian Water
  Finance Plc             2.400    04/20/35     GBP      46.97
Ashtead Holdings          8.630    08/01/15 USD    61.13
Aspire Defence            4.670    03/31/40 GBP    61.99
Aviva Plc            5.250    10/02/23 EUR    55.87
                          6.880    05/22/38 EUR    51.51
                          6.880    05/20/58     GBP      73.61
Azovstal               9.130    02/28/11 USD    33.81
Bank of India             6.630    09/22/21 USD    75.00
Barcklays Bk Plc          9.750    09/30/09     GBP      70.19
                          5.500    06/19/23 EUR    83.10
Beazley Group             7.250    10/17/26 GBP    71.83
Bradford&Bin Bld          5.500    01/15/18 GBP    19.94
                          5.750    12/12/22 GBP    24.92
                          6.630    06/16/23 GBP    24.91
                          4.910    02/01/47 EUR    60.53
BL Super Finance          4.480    10/04/25 GBP    73.82
Britannia Bldg            5.750    12/02/24 GBP    67.40
                          5.880    03/28/33 GBP    62.36
British Airways Plc       8.750    08/23/16 GBP    76.50
Brit Insurance            6.630    12/09/30 GBP    52.52
British Land Co    5.010    09/24/35 GBP    73.02
                          5.260    09/24/35 GBP    69.64
British Tel Plc           5.750    12/07/28 GBP    73.95
                          6.380    06/23/37 GBP    77.48
Broadgate Finance Plc     4.850    04/05/31 GBP    73.22
                          5.000    10/05/31     GBP      67.17
                          5.100    04/05/33 GBP    58.82
                          4.820    07/05/33     GBP      71.26
CGNU Plc                  6.130    11/16/26 GBP    65.73
Heating Finance           7.880    03/31/14 GBP    45.38

                       *********

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 USUS$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 USUS$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 USUS$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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