TCREUR_Public/090309.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 9, 2009, Vol. 10, No. 47

                            Headlines

A R M E N I A

* ARMENIA: IMF Approves US$540 Million Stand-By Arrangement
* Fitch Comments on Armenia's US$540 Million Proposed IMF Loan


A U S T R I A

ALPHA LLC: Claims Registration Period Ends March 18
DP-BAUUNTERNEHMUNG LLC: Claims Registration Period Ends March 19
HOLZHOFEN & CO: Claims Registration Period Ends March 18
IHC LLC: Claims Registration Period Ends March 18
KEHA ENGINEERING: Claims Registration Period Ends March 20

ST TRANS: Claims Registration Period Ends March 20
WTS LLC: Claims Registration Period Ends March 19


C Y P R U S

DELANCE LTD: S&P Cuts Long-Term Corporate Credit Rating to 'B'


G E O R G I A

BANK OF GEORGIA: Moody's Confirms 'D-' Financial Strength Rating
TBC BANK: Moody's Confirms 'D-' Financial Strength Rating


G E R M A N Y

CLEEVE TECHNOLOGY: Claims Registration Period Ends March 25
DELTAPLAN GMBH: Claims Registration Period Ends March 26
EUROPEAN SHIPPING: Claims Registration Period Ends April 1
MATAU IMPORT: Claims Registration Period Ends March 26
O.S.P. SECURITY: Claims Registration Period Ends March 31

VAC FINANZIERUNG: Weak Performance Cues Moody's Junk Rating
WUNDI GMBH: Claims Registration Period Ends March 27


G R E E C E

TITAN CEMENT: S&P Affirms Corporate Credit Ratings at 'BB+/B'
WIND HELLAS: Liquidity Concerns Cue Fitch's Negative Watch


I R E L A N D

PSION SYNTHETIC: Fitch Cuts Ratings on 4 Classes of Notes to Low-B
WATERFORD WEDGWOOD: Fitch Affirms and Withdraws 'D' Issuer Rating


K A Z A K H S T A N

AKSU 2004 LLP: Creditors Must File Claims by April 10
ASTYK AVIA: Creditors Must File Claims by April 10
EXPO LLP: Creditors Must File Claims by April 10
GUN-2 LLP: Creditors Must File Claims by April 10
KUNDYKOL LLP: Creditors Must File Claims by April 10

NEXUS LLP: Creditors Must File Claims by April 10
NURHAN LLP: Creditors Must File Claims by April 10
SMART MASTER: Creditors Must File Claims by April 10
STYLE STROY: Creditors Must File Claims by April 10
TRISTAN OIL: Faces Regulatory Woes Over TNG's Change of Ownership

TRISTAN OIL: Moody's Junks Corporate Family Rating from 'B3'
TRITON ASIA: Creditors Must File Claims by April 10


K Y R G Y Z S T A N

BEST TRADE: Creditors Must File Claims by March 20


L U X E M B O U R G

REDWOOD: Moody's Reviews Rating on EUR11.7MM Notes for Downgrade


N E T H E R L A N D S

FIXED-LINK BV: Fitch Downgrades Rating on Class C2 Notes to 'D'


N O R W A Y

GOLDEN OCEAN: Hemen Buys Two-Thirds of Convertible Bond Issue


R U S S I A

AGRO-STROY-INVEST LLC: Creditors Must File Claims by March 29
GRAY LLC: Creditors Must File Claims by March 29
KIRISHSKIY BIO-CHEMICAL: Creditors Must File Claims by April 28
NALCHIKSKIY TRIKOTAZH: Claims Filing Ends April 28
NORD-LES LLC: Creditors Must File Claims by March 29

STROY-TSEM-SERVIS LLC: Creditors Must File Claims by March 29
VAGRIUS LLC: Creditors Must File Claims by March 29
ZAVOD STANKOKONSTRUKTSIYA: Claims Filing Period Ends April 28
ZEL-AK-BANK OJSC: Creditors Must File Claims by April 28
ZISVALD LLC: Creditors Must File Claims by March 29


S P A I N

TDA CAM 10: S&P Downgrades Rating on Class C Notes to 'B'


S W E D E N

VOLVO AB: Board Withdraws Proposed Higher Bonus Caps for Execs
VOLVO CAR: Says Financing Talks With Swedish Gov't Progressing


S W I T Z E R L A N D

ALPENMILCH & HONIG: Creditors Must File Claims by April 10
C.F. GASTRO: Deadline to File Proofs of Claim Set March 13
CLEANING SHOP: Creditors Have Until May 11 to File Claims
LOCHER SECURITY: Creditors Must File Proofs of Claim by April 30
PROSHOP OBERBURG: Creditors' Proofs of Claim Due by April 30

P45 RECORDS: March 29 Set as Deadline to File Claims
SUN FUN: Creditors Must File Proofs of Claim by March 29
UBS AG: Fitch Downgrades Individual Rating to 'D'


T U R K E Y

ARCELIK AS: Fitch Cuts Local Currency Long-Term IDR to 'BB'


U K R A I N E

ANTAL RESOURCE: Creditors Must File Claims by March 20
EUROMONOLIT-F LLC: Creditors Must File Claims by March 20
MOTORCAR SALON: Creditors Must File Claims by March 20
RUBICON LLC: Creditors Must File Claims by March 19
SLOT LTD: Creditors Must File Claims by March 19

VITIAZ LLC: Creditors Must File Claims by March 19
VYSUN-MTS-SERVICE LLC: Creditors Must File Claims by March 19


U N I T E D   K I N G D O M

ASHTEAD GROUP: S&P Changes Outlook to Negative; Keeps 'BB-' Rating
CAPMARK SERVICES: Fitch Downgrades Servicer Rating to 'CPS2+'
COCO RIBBON: Enters Administration Amid Sales Slump
CORNHILL CONSTRUCTION: Two Subsidiaries Placed Into Administration
FRASER EAGLE: Enters Administration; 180 Jobs at Risk

ITV PLC: Moody's Downgrades Senior Unsecured Ratings to 'Ba2'
ITV PLC: S&P Lowers Long-Term Corporate Credit Rating to 'BB-'
LLOYDS BANKING: U.K. Gov't Provides US$367 Bln in Asset Insurance
MACKINTOSH & PARTNERS: Appoints Liquidators from Tenon Recovery
MWPA LTD: Taps Joint Liquidators from Baker Tilly

SPRINGFIELD ENGINEERING: Appoints Joint Liquidators from PKF
TATA MOTORS: Jaguar Workers Accept Shorter Week, Pay Freeze
TATA MOTORS: Moody's Downgrades Corporate Family Rating to 'B3'
T & A LOGISTICS: Calls in Joint Liquidators from Tenon Recovery
T M PROPERTIES: Taps Joint Liquidators from Tenon Recovery

T.G. MULTIPLAS: Appoints Joint Liquidators from Tenon Recovery
TRADEWINDS INTERNATIONAL: Appoints Liquidators from Baker Tilly
TRIBUNE LTD: Moody's Junks Rating on US$10 Mil. Notes from 'B2'
TURNBULL LTD: Taps Joint Liquidators from Tenon Recovery

* PwC Says UK Companies Face Deep and Prolonged Recession

* BOND PRICING: For the Week March 2 to March 6, 2009


                         *********


=============
A R M E N I A
=============


* ARMENIA: IMF Approves US$540 Million Stand-By Arrangement
----------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) on
Friday, March 6, 2009, approved a 28-month SDR368 million (about
US$540 million) Stand-By Arrangement for Armenia to support the
country's program to adjust to the deteriorated global outlook,
restore confidence in the currency and financial system, and
protect the poor.  The approval makes the amount equivalent to
SDR161.5 million (about US$237 million) immediately available and
the remainder in nine installments subject to quarterly reviews.
The Stand-By Arrangement entails exceptional access to IMF
resources, amounting to about 400 percent of Armenia's quota.  It
was approved under the Fund's fast-track Emergency Financing
Mechanism procedures.

The authorities' program is based on a consistent set of measures
regarding exchange rate, monetary, financial, and fiscal policies,
as well as continued structural reforms.

Key elements include:

    * Return to a flexible exchange rate regime.  The Central Bank
      of Armenia (CBA) announced on March 3 that it will no longer
      intervene in the market, except to smooth extreme
      volatility, and raised its policy interest rate by 100 basis
      points.  Following the announcement, the dram depreciated
      about 20 percent, and since then, has broadly remained in
      that range.

    * Strengthening of the financial sector to maintain stability
      and confidence.  Key aspects of the CBA's policy response
      include liquidity support operations, as needed, and
      enhanced banking supervision.

    * A revision of fiscal priorities to maintain macroeconomic
      stability, while protecting social outlays and public
      investment, in light of the expected revenue shortfall.  The
      authorities intend to cut back on non-priority spending
      while providing an increase in social spending of 0.3
      percent of GDP, relative to the budget, to protect the poor
      through well-targeted social safety nets.  Additional
      external financing will be used to boost public investment.

Armenia's gross external financing requirements are projected at
about US$1.6 billion for 2009, and will remain elevated through
2011, albeit with a slight downward trend.  The Stand-By
Arrangement will cover a large share of the country's 2009-2011
financing gap.  Additional financing will be provided by Armenia's
donors and international partners, including the World Bank.

Following the Executive Board discussion on Armenia, Mr. Murillo
Portugal, Deputy Managing Director and Acting Chair, said: "Since
the approval of a low-access PRGF arrangement in November 2008,
Armenia has been confronted by a variety of major external shocks.
Reflecting the sharp deterioration in global economic conditions,
private transfers and capital inflows slowed considerably and
international commodity prices have dropped severely, affecting
mining exports and production.  In light of a rapid decline in
international reserves and growing financing needs, the
authorities have requested additional financial assistance from
the Fund.

"With the adverse global developments, real growth is expected to
contract in 2009, reflecting the downturn in Russia and other
countries in the region.  Falling international prices, lower
growth, and exchange rate depreciation will help reduce the
external current account deficit. Medium-term prospects remain
good.

"Sound policies are essential to maintain macroeconomic stability.
The recent return to a flexible exchange rate will help cushion
the impact of the global downturn and eventual further regional
deterioration.  An appropriately tight monetary policy is
necessary to contain the inflationary pressures stemming from the
depreciation and support demand for dram-denominated assets.
While potential negative impact of the depreciation on the
financial sector seems unlikely, contingency plans are available
to help address any such effects.  In light of the expected
revenue shortfall, fiscal policy will remain prudent, protecting
social outlays and public investment by reducing non-priority
spending.

"Maintaining the structural reform agenda will contribute to
macroeconomic stability and a strengthened business environment.
Key elements include the completion of the unfinished tax policy
and tax administration reform agenda, and progress on financial
sector reforms.

"The Fund is confident that the policy package put in place by the
authorities is appropriate and strong," Mr. Portugal said.

                  Recent Economic Developments

The global crisis has confronted Armenia with a number of large
external shocks.  Remittances and capital inflows, which sustained
rapid economic growth in recent years, have decelerated markedly.
Falling international commodity prices adversely affected mining,
a key export sector.  GDP growth came to a halt in the fourth
quarter, and fell to 6.8 percent for the year as a whole, from
over 13 percent in 2007.  Following the rapid unwinding of
international prices and domestic demand, annual CPI inflation
fell to 1 percent in February 2009.  With exports being hit by the
global downturn and imports growing strongly through October, the
external current account deficit rose to an estimated 12½ percent
of GDP in 2008.

The rapid and unexpected deterioration of the economic situation
had a strong impact on program performance under the PRGF
arrangement.  Most of the end-December 2008 quantitative
performance criteria were missed.  The authorities, recognizing
the changed circumstances and the large increase in their
financing needs, have requested the Stand-By arrangement and also
requested the cancellation of the PRGF arrangement.

                        Program Summary

The authorities' program aims to achieve the necessary external
adjustment, restore confidence in the domestic currency and the
banking sector, and protect the poor.  Their program is based on a
consistent set of policies in the exchange rate, monetary,
financial, and fiscal areas as well continued structural reforms.

As part of the program, the authorities are returning to a
flexible exchange rate regime.  In particular, the authorities
have indicated that they will no longer intervene in the market,
except to smooth extreme volatility.  Under a managed float, the
authorities would gradually return to their inflation-targeting
framework.

Strengthening financial stability will be a key part of the
authorities' program.  The authorities will implement short-term
emergency measures to stabilize the system, while at the same time
enacting more structural measures to ensure the soundness of the
system going forward.  Key aspects to be addressed are liquidity
support operations and enhancing banking supervision.

Fiscal priorities will be revised.  To partly offset the
anticipated revenue shortfall for 2008, the authorities intend to
cut back on non-priority spending and introduce some tax policy
measures, yielding savings of about 0.8 percent of GDP.
Accordingly, the program aims at limiting the deficit, excluding
non-programmed externally financed investment projects, to 2.8
percent of GDP compared to a deficit target of 1 percent of GDP in
the announced budget.

The IMF supports the protection of social spending embedded in the
program.  The program accommodates an increase in social spending
of 0.3 percent of GDP, relative to the budget, to protect the poor
through well-targeted social safety nets.  The program also
provides room for additional infrastructure and investment
spending as foreign financing materializes.

The authorities will continue their wide-ranging structural reform
agenda outlined in their Sustainable Development Program.  This
agenda is aimed at deepening productivity-enhancing structural
reforms, and improving governance.  A key area will be continued
efforts to strengthen the business environment, with a focus on
tax administration reforms and the fight against corruption.

Armenia joined the IMF on May 28, 1992; its quota is SDR92 million
(about US$135.2 million) and its outstanding credit to the IMF (as
of end-January 2009) is SDR87.495 million (US$128.6 million).


* Fitch Comments on Armenia's US$540 Million Proposed IMF Loan
--------------------------------------------------------------
Fitch Ratings said that a proposed IMF loan facility for US$540
million would support the adjustment of Armenia's economy in the
face of a global and regional economic shock, and support the
outlook for its sovereign ratings.  Armenia's foreign and local
currency Issuer Default Ratings are 'BB' with Stable Outlooks.
The Country Ceiling is 'BB+' and the country's Short-term rating
is 'B'.

"Armenia's decision to seek a precautionary IMF program and allow
a freer float for the currency is a welcome signal of the
authorities' cautious approach to managing current difficulties,"
says Andrew Colquhoun, Director in Fitch's Sovereigns Group.
"However, the reserves loss to end-January indicates the scale of
the shock, and suggests there is little room for policy missteps
which could undermine macroeconomic stability and increase
downwards pressure on the ratings."

IMF Managing Director Dominique Strauss-Kahn has requested that
the IMF's Board approve a US$540 million, 28-month Stand-By
Arrangement for Armenia, at a planned 6 March meeting.  A program
approval would follow a 24% fall in official reserves to US$1.26
billion by end-January 2009, from US$1.66 billion at end-2007.
The central bank has said it spent US$360 million supporting the
Armenian dram at around 305 to 1 US$ during 2008, to support
confidence in the partly-dollarised financial system amid global
financial turmoil and political tensions.  The CBA says it will
now permit greater exchange-rate flexibility, and expects the AMD
to settle around 370 to the US$.  However, the CBA has held back
from formally committing to an AMD target or band.  The IMF
program will include support to Armenia's banks, enabling them to
absorb the consequences of AMD depreciation for the 38% of loans
in the system denominated in foreign currency.  With bank credit
to the private sector of only 17% of GDP at end-2008, any
potential problems in the still relatively well-capitalized
banking sector should be more manageable than for most of
Armenia's regional peers.

Armenia's GDP growth slowed to 6.8% in 2008, from 13.8% in 2007.
The economy contracted by 0.2% in Q408, hit by an 11% fall in
construction.  The sharp downturn in the Russian economy in Q408
is likely to have affected remittance receipts, an important
source of foreign exchange and demand.  The IMF projects that
Armenia's economy could shrink 1.5% in 2009, although the
authorities expect growth of around 2% driven mainly by fiscal
stimulus, partly funded from official sources.  In addition to the
likely IMF program, Armenia is expected to receive a US$500
million credit from Russia, and up to US$525 million from the
World Bank for SME financing over four years.

Securing and successfully implementing the IMF program and
sustained domestic policy discipline would support the ratings.
Geopolitical risk remains a background feature in a volatile
region, although there have been signs of progress towards a
resolution of Armenia's frozen conflict with neighboring
Azerbaijan.  Domestic political risk appears to have eased after
the election-related violence of March 2008, although a downturn
in the economy could spark further unrest.  The public finances
remain a rating strength, with government debt projected by Fitch
at around only 14% of GDP by end-2008.


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


ALPHA LLC: Claims Registration Period Ends March 18
---------------------------------------------------
Creditors owed money by LLC Alpha (FN 247037s) have until
March 18, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Helmut Klementschitz
         Friedrichgasse 6/12
         8010 Graz
         Austria
         Tel: 0316/81 00 00
         Fax: 0316/81 00 00 81
         E-mail: ra.klementschitz@aon.at

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

         Graz Land Court by Civil Cases (638)
         Room 222
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Feb. 2, 2009, (Bankr. Case No. 26 S 15/09i).


DP-BAUUNTERNEHMUNG LLC: Claims Registration Period Ends March 19
---------------------------------------------------------------
Creditors owed money by LLC DP-Bauunternehmung (FN 234303p) have
until March 19, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Norbert Schopf
         Esteplatz 5/5
         1030 Vienna
         Austria
         Tel: 534 90-0
         Fax: 534 90-50
         E-mail: office@schopf-zens.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on April 2, 2009, for the
examination of claims at:

         Trade Land Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 28, 2009, (Bankr. Case No. 5 S 9/09x).


HOLZHOFEN & CO: Claims Registration Period Ends March 18
--------------------------------------------------------
Creditors owed money by LLC Holzhofen & Co. (FN 74793s) have until
March 18, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Michael Zsizsik
         Schinitzgasse 7
         8605 Kapfenberg
         Austria
         Tel: 03862-22161
         Fax: 03862-22161-10
         E-mail: info@zsizsik.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 1, 2009, for the
examination of claims at:

         Land Court of Leoben (609)
         Hall IV
         First Floor
         Austria

Headquartered in Muerzzuschlag, Austria, the Debtor declared
bankruptcy on Jan. 22, 2009, (Bankr. Case No. 17 S 3/09y).


IHC LLC: Claims Registration Period Ends March 18
-------------------------------------------------
Creditors owed money by LLC IHC (FN 39520v) have until March 18,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Helmut Klementschitz
         Friedrichgasse 6/12
         8010 Graz
         Austria
         Tel: 0316/81 00 00
         Fax: 0316/81 00 00 81
         E-mail: ra.klementschitz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 25, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 222
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Feb. 2, 2009, (Bankr. Case No. 26 S 14/09t).


KEHA ENGINEERING: Claims Registration Period Ends March 20
----------------------------------------------------------
Creditors owed money by LLC Keha Engineering (FN 271878x) have
until March 20, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Roland Zimmerhansl
         Harrachstrasse 6
         4020 Linz
         Austria
         Tel: 0732657070
         Fax: 073265707065
         E-mail: zimmerhansl@sdsp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March 20, 2009, for the
examination of claims at:

         Land Court of Linz (458)
         Room 522
         Linz
         Austria

Headquartered in Rohrbach, OO, Austria, the Debtor declared
bankruptcy on Jan. 26, 2009, (Bankr. Case No. 12 S 5/09m).


ST TRANS: Claims Registration Period Ends March 20
--------------------------------------------------
Creditors owed money by LLC ST Trans (FN 65047h) have until
March 20, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Wolfgang Reinisch
         LLC Reinisch & Wisiak Rechtsanwalte
         Hauptplatz 28
         8430 Leibnitz
         Austria
         Tel: 03452/83296
         Fax: 03452/83296-20
         E-mail: leibnitz@reinisch-wisiak.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on April 2, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Room 227
         Graz
         Austria

Headquartered in Deutsch Goritz, Austria, the Debtor declared
bankruptcy on Jan. 26, 2009, (Bankr. Case No. 25 S 10/09x).


WTS LLC: Claims Registration Period Ends March 19
-------------------------------------------------
Creditors owed money by LLC WTS (FN 182316m) have until March 19,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Edmund Roehlich
         Am Heumarkt 9/I/11
         1030 Wien
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.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:

         Trade Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Jan. 27, 2009, (Bankr. Case No. 5 S 7/09b).


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


DELANCE LTD: S&P Cuts Long-Term Corporate Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Cyprus-based Delance Ltd. to 'B' from
'BB-'.  The outlook is negative.  At the same time S&P lowered the
senior unsecured debt rating on Delance's finance vehicle Colgrade
Ltd. to 'B-' from 'B+'.  The recovery rating is unchanged at '5',
indicating S&P's expectation of modest (10%-30%) recovery in the
event of payment default.

Delance Ltd. is the holding company of Rolf Group, which is
Russia's largest importer and retailer of foreign-branded cars.

"The downgrade reflects our view that Rolf's liquidity position
will weaken significantly because demand for foreign-branded cars
in the Russian car market is weakening," said Standard & Poor's
credit analyst Anna Stegert.  Sales have declined significantly
over recent months and S&P believes this trend will continue well
into 2009, and potentially beyond, owing to a weakening
Russian economy and lower disposable incomes of Russian consumers.

The downgrade also reflects S&P's view that the continuing
depreciation of the ruble against the dollar presents considerable
uncertainties for the company because it increases the ruble-
denominated costs of imported cars.  In the Russian car market,
these cost increases are usually passed on to customers.  In an
already weak market environment this could translate into a
considerable competitive disadvantage for retailers selling
imported cars compared with those selling Russian cars or others
that have been produced domestically.

As of Dec. 31, 2008, Rolf had US$810 million of outstanding debt,
of which a large portion (US$310 million) is short-term debt.
Although, S&P believes that Rolf would be able to release working
capital in times of slowing demand and has some flexibility over
its largely expansionary capital expenditures, the company depends
on the renewal of some of its short-term credit lines.  In S&P's
opinion, the risk of not being able to renew these lines will be
further aggravated because covenant headroom under bank facilities
is likely to tighten in S&P's current base-case scenario, given
the gloomy market outlook.

S&P considers that Rolf's performance continues to be highly
dependent on the merits of Mitsubishi Motors Corp. (B+/Stable/--),
which, S&P understand, accounts for almost one-half of Rolf
Group's retail volumes and for which the group has an exclusive
distribution agreement.

"The group's continued ability to renew maturing credit lines or
put in place alternative funding will be a significant factor in
supporting the current rating," said Ms. Stegert.  "We could lower
the rating if, among other reasons, there are indications that
Rolf's liquidity position does not improve or if Rolf fails to
renew its exclusive distribution contract with Mitsubishi, which
S&P currently consider unlikely."


=============
G E O R G I A
=============


BANK OF GEORGIA: Moody's Confirms 'D-' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has concluded the review of the ratings
of Bank of Georgia and TBC Bank:

  -- Bank of Georgia: The bank's D- bank financial strength rating
     was confirmed and its global local currency deposit rating
     was downgraded to Ba3 from Ba1.  The senior unsecured debt
     rating was also downgraded to Ba3 from Ba2.  The outlook on
     the aforementioned ratings was changed to negative.  The
     bank's long-term foreign currency deposit rating was affirmed
     at B3 with a negative outlook.  All short-term ratings were
     affirmed at Not-Prime.

  -- TBC: The bank's D- bank financial strength rating was
     confirmed and its global local currency deposit rating was
     downgraded to Ba3 from Ba1.  The outlook on both ratings was
     changed to negative.  The bank's long-term foreign currency
     deposit rating was affirmed at B3 with a negative outlook.
     All short-term ratings were affirmed at Not-Prime.

In concluding the rating review Moody's noted that immediate
concerns, particularly with regard to liquidity pressures on the
system and which related to the outbreak of military conflict
between Georgia and Russia in August 2008 have been alleviated.

"In particular, central bank measures in response to the initial
shock such as (i) pegging the local currency to the US dollar (ii)
setting limits on deposit withdrawals (declaring a bank holiday),
and (iii) activating a non-collateralized Georgian lari lending
facility were short-lived as the duration of military hostilities
was brief and a measure of normality was restored fairly quickly.
Meanwhile, the IMF responded quickly in extending a standby
facility to support the country's foreign currency reserves and
defend the value of the local currency.  The country also received
substantial grants particularly from the US.  International
financial aid was instrumental in restoring confidence and
maintaining financial stability particularly following the
October 22 EU -- World Bank conference in Brussels, at which time
over US$4.5 billion was pledged to aid infrastructure
reconstruction and social assistance in Georgia," says Stathis
Kyriakides, a Limassol-based Moody's Assistant Vice President -
Analyst.

Easing of immediate concerns notwithstanding, the negative outlook
on the BFSRs of Bank of Georgia and TBC reflects expectations of
increasing pressure on asset quality, partly as a result of the
August 2008 military conflict with the Russian Federation.  More
importantly, the negative outlook reflects the projected sharp
deceleration of Georgia's economic growth during 2009 as the
global economic crisis takes its toll on the country's main
trading partners, sharply decreases foreign direct investment and
impacts remittance from the Georgian Diaspora.  The negative
outlook also reflects increasing dependence on foreign
institutional funding and tight liquidity indicators at both
banks.

Given the systemic nature of both the short-lived crisis that
followed the military conflict with Russia as well as the risks
arising from the effects of the global economic crisis, Moody's
has taken the view that the local currency ratings of Bank of
Georgia and TBC need to be more closely aligned with the
government's capacity to service local currency obligations.  This
view is supported by the fact that Georgia's financial system has
-- in recent months -- come to rely on support provided directly
or indirectly by the government.  This would include funding
linked to pledged foreign aid, liquidity (and foreign exchange)
support on the back of IMF standby facilities, as well as other
development agency and/or third-party bank-funding granted with
the presumption of international aid.

Consequently, although Moody's assesses that the probability that
the country's two largest banks (Bank of Georgia and TBC) will
receive systemic support in the event of a crisis remains very
high, this does not produce an uplift on their respective global
local currency deposit ratings as the assessment of the
government's capacity to service debt obligations is lower than
each bank's intrinsic financial strength rating -- thus causing
each bank's GLC deposit ratings to be downgraded to their
respective baseline credit assessment.  Similarly, Bank of
Georgia's senior unsecured debt rating does not receive any uplift
and thus reflects the bank's intrinsic financial strength.

Moody's previous rating action on Bank of Georgia was implemented
on August 12, 2008, when the bank's D- BFSR and Ba1 long-term
local currency deposit ratings were placed on review for a
possible downgrade, and the outlook on the bank's B3 foreign
currency deposit and Ba2 senior unsecured debt ratings was changed
to negative from stable.

Moody's previous rating action on TBC bank was implemented on
August 12, 2008, when the bank's D- BFSR, Ba1 long-term local
currency deposit ratings were placed on review for a possible
downgrade, and the outlook on the bank's B3 foreign currency
deposit rating was changed to negative from stable.

Headquartered in Tbilisi, Bank of Georgia had total assets of
US$1.9 billion at the end of 2007.

Headquartered in Tbilisi, TBC Bank had total assets of US$1.1
billion at the end of 2007.


TBC BANK: Moody's Confirms 'D-' Financial Strength Rating
---------------------------------------------------------
Moody's Investors Service has concluded the review of the ratings
of Bank of Georgia and TBC Bank:

  -- Bank of Georgia: The bank's D- bank financial strength rating
     was confirmed and its global local currency deposit rating
     was downgraded to Ba3 from Ba1.  The senior unsecured debt
     rating was also downgraded to Ba3 from Ba2.  The outlook on
     the aforementioned ratings was changed to negative.  The
     bank's long-term foreign currency deposit rating was affirmed
     at B3 with a negative outlook.  All short-term ratings were
     affirmed at Not-Prime.

  -- TBC: The bank's D- bank financial strength rating was
     confirmed and its global local currency deposit rating was
     downgraded to Ba3 from Ba1.  The outlook on both ratings was
     changed to negative.  The bank's long-term foreign currency
     deposit rating was affirmed at B3 with a negative outlook.
     All short-term ratings were affirmed at Not-Prime.

In concluding the rating review Moody's noted that immediate
concerns, particularly with regard to liquidity pressures on the
system and which related to the outbreak of military conflict
between Georgia and Russia in August 2008 have been alleviated.

"In particular, central bank measures in response to the initial
shock such as (i) pegging the local currency to the US dollar (ii)
setting limits on deposit withdrawals (declaring a bank holiday),
and (iii) activating a non-collateralized Georgian lari lending
facility were short-lived as the duration of military hostilities
was brief and a measure of normality was restored fairly quickly.
Meanwhile, the IMF responded quickly in extending a standby
facility to support the country's foreign currency reserves and
defend the value of the local currency.  The country also received
substantial grants particularly from the US.  International
financial aid was instrumental in restoring confidence and
maintaining financial stability particularly following the
October 22 EU -- World Bank conference in Brussels, at which time
over US$4.5 billion was pledged to aid infrastructure
reconstruction and social assistance in Georgia," says Stathis
Kyriakides, a Limassol-based Moody's Assistant Vice President -
Analyst.

Easing of immediate concerns notwithstanding, the negative outlook
on the BFSRs of Bank of Georgia and TBC reflects expectations of
increasing pressure on asset quality, partly as a result of the
August 2008 military conflict with the Russian Federation.  More
importantly, the negative outlook reflects the projected sharp
deceleration of Georgia's economic growth during 2009 as the
global economic crisis takes its toll on the country's main
trading partners, sharply decreases foreign direct investment and
impacts remittance from the Georgian Diaspora.  The negative
outlook also reflects increasing dependence on foreign
institutional funding and tight liquidity indicators at both
banks.

Given the systemic nature of both the short-lived crisis that
followed the military conflict with Russia as well as the risks
arising from the effects of the global economic crisis, Moody's
has taken the view that the local currency ratings of Bank of
Georgia and TBC need to be more closely aligned with the
government's capacity to service local currency obligations.  This
view is supported by the fact that Georgia's financial system has
-- in recent months -- come to rely on support provided directly
or indirectly by the government.  This would include funding
linked to pledged foreign aid, liquidity (and foreign exchange)
support on the back of IMF standby facilities, as well as other
development agency and/or third-party bank-funding granted with
the presumption of international aid.

Consequently, although Moody's assesses that the probability that
the country's two largest banks (Bank of Georgia and TBC) will
receive systemic support in the event of a crisis remains very
high, this does not produce an uplift on their respective global
local currency deposit ratings as the assessment of the
government's capacity to service debt obligations is lower than
each bank's intrinsic financial strength rating -- thus causing
each bank's GLC deposit ratings to be downgraded to their
respective baseline credit assessment.  Similarly, Bank of
Georgia's senior unsecured debt rating does not receive any uplift
and thus reflects the bank's intrinsic financial strength.

Moody's previous rating action on Bank of Georgia was implemented
on August 12, 2008, when the bank's D- BFSR and Ba1 long-term
local currency deposit ratings were placed on review for a
possible downgrade, and the outlook on the bank's B3 foreign
currency deposit and Ba2 senior unsecured debt ratings was changed
to negative from stable.

Moody's previous rating action on TBC bank was implemented on
August 12, 2008, when the bank's D- BFSR, Ba1 long-term local
currency deposit ratings were placed on review for a possible
downgrade, and the outlook on the bank's B3 foreign currency
deposit rating was changed to negative from stable.

Headquartered in Tbilisi, Bank of Georgia had total assets of
US$1.9 billion at the end of 2007.

Headquartered in Tbilisi, TBC Bank had total assets of US$1.1
billion at the end of 2007.


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


CLEEVE TECHNOLOGY: Claims Registration Period Ends March 25
-----------------------------------------------------------
Creditors of Cleeve Technology GmbH have until March 25, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on May 28, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Koenigstein/Ts.
         Area 205
         Law Courts
         Castle Way 9
         61462 Koenigstein/Ts.
         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:

         Arno Wolf
         Minnholzweg 2b
         61476 Kronberg
         Germany
         Tel: 06173-7834-0
         Fax: 06173-7834-149

The District Court opened bankruptcy proceedings against the
company on Feb. 24, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Cleeve Technology GmbH
         Attn: Klaus Geschwandtner, Manager
         Masurenweg 11
         65817 Eppstein
         Germany


DELTAPLAN GMBH: Claims Registration Period Ends March 26
--------------------------------------------------------
Creditors of Deltaplan GmbH have until March 26, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 20, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 101
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11a
         80333 Munich
         Germany
         Tel: 089/5427300
         Fax: 089/54273015

The District Court opened bankruptcy proceedings against the
company on Feb. 19, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Deltaplan GmbH
         Attn: Rolf Willenbrinck, Manager
         Ganslerweg 18
         82041 Oberhaching
         Germany


EUROPEAN SHIPPING: Claims Registration Period Ends April 1
----------------------------------------------------------
Creditors of European Shipping (Spedition) GmbH have until
April 1, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 13, 2009, at which time the
insolvency manager will present her first report.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 18057
         Rostock
         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:

         Ulrike Hoge-Peters
         Rosa-Luxemburg-Strasse 8
         18055 Rostock
         Germany

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

The Debtor can be reached at:

         European Shipping (Spedition) GmbH
         Attn: Burkhard F. Manig, Manager
         Am Skandinavienkai 15
         18147 Rostock
         Germany


MATAU IMPORT: Claims Registration Period Ends March 26
------------------------------------------------------
Creditors of Matau Import und Export GmbH have until March 26,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         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. Hans Joerg Laudenbach
         Nibelungenplatz 3
         60318 Frankfurt
         Germany
         Tel: 069 / 90 55 99 3
         Fax: 069 / 90 55 99 55

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

The Debtor can be reached at:

         Matau Import und Export GmbH
         Carl-Zeiss-Strasse 39
         63322 Roedermark
         Germany

         Attn: Lutz Quauke, Manager
         Goldammerweg 8
         63322 Roedermark
         Germany


O.S.P. SECURITY: Claims Registration Period Ends March 31
---------------------------------------------------------
Creditors of O.S.P. Security und Service GmbH have until March 31,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on April 30, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         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:

         Ruediger Bauch
         Schleinufer 11
         39104 Magdeburg
         Germany
         Tel: 0391/5354-0
         Fax: 0391/5354-100
         E-Mail: RBauch@schubra.de

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

The Debtor can be reached at:

         O.S.P. Security und Service GmbH
         Alt Fermersleben 36
         39122 Magdeburg
         Germany

         Attn: Gabriele Hellmann, Manager
         Otto-von-Guericke-Str. 57
         39104 Magdeburg
         Germany


VAC FINANZIERUNG: Weak Performance Cues Moody's Junk Rating
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and probability of default rating of Vac Finanzierung GmbH,
the ultimate holding company of Vacuumschmelze GmbH & Co. KG, to
Caa1 from B3 as well as the rating of its senior secured notes to
Caa2 from Caa1.  The ratings have been placed under review for
possible downgrade.

"The downgrade of the CFR to Caa1 reflects VAC's accelerated
weakening of operating performance over the past few weeks
triggered by lower demand for magnetic products in the majority of
business segments which in Moody's view is likely to continue in
the near term as a result of an unprecedented macroeconomic
downturn," says Christian Hendker, a Moody's Assistant Vice
President and lead analyst for VAC.  "Moody's has also taken into
account VAC's highly leveraged capital structure with debt to
EBITDA estimated above 6.0x in 2008 that leaves limited headroom
for performance volatility and the expectation that, as a result
of the current underperformance which could sustain for an
extended period, VAC is unlikely to restore its financial leverage
back towards the requirements of the single B rating category in
the near term as previously expected."

The rating review will focus on VAC's 1) ability to regain a
sufficient headroom under financial covenants of the senior credit
facility but also on 2) the ability and timing in restoring
profitability and the robustness of VAC's business model to
continuously generate free cash flows which is essential to
preserve a sufficient liquidity position.

Moody's recognizes that VAC has still a solid liquidity position,
with EUR22 million of on-balance sheet cash per the end of
December 2008, and sufficient availability under a EUR40 million
liquidity facility.  While the company has an extended debt
maturity profile, a protracted period of weak operating
performance resulting in negative free cash flows could result in
an eroding liquidity position, particularly as the company has
annual debt repayment requirements of around EUR7 million.

The ratings could be confirmed within the next weeks, provided
that VAC regains a sufficient headroom under financial covenants
to withstand an extended period of cyclical weakness but also if
there is a likelihood that the company continues to operate within
leverage parameters required for the Caa1 rating category.

VAC's ratings reflect the group's solid market positioning as an
integrated manufacturer of magnetic products with a broad customer
diversification across various industries.  The company has
longstanding and sole supplier relationships with key customers
and good segmental diversification with solid end-user diversity.
Recently, however, the company's solid diversification has not
sheltered the company from a simultaneous demand drop in almost
all end-customer industries which is critical given the small
absolute scale of the company, evidenced by revenues of around
EUR342 million in 2007.  While Moody's considers the company's
continuous implementation of cost management initiatives, these
measures may not be sufficient to protect VAC's profitability
levels going forward.  The rating is particularly constrained by
VAC's highly leveraged capital structure, which is not sustainable
in an extended macroeconomic downturn scenario.

Downgrades:

Issuer: VAC Finanzierung GmbH

  -- Probability of Default Rating, Downgraded to Caa1 from B3

  -- Corporate Family Rating, Downgraded to Caa1 from B3

  -- Senior Secured Regular Bond/Debenture, Downgraded to Caa2
     from Caa1 (LGD 4, 64% changed from LGD 4, 65%)

Outlook Actions:

Issuer: VAC Finanzierung GmbH

  -- Outlook, Changed To Rating Under Review From Negative

The last rating action was implemented on November 14, 2008, when
Moody's downgraded VAC's CFR to B3 from B2.

Headquartered in Hanau, Germany, Vacuumschmelze GmbH & Co KG has a
solid and well-established market position in the design and
manufacturing of magnetic products.  In 2007, the company
generated revenues of EUR342 million.


WUNDI GMBH: Claims Registration Period Ends March 27
----------------------------------------------------
Creditors of Wundi GmbH Chemisch Technische Erzeugnisse have until
March 27, 20009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on April 24, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg
         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:

         Manfred Gottschalk
         Wagenbergstr. 2
         59759 Arnsberg
         Germany

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

The Debtor can be reached at:

         Wundi GmbH Chemisch Technische Erzeugnisse
         Attn: Harald Kutzborra, Manager
         Zum Breiten Ohl 28
         59846 Sundern
         Germany


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


TITAN CEMENT: S&P Affirms Corporate Credit Ratings at 'BB+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
long- and short-term corporate credit ratings on Greek cement
manufacturer Titan Cement Co. S.A. at 'BB+/B' and removed them
from CreditWatch with negative implications, where they were
originally placed on Oct. 27, 2008.  The outlook is stable.

The affirmation is based on S&P's belief that, after a sharp drop
seen in 2008, credit metrics are likely to further erode in 2009,
but to a much more moderate extent and toward levels that S&P
anticipate at this stage to be still in line with the ratings.
This, combined with S&P's view that liquidity is adequate and that
metrics should start recovering in 2010 or 2011, is likely
to help stabilize the ratings at the current levels.

"At this stage, S&P anticipate that funds from operations should
drop this year, but S&P think that discretionary cash flows should
turn positive and allow some debt reduction," said Standard &
Poor's credit analyst Xavier Buffon.

Overall, S&P therefore anticipates that the fully adjusted ratio
of funds from operations to debt could be eroded by a couple of
percentage points in 2009 from the 24% posted at year-end 2008.
In addition, S&P thinks that this ratio could more sharply rebound
in 2010 or 2011, thanks to the beneficial impact of the new lines
under construction in Egypt and Albania, and lower capital outlays
once these facilities are completed.  This assumes in particular
that these latter two markets will not suffer significant price or
volume disruptions.

The short-term rating is 'B'.  S&P believes that liquidity is
adequate, and that headroom under financial covenants has improved
thanks to management's renegotiation of covenants recently.

The stable outlook reflects S&P's view that credit metrics will be
eroded in 2009 but should remain at levels likely still consistent
with the ratings and may stage a significant rebound in 2010 or
2011.  Although S&P anticipates that FFO will likely drop again
this year, S&P thinks that discretionary cash flows should be
positive, and allow some debt reduction.  This assumes in
particular that prices continue to hold up well overall in key
markets, and that benefits from new lines in Egypt and Albania
would not be wiped out by volume or price disruptions in these
markets.

S&P could revise S&P's outlook to negative if S&P came to think
that FFO were likely to recede more than currently assumed in
2009, or that it could further decline after 2009; this could
occur if Egypt or Albania proved less supportive than S&P expects
at this stage, or if Greece, the U.S., or Bulgaria experience
greater stress than factored in at this stage.  Ratings pressure
could also stem from a sharper contraction than expected currently
under financial covenant headroom, in the absence of
counterbalancing measures being taken.

Given S&P's assessment of a satisfactory business profile, S&P
thinks that ratings upside could exist in the future, if the fully
adjusted ratio of FFO to debt were to durably rebound to above the
mid 20s.


WIND HELLAS: Liquidity Concerns Cue Fitch's Negative Watch
----------------------------------------------------------
Fitch Ratings has placed the ratings of Greek mobile operator,
WIND Hellas Telecommunications S.A. (WIND Hellas, rated 'B-' ((B
minus)), on Rating Watch Negative due to liquidity concerns, which
are mainly related to seasonal working capital outflows in H109.
A full rating breakdown is provided at the end of this comment.

Fitch believes that WIND Hellas's liquidity requirements may peak
in H109 due to working capital seasonality, timing of cash
interest payments and capital expenditures.  This, combined with a
negative outlook on operating performance in 2009, caused by the
deterioration in the fundamentals of the Greek mobile market and
the anticipated effects of cuts in mobile termination rates,
explains the application of the RWN to the company's ratings.
Consequently, the loss-making Tellas fixed-line business will be
no longer supported to the same capacity by the mobile business in
the future.

The reduction in MTR by 2.5 Euro cents from January 2009, and
continuing pressure on the prepaid segment Average Revenue per
User "ARPU"s, due to Greek economic conditions, will place
additional downward pressure on operating margins in 2009.  The
agency understands that the company has a contingency plan in
place to scale back capex and operating expenditures for the
mobile business and expects the rate of cash burn to halve to
EUR40 million in 2009 from 2008 due to these actions, and lower
cash taxes as a result of the merger with Tellas.  However, the
company's existing cash balance of EUR37 million at YE08 and the
undrawn Revolving Credit Facility amount of EUR50 million will
still result in tight liquidity in H109 in Fitch's opinion.  The
company may be forced to tap most of the RCF during H109 leaving a
small margin for error for the remainder of the year.

Fitch also notes the lack of explicit commitment for cash equity
support from the parent company but believes that Weather
Investments, the parent company, sees WIND Hellas as a strategic
asset and remains committed to its Greek operations in the long-
term.

Fitch aims to resolve the RWN by or before August 2009 and
cautions that any liquidity crunch coupled with a lack of parental
support will likely result in a downgrade of at least one notch.
The agency estimates that net cash-pay leverage could rise as high
as 7-7.5x EBITDA by YE09, and higher-than-expected leverage
metrics could also place further negative pressure on the rating.

The rating actions are:

  -- WIND Hellas Telecommunications S.A. Long-term Issuer Default
     Rating: 'B-' (B minus); placed on Rating Watch Negative

  -- WIND Hellas Telecommunications S.A. Short-term IDR: 'B';
     placed on RWN

  -- Hellas Telecommunications (Luxembourg) V senior revolving
     credit facility: 'B'/'RR3'; placed on RWN

  -- Hellas Telecommunications (Luxembourg) V senior secured
     floating-rate notes due 2012: 'B'/'RR3'; placed on RWN

  -- Hellas Telecommunications (Luxembourg) III senior notes due
     2013: 'CCC'/'RR5'; placed on RWN

  -- Hellas Telecommunications (Luxembourg) II subordinated
     floating-rate notes due 2015: 'CC'/'RR6'; placed on RWN


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


PSION SYNTHETIC: Fitch Cuts Ratings on 4 Classes of Notes to Low-B
------------------------------------------------------------------
Fitch Ratings has downgraded five classes of PSION Synthetic CDO 1
Plc's notes, removed the five notes from Rating Watch Negative
(RWN), and assigned Outlooks to the notes:

  -- US$20 million Class A (ISIN XS0239016503): downgraded to
     'BBB-' (BBB minus) from 'AAA'; removed from RWN; assigned a
     Stable Outlook

  -- US$13 million Class B (ISIN XS0239017147): downgraded to 'BB'
     from 'AA'; removed from RWN; assigned a Stable Outlook

  -- US$8 million Class C (ISIN XS0239017576): downgraded to 'BB'
     from 'A'; removed from RWN; assigned a Stable Outlook

  -- US$10 million Class D (ISIN XS0239017733): downgraded to 'B'
     from 'BBB'; removed from RWN; assigned a Stable Outlook

  -- US$16 million Class E (ISIN XS0239017907): downgraded to 'B-'
     (B minus) from 'BB'; removed from RWN; assigned a Negative
     Outlook

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008, the
large sovereign and emerging market exposure, as well as credit
deterioration to the collateral pool that has occurred since the
last review.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
likelihood of low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio coupled with very little
subordination has particularly affected the junior tranches.

As per the trustee report dated December 18, 2008, the portfolio
contains 57 assets from 50 obligors, with the largest exposure
accounting for approximately 5% of the outstanding portfolio
amount, and the three largest obligors accounting for 12% of the
outstanding portfolio amount.  The portfolio constitutes a mix of
structured finance assets (32% of the portfolio), sovereign and
municipal bonds (60%) and corporate assets (8%).  All the
structured finance assets are U.S. ABS assets backed by student
loans and are primarily from 2005 and 2006 vintages.  The largest
country concentrations are the United States and Italy making up
56% and 12% of the portfolio respectively.  The portfolio has
approximately 30% emerging market exposure.

In conducting its analysis, Fitch makes a three notch downward
adjustment for any names on RWN for default analysis in its
Portfolio Credit Model.  On an adjusted basis approximately 4% of
the assets are treated as sub-investment grade.  The weighted
average portfolio quality is 'BBB+'.  Approximately 4% of the
portfolio is on RWN and 16% of the portfolio has a Negative
Outlook.  Currently, none of the assets are rated 'CCC+' and
below.

While the downgrade of the class A, B, and C notes is driven by
Fitch's revised criteria, the downgrade of the class D and E notes
is more linked to the transaction's actual performance.
Approximately 4% of the assets are now sub investment grade
compared to none at last review in October 2007.  Furthermore,
given the current macroeconomic climate, Fitch expects further
negative portfolio migration which could result in a higher
percentage of non-investment grade assets.  Given the performance
and Fitch's outlook, the credit enhancement levels of 4.2% and
2.5% are not sufficient to justify the previous 'BBB' and 'BB'
ratings of the class D and E notes.  The negative outlook assigned
to the class E notes reflects Fitch's long term view that this
class could come under negative rating pressure over the next one
to two years.

The transaction is a partially funded synthetic securitization of
municipal securities and sovereign entities.  The original
portfolio amount was US$1 billion and is now US$951 million.  In
December 2005, PSION, a limited liability company incorporated in
Ireland, issued US$67 million of rated notes (classes A to E).
PSION then sold DEPFA Bank plc protection on the reference
portfolio via a credit default swap agreement.  DEPFA, in its role
as swap counterparty, has an option to call the notes in December
2008 and on every payment date thereafter provided that the
liquidation proceeds of the eligible investments are sufficient to
ensure that the notes are redeemed at par plus the accrued
interest.


WATERFORD WEDGWOOD: Fitch Affirms and Withdraws 'D' Issuer Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn Waterford
Wedgwood plc's ratings:

  -- Long-term Issuer Default Rating affirmed at 'D'

  -- Short-term IDR affirmed at 'D'

  -- US$60 million senior secured term loan rating is rated
     'CC'/'RR3'; Rating Watch Negative

  -- EUR166 million mezzanine notes, due 2010, affirmed at
     'C'/'RR6'

The withdrawal of Waterford's ratings follows the company's
announcement that certain UK and Irish assets of the group, along
with certain overseas assets and businesses, have been sold to a
newly formed company controlled by KPS Capital Partners LP, a New
York-based private equity company.  Completion is conditional on
customary closing conditions and is expected to take place in
March.

As the transaction has been conducted privately, the agency does
not expect to receive any material financial information to enable
the continued monitoring of Waterford's ratings, including the
Recovery Ratings assigned to the individual issues.

Fitch will no longer provide public ratings or analytical coverage
of Waterford Wedgwood.


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


AKSU 2004 LLP: Creditors Must File Claims by April 10
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Aksu 2004 insolvent.

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

         Kenesary St. 46-38
         Astana
         Kazakhstan

The Court is located at:

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


ASTYK AVIA: Creditors Must File Claims by April 10
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Astyk Avia insolvent.

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

         Kenesary St. 46-38
         Astana
         Kazakhstan

The Court is located at:

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


EXPO LLP: Creditors Must File Claims by April 10
------------------------------------------------
LLP Grain Company Expo insolvent.  Creditors have until April 10,
2009, to submit written proofs of claim to:

          Maulenov St. 21
          Kostanai
          Kazakhstan


GUN-2 LLP: Creditors Must File Claims by April 10
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Gun-2 insolvent.

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

         Tajybaev St. 23-59
         Kyzylorda
         Kazakhstan

The Court is located at:

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


KUNDYKOL LLP: Creditors Must File Claims by April 10
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Kundykol insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya St. 6
         Pavlodar
         Pavlodar
         Kazakhstan


NEXUS LLP: Creditors Must File Claims by April 10
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Company Nexus insolvent.

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

         Gogol St. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


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

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

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


SMART MASTER: Creditors Must File Claims by April 10
----------------------------------------------------
LLP Smart Master Company has declared insolvency.  Creditors have
until April 10, 2009, to submit written proofs of claim to:

         Temirlanovskoye Highway
         Abaisky district
         160050 Shymkent
         South Kazakhstan
         Kazakhstan


STYLE STROY: Creditors Must File Claims by April 10
---------------------------------------------------
LLP Style Stroy has declared insolvency.  Creditors have until
April 10, 2009, to submit written proofs of claim to:

          Deyev St. 7a
          Jezkazgan
          Karaganda
          Kazakhstan


TRISTAN OIL: Faces Regulatory Woes Over TNG's Change of Ownership
-----------------------------------------------------------------
Tristan Oil Ltd. on Wednesday, March 4, 2009, announced that on
February 27, 2009 the Ministry of Energy and Mineral Resources of
Kazakhstan submitted a formal notification to Tolkynneftegaz LLP
informing TNG that the transfer of ownership of TNG in 2003
violated the Government of Kazakhstan's pre-emptive rights.  The
MEMR has requested that another application regarding the transfer
of ownership be submitted within one month from the date of the
notification in order to afford the State of Kazakhstan the
opportunity to exercise or waive its pre-emptive rights in
connection with TNG's change of ownership in 2003.  TNG will
submit the application within the requested time period.

While TNG strongly disagrees with the MEMR's position, it will
continue to cooperate with the MEMR in an attempt to resolve this
matter.  The formal notification provided that any failure by TNG
to resubmit the application would result in the MEMR cancelling
TNG's subsoil use contract with respect to the Tolkyn field and
Tabyl block.

On February 2, 2009, the Department for Fighting Economic Offenses
and Corruption of the Mangistau region of Kazakhstan submitted a
letter to Tolkynneftegaz LLP informing TNG that it is the subject
of a criminal investigation.  The letter stated that the criminal
investigation relates to two gas pipelines and one condensate
pipeline built by TNG to transport its gas and condensate from the
Company's gas processing facility to the delivery point at the
Central Asia Center pipeline for gas and the Opornaya condensate
storage facilities for condensate but did not provide further
details.  TNG has requested that the Department provide details
regarding the basis for the investigation.

TNG is cooperating fully with the investigation.  TNG is unable to
assess at this stage any potential consequences should TNG fail to
obtain a favorable resolution with respect to this matter.

With respect to the similar criminal investigation by the
Department of KPM, which the Company reported on in a press
release dated January 1, 2009, no material developments have
occurred.

According to Moody's Investors Service, Tristan –-
http://www.tristanoil.com/–- is a special purpose vehicle
domiciled in the British Virgin Islands created for the sole
purpose of issuing secured notes to finance a loan to two oil and
gas companies, KPM and TNG, organized under the laws of
Kazakhstan.

                      *     *     *

As reported in the TCR-Europe on Jan. 16, 2009, Fitch Ratings
placed Tristan Oil Ltd.'s Long-term foreign currency Issuer
Default Rating and senior unsecured rating of 'B+' on Rating Watch
Negative.  Tristan's Recovery rating is 'RR4'.


TRISTAN OIL: Moody's Junks Corporate Family Rating from 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 the B3 Corporate
Family and Probability of Default ratings of Tristan Oil Ltd as
well as the B3 rating of its US$300 million and US$120 million
Senior Secured Notes maturing 2012.  The outlook on the ratings
has been changed to negative.  This rating action concludes
Moody's review for downgrade of Tristan's ratings.

The rating action reflects the recent developments in respect to
the status of resolution of a number of regulatory claims.  It
follows Tristan's announcement on March 4, 2009, that on February
27, 2009 the Ministry of Energy and Mineral Resources of
Kazakhstan submitted a formal notification to the company's key
operating subsidiary Tolkynneftegaz LLP informing TNG that the
transfer of ownership of TNG in 2003 violated the Government of
Kazakhstan's pre-emptive rights.  The MEMR has requested that
another application regarding the transfer of ownership be
submitted by March 27, 2009, to allow the state the opportunity to
exercise or waive its pre-emptive rights in connection with TNG's
change of ownership in 2003.  The formal notification also
provided that any failure by TNG to resubmit the application would
result in the MEMR canceling TNG's subsoil use contract with
respect to the Tolkyn field and Tabyl block.

In addition, from the same announcement Moody's became aware that
prior to these events, on February 2, 2009, the Department for
Fighting Economic Offenses and Corruption of the Mangistau region
of Kazakhstan submitted a letter to TNG informing TNG that it is
the subject of a criminal investigation (a similar letter has
previously been submitted with respect to the company's other
subsidiary KPM).  The letter stated that the criminal
investigation relates to two gas pipelines and one condensate
pipeline built by TNG to transport its gas and condensate from the
Company's gas processing facility to the delivery point at the
Central Asia Center pipeline for gas and the Opornaya condensate
storage facilities for condensate but did not provide further
details.  TNG has requested that the Department provide details
regarding the basis for the investigation.

TNG intends to cooperate with the authorities and will likely
resubmit the waiver application, within the requested time period.
TNG claims it is unable to assess at this stage any potential
consequences should TNG fail to obtain a favorable resolution with
respect to the matter.  The company also stated that no progress
has been achieved in respect to the criminal investigation opened
with respect to KPM earlier this year.

The recent developments signify the heightened risk of an
unfavorable resolution of the disputes, hence a considerably
higher probability of Tristan defaulting on its debt obligations,
which in Moody's view could occur either as a result of the change
of control (should the entity be sold to the Kazakh state or a
third party), or inability to operate normally in view of the
potential license revocation and/or considerably weakened business
fundamentals.  The ratings could also be negatively impacted by
liquidity considerations, should the company be requested to pay a
sizable fine to settle the claims.

Among other factors, the rating downgrade reflects the poor
visibility in respect to potential outcomes at this stage, as well
as the lack of information that would allow Moody's to draw
conclusions regarding the true nature of the disputes, their
legitimacy under the Kazakh law and potential consequences.  The
outlook on the ratings takes into account Moody's view that the
resolution of the dispute might take significantly longer than was
originally anticipated.

Moody's previous rating action on Tristan took place on February
18, 2009, when Tristan's ratings were downgraded to B3 from B2
leaving the ratings on review for further downgrade, following
protracted delays in resolving the claims.

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


TRITON ASIA: Creditors Must File Claims by April 10
---------------------------------------------------
LLP Triton Asia Ltd. has declared insolvency.  Creditors have
until April 10, 2009, to submit written proofs of claim to:

          Jambyl St. 111
          Almaty
          Kazakhstan


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


BEST TRADE: Creditors Must File Claims by March 20
--------------------------------------------------
LLC Best Trade Ltd. has declared insolvency.  Creditors have until
March 20, 2009, to submit written proofs of claim.

The company can be reached at (0-777) 73-03-09.


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


REDWOOD: Moody's Reviews Rating on EUR11.7MM Notes for Downgrade
----------------------------------------------------------------
Moody's Investors Service announced it has put on review for
possible downgrade its ratings of two classes of notes issued by
Redwood CBO S.A.

The transaction is a managed cash CDO referencing sub-investment
grade corporate bonds and sovereign debt.  The rating actions are
a response to credit deterioration in the underlying portfolio due
to corporate name defaults and general corporate deterioration.

This action is also related to the announcement that Moody's put
all but senior-most CLO tranches on review for downgrade on
March 4, 2009.

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

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

  -- Moody's Updates Key Assumptions for Rating CLOs (February
     2009)

The rating actions are:

Redwood CBO S.A.:

(1) EUR35,300,000 Class 2 Fixed Rate Notes due 2011

  -- Current Rating: A2, on review for possible downgrade
  -- Prior Rating: A2
  -- Prior Rating Date: 3 August 2001

(2) EUR11,675,000 Mezzanine Fixed Rate Notes due 2011

  -- Current Rating: Ba1, on review for possible downgrade
  -- Prior Rating: Ba1
  -- Prior Rating Date: 3 August 2001


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


FIXED-LINK BV: Fitch Downgrades Rating on Class C2 Notes to 'D'
---------------------------------------------------------------
Fitch Ratings has withdrawn the "AAA" ratings on the Class G1, G2,
A1, A2, B1 and B2 notes issued by Fixed-Link B.V., and downgraded
to a "D" rating the previously "CCC" rated Class C2 notes.  The
action follows the February 2009 fast-pay mechanism, which used
all available collateral to repay the G, A, B and C notes
sequentially at par.

Fitch understands that the Class G1, G2, A1, A2, B1 and B2 notes
principal was repaid in full on February 2, 2009, whereas the
Class C notes suffered a EUR28.2 million loss, equivalent to an
80% recovery rate, in line with the August 2007 Fitch estimate of
a DR2 recovery for this class of notes.

Since June 2007 the GBP916 million cash proceeds FLF received from
its impaired Eurotunnel debt holding were invested in "AAA" rated
investments, as required by the transaction documents covenants.
Due to premia requirements, the notes could not be prepaid
immediately, but had to wait until February 2009.

The cash flows, net of costs, and the re-investment rates between
June 2007 and February 2009 were sufficient to repay the Class G,
A and B notes in full, but determined an event of default on the
Class C notes, whose principal was only partially repaid; the
corresponding "D" rating reflects these circumstances (for more
information on Fitch's new rating definitions, please refer to the
criteria report titled "Revisions of Rating Definitions", dated
March 3, 2009, available at www.fitchratings.com), and will be
withdrawn in 30 days.

On February 25, 2009 The Class C2 noteholders agreed on collapsing
the structure, thus unwinding the bond issuance.

The full list of FLF1 notes is updated:

  -- GBP200 million Class A1 notes due 2025, paid-in-full

  -- EUR103 million Class A2 notes due 2025, paid-in-full

  -- GBP0.05 million Class B1 notes due 2025, paid-in-full

  -- EUR135 million Class B2 notes due 2025, paid-in-full

  -- EUR142 million Class C2 notes due 2025: rating downgraded
     to 'D' from 'CCC' / 'DR2', EUR28.2 million unpaid principal


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


GOLDEN OCEAN: Hemen Buys Two-Thirds of Convertible Bond Issue
-------------------------------------------------------------
Robert Wright at The Financial Times reports that Golden Ocean
Group Ltd has avoided a potential covenant breach after Hemen
Holdings Ltd, an investment vehicle of its chief executive John
Fredriksen, acquired two thirds of a convertible bond issue whose
terms require the Oslo-listed dry bulk shipowner to maintain a
market capitalization above a set value.

In a March 5 release, Golden Ocean said that Hemen purchased
US$165.3 million of nominal amount of the 3.625 % Golden Ocean
Group Convertible Bond Issue 2007/2012.  The purchase price was
30% plus accrued interest.  Settlement date will be March 10,
2009.

The FT relates Golden Ocean had said on Wednesday, when Mr.
Fredriksen's offer for the bonds was announced, that he intended
to change the term.  According to the FT, Golden Ocean had warned
it could run out of cash this month if bondholders enforced their
rights under the bond terms and prevented the company from drawing
further on its lending facilities.

The FT recalls Tor Olav Trψim, a key aide to Mr. Fredriksen and a
director of Golden Ocean, told the FT last week that Mr.
Fredriksen was willing to inject fresh capital into Golden Ocean
if the problem over the bonds could be resolved.

Mr. Fredriksen, the FT discloses, holds a 28.2% stake in Golden
Ocean, one of many dry bulk shipowners to have been hit by a
combination of a collapse in shipping rates and defaults on long-
term contracts.

Golden Ocean Group Limited (GOGL), formerly a subsidiary of
Frontline Ltd –- http://www.goldenocean.no/– is a company
incorporated in Bermuda and listed in Norway.  It is principally
engaged in dry bulk shipping.  It operates a fleet of owned and
leased panamax and capesize dry bulk vessels.  The Company also
trades freight forward agreements for the purpose of managing its
exposure to vessel spot market rates and for speculating.  It is
operational through a number of wholly owned subsidiaries in
Liberia, Singapore, Norway and Bermuda.  Golden Ocean Group
Limited has an office presence in Bermuda, Norway and Singapore.


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


AGRO-STROY-INVEST LLC: Creditors Must File Claims by March 29
-------------------------------------------------------------
Creditors of LLC Agro-Stroy-Invest (TIN 3128061299, PSRN
1073128002705, RVC 312801001) (Construction) have until March 29,
2009, to submit proofs of claims to:

         A. Zapryagayev
         Temporary Insolvency Manager
         Post User Box 12
         394038 Voronezh
         Russia

The Arbitration Court of Belgorodskaya will convene at 9:30 a.m.
on May 13, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A08–8393/2008–11B.

The Debtor can be reached at:

         LLC Agro-Stroy-Invest
         Vostochnyy 14
         Stary Oskol
         309502 Belgorodskaya
         Russia


GRAY LLC: Creditors Must File Claims by March 29
------------------------------------------------
Creditors of LLC Gray (TIN 5249001386) (Construction) have until
March 29, 2009, to submit proofs of claims to:

         A. Khludentsov
         Temporary Insolvency Manager
         Michurinskaya St. 106
         392018 Tambov
         Russia

The Arbitration Court of Nizhegorodskaya will convene at
9:00 a.m. on May 28, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A43–27989/2008 27–
188.

The Debtor can be reached at:

         LLC Gray
         Sitnikova St. 8/26
         Dzerzhinsk
         Russia


KIRISHSKIY BIO-CHEMICAL: Creditors Must File Claims by April 28
---------------------------------------------------------------
Creditors of FSUE Kirishskiy Bio-Chemical Plant (TIN 7809000261,
PSRN 1024701481122, RVC 770601001) have until April 28, 2009, to
submit proofs of claims to:

         V. Chenskikh
         Insolvency Manager
         Apt. 30
         Admirala Lazareva St. 27
         117042 Moscow
         Russia

The Arbitration Court of Saint-Peterburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56–26174/2008.

The Debtor can be reached at:

         FSUE Kirishskiy Bio-Chemical Plant
         Zuevo shosse 46 km
         Novaya Ladoga
         187126 Glazhevskaya
         Kirishskiy
         Leningradskaya
         Russia


NALCHIKSKIY TRIKOTAZH: Claims Filing Ends April 28
--------------------------------------------------
Creditors of LLC Nalchikskiy Trikotazh (Textile Industry) have
until April 28, 2009, to submit proofs of claims to:

         Ye. Shirova
         Insolvency Manager
         Tsiolkovskogo St. 7/307
         Nalchik
         Kabardino-Balkaria
         Russia

The Arbitration Court of Kabaldino-Balkaria commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A20–596/2008.

The Debtor can be reached at:

         LLC Nalchikskiy Trikotazh
         Mal'bakhova St. 9
         Nalchik
         Kabardino-Balkaria
         Russia


NORD-LES LLC: Creditors Must File Claims by March 29
----------------------------------------------------
Creditors of LLC Nord-Les (Forestry) have until March 29, 2009, to
submit proofs of claims to:

         S. Bondarev
         Insolvency Manager
         Sovetskaya St. 97/104
         156005 Kostroma
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13–8510/2008.

The Debtor can be reached at:

         LLC Nord-Les
         Office 54
         Prospect Lunacharskogo 43
         Cherepovets
         162600 Vologodskaya
         Russia


STROY-TSEM-SERVIS LLC: Creditors Must File Claims by March 29
-------------------------------------------------------------
Creditors of LLC Stroy-Tsem-Servis (TIN 5005044924)
(Construction) have until March 29, 2009, to submit proofs of
claims to:

         Z. Ganiyev
         Temporary Insolvency Manager
         Office 61
         Potapovskiy Pereulok 9/11
         101000 Moscow
         Russia

The Arbitration Court of Moscow will convene at 2:00 p.m. on
May 13, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. A41–27557/08.

The Debtor can be reached at:

         LLC Stroy-Tsem-Servis
         Pionerskaya St. 4
         Voskresensk
         140200 Moskovskaya
         Russia


VAGRIUS LLC: Creditors Must File Claims by March 29
---------------------------------------------------
Creditors of LLC Vagrius (TIN 8603089420, PSRN1028600960630)
(Construction) have until March 29, 2009, to submit proofs of
claims to:

         I. Glukhovchenko
         Temporary Insolvency Manager
         Apt. 6
         Mira St. 38
         Nizhnevartovsk
         Khanty-Mansiysk
         Russia

The Arbitration Court of Khanty-Mansiysk commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A75–
8137/2008.

The Debtor can be reached at:

         LLC Vagrius
         Chapayeva St. 83a
         Nizhnevartovsk
         628617 Khanty-Mansiysk
         Russia


ZAVOD STANKOKONSTRUKTSIYA: Claims Filing Period Ends April 28
-------------------------------------------------------------
Creditors of OJSC Zavod Stankokonstruktsiya (PSRN 10277005536931)
(Machine Tool Building Plant) have until April 28, 2009, to submit
proofs of claims to:

         P .Novikov
         Insolvency Manager
         Apt. 267
         Building 1
         Volzhskiy Blvd. 31
         Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–29906/08–103–91B.

The Debtor can be reached at:

         OJSC Zavod Stankokonstruktsiya
         Building 1
         Donskaya St. 4
         17049 Moscow
         Russia


ZEL-AK-BANK OJSC: Creditors Must File Claims by April 28
--------------------------------------------------------
Creditors of OJSC Zel-AK-Bank Commercial Bank (TIN 7735023046,
Registration Number 1813) have until April 28, 2009, to submit
proofs of claims to:

         Investment Insurance Agency
         Acting as Insolvency Manager
         Post User Box 48
         109052 Moscow
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40—95314/08–86-307B.

The Debtor can be reached at:

         OJSC Zel-AK-Bank
         Building 1515
         Zelenograd
         124683 Moscow
         Russia


ZISVALD LLC: Creditors Must File Claims by March 29
---------------------------------------------------
Creditors of LLC Zisvald (TIN 4345024715, PSRN 1034316548914)
(Lumbering) have until March 29, 2009, to submit proofs of claims
to:

         A. Kozlov
         Temporary Insolvency Manager
         Popova St. 30a
         610014 Kirova
         Russia

The Arbitration Court of Kirovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A28–
11940/2008–289/24.

The Debtor can be reached at:

         LLC Zisvald
         Gertsena St. 3
         Kirov
         Russia


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


TDA CAM 10: S&P Downgrades Rating on Class C Notes to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class B and C notes
issued by TDA CAM 10, Fondo de Titulizacion de Activos.  The
ratings on the class A and D notes remain unaffected.

The rating actions follow a full credit and cash flow analysis of
the most recent transaction information that S&P has received.
S&P's analysis showed that the credit enhancement available for
TDA CAM 10's class B and C notes is insufficient to maintain the
current ratings, due to increased default and loss assumptions.

At 7.62% of the current portfolio, the level of 90+ day
delinquencies including defaulted loans is well above the average
for other Spanish residential mortgage-backed securities
transactions that S&P rate with a similar seasoning.  This level
represents a quadrupling of severe delinquencies over the past six
months.

The transaction features a structural mechanism that traps excess
spread to provide for defaults.  Defaults in this transaction are
defined as arrears greater than 12 months.  Furthermore, when the
cumulative default rate in this transaction reaches a certain
percentage of the initial collateral balance, the priority of
payments changed to stop interest payments to the related class of
notes.

According to the last investor report, the level of cumulative
defaults as a percentage of the closing collateral balance was
0.26%.  If all loans currently in arrears for more than 90 days
were to ultimately become 12 months past due, cumulative defaults
would rise to a level of 7.5%.  The trigger level for deferral of
interest amounts is set at 6.75% for the class C notes.

Recent performance data combined with the portfolio
characteristics suggest that delinquencies and defaults will
continue to increase over the next few quarters.

The ratings on the class A notes are unaffected by the actions but
remain on CreditWatch negative, where they were placed on Nov. 27,
2008, due to exposure to an 'A-2' rated derivative counterparty.
Remedial actions have now been proposed and S&P is currently in
the process of reviewing whether these actions are in line with
S&P's counterparty criteria.

The notes, issued in December 2007, are backed by a portfolio of
residential mortgage loans secured over properties in Spain.  The
loans were originated and are serviced by Caja de Ahorros del
Mediterraneo.

                           Ratings List


           TDA CAM 10, Fondo de Titulizacion de Activos
EUR1,423.5 Million Residential Mortgage-Backed Floating-Rate Notes

       Rating Lowered and Removed from CreditWatch Negative

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

                        Ratings Unaffected

                    Class      Rating
                    -----      ------
                    A1         AAA/Watch Neg
                    A2         AAA/Watch Neg
                    A3         AAA/Watch Neg
                    A4         AAA/Watch Neg
                    D          CCC-


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


VOLVO AB: Board Withdraws Proposed Higher Bonus Caps for Execs
--------------------------------------------------------------
The Associated Press reports Volvo AB's board of directors last
week withdrew a proposal to raise bonus limits for the company's
top executives amid public outcry and criticism from the Swedish
Prime Minister.

According to the AP, the board's proposal included a raise of the
limit for performance-based salaries for 250 top executives to 60
percent of the fixed salary from the current 50 percent.  It also
included an increase to the number of shares in the executives'
incentive programs, the AP says.

Bloomberg News relates Volvo had proposed the changes last month,
saying higher bonuses would bring the manufacturer in line with
comparable companies and help recruit and retain executives.

"We have noted that the proposal presented created debate,
internally as well as externally," the AP quoted Volvo chairman
Finn Johnsson in a statement.  "As a result, the board does not
want to present a proposal that adversely affects cooperation
within the group in these exceptional times."

The AP discloses the Swedish truck maker reported a SEK1.4 billion
(US$120 million) loss in the fourth quarter and has been forced to
cut nearly 16,000 jobs in the wake of the global financial crisis.

                        French Gov't Aid

As reported in the Troubled Company Reporter-Europe on Feb. 12,
2009, according to Dow Jones Newswires, Volvo AB said it won't
take loans from the French government for its Renault Trucks unit
as it considers further job cuts.

Volvo has laid off 16,255 employees around the world since
September and has already cut the work force at Renault Trucks in
France by not renewing the temporary contracts of about 2,000
workers, according to Dow Jones.

The report disclosed France revealed last month details of a plan
to bail out its auto industry, which terms include keeping any
French plants open for the duration of the loans.

Dow Jones said French car makers PSA Peugeot-Citroλn SA and
Renault SA are to receive EUR3 billion, or about US$4 billion, in
loans each, and as part of their loan agreements, both companies
have agreed not to close any French plants for the duration of the
five-year loans.

"We can't take a loan [for Renault Trucks] with the kind of
conditions they're imposing for the car makers in France," Dow
Jones quoted Volvo spokesman Marten Wikforss as saying.

According to Dow Jones, Volvo bought Renault's truck business,
including Mack trucks in the U.S., in 2001 in a US$1.6 billion
deal.  As part of the agreement Renault took a 15% stake in the
Swedish truck maker.  Renault now is Volvo's largest shareholder
with a 21.8% share of the capital and 21.3% share of the votes.

                         About Volvo AB

Based in Gothenburg, Sweden, Volvo AB (OTC:VOLVY) --
http://www.volvo.com/-- is a supplier of commercial transport
solutions providing products, such as trucks, buses, construction
equipment, drive systems for marine and industrial applications,
as well as aircraft engine components.  The Company is also
engaged in providing financial services.  The business areas of
the Company are Volvo Trucks, Renault Trucks, Mack Trucks, Trucks
Asia, Buses, Construction Equipment, Volvo Penta, Volvo Aero and
Customer Finance.  The business units include Volvo Powertrain,
Volvo 3P, Volvo IT, Volvo Logistics and Volvo Parts.  On April 30,
2007, the Company completed the acquisition of American Ingersoll
Rand's road development division, with the exception of the
operations in India, which followed on May 4, 2007.  During the
year ended December 31, 2007, the Company completed the
acquisition of Nissan Diesel.  In January 2007, AB Volvo completed
the acquisition of 70% in Shandong Lingong Construction Machinery
Co. (Lingong).


VOLVO CAR: Says Financing Talks With Swedish Gov't Progressing
--------------------------------------------------------------
Ford Motor Co.'s Volvo Car Corporation said its talks with the
Swedish government on loan guarantees is progressing, Bloomberg
News reports.

The company is applying for funds from the European Investment
Bank and Sweden will probably underwrite all of those obligations,
the report cited Chief Executive Officer Stephen Odell as saying
in a March 3 interview with Bloomberg Television.

"The discussions with the Swedish government have been fantastic,"
Mr. Odell told Bloomberg Television.  "They feel confident enough
about our business viability. They're prepared to act as a 100
percent guarantor of loans that we've requested through the EIB,
and they've gone through a pretty tough regime of looking at our
business."

Meanwhile, the report relates Volvo Cars said there's evidence
that the global decline in auto sales is bottoming out.

According to the report, Mr. Odell said automakers may have cause
for optimism amid signs that the sales slump may be near bottom,
citing rising used- car values in Europe as evidence that
oversupply is drying up.

European car registrations plunged 27 percent in January to the
lowest level in at least two decades, according to data obtained
by Bloomberg News from the Brussels-based European Automobile
Manufacturers' Association.

                           Geely Deal

Ford is in talks to sell Volvo Cars to China's Geely Automobile
Holdings Ltd., Bloomberg News reports citing sources familiar with
the discussions.

Geely is expected to submit a bid for the Swedish car maker as
soon as next week, two people familiar with the situation said, as
cited by The Wall Street Journal.

Geely has begun working with a U.S.-based consulting firm to put
together a list of possible managers to run Volvo Cars under Geely
ownership, the Journal said citing one of its two sources.

                        About Volvo Cars

Based in Gothenburg, Sweden, Volvo Car Corporation ---
http://www.volvocars.com/--- since 1999, has been 100% owned by
Ford Motor Company.  The 'Volvo' name is the property of Volvo
Trademark Holding AB, which is owned jointly by Volvo Car
Corporation and the company's former owner, AB Volvo.


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


ALPENMILCH & HONIG: Creditors Must File Claims by April 10
----------------------------------------------------------
Creditors owed money by LLC Alpenmilch & Honig are requested to
file their proofs of claim by April 10, 2009, to:

         Claude Monnard
         Stuetzalpstrasse 5
         7265 Davos Wolfgang
         Switzerland

The company is currently undergoing liquidation in Davos.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 22, 2009.


C.F. GASTRO: Deadline to File Proofs of Claim Set March 13
----------------------------------------------------------
Creditors owed money by LLC C.F. Gastro are requested to file
their proofs of claim by March 13, 2009, to:

         Claudia Frey
         Liquidator
         Im Birchli 14
         8840 Einsiedeln
         Switzerland

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


CLEANING SHOP: Creditors Have Until May 11 to File Claims
---------------------------------------------------------
Creditors owed money by LLC Cleaning Shop are requested to file
their proofs of claim by May 11, 2009, to:

         JSC Phoenix Capital
         Mail Box: 2464
         8021 Zurich
         Switzerland

The company is currently undergoing liquidation in Hergiswil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 23, 2009.


LOCHER SECURITY: Creditors Must File Proofs of Claim by April 30
----------------------------------------------------------------
Creditors owed money by LLC Locher Security Service are requested
to file their proofs of claim by April 30, 2009, to:

         JSC Buhlmann Treuhand
         Bahnhofstrasse 30
         6110 Wolhusen
         Switzerland

The company is currently undergoing liquidation in Wolfwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 9, 2009.


PROSHOP OBERBURG: Creditors' Proofs of Claim Due by April 30
------------------------------------------------------------
Creditors owed money by LLC Proshop Oberburg B & L Trappe are
requested to file their proofs of claim by April 30, 2009, to:

         JSC GHZ Treuhand+ Revision
         Wankdorffeldstrasse 64
         3014 Bern
         Switzerland

The company is currently undergoing liquidation in Oberburg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 19, 2007.


P45 RECORDS: March 29 Set as Deadline to File Claims
----------------------------------------------------
Creditors owed money by LLC P45 Records are requested to file
their proofs of claim by March 29, 2009, to:

         Klingenstrasse 9
         8005 Zurich
         Switzerland

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


SUN FUN: Creditors Must File Proofs of Claim by March 29
--------------------------------------------------------
Creditors owed money by LLC Sun Fun Anita Grob are requested to
file their proofs of claim by March 29, 2009, to:

         Bahnhofstrasse 13
         9630 Wattwil
         Switzerland

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


UBS AG: Fitch Downgrades Individual Rating to 'D'
-------------------------------------------------
Fitch Ratings has affirmed the Long-term and Short-term Issuer
Default Ratings of UBS AG and UBS Limited at 'A+' and 'F1+,'
respectively.  The IDR affirmations reflect Fitch's view that,
while the group's credit risk profile on a standalone basis may
deteriorate over the near-term, given likely challenges to
profitability, franchise and capitalization, these risks are
mitigated by the very strong probability of government support.
The IDR Outlooks are Stable, reflecting Fitch's view of continued
official support being available.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's individual ratings and the prospect of external support
is reflected in Fitch's support ratings.  Collectively these
ratings drive Fitch's long- and short-term IDRs.

The agency has downgraded UBS's Individual rating to 'D' from 'C'
reflecting Fitch's concerns over the medium-term earnings outlook
for the bank amid the impact of ongoing reputational and
litigation issues on the stability of its key private banking and
wealth management franchise and persistently challenging market
conditions facing its investment banking franchise.  The Rating
Watch Negative on the Individual rating has been removed.

At the same time, UBS's Support rating has been affirmed at '1'
and its Support Rating Floor at 'A+'.  Following the issue of
mandatory convertible notes to the Swiss Confederation as part of
the asset protection measures announced in December 2008, UBS is
approximately 9% owned by the Swiss Confederation.  This support,
together with UBS's size relative to the Swiss banking sector,
underpins Fitch's view of the very strong likelihood of continued
support for the bank, and supports a Stable Outlook to its IDRs.

Fitch has also downgraded the preferred stock and trust preferred
securities issued by UBS and its preferred funding vehicles to
'BB' from 'BBB', reflecting the agency's view that the bank's
continued weak earnings outlook increases the possibility of
future coupon deferral, and that further pressure on capital
ratios and/or additional injection of state funds further
increases that possibility.  Fitch has maintained these
instruments on RWN to reflect this continued uncertainty.  Fitch's
hybrid capital rating criteria (July 2005) do not assume that
government support would be forthcoming for these instruments.
For similar reasons, Upper Tier 2 debt has been downgraded to
'BB+' from 'A' and placed on RWN.

These ratings downgrades signal Fitch's concern over an operating
outlook that presents persistent challenges to both the wealth
management and investment banking franchises over the medium term.
Fitch notes the recent appointment of Oswald Grubel as Chief
Executive Officer and the nomination of Kaspar Villiger as
Chairman, and views these as positive steps towards restoring
confidence in the bank.  However, the strategic and operating
challenges that UBS faces should not be underestimated. During
2008, UBS reported a CHF226 billion decline in net new money in
its combined global wealth management and asset management
businesses.  Management states that January saw positive flows but
it remains to be seen how quickly, and sustainably, the negative
trend can be reversed.  Fitch expects 2009 to be characterized by
continued economic uncertainty, so a material short-term recovery
in earnings therefore appears unlikely.  In Fitch's opinion any
strategic redirection will take some time to achieve and in the
meantime profitability is likely to remain severely challenged.
Further, in Fitch's opinion, the ongoing investigations
surrounding UBS's US cross border activities have the potential to
challenge its offshore banking franchise and broader business
strategy, further clouding a return to profitability.

Despite its problems, UBS has maintained a sound regulatory
capital position, with its reported quarterly and annual losses
offset by fresh capital.  Its end-2008 Tier 1 ratio of 11.5% also
reflected its efforts to reduce risk weighted assets.  In Fitch's
opinion, UBS continues to face de-leveraging and de-risking
challenges in order to meet the Swiss Financial Market Supervisory
Authority's new minimum leverage requirements.  While this should
be achievable within FINMA's reported timescale, continued
unstable market conditions, a weak earnings outlook and other
market participants' expectations surrounding leverage could
present challenges.  However, measures such as additional state
injections or the purchase or protection of troubled assets have
the potential to support capitalization and leverage.

Fitch will continue to monitor management's success in dealing
with these specific challenges and its ability to deliver stable,
sustainable and appropriate earnings with a refocused, lower risk
strategy.

Rating actions taken:

UBS AG:

  -- Long-term IDR: affirmed at 'A+'; Outlook remains Stable

  -- Senior unsecured debt: affirmed at 'A+'

  -- Subordinated debt: affirmed at 'A'

  -- Preferred stock: downgraded to 'BB' from 'BBB'; remains on
     Rating Watch Negative

  -- Upper Tier 2 subordinated debt: downgraded to 'BB+' from 'A';
     placed on Rating Watch Negative

  -- Short-term IDR: affirmed at 'F1+'

  -- Commercial paper and Short-term debt: affirmed at 'F1+'

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

  -- Support rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A+'

UBS Limited:

  -- Long-term IDR: affirmed at 'A+'; Outlook remains Stable
  -- Short-term IDR: affirmed at 'F1+'
  -- Support rating: affirmed at '1'

UBS Preferred Funding Trust 1, 2, 3, and V
UBS Preferred Funding Co. LLC 1, 2, 3, and V

  -- Preferred/Trust preferred stock: downgraded to 'BB' from
     'BBB'; remains on Rating Watch Negative


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


ARCELIK AS: Fitch Cuts Local Currency Long-Term IDR to 'BB'
-----------------------------------------------------------
Fitch Ratings has downgraded Arcelik A.S.'s local currency Long-
term Issuer Default Rating to 'BB' from 'BB+' and National Long-
term rating to 'AA(tur)' from 'AA+(tur)'.  Arcelik's foreign
currency Long-term IDR of 'BB' has been affirmed.  All the ratings
have been assigned Negative Outlooks.

The downgrades reflect Arcelik's increased net leverage at end
FY08 of 5.1x which was above Fitch's expectations.  While the
company has announced two major fund-raising initiatives from its
main shareholder Koc Group, further deleveraging is likely to
present a challenge in view of the weakening outlook for household
appliances in 2009 and possibly in 2010.

The company's FY08 results revealed some operating margin erosion
despite reasonable top line growth.  Higher-than-expected
financial charges, driven by an increased cost of funding,
materially eroded Arcelik's net profitability in FY08.  The
company has announced it will raise TRY250 million from the sale
of an equity stake it holds in Koc Group's financial subsidiaries.
Arcelik will also launch a TRY250 million rights issue, backed by
its majority shareholder, Koc Holding.  As such, Fitch expects
Arcelik to raise a total of TRY500 million in H109.  Furthermore,
Fitch has noted the board's recommendation to not pay dividends
from 2008 earnings in 2009, and other initiatives intended to
conserve cash, such as reducing annual capex to maintenance levels
only.  The cash injection and the planned operational
restructuring initiatives are expected to neutralize Arcelik's
negative free cash flows and reduce leverage.

At end FY08, the company reported 5.1x net leverage (end-FY07:
4.2x) and 1.4x net fixed charge coverage (end-FY07: 1.9x).
Arcelik had TRY3.5 billion gross debt at end FY08, of which more
than half is due in H209 and FY10, imposing a relatively short
maturity schedule on the company, which is typical of Turkish
exporters due to the use of short-term trade credit.

The Negative Outlook is based on Fitch's assessment of the
continued expected weaknesses in Arcelik's core markets, namely
Turkey and Europe.  Fitch expects net leverage to stay above 3x
net debt /EBITDA levels, despite the lower debt stock.

The challenges facing Arcelik are also being endured by its peers.
Whirlpool and Electrolux (both rated 'BBB-' (BBB minus)/Negative),
two of Arcelik's closest competitors on a global scale, also
sustained profitability declines in 2008 primarily due to sharply
lower demand.

Arcelik is Turkey's largest household appliances manufacturer,
with over a 50% domestic market share.  It produced 10 million
units of white goods and 2.8 million units of TV sets and reported
TRY6.8 billion in consolidated sales in FY08.  The company is 56%-
owned by Koc Group of Turkey, while 21% is quoted on the Istanbul
Stock Exchange.


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


ANTAL RESOURCE: Creditors Must File Claims by March 20
------------------------------------------------------
Creditors of LLC Antal Resource Group (EDRPOU 35481379) have until
March 20, 2009, to submit proofs of claim to Insolvency Manager
LLC Audit Company Analitsynthese.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 49/33-?.

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 Antal Resource Group
         Kikvidze St. 18
         01103 Kiev
         Ukraine


EUROMONOLIT-F LLC: Creditors Must File Claims by March 20
---------------------------------------------------------
Creditors of LLC Euromonolit-F (EDRPOU 33638367) have until
March 20, 2009, to submit proofs of claim to:

         I. Gusar
         Insolvency Manager
         Post Office Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 44/49-?.

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 Euromonolit-F
         Office 22
         Mechnikov St. 8
         01023 Kiev
         Ukraine


MOTORCAR SALON: Creditors Must File Claims by March 20
------------------------------------------------------
Creditors of LLC Motorcar Salon on Levoberezhnaya (EDRPOU
33543459) have until March 20, 2009, to submit proofs of claim to
Insolvency Manager L. Nazarenko.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 50/379.

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 Motorcar Salon On Levoberezhnaya
         Office 105A
         M. Raskovaya St. 21
         02002 Kiev
         Ukraine


RUBICON LLC: Creditors Must File Claims by March 19
---------------------------------------------------
Creditors of LLC Rubicon (EDRPOU 31204255) have until March 19,
2009, to submit proofs of claim to:

         State Tax Inspection in Vyshgorod
         Insolvency Manager
         Shevchenko Avenue 1a
         07300 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B2/222-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern St. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Rubicon
         Vyshgorod
         07300 Kiev
         Ukraine


SLOT LTD: Creditors Must File Claims by March 19
------------------------------------------------
Creditors of LLC Slot Ltd. (EDRPOU 31801889) have until March 19,
2009, to submit proofs of claim to:

         State Tax Inspection in Vyshgorod
         Insolvency Manager
         Shevchenko Avenue 1a
         07300 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B3/285-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern St. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Slot Ltd
         Shevchenko St. 1
         Vyshgorod
         07300 Kiev
         Ukraine


VITIAZ LLC: Creditors Must File Claims by March 19
--------------------------------------------------
Creditors of LLC VITIAZ (EDRPOU 31070811) have until March 19,
2009, to submit proofs of claim to:

         State Tax Inspection in Vyshgorod
         Insolvency Manager
         Shevchenko Avenue 1a
         07300 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B2/222-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern St. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Vitiaz
         Kiev St. 10
         Vyshgorod
         07300 Kiev
         Ukraine


VYSUN-MTS-SERVICE LLC: Creditors Must File Claims by March 19
-------------------------------------------------------------
Creditors of LLC Vysun-MTS-Service (EDRPOU 00429192) have until
March 19, 2009, to submit proofs of claim to Insolvency Manager S.
Ratinskaya.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/395/08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Vysun-MTS-Service
         Vysunsk
         Berezneguvatsky
         Nikolayev
         Ukraine


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


ASHTEAD GROUP: S&P Changes Outlook to Negative; Keeps 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said it revised to negative
from stable its outlook on U.K.-based plant hire firm Ashtead
Group PLC, reflecting S&P's expectation of a deteriorating trading
environment in the group's core U.S. and U.K. nonresidential
construction markets.  At the same time, the group's 'BB-' long-
term corporate credit rating was affirmed.

"The negative outlook primarily reflects our concerns that the
group's markets are suffering from recessionary economic
conditions, which will contribute to a significant slowing in
nonresidential construction activity," said Standard & Poor's
credit analyst Leigh Bailey.  "A moderation of demand has been
expected for some time and Ashtead is well prepared to counter a
slowing in its markets.  However, the depth and duration of the
downturn and its potential impact on the group's medium-term
operating performance and financial profile, in S&P's view, is
sufficiently uncertain to warrant a negative outlook."

Ashtead's performance in the equipment rental business is closely
tied to the construction spending cycle.  Nonresidential spending
is starting to decline compared with 2007's healthy conditions.
Currently, Standard & Poor's expects a decline in nonresidential
construction spending in 2009.  More specifically, S&P's economic
forecast is for a 15% decline in U.S. nonresidential construction
spending.  As a late cycle business, the full extent of the
economic downturn, in S&P's view, has not yet fully filtered
through to Ashtead's reported results.

While Ashtead achieved profit growth in the first half of its
current financial year ended April 30, 2009, the group's third-
quarter results for the period ended Jan. 31, 2009, provide strong
evidence, in S&P's opinion, that the economic slowdown is
beginning to have an adverse impact on Ashtead's operating
performance.  Difficult market conditions in the third quarter
were reflected by a reduction in dollar revenues of 15% and a fall
in profits of 46% in the group's U.S. rental business, which
accounts for about 80% of group revenues.  At the U.K. operations,
revenues reduced by 14% and profits decreased to marginal levels.
S&P believes that the operating environment will remain difficult
during 2009 and that like-for-like operating performance over the
next few quarters will be subject to considerable pressure.

Ashtead has taken effective action to adjust its cost base to a
harsher market environment and to significantly reduce capital
expenditure to preserve cash and to reduce high debt levels.
Important structural factors, driven by recessionary economic
conditions, such as diminishing rental rates, depending on the
region and equipment type, and a downward trend in time
utilization rates may, however, be challenging to fully offset
with cost-saving measures.

The negative outlook reflects S&P's concerns that the
deterioration in market conditions for the nonresidential
construction industry may constrain the group's future operating
performance.  This could potentially hamper the group's efforts to
improve its leveraged financial profile.

Ashtead's ability to generate free cash flow in line with plan
will be an important support to the financial profile if operating
profits come under pressure.  Should free cash flow not be
maintained in line with management's expectations or underlying
asset values supporting the group's borrowing base deteriorate to
such an extent that liquidity is materially constrained, the
ratings could be lowered.  If target ratios of FFO to debt of 25%-
30% and adjusted debt to EBITDA at constant currency of 2.5x-3.0x
are maintained, S&P would view this as consistent with the current
rating levels.

On the basis of information currently available to the rating
agency, S&P anticipates that an outlook revision to stable is
unlikely in the short term due to the uncertain trading
environment.


CAPMARK SERVICES: Fitch Downgrades Servicer Rating to 'CPS2+'
-------------------------------------------------------------
Fitch Ratings has downgraded Capmark Services (Ireland) Limited
and Capmark Services UK Limited's UK Commercial Mortgage Primary
and Special Servicer ratings to 'CPS2+' and 'CSS2' from 'CPS1-
(minus)' and 'CSS2+', respectively.  The agency has simultaneously
placed the ratings on Rating Watch Negative.

The rating actions are the direct result of the downgrades of
Capmark Financial Group Inc.'s Long and Short-term Issuer Default
Ratings to 'B-' (B minus) and 'B' from 'BBB-' (minus) and 'F3'
respectively on February 26, 2009.  While the CFG downgrades do
not immediately impact Capmark's UK servicing operation, the
downgrades do affect Capmark's financial condition which is an
important component within Fitch's servicer ratings.  Fitch
understands that Capmark is self-sustaining and is not reliant on
CFG for financial support.  Nevertheless, the CFG downgrades
hinder the parental support afforded Capmark should the need
arise.

The RWN addresses Fitch's ongoing concerns and uncertainty
surrounding Capmark's ability to effectively administer and manage
commercial mortgage loans, and how CFG's current financial
situation may impact Capmark in the near- to long-term.  Fitch
will continue to monitor the situation and specifically assess how
CFG's financial performance impacts Capmark.  The agency will take
additional ratings action if necessary.

Fitch notes that there have been no changes to Capmark's
management team since the agency's review in March 2008 and
staffing levels within the UK and European servicing teams based
in Mullingar, Ireland and London have remained fairly stable.
Based on current and projected growth in special servicing, a new
asset manager was hired in mid-2008, and additional administrative
resources have been allocated to the special servicing team.

The agency also notes that Capmark Ireland currently provides
servicer advancing, in place of the traditional liquidity
facility, for several European CMBS transactions issued since
2007.  However, the advancing agent is Capmark Bank Europe plc and
while the bank is scheduled to surrender its banking license
shortly, Bank of America, N.A. (London Branch) (BoA, rated
'A+'/Stable/'F1+') has been appointed as the backup advancing
agent on all relevant transactions.  While there is no implicit
guarantee from either CFG or Capmark Ireland to advance on the
bank's behalf, the advancing responsibility would presumably fall
to BoA should the need arise.  Fitch understands from
conversations with Capmark that discussions are currently underway
with BoA regarding the operational aspects of BoA assuming the
advancing role.

As of end-February 2009, Capmark's UK servicing portfolio included
392 loans secured by 1,545 properties with an Unpaid Principal
Balance of GBP8.38 billion.  The remaining portfolio includes 356
loans secured by 3,528 properties located throughout Europe with
an UPB of EUR27.2 billion.

The RWN indicates that Fitch may either downgrade or affirm
Capmark's servicer ratings depending on the stability of the
servicing portfolio, operational capabilities and financial
condition.  The RWN is expected to be resolved once more
information is received regarding Capmark's future, and once
Capmark demonstrates the continuity and stability of its
operation, in light of its current situation.

Capmark is currently the named primary and/or special servicer on
these Fitch-rated UK and European CMBS transactions with advancing
requirements duly noted:

  -- Cornerstone Titan 2005-1 plc
  -- Cornerstone Titan 2005-2 plc
  -- Cornerstone Titan 2006-1 plc (servicer advancing)
  -- Cornerstone Titan 2007-1 plc (servicer advancing)
  -- European Property Capital 3 plc
  -- European Property Capital 4 plc
  -- Fleet Street Finance 2 plc
  -- Fleet Street Finance One plc
  -- Fleet Street Finance Three plc
  -- German Residential Asset Note Distributor plc
  -- German Residential Funding plc
  -- Infinity 2007-1 (SoPRANo)
  -- ING (UK) Listed Real Estate Issuer plc
  -- Taurus CMBS (Germany) 2006-1 plc
  -- Taurus CMBS (Pan-Europe) 2006-3 plc
  -- Taurus CMBS (Pan Europe) 2007-1 Limited
  -- Taurus CMBS (UK) 2006-2 plc
  -- Taurus CMBS No. 1 plc
  -- Taurus CMBS No 2 S.r.l.
  -- Titan Europe 2007-1 (NHP) Limited (servicer advancing)
  -- Titan Europe 2007-2 Limited (servicer advancing)
  -- Ursus EPC plc
  -- Victoria Funding (EMC-III) plc
  -- EuroProp (EMC) S.A. (Compartment 1)
  -- Tahiti Finance Plc

Fitch notes that the current servicer ratings downgrades for
Capmark do not have any immediate impact on the ratings of the
above referenced CMBS transactions.  However, the agency will
continue to monitor the situation as it relates to the Capmark's
servicing of the securitized transactions and take additional
rating action if necessary.


COCO RIBBON: Enters Administration Amid Sales Slump
---------------------------------------------------
Nadia Ghani at Brand Republic reports that Coco Ribbon, a luxury
underwear, clothing and gift boutique in west London, has ceased
trading after the economic downturn hit sales.

The report relates that according to Alison Chow, founder of Coco
Ribbon, online sales did not contribute enough for the company to
remain buoyant.

Ms. Chow, as cited by the report, said the retailer, which had
recently published plans to expand into Russia, is currently
entering administration and will assess a number of restructuring
options.


CORNHILL CONSTRUCTION: Two Subsidiaries Placed Into Administration
------------------------------------------------------------------
Alex Hawkes at Construction News reports that directors of
Cornhill Construction placed two of the group's subsidiaries,
Cornhill Interiors and Cornhill Retail, into administration
following a full review by Tenon Recovery.

Colin Wilson of Tenon Recovery was appointed administrator of both
companies Tuesday last week, the report discloses.

Cornhill Construction, the report relates, suffered from cash flow
issues and in recent weeks has been experiencing increasing
pressure from creditors.  The group laid off 21 people at the same
time, with only 41 staff left to maintain the goodwill of the
contracts, the report notes.

"The Group will endeavor to continue with all client contracts
while seeking a sale of the business.  We have already been
speaking to a number of well known parties in the construction
industry that have shown strong interest and we are hopeful of
deal in the coming weeks," the report quoted Mr. Wilson as saying.

Citing accounts filed with Companies House, the report discloses
Cornhill Interiors had a turnover of GBP13 million in the year to
March 2008.


FRASER EAGLE: Enters Administration; 180 Jobs at Risk
-----------------------------------------------------
BBC News reports that the directors of Fraser Eagle, the main
sponsor of Accrington Stanley FC, filed a notice of intention to
appoint an administrator for the company, putting 180 jobs at
risk.

According to BBC, the areas of the company affected are Fraser
Eagle Ltd, Property Holding Company Ltd and Fraser Eagle London,
which make up the majority of operations.  The offices at its
headquarters in Padiham have been closed to the public, BBC notes.

BBC states administrators will now be appointed to go in and run
the company.

BBC relates that the business has been badly hit by the economic
climate and has lost contracts with First travel and Arriva.

Rob Heyes, chief executive of Accrington Stanley, as cited by the
report, said the company's administration would have obvious
implications for the club.

Fraser Eagle is a transport, travel and logistics business based
in Padiham, Lancashire.


ITV PLC: Moody's Downgrades Senior Unsecured Ratings to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service said that it has downgraded ITV plc's
senior unsecured ratings, Corporate Family Rating and Probability
of Default rating, to Ba2 (from Ba1).  The rating outlook for ITV
is negative.  The downgrade is prompted by the pronounced weakness
in UK television advertising, which has continued to deteriorate
in recent months, and Moody's expectation that ITV's debt
protection measurement will weaken further.  A negative outlook
reflects the lack of visibility as ITV remains hamstrung by
regulatory constraints such as the contract rights renewal
mechanism at least for the current year.

According to ITV, the company's Net Advertising Revenue fell by
4%, but remained ahead of the overall UK market, which was down by
5%.  ITV's estimates regarding current trading suggest that
negative trends continue unabated with a further sequential
worsening relative to the fourth quarter of 2009 expected with
both ITV and the market down by a further 17% year-on-year.
Forward visibility remains very limited and while comparables
begin to ease with Q3 2009, a NAR decline that reaches double
digits now appears probable and a NAR decline into 2010 not
unlikely.  Against this background, ITV's operating profitability
will remain under pressure (pre-exceptional EBITA was GBP 211
million for 2008 after GBP311 million in 2009) and measures of
relative indebtedness are set to worsen (Net Debt /EBITDAR (pre
exceptionals) increased to ~4.1x from ~2.7x in 2007), Moody's
said.

The agency also notes that ITV has abandoned its ambitious growth
targets for 2012 as laid out in September 2007 and is now
emphasizing cost reductions and cash generation while focusing on
its core remit as producer-broadcaster.  To combat top-line
pressure, the company has stepped up its cost saving plans and now
expects to achieve increased efficiency savings of GBP50 million
(previously GBP27 million) and GBP65 million in programming
savings in 2009.  While ambitious, this appears achievable, given
amongst other things that ITV's commercial competitors are under
significant cost pressure as well.  ITV has maintained its family
SOCI target of 38.5% for 2012 and in 2008 broadly held its family
SOCI share at 41% (after 41.7%) and its overall share of NAR.
However, while the flagship ITV1 channel kept SOCI in absolute
terms relatively stable at 236 billion impacts (after 237 billion
in 2007) continued growth in available impacts meant that ITV1's
SOCI share, a key driver for its 2009 NAR under the CRR mechanism
fell to 30% (from 32%).  Nevertheless the Ba2 rating remains
supported by the still considerable strength of ITV's broadcasting
franchise, its well established programming operations and the
positive impact of the company's efforts to compensate for the
decline in ITV1's NAR, by developing the share of audience and
therefore NAR of a broader family of digital channels.  Moody's
also notes that recent regulatory developments suggest that there
might be some easing of the burden for ITV as the CRR and public
service reviews progress and that ITV has identified assets for
sale (Friends Reunited) and is reviewing others in its efforts to
protect the balance sheet.

Moody's regards ITV's liquidity profile as sufficient for its
current needs.  As of December 2008, the company had cash and cash
equivalents of GBP446 million (excluding certain restricted und
unavailable cash amounts totaling GBP170 million).  During the
first quarter of 2009 ITV also drew down GBP50 million under a new
ten-year loan and GBP125 million under a new five-year facility,
which together with cash on hand allowed the company to repay a
GBP250 million bond that matured in March 2009 and to make a
GBP50 million final payment in respect of the earn-out relating to
the Friends Reunited acquisition in 2005.  The remaining cash on
hand together with a committed GBP75 million facility, which the
company expects to utilize during 2009 should allow ITV to satisfy
its near-term operational liquidity needs.  However, Moody's will
carefully monitor developments during 2009 and would expect ITV to
underpin its liquidity position further when possible.  The agency
notes that ITV has now no material scheduled debt maturity before
October 2011.  Moody's does not believe that ITV will contemplate
any material acquisitions in the near-term and in any case would
expect any such transaction to be funded from the proceeds of
asset or equity sales.  While ITV should be in compliance with the
financial covenants under its un-drawn GBP450 million Revolving
Credit Facility (due June 2011) for the December 31, 2008 testing
date, Moody's believes that ongoing compliance with covenants
might well be challenging in the near-term and therefore excludes
the facility from its liquidity considerations.

Ratings downgraded are : ITV's EMTN program to Ba2 (from Ba1),
long-term debt issues under the program falling due 2011, 2015 and
2017 to Ba2 (from Ba1) as well as ITV's CFR and PDR to Ba2 (from
Ba1).  The last rating action for ITV was on September 16, 2008
when Moody's downgraded the company's senior unsecured ratings to
Ba1 (from Baa3) and its short-term ratings to Non-Prime (from
Prime-3).  At the same time the agency assigned a Ba1 Corporate
Family Rating, a Ba1 Probability of Default rating and a negative
outlook to the company.

Headquartered in London, England, ITV plc is the leading owner of
channel 3 franchises in the UK free-to-air TV market, and
generated turnover of just over GBP2 billion in the year to
December 2008.


ITV PLC: S&P Lowers Long-Term Corporate Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit and senior unsecured debt ratings on U.K.
private TV broadcaster ITV PLC to 'BB-' from 'BB+'.  The outlook
is stable.

Simultaneously, the ratings were removed from CreditWatch where
they had been placed with negative implications on Jan. 27, 2009.

At the same time, S&P affirmed its 'B' short-term corporate credit
rating on ITV.  The '4' recovery rating on all of ITV's
outstanding bonds is unchanged.  The '4' recovery rating indicates
S&P's expectation of average (30%-50%) recovery for unsecured
creditors in the event of a payment default.

"The downgrade reflects our opinion of the material deterioration
of ITV's reported EBITDA and credit measures in 2008, as well as
S&P's view that both are likely to suffer further deterioration in
2009, in line with S&P's expectations of a significant decline of
the U.K. advertising market this year," said Standard & Poor's
credit analyst Melvyn Cooke.

The downgrade also reflects S&P's view that ITV's liquidity, which
was one of the key supporting factors at the 'BB+' rating level,
is likely to weaken more significantly than S&P had initially
expected over the next few quarters, despite ITV's announcement
that it has suspended a final dividend payment for 2008, and that
it will benefit from cost savings of about GBP155 million in 2009.
S&P also understand that ITV's management intends to increase cost
savings to an annual total of GBP175 million by 2010 and GBP245
million in 2011.

The stable outlook incorporates S&P's assumptions that ITV's
advertising revenues are not likely to decrease significantly more
than at a low double-digit rate in 2009, and that ITV's cost and
cash saving initiatives should somewhat limit the impact on its
EBITDA margin, cash flow, and credit measures.  S&P would expect
ITV to post adjusted gross debt to EBITDA of under 7x in 2009, and
to remain free cash flow positive.

"The outlook also reflects our anticipation that ITV will continue
to protect its audience and advertising market share in the
current downturn, despite likely cuts to programming costs," said
Mr. Cooke.

Finally, S&P believes that ITV's liquidity is likely to remain
adequate in 2009, despite the anticipated lack of availability of
its GBP450 million revolver during the year.

A fall in ITV's advertising and EBITDA margin greater than S&P
currently anticipate, and/or unexpected cash flow losses resulting
in credit measures weaker than S&P currently expect, may result in
an outlook revision to negative or a downgrade.  The ratings would
come under pressure if the group's liquidity were to steadily
deteriorate.

Conversely, any financial policy initiative that would result in a
material strengthening of ITV's capital structure and liquidity
may result in upward rating momentum.  Material improvement in
ITV's operating performance, while not anticipated by Standard &
Poor's at this point, could also result provide upward ratings
movement.


LLOYDS BANKING: U.K. Gov't Provides US$367 Bln in Asset Insurance
-----------------------------------------------------------------
Andrew MacAskill and Jon Menon at Bloomberg News report Lloyds
Banking Group Plc obtained GBP260 billion (US$367 billion) in
state guarantees increasing the U.K. government's stake in the
bank to as much as 75 percent from 43 percent.

Under the agreement, Lloyds will pay GBP15.6 billion for asset
protection, or 5.2 percent of the insured assets, in the form of
non-voting shares, the report says citing the bank in a statement.

Lloyds also agreed to increase lending to businesses and
homeowners by GBP28 billion over the next 24 months, the report
relates.

In return, the report says Lloyds will get government insurance
for GBP74 billion of residential mortgages, GBP18 billion of
unsecured personal loans, GBP151 billion of corporate and
commercial loans and GBP17 billion of treasury assets.

The report relates Lloyds will be responsible for the initial
GBP25 billion of losses on the insured assets and will cover 10
percent of any additional losses, with the Treasury responsible
for the rest.

The government will also underwrite a GBP4 billion share sale and
convert existing preference shares into equity, the report
discloses.

According to Bloomberg News, about 83 percent of the assets Lloyds
is insuring came from HBOS Plc.  Lloyds acquired HBOS's
deteriorating quality of loans when it bought the firm in a
government-brokered deal, the report says.

The report recalls in September, Lloyds agreed to buy HBOS for
about GBP7.7 billion as the government sought to prevent HBOS from
collapsing after credit markets froze.  Last month, HBOS posted a
pretax loss of GBP7.5 billion, the report notes.

                         Right Deal

Reuters reports Lloyds chief executive Eric Daniels said the asset
protection scheme is good for investors as it will provide
protection against a weakening economy.

"We got the right deal for Lloyds shareholders," Mr. Daniels told
Reuters in an interview.  "I think that with the (asset
protection) scheme we are tremendously well-capitalized in an
uncertain environment, and that's not a bad place to be."

Mr. Daniels said he would meet with shareholders today, Monday, to
discuss the agreement, Reuters relates.

The Lloyds board has unanimously backed the agreement, reached
early on Saturday after two weeks of negotiations with the
government, the bank said as cited by Reuters.

                     About Lloyds Banking Group PLC

Lloyds Banking Group Plc (LON:LLOY) –-
http://www.lloydsbankinggroup.com/-- formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007.  Cheltenham & Gloucester plc (C&G) is the
Company's specialist mortgage arranger.  Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account.  International business is conducted mainly in the United
States and continental Europe.  Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.


MACKINTOSH & PARTNERS: Appoints Liquidators from Tenon Recovery
---------------------------------------------------------------
A. J. Pear and I. Cadlock of Tenon Recovery were appointed joint
liquidators of Mackintosh & Partners Ltd. on Feb. 13, 2009, for
the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Third Floor
         Lyndean House
         43/46 Queens Road
         Brighton
         East Sussex
         BN1 3XB
         England


MWPA LTD: Taps Joint Liquidators from Baker Tilly
-------------------------------------------------
Andrew Martin Sheridan and Guy Edward Brooke Mander of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators of
MWPA Ltd. on Feb. 11, 2009, for the creditors' voluntary winding-
up proceeding.

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

         Hartwell House
         55-61 Victoria Street
         Bristol
         BS1 6AD
         England


SPRINGFIELD ENGINEERING: Appoints Joint Liquidators from PKF
------------------------------------------------------------
Ian J. Gould and Brian J. Hamblin of PKF (UK) LLP were appointed
joint liquidators of Springfield Engineering Ltd. on Feb. 12,
2009, for the creditors' voluntary winding-up proceeding.

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

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


TATA MOTORS: Jaguar Workers Accept Shorter Week, Pay Freeze
-----------------------------------------------------------
The Daily Telegraph reports that workers at Tata Motor Ltd's
Jaguar Land Rover accepted a shorter working week and a one-year
pay freeze to avoid compulsory job cuts.

The report relates members of Unite and the GMB unions voted 70%
to 30% in favor of the deal on the advice of union officials.

According to the report, the deal is designed to save GBP70
million at production sites in Castle Bromwich and Solihull in
central England and Halewood in Liverpool, northwest England.

Jaguar Land Rover, the report discloses, has laid off around 1,800
permanent and agency staff in recent months after suffering from
slumping demand in the global downturn.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2008, Standard & Poor's Ratings Services kept its 'BB'
corporate credit rating on India's Tata Motors Ltd. On CreditWatch
with negative implications, pending finalization of
the long-term financing plans for funding the company's purchase
of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--).  At
the same time, Standard & Poor's ratings on all Tata Motors' rated
debt remain on CreditWatch with negative implications.

The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover.  Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights).  Ford  contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2008, Moody's Investors Service downgraded the corporate
family rating of Tata Motors Ltd to B1 from Ba2.  The outlook
remains negative.

"The rating change reflects the slowdown in demand seen in both
Tata Motors Ltd's domestic and overseas markets.  This translates
into pressure on profitability, and happens at a time when the
company has increased its leverage.  Tata Motors Ltd's financial
flexibility is therefore significantly weakened," Elizabeth Allen,
a Moody's Vice President/Senior Credit Officer said.


TATA MOTORS: Moody's Downgrades Corporate Family Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Tata Motors Ltd to B3 from B1.  The outlook remains
negative.

"The rating change reflects TML's limited financial flexibility,
high gearing as well as imminent refinancing risk in the context
of weak market conditions in India and overseas," says Elizabeth
Allen, a Moody's Vice President/Senior Credit Officer.

"The significant decline in sales volume challenges the company's
ability to achieve cash flow and profitability breakeven and thus
a reliance on debt funding," says Allen.

The Indian commercial and passenger vehicle markets declined
significantly by 44% and 16% year-on-year respectively during
4Q2008.  Although TML increased its market share, it reported
sharp decline in profitability for the quarter and the 9 months
ended December 2008.

Some improvements were seen in January and February.  TML reported
year-on-year domestic sales volume decline of 25% for commercial
vehicles in February while volume for passenger cars was similar
to the previous year.  The commercial vehicle segment is not
expected to rebound to near historical levels in the near term.
As a result, any cost savings and reduction in raw material prices
may not be sufficient to offset the impact of volume reduction.

At the same time, TML overseas operation, Jaguar Land Rover, also
reported a material decline in overall sales.  Since global auto
market conditions are likely to remain depressed in 2009, JLR's
performance will remain under significant pressure.

While TML has reviewed and cut back its capital expenditure, it
expects to maintain R&D spending on new product introduction as
well as investment in the Nano project in order to maintain its
competitiveness.  As a result, until any equity raising or asset
divestment is completed, the prospect of de-leveraging in the next
12-18 months is very limited.  Moody's expects TML's leverage to
remain at a high level which is more commensurate with (or below)
a B3 rating.

TML's capital structure also has a very high proportion of short-
term debt.  The US$2 billion bridge loan (paid down from US$3bn)
that TML raised for the acquisition of JLR will fall due in early
June.  TML started the negotiation with key lenders for its
refinancing, but the timeframe to complete such refinancing is yet
to be finalized.  Given the very tight credit conditions globally,
the refinancing poses a significant risk to the company.

Excluding the bridge loan, TML relies on uncommitted renewable
bank lines for funding, a common practice in India.  Moody's
acknowledges TML's recognition in the Indian market and the fact
that, as part of the broader Tata Group, it has good access to the
Indian banking system.  Therefore the current rating assumes that
these domestic bank credit facilities will be rolled-over as in
the past.

The rating also incorporates TML's strong market position in India
as well as support from Tata Sons Ltd (unrated).  While the
broader Tata Group faces significant challenges given the group's
expansion in recent years, being part of the group helps TML's
access to funding.

The negative outlook reflects TML's imminent refinancing needs,
tight liquidity position, weak capital structure and challenging
market conditions.  As such, a rating upgrade is unlikely in the
near term.

The rating could revert to stable if 1) the bridge loan is
successfully funded by appropriate long-term funding; 2) the
reliance on short-term debt funding is reduced such that the
overall capital structure of the group is more balanced; and 3)
operating performance stabilizes.  The completion of asset sales
or equity-related fund raising, which would result in a material
and lasting reduction in the company's leverage, could also
benefit the rating.

On the other hand, the rating would experience downward pressure
if: 1) TML fails to effectively refinance the bridge loan; 2)
there is further deterioration in the motor industry's or TML's
fundamentals; and/or 3) signs emerge that access to funding is
proving difficult.

Moody's last rating action with regard to TML was a downgrade to
B1 with a negative outlook taken on November 28, 2008.

Tata Motors Ltd, incorporated in 1945, is India's largest
manufacturer of commercial vehicles and second largest of
passenger vehicles.  Its products include light, medium and heavy
commercial vehicles (trucks, pick-ups and buses), utility vehicles
and cars.

TML is listed on the Bombay Stock Exchange, National Stock
Exchange of India and New York Stock Exchange.  It was ultimately
42% owned by the Tata Group as of Decembers 2008.


T & A LOGISTICS: Calls in Joint Liquidators from Tenon Recovery
---------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of T & A Logistics (Newcastle) Ltd. on
Feb. 17, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne & Wear
         SR5 3JN
         England


T M PROPERTIES: Taps Joint Liquidators from Tenon Recovery
----------------------------------------------------------
A. J. Pear and I. Cadlock of Tenon Recovery were appointed joint
liquidators of T M Properties Ltd. on Feb. 16, 2009, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         T M Properties Ltd.
         30-34 North Street
         Hailsham
         East Sussex
         BN27 1DW
         England


T.G. MULTIPLAS: Appoints Joint Liquidators from Tenon Recovery
----------------------------------------------------------------
Jonathan Paul Philmore and Thomas Ernest Dixon of Tenon Recovery
were appointed joint liquidators of T.G. Multiplas Ltd. on
Feb. 18, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Unit 1
         Calder Close
         Calder Park
         Wakefield
         WF4 3BA
         England


TRADEWINDS INTERNATIONAL: Appoints Liquidators from Baker Tilly
---------------------------------------------------------------
Andrew Martin Sheridan and Guy Edward Brooke Mander of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators of
Tradewinds International (Timber) Ltd. on Feb. 11, 2009, for the
creditors' voluntary winding-up proceeding.

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

         Hartwell House
         55-61 Victoria Street
         Bristol
         BS1 6AD
         England


TRIBUNE LTD: Moody's Junks Rating on US$10 Mil. Notes from 'B2'
---------------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of one class of notes issued by Tribune Ltd.

This transaction represents the repackaging of certain Aaa rated
collateral and a synthetic link to the Maple 2005-241 CDO Tranche
A1 swap.  The Issuer has also entered into an asset and default
swap with Royal Bank of Canada, currently rated Aaa.  This rating
action is the result of the downgrade of Maple 2005-241 CDO
Tranche A1 swap to Ca from B2.

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

  -- Repackaged Securities (October 2001)

  -- Moody's Refines It's Approach to Rating Structured Notes
     (July 1997)

The rating action is:

Tribune Ltd:

(1) Series 20 US$10,000,000 Floating Rate Credit Linked Secured
Notes due 2010

  -- Current Rating: Ca
  -- Prior Rating: B2
  -- Prior Rating Date: 24 October 2008, downgraded to B2 from A3


TURNBULL LTD: Taps Joint Liquidators from Tenon Recovery
--------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of Turnbull (Electro Platers) Ltd. on
Feb. 16, 2009, for the creditors' voluntary winding-up proceeding.

The company can be reached through Tenon Recovery at:

         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England


* PwC Says UK Companies Face Deep and Prolonged Recession
---------------------------------------------------------
Economists at PricewaterhouseCoopers LLP (PwC) have warned that
companies need to plan for a deep and prolonged recession.  The
main scenario in the latest PwC UK Economic Outlook report is for
GDP to fall by more than 3% in 2009, followed by average GDP
growth of around zero in 2010.

The report sees the recession continuing throughout 2009 and into
early 2010, with a peak to trough fall in UK GDP of around 4.5%
between Q2 2008 and Q1 2010, similar to the early 1980s recession
and worse than the mid-1970s or early 1990s downturns.

John Hawksworth, head of macroeconomics at PricewaterhouseCoopers
LLP, said: "This relatively downbeat projection reflects a
combination of rising unemployment, falling house prices, reduced
credit availability and slower global growth.

"Furthermore, risks are weighted to the downside and we recommend
that businesses should stress test their plans and valuations
against a pessimistic scenario of an even deeper and more
prolonged slump in which GDP falls by around 5% this year,
followed by a further 2% fall in 2010.

"With further interest rate cuts likely to bring limited economic
benefits, there needs to be an increasing focus on quantitative
easing by the Bank of England to ease liquidity and credit
conditions in key asset markets."

Consumer spending is forecast to fall by around 3% this year, due
to the severe squeeze from high debt levels, tighter credit
conditions, falling housing wealth and rising unemployment.  There
is also expected to be a further real decline of around 0.75% in
consumer spending in 2010, as households try to reduce their debt
burdens and return savings ratios to more normal levels.

At the same time, PwC expects average UK house prices to fall by a
further 15-20% this year and business investment to decline by
more than 10% in 2009.  The relatively cyclical manufacturing
sector is expected to suffer particularly severely from the
decline in world trade associated with the global recession, with
UK manufacturing output projected to fall by more than 8% in 2009.

The report also warns that the budget deficit is projected to jump
to around 10% of GDP in 2009/10, which would be the highest level
since the Second World War.  Bringing this deficit back down will
require a combination of significant tax increases and tight
public spending controls in the medium term, although such
measures should not be introduced until after the recession is
over.

             About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.


* BOND PRICING: For the Week March 2 to March 6, 2009
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

CYPRUS
------
Abh Financial Lt          8.200    06/25/12     USD      69.88
                          8.200    06/25/12     USD      69.78
Alfa MTN Invest           9.250    06/24/13     USD      72.54

FRANCE
------
Alcatel SA                4.750    01/01/11     EUR      12.89
                          6.380    04/07/14     EUR      56.68
Axa SA                    7.130    12/15/20     GBP      75.19
                          8.600    12/15/30     USD      72.00
Calyon                    6.000    06/18/47     EUR      44.10
Soc Air France            2.750    04/01/20     EUR      18.62
Wavecom SA                1.750    01/01/14     EUR      30.73

GERMANY
-------
Bayer AG                  5.000    07/29/2105   EUR      73.06

GREECE
------
Antenna TV SA             7.250    02/15/15     EUR      63.13

HUNGARY
-------
Agrokor                   7.000    11/23/11     EUR      67.02

IRELAND
-------
Allied Irish Bks          5.250    03/10/25     GBP      63.11
                          5.630    11/29/30     GBP      59.13
Alfa Bank                 8.630    12/09/15     USD      56.54
                          8.640    02/22/17     USD      49.38
Ardagh Glass              7.130    06/15/17     EUR      65.63
                          7.130    06/15/17     EUR      65.85
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Bank of Ireland           4.630    02/27/19     EUR      60.55

ITALY
-----
Banca Italease            3.000     06/30/11    EUR      73.75
                          3.000     09/30/11    EUR      71.13

LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13     USD      65.06
Ak Bars Bank              9.250    06/20/11     USD      69.41
Alrosa Finance            8.880    11/17/14     USD      66.82
                          8.880    11/17/14     USD      65.64
Bank of Moscow            7.340    05/13/13     USD      60.15
                          7.340    05/13/13     USD      61.60
                          7.500    11/25/15     USD      52.01
                          6.810    05/10/17     USD      43.25
Beverage Pack             8.000    12/15/16     EUR      70.79
                          8.000    12/15/16     EUR      70.38
                          9.500    06/15/17     EUR      44.75
                          9.500    06/15/17     EUR      45.48

NETHERLANDS
-----------
ABN Amro Bank NV          6.000    03/16/35     EUR      49.63
Achmea Hypobk             4.300    04/03/24     EUR      76.40
                          4.000    12/27/24     EUR      71.63
Aegon NV                  6.130    12/15/31     GBP      69.00
Air Berlin Finance BV     1.500    04/11/27     EUR      34.53
Alfa Bk Ukraine           9.750    12/22/09     USD      56.46
ALB Finance BV            9.000    11/22/10     USD      19.99
                          9.750    02/14/11     GBP      19.99
                          8.750    04/20/11     USD      19.97
                          7.880    02/01/12     EUR      18.98
ASML Holding NV           5.750    06/13/17     EUR      65.46
ASM Intl NV               4.250    12/06/11     USD      71.50
                          4.250    12/06/11     USD      65.75

Astana Finance            7.880    06/08/10     EUR      29.99
ATF Capital BV            9.250    02/21/14     USD      41.93
                          9.250    02/21/14     USD      53.70
Centercrdt Intl           8.000    02/02/11     USD      50.78
                          8.630    01/30/14     USD      36.71
Hit Finance BV            4.880    10/27/21     EUR      73.99
JSC Bank Georgia          9.000    02/08/12     USD      34.75

SPAIN
-----
Ayt Cedulas Caja          3.750    06/30/25     EUR      73.72
Banco Bilbao Viz          4.380    10/20/19     EUR      71.05

UNITED KINGDOM
--------------
Annes Gate Ppty           5.660    06/30/31     GBP      75.23
Anglian Water
  Finance Plc             2.400    04/20/35     GBP      48.63
Ashtead Holdings          8.630    08/01/15     USD      56.13
                          8.630    08/01/15     USD      56.75
Aspire Defence            4.670    03/31/40     GBP      62.52
                          4.670    03/31/40     GBP      61.90
Aviva Plc                 5.250    10/02/23     EUR      47.28
                          6.880    05/22/38     EUR      46.97
                          6.880    05/20/58     GBP      67.85
Azovstal                  9.130    02/28/11     USD      37.55
Barcklays Bk Plc          9.750    09/30/09     GBP      52.59
                          5.750    09/14/26     EUR      74.20
Beazley Group             7.250    10/17/26     GBP      69.04
British Airways Plc       8.750    08/23/16     GBP      73.88
British Land Co           5.360    03/31/28     GBP      76.31
                          5.360    03/31/28     GBP      73.64
                          5.010    09/24/35     GBP      71.57
Broadgate Finance Plc     4.850    04/05/31     GBP      73.55
                          5.000    10/05/31     GBP      66.87
                          5.100    04/05/33     GBP      59.29
                          4.820    07/05/33     GBP      70.87
CGNU Plc                  6.130    11/16/26     GBP      59.72
Heating Finance           7.880    03/31/14     GBP      38.75

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *