TCREUR_Public/090312.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

           Thursday, March 12, 2009, Vol. 10, No. 50

                            Headlines

A U S T R I A

AKRON MANAGEMENT: Claims Registration Period Ends April 2
AMTMANN LLC: Claims Registration Period Ends April 1
ASSETS-REMARKETING LLC: Claims Registration Period Ends April 1
EURO JORDAN: Claims Registration Period Ends April 1


B E L G I U M

FORTIS BANK: Fitch Puts Issuer Default Rating on Positive Watch


F I N L A N D

DYNEA INTERNATIONAL: Moody's Cuts Corporate Family Rating to 'B2'


F R A N C E

BELVEDERE SA: S&P Withdraws 'D' Long-Term Corporate Credit Rating
UNION NAVAL: Put Into Liquidation by Marseilles Court


G E R M A N Y

ACHIM HARTEL: Claims Registration Period Ends April 9
BAU SERVICE: Claims Registration Period Ends April 22
BK VERWALTUNGS: Claims Registration Period Ends April 20
BUECHERWERK GMBH: Claims Registration Period Ends April 9
CJ TRANS: Claims Registration Period Ends April 14

FORCE TWO: Fitch Junks Rating on EUR9.7 Mln Class E Notes
HEIDELBERGCEMENT AG: Fitch Cuts LT Issuer Default Rating to 'B'


H U N G A R Y

INVITEL HOLDINGS: S&P Affirms LT Corporate Credit Rating at 'B'


I C E L A N D

ISLANDSBANKI: To Write Off ISK2.9 Bln on Arvakur Sale
KAUPTHING BANK: Loaned ISK500 Bln to Owners Prior to Collapse
LANDSBANKI ISLANDS: To Write Off ISK2.9 Bln on Arvakur Sale
LANDSBANKI ISLANDS: Moody's Cuts Senior Debt Ratings to 'C'
STRAUMUR-BURDARAS: State to Cover ISK60 Billion of Deposits


I T A L Y

ALITALIA SPA: EU Endorses Privatization, AirFrance Deal Closes
ARTIGIANFIDI VARESE: Fitch Affirms 'BB+' LT Issuer Default Rating
BERICA 6: Moody's Downgrades Rating on Class D Notes to 'B3'
BERICA 6: Fitch Lowers Rating on Class C Notes to 'BB+'


K A Z A K H S T A N

AK-KUYIN LLP: Creditors Must File Claims by April 24
AVAND EXPERT: Creditors Must File Claims by April 24
KAZ SNUB DOR: Creditors Must File Claims by April 24
KOKSHETAU HLEBO: Creditors Must File Claims by April 24
MED INVEST: Creditors Must File Claims by April 24

VARS EK LLP: Creditors Must File Claims by April 24


K Y R G Y Z S T A N

HIM TORG-1 OJSC: Creditors Must File Claims by March 27


L U X E M B O U R G

BGL SA: Fitch Puts Issuer Default Rating on Positive Watch
COLT TELECOM: S&P Puts 'B' Ratings on Positive CreditWatch
KAUPTHING BANK: Luxembourg Unit to Shed Assets Prior to Takeover


M A C E D O N I A

* MUNICIPALITY OF SKOPJE: S&P Assigns 'BB' LT Issuer Credit Rating


N E T H E R L A N D S

CLIO EUROPEAN: S&P Cuts Ratings on Four Classes of Notes to 'CC'


R U S S I A

BELYY LEV CJSC: Creditors Must File Claims by March 29
DON-STROY LLC: Creditors Must File Claims by March 29
INFO-STROY-MONOLIT LLC: Creditors Must File Claims by April 28
PATRUS LLC: Creditors Must File Claims by March 29
RUSSIAN CAR: S&P Downgrades Rating on Class C Notes to 'BB-'

STROITEL' LLC: Creditors Must File Claims by March 29
STRUCTURAL ALUMINUM: Court Names Temporary Insolvency Manager
STRUCTURES-M PLANT LLC: Creditors Must File Claims by March 29
TROIKA DIALOG: S&P Affirms 'B+/B' Counterparty Credit Ratings
URAL-TORG-RESURS LLC: Creditors Must File Claims by March 29


S P A I N

CEMEX ESPANA: Fitch Downgrades Issuer Default Rating to 'B'
CEMEX ESPANA: S&P Lowers Corporate Credit Rating to 'B-'
CEMEX SAB: Postpones US$500MM Bond Sale as Borrowing Costs Surged


S W I T Z E R L A N D

AEROTRONIC JSC: Creditors Must File Proofs of Claim by March 23
CHICO GASTRO: Deadline to File Proofs of Claim Set March 23
CUS JSC: Creditors Have Until March 23 to File Claims
DACSA HOLDING: Proofs of Claim Filing Deadline is March 23
ELECTRONIC CO: Creditors' Proofs of Claim Due by March 23

LEHMAN BROTHERS: Swiss Liquidators Take Lead Role for Unit
UBS AG: Revises 2008 Net Loss to CHF20.9 Bln on U.S. Lawsuits


U K R A I N E

ENERGY SPECIAL: Creditors Must File Claims by March 22
DNEPROPRESS PLANT: Court Starts Bankruptcy Supervision Procedure
KAGARLIK OJSC: Creditors Must File Claims by March 22
KANTAKUZOVKA AGRICULTURAL: Claims Filing Period Ends March 22
ODESSA LLC: Creditors Must File Claims by March 22

PRISKO LLC: Creditors Must File Claims by March 22
SKYLINK LLC: Creditors Must File Claims by March 22
SVERDLOVSK MINE: Court Starts Bankruptcy Supervision Procedure
VELIKA BURIMKA: Creditors Must File Claims by March 22
ZAPOROZHYE POWER: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

BSH UK: Administrators Selling Nightclub Business
CARLTON PRESS: Goes Into Administrative Receivership
CITEXX LTD: Appoints Joint Administrators from Baker Tilly
CLERICAL MEDICAL: S&P Corrects Error on Junior Debt Rating
EDEN STATE: Calls in Joint Administrators from Tenon Recovery

ENNSTONE PLC: In Administration; Two Subsidiaries Sold to Breedon
GEARBOX (SOUND & VISION): Administrators Put Assets for Sale
GLASCON LTD: Creditors' Meeting Scheduled on March 24
MAZAK LTD: Taps Joint Administrators from Smith & Williamson
MELCHIOR CDO: Fitch Junks Ratings on Four Classes of Notes

MHS ELECTRONICS: Administrators Put Business & Assets for Sale
OBSERVER STANDARD: Goes Into Administration; 150 Jobs at Risk
PREFERRED RESIDENTIAL: S&P Junks Rating on Class FTc of 06-1 Notes
QED COMMERCE: Appoints Joint Administrators from Tenon Recovery
SOUTHERN PACIFIC: Moody's Lifts Rating on Class B Notes to 'Ba1'

SPIRIT ISSUER: Moody's Cuts Ratings on Two Classes of Notes to Ba2
TRIANGLE COMPUTER: Goes Into Administration; 100 Jobs at Risk
TRINITY STREET: Calls in Joint Administrators from Tenon Recovery
VEDANTA RESOURCES: Moody's Comments on Proposed Asarco Acquisition
VITRALEX LTD: Creditors' Meeting Scheduled on March 24

W & J SCAFFOLDING: Taps Joint Administrators from BDO
WREKIN CONSTRUCTION: Goes Into Administration; 600 Jobs at Risk

* Moody's Cuts Ratings on 160 Notes Issued by Certain CDO Deals
* S&P Puts Six Low-B Rated Tranches on CreditWatch Negative

* Upcoming Meetings, Conferences and Seminars


                         *********


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


AKRON MANAGEMENT: Claims Registration Period Ends April 2
---------------------------------------------------------
Creditors owed money by LLC Akron Management CEE (FN 278115v) have
until April 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Wien
         Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-mail: office.wien@ulsr.at

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

         Land Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 5, 2009, (Bankr. Case No. 5 S 17/09y).


AMTMANN LLC: Claims Registration Period Ends April 1
----------------------------------------------------
Creditors owed money by LLC Amtmann (FN 35917w) have until
April 1, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Helmut Klementschitz
         Friedrichgasse 6/12
         8010 Graz
         Austria
         Tel: 0316/810000
         Fax: 0316/81000081
         E-mail: ra.klementschitz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 14, 2009, for the
examination of claims at:

         Graz Land Court by Civil Cases (638)
         Hall K
         Room 205
         Graz
         Austria

Headquartered in Graz – Puntigam, Austria, the Debtor declared
bankruptcy on Feb. 10, 2009, (Bankr. Case No. 40 S 9/09k).


ASSETS-REMARKETING LLC: Claims Registration Period Ends April 1
---------------------------------------------------------------
Creditors owed money by LLC Assets-Remarketing (FN 269417b) have
until April 1, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 15, 2009, for the
examination of claims at:

         Land Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 9, 2009, (Bankr. Case No. 4 S 15/09x).


EURO JORDAN: Claims Registration Period Ends April 1
----------------------------------------------------
Creditors owed money by LLC Euro Jordan (FN 290398g) have until
April 1, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Andrea Simma
         Favoritenstrasse 22/12a
         1040 Wien
         Austria
         Tel: 504 64 08
         Fax: 504 64 08 22
         E-mail: simma@mitrecht.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 15, 2009, for the
examination of claims at:

         Land Court of Vienna (007)
         Room 1609
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 9, 2009, (Bankr. Case No. 38 S 4/09d).


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


FORTIS BANK: Fitch Puts Issuer Default Rating on Positive Watch
---------------------------------------------------------------
Fitch Ratings has placed Fortis Bank's and BGL SA's Long-term
Issuer Default Ratings of 'A+' on Rating Watch Positive.

The RWP reflects the potential support that ownership by BNP
Paribas would provide.  Over the weekend, the Belgian government,
BNP Paribas and the Fortis holding companies have announced a new
agreement whereby BNP Paribas would acquire controlling stakes in
Fortis Bank and BGL SA.  However, this agreement remains subject
to the approval of Fortis' shareholders' meetings planned in early
April.

In the meantime, Fortis Bank and BGL SA continue to be state-
controlled.  Fitch has accordingly affirmed the Support '1'
Ratings and Support Rating Floors of 'A+' of both banks, which
continue to underpin their Long-term IDRs.

Fortis Bank and BGL SA have Individual ratings of 'F'.  In line
with Fitch policy, this 'F' Individual rating is retrospective in
character, reflecting the agency's opinion that the banks needed
support.  Once clarity is achieved on how being part of BNP
Paribas will impact the banks' financial profile, management and
business model, Fitch will re-rate the banks and the Individual
ratings will be upgraded.


Fortis Bank

  -- Long-term IDR 'A+' placed on RWP

  -- Short-term IDR affirmed at 'F1+'

  -- Senior unsecured 'A+' placed on RWP

  -- Subordinated debt 'A' placed RWP

  -- Support rating affirmed at '1',

  -- Support Rating Floor affirmed at 'A+'

  -- Hybrid capital instruments 'BB-' (BB minus) rating watch   -
     revised to Positive from Negative

  -- Individual rating 'F' is unaffected by the decision

BGL SA

  -- Long-term IDR 'A+' placed on RWP
  -- Short-term IDR affirmed at 'F1+'
  -- Senior unsecured 'A+' placed on RWP
  -- Subordinated debt 'A' placed on RWP
  -- Support rating affirmed at '1',
  -- Support Rating Floor affirmed at 'A+'
  -- Individual rating 'F' is unaffected by the decision

Fortis Luxembourg Finance

  -- Short-term debt affirmed at 'F1+'
  -- Senior unsecured 'A+' placed on RWP
  -- Subordinated debt 'A' placed on RWP


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


DYNEA INTERNATIONAL: Moody's Cuts Corporate Family Rating to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Dynea's Corporate Family
and Probability of Default Ratings to B2.  The outlook is
negative.

The rating action was prompted by a swift deterioration in market
conditions for end-user industries of Dynea's products towards the
end of fiscal year 2008 which has led to material pressure on
volumes and top line growth as well as on profitability.  Debt and
cash flow metrics have materially weakened with Debt / EBITDA
reaching 6.0x at fiscal year end 2008 (4.6x in 2007) and CFO /
Debt dropping to 10.8% (19.8%), which is not commensurate with the
guidance previously provided for the B1 rating category.

Moody's notes that Q4 results of Dynea were negatively impacted by
one-off partially non cash effects such as inventory write downs
and restructuring charges notwithstanding that some of the
restructuring provisions being booked during the quarter will have
a cash impact going forward and will weigh on cash flow metrics.
The negative outlook reflects Moody's expectation of ongoing
difficult market conditions during at least the first half of
fiscal year 2009 which will continue to impact the cash flow
generation of the group.  It is also noted that high raw material
costs might continue to weigh on the operating metrics of the
group as some legacy inventories will still be consumed in Q1 2009
although most of the impact from high raw material costs has
already occurred during the fourth quarter of fiscal year 2008
when Dynea already wrote down the value of its inventory.  The
agency also expects covenant pressure to possibly increase during
the first Half of 2009 with the interest coverage covenant being
most at risk of being breached.

The liquidity position of Dynea is adequate.  The liquidity needs
over the next twelve months consisting primarily of capex and
working capital requirements are expected to be covered from
operating cash flows, cash available on balance sheet (EUR25.5
million at December 31, 2008) and availability under the group's
EUR70 million revolver (EUR59.9 million at December 31, 2008).
Moody's liquidity assessment assumes continued availability under
Dynea's EUR70 million revolver, which could be at risk if the
company breaches any covenants during the course of 2009.

These ratings are affected by the rating action:

  * Dynea International Oy -- B2 Corporate Family Rating / B2
    Probability of Default Rating

The last rating action on Dynea was on September 11, 2007, when
the company was upgraded by one-notch to B1.

Dynea International Oy is a diversified specialty chemicals group
headquartered in Helsinki, Finland.  The group produces industrial
and panelboard resins as well as interior and engineered wood
solutions for the construction, furniture, automotive and
machinery & equipment industry.  Dynea reported 2008 Revenues of
EUR864 million and an EBITDA of EUR41 million.


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


BELVEDERE SA: S&P Withdraws 'D' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'D'
long-term corporate credit rating on France-based spirits and wine
producer Belvedere S.A.  The 'D' issue rating on Belvedere's
EUR375 million senior secured floating-rate notes and their
recovery rating of '4' were also withdrawn.  This action results
from the scarcity of information on Belvedere's safeguard
proceeding and its company financials, which means S&P can no
longer maintain or amend S&P's ratings on the company.

Belvedere's safeguard protection was recently extended by six
months until July 16, 2009.  Belvedere's management has stated its
intention to submit a reorganization plan to the court before the
end of this period.  However, since the inception of the safeguard
proceeding in July 2008, there has been no information available
on possible steps or the shape of future reorganization.  In a
recent update, management stated that "it will be for the courts
to decide" on the validity and the amount of claims to be included
in the reorganization plan.  According to Belvedere, out of
EUR375 million in floating-rate note claims, only approximately
EUR140 million worth were filed at the inception of the proceeding
on July 16, 2008, and such filings are being challenged.  As to
financial information, management has stated that it estimated
2008 EBITDA to be "approximately EUR30 million," which falls short
of the guidance of EUR60 million it gave in early 2008.  In
Belvedere's last published financial statements, which cover the
six months to June 30, 2008, consolidated financial gross debt was
about EUR590 million.


UNION NAVAL: Put Into Liquidation by Marseilles Court
-----------------------------------------------------
Andrew Spurrier at Lloyd's List reports that the Marseilles court
of commerce on Tuesday decided to put shiprepairer Union Naval
Marseille into liquidation.

The report relates the court turned down pleas from Fabrice
Cirillo, the laywer representing UNM's 140-strong worforce, to
give the company time to produce a recovery plan.  The court, as
cited by the report, said the company was unable to continue in
activity without running up new debts.

Mr. Cirillo said employees would probably appeal against the
court's decision, the report states.

UNM, the report notes, is involved in a dispute with the CGT union
confederation.  According to the report, the CGT claims that the
liquidation of UNM is being "orchestrated" by its parent, Spain's
Boluda group, as a means of breaking its resistance to the
company's plans to make massive use of subcontractors rather than
increase the size of the company's permanent workforce.  Boluda,
the report recalls, decided to withdraw financial support for the
company.

The report recounts UNM has been disrupted by industrial action
since mid-January over the question of subcontractors and the
sacking of seven employees accused of obstructing their colleagues
who wanted to work.

The report meanwhile discloses the port of Marseilles supervisory
board is to hold an emergency meeting on Monday to discuss the
situation at the port's eastern docks, which are affected by
industrial action by UNM employees and port authority workers.

                        Bankruptcy Filing

In a March 5 report, Lloyd's List disclosed UNM filed for
bankruptcy Thursday last week, claiming "Mafia-style" union
harassment had lost the support of its Spanish parent.  The report
recalled the company, which lost EUR3.5 million last year as a
result of disruption at the port of Marseilles over port reform,
formally declared itself unable to meet its financial obligations
before the court.

Headquartered in Marseilles, France, Union Navale de Marseille
operates a shipyard for military ship repairs.


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


ACHIM HARTEL: Claims Registration Period Ends April 9
-----------------------------------------------------
Creditors of Achim Hartel GmbH have until April 9, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Goettingen
         Hall B 8
         Berliner Strasse 8
         37073 Goettingen
         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:

         Burghard Wegener
         Obere Karspuele 36
         D 37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

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

The Debtor can be reached at:

         Achim Hartel GmbH
         Attn: Thomas Hartel, Manager
         Rudolf Winkel Strasse 7
         37079 Goettingen
         Germany


BAU SERVICE: Claims Registration Period Ends April 22
-----------------------------------------------------
Creditors of Bau Service Wrist GmbH have until April 22, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:50 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 Itzehoe
         Hall 2
         Theodor-Heuss-Platz 3
         25524 Itzehoe
         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:

         Dietmar Penzlin
         Rathausstrasse 2
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Bau Service Wrist GmbH
         Attn: Leonhard Schilke, Manager
         Am Sportplatz 2
         25563 Wrist
         Germany


BK VERWALTUNGS: Claims Registration Period Ends April 20
--------------------------------------------------------
Creditors of BK Verwaltungs und Bau GmbH have until April 20,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 19, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 1
         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:

         Andre Loeffler
         Klewitzstr. 15
         39112 Magdeburg
         Germany
         Tel: 0391/7324630
         Fax: 0391/7324633
         E-mail: magdeburg@loeffler-insolvenzverwalter.de

The District Court opened bankruptcy proceedings against the
company on March 6, 2009.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         BK Verwaltungs und Bau GmbH
         Dorfstr. 23
         39365 Wefensleben
         Germany

         Attn: Heino Barheine, Manager
         Thie 15
         39365 Wefensleben
         Germany


BUECHERWERK GMBH: Claims Registration Period Ends April 9
---------------------------------------------------------
Creditors of Buecherwerk GmbH have until April 9, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 5, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B 11
         Berliner Strasse 8
         37073 Goettingen
         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:

         Burghard Wegener
         Obere Karspuele 36
         D 37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

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

The Debtor can be reached at:

         Buecherwerk GmbH
         Platz der Goettinger Sieben 4
         37073 Goettingen
         Germany

         Attn: Andreas Morin and
               Andreas Kolle, Managers


CJ TRANS: Claims Registration Period Ends April 14
--------------------------------------------------
Creditors of CJ Trans und Service GmbH have until April 14, 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 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 Magdeburg
         Hall 14
         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:

         Cathleen Tetzel
         Halberstadter Strasse 115
         39112 Magdeburg
         Germany
         Tel: 0391-7276484
         Fax: 0391-7276486
         E-mail: t-s-insolvenzverwaltung@primacom.net

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

The Debtor can be reached at:

         CJ Trans und Service GmbH
         An den Bodewiesen 18
         39444 Hecklingen
         Germany

         Attn: Hans Juergen Henke, Manager
         Neu Stassfurt 26 A
         39418 Stassfurt
         Germany


FORCE TWO: Fitch Junks Rating on EUR9.7 Mln Class E Notes
---------------------------------------------------------
Fitch Ratings has downgraded FORCE TWO Limited Partnership's notes
due January 2018, removed them from Rating Watch Negative, and
assigned Outlooks,:

  -- EUR147.2 million Class A notes (ISIN: XS0299041037)
     downgraded to 'BB-' (BB minus) from 'AAA'; removed RWN;
     Outlook Stable

  -- EUR12.3 million Class B notes (ISIN: XS0299041896) downgraded
     to 'B+' from 'AA'; removed RWN; Outlook Stable

  -- EUR13 million Class C notes (ISIN: XS0299042357) downgraded
     to 'B' from 'A'; removed RWN; Outlook Stable

  -- EUR11.9 million Class D notes (ISIN: XS0299044056) downgraded
     to 'CCC' from 'BBB'; removed RWN

  -- EUR9.7 million Class E notes (ISIN: XS0299045020) downgraded
     to 'CC' from 'BB'; removed RWN

This transaction is a cash securitization of two types of
subordinated loan agreements, where one type features loss
participation and interest deferral mechanisms, advanced to German
medium-sized enterprises.

The notes were placed on RWN on September 19, 2008 to reflect the
potential for downgrades due to the new Global Rating Criteria for
Corporate CDOs.  The current rating actions are the result of the
updated rating criteria, but relate more significantly to the
continued negative performance of the underlying portfolio
companies and the high obligor concentration in the pool.

The portfolio currently contains 47 obligors (initially 48
obligors).  The largest single obligor accounts for 6.05% of the
portfolio and the largest five exposures make up 24.7% on a
cumulative basis.  Based on credit enhancement and excess spread
available, class E could absorb the default of the largest obligor
(6.05%), class D could absorb the two largest obligors (11.38% of
portfolio), class C could absorb the three largest obligors
(16.22%), class B the four largest obligors (21.07%) and class A
could absorb the default of the five largest obligors (24.7%).

In addition, the portfolio has experienced negative rating
migration since the last rating review in September 2008.  The
portfolio quality is being determined by a mapping approach, with
Fitch's Issuer Default Rating scale being mapped to
Industriekreditbanks's internal rating scale.  Based on this
mapped rating, 12 portfolio companies have been downgraded by
between one and six notches since September 2008.  It should be
noted that IKB's credit assessment is mainly based on 2007
financial results and therefore Fitch expects further negative
rating migration in the coming months.

The transaction experienced one default in June 2008, which
resulted in a principal deficiency ledger balance of EUR3 million.
As of the last payment date in January 2009, the PDL was fully
repaid.  However, due to a new insolvency event which has not yet
been reflected in the PDL as of the last payment date, the PDL
will be debited by EUR5 million on the next payment date.  If no
further principal deficiency events occur, Fitch expects that this
amount would be repaid to Class A noteholders over the following
two interest payment dates.

Furthermore, two portfolio companies are currently drawing on
their loss participations, reducing their notional amounts to be
repaid at maturity.  The write-downs may be reversed if the
companies' performance improves during the transaction's life.
Interest payments continue to be paid on the initial loan amount,
and the PDL will not be debited for this amount.

Of the remaining loan agreements, three assets comprising 6.3% of
the current portfolio are under special care management, four
companies (8.7%) warrant special attention and a further nine
companies, comprising 19.4% of the portfolio, are being closely
tracked by the portfolio manager, EquiNotes Management GmbH, as
highlighted in the investor report of January 2009.  As of this
report, no companies have exercised the option of deferring
scheduled interest payments.

The securitized debt instruments comprising the portfolio are
deeply subordinated. As a result, Fitch assumes no recovery in its
analysis. 14 of the 47 loan agreements feature loss participation
and interest deferral mechanisms. As interest deferrals are
permitted for a period of one year, the transaction could be
missing out on excess spread without triggering PD events. To
account for this possibility, Fitch has stressed the default
probabilities through its PD multiplier in its modeling.  In
addition to default simulations, Fitch has performed cash flow
analysis to stress possible interest rate and default timing
patterns.  The notes are most sensitive to front-loaded default
timing.


HEIDELBERGCEMENT AG: Fitch Cuts LT Issuer Default Rating to 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded Germany-based HeidelbergCement AG's
(HC) Long-term Issuer Default and senior unsecured ratings to 'B'
from 'BB-' (BB minus).  This follows Fitch's reassessment of its
forecast assumptions for HC, in light of increasingly difficult
trading conditions in the building materials industry.

Simultaneously, the agency has downgraded HC's subsidiary Hanson
plc's (Hanson) senior unsecured rating to 'B' from 'BB-' (BB
minus).  All the ratings remain on Rating Watch Negative.  Fitch
has also placed HC's Short-term IDR of 'B' on RWN.  A Recovery
Rating of 'RR4' has been assigned to the senior unsecured ratings
to reflect average recovery prospects in the event of a default.

Fitch's latest forecast assumptions for HC include a potential
mid-teen decline in revenue in 2009 and a flat performance in
2010, as well as deteriorating EBITDA margins in 2009 before
recovering slightly in 2010.  Under this scenario expected lower
cash flow from operations is likely to result in a breakeven or
slightly negative free cash flow compared to a five-year average
of 4% free cash flow/revenue.  In this context Fitch forecasts net
leverage above 5x until FYE10, resulting in credit metrics more
consistent with a 'B' category rating.  In its forecasts the
agency has not considered any potentially positive impact on the
company's performance stemming from economic stimulus packages
announced in a number of major economies, or any extraordinary
financial measures such as assets disposals or equity injections,
due to the uncertain timing of any such events.

The RWN continues to reflect the sizable refinancing risk stemming
from HC's EUR5 billion tranche B facility (for the acquisition of
Hanson), maturing in May 2010.  In the agency's view, the ability
to refinance this debt could be impaired by the financial
constraints being experienced by HC's major shareholder, the
Merckle family.  The resolution of the RWN will follow Fitch's
assessment of the progress on refinancing negotiations at both the
shareholder and HC level.  The ratings would come under pressure
should the outcome of these negotiations be detrimental to HC's
financial profile.

The ratings continue to reflect HC's strong operational profile
and leading market positions in cement and aggregates, which are
essential for establishing solid market presence in downstream
activities such as ready-mixed concrete and concrete products.
The group benefits from good diversification by geography   --
with presence in 50 countries   -- and by end-market.


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


INVITEL HOLDINGS: S&P Affirms LT Corporate Credit Rating at 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on Hungary-based fixed-line
telecommunications operator Invitel Holdings A/S, the successor
company of Hungarian Telephone and Cable Corp., on the successful
refinancing of existing EUR145 million senior secured facilities
and a EUR100 million bridge loan.  The outlook is negative.

At the same time, S&P assigned a 'B' issue rating to the company's
new EUR165 million senior secured term and revolving credit
facilities at its subsidiary Invitel Zrt.

The ratings on EUR142 million subordinated bonds and
EUR200 million floating rate notes at Magyar Telecom B.V. were
lowered to 'CCC+' from 'B-' due to an increased level of priority
liabilities compared with the previous debt structure.  This was
mainly a result of the company's refinancing.

"The affirmation primarily reflects the company's improved
liquidity profile after the refinancing, which was closed on
March 4, 2009, and a slightly relaxed covenant schedule under its
senior secured credit facilities," said Standard & Poor's credit
analyst Matthias Raab.

To protect itself against severe deterioration of the Hungarian
forint beyond Hungarian forint 350 to the euro, S&P understand
that Invitel has entered into several option contracts through
March 31, 2010.  Furthermore, under S&P's projections, the company
is likely to generate modest positive free cash flow in 2009,
mainly due to significantly lower capital expenditures and further
cost-cutting efforts, which should more than offset the negative
exchange rate effect on EBITDA generation.  This forecast,
however, assumes that the forint/euro exchange rate averages about
HUF300 to the euro in 2009 and the option contracts do not protect
fully against intermediate weakening of the volatile forint from
its recent level of HUF308 to the euro.

Pro forma the refinancing on March 4, 2009, the company had gross
debt of EUR760 million on its balance sheet.  Lease-adjusted total
debt to third-quarter annualized recurring EBITDA was high at 5.5x
(5.1x unadjusted), based on an average exchange rate of HUF291 to
the euro in the year to date.

The negative outlook reflects S&P's concerns that Invitel's
operations could be more negatively affected than S&P currently
expects in S&P's base case due to the current slowdown of the
Hungarian economy and the impact of further adverse movements in
the Hungarian forint in 2009 and beyond.


=============
I C E L A N D
=============


ISLANDSBANKI: To Write Off ISK2.9 Bln on Arvakur Sale
-----------------------------------------------------
Landsbanki and Islandsbanki (formerly known as Glitnir) will have
to write off ISK2.9 billion (US$26 million, EUR20 million) in
total as a result of the sale of Arvakur, the publisher of daily
newspaper Morgunbladid, to holding company Thorsmork, Iceland
Review reports.

Citing sources of the Stod 2 and Visir news departments, the
report discloses the purchasing price of Arvakur was ISK2 billion
(US$18 million, EUR14 million).  The report notes of that amount,
the banks will take ISK1.7 billion to cover debts and ISK300
million will be used for Arvakur's new equity.

According to the report, Arvakur owed ISK3.7 billion to
Íslandsbanki and ISK860 million to Landsbanki.  The report states
once Thorsmork has paid ISK1.7 billion to cover debts, the banks
will be left with approximately ISK2.9 to write off.

                       About Islandsbanki

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

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

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


KAUPTHING BANK: Loaned ISK500 Bln to Owners Prior to Collapse
-------------------------------------------------------------
Kaupthing Bank hf. lent almost ISK500 billion (US$4.4 billion,
EUR3.5 billion) to some of its major owners at least three months
prior to the collapse of the Icelandic banking system, Iceland
Review reports citing the bank's loan records.

The report relates that according to Morgunbladid, which has a
copy of the loan record, the loans were either granted to
Icelandic companies in the ownership of these individuals or
holding companies registered in their names in the Netherlands or
Tortola.

The loans, which amount to almost ISK573 billion in today's
exchange rate, are indexed and were mostly granted through
Luxembourg and London, the report notes.

Citing the loan records, the report discloses Agust Gudmundsson
and Lydur Gudmundsson were granted ISK169.1 billion (US$1.5
billion) through the Exista conglomerate; ISK108.4 to Exista hf.
and ISK30.8 billion to their holding company Bakkabraedur Holding
BV, while an outstanding loan to Robert Tchenguiz, an Exista board
member, amounts to ISK230.2 billion (US$2.0 billion, EUR1.6
billion), which is ISK278 billion according to today's exchange
rate.

The report states claims to all of these loans either lie with the
resolution committee of old Kaupthing or the new state-run
Kaupthing.

                       About Kaupthing Bank

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

                          *     *     *

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

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


LANDSBANKI ISLANDS: To Write Off ISK2.9 Bln on Arvakur Sale
-----------------------------------------------------------
Landsbanki and Islandsbanki (formerly known as Glitnir) will have
to write off ISK2.9 billion (US$26 million, EUR20 million) in
total as a result of the sale of Arvakur, the publisher of daily
newspaper Morgunbladid, to holding company Thorsmork, Iceland
Review reports.

Citing sources of the Stod 2 and Visir news departments, the
report discloses the purchasing price of Arvakur was ISK2 billion
(US$18 million, EUR14 million).  The report notes of that amount,
the banks will take ISK1.7 billion to cover debts and ISK300
million will be used for Arvakur's new equity.

According to the report, Arvakur owed ISK3.7 billion to
Íslandsbanki and ISK860 million to Landsbanki.  The report states
once Thorsmork has paid ISK1.7 billion to cover debts, the banks
will be left with approximately ISK2.9 to write off.

                         About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is/-- is a financial institution.  The Bank
filed for Chapter 15 protection on Dec. 9, 2008 (Bankr. S.D. N.Y.
Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison & Foerster
LLP, represents the Debtor.  When it filed for protection from its
creditors, it listed assets and debts of more than US$1 billion
each.


LANDSBANKI ISLANDS: Moody's Cuts Senior Debt Ratings to 'C'
-----------------------------------------------------------
Moody's Investors Service downgraded the long-term deposit rating
of Landsbanki Islands hf to C from Caa1 and its senior debt
ratings to C from Caa2.  The bank's E bank financial strength
rating and Not Prime short-term local and foreign currency deposit
ratings were affirmed.  The outlook on all the ratings is stable.
This rating action concludes the review of Landsbanki's long-term
ratings.

Moody's will subsequently withdraw the ratings for business
reasons within the next few days.

The rating action reflects Landsbanki's preliminary asset
valuations, which were disclosed on February 20, 2009.  The
downgrade of the senior debt ratings reflects Moody's expectation
that recoveries by senior creditors are likely to be low with
estimated recovery rates of below 50% on senior unsecured debt,
which is consistent with a C rating.

Commenting on the downgrade of the long-term deposit ratings to C,
Moody's said that it understands there are uncertainties with
regard to the implementation of Act No. 125/2008, which provides
deposits with a priority of claim in the event of insolvency
proceedings.  More specifically, it remains uncertain which
liabilities or deposits this law applies to and how it should be
implemented.  Therefore, Moody's has not made any distinction
between deposits and senior unsecured debt.

The last rating action on Landsbanki was on November 4, 2008, when
its long-term deposit and senior debt ratings were placed under
review for possible downgrade.

Headquartered in Reykjavik, Iceland, Landsbanki reported total
assets of ISK3,970 billion (EUR32 billion) at the end of June
2008.


STRAUMUR-BURDARAS: State to Cover ISK60 Billion of Deposits
-----------------------------------------------------------
Iceland's deposit insurance fund is expected to secure
approximately ISK60 billion (US$533 million, EUR419 million) of
deposits in Straumur-Burdaras Fjarfestingabanki hf a.k.a Straumur-
Burdaras Investment Bank hf, Iceland Review reports citing Gylfi
Magnusson, the Icelandic state's minister of business affairs.

The report relates Mr. Magnusson explained on RUV's news magazine
Kastljos on Monday night that although Straumur-Buradaras was
primarily an investment bank, it was also licensed to operate as a
commercial bank and was therefore covered by the fund.

According to the report, the state-run Housing Financing Fund
(HFF) was the largest deposit holder.

The state, the report notes, could suffer a considerable loss if
Straumur-Burdaras's assets won't cover the deposits.  Mr.
Magnusson however said in an interview with mbl.is that the bank's
assets will suffice, the report recounts.

Mr. Magnusson pointed out at parliament on Monday that the bank
had not been operated with a state guarantee beyond one that the
deposits were insured, the report discloses.  He insisted the
bank's operations are much less extensive compared to that of
nationalized, Islandsbanki (formerly Glitnir), Landsbanki and
Kaupthing.

The report recalls the minister said in an interview with Ras 2
radio station Monday afternoon that Straumur-Burdaras had
requested assistance from Icelandic authorities, either with a
loan or increased equity.

Gunnar Haraldsson, director of the Financial Supervisory Authority
(FME), meanwhile said it is uncertain whether local authorities
plan to freeze the bank's assets in the UK, the report adds.

              Gov't Takes Over Straumur-Burdaras

As reported yesterday in the Troubled Company Reporter-Europe,
Straumur-Burdaras has collapsed after running out of liquidity,
forcing the Icelandic government to take over the lender.

The Icelandic Financial Supervisory Authority suspended the bank's
board and named a committee that will take over management,
Bloomberg News recalled.

According to The Associated Press, the bank's board -- including
chairman, Bjorgolfur Thor Bjorgolfsson -- has been replaced by a
team of public accountants and solicitors from
PriceWaterhouseCoopers.

The Straumur board presented the Icelandic government with a range
of options over the weekend to save it from collapse, but
officials took the "most drastic" route of state control,
Telegraph.co.uk disclosed citing sources.

IFSA is in the process of closing the business, according to BBC
News.

The bank's chief executive, William Fall, who joined in 2007,
resigned from his position with immediate effect.

"In spite of its strong capital position and the support of
funding banks, Straumur Burdaras Investment Bank believes that its
liquidity position is no longer enough to sustain its activities,"
the bank said in a statement obtained by BBC News.

Straumur incurred a EUR780.6 million loss in 2008 on revenue of
EUR85.8 million.  Loss in the fourth-quarter was EUR576.4 million.

Straumur is the last of Iceland's four largest banks to be
nationalized.  October last year, Iceland seized Kaupthing Bank
hf, Landsbanki Islands hf and Glitnir Banki hf after their
collapse.

Straumur-Burdaras Fjarfestingabanki hf a.k.a Straumur-Burdaras
Investment Bank hf -- http://www.straumur.net/-- is an Iceland-
based investment bank.  It provides such services as debt
financing, corporate advisory and capital market services.  The
Bank's Corporate Finance team identifies, structures and executes
public and private market transactions, while the Debt Finance
team originates and underwrites the required debt financing.  In
addition, it acts as a co-investor in selected projects.  The
Capital Markets team provides securities brokerage services for
companies, institutional investors, mutual funds, and high-net-
worth individuals.  Capital Markets also manages new share
offerings and bond issuance for companies and institutions.  The
Bank operates primarily in Northern and Central Europe, in such
countries as Iceland, Denmark, Sweden, Finland, the Czech
Republic, Poland, Slovakia, Romania and the United Kingdom.  It
has eight wholly owned subsidiaries in Iceland, Luxembourg, the
Netherlands and Finland.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 11,
2009, Fitch Ratings downgraded Straumur-Burdaras Investment Bank's
Long-term Issuer Default rating  to 'D' from 'B' and Short-term
IDR to 'D' from 'B' and removed them from Rating Watch Negative.
This follows the announcement that Straumur has been placed under
the control of the Icelandic Financial Supervisory Authorities.


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


ALITALIA SPA: EU Endorses Privatization, AirFrance Deal Closes
--------------------------------------------------------------
Reuters reports Italy's transport commissioner, Antonio Tajani,
said the European Commission has endorsed privatization of flag
carrier Alitalia SpA.

Alitalia, Reuters relates, was formally relaunched in January as a
smaller, regional carrier with fewer staff and a revamped network,
under the ownership of
Compagnia Aerea Italiana s.r.l. ("CAI") investors.

Reuters recalls Alitalia agreed in January to sell a 25 percent
stake to Air France-KLM for EUR323 million (US$410 million).

According to Reuters, throughout the process the European
Commission watched closely to ensure the ailing Italian carrier
received no state aid and was eventually sold at market prices.  A
monitoring trustee was selected to check, Reuters says.

Air France-KLM has completed the stake acquisition in Alitalia at
market prices as required by the European Commission,
tradingmarkets.com relates citing ADP News.

"The trustee has confirmed that it was truly the market price, and
the Commission shares that view," Reuters quoted Mr. Tajani as
saying.

                        Cargo Unit Sale

Bruce Barnard at The Journal of Commerce Online reports the cargo
unit of Alitalia is about to be sold.

The report relates the airline's bankruptcy administrator, Augusto
Fantozzi, said he expects to sign a contract with Alis, the owner
of Cargoitalia, an all-cargo carrier, within a week.

Alis is paying just over US$18 million for the former Alitalia
Cargo, but this does not include planes or take off and landing
slots, Mr. Fantozzi said as cited by the Journal.

According to the Journal, Alitalia Cargo's five MD-11 freighters
were grounded in January after CAI declined to buy the
unprofitable freight unit of the former state-controlled carrier.
Alitalia Cargo lost US$20 million in 2007, the report says.

                         About Alitalia

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.

As reported in the TCR-Europe on November 7, 2008, Alitalia S.p.A.
filed for Chapter 15 protection with the U.S. Bankruptcy Court in
the Southern District of New York.  Italy's national airline
experienced financial difficulties for a number of years caused,
in large measure, by a combination of competition from low-cost
air carriers, poor management and onerous union obligations,
according to papers filed with the court.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties have been and exacerbated by spiraling fuel prices.

On Aug. 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.


ARTIGIANFIDI VARESE: Fitch Affirms 'BB+' LT Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Italy-based Artigianfidi Varese's
ratings at Long-term Issuer Default 'BB+' with Stable Outlook,
Short-term IDR 'B', and Insurer Financial Strength 'BB+' with
Stable Outlook.  All the ratings have been withdrawn.

Fitch will no longer provide ratings or analytical coverage of AV.
AV is a cooperative set up in 1996 and is active in the province
of Varese, in northern Italy.  Its members are small, local
artisan companies, to which it provides credit guarantees.


BERICA 6: Moody's Downgrades Rating on Class D Notes to 'B3'
------------------------------------------------------------
Moody's Investors Service took these rating actions on these notes
issued by Berica 6 Residential MBS S.r.l.:

  -- Class A2 Mortgage-Backed Floating-Rate Notes due April 2043,
     confirmed at Aaa; previously on 17 September 2008 placed on
     review for possible downgrade.

  -- Class B Mortgage-Backed Floating-Rate Notes due April 2043,
     confirmed at A1; previously on 17 September 2008 placed on
     review for possible downgrade.

  -- Class C Mortgage-Backed Floating-Rate Notes due April 2043,
     downgraded to Baa3 from Baa2; previously on 17 September 2008
     placed on review for possible downgrade.

  -- Class D Mortgage-Backed Floating-Rate Notes due April 2043,
     downgraded to B3 from B1; previously on 17 September 2008
     placed on review for possible downgrade.

Previous rating action date: 17 September 2008.

This concludes the review for possible downgrade that was
initiated on September 17, 2008, following the announcement by
Lehman Brothers Holdings Inc that it intended to file a petition
under Chapter 11 of the U.S. Bankruptcy Code on 15 September.

Lehman Brothers Special Financing Inc. was acting as the Class D
swap provider and an interest rate cap provider.  On December 22,
2008, new cap and swap agreements were entered into with the new
hedging provider, Natixis (Aa3/P-1, D+).

Moody's notes that the new swap agreement has been entered into on
the same terms as the swap with LBHI, with no additional cost on
the SPV's side.  However, the new cap agreements entail the
payment of an upfront premium of EUR60,000 by the SPV to the cap
provider.  In its rating review, Moody's has evaluated the impact
of the premium payment and the role of the cap provider.  The
rating agency has concluded that there are, as per its current
understanding, no incremental risks stemming from these swap and
cap arrangements that could translate into increased losses to
noteholders, or ultimately affecting the ratings of the notes.

The newly signed hedging documents do not fully comply with
Moody's published criteria for de-linking hedge counterparty
risks.  In particular, there is no Credit Support Annex.  However,
the trigger levels are consistent with Moody's criteria and there
is an obligation to use reasonable efforts to achieve a transfer
upon loss of the second trigger.  Therefore, Moody's believes that
there is substantial de-linkage to Natixis.

Moody's says that the downgrade of the Class C and D notes issued
by Berica 6 was prompted by worse-than-expected collateral
performance.  The rating downgrade takes into account an increased
portfolio loss expectation resulting from higher than expected
delinquency and default levels.  Updated performance data reported
in January 2009 confirmed that the portfolio is continuing to show
a worse-than-expected performance compared with the assumptions on
the last review in February 2008.  With 36 months seasoning since
closing, Berica 6 shows delinquencies 90+ days at 4.41% of the
current portfolio balance, while cumulative defaults equal to
2.74% of the original portfolio balance.  At present, recoveries
amount to EUR2.4 million and more recoveries are expected to come
in.

As part of its analysis, Moody's has assessed updated loan-by-loan
information of the outstanding transactions to determine the
increase in credit support consistent with target rating levels
and the volatility of the distribution of future losses.  As a
result, Moody's has updated its MILAN Aaa credit enhancement
assumptions to 8.2% of the current pool balance. Taking into
account the cumulative amount of defaulted loans and applying a
roll-rate and severity analysis on the rest of the portfolio,
Moody's has increased its loss expectations for the portfolio to
2.6% from 1.9-2.0% of the original pool balance.  The loss
expectation and the Milan Aaa CE are the two key parameters used
by Moody's to calibrate its loss distribution curve, which is one
of the core inputs in the cash-flow model it uses to rate RMBS
transactions.  These updated assumptions reflect the collateral
performance to date as well as Moody's expectations for these
transactions, in the context of a weakening macro-economic
environment in Italy.

In January, the reserve fund was drawn and it now amounts only to
EUR3.7 million as opposed to its target of EUR18.6 million.  Given
the current performance of the transaction, Moody's expect further
drawings on the reserve fund.  Moody's also notes the 0.65% over-
collateralization created by the strong provisioning mechanism
that allows usage of cash in the transaction to amortize the
notes.  Moody's will continue to monitor this transaction closely.

Moody's has also considered set-off risk in its analysis.  Based
on data available for the Italian market, Moody's have made
assumptions on the amount of deposits that debtors in this
transactions had when mortgage loans were assigned to Berica 6 at
closing.  In addition, Moody's assumed a certain default
probability for the two non-Moody's-rated originators - Banca
Popolare di Vicenza and Cariprato -- and unrated Banca Nuova to
approximate the effects of defaults at different points in time.
In its cash flow analysis, Moody's has assessed the impact of set-
off on the notes if the originators became insolvent at different
time horizons.

Berica 6 Residential MBS S.r.l. closed in February 2006.  In this
transaction, the originators have securitized a combined portfolio
of 14,022 Italian residential mortgage loans, extended to 13,986
obligors, for an overall amount of EUR1,427,671,162.  All loans
were "in bonis" (performing) at issuance and 100% of the loans
benefited from an economic first lien mortgage.  This is the sixth
RMBS securitization sponsored by the Banca Popolare di Vicenza
Group.

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


BERICA 6: Fitch Lowers Rating on Class C Notes to 'BB+'
-------------------------------------------------------
Fitch Ratings has downgraded Berica 6 Residential MBS S.r.l.'s
Class B and C notes.  The Outlooks on senior class A2 and B notes
were revised to Negative from Stable.  Class C notes remain on
Negative Outlook.

The downgrades reflect continued poor performance of the
underlying collateral high levels of arrears and defaults that has
resulted in the reserve fund being substantially reduced.  Average
interest rates on underlying loans increased to 6.3% as of
December 2008 from 3.72% at close, increasing affordability
pressures on borrowers.  Although interest rates are now fallen,
the harsh economic environment is going to continue put more
strain on borrowers.  As of the January 2009 interest payment
date, cumulative defaults and loans classified as "Sofferenza"
(non-performing) were 0.51% and 2.07%, respectively.  To date
there have been limited recoveries on defaulted loans, and given
the lengthy foreclosure process in Italy, Fitch does not expect
significant recoveries to be realized on the defaulted portion of
the pool in the near future.

The reserve fund has been drawn because Berica 6 uses a
provisioning mechanism, whereby loans defined as defaulted are
written off using available interest revenue.  Defaults are
defined as, with respect to monthly installments, 12 or more
installments; with respect to quarterly installments, four or more
installments; with respect to semi-annual installments, two or
more installments, and loans classified as "Sofferenza".  In
addition to the defaulted loans, the transactions applies 15%
provisioning to delinquent loans which are defined as, with
respect to monthly installments, five to 11 installments; with
respect to quarterly installments, three installments; and with
respect to semi-annual installments, one installment.  Although
the use of a provisioning mechanism reduces the cost of carry of
defaulted loans it can also result in the utilization of the
reserve fund if defaults are greater than the available excess
spread. In January 2009, the transaction generated EUR3.3 million
gross excess spread against EUR9.5 million provisioned loans,
causing a reserve fund draw of EUR6.2 million.  As the transaction
has been generating fairly stable amounts of excess spread,
reserve fund levels are highly dependent on the amount of loans
being provisioned for.

The reduction of the reserve fund to EUR3.7 million from its
target of EUR18.6 million has reduced the credit enhancement of
the Class B and C notes significantly.  Currently, the respective
credit enhancement for these two tranches stands at 3.25% and
0.38%, compared to 3.3% and 1.3% at close.

Fitch expects continued deterioration in the underlying pool and
increases in provisioning due to the worsening macroeconomic
environment.  This will both increase the level of future defaults
and widen the expected level of losses realized on these loans.

On December 22, 2008, Berica 6 replaced Natixis as its class D
interest rate swap counterparty and its interest rate cap provider
following the bankruptcy of Lehman Brothers Holding in September
2008.

Rating actions are:

  -- Class A2 (ISIN IT0004013790): affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- Class B (ISIN IT0004013808): downgraded to 'A' from 'A+';
     Outlook revised to Negative from Stable

  -- Class C (ISIN IT0004013816): downgraded to 'BB+' from 'BBB+';
     Outlook Negative

Fitch has employed its Credit Cover Multiple methodology, along
with a full loan-by-loan and cash flow analysis in reviewing these
transactions to assess the level of credit support available to
each class of notes.

Rating Outlooks for European structured finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one to two-year
period.


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


AK-KUYIN LLP: Creditors Must File Claims by April 24
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Ak-Kuyin insolvent.

Creditors have until April 24, 2009, to submit written proofs of
claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

The Court is located at:

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


AVAND EXPERT: Creditors Must File Claims by April 24
----------------------------------------------------
LLP Avand Expert Group has declared insolvency.  Creditors have
until April 24, 2009, to submit written proofs of claim to:

          Makatayev Str. 47
          Almaty
          Kazakhstan


KAZ SNUB DOR: Creditors Must File Claims by April 24
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Kaz Snub Dor insolvent.

Creditors have until April 24, 2009, to submit written proofs of
claim to:

          Pobeda Ave. 5
          Pavlodar
          Kazakhstan
          8 (7182) 32-38-46

The Court is located at:

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


KOKSHETAU HLEBO: Creditors Must File Claims by April 24
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kokshetau Hlebo Product insolvent.

Creditors have until April 24, 2009, to submit written proofs of
claim to:

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


MED INVEST: Creditors Must File Claims by April 24
--------------------------------------------------
LLP Med Invest Company has declared insolvency.  Creditors have
until April 24, 2009, to submit written proofs of claim to:

          Kurmangazy/Amangeldy Str. 98/71
          Almaty
          Kazakhstan


VARS EK LLP: Creditors Must File Claims by April 24
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Vars Ek insolvent.

Creditors have until April 24, 2009, to submit written proofs of
claim to:

         Pobeda Ave. 5
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-38-46

The Court is located at:

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


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


HIM TORG-1 OJSC: Creditors Must File Claims by March 27
-------------------------------------------------------
Creditors of OJSC Kyrgyz Him Torg-1 (INN 02606200110151) have
until March 27, 2009, to submit proofs of claim to:

         Promzona
         Tokmok
         Chui
         Kyrgyzstan
         Tel: (+996 3138) 5-29-33


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


BGL SA: Fitch Puts Issuer Default Rating on Positive Watch
----------------------------------------------------------
Fitch Ratings has placed Fortis Bank's and BGL SA's Long-term
Issuer Default Ratings of 'A+' on Rating Watch Positive.

The RWP reflects the potential support that ownership by BNP
Paribas would provide.  Over the weekend, the Belgian government,
BNP Paribas and the Fortis holding companies have announced a new
agreement whereby BNP Paribas would acquire controlling stakes in
Fortis Bank and BGL SA.  However, this agreement remains subject
to the approval of Fortis' shareholders' meetings planned in early
April.

In the meantime, Fortis Bank and BGL SA continue to be state-
controlled.  Fitch has accordingly affirmed the Support '1'
Ratings and Support Rating Floors of 'A+' of both banks, which
continue to underpin their Long-term IDRs.

Fortis Bank and BGL SA have Individual ratings of 'F'.  In line
with Fitch policy, this 'F' Individual rating is retrospective in
character, reflecting the agency's opinion that the banks needed
support.  Once clarity is achieved on how being part of BNP
Paribas will impact the banks' financial profile, management and
business model, Fitch will re-rate the banks and the Individual
ratings will be upgraded.


Fortis Bank

  -- Long-term IDR 'A+' placed on RWP

  -- Short-term IDR affirmed at 'F1+'

  -- Senior unsecured 'A+' placed on RWP

  -- Subordinated debt 'A' placed RWP

  -- Support rating affirmed at '1',

  -- Support Rating Floor affirmed at 'A+'

  -- Hybrid capital instruments 'BB-' (BB minus) rating watch   -
     revised to Positive from Negative

  -- Individual rating 'F' is unaffected by the decision

BGL SA

  -- Long-term IDR 'A+' placed on RWP
  -- Short-term IDR affirmed at 'F1+'
  -- Senior unsecured 'A+' placed on RWP
  -- Subordinated debt 'A' placed on RWP
  -- Support rating affirmed at '1',
  -- Support Rating Floor affirmed at 'A+'
  -- Individual rating 'F' is unaffected by the decision

Fortis Luxembourg Finance

  -- Short-term debt affirmed at 'F1+'
  -- Senior unsecured 'A+' placed on RWP
  -- Subordinated debt 'A' placed on RWP


COLT TELECOM: S&P Puts 'B' Ratings on Positive CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B' ratings
on European business telecommunications operator COLT Telecom
Group Ltd. and COLT Telecom Group S.A. on CreditWatch with
positive implications, including the 'B' issue rating on COLT's
EUR262.2 million notes due December 2009.

The CreditWatch placement follows COLT's recent announcement of a
fully underwritten open equity offer of GBP178 million (equating
to EUR201 million) before costs.

"In the context of a downturn across COLT's operating markets,
while S&P take the view that COLT will face increasing operating
pressures in 2009, this has been mitigated by the improvement in
its liquidity position, alleviating refinancing risk related to
the repayment of its EUR262.2 million senior unsecured notes due
December 2009," said Standard & Poor's credit analyst Helen
O'Toole.

Overall, the group performed well in 2008.  Revenues were stable
year on year compared with a 7% decline in 2007 and EBITDA
(excluding a EUR17 million exceptional item) increased 9.5% to
EUR303.9 million.  This translates into an 18.1% margin.  Low-
margin traditional voice revenues continued to suffer from
continuing fierce competition, but the rate of decline is slowing.
Growth in data products, however, which account for the 55% of
group revenue remains healthy, but slowed to 8.7% in 2008 compared
with 9.8% in 2007.  S&P expects slower growth in data revenues to
continue in 2009.

The CreditWatch placement will likely be reassessed on March 23,
2009, when, if successful, the newly issued equity will be placed
on the London Stock Exchange.  If the open offer is successful,
and all other elements factored into the rating remain in place,
the rating will likely be upgraded by one notch.  In the event
that the equity offer is unsuccessful, the rating will likely be
placed on CreditWatch with negative implications, indicating
reduced liquidity headroom.


KAUPTHING BANK: Luxembourg Unit to Shed Assets Prior to Takeover
----------------------------------------------------------------
Kaupthing Bank Luxembourg S.A., a unit of Iceland's Kaupthing Bank
hf., will shed certain assets and loans before being taken over,
Reuters reports citing a restructuring plan drawn up by
administrators.

Reuters relates Luxembourg's official journal said on Tuesday the
Luxembourg unit will split into two entities.

According to Reuters, under the restructuring plan, the first, New
Bank, will carry on the banking activities, retain the staff and
hold at least EUR350 million in cash, while the other, the
Securitisation Company, will pool private banking and corporate
loans, claims related to litigation and certain receivables.

The plan, Reuters notes, is subject to the vote of certain
creditors and court approval.

                         Takeover Deal

Citing Reuters' Michele Sinner and Dale Hudson, the Troubled
Company Reporter-Europe reported on Dec. 26, 2008, that
Luxembourg's budget minister Luc Frieden signed a declaration of
intent for the sale of Kaupthing's Luxembourg arm to a group of
investors from Arab countries.

Reuters recalled the Luxembourg government said the agreement
needs acceptance from the Belgian state and creditor banks.  It
added that together with Belgium and the creditor banks, it would
provide credit to Kaupthing Luxembourg, enabling the unit to keep
functioning and reimburse depositors.

Belgian accounts are held by the Luxembourg unit of Kaupthing and
their money was frozen in November by Luxembourg's financial
regulator after the Icelandic parent company was taken over by the
Icelandic state, Reuters noted.

Reuters recounted that according to Belgian Prime Minister Yves
Leterme there was a serious candidate to buy Kaupthing Luxembourg,
and that three or four other parties were also eyeing a takeover
of Kaupthing's Belgian customers.

Potential buyers for the Belgin customers included online lender
Keytrade Bank, German bank Landesbank Nord and the Libyan
Investment Autority fund, Reuters disclosed citing Luxembourg
daily Tageblatt.

                      About Kaupthing Bank

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

                          *     *     *

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

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


=================
M A C E D O N I A
=================


* MUNICIPALITY OF SKOPJE: S&P Assigns 'BB' LT Issuer Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term issuer credit rating to the Municipality of Skopje,
the capital of the Republic of Macedonia (foreign currency
BB+/Negative/B; local currency BBB-/Negative/A-3).  The outlook is
stable.

"The rating reflects our opinion that the municipality's fiscal
flexibility is extremely limited due to the initial stage of
fiscal decentralization," said Standard & Poor's credit analyst
Jean-Louis Renaud.  "Low wealth levels, obstacles to local
economic development, and contingent liabilities arising from the
municipality's companies also constrain the rating."

These factors are mitigated by the municipality's marginal tax-
supported debt, set to increase only moderately; recent revenue
growth stemming from initial stages of fiscal decentralization;
and its accumulated fiscal surplus available for future capital
spending.

As of Dec. 31, 2008, the municipality had accumulated liquidity
(classified by the municipality as "surplus from previous years")
of Macedonian denar 516 million (EUR8.4 million), of which
MKD451.8 million is free cash (can be applied to any expenditure
item).

"The outlook is stable because, although S&P expects a slight
contraction of Skopje's operating surpluses, S&P believes the
municipality will nevertheless be able to carry out
infrastructure-related investments without further debt
accumulation beyond the level planned for 2009," said Mr. Renaud.

If the municipality accelerates its capital expenditures program,
or if its capacity to generate operating surpluses is eroded
beyond S&P's expectations, leading to a sharp and rapid
accumulation of debt, the municipality's rating would come under
pressure.  The rating could also come under pressure depending on
the municipality's repayment schedule and foreign currency
exposure resulting from the envisaged borrowing plan.

Conversely, the rating could be raised if the central government
substantially increases the municipality's ability to self-finance
infrastructure-related investments, with the municipality
remaining committed to sound financial performance.


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


CLIO EUROPEAN: S&P Cuts Ratings on Four Classes of Notes to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative the credit ratings on all the rated notes
issued by Clio European CLO B.V.  Following this rating action,
S&P withdrew the ratings on these notes.

The rating actions consider previous highlighted concerns and
recent events that have affected the transaction, including, but
not limited to, the serving of a Notice of Acceleration, and the
subsequent entering into receivership of the transaction.  S&P
also understands that the monthly report provided by the
collateral administrator will no longer be available as before.

It is appropriate that S&P withdraws the ratings in the absence of
sufficient and adequate information on which to base S&P's opinion
and maintain S&P's ratings.

On Oct. 31, 2008, S&P lowered and kept on CreditWatch negative all
rated notes in this transaction.  That rating action reflected
S&P's concerns regarding the availability of potential funding of
the unfunded corporate loans in the collateral pool and S&P's view
on the transaction's exposure to currency risks in the absence of
a swap counterparty.

Clio European CLO closed on Aug. 22, 2008, and is a cash flow
transaction collateralized by a pool comprising corporate loan
obligations, and to a lesser extent structured finance securities.

                           Ratings List

                      Clio European CLO B.V.
        EUR555 Million Floating-Rate and EUR161.3 Million
                        Subordinated Notes

      Ratings Lowered and Removed from CreditWatch Negative

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

            A1             CC           CCC/Watch Neg
            A2             CC           CCC/Watch Neg
            B              CC           CCC/Watch Neg
            C              CC           CCC/Watch Neg

                       Ratings Withdrawn

                 Class          To           From
                 -----          --           ----
                 A1             NR           CC
                 A2             NR           CC
                 B              NR           CC
                 C              NR           CC

                         NR — Not rated.


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


BELYY LEV CJSC: Creditors Must File Claims by March 29
------------------------------------------------------
Creditors of CJSC Belyy Lev (TIN 6321137054) (Construction) have
until March 29, 2009, to submit proofs of claims to:

         V. Gus’kov
         Insolvency Manager
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A55–16260/2006.

The Debtor can be reached at:

         CJSC Belyy Lev
         K.Marksa St. 47
         Tolyatti
         Russia


DON-STROY LLC: Creditors Must File Claims by March 29
-----------------------------------------------------
Creditors of LLC Don-Stroy (TIN 6166042119, PSRN 1026104026519)
have until March 29, 2009, to submit proofs of claims to:

         K. Kovalenko
         Insolvency Manager
         Office 45
         Building B-2
         Stanislavskogo/Bratskiy St. 8a-10/11-13
         Russia

The Arbitration Court of Rostovskaya will convene at 10:20 a.m. on
June 22, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A53–26603/2008.

The Debtor can be reached at:

         LLC Don-Stroy
         Pereulok Tekucheva St. 232/199
         Rostov-on-Don
         Russia


INFO-STROY-MONOLIT LLC: Creditors Must File Claims by April 28
--------------------------------------------------------------
Creditors of LLC Info-Stroy-Monolit (TIN 7801379584)
(Construction) have until April 28, 2009, to submit proofs of
claims to:

         M. Chukin
         Insolvency Manager
         Chaykovskogo St. 27
         191028 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56–20816/2008.

The Debtor can be reached at:

         LLC Info-Stroy-Monolit
         17-ya Liniya V.O.St. 58
         199178 Saint-Petersburg
         Russia


PATRUS LLC: Creditors Must File Claims by March 29
--------------------------------------------------
Creditors of LLC Patrus (TIN 6230000101, PSRN 1026201260580) have
until March 29, 2009, to submit proofs of claims to:

         A. Romanov
         Insolvency Manager
         Sovetskaya St. 4
         Penza
         Russia

The Arbitration Court of Ryazanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A54–2014/2008 S19 S1.

The Court is located at:

         The Arbitration Court of Ryazanskaya
         Pochtovaya St. 43/44
         Ryazan’
         Russia

The Debtor can be reached at:

         LLC Patrus
         Apt. 1/7
         Vvedenskaya St. 86
         390000 Ryazan’
         Russia


RUSSIAN CAR: S&P Downgrades Rating on Class C Notes to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class B and C notes issued by Russian Car Loans No. 1.S.A.
The rating on the class A notes was affirmed.

The class B and C notes were placed on CreditWatch negative on
Dec. 9, 2008, following the lowering of S&P's foreign currency
rating on the Russian Federation to BBB/Negative/A-3 from
BBB+/Negative/A-2, and the lowering of Russia's Transfer &
Convertibility (T&C) assessment to 'BBB' from 'BBB+'.

The downgrades follow a full credit and cash flow analysis of the
most recent information available.  S&P's analysis focuses on the
review of the collateral performance and the risks to the deal
related to the downgrade of the Russian Federation.  This led to a
revaluation of S&P's default assumptions which, when applied to
S&P's cash flows, showed that the class B and C notes could no
longer withstand S&P's rating stresses at their current levels.

                           Ratings List

                   Russian Car Loans No. 1 S.A.
      EUR220 Million Senior Asset-Backed Floating-Rate Notes

      Ratings Lowered and Removed from CreditWatch Negative

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

                         Rating Affirmed

                Class                      Rating
                -----                      ------
                A                          BBB


STROITEL' LLC: Creditors Must File Claims by March 29
-----------------------------------------------------
Creditors of LLC Stroitel' (TIN 6165121618, PSRN 1056165048675)
have until March 29, 2009, to submit proofs of claims to:

         K. Kovalenko
         Insolvency Manager
         Office 45
         Building B-2
         Stanislavskogo/Bratskiy St. 8a-10/11-13
         Russia

The Arbitration Court of Rostovskaya will convene at 2:30 p.m. on
July 8, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A53–26601/2008.

The Debtor can be reached at:

         LLC Stroitel'
         Pereulok Tekucheva St. 232/199
         Rostov-on-Don
         Russia


STRUCTURAL ALUMINUM: Court Names Temporary Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Samarskaya appointed A. Kutnayev as
Temporary Insolvency Manager for LLC Structural Aluminum.  The
case is docketed under Case No. A55–17516/2008.  He can be reached
at:

         Stara-Zagora St. 25
         443090 Samara
         Russia

The Debtor can be reached at:

         AvrorySt. 114a
         443074 Samara
         Russia


STRUCTURES-M PLANT LLC: Creditors Must File Claims by March 29
--------------------------------------------------------------
Creditors of LLC Reinforced-Plastic Structures-M (TIN
6168049173) have until March 29, 2009, to submit proofs of claims
to:

         N. Stupitskaya
         Temporary Insolvency Manager
         Post User Box 3199
         344092 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene on June 30,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A53–25285/08-S6–58.

The Debtor can be reached at:

         LLC Reinforced-Plastic Structures-M
         Dovatora St. 146/2
         344090 Rostov-on-Don
         Russia


TROIKA DIALOG: S&P Affirms 'B+/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'ruA' Russia national scale rating on Troika Dialog Group Ltd.,
the holding company of Russian investment group Troika Dialog, on
CreditWatch with positive implications.  At the same time, S&P
affirmed 'B+/B' long- and short-term counterparty credit ratings
on Troika.  The outlook on the 'B+' long-term global scale rating
is negative.

The rating action follows the announcement that Standard Bank of
South Africa Ltd. (BBBpi) has agreed to acquire a 33% shareholding
in Troika.  The acquisition is subject to regulatory approvals.
As a result of the transaction, Troika's equity base is to
increase by more than US$300 million.

"The CreditWatch placement reflects the potential for an
improvement in Troika's creditworthiness, due to the expected
capital increase and enhanced commercial and financial flexibility
resulting from the strategic partnership and ownership of South
Africa-based Standard Bank," said Standard & Poor's credit analyst
Ekaterina Trofimova.  "In Standard & Poor's view, there is a good
opportunity for Troika to benefit from future product,
operational, managerial, and eventually financial support from
Standard Bank."

With total reported assets of US$5.5 billion and equity of
US$558 million on Sept. 30, 2008, Troika is one of Russia's
leading brokerage, asset management, and investment banking
groups.

Standard & Poor's aims to resolve the CreditWatch placement on
completion of the acquisition, including regulatory approval, and
after further discussions on Troika's strategy, impact of the
absorption of Standard Bank's Russian business, managerial, and
financial support and cooperation from the South African bank.

If the transaction is successful, S&P could raise the Russia
national scale rating on Troika by one notch.  National scale
ratings typically provide a finer demarcation of credit risk among
local obligors than is possible with Standard & Poor's global
scale, as the latter spans the full range of global credit quality
and incorporates international comparative risk factors, including
direct and indirect sovereign risk considerations.

The outlook is still negative on global scale ratings, but if S&P
raise the Russia national scale rating S&P might revise the
outlook on the global scale ratings to stable, balancing the
negative market pressure with enhanced capitalization and business
benefits of Troika's cooperation with the strong partner.  At the
completion of the acquisition, S&P will mostly likely affirm the
global scale ratings.  S&P is unlikely to uplift the long-term
rating above the stand-alone credit profile of Troika, reflecting
a low probability of extraordinary support from Standard Bank.


URAL-TORG-RESURS LLC: Creditors Must File Claims by March 29
------------------------------------------------------------
Creditors of LLC Ural-Torg-Resurs (TIN 7450054390)
(Petrochemicals Production) have until March  29, 2009, to submit
proofs of claims to:

         S. Gusev
         Temporary Insolvency Manager
         Post User Box 11582
         454138 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinskaya will convene at
2:30 p.m. on June 3, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A76–26382/2008–32-
16.


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


CEMEX ESPANA: Fitch Downgrades Issuer Default Rating to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded Cemex, S.A.B. de C.V. and related
entities' ratings:

Cemex

  -- Foreign currency Issuer Default Rating to 'B' from 'BB';

  -- Local currency IDR to 'B' from 'BB';

  -- Long-term national scale rating to 'BB-(mex)' from 'A+(mex)';

  -- MXN5 billion Certificados Bursatiles program to 'BB  --
     (mex)' from 'A+ (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program to 'BB-(mex)' from 'A+(mex)';

  -- Senior unsecured debt obligations to 'B+/RR3' from 'BB';

  -- Unsecured debt issued through the Certificados Bursatiles
     program to 'BB-(mex)' from 'A+(mex)';

  -- Short-term national scale rating to 'B (mex)' from 'F1(mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program to 'B (mex)' from
     'F1(mex)'.

Cemex Espana S.A.

  -- IDR to 'B' from 'BB';
  -- Senior unsecured debt obligations to 'B+/RR3' from 'BB'.

Rinker Materials Corporation

  -- US$150 million senior unsecured notes due 2025 to 'B+/RR3'
     from 'BB'.

Fitch has placed all of these ratings on Rating Watch Negative.

The rating downgrades follows Cemex's announcement that it has
indefinitely postponed its capital markets transaction and that it
has initiated negotiations with its core banks to renegotiate its
bank debt in order to boost near-term liquidity and extend debt
maturities coming due primarily with its banks.  The 'B' and 'BB-
(mex)' ratings reflect Cemex's high leverage, deteriorating
economic conditions, poor liquidity and limited access to the
capital markets.  Balanced against this high level of risks is
consideration for the support Cemex has received from the
government and its bank groups.

The Rating Watch Negative underscores the challenges Cemex will
face as it seeks to renegotiate with banks in a manner that will
allow it to meet its debt coming due over the next few months.  If
successful, Cemex's risk will remain high until it reaches a
broader agreement with the banks that will allow it to lengthen
the maturity schedule of a significant portion of its debt that
comes due in 2009, 2010 and 2011.  The Rating Watch Negative also
incorporates the heightened volatility in the market during the
past couple of weeks and a view that the macro-economic situation
faced by Cemex could worsen beyond Fitch's forecasted EBITDAR of
around US$3.4 billion.

Cemex had total adjusted debt of US$23 billion as of Dec. 31, 2008
and cash and marketable securities of US$993 million; adjusted
debt includes total debt plus perpetual debt and operating leases.
During 2008, Cemex generated US$4.6 billion of EBITDAR, resulting
in a total adjusted debt to EBITDAR ratio of about 5.0 times (x).
During the fourth quarter of 2008 Cemex's EBITDAR declined to
about US$860 million from about US$1.35 billion during the prior
quarter.  Factoring in seasonality, the numbers were still
substantially lower than those during the last quarter of 2007,
when Cemex's EBITDAR was US$1.15 billion.  The drop-off in EBITDAR
was driven by steep declines in sales volumes and the devaluation
of the Mexican peso, British pound and Euro versus the U.S.
dollar.  Cemex's debt maturities during the second, third and
fourth quarter of 2009 are US$473 million, US$428 million and
US$2.2 billion.  In 2010 and 2011, Cemex faces debt amortizations
of US$3.8 billion and US$7.8 billion, respectively.


CEMEX ESPANA: S&P Lowers Corporate Credit Rating to 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on Cemex S.A.B de C.V. and its key operating subsidiaries
(Cemex España S.A., Cemex Mexico S.A. de C.V., and Cemex Inc.),
including lowering the long-term global scale corporate credit
ratings on Cemex and Cemex Mexico to 'B-' from 'BB+'.

The ratings remain on CreditWatch, where they were placed with
negative implications on Jan. 21, 2009.

S&P also lowered the long-term Mexican national scale corporate
credit ratings on the companies, to 'mxBB' and 'mxB' from 'mxAA-'
and 'mxA-1'.

At the same time, S&P lowered its rating on Cemex's fixed-to-
floating callable perpetual debentures to 'CCC' from 'BB'.

"The rating action followed the announcement yesterday that the
issuer has indefinitely postponed its previously announced capital
markets debt financing," said Standard & Poor's credit analyst
Juan Pablo Becerra.  "It also reflects our concerns about timely
refinancing of its bank loan maturities in 2009."

Standard & Poor's estimates that Cemex needs to meet a cash flow
shortfall this year of about US$1.8 billion to US$2.0 billion, net
of estimated free cash flow.

The company announced that it has initiated discussions with its
core banks to renegotiate the majority of its outstanding debt.
However, S&P remain concerned that depressed asset prices and the
near-freeze in global credit markets may hamper refinancing
efforts and asset sales, causing access to resources to take
longer or be lower than S&P originally expected.

The company is continuing in its effort to cover its 2009
maturities shortfall, and S&P expects that it will be able to
refinance or extend these debt maturities.  Nonetheless, terms and
conditions are now much more uncertain.

As a result of these developments, S&P also believes that the risk
of payment deferral on the company's perpetual notes has increased
significantly; this is reflected in the widening of the gap
between the perpetual debentures and the corporate and senior
unsecured rating.  Under S&P's criteria, payment deferral on the
perpetual notes would lead us to adjust the rating on the notes to
'C'.

To resolve the CreditWatch, S&P intends to follow any further
developments in Cemex's progress in refinancing its maturities due
in 2009 and 2010.  It is likely that S&P will lower the rating if
the company is unable to accomplish an asset sale or a refinancing
in the next few months as it has announced.


CEMEX SAB: Postpones US$500MM Bond Sale as Borrowing Costs Surged
-----------------------------------------------------------------
Cemex S.A.B. de C.V. delayed a US$500 million bond sale after its
borrowing costs surged amid a tumble in global financial markets,
with plans to revive the offering as early as next week, Bloomberg
News reports, citing an unnamed source.

The cost of protecting Cemex's debt against default jumped on
March 6, to the highest since at least November 2005, according to
Bloomberg data.  There was a window; they just didn't move fast
enough," the report quoted Carlos Legaspy, president of San Diego-
based Precise Investment Management and owner of about US$2
million of Cemex bonds, as saying.  "I don't think anybody could
have gone this week."

As reported in the Troubled Company Reporter-Latin America on
Feb. 26, 2009, Reuters said Cemex will meet with bond investors on
the company's plan to offer around US$500 million bond to
refinance part of its existing debts.  Cemex, Reuters related, has
to meet US$4.1 billion in debt maturities this year.

Reuters recalled Cemex has been slammed by debt problems after its
ambitious Rinker takeover in 2007, slumping sales, and losses on
derivatives amid turmoil caused by the global credit debacle.

Reuters noted Cemex plans to use free cash flow and asset sales to
pay for most of its due loans.

Cemex, as cited by Bloomberg News, said it "continues its ongoing
refinancing efforts, including, depending on market conditions,
the previously announced debt financing in the international
capital markets."

                           About Cemex

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

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
March 2, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit ratings on Cemex S.A.B de C.V.
and its key operating subsidiaries (Cemex Espana S.A., Cemex
Mexico S.A. de C.V., and Cemex Inc.) remain on CreditWatch, where
they were placed with negative implications on Jan. 21, 2009.  At
the same time, S&P assigned a 'BB+' rating to Cemex's
intermediate-maturity notes in the amount of about US$500 million.
The recovery rating is '3', indicating that lenders can expect
substantial (70% to 90%) recovery in the event of a payment
default.


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


AEROTRONIC JSC: Creditors Must File Proofs of Claim by March 23
---------------------------------------------------------------
Creditors owed money by JSC Aerotronic are requested to file their
proofs of claim by March 23, 2009, to:

         Peter Schonenberger
         Liquidator
         Roosweidstrasse 6
         8832 Wollerau
         Switzerland

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


CHICO GASTRO: Deadline to File Proofs of Claim Set March 23
-----------------------------------------------------------
Creditors owed money by LLC Chico Gastro are requested to file
their proofs of claim by March 23, 2009, to:

         Hans Rudolf Stierli
         Liquidator
         Haldenstrasse 35
         5415 Nussbaumen
         Switzerland

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


CUS JSC: Creditors Have Until March 23 to File Claims
-----------------------------------------------------
Creditors owed money by JSC Cus are requested to file their proofs
of claim by March 23, 2009, to:

         JSC Tribeg Treuhand
         Baarerstrasse 73
         6302 Zug
         Switzerland

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


DACSA HOLDING: Proofs of Claim Filing Deadline is March 23
----------------------------------------------------------
Creditors owed money by Dacsa Holding Ltd. are requested to file
their proofs of claim by March 23, 2009, to:

         Dr. Aug. Schubiger
         Liquidator
         Talacker 50
         8001 Zurich
         Switzerland

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


ELECTRONIC CO: Creditors' Proofs of Claim Due by March 23
---------------------------------------------------------
Creditors owed money by JSC Electronic Co. Ltd. are requested to
file their proofs of claim by March 23, 2009, to:

         JSC Experfina
         Liquidator
         Steinengraben 40
         4051 Basel
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 26, 2009.


LEHMAN BROTHERS: Swiss Liquidators Take Lead Role for Unit
----------------------------------------------------------
Lehman Brothers Holdings Inc., which filed the largest Chapter 11
case in September 2008, is now willing for the European
liquidators to take on the main role in the liquidation of its
Switzerland-based unit Lehman Brothers Finance AG, Bloomberg's
Bill Rochelle said.

LBHI sent its Swiss unit to Chapter 11 on Oct. 3 in order to
protect the assets of the unit.  According to Bill Rochelle,
Lehman is now saying that the Chapter 11 case should be dismissed,
and its Chapter 15 petition for LBF be granted.

If the Chapter 15 petition is approved, the liquidation in
Switzerland will be recognized as the "foreign main proceeding."
Creditor actions in the U.S. against LBF will be barred, and
creditors will be required to file their claims before the Swiss
court.

In a document sent to the U.S. Bankruptcy Court for the Southern
District of New York, LBHI and its affiliates said they do not
oppose the request of PricewaterhouseCoopers AG, Zurich.  On the
contrary, the Debtors said they support the commencement of the
Chapter 15 case of Lehman Brothers Finance SA and the recognition
of LBFS' bankruptcy proceeding in Switzerland as a foreign main
proceeding under the Swiss Financial Market Supervisory Authority,
with PwC as the duly appointed Bankruptcy Liquidator of LBF.

However, the Debtors complain that certain circumstances
surrounding the filing of LBF's Chapter 11 Petition may have been
inaccurately described by PwC.  Despite the inaccuracies, the
Debtors and PwC nevertheless appear to agree that:

(a) the filing of a Chapter 11 petition was necessary to
     protect LBF's assets in the United States; and

(b) under the totality of the circumstances, including the
     pendency of the Swiss Bankruptcy, it would be more
     appropriate that the Chapter 11 case of LBF be dismissed
     and supplanted by a Chapter 15 case, in which the Swiss
     Bankruptcy is duly recognized as a foreign main
     proceeding.

The Debtors recognize that FINMA qualifies under Section 1502(3)
of the U.S. Bankruptcy Code as a "foreign court," since it is the
administrative agency with regulatory authority over LBF, and
that FINMA has appointed PwC to be the Bankruptcy Liquidators of
LBF.  The Debtors also agree that PwC is the appropriate party to
be recognized as LBF's foreign representative in the Chapter 15
case.

                    Lehman Brothers' Collapse

Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com-- was the fourth largest investment bank in
the United States, offering a full array of financial services in
equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity.  Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.

Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale.  Lehman's bankruptcy petition listed US$639 billion in
assets and US$613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. History.  Several affiliates
filed bankruptcy petitions thereafter.

On Sept. 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119).  James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.

Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009.  Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than US$1 billion.

LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on Sept. 15, 2008.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.  The
two units have combined liabilities of JPY4 trillion -- US$38
billion.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.

                           Asset Sales

Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.  Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


UBS AG: Revises 2008 Net Loss to CHF20.9 Bln on U.S. Lawsuits
-------------------------------------------------------------
UBS AG posted a CHF20.9 billion (US$18 billion) loss for the full
year 2008, CHF1.19 billion higher than the figure it reported last
month.

As reported in the Troubled Company Reporter-Europe on Feb. 11,
2009, UBS said its net loss for full-year 2008 widened to
CHF19,697 million from of CHF5,247 million in the prior year.

In a statement posted on its Web site yesterday, UBS said the 2008
results differ from those presented in UBS's fourth quarter 2008
report issued on February 10, 2009 due to:

     (1) the settlement agreements with the US Department
         of Justice and Securities and Exchange Commission
         related to the US cross-border case; and

     (2) the determination by the Swiss National Bank (SNB)
         of the September 30, 2008 valuation of approximately
         US$7.8 billion of securities not yet transferred
         by UBS to the SNB StabFund.  The full effect of
         the settlement agreements, and all but
         approximately CHF0.1 billion of the SNB pricing
         adjustment, are taken into account in UBS's 2008
         results and the balance sheet in UBS's 2008 annual
         report.  The total impact on net profit after tax
         was negative CHF1,190 million.

                         Cautious Outlook

Reuters reports UBS said its earnings would remain at risk due to
volatile markets.

"Even after substantial risk reduction, our balance sheet remains
exposed to illiquid and volatile markets and our earnings will
therefore remain at risk for some time to come," UBS said in a
letter to shareholders obtained by Reuters.

"Our near-term outlook remains extremely cautious," Reuters quoted
UBS as saying.

                         U.S. Lawsuits

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2009, the U.S. government filed a lawsuit in Miami against UBS.

The lawsuit asked the court to order the international bank to
disclose to the Internal Revenue Service (IRS) the identities of
the bank's U.S. customers with secret Swiss accounts.

According to the lawsuit, as many as 52,000 U.S. customers hid
their UBS accounts from the government in violation of the tax
laws.

The government alleges in the lawsuit that of those 52,000 secret
accounts, about 20,000 contained securities and about 32,000
contained cash.  According to a UBS document filed with the
lawsuit, as of the mid-2000s, those secret accounts held about
US$14.8 billion in assets.  Court documents allege that U.S.
citizens failed to report and pay U.S. income taxes on income
earned in those secret accounts.

According to the lawsuit, Swiss-based bankers actively marketed
UBS's services to wealthy U.S. customers within the United States.
UBS documents filed with the lawsuit show that UBS bankers came to
the United States to meet with U.S. clients nearly 4,000 times per
year, in violation of U.S. law.  According to court documents, the
government alleges that UBS trained its bankers to avoid detection
by U.S. authorities.  Court documents further assert that many
U.S. contacts occurred through UBS-sponsored sporting and cultural
events, designed to appeal to extremely wealthy Americans.

The lawsuit alleges that UBS engaged in cross-border securities
transactions in the United States that it knew violated U.S.
security laws.  The lawsuit also alleges that UBS helped hundreds
of U.S. taxpayers set up dummy offshore companies, to make it
easier for those taxpayers to avoid their reporting obligations
under U.S. tax laws.

UBS later entered into a deferred prosecution agreement with the
Department of Justice pursuant to which UBS will pay US$180
million in disgorgement, as well as US$400 million in tax-related
payments.

Also last month, the U.S. Securities and Exchange Commission filed
an enforcement action against UBS charging the firm with acting as
an unregistered broker-dealer and investment adviser.

The SEC's complaint, filed in the U.S. District Court for the
District of Columbia, alleges that UBS's conduct facilitated the
ability of certain U.S. clients to maintain undisclosed accounts
in Switzerland and other foreign countries, which enabled those
clients to avoid paying taxes related to the assets in those
accounts.

UBS agreed to settle the SEC's charges by consenting to the
issuance of a final judgment that permanently enjoins UBS and
orders it to disgorge US$200 million.

                      Client Name Disclosure

On Mar. 6, 2009, the TCR-Europe, citing Reuters, reported that UBS
refused to disclose the names of its American clients suspected by
U.S. authorities of using secret Swiss bank accounts to dodge U.S.
Taxes.

According to Reuters, Mark Branson, chief financial officer of UBS
Global Wealth Management and Swiss Bank, said at a Senate hearing
that the bank regrets breaking U.S. tax laws, but it does not
intend to hand over the client names being sought in a U.S.
Internal Revenue Service lawsuit.

"UBS has now complied ... to the fullest extent possible without
subjecting its employees to criminal prosecution in Switzerland,"
the news agency quoted Mr. Branson as saying.

Reuters said Mr. Branson called for a diplomatic resolution,
rather than protracted court proceedings, over the IRS efforts to
get data from UBS arguing the information sought is protected by
Swiss financial privacy laws.

At the Senate hearing, Mr. Branson also confirmed there were about
47,000 accounts that UBS had for U.S. Clients, ABC News reported.

                           Rating Cut

As reported in the Troubled Company Reporter-Europe on Mar. 9,
2009, Fitch Ratings 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.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


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


ENERGY SPECIAL: Creditors Must File Claims by March 22
------------------------------------------------------
Creditors of LLC Energy Special Detail (EDRPOU 35255481) have
until March 22, 2009, to submit proofs of claim to:

         LLC Granat
         Insolvency Manager
         Post Office Box 72
         03115 Kiev
         Ukraine

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

The Court is located at:

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

The Debtor can be reached at:

         LLC Energy Special Detail
         Tchapayev St. 10
         01030 Kiev
         Ukraine


DNEPROPRESS PLANT: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on OJSC Dnepropress Plant (EDRPOU 05748772).
The Temporary Insolvency Manager is I. Diky.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dnepropress Plant
         Heroes of Stalingrad St. 139
         49700 Dnepropetrovsk
         Ukraine


KAGARLIK OJSC: Creditors Must File Claims by March 22
-----------------------------------------------------
Creditors of Kagarlik OJSC (EDRPOU 00852813) have until March 22,
2009, to submit proofs of claim to:

         G. Demchenko
         Insolvency Manager
         Post Office Box 16A
         65009 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 32-24/302-06-10132.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65019 Odessa
         Ukraine

The Debtor can be reached at:

         Kagarlik OJSC
         Kagarlik
         Beliayevsky
         Odessa
         Ukraine


KANTAKUZOVKA AGRICULTURAL: Claims Filing Period Ends March 22
-------------------------------------------------------------
Creditors of Kantakuzovka Agricultural LLC (EDRPOU 03790907) have
until March 22, 2009, to submit proofs of claim to:

         V. Levchenko
         Insolvency Manager
         Transportny lane 19
         18028 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 18/238.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         Kantakuzovka Agricultural LLC
         Lenin St. 11
         Kantakuzovka
         Drabovsky
         Cherkassy
         Ukraine


ODESSA LLC: Creditors Must File Claims by March 22
--------------------------------------------------
Creditors of ODESSA LLC (EDRPOU 30480700) have until March 22,
2009, to submit proofs of claim to:

         G. Demchenko
         Insolvency Manager
         Post Office Box 16A
         65009 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 32-7-3-24-2/6-06-298.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65019 Odessa
         Ukraine

The Debtor can be reached at:

         Odessa LLC
         Polevaya St. 28
         Krasnoselka
         Kominternovsky
         Odessa
         Ukraine


PRISKO LLC: Creditors Must File Claims by March 22
--------------------------------------------------
Creditors of LLC Prisko (EDRPOU 35633821) have until March 22,
2009, to submit proofs of claim to Insolvency Manager Y. Vanzhula.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 23/25-?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Prisko
         Office 43
         M. Grushevsky St. 28/2
         01021 Kiev
         Ukraine


SKYLINK LLC: Creditors Must File Claims by March 22
---------------------------------------------------
Creditors of LLC Skylink (EDRPOU 323814221) have until March 22,
2009, to submit proofs of claim to Insolvency Manager Y. Vanzhula.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 23/26-?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Skylink
         Kropivnitsky St. 16
         01001 Kiev
         Ukraine


SVERDLOVSK MINE: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Lugansk commenced bankruptcy supervision
procedure on OJSC Sverdlovsk Mine Building Trust (EDRPOU
00181496).

The Temporary Insolvency Manager is:

         M. Sidorenko
         Chernigov St. 1
         Lugansk
         Ukraine

The Court is located at:

         The Economic Court of Lugansk
         Great Patriotic War square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         OJSC Sverdlovsk Mine Building Trust
         Kosior St.
         Sverdlovsk
         Lugansk
         Ukraine


VELIKA BURIMKA: Creditors Must File Claims by March 22
------------------------------------------------------
Creditors of CJSC Agricultural and Industrial Union Velika Burimka
(EDRPOU 30955558) have until March 22, 2009, to submit proofs of
claim to:

         V. Levchenko
         Insolvency Manager
         Transportny lane 19
         18028 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 14/613.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         CJSC Agricultural and
         Industrial Union Velika Burimka
         Velika Burimka
         Chernobayevsky
         Cherkassy
         Ukraine


ZAPOROZHYE POWER: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy supervision
procedure on LLC Zaporozhye Power Energy Company (EDRPOU
32068358).

The Temporary Insolvency Manager is:

         S. Cherepovsky
         Office 15
         Pravda St. 25
         69035 Zaporozhye
         Ukraine

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian street 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Zaporozhye Power Energy Company
         Office 15
         Pravda St. 25
         69035 Zaporozhye
         Ukraine


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


BSH UK: Administrators Selling Nightclub Business
-------------------------------------------------
The joint administrators of BSH UK Ltd are offering for sale the
company's
Mamilanji Nightclub business and assets in Kings Road, Chelsea.

Principal features of the assets for sale include:

      -- long leasehold property (28 years),
      -- modern audio visual equipment, and
      -- kitchen facilities.

For further information, contact:

      Philip Davies & Sons
      Auctioneers & Valuers
      First Floor 78-79 Long Lane
      London EC1A 9RP
      Tel: (020) 7726 4307

A.H. Hyams Esq., FCCA and K. Brown, Esq., FCA at Marriots LLP are
the joint administrators for the company.


CARLTON PRESS: Goes Into Administrative Receivership
----------------------------------------------------
Carlton Press Group, a commercial printer based in Manchester, has
entered into administrative receivership, resulting in the loss of
63 jobs, Tom Hall at PrintWeek reports.

The company, which has an annual turnover of GBP6 million,
appointed Gary Lee of Begbies Traynor after it ceased trading on
Friday, March 6, the report relates.  The report notes the
company's attempts to find a buyer failed.  Mr. Lee is now
inviting interested parties to put forward offers for the
company’s remaining stock, customer list, order book and goodwill,
the report states.

The report discloses according to Mr. Lee, the company has
recently suffered from a significant level of bad debt which has
affected its cash requirements.

Mr. Lee, as cited by the report, said "Carlton faced a number of
problems, including bad debts and an overhead base too large to
support its turnover.  This, combined with the current trading
conditions, caused its downfall."


CITEXX LTD: Appoints Joint Administrators from Baker Tilly
----------------------------------------------------------
Russell Stewart Cash and Lindsey Jane Cooper of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Citexx Ltd. on Feb. 24, 2009.

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

         3 Hardman Street
         Manchester
         M3 3HF
         England


CLERICAL MEDICAL: S&P Corrects Error on Junior Debt Rating
----------------------------------------------------------
Standard & Poor's Ratings Services corrected an administrative
error relating to the rating on the EUR400 million junior
subordinated debt issued on behalf of U.K.-based Clerical Medical
Investment Group Ltd. by Clerical Medical Finance PLC.  Clerical
Medical Investment Group is a core subsidiary of Lloyds Banking
Group PLC.

Due to an administrative error on March 6, 2009, the rating on
Clerical Medical Finance PLC's EUR400 million junior subordinated
debt issue was misstated as 'BB+/Watch Neg'.  The junior
subordinated debt issue is rated 'A-' and S&P has amended its
database to reflect the fact.

                           Ratings List

         EUR400 million dated junior subordinated debt *

                          To        From
                          --        ----
                          A-        BB+/Watch Neg

      * Guaranteed by Clerical Medical Investment Group Ltd.


EDEN STATE: Calls in Joint Administrators from Tenon Recovery
-------------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of Eden State Ltd. on Feb. 25, 2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


ENNSTONE PLC: In Administration; Two Subsidiaries Sold to Breedon
-----------------------------------------------------------------
Ennstone plc has gone into administration after attempts to secure
new funding failed, Peter Stiff at Times Online reports.

According to the report, Ennston has sold its UK and Polish
businesses to Breedon Holdings Ltd, securing more than 1,000 jobs.

On March 9, 2009, Nick Dargan and Matthew Cowlishaw of Deloitte
LLP were appointed as joint administrators of Ennstone.  On
March 10, 2009, the group made an application to the UKLA and
London Stock Exchange to cancel its listing on the London Stock
Exchange with immediate effect.

In a March 10 release Ennstone said it has explored a broad range
of strategic options over the past eight months including the
possibility of raising new equity and a sale of all or parts of
the group's businesses, including the possibility of an offer to
buy the group's shares.  However, it noted that despite the
support of the group's UK banking syndicate, the deteriorating
market conditions have resulted in the group being unable to
achieve a solvent restructuring of Ennstone.

The Board of Ennstone commented: "The group has been facing the
most challenging economic conditions for decades which have
reduced operational performance.  These conditions have also
prevented the group raising the further financing it needed or
from realizing disposals at prices which could have resolved the
group's financial problems."

Matthew Cowlishaw, joint administrator, commented: "The slowdown
in the house building and infrastructure sectors along with the
lack of funding for potential acquirers has played a significant
role in the group's difficulties."

                  U.S. Unit Files for Chapter 11

As reported in the Troubled Company Reporter on Feb. 27, 2009,
Ennstone Inc., a U.S. subsidiary of the United Kingdom-based
Ennstone Plc, filed a Chapter 11 petition before the U.S.
Bankruptcy Court for the Eastern District of Virginia, listing
assets of less than US$50 million on debts exceeding US$50
million.

Ennstone plc -- http://www.ennstone.co.uk/-- is engaged in the
production of construction materials.  The Company, through its
subsidiaries, is involved in quarrying, production and sale of
aggregates, and related activities.  In the United Kingdom, it has
three trading subsidiaries: Ennstone Johnston, which operates
throughout the Midlands and East Anglia with seven quarries, two
of which are sand and gravel units, eight asphalt plants, five
concrete plants and three contracting operations; Ennstone
Thistle, which operates north of the central belt in Scotland with
16 operational quarries, two sand and gravel units, 11 asphalt
plants, 21 concrete plants and four contracting operations, and
Ennstone Concrete Products, which operates from three locations in
England, and has the customer base mainly in the drainage, water
utilities, rail and construction sector.  In July 2007, it
acquired Keplinger Lime Co. Inc.  In January 2008, it acquired the
ready mixed concrete and surfacing business of TSL Contractors
Limited.


GEARBOX (SOUND & VISION): Administrators Put Assets for Sale
------------------------------------------------------------
A.H. Hyams Esq., FCCA and M. Grieshaber Esq., MIPA, joint
administrators of Gearbox (Sound & Vision) Limited, offer for sale
the company's business and assets.

Gearbox is a hire and reseller of professional sound and video
equipment to the post production, film, television, broadcast and
music recording industries.

Principal features of the assets for sale include:

         -- 15,000 sq ft leasehold premises – West London,

         -- three regional dry hire offices: Soho, Leeds and
            Cardiff, and

         -- forward order book.

For further information, contact:

         Marriotts LLP
         Alian House
         10 John Princess Street
         London, W1G OAH
         Tel: 0207 495 2348

         -or-

         Philip Davies & Sons Group
         78-79 Long Lane
         London, EC1A 9RP
         Tel: 020 7726 4307
         Fax: 020 7600 3306


GLASCON LTD: Creditors' Meeting Scheduled on March 24
-----------------------------------------------------
A meeting of Glascon Limited's creditors will take place at 11:30
a.m. on Tuesday,
March 24, 2009, at the offices of:

          Mercer & Hole
          76 Shoe Lane
          London EC4A 3JB

Steven Leslie Smith and Christopher Laughton at Mercer & Hole were
appointed insolvency practitioners for the company.


MAZAK LTD: Taps Joint Administrators from Smith & Williamson
------------------------------------------------------------
Stephen Robert Cork, Henry Anthony Shinners and James Douglas
Ernle Money of Smith & Williamson Limited were appointed joint
administrators of Mazak Ltd. on Feb. 23, 2009.

The company can be reached at:

         Mazak Ltd.
         Willenhall Lane
         Bloxwich
         West Midlands
         WS3 2XN
         England


MELCHIOR CDO: Fitch Junks Ratings on Four Classes of Notes
----------------------------------------------------------
Fitch Ratings has affirmed one and downgraded six classes of
Melchior CDO I S.A.'s notes.  The agency has also removed the
class B, C, D and combination notes from Rating Watch Negative.
Fitch has assigned a Negative Outlook to the class B notes and
assigned Recovery Ratings to the class C, D and combination notes.

Rating actions:

  -- EUR104,286,053 class A (ISIN XS0132598797) affirmed at 'AAA';
     Stable Outlook

  -- EUR32,000,000 class B-1 (ISIN XS0132600528) downgraded to 'B'
     from 'A-'(A minus); removed from RWN; assigned a Negative
     Outlook

  -- EUR20,000,000 class B-2 (ISIN XS0132602060) downgraded to 'B'
     from 'A-'(A minus); removed from RWN; assigned a Negative
     Outlook

  -- EUR10,000,000 class C-1 (ISIN XS0132606301) downgraded to
     'CC' from 'BB+'; removed from RWN; assigned 'RR4'

  -- EUR20,000,000 class C-2 (ISIN XS0132607291) downgraded to
     'CC' from 'BB+'; removed from RWN; assigned 'RR4'

  -- EUR14,000,000 class D (ISIN XS0132607887) downgraded to 'C'
     from 'B-'(B minus); removed from RWN; assigned 'RR6'

  -- EUR4,000,000 combination notes (ISIN XS0132608778) downgraded
     to 'C' from 'B+'; removed from RWN; assigned 'RR6'

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance (SF) CDO rating criteria on December 16, 2008,
as well as credit deterioration in the collateral pool which has
experienced the default of five obligors in the last three months.
Melchior CDO I S.A. is an arbitrage cash flow CDO that issued
EUR400 million of various classes of fixed  -- and floating-rate
notes to invest the proceeds in a portfolio of high-yield bonds,
senior and mezzanine loans and structured finance assets.

The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  While the downgrades of the class B, C, D and
combination notes reflect Fitch's revised criteria, the downgrades
are additionally linked to the transaction's actual performance.
Presently, class C and D over collateralization and interest
coverage tests are failing, which has diverted interest payments
from the class D notes to the amortization of the class A notes.
Additionally, the portfolio contains 13% of assets considered as
long-dated which mature after the legal maturity date of the notes
in August 2013.  According to the transaction documentation, from
August 2011 these assets will be treated as recently defaulted for
the purposes of the calculation of the OC tests, and from August
2012 are required to be liquidated.  Given the current
macroeconomic climate, Fitch expects that this treatment of the
long-dated assets and further negative portfolio migration will
make the cure of the OC and IC test failures unlikely, and may
result in the additional breach of the class B OC and IC tests.
In Fitch's view the breach of the OC tests in a stressed
environment make the likelihood of a full recovery of the class C,
D and combination notes remote.  The affirmation of the class A
notes reflects the current credit enhancement available to the
notes which have a current OC ratio of 181.6% from the February
2009 trustee report.

In conducting its analysis, Fitch makes a three notch downward
adjustment for any structured finance names on RWN, and a one
notch downward adjustment for corporate names on RWN or Outlook
Negative for default analysis under its Portfolio Credit Model.
The weighted average portfolio quality is 'B'/'B-' (B minus).
Currently 32.5% of the portfolio is rated 'CCC+' and below on an
unadjusted basis.  Six obligors have currently defaulted,
representing 6.9% of the portfolio.  The non-defaulted portfolio
comprises 62.5% high yield bonds, 18.7% senior loans, 17.8%
structured finance and 1% mezzanine loans.


MHS ELECTRONICS: Administrators Put Business & Assets for Sale
--------------------------------------------------------------
MHS Electronics UK Limited's joint administrators, Simon Girling
and Graham Randall, are offering for sale the company's business
and assets.

MHS is an independent silicon foundry provider specializing in
analog and mixed-signal technologies and services.

For details, contact:

    Samantha Wood
    BDO Stoy Hayward
    0117 930 1518


OBSERVER STANDARD: Goes Into Administration; 150 Jobs at Risk
-------------------------------------------------------------
MediaWeek reports that West Midlands-based regional publisher
Observer Standard Newspapers has gone into administration.

MediaWeek relates the company, which employs 150 people, called in
administrator Grant Thornton on Monday, March 9.  The
administrator, MediaWeek discloses, blamed the company's demise on
the decline in advertising in the region, particularly residential
property advertising, noting the "company was making losses prior
to cost-cutting measures taken by the directors, before the
appointment of the administrator".

The administrator will be looking for a buyer for the company's
titles, which include Rugby Observer and the Warwick Observer,
MediaWeek states.  The administrator, as cited by MediaWeek, said
the distribution of this week's newspapers would go ahead as usual
and no redundancies have been made or are immediately expected,
although it indicated this would continue to be under review.

According to Marketing, the company has annual turnover of GBP9
million.  Birmingham Post recalls in November last year the
company cut 20% of its workforce following a drop in advertising
revenue.


PREFERRED RESIDENTIAL: S&P Junks Rating on Class FTc of 06-1 Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class C, D, E, and
F notes issued by Preferred Residential Securities 06-1 PLC.  The
class B notes were affirmed and removed from CreditWatch negative,
and the class A notes were affirmed.

The rating actions follow a full credit and cash flow analysis of
the most recent loan-level information.  This analysis showed that
the credit enhancement available for the class C, D, E, and F
notes was insufficient to maintain S&P's existing ratings on these
notes.

Arrears and losses in this deal are higher than S&P's
nonconforming index.  As of the December investor report, total
arrears (including 9.03% repossessions) were 40.39%.  Cumulative
losses were 0.93% of the initial mortgage pool and were covered by
excess spread.  S&P expects U.K. house price declines to
contribute to further losses in the coming quarters.

Although the expiry of the detachable A coupons on the March
interest payment date will have a positive effect on the excess
spread, S&P believes the high delinquencies and losses in this
deal will deplete this excess spread and potentially cause future
reserve fund draws.  The reserve fund was 1.35% in the December
report and S&P believes the interest payments on the more junior
notes are vulnerable to nonpayment.

The class FTc notes are deferrable-interest notes and have
capitalized interest in recent quarters.  Their balance has
increased by 40% since closing.  The principal for the class E1c
and FTc notes is paid through the revenue priority of payments
after the replenishment of the reserve fund and have not been paid
in recent quarters.  Repayment of these notes will rely on an
increase in excess spread.

S&P will continue to monitor the performance of this transaction
using the most recent loan-level data for full credit and cash
flow analyses.  S&P will pay particular attention to future
repossessions, losses, and changes in collection rates and
prepayment rates.

                          Ratings List

            Preferred Residential Securities 06-1 PLC
           GBP288.432 Million and EUR107.6 Million and
        US$145 Million Mortgage-Backed Floating-Rate Notes

       Ratings Lowered and Removed from CreditWatch Negative

                             Rating
                             ------
          Class      To                    From
          -----      --                    ----
          C1a        A-                    A/Watch Neg
          C1c        A-                    A/Watch Neg
          D1a        BB                    BBB/Watch Neg
          D1c        BB                    BBB/Watch Neg
          E1c        B                     BB/Watch Neg
          ETc        B                     BB/Watch Neg
          FTc        CCC                   B/Watch Neg

Ratings Affirmed and Removed from CreditWatch Negative

                             Rating
                             ------
          Class      To                    From
          -----      --                    ----
          B1a        AA                    AA/Watch Neg
          B1c        AA                    AA/Watch Neg

                         Ratings Affirmed

                             Rating
                             ------
                          To         From
                          --         ----
                          A2a        AAA
                          A2b        AAA
                          A2c        AAA
                          A2c DACs   AAA


QED COMMERCE: Appoints Joint Administrators from Tenon Recovery
---------------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of QED Commerce Ltd. on Feb. 26, 2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


SOUTHERN PACIFIC: Moody's Lifts Rating on Class B Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has taken action on these notes issued
by Southern Pacific Securities 04-1 plc:

  -- Class A2, Upgraded to Aa1; previously on 16 November 2008 A2
     and Placed Under Review Direction Uncertain;

  -- Class M, Upgraded to A1; previously on 17 September 2008 Baa2
     and Placed Under Review for Possible Downgrade;

  -- Class B, Upgraded to Ba1; previously on 17 September 2008 Ba2
     and Placed Under Review for Possible Downgrade.

Last rating action date: 16 November 2008.

Moody's has taken action on the underlying ratings of the Class A2
notes, which are guaranteed by a subsidiary of MBIA Insurance
Corporation, whose insurance financial strength rating is
currently B3.  The underlying ratings reflect the intrinsic credit
quality of the notes in the absence of the financial guarantee.
The current ratings of the Class A2 notes are consistent with
Moody's practice of rating insured securities at the higher of the
guarantor's insurance financial strength rating and any underlying
rating.

Moody's has also taken action on the ratings of Class M and Class
B notes, which are not guaranteed by MBIA.  These two classes of
notes were put on review for downgrade on September 17, 2008,
after Lehman Brothers Holdings Inc announced its intention to file
a petition under Chapter 11 of the U.S. Bankruptcy Code.  At that
time, the review of all classes of notes issued by Southern
Pacific Securities 04-1 plc was prompted by the potential
operational risks arising from Capstone Mortgage Services Limited,
an entity ultimately owned by LBHI, performing the servicing and
cash management functions.

The rating actions take into account the actual performance of
this transaction, which has been better than what Moody's assumed
at closing, as well as the substantial increase in the level of
available credit enhancement.  As of the interest payment date
falling in December 2008, the cumulative losses amount to
approximately 0.64% of the original portfolio balance.  The pool
factor is approximately 8.54% and the transaction is benefiting
from a non-amortizing reserve fund, currently at target level and
approximately equal to 17.6% of the current note balance.

The current ratings of the Affected Notes incorporate the
potential operational risks currently associated with Capstone
performing the servicing and cash management functions.  In
particular, the better-than-expected performance of the
transaction and the increase in the level of available credit
enhancement currently outweigh these potential operational risks.
As a consequence, the combined action of these factors has
resulted in an upgrade of the ratings of the notes.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the credit support needed and
the volatility of future losses.  As a consequence, Moody's has
revised its Milan Aaa CE to 30% of the current portfolio balance.
Taking into account the current amount of realized losses, and
completing a roll-rate and severity analysis for the non-defaulted
portion of the portfolio, Moody's has also decreased its total
loss expectation for this transaction to 1.4% of the original
portfolio balance.

The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model.  Moody's has also factored into its analysis the negative
sector outlook for UK non-conforming RMBS, the macro-economic
conditions and the outlook for 2009 and 2010 for the UK with
regards to GDP contraction, house price decline and increasing
levels of unemployment and personal insolvencies.

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

Moody's will continue to monitor closely this transaction.


SPIRIT ISSUER: Moody's Cuts Ratings on Two Classes of Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Spirit Issuer plc (amounts reflecting initial
outstanding):

  -- GBP200,000,000 Floating Rate Class A2 Secured Debenture
     Bonds due 2031, downgraded to Ba2 from Baa2; previously Baa2,
     assigned on 25 November 2004

  -- GBP350,000,000 Fixed/Floating Rate Class A4 Secured
     Debenture Bonds due 2027, downgraded to Ba2 from Baa2;
     previously Baa2, assigned on 25 November 2004

The Class A2 and the Class A4 Notes have previously been placed on
review for possible downgrade on 12 November 2008.

Spirit Issuer plc represents a whole-business securitization of a
portfolio of currently 772 managed pubs and 633 tenanted pubs
located across the UK.  The transaction closed in November 2004
and was restructured in June 2006.

Moody's downgrade was prompted by:

(i) the observed declining trend of EBITDA and free cash flow
(FCF) of the securitized portfolio over the past year; both of
which have been below Moody's initial expectations for about half
a year; and Moody's expectation that the FCF of the transaction
will further decline by approximately 10% in 2009;

(iii) Moody's expectations that performance will further
deteriorate in the next year, for the pub sector in general and
for this transaction in particular, with beer sales continuing to
decline and profit margins to decrease further;

(iv) the above mentioned considerations led to a revision of
Moody's expected sustainable FCF for the portfolio of
approximately GBP135 million to GBP140 million (trailing 12
months; down from GBP163 million); which, in turn, increased the
ratio of securitized debt to Moody's expected sustainable FCF of
the Issuer.

Classes A1, A2, A3, A4 and A5 rank pari-passu; however as the
Class A1, A3 and A5 notes are insured by Ambac Assurance UK
Limited, their ratings are the higher of (i) Ambac's ratings and
(ii) the underlying ratings.  Ambac was downgraded to Baa1 on 5th
November 2008 and was placed on review for possible downgrade on 3
March 2009.  Therefore, the ratings of Classes A1, A3 and A5 are
Baa1 on review for downgrade while the underlying rating is
currently at Ba2.

Moody's initially analyzed and monitors this transaction using its
rating approach for whole business transactions.  In this
approach, a sustainable annual free cash flow is derived over the
medium to long term horizon of the transaction, and then
multipliers are applied to such cash flows in order to reach the
debt which could be issued at the targeted long-term rating level
for the Notes

The most recent rating action on the Notes was on November 12,
2008 when the Class A2 and the Class A4 Notes were placed on
review for possible downgrade.  The latest Performance Overview
for the transaction has been published on December 23, 2008.


TRIANGLE COMPUTER: Goes Into Administration; 100 Jobs at Risk
-------------------------------------------------------------
The Daily Echo reports that Minstead-based IT company Triangle
Computer Services has gone into administration, putting 100 jobs
at risk.

The report relates Triangle, founded in 1982, blamed its demise on
the "dramatic fall in demand", which saw its income plummet to
just ten per cent of forecast levels.  The company, the report
discloses, has seen trade dwindle from a peak of GBP41 million in
2005 to GBP26 million in 2007, when it reportedly lost GBP976,000.

However, the company, as cited by the report, said no "major
clients" have been lost as a result of the difficulties.

According to the report, founder Jim Chapman is attempting to buy
two "highly successful" parts of the business back for an
undisclosed sum.


TRINITY STREET: Calls in Joint Administrators from Tenon Recovery
-----------------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of Trinity Street Direct Ltd. on Feb. 25,
2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


VEDANTA RESOURCES: Moody's Comments on Proposed Asarco Acquisition
------------------------------------------------------------------
Moody's Investors Service said that Vedanta's proposed acquisition
of Asarco for US$1.7 billion -- approximately US$900 million less
than the price agreed in June 2008 -- can be accommodated within
the company's Ba1 rating.  However, its flexibility to withstand
operating challenges and further sustained weaknesses in base
metal prices has declined.

"Moody's had factored the potential acquisition of Asarco into
Vedanta's rating -- although at a slightly lower price than the
final consideration of US$1.7 billion -- when it downgraded the
company's corporate family rating to Ba1 from Baa3 on 22 December,
2008," Ivan Palacios, a Moody's AVP/Analyst, said.

"At that time, Moody's said that the company had some cushion in
the ratings to withstand a certain degree of operating weakness,"
Mr. Palacios said.

"However, the company's financial flexibility and cushion within
the current rating has declined following this acquisition.  This
has come as a result of Vedanta's recent weaker than expected
operating performance as well as pressures on Asarco's
profitability due to volatile copper prices," adds Mr. Palacios.

For the quarter ended December 2008, Vedanta reported an EBITDA of
only US$10.1 million.  Excluding inventory write-downs, negative
provisional pricing adjustments and currency translation losses,
underlying EBITDA was US$195.1 million.  This compares with EBITDA
of US$672 million in the same quarter of last year, and US$533
million in the quarter ended September 2008.

As a result of Asarco's high fixed-costs base and rapidly
declining copper prices, its performance was also weak during the
quarter ended December 2008 leading to a quarterly EBITDA loss of
US$67 million.  However Asarco reported EBITDA of US$1.8 million
for the month of January 2009 through better cost management.

Although Moody's acknowledges the company's track record on
reducing costs, failure to achieve expected cost reductions across
its operations, as well as further weakening of its operating and
financial performance beyond Moody's current expectations, will
add downward pressure to the rating.

The transaction, which involves a US$1.1 billion payment in cash
and a deferred consideration of US$600 million over nine years, is
supported by Vedanta's strong liquidity profile, with cash and
liquid investments of US$5.3 billion as of December 2008.

The last rating action was taken on December 22, 2008, when
Vedanta's corporate family rating was downgraded to Ba1 and its
senior unsecured rating was downgraded to Ba2.

Headquartered in London, UK, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, alumina/aluminum and
copper smelting and refining and iron ore mining.  Its operations
are predominantly located in India.  The company is listed on the
London Stock Exchange and is 54% owned by Volcan Investments Ltd.


VITRALEX LTD: Creditors' Meeting Scheduled on March 24
------------------------------------------------------
A meeting of Vitralex Limited's creditors will take place at 2:30
p.m. on Tuesday,
March 24, 2009, at the offices of:

          Mercer & Hole
          76 Shoe Lane
          London EC4A 3JB

Steven Leslie Smith and Christopher Laughton at Mercer & Hole were
appointed insolvency practitioners for the company.


W & J SCAFFOLDING: Taps Joint Administrators from BDO
-----------------------------------------------------
C. K. Rayment and J. M. Wright of BDO Stoy Hayward LLP were
appointed joint administrators of W. & J. Scaffolding Ltd. on
Feb. 24, 2009.

The company can be reached through BDO Stoy Hayward LLP at:

         125 Colmore Row
         Birmingham
         B3 3SD
         England


WREKIN CONSTRUCTION: Goes Into Administration; 600 Jobs at Risk
---------------------------------------------------------------
Shropshire-based Wrekin Construction Group has gone into
administration, putting up to 600 jobs at risk, The Press
Association reports.

The report relates Conservative MP Mark Pritchard said the
company, which has millions of pounds worth of orders, was forced
into administration because of the "inflexibility" of RBS in
releasing funds for cashflow.


* Moody's Cuts Ratings on 160 Notes Issued by Certain CDO Deals
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of 160 notes issued by certain collateralized debt
obligation transactions referencing a portfolio of corporate
entities.

Moody's explained that the rating actions taken are the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs and (ii) the deterioration in the credit
quality of the transaction's reference portfolio.  The revisions
affect key parameters in Moody's model for rating Corporate
Synthetic CDOs: default probability, asset correlation, and other
credit indicators such as ratings reviews and outlooks.  Moody's
announced the changes to these assumptions in a press release
published on January 15, 2009.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for Corporate
Synthetic CDOs as described in Moody's Special Report below:

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

The rating actions are:

Amura II Plc - Shakespeare Managed CSO

  -- Series 1, Downgraded to Aa3; previously on 27 February 2008
     Aaa Placed Under Review for Possible Downgrade

  -- Series 2, Downgraded to Baa2; previously on 02 November 2004
     Assigned Aa3

  -- Series 3, Downgraded to Ba1; previously on 02 November 2004
     Assigned A2

ARLO IV Limited -- Euler Synthetic CDO

  -- Euler-CDO Class A-1E EUR7,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2012, Downgraded to Ca; previously on
     30 October 2008 Downgraded to B1

  -- Euler-CDO Class A-2E EUR5,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2015, Downgraded to Ca; previously on
     30 October 2008 Downgraded to Ba1

  -- Euler-CDO Class A-4E EUR5,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2012-1, Downgraded to Ca; previously
     on 30 October 2008 Downgraded to B1

  -- Euler-CDO Class A-5E EUR10,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2013, Downgraded to Ca; previously on
     30 October 2008 Downgraded to Ba3

  -- Euler-CDO Class B-1E EUR6,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2012, Downgraded to Ca; previously on
     30 October 2008 Downgraded to Caa2

  -- Euler-CDO Class B-3E EUR5,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2012-1, Downgraded to Ca; previously
     on 30 October 2008 Downgraded to Caa1

  -- Euler-CDO Class B-4E EUR50,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2013, Downgraded to Ca; previously on
     30 October 2008 Downgraded to Caa1

  -- Euler-CDO Class C-2Y JPY1,000,000,000 Secured Limited
     Recourse Credit-Linked Notes due 2012, Downgraded to Ca;
     previously on 30 October 2008 Downgraded to Caa3

  -- Euler-CDO Class C-4E EUR25,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2013, Downgraded to Ca; previously on
     30 October 2008 Downgraded to Caa3

  -- Euler-CDO Class C-5E EUR15,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2016, Downgraded to Ca; previously on
     30 October 2008 Downgraded to Caa2

ARLO VI LIMITED -- Euler Synthetic CDO

  -- Euler-CDO Class A-3E EUR65,000,000 Variable Secured Limited
     Recourse Credit-Linked Notes due 2012-1, Downgraded to Ca;
     previously on 30 October 2008 Downgraded to B1

  -- Euler-CDO Class A-7E EUR50,000,000 Variable Secured Limited
     Recourse Credit-Linked Notes due 2012-2, Downgraded to Caa3;
     previously on 30 October 2008 Downgraded to Ba2

  -- Euler-CDO Class B-5D US$50,000,000 Variable Secured Limited
     Recourse Credit-Linked Notes due 2013, Downgraded to Ca;
     previously on 30 October 2008 Downgraded to Caa1

  -- Euler-CDO Class C-3D US$8,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2015-1, Downgraded to Ca; previously
     on 30 October 2008 Downgraded to Caa3

  -- Euler-CDO Class C-3E EUR6,500,000 Secured Limited Recourse
     Credit-Linked Notes due 2015, Downgraded to Ca; previously on
     30 October 2008 Downgraded to Caa3

ARLO VI Limited -- Prima Synthetic CDO

  -- Series 2006-A-1 (Prima-CDO Long/Short) US$20,000,000 Secured
     Limited Recourse Credit-Linked Notes due 2013, Downgraded to
     B2; previously on 12 December 2008 Downgraded to Aa1

  -- Series 2006-B-1 (Prima-CDO Long/Short) US$15,000,000 Secured
     Limited Recourse Credit-Linked Notes due 2013, Downgraded to
     Ca; previously on 12 December 2008 Downgraded to B3

  -- Series 2006-C-1 (Prima-CDO Long/Short) US$33,800,000 Secured
     Limited Recourse Credit-Linked Notes due 2013, Downgraded to
     Ca; previously on 12 December 2008 Downgraded to Caa2

  -- Series 2006-C-2 (Prima-CDO Long/Short) US$10,000,000 Secured
     Limited Recourse Credit-Linked Notes due 2013-5, Downgraded
     to Ca; previously on 12 December 2008 Downgraded to Caa2

ARLO VI Limited - Gumbel CDO

  -- Series 2006 (Gumbel CDO-A) EUR100,000,000 Secured Limited
     Recourse Credit-Linked Notes due 2013, Downgraded to Caa3;
     previously on 12 December 2008 Downgraded to Ba1

  -- Series 2006 (Gumbel CDO-B) EUR50,000,000 Secured Limited
     Recourse Credit-Linked Notes due 2013, Downgraded to Ca;
     previously on 12 December 2008 Downgraded to B2

ARLO VII Limited - Charleston CDO (Long/Short)

  -- Series 2007-CSTON-10A-2 US$31,000,000 Secured Limited
     Recourse Credit-Linked Notes due 2017, Downgraded to Caa1;
     previously on 02 December 2008 Downgraded to Baa3

  -- Series 2007-CSTON-7A-2 US$75,000,000 Secured Limited Recourse
     Credit-Linked Notes due 2014, Downgraded to Caa2; previously
     on 02 December 2008 Downgraded to Baa3

ARLO VIII Limited - Series 2007 Weibull CDO - A/B

  -- Series 2007 (Weibull CDO - A), Downgraded to Baa3; previously
     on 18 December 2008 Downgraded to A1

  -- Series 2007 (Weibull CDO - B), Downgraded to Baa3; previously
     on 18 December 2008 Downgraded to A1

ARLO X Limited

  -- Series 2007 (CDO Blau), Downgraded to Ca; previously on 23
     December 2008 Downgraded to Caa1

  -- Series 2007 (Ortega) B-1E EUR30,000,000 Secured Limited
     Recourse Credit-Linked Notes due 2017, Downgraded to Ca;
     previously on 16 December 2008 Downgraded to Caa1

Arosa Funding Limited

  -- Series 2005-5, Downgraded to Ba1; previously on 14 July 2008
     Downgraded to Baa2

  -- Series 2006-2 "Dynaso 2006-1 Notes" Class A1 Secured Floating
     Rate Credit-Linked Notes due 21 March, 2011, Downgraded to
     Ca; previously on 10 October 2008 Downgraded to Caa3 and
     remains on Review for Possible Downgrade

  -- Series 2006-2 "Dynaso 2006-1 Notes" Class A2 Secured Fixed
     Rate Credit-Linked Notes due 21 March, 2011, Downgraded to
     Ca; previously on 10 October 2008 Downgraded to Caa3 and
     remains on Review for Possible Downgrade Series 2006-2
     "Dynaso 2006-1 Notes" Class A3 Secured Floating Rate Credit-
     Linked Notes due 21 March, 2011, Downgraded to Ca; previously
     on 10 October 2008 Downgraded to Caa3 and remains on Review
     for Possible Downgrade

  -- Series 2006-4, Downgraded to Baa3; previously on 08 March
     2006 Assigned Aaa

  -- Series 2006-7 US$100,000,000 Secured Floating Rate Credit-
     Linked Notes due 2016, Downgraded to Aa3; previously on 22
     June 2006 Assigned Aaa

  -- Series 2007-1 EUR150,000,000 Secured Floating Rate Credit-
     Linked Notes due 2017, Downgraded to Baa1; previously on 08
     December 2008 Downgraded to Aa1 Ashwell Rated S.A. Series 13
     & 14 (Constellations Synthetic CDO 2007-2)

  -- Series 13 US$12,500,000 Tranche 13-A-US$1 Notes due June
     2014, Downgraded to Ca; previously on 05 November 2008
     Downgraded to Caa2

  -- Series 14 US$30,000,000 Tranche 14-A-US$1 Notes due March
     2017, Downgraded to B1; previously on 05 November 2008
     Downgraded to A2

Athenee CDO Plc

  -- Series 2006-1 EUR1,500,000 Tranche A2F Secured Floating Rate
     Notes due 2013, Downgraded to Caa2; previously on 11 February
     2009 Downgraded to Caa1

  -- Series 2006-1 EUR15,000,000 Tranche A2X Secured Fixed Rate
     Notes due 2013, Downgraded to Caa2; previously on 11 February
     2009 Downgraded to Caa1

  -- Series 2006-5 EUR20,000,000 Tranche A2 Secured Step Up
     Floating Rate Notes due 2013, Downgraded to Caa3; previously
     on 11 February 2009 Downgraded to Caa2

  -- Series 2006-6 EUR10,000,000 Tranche A2 Secured Floating Rate
     Notes due 2013, Downgraded to Caa3; previously on 11 February
     2009 Downgraded to Caa2

Barclays Bank PLC - Prima CDO-related Credit Default Swap

  -- US$50,000,000 Credit Default Swap due 20 June 2013,
     Downgraded to Ca; previously on 12 December 2008 Downgraded
     to Caa3

Borealis No.3 (CDO) Limited

  -- Class A US$125,000,000 Floating Rate Credit-Linked Notes due
     2014, Downgraded to Ca; previously on 28 November 2008
     Downgraded to Baa2 and remains on Review for Possible
     Downgrade

Chrome Funding Ltd

  -- Series 13 Tranche 1 (Belem CDO Notes), Downgraded to Ba2;
     previously on 16 October 2008 Downgraded to Aa3

Claris Limited

  -- Series 82 EUR50,000,000 Algebra Floating Rate Credit Linked
     Notes due 2017, Downgraded to B2; previously on 23 December
     2008 Downgraded to Baa2

Claris Ltd

  -- Series 97/2007 EUR50,000,000 due 2015, Downgraded to Caa2;
     previously on 01 December 2008 Downgraded to Baa3

Clear PLC

  -- Series 14 Algebra II Extendible Notes due 2016, Downgraded to
     Ca; previously on 08 January 2007 Assigned A2

  -- Series 18 Limited Recourse Secured Floating Rate CLN due
     2017, Downgraded to Ca; previously on 12 December 2008
     Downgraded to Ba3

  -- Series 21: JPY1,000,000,000 Limited Recourse Secured
     Floating Rate Credit Linked Notes due 2017, Downgraded to Ca;
     previously on 12 December 2008 B1 Placed Under Review for
     Possible Downgrade

  -- Series 22: US$30,000,000 Limited Recourse Secured Floating
     Rate Credit-Linked Notes due 2017, Downgraded to Ca;
     previously on 12 December 2008 B1 Placed Under Review for
     Possible Downgrade

  -- Series 24: US$13,000,000 Limited Recourse Secured Floating
     Rate Credit-Linked Notes due 2017, Downgraded to Caa3;
     previously on 12 December 2008 Ba1 Placed Under Review for
     Possible Downgrade

  -- Series 25: US$1,000,000 Limited Recourse Secured Fixed Rate
     Credit-Linked Notes due 2017, Downgraded to Ca; previously on
     12 December 2008 B3 Placed Under Review for Possible
     Downgrade

  -- Series 26: US$1,500,000 Limited Recourse Secured Fixed Rate
     Credit-Linked Notes due 2017, Downgraded to Ca; previously on
     12 December 2008 B1 Placed Under Review for Possible
     Downgrade

  -- Series 27: US$3,000,000 Limited Recourse Secured Floating
     Rate Credit-Linked Notes due 2017, Downgraded to Ca;
     previously on 12 December 2008 B1 Placed Under Review for
     Possible Downgrade

  -- Series 28: US$7,000,000 Limited Recourse Secured Floating
     Rate Credit-Linked Notes due 2017, Downgraded to Ca;
     previously on 12 December 2008 Ba1 Placed Under Review for
     Possible Downgrade

  -- Series 29: US$40,000,000 Limited Recourse Secured Floating
     Rate Credit-Linked Notes due 2017, Downgraded to B3;
     previously on 12 December 2008 Baa1 Placed Under Review for
     Possible Downgrade

  -- Series 30: US$30,000,000 Limited Recourse Secured Floating
     Rate Credit Linked Notes due 2017, Downgraded to Caa3;
     previously on 12 December 2008 Ba1 Placed Under Review for
     Possible Downgrade

  -- Series 43: US$25,000,000 Limited Recourse Secured Variable
     Rate Credit Linked Notes due 2017, Downgraded to Caa2;
     previously on 12 December 2008 Baa1 Placed Under Review for
     Possible Downgrade

  -- Series 45: US$10,000,000 Limited Recourse Secured Floating
     Rate Credit Linked Notes due 2017, Downgraded to B1;
     previously on 12 December 2008 Baa1 Placed Under Review for
     Possible Downgrade

  -- Series 46: US$10,000,000 Limited Recourse Secured Floating
     Rate Credit Linked Notes due 2017, Downgraded to Ca;
     previously on 12 December 2008 B1 Placed Under Review for
     Possible Downgrade

  -- Series 47: JPY2,000,000,000 Limited Recourse Secured
     Floating Rate Credit Linked Notes due 2017, Downgraded to Ca;
     previously on 12 December 2008 B1 Placed Under Review for
     Possible Downgrade

  -- Series 50: US$13,000,000 Limited Recourse Secured Fixed Rate
     Credit Linked Notes due 2017, Downgraded to Caa3; previously
     on 12 December 2008 Baa3 Placed Under Review for Possible
     Downgrade

  -- Series 52: US$18,000,000 Limited Recourse Secured Floating
     Rate Credit-Linked Notes due 2017, Downgraded to Ca;
     previously on 12 December 2008 Ba3 Placed Under Review for
     Possible Downgrade

  -- Series 60 JPY1,000,000,000 Limited Recourse Secured Credit-
     Linked Notes due 2017, Downgraded to Ca; previously on 01
     December 2008 Downgraded to Caa2

  -- Series 66 JPY500,000,000 Limited Recourse Secured Credit-
     Linked Notes due 2017, Downgraded to Ca; previously on 01
     December 2008 Downgraded to Caa3

Coriolanus Limited

  -- Series 60 EUR100,000,000 Floating Rate Portfolio Credit
     Linked Secured Notes due 2017, Downgraded to A3; previously
     on 08 August 2007 Assigned Aaa

  -- Series 71 US$10,000,000 Credit Linked Secured Notes
     Programme, Downgraded to Ca; previously on 22 December 2008
     Downgraded to Caa2

Corsair (Jersey) No. 3 Limited  Series 24

  -- Series 24 EUR75,000,000 Credit Linked Note due 2019,
     Downgraded to Ca; previously on 21 August 2007 Assigned Aaa

Corsair (Jersey) No 4 Limited

  -- Series 3 (Electric Lights Orchestra) EUR70,000,000 Floating
     Rate Secured Portfolio Credit-Linked Notes due 2013,
     Downgraded to Ba2; previously on 15 January 2009 Downgraded
     to Aa1

  -- Series 12 US$200,000,000, Downgraded to Baa3; previously on
     15 January 2009 Downgraded to Aa1

  -- Series 14 US$20,000,000 Secured Portfolio Credit-Linked Notes
     due 2014, Downgraded to Ca; previously on 15 January 2009
     Downgraded to Caa3

DEPFA Bank plc

  -- Credit Default Swap (Freshwater 2), Downgraded to Ca;
     previously on 26 November 2008 Downgraded to Caa3

  -- Credit Default Swap (Wastewater 1), Downgraded to Ca;
     previously on 26 November 2008 Downgraded to Caa3

Eiffel CDO Limited

  -- Series 2006-2 US$5,000,000 Tranche A2 Secured Step Up
     Floating Rate Notes due 2013, Downgraded to Caa2; previously
     on 11 February 2009 Downgraded to Caa1

  -- Series 2006-4 US$10,000,000 Tranche A1 Secured Step Up
     Floating Rate Notes due 2013, Downgraded to B2; previously on
     11 February 2009 Downgraded to Ba3

  -- Series 2007-1 US$10,000,000 Tranche A1 Secured Step Up
     Floating Rate Notes due 2013, Downgraded to B2; previously on
     11 February 2009 Downgraded to Ba3

ELM B.V.

  -- Series 13 (Cairn IG CDO I) US$25,000,000 Secured Variable
     Coupon Floating Rate Notes due 2012, Downgraded to Ca;
     previously on 26 November 2008 Downgraded to Ba3

  -- Series 42 NOK606,000,000 Secured Fixed Rate Notes due 2016,
     Downgraded to Baa3; previously on 27 April 2006 Assigned Aa3

  -- Series 47 EUR100,000,000 Floating Rate Secured Notes due
     2016, Downgraded to Aa3; previously on 30 June 2006 Assigned
     Aaa

Elva Funding Plc - Series 2007-10

  -- Class B US$22,500,000 Secured Credit-Linked Floating Rate
     Notes due 2017, Downgraded to Ca; previously on 23 October
     2008 Downgraded to Caa3

  -- Class B1 US$10,000,000 Secured Credit-Linked Floating Rate
     Notes due 2017, Downgraded to Ca; previously on 23 October
     2008 Downgraded to Caa3

Empyrean Finance

  -- AUD6,000,000 Class A-1A7 Floating Rate Secured Portfolio
     Credit-Linked Notes due 2013, Downgraded to B3; previously on
     08 December 2008 Downgraded to Baa1

  -- EUR20,000,000 Class A-1E7 Floating Rate Secured Portfolio
     Credit-Linked Notes due 2013, Downgraded to B2; previously on
     08 December 2008 Downgraded to Baa1

  -- AUD24,000,000 B-1A7 Floating Rate Secured Portfolio Credit-
     Linked Notes due 2013, Downgraded to Caa3; previously on 08
     December 2008 Downgraded to Ba2

  -- US$10,000,000 Class B-1bU7 Senior Floating Rate Secured
     Portfolio Credit-Linked Notes due 2013, Downgraded to Caa3;
     previously on 08 December 2008 Downgraded to Ba2

  -- US$7,500,000 Class B-1U7 Senior Floating Rate Secured
     Portfolio Credit-Linked Notes due 2013, Downgraded to Caa3;
     previously on 08 December 2008 Downgraded to Ba2

  -- EUR11,500,000 B-2E7 Fixed Rate Secured Portfolio Credit-
     Linked Notes due 2013, Downgraded to Caa3; previously on 08
     December 2008 Downgraded to Ba2

  -- GBP139,200,000 Class B-2G7 Fixed Rate Secured Portfolio
     Credit-Linked Notes due 2013, Downgraded to Caa3; previously
     on 08 December 2008 Downgraded to Ba2

  -- US$5,000,000 Class B-2U7 Fixed Rate Secured Portfolio Credit-
     Linked Notes due 2013, Downgraded to Caa3; previously on 08
     December 2008 Downgraded to Ba2

  -- US$20,000,000 C-1U7 Floating Rate Secured Portfolio Credit-
     Linked Notes due 2013, Downgraded to Ca; previously on 08
     December 2008 Downgraded to B3

Fortis Luxembourg Finance S.A.

  -- Series Velazquez Credit Linked Notes, Downgraded to Caa1;
     previously on 15 January 2009 Downgraded to Baa3

Galena CDO I (Cayman Islands No. 1) Limited - Managed CSO

  -- Class B-1U7, Downgraded to Ca; previously on 12 December 2008
     Downgraded to B2

  -- Class B-2U7, Downgraded to Ca; previously on 12 December 2008
     Downgraded to B2

  -- Class C-1U7, Downgraded to Ca; previously on 12 December 2008
     Downgraded to Caa2

Helix Capital (Jersey) Limited -   -- Series 2006-4

  -- EUR30,000,000 PowerTrancheTM Mezzanine Managed Synthetic CDO
     Notes, Downgraded to Caa2; previously on 11 December 2008
     Downgraded to Baa2

IRIS SPV plc   -- Series 32/2007

  -- EUR75,000,000 Diamond Floating Rate Credit Linked Notes due
     2012, Downgraded to Caa1; previously on 01 December 2008
     Downgraded to Baa3

Kingly Square No. 2 (CDO) Limited

  -- Class A Floating Rate Credit Linked Notes, Downgraded to
     Caa3; previously on 19 November 2008 Downgraded to B2

Lancaster Place Finance Limited

  -- Class A1 Floating Rate Credit-Linked Notes, Downgraded to
     Aa2; previously on 04 April 2008 Assigned Aaa

  -- Class A2 Floating Rate Credit-Linked Notes, Downgraded to
     Baa2; previously on 04 April 2008 Assigned Aaa

  -- Class B Floating Rate Credit-Linked Notes, Downgraded to Ba2;
     previously on 04 April 2008 Assigned Aa2

  -- Class C Floating Rate Credit-Linked Notes, Downgraded to B2;
     previously on 04 April 2008 Assigned A2

  -- Class D Floating Rate Credit-Linked Notes, Downgraded to
     Caa1; previously on 04 April 2008 Assigned Baa2

Landesbank Baden-Wuerttemberg (LBBW)

  -- EUR2,000,000 LBBW Credit-Linked Portfolio Schuldschein,
     Downgraded to A2; previously on 31 October 2008 Assigned Aa3

Magnolia Finance VI plc

  -- Series 2007-7 Credit Linked Notes (C-Star), Downgraded to Ca;
     previously on 21 November 2008 Downgraded to B3

  -- Series 2007-06 Credit Linked Notes (C-Star), Downgraded to
     Ca; previously on 21 November 2008 Downgraded to B3

Marylebone Road CBO 3 B.V.

  -- EUR21,250,000 Floating Rate Class A-2 Notes due 10/31/13,
     Downgraded to Ca; previously on 21 October 2008 Downgraded to
     B3 and Placed Under Review for Possible Downgrade

  -- EUR38,250,000 Floating Rate Class A-1 Notes due 10/31/13,
     Downgraded to Caa2; previously on 21 October 2008 Downgraded
     to Baa1 and Placed Under Review for Possible Downgrade

NATIXIS Corporate & Investment Bank Belem CDO

  -- Series 1799- Tranche 1 Class A1 EUR132 million Floating Rate
     Credit-Linked Note, Downgraded to Ba1; previously on 26
     September 2008 Downgraded to A1

  -- Series 1800- Tranche 1 Class A2 US$20.2 million Floating Rate
     Credit-Linked Note, Downgraded to Ba1; previously on 26
     September 2008 Downgraded to A1

  -- Series 1801- Tranche 1 Class A3 EUR10 million Floating Rate
     Credit-Linked Note, Downgraded to Ba1; previously on 26
     September 2008 Downgraded to A1

  -- Series 1802- Tranche 1 Class B EUR100 million Floating Rate
     Credit-Linked Note, Downgraded to B1; previously on 26
     September 2008 Downgraded to Baa1

  -- Series 1803- Tranche 1 Class C EUR30 million Floating Rate
     Credit-Linked Note, Downgraded to Caa1; previously on 26
     September 2008 Downgraded to Ba1

  -- Series 1804- Tranche 1 Class D EUR20 million Floating Rate
     Credit-Linked Note, Downgraded to Caa2; previously on 26
     September 2008 Downgraded to B1

NATIXIS Structured Products Limited - Marco CDO

  -- Series 83 Floating Rate Credit-Linked Notes due 2016,
     Downgraded to Ba1; previously on 31 December 2008 Downgraded
     to A1

NATIXIS Structured Products Limited - Meursault CDO

  -- Series 11 Class A1 Floating Rate Credit-Linked Notes,
     Downgraded to Baa2; previously on 05 November 2008 Downgraded
     to Aa2

  -- Series 12 Class A2 Floating Rate Credit-Linked Notes,
     Downgraded to Baa2; previously on 05 November 2008 Downgraded
     to Aa2

  -- Series 13 Class B1 Floating Rate Credit-Linked Notes,
     Downgraded to Baa3; previously on 05 November 2008 Downgraded
     to A1

  -- Series 14 Class B2 Floating Rate Credit-Linked notes,
     Downgraded to Baa3; previously on 05 November 2008 Downgraded
     to A1

  -- Series 15 Class B3 Floating Rate Credit-Linked Notes,
     Downgraded to Baa3; previously on 05 November 2008 Downgraded
     to A1

  -- Series 16 Class C1 Floating Rate Credit-Linked Notes,
     Downgraded to Ba1; previously on 05 November 2008 Downgraded
     to A2

  -- Series 17 Class C2 Floating Rate Credit-Linked Notes,
     Downgraded to Ba1; previously on 05 November 2008 Downgraded
     to A2

  -- Series 18 Class D1 Floating Rate Credit-Linked Notes,
     Downgraded to Ba2; previously on 05 November 2008 Downgraded
     to Baa1

  -- Series 19 Class D2 Floating Rate Credit-Linked Notes,
     Downgraded to Ba1; previously on 05 November 2008 Downgraded
     to Baa1

  -- Series 20 Class A3 Floating Rate Credit-Linked Notes,
     Downgraded to Baa1; previously on 05 November 2008 Downgraded
     to Aa2

Oakham Rated S.A.- Series V-VI-VII

  -- Series 3 NOK451,000,000 Secured Limited Recourse Fixed Rate
     Credit-Linked Notes due 2016, Downgraded to B2; previously on
     18 December 2008 Downgraded to Baa2

  -- Series 5 EUR16,045,000 Secured Limited Recourse Floating
     Rate Credit-Linked Notes, Downgraded to B3; previously on 18
     December 2008 Downgraded to Baa2

  -- Series 6 EUR33,791,000 Secured Limited Recourse Floating
     Rate Credit-Linked Notes, Downgraded to B3; previously on 18
     December 2008 Downgraded to Baa2

  -- Series 7 EUR5,824,000 Secured Limited Recourse Floating Rate
     Credit-Linked Notes, Downgraded to Ba2; previously on 18
     December 2008 Downgraded to Aa3

  -- Series 8 Notes, Downgraded to Ba3; previously on 18 December
     2008 Downgraded to A2

Odin CDO I (Cayman Islands No. 2) Limited - Managed CSO

  -- B-1U7, Downgraded to Ca; previously on 08 December 2008
     Downgraded to B1

Odin CDO I (Cayman Islands No. 3) Limited - Managed CSO

  -- B-2U7, Downgraded to Ca; previously on 08 December 2008
     Downgraded to B1

Odin CDO I (Ireland) Plc - Managed CSO

  -- A-1U5, Downgraded to Ba3; previously on 08 December 2008
     Downgraded to Baa2

  -- A-1U5A, Downgraded to Ba3; previously on 08 December 2008
     Downgraded to Baa2

  -- B-1E7, Downgraded to Ca; previously on 08 December 2008
     Downgraded to B1

Omega Capital Europe p.l.c.

  -- Series 30 Secured Variable Rate Notes due 2013, Downgraded to
     B2; previously on 29 December 2008 Downgraded to Ba1

Salisbury International Investments Ltd

  -- Series 2008-002 (Bourbaki), Downgraded to Ba3; previously on
     27 March 2008 Assigned Aaa

  -- Series 2008-003 (Bourbaki), Downgraded to Ba3; previously on
     27 March 2008 Assigned Aaa

Selecta CDO

  -- Series 2005-1 Class A Secured Floating Rate Notes due 30 June
     2012, Downgraded to Ba1; previously on 21 November 2008
     Downgraded to Aa1

  -- Series 2005-1 Class B1 Secured Floating Rate Notes due 30
     June 2012, Downgraded to Ba3; previously on 21 November 2008
     Downgraded to Aa2

  -- Series 2005-1 Class C1 Secured Floating Rate Notes due 30
     June 2012, Downgraded to B3; previously on 21 November 2008
     Downgraded to A3

  -- Series 2005-2 Class B2 Secured Floating Rate Notes due 30
     June 2012, Downgraded to Ba3; previously on 21 November 2008
     Downgraded to Aa2

  -- Series 2005-2 Class C2 Secured Fixed Rate Notes due 30 June
     2012, Downgraded to B3; previously on 21 November 2008
     Downgraded to A3

Selecta CDO II

  -- Series 2005-3 Class D Secured Floating Rate Notes due 30 June
     2012, Downgraded to Ca; previously on 21 November 2008
     Downgraded to B2

SPARC 2008-1

  -- EUR365,000,000 Floating Rate Secured Notes due 2017,
     Downgraded to Ca; previously on 19 August 2008 Assigned A2

Trees S.A.

  -- Series 76 Class A Secured Note, Downgraded to Ca; previously
     on 28 November 2008 Downgraded to Baa2 and remains on Review
     for Possible Downgrade

  -- Series 76 Class B Secured Note, Downgraded to Ca; previously
     on 28 November 2008 Downgraded to Baa2 and remains on Review
     for Possible Downgrade

  -- Series 76 Class C Secured Note, Downgraded to Ca; previously
     on 28 November 2008 Downgraded to Baa2 and remains on Review
     for Possible Downgrade

  -- Series 76 Class D Secured Note, Downgraded to Ca; previously
     on 28 November 2008 Downgraded to Baa2 and remains on Review
     for Possible Downgrade

  -- Series 77 US$47,250,210 Secured Credit-linked Notes due 2015
     - BARBERA CDO, Downgraded to B1; previously on 24 November
     2008 Downgraded to A3

  -- Series 78 US$47,855,502 Secured Credit-linked Notes due 2014
     - BARBERA CDO, Downgraded to B1; previously on 24 November
     2008 Downgraded to A3

  -- Series 87 - Loan Facility, Downgraded to Caa1; previously on
     18 July 2008 Assigned Ba2

True North CDO 3

  -- US$50,000,000 Class A Floating Rate Credit-Linked Notes,
     Downgraded to Caa3; previously on 26 September 2008
     Downgraded to Baa1

UBS AG, Jersey Branch

  -- Series 6481 CHF25 million Credit Linked Notes due 2015,
     Downgraded to Ba2; previously on 06 February 2008 Assigned A2

UBS AG, London Branch

  -- Credit Default Swap (BLB1), Downgraded to Ca; previously on
     27 November 2008 Downgraded to B2

  -- Credit Default Swap (Freshwater 1), Downgraded to Ca;
     previously on 12 December 2008 Downgraded to Caa1

XELO IV plc

  -- Series 2007 (CDO Weiss), Downgraded to Ca; previously on 23
     December 2008 Downgraded to Caa1

XELO V plc

  -- Series 2007 (Spinnaker III European  Series 2),
     Downgraded to Caa2; previously on 28 March 2007 Assigned Aaa


* S&P Puts Six Low-B Rated Tranches on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on 36 tranches issued by nine collateralized
debt obligation transactions backed by structured finance
securities following deterioration in the underlying collateral
pools.

Specifically, 29 tranches issued by six CDOs are backed by U.S.
structured finance securities and seven tranches issued by three
CDOs are backed by European securities.  The ratings on the other
classes of notes issued in these CDO transactions are unaffected
at this time.

In most cases, the affected U.S. transactions are CDOs of CDOs,
where the underlying credit risk is primarily securities issued by
other CDOs.  With respect to the affected European collateral, the
underlying risk comprises mainly residential mortgage-backed
securities and other CDOs.

The actions follow a preliminary review of the impact of recent
developments on U.S. and European structured finance CDOs,
including widespread deterioration in the credit quality of many
collateral portfolios that S&P has observed in recent months.

Several U.S. and European CDOs have also experienced par value
losses following the default of portfolio holdings or through
sales of credit risk assets.  Portfolio credit deterioration and
par losses increase the risk that CDO cash flows will not be
sufficient, in S&P's opinion, to repay all rated issuance in full,
putting downward pressure on the ratings.

In addition, over collateralization test ratios in all but two of
the affected transactions now breach transaction-specific over
collateralization trigger levels.  Falling over collateralization
ratios have been caused not only by portfolio losses, but also by
haircuts applied to the par amount of certain assets in the
calculation of over collateralization test ratios.

In determining whether to place a CDO tranche rating on
CreditWatch, S&P took into consideration a number of factors,
including but not limited to:

  -- S&P's rated over collateralization metric, which provides an
     estimate of the stability of the ratings on cash flow CDO
     tranches based on output from Standard & Poor's CDO Evaluator
     model and a simplified cash flow analysis; and

  -- The percentage of assets (including the change in the
     percentage of assets) rated below 'B-' in CDO portfolios, and
     the percentage of defaults already experienced in the
     portfolios.

Of the 36 tranches S&P placed on CreditWatch, nine were rated
'AAA', nine were in the 'AA' rating band, five were in the 'A'
band, six in the 'BBB' band, six in the 'BB' band, and one in the
'B' band.  When resolving the CreditWatch placements, S&P will
complete a full analysis of each affected transaction, affirming
or adjusting the ratings on each tranche.

                           Ratings List

             Ratings Placed On CreditWatch Negative

     Caja San Fernando CDO I Fondo de Titulizacion de Activos
            US$171 Million Fixed- And Floating-Rate Notes

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

                   Cheyne CLO Investments I Ltd.
                US$140.5 Million Floating-Rate Notes

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

                      FAXTOR ABS 2005-1 B.V.
   EUR308.4 Million Asset-Backed Floating- And Fixed-Rate Notes

                                       Rating
                                       ------
            Class             To                   From
            -----             --                   ----
            A-1               AAA/Watch Neg        AAA
            A-2E              AAA/Watch Neg        AAA
            A-2F              AAA/Watch Neg        AAA
            A-3               AA/Watch Neg         AA

                          Ivory CDO Ltd.
          EUR200 Million Asset-Backed Floating-Rate Notes

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

                         Palmer Square PLC
        US$1,254.5 Million Asset-Backed Floating-Rate Notes

                                       Rating
                                       ------
            Class             To                   From
            -----             --                   ----
            A2-A              AA+/Watch Neg        AA+
            A2-B              AA+/Watch Neg        AA+
            B-1               AA-/Watch Neg        AA-
            B-2               AA-/Watch Neg        AA-
            C-1               BBB-/Watch Neg       BBB-
            C-2               BBB-/Watch Neg       BBB-
            D-1               BB/Watch Neg         BB
            D-2               BB/Watch Neg         BB

                        Sheffield CDO Ltd.
     US$254.56 Million and EUR25.2 Million Floating-Rate Notes

                                       Rating
                                       ------
            Class             To                   From
            -----             --                   ----
            A-2               AAA/Watch Neg        AAA
            B                 A+/Watch Neg         A+

                         Stanton ABS I PLC
           EUR309.5 Million Secured Floating-Rate Notes

                                       Rating
                                       ------
            Class             To                   From
            -----             --                   ----
            B-2               BB+/Watch Neg        BB+

                        Stanton CDO I S.A.
           US$378.31 Million Senior, EUR48 Million Senior,
                 US$25 Million Deferrable Interest,
     and US$40 Million Subordinated Secured Floating-Rate Notes

                                       Rating
                                       ------
            Class             To                   From
            -----             --                   ----
            A2U               AAA/Watch Neg        AAA
            A2E1 EUR          AAA/Watch Neg        AAA
            A2E2 EUR          AAA/Watch Neg        AAA
            B                 AA/Watch Neg         AA
            C                 A/Watch Neg          A

                     Stanton Vintage CDO PLC
               US$159.6 Million Floating-Rate Notes

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Bankruptcy Battleground West
       Beverly Wilshire, Beverly Hills, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 14-16, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Conrad Duberstein Moot Court Competition
       St. John's University School of Law, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
    2009 Chicago/Spring Meeting
       Westin Hotel on Michigan Ave., Chicago, Ill.
          Contact: (312) 781-2000; http://www.clla.org/

Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
    NABT Spring Seminar
       The Peabody, Orlando, Florida
          Contact: http://www.nabt.com/

Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Consumer Bankruptcy Conference
       John Adams Courthouse, Boston, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    Corporate Governance Meetings
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Intercontinental Hotel, Chicago, Illinois
          Contact: www.turnaround.org

May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts for Young Practitioners
       Alexander Hamilton Custom House, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York City
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
    6th Annual Conference on
    Distressted Investing - Europe
       The Le Meridien Piccadilly Hotel, London, U.K.
          Contact: 1-903-595-3800 or
                   http://www.renaissanceamerican.com/

May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
    27th Annual Spring Meeting
       Gaylord National Resort & Convention Center
       National Harbor, Maryland
          Contact: http://www.abiworld.org/

May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: http://www.abiworld.org/

May 14-16, 2009
ALI-ABA
    Chapter 11 Business Reorganizations
       Langham Hotel, Boston, Massachusetts
          Contact: http://www.ali-aba.org

June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
    BANKRUPTCY PROFESSIONALS
       8th International World Congress
          TBA
             Contact: http://www.insol.org/

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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 2008.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *