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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, March 23, 2009, Vol. 10, No. 57

                            Headlines

A U S T R I A

BELIX LLC: Claims Registration Period Ends April 7
GUENTER SAGMEISTER: Claims Registration Period Ends April 7
HSG 10 LLC: Claims Registration Period Ends April 7
ROTUNDE LLC: Claims Registration Period Ends April 7
SPUTNIK CDO: Moody's Reviews 'Ba2'-Rated Notes for Downgrade

TEAM 7 IMMOBILIEN: Claims Registration Period Ends April 7


B E L G I U M

FORTIS BANK: Moody's Cuts Rating on CASHES Securities to 'Ba2'
FORTIS GROUP: Moody's Lowers Rating on FRESH Securities to 'Ba2'


G E R M A N Y

CONTENDO SYSTEMS: Claims Registration Period Ends April 22
ESCADA AG: Moody's Downgrades Corporate Family Rating to 'Caa3'
INTA CADO: Claims Registration Period Ends April 23
PREMIER TECHNOLOGY: Claims Registration Period Ends April 29
REGAM GMBH: Claims Registration Period Ends May 6

RUSBACK GMBH: Claims Registration Period Ends April 24
TALLYGENICOM AG: Voluntary Chapter 15 Case Summary
WSA TECHNIK: Claims Registration Period Ends May 6


I C E L A N D

LANDSBANKI ISLANDS: Sues Deutsche Bank for US$10 Million

* ICELAND: Eyes Bank Creditor Settlement in April, Bloomberg Says
* ICELAND: Icelanders Ask U.K. Lawmakers to Unfreeze Bank Assets


I R E L A N D

CORIOLANUS LTD: Moody's Reviews Rating on Series 59 Notes
CORIOLANUS LTD: S&P Cuts Rating on GBP155 Mln Notes to 'BB'
CORSAIR FINANCE: Moody's Withdraws Ba3 Rating on EUR100 Mil. Notes
SHAMROCK CAPITAL: Moody's Reviews Low-B Rated Notes for Downgrade
SR TECHNICS: Gets 30 Expressions of Interest from Potential Buyers

WIKIMI LTD: High Court Appoints Provisional Liquidator


I T A L Y

BANCA ITALEASE: Fitch Downgrades Individual Rating to 'F'
BANCO POPOLARE: Fitch Cuts Rating on Trust Pref. Securities to B-


K A Z A K H S T A N

AGENCY PROFIT: Creditors Must File Claims by April 24
BRA COMPANY-1: Creditors Must File Claims by April 24
CONTINENTAL-AKTOBE LLP: Creditors Must File Claims by April 24
KOM HOZ SERVICE: Creditors Must File Claims by April 24
LIGHT HOUSE: Creditors Must File Claims by April 24

NEOKON-S LLP: Creditors Must File Claims by April 24
RUBI ROSE: Creditors Must File Claims by April 24
SILK WAY: Creditors Must File Claims by April 24
TRANS COM SERVICE: Creditors Must File Claims by April 24
WOOD MASTER: Creditors Must File Claims by April 24


K Y R G Y Z S T A N

METAL AND ALLOYS: Creditors Must File Claims by April 3


L I T H U A N I A

UAB BITE: S&P Cuts Long-Term Corporate Credit Rating to 'SD'


N E T H E R L A N D S

ODEON ABS: Fitch Junks Ratings on Three Classes of Notes


R O M A N I A

* ROMANIA: Seeks GBP17.6 Billion in Financial Aid


R U S S I A

BELOMOR-STROY LLC: Creditors Must File Claims by May 6
CARPET FACTORY: Court Names Temporary Insolvency Manager
KAMENSKIY RAYONNUY: Creditors Must File Claims by April 5
KAMSKIY MEAT-PROCESSING: Creditors Must File Claims by May 6
KHROMATRON OJSC: Court Names Insolvency Manager

KURAY LLC: Creditors Must File Claims by May 6
LES-EXPORT-2004 LLC: Creditors Must File Claims by April 5
LES-PROM LLC: Creditors Must File Claims by May 6
MAK-DREV LLC: Creditors Must File Claims by May 6
NOVATEK OAO: Profit Up by 22.2% to RUR22.89 Million

RUSSIAN FACTORING: Fitch Junks Rating on Senior Notes from 'B'
SIGMA-SPETS-STROY LLC: Creditors Must File Claims by April 5
UC RUSAL: Alpart to Temporarily Suspend Operations in Jamaica


S L O V A K   R E P U B L I C

ISTROBANKA AS: Moody's Withdraws 'D-' Financial Strength Rating


S P A I N

GC FTGENCAT: Fitch Cuts Rating on EUR5.7 Mln Class C Notes to 'BB'
IM FTGENCAT: Fitch Downgrades Rating on Class C Notes to 'BB'


S W I T Z E R L A N D

5-ELEMENTS INVEST: Creditors Must File Claims by March 24
AESCHLIMANN PALETTEN: Deadline to File Claims Set March 25
ANDRY FIDUZIARI: Creditors Have Until March 24 to File Claims
B + F MUSIKBAR: Creditors Must File Claims by March 26
CHEMICA JSC: Creditors' Proofs of Claim Due by March 26

LAWA CONTENT: March 25 Set as Deadline to File Claims
LIENHARD LLC: Creditors Must File Proofs of Claim by March 25
STORK JSC: Deadline to File Proofs of Claim Set March 26

* Switzerland's Economy to Shrink 2.2% This Year, SECO Says


T U R K E Y

* TURKEY: Needs External Financing of US$100 Bln in 2009, FT Says


U K R A I N E

AGRICULTURAL SPHERE: Creditors Must File Claims by March 28
ALTERNATIVA LLC: Creditors Must File Claims by March 28
BUSINESS DECISIONS: Creditors Must File Claims by March 28
BVP-INVEST LLC: Creditors Must File Claims by March 28
CENTER CONCORD: Court Starts Bankruptcy Supervision Procedure

EUROPEAN AGENTS: Creditors Must File Claims by March 28
KAMENSKOYE AGRICULTURAL: Creditors Must File Claims by March 28
OLBI-UKRAINE OJSC: Creditors Must File Claims by March 28
SOUTH ENERGY: Creditors Must File Claims by March 28
SPEKTRTVSERVICE LLC: Creditors Must File Claims by March 28

SPEKTRTELECOM LLC: Creditors Must File Claims by March 28
TCHUTOV FODDER: Creditors Must File Claims by March 28
UKRSOTSBANK OJSC: S&P Affirms 'CCC+/C' Counterparty Ratings


U N I T E D   K I N G D O M

BUTTERLEY LTD: Appoints Joint Administrators from Grant Thornton
CASPER GROUP: Enters Administration; Two Businesses Sold to Bunzl
CASTLE HOLDCO: Moody's Cuts Probability of Default Rating to Ca/LD
CPC STAINLESS: Taps Joint Administrators from Deloitte & Touche
GLOBE PUB: Fitch Downgrades Rating on Class B1 Notes to 'B-'

GREAT LEIGHS: Two Leading Bids Rejected; In Talks with RBS
LOCKLEY STAINLESS: Appoints Joint Administrators from Deloitte
MARSTON ISSUER: Fitch Cuts Rating on Class B Notes to 'BB+'
NORTHERN MECHANICAL: In Liquidation; Begbies Appointed
SMALLBONE PLC: Assets Sold to Canburg; 400 Jobs Saved

SORIN REAL: Moody's Junks Rating on Class G Notes from 'Ba2'
SPIRIT ISSUER: Performance Decline Cues Fitch's 'BB+' Rating Cuts
STENNER LTD: Goes Into Administration; Begbies Traynor Appointed
SUPERCOVER GROUP: Names Joint Administrators from PwC
TRINITY WALK: Enters Administration; KPMG Appointed

* BOND PRICING: For the Week March 16 to March 20, 2009


                         *********


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


BELIX LLC: Claims Registration Period Ends April 7
--------------------------------------------------
Creditors owed money by LLC Belix (FN 306486s) have until April 7,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Bernhard Konecny
         Franz-Josefs-Kai 49
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on April 21, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 17, 2009, (Bankr. Case No. 28 S 22/09b).


GUENTER SAGMEISTER: Claims Registration Period Ends April 7
-----------------------------------------------------------
Creditors owed money by LLC Guenter Sagmeister have until April 7,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Gerhard Schilcher
         Backerstrasse 1/3/13
         1010 Vienna
         Austria
         Tel: 513 23 44
         Fax: 513 23 44 15
         E-mail: wien@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on April 21, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 16, 2009, (Bankr. Case No. 6 S 8/09g).


HSG 10 LLC: Claims Registration Period Ends April 7
---------------------------------------------------
Creditors owed money by LLC HSG 10 (FN 237415s) have until
April 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Vienna
         Austria
         Tel: 513 99 39
         Fax: 513 99 39 30
         E-mail: klein@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 21, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 17, 2009, (Bankr. Case No. 4 S 19/09k).


ROTUNDE LLC: Claims Registration Period Ends April 7
----------------------------------------------------
Creditors owed money by LLC Rotunde (FN 220641y) have until
April 7, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on April 21, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 17, 2009, (Bankr. Case No. 28 S 20/09h).


SPUTNIK CDO: Moody's Reviews 'Ba2'-Rated Notes for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its ratings of three classes of Sputnik CDO 1 notes
issued by Coriolanus Limited and of the related super senior swap.

The transaction is a synthetic CDO referencing a portfolio of 43
corporate entities, banks and supranationals incorporated in
Russia, Kazakhstan and Ukraine.  VTB Bank AG Austria, acting as
portfolio manager, has the possibility to add and/or remove
reference entities from the portfolio, subject to a number of
portfolio constraints.

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

Moody's explained that the review is related to (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 and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases below:

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

  -- Moody's revises its methodology for Emerging Market CDOs (11
     April 2007)

The rating actions are:

Coriolanus Limited

(1) US$36,000,000 Class A Floating Rate Notes due 2012

  -- Current Rating: A2, under review for possible downgrade
  -- Prior Rating: A2
  -- Prior Rating Action: 5 April 2007, assigned A2

(2) US$36,000,000 Class B Floating Rate Notes due 2012

  -- Current Rating: Baa2, under review for possible downgrade
  -- Prior Rating: Baa2
  -- Prior Rating Date: 15 August 2007, upgraded to Baa2 from Baa3

(3) US$28,000,000 Class C Floating Rate Notes due 2012

  -- Current Rating: Ba2, under review for possible downgrade
  -- Prior Rating: Ba2
  -- Prior Rating Date: 5 April 2007, assigned Ba2

(4) US$120,000,000 Senior Credit Default Swap related to the
Sputnik CDO 1 issuance

  -- Current Rating: A2, under review for possible downgrade
  -- Prior Rating: A2
  -- Prior Rating Action: 5 April 2007, assigned A2


TEAM 7 IMMOBILIEN: Claims Registration Period Ends April 7
----------------------------------------------------------
Creditors owed money by LLC Team 7 Immobilien (FN 225233a) have
until April 7, 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 11:50 a.m. on April 21, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 17, 2009, (Bankr. Case No. 28 S 21/09f).


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


FORTIS BANK: Moody's Cuts Rating on CASHES Securities to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the CASHES
securities to Ba2 from Ba1.  The rating remains under review for
possible further downgrade.  This rating action has been prompted
by the announcement made by Fortis Holdings that they will not
distribute any dividends for 2008 and Fortis Group disclosure of
their proposed capital restructuring plan.  The rating action
reflects the increased risk of coupons to be postponed since,
although the security has been issued by Fortis Bank SA/NV, the
terms and conditions of the notes include a mandatory deferral
trigger tied to a dividend payment on Fortis Group ordinary
shares.

Following the announcement of non-payment of dividends, and
according to the terms and conditions of the CASHES, coupons due
from June 2009 will not be paid in cash but through the
Alternative Coupon Satisfaction Mechanism, until Fortis Group
declares dividends again.  This mechanism requires issuance of new
shares by Fortis SA/NV, one of the two holding companies of the
Fortis Group.

However, Fortis Group mentioned that because the Group's share
price has decreased below the nominal value of the shares, it
would not be in a position to issue new shares and to use the ACSM
in current market conditions.  If the situation endured until the
coupon payment date, coupons would be postponed until such
issuance is possible.  Therefore, Fortis Group is proposing some
capital restructuring, subject to shareholders' approval in April
2009, in order to be able to use the ACSM in the short-term.

Moody's said that a coupon deferral does not trigger any default
or losses for CASHES noteholders, reflecting the notes' terms and
conditions.  Even if the ACSM could not be used, the coupons would
be postponed and not cancelled.  However, the rating action
reflects the increased likelihood of coupons to be postponed.

Moody's mentioned that if the restructuring plan proposed by
Fortis Group were approved by the Shareholders' Assembly, the
ability to use the ACSM would still be dependent on Fortis Group
share price not going below EUR0.84.  The issuance of new shares
to satisfy the ACSM will also imply a dilution effect for current
shareholders (estimated at 6% by Fortis Group) which may impact
the share price.  Therefore, timely payments of coupons of the
CASHES are now exposed to the volatility risk inherent to Fortis
Group share price.

The rating agency also mentioned that the current authorised
capital is not sufficient to enable Fortis Group to meet all its
potential obligations associated with the ACSM if the mandatory
deferral triggers of all the securities referencing an ACSM would
be breached.  Moody's added that although the shareholders would
be asked to authorise additional shares, they could disapprove
this part of the plan even if they approved the capital
restructuring.

The ratings of the CASHES remain on review for possible further
downgrade, and Moody's review will focus on the full payments of
the coupons on the CASHES by Fortis Bank SA/NV thanks to the ACSM
and the length of the postponement period if such postponement
should occur.  The rating agency mentioned that if Fortis Bank SA/
NV would have to postpone its coupons for a long period of time,
the notching between the rating of the securities and the issuer
rating of the holding companies could be further widened.

The review for possible downgrade also continues to reflect the
review for downgrade of the insurance financial strength rating of
Fortis Insurance Belgium and of the issuer ratings of Fortis SA/NV
and of Fortis N.V.

This rating was downgraded and placed under review for possible
further downgrade:

   -- Fortis Bank SA/NV- Convertible and Subordinated Hybrid
      Equity-Linked Securities to Ba2 from Ba1.

The last rating action on the CASHES was on February 13, 2009,
when Moody's placed the rating on review for possible downgrade
following Fortis' shareholders vote to disapprove the sale of
Fortis Bank SA/NV to the Belgian State and the subsequent refusal
of the revised agreement signed between BNP Paribas, Fortis and
the Belgian government.

Headquartered in Brussels, Fortis Bank SA/NV had total assets of
EUR876,063 billion and reported shareholders' equity (including
minority interest) of EUR31,650 billion as of June 30, 2008.


FORTIS GROUP: Moody's Lowers Rating on FRESH Securities to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the FRESH
securities to Ba2 from Ba1.  The rating remains under review for
possible further downgrade.  This rating action has been prompted
by the announcement made by Fortis that they will not distribute
any dividends for 2008 and the Group's disclosure of their
proposed capital restructuring plan.  The rating action reflects
the increased risk of coupons to be postponed as the terms and
conditions of the notes include a mandatory deferral trigger tied
to ordinary dividend payment.

Following the announcement of non-payment of dividends, and
according to the terms and conditions of the FRESH, coupons due
from August 2009 will not be paid in cash but through the
Alternative Coupon Satisfaction Mechanism, until the Group
declares dividends again.  This mechanism requires issuance of new
shares by Fortis SA/NV, one of the two holding companies of the
Fortis Group.

However, Fortis mentioned that because the Group's share price has
decreased below the nominal value of the shares, it would not be
in a position to issue new shares and to use the ACSM in current
market conditions.  If the situation endured until the coupon
payment date, coupons would be postponed until such issuance is
possible.  Therefore, Fortis is proposing some capital
restructuring, subject to shareholders' approval in April 2009, in
order to be able to use the ACSM in the short-term.

Moody's said that a coupon deferral does not trigger any default
or losses for FRESH noteholders, reflecting the notes' terms and
conditions.  Even if the ACSM could not be used, the coupons would
be postponed and not cancelled. However, the rating action
reflects the increased likelihood of coupons to be postponed and
the increased credit risk to the Fortis holding companies
associated with the outstanding arrears of interest.

Moody's mentioned that if the restructuring plan proposed by the
Group were approved by the Shareholders' Assembly, the ability to
use the ACSM would still be dependent on Fortis share price not
going below EUR0.84.  The issuance of new shares to satisfy the
ACSM will also imply a dilution effect for current shareholders
(estimated at 6% by Fortis) which may impact the share price.
Therefore, timely payments of coupons of the FRESH are now exposed
to the volatility risk inherent to Fortis share price.

The rating agency also mentioned that the current authorised
capital is not sufficient to enable Fortis to meet all its
potential obligations associated with the ACSM if the mandatory
deferral triggers of all the securities referencing an ACSM would
be breached.  Moody's added that although the shareholders would
be asked to authorise additional shares, they could disapprove
this part of the plan even if they approved the capital
restructuring.

The rating of the FRESH remains under review for possible further
downgrade, and Moody's review will focus on the ability of the
Group to fully pay the coupons on the FRESH thanks to the ACSM and
the length of the postponement period if such postponement should
occur.  The rating agency mentioned that if the Group would have
to postpone its coupons for a long period of time, the notching
between the rating of the securities and the issuer rating of the
holding companies could be further widened.

The review for possible downgrade also continues to reflect the
review for downgrade of the insurance financial strength rating of
Fortis Insurance Belgium and of the issuer ratings of Fortis SA/NV
and of Fortis N.V.

This rating was downgraded and placed under review for possible
further downgrade:

* Fortfinlux -- Undated Floating Rate Equity-Linked Subordinated
  Hybrid Capital Securities (FRESH) to Ba2 from Ba1;

The last rating action on the FRESH was on March 11, 2008, when
Moody's maintained all the Fortis Group's ratings under review for
possible downgrade following the new agreement reached between
Fortis, BNP Paribas and the Belgian State.

Headquartered in Brussels, Belgium and in Utrecht, the
Netherlands, Fortis Group had total assets of EUR974.3 billion and
reported shareholders' equity (including minority interest) of
EUR30.4 billion as of June 30th 2008.


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


CONTENDO SYSTEMS: Claims Registration Period Ends April 22
----------------------------------------------------------
Creditors of Contendo Systems 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 9:15 a.m. on May 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bad Homburg v.d. Hoehe
         Room E36
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         Germany

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

The insolvency manager can be reached at:

         Ulrike Hoge Peters
         Hynspergstr. 24
         60322 Frankfurt am Main
         Germany
         Tel: 069-9591100
         Fax: 069-95911012

The court opened bankruptcy proceedings against the company on
March 15, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Contendo Systems GmbH
         Hugenottenstr. 29a
         61381 Friedrichsdorf/Ts.
         Germany

         Attn: Wolfgang Tiffert, Manager
         Hugenottenstr. 28
         61381 Friedrichsdorf/Ts.
         Germany


ESCADA AG: Moody's Downgrades Corporate Family Rating to 'Caa3'
---------------------------------------------------------------
Moody's Investors Service has downgraded ESCADA's Corporate Family
Rating, Probability of Default Rating and the senior unsecured
rating on the EUR200 million notes due 2012 to Caa3 from Caa2.
outlook on the ratings remains negative.

"The downgrade reflects Moody's concern on the deteriorating
liquidity profile of ESCADA and the increasing challenges the
company will face in fulfilling main cash commitments over the
coming months, including working capital and capital expenditure
needs and bond coupon payments while its operations appear likely
to face increasingly challenging market conditions", said Paolo
Leschiutta, a Senior Analyst -- Vice President at Moody's and
responsible for ESCADA.  "Although Moody's understand the company
is currently in negotiations with banks and shareholders to
resolve its current liquidity constrains, these remain exposed to
a degree of execution risks given the market conditions and the
unsettled credit environment", Mr. Leschiutta continued.

ESCADA's ratings were downgraded to Caa2 in December 2008
following the company's announcement of key preliminary figures
for FYE October 2008 and Moody's view that the operating
performances, in conjunction with ongoing pressure in the market,
were not seen as sustainable and were likely to add pressure on
the liquidity profile of the company.  Financial leverage, at
approximately 11x at FYE October 2008 on a reported Debt to EBITDA
bases, is seen as unsustainable given the current economic
environment and remains above previous Moody's expectations.  In
addition, Moody's views the liquidity profile of the group as weak
given that cash burning rate is expected to remain high while cash
generation is likely to remain constrained by interest payments
and challenging working capital management.

The negative outlook reflects Moody's view that 2009 will remain a
year of transition for ESCADA as the pressure on top line and the
relative high operating leverage of Group's activities reduce the
company's flexibility.  The outlook could be changed to stable
following improvements in the liquidity profile of the company and
recovery in market conditions and successful implementation of the
restructuring program.

Downgrades:

Issuer: Escada AG

  -- Probability of Default Rating, Downgraded to Caa3 from Caa2

  -- Corporate Family Rating, Downgraded to Caa3 from Caa2

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
     (LGD3, 49%) from Caa2.

The last rating action on ESCADA was on December 22, 2008, when
Moody's downgraded the company's CFR to Caa2, leaving the negative
outlook on the ratings.

ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear high-end apparel
for women.  In the financial year ended October 31, 2008, the
company reported consolidated sales of EUR582.1 million and EBITDA
of EUR19.5 million.


INTA CADO: Claims Registration Period Ends April 23
---------------------------------------------------
Creditors of Inta Cado GmbH Vertriebsgesellschaft have until April
23, 2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 7, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 341
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Steinstrasse 20
         40212 Duesseldorf
         Germany

The court opened bankruptcy proceedings against the company on
March 18, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Inta Cado GmbH Vertriebsgesellschaft
         Attn: Bernd-Eugen Brach, Manager
         Gruenewaldstrasse 23
         40764 Langenfeld
         Germany


PREMIER TECHNOLOGY: Claims Registration Period Ends April 29
------------------------------------------------------------
Creditors of Premier Technology GmbH have until April 29, 2009, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall 208
         Lindenallee 15
         Meiningen
         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:


         Rico Winzer
         Schillerstr. 2
         99096 Erfurt
         Germany

The court opened bankruptcy proceedings against the company on
March 16, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Premier Technology GmbH
         Roswitha Woitschoell, Manager
         Auf der Hutweide 4
         99848 Wutha-Farnroda / OT Kahlenberg
         Germany


REGAM GMBH: Claims Registration Period Ends May 6
-------------------------------------------------
Creditors of ReGaM GmbH have until May 6, 2009, to register their
claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         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:

         Michael Pluta
         Albstr. 14
         70597 Stuttgart
         Germany
         Tel: 0711/76 96 880
         Fax: 0711/76 96 88 50

The court opened bankruptcy proceedings against the company on
March 18, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         ReGaM GmbH
         Attn: Milojka Grzetic-Zaman, Manager
         Strassburger St. 26
         70435 Stuttgar
         Germany


RUSBACK GMBH: Claims Registration Period Ends April 24
------------------------------------------------------
Creditors of Rusback GmbH have until April 24, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         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:

         Stephan Karl Michels
         Loewenstrasse 13
         44135 Dortmund
         Germany

The court opened bankruptcy proceedings against the company on
March 13, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Rusback GmbH
         Attn: Polina Lesina, Manager
         Harkortstr. 43
         44225 Dortmund
         Germany


TALLYGENICOM AG: Voluntary Chapter 15 Case Summary
--------------------------------------------------
Chapter 15 Petitioner: Michale Pluta
                      Preliminary Insolvency Administrator
                      and putative foreign representative of
                      TallyGenicom AG under Germany's
                      Insolvenzordnung Insolvency Act pending
                      before the Amtsgericht, the Local Court of
                      Ulm.

Chapter 15 Debtor: TallyGenicom AG
                  Heuweg 3, 89079
                  Ulm, Germany

Chapter 15 Case No.: 09-12253

Type of Business: The Debtor is a wholly owned subsidiary of
                 TallyGenicom Holdings LLC, which is now a debt
                 in a proceeding under Chapter 11 of the
                 Bankruptcy Code in the United States Bankruptcy
                 of Delaware Case No. 09-10266.

Chapter 15 Petition Date: March 19, 2009

Court: District of Massachusetts (Boston)

Judge: William C. Hillman

Chapter 15 Petitioner's Counsel: Steven T. Hoort, Esq.
                                Steven.Hoort@ropesgray.com
                                Ropes & Gray
                                One International Place
                                Boston, MA 02110-2624
                                Tel: (617) 951-7000

Estimated Assets: US$10 million to US$50 million

Estimated Debts: US$10 million to US$50 million


WSA TECHNIK: Claims Registration Period Ends May 6
--------------------------------------------------
Creditors of WSA Technik Wallhausen Beteiligungs GmbH have until
May 6, 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 June 3, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Halle (Saal)
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Dieter Rasehorn
         Muehlweg 16
         D 06108 Halle
         Germany
         Tel: 0345/478228124
         Fax: 0345/478228119

The court opened bankruptcy proceedings against the company on
March 16, 20009.  Consequently, all pending proceedings against
the company have been automatically stayed.

The debtor can be reached at:

         WSA Technik Wallhausen Beteiligungs GmbH
         Steintor 197
         06528 Wallhausen
         Germany

         Attn: Dr. Tim Mette, Manager
         Schwindstrasse 12-14
         60325 Frankfurt
         Germany


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


LANDSBANKI ISLANDS: Sues Deutsche Bank for US$10 Million
--------------------------------------------------------
Landsbanki Islands hf has filed a complaint against Deutsche Bank
AG New York Branch before the U.S. Bankruptcy Court for the
Southern District of New York.

According to a report by Bloomberg's Bill Rochelle, Landsbanki
says it was among a group of lenders led by Deutsche Bank that
made a loan of some US$1.1 billion to Huntsman International LLC.
Huntmain repaid the loan.  Landsbanki, however, says Deutsche has
refused to give its US$10 million share of the repayment, despite
numerous demands.

The U.S. Bankruptcy Court in January granted Landsbanki's Chapter
15 petition, and acknowledged that that Iceland is home to the
"foreign main proceeding."

The Troubled Company Reporter - Europe reported Dec. 9, 2008 that
a resolution committee has been appointed by the Icelandic Finance
Supervisory Authority to run operations of Landsbanki with the aim
of maximizing the value of the assets for all creditors.  While
saying that the bank is not in administration or liquidation, the
Committee has obtained an Icelandic legislation setting forth a
moratorium that bars creditors will be prevented from bringing
enforcement proceedings against Landsbanki.

                    About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  On October 7, 2008, the Icelandic
Financial Supervisory Authority took control of Landsbanki and two
other major banks.

Landsbanki 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 USUS$1
billion each.


* ICELAND: Eyes Bank Creditor Settlement in April, Bloomberg Says
-----------------------------------------------------------------
Iceland expects to reach an agreement with creditors of its failed
banks as early as next month, Bloomberg News' Tasneem Brogger
reported.

Minister of Business Affairs Gylfi Magnusson in a phone interview
on March 10 from Reykjavik told Bloomberg News the government may
offer creditors at the failed banks the option of becoming equity
holders in new banks the state created after seizing the lenders
in October.  Citing Minister Magnusson, Bloomberg News added the
government may also try to persuade creditors to accept longer
maturities on obligations.

Bloomberg News recalled the collapse of Iceland's three biggest
banks almost half a year ago left creditors saddled with US$54
billion in outstanding debt.  The government, Bloomberg News
noted, has made negotiating a settlement with them a condition of
freeing up capital flows.

However, Minister Magnusson, as cited by Bloomberg News, said
freeing capital flows will "definitely not be in the first half,
what may happen in the second half is not quite as clear.  It
would be ill-advised to actually try to set a date when there are
so many variables that are out of our control and could affect the
decision materially."

"I would have thought that we would be doing well to do this in
the second quarter, but if the government wants to do it by April
we'll do our best," Bloomberg News quoted Paul Baines, managing
partner at Hawkpoint Partners Ltd., hired by the government to
lead negotiations with the bank' creditors, as saying.  "It
certainly demonstrates the intent of the Icelandic government to
try and get this resolved as soon as they can."

The government intends to restore trust to avoid a run on the
krona and encourage a new wave of foreign investment, Bloomberg
News disclosed.


* ICELAND: Icelanders Ask U.K. Lawmakers to Unfreeze Bank Assets
----------------------------------------------------------------
The Associated Press reported that a delegation of Icelandic
activists submitted Tuesday last week a petition urging lawmakers
in London to unfreeze the assets of Iceland's banks.

The activists, as cited by the report, said humiliation of having
the country's assets frozen as under anti-terrorism laws prompted
them to launch the petition drive, backed by about 80,000
Icelanders.

The report recalled in October, British Prime Minister Gordon
Brown froze the U.K. assets of Landsbanki, one of Iceland's
largest banks, to ensure British savers were protected.

Britain's treasury, which is negotiating with new Prime Minister
Johanna Sigurdardottir over the fate of the frozen funds, was
invited Tuesday to attend the session with the Icelandic
delegation, the report recounted.  British lawmaker Austin
Mitchell called the negotiations "complicated", the report noted.

According to the report, it is not clear how much money is in
contention, although it is thought to be in the hundreds of
millions of pounds (dollars).


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


CORIOLANUS LTD: Moody's Reviews Rating on Series 59 Notes
---------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the rating of Series 59 notes issued by Coriolanus
Limited (Moorgate CLO 3), referencing a portfolio of corporate
entities.

Moody's explained that the rating action taken is the result of
(i) the application of revised and updated key modelling 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.  Based on
initial assessment, Moody's expects to potentially lower the
rating of the tranche by three to seven notches.  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:

Coriolanus Limited - Series 59 (Moorgate 3)

(1) Series 59 US$3,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2022

  -- Current Rating: B2, on review for possible downgrade
  -- Prior Rating: B2
  -- Prior Rating Date: 7 June 2007, B2 rating assigned


CORIOLANUS LTD: S&P Cuts Rating on GBP155 Mln Notes to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
17 European synthetic collateralized debt obligation tranches
following recent rating changes on the underlying collateral in
those deals.

Specifically, S&P:

   -- removed from CreditWatch developing the ratings on two
      tranches;

   -- removed from CreditWatch negative the rating on one tranche;

   -- lowered the ratings on 13 tranches; and

   -- withdrew the rating on one tranche.

                          Ratings List

           Rating Removed from Creditwatch Developing

                         Eirles Two Ltd.
       CHF50 Million Credit-Linked Secured Notes Series 32

                           Rating
                           ------
               To                    From
               --                    ----
               A-                    A-/Watch Dev

                         Eirles Two Ltd.
       EUR10 Million Variable Coupon Secured Notes Series 164

                           Rating
                           ------
               To                    From
               --                    ----
               A-                    A-/Watch Dev

             Rating Removed from Creditwatch Negative

                         Eirles Two Ltd.
    EUR20 Million Variable Coupon Credit-Linked Notes Series 23

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

                         Ratings Lowered

                        Argon Capital PLC
    EUR30 Million Limited-Recourse Secured Floating-Rate Notes
                             Series 64

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

                        Argon Capital PLC
    EUR22 Million Limited-Recourse Secured Floating-Rate Notes
                             Series 65

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

                        Argon Capital PLC
    EUR20 Million Limited-Recourse Secured Floating-Rate Notes
                             Series 68

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

                        Argon Capital PLC
    EUR20 Million Limited-Recourse Secured Floating-Rate Notes
                             Series 70

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

                        Argon Capital PLC
    EUR40 Million Limited-Recourse Secured Floating-Rate Notes
                             Series 71

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

                        Argon Capital PLC
    EUR15 Million Limited-Recourse Secured Variable-Rate Notes
                             Series 74

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

                        Arosa Funding Ltd.
      US$100 Million Secured Floating-Rate Credit-Linked Notes
                          Series 2006-7

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

                         CID Finance B.V.
     EUR25 Million Variable-Rate Secured Limited Recourse Notes
                             Series 9

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

                         Coriolanus Ltd.
           GBP155 Million Pass-Through Notes Series 45

                                 Rating
                                 ------
                     To                    From
                     --                    ----
                     BB                    BBB-

                        Dali Capital PLC
       EUR15 Million CMS10Y Switchable-Rate Notes Series 37

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

                         Eirles Two Ltd.
      US$22 Million Variable Coupon Secured Notes Series 65

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

                       Galaxy Capital PLC
  ILS150 Million Limited-Recourse Secured Inflation-Linked Notes
                            Series 1

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

                       Galaxy Capital PLC
  ILS150 Million Limited-Recourse Secured Inflation-Linked Notes
                            Series 4

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

                        Rating Withdrawn

                            ABAG B.V.
   EUR18.3 Million Secured Variable Floating-Rate Notes Series 2

                                 Rating
                                 ------
                     To                    From
                     --                    ----
                     NR                    BB

                          NR — Not rated.


CORSAIR FINANCE: Moody's Withdraws Ba3 Rating on EUR100 Mil. Notes
------------------------------------------------------------------
Moody's withdrew the rating of one class of notes issued by
Corsair Finance (Ireland) No. 2 Limited.  These notes were
redeemed in full on September 30, 2008.  The rating action is:

Corsair Finance (Ireland) No. 2 Limited:

(1) Series 11 EUR100,000,000 Secured Floating Rate Portfolio
Credit Linked Notes due 2009

  -- Current Rating: WR
  -- Prior Rating: Ba3
  -- Prior Rating Date: 26 September 2008, downgraded to Ba3


SHAMROCK CAPITAL: Moody's Reviews Low-B Rated Notes for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade its ratings of eight classes of notes issued by Shamrock
Capital P.L.C.

The transaction is a synthetic CDO referencing a portfolio of 75
emerging market corporate entities.  The portfolio is managed,
subject to a number of portfolio constraints, by BI Asset
Management Fondsmaeglerselskab A/S (Bankinvest), a Danish Asset
Manager.  Upon the occurrence of credit events, a fixed recovery
rate of 40% is used as final price.

Moody's explained that the review announced is linked to (i) the
application of revised and updated key modelling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs, (ii) the deterioration in the credit
quality of the transaction's reference portfolio and (iii) the
deterioration in the credit quality of the collateral that secures
some of the classes.  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 titled "Moody's updates key
assumptions for rating corporate synthetic CDOs," published on
January 15, 2009.

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

  -- Moody's approach to rating Corporate Collateralized Synthetic
     Obligations (December 2008)

  -- Moody's revises its methodology for Emerging Market CDOs (11
     April 2007)

The rating actions are:

Shamrock Capital P.L.C.

(1) Series 2007-01 EUR38,600,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: Aaa, under review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Action: 16 May 2007, assigned Aaa

(2) Series 2007-02 CZK600,000,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: Aaa, under review for possible downgrade
  -- Prior Rating: Aaa
  -- Prior Rating Action: 16 May 2007, assigned Aaa

(3) Series 2007-03 EUR5,000,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: Aa2, under review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Action: 16 May 2007, assigned Aa2

(4) Series 2007-04 CZK112,000,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: Aa2, under review for possible downgrade
  -- Prior Rating: Aa2
  -- Prior Rating Action: 16 May 2007, assigned Aa2

(5) Series 2007-05 EUR19,500,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: Baa2, under review for possible downgrade
  -- Prior Rating: Baa2
  -- Prior Rating Action: 16 May 2007, assigned Baa2

(6) Series 2007-06 EUR13,500,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: Ba3, under review for possible downgrade
  -- Prior Rating: Ba3
  -- Prior Rating Action: 16 May 2007, assigned Ba3

(7) Series 2007-07 EUR7,500,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: B3, under review for possible downgrade
  -- Prior Rating: B3
  -- Prior Rating Action: 16 May 2007, assigned B3

(8) Series 2007-09 SKK253,125,000 Floating Rate Portfolio Credit
Linked Notes due 2012

  -- Current Rating: A1, under review for possible downgrade
  -- Prior Rating: A1
  -- Prior Rating Action: 16 May 2007, assigned A1


SR TECHNICS: Gets 30 Expressions of Interest from Potential Buyers
------------------------------------------------------------------
Breakingnews.ie reports that there have been up to 30 expressions
from different parties interested in taking over Swiss-owned air
craft maintenance firm SR Technics.

The IDA told SIPTU officials Thursday last week that major players
in the aviation sector are among the potential buyers, the report
states.

SR Technics, the report discloses, plans to close its plant at
Dublin Airport at the end of the month with the loss of more than
1,100 jobs.

The report relates SR Technics management and unions met Thursday
last week to discuss workers' pensions and the redundancy package
on offer.  They are to go before the Labour Relations Commission
this week, the report notes.

The report recalls senior managers also met with Tanaiste Mary
Coughlan to discuss the latest developments at the plant.


WIKIMI LTD: High Court Appoints Provisional Liquidator
------------------------------------------------------
The High Court's Ms Justice Mary Laffoy on Wednesday, March 18,
appointed Paul McCann of Grant Thornton as provisional liquidator
to Blessington, Co Wicklow-based road-sweeping firm Wikimi Ltd
after being told the company is insolvent, the Irish Times
reports.

The report relates Gary McCarthy of Wikimi said the company,
trading as Irish Sweeper Services, had employed more than 50
people at its peak in 2006 but has suffered due to the downturn in
the construction sector.


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


BANCA ITALEASE: Fitch Downgrades Individual Rating to 'F'
---------------------------------------------------------
Fitch Ratings has downgraded Italy-based Banco Popolare's Long-
term Issuer Default Rating to 'A-' (A minus) from 'A' and placed
it on Rating Watch Negative.  Fitch has also affirmed the bank's
Individual Rating at 'C', its Support Rating at '2' and Support
Rating Floor at 'BBB'.  The agency has downgraded BP's EUR1,150
million Tier 1 securities to 'BBB' from 'A-' (A minus) and placed
them on RWN.

At the same time, the agency has downgraded Banca Italease's
Individual Rating to 'F' from 'D/E' and revised the rating watches
on the bank's Long-term IDR of 'BBB-' (BBB minus) and its Short-
term IDR of 'F3' to Positive from Negative, where they were placed
on March 5, 2008.  Italease's Support Rating has been affirmed at
'2' and removed from RWN.  Fitch has also downgraded the bank's
EUR150 million trust preferred securities to 'B-' (B minus) from
'BB', while maintaining a RWN on the securities' rating.

The downgrade of BP's ratings follows the announcement that the
bank will launch an offer to acquire all the outstanding shares in
Italease.  As a result, Italease will become a fully-owned
subsidiary of BP.  BP, together with Italease's other main
shareholders - Banca Popolare dell'Emilia Romagna (BPER, rated
'A-' ((A minus))/Stable), Banca Popolare di Sondrio (BPS, rated
'A'/Stable) and Banca Popolare di Milano (BPM, rated 'A'/Stable) -
announced that following the acquisition of Italease, in a second
step two new companies would be created.  The first company will
contain about EUR5 billion of Italease's gross impaired loans
covered by about EUR1 billion of loan impairment allowances and
mainly composed of leasing contracts on large real estate assets.
This company will be 80%-owned by BP, with the remaining 20% held
by BPER, BPM and BPS.  The second newly-created company will
contain about EUR5.2 billion of leasing assets and EUR700 million
of mortgages, mainly distributed through the shareholder banks'
branch networks.  The second company will be owned by BP (32.79%),
BPER (36.44%), BPS (20.95%) and BPM (9.83%).  Funding for the
company containing the impaired loans will be provided by the
shareholders in proportion to their stakes, while the second
company will be funded by BPER, BPS and BPM, but not BP.  Fitch
understands that all of Italease's outstanding bonds will remain
in Italease, and hence in a fully-owned subsidiary of BP.

As a result of the transaction, BP's credit risk has increased
materially as it will own an 80% stake in the new company
containing Italease's impaired loans.  Fitch considers that the
availability of collateral on these impaired loans should mitigate
the potential impact somewhat.  On March 13, 2009, Italease
announced that impaired loans, mainly relating to large real
estate assets, had risen sharply in the prior two months to reach
EUR4.5 billion.  In addition, BP will own about EUR10 billion of
other assets, which mainly relate to leasing contracts, that
Italease had distributed directly, and through agent networks and
intermediaries, and to its factoring business. While the latter,
which amounts to about EUR2 billion, should be of adequate
quality, Fitch expects that the leasing assets might be subject to
deterioration in the current economic environment.  BP has
announced that it intends to dispose of the factoring assets
within the next 18 months.

The bank announced that the acquisition would reduce its core Tier
1 ratio by 83 basis points.  Fitch acknowledges that the bank has
made an application to issue hybrid Tier 1 instruments, to be
subscribed to by the Italian government, which would be eligible
for inclusion in core Tier 1 regulatory capital.  As a result,
Fitch expects the bank's capital ratios to be adequate given its
risk exposure.  The affirmation of the Individual Rating also
reflects the bank's strong franchise in some of Italy's wealthiest
regions combined with the good potential to improve core operating
revenue and efficiency, and its modest exposure to market risk.
Nevertheless, the RWN on BP's Long-term IDR reflects Fitch's
concerns over the bank's increased exposure to riskier assets
resulting from the acquisition of Italease at the same time as the
quality of the bank's book is likely to come under pressure given
the current economic environment.  The agency expects to resolve
the RWN in coming months after reviewing the bank's performance
and asset quality and its ability to integrate and manage the
assets resulting from Italease acquisition.  The downgrade of the
hybrid Tier 3, Upper Tier 2 and Tier 1 instruments issued by BP is
in line with Fitch's notching policy on hybrid instruments.

The downgrade of Italease's Individual Rating to 'F' reflects
Fitch's view that the bank would have defaulted if it had not
received external support.  Italease announced on March 13, 2009
that its regulatory capital ratios will fall significantly below
the regulatory minimum at end-2008 as a result of a sharp rise in
loan impairment charges to about EUR850 million.  The downgrade of
Italease's trust preferred securities reflects Fitch's view that
there is material risk of a coupon deferral.  The Rating Watch
Positive on Italease's Long- and Short-term IDRs reflects the
likelihood of a rating upgrade following the completion of the
acquisition by BP.  The agency expects to resolve the RWPs on
completion of the transaction.

The rating actions are:

Banco Popolare:

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; placed
     on RWN

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: affirmed at'2'

  -- Support Rating Floor: affirmed at 'BBB'

  -- Senior debt: downgraded to 'A-' (A minus) from 'A'; placed on
     RWN

  -- Lower Tier 2 subordinated debt: downgraded to 'BBB+' from 'A-
     ' (A minus); placed on RWN

  -- Upper Tier 2 subordinated debt: downgraded to 'BBB' from 'A-'
     (A minus); placed on RWN

  -- Tier 3 debt: downgraded to 'BBB' from 'BBB+'; placed on RWN

  -- Hybrid Tier 1 instruments: downgraded to 'BBB' from 'A-' (A
     minus); placed on RWN

Banca Italease:

  -- Long-term IDR: 'BBB-' (BBB minus); Rating Watch revised to
     Positive from Negative

  -- Short-term IDR: 'F3'; Rating Watch revised to Positive from
     Negative

  -- Individual Rating: downgraded to 'F' from 'D/E'

  -- Support Rating: affirmed at '2'; removed from RWN

  -- Senior debt: 'BBB-' (BBB minus); Rating Watch revised to
     Positive from Negative

  -- Lower Tier 2 subordinated debt: 'BB+'; Rating Watch revised
     to Positive from Negative

  -- Upper Tier 2 subordinated debt: 'BB'; Rating Watch revised to
     Positive from Negative

  -- Tier 3 subordinated debt: 'BB'; Rating Watch revised to
     Positive from Negative

  -- Trust preferred securities: downgraded to 'B-' (B minus) from
     'BB'; RWN

Banca Aletti:

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; placed
     on RWN

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Support Rating: '1'; placed on RWN

Banca Popolare di Novara:

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; placed
     on RWN

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Support Rating: '1'; placed on RWN

Credito Bergamasco:

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; placed
     on RWN

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Support Rating: '1'; placed on RWN


BANCO POPOLARE: Fitch Cuts Rating on Trust Pref. Securities to B-
-----------------------------------------------------------------
Fitch Ratings has downgraded Italy-based Banco Popolare's Long-
term Issuer Default Rating to 'A-' (A minus) from 'A' and placed
it on Rating Watch Negative.  Fitch has also affirmed the bank's
Individual Rating at 'C', its Support Rating at '2' and Support
Rating Floor at 'BBB'.  The agency has downgraded BP's EUR1,150
million Tier 1 securities to 'BBB' from 'A-' (A minus) and placed
them on RWN.

At the same time, the agency has downgraded Banca Italease's
Individual Rating to 'F' from 'D/E' and revised the rating watches
on the bank's Long-term IDR of 'BBB-' (BBB minus) and its Short-
term IDR of 'F3' to Positive from Negative, where they were placed
on March 5, 2008.  Italease's Support Rating has been affirmed at
'2' and removed from RWN.  Fitch has also downgraded the bank's
EUR150 million trust preferred securities to 'B-' (B minus) from
'BB', while maintaining a RWN on the securities' rating.

The downgrade of BP's ratings follows the announcement that the
bank will launch an offer to acquire all the outstanding shares in
Italease.  As a result, Italease will become a fully-owned
subsidiary of BP.  BP, together with Italease's other main
shareholders - Banca Popolare dell'Emilia Romagna (BPER, rated
'A-' ((A minus))/Stable), Banca Popolare di Sondrio (BPS, rated
'A'/Stable) and Banca Popolare di Milano (BPM, rated 'A'/Stable) -
announced that following the acquisition of Italease, in a second
step two new companies would be created.  The first company will
contain about EUR5 billion of Italease's gross impaired loans
covered by about EUR1 billion of loan impairment allowances and
mainly composed of leasing contracts on large real estate assets.
This company will be 80%-owned by BP, with the remaining 20% held
by BPER, BPM and BPS.  The second newly-created company will
contain about EUR5.2 billion of leasing assets and EUR700 million
of mortgages, mainly distributed through the shareholder banks'
branch networks.  The second company will be owned by BP (32.79%),
BPER (36.44%), BPS (20.95%) and BPM (9.83%).  Funding for the
company containing the impaired loans will be provided by the
shareholders in proportion to their stakes, while the second
company will be funded by BPER, BPS and BPM, but not BP.  Fitch
understands that all of Italease's outstanding bonds will remain
in Italease, and hence in a fully-owned subsidiary of BP.

As a result of the transaction, BP's credit risk has increased
materially as it will own an 80% stake in the new company
containing Italease's impaired loans.  Fitch considers that the
availability of collateral on these impaired loans should mitigate
the potential impact somewhat.  On March 13, 2009, Italease
announced that impaired loans, mainly relating to large real
estate assets, had risen sharply in the prior two months to reach
EUR4.5 billion.  In addition, BP will own about EUR10 billion of
other assets, which mainly relate to leasing contracts, that
Italease had distributed directly, and through agent networks and
intermediaries, and to its factoring business. While the latter,
which amounts to about EUR2 billion, should be of adequate
quality, Fitch expects that the leasing assets might be subject to
deterioration in the current economic environment.  BP has
announced that it intends to dispose of the factoring assets
within the next 18 months.

The bank announced that the acquisition would reduce its core Tier
1 ratio by 83 basis points.  Fitch acknowledges that the bank has
made an application to issue hybrid Tier 1 instruments, to be
subscribed to by the Italian government, which would be eligible
for inclusion in core Tier 1 regulatory capital.  As a result,
Fitch expects the bank's capital ratios to be adequate given its
risk exposure.  The affirmation of the Individual Rating also
reflects the bank's strong franchise in some of Italy's wealthiest
regions combined with the good potential to improve core operating
revenue and efficiency, and its modest exposure to market risk.
Nevertheless, the RWN on BP's Long-term IDR reflects Fitch's
concerns over the bank's increased exposure to riskier assets
resulting from the acquisition of Italease at the same time as the
quality of the bank's book is likely to come under pressure given
the current economic environment.  The agency expects to resolve
the RWN in coming months after reviewing the bank's performance
and asset quality and its ability to integrate and manage the
assets resulting from Italease acquisition.  The downgrade of the
hybrid Tier 3, Upper Tier 2 and Tier 1 instruments issued by BP is
in line with Fitch's notching policy on hybrid instruments.

The downgrade of Italease's Individual Rating to 'F' reflects
Fitch's view that the bank would have defaulted if it had not
received external support.  Italease announced on March 13, 2009
that its regulatory capital ratios will fall significantly below
the regulatory minimum at end-2008 as a result of a sharp rise in
loan impairment charges to about EUR850 million.  The downgrade of
Italease's trust preferred securities reflects Fitch's view that
there is material risk of a coupon deferral.  The Rating Watch
Positive on Italease's Long- and Short-term IDRs reflects the
likelihood of a rating upgrade following the completion of the
acquisition by BP.  The agency expects to resolve the RWPs on
completion of the transaction.

The rating actions are:

Banco Popolare:

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; placed
     on RWN

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: affirmed at'2'

  -- Support Rating Floor: affirmed at 'BBB'

  -- Senior debt: downgraded to 'A-' (A minus) from 'A'; placed on
     RWN

  -- Lower Tier 2 subordinated debt: downgraded to 'BBB+' from 'A-
     ' (A minus); placed on RWN

  -- Upper Tier 2 subordinated debt: downgraded to 'BBB' from 'A-'
     (A minus); placed on RWN

  -- Tier 3 debt: downgraded to 'BBB' from 'BBB+'; placed on RWN

  -- Hybrid Tier 1 instruments: downgraded to 'BBB' from 'A-' (A
     minus); placed on RWN

Banca Italease:

  -- Long-term IDR: 'BBB-' (BBB minus); Rating Watch revised to
     Positive from Negative

  -- Short-term IDR: 'F3'; Rating Watch revised to Positive from
     Negative

  -- Individual Rating: downgraded to 'F' from 'D/E'

  -- Support Rating: affirmed at '2'; removed from RWN

  -- Senior debt: 'BBB-' (BBB minus); Rating Watch revised to
     Positive from Negative

  -- Lower Tier 2 subordinated debt: 'BB+'; Rating Watch revised
     to Positive from Negative

  -- Upper Tier 2 subordinated debt: 'BB'; Rating Watch revised to
     Positive from Negative

  -- Tier 3 subordinated debt: 'BB'; Rating Watch revised to
     Positive from Negative

  -- Trust preferred securities: downgraded to 'B-' (B minus) from
     'BB'; RWN

Banca Aletti:

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; placed
     on RWN

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Support Rating: '1'; placed on RWN

Banca Popolare di Novara:

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; placed
     on RWN

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Support Rating: '1'; placed on RWN

Credito Bergamasco:

  -- Long-term IDR: downgraded to 'A-' (A minus) from 'A'; placed
     on RWN

  -- Short-term IDR: downgraded to 'F2' from 'F1'

  -- Support Rating: '1'; placed on RWN


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


AGENCY PROFIT: Creditors Must File Claims by April 24
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agency Profit insolvent.

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

         Gogol Str. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


BRA COMPANY-1: Creditors Must File Claims by April 24
-----------------------------------------------------
LLP Bra Company-1 has declared insolvency.  Creditors have until
April 24, 2009, to submit written proofs of claim to:

         Gogol Str. 86-310
         Almaty
         Kazakhstan
         Tel: 8 (7272) 91-72-24


CONTINENTAL-AKTOBE LLP: Creditors Must File Claims by April 24
--------------------------------------------------------------
LLP Continental-Aktobe insolvent.  Creditors have until April 24,
2009, to submit written proofs of claim to:

         Shevchenko Str. 33-7
         Aktobe
         Aktube
         Kazakhstan


KOM HOZ SERVICE: Creditors Must File Claims by April 24
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Kom Hoz Service insolvent.

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

          Micro District 27, 39-35
          Aktau
          Mangistau
          Kazakhstan
          Tel: 8 (7292) 27-39-35

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


LIGHT HOUSE: Creditors Must File Claims by April 24
---------------------------------------------------
LLP Light House has declared insolvency.  Creditors have until
April 24, 2009, to submit written proofs of claim to:

         Micro District "Mamyr-1", 13-43
         Almaty
         Kazakhstan
         Tel: 8 777 294 44-97


NEOKON-S LLP: Creditors Must File Claims by April 24
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Neokon-S insolvent.

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

         Gogol Str. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


RUBI ROSE: Creditors Must File Claims by April 24
-------------------------------------------------
LLP RUBI Rose Industrial Co. Ltd. has declared insolvency.
Creditors have until April 24, 2009, to submit written proofs of
claim to:

         Micro district "Mamyr-1", 13-43
         Almaty
         Kazakhstan
         Tel: 8 777 294 44-97


SILK WAY: Creditors Must File Claims by April 24
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Silk Way Professional insolvent.

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

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


TRANS COM SERVICE: Creditors Must File Claims by April 24
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Company Kaz Trans Com Service insolvent.

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

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


WOOD MASTER: Creditors Must File Claims by April 24
---------------------------------------------------
LLP Wood Master Group has declared insolvency.  Creditors have
until April 24, 2009, to submit written proofs of claim to:

         Dzhandosov Str. 182-33
         Almaty
         Kazakhstan


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


METAL AND ALLOYS: Creditors Must File Claims by April 3
-------------------------------------------------------
Creditors of LLC Metal and Alloys Company have until April 3,
2009, to submit proofs of claim.

The company can be reached at:

         LLC Metal and Alloys Company
         Tel: (+996 312) 31-31-90


=================
L I T H U A N I A
=================


UAB BITE: S&P Cuts Long-Term Corporate Credit Rating to 'SD'
------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Lithuania-headquartered mobile
telecommunications operator UAB Bite Lietuva and its 100% owner
Bite Finance International B.V. to 'SD' from 'CC', indicating
selective default.  At the same time, S&P lowered the rating on
Bite Finance International B.V.'s EUR110 million subordinated
notes to 'D' from 'C'.  The rating on the EUR190 million senior
secured notes remains 'CC'.

These rating actions follow the closure of the consent
solicitation period and implementation of the offer to grant
EUR38.5 million in cash in exchange for the EUR110 million initial
notes.  Standard & Poor's views the exchange offer as distressed
because the exchange value offered is well below par (35 euro
cents on the euro) and, in S&P's opinion, the noteholders have no
realistic alternative that would enable them to be repaid in full.
As of March 4, 2009, the date of the early tender deadline, S&P
understand that the company had received 94.4% acceptances of the
notes outstanding.

Following the downgrade, to reflect the completion of the exchange
offer S&P raised its corporate credit ratings on Bite and Bite
Finance International B.V. to 'CC' from 'SD'.  In addition, the
rating on the EUR110 million subordinated notes has been raised to
'C' from 'D'.  The 'CC' ratings on the EUR190 million senior
secured notes are, for now, unchanged.  At the same time, all
ratings have been placed on CreditWatch with developing
implications.

"The CreditWatch placement reflects uncertainty over the amount of
debt that Bite will be able to extinguish following the closure of
its exchange offering, which will have an effect on the group's
consolidated leverage and anticipated covenant headroom," said
Standard & Poor's credit analyst Helen O'Toole.

According to the documentation for Bite's senior revolving credit
facility, if more than EUR50 million of either the senior secured
or subordinated debt is repaid, then the EUR30 million RCF should
be repaid pro rata.  S&P understands from the company that Bite
will likely seek a waiver from its creditors to extinguish the
full amount of the subordinated debt exchanged (EUR103.9 million
on March 4, 2009), without triggering repayment of the RCF, but
this has not been granted to date.

In S&P's view, the reduction of up to EUR103.9 million of Bite's
debt should lead to a potentially meaningful improvement in its
leverage and ease pressure on its consolidated leverage covenant
relating to the group's RCF.  On the assumption that EUR50 million
of subordinated debt will be extinguished, S&P believes that the
improvement in leverage would be minimal, resulting in reported
debt to EBITDA of about 7.7x based on year-end 2008 financials.
On the same basis, if EUR103.9 million is fully extinguished, the
reported debt-to-EBITDA ratio for the same period would improve
more significantly, to about 6.1x.  The consolidated leverage
covenant is calculated by dividing debt by consolidated cash flow
for the four most recent fiscal quarters.  It is declining
according to a predetermined schedule, therefore EBITDA growth
(which will likely translate into growth in cash flow) is needed
to avoid a future covenant breach.

Standard & Poor's aims to reassess the CreditWatch placement
within the next 90 days once S&P has more visibility on Bite's
future capital structure.  In the event that Bite is not granted a
waiver to extinguish more than EUR50 million of its subordinated
debt, the ratings could be affirmed at 'CC' with a negative
outlook.  If the waiver is granted, the ratings could be raised to
'CCC', to reflect the lower risks of default through the remainder
of 2009.


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


ODEON ABS: Fitch Junks Ratings on Three Classes of Notes
--------------------------------------------------------
Fitch Ratings has downgraded Odeon ABS 2007 B.V. notes, removed
them from Rating Watch Negative , and assigned Outlooks and
Recovery Ratings.

Rating actions:

  -- EUR2,182,898 Class X note due 2012 downgraded to 'B' from
     'AAA'; removed from RWN; Negative Outlook assigned

  -- EUR15,000,000 Class A-1 secured floating-rate notes due 2096
     downgraded to 'B' from 'AAA'; removed from RWN; Negative
     Outlook assigned

  -- EUR21,000,000 Class A-2 secured floating-rate notes due 2096
     downgraded to 'CCC' from 'AA'; removed from RWN; assigned
     'RR3'

  -- EUR13,500,000 Class A-3 secured floating-rate notes due 2096
     downgraded to 'CC' from 'A'; removed from RWN; assigned 'RR6'

  -- EUR13,500,000 Class B secured floating-rate notes due 2096
     downgraded to 'C' from 'BBB-' (BBB minus); removed from RWN;
     assigned 'RR6'

The rating actions reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance CDO rating criteria on December 16, 2008.  In
addition, the magnitude of the actions also reflects Fitch's near-
term view of significant negative rating migration of the
underlying portfolio assets.  Fitch expects the percentage of
'CCC' and below assets to increase which could trigger rating-
based credit events.  Given the highly leveraged nature of this
transaction, with 90% of the capital structure consisting of an
unrated super senior swap, the rated portion of the structure is
sensitive to any portfolio losses.

As per trustee report dated February 27, 2009, the portfolio
contained 132 performing assets from 112 obligors.  The largest
single industry is CMBS with 42% of the portfolio volume.  The two
largest vintages are 2006 and 2007 making up 50% and 20% of the
portfolio respectively.

While, currently, the portfolio does not feature a large number of
speculative-grade names, a high 34% of assets are on Negative
Rating Watch.  Given the current macroeconomic climate, Fitch
expects that this makes rating migration likely, especially in the
CMBS and CDO space.  Following the February cut-off date, the pool
has already started to see downgrades filtering through with two
tranches of German mezzanine CLOs being downgraded to 'BB' and
'BB-' (BB minus) respectively from 'AAA', and two tranches of a UK
CMBS being downgraded to 'BB' and 'CCC' respectively from 'AA' and
'BBB'.  Fitch regards these downgrades as indicative of rating
migration to come over the following weeks as the deterioration in
commercial property prices and delinquencies feeds through.

Fitch anticipates these downgrades to trigger a breach in the
coverage test as haircuts to the par coverage amount are being
applied per transaction's documentation.  Interest will be
diverted away from the junior notes to reduce the unrated super
senior swap.  The SCDS represents approximately 90% of the capital
structure.  Senior notes will only start to amortize once the SCDS
has been reduced to zero.  Therefore the diversion of excess
spread has a limited effect on the senior notes.

In addition, the rated notes represent comparatively thin tranches
and the available subordination for the notes is limited.
Currently, the credit enhancement for Class A-1 totals 8.9%, for
the Class A-2 notes 6.9%, the Class A-3 notes 4.1% and the Class B
notes 0.5%.  A loss-given-default analysis indicates that the
class B note could not withstand the total loss of one asset of
average size (the average size of the portfolio assets is 0.76%).
The largest exposure currently accounts for approximately 3% of
the outstanding portfolio amount, and the three largest obligors
account for 7% of the outstanding portfolio amount.

Further, one asset, Paris Prime Commercial Real Estate, a French
multi-borrower CMBS transaction, is currently in default.  While
interest payments are not expected to be made in full due to the
replacement of the existing swap as a result of the default of the
swap counterparty, principal recovery is expected to be high.
Fitch currently has a 'RR1' rating assigned to the referenced
class.

The 'RR6' Recovery Ratings for Class B and Class A3 indicate
Fitch's expectation that these tranches will receive interest
payments for a limited time, before the coverage tests are
breached, but are unlikely to receive repayment of principal.
Class A2 was assigned a 'RR3' rating, as this class will continue
to receive interest payments, but is unlikely to receive principal
in full.

The transaction represents a partially funded CDO of European
high-grade structured finance assets.


=============
R O M A N I A
=============


* ROMANIA: Seeks GBP17.6 Billion in Financial Aid
-------------------------------------------------
Romania is seeking GBP17.6 billion in financial aid, The Scotsman
reports citing a source close to the talks.

Romania, the report relates, had approached the IMF and the
European Union EU for economic support.  The report recalls an IMF
mission arrived in Bucharest to hold loan talks and it is due to
leave town later this month.

The report discloses according to the source, the figure included
cash from the EU, the IMF and other financial institutions.
However, the source, as cited by the report, noted "the talks
going on now are about macroeconomics, not the number."

           Social Democrats to Oppose IMF Loan Deal

Reuters reports the Romanian ruling coalition's Social Democrats
threatened Wednesday last week to oppose a loan deal with the IMF.

The PSD, as cited by Reuters, said it wanted to prevent any cuts
in state pay and welfare, which the IMF may require as a condition
for disbursing aid.

"There are several red lines we need to defend," Reuters quoted
PSD head Mircea Geoana as saying.  "If (our) conditions are not
fulfilled, it is obvious we won't agree to this deal."


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


BELOMOR-STROY LLC: Creditors Must File Claims by May 6
------------------------------------------------------
Creditors of LLC Belomor-Stroy (TIN 2926002545, PSRN
1022900517166) (Construction) have until May 6, 2009, to submit
proofs of claims to:

         M. Mordashov
         Insolvency Manager
         Dzerdzhinskogo St. 4/2
         Petrozavodsk
         185035 Karelia
         Russia

The Arbitration Court of Karelia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A05–4707/2008.

The Debtor can be reached at:

         LLC Belomor-Story
         Building 2
         Timms St. 3
         163060 Arkhangelsk
         Russia


CARPET FACTORY: Court Names Temporary Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Dagestan appointed D.Ramazanov as
Temporary Insolvency Manager for SUE Carpet Factory.  The case is
docketed under Case No. A15–842/07.  He can be reached at:

         Floor 3
         Umakhanova St.12
         Makhachkala
         Dagestan
         Russia
         Tel: 8(8722) 68–32–69

The Debtor can be reached at:

         SUE Carpet Factory
         Khiv
         Khivskiy
         Dagestan
         Russia


KAMENSKIY RAYONNUY: Creditors Must File Claims by April 5
---------------------------------------------------------
Creditors of SUE Kamenskiy Rayonnyy Les-Khoz (TIN 6929004749,
PSRN 1086915000182) (Forestry) have until April 5, 2009, to submit
proofs of claims to:

         A.  Maltabar
         Temporary Insolvency Manager
         Post User Box 619
         170006 Tver'
         Russia

The Arbitration Court of Tverskaya will convene on April 9, 2009,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A66–7432/2008.

The Debtor can be reached at:

         SUE Kamenskiy Rayonnyy Les-Khoz
         Sovetskaya St. 55
         Kuvshinovo
         Tverskaya
         Russia


KAMSKIY MEAT-PROCESSING: Creditors Must File Claims by May 6
------------------------------------------------------------
Creditors of LLC Kamskiy Meat-Processing Plant (TIN 3904044399,
PSRN 1023900584245) have until May 6, 2009, to submit proofs of
claims to:

         A. Kasimov
         Insolvency Manager
         Post User Box 1006
         236036 Kaliningrad
         Russia

The Arbitration Court of Kaliningradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A 21–7/2009.

The Debtor can be reached at:

         LLC Kamskiy Meat-Processing Plant
         Kashtannovaya alleya 2A
         236010 Kaliningrad
         Russia


KHROMATRON OJSC: Court Names Insolvency Manager
-----------------------------------------------
The Arbitration Court of Moscow appointed A. Myagkov as Insolvency
Manager for OJSC Khromatron (TIN 7719032808, PSRN 1027700045713)
(Cathode-Ray Picture Tube Production).  The case is docketed under
Case No. A40–40767/07–44-121B.  He can be reached at:

         Post User Box 25
         Nemchinovka
         Odintsovskiy
         143025 Moskovskiy
         Russia


The Debtor can be reached at:

         OJSC Khromatron
         Shchelkovskoe Shosse 100
         105523 Moscow
         Russia


KURAY LLC: Creditors Must File Claims by May 6
----------------------------------------------
Creditors of LLC Kuray (TIN 2226020563, PSRN 1022200560964)
(Confectioners') have until May 6, 2009, to submit proofs of
claims to:

         A.  Anishchenko
         Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Altayskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A03–6485/2008.

The Debtor can be reached at:

         LLC Kuray
         Krestyanskaya St. 64
         Biysk
         659301 Altayskiy
         Russia


LES-EXPORT-2004 LLC: Creditors Must File Claims by April 5
----------------------------------------------------------
Creditors of LLC Les-Export-2004 (TIN 244707426) have until
April 5, 2009, to submit proofs of claims to:

         I.Stepanov
         Temporary Insolvency Manager
         Moskovskaya St. 127/218
         Alatyr'
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A33–
11924/2008.

The Debtor can be reached at:

         LLC Les-Export-2004
         Apt. 9
         Vavilova St. 31a
         Verkhnepashino
         Yeniseyskiy
         Krasnoyarskiy
         Russia


LES-PROM LLC: Creditors Must File Claims by May 6
-------------------------------------------------
Creditors of LLC Les-Prom (TIN 3805703989, PSRN 1063805013040)
(Forestry) have until May 6, 2009, to submit proofs of claims to:

         A. Mel'nik
         Insolvency Manager
         Post User Box 277
         664007 Irkutsk-7
         Russia

The Arbitration Court of Irkutskaya will convene on July 28, 2009,
to hear bankruptcy proceedings.  The case is docketed under Case
No. A19- 19360/08–34.

The Debtor can be reached at:

         LLC Les-Prom
         Office 27
         Naymushina St. 20
         Energetik
         Bratsk
         665709 Irkutskaya
         Russia


MAK-DREV LLC: Creditors Must File Claims by May 6
-------------------------------------------------
Creditors of LLC Mak-Drev (TIN 6932004330, PSRN 1026901949018)
(Forestry) have until May 6, 2009, to submit proofs of claims to:

         A. Maltabar
         Insolvency Manager
         Post User Box 619
         170006 Tver'
         Russia

The Arbitration Court of Tverskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A66–5450/2008.

The Debtor can be reached at:

         LLC Mak-Drev
         Prospect Stroi Teley 5a
         Maksatikha
         Tverskaya
         Russia


NOVATEK OAO: Profit Up by 22.2% to RUR22.89 Million
---------------------------------------------------
OAO NOVATEK on Wednesday, March 18, released its audited
consolidated financial statements for the years ended December 31,
2008 and 2007 prepared in accordance with International Financial
Reporting Standards.

NOVATEK's total revenues grew by 27.1% year-on-year to RUR79.27
billion for the twelve months ended December 31, 2008 from
RUR62.37 million in the corresponding period of 2007, reflecting
the general strength and stability of its core business operations
despite signs of economic slowdown in Russia and abroad caused by
the global economic and liquidity crisis.  The increase in total
revenues from the primary business operations was attributable to
the increase in overall hydrocarbon sales volumes and the pricing
environment for both domestic and international sales.

The profit attributable to NOVATEK shareholders increased by 22.2%
to RUR22.89 million, or RUR7.54 per share, as compared to RUR18.74
million, or RUR6.17 per share, in the corresponding period of
2007.

NOVATEK's sales volumes of natural gas for the full year increased
by 1,220 million cubic meters, or 3.8%, from 32,054 million cubic
meters to 33,274 million cubic meters, due to the strong organic
production growth with the launch of the Yurkharovskoye field
phase two expansion and stabilized production levels at the East-
Tarkosalinskoye field.

NOVATEK's liquids sales volumes for the full year increased by 226
thousand tons, or 9.4%, from 2,404 thousand tons to 2,630 thousand
tons, due to increased stable gas condensate and LPG sales volumes
resulting from organic growth at the Yurkharovskoye field and
increased capacity at our Purovsky Processing Plant as well as an
increase in our oil products trading activities.  The company's
stable gas condensate in transit or storage and recognized as
inventory was relatively unchanged between periods.  At
December 31, 2008, the company had 220 thousand tons of stable gas
condensate in transit or storage and recognized as inventory until
such time as it is delivered to the port of destination as
compared to 224 thousand tons as of December 31, 2007.

NOVATEK reported RUR139.91 billion in total assets and RUR43.27
billion in total liabilities as of December 31, 2008, resulting in
RUR96.64 billion in total equity.

"Despite the onset of the difficult economic environment in the
world, we continued to invest significant amounts of capital in
our operations to realize the company's strategic plans to
increase productive and processing capacity.  The successful
launch of two major expansion projects, at our Yurkharovskoye
field and the Purovsky Processing Plant, in the fourth quarter
2008 provides the platform for future hydrocarbon production
growth.  Our capital investments in geological exploration and
development activities resulted in an increase in our mineral
resource base and the successful replacement of 230% of our proven
reserves.  The results of 2008 are key to the future development
of NOVATEK," according to Leonid V. Mikhelson, NOVATEK's Chief
Executive Officer.

                      About Novatek

Based in Tarko-Sale, Russia, OAO Novatek -- http://www.novatek.ru/
-- engages in the exploration, production and processing of
natural gas and liquid hydrocarbons.  The company's upstream
activities are concentrated in the prolific Yamal-Nenets Region in
Western Siberia.

                          *     *     *

OAO Novatek continues to carry a Ba2 long-term corporate family
rating from Moody's Investors Service with stable outlook.


RUSSIAN FACTORING: Fitch Junks Rating on Senior Notes from 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded the rating on the senior notes issued
by Russian Factoring No. 1 S.A. (the issuer) to 'C' from 'B',
removed the Rating Watch Negative , and assigned a Recovery Rating
of 'RR6'.  The rating on the mezzanine facility was downgraded to
'C' from 'CCC'.  The Recovery Rating is 'RR6'.  This is the second
downgrade of the issuer's obligations following a December 16,
2008 action.

Russian Factoring No. 1 S.A. is a securitization of factored trade
receivables sold by CJSC Eurokommerz FC, a Russian factoring
company.  After the early amortization of the transaction was
triggered at the beginning of December 2008, Eurokommerz defaulted
on several of its corporate debt obligations which were due at the
end of last year.

The present rating action reflects the continued and severe
underperformance of the transaction.  For the last two payment
dates, interest on the mezzanine facility was suspended and is
accruing.  The deferral was caused by a PDL trigger breach that
subordinates these interest payments to the repayment of the
senior notes.  However, in the agency's view, the deferred
interest will not be paid until the maturity of the facility in
March 2010.  Further, based on the drastic deterioration of the
portfolio's performance, Fitch also expects the issuer to default
on the facility's principal repayments

The transaction's liquidity cash reserve has been drawn on each
monthly payment date since December 2008 to meet the interest
payments on the senior notes.  However, with a balance of just
RUB372,700 the reserve is now nearly depleted. Interest on the
senior notes due in April is expected to be about RUB76 million.
As such in Fitch's view it is very likely that the issuer will not
be able to meet this obligation on time.

As of the last payment date in March, the senior notes had
amortized to RUB4.185 billion from RUB5 billion initially.  The
subordinated mezzanine facility remained at RUB300 million.

A key concern to Fitch is the substantial, lasting and unexpected
deterioration of the collections since the end of November 2008.
This is coupled with severe delinquencies of debtors in the pool.
Cumulative collections were just RUB40 million for February,
continuing the decline from previous months.  January payments
were reported of RUB107 million, December of RUB348 million and
November of RUB543 million.  In addition, Fitch observes that
nearly all debtors are migrating through the delinquency buckets.
As of end of February, 61.7% of the balance of the portfolio was
related to invoices unpaid for more than 60 days after their due
date.  This figure was 37.6% for January and 9.8% for December
last year.  As the non-defaulted balance of the portfolio equals
55% of the senior notes, the agency regards the risk of a default
before the maturity date as inevitable.

Eurokommerz, which is still servicing the transaction, has
initiated legal action and other recovery procedures on the
defaulted invoices.  However, realized recoveries are as of now
insignificant, with RUB16 million reported for February.  Fitch
has assigned the lowest Recovery Rating of 'RR6' to the rating of
the notes, as the agency believes it is unlikely that substantial
amounts will be recovered.


SIGMA-SPETS-STROY LLC: Creditors Must File Claims by April 5
------------------------------------------------------------
Creditors of LLC Sigma-Spets-Stroy (TIN 7802009,314)
(Construction) have until April 5, 2009, to submit proofs of
claims to:

         A. Borunov
         Temporary Insolvency Manager
         Office 606
         Building 1
         Prospect Mira 68
         126110 Moscow
         Russia

The Arbitration Court of Saint-Peterburg will convene at
10:00 a.m. on June 22, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A56–13604/2008.

The Debtor can be reached at:

         LLC Sigma-Spets-Stroy
         Novolitovskaya St. 15
         194100 Saint-Peterburg
         Russia


UC RUSAL: Alpart to Temporarily Suspend Operations in Jamaica
------------------------------------------------------------
Alpart (Alumina Partners of Jamaica), owned 65% by RUSAL and 35%
by Hydro Aluminium, said in a March 18 statement that owing to the
continuing severe decline in the global aluminum industry and the
corresponding reduction of alumina demand worldwide, the company
will temporarily suspend operations at its mining and refinery
operations in Jamaica for a period no less than 12 months
commencing May 15, 2009.  Alumina product has experienced a
drastic 60% price reversal since July 2008.  Approximately 900
permanent employees will be made redundant.

However in spite of the efforts to reduce production costs and
increase the efficiency of the company, under the current economic
conditions the company has to temporarily suspend its operations.
The temporary shutdown will allow Alpart to be prepared for future
developments that may see the industry emerge from the present
situation.

The company will meet its obligations to employees and communities
in a timely manner during this period and continue to be a
responsible corporate partner.

Alpart is a bauxite mining and alumina processing company
operating in Jamaica.

                 2-Month Debt Reprieve

As reported in the Troubled Company Reporter-Europe on March 10,
2009, RUSAL said it has signed a standstill agreement in relation
to the restructuring of its debt to the international lending
banks.  The standstill will be effective for a period of two
months with the possibility of extension for a further month and
will provide RUSAL with additional liquidity.

The standstill agreement covers more than 30 transactions,
including syndicated and bi-lateral loan agreements, bank
guarantees and letters of credit, which involve more than 70
banks, according to the statement.

The agreement obtained support from majority of RUSAL's
international lending banks and Russian lenders as well, the
company's statement said.

At present, RUSAL's debt is US$14 billion, including US$7.4
billion owed to its international banks.

Credit Suisse Group, BNP Paribas SA, Merrill Lynch & Co., ABN Amro
Holding NV, Citigroup Inc., Natixis, Commerzbank AG, ING Groep NV
and Calyon are among Rusal’s creditors, according to data compiled
by Bloomberg.

In December 2008, RUSAL initiated a dialogue with its
international lending banks who formed a coordinating committee to
continue discussions with the Company and its advisers about
potential amendments of the Company's credit facilities in view of
the situation in the aluminum market.

The agreement follows RUSAL's recent comprehensive program
designed to reduce costs, optimize the production process, cut
production costs and increase the overall efficiency of the
business.

"We are pleased that our lenders have endorsed our pro-active
steps to address the exceptional trading conditions and the
current global economic crisis.  The agreement highlights the
long-term support that exists for RUSAL amongst the international
banks and the Russian financial community and demonstrates the
constructive nature of the ongoing negotiations between RUSAL and
its lenders," said Oleg Deripaska, the CEO of RUSAL.

                      About UC RUSAL

Headquartered in Moscow, Russia, United Company RUSAL --
http://www.rusal.com/-- is an aluminum producer.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


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


ISTROBANKA AS: Moody's Withdraws 'D-' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Istrobanka
a.s. for business reasons.  The withdrawal does not reflect a
change in the company's creditworthiness.  Istrobanka, which is
100% owned by KBC Bank N.V. (rated Aa3/Prime-1/C+), had no rated
debt outstanding at the time of the withdrawal.

These ratings were withdrawn: the long-term national scale ratings
of Aa1.Sk with stable outlook, the short-term national scale
rating of SK-1 and the bank financial strength rating of D-, which
carried a positive outlook.  The positive outlook on the BFSR
reflected Istrobanka's ongoing integration into KBC Bank N.V.'s
other Slovak subsidiary, Ceskoslovenska Obchodna Banka a.s. (CSOB,
A2/Prime-1/D), that is expected to be finalised in the second half
of 2009.

These ratings of Istrobanka were withdrawn:

  -- National scale long-term deposit rating of Aa1.sk
  -- National scale short-term deposit rating of SK-1
  -- Bank financial strength rating of D-

Moody's last rating action on Istrobanka was on July 7, 2008 when
Moody's upgraded Istrobanka's issuer rating to Aa1.sk from A1.sk.
The rating action followed the announcement that KBC Bank N.V.
obtained all regulatory approvals and concluded its acquisition of
full ownership of Istrobanka from BAWAG P.S.K (rated Baa1/Prime-2/
D).

Headquartered in Bratislava, Slovakia, Istrobanka reported IFRS
net income of EUR2.2 million in H1 2008 and total assets of
EUR1.313 billion at June 2008.


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


GC FTGENCAT: Fitch Cuts Rating on EUR5.7 Mln Class C Notes to 'BB'
------------------------------------------------------------------
Fitch Ratings has downgraded the ratings of three classes and
affirmed one class of GC FTGENCAT Sabadell 1, F.T.A. notes and
downgraded four classes of IM FTGENCAT Sabadell 2, F.T.A., and
simultaneously assigned Negative Outlooks.

Rating actions:

GC FTGENCAT:

  -- EUR39.8 million Class A(S) affirmed at 'AAA'; Outlook Stable

  -- EUR345.6 million Class A(G) downgraded to 'AA+' from 'AAA';
     Outlook revised to Negative from Stable

  -- EUR19.8 million Class B downgraded to 'BBB' from 'A'; Outlook
     revised to Negative from Stable

  -- EUR5.7 million Class C downgraded to 'BB' from 'BBB'; Outlook
     revised to Negative from Stable

IM FTGENCAT:

  -- EUR202.7 million Class A(S) downgraded to 'AA+' from 'AAA';
     Outlook revised to Negative from Stable

  -- EUR271.7 million Class A(G) downgraded to 'AA+' from 'AAA';
     Outlook revised to Negative from Stable

  -- EUR19.8 million Class B downgraded to 'BBB' from 'A'; Outlook
     revised to Negative from Stable

  -- EUR5.7 million Class C downgraded to 'BB' from 'BBB'; Outlook
     revised to Negative from Stable

Following an analysis of the delinquency pipeline for the
transactions, taking into account the current economic downturn in
Spain and, more specifically, the ongoing correction in the real
estate and construction sectors, Fitch is of the view that the
level of credit protection available to GC FTGENCAT's classes
A(G), B and C notes and IM FTGENCAT's classes A(S), A(G), B and C
notes, is no longer adequate to support their previous ratings.
The Negative Outlooks assigned to both transactions reflect their
exposure to an increasing delinquency pipeline, which in Fitch's
opinion are likely to result in significant further credit
deterioration over the next 12 to 18 months.

The affirmation of GC FTGENCAT's class A(S) notes reflect the fact
that the notes have been amortising, currently standing at 30.9%
of their initial balance at closing, with a final redemption date
expected in June 2009.  IM FTGENCAT's revolving period ended in
December 2008, with the amortization of the class A(S) notes
expected to start from the next payment date, in April 2009.

In both transactions, the Class A(G) notes benefit from a
guarantee by the Autonomous Community of Catalonia (Generalitat de
Catalunya, rated 'A+'/Stable/'F1').

As of January 31, 2009, GC FTGENCAT's and IM FTGENCAT's 90+ days
past due delinquencies stood at 1.6% and 1.2% respectively, as a
percentage of their outstanding portfolios; with both transactions
benefiting from a reserve fund sized at 1.9% of their initial
notes balance (EUR9.5 million).  As of January 2009, the reserve
funds remained fully funded for both transactions, providing 2.3%
(for GC FTGENCAT) and 1.9% (for IM FTGENCAT) of credit
enhancement.  Both transactions' collateral is mainly concentrated
in the region of Catalonia; with a 86% (for GC FTGENCAT) and a 84%
(for IM FTGENCAT) exposure to SMEs in Barcelona.

Spanish macroeconomic conditions have deteriorated sharply in
recent quarters and there has been a notable increase in
delinquencies across SME transactions.  However, many originators
have begun to reinforce collection efforts by adding staff and
employing more proactive collection strategies.

In its analysis, Fitch took into account current delinquencies as
well as the performing portfolios, to derive future default and
loss severity assumptions.  With respect to the default
probabilities, the base assumption on the current performing
portion of the portfolios was revised upward to reflect the
expected behavior of the lease portfolios' performance through the
cycle.  This resulted in an increase in the base default
probabilities to approximately 10%, which was then adjusted to
reflect the remaining weighted average life of the portfolios.
The base case default probability was further adjusted to account
for the existing portfolios' delinquency pipelines, with leases
that have been in arrears for longer periods being assigned
progressively higher default probabilities (up to 100% for leases
greater than six months in arrears).  In its modeling, Fitch also
adjusted both transactions' recovery rate assumptions based on the
agency's expectations.  These updated default probabilities and
recovery assumptions were used to determine updated loss
expectations for the transactions, which were then compared
against existing subordination levels available for each tranche.
Fitch also took into account seasoning, excess spread levels and
industry and lessee concentration risks.

The transaction is a cash flow securitization of real estate as
well as equipment financial leases to Spanish SMEs granted by
Banco de Sabadell ('A+'/Negative/'F1').
The review and the corresponding rating actions are part of an
ongoing review of all outstanding rated Spanish small- and medium-
sized enterprise lease securitization as well as collateralized
debt obligation transactions.


IM FTGENCAT: Fitch Downgrades Rating on Class C Notes to 'BB'
-------------------------------------------------------------
Fitch Ratings has downgraded the ratings of three classes and
affirmed one class of GC FTGENCAT Sabadell 1, F.T.A. notes and
downgraded four classes of IM FTGENCAT Sabadell 2, F.T.A., and
simultaneously assigned Negative Outlooks.

Rating actions:

GC FTGENCAT:

  -- EUR39.8 million Class A(S) affirmed at 'AAA'; Outlook Stable

  -- EUR345.6 million Class A(G) downgraded to 'AA+' from 'AAA';
     Outlook revised to Negative from Stable

  -- EUR19.8 million Class B downgraded to 'BBB' from 'A'; Outlook
     revised to Negative from Stable

  -- EUR5.7 million Class C downgraded to 'BB' from 'BBB'; Outlook
     revised to Negative from Stable

IM FTGENCAT:

  -- EUR202.7 million Class A(S) downgraded to 'AA+' from 'AAA';
     Outlook revised to Negative from Stable

  -- EUR271.7 million Class A(G) downgraded to 'AA+' from 'AAA';
     Outlook revised to Negative from Stable

  -- EUR19.8 million Class B downgraded to 'BBB' from 'A'; Outlook
     revised to Negative from Stable

  -- EUR5.7 million Class C downgraded to 'BB' from 'BBB'; Outlook
     revised to Negative from Stable

Following an analysis of the delinquency pipeline for the
transactions, taking into account the current economic downturn in
Spain and, more specifically, the ongoing correction in the real
estate and construction sectors, Fitch is of the view that the
level of credit protection available to GC FTGENCAT's classes
A(G), B and C notes and IM FTGENCAT's classes A(S), A(G), B and C
notes, is no longer adequate to support their previous ratings.
The Negative Outlooks assigned to both transactions reflect their
exposure to an increasing delinquency pipeline, which in Fitch's
opinion are likely to result in significant further credit
deterioration over the next 12 to 18 months.

The affirmation of GC FTGENCAT's class A(S) notes reflect the fact
that the notes have been amortising, currently standing at 30.9%
of their initial balance at closing, with a final redemption date
expected in June 2009.  IM FTGENCAT's revolving period ended in
December 2008, with the amortization of the class A(S) notes
expected to start from the next payment date, in April 2009.

In both transactions, the Class A(G) notes benefit from a
guarantee by the Autonomous Community of Catalonia (Generalitat de
Catalunya, rated 'A+'/Stable/'F1').

As of January 31, 2009, GC FTGENCAT's and IM FTGENCAT's 90+ days
past due delinquencies stood at 1.6% and 1.2% respectively, as a
percentage of their outstanding portfolios; with both transactions
benefiting from a reserve fund sized at 1.9% of their initial
notes balance (EUR9.5 million).  As of January 2009, the reserve
funds remained fully funded for both transactions, providing 2.3%
(for GC FTGENCAT) and 1.9% (for IM FTGENCAT) of credit
enhancement.  Both transactions' collateral is mainly concentrated
in the region of Catalonia; with a 86% (for GC FTGENCAT) and a 84%
(for IM FTGENCAT) exposure to SMEs in Barcelona.

Spanish macroeconomic conditions have deteriorated sharply in
recent quarters and there has been a notable increase in
delinquencies across SME transactions.  However, many originators
have begun to reinforce collection efforts by adding staff and
employing more proactive collection strategies.

In its analysis, Fitch took into account current delinquencies as
well as the performing portfolios, to derive future default and
loss severity assumptions.  With respect to the default
probabilities, the base assumption on the current performing
portion of the portfolios was revised upward to reflect the
expected behavior of the lease portfolios' performance through the
cycle.  This resulted in an increase in the base default
probabilities to approximately 10%, which was then adjusted to
reflect the remaining weighted average life of the portfolios.
The base case default probability was further adjusted to account
for the existing portfolios' delinquency pipelines, with leases
that have been in arrears for longer periods being assigned
progressively higher default probabilities (up to 100% for leases
greater than six months in arrears).  In its modeling, Fitch also
adjusted both transactions' recovery rate assumptions based on the
agency's expectations.  These updated default probabilities and
recovery assumptions were used to determine updated loss
expectations for the transactions, which were then compared
against existing subordination levels available for each tranche.
Fitch also took into account seasoning, excess spread levels and
industry and lessee concentration risks.

The transaction is a cash flow securitization of real estate as
well as equipment financial leases to Spanish SMEs granted by
Banco de Sabadell ('A+'/Negative/'F1').

The review and the corresponding rating actions are part of an
ongoing review of all outstanding rated Spanish small- and medium-
sized enterprise lease securitization as well as collateralized
debt obligation transactions.


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


5-ELEMENTS INVEST: Creditors Must File Claims by March 24
---------------------------------------------------------
Creditors owed money by LLC 5-Elements Invest are requested to
file their proofs of claim by March 24, 2009, to:

         Eugen Fritschi
         Buhlmann & Fritschi Rechtsanwalte
         Talacker 42
         8001 Zurich
         Switzerland

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


AESCHLIMANN PALETTEN: Deadline to File Claims Set March 25
----------------------------------------------------------
Creditors owed money by LLC Aeschlimann Paletten are requested to
file their proofs of claim by March 25, 2009, to:

         Urs Aeschlimann
         Schibeweidstrasse 17
         5624 Bunzen
         Switzerland

The company is currently undergoing liquidation in Bunzen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 22, 2008.


ANDRY FIDUZIARI: Creditors Have Until March 24 to File Claims
-------------------------------------------------------------
Creditors owed money by LLC Andry Fiduziari are requested to file
their proofs of claim by March 24, 2009, to:

         Andry Fiduziari
         Cuoira 11
         7556 Ramosch
         Switzerland

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


B + F MUSIKBAR: Creditors Must File Claims by March 26
------------------------------------------------------
Creditors owed money by LLC B + F Musikbar are requested to file
their proofs of claim by March 26, 2009, to:

         Hans Rudolf Wurgler
         Rehhag 185
         5046 Schmiedrued
         Switzerland

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


CHEMICA JSC: Creditors' Proofs of Claim Due by March 26
-------------------------------------------------------
Creditors owed money by JSC Chemica are requested to file their
proofs of claim by March 26, 2009, to:

         JSC Altorfer Duss & Beilstein
         Walchestrasse 15
         8006 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 28, 2009.


LAWA CONTENT: March 25 Set as Deadline to File Claims
-----------------------------------------------------
Creditors owed money by LLC Lawa Content are requested to file
their proofs of claim by March 25, 2009, to:

         Françoise Lanter
         Degermoosstrasse 9
         5426 Lengnau
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 26, 2007.


LIENHARD LLC: Creditors Must File Proofs of Claim by March 25
-------------------------------------------------------------
Creditors owed money by LLC Lienhard are requested to file their
proofs of claim by March 25, 2009, to:

         Tierberg 17
         D-79761 Waldshut-Tiengen
         Switzerland

The company is currently undergoing liquidation in Bad Zurzach AG.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 12, 2009.


STORK JSC: Deadline to File Proofs of Claim Set March 26
--------------------------------------------------------
Creditors owed money by JSC Stork are requested to file their
proofs of claim by March 26, 2009, to:

         JSC Altorfer Duss & Beilstein
         Walchestrasse 15
         8006 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 28, 2009.


* Switzerland's Economy to Shrink 2.2% This Year, SECO Says
-----------------------------------------------------------
Switzerland's economy will shrink 2.2% this year, a much deeper
recession than forecast, BBC News reports citing the Secretariat
for Economic Affairs (SECO).

The forecast, the report says, comes days after Switzerland -- the
world's largest offshore financial center -- agreed to accept
concessions on bank secrecy.

However, SECO, which previously forecast an 0.8% drop in
Switzerland's gross domestic product (GDP), said there would be a
slight recovery in 2010, unless Europe and the US saw a "further
downturn", the report notes.

SECO, as cited by the report, said "the deciding factor for the
depth and duration of the recession as well as the point of
economic recovery is the global economic environment."  SECO added
there were "hardly any signs for a rebound in the world economy".

The report relates SECO has warned "In the adverse case of a
further downward spiral between financial and real economies, and
a further economic downturn in the US and the EU in 2010, the
recession in Switzerland would also deepen and lengthen."


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


* TURKEY: Needs External Financing of US$100 Bln in 2009, FT Says
-----------------------------------------------------------------
Turkish public and private institutions will need external funding
of US$100 billion, around 50% more than its reserves of only US$70
billion, HurrietyDailyNews.com reports citing the Financial Times.

The report relates according to the FT, estimates by Deutsche Bank
suggest emerging market companies face a testing few months
rolling over loans and bonds as banks continue to restrict credit
and investors buy only the best quality debt and emerging
economies need to refinance US$1,440 billion of debt in 2009.

"We are witnessing a severe contraction in the extension of credit
to emerging markets," Dalinc Ariburnu, global head of emerging
markets at Deutsche Bank, was quoted as saying by the FT.  "We are
in the midst of a significant stress test for the emerging market
institutions.  Those that survive the next 12 months, as I believe
most will, will be in a much stronger position going forward."


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


AGRICULTURAL SPHERE: Creditors Must File Claims by March 28
-----------------------------------------------------------
Creditors of LLC Agricultural Sphere (EDRPOU 32482810) have until
March 28, 2009, to submit proofs of claim to:

         O. Bilera
         Insolvency Manager
         Office 35
         Volkov St. 59
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 10/3577.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18000 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Sphere
         Kalantayevskaya St. 55
         Ratseva
         Tchigirinsky District
         20910 Cherkassy
         Ukraine


ALTERNATIVA LLC: Creditors Must File Claims by March 28
-------------------------------------------------------
Creditors of LLC Alternativa (EDRPOU 32060343) have until
March 28, 2009, to submit proofs of claim to:

         Factor Capital LLC
         Insolvency Manager
         Telman St. 5
         03150 Kiev
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 1/82?.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alternativa
         Pervomayskaya St. 43
         Lisichansk
         93120 Lugansk
         Ukraine


BUSINESS DECISIONS: Creditors Must File Claims by March 28
----------------------------------------------------------
Creditors of LLC Business Decisions (EDRPOU 30023671) have until
March 28, 2009, to submit proofs of claim to:

         V. Dranchenko
         Insolvency Manager
         Post Office Box 73
         04074 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 28/316-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Business Decisions
         Heroes of Defense St. 10
         03041 Kiev
         Ukraine


BVP-INVEST LLC: Creditors Must File Claims by March 28
------------------------------------------------------
Creditors of LLC BVP-Invest (EDRPOU 34185665) have until March 28,
2009, to submit proofs of claim to:

         A. Bandola
         Insolvency Manager
         Office 31
         Khokhlovy Family St. 6-b
         04119 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 50/45.

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 BVP-Invest
         Krakov St. 11-A
         02100 Kiev
         Ukraine


CENTER CONCORD: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy supervision
procedure on LLC Center-Concord (EDRPOU 33126834).

The Temporary Insolvency Manager is:

         S. Malakhov
         Keletskaya St. 126/137
         34560 Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21036 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Center Concord
         600 Years St. 50/4
         21021 Vinnitsa
         Ukraine


EUROPEAN AGENTS: Creditors Must File Claims by March 28
-------------------------------------------------------
Creditors of LLC Trading House European Agents (EDRPOU 35197619)
have until March 28, 2009, to submit proofs of claim to:

         Prikarpatye LLC
         Insolvency Manager
         Kikvidze St. 26
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 44/68-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trading House European Agents
         Darvin St. 10
         01004 Kiev
         Ukraine


KAMENSKOYE AGRICULTURAL: Creditors Must File Claims by March 28
---------------------------------------------------------------
Creditors of Kamenskoye Agricultural LLC (EDRPOU 31299902) have
until March 28, 2009, to submit proofs of claim to:

         E. Pertsov
         Insolvency Manager
         Komsomolsky Avenue 28/94
         83000 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 42/94b.

The Court is located at:

         The Economic Court of Donetsk
         Artem Street 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         Kamenskoye Agricultural LLC
         Lenin St. 1
         Spartak
         Yasinovatsky District
         86000 Donetsk
         Ukraine


OLBI-UKRAINE OJSC: Creditors Must File Claims by March 28
---------------------------------------------------------
Creditors of OJSC Olbi-Ukraine (EDRPOU 20015908) have until
March 28, 2009, to submit proofs of claim to:

         T. Tarasenko
         Insolvency Manager
         Office 49
         Dobrokhotov St. 17
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/61-b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Olbi-Ukraine
         Office 807
         P. Lumumba St. 4/6A
         01042 Kiev
         Ukraine


SOUTH ENERGY: Creditors Must File Claims by March 28
----------------------------------------------------
Creditors of Joint Stock Company South Energy Building Subsidiary
Company (EDRPOU 25378159) have until March 28, 2009, to submit
proofs of claim to N. Derebchinsky, Insolvency Manager.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 14/473/08.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         Joint Stock Company
         South Energy Building Subsidiary Company
         Petrovsky St. 4
         54000 Nikolayev
         Ukraine


SPEKTRTVSERVICE LLC: Creditors Must File Claims by March 28
-----------------------------------------------------------
Creditors of LLC Television and Radio Company Spektrtvservice
(EDRPOU 33272919) have until March 28, 2009, to submit proofs of
claim to:

         M. Kosinevsky
         Insolvency Manager
         Office 40
         12th of April St. 22
         61089 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B-24/208-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Television and Radio Company Spektrtvservice
         Marshal Konev St. 21
         61001 Kharkov
         Ukraine


SPEKTRTELECOM LLC: Creditors Must File Claims by March 28
---------------------------------------------------------
Creditors of LLC Television and Radio Company Spektrtelecom
(EDRPOU 34155740) have until March 28, 2009, to submit proofs of
claim to:

         M. Kosinevsky
         Insolvency Manager
         Office 40
         12th of April St. 22
         61089 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B-24/209-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Television and Radio Company Spektrtelecom
         Roganskaya St. 159
         61172 Kharkov
         Ukraine


TCHUTOV FODDER: Creditors Must File Claims by March 28
------------------------------------------------------
Creditors of LLC Tchutov Mixed Fodder Plant (EDRPOU 00687362) have
until March 28, 2009, to submit proofs of claim to:

         V. Parkulab
         Insolvency Manager
         Universitetskaya St. 9
         61003 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B-24/196-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Tchutov Mixed Fodder Plant
         Kashtanov St. 29
         61035 Kharkov
         Ukraine


UKRSOTSBANK OJSC: S&P Affirms 'CCC+/C' Counterparty Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'CCC+/C'
long- and short-term counterparty credit ratings on Ukraine-based
Ukrsotsbank OJSC.  The outlook is negative.

The ratings were subsequently withdrawn at the bank's request.  As
a result of the withdrawal, Ukrsotsbank OJSC will no longer be
subject to Standard & Poor's surveillance.  The 'CCC+' rating on
the senior unsecured loan participation notes due in 2010 was also
withdrawn.  The bank has no material foreign or domestic wholesale
debt maturities until the end of 2009.


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


BUTTERLEY LTD: Appoints Joint Administrators from Grant Thornton
----------------------------------------------------------------
Neil Tombs and Alistair Wardell of Grant Thornton UK LLP were
appointed joint administrators of Butterley Ltd. on March 4, 2009.

The company can be reached at:

         Butterley Ltd.
         Engineering Works
         Ripley
         Derbyshire
         DE5 3BQ
         England


CASPER GROUP: Enters Administration; Two Businesses Sold to Bunzl
-----------------------------------------------------------------
Following a marketing process and the appointment on Thursday,
March 19, 2009, of Daniel Butters, Bill Dawson and Lee Manning of
Deloitte as joint administrators of the Casper Group, the
immediate sale of the trade and assets of the WK Thomas & Co and
Industrial Supplies businesses, in addition to a part disposal of
the King business, has been announced.  The businesses supply a
wide range of consumable and disposable products into the
catering, airline and general wholesale sectors.

Daniel Butters, joint administrator and Deloitte partner
commented: "Both the WK Thomas & Co and Industrial Supplies UK
businesses have been sold to the Bunzl plc - a market leader in
their sector.  King Express, part of the King UK business, has
been sold to the existing management team.  200 hundred people
will transfer to the new owners as a result of these transactions.

"Regrettably it has not been possible to find a buyer for King's
contractual business and as a result 320 employees have been made
redundant.  A streamlined workforce has been retained to assist
the administrator in the orderly wind-down of the assets held at
King's 6 national distribution centers.

"We will be working closely with the Redundancy Payments Office
and Job Centre Plus to provide support for all staff, which will
include a fast track process for paying redundancy entitlements.
We are extremely grateful to the staff and management for their
support throughout this difficult period."


CASTLE HOLDCO: Moody's Cuts Probability of Default Rating to Ca/LD
------------------------------------------------------------------
Moody's Investors Service has downgraded the Probability of
Default Rating of Castle Holdco 4 Ltd., the parent holding company
for Countrywide plc, to Ca/LD from Caa3 and the Corporate Family
Rating to Ca from Caa3.  At the same time, Moody's confirmed the
B2 rating on the company's GBP100 million revolving credit
facility, downgraded the Caa3 rating on the GBP470 million senior
secured notes to Ca and the Ca rating on the GBP170 million senior
notes to C.  The outlook on all the ratings is stable.  This
rating action concludes the review that was initiated on 17
February 2009 by Moody's.

On February 17, 2009, the company announced that it had deferred
the coupon payment due on its GBP470 million secured senior notes
while it considered, during the 30-day grace period for the coupon
payment, a proposal for a scheme of arrangement from a group of
noteholders of its senior secured notes and senior notes; the 30-
day grace period expired on March 18, 2009.  The purpose of the
scheme is to reduce Countrywide's indebtedness and raise
additional equity capital and encompasses the creation of a new
holding company.

On March 16, 2009, the company announced that it had filed the
draft scheme in connection with the proposed restructuring with
the High Court of Justice of England and Wales and on March 18,
2009 that it did not intend to make payment of the unpaid coupon.

"Moody's downgrade of the PDR to Ca/LD follows the expiration of
the 30-day grace period for the coupon payment on the senior
secured notes, which was waived on February 17, 2009," Stefano del
Zompo, lead analyst for Countrywide at Moody's, explained.  "In
assessing whether a payment default has occurred, Moody's ignores
forbearance agreements, such as the deferral of interest payments
or extensions to grace periods."

"The Ca CFR reflects Moody's expectation that the potential
recovery rate at the family level following the default should be
below the standard 50% rate, even assigning some value to the
equity portion of the proposed exchange," Mr. del Zompo said.
"The B2 rating on the revolving credit facility reflects the fact
that the facility will be repaid in full under the proposed
scheme, while the Ca rating on the senior secured notes assumes an
expected loss of about 60%, with recovery represented by the
GBP175 million debt allocation in the new holding company and the
35% equity portion of the ordinary shares in the new holding
company making up the difference.  Finally, the C rating of the
unsecured notes indicates very limited recovery for this class of
lenders in the form of 5% of the ordinary share capital of the new
holding company."

The last rating action was implemented on February 17, 2009, when
Moody's placed Castle Holdco 4's ratings on review for downgrade.

Countrywide plc is the leading residential property service agency
in the UK, providing estate agency services, surveying, financial
services, commercial and residential lettings and residential
property conveyancing.  In 2008, the company reported revenues of
GBP413.5 million and negative EBITDA (before exceptionals) of
approximately GBP15.8 million.


CPC STAINLESS: Taps Joint Administrators from Deloitte & Touche
---------------------------------------------------------------
Richard Michael Hawes and Dominic Lee Zoong Wong of Deloitte &
Touche LLP were appointed joint administrators of CPC Stainless
Ltd. on March 10, 2009.

The company can be reached at:

         CPC Stainless Ltd.
         Unit 5
         Hilton Cross Business Park
         Featherstone
         Wolverhampton
         West Midlands
         WV10 7QZ
         England


GLOBE PUB: Fitch Downgrades Rating on Class B1 Notes to 'B-'
------------------------------------------------------------
Fitch Ratings says that the downgrade of all notes on Globe Pub
Issuer Plc's notes reflects the recent reported transaction
performance and the agency's expectations of further deterioration
in performance over the medium term amid the prevailing economic
downturn.  Globe is a whole business securitization of a portfolio
of tenanted and leased pubs owned by Globe Pub Company and managed
by Scottish and Newcastle Pub Enterprises.

Globe's notes were placed on RWN on March 13, 2009 after the
issuer announced an EBITDA in the latest quarter to February 28,
2009 of GBP4.1 million.  This will lead to a debt service cover
ratio over the last two quarters of 1.08x, breaching the financial
covenant 1.25x.  Fitch considers it remote that the sponsors will
cure this breach.  The latest quarterly EBITDA declined 38% year-
on-year, a marked acceleration in performance decline.  The agency
expects the trailing 12 months EBITDA to be GBP21.8 million which
would mark a decline of 10% compared with the TTM EBITDA as of
November 2008.

Although the class A1 notes benefit from a cash balance of GBP18.5
million (as per the investor report for the November 2008
quarter), the presence of a GBP29 million liquidity facility and
the ability to defer interest payments for the class B1 notes,
Fitch calculated that the class A1 DSCR is currently around 1.14x
for the quarter, which is inconsistent with an investment-grade
rating.  Given the recent accelerated deterioration in the
performance, further falls in EBITDA are highly probable.
Therefore, the Class A1 ratings have been downgraded by two
notches to 'BB' and remain on RWN.

The RWN will be resolved once Fitch has assessed Globe's future
performance over the short-term, the amount of cash trapped, the
contractual implications of the covenant breach which could lead
to the appointment of an administrative receiver by the
noteholders if a borrower event of default is declared, and the
actions which could result from such an appointment.

On the class B1 notes, Fitch believes that given their ability to
defer interest payment and back-dated repayment profile, a
Negative Outlook is more appropriate than a RWN.  The downgrade
reflects inadequate cash generation to cover their debt service in
the long-term, based on Fitch's estimate of the class B1 EBITDA
DSCR of 0.93x for the latest quarter.

Rating actions taken on March 18, 2009:

  -- GBP192.2 million class A1 secured fixed/floating rate notes
     due 2033: downgraded to 'BB' from 'BBB-' (BBB minus); remains
     on Rating Watch Negative

  -- GBP57 million class B1 secured floating rate notes due 2036:
     downgraded to 'B-' (B minus) from 'BB-' (BB minus); removed
     from Rating Watch Negative; assigned a Negative Outlook


GREAT LEIGHS: Two Leading Bids Rejected; In Talks with RBS
----------------------------------------------------------
The joint administrators of the group of companies which own and
operate the Great Leighs all weather racing complex confirmed on
Thursday, March 19, 2009, that the sale process has so far been
unsuccessful, following the rejection of both of the two leading
bids.

Carlton Siddle, Joint Administrator and Deloitte Partner,
commented: "Unfortunately neither of the offers were able to
demonstrate sufficient financial support for us to recommend
acceptance to the creditors.  We have confirmed in writing to the
creditors that the two bids were inadequate and have been
rejected."

The joint administrators also confirmed that they have entered
into discussions with the Royal Bank of Scotland, the main
creditor, to investigate whether, in light of the rejection of the
two bids, it could take ownership of the course in conjunction
with a suitable racing operator.  As part of this process,
racecourse operators have been asked to submit bids to run the
course.

Mr. Siddle added: "Negotiations are at an early stage and we
continue to liaise with the BHA regarding the relevant licensing
requirements and application procedure that will be needed before
racing can return to Great Leighs.  We are aware of the
forthcoming negotiations for 2010 fixtures and are fully focused
on working to ensure that Great Leighs participates fully in this
process."

Carlton Siddle and Nick Edwards of Deloitte, the business advisory
firm, were appointed as joint administrators to the group of
companies that own and operate the Great Leighs all weather horse
racing complex in Chelmsford, Essex, on January 16, 2009.


LOCKLEY STAINLESS: Appoints Joint Administrators from Deloitte
--------------------------------------------------------------
Richard Michael Hawes and Dominic Lee Zoong Wong of Deloitte &
Touche LLP were appointed joint administrators of Lockley
Stainless Ltd. on March 10, 2009.

The company can be reached at:

         Lockley Stainless Ltd.
         Unit 5
         Hilton Cross Business Park
         Featherstone
         Wolverhampton
         West Midlands
         WV10 7QZ
         England


MARSTON ISSUER: Fitch Cuts Rating on Class B Notes to 'BB+'
-----------------------------------------------------------
Fitch Ratings says that the downgrade of Marston's Issuer PLC's
notes reflects the recent reported transaction performance and the
agency's expectations of further medium-term deterioration in
performance amid the prevailing economic downturn.  The
transaction is a whole business securitization of a portfolio of
managed, leased and tenanted pubs operated by the Marston's group.

All the information provided to Fitch indicates that the
securitized group's financials are currently underperforming Fitch
assumptions made in November 2007 at the time of the tap.  In
addition, the latest interim public results for the whole
Marston's group (which can be viewed as a relatively good proxy
for the securitized group) show that for the quarter ending
January 2009 vs. the quarter ending in January 2008, the like-for-
like sales were down by 2.9% for the managed pubs and the like-
for-like profit by 6% for the tenanted pubs.  Fitch therefore
considers that given the current difficulties encountered by the
pub sector, the recent group performance data, and recent
information received and discussions held with the management, it
is highly unlikely that Marston's will achieve its run-rate in the
short- to medium-term, which explains the agency's rating actions.

As a result of the performance, the resulting credit metrics have
declined: the reported free cash flow and EBITDA debt service
coverage ratios, which were 1.6x and 1.9x respectively for the
quarter ending the 4 October 2008, are expected to tighten.  On an
annuity basis (to legal maturity for each class of notes), Fitch
calculates that the combined managed and tenanted FCF DSCR have
dropped quite significantly on all notes vs. the time of the tap,
whereas the debt multiples have also markedly increased since the
tap.  With respect to the class B notes, the agency considered
that the credit metrics were now too low for an investment grade
rating for a hybrid estate, given the current economic and pub
trading environment and the likelihood for further pressures on
operating profits.

Rating actions:

  -- GBP199.1 million class A1 floating-rate notes due 2020:
     downgraded to 'BBB+' from 'A'; placed on Rating Watch
     Negative

  -- GBP214 million class A2 fixed rate notes due 2027: downgraded
     to 'BBB+' from 'A'; placed on RWN

  -- GBP200 million class A3 fixed rate notes due 2032: downgraded
     to 'BBB+' from 'A'; placed on RWN

  -- GBP245 million class A4 floating-rate notes due 2031:
     downgraded to 'BBB+' from 'A'; placed on RWN

  -- GBP80 million class AB1 floating-rate notes due 2035:
     downgraded to 'BBB' from 'BBB+'; placed on RWN

  -- GBP155 million class B fixed rate notes due 2035: downgraded
     to 'BB+' from 'BBB'; placed on RWN

Fitch will closely monitor the transaction and expects to resolve
the rating watch status on the notes as further information is
made available on the performance of the transaction.


NORTHERN MECHANICAL: In Liquidation; Begbies Appointed
------------------------------------------------------
A Dundee steel works and powder coating company has gone into
liquidation with the loss of 18 jobs after orders from one of its
major customers, a UK-wide DIY chain, came to a sudden halt.

The company is Northern Mechanical Services Ltd, of Unit 4,
Kingsway East, Dundee whose sole director, Norman Thompson, took
over the business which had previously traded as Euromech, six
years ago.

Ken Pattullo and Scott McGgregor, of business rescue, recovery and
restructuring specialists Begbies Traynor, have been appointed
joint liquidators of the company which, until the impact of the
credit crunch, had an annual turnover of around GBP1.2 million.
Its major products included metal legs for tables and chairs sold
by the DIY chain.

"This is a previously successful company which has become a
typical victim of the credit crunch," said Mr Pattullo.  "It found
itself in difficulties once the orders from a key customers
stopped."

He added: "In the current economic climate it is crucial that
companies which might be at risk, and particularly those reliant
on one major customer, should take professional advice at an early
stage when perhaps there is an amber light flashing."


SMALLBONE PLC: Assets Sold to Canburg; 400 Jobs Saved
-----------------------------------------------------
On March 19, 2009, Rob Lewis and Mark Shires of
PricewaterhouseCoopers LLP were appointed as administrators to
Smallbone plc and its UK subsidiaries, Smallbone & Co (Devizes)
Limited and Mark Wilkinson Furniture Limited.

Smallbone is a manufacturer of exclusive kitchen, bedroom and
bathroom furniture.  It had a turnover of GBP21 million in 2008,
and employed 161 people, 129 in Devizes in Wiltshire and 32 based
at 12 showrooms around the UK.  Mark Wilkinson, which is based in
Bromham, Wiltshire, is also a manufacturer of exclusive kitchens
with a turnover of GBP26 million in 2008.  It employs 277 people,
with 200 in Bromham and 77 in showrooms around the UK.

The administrations have followed a period of difficult trading
for the Group caused by a significant decline in the volume of
orders in the current economic climate.

Immediately following their appointment, the administrators
completed a sale of the business and assets of Smallbone and Mark
Wilkinson to Canburg Limited, a company owned by Mr Leo Caplan.
The sale secures the employment of over 400 staff and protects the
position of customer deposits taken by the companies prior to the
administration.  As part of the sales agreement, Canburg has
agreed to honor orders where deposits have been paid by customers.

Rob Lewis, joint administrator and partner at
PricewaterhouseCoopers LLP, said: "We are delighted to have
secured the jobs of over 400 people around the country, and to
have secured a position whereby customers that have paid deposits
will see their orders fulfilled.  This means that the brands and
heritage of these companies will live on."


SORIN REAL: Moody's Junks Rating on Class G Notes from 'Ba2'
-----------------------------------------------------------
Moody's Investors Service confirmed the rating of one class and
downgraded the ratings of eight classes of Notes issued by Sorin
Real Estate CDO IV Ltd.  The rating actions are:

  -- Class A1, US$241,875,171, Floating Rate Notes Due 2046,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A2, US$18,900,000, Floating Rate Notes Due 2046,
     downgraded to Aa2 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class A3, US$6,100,000, Floating Rate Notes Due 2046,
     downgraded to Aa3 from Aa1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class B, US$11,400,000, Floating Rate Notes Due 2046,
     downgraded to A1 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, US$27,683,327, Floating Rate Deferrable Interest
     Notes Due 2046, downgraded to Baa1 from A1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class D, US$10,108,260, Floating Rate Deferrable Interest
     Notes Due 2046, downgraded to Ba1 from A3; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class E, US$9,107,324, Floating Rate Deferrable Interest
     Notes Due 2046, downgraded to Ba2 from Baa1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class F, US$12,158,432, Floating Rate Deferrable Interest
     Notes Due 2046, downgraded to B2 from Baa3; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class G, US$16,303,242, Floating Rate Deferrable Interest
     Notes Due 2046, downgraded to Caa3 from Ba2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

Moody's downgraded Classes A2, A3, B, C, D, E, F, and G due to
deteriorating pool performance and revised modeling parameters, as
outlined below.

The pool contains a 39% concentration in commercial mortgage
backed securities collateral of which 100% was issued between 2005
and 2007.  The remaining collateral includes commercial real
estate collateralized debt obligations, whole loan debt, B-note
debt, and mezzanine debt.  The overall average current credit
quality of the collateral is approximately Ba3/B1.

Moody's expects the aggregate default rate on CMBS loans (1.32% as
of February 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 16% from the peak
reached in October 2007, are expected to decline an additional 10
to 20% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updates its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.


SPIRIT ISSUER: Performance Decline Cues Fitch's 'BB+' Rating Cuts
-----------------------------------------------------------------
Fitch Ratings says continued declines in performance and prospects
of further deterioration contributed to the two-notch downgrades
of all Spirit Issuer Plc's notes to 'BB+' from 'BBB' on March 18,
2008, and their placement on Rating Watch Negative.  Spirit is a
securitization of 772 managed pubs and 663 leased and tenanted
pubs across the UK owned and operated (for the managed part) by
Punch Taverns Group.

Recent information received by Fitch shows that the transaction's
performance has continued to deteriorate and the annual free cash
flow is now markedly below the reported GBP174.7 million level as
of March 2008.  Although Fitch had already anticipated declining
cash generation by downgrading all notes to 'BBB' from 'BBB+' on
May 20, 2008 and assigning them a Negative Outlook, the magnitude
of the EBITDA decline has exceeded the agency's expectations.

Fitch calculates that the legal-maturity-annuity-based FCF debt
service coverage ratio (assuming no principal amortization
holiday) is now well below an acceptable level for an investment-
grade rating for a hybrid estate, given the current economic and
pub trading environment and the likelihood for further pressures
on operating profit.  This is despite the benefits of the addition
of 83 tenanted pubs from Punch A to the security group in the last
quarter.

The RWN reflects Fitch's view that the performance of the current
estate is likely to continue to deteriorate further in the next
quarters, especially without the benefit of substantial additional
development capital expenditure to increase the food offer in some
of the wet-led pubs.  The RWN is expected to be resolved once
further information on performance is made available and
additional stress-test is carried out by the agency on the
robustness of this class assuming future decline in cash flow
performance.

The notes' ratings are:

  -- Class A1 floating-rate notes due 2028: downgraded to 'BB+'
     from 'BBB'; on RWN

  -- Class A2 floating-rate notes due 2031: downgraded to 'BB+'
     from 'BBB'; on RWN

  -- Class A3 fixed-rate notes due 2021: downgraded to 'BB+' from
     'BBB'; on RWN

  -- Class A4 fixed-rate notes due 2027: downgraded to 'BB+' from
     'BBB'; on RWN

  -- Class A5 fixed-rate notes due 2034: downgraded to 'BB+' from
     'BBB'; on RWN


STENNER LTD: Goes Into Administration; Begbies Traynor Appointed
----------------------------------------------------------------
Stenner Ltd, which has been operating in Tiverton, Devon, since
1875, has been placed in administration.  Ian Walker and Gilbert
Lemon of business recovery and restructuring specialists Begbies
Traynor have been appointed as joint administrators.

Stenner has always operated from the same site at Loman Works,
Blundells Road in Tiverton, and has developed from a general
engineering company supplying the local market into a market
leader in the supply of sawmill equipment throughout the world.
Renowned for its bandsaw equipment in particular, the company has
machinery operating in over 125 countries.  Privately owned, the
company prospered during the housing and construction boom of the
recent past.

The collapse of the house building industry in the UK, and
corresponding severe slowdowns in building and construction
worldwide resulted in sudden and catastrophic reductions in
capital investment throughout their global customer base.  The
business was left with insufficient forward orders to keep the
company trading in its current form and with no means of riding
out the downturn.

Stenner's Chairman Douglas Shopland said, "This is a sad day for a
business which has been part of the fabric of Mid Devon for a very
very long time, and a blow for all those people who have worked
here over the years.  I am hopeful that with the help of the
administrators, we may be able to keep the business together in a
way which will enable it to start again when the economic position
improves sufficiently."


SUPERCOVER GROUP: Names Joint Administrators from PwC
-----------------------------------------------------
Stephen Andrew Ellis and David James Kelly of
PricewaterhouseCoopers LLP were appointed joint administrators of
The Supercover Group Ltd. on March 6, 2009.

The company can be reached at:

         The Supercover Group Ltd.
         Bentinick Mill
         Bentinick Street
         Farnworth
         Bolton
         Lancashire
         BL4 7EP
         England


TRINITY WALK: Enters Administration; KPMG Appointed
---------------------------------------------------
Jane Moriarty and Myles Halley from KPMG's Restructuring practice
were appointed joint administrators to Trinity Walk Wakefield
Limited on March 19, 2009, at the request of the directors.

This shopping center development, currently under construction in
Wakefield, is a joint venture between Modus and CIREF plc, being
built by York based Shepherd Construction.  Work began in 2007 and
is scheduled to complete in 2010.  The project's indoor market
started trading in June 2008 and the administrators understand
that 40% of the center's retail space has been pre let.

Jane Moriarty, Joint Administrator and KPMG Partner, said:
"Trinity Walk is a victim of value erosion in the property sector.
The economic downturn and resultant downward pressure on property
values is impacting on the viability of many developments.

"Construction has stopped as we work with multiple stakeholders to
explore a way forward for the development."


* BOND PRICING: For the Week March 16 to March 20, 2009
-------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Oester Volksbk            4.810   07/29/25     EUR       77.65

CYPRUS
------
Abh Financial Lt          8.200    06/25/12     USD      54.57
Alfa MTN invest           9.250    06/24/13     USD      52.21

FRANCE
------
Alcatel SA                4.750    01/01/11      EUR     13.17
Alcatel SA                6.380    04/07/14      EUR     58.73
Axa SA                    7.130    12/15/20      GBP     72.56
Axa SA                    8.600    12/15/30      USD     75.13
BNP Paribas               0.2500   12/20/14      USD     73.72
Calyon                    6.000    06/18/47      EUR     37.85
Soc Air France            2.750    04/01/20      EUR     19.38
Wavecom SA                1.750    01/01/14      EUR     30.76

GERMANY
-------
Bayer AG                 5.000     07/29/2105    EUR     69.17
Bayerische Lndbk         4.250     10/05/16      EUR     71.73
Bayerische Lndbk         4.500     02/07/19      EUR     66.72

GREECE
------
Antenna TV SA            7.250     02/15/15      EUR     54.50
Antenna TV SA            7.250     02/15/15      EUR     54.75

HUNGARY
-------
Agrokor                   7.000    11/23/11      EUR     66.17

IRELAND
-------
Aegon Global              3.250    12/09/10      EUR     80.97
Aegon Global              4.250    01/23/12      EUR     76.32
Alfa Bank                 8.630    12/09/15      USD     54.57
Alfa Bank                 8.640    02/22/17      USD     52.21
Allied Irish Bks          7.880    07/05/23      GBP     64.09
Allied Irish Bks          5.250    03/10/25      GBP     54.04
Allied Irish Bks          5.630    11/29/30      GBP     50.96
Ardagh Glass              7.130    06/15/17      EUR     64.88
Ardagh Glass              7.130    06/15/17      EUR     65.46
Banesto Finance           6.120    11/07/37      EUR      6.12
Bank Soyuz                9.380    02/16/10      USD     72.48

LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13      USD     72.36
Ak Bars Bank              9.250    06/20/11      USD     63.92
Alrosa Finance            8.880    11/17/14      USD     68.71
Bank of Moscow            7.340    05/13/13      USD     66.03
Bank of Moscow            7.500    11/25/15      USD     54.12
Bank of Moscow            6.810    05/10/17      USD     43.37

Beverage Pack             8.000    12/15/16      EUR     73.00
Beverage Pack             8.000    12/15/16      EUR     73.29
Beverage Pack             9.500    06/15/17      EUR     47.00
Beverage Pack             9.500    06/15/17      EUR     47.13

NETHERLANDS
-----------
ABN Amro Bank NV          6.000    03/16/35      EUR     48.80
ABN Amro Bank NV          6.250    06/29/35      EUR     39.12
Achmea Hypobk             4.300    04/03/24      EUR     72.73
Achmea Hypobk             4.000    12/27/24      EUR     68.78
Aegon NV                  6.130    12/15/31      GBP     66.58
Air Berlin Finan          1.500    04/11/27      EUR     35.12
ALB Finance BV            9.750    02/14/11      GBP     22.48
ALB Finance BV            7.880    02/01/12      EUR     20.97
Alfa Bk Ukraine           9.750    12/22/09      USD     56.47
Allianz Finance           6.130    05/31/22      EUR     72.27
Allianz Finance           6.500    01/13/25      EUR     72.15
ASM Holding NV            5.750    06/13/17      EUR     63.25
ASM Intl NV               4.250    12/06/11      USD     70.00
Astana Finance            7.880    06/08/10      EUR     21.25
Astana Finance            9.000    11/16/11      USD     24.96
ATF Capital BV            9.250    02/21/14      USD     41.53
Bk Ned Gemeenten          0.500    06/27/18      CAD     71.90
Bk Ned Gemeenten          0.500    02/24/25      CAD     47.69
Hit Finance BV            4.880    10/27/21      EUR     70.23
JSC Bank Georgia          9.000    02/08/12      USD     39.84
Turanalem Fin BV          7.880    06/02/10      USD     32.48
Turanalem Fin BV          6.250    09/27/11      EUR     25.47
Turanalem Fin BV          7.750    04/25/13      USD     26.15
Turanalem Fin BV          8.000    03/24/14      USD     22.73
Turanalem Fin BV          8.500    02/10/15      USD     25.93
Turanalem Fin BV          8.250    01/22/37      USD     23.70
Turanalem Fin BV          8.250    01/22/37      USD     24.36

ROMANIA
-------
Bucharest                 4.130    06/22/15      EUR     49.83

SPAIN
-----
Ayt Cedulas Caja          3.750    12/14/22      EUR     79.35
Ayt Cedulas Caja          3.750    06/30/25      EUR     73.78
Banco Bilbao Viz          4.380    10/20/19      EUR     67.82

UNITED KINGDOM
--------------
Amlin Plc                 6.500    12/19/26      GBP     66.43
Anglian Wat Fin           2.400    04/20/35      GBP     49.45
Arsenal Sec               5.140    09/01/29      GBP     69.77
Ashtead Holdings          8.630    08/01/15      USD     56.38
Ashtead Holdings          8.630    08/01/15      USD     55.75
Aspire Defence            4.670    03/31/40      GBP     64.21
Aspire Defence            4.670    03/31/40      GBP     63.71
Aviva Plc                 5.250    10/02/23      EUR     42.74
Aviva Plc                 6.880    05/22/38      EUR     39.64
Aviva Plc                 6.880    05/22/58      EUR     53.02
Azovstal                  9.130    02/28/11      USD     32.45
Barclays Bk Plc           9.750    09/30/09      GBP     76.65
Barclays Bk Plc           6.000    01/23/18      EUR     71.43
Barclays Bk Plc           4.500    03/04/19      EUR     68.91
Barclays Bk Plc           5.750    09/14/26      GBP     68.64
Barclays Bk Plc           6.330    09/23/32      GBP     70.67
Bradford&Bin Bld          4.250    05/04/16      EUR     79.22
Bradford&Bin Bld          4.880    06/28/17      EUR     79.69
Bradford&Bin Bld          6.630    06/16/23      GBP     10.38
Bradford&Bin Bld          4.910    02/01/47      EUR     60.50
Brit Insurance            6.630    12/09/30      GBP     55.56
British Airways           8.750    08/23/16      GBP     73.20
British Land Co           5.260    09/24/35      GBP     71.70
British Land Co           5.260    09/24/35      GBP     70.61
British Tel Plc           5.750    12/07/28      GBP     73.13
British Tel Plc           6.380    06/23/37      GBP     72.98
Britannia Bldg            5.750    12/02/24      GBP     66.91
Britannia Bldg            5.880    03/28/33      GBP     61.18
Brixton Plc               6.000    12/30/10      GBP     70.06
Brixton Plc               5.250    10/21/15      GBP     33.04
Brixton Plc               6.000    09/30/19      GBP     44.53
Broadgate Finance         5.000    10/05/31      GBP     70.82
Broadgate Finance         5.100    04/05/33      GBP     62.98
Broadgate Finance         4.820    07/05/33      GBP     73.77
CGNU Plc                  6.130    11/16/26      GBP     51.55
Guardian Royal            6.630    08/21/23      GBP     95.92
Heating Finance           7.880    03/31/14      GBP     47.75

                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *