TCREUR_Public/090402.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, April 2, 2009, Vol. 10, No. 65

                            Headlines

A U S T R I A

ELFRIEDE GRUBER: Claims Registration Period Ends April 14
HAFL LLC: Claims Registration Period Ends April 14
I M T LLC: Claims Registration Period Ends April 14
MANFRED MEINHART: Claims Registration Period Ends April 14
NOGRASEK LLC: Claims Registration Period Ends April 14

PFINGSTL KG: Claims Registration Period Ends April 17
VMC LLC: Claims Registration Period Ends April 20
WEISSENBACHER KEG: Claims Registration Period Ends April 13


B E L G I U M

FORTIS NV: Shareholder Approval on BNP Deal Moved to April 28-29
FORTIS NV: Incurs EUR28-Bln Net Loss in 2008


G E R M A N Y

AUREUS FASHION: Claims Registration Period Ends May 28
ISUTEK GMBH: Claims Registration Period Ends April 30
GENERAL MOTORS: Hike in Orders Tone Down Opel Bankr. Concerns
GROHE HOLDING: Moody's Cuts Corporate Family Rating to 'B3'
JETBAG GMBH: Claims Registration Period Ends May 7

QUANTOR GMBH: Claims Registration Period Ends May 28
STANKIEWICZ: To Cut 335 Jobs at Four German Sites
TWISTER GMBH: Claims Registration Period Ends May 7


G R E E C E

DRYSHIPS INC: Ernst & Young Raises Going Concern Doubt


H U N G A R Y

OTP BANK: S&P Lowers Counterparty Credit Ratings to 'BB+'


I C E L A N D

KAUPTHING BANK: JP Morgan Sold 1.6% Stake in J Sainsbury
LANDSBANKI ISLANDS: HSBC Sold 13% Stake in Debenhams
STRAUMUR-BURDARAS: Works on Restructuring Plan with Creditors


I R E L A N D

MAGNOLIA FINANCE: Moody's Withdraws 'Caa1' Ratings on Notes
SHAMROCK CAPITAL: Moody's Junks Ratings on Six Classes of Notes
STANTON VINTAGE: S&P Junks Ratings on Five Classes of Notes


I T A L Y

FIAT SPA: S&P Cuts Corporate Ratings to 'BB+/B' on Weak Liquidity
GRUPPO EDITORIALE: S&P Lowers LT Corporate Credit Rating to 'BB+'


K A Z A K H S T A N

ALLIANCE BANK: S&P Corrects Release on Counterparty Credit Ratings
ALTYN ORDA: Creditors Must File Claims by May 1
ATYRAU GEN: Creditors Must File Claims by May 1
AVANGARD STROY: Creditors Must File Claims by May 1
BN TRANS: Creditors Must File Claims by May 1

BTA BANK: S&P Corrects Release on Counterpary Credit Ratings
BTA IPOTEKA: S&P Corrects Release on Counterparty Credit Ratings
FRAME PV: Creditors Must File Claims by May 1
KAZAKH MORTGAGE: Moody's Cuts Three Classes of Notes to Low-B
MITRA LLP: Creditors Must File Claims by May 1

MUNAI ER: Creditors Must File Claims by May 1
SHEBER SM: Creditors Must File Claims by May 1
TEMIRBANK JSC: S&P Corrects Release on Counterparty Credit Ratings
VOZROJDENIYE LLP: Creditors Must File Claims by May 1
ZOLOTAYA LOZA LLP: Creditors Must File Claims by May 1


K Y R G Y Z S T A N

BISHKEK-ARAB INT'L: Creditors Must File Claims by April 10


L I T H U A N I A

BANKAS SNORAS: S&P Lowers LT Counterparty Credit Rating to 'B'
UKIO BANKAS: S&P Cuts Long-Term Counterparty Credit Rating to 'B+'


N E T H E R L A N D S

PANTHER CDO: Moody's Corrects Ratings on Two Classes of Notes


R U S S I A

BANK ST. PETERSBURG: Fitch Affirms Individual Rating at 'D'
BIYSKIY SUGAR: Creditors Must File Claims by May 20
GARANT-STROY LLC: Creditors Must File Claims by May 20
KRASNODAR INVEST: Creditors Must File Claims by April 20
MDM DPR: Fitch Cuts Ratings on Two Classes of Notes to 'BB+'

MOBILE TELESYSTEMS: Fitch Puts 'BB+' Foreign IDR on Negative Watch
OKTYABRSKIY TANNAGE LLC: Creditors Must File Claims by April 20
SCRAP-RECYCLING PLANT: Creditors Must File Claims by May 20
SEVER-BUR-GAZ LLC: Creditors Must File Claims by April 20
SISTEMA JOINT: Fitch Puts 'BB-' Issuer Rating on Negative Watch

SITRONICS: Fitch Puts 'B-' Foreign Currency IDR on Negative Watch
STANDARD BANK: Fitch Retains Evolving Watch on 'D/E' Rating
TSIMLYANSKIY FISH: Creditors Must File Claims by May 20
ULYANOVSKIY TRUST A4: Court Names S.Lashin as Insolvency Manager
URAL-KARTON: Creditors Must File Claims by April 20

VALTI LLC: Creditors Must File Claims by April 20

* S&P Changes Outlook on Republic of Tatarstan to Stable


S L O V E N I A

ISTRABENZ D.D.: CEO Igor Bavcar Steps Down Following Insolvency


S P A I N

BANCAJA-BVA VPO: Moody's Assigns (P)Ba3 Rating on EUR5.7MM Notes
CAJA DE AHORROS: Fitch Downgrades Individual Rating to 'F'


S W E D E N

SKANDINAVISKA ENSKILDA: S&P Cuts Hybrid Instrument's Rating to BB+
SWEDBANK AB: S&P Cuts Ratings on Hybrid Capital Instruments to BB+


S W I T Z E R L A N D

BERNER FASHION: Creditors Must File Proofs of Claim by May 1
GETRANKE SEELAND: Deadline to File Proofs of Claim Set June 2
HERMANN SANITAR: Creditors Have Until April 15 to File Claims
JAMPEN LLC: Proof of Claim Filing Deadline is June 2
TOBEBA JSC: Creditors' Proofs of Claim Due by May 4

U & P MANAGEMENT: April 14 Set as Deadline to File Claims
WALLSTREET SYSTEMS: Creditors Must File Claims by April 14
WESTERWALDER HOLZPELLETS: Deadline to File Claims Set April 15


U K R A I N E

ADELISK LLC: Creditors Must File Claims by April 11
DAFI-BUILDING PLUS: Court Starts Bankruptcy Supervision Procedure
GULIAYPOLE FOOD: Creditors Must File Claims by April 11
HORK LLC: Court Starts Bankruptcy Supervision Procedure
IKVA AGRICULTURAL: Creditors Must File Claims by April 11

VICTORIYA-ELIZA LLC: Creditors Must File Claims by April 11


U N I T E D   K I N G D O M

AEOLUS CDO: Fitch Junks Ratings on Three Colonnade I Notes
AEOLUS CDO: Fitch Junks Ratings on Two Colonnade II Notes
AEOLUS CDO: Fitch Junks Ratings on Three Colonnade III Notes
AEOLUS CDO: Fitch Junks Ratings on Two 2005-3 Synthetic CDO Notes
ALBA 2007-1: Moody's Lowers Rating on Class F Notes to 'Caa3'

APURO LTD: Appoints Joint Administrators from KPMG
B & P LIGHTBRIGADE: Consumables Division Sold to B&P Graphics
CARLISLE CASTLE: Moody's Assigns Ba2 Rating on GBP59.2 Mln Notes
CASPER LTD: Taps Joint Administrators from Deloitte
CLINTON CARDS: Inks Refinancing Deal With Creditors

DUNFERMLINE BUILDING: Moody's Cuts Bank Strength Rating to 'E'
FORBURY HOTEL: Brings in Joint Administrators from Baker Tilly
HARTFORD RUSSELL: Appoints Joint Administrators from Deloitte
INDUSTRIAL SUPPLIES: Taps Joint Administrators from Deloitte
KING UK LTD: Calls in Joint Administrators from Deloitte

LAND OF LEATHER: Administrators Confirm Closure of 19 Stores
MARCHANT THOMAS: Appoints Joint Administrators from Deloitte
MERSEYWAY SHOPPING: Bradford & Bingley Appoints GVA as Receiver
MOORCROSS LTD: Calls in Joint Administrators from BDO
NICE GROUP: Taps Joint Administrators from Tenon Recovery

RUBENS CDO: Moody's Junks Rating on EUR19 Million Class D Notes
SOLAR TRADE: Appoints Joint Administrators from BDO Stoy Hayward
SUMFIELD AND DAY: In Administration; Vantis Appointed
VITALITY GROUP: In Administration; MCR Appointed
W K THOMAS: Taps Joint Administrators from Deloitte

XL LONDON: Moody's Cuts Continuity Opinion to 'B'; Outlook Stable

* UK: Buyout Activity Drops in First Quarter of 2009, CMBOR Says
* S&P Cuts Ratings on 14 Securities of Fin'l Institutions to Low-B
* S&P Takes Rating Actions on 212 European Synthetic CDO Tranches

* Upcoming Meetings, Conferences and Seminars


                         *********


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


ELFRIEDE GRUBER: Claims Registration Period Ends April 14
---------------------------------------------------------
Creditors owed money by LLC Elfriede Gruber (FN 125396g) have
until April 14, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Christian Supper
         Hauptplatz 1
         7350 Oberpullendorf
         Austria
         Tel: 02612/43 543
         Fax: 02612/43 543-10
         E-mail: op@rss.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 27, 2009, for the
examination of claims at:

         Land Court of Eisenstadt (309)
         Hall F
         Eisenstadt
         Austria

Headquartered in Unterpullendorf, Austria, the Debtor declared
bankruptcy on Feb. 16, 2009, (Bankr. Case No. 41 S 5/09m).


HAFL LLC: Claims Registration Period Ends April 14
--------------------------------------------------
Creditors owed money by LLC Hafl (FN 247842z) have until April 14,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Kurt Bernegger
         Jacquingasse 21
         1030 Wien
         Austria
         Tel: 799 15 80
         Fax: 796 59 14
         E-mail: kanzlei@bernegger-wt.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 28, 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. 25, 2009, (Bankr. Case No. 4 S 25/09t).


I M T LLC: Claims Registration Period Ends April 14
---------------------------------------------------
Creditors owed money by LLC I.M.T. (FN 84633k) have until
April 14, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Norbert Mooseder
         Stelzhamerstrasse 1
         4400 Steyr
         Austria
         Tel: 07252/42 4 24
         Fax: DW 24
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on April 28, 2009, for the
examination of claims at:

         Land Court of Steyr (499)
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Dietach, Austria, the Debtor declared bankruptcy
on Feb. 11, 2009, (Bankr. Case No. 14 S 7/09s).


MANFRED MEINHART: Claims Registration Period Ends April 14
----------------------------------------------------------
Creditors owed money by LLC Manfred Meinhart Industrieservice &
Co. KG (FN 170363i) have until April 14, 2009, to file written
proofs of claim to the court-appointed estate administrator:

         Dr. Erhard Hackl
         Hofgasse 7
         4020 Linz
         Austria
         Tel: 0732 776234
              0732 776235
         Fax: DW 22
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 a.m. on April 28, 2009, for the
examination of claims at:

         Land Court of Steyr (499)
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Steyr, Austria, the Debtor declared bankruptcy on
Feb. 23, 2009, (Bankr. Case No. 14 S 8/09p).


NOGRASEK LLC: Claims Registration Period Ends April 14
------------------------------------------------------
Creditors owed money by LLC Nograsek (FN 124279p) have until
April 14, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Guenther Grassner
         Südtirolerstrasse 4-6
         4020 Linz
         Austria
         Tel: 0732/77 08 15
         Fax: 770816
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on April 28, 2009, for the
examination of claims at:

         Land Court of Steyr (499)
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Steyr, Austria, the Debtor declared bankruptcy on
Feb. 23, 2009, (Bankr. Case No. 14 S 9/09k).


PFINGSTL KG: Claims Registration Period Ends April 17
-----------------------------------------------------
Creditors owed money by KG Pfingstl (FN 309455g) have until
April 17, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Michael Schnalzer
         Bismarkstrasse 5
         8280 Fuerstenfeld
         Austria
         Tel: 03382/52610
         Fax: 03382/52331-16
         E-mail: kbs@recht-so.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:15 p.m. on April 30, 2009, for the
examination of claims at:

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

Headquartered in Fuerstenfeld, Austria, the Debtor declared
bankruptcy on Feb. 25, 2009, (Bankr. Case No. 25 S 30/09p).


VMC LLC: Claims Registration Period Ends April 20
-------------------------------------------------
Creditors owed money by LLC VMC (FN 196983g) have until April 20,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Johannes Hochleitner
         Kirchenplatz 8
         4070 Eferding
         Austria
         Tel: 07272/3781-0
         Fax: 07272/3783
         E-mail: hannes.hochleitner@iura.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:20 p.m. on April 30, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Hartkirchen, OOE, Austria, the Debtor declared
bankruptcy on Feb. 11, 2009, (Bankr. Case No. 20 S 22/09z).


WEISSENBACHER KEG: Claims Registration Period Ends April 13
-----------------------------------------------------------
Creditors owed money by KEG Weissenbacher (FN 279384i) have until
April 13, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Gerwald Holper
         Technologiezentrum, Marktstrasse 3
         7000 Eisenstadt
         Austria
         Tel: 02682/704 266-0
         Fax: 02682/704 266-15
         E-mail: eisenstadt@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on April 27, 2009, for the
examination of claims at:

         Land Court of Eisenstadt (309)
         Hall F
         Eisenstadt
         Austria

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on Feb. 25, 2009, (Bankr. Case No. 26 S 12/09f).


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


FORTIS NV: Shareholder Approval on BNP Deal Moved to April 28-29
----------------------------------------------------------------
Fortis NV and Fortis SA/NV ("Fortis") decided not to submit their
revised agreement with BNP Paribas SA for shareholder approval in
Utrecht on April 8 and in Brussels on April 9.

As reported in the Troubled Company Reporter-Europe on March 10,
2009, Fortis agreed with BNP Paribas SA and the Belgian State to
revise, for the second time, terms of a plan to break up its
business.

According to Reuters, under the new agreement, BNP Paribas is
poised to buy 75 percent of Fortis Bank subject to Fortis group
shareholders agreeing to the deal at meetings planned on April 8
and 9.  The shareholders blocked the previous terms of this deal
in February, Reuters said.

In a statement Wednesday, Fortis disclosed the Brussels Court of
Appeal, petitioned by lawyer Mischael Modrikamen, decided on
March 31 in a hearing that only those shareholders of Fortis SA/NV
that owned Fortis shares prior to October 14, 2008 could vote on
the project with BNP Paribas.

Consequently, Fortis, which said it wasn't represented in the
hearing, will put the project for votation at the ordinary general
meeting of Fortis SA/NV's shareholders on April 28 and the annual
general meeting of Fortis N.V.'s shareholders on April 29.

"For organizational and practical reasons the Board of Directors
has therefore decided, with regard to both Fortis SA/NV and Fortis
N.V., to postpone both the vote on the project with BNP Paribas
and the election of new directors until the meetings of 28 and 29
April," Fortis said.

Fortis said it is not reconciled to the Brussels Court of Appeal's
March 31 decision and has initiated third-party proceedings at the
said court.  The already initiated summary proceedings before the
Brussels Commercial Court have become devoid of purpose by the
decision of the Court of Appeal and for that reason have been
halted, Fortis noted.

Fortis meanwhile clarified that the postponement does not apply to
resolutions on the fourth item on the agenda of the meeting of
Fortis N.V. on April 8 (amendments to the articles of association)
or to the fourth and fifth items on the agenda of the meeting of
Fortis SA/NV on April 9 (acquisition and disposal of shares, and
amendments to the articles of association), which are to be dealt
with by both meetings in the usual way.

As a consequence of the postponement of the vote on the project
with BNP Paribas, Fortis, BNP Paribas and the Belgian State have
agreed to once again amend the already changed Protocole d'Accord
of October 10, 2008.  The new final date by which the approval of
the project with BNP Paribas must be obtained from the
shareholders of Fortis SA/NV and Fortis N.V. is now May 1, 2009
(instead of April 18).  The ultimate date by which all precedent
conditions, as stipulated in the agreement, must be met, or be
waived by BNP Paribas, will be set later at a date between May 1
and 15, 2009 (instead of April 30).

                          About Fortis

Fortis holding (Fortis SA/NV and Fortis N.V.) consists of (1)
Fortis Insurance Belgium (2) Fortis Insurance International, and
(3) financial assets and liabilities of various financing
vehicles.  The international insurance activities (Fortis
Insurance International) are located in the UK, France, Hong Kong,
Luxembourg (Non-Life), Germany, Turkey, Russia, Ukraine and in
joint ventures in Luxembourg (Life), Portugal, China, Malaysia,
India and Thailand.  Fortis holding is not involved in banking
activities.

                        About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                          *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


FORTIS NV: Incurs EUR28-Bln Net Loss in 2008
--------------------------------------------
Fortis NV and Fortis SA/NV ("Fortis") said its 2008 net result was
a loss of
EUR28.0 billion compared with a profit of EUR4.0 billion in 2007.
Fortis attributed the loss in 2008 to the EUR27.4 billion negative
result of discontinued operations, caused by the loss on sale of
its banking activities.

Total gross inflow of the insurance activities, including non-
consolidated joint ventures, amounted to EUR14.6 billion, 5.5%
lower year-on-year.  Gross inflow of the consolidated life
companies was 11% lower at EUR8.9 billion, due to the financial
turmoil, especially affecting sales in Belgium.  Gross written
premiums of the consolidated non-life companies amounted to EUR2.7
billion, up 5% in constant exchange rates.  The non-consolidated
joint ventures recorded a growth of 12%, to EUR3.0 billion, driven
by strong sales in China.  The insurance activities reported a
total net profit of EUR6 million, including a negative impact from
write-downs on the investment portfolio of EUR 639 million net-of-
tax.

Pro forma net equity at the end of 2008, assuming approval of the
transactions by shareholders on April 8 and 9, amounted to EUR7.5
billion.  Pro forma net cash of general, assuming approval of the
transactions with the Belgian State and BNP Paribas SA by
shareholders on April 8 and 9, after redemption of the European
medium term notes and commercial paper programs and after the
elimination of leverage of Fortis Insurance International N.V.,
was EUR3.3 billion.

Fortis said it won't be paying interim 2008 dividend after a
statutory loss carried forward of EUR22.5 billion at Fortis SA/NV
had resulted in a depletion of the amounts available for
distribution at year-end 2008.

                   What Lead to the Business Break-Up

On September 29, 2008, Fortis announced the conclusion of
agreements with the governments of Belgium, the Netherlands and
Luxembourg.  The three states jointly agreed to invest EUR11.2
billion in return for a 49.9% stake in the banking activities in
their respective countries.  The agreement with the Dutch State
was never implemented, however, and was replaced on October 3 by
the sale of Fortis Bank Nederland (Holding) N.V., Fortis
Verzekeringen Nederland N.V. and Fortis Corporate Insurance N.V.
to the Dutch State for a total of EUR16.8 billion.

On October 6, 2008, Fortis announced the sale of the remaining 50%
plus 1 share of Fortis Bank to the Belgian state (via the Societe
Federale de Participations et d’Investissement/Federale
Participatie- en Investeringsmaatschappij, SFPI/FPIM) for EUR4.7
billion.  In a separate agreement, the Belgian government
undertook to sell 75% of Fortis Bank to BNP Paribas, in return for
BNP Paribas shares.  It would retain the remaining 25% of Fortis
Bank.  Fortis also agreed to sell 100% of Fortis Insurance Belgium
to BNP Paribas for EUR5.7 billion (subject to closing conditions
and a potential final closing adjustment of minus EUR0.2 billion).
Lastly, it was agreed that Fortis, the Belgian State (via the
SFPI/FPIM) and BNP Paribas would set up a special purpose vehicle
to purchase a structured credit portfolio from Fortis Bank.

On December 12, 2008, the Brussels Court of Appeal ruled that the
agreements of October 3 and 6 should be put to the shareholders of
Fortis SA/NV for approval.  The Court also appointed a panel of
experts to investigate the situation, to make recommendations and
to mediate.  In its interim report, published on January 27, 2009,
the panel concluded that the transactions were both logical and
reasonable in the circumstances and did not violate the corporate
interest of the relevant Fortis entities.

The revised terms of the transactions were rejected by the
shareholders' meeting of Fortis SA/NV on February 11, 2009, and a
new round of negotiations between the Belgian government, Fortis
and BNP Paribas ensued.  The shareholders' meetings in February
2009 elected a new Board of Directors.  Mr. Jozef De Mey was
appointed as Chairman.

On March 6, 2009, Fortis, BNP Paribas and the SFPI/FPIM reached a
new agreement on revised terms for the transaction.  The proposed
new agreement was signed on March 12, 2009 and will be submitted
for the approval of shareholders this month.  The agreement
principally relates to the sale of 25% + 1 share in Fortis
Insurance Belgium to Fortis Bank, the putting in place of a
strategic partnership between BNP Paribas /Fortis Bank, on the one
hand, and the Fortis group's insurance operations, on the other
hand and the financing by Fortis, in an amount of EUR760 million,
of a special purpose vehicle (SPV) that is to acquire a portion of
the structured credits portfolio of Fortis Bank.

The future value of the stake in the SPV is dependent on the
quality of the assets to be acquired by the SPV and conditions of
the funding to be received by the SPV.  The assets are still under
examination and the funding is subject to negotiations. In any
case, the maximum downside risk of Fortis related to the SPV is
the initial investment of EUR760 million in case of a positive
vote.  In the case of a negative vote, Fortis would as a legal
matter continue to be bound by a fallback provision in a Share
Purchase Agreement of October 10, 2008, with the SFPI/FPIM (as
amended) relating to the financing of the SPV.  This agreement
provides for the financing of the SPV only by Fortis and the SFPI/
FPIM in case the Agreement (with BNP Paribas) does not take
effect.

In case the fallback provision would be enforced against Fortis,
Fortis would be required to fund EUR6.86 billion out of a total
amount of EUR9.36 billion (less any redemptions and subject to
currency adjustments).  To secure such obligation, Fortis granted
a pledge over 100% of its shares in Fortis Insurance Belgium.

Although an agreement is in place with the SFPI/FPIM pursuant to
which it will provide a loan of EUR3 billion, Fortis said in case
it has to fund EUR6.86 billion, a negative vote could have a
severe negative impact on its liquidity position.

                       About Fortis holding

Fortis holding (Fortis SA/NV and Fortis N.V.) consists of (1)
Fortis Insurance Belgium (2) Fortis Insurance International, and
(3) financial assets and liabilities of various financing
vehicles.  The international insurance activities (Fortis
Insurance International) are located in the UK, France, Hong Kong,
Luxembourg (Non-Life), Germany, Turkey, Russia, Ukraine and in
joint ventures in Luxembourg (Life), Portugal, China, Malaysia,
India and Thailand.  Fortis holding is not involved in banking
activities.

                        About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                          *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V.
long term issuer ratings to Baa2 from Baa1, and the ratings were
placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


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


AUREUS FASHION: Claims Registration Period Ends May 28
------------------------------------------------------
Creditors of Aureus Fashion GmbH have until May 28, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on June 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Volker Reinhardt
         Windthorststr.17
         99096 Erfurt
         Germany

The court opened bankruptcy proceedings against the company on
March 25, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Aureus Fashion GmbH
         Attn: Elke Koester, Manager
         Paulstrasse 20
         99084 Erfurt
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         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:

         Gundula Pierson
         Software Center 5a
         35037 Marburg
         Germany
         Tel: 06421/9481350
         Fax: 06421/9481360


The court opened bankruptcy proceedings against the company on
March 26, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Isutek GmbH
         Attn: Ulrich Schoenling, Manager
         Otto-Hahn-Strasse 4
         57482 Wenden
         Germany


GENERAL MOTORS: Hike in Orders Tone Down Opel Bankr. Concerns
-------------------------------------------------------------
Unlike its Swedish unit, General Motors Corp's German division,
Opel might be able to avert bankruptcy.  Simone Meier of Bloomberg
reported that according to a report by Frankfurter Allgemeine
Zeitung, citing an unidentified management member, GM's Opel
division won't face possible bankruptcy for several months due to
an increase in orders.

As reported by the Troubled Company Reporter on March 23, German
Chancellor Angela Merkel, according to Reuters, said the German
government won't take a stake in General Motors Corp. subsidiary
Opel.

Reuters, cited Ms. Merkel as saying that a future business plan
for Opel couldn't be formulated properly until GM's future was
clear, Reuters states.  According to the report, Economy Minister
Karl-Theodor zu Guttenberg said that he was talking to potential
investors in Opel, but their interest was tied to the quality of a
rescue plan for GM.

Marcus Walker at The Wall Street Journal relates that Ms. Merkel's
conservative Christian Democrats rejected a call by their
coalition partners, the Social Democrats, for the government to
acquire a stake in Opel.

According to WSJ, conservatives rejected a direct government stake
in Opel.  Christian Democrat parliamentary leader Volker Kauder
insisted that the state couldn't bail out all companies, and that
Opel shouldn't get special treatment, WSJ states.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

As reported in the Troubled Company Reporter on Nov. 10,
2008, General Motors Corporation's balance sheet at
Sept. 30, 2008, showed total assets of US$110.425 billion, total
liabilities of US$170.3 billion, resulting in a stockholders'
deficit of US$59.9 billion.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings, including
the corporate credit rating, on General Motors Corp. to 'CCC+'
from 'B-' and removed them from CreditWatch, where they had been
placed with negative implications on Oct. 9, 2008.  S&P said that
the outlook is negative.

Fitch Ratings, as reported in the Troubled Company Reporter on
Nov. 11, 2008, placed the Issuer Default Rating of General Motors
on Rating Watch Negative as a result of the company's rapidly
diminishing liquidity position.  Given the current liquidity level
of US$16.2 billion and the pace of negative cash flows, Fitch
expects that GM will require direct federal assistance over the
next quarter and the forbearance of trade creditors in order to
avoid default.  With virtually no further access to external
capital and little potential for material asset sales, cash
holdings are expected to shortly reach minimum required operating
levels.  Fitch placed these on Rating Watch Negative:

-- Senior secured at 'B/RR1';
-- Senior unsecured at 'CCC-/RR5'.

As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corp. and General
Motors of Canada Limited Under Review with Negative Implications.
The rating action reflects the structural deterioration of the
company's operations in North America brought on by high oil
prices and a slowing U.S. Economy.


GROHE HOLDING: Moody's Cuts Corporate Family Rating to 'B3'
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and probability of default rating of Grohe Holding GmbH to
B3 from B2.  At the same time, Moody's has downgraded Grohe's
EUR150 million senior secured revolving credit facility to
Ba3/LGD1-2% from Ba2/LGD1-4%; EUR800 million senior secured
floating-rate notes to B3/LGD3-46% from B2/ LGD3-49%; and EUR335
million senior unsecured notes to Caa1/LGD5-73% from B3/LGD5-74%.
The outlook is negative for all the ratings.

"The rating action reflects Moody's expectation that the company's
2009 sales volumes will decrease as a result of subdued activity
in the construction sector in most of Grohe's key markets, leading
to a deterioration in the company's margins and key metrics to
levels more in line with the B3 rating category," said Stefano del
Zompo, Moody's lead analyst for Grohe.

Moody's expects the economic downturn will continue to exert
pressure on the company's results for most of 2009, with recovery
in the construction sector expected no earlier than the second
half of 2010, as this sector usually lags all others in the cycle.
"Moody's expects the company to report EBITA margins in the mid
teens in 2009 compared with an expected EBITA of around 20% in
2008, leading to debt/EBITDA around 8.0x and EBITA/Interest
interest barely above par, which is well below the targets
previously set for maintaining a B2 rating of, inter alia, margins
in line with 2008 and debt to EBITDA below 6.0x" explained Mr. del
Zompo.

"Although Moody's views the company's liquidity position as
satisfactory in the short term, with no debt amortization until
2014 and around EUR275 million in cash on-balance sheet at the end
of 2008, including the EUR134 million under the revolving credit
facility available to the company, the payment of the fine
expected to be imposed on the company by the EU in 2009 and a
sizeable amount in restructuring costs could reduce the company's
flexibility in the absence of significant cash flow generation."

Moody's believes that the company maintains moderate pricing
flexibility, which should sustain margins and help compensate for
the high average brass cost the company has effectively hedged for
most of 2009.  Moody's also expects limited restructuring costs in
2009 other then cash costs related to the previous year, while
benefits from newly implemented cost reduction initiatives should
help mitigate the negative impact on margins from reduced sales
volumes.

The negative outlook reflects the absence of any definitive
guidance regarding the sector recovery, reflecting the uncertainty
as to the depth of the current downturn.  Moody's also recognizes
that if stimulus packages implemented by governments are
unsuccessful, the crisis could impact Grohe's liquidity more than
presently envisaged.

While Moody's believes there is limited scope for a rating upgrade
in the short to medium term, a rating downgrade could occur if the
company fails to show swift quarterly improvements through 2009,
leading to EBITA margins above 15% and an EBITA/Interest ratio
above 1.5x.  A more marked-than-expected deterioration of the
liquidity position of the company could also lead to a rating
downgrade.

The previous rating action on Grohe was implemented on December
19, 2008, when Moody's placed Grohe's ratings under review for
possible downgrade.

Grohe Holding GmbH is one of the leading single-brand
manufacturers and suppliers of sanitary fittings in the world,
offering a broad range of products for handling water in bathrooms
and kitchens.  In the first nine months of 2008, the company
reported revenues in excess of EUR772 million (2007: EUR764
million) and normalized EBITDA (before refinancing fees,
restructuring charges and exceptional items) of around EUR161
million (2007: EUR150 million).


JETBAG GMBH: Claims Registration Period Ends May 7
--------------------------------------------------
Creditors of Jetbag GmbH have until May 7, 2009, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         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:

         Thomas Keller
         Glashuetter Strasse 104
         01277 Dresden
         Germany
         Website: www.pkl.com

The court opened bankruptcy proceedings against the company on
March 27, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Jetbag GmbH
         Attn: Uwe Mueller, Manager
         Leubnitzer Strasse 32 a
         01069 Dresden
         Germany


QUANTOR GMBH: Claims Registration Period Ends May 28
----------------------------------------------------
Creditors of Quantor GmbH have until May 28, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         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:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany

The court opened bankruptcy proceedings against the company on
March 25, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Quantor GmbH
         Fischerglacis 25
         32423 Minden
         Germany

         Attn: Thomas-Rainer Berg, Manager
         Gruener Grund 8 a
         32427 Minden
         Germany


STANKIEWICZ: To Cut 335 Jobs at Four German Sites
-------------------------------------------------
Adelheidsdorf-based automotive supplier Stankiewicz will cut 335
jobs at its four German sites as part of a restructuring effort,
Plasteurope reports citing the company's insolvency administrator,
Christopher Seagon.

According to the report, sites affected by the job cuts are
Adelheidsdorf, Hamburg, Friedrichsroda and Straubing.

Mr. Seagon, as cited by the report, said the job cuts are
inevitable, given the sharp drop in sales in the personal and
commercial vehicle sector.

The report notes negotiations with possible investors are
continuing.


TWISTER GMBH: Claims Registration Period Ends May 7
---------------------------------------------------
Creditors of Twister GmbH have until May 7, 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 17, 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:

         Mathematiker Martin Benzing
         Charlottenstr. 29
         70182 Stuttgart
         Germany
         Tel: 0711/24 89 080
         Fax: 0711/24 89 08 88

The court opened bankruptcy proceedings against the company on
March 23, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Twister GmbH
         Attn: Petra Santagatti, Manager
         Calwer Str. 7
         71034 Boeblingen
         Germany


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


DRYSHIPS INC: Ernst & Young Raises Going Concern Doubt
------------------------------------------------------
DryShips Inc. has filed its Annual Report on Form 20-F for the
year ended 2008.

DryShips said the audit opinions of Deloitte, Hadjipavlou,
Sofianos and Cambanis S.A. regarding the 2008 financial statements
of the Company and the audit opinion of Ernst and Young (Norway)
regarding the 2008 financial statements of the Company's wholly-
owned subsidiary, Ocean Rig ASA, each of which were included in
the Company's Annual Report on Form 20-F filed Monday, March 30,
are unqualified.  However, the opinions include an explanatory
"going concern" paragraph which, in the case of the Company,
states: "The accompanying consolidated financial statements for
the year ended December 31, 2008, have been prepared assuming that
the Company will continue as a going concern.  As discussed in
Note 3 to the consolidated financial statements, the Company's
inability to comply with financial covenants under its current
loan agreements as of December 31, 2008, difficulties in meeting
its financing needs, its negative working capital position, and
other matters discussed in Note 3 raise substantial doubt about
its ability to continue as a going concern.  Management's plans
concerning these matters are also described in Note 3.  The
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty."

George Economou, Chairman and Chief Executive of DryShips
commented: "As discussed during our latest conference call, the
going concern explanatory paragraph is the result of the
previously announced reclassification of US$1.8 billion of long-
term debt as current.  With the proactive approach already taken
to reduce US$2 billion in capital expenditures, the confidence of
our three main lenders with whom we are in close ongoing
discussions, secured revenues of over US$2.4 billion in the next
three years from drybulk time charters and offshore drilling
contracts and the recent equity infusion of US$380 million through
the ATM Equity Offering (sm) share issuance program, we have
repositioned DryShips for the long-term and remain ahead of the
curve."

As reported in the Troubled Company Reporter-Europe on March 3,
2009, on Feb. 26, 2009, DryShips reached final agreement and
received formal approval from Nordea Bank Finland Plc, DnB NOR
Bank ASA and HSH Nordbank AG regarding the previously announced
covenant waiver in connection with the US$800 million Primelead
facility consistent with the terms previously announced on
February 9, 2009.

As reported in the TCR-Europe on Feb. 20, 2009, DryShips reached
preliminary agreement with Nordea to obtain a covenant waiver in
connection with the US$800 million Primelead facility, which was
used to partially finance the acquisition of Ocean Rig ASA.  The
outstanding loan amount under the facility is US$650 million.

In accordance with the main terms of the waiver: (i) the Company
will pay a restructuring fee of 0.15% on the outstanding loan
amount under the facility plus an amount equal to 1.00% per annum
on the loan outstanding for the period from January 9, 2009 until
the Effective Date of the waiver agreement; (ii) US$75 million
of principal repayment due February 2009 will be postponed until
May 2009; (iii) the margin on the facility will increase by 1.00%
to 3.125% per annum; and (iv) regular principal payments will
resume as of August 2009.  In addition, among other things, lender
consent will be required for the acquisition of DrillShip Hulls
1837 and 1838, for new cash capital expenditures or commitments
and for new acquisitions for cash until the loan has been repaid
to below US$375 million.  The waiver agreement Effective Date
will not exceed August 12, 2009, at which time the Company expects
to be in compliance with the restructured loan covenants.

                      About DryShips Inc.

DryShips Inc. (NASDAQ:DRYS) -- http://www.dryships.com-- based in
Greece, is an owner and operator of drybulk carriers that operate
worldwide.  As of the day of this release, DryShips owns a fleet
of 43 drybulk carriers comprising 7 Capesize, 29 Panamax, 2
Supramax and 5 newbuilding drybulk vessels with a combined
deadweight tonnage of over 3.4 million tons, 2 ultra deep water
semisubmersible drilling rigs and 2 ultra deep water newbuilding
drillships.  DryShips Inc.'s common stock is listed on the NASDAQ
Global Market where trades under the symbol "DRYS."


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


OTP BANK: S&P Lowers Counterparty Credit Ratings to 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit ratings on Hungary-based OTP Bank
Rt. and OTP Mortgage Bank to 'BB+' from 'BBB' and its short-term
counterparty credit ratings to 'B' from 'A-3'.  The outlook on
both banks is negative.

The rating action follows the lowering of the sovereign credit
ratings on the Republic of Hungary to BBB-/Negative/A-3 from
BBB/Negative/A-3.  It takes into account S&P's concerns about the
likelihood of severe repercussions on OTP's financial profile in
2009 and 2010 as a result of accelerating economic contraction and
industry risk in Hungary and in other parts of Central and Eastern
Europe, where the bank has expanded significantly in recent years.

The downgrade of the sovereign reflects S&P's view of ongoing
deterioration in key Hungarian economic and fiscal indicators.
Pressure on public finances continues to mount as revenues fall
short, the government debt ratio mounts, and the risk of financial
sector contingent liabilities materializing increases.

"In our view, rapidly worsening economic conditions in Hungary and
most CEE markets make it very likely that OTP's asset quality and
earnings metrics will deteriorate considerably after years of
strong asset and profit growth," said Standard & Poor's credit
analyst Harm Semder.

"OTP's credit risk is heightened in our opinion by rapid growth of
loans, which are especially unseasoned outside the bank's domestic
market, and a large amount of foreign currency lending to unhedged
consumers and small and midsize enterprises that is untested in
prolonged difficult conditions," Mr. Semder added.

OTP's adjusted income after tax decreased by 13% to Hungarian
forint 182.1 billion (EUR606 million) as at year-end 2008.  This
excludes a HUF121.4 billion one-time gain on the sale of an
insurance subsidiary.  Moreover, a HUF130.7 billion foreign
exchange gain exaggerated OTP's underlying profitability.

S&P's current ratings reflect the possibility of a 6% decline in
the Hungarian economy in 2009 and S&P's view that OTP's annual
profit is likely to be minimal.  S&P believes the main cause of
the pressure on OTP's performance to be accelerated credit costs,
which doubled to HUF111 billion in 2008.  In S&P's view, OTP's
non-performing loan ratio (60 days overdue), which increased by
about 30%, will materially increase further.  Consequently, in
S&P's view, loan-loss provisions in respect of customer loans
could triple to 500 basis points over the next two years.
Moreover, S&P expects difficult conditions to reduce business and
revenue generation and increase funding costs.

The negative outlook mirrors that on the sovereign.  It also
reflects S&P's concerns that OTP's financial profile could weaken
more than currently anticipated in S&P's ratings if increasing
economic contraction and industry risk in Hungary, and in other
CEE regions where the bank has extensive operations, were to be
deeper and longer than S&P currently expects.


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


KAUPTHING BANK: JP Morgan Sold 1.6% Stake in J Sainsbury
--------------------------------------------------------
Andrew Cleary and Paul Javis at Bloomberg News report that
JPMorgan Cazenove Ltd. on Tuesday sold a 1.6% J Sainsbury plc
stake once owned by Kaupthing Bank.

Bloomberg New relates JPMorgan placed 27.2 million shares in
Sainsbury on behalf of Ernst & Young.

Citing a person with knowledge of the sale, Bloomberg News
discloses the holding was formerly held by Kaupthing Singer &
Friedlander Ltd, which was once the U.K. brokerage arm of
Iceland's Kaupthing Bank.

According to Bloomberg News, the stake sold for 310 pence a share,
the top end of the 305-310 pence range given in the offer's term
sheet.

Bloomberg News notes the sale sent shares in Sainsbury up 1.9
percent in London trading on Tuesday, March 31.

Ernst & Young, Bloomberg News recalls, took control over
Kaupthing's U.K. assets, which included a stake in Sainsbury, in
October.

                       About Kaupthing Bank

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

                          *     *     *

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

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


LANDSBANKI ISLANDS: HSBC Sold 13% Stake in Debenhams
----------------------------------------------------
Andrew Cleary and Paul Jarvis at Bloomberg News report that HSBC
Holdings Plc on Tuesday sold a 13% Debenhams plc stake once owned
by Landsbanki Islands hf.

Citing a person familiar with the sale, Bloomberg News discloses
HSBC sold 115.8 million shares of Debenhams at 45 pence apiece.

Bloomberg News relates Pall Benediktsson, a spokesman for the
Icelandic bank, said by phone on Tuesday from Reykjavik that
Landsbanki's stake was originally pledged by Baugur Group Hf
against a loan, and was being held by HSBC, adding HSBC's
placement was "not done in cooperation with Landsbanki".

Baugur owns 6.5 per cent of Debenhams directly and a further 6.7
per cent through the Unity investment vehicle in which it has a
42.5 per cent stake, Times Online's Elizabeth Judge reports.

Times Online notes that while analysts believe Baugur will not
breach its banking covenants in April, it may run close in August
if trading conditions deteriorate.

Baugur, Times Online recalls, sought protection from creditors in
February when Landsbanki called in its GBP1 billion debts.

According to Times Online, analysts said a cash call was now more
likely at Debenhams once Baugur was off its shareholder list.

However, Times Online says other Debenhams' shareholders,
including CVC and TPG, the private equity firms, had refused to
back the cash call if it meant they had to take up the rights of
Baugur.

                        About Landsbanki

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


STRAUMUR-BURDARAS: Works on Restructuring Plan with Creditors
-------------------------------------------------------------
Straumur Burdaras Investment Bank hf. has initiated work on a debt
restructuring plan together with its creditors.

On March 19, 2009 Straumur was granted an authorization for a
moratorium process from the District Court of Reykjavik.  The
process enables Straumur to facilitate a financial and operational
restructuring in co-operation with the bank's creditors.

Since March 19 Straumur management has met regularly with its
major creditors and presented a restructuring plan for the
company.  As a result of these discussions the major creditors
have agreed to participate in the restructuring process.  Such
process includes a due diligence of the assets and liabilities,
establishment of the future business plan for the company and
addressing the legal issues related to the structuring of the
future platform.

Major creditors, including both Icelandic and international banks,
are in the process of forming a Creditors Coordination Committee,
and Straumur will appoint this committee to lead this work
together with its management, and the bank's Resolution Committee.

The plan aims at re-establishing Straumur as a company which the
main purpose would be to manage its assets and liabilities in
order to maximize value for the benefit of its creditors and other
stakeholders of the company.  The aim is to complete this work
within the announced moratorium process.

As reported in the Troubled Company Reporter-Europe on March 11,
2009, Straumur collapsed after running out of liquidity, forcing
the Icelandic government to take over the lender.

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 11,
2009, Fitch Ratings downgraded Straumur-Burdaras Investment Bank's
Long-term Issuer Default rating  to 'D' from 'B' and Short-term
IDR to 'D' from 'B' and removed them from Rating Watch Negative.


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


MAGNOLIA FINANCE: Moody's Withdraws 'Caa1' Ratings on Notes
-----------------------------------------------------------
Moody's Investors Service has announced that it has withdrawn its
ratings on three Series of CPPI notes issued by Magnolia Finance
VI plc.

This withdrawal was done for business reasons.  The transactions
were restructured in April and May 2008.

The rating actions are:

Magnolia Finance VI plc:

(1) Series 2007-19 US$107,000,000 Greenwood Notes issued by
Magnolia Finance VI plc

  -- Current rating: WR
  -- Prior rating: Caa1
  -- Prior rating action: 8 April 2008, downgraded from B1 to Caa1

(2) Series 2007-20 EUR72,700,000 Greenwood Notes issued by
Magnolia Finance VI plc

  -- Current rating: WR
  -- Prior rating: Caa1
  -- Prior rating action: 8 April 2008, downgraded from B1 to Caa1

(3) Series 2007-22 EUR32,250,000 Credit Pill 1 Notes issued by
Magnolia Finance VI plc

  -- Current rating: WR
  -- Prior rating: Caa1
  -- Prior rating action: 8 April 2008, downgraded from B1 to Caa1


SHAMROCK CAPITAL: Moody's Junks Ratings on Six Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded 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 rating actions announced are linked to
(i) the deterioration in the credit quality of the collateral that
secures some of the classes, (ii) the application of revised and
updated key modelling parameter assumptions that Moody's uses to
rate and monitor ratings of Corporate Synthetic CDOs and (iii) 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.

Series 2007-01, 2007-02, 2007-03 and 2007-04 are collateralized by
MBIA Insurance Corporation, the Insurance Financial Strength
rating of which was downgraded on February 18, 2009, from Baa1 to
B3.  Series 2007-05 is collateralized by Citigroup Inc.,
downgraded from Aa3 to A2 and from A2 to A3 respectively in
December 2008 and February 2009.  Moody's explained that the
primary reason for the severity of the downgrade is that, in
reaching its rating decisions, Moody's added the default
probabilities of these collaterals to the relevant tranche
Expected Loss with a 100% collateral loss severity assumption in
the event of collateral default.

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 (March 2009)

  -- Moody's revises its methodology for Emerging Market CDOs
     (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: Caa3

  -- Prior Rating: Aaa, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, Aaa placed under review
     for downgrade

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

  -- Current Rating: Caa3

  -- Prior Rating: Aaa, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, Aaa placed under review
     for downgrade

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

  -- Current Rating: Caa3

  -- Prior Rating: Aa2, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, Aa2 placed under review
     for downgrade

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

  -- Current Rating: Caa3

  -- Prior Rating: Aa2, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, Aa2 placed under review
     for downgrade

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

  -- Current Rating: B2

  -- Prior Rating: Baa2, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, Baa2 placed under review
     for downgrade

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

  -- Current Rating: Caa3

  -- Prior Rating: Ba3, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, Ba3 placed under review
     for downgrade

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

  -- Current Rating: Ca

  -- Prior Rating: B3, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, B3 placed under review
     for downgrade

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

  -- Current Rating: Ba1

  -- Prior Rating: A1, under review for possible downgrade

  -- Prior Rating Action: 19 March 2009, A1 placed under review
     for downgrade


STANTON VINTAGE: S&P Junks Ratings on Five Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its ratings on the class A, B, C, D, and E
notes issued by Stanton Vintage CDO PLC.  Stanton Vintage CDO
closed in June 2006, and is an arbitrage hybrid collateralized
debt obligation of CDOs which are referenced almost entirely
through total return swaps.

These rating actions follow the receipt of a notice of enforcement
yesterday that declares that all notes are to be immediately
repaid.  Payment of the amounts due to the noteholders will be
made only to the extent that funds are available after the payment
of senior expenses and the payments due to the TRS counterparty
under the TRS, and any payments due to the liquidity swap
counterparty under the liquidity swap.

The notice of enforcement followed a previous notice received on
March 25, declaring an event of default under the note conditions
after the class A note par value ratio fell below 100% on
March 23.

S&P originally downgraded all the notes on May 2, 2008, after
assessing the collateral's deteriorating credit quality.
Following further deterioration, S&P placed all rated notes on
CreditWatch negative on March 10, 2009.

The decision to call for an immediate redemption of the notes will
result in early termination of the swaps, and the liquidation of
the remaining collateral.  In S&P's view, the effect of
termination payments and the high collateral valuation risk will
result in substantial losses to the holders of the rated notes.

                           Ratings List

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

      Ratings Lowered and Removed from Creditwatch Negative

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


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


FIAT SPA: S&P Cuts Corporate Ratings to 'BB+/B' on Weak Liquidity
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long- and short-term corporate credit ratings on Italian
industrial group Fiat SpA to 'BB+/B' from 'BBB-/A-3'.  The long-
term rating remains on CreditWatch with negative implications,
where it was placed on Jan. 22, 2009, while the short-term rating
was removed from CreditWatch.

Standard & Poor's also lowered to 'BB+' from 'BBB-' its long-term
ratings on the senior unsecured debt issues of wholly owned
subsidiaries Fiat Finance & Trade Ltd. and Fiat Finance North
America Inc.  These ratings remain on CreditWatch with negative
implications.  At the same time, S&P assigned a recovery of rating
of '3' to these issues, indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.

"The downgrade reflects our opinion of Fiat's weak liquidity
position considering 2009 and 2010 debt maturities," said Standard
& Poor's credit analyst Barbara Castellano.  "According to
reported data as of Dec. 31, 2008, Fiat did not have enough
available financial resources in the form of bank lines and
existing cash to fully cover its financial maturities in the
subsequent 12 months, barring the repayment by subsidiary CNH
Global N.V. (BB+/Watch Neg/--) of some intercompany loans."

S&P notes the deterioration of global demand in the auto and truck
sectors, as well as difficult capital-market conditions worldwide.
This lower demand could, in S&P's view, negatively affect Fiat's
operating performance and increase the risk of it having to burn
cash again in 2009.

"The continued CreditWatch listing reflects S&P's intention to
review Fiat's measures to improve its liquidity position over the
coming months," said Ms. Castellano.

S&P does not expect Fiat to commit any significant funds to
support Chrysler LLC (CC/Negative/--) following the U.S.
government's most recent analysis of Chrysler's financial needs to
survive.  Still, S&P expects more details in the coming weeks on
the proposed Chrysler-Fiat alliance.

Fiat reported sound operating performance in 2008, increasing its
trading margin to 5.7%, from 5.5% in 2007.  However, reported free
operating cash flow was a negative EUR4.8 billion, and reported
industrial debt increased by about EUR6 billion, to
EUR5.9 billion.

In 2008, the financial services business CNH Capital Corp. had to
cope with the decline in demand for asset-backed securities, and
the group's industrial companies were called on to provide
financial support.  S&P believes that interest in ABS could be
recovering and that CNH Capital could also benefit from the U.S.
Federal Reserve's TALF (Term Asset-Backed Securities Loan
Facility) program set to start in April 2009.

"We aim to resolve the CreditWatch placement within the next 90
days, after reviewing any measures Fiat takes to improve its tight
liquidity position," said Ms. Castellano.

S&P expects some benefit to come from the securitization of CNH
Capital's financial receivables, as these should be supported by
the TALF program in the U.S.

During this period, S&P also expects to receive further details on
Fiat's precise involvement in Chrysler.  S&P currently assumes
that if the alliance is finalized, it will not involve any cash
drain for Fiat, but S&P still needs clarification on the level of
engagement of nonfinancial resources, if any.

"A downgrade is possible if S&P believes that the group's
liquidity situation will remain weak and insufficient to cover
financial obligations over the next 12 months," said Ms.
Castellano.

Standard & Poor's could also lower the ratings if, contrary to
information that is currently in the public domain, it sees
evidence that Fiat's involvement with Chrysler translates into
cash outflows, or if it foresees the likelihood of a prolonged
deterioration in auto demand beyond the current year, leading to a
worsening of the group's financial measures beyond the already
expected weak 2009 levels.

In contrast, an affirmation is possible if Fiat succeeds in
strengthening its liquidity position.


GRUPPO EDITORIALE: S&P Lowers LT Corporate Credit Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'BB+' from
'BBB-' its long-term corporate credit and senior unsecured debt
ratings on Italy-based newspaper and magazine publisher Gruppo
Editoriale L'Espresso SpA.  The outlook is negative.

"The downgrade reflects our expectation that the accelerating
advertising decline in Italy since fourth-quarter 2008 is likely
to depress Gruppo Espresso's 2009 revenues and margins well beyond
initial expectations," said Standard & Poor's credit analyst
Manuela Gabetta.  Revenues declined by 6.6% and EBITDA fell 36% in
2008.  In addition, as S&P expects sales and profit margins drop
further in 2009, S&P anticipates further material increases in the
company's leverage over the next few quarters, leading to weak
debt coverage measures no longer commensurate, in S&P's view, with
an investment-grade rating.

At Dec. 31, 2008, Gruppo Espresso reported gross consolidated debt
of EUR400 million.

In full-year 2008, the group reported advertising revenues which
had decreased 7.4% and declined by about 15% year-on-year in the
fourth quarter of 2008.  S&P believes that the negative trend in
advertising revenues, as experienced during the last quarter of
2008, should persist well into 2009.  At the same time, S&P
recognizes that newspaper circulation revenues have held up well
so far.  To partially offset revenue declines, S&P understands
that Gruppo Espresso implemented about EUR47 million of operating
cost-saving initiatives in 2008, which are expected to filter
through to the group's EBITDA in 2009.  Given, however, the
deteriorating economic environment and the high operational
gearing of Gruppo Espresso, S&P believes further material declines
in the group's EBITDA and EBITDA margin in 2009 are likely,
compared with 2008.

S&P estimates that Espresso's fully adjusted debt-to-EBITDA ratio
could be around 3.5x at March 31, 2009, a step increase compared
with the circa 3.0x level as estimated by us at Dec. 31, 2008.
Given the expected revenue and EBITDA trend, S&P thinks that this
ratio could exceed 4.0x in mid-year 2009, with further
developments heavily depending on the advertising market trend in
Italy.  At the same time, S&P acknowledge what S&P see as the
benefits of the full dividend cut with regards to 2008, as a good
support for the ratings.  In S&P's view, the dividend cut should
enable Gruppo Espresso to generate positive net cash flow in 2009,
and therefore achieve modest growth in cash balances after meeting
scheduled debt repayments.  S&P also consider that such an
announcement reflects favorably on Gruppo Espresso's financial
policy and, at this point, highlights the absence of any negative
credit effects of Gruppo Espresso's 50.8% ownership by the Italy-
based holding company CIR-Compagnie Industriali Riunite SpA (CIR;
BB+/Negative/B).

The ratings on Gruppo Espresso continue to reflect S&P's
assessment of the group's leading position in the Italian national
and local newspaper markets and strong brand recognition, which
should continue to support circulation revenues throughout the
downside of the economic cycle.

"The negative outlook primarily reflects our ongoing concerns
relating to Gruppo Espresso's operating performance, notably
margins and cash generation, in 2009," said Ms. Gabetta.

S&P thinks it is likely that Gruppo Espresso will continue to post
positive discretionary cash flow in 2009, based on the group's
modest capital requirements and the announced dividends cut, which
S&P believes should help to alleviate any deterioration in its
liquidity profile.  S&P assumes that reported EBITDA margins will
remain above 10% in 2009 (down from 14% in 2008), while cash
conversion remains good in S&P's view, with a steady uptake in
advertising revenues and operating margins likely in S&P's view
during the second half of 2009.  The ratings could be lowered
further in 2009, all other things being equal, if these key
assumptions no longer appear valid to us.

Conversely, the outlook could be revised to stable if the group's
operating performance and cash flow generation stabilize, absent
other relevant factors.  Notably, a stable outlook would likely
require us to be comfortable with Gruppo Espresso's ability to
keep adjusted debt-to-EBITDA ratios within the 3.5x-4.0x range --
after a peak at mid-year 2009 -- with good cash conversion of
EBITDA.  Owing to S&P's expectation of negative year-on-year
EBITDA developments in the coming quarters, absent other factors,
S&P does not expect a return to a stable outlook before year-end
2009.


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


ALLIANCE BANK: S&P Corrects Release on Counterparty Credit Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services corrected an error relating to
the counterparty credit ratings on three banks and one mortgage
company in the Republic of Kazakhstan.  The long-term and short-
term ratings on BTA Bank J.S.C., its two subsidiaries Temirbank
JSC and BTA Ipoteka Mortgage Co., and on Alliance Bank JSC are
'CC/C'.

On March 26, 2009, S&P erroneously lowered the long-term ratings
on the four entities to 'C' instead of 'CC'.  Under S&P's
criteria, however, the lowest issuer credit rating, excluding 'D'
and 'SD', is 'CC' and the lowest issue credit rating, excluding
'D' and 'SD', is 'C'.  Therefore, the long-term ratings on these
entities should have been posted as 'CC'.

The ratings on these entities remain on CreditWatch with negative
implications, where they were originally placed on March 20, 2009.
This reflects S&P's view that there is now a very high probability
that BTA and its subsidiaries and Alliance will undertake debt
restructurings, and that they are now less likely to gain support
from the Kazakh government to meet their respective debt
obligations according to their terms.

                           Ratings List

                          BTA Bank J.S.C.
                        Alliance Bank JSC

                    Counterparty Credit Rating

       Global scale                          CC/Watch Neg/C

                          Temirbank JSC
                    BTA Ipoteka Mortgage Co.
                   Counterparty Credit Rating

       Global scale                          CC/Watch Neg/C
       National scale                        kzCC/Watch Neg/--

       N.B. This list does not include all ratings affected.


ALTYN ORDA: Creditors Must File Claims by May 1
-----------------------------------------------
LLP Altyn Orda NT has declared insolvency.  Creditors have until
May 1, 2009, to submit written proofs of claim to:

         Koshkarbayev St. 22-30
         Saryarka
         Astana
         Kazakhstan


ATYRAU GEN: Creditors Must File Claims by May 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Atyrau Gen Plan insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Satpaev St. 3
         Atyrau
         Atyrau
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev St. 3
         Atyrau
         Atyrau
         Kazakhstan


AVANGARD STROY: Creditors Must File Claims by May 1
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Construction Company Avangard Stroy insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Abai St. 36
         Astana
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai St. 36
         Astana
         Kazakhstan


BN TRANS: Creditors Must File Claims by May 1
---------------------------------------------
LLP BN Trans has declared insolvency.  Creditors have until May 1,
2009, to submit written proofs of claim to:

         Baitursynov St. 104a
         Almaty
         Kazakhstan


BTA BANK: S&P Corrects Release on Counterpary Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services corrected an error relating to
the counterparty credit ratings on three banks and one mortgage
company in the Republic of Kazakhstan.  The long-term and short-
term ratings on BTA Bank J.S.C., its two subsidiaries Temirbank
JSC and BTA Ipoteka Mortgage Co., and on Alliance Bank JSC are
'CC/C'.

On March 26, 2009, S&P erroneously lowered the long-term ratings
on the four entities to 'C' instead of 'CC'.  Under S&P's
criteria, however, the lowest issuer credit rating, excluding 'D'
and 'SD', is 'CC' and the lowest issue credit rating, excluding
'D' and 'SD', is 'C'.  Therefore, the long-term ratings on these
entities should have been posted as 'CC'.

The ratings on these entities remain on CreditWatch with negative
implications, where they were originally placed on March 20, 2009.
This reflects S&P's view that there is now a very high probability
that BTA and its subsidiaries and Alliance will undertake debt
restructurings, and that they are now less likely to gain support
from the Kazakh government to meet their respective debt
obligations according to their terms.

                           Ratings List

                          BTA Bank J.S.C.
                        Alliance Bank JSC

                    Counterparty Credit Rating

       Global scale                          CC/Watch Neg/C

                          Temirbank JSC
                    BTA Ipoteka Mortgage Co.
                   Counterparty Credit Rating

       Global scale                          CC/Watch Neg/C
       National scale                        kzCC/Watch Neg/--

       N.B. This list does not include all ratings affected.


BTA IPOTEKA: S&P Corrects Release on Counterparty Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected an error relating to
the counterparty credit ratings on three banks and one mortgage
company in the Republic of Kazakhstan.  The long-term and short-
term ratings on BTA Bank J.S.C., its two subsidiaries Temirbank
JSC and BTA Ipoteka Mortgage Co., and on Alliance Bank JSC are
'CC/C'.

On March 26, 2009, S&P erroneously lowered the long-term ratings
on the four entities to 'C' instead of 'CC'.  Under S&P's
criteria, however, the lowest issuer credit rating, excluding 'D'
and 'SD', is 'CC' and the lowest issue credit rating, excluding
'D' and 'SD', is 'C'.  Therefore, the long-term ratings on these
entities should have been posted as 'CC'.

The ratings on these entities remain on CreditWatch with negative
implications, where they were originally placed on March 20, 2009.
This reflects S&P's view that there is now a very high probability
that BTA and its subsidiaries and Alliance will undertake debt
restructurings, and that they are now less likely to gain support
from the Kazakh government to meet their respective debt
obligations according to their terms.

                           Ratings List

                          BTA Bank J.S.C.
                        Alliance Bank JSC

                    Counterparty Credit Rating

       Global scale                          CC/Watch Neg/C

                          Temirbank JSC
                    BTA Ipoteka Mortgage Co.
                   Counterparty Credit Rating

       Global scale                          CC/Watch Neg/C
       National scale                        kzCC/Watch Neg/--

       N.B. This list does not include all ratings affected.


FRAME PV: Creditors Must File Claims by May 1
---------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Frame PV insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Djambulskaya St. 6
         Pavlodar
         Kazakhstan

The Court is located at:

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


KAZAKH MORTGAGE: Moody's Cuts Three Classes of Notes to Low-B
-------------------------------------------------------------
Moody's Investors Service has downgraded and maintained on review
for possible downgrade these classes of Notes issued by Kazakh
Mortgage-Backed Securities 2007-1 B.V.:

  -- US$123,000,000 Class A Mortgage Backed Floating Rate Notes
     due 2029, downgraded to Ba2, on review for possible
     downgrade, previous rating Baa3, on review for possible
     downgrade;

  -- US$11,300,000 Class B Mortgage Backed Floating Rate Notes
     due 2029, downgraded to Ba3, on review for possible
     downgrade, previous rating Ba1, on review for possible
     downgrade.

  -- US$7,100,000 Class C Mortgage Backed Floating Rate Notes due
     2029, downgraded to B1, on review for possible downgrade,
     previous rating Ba2, on review for possible downgrade.

These actions result from the further deterioration of the credit
quality of Bank TuranAlem's whose foreign currency senior
unsecured debt rating has been downgraded to Ca from B1.  BTA is
the parent of the originator and servicer, BTA Ipoteka (unrated),
and the provider of a servicing guarantee for Kazakh Mortgage-
Backed Securities 2007-1 B.V.  Thus, the ratings of the notes
issued by this transaction are linked to the ratings of BTA due to
the true sale concerns resulting from the untested legal system in
Kazakhstan and potential commingling risks, which arise in case of
the servicer's bankruptcy.  Therefore, the downgrade of BTA
results in a downgrade of the note ratings of this transaction
where the credit enhancement and other structural features are not
sufficient to mitigate the risks listed above.

BTAI has informed Moody's that BTAI currently remains servicer in
the transaction and will send pool information to the back-up
servicer Halyk Bank, increasing the operational readiness of the
back-up servicing.  Moody's also understands that as per the
documentation requirement, the notification letters to the
borrowers will be prepared by Halyk Bank as per the back-up
servicing requirement.

Moody's previous rating action on the notes issued by Kazakh
Mortgage-Backed Securities 2007-1 B.V. took place on February 27,
2009, when the ratings of the notes were downgraded and put on
review for possible downgrade as a result of the downgrade of the
senior unsecured debt rating of BTA to B1 from Ba1.


MITRA LLP: Creditors Must File Claims by May 1
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Mitra insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Bajov St. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Court is located at:

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

         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


MUNAI ER: Creditors Must File Claims by May 1
---------------------------------------------
LLP Munai Er Aktobe has declared insolvency.  Creditors have until
May 1, 2009, to submit written proofs of claim to:

         Micro 11, 34-5
         Aktobe
         Aktube
         Kazakhstan


SHEBER SM: Creditors Must File Claims by May 1
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Sheber SM insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Satpayev St. 16
         Aktobe
         Aktube
         Kazakhstan

The Court is located at:

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


TEMIRBANK JSC: S&P Corrects Release on Counterparty Credit Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services corrected an error relating to
the counterparty credit ratings on three banks and one mortgage
company in the Republic of Kazakhstan.  The long-term and short-
term ratings on BTA Bank J.S.C., its two subsidiaries Temirbank
JSC and BTA Ipoteka Mortgage Co., and on Alliance Bank JSC are
'CC/C'.

On March 26, 2009, S&P erroneously lowered the long-term ratings
on the four entities to 'C' instead of 'CC'.  Under S&P's
criteria, however, the lowest issuer credit rating, excluding 'D'
and 'SD', is 'CC' and the lowest issue credit rating, excluding
'D' and 'SD', is 'C'.  Therefore, the long-term ratings on these
entities should have been posted as 'CC'.

The ratings on these entities remain on CreditWatch with negative
implications, where they were originally placed on March 20, 2009.
This reflects S&P's view that there is now a very high probability
that BTA and its subsidiaries and Alliance will undertake debt
restructurings, and that they are now less likely to gain support
from the Kazakh government to meet their respective debt
obligations according to their terms.

                           Ratings List

                          BTA Bank J.S.C.
                        Alliance Bank JSC

                    Counterparty Credit Rating

       Global scale                          CC/Watch Neg/C

                          Temirbank JSC
                    BTA Ipoteka Mortgage Co.
                   Counterparty Credit Rating

       Global scale                          CC/Watch Neg/C
       National scale                        kzCC/Watch Neg/--

       N.B. This list does not include all ratings affected.


VOZROJDENIYE LLP: Creditors Must File Claims by May 1
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Firm Vozrojdeniye insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Bajov St. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Court is located at:

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


ZOLOTAYA LOZA LLP: Creditors Must File Claims by May 1
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Zolotaya Loza insolvent.

Creditors have until May 1, 2009, to submit written proofs of
claim to:

         Baitursynov St. 70
         Kostanai
         Kostanai
         Kazakhstan

The Court is located at:

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


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


BISHKEK-ARAB INT'L: Creditors Must File Claims by April 10
----------------------------------------------------------
Creditors of LLC Bishkek-Arab International Development
(INN 01712200310065) have until April 10, 2009, to submit proofs
of claim to:

The company can be reached at:

         LLC Bishkek-Arab International Development
         Tel: (+996 312) 90-84-05


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


BANKAS SNORAS: S&P Lowers LT Counterparty Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Lithuania-based Bankas Snoras
to 'B' from 'BB-'.  At the same time, the 'B' short-term
counterparty credit rating was affirmed.  The outlook is negative.
Subsequently, the ratings have been withdrawn at the request of
Bankas Snoras and further surveillance will no longer take place.
The rating on the senior unsecured notes due 2010 was also
withdrawn.

At the time of the withdrawal, the two-notch rating movement
followed a downgrade of the Republic of Lithuania (BBB/Negative/A-
3) and the Republic of Latvia (BB+/Negative/B).

"It also reflects our opinion of the macroeconomic challenges
resulting from declining external and domestic demand, rapid
deterioration of the loan portfolio, severely strained
profitability, and weak capitalization of the consolidated group
of which Snoras is a part," said Standard & Poor's credit analyst
Matthew Pirnie.

Furthermore, the rating action reflected S&P's opinion that
Snoras' financial flexibility could be further impaired by the
deterioration of its Latvian subsidiary, A/S Latvijas Krajbanka.

The ratings on Snoras reflect its stand-alone creditworthiness and
do not factor in extraordinary external support.  At the time of
the withdrawal, the outlook was negative as S&P believes that
deteriorating economic conditions in Lithuania and Latvia are
exacerbating Snoras' credit and operational risks.

"At the time of the withdrawal, the deteriorating economic
environment in Lithuania and Latvia remained the key driver for
downward ratings momentum.  The negative outlook at the time of
the withdrawal," added Mr. Pirnie reflected S&P's opinion that
nonperforming loans will continue to rise in both Lithuania and
Latvia, consequently making Snoras loss-making in 2009.
Nevertheless, S&P does not believe at this point that credit risk
and profitability will affect Snoras' capitalization so as to
threaten its solvency.


UKIO BANKAS: S&P Cuts Long-Term Counterparty Credit Rating to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
counterparty credit rating on Lithuania-based AB Ukio Bankas to
'B+' from 'BB'.  At the same time, the 'B' short-term counterparty
credit rating was affirmed.  The outlook remains negative.

The two notch downgrade follows a downgrade of the Republic of
Lithuania (BBB/Negative/A-3) on March 24, 2009, and reflects the
macroeconomic challenges resulting from declining external and
domestic demand.  "The downgrade also reflects strain on Ukio's
asset quality, its reduced funding and liquidity profile, and
rapidly eroding profitability," said Standard & Poor's credit
analyst Matthew Pirnie.

The ratings on Ukio reflect its stand-alone creditworthiness and
do not include any uplift for extraordinary external support.

"The negative outlook reflects our view of the deteriorating
economic conditions in Lithuania, which S&P see as exacerbating
credit and operational risks for Ukio," Mr. Pirnie added.
Lithuania's economy remains the key driver for downward ratings
momentum.  The outlook still factors in S&P's expectation that the
bank will experience severe strain on asset quality and
profitability, although capital erosion will not, in S&P's view,
be significant. The ratings could be lowered further if asset
quality were to deteriorate more rapidly than expected.
Similarly, the ratings could come under pressure if Ukio's
liquidity buffer were to diminish significantly through deposit
outflows.

The outlook could revert to stable if S&P see evidence that Ukio's
operating environment is beginning to stabilize and that its asset
quality is resilient while it maintains profitability and
capitalization.


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


PANTHER CDO: Moody's Corrects Ratings on Two Classes of Notes
-------------------------------------------------------------
Moody's Investors Service has taken rating actions on certain
tranches from Panther CDO III B.V.  These actions are a correction
to rating actions announced March 11, 2009 where the amortization
profile of the portfolio assets was incorrectly entered in the
model.  The impacted tranches are:

Panther CDO III B.V.

(1) Class A Senior Secured Floating Rate Notes due December 2080

  -- Correct rating: Baa2
  -- Previous incorrect rating: B2

(2) Class B Senior Secured Deferrable Floating Rate Notes due
December 2080

  -- Correct rating: Caa2
  -- Previous incorrect rating: Ca

Corrected press release:

Moody's Investors Service has downgraded its ratings of 90 Notes
issued by 27 collateralized debt obligation transactions which
have significant exposure to asset-backed securities.  Moody's
also confirmed the ratings of 48 Notes.

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

The rating actions listed below reflect Moody's revised loss
projections for RMBS securities and Moody's updated key
assumptions for rating structured finance CDOs.

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

Moody's also said that the rating actions take into account the
updated key modeling parameter assumptions that Moody's uses to
rate and monitor ratings of collateralised loan obligations, to
the extent that CLOs tranches are present in these CDO
transactions.  The CLO revisions affect default probability and
diversity score, which are key parameters in Moody's model for
rating CLOs.

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

  -- Moody's Approach to Rating SF CDOs (March 2009)

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

  -- Moody's updates key assumptions for rating CLOs (February
     2009)

The rating actions are:

Argon Capital PLC

  -- Series 2 - Baltic Star Class A+2, Downgraded to Aa3;
     previously on 18 November 2002 Assigned Aaa

  -- Series 2 - Baltic Star Class C, Downgraded to Ba1; previously
     on 1 October 2004 Upgraded to Aaa

  -- Series 21 Series 21 EUR13,020,000 Class A+1 Limited Recourse
     Secured Credit-Linked Fixed Rate Notes due 2043, Confirmed at
     Aa3; previously on 22 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 21 EUR2,790,000 Class A+3 Limited Recourse Secured
     Credit-Linked Floating Rate Notes due 2043, Confirmed at Aa3;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrad

Bruckner CDO I B.V.

  -- Class A-1 Secured Floating Rate Notes, Confirmed at Aa2;
     previously on 22 December 2008 Downgraded to Aa2 and Placed
     Under Review for Possible Downgrade

  -- Class A2-1 Secured Floating Rate Notes, Confirmed at Aa3;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- Class A2-2 Secured Fixed Rate Notes, Confirmed at Aa3;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

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

  -- Class C-1 Deferrable Interest Secured Floating Rate Notes,
     Downgraded to Baa3; previously on 22 December 2008 Downgraded
     to A3 and Placed Under Review for Possible Downgrade

  -- Class C-2 Deferrable Interest Secured Fixed Rate Notes,
     Downgraded to Baa3; previously on 22 December 2008 Downgraded
     to A3 and Placed Under Review for Possible Downgrade

  -- Class D-1 Deferrable Interest Secured Floating Rate Notes,
     Confirmed at B2; previously on 22 December 2008 Downgraded to
     B2 and Placed Under Review for Possible Downgrade

  -- Class D-2 Deferrable Interest Secured Fixed Rate Notes,
     Confirmed at B2; previously on 22 December 2008 Downgraded to
     B2 and Placed Under Review for Possible Downgrade

  -- Class Q Combination Notes, Downgraded to B2; previously on 22
     December 2008 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade

  -- Class R Combination Notes, Confirmed at Caa2; previously on
     22 December 2008 Downgraded to Caa2 and Placed Under Review
     for Possible Downgrade

  -- Class S Combination Notes, Downgraded to B1; previously on 22
     December 2008 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade

Cheyne CLO Investments I Limited

  -- Supersenior Financial Guarantee, Downgraded to A2; previously
     on 19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Class A, Downgraded to Ba1; previously on 19 December 2008
     Downgraded to A1 and Placed Under Review for Possible
     Downgrade

  -- Class B, Downgraded to B1; previously on 19 December 2008
     Downgraded to A2 and Placed Under Review for Possible
     Downgrade

  -- Class C, Downgraded to B3; previously on 19 December 2008
     Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

  -- Class D, Downgraded to Caa1; previously on 19 December 2008
     Downgraded to Ba2 and Placed Under Review for Possible
     Downgrade

  -- Class E, Downgraded to Caa3; previously on 19 December 2008
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade

Claris Limited

  -- Series 20/2004 (Millesime), Confirmed at Aa3; previously on
     22 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Series 21/2004 (Millesime), Confirmed at A2; previously on 22
     December 2008 Downgraded to A2 and Placed Under Review for
     Possible Downgrade

  -- Series 22/2004 (Millesime), Confirmed at Baa2; previously on
     22 December 2008 Downgraded to Baa2 and Placed Under Review
     for Possible Downgrade

  -- Series 23/2004 (Millesime), Confirmed at Baa2; previously on
     22 December 2008 Downgraded to Baa2 and Placed Under Review
     for Possible Downgrade

  -- Series 83 Sonoma Valley 2006-2 EUR8,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under
     Review for Possible Downgrade

  -- Series 84 Sonoma Valley 2006-2 US$7,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 86 Sonoma Valley 2006-2 US$40,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 88/2007 (Millesime 2007-2 Portfolio), Downgraded to
     Baa3; previously on 19 December 2008 Downgraded to Baa2 and
     Placed Under Review for Possible Downgrade

  -- Series 89/2007 (Millesime 2007-2 Portfolio), Downgraded to
     A1; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 90/2007 EUR25,000,000 Sonoma Valley 2007-2 Synthetic
     CDO of CMBS Variable Notes due 2046, Confirmed at A3;
     previously on 19 December 2008 Downgraded to A3 and Placed
     Under Review for Possible Downgrade

  -- Series 95/2007 Tranche 1 EUR15,000,000 Sonoma Valley 2007-2
     Synthetic CDO of CMBS Variable Notes due 2046, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 95/2007 Tranche II EUR40,000,000 Sonoma Valley 2007-2
     Synthetic CDO of CMBS Variable Notes due 2046, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 104/2007 Tranche EUR10,000,000 Sonoma Valley 2007-3
     Synthetic CDO of CMBS Variable Notes due 2049-1, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 105/2007 Tranche 1 US$31,500,000 Sonoma Valley 2007-3
     Synthetic CDO of CMBS Variable Notes due 2049-2, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 106/2007 Tranche 1 US$15,000,000 Sonoma Valley 2007-3
     Synthetic CDO of CMBS Variable Notes due 2049-3, Downgraded
     to A2; previously on 19 December 2008 Downgraded to A1 and
     Placed Under Review for Possible Downgrade

  -- Series 108/2007 (Millesime 2007-3) -Tranche 1- JPY
     1,000,000,000, Downgraded to Baa3; previously on 19 December
     2008 Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

  -- Series 109/2007 (Millesime 2007-3) - Tranche 1- JPY
     2,300,000,000, Downgraded to Baa3; previously on 19 December
     2008 Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

  -- Series 110/2007 (Millesime 2007-3) -Tranche 1-EUR13,000,000,
     Downgraded to A2; previously on 19 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

  -- Series 111/2007 Sierra Valley 2007-1, Downgraded to Ba1;
     previously on 19 December 2008 Downgraded to Baa2 and Placed
     Under Review for Possible Downgrade

  -- Series 112/2007 Sierra Valley 2007-1, Downgraded to Baa3;
     previously on 19 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- Series 113/2007 Sierra Valley 2007-1, Downgraded to A3;
     previously on 19 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

Claris IV Limited

  -- Series 72 Sonoma Valley 2006-1 US$25,000,000, Confirmed at
     A3; previously on 19 December 2008 Downgraded to A3 and
     Placed Under Review for Possible Downgrade

  -- Series 73 Sonoma Valley 2006-1 US$5,000,000, Confirmed at
     A3; previously on 19 December 2008 Downgraded to A3 and
     Placed Under Review for Possible Downgrade

  -- Series 74 Sonoma Valley 2006-1 US$23,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 75 Sonoma Valley 2006-1 US$61,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Series 80 Sonoma Valley 2006-1 US$35,000,000, Confirmed at
     Aa3; previously on 19 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

Cloverie Plc

  -- Series 2005-07 (US Onyx) US$25,000,000 Class C Secured
     Floating Rate, Downgraded to Ba2; previously on 19 December
     2008 Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

Dublin Oak Ltd.

  -- US$2,700,000,000 Super Senior Swap, Confirmed at Aa3;
     previously on 19 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- US$207,000,000 Class A Credit-Linked Notes due 2086,
     Confirmed at Baa2; previously on 19 December 2008 Downgraded
     to Baa2 and remains on Review for Possible Downgrade

  -- US$90,000,000 Class B Credit-Linked Notes due 2086,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Ba1 and remains on Review for Possible Downgrade

Eirles Two Limited

  -- Series 153 US$32,000,000 Floating and Variable Rate Secured
     Notes due 2038, Confirmed at Aa3; previously on 22 December
     2008 Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Series 156 US$8,000,000 Floating and Variable Rate Secured
     Notes due 2038, Downgraded to Baa3; previously on 22 December
     2008 Downgraded to Baa1 and Placed Under Review for Possible
     Downgrade

  -- Series 176 US$17,000,000 Floating Rate Portfolio Credit
     Linked Secured Notes due 2040, Downgraded to A3; previously
     on 19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Series 176 US$20,000,000 Floating Rate Portfolio Credit
     Linked Secured Notes due 2040, Downgraded to A3; previously
     on 19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

ELM B.V.

  -- Series 118 LABS 2007-3 Variable Coupon Leveraged Asset Backed
     Securities 2007-3 due 2027, Confirmed at Aa3; previously on
     19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

F.A.B. CBO 2002-1 B.V.

  -- Class A-1 Floating Rate Notes, Downgraded to A1; previously
     on 15 April 2002 Assigned Aaa

  -- Class A-2 Floating Rate Notes, Downgraded to Ba3; previously
     on 15 April 2002 Assigned Aa2

  -- Class B Floating Rate Notes, Downgraded to Ca; previously on
     15 April 2002 Assigned Baa2

FAB CBO 2003-1 B.V.

  -- Class A-1E Floating Rate Notes, Downgraded to Aa3; previously
     on 22 December 2008 Downgraded to Aa2 and Placed Under Review
     for Possible Downgrade

  -- Class A-1F Zero Coupon Notes, Downgraded to Aa3; previously
     on 22 December 2008 Downgraded to Aa2 and Placed Under Review
     for Possible Downgrade

  -- Class A-2aE Floating Rate Notes, Downgraded to Baa2;
     previously on 22 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- Class A-2bE Floating Rate Notes, Downgraded to Baa2;
     previously on 30 January 2009 Assigned Aa3 and Placed Under
     Review for Possible Downgrade

  -- Class A-2F Fixed Rate Notes, Downgraded to Baa2; previously
     on 22 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Class A-3E Floating Rate Notes, Downgraded to B1; previously
     on 22 December 2008 Downgraded to A2 and Placed Under Review
     for Possible Downgrade

  -- Class A-3F Fixed Rate Notes, Downgraded to B1; previously on
     22 December 2008 Downgraded to A2 and Placed Under Review for
     Possible Downgrade

  -- Class BE Floating Rate Notes, Downgraded to Caa2; previously
     on 22 December 2008 Downgraded to Baa2 and Placed Under
     Review for Possible Downgrade

  -- Class BF Fixed Rate Notes, Downgraded to Caa2; previously on
     22 December 2008 Downgraded to Baa2 and Placed Under Review
     for Possible Downgrade

  -- Class S1 Combination Notes, Confirmed at Aa3; previously on
     22 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Class S2 Combination Notes, Downgraded to Baa1; previously on
     22 December 2008 Downgraded to A1 and Placed Under Review for
     Possible Downgrade

  -- Class S3 Combination Notes, Confirmed at A1; previously on 22
     December 2008 Downgraded to A1 and Placed Under Review for
     Possible Downgrade

FAB CBO 2005-1 B.V.

  -- Class A1 Floating Rate Notes, Confirmed at Aa3; previously on
     19 December 2008 Downgraded to Aa3 and remains on Review for
     Possible Downgrade

  -- Class A2 Floating Rate Notes, Downgraded to Caa3; previously
     on 19 December 2008 Downgraded to Ba2 and remains on Review
     for Possible Downgrade

  -- Class B Floating Rate Notes, Downgraded to Ca; previously on
     25 November 2008 Downgraded to Caa3 and Placed Under Review
     for Possible Downgrade

High Tide CDO I S.A.

  -- Class A Senior Secured Floating Rate Notes, Downgraded to
     Ba2; previously on 22 December 2008 Downgraded to Aa3 and
     Placed Under Review for Possible Downgrade

  -- Class B Senior Secured Floating Rate Notes, Downgraded to
     Caa3; previously on 22 December 2008 Downgraded to A1 and
     Placed Under Review for Possible Downgrade

  -- Class C Senior Secured Floating Rate Notes, Downgraded to Ca;
     previously on 22 December 2008 Downgraded to Baa3 and Placed
     Under Review for Possible Downgrade

Lagonda CDO

  -- EUR135,000,000 Lagonda CDO CDS Super Senior Tranche,
     Confirmed at Aa3; previously on 19 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

  -- EUR30,000,000 Lagonda CDO CDS, Downgraded to A1; previously
     on 19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Series 77 (Lagonda) EUR10,200,000 Limited Recourse Secured
     Variable Rate Credit-Linked Notes due 2047, Confirmed at
     Baa2; previously on 19 December 2008 Downgraded to Baa2 and
     Placed Under Review for Possible Downgrade

Lunar Funding III Limited

  -- Series 17 Credit-Linked Secured Asset-Backed Notes due 2015,
     Downgraded to Baa1; previously on 619 June 2001 Assigned Aa3

Lunar Funding V plc

  -- Series 2 US$50,000,000 Secured Asset-Backed Floating Rate
     Notes due 2041(Menton CDO I   -- Class A), Downgraded to
     Caa3; previously on 22 December 2008 Downgraded to A1 and
     remains on Review for Possible Downgrade

  -- Series 3 US$40,000,000 Secured Asset-Backed Floating Rate
     Notes due 2041 (Menton CDO I   -- Class B), Downgraded to Ca;
     previously on 22 December 2008 Downgraded to B1 and remains
     on Review for Possible Downgrade

  -- Series 4 US$40,000,000 Secured Asset-Backed Floating Rate
     Notes due 2041 (Menton CDO I Class C), Downgraded to Ca;
     previously on 22 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

New Bond Street CDO 1 plc

  -- US$2,500,000 Class X Floating Rate Notes due 2015, Confirmed
     at Aaa; previously on 19 December 2008 Aaa Placed Under
     Review for Possible Downgrade

  -- US$700,000,000 Class A1 Floating Rate Delayed Draw Notes due
     2066, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Baa3 and remains on Review for Possible
     Downgrade

  -- US$100,000,000 Class A2 Floating Rate Notes due 2066,
     Downgraded to Ca; previously on 10 October 2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

New Bond Street CDO 2 Limited

  -- US$100,000,000 Class A Floating Rate Notes due 2067-1,
     Downgraded to Ca; previously on 10 October 2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

Panther CDO III B.V.

  -- Class A Senior Secured Floating Rate Notes due December 2080,
     Downgraded to Baa2; previously on 19 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

  -- Class B Senior Secured Deferrable Floating Rate Notes due
     December 2080, Downgraded to Caa2; previously on 19 December
     2008 Downgraded to A2 and Placed Under Review for Possible
     Downgrade

  -- Class C1 Senior Secured Deferrable Floating Rate Notes due
     December 2080, Downgraded to Ca; previously on 19 December
     2008 Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

  -- Class C2 Senior Secured Deferrable Fixed Rate Notes due
     December 2080, Downgraded to Ca; previously on 19 December
     2008 Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

  -- Class P Combination Notes due December 2080, Downgraded to
     Ca; previously on 19 December 2008 Downgraded to B2 and
     Placed Under Review for Possible Downgrade

Renoir CDO B.V.

  -- Class A Floating Rate Notes, Confirmed at Aa3; previously on
     19 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Class B Deferrable Floating rate Notes, Downgraded to Baa3;
     previously on 19 December 2008 Downgraded to A1 and Placed
     Under Review for Possible Downgrade

  -- Class C Deferrable Floating Rate Notes, Downgraded to B2;
     previously on 19 December 2008 Downgraded to Baa1 and Placed
     Under Review for Possible Downgrade

  -- Class D-1 Deferrable Fixed Rate Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Ba3 and Placed
     Under Review for Possible Downgrade

  -- Class D-2 Deferrable Floating Rate Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Ba3 and Placed
     Under Review for Possible Downgrade

  -- Combination Notes, Downgraded to Ca; previously on 19
     December 2008 Downgraded to B2 and Placed Under Review for
     Possible Downgrade

Rhodium 1 B.V.

  -- Class A, Confirmed at Aa2; previously on 22 December 2008
     Downgraded to Aa2 and Placed Under Review for Possible
     Downgrade

  -- Class B, Downgraded to A1; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Class C, Downgraded to Baa2; previously on 22 December 2008
     Downgraded to A2 and Placed Under Review for Possible
     Downgrade

  -- Class D, Downgraded to B3; previously on 22 December 2008
     Downgraded to Ba2 and Placed Under Review for Possible
     Downgrade

Credit Derivative Transaction between Mizuho International plc and
Cradle Limited

  -- Super Senior Swap, Downgraded to B2; previously on 22
     December 2008 Downgraded to Aa3 and Placed Under Review for
     Possible Downgrade

SAGA Investment Series Limited

  -- JPY 700,000,000 Class A1 Secured Fixed/Floating Rate Credit-
     Linked Notes due 2011, Downgraded to Ca; previously on 22
     December 2008 Downgraded to Caa2 and remains on Review for
     Possible Downgrade

  -- JPY 2,300,000,000 Class A2 Secured Floating Rate Credit-
     Linked Notes due 2011, Downgraded to Ca; previously on 22
     December 2008 Downgraded to Caa2 and remains on Review for
     Possible Downgrade

  -- EUR7,500,000 Class A3 Secured Floating Rate Credit-Linked
     Notes due 2011, Downgraded to Ca; previously on 22 December
     2008 Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- JPY 4,000,000,000 Class B Secured Fixed Rate Credit-Linked
     Notes due 2011, Downgraded to Ca; previously on 22 December
     2008 Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Sheffield CDO, Ltd.

  -- Class S Senior Secured Floating Rate Notes due 2041,
     Confirmed at Aaa; previously on 19 December 2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Class A-1 Senior Secured Floating Rate Notes due 2041,
     Downgraded to Baa2; previously on 19 December 2008 Downgraded
     to Aa2 and Placed Under Review for Possible Downgrade

  -- Class A-1D Delayed Draw Senior Secured Floating Rate Note due
     2041, Downgraded to Baa2; previously on 19 December 2008
     Downgraded to Aa2 and Placed Under Review for Possible
     Downgrade

  -- Class A-2 Senior Secured Floating Rate Notes due 2041,
     Downgraded to B1; previously on 19 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

  -- Class B Senior Secured Floating Rate Notes due 2041,
     Downgraded to Caa1; previously on 19 December 2008 Downgraded
     to A2 and Placed Under Review for Possible Downgrade

  -- Class C Deferrable Interest Secured Floating Rate Notes due
     2041, Downgraded to Ca; previously on 19 December 2008
     Downgraded to Baa2 and remains on Review for Possible
     Downgrade

  -- Class D Deferrable Interest Secured Floating Rate Notes due
     2041, Downgraded to C; previously on 19 December 2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class T Combination Notes due 2041, Downgraded to Caa2;
     previously on 19 December 2008 Downgraded to Baa2 and remains
     on Review for Possible Downgrade

Stanton ABS I p.l.c.

  -- EUR232,000,000 Class A-1 Notes due 2096, Downgraded to Aa3;
     previously on 19 December 2008 Downgraded to Aa2 and Placed
     Under Review for Possible Downgrade

  -- EUR23,000,000 Class A-2 Notes due 2096, Downgraded to Baa3;
     previously on 19 December 2008 Downgraded to Aa3 and Placed
     Under Review for Possible Downgrade

  -- EUR12,500,000 Class A-3 Notes due 2096, Downgraded to Ba3;
     previously on 19 December 2008 Downgraded to A1 and Placed
     Under Review for Possible Downgrade

  -- EUR12,500,000 Class A-4 Deferrable Interest Notes due 2096,
     Downgraded to Caa2; previously on 19 December 2008 Downgraded
     to Baa2 and Placed Under Review for Possible Downgrade

  -- EUR12,000,000 Class B-1 Deferrable Interest Notes due 2096,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Ba3 and Placed Under Review for Possible Downgrade

Stanton MBS I p.l.c.

  -- Class A1 Senior Secured Floating Rate Delayed Draw Notes due
     2054, Confirmed at Aa3; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Class A1 Senior Secured Floating Rate Revolving Notes due
     2054, Confirmed at Aa3; previously on 22 December 2008
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade

  -- Class A1 Senior Secured Floating Rate Term Notes due 2054,
     Confirmed at Aa3; previously on 22 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

Triplas Synthetic CDO S.A.

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

  -- Class B, Confirmed at A2; previously on 22 December 2008
     Downgraded to A2 and Placed Under Review for Possible
     Downgrade

  -- Class C, Confirmed at Baa1; previously on 22 December 2008
     Downgraded to Baa1 and Placed Under Review for Possible
     Downgrade

Zoo ABS II B.V.

  -- Class X Senior Secured Floating Rate Notes due 2015,
     Confirmed at Aaa; previously on 19 December 2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Class A-1 Senior Secured Floating Rate Notes due 2096,
     Confirmed at Aa2; previously on 19 December 2008 Downgraded
     to Aa2 and Placed Under Review for Possible Downgrade

  -- Class A-1D Delayed Draw Senior Secured Floating Rate Notes
     due 2096, Confirmed at Aa2; previously on 19 December 2008
     Downgraded to Aa2 and Placed Under Review for Possible
     Downgrade

  -- Class A-2 Senior Secured Floating Rate Notes due 2096,
     Downgraded to Baa2; previously on 19 December 2008 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade

  -- Class B Senior Secured Floating Rate Notes due 2096,
     Downgraded to Ba3; previously on 19 December 2008 Downgraded
     to A1 and Placed Under Review for Possible Downgrade

  -- Class C Deferrable Interest Secured Floating Rate Notes due
     2096, Downgraded to B3; previously on 19 December 2008
     Downgraded to Baa1 and Placed Under Review for Possible
     Downgrade

  -- Class D Deferrable Interest Secured Floating Rate Notes due
     2096, Downgraded to Caa2; previously on 19 December 2008
     Downgraded to Ba2 and Placed Under Review for Possible
     Downgrade

  -- Class E Deferrable Interest Secured Floating Rate Notes due
     2096, Downgraded to Caa2; previously on 19 December 2008
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade

  -- Class P Combination Notes due 2096, Confirmed at Ba1;
     previously on 19 December 2008 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade

  -- Class Q Combination Notes due 2096, Downgraded to Ba2;
     previously on 19 December 2008 Downgraded to Baa3 and Placed
     Under Review for Possible Downgrade

  -- Class R Combination Notes due 2096, Downgraded to Baa3;
     previously on 19 December 2008 Downgraded to A3 and Placed
     Under Review for Possible Downgrade


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


BANK ST. PETERSBURG: Fitch Affirms Individual Rating at 'D'
-----------------------------------------------------------
Fitch Ratings has downgraded Bank St. Petersburg's Long-term
Issuer Default Rating to 'B' from 'B+' and changed the Outlook on
the rating to Negative from Stable.

The rating action follows the first part of a broader review of
all Fitch-rated banks in Russia.  The review has focused in
particular on the potential impact of the difficult operating
environment on banks' asset quality, while also considering their
loss absorption capacity and contingency capitalization plans.

The downgrade and Outlook change of BSP reflect Fitch's concerns
relating to the bank's very rapid growth prior to Russia's
economic downturn and uncertainty over the ability of the bank to
attract new equity, if needed.  The ratings also consider the high
proportion of construction/real estate lending and currently
moderate loss absorption capacity, although the latter is broadly
in line with most other major privately-owned banks in Russia.

At the same time, however, Fitch notes that concerns over
potential asset quality deterioration are yet to be reflected in
reported numbers, with reported loan impairment currently very low
and volumes of restructured loans moderate.  BSP's relatively
strong regional franchise in Saint-Petersburg and its region is
also a positive for the bank's credit profile.

BSP is the largest independent bank in Russia's north-western
region, with market shares in St Petersburg at end-2008 of 12.5%
of total assets and 9.5% of retail deposits.  The CEO of the bank,
Alexander Saveliev, directly owns a 29.9% stake and has an option
to buy another 17.8% stake in the bank. 18% of voting shares were
sold at an IPO in November 2007.

The rating actions are:

  -- Long-term IDR: downgraded to 'B' from 'B+'; Outlook changed
     to Negative from Stable

  -- Senior unsecured debt: downgraded to 'B' from 'B+'; Recovery
     Rating at 'RR4'

  -- Subordinated debt programme: downgraded to 'CCC' from 'B-' (B
     minus)

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'B-' (B minus)


BIYSKIY SUGAR: Creditors Must File Claims by May 20
---------------------------------------------------
Creditors of CJSC Biyskiy Sugar Mill (TIN 2204009809, PSRN
1022200554507) have until May 20, 2009, to submit proofs of claims
to:

         V. Pitsun
         Insolvency Manager
         Post User Box 25
         Central Postal Office
         Slavgorod
         658820 Altayskiy
         Russia

The Arbitration Court of Altayskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A03–11534/2007.

The Debtor can be reached at:

         CJSC Biyskiy Sugar Mill
         Dokuchayeva St. 2
         Biysk
         659302 Altayskiy
         Russia


GARANT-STROY LLC: Creditors Must File Claims by May 20
------------------------------------------------------
Creditors of LLC Garant-Stroy (TIN 2303015754, PSRN 1022300715546)
(Construction) have until May 20, 2009, to submit proofs of claims
to:

         N. Buglov
         Insolvency Manager
         Pushkina St. 47/1
         350063 Krasnodar
         Russia

The Arbitration Court of Krasnodarskiy will convene at 2:30 p.m.
on Aug. 18, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A-32–4143/2007–27/153B.

The Debtor can be reached at:

         LLC Garant-Stroy
         60 let VLKSM St. 5/1
         352630 Belorechensk
         Russia


KRASNODAR INVEST: Creditors Must File Claims by April 20
--------------------------------------------------------
Creditors of LLC Krasnodar Invest Stroy (TIN 2312108719, PSRN
1042307148102) (Construction) have until April  20, 2009, to
submit proofs of claims to:

         V. Shevchenko
         Temporary Insolvency Manager
         Office 802
         Sotsialisticheskaya St. 74
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Krasnodarskiy will convene at 09:30 a.m.
on June 26, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A32–25495/2008–14/1493B.

The Court is located at:

         The Arbitration Court of Krasnodarskiy
         Office 64
         Krasnaya St. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Krasnodar-Invest-Stroy
         Zakharova St. 55/12
         Krasnodar
         Krasnodarskiy
         Russia


MDM DPR: Fitch Cuts Ratings on Two Classes of Notes to 'BB+'
------------------------------------------------------------
Fitch Ratings has downgraded MDM DPR Company's notes to 'BB+' and
also revised the outlook on the notes to Negative:

  -- EUR135 million Series 2006-A: Downgraded to 'BB+' from 'BBB-'
     (BBB minus); Outlook revised to Negative from Stable

  -- US$245 million Series 2007-A: Downgraded to 'BB+' from 'BBB-'
     (BBB minus); Outlook revised to Negative from Stable

This transaction is a securitization of present and future
diversified payment rights originated by MDM Bank (Long-term
foreign currency IDR 'BB-' (BB minus), Negative Outlook as of
March 26, 2009), a private commercial bank headquartered in
Moscow, Russia.

The rating actions on the notes are driven primarily by the
downgrade of MDM Bank.  The issuer's Long-term IDR reflects
Fitch's going concern assessment of the bank which estimates the
likelihood of MDM Bank's ability to survive as a going concern -
even if the bank were to default on some of its foreign currency
obligations.

The performance of the transaction since closing has been
satisfactory with monthly and quarterly debt service coverage
ratios staying above their respective trigger levels.  As of
end-February 2009, the monthly DSCR stood at 33.6x and the
quarterly DSCR was 47.6x in comparison to the early amortization
trigger levels of 11.5x and 17.5x respectively.  The monthly and
quarterly DSCRs relating to non-affiliate flows were 22.6x and
36.5x respectively -- well above the early amortization triggers
of 4.5x and 7.5x.

However, Fitch still notes two areas of concern with regards to
the transaction.  The monthly collections are close to their
historical lows.  Fitch notes that the flows last fell to such
lows 12 months ago from which the flows recovered.  It remains to
be seen whether flows will experience a similar recovery in the
coming months.

Monthly and quarterly collections are expected to reduce in the
next few months.  This is because a significant proportion of the
flows underpinning this transaction come from the financial and
energy sectors -- both of which are expected to remain depressed
in the short term.  In addition, the general operating environment
and volume of economic activity in the Russian Federation is
expected to deteriorate further.


MOBILE TELESYSTEMS: Fitch Puts 'BB+' Foreign IDR on Negative Watch
------------------------------------------------------------------
Fitch Ratings has put Russia-based Sistema Joint Stock Financial
Corp.'s Long-term foreign and local currency Issuer Default
ratings of 'BB-' (BB minus), respectively, on Rating Watch
Negative.  This follows the announcement that Sistema is going to
acquire controlling stakes in the Bashkir oil and energy group
companies for US$2.5 billion.

The senior unsecured ratings of 'BB-' (BB minus) on debt
instruments issued by Sistema Capital S.A. and guaranteed by
Sistema were also put on RWN.  Fitch has also put on RWN ratings
of Sistema's operating subsidiaries:

OJSC Mobile TeleSystems

  -- Long-term foreign currency IDR 'BB+' on RWN
  -- National Long-term 'AA(rus)' on RWN
  -- Senior unsecured foreign currency 'BB+' on RWN
  -- National senior unsecured 'AA(rus)' on RWN
  -- Bonds issued by MTS Finance S.A. and guaranteed by MTS

Sitronics

  -- Long-term foreign currency IDR 'B-' (B minus) on RWN
  -- Senior unsecured foreign currency 'B-' (B minus) on RWN

The transaction will significantly increase the amount of debt
held at the holding company level, even though Sistema plans to
reduce this by leveraging up Bashkir companies.  The exact terms
on which the US$1 billion debt is raised in conjunction with this
transaction remain unclear, and Fitch is concerned this other debt
may add to already high refinancing pressures.  A further US$2
billion facility from VTB ('BBB'/Negative Outlook) for the
transaction is secured by shares in Sistema operating
subsidiaries, which may jeopardise recovery prospects for
unsecured creditors and trigger the negative pledge covenant in
Sistema's outstanding bonds.  Fitch also notes that any margin
call conditions attached to the new debt may increase Sistema's
exposure to stock market volatility and exacerbate its refinancing
risks.  Sistema has not provided any guidance regarding the
operating and financial performance of the acquired assets and
their ability to generate cash flows in the downturn environment.
Fitch is also concerned that the dollar-denominated debt may
increase the currency risks for the group, depending on the
ability of the acquired assets to generate foreign currency
revenue

The ratings of Sistema's operating subsidiaries were also put on
RWN because, under Fitch's methodology, a downgrade of the holding
company may result in a downgrade of the operating companies.

The RWN will be resolved once Fitch has obtained more clarity on
the above-mentioned issues and assessed Sistema's strategy with
respect to the newly acquired assets.  The IDR ratings are likely
to be downgraded by one notch or affirmed at their current levels.
Sistema's senior unsecured rating may be downgraded by more than a
notch if the new capital structure post the transaction reduces
recovery prospects for unsecured creditors.

The US$2.5 billion will be paid in cash in two tranches, with US$2
billion before end-April 2009 and the remaining US$0.5 billion
before June 2010.  As a result, Sistema will become the
controlling shareholder in these companies and start consolidating
these assets in its financial results from Q209.  In addition,
Sistema will need to make an offer to remaining minority
shareholders in these companies which, by the company estimates,
may require up to US$0.5 billion.

The purchase will be partially financed with a seven-year US$2
billion loan from VTB, secured with the acquired assets and a 17%
stake in MTS ('BB'+, on RWN), the largest mobile operator in the
CIS and Sistema's core operating subsidiary.  The loan has a one-
year grace period for interest, and principal amortization
payments will start in the fourth year.


OKTYABRSKIY TANNAGE LLC: Creditors Must File Claims by April 20
---------------------------------------------------------------
Creditors of LLC Oktyabrskiy Tannage have until April 20, 2009, to
submit proofs of claims to:

         R. Gilmanov
         Temporary Insolvency Manager
         Office 35
         Kharkovskaya St. 129
         450078 Ufa
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A07-
14388/2008.

The Debtor can be reached at:

         LLC Oktyabrskiy Tannage
         Malaya St. 2
         Oktyabrskiy
         452600 Bashkortostan
         Russia


SCRAP-RECYCLING PLANT: Creditors Must File Claims by May 20
-----------------------------------------------------------
Creditors of LLC Scrap-Recycling Plant have until May 20, 2009, to
submit proofs of claims to:

         N. Trachuk
         Insolvency Manager
         Stara-Zagora St. 25
         443090 Samara
         Russia

The Arbitration Court of Orenburgskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47–1914/2008.

The Debtor can be reached at:

         LLC Scrap-Recycling Plant
         Metallistov St. 5
         462401 Orsk
         Russia


SEVER-BUR-GAZ LLC: Creditors Must File Claims by April 20
---------------------------------------------------------
Creditors of LLC Sever-Bur-Gaz (Drilling Company) have until
April 20, 2009, to submit proofs of claims to:

         V. Podolnyy
         Temporary Insolvency Manager
         Zavodskaya St. 4
         644065 Omsk
         Russia

The Arbitration Court of Yamalo-Nenetskiy will convene at
11:00 a.m. on June 26, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A81–108/2009,.

The Debtor can be reached at:

         LLC Sever-Bur-Gaz
         URB Promzona
         Novyy Urengoy
         Russia


SISTEMA JOINT: Fitch Puts 'BB-' Issuer Rating on Negative Watch
---------------------------------------------------------------
Fitch Ratings has put Russia-based Sistema Joint Stock Financial
Corp.'s Long-term foreign and local currency Issuer Default
ratings of 'BB-' (BB minus), respectively, on Rating Watch
Negative.  This follows the announcement that Sistema is going to
acquire controlling stakes in the Bashkir oil and energy group
companies for US$2.5 billion.

The senior unsecured ratings of 'BB-' (BB minus) on debt
instruments issued by Sistema Capital S.A. and guaranteed by
Sistema were also put on RWN.  Fitch has also put on RWN ratings
of Sistema's operating subsidiaries:

OJSC Mobile TeleSystems

  -- Long-term foreign currency IDR 'BB+' on RWN
  -- National Long-term 'AA(rus)' on RWN
  -- Senior unsecured foreign currency 'BB+' on RWN
  -- National senior unsecured 'AA(rus)' on RWN
  -- Bonds issued by MTS Finance S.A. and guaranteed by MTS

Sitronics

  -- Long-term foreign currency IDR 'B-' (B minus) on RWN
  -- Senior unsecured foreign currency 'B-' (B minus) on RWN

The transaction will significantly increase the amount of debt
held at the holding company level, even though Sistema plans to
reduce this by leveraging up Bashkir companies.  The exact terms
on which the US$1 billion debt is raised in conjunction with this
transaction remain unclear, and Fitch is concerned this other debt
may add to already high refinancing pressures.  A further US$2
billion facility from VTB ('BBB'/Negative Outlook) for the
transaction is secured by shares in Sistema operating
subsidiaries, which may jeopardise recovery prospects for
unsecured creditors and trigger the negative pledge covenant in
Sistema's outstanding bonds.  Fitch also notes that any margin
call conditions attached to the new debt may increase Sistema's
exposure to stock market volatility and exacerbate its refinancing
risks.  Sistema has not provided any guidance regarding the
operating and financial performance of the acquired assets and
their ability to generate cash flows in the downturn environment.
Fitch is also concerned that the dollar-denominated debt may
increase the currency risks for the group, depending on the
ability of the acquired assets to generate foreign currency
revenue

The ratings of Sistema's operating subsidiaries were also put on
RWN because, under Fitch's methodology, a downgrade of the holding
company may result in a downgrade of the operating companies.

The RWN will be resolved once Fitch has obtained more clarity on
the above-mentioned issues and assessed Sistema's strategy with
respect to the newly acquired assets.  The IDR ratings are likely
to be downgraded by one notch or affirmed at their current levels.
Sistema's senior unsecured rating may be downgraded by more than a
notch if the new capital structure post the transaction reduces
recovery prospects for unsecured creditors.

The US$2.5 billion will be paid in cash in two tranches, with US$2
billion before end-April 2009 and the remaining US$0.5 billion
before June 2010.  As a result, Sistema will become the
controlling shareholder in these companies and start consolidating
these assets in its financial results from Q209.  In addition,
Sistema will need to make an offer to remaining minority
shareholders in these companies which, by the company estimates,
may require up to US$0.5 billion.

The purchase will be partially financed with a seven-year US$2
billion loan from VTB, secured with the acquired assets and a 17%
stake in MTS ('BB'+, on RWN), the largest mobile operator in the
CIS and Sistema's core operating subsidiary.  The loan has a one-
year grace period for interest, and principal amortization
payments will start in the fourth year.


SITRONICS: Fitch Puts 'B-' Foreign Currency IDR on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has put Russia-based Sistema Joint Stock Financial
Corp.'s Long-term foreign and local currency Issuer Default
ratings of 'BB-' (BB minus), respectively, on Rating Watch
Negative.  This follows the announcement that Sistema is going to
acquire controlling stakes in the Bashkir oil and energy group
companies for US$2.5 billion.

The senior unsecured ratings of 'BB-' (BB minus) on debt
instruments issued by Sistema Capital S.A. and guaranteed by
Sistema were also put on RWN.  Fitch has also put on RWN ratings
of Sistema's operating subsidiaries:

OJSC Mobile TeleSystems

  -- Long-term foreign currency IDR 'BB+' on RWN
  -- National Long-term 'AA(rus)' on RWN
  -- Senior unsecured foreign currency 'BB+' on RWN
  -- National senior unsecured 'AA(rus)' on RWN
  -- Bonds issued by MTS Finance S.A. and guaranteed by MTS

Sitronics

  -- Long-term foreign currency IDR 'B-' (B minus) on RWN
  -- Senior unsecured foreign currency 'B-' (B minus) on RWN

The transaction will significantly increase the amount of debt
held at the holding company level, even though Sistema plans to
reduce this by leveraging up Bashkir companies.  The exact terms
on which the US$1 billion debt is raised in conjunction with this
transaction remain unclear, and Fitch is concerned this other debt
may add to already high refinancing pressures.  A further US$2
billion facility from VTB ('BBB'/Negative Outlook) for the
transaction is secured by shares in Sistema operating
subsidiaries, which may jeopardise recovery prospects for
unsecured creditors and trigger the negative pledge covenant in
Sistema's outstanding bonds.  Fitch also notes that any margin
call conditions attached to the new debt may increase Sistema's
exposure to stock market volatility and exacerbate its refinancing
risks.  Sistema has not provided any guidance regarding the
operating and financial performance of the acquired assets and
their ability to generate cash flows in the downturn environment.
Fitch is also concerned that the dollar-denominated debt may
increase the currency risks for the group, depending on the
ability of the acquired assets to generate foreign currency
revenue

The ratings of Sistema's operating subsidiaries were also put on
RWN because, under Fitch's methodology, a downgrade of the holding
company may result in a downgrade of the operating companies.

The RWN will be resolved once Fitch has obtained more clarity on
the above-mentioned issues and assessed Sistema's strategy with
respect to the newly acquired assets.  The IDR ratings are likely
to be downgraded by one notch or affirmed at their current levels.
Sistema's senior unsecured rating may be downgraded by more than a
notch if the new capital structure post the transaction reduces
recovery prospects for unsecured creditors.

The US$2.5 billion will be paid in cash in two tranches, with US$2
billion before end-April 2009 and the remaining US$0.5 billion
before June 2010.  As a result, Sistema will become the
controlling shareholder in these companies and start consolidating
these assets in its financial results from Q209.  In addition,
Sistema will need to make an offer to remaining minority
shareholders in these companies which, by the company estimates,
may require up to US$0.5 billion.

The purchase will be partially financed with a seven-year US$2
billion loan from VTB, secured with the acquired assets and a 17%
stake in MTS ('BB'+, on RWN), the largest mobile operator in the
CIS and Sistema's core operating subsidiary.  The loan has a one-
year grace period for interest, and principal amortization
payments will start in the fourth year.


STANDARD BANK: Fitch Retains Evolving Watch on 'D/E' Rating
-----------------------------------------------------------
Fitch Ratings has downgraded Russia-based ZAO Standard Bank's
Long-term Issuer Default Rating to 'BBB' from 'BBB+'.  The IDRs
and other ratings remain on Rating Watch.

This action follows the downgrade of parent Standard International
Holdings S.A. to 'BBB+'/Stable Outlook from 'A-'(A minus)/Negative
Outlook, which in turn followed the recent downgrade of the
Standard Bank of South Africa to 'BBB+'/Stable Outlook from 'A-'(A
minus)/Negative Outlook.  The Rating Watch Negative reflects the
fact that the planned transaction between the Standard Bank Group
Limited (SBG) and Troika Dialog Group Limited will end direct
control of SIH over SB Russia and thus, in Fitch's view, probably
significantly diminish the former's propensity to support the
Russian bank.

The rating actions are:

  -- Long-term IDR: downgraded to 'BBB' from 'BBB+'; remains on
     Rating Watch Negative

  -- Short-term IDR: downgraded to 'F3' from 'F2'; remains on RWN

  -- Support Rating: '2'; remains on RWN

  -- National Long-term Rating: downgraded to 'AA+(rus)' from
     'AAA(rus)'; remains on RWN

  -- Individual Rating: 'D/E'; remains on Rating Watch Evolving.

SB Russia's operations are concentrated on providing global
market, investment banking and corporate services to Russian
corporates and banks.  It was established in 2003 and ranked among
the 120 largest Russian banks at end-2008 with assets of RUB30,262
million (US$1,030 million).  SB Russia's parent, SIH, is the
holding company for the international operations of SBG.  SBG's
main operating subsidiary is SBSA.  Troika is one of the two
largest independent investment banks in Russia.


TSIMLYANSKIY FISH: Creditors Must File Claims by May 20
-------------------------------------------------------
Creditors of LLC Tsimlyanskiy Fish Factory (TIN 6164085364, PSRN
1026103296174) have until May 20, 2009, to submit proofs of claims
to:

         I. Ananyev
         Insolvency Manager
         Post User Box 2552
         344111 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 4:30 p.m. on
June 25, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. A 53–8935/2008-S1–31.

The Court is located at:

         The Arbitration Court of Rostovskaya
         Stanislavskogo St. 8A
         344002 Rostov-on-Don
         Russia

The Debtor can be reached at:

         LLC Tsimlyanskiy Fish Factory
         Serafimovicha St. 37
         Rostov-on-Don
         Russia


ULYANOVSKIY TRUST A4: Court Names S.Lashin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Ulyanovskaya appointed S.Lashin as
Insolvency Manager for OJSC Ulyanovskiy Trust A4 (TIN 7327026560).
The case is docketed under Case No. A72–5115/08–21/36B.  He can be
reached at:

         Engelsa St. 19
         432063 Ulyanovsk
         Russia

The Debtor can be reached at:

         OJSC Ulyanovskiy Trust A4
         Ryabikova St. 4
         Ulyanovsk
         Russia


URAL-KARTON: Creditors Must File Claims by April 20
---------------------------------------------------
Creditors of LLC Ural-Karton (Corrugated packing Materials,
Paper, Wood Shavings Production) have until April 20, 2009, to
submit proofs of claims to:

         D. Mudarisov
         Temporary Insolvency Manager
         Office 326
         Radishcheva St. 10
         620014 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A60–
2873/2009,-S11.

The Debtor can be reached at:

         LLC Ural-Karton
         Samoletnaya St. 57
         620087 Yekaterinburg
         Russia


VALTI LLC: Creditors Must File Claims by April 20
-------------------------------------------------
Creditors of LLC Valti (TIN 4205014724, PSRN 1034205008310)
(Construction) have until April 20, 2009, to submit proofs of
claims to:

         N. Nikitina
         Insolvency Manager
         Rudnichnaya St. 5/5
         650992 Kemerovo
         Russia

The Arbitration Court of Kemerovskaya will convene on July 16,
2009, to hear bankruptcy proceedings.  The case is docketed under
Case No. A27–2539/2009,–4.

The Debtor can be reached at:

         LLC Valti
         Lugovoy pereulok 2
         Kemerovo
         Russia


* S&P Changes Outlook on Republic of Tatarstan to Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the Republic of Tatarstan, located in the Russian
Federation (foreign currency BBB/Negative/A-3; local currency
BBB+/Negative/A-2; Russia national scale 'ruAAA') to stable from
positive.  At the same time, the 'BB' long-term issuer credit
rating was affirmed.

"The outlook revision reflects our expectation that the republic's
budgetary performance will continue to weaken due to a less-
optimistic forecast on budget revenues in 2009 and continued
pressure on the operating side," said Standard & Poor's credit
analyst Irina Pilman.

The rating continues to be constrained by the republic's
concentration in the oil sector -- in particular on Russian oil
company Tatneft OAO (not rated) -- and the need to improve
governance practices.  Further constraints on the rating are the
contingent liabilities arising from high involvement in the
economy and the needs of the municipal sector, and restricted
budgetary predictability and flexibility.

Offsetting these constraints are Tatarstan's low debt burden and
good liquidity.

Tatarstan's reserves placed in medium-term bank deposits reached
about 10% of operating expenditures at year-end 2008.  Together
with the amount of free cash on accounts, this amount is
sufficient to repay all of the republic's outstanding direct debt
due in 2009 (as of March 1, 2009, Russian ruble 5.6 billion;
US$163.2 million equivalent).

The stable outlook reflects S&P's expectation that Tatarstan's
government will cope with expenditure pressures, and, despite an
expected drop in revenues, will keep operating balances at least
breakeven and deficits after capital expenditures less than 10% of
total revenues.  S&P also expects that the republic will keep its
total tax-supported debt less than 25% of total revenues.

"Ratings downside could result from a depletion in liquidity
reserves as a result of a sharp decrease in revenues and continued
high expenditure pressures, and/or deterioration of the bank's
financial standing," said Ms. Pilman.

Quickly restored revenue growth and high operating performances --
if combined with institutionalization of the medium-term
investment and financial policy, and some improvement in the
transparency and predictability of the entity's governance --
could result in a positive rating action.


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


ISTRABENZ D.D.: CEO Igor Bavcar Steps Down Following Insolvency
---------------------------------------------------------------
Marja Novak at Reuters reports that Istrabenz d.d. CEO Igor Bavcar
resigned on Tuesday after the company became insolvent.  Mr.
Bavcar will remain head of the company until May 15, Reuters
states.

Reuters relates Instrabenz said in a statement the company failed
to reach a deal with creditors over its debt, forcing it into
insolvency.  Istrabenz, as cited by Reuters, said it is still
hoping for cooperation with creditors in the "financial
restructuring" of the company.

Reuters notes according to the Slovenian legislation, the company
has 60 days to reach a deal with creditors on debt repayment terms
or enter bankruptcy.

Istrabenz and its affiliated firms owe some EUR950 million
(US$1.26 billion) to 19 banks, with EUR160 million due by the end
of March, Reuters discloses citing local media reports.  The
company, Reuters says, made a net loss of EUR220.8 million
(US$294.2 million) in 2008 as a result of falls in the value of
its capital investments.

In a March 30 report Reuters said the Ljubljana Stock Exchange
suspended trade in Istrabenz on March 24 pending the outcome of
talks with creditors, which include a number of Austrian banks,
namely Bank Austria, Bawag, Hypo Alpe Adria and the Kaertner
Sparkasse.

Headquartered in Koper, Slovenia, Istrabenz d.d. (ISTRABENZ
holdinska druzba, d.d.) -- http://www.istrabenz.si/-- is a parent
company of the Istrabenz Group.  The Company is responsible for
the asset management and supervision of the Group members.
Istrabenz d.d. has developed investments in the number of
divisions: Energy, which covers the gas business, production and
distribution of energy, transshipment and storage of oil
derivatives; Tourism, which offers hotel, catering, wellness and
congress services; Investments, which deals with advertising,
financial services and technical consulting; Food, which markets
food products, and Information Technology that provides
information support to the companies of the Istrabenz Group.  As
for December 31, 2007, there were 69 companies in Istrabenz Group


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


BANCAJA-BVA VPO: Moody's Assigns (P)Ba3 Rating on EUR5.7MM Notes
----------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the series of residential mortgage-backed securitization bonds
("Bonos de Titulizacion de Activos") to be issued by BANCAJA-BVA
VPO 1 Fondo de Titulizacion de Activos, a Spanish Asset
Securitization Fund created by Europea de Titulizacion, S.A.,
S.G.F.T..:

  -- (P)Aaa to the EUR371.4 million Series A notes

  -- (P)A1 to the EUR7.8 million Series B notes

  -- (P)Baa2 to the EUR5.1 million Series C notes

  -- (P)Ba3 to the EUR5.7 million Series D notes

The ratings address the expected loss posed to investors by the
legal final maturity (July 2051).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date on Series A, B, C and D.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

The BANCAJA-BVA VPO 1 transaction consists of the securitization
of a pool of first-lien residential mortgage loans originated and
serviced by two Spanish savings banks: Bancaja (84.5% of the
provisional portfolio) and Banco de Valencia (15.5%).

BANCAJA-BVA VPO 1, FTA is a Spanish RMBS transaction carried out
outside of the ICO FTVPO program but the final portfolio will be
complying with all the conditions required under that guarantee
programme.  Approximately 82.25% of the loans in the provisional
portfolio are backed by mortgages over VPO properties.  VPOs are
residential properties that are offered at a lower price than the
market value as a result of subsidies provided by the government
to construction companies, which enables them to reduce the final
purchase price of the property.  The VPO sector is further
characterized by subsidies provided by the government to
individual households to enable them to maintain mortgage
installments.

According to Moody's, this deal benefits from several strengths,
including these: (1) a 1.95% reserve fund that is fully funded at
closing to cover any potential shortfall in interest and
principal; (2) a 18-month artificial write-off mechanism; (3) an
interest rate swap to hedge interest rate risk in the transaction
that also secures the weighted average interest rate on the notes
plus 50 bps; and (4) relatively good collateral in terms of
weighted average LTV (67.69%) and seasoning (4.16 years)

However, the transaction poses several challenging features,
namely: (1) 76% of the pool is concentrated in the region of
Valencia; (2) around 13% of high LtV loans (over 80%) in the free
market subpool; (3) the deferral of interest payments on each of
Series B, C and D benefits the repayment of the series senior to
each of them, but increases the expected loss on Series B, C and D
themselves; and (4) The pro-rata amortization of Series B, C and D
leads to reduced credit enhancement of the senior series in
absolute terms.  These increased risks were reflected in the
ratings of the notes.

As of February 2008, the provisional portfolio comprised 7,667
loans.  The loans have been originated between 1999 and 2007, with
a weighted average seasoning of 4.16 years.  The interest rate is
floating for all the loans.  All the loans are secured by a first-
lien mortgage guarantee.  The total weighted average loan-to-value
is 67.69%

Moody's based the provisional ratings primarily on: (i) an
evaluation of the underlying portfolio of loans; (ii) analysis of
the collateral historical performance; (iii) the swap agreements
hedging the interest rate risk; (iv) the credit enhancement
provided by the reserve fund, the subordination of the notes, and
the excess spread; and (v) the legal and structural integrity of
the transaction.  The key parameters used to calibrate the loss
distribution curve for this portfolio include a Milan Aaa CE of
7.35% and an expected loss 1.90%

The Spanish Government announced on November 4, 2008 a package of
aid to assist unemployed, self employed and pensioneer borrowers
through a form of mortgage subsidy aid.  It is unclear how the
transaction will be affected, although both liquidity and credit
implications are possible on this portfolio.  However, any
implications on the ratings will ultimately depend on the actual
financial aid conditions which will be approved.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.


CAJA DE AHORROS: Fitch Downgrades Individual Rating to 'F'
----------------------------------------------------------
Fitch Ratings has placed the Long-term Issuer Default Rating of
Caja de Ahorros de Castilla La Mancha of 'BB+' on Rating Watch
Positive.  The agency has also placed some of CCM's other ratings
on RWP and taken other rating actions which are detailed at the
end of this comment.

The rating actions with respect to CCM's Long- and Short-term
IDRs, Senior Unsecured and Support Ratings, which have all been
placed on RWP, reflect the support expressed by the Spanish
financial authorities for the institution, which was the subject
of regulatory intervention by the Bank of Spain on March 29, 2009.
As a result, CCM is now being managed by the Bank of Spain, which
will make available up to EUR9 billion of funding guaranteed by
the state.  Fitch acknowledges the beneficial liquidity support
provided by the state guarantee, but notes that its size is
smaller than CCM's total liabilities.  However, the Spanish
authorities have stated that CCM will continue to meet all its
financial obligations to depositors and creditors.

The sharp downturn in the economy and especially the property
sector has adversely affected the profitability and asset quality
of Spanish banks.  Given CCM's large exposure to construction and
real estate loans (44% of total lending at end-H108) and equity
investments, and an expected further sharp deterioration in asset
quality, the bank could report a loss for 2008 which would likely
erode a meaningful proportion of its tight capital base.  The
Rating Watch Positive will be resolved once it becomes clear how
capital will be restored, and/or once the agency has greater
clarity on the extent of the liquidity facility provided by the
Spanish state.

The downgrade of CCM's Individual Rating reflects Fitch's opinion
that CCM would have defaulted if it had not received external
support.

The bank's Lower Tier 2 Subordinated debt has been placed on
Rating Watch Evolving.  The rating would probably be upgraded if
support materialises for CCM as a whole, but it could be
downgraded if support is applied selectively, weakening the
prospects for these securities.  Fitch expects to resolve the
Rating Watch Evolving when there is greater clarity surrounding
capital support for the institution.  The rating actions on CCM's
preference shares and Upper Tier 2 Subordinated debt reflect the
agency's view that the possibility of coupon deferral has
increased significantly.

The rating actions are:

  -- Long-term IDR: 'BB+'; placed on Rating Watch Positive

  -- Short-term IDR: 'B'; placed on RWP

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

  -- Support Rating: '3'; placed on RWP

  -- Support Rating Floor: 'BB+'; placed on RWP

  -- Senior Unsecured Debt: 'BB+'; placed on RWP

  -- Lower Tier 2 Subordinated Debt: 'BB'; placed on Rating Watch
     Evolving

  -- Upper Tier 2 Subordinated Debt: downgraded to 'CCC' from 'BB-
     ' (BB minus); removed from Rating Watch Negative;
     assigned 'RR4' Recovery Rating

  -- Preference Shares: downgraded to 'CC' from 'B+'; removed from
     RWN; assigned 'RR5' Recovery Rating


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


SKANDINAVISKA ENSKILDA: S&P Cuts Hybrid Instrument's Rating to BB+
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Sweden-based Skandinaviska Enskilda Banken AB to
negative from stable.  At the same time, the 'A' long-term and 'A-
1' short-term counterparty credit ratings were affirmed,
incorporating an uplift of two notches of external support.  In
addition, the rating on the bank's hybrid capital instruments was
lowered to 'BB+' from 'BBB+', reflecting pressure on the bank's
stand-alone credit profile.

The affirmation reflects S&P's view of SEB as a highly
systemically important institution to Sweden.  Although SEB has
used no government support to date, S&P believes that, if severe
stress necessitated it, the Swedish government would provide
support to SEB.  Consequently, S&P now considers SEB a government-
related entity, per S&P's definition of entities potentially
receiving government support during stressful periods.
Accordingly, the long-term rating on SEB now includes two notches
of support above S&P's assessment of the bank's stand-alone credit
strength.

"The effective lowering of SEB's stand-alone credit profile
reflects our heightened concerns about the expected impact on the
bank's asset quality and earnings capacity from the rapid
macroeconomic deterioration that is being experienced by Latvia,
Lithuania, and to a lesser extent, Estonia," said Standard &
Poor's credit analyst Miguel Pintado.  "The recession in its home
market of Sweden will also impair the bank's earnings resilience."

"The outlook is negative because S&P believes SEB's asset quality
and earnings will probably deteriorate in 2009," said Mr. Pintado.

S&P's main expectation is that loan losses and provisions will
increase sharply in Lithuania and Latvia and to a lesser extent in
Estonia, Sweden, and Germany.  That will likely severely squeeze
the bank's profitability to the extent that it could report a
moderate operating loss.  The negative outlook also reflects
uncertainties about the timing and scope of potential
extraordinary government support if SEB's financial profile
deteriorated more than S&P currently anticipate.

A negative rating action could follow if S&P believed the Swedish
government less willing to provide support than presently expected
or if losses appeared likely to erode the bank's capital base
faster than S&P expects, notwithstanding the likelihood of
support.

A positive rating action is unlikely.


SWEDBANK AB: S&P Cuts Ratings on Hybrid Capital Instruments to BB+
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'A' long-term and 'A-1' short-term counterparty credit ratings on
Sweden-based Swedbank AB, incorporating an uplift of two notches
for external support.  The outlook is negative.  At the same time,
the ratings on Swedbank's hybrid capital instruments were lowered
to 'BB+', reflecting pressure on the bank's stand-alone credit
profile.

S&P considers Swedbank to be of high systemic importance within
the Swedish banking system.  Under S&P's criteria, S&P view the
Swedish authorities as "supportive" of the country's banking
system.  The ratings on Swedbank include a two-notch uplift over
the bank's stand-alone credit profile.  This reflects S&P's view
that the bank is likely to receive extraordinary government
support should such support become necessary.  Consequently, S&P
considers Swedbank a government-related entity, according to S&P's
definition of entities that are potentially supported by
government intervention during periods of stress.

"The effective lowering of Swedbank's stand-alone credit profile
reflects the very rapidly deteriorating macroeconomic conditions
in the three Baltic states, which is particularly pronounced in
Latvia and Lithuania, and the significant detrimental impact that
S&P expects this to have on the bank's asset quality and earnings
capacity in 2009 and 2010," said Standard & Poor's credit analyst
Louise Lundberg.

Since S&P's last rating decision on Swedbank on Dec. 19, 2008, the
sovereign ratings on Latvia and Lithuania have been lowered.
S&P's revised forecasts for GDP contractions in the three Baltic
states suggest a significant contraction of their economies.  Real
GDP could contract by as much as 12% in Latvia and 9% in Lithuania
in 2009.  In addition, the Swedish economy, where Swedbank has the
bulk of its operations, is very open, and it is therefore not
unaffected by the current global recession.

The significant deterioration in the Baltic economies and the more
moderate recession in Sweden have led us to revise S&P's loan loss
expectations and their impact on Swedbank's earnings capacity.  In
S&P's view, Swedbank is likely to experience a significant rise in
credit losses in the Baltic states in conjunction with asset
quality deterioration in the rest of its operations, which could
result in a moderate operating loss for the group in 2009.  The
negative outlook reflects the possibility that the ongoing hard
landing in the Baltic economies could weaken Swedbank's financial
profile beyond a moderate operating loss.  Because of Swedbank's
extensive use of wholesale funding, prolonged tight conditions and
high funding costs in the U.S. and European debt markets could
place material pressure on the bank's net interest margin and even
on its ability to fund its business, once the state guarantee
expires.


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


BERNER FASHION: Creditors Must File Proofs of Claim by May 1
------------------------------------------------------------
Creditors owed money by JSC H.P. Berner Fashion are requested to
file their proofs of claim by May 1, 2009, to:

         Chilerai 2
         8634 Hombrechtikon
         Switzerland

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


GETRANKE SEELAND: Deadline to File Proofs of Claim Set June 2
-------------------------------------------------------------
Creditors owed money by LLC Getranke Seeland are requested to file
their proofs of claim by June 2, 2009, to:

         Verena Jampen Rufli
         Treitengasse 18
         3225 Muntschemier
         Switzerland

The company is currently undergoing liquidation in Muntschemier.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 2, 2009.


HERMANN SANITAR: Creditors Have Until April 15 to File Claims
-------------------------------------------------------------
Creditors owed money by LLC Hermann Sanitar are requested to file
their proofs of claim by April 15, 2009, to:

         Luzernerstrasse 26b
         6030 Ebikon
         Switzerland

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


JAMPEN LLC: Proof of Claim Filing Deadline is June 2
----------------------------------------------------
Creditors owed money by LLC Jampen are requested to file their
proofs of claim by June 2, 2009, to:

         Verena Jampen-Rufli
         Treitengasse 18
         3225 Muntschemier
         Switzerland

The company is currently undergoing liquidation in Muntschemier.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 2, 2009.


TOBEBA JSC: Creditors' Proofs of Claim Due by May 4
---------------------------------------------------
Creditors owed money by JSC Tobeba are requested to file their
proofs of claim by May 4, 2009, to:

         Scheiwiler & Joos
         Marktplatz 4
         9004 St.Gallen
         Switzerland

The company is currently undergoing liquidation in Alt St. Johann.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 27, 2008.


U & P MANAGEMENT: April 14 Set as Deadline to File Claims
---------------------------------------------------------
Creditors owed money by LLC U & P Management are requested to file
their proofs of claim by April 14, 2009, to:

         Muhlethalstrasse 91
         4800 Zofingen
         Switzerland

The company is currently undergoing liquidation in Zofingen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 23, 2007.


WALLSTREET SYSTEMS: Creditors Must File Claims by April 14
----------------------------------------------------------
Creditors owed money by JSC Wallstreet Systems Swiss are requested
to file their proofs of claim by April 14, 2009, to:

         CMS von Erlach Henrici
         Frau Sibylle Schnyder
         Dreikonigstrasse 7
         Postfach
         8022 Zurich
         Switzerland

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


WESTERWALDER HOLZPELLETS: Deadline to File Claims Set April 15
--------------------------------------------------------------
Creditors owed money by LLC Westerwalder Holzpellets Schweiz are
requested to file their proofs of claim by April 15, 2009, to:

         Friedrich Tanner
         Vordere Gasse 54
         4628 Wolfwil
         Switzerland

The company is currently undergoing liquidation in Wolfwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 4, 2009.


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


ADELISK LLC: Creditors Must File Claims by April 11
----------------------------------------------------
Creditors of LLC Adelisk (EDRPOU 35143034) have until April 11,
2009 to submit proofs of claim to Y. Vanzhula, Insolvency Manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 44/290-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 Adelisk
         Office 43
         M. Grushevsky St. 28/2
         01021 Kiev
         Ukraine


DAFI-BUILDING PLUS: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Dafi-Building Plus (EDRPOU 33906393).

The Temporary Insolvency Manager is:

         R. Talan
         Post Office Box 158
         49000 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Dafi-Building Plus
         Shevchenko Lane 1A
         49044 Dnepropetrovsk
         Ukraine


GULIAYPOLE FOOD: Creditors Must File Claims by April 11
-------------------------------------------------------
Creditors of CJSC Guliaypole Food and Flavouring Plant (EDRPOU
33211112) have until April 11, 2009 to submit proofs of claim to
N. Vereschak, Insolvency Manager.

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 12/20(09).

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian street 4
         69001 Zaporozhye
         Ukraine

The Debtor can be reached at:

         CJSC Guliaypole Food And Flavouring Plant
         Hertzen street 13
         Guliaypole
         70200 Zaporozhye
         Ukraine


HORK LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Poltava commenced bankruptcy supervision
procedure on LLC HORK (EDRPOU 31428903).  The Temporary Insolvency
Manager is I. Gritsenko

The Court is located at:

         The Economic Court of Poltava
         Zigin St. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Hork
         Lenin St. 44
         Khorol
         37800 Poltava
         Ukraine


IKVA AGRICULTURAL: Creditors Must File Claims by April 11
---------------------------------------------------------
Creditors of Agricultural LLC IKVA (EDRPOU 00849764) have until
April 11, 2009 to submit proofs of claim to:

         Pension Fund of Ukraine Department in Borispol
         Insolvency Manager
         Golovaty St. 4
         Borispol
         08302 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B2/282-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern Street 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         Agricultural LLC IKVA
         Krupskaya St. 34
         Voronkov
         Borispol
         08352 Kiev
         Ukraine


VICTORIYA-ELIZA LLC: Creditors Must File Claims by April 11
-----------------------------------------------------------
Creditors of LLC Victoriya-Eliza (EDRPOU 31766022) have until
April 11, 2009 to submit proofs of claim to:

         A. Tsiupka
         Insolvency Manager
         Moscow Boulevard St. 11
         Romny
         42001 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 7/15-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Victoriya-Eliza
         Moscow Boulevard St. 11
         Romny
         42001 Sumy
         Ukraine


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


AEOLUS CDO: Fitch Junks Ratings on Three Colonnade I Notes
----------------------------------------------------------
Fitch Ratings has downgraded Aeolus CDO Limited's Series Colonnade
I's notes, removed the notes from Rating Watch Negative, and
assigned rating Outlooks or Recovery Ratings.

Rating actions:

  -- EUR49.7 million Class A (XS0264799247) downgraded to 'BB'
     from 'AAA'; removed from RWN; assigned a Negative Outlook

  -- EUR25 million Class B (XS0264799833) downgraded to 'B' from
     'AA'; removed from RWN; assigned a Negative Outlook


  -- EUR12.5 million Class C (XS0264800276) downgraded to 'CCC'
     from 'A'; removed from RWN; assigned a Recovery Rating of
     'RR4'

  -- EUR13.8 million Class D (XS0264800607) downgraded to 'CC'
     from 'BBB-' (BBB minus); removed from RWN; assigned a
     Recovery Rating of 'RR5'

  -- EUR9.5 million Class E (XS0264800946) downgraded to 'CC' from
     'B'; removed from RWN; assigned a Recovery Rating of 'RR6'

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance collateralized debt obligation rating criteria
on December 16, 2008, as well as credit deterioration in the
collateral pool since the transaction closed in September 2006.
The application of the new SF CDO rating criteria incorporates
Fitch's view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio, coupled with limited
subordination, has particularly affected all the tranches.

As of the portfolio dated March 14, 2009, 43.1% of the portfolio
consisted of non-investment grade (non -- IG) assets.  The
portfolio has so far passed all over-collateralization tests,
although Fitch anticipates further credit deterioration which will
most likely trigger a breach in OC tests as haircuts to the par
coverage amounts are applied.

Classes D and E have been downgraded to 'CC', as these classes are
most vulnerable to negative credit rating migration.  The
respective 'RR5' and 'RR6' Recovery Ratings for classes D and E
indicate Fitch's expectations that these tranches will receive
interest payment for a limited period of time before the OC tests
are breached, but are unlikely to receive repayment of principal.

The 'CCC' rating on class C reflects the risk that further
portfolio deterioration will cause the class to see interest
deferrals.  The class C notes have been assigned a 'RR4' Recovery
Rating given that they are unlikely to receive principal in full.

The ratings on classes A and B address the timely payment of
interest and ultimate payment of principal by the legal maturity.

The portfolio as of March 14, 2009, contained 73 performing assets
from 62 obligors, with the largest obligor accounting for 4.6% of
the outstanding portfolio amount and the three largest obligors
accounting for 12.6% of the outstanding portfolio amount.
According to Fitch classifications, the largest industry is
commercial mortgage-backed securities representing 39.7% of the
portfolio balance, followed by residential mortgage-backed
securities with 30.6%.  The portfolio is located in Europe.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any names on RWN for default analysis under its
Portfolio Credit Model.  The weighted average portfolio quality is
'BB+'/'BB' and 18.8% of the portfolio assets are on RWN.

Aeolus is a limited liability company incorporated in Jersey,
Channel Islands.  This transaction is a partially funded synthetic
securitization of a diverse portfolio of mainly European mezzanine
structured finance assets.  The structure combines characteristics
of both cash and synthetic CDO transactions.  Although credit risk
of the reference portfolio is transferred synthetically, the
transaction also incorporates structural features such as OC,
interest coverage and additional coverage tests.  Similar to a
cash transaction, the premium paid under the CDS in each period is
based on the premium paid (under the CDS) for each underlying
reference entity in that period.  Morgan Stanley Capital Services
Inc., the CDS counterparty, has the right to replenish the
portfolio during the first six years of the transaction, subject
to portfolio guidelines.  Additionally, the CDS counterparty may
designate a reference obligation as credit-impaired and call a
credit impairment event if certain criteria are met.


AEOLUS CDO: Fitch Junks Ratings on Two Colonnade II Notes
---------------------------------------------------------
Fitch Ratings has downgraded Aeolus CDO Limited's Series Colonnade
II's (Colonnade II) notes, removed the notes from Rating Watch
Negative, and assigned rating Outlooks or Recovery Ratings.

Rating actions:

  -- GBP24 million Class A (XS0279888068) downgraded to 'BB' from
     'AAA'; removed from RWN; assigned a Negative Outlook

  -- GBP16 million Class B (XS0279888902) downgraded to 'B' from
     'AA'; removed from RWN; assigned a Negative Outlook

  -- GBP16 million Class C (XS0279889207) downgraded to 'CC' from
     'A'; removed from RWN; assigned a Recovery Rating of 'RR6'

  -- GBP16 million Class D (XS0279889975) downgraded to 'CC' from
     'BBB-'(BBB minus); removed from RWN; assigned a Recovery
     Rating of 'RR6'

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance collateralized debt obligation rating criteria
on December 16, 2008, as well as credit deterioration in the
collateral pool since the transaction closed in January 2007.  The
application of the new SF CDO rating criteria incorporates Fitch's
view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio, coupled with limited
subordination, has particularly affected all the tranches.

As of the portfolio dated March 14, 2009, 48.9% of the portfolio
consisted of non-investment grade assets.  The high proportion of
non-IG assets in the portfolio resulted in haircuts to over-
collateralization ratio calculations.  As a result, the portfolio
failed the class D and class E OC tests and the additional
coverage test.  The failure of the class D OC test meant interest
on class E was deferred and proceeds diverted to reduce the super
senior swap notional amount.

Classes C and D have been downgraded to 'CC', as these classes are
most vulnerable to negative credit rating migration.  The 'RR6' on
these notes indicates Fitch's expectations that these tranches
will receive interest payment for a limited period of time, but
are unlikely to receive repayment of principal.

The ratings on classes A and B address the timely payment of
interest and ultimate payment of principal by the legal maturity.

The portfolio as of March 14, 2009, contained 59 performing assets
from 52 obligors, with the largest obligor accounting for 4.2% of
the outstanding portfolio amount and the three largest obligors
accounting for 10.9% of the outstanding portfolio amount.
According to Fitch classifications, the largest industry is
residential mortgage-backed securities representing 39.3% of the
portfolio balance, followed by commercial mortgage-backed
securities with 33.9%.  The portfolio is located in Europe.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any names on RWN for default analysis under its
Portfolio Credit Model.  The weighted average portfolio quality is
'BB+'/'BB' and 11.7% of the portfolio assets are on RWN.

Aeolus is a limited liability company incorporated in Jersey,
Channel Islands.  This transaction is a partially funded synthetic
securitization of a diverse portfolio of mainly European mezzanine
structured finance assets.  The structure combines characteristics
of both cash and synthetic CDO transactions.  Although credit risk
of the reference portfolio is transferred synthetically, the
transaction also incorporates structural features such as OC,
interest coverage and additional coverage tests.  Similar to a
cash transaction, the premium paid under the CDS in each period is
based on the premium paid (under the CDS) for each underlying
reference entity in that period.  Morgan Stanley Capital Services
Inc., the CDS counterparty, has the right to replenish the
portfolio during the first six years of the transaction, subject
to portfolio guidelines.  Additionally, the CDS counterparty may
designate a reference obligation as credit-impaired and call a
credit impairment event if certain criteria are met.


AEOLUS CDO: Fitch Junks Ratings on Three Colonnade III Notes
------------------------------------------------------------
Fitch Ratings has downgraded Aeolus CDO Limited's Series Colonnade
III's (Colonnade III) notes, removed the notes from Rating Watch
Negative, and assigned rating Outlooks or Recovery Ratings.

Rating actions:

  -- EUR55.5 million Class A (XS0293806435) downgraded to 'B' from
     'AAA'; removed from RWN; assigned a Negative Outlook

  -- EUR24.5 million Class B (XS0293812912) downgraded to 'CCC'
     from 'AA'; removed from RWN; assigned a Recovery Rating of
     'RR4'


  -- EUR17.5 million Class C (XS0293814967) downgraded to 'CC'
     from 'A'; removed from RWN; assigned a Recovery Rating of
     'RR6'

  -- EUR18.5 million Class D (XS0293818109) downgraded to 'CC'
     from 'BBB-' (BBB minus); removed from RWN; assigned a
     Recovery Rating of 'RR6'

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance collateralized debt obligation rating criteria
on December 16, 2008, as well as credit deterioration in the
collateral pool since the transaction closed in May 2007.  The
application of the new SF CDO rating criteria incorporates Fitch's
view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio, coupled with limited
subordination, has particularly affected all the tranches.

As of the portfolio dated March 14, 2009, 49.1% of the portfolio
consisted of non-investment grade (non-IG) assets.  The high
proportion of non-IG assets in the portfolio resulted in haircuts
to over-collateralization ratio calculations.  As a result, the
portfolio failed the class E OC test and the additional coverage
test.  The class D OC test was cured in the interest waterfall
allowing interest to be paid on class E.

Classes C and D have been downgraded to 'CC', as these classes are
most vulnerable to negative credit rating migration.  The 'RR6' on
these notes indicates Fitch's expectations that these tranches
will receive interest payment for a limited period of time, but
are unlikely to receive repayment of principal.

The 'CCC' rating on class B notes reflect the risk that further
portfolio deterioration will cause the class to see interest
deferrals.  The notes are assigned a 'RR4' given that they are
unlikely to receive principal in full.

The ratings on classes A and B address the timely payment of
interest and ultimate payment of principal by the legal maturity.

The portfolio as of March 14, 2009 contained 82 performing assets
from 65 obligors, with the largest obligor accounting for 4.1% of
the outstanding portfolio amount and the three largest obligors
accounting for 11% of the outstanding portfolio amount.  According
to Fitch classifications, the largest industry is commercial
mortgage-backed securities representing 38.3% of the portfolio
balance, followed by residential mortgage-backed securities with
38%.  The portfolio is mainly located in Europe.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any names on RWN for default analysis under its
Portfolio Credit Model.  The weighted average portfolio quality is
'BB-' (BB minus) and 21.1% of the portfolio assets are on RWN.

Aeolus is a limited liability company incorporated in Jersey,
Channel Islands.  This transaction is a partially funded synthetic
securitization of a diverse portfolio of mainly European mezzanine
structured finance assets.  The structure combines characteristics
of both cash and synthetic CDO transactions.  Although credit risk
of the reference portfolio is transferred synthetically, the
transaction also incorporates structural features such as OC,
interest coverage and additional coverage tests.  Similar to a
cash transaction, the premium paid under the CDS in each period is
based on the premium paid (under the CDS) for each underlying
reference entity in that period.  Morgan Stanley Capital Services
Inc., the CDS counterparty, has the right to replenish the
portfolio during the first six years of the transaction, subject
to portfolio guidelines.  Additionally, the CDS counterparty may
designate a reference obligation as credit-impaired and call a
credit impairment event if certain criteria are met.


AEOLUS CDO: Fitch Junks Ratings on Two 2005-3 Synthetic CDO Notes
-----------------------------------------------------------------
Fitch Ratings has downgraded Aeolus CDO Ltd Series 2005-3
synthetic CDO notes, removed the notes from Rating Watch Negative,
and assigned rating Outlooks or Recovery Ratings.

Rating actions:

  -- EUR35 million Class A (XS0232579986) downgraded to 'BB' from
     'AAA'; removed from RWN; assigned a Negative Outlook

  -- EUR16 million Class B (XS0232579127) downgraded to 'B' from
     'AA'; removed from RWN; assigned a Negative Outlook

  -- EUR8 million Class C (XS0232578665) downgraded to 'CCC' from
     'A'; removed from RWN; assigned a Recovery Rating of 'RR5'

  -- EUR11.25 million Class D (XS0232578079) downgraded to 'CC'
     from 'BBB-' (BBB minus); removed from RWN; assigned a
     Recovery Rating of 'RR6'

The downgrades reflect Fitch's view on the credit risk of the
rated tranches following the release of the agency's revised
Structured Finance collateralized debt obligation rating criteria
on December 16, 2008, as well as credit deterioration in the
collateral pool since the previous review in December 2007.  The
application of the new SF CDO rating criteria incorporates Fitch's
view on industry and vintage concentration risks and the
propensity for low recoveries upon default, particularly for thin
tranches.  Although the application of the new criteria has
significantly impacted the transaction's ratings, credit
deterioration in the portfolio, coupled with limited
subordination, has particularly affected all the tranches.

As of the portfolio dated March 14, 2009, 25.5% of the portfolio
consisted of non-investment grade (non-IG) assets.  The portfolio
failed the interest diversion test but passed all other over-
collateralization tests.  Fitch anticipates further portfolio
credit deterioration, which will most likely trigger a breach in
OC tests as haircuts to the par coverage amounts are applied.

Class D has been downgraded to 'CC', as this class is most
vulnerable to negative credit rating migration.  The 'RR6'
Recovery Rating indicates Fitch's expectations that the tranche
will receive interest payment for a limited period of time before
the OC tests are breached, but is unlikely to receive repayment of
principal.

The 'CCC' rating on class C reflects the risk that further
portfolio deterioration will cause the class to see interest
deferrals.  The class C notes are assigned a 'RR5' Recovery Rating
given that they are unlikely to receive principal in full.

The ratings on classes A and B address the timely payment of
interest and ultimate payment of principal by the legal maturity.

The portfolio as of March 14, 2009 contained 78 performing assets
from 67 obligors, with the largest obligor accounting for 3.6% of
the outstanding portfolio amount and the three largest obligors
accounting for 10.7% of the outstanding portfolio amount.
According to Fitch classifications, the largest industry is
commercial mortgage-backed securities representing 45.4% of the
portfolio balance, followed by RMBS with 23.5%.  The portfolio is
located in Europe.

In conducting its analysis, Fitch makes a three-notch downward
adjustment for any names on RWN for default analysis under its
Portfolio Credit Model.  The weighted average portfolio quality is
'BB+' and 19.1% of the portfolio assets are on RWN.

Aeolus is a limited liability company incorporated in Jersey,
Channel Islands.  This transaction is a funded synthetic
securitization of a diverse portfolio of mainly European mezzanine
structured finance assets.  The structure combines characteristics
of both cash and synthetic CDO transactions.  Although credit risk
of the reference portfolio is transferred synthetically, the
transaction also incorporates structural features such as OC,
interest coverage and interest diversion tests.  Similar to a cash
transaction, the premium paid under the CDS in each period is
based on the premium paid (under the CDS) for each underlying
reference entity in that period.  Morgan Stanley Capital Services
Inc., the CDS counterparty, has the right to replenish the
portfolio during the first six years of the transaction, subject
to portfolio guidelines.


ALBA 2007-1: Moody's Lowers Rating on Class F Notes to 'Caa3'
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Alba 2007-1 plc:

  -- Class A2 Downgraded to Aa1; previously on October 20, 2008
     Placed Under Review for Possible Downgrade;

  -- Class A3 Downgraded to Aa1; previously on October 20, 2008
     Placed Under Review for Possible Downgrade;

  -- Class B Confirmed at Aa3; previously on October 30, 2008
     Downgraded to Aa3 from Aa2 and maintained Under Review for
     Possible Downgrade;

  -- Class F Downgraded to Caa3; previously on October 30, 2008
     Downgraded to Caa1 from Ba2 and maintained Under Review for
     Possible Downgrade;

Moody's has not rated classes C, D and E. No action is taken on
the rating of the MERC certificates.

The rating action on the Class A2 and Class A3 Notes was prompted
by the absence of a liquidity facility in the transaction which
could impair the ability of the Issuer to make timely payment of
interest on these Notes.  The rating action on the Class F was
mainly prompted by the weak performance of the collateral and took
into consideration increased portfolio loss expectations.

The rating actions conclude the review for downgrade which was
initiated on October 20, 2008 following the expiry of the
liquidity facility without a stand-by drawing being made, due to a
failure to deliver a renewal request within the notice period.
Moody's believes that under current market conditions the
appointment of a new liquidity facility provider is very unlikely.
As a result, for this analysis, Moody's assumed that this
transaction will no longer benefit from a liquidity facility.  Any
future changes to the liquidity structure will be taken into
account and Moody's will re-evaluate the ratings accordingly.

Moody's believes that the absence of a liquidity facility in the
transaction could impair the ability of the Issuer to make timely
payment of interest on the Notes, particularly if delinquencies
spike up to higher levels than currently observed.  As of the last
reporting date all senior costs and interest payments were covered
by available excess spread.  However, if delinquencies were to
further increase reducing the excess spread to zero, the only
other remaining source of liquidity would be the cash reserve
fund.  So far the cash reserve has been partially used to cover
losses and it is now equal to 0.44% of the current portfolio
balance.  The current balance of the reserve fund is not
sufficient to meet all the senior expenses and the senior note
costs which ,as of the last payment date, were equal to 0.68% of
the current portfolio balance, excluding payments to the swap
counterparty.  Moody's considers that the risk of a missed payment
of interest on the Class A2 and Class A3 Notes is not commensurate
with a Aaa-rating and therefore has downgraded ratings for these
classes of Notes.

In Moody's opinion, however, the absence of a liquidity facility
is unlikely to expose the Issuer to swap termination payments and
consequently to increase the credit losses for the Notes.  All the
swaps in the transaction are provided by Credit Suisse
International (Aa1, P-1).  The currency swap has been terminated
as Class A1b (Euro denominated) was repaid in full on the March
2009 payment date. From the next interest payment date and as long
as the Bank of England Base Rate continues to be relatively lower
than the 3 month LIBOR rate, Moody's estimates that the Issuer
will be in-the-money on a net basis for all the remaining interest
rate swaps.  Therefore, there is only a remote risk that the
Issuer could default in its swap payment obligations even in case
of a liquidity shortfall.

Moody's has also adjusted the loss expectation for Alba 2007-1 to
5% of original balance from a level in the range of 2.8% to 3.2%
assumed as of the last performance review and has maintained the
Milan AaaCE credit enhancement at approximately 30%.  The current
available subordination for class A3 (the most junior Aaa class in
the transaction) is equal to 32.87%, including the remaining
reserve fund.  The loss expectation and the MILAN AaaCE are the
two key parameters used to calibrate the loss distribution curve,
which is a core input for the cash-flow model Moody's is using to
rate RMBS transactions.

Since the last rating review in October 2008, the cumulative
realized losses have increased from 0.22% to 0.95% of the original
portfolio balance.  The increase in losses has also resulted in
further reserve fund drawings. After the last payment date the
reserve fund was equal to 0.44% of the current note balance (33%
of the target balance).  According to the March 2009 Investor
report, the total delinquency loans accounted for 22.5% of the
current pool balance and the 90+ delinquencies, excluding
repossessions, were equal to 14.1% of current portfolio balance.
In the review analysis Moody's took also into account that the
decline in the monthly installments for most of the loans due to
the reversion from fixed to floating and the drop in the base
rates, has resulted in higher arrears multiples on the reported
delinquent loans.  Alba 2007-1 closed in June 2007 and its current
pool factor is approximately 76%.

The collateral included in Alba 2007-1 was originated by GMAC RMC.
Homeloan Management Limited (SQ2+) is the primary servicer while
Oakwood Homeloans Limited is the special servicer.  There is no
appointed back-up servicer.  The cash manager for this transaction
is HSBC Bank plc.

Moody's monitors this transaction using the rating methodology for
EMEA RMBS published in November 2007 and in December 2008.  The
latest rating action on the notes issued by Alba 2007-1 was taken
by Moody's on October 30, 2008.  Moody's will continue to monitor
closely the performance of this transaction.


APURO LTD: Appoints Joint Administrators from KPMG
--------------------------------------------------
Mark Jeremy Orton and Richard James Philpott of KPMG LLP were
appointed joint administrators of Apuro Ltd. on March 20, 2009.

The company can be reached at:

         Apuro Ltd.
         Unit 5 Monkspath Business Park
         Shirley
         Solihull
         West Midlands
         B90 4NY
         England


B & P LIGHTBRIGADE: Consumables Division Sold to B&P Graphics
-------------------------------------------------------------
The consumables division of B & P Lightbrigade Group Limited has
been sold to B&P Graphic Supplies Limited.  The sale completed on
March 23, after administrators Nick O'Reilly and Phil Armstrong,
Client Partners at Vantis Business Recovery Services (BRS), a
division of Vantis, the UK accounting, tax and business advisory
group, were unable to locate a buyer for the whole business in
sufficient time, despite receiving a high number of expressions of
interest.

Commenting on the case, Nick O'Reilly said: "We continued to trade
the business for 2 weeks during the administration period, as we
had hoped to find a buyer for the company in its entirety.
Unfortunately this was not possible within the timescales imposed
by the company's financial position, and so we were forced to
cease trade on March 13 and sadly all employees were made
redundant.

"Subsequently a buyer was found for the consumables division of
the company, which will include the continuation of engineering
maintenance contracts, and we completed a sale to B&P Graphic
Supplies Limited, which is headed up by former directors Andrew
Wilson and Lorraine Whitburn."

The administrators' agents are now realizing the assets of the B&P
Lightbrigade Group Limited, including its digital printing
machines, to recoup as much value as possible for creditors.


CARLISLE CASTLE: Moody's Assigns Ba2 Rating on GBP59.2 Mln Notes
----------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
GBP133.2 million of Series 2009-A variable funding asset-backed
loan notes issued by Carlisle Castle Funding Group Limited:

  -- A2 to the GBP44.4 million Series 2009-A Class B variable
     funding asset-backed note due September 2012

  -- Baa2 to the GBP29.6 million Series 2009-A Class C variable
     funding asset-backed note due September 2012

  -- Ba2 to the GBP59.2 million Series 2009-A Class D variable
     funding asset-backed note due September 2012

Series 2009-A is the 11th issuance under the Carlisle Castle
Funding Group program, which is ultimately backed by credit card
receivables from the Castle Receivables Trust Limited.  It is the
20th series to be issued out of Capital One Bank (Europe) Plc's UK
credit card master trust.  The assets backing the notes are
receivables arising under designated MasterCard and Visa revolving
credit card accounts originated or acquired in the UK by COBEP.

Moody's says that the ratings of the notes are based upon (i) the
credit quality of the portfolio; (ii) the excess spread available
to the transaction; (iii) the expertise of COBEP as one of the
leading originators and servicers of credit card receivables in
the UK; and (iv) the structural and legal integrity of the
transaction.  The rating of the Class B notes is based upon the
above factors and the subordination of the Class C and Class D
notes while the rating of the Class C notes is based on the
subordination of the Class D notes.  The rating of the Class D
notes is based upon the above factors, a 1% upfront funded Class D
spread account and a further trapping of excess spread.

The capital structure contains a Class E note that has been
structured such that Moody's has not accounted for it as available
credit enhancement to Class B, C and D notes in its quantitative
analysis.  Furthermore, it is expected that Series 2009-A will
breach the three-month rolling average excess spread trigger at
the same time as other existing series.

The rating agency notes that the transaction uses the existing
receivables trust structure which was set up in September 2001.
COBEP has assigned all receivables that had arisen or would arise
in the accounts originated under certain designated product lines
to the receivables trustee.  Up to September 2010, asset principal
collections received by the Receivables Trustee will be used to
fund the transfer of further receivables which arise under the
designated accounts.  After this date, the transaction will enter
its regulated amortization period and principal collections will
be used to redeem the Notes.  The scheduled redemption date for
the notes is March 2012, 18 months after the end of revolving
period.  However, the notes can be redeemed earlier unless all
other outstanding series enter into regulated amortization
simultaneously.  If the notes are not fully repaid on the
scheduled redemption date, a rapid amortization trigger will be
breached.  The notes have a final redemption date on September
2012.

COBEP currently services the receivables in the receivables trust.
Moody's has reviewed the servicing operations of COBEP and is
comfortable that COBEP is well placed to fulfill its obligations
in relation to servicing of the receivables.  The minimum
transferor interest floor is set at 5% to insure against dilution,
fraud or attrition.

Moody's has been monitoring the performances of Castle since its
inception.

Moody's expects charge-offs to continue to increase over the
coming months and to range between 9% and 12% in a medium to long-
term basis.  The majority of accounts in Castle trust have
variable rate APRs linked to the Bank of England base rate.  As a
result, recent base rate cuts will manifest themselves in lower
yields and Moody's expects yield to range between 19%-21% over the
course of 2009.

Key risks to noteholders stem from a potential deterioration in
portfolio performance going forward as the UK enters recession.
Rises in unemployment, decreases in wage growth and increases in
costs of living will exert pressure on already highly leveraged UK
borrowers, all of which feed through to Moody's negative outlook
on the UK credit card ABS sector.

Moody's is assessing the possible credit impact of the UK Banking
Act 2009 on rated structured finance transactions and covered
bonds and this transaction falls under the scope of the
investigation.

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

The rating is published.  Moody's will publicly disseminate any
change in the ratings through normal print and electronic media,
and in response to requests to the Moody's rating desk, in
accordance with Moody's standard practice at the time.


CASPER LTD: Taps Joint Administrators from Deloitte
---------------------------------------------------
Daniel Francis Butters and William Kenneth Dawson of Deloitte LLP
were appointed joint administrators of Casper Ltd. on March 18,
2009.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


CLINTON CARDS: Inks Refinancing Deal With Creditors
---------------------------------------------------
The Independent's James Thompson reports that Clinton Cards plc is
understood to have renegotiated with its banks debts comprising a
GBP60 million working-capital facility and a GBP12 million loan,
which is due to be repaid in December.

The report relates market sources said Clinton has paid a
substantial fee for the refinancing.

Clinton, the report notes, was under pressure as it had to sign
the new loans in time for its auditors to be able to sign off the
company's final accounts as a going concern.

Altium, the report discloses, forecast an adjusted full-year pre-
tax profit for Clinton of just GBP200,000, compared with a profit
of GBP19.5 million last year.

According to the report, shares in Clinton have lost 83 per cent
of their value in the past 12 months.

On Feb. 17, 2009, the Troubled Company Reporter-Europe, citing The
Sunday Times' Jenny Davey, reported that Clinton entered into
refinancing talks with its lenders amid rumors that it could be
forced to do a CVA, or company voluntary arrangement, to protect
itself from creditors.

However, the report disclosed Barry Hartog, group commercial
director, dismissed the speculations, insisting Clinton is a solid
business.

The group's debt pile stood about GBP73 million, the report
stated.

The report recalled shares in Clinton closed down 7.7% on Feb. 13
at 10-1/2 p, valuing the business at just GBP21 million.

Headquartered in Loughton, United Kingdom, Clinton Cards plc --
http://www.clintoncards.co.uk/-- is a specialty retailer of
greetings cards, plush merchandise (soft toys) and related
products in the United Kingdom.  As of August 3, 2008, the Company
operated 1,051 stores and comprises two brands: Clinton Cards and
Birthdays. Birthdays operates 348 stores.  Clinton Cards operates
703 stores and is a premium brand offering a range of greetings
cards, gift dressing and plush merchandise available in any high
street.  It offers cards for numerous other occasions, such as
Valentine's Day, Mother's Day, Father's Day, Christmas and Easter.
The Company operates only in the United Kingdom and the Republic
of Ireland. The Birthdays Website is principally an information
site only.  The Clinton Website sells a range of gifts, some of
which can be personalized, party products, a range of greetings
cards for everyday and seasonal occasions and a range of flowers,
which can also be ordered from Clinton stores or by telephone.


DUNFERMLINE BUILDING: Moody's Cuts Bank Strength Rating to 'E'
--------------------------------------------------------------
Moody's Investors Service has affirmed and then withdrew the long
and short term deposit ratings of the Dunfermline Building
Society.  Moody's has also downgraded from D+ to E the bank
financial strength ratings of the Dunfermline, which will also be
withdrawn.  The E BFSR maps into a baseline credit assessment of
Caa3.  Moody's understands that the only long term senior debt
outstanding of the society was paid in full on March 30th and as
such has withdrawn the Baa2 rating of those instruments.

In the same rating action, Moody's has also downgraded the
subordinated debt ratings of the Dunfermline from Ba1 to C and
will withdraw these ratings as well.  Moody's will withdraw these
ratings following an official request by the Dunfermline.

The rating actions follow the announcement by the Bank of England
on March 30 that the Dunfermline's retail and wholesale deposits,
branches, head office and originated residential mortgages have
been transferred to Nationwide (rated Aa2/B/P-1).  In addition,
the social housing loans of the society have been transferred
temporarily to DBS Bridge Bank (a bridge bank owned and controlled
by the BoE) until further notice.  The remainder of the
Dunfermline's business including commercial loans, acquired
residential mortgages, subordinated debt and some treasury assets
have been placed into Building Society Special Administration
Procedures with KPMG being named as the administrator.

The downgrade of the BFSR reflects the financial distress of the
society at the time of their break up given expectations of large
losses stemming from their commercial portfolio.

Key driver for the downgrade of the subordinated debt is based on
the fact that they now reside in the part of the Dunfermline which
is in Administration as well as their ranking within the liability
structure of that company.  Moody's believes that there will be
very limited recovery for holders of these instruments.

Our last rating action on the Dunfermline was on November 21, 2008
when the ratings were downgraded to D+/Baa2.

Dunfermline Building Society, headquartered in Dunfermline had
assets of GBP3.3 billion as of Year-end 2007.


FORBURY HOTEL: Brings in Joint Administrators from Baker Tilly
--------------------------------------------------------------
Matthew Richard Meadley Wild and Mark John Wilson of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Forbury Hotel Apartments Ltd. on March 13, 2009.

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

         The Clock House
         140 London Road
         Guildford
         Surrey
         GU1 1UW
         England


HARTFORD RUSSELL: Appoints Joint Administrators from Deloitte
-------------------------------------------------------------
Daniel Francis Butters and William Kenneth Dawson of Deloitte LLP
were appointed joint administrators of Hartford Russell Supply
Company Ltd. on March 18, 2009.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


INDUSTRIAL SUPPLIES: Taps Joint Administrators from Deloitte
------------------------------------------------------------
Daniel Francis Butters and William Kenneth Dawson of Deloitte LLP
were appointed joint administrators of Industrial Supplies UK Ltd.
on March 18, 2009.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


KING UK LTD: Calls in Joint Administrators from Deloitte
--------------------------------------------------------
Daniel Francis Butters and William Kenneth Dawson of Deloitte LLP
were appointed joint administrators of King UK Ltd. on March 18,
2009.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


LAND OF LEATHER: Administrators Confirm Closure of 19 Stores
------------------------------------------------------------
The Joint Administrators of furniture retailer Land of Leather
have confirmed plans to close the majority of the remaining 19
stores by April 10.

Lee Manning, Deloitte Partner and Joint Administrator, commented:
"It has not been possible to find a buyer for Land of Leather as a
going concern and, regrettably, we have had to take the decision
to close the remaining 19 stores.  We are currently running a
closing down sale at all stores to liquidate the Group's remaining
stockholding, and will close the stores on a stage by stage basis.
Unfortunately, it does mean that the Group's remaining 240
employees will be made redundant in due course."

"We are looking to keep a small number of stores and two
warehouses open for a further few months in order to fulfil as
many orders as possible.  Since our appointment, we have fulfilled
9,800 customer orders.  We would like to reassure customers that
upon closure of the stores the processing of any outstanding
orders will be automatically transferred to the Group's head
office.  We have already written to all affected customers to
confirm their order and have commenced ordering products from the
Far East to meet such orders.  We anticipate fulfilling a further
10,000 orders through this process."

Any customers with queries should contact the Administrators' on-
site dedicated customer helpline on 01474 543 255.

Lee Manning and Nick Edwards of Deloitte LLP, the business
advisory firm, were appointed as Joint Administrators to Land of
Leather, the furniture retailer, on January 12, 2009.


MARCHANT THOMAS: Appoints Joint Administrators from Deloitte
------------------------------------------------------------
Daniel Francis Butters and William Kenneth Dawson of Deloitte LLP
were appointed joint administrators of Marchant, Thomas And
Murrell Ltd. on March 18, 2009.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


MERSEYWAY SHOPPING: Bradford & Bingley Appoints GVA as Receiver
--------------------------------------------------------------
Laura Chesters at Property Week reports that Bradford & Bingley
appointed GVA Grimsley as LPA receiver of Merseyway shopping
center, owned by a subsidiary of property investor Simon Halabi,
on Feb. 6, 2009.

According to the report, the center is owned through a separate
company called Stockport Holdings.


MOORCROSS LTD: Calls in Joint Administrators from BDO
-----------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Moorcross (Totton) Ltd. on
March 13, 2009.

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

         55 Baker Street
         London
         W1U 7EU
         England


NICE GROUP: Taps Joint Administrators from Tenon Recovery
---------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Nice Group Ltd. on March 9, 2009.

The company can be reached through Tenon Recovery at:

         Sherlock House
         73 Baker Street,
         London
         W1U 6RD
         England


RUBENS CDO: Moody's Junks Rating on EUR19 Million Class D Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by Rubens CDO Limited.

The transaction is a managed synthetic CDO referencing corporate
and sovereign names.  Payments of interest and ultimately
principal are made in accordance with a covenanted priority of
payments sequence.

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

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

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

The rating actions are:

Rubens CDO Limited:

(1) The EUR46,000,000 Class A Secured Floating Rate Credit-Linked
Notes due 2011

  -- Current Rating: Aa2
  -- Prior Rating: Aaa
  -- Prior Rating Date: 27 February 2003, assigned Aaa

(2) The EUR27,000,000 Class B Secured Floating Rate Credit-Linked
Notes due 2011

  -- Current Rating: Baa2
  -- Prior Rating: Aa1
  -- Prior Rating Date: 19 December 2007, upgraded to Aa1 from Aa2

(3) The EUR10,000,000 Class C Deferrable Interest Secured Floating
Rate Credit-Linked Notes due 2011

  -- Current Rating: Ba2
  -- Prior Rating: A1
  -- Prior Rating Date: 19 December 2007, upgraded to A1 from A2

(4) The EUR19,000,000 Class D Deferrable Interest Secured Floating
Rate Credit-Linked Notes due 2011

  -- Current Rating: Ca
  -- Prior Rating: Baa2
  -- Prior Rating Date: 27 February 2003, assigned Baa2

(5) The EUR48,000,000 Class P Combination Notes due 2011

  -- Current Rating: Caa1
  -- Prior Rating: Aa2
  -- Prior Rating Date: 19 December 2007, upgraded to Aa2 from A3


SOLAR TRADE: Appoints Joint Administrators from BDO Stoy Hayward
----------------------------------------------------------------
Andrew Howard Beckingham and William Matthew Humphries Tait of BDO
Stoy Hayward LLP were appointed joint administrators of Solar
Trade Supply Ltd. on March 16, 2009.

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

         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton
         Hampshire
         SO14 3TL
         England


SUMFIELD AND DAY: In Administration; Vantis Appointed
-----------------------------------------------------
Sumfield and Day Limited, the Eastbourne based firm of printers,
went into administration on March 23, 2009, with the appointment
of Chris Stevens, Client Partner at Vantis Business Recovery
Services (BRS), a division of Vantis, the UK accounting, tax and
business advisory group, as administrator.

Commenting on the case, Chris Stevens said: "It is extremely sad
when a long-run family firm is forced into insolvency.  Sumfield
and Day Limited was a highly respected printer, but unfortunately
the company was forced into administration as a result of a
decline in sales and difficult trading conditions in the current
economic climate."

Mr. Stevens added: "It is not possible to trade the business and
we have had to cease operations since Monday, making all staff
redundant.  We are supporting all staff with their claims."


VITALITY GROUP: In Administration; MCR Appointed
------------------------------------------------
Vitality Group Limited, the largest independent toiletries
wholesaler in the South East was placed into administration on
March 26, 2009.  Andrew Stoneman and Jason Godefroy, partners at
MCR, have been appointed as joint administrators.

The company, based in Tottenham Hale, employs 55 people and has
been in business for over 25 years.  The company strengthened its
position following the merger of CBS Genios Limited and Marsam
Fancy Goods Limited in 2002 and rapidly became a well known name
in the toiletries wholesale sector.

The company has four trading divisions focused on different market
categories: Marsham, a wholesaler to wholesaler operation; CBS
Genios, wholesale to pharmacy; Stephens Shopdrop -– a wholesaler
to drugstores, convenience and pound shops, and finally CBS Cash
and Carry, a wholesaler to any type of business.

Andrew Stoneman, Partner, MCR commented: "It is too early to
determine the reasons why the Company has gone into Administration
and we are concentrating on saving the business and selling the
company as a going concern thus saving the employment of those
working there.

"What is certain at this stage is that the company suffered cash
flow difficulties and we are reviewing the underlying reasons,"
Mr. Stoneman added.

The joint administrators are trading the business, albeit at a
significantly reduced capacity while seeking a going concern sale
and there have been no redundancies at this time.


W K THOMAS: Taps Joint Administrators from Deloitte
---------------------------------------------------
Daniel Francis Butters and William Kenneth Dawson of Deloitte LLP
were appointed joint administrators of W. K. Thomas & Co. Ltd. on
March 18, 2009.

The company can be reached through Deloitte LLP at:

         1 City Square
         Leeds
         West Yorkshire
         LS1 2AL
         England


XL LONDON: Moody's Cuts Continuity Opinion to 'B'; Outlook Stable
-----------------------------------------------------------------
Moody's Analytics downgraded the B+ Above Average, Continuity
Opinion of Lloyd's syndicate 1209 (XL London Market Limited) to B
Average following the conclusion of a review for downgrade.  The
company said that the downgrade reflected uncertainties over the
development of the syndicate's account in light of staff turnover
and material new business lines, as well as concerns that
developments at a group level were affecting the syndicate's
franchise.  The outlook for the syndicate's Continuity Opinion has
been revised to stable.

XL London Market Lloyd's syndicate 1209 is backed by group
dedicated vehicle Dornoch Limited, a subsidiary of XL Capital Ltd,
whose main operating subsidiaries have an A2, negative outlook,
insurance financial strength rating from Moody's Investors
Service.

The syndicate's historical record was affected by material 2000
and 2001 losses, impacted by losses arising from the destruction
of the World Trade Center, but the book has since been
restructured, with the account now being predominantly Marine and
Aviation orientated, and with a new underwriter being appointed
from 2006.

Subsequent to the losses of 2000 and 2001, profits of 11% and 7%
of capacity have been recorded for 2002 and 2003 under three-year
accounting.  Under annual accounting, excluding discontinued
business, the average results from 2004 to 2008 have been 11% of
Net Premiums Earned, in line with benchmark returns for a B+ Above
Average syndicate.  Average results for 2004 to 2008 including
discontinued business have been 1% of Net Premium Earned, in line
with benchmark returns for a B Average syndicate.

The syndicate's Continuity Opinion has benefited from the ongoing
commitment of XL to syndicate 1209 as a strategic platform for the
group's business and from the group's global franchise.

However, Moody's considers that some uncertainty exists over the
development of the business with the syndicate not yet tested in a
downturn following the management and account changes of the past
few years, while the introduction of a new Employers' and Public
Liability account in 2008 representing 13% of the account and the
resignation over the last six months of the Equine and Aviation
teams writing some 28% of the book, as well as the Head of Energy
(Energy represents approximately 15% of the book), have heightened
the uncertainty over the development of the business.  Moody's
noted that XL has already replaced some of the underwriting staff
and has stated that it intends to replace all remaining departing
staff and continue writing these lines of business at previous
levels.

Furthermore, Moody's considers that developments at a group level
may be affecting the syndicate's franchise with XL's Moody's
Investors Service insurance financial strength rating having been
downgraded to A2 with a negative outlook on December 19, 2008.

Despite the syndicate's recent above average results on continuing
business, Moody's has therefore downgraded the Continuity Opinion
of XL London Market syndicate 1209 to B Average, reflecting
Moody's view of relative performance and continuity prospects for
the syndicate over the insurance cycle.

Syndicate 1209's B+ Above Average Continuity Opinion had
previously been placed under review for possible downgrade on
December 22, 2008.

XL London Market syndicate 1209 is a Marine and Aviation
orientated syndicate, ultimately 100% backed by XL Capital Ltd,
which operates in the Lloyd's of London insurance market.


* UK: Buyout Activity Drops in First Quarter of 2009, CMBOR Says
----------------------------------------------------------------
Private equity investment in the UK reached just GBP2.0 billion in
the first quarter of 2009 according to the Centre for Management
Buy-out Research (CMBOR), with two thirds of this total from just
one deal.  This is compared to GBP1.3 billion in quarter four 2008
-– the lowest quarter for over 13 years.  CMBOR, the UK's leading
provider of research and analysis on the private equity market,
sponsored by Barclays Private Equity, also reported that deal
numbers declined to just 61 in quarter one, from 92 in quarter
four and 152 in the same period in 2008.

"We are witnessing a market showing little sign of life, much as
we predicted towards on the back of a very quiet end to 2008" said
Christiian Marriott, Director at Barclays Private Equity.  "The
very quiet first quarter is likely to lead to a very quiet 2009
and we expect few signs of green shoots of recovery."

Analysis of CMBOR's findings reveals that public-to-privates
during the first quarter of 2009 accounted for over 71 per cent of
all deals by value (GBP1.4 billion) from five de-listings.  Of the
total 61 deals 38 per cent came from receiverships which accounted
for 14 per cent of all deals by value.  Secondary buy-outs, which
had slowed to 12 per cent of all deals in 2008, continued to
decline in the first three months of 2009 accounting for less than
seven per cent of market share.

"While there has been an increase in the share of public-to-
private deals there has been a corresponding decline in the number
of family/private deals.  These deals, which had been growing in
market share since 2003 accounted for just over a quarter of deal
flow and seven per cent of all deals by value.  It seems that the
only willing sellers in this market are the public markets" Mr.
Marriott continued.

The exit market has also remained slow in the first quarter of
2009.  So far, there have been just 30 exits at just GBP221
million.  Exit value has been falling since the record year of
2006 when total value realized reached GBP26.9 billion.  Exits
ended last year at just GBP9.8 billion from 324 deals.

Continuing, Mr. Marriott said: "There is a distinct sense of deja
vu about today's data.  In the recession of the early 1990s
private equity investment stalled in much the same way and in
quarter one of 1991 declined to just GBP447 million.
Receiverships also increased during this period –- reaching 124 in
1991 –- and it was only in the mid-1990s that the buyout market
entered a period of robust growth.  Conversely receivership as a
source of buy-out deals peaked at 107 in 1991."

"We are unlikely to see much in the way of market recovery in the
next quarters.  Rather, the expectation is for the market to
stabilize at a new lower level throughout this year.  When
confidence and leverage return to the market we should see
activity begin to increase, but the timing of this is by no means
certain" Mr. Marriott concluded.

Other interesting findings in today's data include:

    * There have been just eight deals in the GBP10-100 million
      range in the first quarter of 2009.  This is down from 39 in
      the same period in 2008.

    * The average deal value this year is just GBP32 million, down
      from an average of GBP34 million in 2008 and well below the
      GBP69 million average set in 2007.

    * Buy-out activity above GBP100 million has plummeted with a
      combined total of just five from the last two quarters,
      compared to 22 in the preceding six month period.

    * The proportion of total M&A volume provided by buy-outs has
      remained relatively stable at around 50 percent in recent
      years.  In 2007 buy-out activity accounted for 6 3 per cent
      of value but fell sharply in 2008 to just 35 per cent.


* S&P Cuts Ratings on 14 Securities of Fin'l Institutions to Low-B
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its issue
ratings on the hybrid capital securities of over 60 European
financial institutions.

The rating actions followed S&P's review of ratings on the hybrid
instruments of financial institutions in Europe.  The downgrades
reflect S&P's assessment of the deteriorating financial prospects
for the European banking industry in the worsening economic
environment and S&P's view that European governments and the
European Commission over the medium term may be more willing than
previously to encourage or force banks to suspend payments on
hybrid securities to preserve cash and build capital.  S&P did not
change any of the issuer credit ratings on the banking groups that
issue these hybrid securities.

The financial institutions and the rating actions S&P has taken on
their hybrid capital securities are listed at the end of this
article.

             Financial Institutions and Subsidiaries

This list shows S&P's downgrades of hybrid capital securities, by
financial institution, and where relevant, including subsidiaries,
holding companies, or other group members with hybrid capital
instruments.

                                           To              From
                                           --              ----
Agence Francaise de Developpement          AA-             AA
Allied Irish Banks PLC                     BB+/Watch Neg
BBB/Watch Neg
Alpha Bank A.E.                            BB              BBB-
Argenta Spaarbank N.V.                     BB+             BBB-
Banca Agrileasing SpA                      BBB             BBB+
Banca Carige SpA                           BBB-            BBB
Banca Monte dei Paschi di Siena SpA        BBB             BBB+
Banca Popolare di Milano SCRL              BBB-            BBB
Banco Bilbao Vizcaya Argentaria, S.A.      A-              A+
Banco BPI S.A.                             BBB             BBB+
Banco Comercial Portugues, S.A.            BBB             BBB+
Banco de Sabadell S.A.                     BBB-            BBB+
Banco Espirito Santo, S.A.                 BBB             BBB+
Banco Popolare Societa Cooperativa SCRL    BB+             BBB-
Banco Popular Espanol, S.A.                BBB             A-
Banco Santander S.A.                       A-              A+
Banco Espanol de Credito, S.A.             A-              A+
Abbey National PLC                         A-              A+
Alliance & Leicester PLC                   A-              A+
Banco Santander Totta, S.A.                A-              A
Bank of Ireland                            BB+/Watch Neg
BBB/Watch Neg
Bankinter S.A.                             BBB-            BBB+
Barclays Bank PLC                          BBB+            A
BNP Paribas                                A               A+
Britannia Building Society                 BBB-/Watch Neg
BBB/Watch Neg
Caisse Nationale des Caisses d'Epargne
et de Prevoyance                          BBB+            A-
Natixis S.A.                               BBB             BBB+
Credit Foncier de France                   BBB             BBB+
Caixa Geral de Depositos S.A.              BBB+            A-
Caja de Ahorros y Monte de Piedad
de Madrid                                 BBB-            BBB+
Caja de Ahorros y Monte de Piedad
de Zaragoza, Aragon y Rioja (IBERCAJA)     BBB-            BBB+
Caja de Ahorros y Pensiones de Barcelona   BBB+            A
Credit Agricole S.A.                       A-              A
Credit Logement                            A               A+
Credit Mutuel Group
Compagnie Financiere du Credit Mutuel      BBB+            A-
Banque Federative du Credit Mutuel         BBB+            A-
Cofidis S.A.                               BBB             BBB+
Caisse Federale du Credit
Mutuel Nord Europe                         BBB+            A-
Credit Suisse                              BBB+            A-
Credit Suisse Group                        BBB             BBB+
Danske Bank A/S                            BBB             A-
Deutsche Bank AG                           BBB+            A-
Deutsche Bank Trust Corp.                  BBB             BBB+
Deutsche Postbank AG                       BB+             BBB
DnB NOR Bank ASA                           BBB+            A
DZ BANK AG Deutsche
Zentral-Genossenschaftsbank                BBB+            A-
EFG Eurobank Ergasias S.A.                 BB+             BBB
Eksportfinans ASA                          A               AA-
F. van Lanschot Bankiers N.V.              BBB             BBB+
HSBC Bank PLC                              A               A+
HSBC Holdings PLC                          A-              A
ING Bank N.V.                              BBB+            A
ING Groep N.V.                             BBB             A-
ING Verzekeringen N.V.                     BBB             A-
Intesa Sanpaolo SpA                        BBB+            A
Centro Leasing Banca SpA                   BBB-            BBB
Irish Life & Permanent PLC                 BB              BBB-
KBC Bank N.V.                              BB+             BBB
National Bank of Greece S.A.               BB              BBB-
Nationwide Building Society                BBB+            A-
NIBC Bank N.V.                             BB              BBB-
Nordea Bank AB                             A-              A
Piraeus Bank S.A.                          BB              BBB-
Pohjola Bank PLC                           A-              A
Cooperatieve Centrale
  Raiffeisen-Boerenleenbank B.A.
  Rabobank Nederland)                      AA-             AA
Raiffeisen Zentralbank Oesterreich         BBB-            BBB+
SNS Bank N.V.                              BBB-            BBB+
SNS REAAL N.V.                             BB+             BBB
Societe Generale                           A-              A
Standard Chartered Bank                    BBB+            A-
Standard Chartered PLC                     BBB             BBB+
Svenska Handelsbanken                      A-              A
Sveriges Bostadsfinansieringsaktiebolag,
SBAB (publ)                                BBB             A-
Swedish Export Credit Corp.                A               AA-
UBS AG                                     BBB-            BBB+
UniCredit Banca SpA                        BBB             BBB+
UniCredit Bank Austria AG                  BBB             BBB+
Bayerische Hypo- und Vereinsbank AG        BBB             BBB+
Unione di Banche Italiane Scpa             BBB             BBB+
Veneto Banca Holdings S.C.P.A.             BB+             BBB-
Yorkshire Building Society                 BBB             BBB+


        NB. This list does not include all ratings affected.


* S&P Takes Rating Actions on 212 European Synthetic CDO Tranches
-----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
212 European synthetic collateralized debt obligation tranches.

Specifically, the ratings on:

  -- 146 tranches were lowered;

  -- 62 tranches were lowered and remain on CreditWatch negative;
     and

  -- four tranches were raised.

Of the 208 tranches lowered and/or placed on CreditWatch negative:

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

  -- 187 have experienced corporate downgrades in their portfolio.

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

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

          Downgrades Upgrades
          (no. of    (no. of   Key corporate
          tranches)  tranches) downgrades*
          ---------- --------- -------------
  Jul-08  44         41        Radian Asset Assurance Inc.
                               (AA/Watch Neg to A/Watch Neg)
                               June 16, 2008
                               Countrywide Home Loans, Inc.
                               (BB+/Watch Dev to AA/Negative)
                               July 1, 2008
  Aug-08  75         27        Residential Capital, LLC
                               (SD to CCC+/Negative)
                               July 15, 2008
                               Louisiana-Pacific Corp.
                               (BBB-/Negative to BB+/Watch Neg)
                               July 29, 2008
  Sep-08  38         0         Radian Group Inc.
                               (BBB/Watch Neg to BB+/Negative)
                               Aug. 26, 2008
                               PMI Group Inc.
                               (BBB+/Negative to BBB-/Watch Neg)
                               Aug. 26, 2008
  Oct—08  77         0         Lehman Brothers Inc.
                               (A+/Negative to A+/Watch Neg)
                               Sept. 9, 2008
                               (A+/Watch Neg to BB-/Watch Dev)
                               Sept. 15, 2008
                               (BB-/Watch Dev to D)
                               Sept. 23, 2008
                               Washington Mutual, Inc.
                               (BBB-/Negative to BB-/Negative)
                               Sept. 15, 2008
                               (BB-/Negative to CCC/Negative)
                               Sept. 24, 2008
                               (CCC/Negative to D)
                               Sept. 26, 2008
                               American International Group Inc.
                               (AA-/Watch Neg to A-/Watch Neg)
                               Sept. 15, 2008
  Nov—08 791         0         Fortis N.V.
                               (A-/Developing to
                               BBB-/Watch Neg)
                               Oct. 6, 2008
                               Glitnir Bank
                               (CCC/Watch Neg to D)
                               Oct. 9, 2008
  Dec-08 396         8         Residential Capital, LLC
                               (CCC-/Negative to CC/Watch Neg)
                               Nov. 20, 2008
                               Financial Guaranty Insurance Co.
                               (BB/Watch Neg to CCC/Negative)
                               Nov. 24, 2008
                               Clear Channel Communications Inc.
                               (B to CC)
                               Dec. 5, 2008
  Jan-09 253         2         Citigroup Inc.
                               (AA-/Watch Neg to A/Stable)
                               Dec. 19, 2008
                               Morgan Stanley
                               (A+/Negative to A/Negative)
                               Dec. 19, 2008
  Feb-09 344         1         MBIA Inc.
                               (A-/Negative to BB+/Negative)
                               Feb. 18, 2009
                               MBIA Insurance Corp.
                               (AA/Negative to BBB+/Negative)
                               Feb. 18, 2009
  Mar-09 208         4         MGIC Investment Corp.
                               (BB+/Watch Neg to CCC/Negative)
                               March 13, 2009
                               MGM MIRAGE
                               (B/Watch Neg to CCC/Negative)
                               March 19, 2009

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

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements made
on March 25, 2009.

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

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

                          What Is SROC?

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

June 10-13, 2009
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     25th Annual Bankruptcy & Restructuring Conference
        The Ritz-Carlton Orlando Grande Lakes
           Orlando, Florida
              Contact: http://www.aria.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *