TCREUR_Public/090413.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, April 13, 2009, Vol. 10, No. 71

                            Headlines

A U S T R I A

ENERGIESPARHAUSER LLC: Claims Registration Period Ends April 14
GAILER & FON: Claims Registration Period Ends April 14
IMIS LLC: Claims Registration Period Ends April 15
LWS LLC: Claims Registration Period Ends April 14
MOBILENOVA LLC: Claims Registration Period Ends April 16

MPG METALLBAU: Claims Registration Period Ends April 14
OFFE LLC: Claims Registration Period Ends April 15
WOHNBAU ROMBERGER: Claims Registration Period Ends April 15


B E L G I U M

FORTIS BANK: Commission Opens In-Depth Probe Into Alleged Aid


E S T O N I A

* Fitch Cuts Estonia's Long-term Foreign Currency IDR to 'BBB+'


F R A N C E

CASINO GUICHARD-PERRACHON: Fitch Affirms 'BB+' Preferred Ratings
NATIXIS: Fitch Affirms Individual Rating at 'E'
PERNOD RICARD: Sells Wild Turkey; Mulls EUR1 Bil. Rights Issue
PERNOD RICARD: Rights Issue Impact Moderately Positive, Fitch Says


G E O R G I A

* Fitch Affirms Individual Ratings on Four Georgian Banks


G E R M A N Y

KARMANN: Files for Insolvency, Can't Fund Massive Layoff Plan
MASCHINENFABRIK EXNER: Claims Registration Period Ends May 28
MEDIENHAUS MINTZEL: Claims Registration Period Ends May 29
MUREK FASHION: Claims Registration Period Ends May 15
NOVUM STAHLVERARBEITUNGS: Claims Registration Period Ends May 14

PAGODA CENTRO: Claims Registration Period Ends May 14
PANGA DEUTSCHLAND: Claims Registration Period Ends April 25
SSW SCHICHAU: Investors Submit Rescue Plan
TUI AG: Moody's Downgrades Corporate Family Rating to 'B2'


I C E L A N D

TRYGGINGAMIDSTODIN HF: S&P Retains Negative Watch on 'BB' Rating

* ICELAND: Gov't Welcomes UK's Icelandic Banking Crisis Report


I R E L A N D

ALLIED IRISH: Fitch Puts 'D' Individual Rating on Negative Watch
CAIRN HIGH: S&P Junks Ratings on Three Classes of Notes
IRIS SPV: S&P Raises Rating on US$15 Mil. Notes from 'BB-'

* Moody's Takes Multiple Rating Actions on 12 Irish Banks
* IRELAND: Corporate Failures Up 170% in First Quarter 2009


K A Z A K H S T A N

ABSINTH GROUP: Creditors Must File Claims by May 8
ARENA-PV LLP: Creditors Must File Claims by May 8
AZIMPEX LLP: Creditors Must File Claims by May 8
BIRLIK LLP: Creditors Must File Claims by May 8
DEKA GROUP: Creditors Must File Claims by May 8

DEKOR STYLE: Creditors Must File Claims by May 8
JIHAN XXI: Creditors Must File Claims by May 8
KAMAS LLP: Creditors Must File Claims by May 8
ORDA CREDIT: S&P Affirms 'CCC+/C' Counterparty Credit Rating
SERVICE BAGAJ: Creditors Must File Claims by May 8

USTA ART LLP: Creditors Must File Claims by May 8


K Y R G Y Z S T A N

KAMI LTD: Creditors Must File Claims by April 17
STAL INVEST: Creditors Must File Claims by April 17


L A T V I A

NORVIK BANKA: Fitch Downgrades Individual Rating to 'D/E'

* Fitch Corrects Release on Latvia's Rating Downgrade


L I T H U A N I A

BANKAS SNORAS: Fitch Downgrades Individual Rating to 'D/E'
LATVIJAS KRAJBANKA: Fitch Lowers Individual Rating to 'D/E'

* Fitch Cuts Lithuania's Long-term Foreign Currency IDR to 'BBB+'


L U X E M B O U R G

BREEZE FINANCE: Fitch Downgrades Rating on Class B to 'B+'


N E T H E R L A N D S

FORTIS BANK: S&P Cuts Junior Ratings on EUR2 Bil. Notes to 'BB-'
LEVERAGED FINANCE: S&P Cuts Rating on Class IV Notes to 'BB+'


R U S S I A

BELGAZPROMBANK: Fitch Lifts Individual Rating to 'D/E'
CENTERTELECOM OAO: Fitch Lifts LT Issuer Default Rating to 'B+'
CONSTRUCTION COMPANY: Court Names Temporary Insolvency Manager
IZHEVSKIY AUTOREPAIR: Creditors Must File Claims by May 27
IZOPLAST: Creditors Must File Claims by April 27

MECHEL OAO: Shareholders Sue Firm on "False" Fin'l Statements
MIR DEREVA: Creditors Must File Claims by May 27
NAV-DREV: Creditors Must File Claims by April 27
OM-STROY: Creditors Must File Claims by April 27
RG BRANDs: Moody's Downgrades Corporate Family Rating to 'B3'

SHULGINSKIY BREWERY: Creditors Must File Claims by April 27
SIB-ENERGO-PROM: Altayskiy Bankruptcy Hearing Set September 9
SISTEMA-HALS JSC: Fitch Puts 'B' Issuer Rating on Evolving Watch
STROY-AS: Creditors Must File Claims by May 27
TRANSCREDITBANK: Moody's Changes Outlook on 'D-' BFSR to Negative

UC RUSAL: Creditors Shun Holding Co.'s Debt-for-Shares Proposal
URAL-LES: Creditors Must File Claims by May 27
VOLGA-TECH-PROM: Creditors Must File Claims by April 27
YUZHNO URALSKIY: Creditors Must File Claims by April 27

* Fitch Cuts Individual Ratings on 5 Foreign-Owned Russian Banks
* RUSSIA: Overdue Loans Increasing 20% a Month, Sberbank CEO Says


S P A I N

CM BANCAJA: Fitch Puts 'CC'-Rated Class E Notes on Watch Negative
METROVACESA SA: Owner Inks Debt Refinancing Deal
METROVACESA SA: To Review Demerger Deal With French Affiliate


S W E D E N

GENERAL MOTORS: Creditors to Decide on Saab Fate Today


S W I T Z E R L A N D

BAUHOF ARCHITEKTEN: Creditors Must File Claims by April 17
GST GREPPER: Deadline to File Proofs of Claim Set April 20
HUMLEN TRADING: Creditors Have Until April 20 to File Claims
IPFS JSC: Proof of Claim Filing Deadline is April 22

M&V ADMINISTRATORS: Creditors' Proofs of Claim Due by April 20
MARTIN LEHNER: April 20 Set as Deadline to File Claims
MORKER COACHING: Creditors Must File Proofs of Claim by April 20
OVAG INTERNATIONAL: Deadline to File Claims Set April 22
PROXIMUS HELVETICA: Creditors Have Until April 17 to File Claims

STAHLIMPEX LLC: Proof of Claim Filing Deadline is April 20
UBS AG: Bans Managers from Travelling Abroad Amid US Fraud Probe


U K R A I N E

AMIK LLC: Creditors Must File Claims by April 20
ATIKA-DESIGN LLC: Creditors Must File Claims by April 19
AZOV PHARMACEUTICAL: Court Starts Bankruptcy Procedure
DONETSKSTEEL CJSC: Fitch Junks Issuer Default Ratings from 'B-'
EOM INFORM: Court Starts Bankruptcy Supervision Procedure

I. L. Z. FRUIT: Creditors Must File Claims by April 19
KRASNY LUCH: Creditors Must File Claims by April 19
LAN LLC: Creditors Must File Claims by April 20
SMOLINE AGRICULTURAL: Creditors Must File Claims by April 19
SVETLANA LLC: Creditors Must File Claims by April 19

ZACHEPILOVKA MILK: Creditors Must File Claims by April 19


U N I T E D   K I N G D O M

ARGON CAPITAL: Moody's Cuts Rating on GBP750 Mil. Notes to 'Ba2'
CYCLONE MOBILITY: Appoints Administrators from Tenon Recovery
DUFFS 93 LTD: Appoints Joint Administrators from Baker Tilly
G H LUCAS: Taps Joint Administrators from PKF
HENG JIA RETAIL: Brings in Administrators from Tenon Recovery

MINDTRACK LTD: Taps Joint Administrators from Baker Tilly
RETAIL INSPIRATION: Taps Administrators from Tenon Recovery
ROBERT DYAS: Management Team Completes Buyout
ROYAL MAIL: European Commission Approves UK Loan Measures
STANFORD GROUP: London Judge Orders Freeze on Assets

TAYLOR WIMPEY: Fitch Maintains 'CCC' Senior Unsecured Rating
TURBO BETA: Moody's Downgrades Corporate Family Rating to 'B3'
VEHICLE OPTIONS: Provisional Liquidator Appointed
WHITERIGG ALPINES: In Administration; KPMG Appointed

* UK: Independent Music Stores Down to 300, ERA Says
* UK: Landlords Agree Ten Point Plan to Help Retailers Cut Costs
* U.K.: GDP Shrank 1.5% in First Quarter
* CBI: Credit Crunch Maybe Becoming Less Severe for UK Businesses
* S&P Takes Rating Actions on 481 European Synthetic CDO Tranches

* BOND PRICING: For the Week April 6 to April 9, 2009


                         *********


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


ENERGIESPARHAUSER LLC: Claims Registration Period Ends April 14
--------------------------------------------------------------
Creditors owed money by LLC Vertriebsgesellschaft fuer
Energiesparhauser (FN 134237h) have until April 14, 2009, to file
written proofs of claim to the court-appointed estate
administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 5, 2009, for the
examination of claims at:

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on March 5, 2009, (Bankr. Case No. 14 S 41/09h).


GAILER & FON: Claims Registration Period Ends April 14
------------------------------------------------------
Creditors owed money by LLC Gailer & Fon (FN 137397f) have until
April 14, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Herbert Steinwandter
         Peraustrasse 9
         9500 Villach
         Austria
         Tel: 04242/28 122
         Fax: 04242/28122-22
         E-mail: villach@reifundpartner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on April 20, 2009, for the
examination of claims at:

         Land Court of Klagenfurt (729)
         Meeting Room 225
         Klagenfurt
         Austria

Headquartered in Villach, Austria, the Debtor declared bankruptcy
on March 11, 2009, (Bankr. Case No. 41 S 39/09x).


IMIS LLC: Claims Registration Period Ends April 15
--------------------------------------------------
Creditors owed money by LLC Imis (FN 252924y) have until April 15,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 01/713 44 33
         Fax: 01/713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on April 29, 2009, for the
examination of claims at:

         Land Court of Korneuburg (119)
         Room 204
         Korneuburg
         Austria

Headquartered in Schwechat, Austria, the Debtor declared
bankruptcy on March 12, 2009, (Bankr. Case No. 36 S 35/09b).


LWS LLC: Claims Registration Period Ends April 14
-------------------------------------------------
Creditors owed money by LLC LWS (FN 298099g) have until April 14,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Bernhard Hundegger
         Peraustrasse 33 Parterre
         9500 Villach
         Austria
         Tel: 04242/24 123
         Fax: 04242/23 447
         E-mail: kanzlei@rechtsanwalt-villach.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 21, 2009, for the
examination of claims at:

         Land Court of Klagenfurt (729)
         Meeting Room 225
         Klagenfurt
         Austria

Headquartered in Hermagor, Austria, the Debtor declared bankruptcy
on April 14, 2009, (Bankr. Case No. 40 S 16/09g).


MOBILENOVA LLC: Claims Registration Period Ends April 16
--------------------------------------------------------
Creditors owed money by LLC Mobilenova (FN 289898x) have until
April 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Michael Zerobin
         Herzog-Leopold-Str. 2
         2700 Wiener Neustadt
         Austria
         Tel: 02622/86472
         Fax: 02622/86472-4
         E-mail: anwalt@zerobin.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 30, 2009, for the
examination of claims at:

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

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on March 16, 2009, (Bankr. Case No. 10 S 30/09d).


MPG METALLBAU: Claims Registration Period Ends April 14
-------------------------------------------------------
Creditors owed money by LLC MPG Metallbau (FN 279910h) have until
April 14, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Gabriella Bardel
         Hoher Platz 17
         9400 Wolfsberg
         Austria
         Tel: 04352/2274
         Fax: 04352/227416
         E-mail: ra.gabriella@bardel.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 21, 2009, for the
examination of claims at:

         Land Court of Klagenfurt (729)
         Meeting Room 225
         Klagenfurt
         Austria

Headquartered in St. Stefan, Austria, the Debtor declared
bankruptcy on March 5, 2009, (Bankr. Case No. 40 S 14/09p).


OFFE LLC: Claims Registration Period Ends April 15
--------------------------------------------------
Creditors owed money by LLC Offe (FN 204489w) have until April 15,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Richard Proksch
         Am Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 01/713 46 51
         Fax: 01/713 84 35
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on April 29, 2009, for the
examination of claims at:

         Land Court of Korneuburg (119)
         Room 204
         Korneuburg
         Austria

Headquartered in Gallbrunn, Austria, the Debtor declared
bankruptcy on March 12, 2009, (Bankr. Case No. 36 S 33/09h).


WOHNBAU ROMBERGER: Claims Registration Period Ends April 15
-----------------------------------------------------------
Creditors owed money by LLC Wohnbau Romberger (FN 116054v) have
until April 15, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Franz Mitterbauer
         Wiesnerstr. 2
         4950 Altheim
         Austria
         Tel: 07723/41 141
         Fax: 07723/41 141-14
         E-mail: amp.altheim@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on April 22, 2009, for the
examination of claims at:

         Land Court of Ried im Innkreis (469)
         Hall 101
         Ried im Innkreis
         Austria

Headquartered in Gurten, Austria, the Debtor declared bankruptcy
on March 5, 2009, (Bankr. Case No. 17 S 14/09d).


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


FORTIS BANK: Commission Opens In-Depth Probe Into Alleged Aid
-------------------------------------------------------------
The European Commission has opened an in-depth investigation under
EC Treaty state aid rules to establish whether state measures in
favour of Fortis Bank Nederland (FBN) and the activities of ABN
Amro which were acquired by Fortis are in line with EU state aid
rules.  On October 3, 2008, the Dutch state purchased FBN and
provided it with loans amounting to tens of billion of euros.  On
December 24, 2008, the Dutch state purchased the ABN activities
from FBN.  At this stage, the Commission has reason to believe
that the measures may not be in line with its Communications on
state aid to banks during the crisis.  In particular, the temporal
scope and remuneration of the loan facilities and the purchase
price of the ABN activities do not seem to meet the criteria set
by the Commission.  The opening of an in-depth investigation gives
interested parties an opportunity to comment on the proposed
measure.  It does not in any way prejudge the outcome of the
procedure.

Competition Commissioner Neelie Kroes said: "The Dutch state was
justified in intervening to prevent the bankruptcy of Fortis Bank
Nederland, which would have caused a serious disturbance of the
Dutch economy.  However, the Commission has to ensure that the
rescue aid was limited to the minimum necessary and did not create
undue distortions of competition liable to cause problems for
banks in other Member States."

Before its purchase by the Dutch state, FBN was a subsidiary of
Fortis Bank.  When the latter acquired the Dutch retail, private
and merchant banking activities of ABN AMRO, it harbored them
within FBN.  Without considering the ABN activities, FBN was the
fourth largest bank on the Dutch retail and merchant market.

In response to the acute difficulties faced by Fortis Bank, which
were directly threatening its subsidiary FBN, the Dutch state
purchased the latter on October 3, 2008, and immediately provided
a loan facility of tens of billions of euros allowing it to
reimburse its short term debt to Fortis Bank.  Thereby, FBN was
effectively separated from Fortis Bank.

The Commission's preliminary view is that this facility
constitutes state aid to FBN and potentially also to the ABN
activities.  At this stage, the Commission has reason to believe
that this aid may not fulfil the conditions laid down in the
Communication on how the state aid rules apply to banks during the
current crisis.  In particular, it doubts that the amount and
duration of the facility is limited to the minimum.  Moreover, the
Commission has doubts that the interest charged by the state is
sufficient to avoid distortions of competition and does not merely
provide cheap funding to FBN and the ABN assets.

The Commission will also investigate thoroughly the purchase of
the ABN activities from FBN for a price of EUR6.5 billion on
December 24, 2008.  The price paid by the Dutch state may have
been above the market value of these activities, thereby providing
an aid to FBN.  It seems that this measure actually had the effect
of a recapitalization of FBN. The Commission doubts whether the
condition for recapitalizing banks are fulfilled.

Finally, the Commission is in close contact with the Dutch
authorities on the implementation of its merger decision in the
Fortis/ABN AMRO case.

                     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).


=============
E S T O N I A
=============


* Fitch Cuts Estonia's Long-term Foreign Currency IDR to 'BBB+'
---------------------------------------------------------------
This comment corrects a version published earlier.  Fitch has
downgraded Latvia's Long-term Issuer Default Rating to 'BB+', and
not to 'BB-' (BB minus) as was incorrectly stated in one place in
the prior comment.  The corrected comment is:

Fitch Ratings has downgraded the Long-term foreign and local
currency Issuer Default ratings and the Short-term foreign
currency IDRs of Estonia, Latvia and Lithuania by one notch.  The
Long-term foreign currency IDRs are now 'BBB+', 'BB+' and 'BBB'
respectively.

The downgrade of Latvia's ratings reflects the deterioration in
the prospects for the Latvian economy and elevated risk of policy
slippage since the agreement of the EUR7.5 billion loan package
with the IMF, EU and other international lenders in December 2008.
The downgrade of Estonia's and Lithuania's ratings reflects the
deterioration in economic prospects which will increase pressure
on their macroeconomic policy frameworks.  It also reflects their
vulnerability to negative developments in Latvia, where risks have
increased, through three channels: trade, common ownership of the
banking system and resident confidence in local currencies and the
banking system.  While the devaluation of the Latvian LVL is not
Fitch's base case, such an event would increase pressure on the
Lithuanian LTL and the Estonian EEK.

Fitch has also downgraded Estonia and Lithuania's Country Ceilings
by one notch and Latvia's Country Ceiling by two notches.  The
Outlooks on the Long-term ratings remain Negative.

Fitch is forecasting that the Latvian economy will contract by 12%
in 2009, making it much harder for the government to implement its
target budget deficit of 4.7% of GDP, which it passed on the
assumption of a 5% contraction.  On unchanged policies, Fitch
estimates that the budget deficit could rise to 10% of GDP in
2009.

Austerity measures implemented following the agreement with the
IMF, EU and other international lenders in December 2008
contributed to a public backlash culminating in demonstrations in
Riga in mid-January 2009 which led to the collapse of the four-
party coalition government led by Prime Minister Ivars Godmanis in
February.  A new five-party coalition government led by former
opposition party "New Era" took office in March 2009, but is only
planning to submit draft budget amendments to parliament by late
May.  This lack of progress in revising the budget has led to the
IMF delaying the disbursement of the EUR200 million tranche of
funds which was scheduled for payment in Q109.  Fitch is concerned
that the risk to policy implementation has risen, which could lead
to delays in the disbursement of the EUR1.7 billion Latvia is
scheduled to receive from international lenders in Q209.

While still not Fitch's base case scenario, the risk of
devaluation in Latvia has risen as the implementation of the IMF
programme has come under pressure.  Devaluation would be severely
negative given the high level of external debt (128% of GDP at
end-2008) and the high proportion of foreign currency bank loans.
Nevertheless, retaining the peg to the euro requires substantial
falls in nominal wages to restore competitiveness, particularly as
the flexible currencies of some non-Baltic neighboring countries
have depreciated, while the global recession is hitting exports,
making macroeconomic re-balancing more difficult.

Fitch has downgraded Latvia's Country Ceiling by two notches to
'BBB'.  The Country Ceiling is now two notches above the foreign
currency IDR.  The narrowing of the differential reflects a
slightly larger increase in the risk of external financial
pressures that could prompt sovereign actions to restrict private
capital flows.

Given the deterioration in economic prospects in Estonia and
Lithuania, it will be harder for their governments to implement
their adopted budget deficit targets of 2.9% of GDP and 2.1% of
GDP respectively.  Both countries are keen to keep their budget
deficits below 3% of GDP to ensure compliance with the Maastricht
criteria on public finances so they can adopt the euro as soon as
possible.

Fitch is now forecasting that the Lithuanian economy will contract
by 10% in 2009, compared to its forecast of a 5% contraction in
December 2008, when it downgraded Lithuania's foreign currency IDR
to 'BBB+'.  Following the implementation of measures to cut
expenditure and raise revenues as pledged in December 2008, the
Conservative-led government agreed earlier in April to cut budget
expenditure by a further 3.5% of GDP and will submit proposals to
revise the budget to parliament in April, with further expenditure
cuts possible in June.  However, Fitch notes that the
implementation of austerity measures in December 2008 led to
public protests against the government and the risk of a public
backlash against further budget cuts may constrain the
government's room for maneuver.

The Estonian economy contracted by 3.6% in 2008 (and 17.2% in Q408
on a quarter-on-quarter annualized basis) and Fitch is forecasting
that it will contract by 10% in 2009.  The general government
budget deficit was 3% of GDP in 2008, although a supplementary
budget passed in early 2008 revised the budget target to balance
from a 1% of GDP surplus.  The government passed the 2009 budget
with a target deficit of 1.7% of GDP but subsequently widened the
target to 2.9% of GDP with a supplementary budget in February 2009
which made expenditure cuts of around 3.5% of GDP.  However, with
the economic downturn now more severe than expected, and revenues
falling below-target, the government is set to propose new
expenditure-cutting measures by the end of April 2009.  Fitch
believes that further measures to improve the budgetary position
will be difficult to implement and the budget deficit may well
rise above the targeted 2.9% of GDP.  Fitch notes that the
Estonian government's general government fiscal reserves of 9% of
GDP at end-2008 mean it has the flexibility of financing at least
part of its budget deficit.  Its low general government debt level
of 4.8% of GDP at end-2008 is a support to the rating.

Fitch notes that imbalances in all three Baltic countries are
being unwound.  Current account deficits in Q408 narrowed to 5.5%
of GDP in Estonia, 3.8% of GDP in Lithuania and 8.3% of GDP in
Latvia and Fitch is forecasting current account deficits in the
low single-digits for all three countries in 2009.  Inflation
rates are also declining with year-on-year inflation falling to
2.0% in Estonia in March 2009, and 8.5% in Lithuania and 9.4% in
Latvia in February 2009 (from respective peaks of 11.6%, 12.7% and
17.7% during 2008).  Nevertheless, this rebalancing is taking a
toll on the real economy through falling property prices,
deteriorating bank asset quality and rising unemployment and will
increase political pressure on governments as they seek to impose
fiscal austerity measures.  Furthermore, all three Baltic
countries' near-term external financing requirements remain high:
Fitch estimates that short-term debt at end-2008 and medium and
long-term amortization for 2009 (albeit much of this is to foreign
parent banks) is US$16.7 billion in Latvia, compared to
international reserves of US$5.3 billion at end-2008; US$15.5
billion in Estonia, compared to reserves of US$3.9 billion and
US$13.5 billion in Lithuania compared to reserves of US$6.4
billion.

Estonia:

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from 'A-
     ' (A minus). Outlook Negative

  -- Long-term local currency IDR: downgraded to 'A-' (A minus)
     from 'A'. Outlook Negative

  -- Short-term foreign currency IDR downgraded to 'F2' from 'F1'

  -- Country Ceiling: downgraded to 'A+' from 'AA-' (AA minus)

Latvia:

  -- Long-term foreign currency IDR: downgraded to 'BB+' from
     'BBB-' (BBB minus). Outlook Negative

  -- Long-term local currency IDR: downgraded to 'BBB-' (BBB
     minus) from 'BBB'. Outlook Negative

  -- Short-term foreign currency IDR: downgraded to 'B' from 'F3'

  -- Country Ceiling: downgraded to 'BBB' from 'A-' (A minus)

Lithuania:

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'. Outlook Negative

  -- Long-term local currency IDR: downgraded to 'BBB+' from 'A-'
     (A minus). Outlook Negative

  -- Short-term foreign currency IDR: downgraded to 'F3' from
     'F2'.

  -- Country Ceiling: downgraded to 'A' from 'A+'


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


CASINO GUICHARD-PERRACHON: Fitch Affirms 'BB+' Preferred Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Casino Guichard-Perrachon SA's Long-
term Issuer Default rating and senior unsecured rating at 'BBB-'
(BBB minus) and Short-term IDR at 'F3'.  Fitch also affirmed
Casino's EUR600 million perpetual preferred constant maturity swap
securities at 'BB+'.  The Outlook for the Long-term IDR is Stable.

"Casino's ratings reflect the group's overall business performance
resilience, thanks to its multi-format strategy, private label
development and a more focused international portfolio of
activities," said Johnny Da Silva, Director in Fitch's European
Retail Leisure Consumer Products team.  "The group's adjusted
leverage remains high due to its EUR1.5 billion off-balance sheet
obligations and therefore, Fitch sees low rating headroom at the
current rating."

The French food retail market continues to be difficult due to a
weak economic environment, price deflation and competition among
main food retailers.

In France, most of Casino's retail formats have performed in line
with management's expectations and have shown resilience, thanks
to the group's multi-format strategy.  However, Fitch expects that
the economic outlook, intense price competition and the
implementation of the recent French Law "LME" to put pressure on
the group's domestic revenue and operating margin in 2009.

Casino has refocused its international portfolio (29% of the
group's FY08 operating profit) mainly towards Brazil, Colombia and
Thailand, where the group enjoys strong market positions.  Key
challenges for the group's international portfolio include
consolidating leading positions and managing country risks.

Casino's financial profile was stable at FYE08, with net
debt/EBITDA unchanged at 2.5x.  The group aims to reduce the ratio
to 2.2x at end-2010.  The group's lease-adjusted net debt/EBITDAR
also remained broadly stable at 3.8x at FYE08 (FYE07: 3.7x).
Fitch's calculation of these ratios includes adjustments of EUR163
million for the group's securitized assets, EUR300 million related
to its deeply subordinated notes, EUR259 million for the equity
swap with Exito and EUR460 million of annual operating leases that
Fitch capitalizes.

Fitch also computes and monitors an all-in leverage ratio
encompassing all of Casino's off-balance sheet obligations (mainly
put options).  This all-in debt/EBITDAR ratio deteriorated
slightly to 4.2x at FYE08 (FYE07: 4x) due to increased operating
leases and increased value of the Monoprix put option at EUR1.2
billion at FYE08 (versus EUR850 million in FYE07).  Fitch sees
this adjusted leverage ratio high for the current rating but is
reassured by the group's EUR1 billion asset disposal that should
be completed by end-2010 and by the reduced capex to EUR800
million announced in March 2009.  These measures should help
improve its credit metrics over the next two years.

Casino has adequate liquidity to meet its off-balance sheet
obligations with cash and equivalent of about EUR1.5 billion (net
of overdrafts) and undrawn bank facilities of about EUR2 billion
as of FYE08.  In Fitch's view, Casino's parent company, Rallye,
presently has sufficient liquidity to service its debt obligation
with no debt maturing in 2009.  The agency does not expect Rallye
to significantly constrain Casino's de-leveraging financial policy
in the near term.

The ratings could come under pressure if the group's overall
operating performance in 2009 worsens more than in Q408, or if the
group fails to improve its adjusted debt ratio.


NATIXIS: Fitch Affirms Individual Rating at 'E'
-----------------------------------------------
Fitch Ratings has revised the Support Rating Floors assigned to
Credit Agricole (and its central body Credit Agricole S.A.), BNP
Paribas, Societe Generale, Groupe Caisse d'Epargne (and its
central body Caisse Nationale des Caisses d'Epargne et de
Prevoyance) and Groupe Banque Populaire (and its central body
Banque Federale des Banques Populaires) to 'A+' from 'A-' (A
minus).  The agency has simultaneously removed the Rating Watch
Negative on GCE's, CNCE's, GBP's and BFBP's Long-term Issuer
Default Ratings of 'A+', and upgraded GCE's, CNCE's, GBP's and
BFBP's Short-term IDRs to 'F1+' from 'F1'.  As a result of these
rating actions, Fitch has also taken these rating actions in
respect of the above-mentioned banks and their affiliates.

BNP Paribas:

  -- Long-term IDR: affirmed at 'AA'; Negative Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual Rating: affirmed at 'B'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: revised to 'A+' from 'A-' (A minus)
  -- Senior debt: affirmed at 'AA'
  -- Subordinated debt: affirmed at 'AA-' (AA minus)
  -- Short-term debt: affirmed at 'F1+'

BNP Paribas Capital Trust, Capital Trust III, Capital Trust IV and
Capital Trust VI:

  -- Preferred stock: affirmed at 'AA-' (AA minus)

BNP Paribas Public Sector SCF:

  -- Long-term IDR: affirmed at 'AA'; Negative Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'

BNP Paribas Finance Inc:

  -- Commercial paper: affirmed at 'F1+'

BNP Paribas US Medium Term Notes Program LLC:

  -- Senior debt: affirmed at 'AA'
  -- Short-term debt: affirmed at 'F1+'
  -- Subordinated debt: affirmed at 'AA-' (AA minus)

Societe Generale

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Negative Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual Rating: affirmed at 'B/C'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: revised to 'A+' from 'A-' (A minus)
  -- Senior debt: affirmed at 'AA-' (AA minus)
  -- Subordinated debt: affirmed at 'A+'
  -- Commercial paper: affirmed at 'F1+'
  -- Short-term debt: affirmed at 'F1+'

SG Capital Trust I and III:

  -- Preferred stock: affirmed at 'A+'

Societe Generale SCF:

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Negative Outlook

Credit Agricole:

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Stable Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual Rating: affirmed at 'B'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: revised to 'A+' from 'A-' (A minus)

Credit Agricole S.A.:

  -- Long-term IDR: affirmed at 'AA-' (AA minus); Stable Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: revised to 'A+' from 'A-' (A minus)
  -- Senior debt: affirmed at 'AA-' (AA minus)
  -- Subordinated debt: affirmed at 'A+'
  -- Short-term debt: affirmed at 'F1+'

CA Preferred Funding Trust I, II, & III:

  -- Preferred Stock: affirmed at 'A+'

Groupe Caisse d'Epargne :

  -- Long-term IDR: affirmed at 'A+'; removed from RWN; assigned a
     Stable Outlook

  -- Short-term IDR: upgraded to 'F1+' from 'F1'

  -- Individual Rating: affirmed at 'C/D'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: revised to 'A+' from 'A-' (A minus)

Caisse Nationale des Caisses d'Epargne et de Prevoyance:

  -- Long-term IDR: affirmed at 'A+'; removed from RWN; assigned a
     Stable Outlook

  -- Short-term IDR: upgraded to 'F1+' from 'F1'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: revised to 'A+' from 'A-' (A minus)

  -- Senior debt: affirmed at 'A+'; removed from RWN

  -- Dated subordinated debt: affirmed at 'A'; removed from RWN

  -- Undated subordinated debt: remain at 'BB+'; on RWN

  -- Commercial paper: upgraded to 'F1+' from 'F1'

  -- Senior ST notes: upgraded to 'F1+' from 'F1'

Natixis:

  -- Long-term IDR: affirmed at 'A+'; removed from RWN; assigned a
     Stable Outlook

  -- Short-term IDR: upgraded to 'F1+' from 'F1'

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '1'

  -- Senior debt: affirmed at 'A+'; removed from RWN

  -- Dated subordinated debt: affirmed at 'A'; removed from RWN

  -- Undated subordinated debt: remain at 'BB+'; on RWN

  -- Commercial paper: upgraded to 'F1+' from 'F1'

  -- Short-term notes: upgraded to 'F1+' from 'F1'

  -- Short-term guaranteed notes: upgraded to 'F1+' from 'F1'

Natixis (Commitments Guaranteed by CDC):

  -- Senior notes: affirmed at 'AAA'
  -- CP: affirmed at 'F1+'

Natixis (Commitments Guaranteed by CNCE):

  -- Senior notes: affirmed at 'A+'; removed from RWN

NBP Capital Trust I:

  -- Preferred stock: Remain at 'BB+'; on RWN

Credit Foncier de France:

  -- Long-term IDR: affirmed at 'A+'; removed from RWN; assigned a
     Stable Outlook

  -- Short-term IDR: upgraded to 'F1+' from 'F1'

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: affirmed at '1'

  -- Senior notes: affirmed at 'A+'; removed from RWN

  -- Subordinated notes: affirmed at 'A'; removed from RWN

  -- Obligations foncieres of Compagnie de Financement Foncier are
     not impacted

Banque Palatine:

  -- Long-term IDR: affirmed at 'A+'; removed from RWN; assigned a
     Stable Outlook

  -- Short-term IDR: upgraded to 'F1+' from 'F1'

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: affirmed at '1'

Groupe Banque Populaire:

  -- Long-term IDR: affirmed at 'A+'; removed from RWN; assigned a
     Stable Outlook

  -- Short-term IDR: upgraded to 'F1+' from 'F1'

  -- Individual Rating: affirmed at 'C/D'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: revised to 'A+' from 'A-' (A minus)

Banque Federale des Banques Populaires :

  -- Long-term IDR: affirmed at 'A+'; removed from RWN; assigned a
     Stable Outlook

  -- Short-term IDR: upgraded to 'F1+' from 'F1'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: revised to 'A+' from 'A-' (A minus)

  -- Senior debt: affirmed at 'A+'; removed from RWN

  -- Dated subordinated debt: affirmed at 'A'; removed from RWN

These GBP entities' Long-term IDRs of 'A+' have been removed from
RWN and assigned Stable Outlooks respectively.  Their Short-term
IDRs have been upgraded to 'F1+' from 'F1':

* Banque Populaire Atlantique
* Banque Populaire Bourgogne, Franche-Comte
* Banque Populaire Centre Atlantique
* Banque Populaire Cote d'Azur
* Banque Populaire d'Alsace
* Banque Populaire de l'Ouest
* Banque Populaire de Lorraine-Champagne
* Banque Populaire des Alpes
* Banque Populaire du Massif-Central
* Banque Populaire du Nord
* Banque Populaire du Sud
* Banque Populaire du Sud-Ouest
* Banque Populaire Loire et Lyonnais
* Banque Populaire Occitane
* Banque Populaire Provencale et Corse
* Banque Populaire Rives de Paris
* Banque Populaire Val-de-France
* BRED - Banque Populaire
* CASDEN - Banque Populaire
* Credit Cooperatif
* Groupe Credit Cooperatif
* Credit Maritime Mutuel
* Societe Centrale de Credit Maritime Mutuel

The ratings of the GBP entities listed above are being maintained
by Fitch as a service to investors.  GBP did not participate in
the rating process other than through the medium of its public
disclosure.


PERNOD RICARD: Sells Wild Turkey; Mulls EUR1 Bil. Rights Issue
--------------------------------------------------------------
Pernod Ricard said on Wednesday it has signed a definitive
agreement to sell its Wild Turkey American straight bourbon and
related businesses to Gruppo Campari for a total purchase price of
US$575 million to be paid in cash, or EUR433 million at current
exchange rate, representing approximately 10 times the brand's
historic contribution after advertising and promotion.

The transaction includes the Wild Turkey brands, along with
American Honey liqueur, distillery facilities in Kentucky and
related assets, together with aged bulk bourbon inventory.  It
also provides that Pernod Ricard will continue to distribute the
Wild Turkey brands in Australia and New Zealand, for a transitory
period, and in Japan, the second largest non-US market, pursuant
to distribution agreements with Campari.

The transaction is subject to antitrust approvals and is expected
to close in the second quarter.  BNP Paribas and J.P. Morgan acted
as financial advisors to Pernod Ricard and Debevoise & Plimpton
LLP acted as legal advisor.

The sale of Wild Turkey is an important part of the EUR1 billion
disposal plan of non strategic assets communicated after the Vin &
Sprit acquisition.  With the disposals of Glendronach, Cruzan,
Bisquit, as well as of the Serkova and Vin & Sprit brands sold at
the request of the competition authorities, the overall disposal
gross proceeds reach approximately EUR577 million as of Wednesday,
April 8.  The Group confirms its intention to complete this plan
within 12 months.

                      Rights Issue

Pernod Ricard intends to raise EUR1 billion in equity capital by
way of a rights issue ("augmentation de capital avec maintien du
droit preferentiel de souscription") in order to enable existing
shareholders to support the Group and preserve their interests.
Proceeds will be used to pay down debt.

The proceeds from the rights issue and the completion of the well-
advanced non strategic assets disposal plan will allow the Group
to strengthen its balance sheet and address the major part of its
refinancing needs until July 2013.  Besides, the rights issue will
allow for quicker decrease of the Group's Net Debt /EBITDA ratio
which will further reduce the syndicated loan margins.

Societe Anonyme Paul Ricard and its subsidiary Lirix have
confirmed their support to the rights issue and will subscribe
through a cash-neutral transaction ("operation blanche").

Groupe Bruxelles Lambert has also signaled its confidence in the
Group's outlook by indicating its intention to fully subscribe to
its pro rata share of the rights issue.

A group of banks is currently advising Pernod Ricard in connection
with the rights issue, which it intends to launch as soon as
possible, subject to both market conditions and agreement on final
terms by the Board of Directors.  It is also subject to the
granting of a visa by the French market regulator AMF on the
related prospectus.

               Full-year 2008/09 Dividend Policy

In line with the objective of strengthening the capital structure,
the Board of Directors intends to submit to the vote of the next
annual general meeting of shareholders the following full-year
2008/09 dividend policy:

    * Overall pay-out to shareholders equivalent to a third of net
      income from recurring operations, in keeping with the
      Group's long-term dividend policy

    * Cash dividend per share of EUR0.50 to be paid in July 2009,
      equivalent to roughly 38% of the EUR1.32 dividend paid for
      the 2007/08 fiscal year.  The remainder will be paid in the
      form of a free distribution of new shares issued through the
      capitalization of reserves, which will be proposed at the
      next annual shareholders' meeting.

                      Organic Sales Growth

As previously announced, Q3 2008/09 organic sales growth should be
negative.  As anticipated, growth was adversely impacted by one-
off technical items: Chinese New Year's Eve being later in the
year, increases in excise duties and a larger than anticipated de-
stocking from our wholesalers and distributors.  De-stocking is
the result of wholesalers and distributors reducing inventories
due to credit tightening but also due to Pernod Ricard's greater
focus on receivable risk management.

As a result, organic growth should be negative at around -13% for
Q3 2008/09.  This trend does not reflect demand from final
consumers as measured by consumer panels . Indeed, those panels
remained in line in 2009 with the trends observed during H1.

In this context, Pernod Ricard aims for organic growth in profit
from recurring operations of between +3% and +5% for the 2008/09
fiscal year (versus between +5% and +8% previously announced).

The successful integration of Vin & Sprit, the accelerated
implementation of synergies and an average cost of borrowing below
5% allow the Group to confirm its guidance of double-digit growth
in Group net profit from recurring operations, which for the first
time should exceed EUR1 billion over the full 2008/09 fiscal year,
based on exchange and interest rates as of March 30, 2009.

Pernod Ricard's target to achieve free cash flow from recurring
operations of close to EUR1 billion over the full 2008/09 fiscal
year is also confirmed.

Pierre Pringuet, Chief Executive Officer, said: "Confirmation of
our target for strong growth in net income despite current
environment demonstrates Pernod Ricard’s resilient business
profile".  He added: "By accelerating its deleveraging plan,
Pernod Ricard will enhance its financial flexibility for growth."

                    About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines.  The company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 25,
2009, Fitch Ratings affirmed French wine and spirit maker Pernod
Ricard SA's Long-term Issuer Default Rating and senior unsecured
rating at 'BB+' respectively.  The Short-term IDR was
affirmed at 'B'.  The Long-term IDR's Outlook remains Negative.


PERNOD RICARD: Rights Issue Impact Moderately Positive, Fitch Says
------------------------------------------------------------------
Fitch Ratings said French wine and spirit maker Pernod Ricard SA's
(Pernod; BB+; Negative Outlook) planned rights issue of EUR1
billion, combined with progress in its asset disposal program and
the decision to not pay in cash two thirds of the FY09 dividend,
would have a moderately positive impact on its credit profile when
completed.

Fitch calculates that the EUR1 billion rights issue and a one-off
EUR200 million cash saving on the FY09 dividend payment could
improve Pernod's leverage (net debt/EBITDA) by approximately 0.5x.
According to the agency's forecasts, this would bring forward by
almost one year management's plan to de-leverage to 4.5x-5x by
FYE10 and approximately 4x by FYE11.  As of December 2008, Pernod
had net debt of EUR13 billion, yielding an annualized and
seasonally adjusted net debt/EBITDA of approximately 6x, a level
which Fitch reiterates is incompatible with the current 'BB+'
rating.

"These measures represent a positive step by Pernod in the
direction of achieving their net debt targets," said Giulio
Lombardi, Senior Director in Fitch's European Retail, Leisure and
Consumer Products Group.  "However, the uncertainty surrounding
the timing and success of the rights issue, which is currently not
underwritten, and remaining asset disposals, combined with lower
than expected 3Q09 trading results, are reflected in Fitch's
existing concerns over Pernod's credit profile."

In its latest affirmation of Pernod's rating on February 23, 2009,
Fitch had said that "an additional factor underpinning the
affirmation of Pernod's ratings is that management has reinforced
its commitment to de-leverage and to achieve an investment-grade
rating through the announcement in October 2008 of a EUR1 billion
asset disposal program".

While the announcement of the sale of the Wild Turkey brand for
EUR433 million and the EUR1 billion rights issue confirm Pernod's
commitment, Fitch remains concerned about the evolution of the
company's profits amid subdued consumer confidence and disposable
income.  Over the past two quarters, these macroeconomic factors
have contributed to a sharp de-stocking process by wholesalers in
the important US market as well as stagnation in global
consumption of the more profitable above-premium spirits, causing
the two industry leaders, Diageo ('A'; Negative Outlook) and
Pernod, to revise down their profit guidance for FY09.

Fitch will reassess Pernod's credit profile when more details
about the timing of the rights issue and its terms are confirmed.


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


* Fitch Affirms Individual Ratings on Four Georgian Banks
---------------------------------------------------------
Fitch Ratings has placed the Long-term Issuer Default Ratings of
four Georgian banks - ProCredit Bank (Georgia) (Long-term foreign
currency IDR 'B+'), JSC VTB Bank (Georgia) ('B+'), Bank of Georgia
('B') and TBC Bank ('B') on Rating Watch Negative.  The rating
actions follow the placement of Georgia's sovereign Long-term
foreign and local currency IDRs of 'B+' on RWN.

The RWN on PCG's and VTBG's ratings reflects the potential for
Georgian transfer and convertibility risks to increase, and
therefore the Georgian Country Ceiling of 'B+' to be revised
lower, together with a downgrade of the sovereign ratings.  Higher
transfer and convertibility risks and a lower Country Ceiling
would indicate a weaker probability of these banks being able to
utilise financial support from their majority shareholders in
order to meet obligations to creditors.  The IDRs of PCG and VTBG
are driven by the potential for support from their majority
owners: Germany's ProCredit Holding AG (Long-term IDR 'BBB-' (BBB
minus)/Stable, Individual 'D'; 93.6% stake in PCG), and Russian
state-controlled JSC VTB Bank (Long-term IDR 'BBB'/Negative,
Individual 'C/D', 84.7% stake in VTBG).

The RWN on the ratings of BOG and TBC reflect the risk that a
sovereign downgrade would trigger a downgrade of these banks
because of a weakening of the Georgian authorities' ability to
provide support to them in case of need.  Fitch also notes that
material or prolonged political instability, which would increase
risks to capital inflows and economic stability, would not only be
likely to lead to a sovereign downgrade, but would also be
negative for the banking sector.  Additionally, Fitch is concerned
about deteriorating asset quality and the high level of foreign
currency lending at both BOG and TBC.  However, Fitch also notes
the banks' currently reasonable capital and liquidity positions.
As a result, the agency does not preclude the possibility of
affirming the Long-term IDRs of BOG and TBC even if the sovereign
is downgraded to 'B'.

Fitch will resolve the RWN on the four banks referenced in this
commentary after the resolution of the RWN on the sovereign and a
review of the financial positions of BOG and TBC at that time.

Rating actions:

ProCredit Bank (Georgia)

  -- Long-term foreign currency IDR of 'B+' put on RWN
  -- Long-term local currency IDR of 'BB-' (BB minus) put on RWN
  -- Short-term foreign and local currency IDRs affirmed at 'B'
  -- Support Rating affirmed at '4'
  -- Individual Rating affirmed at 'D'

JSC VTB Bank (Georgia)

  -- Long-term foreign currency IDR of 'B+' put on RWN
  -- Short-term foreign currency IDR affirmed at 'B'
  -- Support Rating affirmed at '4'
  -- Individual Rating affirmed at 'D/E'

Bank of Georgia

  -- Long-term foreign and local currency IDRs of 'B' put on RWN

  -- Senior unsecured debt rating of 'B' put on RWN; Recovery
     Rating at 'RR4'

  -- Support Rating Floor of 'B' put on RWN

  -- Support Rating of '4' put on RWN

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Individual Rating affirmed at "D"

TBC Bank

  -- Long-term foreign currency IDR of 'B' put on RWN
  -- Support Rating Floor of 'B' put on RWN
  -- Support Rating of '4' put on RWN
  -- Short-term foreign currency IDR affirmed at 'B'
  -- Individual Rating affirmed at 'D'


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


KARMANN: Files for Insolvency, Can't Fund Massive Layoff Plan
-------------------------------------------------------------
Christiaan Hetzner at Reuters reports Osnabrueck, Germany-based
independent contract carmaker and cabrio roof-top specialist
Karmann has filed for insolvency as it could not pay for a massive
layoff plan agreed with labor representatives.

The report notes that while the company presented a restructuring
plan in September 2008, deteriorating finances made it unable to
pay for a wave of 2,240 layoffs, half of its 4,460 German workers.

The company, as cited by the report, said "The sheer unexpected
drop in revenue led to the inability to finance the social plan
that was agreed with labor representatives."  The company, the
report discloses, generated revenue of EUR1.3 billion (US$1.72
billion) last year.

However, a spokesman said operations would continue at the company
since it had virtually no bank debt, the report discloses.

The report relates Karmann said in a staement "Together with the
court-appointed insolvency administrator, the goal will be to lead
the newly structured Karmann corporate group into a secure future
and save as many jobs as possible."


MASCHINENFABRIK EXNER: Claims Registration Period Ends May 28
-------------------------------------------------------------
Creditors of Gesellschaft mit beschrankter Haftung 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 8:50 a.m. on June 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany

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

The insolvency manager can be reached at:

         Manfred Gottschalk
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Maschinenfabrik Exner
         Gesellschaft mit beschrankter Haftung
         Ruesbergstr. 74
         58456 Witten
         Germany
         Attn: Magdalene Kienle und Werner Kienle


MEDIENHAUS MINTZEL: Claims Registration Period Ends May 29
----------------------------------------------------------
Creditors of Medienhaus Mintzel-Muench GmbH have until May 29,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. on June 30, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof
         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:

         Prof. Dr. Bernd Schneiderbanger
         Kreuzsteinstrasse 41
         95028 Hof
         Germany
         Tel: 09281/71550
         Fax: 09281/715555

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Medienhaus Mintzel-Muench GmbH
         Attn: Peter Glasslen, Manager
         Oberer Torplatz 1
         95028 Hof
         Germany


MUREK FASHION: Claims Registration Period Ends May 15
-----------------------------------------------------
Creditors of Murek Fashion Verwaltungs GmbH have until May 15,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Reinhard Titz
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Murek Fashion Verwaltungs GmbH
         Modering 3
         22457 Hamburg
         Germany

         Attn: Heiner Boss, Manager
         Jenischstrasse 29
         22609 Hamburg
         Germany


NOVUM STAHLVERARBEITUNGS: Claims Registration Period Ends May 14
----------------------------------------------------------------
Creditors of Novum Stahlverarbeitungs Gmbh have until May 14,
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 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 112 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany
         Tel: 05246/9275-0
         Fax: +495246927511

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Novum Stahlverarbeitungs Gmbh
         Bunsenstrasse 17-19
         59229 Ahlen
         Germany

         Attn: Mario Scholz
         Speckenstrasse 51
         59302 Oelde
         Germany


PAGODA CENTRO: Claims Registration Period Ends May 14
-----------------------------------------------------
Creditors of Pagoda Centro GmbH have until May 14, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 22, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C407
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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 Schmitz
         Am Flohbusch 1
         47802 Krefeld
         Germany

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Pagoda Centro GmbH
         Promenade 70
         46047 Oberhausen
         Germany

         Attn: Chao Hui Yeh, Manager
         Martin-Luther-Ring 118
         47447 Moers
         Germany


PANGA DEUTSCHLAND: Claims Registration Period Ends April 25
-----------------------------------------------------------
Creditors of Panga Deutschland GmbH have until April 25, 2009, to
register their claims with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Paul Fink
         Koenigsallee 33
         40212 Duesseldorf
         Germany

The court opened bankruptcy proceedings against the company on
April 1, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Panga Deutschland GmbH
         Ronsdorfer Strasse 74
         40233 Duesseldorf
         Germany

         Attn: Nedeljko Zjacic, Manager
         Ulenbergstrasse 101
         40225 Duesseldorf
         Germany


SSW SCHICHAU: Investors Submit Rescue Plan
------------------------------------------
Lloyd's List reports that a group of investors has put forward a
rescue plan for SSW Schichau Seebeck Shipyard GmbH.

According to the report, SSW owners Dieter Petram and Karl
Ehlerding, and Bremerhaven-based steel construction company
Roenner, are preparing a bid in order to convert the yard into a
steel construction firm.

"We are in negotiations with the insolvency administrator at the
moment," the report quoted Lloyd Werft managing director Werner
Lueken as saying.

The report recalls the shipyard, which employs 320 people, filed
for bankruptcy in January 2009 under massive debts.

Citing Uwe Lissau, president of Bremerhaven's local court, where
the insolvency proceedings have been opened, the report discloses
under the new plan, SSW co-owner Karl-Heinz Jahncke will leave,
while Mr. Ehlerding, Roenner and Lloyd Werft will take over a
quarter stake each.

Mr. Lissau, as cited by the report, said the yard's employees will
be moved to a transitional company, where they will be trained for
their new tasks.

The report notes according to Mr. Lissau, the agreement had been
reached on most points of the rescue plan for SSW.

Creditors have to agree to the plan in a meeting on May 25, the
report states.

Headquartered in Bremerhaven, Germany, SSW Schichau Seebeck
Shipyard GmbH -- http://www.schichau-seebeck-shipyard.com/--
specializes in building ferries, roll-on/roll-off ships and cruise
liners as well as container and special purpose ships.


TUI AG: Moody's Downgrades Corporate Family Rating to 'B2'
----------------------------------------------------------
Moody's Investors Service has lowered to B2 from B1 the Corporate
Family Rating and Probability of Default Rating and to Caa1 from
B3 the subordinated rating of TUI AG.  The B3 senior unsecured
rating is confirmed.  The outlook is negative.

The rating action follows the company's recent divestment of its
Hapag-Lloyd shipping arm to a consortium for a total cash inflow
of EUR1.6 billion, after factoring in TUI AG's retention of a
43.3% stake in Hapag-Lloyd at a cost of about EUR900 million.  TUI
AG has further made available credit lines of up to EUR1.1 billion
with different maturities of up to three years to the consortium
that is acquiring Hapag-Lloyd, of which EUR700 million have been
drawn.  As such, the immediate cash inflow from the transaction is
lower than had originally been anticipated, while TUI AG retains a
put option on its remaining stake that can be exercised as of
2012.

Moody's notes that TUI AG will retain only a minority interest in
both its travel and shipping subsidiaries, but majority voting
rights in TUI Travel, which will therefore continue to be
consolidated in TUI AG's accounts.  As such, Moody's believes that
TUI AG will be more characteristic of a holding company, but notes
that the company has at its discretion, among other options, the
ability to use some of the proceeds from the Hapag-Lloyd
divestment to reinvest in the TUI Travel subsidiary and regain its
majority ownership.

Moody's believes that on a consolidated basis, the group will
continue to exhibit high leverage for the rating category, as
Moody's estimate net debt/EBITDA to be close to 7x on a pro-forma
basis after the transaction.  However, Moody's recognizes that the
metrics for 2008 are impacted by significant restructuring costs
for the integration of First Choice into TUI Travel which are not
expected to be recurring.

From a liquidity perspective, Moody's notes that the transaction
will benefit TUI AG's cash position in the short-term, with the
EUR1.2 billion cash balance at the holding company at FYE 2008
being supplemented by an EUR900 million cash inflow after
intercompany loans, leaving a cash balance at the holding company
of EUR2.1 billion.  Over the longer-term, however, the rating is
constrained by the significant debt maturities in coming years at
the holding company level, with limited access to cash flows at
subsidiaries.  Moody's notes, further, that the holding company's
longer-term liquidity profile will depend on the repayment of
intercompany loans outstanding (EUR1.1 billion to Hapag-Lloyd and
its acquiring consortium and EUR1 billion to TUI Travel), as well
the put option to the consortium as of 2012.  As such, Moody's
will continue to monitor the performance of the shipping division
in its assessment of TUI AG's credit profile.  Finally, Moody's
will monitor the use of proceeds from the recent divestment of
Hapag-Lloyd in terms of debt reduction or reinvestment
possibilities, as stipulated under the terms of TUI AG's bonds,
and the impact of this from a bondholder's perspective.

Under the current group structure and the fact that there
currently exists no cross default between the holding and
operating companies, Moody's no longer applies its Loss Given
Default methodology to TUI AG.  The differential between the B2
Corporate Family and Probability of Default Ratings and the senior
unsecured and subordinated ratings, at B3 and Caa1, respectively,
reflects the high level of indebtedness at the holding company and
Moody's view that the bonds retain limited access to cash flows at
the subsidiaries.  Moody's notes that if TUI were to regain
majority ownership of TUI Travel plc, that entity would once again
become subject to the conditions of TUI AG's bonds in terms of
limitations on the subsidiary's ability to assume debt.

The negative outlook reflects mainly the group's high leverage,
and Moody's view that the industry outlook for both divisions
remains challenging, in particular for shipping.  The outlook
could be stabilised if the consolidated group were to show a clear
trend towards deleveraging, with gross leverage falling below
6.5x, with a concurrent improvement in the longer-term liquidity
outlook of the holding company.  A deteriorating earnings trend,
or a weakening in the liquidity profile, possibly as a result of a
delay in the receipt of outstanding inter-company loans, would
likely cause negative pressure on the ratings.

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

The last rating action for TUI AG was implemented on 13 October
2008, when the ratings were placed under review for possible
downgrade.

TUI, headquartered in Hanover, Germany, is Europe's largest
integrated tourism group, and currently retains a 43.3% stake in
Hapag-Lloyd, which is a leading provider of container shipping
services.  In 2008, the group reported revenues and underlying
EBITA of EUR24.9 billion and EUR759 million, respectively.
Tourism accounted for about 75% of revenues, and shipping and
other activities for the remainder.


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


TRYGGINGAMIDSTODIN HF: S&P Retains Negative Watch on 'BB' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services commented on its CreditWatch
placement of Iceland-based insurer Tryggingamidstodin hf.  The
'BB' long-term counterparty credit and insurer financial strength
ratings remain on CreditWatch with negative implications.

The ratings were originally placed on CreditWatch with negative
implications on Oct. 7, 2008, following the application by TM's
parent company, Stodir hf. (not rated), for bankruptcy protection.
This was initially granted up until October 20, but has since been
granted two periods of extension, the most recent of which expired
on April 6.

Standard & Poor's considers that uncertainties still remain over
TM's future ownership and financial position.  S&P understands
that on April 6, Stodir obtained permission from the Reykjavik
courts to reach an agreement with its creditors.  S&P is unable to
predict with any certainty how long this process will take,
although upon its conclusion S&P expects to have enough
information to enable us to resolve the CreditWatch status and the
extent of any possible downgrade.  In the case of TM's subsidiary,
Norway-based non-life insurer, NEMI Forsikring ASA, the 'BB' long-
term counterparty credit and insurer financial strength ratings
remain on CreditWatch with developing implications.  S&P
understands that regulatory approval for NEMI's acquisition by
Copenhagen-based insurer Alpha Group (not rated) is imminent and
S&P expects to make a further announcement shortly.  S&P will
continue to monitor developments closely and take actions as
appropriate.


* ICELAND: Gov't Welcomes UK's Icelandic Banking Crisis Report
--------------------------------------------------------------
The Icelandic government has welcomed the Treasury Committee
report on the banking crisis and considers it to be a meaningful
contribution to the explanation of the events in October.

Johanna Siguroardottir, the Prime Minister of Iceland, has written
to Gordon Brown the Prime Minister of the UK, asking for his
reactions to findings in the Treasury Commmittee report on the
actions taken by the UK government early October when the
Icelandic banks collapsed.  The Freezing Order, issued by the UK
government on 8 October 2008 on the authority of the UK Anti-
Terrorism, Crime and Security Act 2001, freezes certain funds
relating to Landsbanki, including those owned, held or controlled
by the Icelandic Government and authorities.  Later the UK
authorities effectively took over Kaupthing Singer&Friedlander, a
subsidiary of Kaupthing, put the bank into administration and
transferred most of its retail deposits to the Dutch bank, ING.

The House of Commons Treasury Committee published its first report
on the banking crisis on April 4.  The report: Banking Crisis: The
impact of the failure of the Icelandic banks -- Treasury Contents,
notes that the use of the Anti-Terrorism, Crime and Security Act
2001 was too strong an instrument to use against Iceland and the
Icelandic banks at the beginning of the banking crisis.
Furthermore, the report goes on to critcize the behavior of the
Chancellor of the Exchequer in relation to Iceland.

The report states: "The use of the Anti-Terrorism, Crime and
Security Act 2001 had considerable implications for the Icelandic
authorities in maintaining a functioning financial system.  We
call on the Treasury to consider how appropriate the use of this
legislation would be in any similar circumstances in the future.
The use of this Act inevitably stigmatises those subject to it and
a less blunt instrument would be more appropriate."

The committee also examined the conversation between the two
finance ministers, Mr. Mathiesen of Iceland and Mr. Darling of the
UK, and said it had found no evidence to back Mr. Darling's
allegations that his Icelandic counterpart had said that the
Icelandic government would not honor its obligations and therefore
it would be necessary to apply the Security Act against Icelandic
interests.

The Icelandic government has welcomed the report and considered it
to be a meaningful contribution to the explanation of the events
in October.  According to Mr. S.J.Sigfusson, minister of finance,
addressing the Icelandic Parliament, Althingi, the report would
possibly make it less difficult to get the now state-run bank
Landsbanki removed from the HM Treasury's list of regimes
subjected to financial sanction by the British government, which
also includes Al-Qaida, the Taliban and North Korea.

The committee also notes that there migth be flaws in European
banking law, referring to issues surrounding the cross-border
regulation of financial institutions.  The report says: "Our
Banking Crisis inquiry, and specifically the problem of the
failure of the Icelandic banks, has raised issues surrounding the
cross-border regulation of financial institutions.  Considerable
taxpayer support has been required to provide rapid compensation
to onshore UK depositors in Icelandic banks that 'passported' into
the UK. This area of European law requires further consideration,
and we will return to this topic in our future inquiry onto the
banking crisis within its international context, with specific
reference to the regulation of subsidiaries and branches of cross-
border financial institutions."


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


ALLIED IRISH: Fitch Puts 'D' Individual Rating on Negative Watch
----------------------------------------------------------------
Fitch Ratings has downgraded Allied Irish Banks' and Bank of
Ireland's Long-term Issuer Default Ratings to 'A-' (A minus) from
'A'.  This follows the downgrade of the Long-term IDR of the
Republic of Ireland to 'AA+' from 'AAA' and the assignment of a
Negative Outlook.

The agency has also revised down AIB's and BoI's Support Rating
Floors to 'A-' (A minus) from 'A'.  At the same time, Fitch has
placed AIB's Individual Rating of 'D' and BoI's Individual Rating
of 'C/D' on Rating Watch Negative.  Fitch has also downgraded the
banks' subordinated debt and hybrid instrument ratings while
maintaining the latter's ratings on RWN.  At the same time, the
agency has affirmed the banks' other ratings.

AIB's and BoI's Support Rating Floors continue to reflect the high
probability of support from the Irish financial authorities,
should it be further required.  AIB's and BoI's Short-term IDRs
reflect the guarantee provided by the Irish government for all
non-hybrid funding.  This guarantee is in place until September
2010.

The RWN on the banks' Individual Rating reflects Fitch's
expectation that the two banks might see larger losses in the
current financial year when certain commercial property loans are
transferred to Ireland's National Asset Management Agency at a
discount.  Although the transfer of assets to NAMA should give
greater certainty about the banks' asset quality and potential
impact on their profitability going forward, this might result in
an acceleration of credit losses potentially exceeding the banks'
pre-impairment operating profit in the current financial year and
probably absorbing some of the banks' capital.  As a result, Fitch
believes that further capital injections on top of the combined
EUR7 billion already received may be needed.  The agency will
examine over the coming weeks the size of the potential losses and
therefore to what extent the banks' profitability and capital
might be impacted.

The Individual Ratings also reflect the banks' strong domestic
franchises benefiting from stable retail deposits.  However, Fitch
expects further deterioration in the asset quality of the banks'
residential mortgage and corporate loans books due to weaker
prospects of the Irish economy and rapidly rising unemployment
which will put the banks' profitability under continuing pressure.

The downgrade of both banks' preference shares and AIB's upper
tier two notes and the RWN reflect the increasing possibility of
coupon deferral especially in light of the larger-than-anticipated
credit losses following the asset transfer to NAMA.  In view of
the banks' expected losses and the relatively large size of the
coupon payments Fitch has concerns about the banks' ability to pay
the coupons on the preference shares.  However, the agency notes
that AIB and BoI have expressed their intention to continue paying
coupons.

AIB and BoI are the two largest banks in Ireland providing a wide
range of financial services to retail and corporate customers.
Both banks have a large market share in retail deposits.  However,
AIB has been more active in property lending than its slightly
smaller rival, BoI.

Allied Irish Banks plc

  -- Long-term IDR downgraded to 'A-' (A minus) from 'A'; Stable
     Outlook

  -- Senior debt downgraded to 'A-' (A minus) from 'A'

  -- Government-guaranteed notes downgraded to 'AA+' from 'AAA',
     removed from RWN

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating 'D' placed on RWN

  -- Support rating affirmed at '1'

  -- Support Rating Floor revised to 'A-' (A minus) from 'A'

  -- Subordinated debt downgraded to 'BBB+' from 'A-' (A minus)

  -- Upper tier 2 debt downgraded to 'B+' from 'BB+'; remains on
     RWN

  -- Preference shares downgraded to 'B' from 'BB'; remain on RWN

AIB Bank (CI) Limited

  -- Long-term IDR downgraded to 'A-' (A minus) from 'A'; Stable
     Outlook

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating 'D' placed on RWN

  -- Support rating affirmed at '1'

AIB Group (UK) plc

  -- Long-term IDR downgraded to 'A-' (A minus) from 'A'; Stable
     Outlook

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating 'D' placed on RWN

  -- Support rating affirmed at '1'

Bank of Ireland

  -- Long-term IDR downgraded to 'A-' (A minus) from 'A'; Stable
     Outlook

  -- Senior debt downgraded to 'A-' (A minus) from 'A'

  -- Government-guaranteed notes downgraded to 'AA+' from 'AAA';
     removed from RWN

  -- Short-term IDR affirmed at 'F1+'

  -- Individual rating 'C/D' placed on RWN

  -- Support rating affirmed at '1'

  -- Support Rating Floor revised to 'A-' (A minus) from 'A'

  -- Subordinated debt downgraded to 'BBB+' from 'A-' (A minus)

  -- Preference shares downgraded to 'B' from 'BB'; remain on RWN


CAIRN HIGH: S&P Junks Ratings on Three Classes of Notes
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A1, A2, B,
and C notes, and its principal-only rating on the class E notes
issued by Cairn High Grade ABS CDO I PLC, a cash flow
collateralized debt obligation of asset-backed securities
transaction that closed in August 2005.

The rating actions follow a full review of the transaction
including a cash flow analysis, which took into account S&P's
assessment of the continued credit deterioration of the assets
that S&P has observed in the transaction's underlying portfolio
and the breach of certain transaction-specific tests.

According to information provided to us by the trustee, the
transaction currently fails the class A/B and the class C/D
overcollateralization test ratios set out in the transaction
documents.  Both overcollateralization test results are currently
below 100%, implying that the portfolio's adjusted par value is
lower than the total principal amount outstanding of the class A1,
A2, B, C, and D notes.  The class D notes are unrated.

The portfolio's par value, used to calculate the
overcollateralization test, is reduced by adjustments applied to
the par value of defaulted assets and certain other assets, such
as those rated 'BB+' or lower and those purchased at prices below
97% of face value.

The portfolio is comprised primarily of U.S. prime and subprime
residential mortgage-backed securities, and to a lesser extent
U.S. collateralized loan obligations, U.S. Trust Preferred CDOs,
U.S. CDOs of ABS, and U.S. student loans.

Based on the asset ratings that S&P consider appropriate in S&P's
analysis, 15% of the portfolio is currently rated 'CCC+' or lower,
of which 6% is rated 'CC'.  Assets on CreditWatch negative
comprise 32% of the total portfolio.  In S&P's opinion, the
deterioration in the portfolio's credit quality has led to an
increase in the scenario default rates.

At the same time, S&P's cash flow analysis indicates that break-
even default rates for all rated classes have fallen.  In S&P's
view, SDRs have risen and break-even default rates have fallen to
levels that are no longer consistent with the ratings previously
assigned to the class A1, A2, B, C, and E notes, and S&P has
therefore lowered their ratings.

                          Ratings List

                 Cairn High Grade ABS CDO I PLC
                US$1 Billion Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                                Rating
                                ------
       Class             To                 From
       -----             --                 ----
       A1                CCC-               AA-/Watch Neg
       A2                CC                 BBB+/Watch Neg
       B                 CC                 BB-/Watch Neg
       C                 CC                 CCC+/Watch Neg
       E                 CCp                CCC-p/Watch Neg


IRIS SPV: S&P Raises Rating on US$15 Mil. Notes from 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised to 'A+' from 'BB-' and
removed from CreditWatch negative its credit rating on the US$15
million Avon Ridge 2006-1 floating-rate credit-linked notes series
3/2006 issued by Iris SPV PLC.

This rating action follows an upward revision to the attachment
point for these notes, which is now sufficient, in S&P's opinion,
to support an 'A+' rating.


* Moody's Takes Multiple Rating Actions on 12 Irish Banks
---------------------------------------------------------
Moody's Investors Service has taken multiple rating actions on 12
Irish banks.  Moody's has been incorporating expected losses on
bank loan portfolios into its ratings for some time.  However, it
has considerably increased those expectations because of the
continuing deterioration in the outlook for commercial real estate
prices, the likelihood of more corporate defaults as the Irish
economy enters a deep recession, and the current erosion in
residential loan performance, including the buy-to-let mortgages
that account for around 25% of the Irish market.  "We believe that
these losses are likely to significantly weaken the capital
positions of most Irish banks and building societies over the next
two years" said Ross Abercromby, Vice President/Senior Analyst and
lead analyst at Moody's for the Irish banks.

Moody's rating actions are based on the view that the global
economic crisis will lead to significantly higher credit losses
than previously anticipated, as well as a refinement to Moody's
approach to rating banks in the current environment.  Although
Moody's Bank Financial Strength Rating methodology remains
unchanged, the weight attached to certain rating considerations,
particularly capital and future earnings prospects, has been
increased to better reflect the present conditions.

         Impact of The National Asset Management Agency

A key risk to the Irish banks in the current environment is their
large exposures to residential and commercial development, given
the substantial reduction in asset prices and even higher falls in
land values.  As a result of this, the Irish government has
announced that it will establish, subject to European Commission
State aid approval, a "National Asset Management Agency"; this
entity will be an asset management company that property
development assets will be transferred to, removing them from the
banks' balance sheets.  It is estimated that up to EUR90 billion
of development loans, and certain property investment loans,
including those outside Ireland, will be shifted to NAMA.  The
loans will be transferred at a written-down value, and the banks
will receive either government bonds or government guaranteed
bonds in return for the loans.

Moody's believe that the main beneficiaries of this new support
scheme will be Allied Irish Banks and Bank of Ireland, although
other entities will be eligible to participate.

                          Rating Actions

The rating actions incorporate the expected losses on other asset
classes, including residential and commercial mortgages in an
extremely challenging economic environment, as well as the
agency's revised support assumptions.  Moody's support assumptions
are in line with Moody's expectation for banks in highly rated
countries receiving, (or that are expected to receive) systemic
support.

(i) Allied Irish Banks: The BFSR has been downgraded to D with a
developing outlook, from C negative outlook; the Aa3/P-1 senior
debt & deposit and the A1 subordinated debt ratings were affirmed
and the junior subordinated debt ratings were downgraded to A2
from A1, all with a negative outlook; preference shares and Tier 1
hybrids were downgraded to B1 from A2, with a developing outlook.

(ii) Bank of Ireland: The BFSR has been downgraded to D with a
developing outlook, from C negative outlook; the Aa3/P-1 senior
debt & deposit and the A1 subordinated debt ratings were affirmed
and the junior subordinated debt ratings were downgraded to A2
from A1, all with a negative outlook; preference shares and Tier 1
hybrids were downgraded to B1 from A2, with a developing outlook.

(iii) ICS Building Society: The BFSR has been downgraded to D with
a developing outlook, from C negative outlook; the A1/P-1 deposit
ratings were affirmed.

(iv) EBS Building Society: The BFSR has been downgraded to D with
a developing outlook, from C- negative outlook; the A2/P-1 senior
debt and deposit ratings were affirmed and the A3 subordinated
debt rating was affirmed, all with a negative outlook; preferred
stock was downgraded to B1 from Baa1, with a developing outlook.

(v) Irish Life & Permanent: The BFSR has been downgraded to D with
a negative outlook, from C, on review for possible downgrade; the
A1/P-1 senior debt & deposit and the A2 subordinated debt ratings
were affirmed, and the junior subordinated debt ratings were
downgraded to A3 from A2, all with a negative outlook.

(vi) Ulster Bank Limited: The BFSR has been downgraded to D, on
review for possible downgrade, from C negative outlook; the A1/P-1
deposit ratings were downgraded to A2/P-1, on review for possible
downgrade.

(vii) Ulster Bank Ireland: The BFSR has been downgraded to D, on
review for possible downgrade, from C negative outlook; the A1/P-1
senior debt & deposit ratings were downgraded to A2/P-1, on review
for possible downgrade.

(viii) First Active: The BFSR has been downgraded to D, on review
for possible downgrade, from C negative outlook; the A1/P-1 senior
debt & deposit ratings were downgraded to A2/P-1, and the
subordinated debt rating to A3 from A2, all on review for possible
downgrade.

(ix) Bank of Scotland (Ireland): The BFSR has been downgraded to
D, on review for possible downgrade, from C- stable outlook; the
A2/P-1 deposit ratings are on review for possible downgrade.

(x) KBC Bank Ireland: The BFSR has been downgraded to D- with a
negative outlook, from C- stable outlook; the A2/P-1 senior debt &
deposit ratings and the A3 subordinated debt rating was downgraded
to Baa2/P-2 and Baa3, and the junior subordinated debt rating was
downgraded to Ba1 from A3, all with a negative outlook.

(xi) Irish Nationwide Building Society: The BFSR has been
downgraded to E+ with a negative outlook, from D- negative
outlook; the Baa3/P-3 senior debt & deposit ratings and Ba1
subordinated debt ratings were affirmed, all with a negative
outlook.

(xii) Zurich Bank: The BFSR has been downgraded to D- with a
negative outlook, from D stable outlook; the A1/P-1 deposit
ratings were affirmed, as was the A2 senior debt rating and the A3
subordinated debt rating.  The outlook is stable.

              Downgrades and Reviews for Downgrade on
                  Bank Financial Strength Ratings

The BFSRs of Allied Irish Banks, Bank of Ireland, and EBS Building
Society were downgraded to D (mapping to a baseline credit
assessment - "BCA" - of Ba2), with a developing outlook.  This
reflects Moody's increased loss expectations as detailed above,
and it is consistent with Moody's definition that a bank with a D
BFSR may need periodic outside support.  The developing outlook on
these institutions incorporates the extremely challenging economy,
as well as the uncertainties around how the establishment of NAMA
will affect the capital bases and ongoing profitability of the
institutions.  The BFSR of Bank of Ireland's mortgage lending
subsidiary ICS Building Society was also downgraded in line with
its parent.

The downgrades of the BFSRs of Irish Life & Permanent to D (BCA:
Ba2), negative outlook, and of KBC Bank Ireland to D- (BCA: Ba3),
negative outlook, are based on Moody's opinion that credit losses
on residential mortgages, including buy-to-let (to which both
institutions have a large exposure), will likely be substantially
higher than previously anticipated as the unemployment rate in
Ireland continues to increase rapidly.  However, the BFSR of IL&P
benefits from its strong position in the life assurance market
through Irish Life, the market leader, and this diversification is
an important element in the D BFSR.  The negative outlook also
indicates Moody's expectation that IL&P will not benefit to the
same extent as other institutions from the establishment of NAMA,
as well as the increasing dependence on ECB funding.  KBC Bank
Ireland's exposure to the Irish corporate market may lead to
further stress on profitability and provisioning as the economy
deteriorates further.  The negative outlook on KBC Bank Ireland's
BFSR also reflects continuing concerns over the funding profile
that is increasingly dependent on its Belgian parent.  The rating
action on IL&P concludes the review for possible downgrade on the
BFSR initiated on February 17, 2009.

The downgrade of the BFSR of Irish Nationwide Building Society to
E+ (BCA: B3) is a result of Moody's view that losses on commercial
real estate and development finance will continue to increase; in
the current environment, Moody's believe it will be difficult for
the society to generate enough capital to cover the expected
increased loan losses.  As Moody's have highlighted previously,
the high concentration risk within the portfolio also remains a
key concern.  The outlook remains negative.

The downgrades of the BFSRs of Bank of Scotland (Ireland) and of
Ulster Bank and its two subsidiaries, Ulster Bank Ireland and
First Active to D (BCA: Ba2), are based on Moody's view that the
increased loan losses are likely to put substantial downward
pressure on the stand-alone creditworthiness of the banks,
especially given their relatively light capitalization.  The BFSRs
also remain on review for possible downgrade.  These reviews will
focus on the ability of the banks to place assets in the UK's
Asset Protection Scheme through the respective ultimate parents,
Royal Bank of Scotland and Lloyds Banking Group, and how the
mechanics of this scheme will affect the BOSI and Ulster Bank
legal entities.

The downgrade of the BFSR of Zurich Bank to D- (BCA: Ba3) is also
a result of Moody's view that losses on commercial real estate and
development finance will continue to increase; in the current
environment, Moody's believe that it will be difficult for the
bank to generate enough capital to cover the likely increase in
loan losses.  The outlook remains negative.

      Limited Impact on Bank Deposit and Senior Debt Ratings

The bank deposit and senior debt ratings of Allied Irish Banks
(Aa3/P-1, negative outlook), Anglo Irish Bank (A2/P-1, negative
outlook), Bank of Ireland (Aa3/P-1, negative outlook), EBS
Building Society (A2/P-1, negative outlook), ICS Building Society
(A1/P-1, negative outlook), Irish Life & Permanent (A1/P-1,
negative outlook), Irish Nationwide Building Society (Baa3/P-3,
negative outlook), and Zurich Bank (A1/P-1, stable outlook) were
affirmed.  These actions are generally consistent with Moody's
expectation for banks in highly rated countries receiving, (or
that are expected to receive) systemic support.
.
The A2/P-1 bank deposit and senior debt ratings of Bank of
Scotland (Ireland) have been placed on review for possible
downgrade in line with the review on its BFSR.  If the BFSR is
downgraded, it is likely that the deposit ratings would also move
down.  The long-term bank deposit and senior debt ratings of
Ulster Bank and its subsidiaries have been downgraded to A2 from
A1, and they remain on review for possible downgrade.  The Prime-1
short-term rating is also placed on review for possible downgrade.
These actions again reflect the fact that, if the BFSR were to be
downgraded, then it is likely that the deposit ratings would also
move down.

The bank deposit and senior debt ratings of KBC Bank Ireland were
downgraded to Baa2/P-2 from A2/P-1.  This is a result of the
weaker BFSR; although mitigated to a certain degree by the high
level of parental support from Belgium's KBC Bank that is
incorporated into the rating, this leads to deposit ratings of
Baa2/P-2.

For Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish
Life & Permanent, and EBS and Irish Nationwide Building Societies,
the senior and dated subordinated debt covered by the Irish
government guarantee maturing prior to September 29 2010, rated
Aaa with a negative outlook, is unaffected by this action.

             Downgrade of Subordinated and Hybrid Debt

In its Special Comment dated December 2008, Moody's began a
dialogue with market participants regarding a potential change to
its bank hybrid notching practices.  The proposal explores the
possibility of removing systemic support from bank hybrid ratings,
and it considered wider notching based on the hybrid's risk
characteristics.  This process continues for banks generally, but
as Moody's noted in its Special Comment, subordinated and hybrid
ratings will be adjusted as appropriate, should circumstances
warrant.

Moody's ratings on banks' subordinated and hybrid securities
generally reflect the assumption that, if a government extends
financial support to a bank in difficulty, that support would also
benefit subordinated and hybrid investors.  As has been observed
in the case of Anglo Irish Bank, however, systemic support does
not always include supporting certain hybrid or Tier 1
instruments.  In light of the heightened potential for
restructuring of banks in Ireland, as highlighted by the actions
detailed above on the BFSRs, Moody's believes that potential
losses to hybrid and Tier 1 investors are more closely aligned to
the bank's BFSR.

Given the current Irish government guarantee on dated subordinated
debt (for the six rated institutions covered under the guarantee),
and acknowledging Moody's current guidelines for rating junior
securities, Moody's will continue to notch the ratings of Irish
banks' subordinated and junior subordinated debt from the
supported senior debt rating.  Subordinated debt will continue to
be rated one notch below the senior debt rating, whereas the
notching of junior subordinated debt is widened to two notches.

Moody's view is that systemic support for hybrid and Tier 1
instruments in Ireland is likely to be lower in the future,
however, so the anchor for the notching of these instruments will
be the baseline credit assessment, which maps from the intrinsic
strength of the bank as indicated by Moody's published Bank
Financial Strength Rating.  The actual notching for hybrid and
Tier 1 instruments from the BCA is two notches.

The junior subordinated or hybrid instruments of these
institutions have been affected by this action:

* Allied Irish Banks - Junior subordinated debt downgraded to A2
  from A1, and preference shares and tier 1 hybrids downgraded to
  B1 from A2. Outlook is developing in line with the BFSR.

* Bank of Ireland - Junior subordinated debt downgraded to A2 from
  A1, and preference shares and tier 1 hybrids downgraded to B1
  from A2. Outlook is developing in line with the BFSR.

* EBS Building Society - Backed preferred stock downgraded to B1
  from Baa1. Outlook is developing in line with the BFSR.

* Irish Life & Permanent - Junior subordinated debt downgraded to
  A3 from A2. Outlook remains negative.

* KBC Bank Ireland - Subordinated debt downgraded to Baa3 from A3,
  in line with the action on the senior debt rating. Junior
  subordinated debt downgraded to Ba1 from A3. Outlook remains
  negative.

* First Active and First Active Treasury plc - Subordinated debt
  downgraded to A3 from A2. These ratings are all placed on review
  for further downgrade in line with the review on the banks
  senior debt ratings.

The last rating actions on the Irish banks were:

* AIB - The last rating action on AIB was on February 12, 2009
  when the bank's BFSR was downgraded to C from B- and the long-
  term ratings were downgraded to Aa3 from Aa2.

* Anglo Irish Bank - The last rating action on Anglo Irish Bank
  was on January 19, 2009 when the BFSR was downgraded to E+ from
  C+ and the long-term ratings were downgraded to A2 from A1.

* Bank of Ireland - The last rating action on Bank of Ireland was
  on February 12, 2009 when the bank's BFSR was downgraded to C
  from B- and the long-term ratings were downgraded to Aa3 from
  Aa2.

* Bank of Scotland (Ireland) - The last rating action on Bank of
  Ireland was on February 16, 2009 when the bank's long-term
  rating was downgraded to A2 from Aa3.

* EBS Building Society - The last rating action on EBS Building
  Society was on February 5, 2009 when the outlook on the
  society's backed-Aaa rated Government guaranteed bonds was
  changed to negative from stable.

* ICS Building Society - The last rating action on ICS Building
  Society was on February 12, 2009 when the outlook on the C BFSR
  was changed to negative from stable, and the long-term ratings
  were downgraded to A1 from Aa3.

* Irish Life & Permanent - The last rating action on Irish Life &
  Permanent was on February 17, 2009 when the BFSR was downgraded
  to C, on review for further downgrade, from C+ and the long-term
  ratings were downgraded to A1 from Aa3.

* Irish Nationwide Building Society - The last rating action on
  Irish Nationwide Building Society was on February 16, 2009 when
  the BFSR was downgraded to D- from C- and the long-term ratings
  were downgraded to Baa3 from Baa1.

* KBC Bank Ireland - The last rating action on KBC Bank Ireland
  was on January 26, 2009 when the long-term ratings were
  downgraded to A2 from A1.

* Ulster Bank Limited and subsidiaries - The last rating action on
  Ulster Bank Limited and subsidiaries was on January 21, 2009
  when the BFSRs of Ulster Bank Limited and Ulster Bank Ireland
  Limited were downgraded to C from C+, the C BFSR of First Active
  was confirmed and the long-term ratings of the three
  institutions were downgraded to A1 from Aa2. .

* Zurich Bank - Moody's last rating action on Zurich Bank was in
  April 2007 when the long-term bank deposit rating was affirmed
  at A2 following the implementation of Moody's JDA methodology.

All of the banks with the exception of Ulster Bank Limited are
headquartered in Dublin, Ireland. Ulster Bank Limited is
headquartered in Belfast, United Kingdom.


* IRELAND: Corporate Failures Up 170% in First Quarter 2009
-----------------------------------------------------------
The number of Creditors' Voluntary Liquidations, High Court
Liquidations, Receiverships and Examinerships in the three months
ended March 31, 2009 has increased by a staggering 170% on the
same period in 2008, according to figures compiled by FGS
Corporate Restructuring & Insolvency.

Figures compiled by FGS show that 351 companies were placed in
liquidation, receivership or examinership in the first 3 months of
2009, representing a dramatic increase sharp increase (170%) on
the 130 failures for the same period in 2008.

The acceleration in the number of failures in 2009 has continued
from the final 3 months of 2008 where some 279 failures occurred.
Should the trend continue for the remainder of 2009 it is probable
that some 1400 to 1500 failures will occur compared to 753
failures in 2008.

The figures, while representing significant increases are not
overly surprising when set against a backdrop of continued
recession both nationally and internationally fuelled by the
ongoing lack of liquidity, cashflow constraints, increasing
unemployment, negative consumer sentiment etc.

The ongoing demise in the construction sector is obvious from the
statistics.  126 or 36% of all failures occurred in this sector.
This compares with 28% in 2007 and 41% in 2008.  To put these
figures into context, there were more failures recorded within the
sector in the first 3 months of 2009 than were recorded in the
same periods in 2006, 2007 and 2008 collectively.

The failures in the construction sector, in the main, continue to
be small to medium sized developers and or sub contractors.
However in the past number of weeks there has been an increase in
the size of the entities failing.  The ongoing reduction in house
prices, a virtual stop in the number of new units being built,
uncertainty regarding the availability of credit for small to
medium type developers all indicate that much uncertainty is
likely to prevail in the short term.  It is likely that margins
for sub contractors will continue to be eroded due to increased
competitiveness.

With regard to the trends emerging from the first three months of
2009 it is noted that Dublin continues to account for the majority
of failures.  Some 130 or 37% of all failures in the period took
place in the capital in contrast to 34 or (42%) in 2007 and 61
(47%) in 2008.

Significant increases in the number of failures in Cork (11 in
2008 as opposed to 43 in 2009); Galway (5 in 2008 as opposed to 22
in 2009) and Wicklow (2 in 2008 with 18 in 2008) should be noted.

Notable trends in the industry sectors, in which the failures have
occurred, include the significant increase in failures in the
hospitality sector such as pubs, restaurants and suppliers to the
industry where 56 collapses occurred or 16% of the total.  This
compares with 14 failures in the sector in the same period in
2008.

Other notable sectors in which failures occurred were professional
services (18), retail (28) of which 13 were recorded in the
clothing retail area and home furnishings / interior design (35).
In addition the motor industry experienced a dramatic increase in
failures from 0 in 2008 to 23 in 2009.

A significant increase in the number of receiverships was recorded
in the first three months of 2009 when compared with the same
period in 2008.  Between January and March 2009 financial
institutions/debenture holders appointed receivers to 35
businesses as opposed to a mere 11 in the same period in 2008.
The majority of these receivership appointments have occurred in
the construction/development and hospitality sectors.

The utilization of the examinership process has also increased in
the first quarter of 2009.  A total of 13 companies had examiners
appointed to them in the first three months of 2009 as opposed to
4 in the same period in 2008.

It would appear that there is now a greater awareness and appetite
amongst distressed and ailing businesses to look at restructuring
options, in particular examinerships as a credible alternative to
the traditional liquidation or receivership process.  However this
must be measured against the recent comments from Justice Peter
Kelly regarding the number of companies that do not successfully
come through the process.

It is anticipated that the numbers of receiverships and
examinerships will continue to increase throughout 2009.


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


ABSINTH GROUP: Creditors Must File Claims by May 8
--------------------------------------------------
LLP Absinth Group has declared insolvency.  Creditors have until
May 8, 2009, to submit written proofs of claim to:

         Balzak Str. 2a-40
         Almaty
         Kazakhstan
         Tel: 8 (7272) 67-18-77
              8 (7772( 17-19-67


ARENA-PV LLP: Creditors Must File Claims by May 8
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Trade Firm Arena-PV insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan

The Court is located at:

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


AZIMPEX LLP: Creditors Must File Claims by May 8
------------------------------------------------
LLP Azimpex has declared insolvency.  Creditors have until May 8,
2009, to submit written proofs of claim to:

         Furmanov Str. 247a-3
         Almaty
         Kazakhstan


BIRLIK LLP: Creditors Must File Claims by May 8
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Birlik insolvent.  Creditors have until May 8, 2009,
to submit written proofs of claim to:

         Alalykin Str. 9
         Karaganda
         Kazakhstan

The Court is located at:

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


DEKA GROUP: Creditors Must File Claims by May 8
-----------------------------------------------
LLP Deka Group has declared insolvency.  Creditors have until
May 8, 2009, to submit written proofs of claim to:

         Pobeda Ave. 115-67
         Sary-Arka
         Astana
         Kazakhstan


DEKOR STYLE: Creditors Must File Claims by May 8
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Dekor Style insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Gogol Str. 177a
         Kostanai
         Kazakhstan

The Court is located at:

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


JIHAN XXI: Creditors Must File Claims by May 8
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Jihan XXI insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Baitursynov Str. 70
         Kostanai
         Kazakhstan

The Court is located at:

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

         Kostanai
         Kazakhstan


KAMAS LLP: Creditors Must File Claims by May 8
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kamas insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Baitursynov Str. 70
         Kostanai
         Kazakhstan

The Court is located at:

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


ORDA CREDIT: S&P Affirms 'CCC+/C' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'CCC+/C' counterparty credit and 'kzB+' Kazakhstan national scale
ratings on ORDA Credit.  The ratings were subsequently withdrawn
at the company's request.  The outlook at the time of the
withdrawal was stable.

As a result of the withdrawal, ORDA Credit will no longer be
subject to Standard & Poor's surveillance.  There are no
outstanding issues rated.


SERVICE BAGAJ: Creditors Must File Claims by May 8
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Kyzylorda Service Bagaj insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Aiteke bi Str. 29
         120014 Kyzylorda
         Kyzylorda
         Kazakhstan

The Court is located at:

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


USTA ART LLP: Creditors Must File Claims by May 8
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Usta Art insolvent.

Creditors have until May 8, 2009, to submit written proofs of
claim to:

         Satpayev Str. 16
         Aktobe
         Aktube
         Kazakhstan

The Court is located at:

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


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


KAMI LTD: Creditors Must File Claims by April 17
------------------------------------------------
Creditors of LLC Manufacturing Commercial Firm Kami Ltd. have
until April 17, 2009, to submit proofs of claim.

The company can be reached at:

         LLC Manufacturing Commercial Firm Kami Ltd.
         Tel: (+996 312) 41-80-19


STAL INVEST: Creditors Must File Claims by April 17
---------------------------------------------------
Creditors of LLC Stal Invest have until April 17, 2009, to submit
proofs of claim to:

         Karagaisky Side Street 30
         Bishkek
         Kyrgyzstan


===========
L A T V I A
===========


NORVIK BANKA: Fitch Downgrades Individual Rating to 'D/E'
---------------------------------------------------------
Fitch Ratings has downgraded Latvia-based Norvik Banka's Long-term
Issuer Default and Individual ratings to 'B' from 'B+' and 'D/E'
from 'D', respectively.   This reflects Fitch's opinion that
Norvik Banka's asset quality and profitability may be further
adversely affected by the deteriorating economic environment in
Latvia.

The Long-term IDR 'B' and the Short-term IDR 'B' remain on Rating
Watch Negative.  The Individual Rating has also been placed on
RWN.  Norvik Banka's Support Rating and Support Rating Floor were
affirmed at '5' and 'No Floor' respectively.

Loan impairment charges as a percentage of gross loans increased
to a high 4% of gross loans in 2008 from 0.47% in 2007 and may
increase further.  Except for the unsecured consumer loan
portfolio (around 9% of total gross loans) Norvik's conservative
collateral requirements should provide a partial buffer to further
defaults on the bank's loan portfolio.  Nevertheless, the
deepening recession in Latvia and negative economic trends
globally could further reduce the value of collateral and result
in a further rise in impairment charges.  This raises the risk
that credit losses may feed through to capital and put some
pressure on Tier 1 ratio, which stood at 12.1% at end-2008.

Although the bank's diversification away from non-interest-bearing
non-resident deposits to interest-bearing resident deposits has
improved the stability of the deposit base, this has also
increased funding costs.

Several Latvian banks were placed on RWN on December 3, 2008,
following the decision by the Latvian government and the Financial
and Capital Market Commission on December 1, 2008, to restrict the
fulfilment by Parex Banka of its obligations.  This decision
restricted deposit withdrawals by certain parties.  The measures
had been taken to stabilise the deposit outflow from Parex, and
Fitch was concerned that, this may negatively affect depositor
confidence, especially non-resident depositors, increasing the
risk of a deposit freeze on the whole Latvian banking system.
Fitch will also monitor the ability of the bank to either repay or
roll-over syndicated and bilateral borrowings maturing this year.

Norvik Banka was the 10th-largest bank by assets in Latvia at end-
2008.  After Straumborg, a family-owned Icelandic investment
company, bought a majority stake in January 2006, Norvik Banka's
strategy has been increasingly focused on its domestic business
rather than on serving non-resident clients, although progress in
achieving this transformation has been relatively slow.


* Fitch Corrects Release on Latvia's Rating Downgrade
-----------------------------------------------------
This comment corrects a version published earlier.  Fitch has
downgraded Latvia's Long-term Issuer Default Rating to 'BB+', and
not to 'BB-' (BB minus) as was incorrectly stated in one place in
the prior comment.  The corrected comment is:

Fitch Ratings has downgraded the Long-term foreign and local
currency Issuer Default ratings and the Short-term foreign
currency IDRs of Estonia, Latvia and Lithuania by one notch.  The
Long-term foreign currency IDRs are now 'BBB+', 'BB+' and 'BBB'
respectively.

The downgrade of Latvia's ratings reflects the deterioration in
the prospects for the Latvian economy and elevated risk of policy
slippage since the agreement of the EUR7.5 billion loan package
with the IMF, EU and other international lenders in December 2008.
The downgrade of Estonia's and Lithuania's ratings reflects the
deterioration in economic prospects which will increase pressure
on their macroeconomic policy frameworks.  It also reflects their
vulnerability to negative developments in Latvia, where risks have
increased, through three channels: trade, common ownership of the
banking system and resident confidence in local currencies and the
banking system.  While the devaluation of the Latvian LVL is not
Fitch's base case, such an event would increase pressure on the
Lithuanian LTL and the Estonian EEK.

Fitch has also downgraded Estonia and Lithuania's Country Ceilings
by one notch and Latvia's Country Ceiling by two notches.  The
Outlooks on the Long-term ratings remain Negative.

Fitch is forecasting that the Latvian economy will contract by 12%
in 2009, making it much harder for the government to implement its
target budget deficit of 4.7% of GDP, which it passed on the
assumption of a 5% contraction.  On unchanged policies, Fitch
estimates that the budget deficit could rise to 10% of GDP in
2009.

Austerity measures implemented following the agreement with the
IMF, EU and other international lenders in December 2008
contributed to a public backlash culminating in demonstrations in
Riga in mid-January 2009 which led to the collapse of the four-
party coalition government led by Prime Minister Ivars Godmanis in
February.  A new five-party coalition government led by former
opposition party "New Era" took office in March 2009, but is only
planning to submit draft budget amendments to parliament by late
May.  This lack of progress in revising the budget has led to the
IMF delaying the disbursement of the EUR200 million tranche of
funds which was scheduled for payment in Q109.  Fitch is concerned
that the risk to policy implementation has risen, which could lead
to delays in the disbursement of the EUR1.7 billion Latvia is
scheduled to receive from international lenders in Q209.

While still not Fitch's base case scenario, the risk of
devaluation in Latvia has risen as the implementation of the IMF
programme has come under pressure.  Devaluation would be severely
negative given the high level of external debt (128% of GDP at
end-2008) and the high proportion of foreign currency bank loans.
Nevertheless, retaining the peg to the euro requires substantial
falls in nominal wages to restore competitiveness, particularly as
the flexible currencies of some non-Baltic neighboring countries
have depreciated, while the global recession is hitting exports,
making macroeconomic re-balancing more difficult.

Fitch has downgraded Latvia's Country Ceiling by two notches to
'BBB'.  The Country Ceiling is now two notches above the foreign
currency IDR.  The narrowing of the differential reflects a
slightly larger increase in the risk of external financial
pressures that could prompt sovereign actions to restrict private
capital flows.

Given the deterioration in economic prospects in Estonia and
Lithuania, it will be harder for their governments to implement
their adopted budget deficit targets of 2.9% of GDP and 2.1% of
GDP respectively.  Both countries are keen to keep their budget
deficits below 3% of GDP to ensure compliance with the Maastricht
criteria on public finances so they can adopt the euro as soon as
possible.

Fitch is now forecasting that the Lithuanian economy will contract
by 10% in 2009, compared to its forecast of a 5% contraction in
December 2008, when it downgraded Lithuania's foreign currency IDR
to 'BBB+'.  Following the implementation of measures to cut
expenditure and raise revenues as pledged in December 2008, the
Conservative-led government agreed earlier in April to cut budget
expenditure by a further 3.5% of GDP and will submit proposals to
revise the budget to parliament in April, with further expenditure
cuts possible in June.  However, Fitch notes that the
implementation of austerity measures in December 2008 led to
public protests against the government and the risk of a public
backlash against further budget cuts may constrain the
government's room for maneuver.

The Estonian economy contracted by 3.6% in 2008 (and 17.2% in Q408
on a quarter-on-quarter annualized basis) and Fitch is forecasting
that it will contract by 10% in 2009.  The general government
budget deficit was 3% of GDP in 2008, although a supplementary
budget passed in early 2008 revised the budget target to balance
from a 1% of GDP surplus.  The government passed the 2009 budget
with a target deficit of 1.7% of GDP but subsequently widened the
target to 2.9% of GDP with a supplementary budget in February 2009
which made expenditure cuts of around 3.5% of GDP.  However, with
the economic downturn now more severe than expected, and revenues
falling below-target, the government is set to propose new
expenditure-cutting measures by the end of April 2009.  Fitch
believes that further measures to improve the budgetary position
will be difficult to implement and the budget deficit may well
rise above the targeted 2.9% of GDP.  Fitch notes that the
Estonian government's general government fiscal reserves of 9% of
GDP at end-2008 mean it has the flexibility of financing at least
part of its budget deficit.  Its low general government debt level
of 4.8% of GDP at end-2008 is a support to the rating.

Fitch notes that imbalances in all three Baltic countries are
being unwound.  Current account deficits in Q408 narrowed to 5.5%
of GDP in Estonia, 3.8% of GDP in Lithuania and 8.3% of GDP in
Latvia and Fitch is forecasting current account deficits in the
low single-digits for all three countries in 2009.  Inflation
rates are also declining with year-on-year inflation falling to
2.0% in Estonia in March 2009, and 8.5% in Lithuania and 9.4% in
Latvia in February 2009 (from respective peaks of 11.6%, 12.7% and
17.7% during 2008).  Nevertheless, this rebalancing is taking a
toll on the real economy through falling property prices,
deteriorating bank asset quality and rising unemployment and will
increase political pressure on governments as they seek to impose
fiscal austerity measures.  Furthermore, all three Baltic
countries' near-term external financing requirements remain high:
Fitch estimates that short-term debt at end-2008 and medium and
long-term amortization for 2009 (albeit much of this is to foreign
parent banks) is US$16.7 billion in Latvia, compared to
international reserves of US$5.3 billion at end-2008; US$15.5
billion in Estonia, compared to reserves of US$3.9 billion and
US$13.5 billion in Lithuania compared to reserves of US$6.4
billion.

Estonia:

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from 'A-
     ' (A minus). Outlook Negative

  -- Long-term local currency IDR: downgraded to 'A-' (A minus)
     from 'A'. Outlook Negative

  -- Short-term foreign currency IDR downgraded to 'F2' from 'F1'

  -- Country Ceiling: downgraded to 'A+' from 'AA-' (AA minus)

Latvia:

  -- Long-term foreign currency IDR: downgraded to 'BB+' from
     'BBB-' (BBB minus). Outlook Negative

  -- Long-term local currency IDR: downgraded to 'BBB-' (BBB
     minus) from 'BBB'. Outlook Negative

  -- Short-term foreign currency IDR: downgraded to 'B' from 'F3'

  -- Country Ceiling: downgraded to 'BBB' from 'A-' (A minus)

Lithuania:

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'. Outlook Negative

  -- Long-term local currency IDR: downgraded to 'BBB+' from 'A-'
     (A minus). Outlook Negative

  -- Short-term foreign currency IDR: downgraded to 'F3' from
     'F2'.

  -- Country Ceiling: downgraded to 'A' from 'A+'


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


BANKAS SNORAS: Fitch Downgrades Individual Rating to 'D/E'
----------------------------------------------------------
Fitch Ratings has downgraded Lithuania-based Bankas Snoras's Long-
term Issuer Default Rating to 'B+' from 'BB-' (BB minus) and
downgraded its Latvian subsidiary's, Latvijas Krajbanka, Long-term
IDR to 'B' from 'B+'.  The rating Outlook for Snoras's Long-term
IDR remains Negative.  Fitch has also downgraded Snoras's and
Krajbanka's Individual Ratings to 'D/E' from 'D'.  The agency has
additionally downgraded Krajbanka's Support Rating to '5' from
'4', and affirmed Snoras's Support Rating Floor at 'B+' while
downgrading its outstanding Eurobonds to 'B+' from 'BB-' (BB
minus).  Fitch has simultaneously withdrawn all of Krajbanka's
ratings and will no longer provide rating or analytical coverage
of this entity.

The downgrades of Snoras's and Krajbanka's Long-term IDRs and
Individual Ratings reflect the fast deterioration of the operating
environment in Lithuania and Latvia.  This has already been
reflected in deteriorating asset quality and rising impairment
charges for Q408 which are likely to continue during 2009.
Impairment charges consumed a large portion of pre-impairment
operating profit for 2008, 60% for Krajbanka and 96% for Snoras
based on consolidated accounts.  Apart from a rising share of
loans with recognized impairment (2.8% of total gross loans) at
the consolidated level at end-2008, the share of overdue loans has
also increased with loans more than 90 days overdue, but not
impaired, accounting for 2.9% of total gross loans at end-2008.

Except for the unsecured consumer loan portfolio (around 26% of
consolidated gross loans), both banks have had conservative
collateral requirements resulting in relatively low loan-to-value
ratios.  This has established a partial buffer against a further
growth in defaults in the banks' corporate, real estate and
mortgage books.  Nevertheless, as most of the collateral is in the
form of real estate, the deepening recession in the banks'
respective markets could further reduce the value of collateral
and result in further rise in impairment charges.  Coupled with a
likely deterioration of profitability at the pre-impairment
operating level, this raises the risk that credit losses may feed
through to capital.  The loss absorption capacity of both banks is
limited as manifested by the relatively low Tier 1 ratios of 8.4%
and 7.56% for Krajbanka and Snoras respectively.  Both banks are
in the process of raising capital: Krajbanka plans to increase its
Tier 1 capital, while Snoras intends to raise its Tier 2 capital.

The downgrade of Krajbanka's Support Rating reflects the limited
financial flexibility of Snoras to support capital in its
subsidiary, unless new capital is injected to Snoras.

Snoras's Support Rating reflects the limited probability of
support from the Lithuanian authorities, if required, in view of
the bank's market share of resident retail deposits which is about
13%.

Snoras was the sixth-largest bank in Lithuania, with around 6.4%
of sector assets as of end-2008.  The bank is 67.28%-owned by
Russian businessman Vladimir Antonov and 25.01% by the Chairman of
Snoras's board, Raimondas Baranauskas.  Snoras has a modern and
wide-ranging distribution network. The bank has domestic
subsidiaries offering mainly leasing, asset management services
and real estate management.

Krajbanka is a small bank, which ranked as Latvia's ninth-largest
by assets at end-2008.  It is a universal bank, serving mainly
small- to medium-sized enterprises and individuals.

The rating actions are:

Bankas Snoras

  -- Long-term IDR downgraded to 'B+' from 'BB-' (BB minus);
     Outlook Negative

  -- Short-term IDR affirmed at 'B'

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

  -- Support Rating affirmed at '4'

  -- Support Rating Floor affirmed at 'B+'

  -- Outstanding Eurobonds downgraded to 'B+' from 'BB-' (BB
     minus)

Latvijas Krajbanka

  -- Long-term IDR downgraded to 'B' from 'B+' and withdrawn
  -- Short-term IDR affirmed at 'B' and withdrawn
  -- Individual Rating downgraded to 'D/E' from 'D' and withdrawn
  -- Support Rating downgraded to '5' from '4' and withdrawn



LATVIJAS KRAJBANKA: Fitch Lowers Individual Rating to 'D/E'
-----------------------------------------------------------
Fitch Ratings has downgraded Lithuania-based Bankas Snoras's Long-
term Issuer Default Rating to 'B+' from 'BB-' (BB minus) and
downgraded its Latvian subsidiary's, Latvijas Krajbanka, Long-term
IDR to 'B' from 'B+'.  The rating Outlook for Snoras's Long-term
IDR remains Negative.  Fitch has also downgraded Snoras's and
Krajbanka's Individual Ratings to 'D/E' from 'D'.  The agency has
additionally downgraded Krajbanka's Support Rating to '5' from
'4', and affirmed Snoras's Support Rating Floor at 'B+' while
downgrading its outstanding Eurobonds to 'B+' from 'BB-' (BB
minus).  Fitch has simultaneously withdrawn all of Krajbanka's
ratings and will no longer provide rating or analytical coverage
of this entity.

The downgrades of Snoras's and Krajbanka's Long-term IDRs and
Individual Ratings reflect the fast deterioration of the operating
environment in Lithuania and Latvia.  This has already been
reflected in deteriorating asset quality and rising impairment
charges for Q408 which are likely to continue during 2009.
Impairment charges consumed a large portion of pre-impairment
operating profit for 2008, 60% for Krajbanka and 96% for Snoras
based on consolidated accounts.  Apart from a rising share of
loans with recognized impairment (2.8% of total gross loans) at
the consolidated level at end-2008, the share of overdue loans has
also increased with loans more than 90 days overdue, but not
impaired, accounting for 2.9% of total gross loans at end-2008.

Except for the unsecured consumer loan portfolio (around 26% of
consolidated gross loans), both banks have had conservative
collateral requirements resulting in relatively low loan-to-value
ratios.  This has established a partial buffer against a further
growth in defaults in the banks' corporate, real estate and
mortgage books.  Nevertheless, as most of the collateral is in the
form of real estate, the deepening recession in the banks'
respective markets could further reduce the value of collateral
and result in further rise in impairment charges.  Coupled with a
likely deterioration of profitability at the pre-impairment
operating level, this raises the risk that credit losses may feed
through to capital.  The loss absorption capacity of both banks is
limited as manifested by the relatively low Tier 1 ratios of 8.4%
and 7.56% for Krajbanka and Snoras respectively.  Both banks are
in the process of raising capital: Krajbanka plans to increase its
Tier 1 capital, while Snoras intends to raise its Tier 2 capital.

The downgrade of Krajbanka's Support Rating reflects the limited
financial flexibility of Snoras to support capital in its
subsidiary, unless new capital is injected to Snoras.

Snoras's Support Rating reflects the limited probability of
support from the Lithuanian authorities, if required, in view of
the bank's market share of resident retail deposits which is about
13%.

Snoras was the sixth-largest bank in Lithuania, with around 6.4%
of sector assets as of end-2008.  The bank is 67.28%-owned by
Russian businessman Vladimir Antonov and 25.01% by the Chairman of
Snoras's board, Raimondas Baranauskas.  Snoras has a modern and
wide-ranging distribution network. The bank has domestic
subsidiaries offering mainly leasing, asset management services
and real estate management.

Krajbanka is a small bank, which ranked as Latvia's ninth-largest
by assets at end-2008.  It is a universal bank, serving mainly
small- to medium-sized enterprises and individuals.

The rating actions are:

Bankas Snoras

  -- Long-term IDR downgraded to 'B+' from 'BB-' (BB minus);
     Outlook Negative

  -- Short-term IDR affirmed at 'B'

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

  -- Support Rating affirmed at '4'

  -- Support Rating Floor affirmed at 'B+'

  -- Outstanding Eurobonds downgraded to 'B+' from 'BB-' (BB
     minus)

Latvijas Krajbanka

  -- Long-term IDR downgraded to 'B' from 'B+' and withdrawn
  -- Short-term IDR affirmed at 'B' and withdrawn
  -- Individual Rating downgraded to 'D/E' from 'D' and withdrawn
  -- Support Rating downgraded to '5' from '4' and withdrawn


* Fitch Cuts Lithuania's Long-term Foreign Currency IDR to 'BBB+'
-----------------------------------------------------------------
This comment corrects a version published earlier.  Fitch has
downgraded Latvia's Long-term Issuer Default Rating to 'BB+', and
not to 'BB-' (BB minus) as was incorrectly stated in one place in
the prior comment.  The corrected comment is:

Fitch Ratings has downgraded the Long-term foreign and local
currency Issuer Default ratings and the Short-term foreign
currency IDRs of Estonia, Latvia and Lithuania by one notch.  The
Long-term foreign currency IDRs are now 'BBB+', 'BB+' and 'BBB'
respectively.

The downgrade of Latvia's ratings reflects the deterioration in
the prospects for the Latvian economy and elevated risk of policy
slippage since the agreement of the EUR7.5 billion loan package
with the IMF, EU and other international lenders in December 2008.
The downgrade of Estonia's and Lithuania's ratings reflects the
deterioration in economic prospects which will increase pressure
on their macroeconomic policy frameworks.  It also reflects their
vulnerability to negative developments in Latvia, where risks have
increased, through three channels: trade, common ownership of the
banking system and resident confidence in local currencies and the
banking system.  While the devaluation of the Latvian LVL is not
Fitch's base case, such an event would increase pressure on the
Lithuanian LTL and the Estonian EEK.

Fitch has also downgraded Estonia and Lithuania's Country Ceilings
by one notch and Latvia's Country Ceiling by two notches.  The
Outlooks on the Long-term ratings remain Negative.

Fitch is forecasting that the Latvian economy will contract by 12%
in 2009, making it much harder for the government to implement its
target budget deficit of 4.7% of GDP, which it passed on the
assumption of a 5% contraction.  On unchanged policies, Fitch
estimates that the budget deficit could rise to 10% of GDP in
2009.

Austerity measures implemented following the agreement with the
IMF, EU and other international lenders in December 2008
contributed to a public backlash culminating in demonstrations in
Riga in mid-January 2009 which led to the collapse of the four-
party coalition government led by Prime Minister Ivars Godmanis in
February.  A new five-party coalition government led by former
opposition party "New Era" took office in March 2009, but is only
planning to submit draft budget amendments to parliament by late
May.  This lack of progress in revising the budget has led to the
IMF delaying the disbursement of the EUR200 million tranche of
funds which was scheduled for payment in Q109.  Fitch is concerned
that the risk to policy implementation has risen, which could lead
to delays in the disbursement of the EUR1.7 billion Latvia is
scheduled to receive from international lenders in Q209.

While still not Fitch's base case scenario, the risk of
devaluation in Latvia has risen as the implementation of the IMF
programme has come under pressure.  Devaluation would be severely
negative given the high level of external debt (128% of GDP at
end-2008) and the high proportion of foreign currency bank loans.
Nevertheless, retaining the peg to the euro requires substantial
falls in nominal wages to restore competitiveness, particularly as
the flexible currencies of some non-Baltic neighboring countries
have depreciated, while the global recession is hitting exports,
making macroeconomic re-balancing more difficult.

Fitch has downgraded Latvia's Country Ceiling by two notches to
'BBB'.  The Country Ceiling is now two notches above the foreign
currency IDR.  The narrowing of the differential reflects a
slightly larger increase in the risk of external financial
pressures that could prompt sovereign actions to restrict private
capital flows.

Given the deterioration in economic prospects in Estonia and
Lithuania, it will be harder for their governments to implement
their adopted budget deficit targets of 2.9% of GDP and 2.1% of
GDP respectively.  Both countries are keen to keep their budget
deficits below 3% of GDP to ensure compliance with the Maastricht
criteria on public finances so they can adopt the euro as soon as
possible.

Fitch is now forecasting that the Lithuanian economy will contract
by 10% in 2009, compared to its forecast of a 5% contraction in
December 2008, when it downgraded Lithuania's foreign currency IDR
to 'BBB+'.  Following the implementation of measures to cut
expenditure and raise revenues as pledged in December 2008, the
Conservative-led government agreed earlier in April to cut budget
expenditure by a further 3.5% of GDP and will submit proposals to
revise the budget to parliament in April, with further expenditure
cuts possible in June.  However, Fitch notes that the
implementation of austerity measures in December 2008 led to
public protests against the government and the risk of a public
backlash against further budget cuts may constrain the
government's room for maneuver.

The Estonian economy contracted by 3.6% in 2008 (and 17.2% in Q408
on a quarter-on-quarter annualized basis) and Fitch is forecasting
that it will contract by 10% in 2009.  The general government
budget deficit was 3% of GDP in 2008, although a supplementary
budget passed in early 2008 revised the budget target to balance
from a 1% of GDP surplus.  The government passed the 2009 budget
with a target deficit of 1.7% of GDP but subsequently widened the
target to 2.9% of GDP with a supplementary budget in February 2009
which made expenditure cuts of around 3.5% of GDP.  However, with
the economic downturn now more severe than expected, and revenues
falling below-target, the government is set to propose new
expenditure-cutting measures by the end of April 2009.  Fitch
believes that further measures to improve the budgetary position
will be difficult to implement and the budget deficit may well
rise above the targeted 2.9% of GDP.  Fitch notes that the
Estonian government's general government fiscal reserves of 9% of
GDP at end-2008 mean it has the flexibility of financing at least
part of its budget deficit.  Its low general government debt level
of 4.8% of GDP at end-2008 is a support to the rating.

Fitch notes that imbalances in all three Baltic countries are
being unwound.  Current account deficits in Q408 narrowed to 5.5%
of GDP in Estonia, 3.8% of GDP in Lithuania and 8.3% of GDP in
Latvia and Fitch is forecasting current account deficits in the
low single-digits for all three countries in 2009.  Inflation
rates are also declining with year-on-year inflation falling to
2.0% in Estonia in March 2009, and 8.5% in Lithuania and 9.4% in
Latvia in February 2009 (from respective peaks of 11.6%, 12.7% and
17.7% during 2008).  Nevertheless, this rebalancing is taking a
toll on the real economy through falling property prices,
deteriorating bank asset quality and rising unemployment and will
increase political pressure on governments as they seek to impose
fiscal austerity measures.  Furthermore, all three Baltic
countries' near-term external financing requirements remain high:
Fitch estimates that short-term debt at end-2008 and medium and
long-term amortization for 2009 (albeit much of this is to foreign
parent banks) is US$16.7 billion in Latvia, compared to
international reserves of US$5.3 billion at end-2008; US$15.5
billion in Estonia, compared to reserves of US$3.9 billion and
US$13.5 billion in Lithuania compared to reserves of US$6.4
billion.

Estonia:

  -- Long-term foreign currency IDR: downgraded to 'BBB+' from 'A-
     ' (A minus). Outlook Negative

  -- Long-term local currency IDR: downgraded to 'A-' (A minus)
     from 'A'. Outlook Negative

  -- Short-term foreign currency IDR downgraded to 'F2' from 'F1'

  -- Country Ceiling: downgraded to 'A+' from 'AA-' (AA minus)

Latvia:

  -- Long-term foreign currency IDR: downgraded to 'BB+' from
     'BBB-' (BBB minus). Outlook Negative

  -- Long-term local currency IDR: downgraded to 'BBB-' (BBB
     minus) from 'BBB'. Outlook Negative

  -- Short-term foreign currency IDR: downgraded to 'B' from 'F3'

  -- Country Ceiling: downgraded to 'BBB' from 'A-' (A minus)

Lithuania:

  -- Long-term foreign currency IDR: downgraded to 'BBB' from
     'BBB+'. Outlook Negative

  -- Long-term local currency IDR: downgraded to 'BBB+' from 'A-'
     (A minus). Outlook Negative

  -- Short-term foreign currency IDR: downgraded to 'F3' from
     'F2'.

  -- Country Ceiling: downgraded to 'A' from 'A+'


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


BREEZE FINANCE: Fitch Downgrades Rating on Class B to 'B+'
----------------------------------------------------------
Fitch Ratings has downgraded these Breeze Finance S.A.'s notes:

  -- EUR279.9 million class A (XS0294895999) downgraded to 'BBB-'
    (BBB minus) from 'BBB'; Outlook Stable

  -- EUR81.8 million class B (XS0294895726) downgraded to 'B+'
     from 'BB'; Outlook Negative

Breeze 3 is a Luxembourg SPV that issued three classes of notes on
April 19, 2007, for an aggregate issuance amount of EUR455 million
to finance the acquisition and completion of a portfolio of wind
farms located in Germany and France, as well as establishing
various reserve accounts.  The notes will be repaid from the cash
flow generated by the sale of the energy produced by the wind
farms, mainly under regulated tariffs.

Operating costs during 2008 were significantly higher compared to
original expectations.  According to the information received from
Breeze 3, total expenditures pre debt service were some EUR2.2
million higher than projected during 2008, primarily as a result
of underestimations, cost omissions and the revision of the
ranking of payments to the decommissioning reserve account
(previously considered as subordinated, but in practice senior to
debt service).  Although approximately EUR1 million of such cost-
overruns is considered to be a one-off, the debt service coverage
ratio for both classes of notes is expected to drop materially
compared to initial expectations.

Additional concerns affecting the Breeze 3 wind farm portfolio
have arisen from the technical issues causing cracks in the blades
of some Nordex turbines.  The blades on five turbines were
replaced during 2008 with LM blades and are now operating
normally.  One S77 turbine at the Flechtdorf Helmscheid wind farm
will, in the coming week, also receive new LM blades.  The
remaining four turbines are back in operation, but have to be
checked regularly for safety reason.  A permanent solution has yet
to be identified. Seventeen Vestas V90 turbines continue to lack
insurance cover for damage to their foundations not caused by
external factors.  Fitch gains comfort from the fact that none of
the turbines' foundations currently display any cracks, and from
the active management of the issue by the operator of the Breeze 3
portfolio.

The construction of all wind farms in the portfolio was completed
in December 2008 with the beginning of the operation of the last
remaining project, Conteville.  However, the portfolio will suffer
during 2009 the decommissioning of the two remaining HSW turbines
at the Pombsen wind farm (representing about 0.75% of the
portfolio P50), whose operation has been considered uneconomical
due to poor technical conditions.  This adds to the previous
decommissioning of another turbine at the same project and of one
NEG-Micon turbine at the Vahlbruch wind farm in early 2008.  The
loss of the latter turbine highlights what in Fitch's view is a
weakness in the transaction structure in that the damage insurance
reimbursement for the loss of the Vahlbruch turbine will
effectively be released to the class C notes rather than being
trapped within the structure or used to repay debt.

Energy production during 2008 at 544.3 GWh was some 1% and 9%
lower than the P90 and P50 forecasts respectively.  This was due
to below average wind conditions as well as low technical
availability (approximately 95% compared to the expected 97%)
resulting from the shutdown of ten Nordex turbines.  Revenues were
further impacted negatively by the low energy price received for
the Combusins, Derval and Xambes wind farms as a result of the
cancellation on August 6, 2008, of the decree regulating the
tariff payable to French wind farms.  However, this situation has
now been resolved, as the French government passed a new decree on
28 December 2008 reinforcing the provisions of the previous one.
During 2008, DSCR stood at a strong 1.81x and 1.30x for the class
A and B notes respectively.  Such ratios will be significantly
lower, starting from 2009, as a consequence of the full principal
amortisation schedule becoming due.

The effect of the negative events affecting the transaction is
most significant and immediate on the class B notes.  This is due
to the lower debt service reserve available to the class B notes
compared to class A (approximately three months of principal and
interest payments against six months on the most senior class) and
the identified structural weakness relating to the allocation of
damage insurance reimbursements.  Additional concerns for the
class B notes derive from the technical issues affecting the
blades of four Nordex turbines at the Flechtdorf project, as well
as the persisting uncertainty regarding the foundations of
seventeen Vestas turbines.  Class B notes may come under further
severe stress during 2009 as a result of one-off expenses linked
to a funding shortfall on the French wind farms (anticipated to be
about EUR0.5 million thanks to the netting off of some EUR0.7
million of turnkey price reductions for the same projects), and
the exceptionally poor wind conditions experienced during the
first two months of the year.


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


FORTIS BANK: S&P Cuts Junior Ratings on EUR2 Bil. Notes to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'A/A-1' long- and short-term counterparty credit ratings on Fortis
Bank Nederland (Holding) N.V. and removed them from CreditWatch,
where they were placed on Oct. 6, 2008, with developing
implications.  The outlook is developing.

At the same time, S&P lowered the junior subordinated rating on
FBNH's EUR2 billion mandatory convertible securities to 'BB-' from
'BB' and maintained them on CreditWatch with developing
implications.  FBNH's government-guaranteed debt, which S&P rates
'AAA/A-1+', is not affected by this rating action.

"The ratings on FBNH reflect the support from its shareholder, the
Dutch state, as well as its only adequate stand-alone credit
profile," said Standard & Poor's credit analyst Elisabeth Grandin.

The bank is the fourth-largest Dutch bank, and benefits from a
moderate risk profile with limited reliance on volatile investment
banking type revenues and a loan portfolio focus on the Dutch
economy.  Its major weakness is its currently poor stand-alone
funding profile, as well as the challenge represented by re-
establishing itself as an independent bank.

The 'BB-' junior subordinated rating on the MCS reflects S&P's
view of higher risk of suspension for hybrid instruments issued by
banks that have a moderate stand-alone credit profile and where
government support is a key rating factor.

"The developing outlook means that S&P could affirm, raise, or
lower our ratings over the next 18 months depending on the outcome
of the restructuring process currently under way," said Ms.
Grandin.

S&P expects FBNH or the new banking group resulting from its
combination with ABN AMRO activities that the Dutch state
purchased to continue benefiting from the Dutch government's
strong support in the coming years.  S&P also expects FBNH to show
only moderate further pressure in its underlying financial
performance, to progressively improve its funding profile, and to
improve its enterprise risk management through the successful
separation from its former parent.  Failure to meet these
expectations and in particular to stabilize the bank's franchise
would put pressure on the ratings.  The ratings could also be
negatively affected by compensating measures resulting from the EU
investigation into alleged state aid.

A positive rating action would depend on a successful combination
of FBNH with the ABN AMRO activities that results in a fundamental
improvement in its stand-alone credit profile.  While the bank's
business position in The Netherlands and its funding mix will
clearly benefit from the combination, there is only limited
information available about the financial and business profiles of
the ABN AMRO activities.  The likelihood of positive rating
actions will also reflect the execution risks related to the
merger and the prospect for a reduction in Dutch government
involvement in the medium term.

                           Creditwatch

To resolve the CreditWatch on the MCS, S&P need to assess the
impact on FBNH's capital position and financial flexibility of the
EU inquiry, if any, and in turn what impact that could have on the
bank's capacity to pay the coupon.  However, the short-term nature
of the instrument before its planned December 2010 conversion
reduces uncertainty.

S&P'S CRITERIA FOR HOLDING COMPANIES AND FORTIS BANK NEDERLAND
(HOLDING) N.V. FBNH is the holding company of Fortis Bank
Nederland and is also a regulated bank.  It has no operational
activities and relies on the dividends upstreamed in particular
from FBN. FBN and FBNH are fully integrated from an operational
point of view.  Standard & Poor's typically applies a one-notch
rating differential between the rating on an operational banking
entity and that on its holding company.  Because FBNH recently
announced that it plans to merge FBNH with FBN to simplify its
legal organization, and taking also into consideration FBNH's
banking status, S&P decided not to apply any notching and equalize
the rating on FBNH with the implied rating on FBN.


LEVERAGED FINANCE: S&P Cuts Rating on Class IV Notes to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its rating on the class IV notes issued by
Leveraged Finance Europe Capital IV B.V.  At the same time, S&P
affirmed and removed from CreditWatch negative the class II, III,
and V notes and affirmed the ratings on the remaining notes.

On Feb. 17, S&P placed the class II to V notes on CreditWatch
negative following a preliminary review of the effect of recent
developments on European collateralized loan obligations.

The rating actions follow S&P's full review of the transaction,
including a cash flow analysis.  This shows that the likelihood
that the class IV notes will not be repaid in full has, in S&P's
opinion, increased to a level no longer consistent with the notes'
previous rating.  Further, S&P considers that the likelihood of
the class I-D, I-N, revolving facility, II, III, and V notes being
repaid remains consistent with the current ratings, and S&P has
thus affirmed these ratings.

In S&P's analysis S&P calculated scenario default rates at
different rating levels for various classes of notes.  S&P also
assessed, using a cash flow model, the future level of defaults
the portfolio could withstand and the transaction to still fully
repay each class of notes (the breakeven default rate; BDR).

S&P's analysis highlighted that the SDRs have risen as a result of
credit deterioration in the underlying portfolio--and at the same
time BDRs have fallen due to par value losses following the
default of certain corporate obligors in the portfolio.

Leveraged Finance Europe Capital IV is an arbitrage cash flow CLO
managed by BNP Paribas that closed in October 2006.  The portfolio
comprises senior secured and mezzanine loans.

As recently announced, S&P's criteria for rating cash flow CLOs
are under review.  As highlighted in the notices below, S&P is
soliciting feedback from market participants regarding proposed
changes to S&P's CLO criteria.  S&P will evaluate the market
feedback, which may result in further changes to the criteria.
This may affect S&P's ratings on the notes issued by Leveraged
Finance European Capital IV.

The rating actions are unrelated to these proposed criteria
changes.

                          Ratings List


             Leveraged Finance Europe Capital IV B.V.
                EUR306.8 Million Floating-Rate Notes

       Rating Lowered and Removed from CreditWatch Negative

                               Rating
                               ------
            Class        To              From
            -----        --              ----
            IV            BB+            BBB-/Watch Neg

      Ratings Affirmed and Removed from CreditWatch Negative

                               Rating
                               ------
            Class        To              From
            -----        --              ----
            II            AA             AA/Watch Neg
            III           A              A/Watch Neg
            V             BB-            BB-/Watch Neg

                         Ratings Affirmed

                       Class         Rating
                       -----         ------
                       I-D           AAA
                       I-N           AAA
                       Revolving
                       facility      AAA



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


BELGAZPROMBANK: Fitch Lifts Individual Rating to 'D/E'
------------------------------------------------------
Fitch Ratings has affirmed Belgazprombank's Long-term Issuer
Default Rating at 'B' with a Stable Outlook and upgraded its
Individual Rating to 'D/E' from 'E'.  Fitch has simultaneously
affirmed BGB's other ratings.

BGB's IDRs and Support Rating of '4' reflect Fitch's view on the
likelihood of support from the bank's controlling shareholders,
OAO Gazprom (Gazprom, 'BBB'/Negative) and affiliated JSB
Gazprombank.  Fitch believes that Gazprom's ability and propensity
to provide support to BGB, in case of need, are strong.  However,
Belarusian transfer and convertibility risks may limit the extent
to which BGB could utilize such support, and therefore impose
constraints on BGB's IDRs and Support Rating.

The upgrade of BGB's Individual Rating recognizes the bank's
significantly improved loss absorption capacity, the bank's
progress in reducing the concentration of its loan book, continued
strong profitability, healthy liquidity and good-to-date reported
asset quality.  BGB's Individual Rating also reflects its strong
track record in SME lending, the special role played by the bank
in Gazprom's settlement system and reasonable risk management
systems.  However, BGB's Individual Rating also takes into account
the challenging operating environment, its relatively limited
franchise, a high share of wholesale and foreign currency funding,
the unseasoned loan portfolio and a high share of foreign currency
lending.  Individual Ratings reflect a bank's standalone risk and
do not take account of the potential for external support.

BGB grew its loan portfolio by 56% in 2008 (99% in 2007) and
reduced exposure to the largest 20 borrowers to 0.4x of equity at
end-2008 from 2.3x of equity at end-2007.  The seasoning of the
bank's loan portfolio under worsening macroeconomic conditions,
coupled with a high share of foreign currency lending (61% at end-
2008), are likely to noticeably increase the level of non-
performing loans from the currently low level (loans overdue by 90
days and above were only 0.8% of gross loans at end-2008).
However, Fitch believes that following a US$75 million capital
injection from the shareholders in 2008, the bank has significant
loss absorption capacity and is reasonably positioned to withstand
the challenges of the deteriorating operating environment.  BGB's
Tier 1 Basel ratio improved to 22.6% at end-2008 from 12.6% at
end-2007, and a further capital injection of US$75 million
(equivalent to 75% of end-2008 capital) is planned for 2009.  At
the same time, BGB's reliance on wholesale funding and near term
refinancing risks are mitigated by a high level of liquidity
(cash, interbank placements and securities accounted for one third
of non-equity funding at end-2008) and access to a liquidity
support line from the shareholders (US$30 million of which was un-
drawn at end-March 2009).

The upside potential for all BGB's ratings is currently limited
given country risks and the challenging operating environment.
Downside pressure on the Long-term IDR would result from a further
deterioration of Belarus' country risk and/or changes in Fitch's
view on the likelihood of support from Gazprom and group
companies.  The Individual Rating could come under downward
pressure if asset quality deteriorates considerably, for example
in the case of a further substantial devaluation of the BYR, and
in particular should the planned new equity injection not
materialize for any reason.

BGB is the seventh largest bank in Belarus with a 2% share of
system assets at end-2008.  BGB is 48% owned by Gazprom and 48% by
Gazprombank.  The bank focuses on lending to the Belarusian
private sector, particularly SME and retail sectors.

BGB's ratings are:

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable

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

  -- Support Rating: affirmed at '4'

  -- Individual Rating: upgraded to 'D/E' from 'E'


CENTERTELECOM OAO: Fitch Lifts LT Issuer Default Rating to 'B+'
---------------------------------------------------------------
Fitch Ratings has upgraded Russia-based OAO Centertelecom's
ratings to Long-term Issuer Default 'B+' from 'B' and National
Long-term 'A(rus)' from 'BBB(rus)'.  The National senior unsecured
rating was upgraded to 'A(rus)' from 'BBB(rus)'.  Its Short-term
IDR was affirmed at 'B'.  The Outlooks on the Long-term IDR and
National Long-term rating are Stable.

"The fixed-line telecom business is likely to demonstrate strong
resilience in the downturn which will support CT's financial
performance.  Although refinancing risks remain a concern, the
company is planning dramatic capex cuts and operating expenditure
savings in 2009, which will boost free cash flow generation and
help it manage any debt redemption calls," said Nikolay
Lukashevich, Senior Director in Fitch's European TMT team.

Fitch notes that usage of both fixed line and mobile is unlikely
to suffer significantly as a result of the economic crisis,
particularly in the non-corporate segment.  Although corporate
revenues are under more pressure, this is mitigated by continuing
broadband expansion and regulator-endorsed tariff increases on
local services at slightly below the CPI inflation.  The latest
hike was in March this year at 8% on average.  With no significant
threats to revenues, margins will be supported by an ongoing cost-
cutting programme.

In light of tight credit conditions, the company is cutting capex
in 2009, and potentially keeping a tight control on it over the
medium term with an aim to boost free cash flow generation.  Prior
high investments in the network and completion of the universal
telecoms service program at end-2008 have allowed CT to be
flexible on capex for at least two years, without negatively
impacting growth prospects or competitiveness.

However, Fitch remains concerned with CT's refinancing and
liquidity risks.  Although the company had only RUB461 million of
cash on its balance sheet at end-September 2008, since Q308 it has
sought to preserve cash to meet any debt redemption calls.  The
largest short-term exposure is a RUB5.6 billion domestic bond
maturing in August 2009.  These risks are mitigated by a low and
declining leverage (with an estimated net debt/EBITDA at slightly
above 1.7x at end-2008) and strong free cash flow generation in
2009 and possibly in 2010.  Fitch notes that the management is
strongly committed to extracting cash from its business to repay
debt.

As a company under indirect government control and in a
strategically important industry, CT benefits from special
relationships with the largest state-controlled domestic banks,
which improves the company's refinancing prospects.  In addition,
CT continues to be funded by private banks, with Orgresbank
('BBB+', Negative Outlook) recently announcing a principal
agreement to issue a EUR27m loan to the company.

The ratings also reflect CT's dominant position as a regional
incumbent fixed-line telecom operator with a diversified and
stable subscriber base and control over the last-mile
infrastructure.  With competition primarily driven by the long-
term transition to mobile technology from the fixed-line, the so
far mild pressure from fixed-to-mobile substitution in the voice
segment has been compensated by the company's rapidly rising
broadband market share and customer base.  The regulatory
environment remains benign for the entire fixed-line telecoms
industry, including CT.  The ratings also take into account the
influence of 50.8% shareholder, Svyazinvest, on the decision-
making process at CT and its potential lobbying support, although
no direct cash support is expected for the company.


CONSTRUCTION COMPANY: Court Names Temporary Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Smolenskaya appointed A. Morozov as
Temporary Insolvency Manager for LLC Construction Company-12
(TIN 6731043480,PSRN 1036758319663).  The case is docketed under
Case No. A62–238/2009,. He can be reached at:

         Post User Box 13
         394038 Voronezh
         Russia

The Debtor can be reached at:

         LLC Construction Company-12
         Kirova St. 38-21
         Smolensk
         Russia


IZHEVSKIY AUTOREPAIR: Creditors Must File Claims by May 27
----------------------------------------------------------
Creditors of LLC Izhevskiy Autorepair Plant (TIN 1833045015) have
until May 27, 2009, to submit proofs of claims to:

         O. Tebenkov
         Insolvency Manager
         50 let Pionerii St. 26
         426033 Izhevsk
         Udmurtia
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A71–8371/2008-G15.

The Debtor can be reached at:

         LLC Izhevskiy Autorepair Plant
         Vladivostokskaya St. 1a
         Izhevsk
         Udmurtia
         Russia


IZOPLAST: Creditors Must File Claims by April 27
------------------------------------------------
Creditors of LLC Izoplast (Chemicals Production) have until
April 27, 2009, to submit proofs of claims to:

         V. Trostonetskaya
         Temporary Insolvency Manager
         Post User Box 6
         630004 Novosibirsk
         Russia

The Arbitration Court of Novosibirskaya will convene at 3:00 p.m.
on June 3, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A45–19430/2008.

The Debtor can be reached at:

         LLC Izoplast
         Fabrichnaya St.10
         630007 Novosibirsk
         Russia


MECHEL OAO: Shareholders Sue Firm on "False" Fin'l Statements
-------------------------------------------------------------
Braden Reddall at Reuters reports Mechel OAO has been sued in the
U.S. by shareholders accusing the company of not keeping investors
up to date on a damaging 2008 antitrust probe and of making false
financial statements.

The report recalls the U.S.-listed mining and metals company was
investigated in Russia for coking coal price-fixing and the
Russian government fined Mechel and imposed a 15 percent price cut
on the company.

According to Reuters, in the lawsuit, the plaintiffs, led by
shareholder Dean Frederick, accused Mechel of not disclosing
enough information about its behavior, the investigation, the
fines or the threat to future revenue, and that its "financial
statements were materially false and misleading at all relevant
times."

The report relates the class action lawsuit, filed in the U.S.
District Court for the Southern District of New York on April 8,
is on behalf of those who bought the stock between Oct. 3, 2007
and July 25, 2008.

The case is Frederick v. Mechel OAO, 09-cv-3617, U.S. District
Court, Southern District of New York (Manhattan), according to
Bloomberg News.

Russia-based Mechel OAO (RTD:MTLRG) --  http://www.mechel.ru/--
is a vertically integrated mining and metals company.  The mining
business consists of coal, iron ore and nickel mines in Russia.
The Company also provide coal washing services, both to the coal-
mining subsidiaries and to third parties.  The steel business
comprises the production and sale of semi-finished steel products,
carbon and specialty long products, carbon and stainless flat
products and downstream metal products, including hardware,
stampings and forgings.  It is also engaged in the power business.
In April 2008, it acquired Ductil Steel S.A.  As of January 1,
2008, the Company had coal reserves totalling 510.3 million tons,
of which approximately 44.4% was coking coal.  On September 24,
2008, Mechel OAO, through its subsidiary, Mechel Service OOO,
announced the acquisition of a 100% stake in HBL Holding GmbH.  In
February 2009, the Company acquired an 100% interest in Skyblock
Limited.  In February 2009, the Company acquired 100% interest in
Bluestone ?oal.


MIR DEREVA: Creditors Must File Claims by May 27
------------------------------------------------
Creditors of LLC Mir Dereva (TIN 1326192324, PSRN 1041316017390)
(Wood-Processing) have until May 27, 2009, to submit proofs of
claims to:

         A. Kuznetsov
         Insolvency Manager
         Fedoseyenko St. 17/104
         430001 Saransk
         Mordovia
         Russia

The Arbitration Court of Mordovia will convene on Sept. 11, 2009,
to hear bankruptcy proceedings.  The case is docketed under Case
No. A39–3527/2008.

The Debtor can be reached at:

         LLC Mir Dereva
         Polezhayeva St. 2
         Saransk
         Mordovia
         Russia


NAV-DREV: Creditors Must File Claims by April 27
------------------------------------------------
Creditors of LLC Nav-Drev (TIN 5223033672) have until April 27,
2009, to submit proofs of claims to:

         A. Gasparyan
         Temporary Insolvency Manager
         Apt.72
         Polevaya St. 6/1
         Kstovo
         607650 Nizhegorodskaya
         Russia
         Tel: 9030415375.

The Arbitration Court of Nizhegorodskaya will convene on July 21,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A43–32848 / 2008–36–289.

The Debtor can be reached at:

         LLC Nav-Drev
         Klubnaya St. 5
         Navashino
         Nizhegorodskaya
         Russia


OM-STROY: Creditors Must File Claims by April 27
------------------------------------------------
Creditors of LLC Om-Stroy-2001 (TIN 5503072032, PSRN
1035504007142) (Construction) have until April 27, 2009, to submit
proofs of claims to:

         N. Utochenko
         Temporary Insolvency Manager
         Apt.136
         Prospect Mira 106a
         644089 Omsk
         Russia

The Arbitration Court of Omskaya will convene on July 7, 2009, to
hear bankruptcy supervision procedure.  The case is docketed under
Case No. A46–19198/2008.

The Debtor can be reached at:

         LLC Om-Stroy-2001
         24-ya Severnaya St. 172g
         Omsk
         Russia


RG BRANDs: Moody's Downgrades Corporate Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating and probability of default rating of JSC
RG Brands.  The ratings remain under review for possible
downgrade.

"The rating action reflects Moody's expectation that, despite the
automatic price adjustment mechanisms embedded in most existing
contracts between RG Brands and its suppliers, the depreciation of
the Kazakh tenge will reduce the company's margins in 2009 and
increase its mostly foreign-denominated debt," said Stefano del
Zompo, lead analyst for RG Brands at Moody's.  "This will likely
lead to credit metrics beyond the targets set by Moody's for the
rating category and a breach in the existing covenants in the
first quarter of this year."

The company's 2008 results were only slightly below Moody's
expectation of EBITDA margins above 15% and Debt/EBITDA around
4.5x helped by effective management of working capital.  For 2009,
Moody's forecasts EBITDA margins in the low teens, a Debt/EBITDA
ratio above 5.0x and coverage ratios trending toward par, which
would make the company better positioned in the B3 rating category
than the present B2, although Moody's recognizes the mostly long
term nature of RG Brands' debt profile.

"The current ratings reflect Moody's belief that the European Bank
of Restructuring and Development will remain supportive of the
company and will likely agree to an amendment of its covenants
going forward to provide for the devaluation of the Kazakh tenge
and the difficult market environment," explains Mr. del Zompo.
"However, the headroom within the new covenant structure might
remain limited in the medium term."

The rating remains under review for possible further downgrade.
Moody's review will continue to focus on: (1) the likelihood that
the company will be able to renegotiate its existing covenants
with the EBRD and its other banks, and maintain sufficient
headroom under the new covenant structure; (2) the short- to
medium-term prospects of the company and its capacity to withstand
the current economic downturn; and (3) the company's financial
plan and ability to improve credit metrics.

The last rating action was implemented on 26 February 2009, when
Moody's placed the company's B2 ratings under review for possible
downgrade.

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


SHULGINSKIY BREWERY: Creditors Must File Claims by April 27
-----------------------------------------------------------
Creditors of CJSC Shulginskiy Brewery have until April 27, 2009,
to submit proofs of claims to:

         V. Rudenko
         Temporary Insolvency Manager
         Post User Box 12
         630110 Novosibirsk
         Russia

The Arbitration Court of Novosibirskaya will convene at 2:00 p.m.
on Aug. 5, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A45–2614/2009,.

The Debtor can be reached at:

         CJSC Shulginskiy Brewery
         Office 18
         Yadrintsevskaya St. 55
         630000 Novosibirsk
         Russia


SIB-ENERGO-PROM: Altayskiy Bankruptcy Hearing Set September 9
-------------------------------------------------------------
The Arbitration Court of Altayskiy will convene at 10:45 a.m. on
Sept. 9, 2009, to hear bankruptcy supervision procedure on LLC
Sib-Energo-Prom (TIN 2221004127, PSRN 1022200893670) (Power
Equipment Production).  The case is docketed under Case No. A03–
1669/09B.

The Temporary Insolvency Manager is:

         Yu.Rodionov
         Office 1
         5-i Armii St. 4
         Omsk
         Russia

The Debtor can be reached at:

         LLC Sib-Energo-Prom
         Krasnoarmeyskiy prospect 81
         656049 Barnaul
         Russia


SISTEMA-HALS JSC: Fitch Puts 'B' Issuer Rating on Evolving Watch
----------------------------------------------------------------
Fitch Ratings has placed Russian property developer JSC Sistema-
Hals' Long-term Issuer Default Rating and Short-term IDR of 'B',
respectively, and National Long-term Rating of 'BBB-(BBB minus)
(rus)' on Rating Watch Evolving.  The rating action follows the
announcement on April 7, 2009, that Bank VTB ('BBB'/Negative
Outlook) may acquire a 51% stake in SH from Sistema Joint Stock
Financial Corp. (Sistema, 'BB-'(BB minus)/Rating Watch Negative).
The RWE status reflects the possibility that SH's ratings could be
affirmed, downgraded or upgraded once the transaction is completed
(which is subject to regulatory approval).

Fitch currently notches up SH's ratings by approximately one to
two levels to reflect the expectation of continuing support from
its stronger majority shareholder (Sistema).  Although Sistema
does not guarantee SH's debt, the notching reflects the perceived
linkage between the two entities (based on Fitch's Parent and
Subsidiary Rating Linkage methodology), including Sistema's high
level of ownership in SH, operational and family links, a shared
brand name and cross-default linkage.  This has been underlined
over the past 12 months by tangible evidence of support from
Sistema, including arms-length lending to SH from Sistema
subsidiaries and the pledge of assets by Sistema to assist SH with
external debt financing.

However, should the deal with VTB be completed, Sistema will no
longer be the majority shareholder of SH and therefore it is
unlikely to continue offering the same level of financial support
as previously.  As the full terms of the transaction are currently
unknown, it is unclear whether VTB will offer any form of support
to SH going forward.  Without a similar level of support, the
ratings are likely to be downgraded by one to two notches to
mirror SH's standalone credit profile.  However, if VTB does offer
substantial parental support, such as legal guarantees, the
ratings may be upgraded to reflect VTB's stronger ability to offer
financial assistance compared to Sistema, as reflected by its
stronger credit rating.

Fitch notes that irrespective of parental linkage considerations,
the transaction could also have an impact on SH's standalone
profile.  VTB has declared its intention to restructure a portion
of SH's debt, which could improve SH's standalone liquidity
position and/or credit ratios, especially if a sizeable amount of
short-term debt was to be refinanced.  However, the standalone
profile could also be negatively impacted if VTB decides to
materially increase gross debt levels at SH, restructure the asset
base (such as transferring or disposing of assets), or increase
the level of secured debt (hence creating subordination issues for
unsecured creditors).  Fitch is also aware that one or more of
SH's debt packages contain a change of control clause which could
be triggered by the VTB transaction, which in turn could have a
negative impact on SH's liquidity profile if one or more debt
packages had to be prepaid as a result.

The lack of visibility on VTB's intentions, and the impact this
will have on SH's ratings are reflected in the RWE.  In resolving
the RWE, the agency will assess whether the transaction has any
material impact on the parental linkage considerations and on the
standalone profile of SH.  Fitch's review will include an
assessment of (i) SH's liquidity (including refinancing prospects
and any change of control considerations), (ii) any changes to the
asset base and project portfolio, (iii) SH's financial strategy
(including a potential restructuring of debt and possible
subordination), and (iv) parental linkage issues.  Fitch will seek
to resolve the RWE shortly after the transaction closes, which is
anticipated to be within the next two to three months.


STROY-AS: Creditors Must File Claims by May 27
----------------------------------------------
Creditors of LLC Stroy-AS (TIN 4214024743) (Construction) have
until May 27, 2009, to submit proofs of claims to:

         D.Kotin
         Insolvency Manager
         Office 203
         Petrenko St. 13
         Prokopyevsk
         653052 Kemerovskaya
         Russia

The Arbitration Court of Kemerovskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A27–10383/2008–4.

The Debtor can be reached at:

         LLC Stroy-AS
         Bryanskaya St. 12/45
         Mezhdurechensk
         Kemerovskaya
         Russia


TRANSCREDITBANK: Moody's Changes Outlook on 'D-' BFSR to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the D- bank
financial strength rating, Ba1 long-term global foreign currency
deposit rating as well as Ba1 senior unsecured debt rating of
TransCreditBank to negative from stable and affirmed all of the
bank's ratings.  In addition, Moody's Interfax has also affirmed
TCB's Aa1.ru National scale rating.  Moscow-based Moody's Interfax
is majority owned by Moody's, a leading global rating agency.

The debt and deposit rating affirmations follow the recent
announcement that the issuer rating of the bank's parent Russian
Railways Joint Stock Company has been downgraded to Baa1 from A3
with a negative outlook.  TCB's debt and deposit ratings
incorporate Moody's assessment of high probability of support from
Russian Railways in the event of need, given TCB's controlling
ownership by Russian Railways and importance for its operations.
In accordance with Moody's Joint Default Assessment Methodology,
the downgrade by one notch of Russian Railways issuer rating has
not affected TCB's debt and deposit ratings.

The BFSR outlook change reflects Moody's view that the
deteriorating operating environment is likely to lead to worsening
asset quality which is likely to exert significant pressure on the
bank's capitalization, liquidity and profitability.  More
positively, Moody's notes that a significant share of the bank's
loan book (ca. 15% of the corporate loans book at end-Q3 2008) is
issued to group entities of Russian Railways or entities whose
credit risk is closely linked to that of Russian Railways'
performance benefiting from their higher-than-average credit
quality.  In respect of their retail portfolio, up to 80% of this
loan portfolio is granted to employees of Russian Railways.

"Although the average credit quality of TCB's loan book is
therefore better than that of its peers, the non-Russian Railways
loan book is still exposed to the same risks of deteriorating
macroeconomic environment.  In addition, the economic environment
is also negatively affecting Russian Railways companies as
reflected in a negative outlook on Russian Railways Baa1 issuer
rating," says Vladlen Kuznetsov, a Moscow-based Moody's Assistant
Vice President - Analyst, and lead analyst for this issuer.

TCB's funding base is concentrated, with ca. 40% of the customer
accounts represented by Russian Railways.  At the same time, the
bank is significantly dependant on wholesale funding which
accounted for 30% of total funding, although the largest part is
longer term (more than one year).  While there are currently no
immediate concerns about liquidity, the significantly deteriorated
asset quality accompanied by significant withdrawals from Russian
Railways or from any other large customer, and/or large wholesale
debt repayments are likely to exert pressure on liquidity.

The negative outlook on the TCB's debt and deposit rating is a
reflection of i) some uncertainty with regard to the level of
Russian Railways' commitment to maintaining its controlling
ownership and its willingness to extend support going forward as
evidenced by management's intention to reduce its stakes in the
bank and classifying TCB as a non-core asset; ii) negative
outlooks on TCB's BFSR and Russian Railways' issuer ratings
reflecting the possible deterioration of their credit strength.
Moody's notes that while TCB's shareholders have been committed in
the past to capitalizing the bank, a decrease in the parental
support assumptions which could be decided if Russian Railways'
ownership (direct and indirect) were to decline significantly.
This would likely prompt a downgrade of TCB's deposit and debt
ratings.

Moody's previous rating action on TCB was on July 17, 2008, when
the rating agency affirmed the bank's ratings.

Headquartered in Moscow, TCB had total assets of RUB189 billion
and equity of RUB14.4 billion at end-Q3 2008.  TCB's main focus is
on servicing the needs of Russian Railways and the bank has its
branch network in locations that enable it to better provide
services to its parent's regional entities and their employees.


UC RUSAL: Creditors Shun Holding Co.'s Debt-for-Shares Proposal
---------------------------------------------------------------
United Co. Rusal's holding company, Basic Element, said its
creditors aren't interested in converting debt into shares and
that loan restructuring talks need to be completed by the fall,
Yuriy Humber at Bloomberg News reports.

Basic Element, which holds 54 percent of Rusal, offered banks
shares of some industrial assets and doesn't rule out ceding
stakes to reduce borrowings, the report relates citing Deputy
Chief Executive Officer Olga Zinovieva.

Companies fully or part-owned by Basic Element have total debts of
more than US$20 billion, Ms. Zinovieva said as cited by the news
agency, adding the investment company may have to sell some
assets.

"In some cases, we're in talks for banks to take a stake in our
business, but they don’t want to," Ms. Zinovieva said in an e-
mailed answer to questions from Bloomberg News.  "Not every
creditor is ready to invest billions in new technology and
development."

Although as Ms. Zinovieva said Basic Element itself has almost no
debt, Rusal, which signed a standstill agreement with its lenders
in March, has until early May to negotiate the terms of a long-
term debt.

Rusal is seeking to extend its repayments on the loan to five to
10 years and link them to the aluminum price in London, Bloomberg
News says.

As reported in the Troubled Company Reporter-Europe on March 20,
2009, Russia's First Deputy Prime Minister Igor Shuvalov, as cited
by Bloomberg News, said Rusal won't be bailed out by the
government.

According to the Bloomberg News, Mr. Shuvalov said he's held
"unofficial" talks with Rusal's creditors to make clear that the
government isn't considering buying a stake in the company or
restructuring the company's debt.  However, Mr. Shuvalov, as cited
by the news agency, said the government may allow Rusal to pay
foreign creditors in shares.

Rusal isn't counting on financial help from the government and
plans to reorganize its borrowings and cut costs, the Moscow-based
company said in an e-mail obtained by Bloomberg News.

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

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

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

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

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

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

                         About UC RUSAL

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


URAL-LES: Creditors Must File Claims by May 27
----------------------------------------------
Creditors of LLC Ural-Les (Lumbering) have until May 27, 2009, to
submit proofs of claims to:

         A. Fedorets
         Insolvency Manager
         Gorkogo St. 31
         620075 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A60–12261/2008-S11.

The Debtor can be reached at:

         LLC Ural-Les
         Gagarina St. 1/2A
         Russkiy Potam
         Achitskiy
         623244 Sverdlovskaya
         Russia


VOLGA-TECH-PROM: Creditors Must File Claims by April 27
-------------------------------------------------------
Creditors of LLC Volga-Tech-Prom (TIN 6330021602, PSRN
1026303117455) (Chemical Industry) have until April 27, 2009, to
submit proofs of claims to:

         V. Gordeyev
         Temporary Insolvency Manager
         Office 2
         Zavodskoe Shosse 13
         443022 Samara
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A55–
2009,0/2008.

The Debtor can be reached at:

         LLC Volga-Tech-Prom
         Ordzhnokidze St. 1
         Chapayevsk
         446116 Samarskaya
         Russia


YUZHNO URALSKIY: Creditors Must File Claims by April 27
-------------------------------------------------------
Creditors of CJSC Yuzhno Uralskiy Mechanical Plant (TIN
7453092098) have until April 27, 2009, to submit proofs of claims
to:

         Ye. Kleyn
         Temporary Insolvency Manager
         Fedorova St. 1a
         Chelyabinsk
         454048 Chelyabinskaya
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A76–
26134/2008–32-7.

The Debtor can be reached at:

         CJSC Yuzhno-Uralskiy Mechanical Plant
         Entuziastov St. 2
         Chelyabinsk
         Russia


* Fitch Cuts Individual Ratings on 5 Foreign-Owned Russian Banks
----------------------------------------------------------------
Fitch Ratings has affirmed five foreign-owned Russian banks' Long-
term Issuer Default Ratings at 'BBB+' with a Negative Outlook,
whilst downgrading the banks' Individual Ratings.  The Individual
ratings of Rosbank, ZAO Raiffeisenbank and ZAO UniCredit Bank have
been downgraded to 'D' from 'C/D' and Absolut Bank and Orgresbank
to 'D/E' from 'D'.

The downgrade of the Individual Ratings reflects ongoing and
likely future asset quality deterioration at the banks in the
currently difficult Russian operating environment.  The downgrades
also take account of the relatively tight capital positions under
which parent banks are operating their subsidiaries, and therefore
the subsidiary banks' limited ability to absorb loan losses
without requiring recapitalization from their owners.  Individual
Ratings reflect a bank's standalone risk and do not take account
of the potential for external support.

The affirmation of the five banks' Long-term IDRs at 'BBB+'
reflects Fitch's view that the probability of the banks receiving
support, in case of need, remains high due to the still strong
ability and willingness of their owners to provide assistance.
Rosbank is 57.57%-owned by France's Societe Generale ('AA-'((AA
minus))/Negative); ZAO Raiffeisenbank is 99.97%-owned by
Raiffeisen International Bank-Holding AG, which in turn is 68.5%-
owned by Austria's Raiffeisen Zentralbank Osterreich AG (Support
Rating '1'); ZAO UniCredit Bank is 100%-owned by UniCredit S.p.A.
('A+'/Negative) through its subsidiary UniCredit Bank Austria AG;
Absolut Bank is 95%-owned by Belgium-based KBC Bank
('A+'/Negative); Orgresbank is 91%-owned by Nordea Bank AB
('AA-'((AA minus))/Stable) and the acquisition of an additional 9%
by Nordea Bank AB is in the process of being registered by the
Central Bank of Russia.

The assessment of the banks referenced in this comment forms the
latest part of a broader Fitch review of all the banks rated by
the agency in Russia, with the main focus on asset quality, loss
absorption capacity and contingency recapitalization plans.

The rating actions are:

Absolut Bank

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Negative

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

  -- Short-term foreign currency IDR: affirmed at 'F2'

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

  -- Support Rating: affirmed at '2'

  -- National Long-term Rating: affirmed at 'AAA(rus) '; Outlook
     Stable

Orgresbank

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

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

  -- Support Rating: affirmed at '2'

  -- National Long-term Rating: affirmed at 'AAA(rus) '; Outlook
     Stable

Rosbank

  -- Long-term foreign and local currency IDR: affirmed at 'BBB+';
     Outlook Negative

  -- Senior unsecured debt: affirmed at 'BBB+'; Short-term rating
     affirmed at 'F2'

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Individual Rating: downgraded to 'D' from 'C/D'

  -- Support Rating: affirmed at '2'

  -- National Long-term Rating: affirmed at 'AAA(rus) '; Outlook
     Stable

ZAO Raiffeisenbank

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Negative

  -- Senior unsecured debt: affirmed at 'BBB+'; Short-term rating
     affirmed at 'F2'

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Individual Rating: downgraded to 'D' from 'C/D'

  -- Support Rating: affirmed at '2'

  -- National Long-term Rating: affirmed at 'AAA(rus) '; Outlook
     Stable

ZAO UniCredit Bank

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Negative

  -- Long-term local currency IDR: affirmed at 'BBB+'; Outlook
     Negative

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- Short-term local currency IDR: affirmed at 'F2'

  -- Individual Rating: downgraded to 'D' from 'C/D'

  -- Support Rating: affirmed at '2'


* RUSSIA: Overdue Loans Increasing 20% a Month, Sberbank CEO Says
-----------------------------------------------------------------
Russian overdue bank loans are increasing by 20 percent a month, a
pace that will bankrupt weak lenders as the financial crisis
deepens, Bloomberg News reports citing OAO Sberbank Chief
Executive Officer German Gref at a conference in Moscow Wednesday
last week.

The report relates according to Mr. Gref, a former economy
minister, businesses and consumers are still struggling to repay
loans, more than half a year after the crisis started, paving the
way for a new round of problems.

Russian companies and individuals owe RUR18.4 trillion (US$549
billion) to domestic banks, Bloomberg News says citing central
bank data.

The government expects the amount of non-performing loans to rise
to 10 percent by the end of the year from 3.2 percent at the start
of March, the report says.

Mr. Gref said about 3.7 percent of Russian bank loans are
delinquent now, the report relates.

Prime Minister Vladimir Putin's government plans to spend RUR1.4
trillion this year to bolster banks and stimulate the economy,
Bloomberg News says.


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


CM BANCAJA: Fitch Puts 'CC'-Rated Class E Notes on Watch Negative
-----------------------------------------------------------------
Fitch Ratings has placed CM Bancaja 1, Fondo De Titulizacion De
Activos's on Rating Watch Negative.  The transaction is a cash
flow securitization of a static pool of secured loans granted by
Caja de Ahorros de Valencia Castellon y Alicante (rated 'A-'(A
minus)/Stable/'F2') to Spanish small and medium-sized enterprises
and bigger companies.

  -- Class A (ISIN ES0379349006): 'AAA'; placed on RWN
  -- Class B (ISIN ES0379349014): 'A'; placed on RWN
  -- Class C (ISIN ES0379349022): 'BBB'; placed on RWN
  -- Class D (ISIN ES0379349030): 'BB'; placed on RWN
  -- Class E (ISIN ES0379349048): 'CC'; placed on RWN

The RWN reflects the potential for heightened concentration risk
within the underlying portfolio.  As of February 28, 2009, the 10
largest obligors made up 44.9% of the portfolio and their weighted
average remaining term is 8.6 years.  Due to the long-dated nature
of these assets, Fitch believes the concentration of the top 10
largest obligors is likely to become more significant as the
transaction de-leverages.  The largest obligor, which made up 9.2%
of the portfolio, had payments in arrears.  Fitch understands that
the obligor is now performing but has had liquidity problems in
the past.

The portfolio has not seen any significant deterioration, with 90+
day delinquencies at 2% of outstanding portfolio balance.  As the
transaction is meeting the stated conditions for pro-rata
amortization, the outstanding balances of the class B, C and D
notes have started amortizing pro rata with the Class A notes
since September 2008.  The reserve fund and class E notes have
also started amortizing since December 2008.  As delinquency
levels are fairly low, the pro-rata amortization of the class A,
B, C and D notes as well as the amortization of the reserve fund
and class E notes are likely to continue, which reduces credit
support for the whole structure and the senior notes in
particular.

Although credit enhancement has doubled since close, the
transaction remains vulnerable to defaults by the large obligors.
Fitch has thus requested more detailed information on the largest
obligors and the rest of the portfolio in order to update its
default probabilities and recovery assumptions.  Due to the low
number of obligors, Fitch intends to apply its corporate CDO
methodology to the transaction in resolving the RWNs.

The issuer is legally represented and managed by Titulizacion de
Activos SGFT, SA (the Sociedad Gestora), a special-purpose
management company with limited liability incorporated under the
laws of Spain.


METROVACESA SA: Owner Inks Debt Refinancing Deal
------------------------------------------------
Clara Vilar at Reuters reports that Spain's Sanahuja family, which
holds a 30 percent stake in Metrovacesa SA, said on Wednesday that
it has reached a deal with creditors to refinance a EUR486 (US$641
million) syndicated loan.

The deal, the report says, allows the Sanahuja family's company,
Sacresa, to delay repayment of the debt for another four years.

According to the report, the Sacresa loan was made by La Caixa,
Barclays, Caixa Catalunya and the Catalan Finance Institute and is
backed by Metrovacesa shares.

Sacresa, as cited by the report, said on Monday the refinancing
agreement "allows the Sanahuja family to provide stability to its
stake in Metrovacesa."

The report notes the Sanahujas still have another EUR700 million
syndicated loan outstanding, led by HSBC and also backed by
Metrovacesa shares.

                       About Metrovacesa SA

Headquartered in Madrid, Spain, Metrovacesa SA (MCE:MVC) --
http://www.metrovacesa.es/-- is a company active in the real
estate sector.  Its activities include the acquisition, purchase,
promotion and management of properties primarily for rental
purposes.  Its portfolio is structured in six divisions: Offices,
comprising over 500,000 square meters of leasable surface area;
Shopping Centers, including five operating centers and two in
development; Hotels, comprising 14 operating hotels and three in
construction; Homes, providing residential property construction
and development services; Car Parks, operating 13 parking lots
located in Madrid, Valencia, Soria and Santa Cruz de Tenerife, and
Land, which portfolio consists of more than three million square
meters of land.  The Company is a parent of Grupo Metrovacesa, a
group which comprises a number of entities with operations
established in the United Kingdom, Germany and France.


METROVACESA SA: To Review Demerger Deal With French Affiliate
-------------------------------------------------------------
Paul Day at Reuters reports that Metrovacesa SA said on Wednesday
it would review its demerger deal with its French affiliate,
Gecina.

The report relates Gecina said on Tuesday its board had voted
against the split, which would have given the unit its
independence from Metrovacesa for a portfolio of office properties
in Paris which in 2007 had a gross asset value of EUR2.3 billion.

The report notes analysts said the split, which was proposed in
2007, had since become financially unattractive for Gecina
following a sharp drop in property prices.

Metrovacesa, as cited by the report, said it would look into the
Gecina decision to see if circumstances now made the demerger deal
unworkable.

The report recalls the two companies agreed to split over a power
struggle between shareholder factions who disagreed on the
management and direction Metrovacesa was taking following the
companies' merger.

                       About Metrovacesa SA

Headquartered in Madrid, Spain, Metrovacesa SA (MCE:MVC) --
http://www.metrovacesa.es/-- is a company active in the real
estate sector.  Its activities include the acquisition, purchase,
promotion and management of properties primarily for rental
purposes.  Its portfolio is structured in six divisions: Offices,
comprising over 500,000 square meters of leasable surface area;
Shopping Centers, including five operating centers and two in
development; Hotels, comprising 14 operating hotels and three in
construction; Homes, providing residential property construction
and development services; Car Parks, operating 13 parking lots
located in Madrid, Valencia, Soria and Santa Cruz de Tenerife, and
Land, which portfolio consists of more than three million square
meters of land.  The Company is a parent of Grupo Metrovacesa, a
group which comprises a number of entities with operations
established in the United Kingdom, Germany and France.


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


GENERAL MOTORS: Creditors to Decide on Saab Fate Today
------------------------------------------------------
Agence France-Presse reports that creditors will decide in a court
hearing today, April 13, if General Motors Corp. Swedish unit Saab
Automobile AB's legal restructuring process can continue.

Swedish news agency TT relates that some 1,300 creditors have been
summoned to the hearing in the Vaenersborg district court in
southwestern Sweden.  If any of the creditors opposes the
restructuring process that Saab started on February 20 to stave
off bankruptcy and become an independent unit, the company would
either have to declare bankruptcy or seek a buyer.

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 November 10,
2008, General Motors Corporation's balance sheet at September 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.

General Motors Corp. admitted in its viability plan submitted to
the U.S. Treasury on February 17 that it considered bankruptcy
scenarios, but ruled out the idea, citing that a Chapter 11 filing
would result to plummeting sales, more loans required from the
U.S. government, and the collapse of dealers and suppliers.

A copy of GM's viability plan is available at:

             http://researcharchives.com/t/s?39a4

The U.S. Treasury and U.S. President Barack Obama's automotive
task force are currently reviewing the Plan, which requires an
additional US$16.6 billion on top of US$13.4 billion already
loaned by the government to GM.

As reported in the Troubled Company Reporter on November 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
November 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.


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


BAUHOF ARCHITEKTEN: Creditors Must File Claims by April 17
----------------------------------------------------------
Creditors owed money by LLC Bauhof Architekten are requested to
file their proofs of claim by April 17, 2009, to:

         Michael Stoller
         Sickingerstrasse 6
         3014 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 1, 2008.


GST GREPPER: Deadline to File Proofs of Claim Set April 20
----------------------------------------------------------
Creditors owed money by LLC GST Grepper are requested to file
their proofs of claim by April 20, 2009, to:

         Zistli 9
         Steinegg
         9050 Appenzell
         Switzerland

The company is currently undergoing liquidation in Appenzell.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 20, 2009.


HUMLEN TRADING: Creditors Have Until April 20 to File Claims
------------------------------------------------------------
Creditors owed money by JSC Humlen Trading are requested to file
their proofs of claim by April 20, 2009, to:

         JSC Rosenberg Treuhand & Revision
         Rosenbergstrasse 72
         9000 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 15, 2007.


IPFS JSC: Proof of Claim Filing Deadline is April 22
----------------------------------------------------
Creditors owed money by JSC IPFS International Patient Financial
Services Corporation are requested to file their proofs of claim
by April 22, 2009, to:

         Huobmattstrasse 3
         6045 Meggen
         Switzerland

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


M&V ADMINISTRATORS: Creditors' Proofs of Claim Due by April 20
--------------------------------------------------------------
Creditors owed money by LLC M&V Administrators are requested to
file their proofs of claim by April 20, 2009, to:

         Trust Company Igma-Treuhand
         Maria Trninic
         Stauffacherstrasse 1
         6020 Emmenbrucke
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 12, 2008.


MARTIN LEHNER: April 20 Set as Deadline to File Claims
------------------------------------------------------
Creditors owed money by LLC Martin Lehner are requested to file
their proofs of claim by April 20, 2009, to:

         Martin Lehner
         Schlossgasse 16
         5723 Teufenthal
         Switzerland

The company is currently undergoing liquidation in Teufenthal AG.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 24, 2009.


MORKER COACHING: Creditors Must File Proofs of Claim by April 20
----------------------------------------------------------------
Creditors owed money by LLC Morker Coaching & Consulting are
requested to file their proofs of claim by April 20, 2009, to:

         Rene Morker
         Kirchweg 30
         8102 Oberengstringen
         Switzerland

The company is currently undergoing liquidation in
Oberengstringen.  The decision about liquidation was accepted at
an extraordinary shareholders' meeting held on March 6, 2009.


OVAG INTERNATIONAL: Deadline to File Claims Set April 22
--------------------------------------------------------
Creditors owed money by JSC OVAG International Collections are
requested to file their proofs of claim by April 22, 2009, to:

         Huobmattstrasse 3
         6045 Meggen
         Switzerland

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


PROXIMUS HELVETICA: Creditors Have Until April 17 to File Claims
----------------------------------------------------------------
Creditors owed money by LLC Proximus Helvetica are requested to
file their proofs of claim by April 17, 2009, to:

         Josef Schopfer
         JSC  KS Treuhand
         Bahnhofstrasse 14
         9450 Altstatten
         Switzerland

The company is currently undergoing liquidation in Altstatten.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 24, 2009.


STAHLIMPEX LLC: Proof of Claim Filing Deadline is April 20
----------------------------------------------------------
Creditors owed money by LLC Stahlimpex are requested to file their
proofs of claim by April 20, 2009, to:

         Rene Marti
         Schwyzerstrasse 30
         8805 Richterswil
         Switzerland

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


UBS AG: Bans Managers from Travelling Abroad Amid US Fraud Probe
----------------------------------------------------------------
BBC News reported that UBS AG has banned company managers who deal
with foreign clients from travelling abroad amid an ongoing US
fraud investigation.

UBS, BBC disclosed, is being investigated by the US authorities
over alleged fraud and tax evasion involving US citizens.

UBS, however, denied the travel ban had been put in place
specifically to protect senior staff from American authorities,
BBC noted.

BBC recalled the bank earlier gave US officials the names of some
300 Americans it has advised, but refused to identify 52,000
others.

                             Charges

As reported in the Troubled Company Reporter-Europe on Feb. 20,
2009, the U.S. Securities and Exchange Commission said it filed
Feb. 18 an enforcement action against UBS, charging the firm with
acting as an unregistered broker-dealer and investment adviser.

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

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

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

As alleged in the SEC's complaint, from at least 1999 through
2008, UBS acted as an unregistered broker-dealer and investment
adviser to thousands of U.S. persons and offshore entities with
United States citizens as beneficial owners.  UBS had at least
11,000 to 14,000 of such clients and held billions of dollars of
assets for them.  The U.S. cross-border business provided UBS with
revenues of US$120 million to US$140 million per year.

The SEC also alleged that UBS conducted that cross-border business
largely through client advisers located primarily in Switzerland,
who were not associated with a registered broker-dealer or
investment adviser.  These client advisers traveled to the U.S.,
on average, two to three times per year on trips that generally
varied in duration from one to three weeks.  In many instances,
the client advisers attended exclusive events such as art shows,
yachting events, and sporting events that were often sponsored by
UBS, for the purpose of soliciting and communicating with United
States cross-border clients.  UBS also used other U.S.
jurisdictional means such as telephones, facsimiles, mail and e-
mail to provide securities services to its U.S. cross-border
clients.

The SEC further alleged that UBS was aware that it was required to
be registered with the SEC.  UBS took action to conceal its use of
U.S. jurisdictional means to provide securities services.  Among
other things, client advisers typically traveled to the U.S. with
encrypted laptop computers that they used to provide account-
related information, to show marketing materials for securities
products, and occasionally to communicate orders for securities
transactions to UBS in Switzerland.  Client advisers also received
training on how to avoid detection by U.S. authorities of their
activities in the U.S.

                          About UBS AG

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Fitch Ratings downgraded UBS's Individual rating to 'D' from
'C' reflecting Fitch's concerns over the medium-term earnings
outlook for the bank amid the impact of ongoing reputational and
litigation issues on the stability of its key private banking and
wealth management franchise and persistently challenging market
conditions facing its investment banking franchise.


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


AMIK LLC: Creditors Must File Claims by April 20
------------------------------------------------
Creditors of LLC Amik (EDRPOU 32582963) have until April 20, 2009,
to submit proofs of claim to:

         N. Vishnevskaya
         Insolvency Manager
         Komsomolsky Avenue 15-39
         83000 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 45/203.

The Court is located at:

         The Economic Court of Donetsk
         Artem street 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Amik
         Kuybishev St. 42
         83102 Donetsk
         Ukraine


ATIKA-DESIGN LLC: Creditors Must File Claims by April 19
--------------------------------------------------------
Creditors of LLC Atika-Design (EDRPOU 32541010) have until
April 19, 2009, to submit proofs of claim to:

         J. Bagno
         Insolvency Manager
         Trubnikov Avenue 105/3
         Nikopol
         53200 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No B15/68-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Atika-Design
         Kirov St. 98
         Dnepropetrovsk
         Ukraine


AZOV PHARMACEUTICAL: Court Starts Bankruptcy Procedure
------------------------------------------------------
The Economic Court of Donetsk commenced bankruptcy supervision
procedure on LLC Science-Production Firm Azov Pharmaceutical
Equipment (EDRPOU 24159107).

The Temporary Insolvency Manager is:

         S. Pilipenko
         Office 81
         Metallurgov Avenue 25
         Mariupol
         87500 Donetsk
         Ukraine

The Court is located at:

         The Economic Court of Donetsk
         Artem Street 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Science-Production Firm
         Azov Pharmaceutical Equipment
         Metropolistskaya St. 51
         Mariupol
         87515 Donetsk
         Ukraine


DONETSKSTEEL CJSC: Fitch Junks Issuer Default Ratings from 'B-'
---------------------------------------------------------------
Fitch Ratings has downgraded Ukrainian-based CJSC Donetsksteel
Iron and Steel Works' Long-term foreign and local currency Issuer
Default ratings to 'CCC' from 'B-' (B minus), Short-term foreign
and local currency IDRs to 'C' from 'B', National Long-term rating
and National senior unsecured rating to 'BB-(BB minus)(ukr)' from
'BBB-(BBB minus)(ukr)' and National Short-term rating to 'B(ukr)'
from 'F3(ukr)'.  All ratings remain on Rating Watch Negative.  At
the same time, Fitch has withdrawn Donetsksteel's ratings.  Fitch
will no longer provide ratings or analytical coverage on this
issuer.

The downgrades and RWN reflect Fitch's expectation that
Donetsksteel's financial position is likely to weaken over the
next 12 months following the deterioration in the coal and metal
market environment which Fitch believes will continue longer than
expected.  This increases the likelihood of a breach of covenants
over the next 12 months of the net debt/EBITDA ratio (net
leverage) and the EBITDA/net interest expense ratio (net interest
coverage), which are present in Donetsksteel's loan agreements
with several banks.


EOM INFORM: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Donetsk commenced bankruptcy supervision
procedure on OJSC EOM Inform (EDRPOU 05703158).

The Temporary Insolvency Manager is:

         I. Bilenko
         Office 17
         Shepelev St. 6
         Gorlovka
         84624 Donetsk
         Ukraine

The Court is located at:

         The Economic Court of Donetsk
         Artem Street 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         OJSC EOM Inform
         Mechanical St. 14
         Torez
         86607 Donetsk
         Ukraine


I. L. Z. FRUIT: Creditors Must File Claims by April 19
------------------------------------------------------
Creditors of LLC I. L. Z. FRUIT (EDRPOU 31861424) have until
April 19, 2009, to submit proofs of claim to:

         E. Kondra
         Insolvency Manager
         Office 48
         Kozatskaya St. 14
         Energodar
         71500 Zaporozhye
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 44/79-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 I. L. Z. Fruit
         Volinskaya St. 34/1
         03151 Kiev
         Ukraine


KRASNY LUCH: Creditors Must File Claims by April 19
---------------------------------------------------
Creditors of STATE Enterprise Krasny Luch Shaft-Sinking Department
(EDRPOU 24855054) have until April 19, 2009, to submit proofs of
claim to:

         N. Khaylo
         Insolvency Manager
         Karbishev St. 12/157
         Stakhanov
         94000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 20/9?.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Krasny Luch Shaft-Sinking Department
         Pogorelov St. 9
         Krasny Luch
         Lugansk
         Ukraine


LAN LLC: Creditors Must File Claims by April 20
-----------------------------------------------
Creditors of LLC Lan (EDRPOU 32505134) have until April 20, 2009,
to submit proofs of claim to:

         I. Cherny
         Insolvency Manager
         Post Office Box 89
         01024 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B3/222-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern Street 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:
         LLC Lan
         Khomenko St. 15
         Ivankov
         Kiev
         Ukraine


SMOLINE AGRICULTURAL: Creditors Must File Claims by April 19
------------------------------------------------------------
Creditors of OJSC Smoline Agricultural Machine-Technological
Station (EDRPOU 03117458) have until April 19, 2009, to submit
proofs of claim to:

         P. Dotsenko
         Insolvency Manager
         Office 2
         Popovich St. 3
         Novoukrainka
         27100 Kirovograd
         Ukraine

The Economic Court of Kirovograd commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 11/112.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharsky St. 22
         25002 Kirovograd
         Ukraine

The Debtor can be reached at:

         OJSC Smoline Agricultural
         Machine-Technological Station Smoline
         Maloviskovsky
         26223 Kirovograd
         Ukraine


SVETLANA LLC: Creditors Must File Claims by April 19
----------------------------------------------------
Creditors of LLC Svetlana (EDRPOU 13483678) have until April 19,
2009, to submit proofs of claim to:

         D. Avilov
         Insolvency Manager
         Office 33
         Alexandrov St. 1
         83030 Donetsk
         Ukraine

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

The Court is located at:

         The Economic Court of Donetsk
         Artem Street 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Svetlana
         Fedor Zaytsev St. 46-A
         83086 Donetsk
         Ukraine


ZACHEPILOVKA MILK: Creditors Must File Claims by April 19
---------------------------------------------------------
Creditors of LLC Milk Product – Zachepilovka Milk Plant (EDRPOU
32548718) have until April 19, 2009, to submit proofs of claim to:

         A. Darmostuk
         Insolvency Manager
         Office 33
         Mironositskaya St. 65
         61002 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B-19/185-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine


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


ARGON CAPITAL: Moody's Cuts Rating on GBP750 Mil. Notes to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service announced it has downgraded and left on
review for further possible downgrade its ratings of one class of
notes issued by Argon Capital Limited Company.

The transaction is a repacking of Preference Shares issued by
Royal Bank of Scotland PLC.  This rating action follows the
downgrade of the preference share rating of Royal Bank of Scotland
Group PLC to Ba2 on review for possible downgrade from A3.  The
rating of the Series 100 notes is a pass-through of this
preference shares rating.

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

  -- Repackaged Securities (October 2001)

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

The rating action is:

Argon Capital PLC:

(1) Series 100 GBP750,000,000 Perpetual Non-Cumulative Securities:

  -- Current Rating: Ba2, on review for possible downgrade

  -- Prior Rating: A3

  -- Prior Rating Date: 24 February 2009, downgraded to A3 from A1
     under review for possible downgrade


CYCLONE MOBILITY: Appoints Administrators from Tenon Recovery
-------------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of Cyclone Mobility and Fitness
Ltd. on March 19, 2009.

The company can be reached at:

         Cyclone Mobility and Fitness Ltd.
         Unit 5 Apex Court
         Bassendale Road
         Wirral International Business Park
         Bromborough
         Wirral
         CH62 3RE
         England


DUFFS 93 LTD: Appoints Joint Administrators from Baker Tilly
------------------------------------------------------------
Andrew Martin Sheridan and Simon Peter Bower of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Duffs 93 Ltd. on March 25, 2009.

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

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


G H LUCAS: Taps Joint Administrators from PKF
---------------------------------------------
Kerry Franchina Bailey and Jonathan David Newell of PKF (UK) LLP
were appointed joint administrators of G H Lucas & Co. Ltd. on
March 20, 2009.

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

         Sovereign House
         Queen Street
         Manchester
         M2 5HR
         England


HENG JIA RETAIL: Brings in Administrators from Tenon Recovery
-------------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of Heng Jia Retail Inspiration
Trading Co Ltd. on March 25, 2009.

The company can be reached through Tenon Recovery at:

         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


MINDTRACK LTD: Taps Joint Administrators from Baker Tilly
---------------------------------------------------------
Andrew Martin Sheridan and Simon Peter Bower of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators
of Mindtrack Ltd. on March 25, 2009.

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

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


RETAIL INSPIRATION: Taps Administrators from Tenon Recovery
-----------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint administrators of Retail Inspiration (Ireland)
Ltd. on March 25, 2009.

The company can be reached through Tenon Recovery at:

         Arkwright House
         Parsonage Gardens
         Manchester
         M3 2LF
         England


ROBERT DYAS: Management Team Completes Buyout
---------------------------------------------
Marietta Cauchi at Dow Jones Newswires reports that Robert Dyas'
management said Wednesday it has completed a buyout of the company
from private equity owners Change Capital Partners.

Dow Jones relates the company's lenders, led by Lloyds Banking
Group PLC (LYG), have agreed to roll over their debt which is
about GBP30 million.  BBC News recalls there had been
administration fears unless it could get a new financing deal with
its major lenders.

Dow Jones notes that while there will be no debt-for-equity swap
immediately, a company spokesman said this couldn't be ruled out
for the future.

Chris Tryhorn at guardian.co.uk reports that the buyout, led by
chief executive Steven Round and the new non-executive chairman
Ian Gray, wiped out Change Capital's GBP29 million investment in
Robert Dyas.  Change Capital, guardian.co.uk states, is thought to
have put in GBP7 million of equity and GBP22 million of loans as
part of its GBP61 million deal to acquire the company in 2004.

According to BBC, the new owners have "no current plans" to close
stores or axe jobs.

Robert Dyas employs 1,250 staff at its 99 electrical and hardware
stores, BBC discloses.

On April 8, 2009, the Troubled Company Reporter-Europe, citing The
Times, reported that the management team said "the company
continues to trade profitably in the run-up to the Easter trading
period and all the stores currently remain open."

Headquartered in Leatherhead, Surrey, Robert Dyas Holdings Ltd. --
http://www.robertdyas.co.uk-- is a housewares and hardware
retailer.


ROYAL MAIL: European Commission Approves UK Loan Measures
---------------------------------------------------------
The European Commission has decided that four state measures
granted in favor of the UK postal incumbent Royal Mail between
2001 and 2007 are in line with EU state aid rules.  The Commission
concluded that three out of the four measures did not contain
state aid because they were granted under market conditions.  In
the case of a fourth measure, which concerned Royal Mail's pension
liabilities, the Commission authorized it under EC Treaty rules
allowing state aid to facilitate certain economic activities
(Article 87.3c) because it covered abnormal costs which had arisen
from the previous period when Royal Mail had a monopoly over the
letters market.  None of the measures had been notified to the
Commission, but the Commission opened a state aid investigation in
2007 following complaints.  This decision does not cover measures
announced by the UK authorities in December 2008, on which the
Commission and the UK authorities are now in contact.

Competition Commissioner Neelie Kroes said "After complaints from
competitors of Royal Mail, we started a long and complex
investigation.  I am glad that we have been able to resolve the
issues.  We now look forward to a timely notification of new
measures in favor of Royal Mail that were announced in December
and will require a detailed examination in close collaboration
with the UK authorities."

In February 2007, the Commission started an investigation into
several UK measures in favour of Royal Mail, in response to
complaints by competitors.  The UK had not notified the measures,
because it contended that they did not constitute state aid.

The Commission's investigation found that three loan measures
granted in 2001, 2003 (extended in 2007) and 2007, totalling
GBP1.7 billion (EUR1.9 billion at today's values) were free of
state aid because they were granted on commercial terms.  The
Commission could not reach the same conclusion concerning a fourth
measure, under which the UK Government released GBP850 million
from reserves of Royal Mail which were under specific state
control for the creation of an escrow account in favor of its
pension scheme, extending the period over which it could address
its large pensions deficit.  However, in view of the size of the
historic pensions liabilities of Royal Mail, some of which were
built up when the business had a letters monopoly, the Commission
concluded that any aid contained in the pension measure was
compatible with the Single Market under Article 87(3)(c) of the EC
Treaty.

The reasoning followed by the Commission to authorize the pensions
measure has some parallels with a decision taken in October 2007
approving aid granted by France to "La Poste" in respect of its
pensions liabilities.

However, there are also important differences, arising from the
different pensions systems which apply more generally in the two
Member States.  This decision does not concern the separate
measures in favor of Royal Mail's subsidiary, Post Office Limited
(POL), which runs the network of post offices.  The Commission has
approved a series of measures in favor of POL, most recently in
November 2007.  The decision does not concern either the UK
authorities' proposals for Royal Mail announced in December 2008
in response to the recommendations of the Hooper report.


STANFORD GROUP: London Judge Orders Freeze on Assets
----------------------------------------------------
The U.S. Securities and Exchange Commission won an order April 6,
2009, extending a freeze on the U.K. assets of Texas financier R.
Allen Stanford, who is accused of running an US$8 billion Ponzi
scheme.

According to James Lumley of Bloomberg News, Justice Colin Mackay
at the High Court in London signed an order freezing the assets
until April 27.  Bloomberg relates that the SEC sued Stanford on
Feb. 17 for allegedly running a "massive, ongoing fraud" through
the sale of high-yield certificates of deposit by Antiguan-based
Stanford International Bank Limited.  The SEC suit claims Stanford
skimmed US$1.6 billion in personal loans from his companies.

David Wolfson, a lawyer representing the SEC in London, told Mr.
Mackay that he had been in contact with the U.K. banks that held
Stanford's assets, and they were "holding the fort."

                      About Stanford Group

Stanford Financial Group was a privately held global network of
independent, affiliated financial services companies led by
Chairman and CEO Sir Allen Stanford.  The first Stanford Company
was founded by his grandfather, Lodis B. Stanford in 1932.

Stanford's core businesses are private wealth management and
investment banking for institutions and emerging growth companies.

Stanford had over US$50 billion in assets under management or
advisement.

The U.S. Securities and Exchange Commission, on February 17, 2009,
charged R. Allen Stanford and three of his companies for
orchestrating a fraudulent, multi-billion dollar investment scheme
centering on an US$8 billion Certificate of Deposit program.  Mr.
Stanford's companies include Stanford International Bank, Stanford
Group Company (SGC), and investment adviser Stanford Capital
Management.

The U.S. District Court for the Northern District of Texas
(Dallas) appointed Ralph Janvey as receiver for Stanford Group.


TAYLOR WIMPEY: Fitch Maintains 'CCC' Senior Unsecured Rating
------------------------------------------------------------
Fitch Ratings has maintained Taylor Wimpey plc's Long-term Issuer
Default rating and senior unsecured 'CCC' ratings and Short-term
'C' IDR on Rating Watch Negative.  This follows the announcement
by TW that it has reached a signed agreement with some of its
creditors (namely its bank and US private placement (creditors) to
restructure its debt.  The Recovery Rating on TW's senior
unsecured debt instruments is 'RR4'.

TW's agreement with its bank and USPP creditors is an important
step in its efforts to avoid a covenant breach under its existing
debt facilities.  However, the deal still requires official
bondholder consent, which will be sought at a bondholder meeting
on April 30, 2009.  Although consent appears likely given that,
according to official regulatory filings, 76-78% of TW's
bondholders have already provided irrevocable undertakings in
support of the proposal (relative to the 75% consent threshold
contractually required), there remains a risk, albeit small, that
the deal could still be disrupted.  Therefore, Fitch has chosen to
maintain its RWN until the deal has been formally concluded with
all parties.

Fitch is concerned that the debt restructuring could result in
TW's senior unsecured debt becoming structurally subordinated.
Under the existing financial structure, all of TW's financial debt
ranks as senior unsecured.  Its pension liabilities have also so
far been assumed by Fitch to rank as senior unsecured obligations.
However, the proposed new structure will result in GBP416 million
of undrawn committed debt facilities (out of a total GBP2,470
million) being granted security over a portion of TW's UK land
bank.  TW's two pension schemes (with a full buyout cost estimated
at GBP1,177 million as of FYE07) may also be considered as
structurally senior going forward given yesterday's statement from
TW that the schemes have "structural seniority over other
unsecured creditors."  Should Fitch assess that these combined
GBP1,593 million of liabilities are structurally senior, it is
possible that recovery rates for senior unsecured creditors will
diminish from their current level of 39% (based on H108 numbers,
and equating to a Recovery Rating of 'RR4').  As a result, TW's
senior unsecured rating could be notched down from the IDR.

Fitch will seek to assess this potential subordination after the
debt restructuring has been formally agreed by all parties and
final documents are available.  At this point, Fitch will also
assess whether the restructuring has resulted in any form of
coercive debt exchange (effectively a de-facto forced reduction in
terms from a creditor's perspective), although this appears
unlikely given that the creditors have been offered various
incentives by TW, such as a step-up in cash-pay coupon, warrants
and payment-in-kind interest.  Nevertheless, downside risks to the
rating remain, as reflected by the RWN status.

Fitch will seek to resolve the RWN on TW's ratings shortly after
the bondholder meeting on April 30, 2009.  The ratings could be
downgraded, possibly by more than one notch, if TW is unsuccessful
in obtaining the required level of bondholder consent, therefore
putting the debt restructuring in jeopardy, or if Fitch determines
that the terms of the debt restructuring effectively cause a CDE.
Similarly, the senior unsecured ratings could be downgraded if
concerns about structural subordination are confirmed.

Conversely, the ratings could be affirmed at their existing levels
should a debt restructuring be successfully completed without any
of the aforementioned concerns materializing.  Following a
successful completion of the restructuring process, Fitch will
also then undertake a full review of TW's new financing structure
and strategy to assess the new underlying credit profile of TW,
which could result in further rating changes.


TURBO BETA: Moody's Downgrades Corporate Family Rating to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating and probability of default rating of Turbo
Beta Ltd (consolidated with its subsidiaries, Abbot), the ultimate
holding company for drilling contractor Abbot Group Ltd.  At the
same time, Moody's downgraded to B2 from B1 the rating on the
US$1.625 billion Senior Facilities raised by Turbo Alpha Ltd, the
immediate holding company of Abbot Group Ltd.  LGD assessment
remains unchanged at LGD3 (34%).  The outlook for all ratings is
negative.

This rating action concludes the review initiated on 16 March
2009.  The rating downgrades reflect Moody's view that, given the
growing likelihood of a substantial and potentially prolonged
downturn in demand for drilling and oilfield services, Abbot's
cash flow generation in 2009 and possibly 2010 will likely be
weaker than in 2008.  As a result, Moody's believes that Abbot
will be unable to reduce its leverage (expressed as net debt to
EBITDA, as adjusted by the agency) over the short- to medium-term
significantly below the 2008 level of approximately 6x in order to
maintain its B2 corporate family and B1 senior secured ratings.

At their revised levels, current ratings assume that the capex and
cost reduction measures taken by the group, combined with the
general resiliency of its drilling business stemming from medium-
term contracts and exposure to less volatile international
markets, will support mildly positive free cash-flow generation
over the coming financial year.  This should in turn allow the
company to maintain leverage not materially higher than 6x, in
Moody's opinion. Ratings also factor in the group's adequate
liquidity position and visibility over future cash flows
underpinned by an order book of over US$2 billion.

The negative outlook reflects the likelihood that Abbot may breach
its financial covenants by early 2010 in the absence of a material
and prompt recovery in demand for drilling services -- which is
currently not foreseen.  However, the rating outlook could be
stabilized if there is evidence of shareholder support that would
improve significantly Abbot's financial position, hence allow it
to maintain adequate and sustainable headroom under its existing
covenants.

Moody's last rating action on Abbot was on March 16, 2009, when
the rating agency downgraded the corporate family rating of Turbo
Beta Ltd to B2 and the rating on the Senior Facilities raised by
Turbo Alpha Ltd to B1, and placed these ratings on review for
further possible downgrade.

Headquartered in Aberdeen, UK, Abbot Group Ltd is a provider of
onshore and offshore drilling services to both IOCs and NOCs in
the Eastern Hemisphere.  Its ultimate owner is First Reserve
Corporation, a US private equity firm specialised in the energy
industry.  In 2008, Abbot reported revenues of around US$1.9
billion.


VEHICLE OPTIONS: Provisional Liquidator Appointed
-------------------------------------------------
The Secretary of State for Business, Enterprise and Regulatory
Reform has presented petitions in the High Court in London to wind
up Vehicle Options Limited, Group20 Limited and VehicleOptions
Fleet Limited in the public interest.

Vehicle Options Limited sold franchises for the provision of
vehicle finance but entered creditors voluntary liquidation on
October 22, 2008.  It is believed VehicleOptions Fleet Limited
operates a similar business model.  Group20 Limited sells
franchises for and membership of a 'Supercar' club.

The petitions to wind up the companies were presented following an
investigation carried out by Companies Investigation Branch under
section 447 of the Companies Act as amended.

The case is now subject to High Court action and no further
information will be made available until the petitions are heard
in the High Court on May 13, 2009.

The registered office of Vehicle Options Limited is at:

         Sherlock House
         73 Baker Street
         London W1U 6RD

The registered office of Group20 Limited is at:

         16-17 Copperfields
         Spital Street
         Dartford
         Kent DA1 2DE

The registered office of VehicleOptions Fleet Limited is at:

         16-17 Copperfields
         Spital Street
         Dartford
         Kent DA1 2DE

Further information about the work of The Insolvency Service is
available from http://www.insolvency.gov.uk


WHITERIGG ALPINES: In Administration; KPMG Appointed
----------------------------------------------------
Paul Flint and Brian Green from KPMG Restructuring in Manchester
have been appointed Joint Administrators of Whiterigg Alpines
Limited, the Chorley-based grower and supplier of alpine rockery
plants.

The business, which employs 91 people at its Lancashire base and
has a turnover of circa GBP4.5million, is the largest alpine plant
grower in the UK, supplying more than 200 garden centres around
the country.

The business continues to trade with the existing workforce under
the control of the Joint Administrators while a buyer is sought
for the business and assets.

Paul Flint, joint administrator and associate partner at KPMG in
Manchester, said, "As we are now entering one of the busiest parts
of the year for companies in the horticultural industry, we will
be working closely with the existing workforce at Whiterigg
Alpines Limited to trade the business as a going concern.  We
would encourage any parties who may be interested in acquiring the
business and its assets to contact us as soon as possible."


* UK: Independent Music Stores Down to 300, ERA Says
----------------------------------------------------
James Hall at the Daily Telegraph reports that according to trade
body Entertainment Retailers Association, a quarter of all of the
UK's independent record stores have closed in the past year.

The report relates that ERA's latest census of the sector showed
that there are barely 300 independent music stores left in the UK,
down from 408 in 2007.

The report says increases in sales of digital download, the
encroachment of supermarkets into the entertainment market and the
general economic downturn have led to the closures.

Stephen Godfroy, a director at Rough Trade Retail, which operates
the Rough Trade East store in London's East End, as cited by the
report, said that the independent record store sector is "going
through a process of renewal".

"Like any other sector, music has a number of outdated outlets
that have not moved with the times and are caught between two ends
of a polarized market," the report quoted Mr. Godfroy as saying.


* UK: Landlords Agree Ten Point Plan to Help Retailers Cut Costs
----------------------------------------------------------------
The British Property Federation said Monday last week that some of
the BPF's biggest landlord members have agreed a ten point plan to
help retailers cut costs, sealing a truce with Topshop, Next and
numerous other high profile chains.

It comes two weeks after a major public row over the way rents are
paid with many retailers claiming that the regime of quarterly
advanced payments was causing cash-flow problems.  The plan
follows trials running since autumn 2008 to help reduce occupation
costs for retailers struggling to cope with the impact of the
recession.

A pilot project at four shopping centers looked at ways to drive
savings through temporary initiatives, short-term deferral of
maintenance projects and other operational costs, while driving
longer-term savings through improved process and by mutually
identifying changes to service requirements.  The scheme has been
extremely successful with projected savings achieved of between
10% and 20% in the initial four shopping centers.

Liz Peace, chief executive of the BPF, said: "This is evidence
that a real difference can be made when landlords work together
with their tenants.  While the property industry has been as badly
hit by the downturn as retailers, we are obviously keen to help
our tenants survive and are prepared to work with them to improve
efficiency, cut costs and do whatever we can to make sure that
both sides of the business can get through these challenging
times."

Others involved in the pilots include New Look executive chairman
Phil Wrigley, Next property director Andrew Varley and British
Land director of retail property management David Tudor-Morgan.

    * British Land projecting a 20% saving in Meadowhall,
      Sheffield

    * Land Securities a 13.1% saving in the White Rose Centre in
      Leeds

    * PRUPIM, as managers of The Mall, Cribbs Causeway an 11%
      saving

    * Westfield a 10.2% saving at Merry Hill, Dudley.

The plan builds on the lessons learnt from the pilot and from an
open and constructive dialogue between the retailers and landlords
that sprang from the collaborative working Group.

Last November, BPF president Francis Salway, who is chief
executive of Land Securities, the UK's biggest property firm,
wrote to over 500 property firms to encourage them to constrain
service charges.

Commenting on the new plan Richard Akers, Land Securities head of
retail, said: "We all know the retail market is difficult and as
major landlords it is a win-win situation if we can help to
strengthen the position of our retailers.  The Ten Point Plan has
been created so that it can be applied in almost any shopping
centre to help identify potential savings.  It is a checklist to
assist landlords in evaluating current practise within their
portfolios and even when no savings can be made it can provide a
consistent framework on which to review costs."

Chris Harris, Arcadia Group's property director, said: "A key
ingredient to the success and output of this initiative has been
the open and constructive dialogue and close collaboration between
the participating landlords and retailers.  It is hoped that other
landlords can now be persuaded to adopt this philosophy."

Andrew Varley, Next property director, said: "What we are trying
to do is get more transparency for retailers.  Why do we need to
pay 10% managing agents' fees, for example? It is about drilling
down to find out why certain costs are so high at certain centres.
We would like every landlord to look at this."

LandSecs and British Land have already rolled out the cuts in
service charges to the other centres in their portfolios.

Mr. Akers said: "We all know the retail market is difficult and,
as major landlords, it is a win-win situation if we can help to
strengthen the position of our retailers.

"The 10-point plan has been created so that it can be applied in
almost any shopping centre to help identify potential savings.

"It is a checklist to assist landlords in evaluating current
practice within their portfolios.  Even when no savings can be
made, it can provide a consistent framework on which to review
costs."

                 Landlords on Board

    * British Land
    * Capital & Regional
    * Capital Shopping Centres
    * Land Securities
    * Legal & General
    * Prupim
    * Westfield

                   10-point plan

The campaign will focus on these 10 cost-efficiency issues:

    * Engagement with retailers
    * Hours of operation
    * Cleaning and environment
    * Waste management
    * Security
    * Administration, procurement and purchasing of services
    * Plant and fabric maintenance
    * Utilities and energy management
    * Customer service
    * Marketing


* U.K.: GDP Shrank 1.5% in First Quarter
----------------------------------------
Brian Swint at Bloomberg News reports the National Institute of
Economic and Social Research said the U.K. economy shrank 1.5
percent in the first quarter.

The drop in gross domestic product followed a 1.6 percent decline
in the last three months of 2008, the report relates citing Niesr,
whose clients include the U.K. Treasury.

Consumer confidence last month matched the lowest level in at
least four years, Nationwide Building Society said in a separate
report obtained by the news agency.


* CBI: Credit Crunch Maybe Becoming Less Severe for UK Businesses
-----------------------------------------------------------------
There are signs that the credit crunch may have become less severe
for some businesses, according to the latest CBI figures published
April 4.

Firms were less negative in the March CBI Access to Finance Survey
than they were in February about the availability of new and
existing credit over the previous three months.

For new credit, the net percentage of firms saying availability
had deteriorated in the past three months was a balance of -36%,
compared with -59% in February.  For existing credit, the balance
was -16% compared with -25%.

Ian McCafferty, the CBI's Chief Economic Adviser said: "Fewer
firms said in March that the availability of credit had got worse
for them in the past three months than did so in February or
January.  The view that the pace of deterioration is easing
correlates with what businesses are starting to tell us on the
ground.

"Firms are not saying that credit conditions are getting better,
but the severity of the disruption is no longer worsening as
sharply as it was three months ago.  And the combination of easier
monetary policy and the government's measures to support the
banking sector may be starting to have an impact."

Numbers of companies expecting conditions to worsen in the next
three months fell back a little in March, with a balance of -36%
slightly better than -38% the previous month.

Firms said the cost of finance continued to rise and access to
trade credit insurance has worsened over the past three months.

The survey contains a range of other findings about the
availability of finance:

Nearly half of firms (46%) say they have cut staff numbers over
the past three months as a result of the credit crunch, a slight
increase on February's figure (40%).  Staff hours have stabilized,
even though output is still coming down, and firms are cutting
back on training budgets and capital investment.

For the third month running, the very largest firms, employing
over 5000 staff, were most widely affected.  Most of the companies
in this size bracket (86%) that had sought new finance said its
availability had got worse in the last three months.  This was the
case for just 15% of large businesses and 54% of small and medium-
sized companies (SMEs).

In the next three months, just under a third of the very largest
firms (29%) expect access to new credit will get worse, which is
the case for just over a third of large firms (36%) and SMEs
(38%).

The cost of existing finance has become more of a concern in
March.  Just over a third of firms said the cost of existing
finance had risen in the past three months compared with just over
a quarter in February.

Problems with the availability of trade credit insurance have
intensified.  Nearly half (48%) of firms surveyed said they use
the insurance to cover the supply of goods to customers.  Of
these, nearly three-quarters (72%) said its availability had
worsened in the past three months, hindering their ability to
secure contracts.


* S&P Takes Rating Actions on 481 European Synthetic CDO Tranches
-----------------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings Services
took CreditWatch actions on 481 European synthetic collateralized
debt obligation tranches.

Specifically, ratings on:

  -- 435 tranches were placed on CreditWatch negative;

  -- 5 tranches were affirmed and removed from CreditWatch
     negative;

  -- 19 tranches were removed from CreditWatch positive and placed
     on CreditWatch negative; and

  -- 22 tranches were affirmed and removed from CreditWatch
     positive.

Of the 454 tranches placed on CreditWatch negative:

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

  -- 439 have experienced corporate downgrades in their
     portfolios.

This table provides a summary of the CreditWatch actions S&P has
taken on European synthetic CDO tranches as well as key corporate
downgrades since Oct. 6, 2008.

                       CreditWatch Summary

           Watch Neg  Watch Pos
           (no. of    (no. of   Key corporate
           tranches)  tranches) downgrades*
           ---------  --------- -------------
  Nov-08   300          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   203          0       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

  Jan—09   364          0       Citigroup Inc.
                                (AA-/Watch Neg to A/Stable)
                                Dec. 19, 2008

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

  Feb—09   315          6       International Lease Finance Corp.
                                (A-/Watch Dev to BBB+/Watch Dev)
                                Jan. 21, 2009

                                Thomson S.A.
                                (B/Watch Neg to CC/Negative)
                                Jan. 29, 2009

  Mar-09    98          34      MBIA Inc.
                                (A-/Negative to BB/Negative)
                                Feb. 18, 2009

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

  Apr-09   454           0      MGIC Investment Corp.
                                (BB+/Watch Neg to CCC/Negative)
                                March 13, 2009

                                MGM Mirage
                                (B/Watch Neg to CCC/Negative)
                                March 19, 2009

* Those corporate names that have experienced a significant notch
  downgrade or upgrade as well as being widely referenced within
  European Synthetic CDOs.

The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the March month-end run.  S&P will publish
these SROC figures in the SROC report covering March 2009, which
is imminent.  The Global SROC Report provides SROC and other
performance metrics on over 3,500 individual CDO tranches.

The current ratings are based on S&P's criteria for rating
synthetic CDOs. As recently announced, however, these criteria are
under review (see "Related Research").  As highlighted in this
notice, S&P is soliciting feedback from market participants
regarding proposed changes to S&P's collateralized loan obligation
and CDO criteria.  S&P will evaluate the market feedback, which
may result in changes to the criteria.  Any such criteria changes,
as well as other credit factors, may have an impact on S&P's
ratings on the notes affected by the rating actions.


* BOND PRICING: For the Week April 6 to April 9, 2009
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *