TCREUR_Public/090414.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

            Tuesday, April 14, 2009, Vol. 10, No. 72

                            Headlines

A U S T R I A

DLG LLC: Claims Registration Period Ends May 4
EM HAIRDRESSING: Claims Registration Period Ends April 27
HOLIT THERMIT: Claims Registration Period Ends May 4
LUXE AVIATION: Claims Registration Period Ends April 29
PROJEKT-TRADE LLC: Claims Registration Period Ends April 23

W184 LLC: Claims Registration Period Ends April 23


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: Rights Issue Impact Moderately Positive, Fitch Says
ROSETTA I: Moody's Downgrades Ratings on Five Classes of Notes
SERVISAIR CARGO: French Unit Placed Into Administration


G E O R G I A

* Fitch Affirms Individual Ratings on Four Georgian Banks


G E R M A N Y

BLUEBONNET FINANCE: Moody's Confirms 'Ba2' Rating on Class D Notes
GENERAL MOTORS: May Get Funds from European Investment Bank
HYPO REAL ESTATE HOLDING: Soffin Bids for 100% of Firm
PARENTIN GMBH: Claims Registration Period Ends April 27
PORTFOLIO GREEN: Moody's Junks Ratings on Two Classes of Notes

PROINFO TV: Claims Registration Period Ends April 30
ROSENTHAL STUDIO-HAUSE: Claims Registration Period Ends May 29
SAAR TV FERNSEHEN: Claims Registration Period Ends May 27
SSW SCHICHAU: Investors Submit Rescue Plan
THERMO CERAM: Claims Registration Period Ends May 12

TUI AG: Moody's Downgrades Corporate Family Rating to 'B2'
UNTERNEHMEN FUER PROZESSOPTIMIERUNG: Claims Filing Ends May 19


I C E L A N D

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


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
CORIOLANUS LIMITED: Moody's Junks Rating on Series 59 Notes
EIRLES TWO: Moody's Cuts Rating on Series 232 Notes to 'B1'
EIRLES TWO: Moody's Cuts Ratings on Two Series of Notes to Low-B

IRIS SPV: S&P Raises Rating on US$15 Mil. Notes from 'BB-'
RUBY FINANCE: Moody's Confirms 'B3' Rating on Series 2007-6 Notes

* Moody's Takes Multiple Rating Actions on 12 Irish Banks


I T A L Y

AEROPORTI DI ROMA: S&P Downgrades Corporate Credit Rating to 'BB'
DA VINCI: Moody's Junks Rating on EUR20.8 Million Class B Notes


K A Z A K H S T A N

BUSINESS PROMOTION: Creditors Must File Claims by May 15
IMPEX-TECHNO SYSTEMS: Creditors Must File Claims by May 15
JAN-TEN STROY: Creditors Must File Claims by May 15
KANIS NS: Creditors Must File Claims by May 15
KAZ KOR INVEST: Creditors Must File Claims by May 15

MIRABDULLA LLP: Creditors Must File Claims by May 15
ORDA CREDIT: S&P Affirms 'CCC+/C' Counterparty Credit Rating
RG BRANDS: Moody's Downgrades Corporate Family Rating to 'B3'
SPK KAZAKHSTANSTROY: Creditors Must File Claims by May 15
SV METALLO PROKAT: Creditors Must File Claims by May 15

TALOS ASTANA: Creditors Must File Claims by May 15
VEGAS LLP: Creditors Must File Claims by May 15

* KAZAKHSTAN: Banks Burdened by US$25 Billion Debt


K Y R G Y Z S T A N

GRAND STROY: Creditors Must File Claims by April 17
TIEN-SHAN GEO: 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

FIXED-LINK FINANCE: Moody's Withdraws 'C' Rating on Class C2
FORTIS BANK: S&P Cuts Junior Ratings on EUR2 Bil. Notes to 'BB-'
ING GROEP: Adds Assets for Sale, Expects EUR6-8 Bln Cash Proceeds
LEVERAGED FINANCE: S&P Cuts Rating on Class IV Notes to 'BB+'


R U S S I A

ALTUKHOVSKAYA FURNITURE: Creditors Must File Claims by May 3
BALTIYSKAYA EKO-BUMAGA: Creditors Must File Claims by May 3
BELGAZPROMBANK: Fitch Lifts Individual Rating to 'D/E'
CENTERTELECOM OAO: Fitch Lifts LT Issuer Default Rating to 'B+'
ELEKTO TEKH: Vologodskaya Bankruptcy Hearing Set July 17

EKSPO LES: Creditors Must File Claims by May 3
KOLCHUGINSKIY MILK: Creditors Must File Claims by May 3
LESOVIK: Creditors Must File Claims by June 3
PRIKASPIY BUR: Volgogradskaya Bankruptcy Hearing Set Aug.  4
SISTEMA-HALS JSC: Fitch Puts 'B' Issuer Rating on Evolving Watch

STROY EKO: Creditors Must File Claims by May 3
STROY ELIT: Creditors Must File Claims by June 3
TRANSCREDITBANK: Moody's Changes Outlook on 'D-' BFSR to Negative
UNDOLES: Creditors Must File Claims by June 3
VOLGO STROY: Creditors Must File Claims by June 3

VTB BANK: Net Profit Up 70% Year-On-Year in January-March

* RUSSIA: Bloomberg Survey Says Bad Loans May Quadruple This Year
* Fitch Cuts Individual Ratings on 5 Foreign-Owned Russian Banks


S P A I N

CM BANCAJA: Fitch Puts 'CC'-Rated Class E Notes on Watch Negative


S W I T Z E R L A N D

AEBISCHER RAUMGESTALTUNG: Creditors Must File Claims by April 30
AGIP SERVICE: Deadline to File Proofs of Claim Set April 23
FARA HOLDING: Creditors Have Until April 29 to File Claims
LACK LLC: Proof of Claim Filing Deadline is April 30
LEITENBERG & LUKS: Creditors' Proofs of Claim Due by April 23

MAGENTA SOLUTIONS: April 30 Set as Deadline to File Claims
MARIE GASTRONOMIE: Creditors Must File Claims by April 27
RETAIL INSIDER: Deadline to File Proofs of Claim Set April 23
SCHILD ARCHITEKTUR: Creditors Have Until April 22 to File Claims
SWEDISH MEATS: Proof of Claim Filing Deadline is April 30

UBS AG: Bans Managers from Travelling Abroad Amid US Fraud Probe


U K R A I N E

ANTHRACITE COAL: Creditors Must File Claims by April 23
BEST TIME: Creditors Must File Claims by April 23
BELAYA TSERKOV: Court Starts Bankruptcy Supervision Procedure
DONETSKSTEEL CJSC: Fitch Junks Issuer Default Ratings from 'B-'
ENGINEERING OJSC: Court Starts Bankruptcy Supervision Procedure

INDUSTRIAL UNION: Moody's Withdraws 'B1' Corporate Family Rating
KARAMLIK LLC: Creditors Must File Claims by April 23
KHARCHOVIK CJSC: Creditors Must File Claims by April 24
PORADA FIRM: Creditors Must File Claims by April 23
UKRAINIAN GLASS: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

APOLLO 2000: Administrators Sold Assets to Hughes Electrical
ARGON CAPITAL: Moody's Cuts Rating on GBP750 Mil. Notes to 'Ba2'
SONGBIRD ESTATES: Canary Wharf Buys Back Bonds at 70% Discount
CANDOVER INVESTMENTS: Harbour Capital Mulls Bid
GLOBE PUB: Says Bond Default Won't Hit Tenants

HEBRIDEAN INT'L: Goes Into Administration; Liner Put Up for Sale
NEVADA BOB: Appoints Joint Administrators from Tenon Recovery
NOVUS LEISURE: Banks to Withdraw Support if Cost Base Not Reduced
ORCHARDLEIGH GOLF: Brings in Joint Administrators from BDO
R.H.P. TELFORD: Taps Joint Administrators from BDO

RIVYA LTD: Appoints Joint Administrators from Grant Thornton
STANFORD GROUP: London Judge Orders Freeze on Assets
TAYLOR WIMPEY: Fitch Maintains 'CCC' Senior Unsecured Rating
TAYMOUTH GROUP: Goes Into Administration Following Insolvency
TURBO BETA: Moody's Downgrades Corporate Family Rating to 'B3'

WOODEND MUNICIPAL: Appoints Administrators from Grant Thornton

* UK: Year on Year Business Failures Up By 35%, Equifax Says
* UK: 35,000 Firms to Go Bust This Year, Begbies Traynor Says
* UK: Independent Music Stores Down to 300, ERA Says
* S&P Takes Rating Actions on 481 European Synthetic CDO Tranches

* Large Companies with Insolvent Balance Sheet


                         *********


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


DLG LLC: Claims Registration Period Ends May 4
----------------------------------------------
Creditors owed money by LLC DLG (FN 58177f) have until May 4,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Ursula Schilchegger-Silber
         Ringstrasse 14
         4600 Wells
         Austria
         Tel: 07242/41824
         Fax: 07242/41824-80
         E-mail: schilchegger@welslaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 14, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy on
Feb. 25, 2009, (Bankr. Case No. 20 S 34/09i).


EM HAIRDRESSING: Claims Registration Period Ends April 27
---------------------------------------------------------
Creditors owed money by LLC Em Hairdressing (FN 304062a) have
until April 27, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Gerhard Petrowitsch
         Kadagasse 11
         8430 Leibnitz
         Austria
         Tel: 03452/82837
         Fax: 03452/82837-7
         E-mail: office@ra-petrowitsch.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 12, 2009, for the
examination of claims at:

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

Headquartered in Leibnitz, Austria, the Debtor declared bankruptcy
on March 4, 2009, (Bankr. Case No. 40 S 13/09y).


HOLIT THERMIT: Claims Registration Period Ends May 4
----------------------------------------------------
Creditors owed money by KEG Holit Thermit Ambrosch (FN 196000k)
have until May 4, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Andreas Haberl
         Feldgasse 17
         4840 Voecklabruck
         Austria
         Tel: 07672/22500
         Fax: 07672/22500-20
         E-mail: office@h2recht.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on May 14, 2009, for the
examination of claims at:

         Land Court of Wels (519)
         Hall 101
         Wels
         Austria

Headquartered in Pfaffing, Austria, the Debtor declared bankruptcy
on Feb. 25, 2009, (Bankr. Case No. 20 S 33/09t).


LUXE AVIATION: Claims Registration Period Ends April 29
-------------------------------------------------------
Creditors owed money by LLC Luxe Aviation (FN 292181d) have until
April 29, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Eva Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 01/402 57 01
         Fax: 01/402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 13, 2009, for the
examination of claims at:

         Land Court of Korneuburg (119)
         Room 204
         Korneuburg
         Austria

Headquartered in Vienna – Flughafen, Austria, the Debtor declared
bankruptcy on March 3, 2009, (Bankr. Case No. 36 S 30/09t).


PROJEKT-TRADE LLC: Claims Registration Period Ends April 23
-----------------------------------------------------------
Creditors owed money by LLC Projekt-Trade (FN 270931d) have until
April 23, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Wien
         Austria
         Tel: 715 25 26
         Fax: 715 25 26 27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 7, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 26, 2009, (Bankr. Case No. 5 S 26/09x).


W184 LLC: Claims Registration Period Ends April 23
--------------------------------------------------
Creditors owed money by LLC W184 (FN 251438m) have until April 23,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         MMag.Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna
         Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: eberhard.wallentin@ksw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 7, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 25, 2009, (Bankr. Case No. 5 S 25/09z).


=============
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
program 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: 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.


ROSETTA I: Moody's Downgrades Ratings on Five Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of five
classes of notes issued by Rosetta I S.A.

The transaction's underlying portfolio comprises 35 preferred
stock and hybrid capital securities issued by 27 European banking
groups.  All of these assets qualify as tier 1 or upper tier 2
debts, which are intended to allow the issuer to treat the
proceeds of such issuances as capital in fulfillment of capital
adequacy ratios for regulatory purposes.

Such debts will typically rank below senior debt in the event of a
liquidation.  Therefore recovery proceeds following a default of
the issuer are likely to be much lower than those of senior
unsecured debt of the same issuer.

The majority of the assets in Rosetta I S.A. are perpetuals, the
remainder being dated and maturing before the transaction
maturity.  Perpetual debts typically have a call provision under
which the coupon steps up following extension of redemption.

Several factors may add up to increase the likelihood of a non-
call event at the first call date:

  -- In situations of spread widening, it may become uneconomical
     for certain issuers to call their debt at the first call
     date;
  -- Such situations are likely to coincide with deterioration of
     the financial condition of the issuer and the financial
     sector;

  -- The redemption of the assets is further subject to regulatory
     approval, a condition less likely to be fulfilled, at times
     of financial stress.

Most of the perpetual assets have a non-cumulative coupon feature,
which can cause coupon payments to be skipped without being paid
at any later point in time, hence leading to a loss even if the
issuer eventually resumes its coupon payments at a later stage.
On the other hand, several assets in the portfolio, primarily the
dated debts, promise cumulative deferrable coupons.  For these
assets deferred coupons will not be lost, but accumulate until
they are paid at a future point it time.

Market prices of such securities are likely to deteriorate
materially following the announcement or anticipation of (i)
extension of redemption or (ii) suspension or deferral of coupons.
Indeed, prices may be adversely affected due to:

  -- Step-up coupons being below the par coupon levels quoted in
     the market at that time,

  -- Reduced investor demand for obligations with uncertain
     maturity

  -- The interpretation of these events by the market as a sign of
     material deterioration in the financial condition of the
     issuer.

The noteholders of Rosetta I S.A. are exposed to potential losses
in these situations, among others:

  -- Default of the issuer of an underlying security;
  -- Coupon suspension or deferral;
  -- Non-call at the first call date.

If either of the latter two situations arises and continues for a
period of 27 consecutive weeks for any of the underlying
securities, the transaction documentation provides that such
security must be liquidated within a short liquidation period.
Such liquidation might thus occur at a time least expedient to
achieve high sale proceeds for the noteholders of Rosetta I S.A.
The rating actions are based on the incorporation in Moody's
modelling approach of revised assumptions for:

  -- The probability of a security being called at the first call-
     date;

  -- The probability of coupon loss at any time before redemption;
     and

  -- The liquidation value following skipped coupons and extension
     of redemption.

These revisions have been effected in light of current market
developments, which include:

  -- The current unfavorable market environment for financial
     institutions, evidenced by the Negative Moody's Banking
     System Outlook of most European countries;

  -- Recent actual debt redemption extensions by a number of
     financial issuers;

  -- The possibility that European banks subordinated debts may
     not benefit from governments' financial support;

  -- The current high level of market spreads relative to step-up
     coupons;

  -- The steep discount at which bank perpetual securities are
     currently trading; and

  -- The decreased liquidity of such instruments which may result
     in further reduction of liquidation values at the time of a
     forced sale under the transaction documentation.

Moody's will continue to monitor closely the developments in
relation to financial issuers of preferred stocks and hybrid
capital and take action as necessary, when an if such developments
affect the rating of the notes issued by Rosetta I S.A.

The ratings actions are:

(1) EUR84,500,000 Class A Floating Rate Notes due 2013

  -- Current rating: B1

  -- Prior rating: A1 under review for possible downgrade

  -- Prior rating action: 9 march 2009, downgraded and left under
     review for possible downgrade from Aaa to A1

(2) EUR23,000,000 Class B Floating Rate Notes due 2013,

  -- Current rating: Caa1

  -- Prior rating: Baa1 under review for possible downgrade

  -- Prior rating action: 9 march 2009, downgraded and left under
     review for possible downgrade from Aa2 to Baa1

(3) EUR21,000,000 Class C-1 Floating Rate Notes due 2013,

  -- Current rating: Caa3

  -- Prior rating: B1 under review for possible downgrade

  -- Prior rating action: 9 march 2009, downgraded and left under
     review for possible downgrade from Baa2 to B1

(4) EUR20,000,000 Class C-2 Fixed Rate Notes due 2013,

  -- Current rating: Caa3

  -- Prior rating: B1 under review for possible downgrade

  -- Prior rating action: 9 march 2009, downgraded and left under
     review for possible downgrade from Baa2 to B1

(5) EUR5,000,000 Class C-3 Fixed Rate Notes due 2013.

  -- Current rating: Caa3

  -- Prior rating: B1 under review for possible downgrade

  -- Prior rating action: 9 march 2009, downgraded and left under
     review for possible downgrade from Baa2 to B1

Moody's rates CDOs of preferred stocks as follows.  For each
obligation Moody's combines the probabilities of the above-
mentioned sources of risk (default, non-call and deferral/skipped
coupon) into a "probability of impairment".  Then for each source
of risk, a recovery is computed from current market prices, to
which an additional haircut is applied, while a recovery
assumption of up to 5% is used in case of default.  The weighted
average recovery value (across the different sources of risk) is
then inferred.  Taking into account the probability of impairment
and recovery assumptions, the loss distribution of the underlying
portfolio is then simulated with CDOROM and a binary file with
complete Monte-Carlo scenario information is output.  This binary
file is used in a cash-flow model to apply the transaction
priorities of payments and infer the Notes' ratings.


SERVISAIR CARGO: French Unit Placed Into Administration
-------------------------------------------------------
The bankruptcy court of Bobigny placed Servisair Cargo's French
unit into administration on March 30, putting 351 jobs at risk,
WK-Transport-Logistique reports.

According to ifw, the unit was hit by the recent drop in air
freight volumes caused by the global economic crisis.

The company, which was declared in a state of suspension of
payment, will undergo a six-month observation period, WK-
Transport-Logistique discloses.

WK-Transport-Logistique recalls the company incurred losses of
EUR1.5 million per month since September 2008.

Servisair Cargo -- http://www.servisaircargo.com/-- is a division
of the international aviation services company Servisair.  It
offers a comprehensive range of cargo warehousing and associated
services at 20 airports in the UK, Channel Islands and Ireland and
at a further 8 sites spanning Finland, the Netherlands and the
USA.


=============
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
=============


BLUEBONNET FINANCE: Moody's Confirms 'Ba2' Rating on Class D Notes
------------------------------------------------------------------
Moody's Investors Service has downgraded two Classes of Notes
issued by Bluebonnet Finance p.l.c. (amounts reflecting initial
outstandings):

  - EUR1,020,000,000 Class A Secured Floating Rate Notes due
    2016, Downgraded to A1, previously assigned Aaa on 21 December
    2006;

  - EUR125,000,000 Class B Secured Floating Rate Notes due 2016,
    Downgraded to A2, previously assigned Aa3 on 21 December 2006.

At the same time Moody's has confirmed the Baa2 rating of the
Class C Notes and the Ba2 rating of the Class D Notes.  Moody's
does not rate the Class E Notes issued by Bluebonnet Finance
p.l.c.

The rating agency previously placed the Class A, B, C and D Notes
on review for possible downgrade on January 16, 2009.  The rating
review was triggered by the expiry of the liquidity facility in
December 2008 without a stand-by drawing being made due to a
failure to deliver a renewal request within the notice period.
The liquidity facility was provided by Danske Bank A/S (Aa3,
Prime-1).

The facility was a 364-day revolving committed liquidity facility
to the amount of EUR130.0 million provided to the issuer for the
purpose of bridging any shortfalls between payments received under
the LSF5 Notes and senior expenses and interest payments due on
the Notes.

During its review Moody's analysed the impact of the absence of
the liquidity facility on the ratings.  Moody's focused its
analysis on (i) the interest coverage of the Notes in light of the
current underperformance of the Portfolio Business Plan, (ii) the
accessibility of cash flows within the transaction's account
structure; and (iii)several scenarios assuming servicer and
revenue disruptions.

Based on the information provided in the January 2009 investor
report published on the January 8, 2009, the transaction benefits
from high interest coverage on the Notes.  According to the
report, the portfolio net collections amounted to EUR47.5million
and therewith failed the portfolio's net collections target of
EUR115.0 million by 59%.  However, this still provided for an
interest coverage ratio of 4.3x on the Notes considering that the
total LSF5 Note Interest payable in November 2008 was
EUR11.1million.

Despite the high interest coverage on the Notes the absence of the
liquidity facility, the only source of liquidity in this
transaction, exposes all the classes of Notes to operational risk.
Without the liquidity facility there is an increased risk of non-
timely payment of interest as a result of a potential
administrative or operational error, disruptions in transfer of
funds or servicer (or sub-servicer) default.

The transaction highly depends on the sub-servicer and its ability
of maximising recoveries from the underlying portfolio.  At the
same time however, the transaction does not provide for a back-up
or substitute sub-servicer if the current sub-servicer were to be
downgraded or were to default.  The mitigant for the likely
disruption in cash flows in the event of sub-servicer default was
the liquidity facility, which would have ensured timely payment of
interest on the Notes while a substitute sub-servicer was found.

Moody's ratings address not only the expected loss of the Notes by
the legal final maturity of the Notes but also the timely payment
of interest on the Notes.  In Moody's opinion, the operational
risks that the Notes are now exposed to without a liquidity
facility increases the risk of non-timely payment of interest on
the Notes and is not commensurate with the timely payment of
interest associated with Aaa and Aa rated classes.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yields to investors.


GENERAL MOTORS: May Get Funds from European Investment Bank
-----------------------------------------------------------
European Investment Bank Vice President Matthias Kollatz-Ahnen
said General Motors Corp.'s Adam Opel GmbH unit may get EUR400
million (US$530 million) in loans from the bank, Andreas Cremer at
Bloomberg News reports citing newspaper Handelsblatt.

Bloomberg News relates according to the newspaper, a precondition
for the loan is that the carmaker uses the funds to develop new
models with fuel-efficient engines instead of strengthening its
capital base.

Separately, Chris Reiter at Bloomberg News reports GM said its
Opel unit has enough money to last through June as car-scrapping
programs help regional sales.

Orders in Europe for GM's regional and U.S. brands rose 42 percent
in March as demand doubled in Germany, in part because of the
state incentives, Brent Dewar, GM's European sales chief, said in
a statement e-mailed to Bloomberg.  Car sales in the country
dropped 14 percent in January.

According to the report, governments in 11 European countries are
offering rebates to consumers to trade in old cars.  In Germany,
drivers can receive EUR2,500 for junking cars more than 9 years
old when buying new models, the report says.

Bloomberg News relates Opel is seeking EUR3.3 billion (US$4.38
billion) in aid from European governments.  Bloomberg News recalls
the U.S. automaker said in late February that it's prepared to
part with 50 percent of Opel to secure the future of the brand.

As reported in the Troubled Company Reporter on Apr. 6, 2009, GM
said in a filing with the U.S. Treasury Department that it is
prepared to file for bankruptcy protection if it fails to
restructure out of court.

                       About General Motors

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

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

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

                          *     *     *

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

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

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

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


HYPO REAL ESTATE HOLDING: Soffin Bids for 100% of Firm
------------------------------------------------------
Germany's bank-rescue fund, Soffin, offered EUR1.39 (US$1.84) a
share, or about EUR290 million, to acquire all of Hypo Real Estate
Holding AG's outstanding shares, Bloomberg News reports.

The move was aimed to keep HRE from insolvency which "would have
substantial, barely quantifiable consequences for the national and
international financial markets," Soffin said in a statement
obtained by Bloomberg News.  "This in turn would have a
considerable impact on the entire national economy."

Bloomberg News recalls Germany already provided EUR102 billion of
credit lines and debt guarantees to sustain HRE after a funding
shortage at its Dublin-based Depfa Bank Plc unit brought the
company to the brink of bankruptcy.

According to Bloomberg News, Germany's upper house of parliament
backed legal steps allowing banks to be nationalized on April 3,
and President Horst Koehler signed the bill into law last week.
The bill was approved by Chancellor Angela Merkel on Feb. 18.

Bloomberg News relates J.C. Flowers & Co., which leads a group of
investors holding 24 percent of the bank, said it may take legal
action to block nationalization.

As reported in the Troubled Company Reporter-Europe on March 24,
2009, Andrea Thomas at The Wall Street Journal said Germany's
lower house of parliament backed a bill allowing
nationationalization of HRE for a specified time period, but only
as a last resort.

According to international broadcaster Deutsche Welle, the
government stressed HRE would only be nationalized for a limited
period of time if all other attempts by the state to take control
have been exhausted.  The legislation stipulates that the
government must first try alternatives to expropriation such as
seeking agreement from shareholders to part with stock or their
participation in a capital injection, Deutsche Welle said.

"In order to get legal certainty and the speed that we need to
act, it is necessary to get quickly a 100% state-controlling
majority in HRE, because we must prevent the collapse of a
systemically relevant bank and any resulting knock-on effect,"
WSJ quoted Deputy Finance Minister Nicolette Kressl as saying.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2008, Dominion Bond Rating Service downgraded its long-term
ratings for Hypo Real Estate Holding AG (Holding) and related
entities (together Hypo Real Estate or the Group), including the
Senior Unsecured Long-Term Debt rating for Holding, which was
downgraded to A (low) from "A".  Concurrently, all ratings have
been placed Under Review with Negative Implications.

DBRS's rating action followed the announcement of Hypo Real
Estate's Q3 2008 results, the announcement of an additional EUR20
billion short-term debt guarantee and of additional information
about the Group's liquidity challenges, earnings outlook and
pending application for more comprehensive external support.

The downgrade and the Under Review Negative status reflect DBRS's
concern that Hypo Real Estate's franchise has been weakened by its
ongoing liquidity challenges.  The Group's lack of access to
market funding currently restricts its ability to write new
business and requires it to seek more comprehensive support,
demonstrating the weakening of its intrinsic fundamentals, the
rating agency said.

A TCR-Europe report on Nov. 24, 2008, said Hypo Real Estate Group
incurred a consolidated pre-tax loss of EUR3.105 billion for the
third quarter of 2008 compared with a pre-tax profit of EUR237
million in the corresponding previous year period.  The quarterly
loss is mainly attributable to the writeoff of goodwill
and other intangible assets attributable to the initial
consolidation of DEPFA Bank Plc (EUR2.482 billion).

On Oct. 28, 2008, the TCR-Europe reported Standard & Poor's
Ratings Services lowered its long-term counterparty credit ratings
on the seven rated entities of Hypo Real Estate (HRE) group to
'BBB' from 'BBB+', namely, Germany-based commercial real estate
lenders Hypo Real Estate Bank International AG and Hypo Real
Estate Bank AG, public-finance lenders Depfa Deutsche
Pfandbriefbank AG, Ireland-based DEPFA BANK PLC, Depfa ACS, and
Hypo Public Finance Bank, and Luxembourg-based Hypo Pfandbriefbank
Bank International S.A.

"These rating actions reflect the group's strained financial
profile, weak funding position, and concerns about the viability
of its business model," said Standard & Poor's credit analyst
Volker von Kruechten.  "We expect HRE to restructure and downsize,
which may cause further pressure on earnings and capital, owing to
the difficult market environment and a deteriorating credit
cycle."


PARENTIN GMBH: Claims Registration Period Ends April 27
-------------------------------------------------------
Creditors of Parentin GmbH have until April 27, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on May 27, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 101
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Rainer M. Bahr
         Nonnenstrasse 37
         04229 Leipzig
         Germany
         Tel: 0341/486930
         Fax: 0341/4869393

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:

         Parentin GmbH
         Attn: Andre Henkel, Manager
         Sestewitzer Str. 6
         04463 Grosspoesna
         Germany


PORTFOLIO GREEN: Moody's Junks Ratings on Two Classes of Notes
--------------------------------------------------------------
Moody's Investor Service has downgraded these classes of notes
issued by Portfolio GREEN German CMBS GmbH (amounts reflecting
initial outstandings):

   -- EUR40,000,000 Class B Secured Floating Rate Note due 2050 to
      Aa1; previously on 15 Nov 2007 assigned Aaa;

   -- EUR40,000,000 Class C Secured Floating Rate Note due 2050 to
      A2; previously on 15 Nov 2007 assigned Aa3;

   -- EUR35,000,000 Class D Secured Floating Rate Note due 2050 to
      Baa3; previously on 15 Nov 2007 assigned Baa1;

   -- EUR20,000,000 Class E Secured Floating Rate Note due 2050 to
      Caa1; previously on 15 Nov 2007 assigned Ba1;

   -- EUR12,000,000 Class F Secured Floating Rate Note due 2050 to
      Caa2; previously on 15 Nov 2007 assigned B2; and

   -- EUR4,000,000 Class G Secured Floating Rate Note due 2050 to
      Caa3; previously on 15 Nov 2007 assigned Caa1.

At the same time, Moody's has confirmed the Aaa rating of the
Class A Notes.  Moody's did not assign ratings to the Class H
Notes.

In this transaction, Lehman Brothers Bankhaus AG sold its economic
interest in claims for interest and principal under a portfolio of
mortgage loans granted to individual and corporate borrowers in
Germany to the Issuer.  The mortgage loans are secured by
commercial properties, including office, retail, residential,
mixed-use, hotel and nursing homes located in Germany.  Since
closing of the transaction, the number of loans decreased from 416
to 329, while the outstanding balance decreased from EUR585
million to EUR377 million as per last reporting date in January
2009.  The expectations of the Sponsor at closing included a quick
amortization of the Portfolio by prepayments at loan interest rate
reset dates.

The rating actions conclude the review for possible downgrade that
was initiated for the Class A, Class B, Class C, Class D, Class E,
Class F and Class G Notes on September 15, 2008.  The Notes were
placed on review following the insolvency of Lehman Brothers
Special Financing Inc and Lehman Brothers Holding Inc which act as
interest rate swap counterparty and guarantor in the transaction.
The swap was swapping fixed rate income received by the Issuer
into floating rate 3-month EURIBOR.  In addition, Lehman Brothers
Bankhaus AG is the sponsor of the transaction.

As a consequence of Lehman Brothers' insolvency, the transaction
no longer benefits from payments received under the interest rate
swap.  During the second half of 2008, the index interest rate for
this transaction was reset to 3-month EURIBOR rates of above 5%.
Consequently, after Lehman Brothers' default, the Issuer
experienced cash flow shortfalls.  In order to meet the interest
rate payments on the interest payment dates in October 2008 and
January 2009, an amount of EUR3.1 million under the Liquidity
Facility was drawn (0.8% of the current capital structure per
January 2009 IPD).  The Liquidity Facility is provided by Danske
Bank A/S (Aa3, P-1).

Even though interest rates have decreased significantly in the
recent months, Moody's considers the interest rate risk on the
Issuer level to be a structural weakness that increases the
expected loss of the Notes.  For its analysis, Moody's has assumed
that the Issuer will not enter into a replacement interest rate
swap.  To date, Moody's has not received any information about a
replacement swap to be entered into by the Issuer.  In order to
account for the interest rate risk in its analysis, Moody's has
made certain assumptions with respect to the key parameters
determining the impact of interest rate risk for the Issuer, which
are: (i) the future development of 3-month EURIBOR; (ii) the
amortization behavior of the loan pool; and (iii) the interest
rate received under the loans.

Moody's uses moderately increasing interest rates as an assumption
to account for the structural weakness of interest rate risk for
the Issuer.  This interest rate was derived on a quarterly basis
by using 3-month EURIBOR forward interest rates that were stressed
by historic interest rate volatility.  This "base case interest
rate" increases over time and is around 3% end of 2010 and around
4.5% to 5% by the end of 2012.  This in turn means that Moody's
expects the Liquidity Facility drawings to be reduced in the next
quarters, but also assumes that rising interest rates will
increase Liquidity Facility drawings again over time.  Given the
seniority of Liquidity Facility drawings to the Notes, repayments
of Liquidity Facility amounts could lead to principal losses on
the Notes on a reverse sequential basis unless repaid from excess
interest income received by the Issuer during the term of the
transaction.

The impact of potential Issuer level cash flow shortfalls will
depend on the amortization behavior of the Portfolio.  The higher
the amount of outstanding Notes, the larger the absolute amount of
potential Issuer level cash flow shortfalls in case of rising
interest rates.  As discussed above, at closing of the
transaction, the loans were expected to refinance at their
respective interest reset dates, also considering certain
prepayments independent of interest reset dates.  Moody's notes
that in the last quarters, the level of prepayments has decreased
to a level even slightly lower than the amount of loans with
interest rate resets.  However, the new loan interest rates on
loans not refinanced at the reset date have been much higher than
current market interest rates, thereby increasing the spread
available at Issuer level.  Therefore, Moody's has assumed in its
analysis of potentis Issuer level cash flow shortfalls that loans
will generally repay at their reset date and that interest income
for the Issuer from the Portfolio will remain constant over time.
If interest rates were substantially different from the assumed
interest rates, or the loan pool amortization or Issuer interest
income of the notes deviate from these expectations, this might
create additional rating volatility.  Moody's will review its
assumption with respect to the main parameters mentioned above on
a regular basis.  Moreover, if the Issuer enters into a
replacement swap, Moody's will assess the details of the
replacement and its impact on the ratings of the Notes.

Moody's has performed certain stress tests on other parameters
that could influence Issuer level shortfalls in case of interest
rate increases.  Among those were the level of Issuer costs that
could increase as a result of the shortfalls (due to legal or
advisory fee increases) and the impact of the modified pro-rata
allocation on the weighted average coupon payable on the Notes.
The impact was overall limited compared to the main parameters
described above.

Moody's also tested scenarios with stronger increases in interest
rates than in its base case.  The Aaa rating of Class A showed
resilience to even higher increases in interest rates, hence the
Aaa rating was confirmed.

In addition to analyzing the impact of the lack of Issuer level
interest rate hedging, Moody's also reviewed the performance and
performance expectations of the remaining Portfolio.  The current
Portfolio performance is stable, with three loans accounting for
0.5% of the current balance being in arrears.  No losses have been
observed since closing.  However, given the current very difficult
commercial real estate and lending market environment, Moody's
anticipates increased refinancing risk for the loans in the
Portfolio at the reset dates.  Borrowers that face difficulties
refinance their loans at the interest reset dates might be forced
to prolong loans at a high interest rate, which in turn puts
pressure on the borrowers' ability to meet debt service payments.
Moody's closely monitors loan prolongations.  As per the January
2009 IPD, EUR11.7 million of loans experienced interest rate
resets, mostly on a three months basis.

The last Performance Overview for this transaction was published
on January 7, 2009.


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

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on May 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Noerdlingen
         Meeting Hall F/I
         Kaisheimer House
         Tandelmarkt 5
         Noerdlingen
         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. Sebastian Braun
         Buergermeister-Reiger-Str. 16
         86720 Noerdlingen
         Germany
         Tel: 09081/2763276
         Fax: 09081/2763277

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:

         ProInfo TV GmbH
         Dorfstr. 24
         86720 Noerdlingen-Pfafflingen
         Germany

         Attn: Thomas Bley, Manager
         Dorfstr. 39
         86720 Noerdlingen Pfafflingen
         Germany


ROSENTHAL STUDIO-HAUSE: Claims Registration Period Ends May 29
--------------------------------------------------------------
Creditors of Rosenthal Studio-Hause Gesellschaft mit beschrankter
Haftung 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 2:30 p.m. on July 1, 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:

         Dr. Ferdinand Kiessner
         Rothenburger Strasse 241-247
         90439 Nuernberg
         Germany
         Tel: 0911/600010
         Fax: 0911/6000170

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:

         Rosenthal Studio-Hause
         Gesellschaft mit beschrankter Haftung
         Attn: Ottmar Kuesel
         Philip-Rosenthal-Platz 1
         95100 Selb
         Germany


SAAR TV FERNSEHEN: Claims Registration Period Ends May 27
---------------------------------------------------------
Creditors of Saar TV Fernsehen GmbH have until May 27, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on June 24, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 24
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         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. Thomas Christmann
         Graf-Johann-Strasse 8
         66121 Saarbruecken
         Germany
         Tel: 0681/301 404 69
         Fax: 0681/635 321

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:

         Saar TV Fernsehen GmbH
         Attn: Stephan Schwenk
         Nell-Breuning-Allee 6
         66115 Saarbruecken
         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.


THERMO CERAM: Claims Registration Period Ends May 12
----------------------------------------------------
Creditors of Thermo Ceram GmbH have until May 12, 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 23, 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:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 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:

         Thermo Ceram GmbH
         In der Beckuhl 16
         46569 Huenxe
         Germany

         Attn: Volksw. Berislav Pfeifer, Manager
         Gartnerstr. 12
         76534 Baden-Baden
         Germany


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 stabilized 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.


UNTERNEHMEN FUER PROZESSOPTIMIERUNG: Claims Filing Ends May 19
--------------------------------------------------------------
Creditors of Unternehmen fuer Prozessoptimierung und Launch
Support GmbH have until May 19, 2009, to register their claims
with court-appointed insolvency manager.

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

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Frank Schmitt
         Olof-Palme-Str. 13
         60439 Frankfurt
         Germany
         Tel: 0 69/5 09 86 – 0
         Fax: 0 69/5 09 86 – 110
         E-mail: Fschmitt@schubra.de

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:

         Unternehmen fuer Prozessoptimierung und
         Launch Support GmbH
         Gewerbepark Waldpark Gebaude B 9.1
         Waldstrasse 23
         63128 Dietzenbach
         Germany

         Attn: Hans-Joachim Thorn, Manager
         Bartelskamp 36
         42549 Velbert
         Germany


=============
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.


=============
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


CORIOLANUS LIMITED: Moody's Junks Rating on Series 59 Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded the rating of Series 59
notes issued by Coriolanus Limited (Moorgate CLO 3), referencing a
portfolio of corporate entities.

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

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

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

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

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

The rating actions are:

Coriolanus Limited - Series 59 (Moorgate 3)

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

  -- Current Rating: Caa3

  -- Prior Rating: B2, on review for possible downgrade

  -- Prior Rating Date: 19 March 2009, B2 placed under review for
     possible downgrade


EIRLES TWO: Moody's Cuts Rating on Series 232 Notes to 'B1'
-----------------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
series of notes issued by Eirles Two Limited Series 231/232/303
(Moorgate CLO-1), referencing a portfolio of corporate entities.

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

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

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

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

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

The rating actions are:

Eirles Two Limited Series 231/232/303 (Moorgate CLO-1)

(1) Series 231 US$35,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2021

  -- Current Rating: A2

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

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

(2) Series 232 US$55,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2021

  -- Current Rating: B1

  -- Prior Rating: A3, on review for possible downgrade

  -- Prior Rating Date: 19 March 2009, A3 placed under review for
     possible downgrade

(3) Series 303 EUR32,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2021

  -- Current Rating: A1

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

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


EIRLES TWO: Moody's Cuts Ratings on Two Series of Notes to Low-B
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of four
series of notes issued by Eirles Two Limited Series
276/277/278/279 (Moorgate CLO-2), referencing a portfolio of
corporate entities.

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

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

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

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

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

The rating actions are:

Eirles Two Limited Series 276/277/278/279 (Moorgate CLO-2)

(1) Series 276 EUR17,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2024

  -- Current Rating: A2

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

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

(2) Series 277 EUR20,000,000 Portfolio Credit Linked Floating
Rate Secured Notes due 2024

  -- Current Rating: Baa3

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

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

(3) Series 278 EUR10,000,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2024

  -- Current Rating: Ba1

  -- Prior Rating: A2, on review for possible downgrade

  -- Prior Rating Date: 19 March 2009, A2 placed under review for
     possible downgrade

(3) Series 279 EUR23,750,000 Portfolio Credit Linked Floating Rate
Secured Notes due 2024

  -- Current Rating: B2

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

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


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.


RUBY FINANCE: Moody's Confirms 'B3' Rating on Series 2007-6 Notes
-----------------------------------------------------------------
Moody's Investors Service has confirmed and will withdraw the B3
under review for possible downgrade rating of Series 2007-6 notes
issued by Ruby Finance PLC.

The transaction is a repackaging of shares of the Lehman Brothers
Euro Liquidity Fund.  This rating action follows the confirmation
and subsequent withdrawal of the rating of the Fund.

Moody's initially analyzed 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:

Ruby Finance PLC

(1) EUR44,000,000 Spirit Capital Protected CPPI Notes due 2012

  -- Current Rating: WR

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

  -- Prior Rating Date: 9 October 2008, downgraded to B3 under
     review for downgrade from Aaa under review for downgrade


* 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.


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


AEROPORTI DI ROMA: S&P Downgrades Corporate Credit Rating to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Italian airport operator Aeroporti di
Roma SpA to 'BB' from 'BB+', reflecting an expected weakening in
AdR's financial profile in 2009.  The ratings were removed from
CreditWatch with negative implications, where they were placed on
Sept. 22, 2008.  The 'B' short-term corporate credit rating was
affirmed and was also removed from CreditWatch. The outlook is
stable.

S&P's '3' recovery rating on AdR's EUR270 million credit
facilities is unchanged, indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.

"The downgrade mainly reflects our expectation of a weakening in
AdR's financial profile in 2009 in relation to the expected
traffic decline resulting from the current weak economic climate,"
said Standard & Poor's credit analyst Alexandre de Lestrange.

AdR has the concession until 2044 to operate the two airports
serving Rome: Fiumicino and Ciampino.  AdR is Italy's largest
airport operator, with 40 million passengers in 2008 (up 4.4% over
2007).

The ratings on AdR reflect its highly leveraged financial profile,
the protracted regulatory process for tariff increases, dependence
on Alitalia (34.9% of 2008 traffic), and the risk S&P perceive of
a weakened financial performance in coming quarters.  AdR's highly
leveraged financial structure currently stems predominantly from a
EUR1.2 billion securitization funded by bond issues guaranteed by
Ambac Assurance U.K. Ltd. (A/Negative/--). Bonds were issued by
special-purpose vehicle Romulus Finance S.r.l., which is a
creditor of AdR for loans mirroring the bonds.  These risks are
somewhat offset by AdR's strong market position, strong catchment
area, high proportion of origin and destination traffic (71.4% in
2008), and manageable capital expenditures.

Italian consortium Compagnia Aerea Italiana successfully took over
Alitalia at the end of 2008 with the intention to merge it with
Air One SpA.  Also, CAI has chosen Air France-KLM as foreign
airline partner.  AF-KLM has taken a 25% stake in the merged
airline.  S&P views these events positively as they minimize the
short-term risk of a liquidation for Alitalia.  Although the
longer term impact on AdR in terms of passenger growth and capital
expenditure requirements remains to be seen, S&P believes AdR's
hub operations are less at risk than previously feared.

"The stable outlook reflects our expectation that AdR will
maintain its strong competitive position and that its financial
profile will not deteriorate below mid-single-digit funds from
operations to total debt, while maintaining adequate liquidity,"
said Mr. de Lestrange.

Ratings upside is limited in the short term.  S&P may consider a
positive rating action in the next couple of years, depending on
the tariff increase and the outcome of Alitalia's restructuring,
and once traffic stabilizes and resumes positive growth.  S&P
would also need to see improved earnings and cash flow over
several quarters, coupled with prudent capital expenditure plans
and limited dividends.

Ratio improvement remains predicated on obtaining a tariff
increase, but also on a tighter rein on costs, disposal of some
ancillary businesses, and solid commercial performance.

If Alitalia's restructuring does not show tangible progress in the
near term, if traffic decline exceeds S&P's expectations, or if
liquidity deteriorates materially, S&P may further lower S&P's
ratings on AdR.


DA VINCI: Moody's Junks Rating on EUR20.8 Million Class B Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded these classes of asset-
backed notes issued by Da Vinci Synthetic plc:

  -- EUR25,900,000 (current balance) Class A notes, Downgraded to
     B2 from Baa3.  Previously on 4 March 2009 Ratings were
     downgraded and placed under review for possible downgrade.

  -- EUR20,800,000 (current balance) Class B notes, downgraded to
     Caa2 from Ba3.  Previously on 4 March 2009 Ratings were
     downgraded and placed under review for possible downgrade.

  -- EUR15,600,000 (current balance) Class C notes, downgraded to
     Ca from Caa1.  Previously on 4 March 2009 Ratings were
     downgraded and placed under review for possible downgrade.

The rating action, which concludes the rating review started on
the March 4, 2009, has been prompted by (a) the continuing
pressure on aircraft values and more specifically the declining
value of the regional aircrafts, which represent 20.8% of the
portfolio; and (b) the increasing credit risk associate with the
airline companies; this is shown by the credit event called on 28
January 2009 by Intesa following the filing for bankruptcy of
Alitalia on August 2008 (representing 14.65% of the total
reference entity exposure).  Alitalia reference obligations are
collateralised by small regional aircrafts.

Moody's notes that as of January 2009, the total amount of
reference obligations was equivalent to US$464.1 million.
Exposure to Alitalia represents 14.65% of the total amount of
reference obligations and is exclusively collateralised by
regional aircraft (EMB 145).

Overall, the total exposure to regional aircraft in the reference
portfolio is 20.82%.  The values of regional aircrafts are under
high pressure because of the limited demand for these types of
aircraft.  This is linked to the general economic weakness, fuel
efficiency and weak demand for these types of aircrafts.  As a
result, Moody's applied a stress of 70% on the base values for
those aircrafts.  Moreover, narrow-body and wide-body aircrafts of
relatively old vintages collateralize 18.5% of the pool.  These
types of aircraft are also facing pressure on their values as they
are the least fuel-efficient and maintenance-intensive aircrafts.
Therefore, Moody's applied different stress on those aircrafts
values ranging from 20% to 60% given the type of aircraft and age.
Additionally, the increasing number of aircrafts in storage is
negatively influencing values over time.  Overall, Moody's
stressed the different aircrafts base value by 40% on a weighted
average basis.

Finally, Moody's also took into account the increasing credit risk
on the airline companies due to the economic downturn.  This was
reflected in weighted average default assumption of the portfolio
equal to a WARF of 62,606.

Da Vinci Synthetic plc is the second synthetic securitization of
aircraft financing and aviation industry loans originated by
Intesa Sanpaolo S.p.A (Aa2/Prime-1).  It also represents the re-
securitisation of the majority of the Leonardo Synthetic plc
portfolio.  The Originator's objective in this transaction is to
benefit from credit risk protection on a revolving pool of
aircraft leases.  The risk transfer is achieved through a credit
default swap between Merrill Lynch International and Intesa and
part of the risk is transferred by Merrill Lynch International via
the issuance of several classes of credit-linked notes and credit
default swaps between Merrill Lynch and the swap counterparty.
The net proceeds from the issuance of the credit-linked Notes are
deposited in a euro-denominated deposit account, bearing interest
at the rate of three-month EURIBOR in the name of the Issuer with
Intesa (London Branch) as the deposit bank.  This deposit account
is subject to downgrade triggers, so that upon loss of Prime-1,
Intesa will need to procure a replacement counterparty or find a
Prime-1 rated guarantor of its obligations under the deposit
account agreement.

The average life of the outstanding portfolio is 4.9 years, with
the longest maturity of the underlying financing being November
2018.  As of January 2009, the reference pool comprised 20
different obligors with the highest obligor concentration 19.38%.

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


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


BUSINESS PROMOTION: Creditors Must File Claims by May 15
--------------------------------------------------------
LLP Business Promotion Group has declared insolvency.  Creditors
have until May 15, 2009, to submit written proofs of claim to:

         Karibjanov St. 59
         Almaty
         Kazakhstan


IMPEX-TECHNO SYSTEMS: Creditors Must File Claims by May 15
----------------------------------------------------------
LLP Impex-Techno Systems Invest has declared insolvency.
Creditors have until May 15, 2009, to submit written proofs of
claim to:

         Nekrasov St. 71-37
         Jezkazgan
         Karaganda
         Kazakhstan


JAN-TEN STROY: Creditors Must File Claims by May 15
---------------------------------------------------
LLP Jan-Ten Stroy has declared insolvency.  Creditors have until
May 15, 2009, to submit written proofs of claim to:

         Micro 5, 1-50
         Kostanai
         Kazakhstan


KANIS NS: Creditors Must File Claims by May 15
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kanis NS insolvent.

Creditors have until May 15, 2009, to submit written proofs of
claim to:

         Gorky St. 37
         Kokshetau
         Akmola
         Kazakhstan

The Court is located at:

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


KAZ KOR INVEST: Creditors Must File Claims by May 15
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kaz Kor Invest Stroy Project insolvent.

Creditors have until May 15, 2009, to submit written proofs of
claim to:

         Baizakov St. 273b
         Almaty
         Kazakhstan



The Court is located at:

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


MIRABDULLA LLP: Creditors Must File Claims by May 15
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Mirabdulla insolvent.

Creditors have until May 15, 2009, to submit written proofs of
claim to:

         Ilyaev St. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev St. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


ORDA CREDIT: S&P Affirms 'CCC+/C' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services 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.


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.


SPK KAZAKHSTANSTROY: Creditors Must File Claims by May 15
---------------------------------------------------------
LLP SPK Kazakhstanstroy has declared insolvency.  Creditors have
until May 15, 2009, to submit written proofs of claim to:

         Baimagambetov St. 3a-11
         Kostanai
         Kazakhstan


SV METALLO PROKAT: Creditors Must File Claims by May 15
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP SV Metallo Prokat insolvent.

Creditors have until May 15, 2009, to submit written proofs of
claim to:

         Baizakov St. 273b
         Almaty
         Kazakhstan

The Court is located at:

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


TALOS ASTANA: Creditors Must File Claims by May 15
--------------------------------------------------
LLP Talos Astana Shipping Worwarding has declared insolvency.
Creditors have until May 15, 2009, to submit written proofs of
claim to:

         Barayev St. 11-34
         Almaty
         Astana
         Kazakhstan


VEGAS LLP: Creditors Must File Claims by May 15
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Vegas insolvent.

Creditors have until May 15, 2009, to submit written proofs of
claim to:

         Tynybaev St. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev St. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


* KAZAKHSTAN: Banks Burdened by US$25 Billion Debt
--------------------------------------------------
Nariman Gizitdinov and Denis Maternovsky at Bloomberg News report
Kazakhstan may let banks fail if foreign creditors don't agree to
restructure or sell at a discount as much as US$25 billion of
debt.

The report says according to Financial Supervision Agency chief
Yelena Bakhmutova, President Nursultan Nazarbayev told the
government to come up with a plan to help banks solve their debt
problems within 30 days.

The report relates according to Bloomberg data, the country's four
largest banks -- BTA Bank, Kazkommertsbank, Halyk Savings Bank and
Alliance Bank -- owe bondholders and other banks US$24.9 billion.

Specifically, the report says Bloomberg data show BTA has US$12.4
billion of bonds and loans outstanding, Kazkommertzbank has US$5.8
billion, Alliance has US$3.6 billion and Halyk has US$3.1 billion,

Bloomberg News recalls the government in February acquired 75.1
percent of BTA Bank after it failed to heed a Financial
Supervision Agency order to boost cash reserves.  The government
is also in talks to acquire a 76 percent stake in Alliance for 100
tenge, the report adds.


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


GRAND STROY: Creditors Must File Claims by April 17
---------------------------------------------------
Creditors of LLC Construction Company Grand Stroy have until
April 17, 2009, to submit proofs of claim.


The company can be reached at:

         LLC Construction Company Grand Stroy
         Tel: (+996 312) 38-34-05


TIEN-SHAN GEO: Creditors Must File Claims by April 17
-----------------------------------------------------
Creditors of LLC Tien-Shan Geo Service Ltd. have until April 17,
2009, to submit proofs of claim to:

         Razzakov St. 4/20
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 66-42-92


===========
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 stabilize 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
program 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
program 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
amortization 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
=====================


FIXED-LINK FINANCE: Moody's Withdraws 'C' Rating on Class C2
------------------------------------------------------------
Moody's Investors Service has withdrawn the rating on this class
of notes issued by Fixed-Link Finance B.V.:

   -- C on the Class C2 Notes, previously downgraded to C on 11
      February 2005.

On their expected maturity date falling on February 2, 2009, Class
G1, G2, A1, A2, B1 and B2 Notes issued by Fixed Link Finance B.V.
were fully redeemed.  In accordance with an extraordinary
resolution approved by the Class C2 Noteholders on February 25,
2009, the Class C2 Noteholders received a final interest payment
as due and a principal payment of GBP 56,595,325 on the remaining
GBP 84,841,688 outstanding amount.  Class C2 Noteholders have then
suffered a principal loss 19.89%.

Fixed Link Finance B.V. is a special purpose company incorporated
in the Netherlands solely for the purpose of issuing seven classes
of Notes and acquiring interests in the Junior Debt of the
Eurotunnel PLC and Eurotunnel S.A. group.  The Eurotunnel PLC and
Eurotunnel S.A. manage the infrastructure of the channel tunnel
and operates passenger shuttle (car and coach) and truck shuttle
services between Folkestone in the United Kingdom and Coquelles in
France.

Moody's initially analyzed and has monitored this transaction
using the rating methodology for EMEA asset-backed securities as
described in the transaction Pre-Sale Report published on 6
December 2000.


FORTIS BANK: S&P Cuts Junior Ratings on EUR2 Bil. Notes to 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services 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.

              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.


ING GROEP: Adds Assets for Sale, Expects EUR6-8 Bln Cash Proceeds
-----------------------------------------------------------------
Bloomberg News reports ING Groep NV plans to raise as much as EUR8
billion (US$10.6 billion) selling assets to boost capital.

The report recalls ING said in February it would review operations
after posting a fourth-quarter loss of EUR3.71 billion and tapping
the government rescue fund.  According to Bloomberg News, ING
received a EUR10 billion government lifeline in October.

In a statement, ING said it earlier indicated targeting
divestments with total proceeds of EUR2 to 3 billion, of which
EUR1.4 billion was achieved with the sale of ING Canada.  However,
according to ING, the strategic review has resulted in increasing
the divestment program to a total of 10 to 15 businesses over the
coming years with total proceeds expected to be EUR6 to EUR8
billion.

To reduce complexity, ING said it will operate its bank and
insurer separately under one group umbrella.  The bank will be
predominantly focused on Europe with selective growth options
elsewhere.

ING said the greenfield retail operation in the Ukraine will be
unwound while life insurance activities in China and Japan are
under review.

In the US, strategic options for non-core businesses including
employee benefits, group reinsurance and the existing annuity
books will be reviewed while the US financial products division
will be reduced as assets mature.

The Commercial Bank will accelerate its current transformation
process, focusing mainly on the Benelux and Central Europe while
maintaining positions in European payment and cash management,
specialised finance and financial markets.

The Insurance business will focus on its long-term structural
leadership positions in life and retirement services.  The
business will be managed regionally with an aggregated balance
sheet.  Key building blocks will include the operations in the
Benelux, US, Central Europe, Latin America and Asia/Pacific.

ING disclosed EUR55 billion of the target to reduce the bank
balance sheet by EUR110 billion has been realized while the EUR1
billion cost reduction initiative is well on track, with over half
of the planned 7,000 FTE workforce reduction realised.

Netherlands-based ING Groep N.V. (NYSE:ING) ---
http://www.ing.com/--- is a global financial institution offering
banking, investments, life insurance and retirement services.  The
Company serves more than 85 million private, corporate and
institutional customers in Europe, North and Latin America, Asia
and Australia.  ING has six business lines: Insurance Europe,
Insurance Americas, Insurance Asia/Pacific, Wholesale Banking,
Retail Banking and ING Direct.  In October 2008, ING Groep N.V.'s
subsidiary, ING Direct UK, acquired the savings deposits division
of Kaupthing Edge, a subsidiary of Kaupthing Bank and Heritable
Bank.  In July 2008, the Company completed the acquisition of
CitiStreet LLC, a retirement plan and benefit service and
administration company in United States.  In November 2008, ING
Groep N.V. increased its stake in joint venture Billington
Holdings PLC from 50% to 100%.  In February 2009, the Company
announced that it closed the sale of its Taiwanese life insurance
business to Fubon Financial Holding Co. Ltd.


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
===========


ALTUKHOVSKAYA FURNITURE: Creditors Must File Claims by May 3
------------------------------------------------------------
Creditors of CJSC Altukhovskaya Furniture Factory have until
May 3, 2009, to submit proofs of claims to:

         Yu. Kayturov
         Temporary Insolvency Manager
         Office 312
         Kanatny Pereulok 5
         241050 Bryansk
         Russia

The Arbitration Court of Bryanskaya will convene at 10:30 a.m. on
June 24, 2009, to hear bankruptcy supervision procedure. The case
is docketed under Case No. A09–1448/2009,.

The Debtor can be reached at:

         CJSC Altukhovskaya Furniture Factory
         Kalinina St. 28
         Altukhovo
         Navlin
         242150 Bryanskaya
         Russia


BALTIYSKAYA EKO-BUMAGA: Creditors Must File Claims by May 3
-----------------------------------------------------------
Creditors of LLC Baltiyskaya Eko-Bumaga (TIN 3909000765, PSRN
1073911001691)(Pulp and Papermaking Industry) have until May 3,
2009, to submit proofs of claims to:

         O. Karpov
         Temporary Insolvency Manager
         Office 2
         Building 2
         Prospect Lomonosova 92
         163000 Arkhangelsk
         Russia

The Arbitration Court of Kaliningradskaya will convene at
10:45 a.m. on May 25, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A21–965/2009,.

The Court is located at:

The Arbitration Court of Kaliningradskaya

         Rokossovskogo St. 2
         236040 Kaliningrad
         Russia

The Debtor can be reached at:

         LLC Baltiyskaya Eko-Bumaga
         Podgornaya St. 3
         Neman
         Kaliningradskaya
         Russia


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 program.

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.


ELEKTO TEKH: Vologodskaya Bankruptcy Hearing Set July 17
--------------------------------------------------------
The Arbitration Court of Vologodskaya will convene on July 17,
2009, to hear bankruptcy supervision procedure on OJSC Elekto Tekh
Mash (TIN 3525079060, PSRN 1023500875969) (Household Appliances
Production).  The case is docketed under Case No. A13–11850/2008.

The Temporary Insolvency Manager is:

         N.Kazakov
         Sovetskiy Prospect 6/218
         160000 Vologda
         Russia

The Debtor can be reached at:

         OJSC Elekto-Tekh-Mash
         Moskovskoe shosse 2
         160025 Vologda
         Russia


EKSPO LES: Creditors Must File Claims by May 3
----------------------------------------------
Creditors of LLC Ekspo Les (TIN 4715015186, PSRN 1054700514934)
(Forestry) have until May 3, 2009, to submit proofs of claims to:

         M. Kriss
         Insolvency Manager
         Post User box 224
         191119 Saint Petersburg
         Russia

The Arbitration Court of Saint-Petersburg will convene at
2:15 p.m. on Oct.5, 2009, to hear bankruptcy proceedings.  The
case is docketed under Case No.A 56–57310/2008.

The Debtor can be reached at:

         LLC Ekspo-Les
         K. Marksa St. 14
         Tikhvin
         187550 Leningradskaya
         Russia


KOLCHUGINSKIY MILK: Creditors Must File Claims by May 3
-------------------------------------------------------
Creditors of OJSC Kolchuginskiy Milk Factory have until May 3,
2009, to submit proofs of claims to:

          T. Morozova
         Insolvency Manager
         Ulyanovskaya St. 26
         Kolchugino
         Russia

The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A11–11392/2008.

The Debtor can be reached at:

         OJSC Kolchuginskiy Milk Factory
         Ulyanovskaya St. 26
         Kolchugino
         Russia


LESOVIK: Creditors Must File Claims by June 3
---------------------------------------------
Creditors of LLC Lesovik (Wood-Processing) have until June 3,
2009, to submit proofs of claims to:

         S. Zelenchekov
         Insolvency Manager
         Apt. 23
         Prospect Lenina St. 373
         Volzhskiy
         404133 Volgogradskaya
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A12–14978/2008.

The Debtor can be reached at:

         LLC Lesovik
         Pushkina St. 63
         Volzhskiy
         404121 Volgogradskaya
         Russia


PRIKASPIY BUR: Volgogradskaya Bankruptcy Hearing Set Aug.  4
------------------------------------------------------------
The Arbitration Court of Volgogradskaya will convene on Aug. 4,
2009, to hear bankruptcy proceedings on LLC Prikaspiy Bur Neft
(TIN 3443067810) (Drilling Company).  The case is docketed under
Case No. A12–2316/2009,.

The Insolvency Manager is:

         I.Gridneva
         Office 416
         Kanunnikova St. 11
         400001 Volgograd
         Russia

The Debtor can be reached at:

         LLC Prikaspiy-Bur-Neft
         Prospect Neftyanikov 14
         400075 Volgograd
         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 EKO: Creditors Must File Claims by May 3
----------------------------------------------
Creditors of LLC Stroy Eko (TIN 4027055452, PSRN 1024001179278)
(Construction) have until May 3, 2009, to submit proofs of claims
to:

         T.Titova
         Insolvency Manager
         Apt. 13
         Building 3
         Rossiyskix Gazoikov St. 31
         Maloyaroslavets
         249096 Kaluzhskaya
         Russia

The Arbitration Court of Kaluzhskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A23–510/09B - 7 - 30 - DSP.

The Debtor can be reached at:

         LLC Stroy-Eko
         Baumana St. 28
         Kaluga
         Russia


STROY ELIT: Creditors Must File Claims by June 3
------------------------------------------------
Creditors of LLC Stroy Elit (TIN 7714586320) (Construction) have
until June 3, 2009, to submit proofs of claims to:

         M. Mazalov
         Insolvency Manager
         Post User Box 3115
         400105 Volgograd
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–66386/07–74-171B.

The Debtor can be reached at:

         LLC Stroy-Elit
         Building 2
         Pistsovaya St.15
         127203 Moscow
         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.


UNDOLES: Creditors Must File Claims by June 3
---------------------------------------------
Creditors of LLC Undoles (TIN 2901155194, PSRN 1062901066580)
(Forestry) have until June 3, 2009, to submit proofs of claims to:

         S. Malanin
         Insolvency Manager
         Vidanskaya St. 15v
         Petrozavodsk
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A05–7357/2008.

The Debtor can be reached at:

         LLC Undoles
         Lomonosova prospect 81
         163000 Arkhangelsk
         Russia


VOLGO STROY: Creditors Must File Claims by June 3
-------------------------------------------------
Creditors of LLC Volgo-Stroy (Construction) have until June 3,
2009, to submit proofs of claims to:

         P.Tarasov
         Insolvency Manager
         Post User Box 19
         Postal Office-100
         170100 Tver
         Russia

The Arbitration Court of Yaroslavskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A82–4807/06–43-B/71.

The Debtor can be reached at:

         LLC Volgo-Stroy
         Apt. 18
         Komarova St. 12
         150020 Yaroslavl
         Russia


VTB BANK: Net Profit Up 70% Year-On-Year in January-March
---------------------------------------------------------
RIA Novosti reports that VTB's net profit calculated to Russian
Accounting Standards (RAS) increased by 70% year-on-year to
RUR1.99 billion (US$58.95 million) in January-March.

According to the report, net profit was US$16.8 billion (US$497
million) in January-February 2009, while March saw a net loss of
RUR14.8 billion (US$438.4 million).

The drop in profit in March was largely due to an increase in
reserve payments to make up for potential losses on loans, the
report says citing the bank in a statement.

The bank's poor financial performance in March was also attributed
to the negative revaluation currency positions due to the
strengthening of the ruble against the dollar, the report notes.

                       About OJSC VTB Bank

Headquartered in St. Petersburg, Russia, OJSC VTB --
http://www.vtb.com/-- is a universal banking group offering a
wide range of banking services and products across Russia, certain
CIS countries and selected countries in Western Europe, Asia and
Africa.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 28,
2008, Moody's Investors Service changed the outlook on the D- bank
financial strength rating of Bank VTB to stable from positive.


* RUSSIA: Bloomberg Survey Says Bad Loans May Quadruple This Year
-----------------------------------------------------------------
Bloomberg News reports a Bloomberg survey shows Russian banks' bad
loans will quadruple to US$70 billion this year.

The report says according to the mean estimate of 17 banking
analysts polled by Bloomberg, non-performing loans will increase
to 12.8 percent of the RUR18.4 trillion (US$549 billion) owed by
Russian companies and individuals by the end of this year, from
3.2 percent in March.

Russian banks are seeing a 20 percent increase in delinquent debt
every month, OAO Sberbank Chief Executive Officer German Gref said
as cited by the news agency.

According to the report, Bloomberg's survey shows that Sberbank's
bad debt will more than triple to 8.9 percent in 2009.

Loans in arrears at VTB Group meanwhile may jump to 10.5 percent,
exceeding the loan-loss reserves of 8 percent planned by Chief
Executive Andrei Kostin, the report relates.

The report discloses the World Bank said a "silent tsunami" of bad
debt threatens to stall a recovery in Russia.

"Many small and medium-sized Russian businesses will end up
defaulting and that will slow down the recovery," Bloomberg News
quoted Aybek Islamov, a London-based bank analyst at HSBC, as
saying.


* 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'


=========
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.


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


AEBISCHER RAUMGESTALTUNG: Creditors Must File Claims by April 30
----------------------------------------------------------------
Creditors owed money by LLC Aebischer Raumgestaltung are requested
to file their proofs of claim by April 30, 2009, to:

         Johanna Meier
         Landstrasse 82
         5436 Wurenlos
         Switzerland

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


AGIP SERVICE: Deadline to File Proofs of Claim Set April 23
-----------------------------------------------------------
Creditors owed money by LLC AGIP Service Niederuzwil are requested
to file their proofs of claim by April 23, 2009, to:

         Rene Blatter
         Rossweidstrasse 25a
         9030 Abtwil
         Switzerland

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


FARA HOLDING: Creditors Have Until April 29 to File Claims
----------------------------------------------------------
Creditors owed money by LLC Fara Holding are requested to file
their proofs of claim by April 29, 2009, to:

         Advocacy Schoch, Auer & Partner
         Marktplatz 4
         9004 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 April 29, 2009.


LACK LLC: Proof of Claim Filing Deadline is April 30
----------------------------------------------------
Creditors owed money by LLC Lack are requested to file their
proofs of claim by April 30, 2009, to:

         Ignaz Lack
         Alte Poststrasse 10
         4617 Gunzgen
         Switzerland

The company is currently undergoing liquidation in Gunzgen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 25, 2009.


LEITENBERG & LUKS: Creditors' Proofs of Claim Due by April 23
-------------------------------------------------------------
Creditors owed money by LLC Leitenberg & Luks are requested to
file their proofs of claim by April 23, 2009, to:

         Ilan Luks
         Vorderzelgstrasse 18
         8700 Kusnacht ZH
         Switzerland

The company is currently undergoing liquidation in Kusnacht.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 3, 2009.


MAGENTA SOLUTIONS: April 30 Set as Deadline to File Claims
----------------------------------------------------------
Creditors owed money by LLC Magenta Solutions are requested to
file their proofs of claim by April 30, 2009, to:

         Claudia Leipold
         Rainweg 25 A
         3068 Utzigen
         Switzerland

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


MARIE GASTRONOMIE: Creditors Must File Claims by April 27
---------------------------------------------------------
Creditors owed money by LLC Marie Gastronomie are requested to
file their proofs of claim by April 27, 2009, to:

         B. Hangarter
         Neustadtgasse 9
         Mail Box: 8401 Winterthur
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 19, 2008.


RETAIL INSIDER: Deadline to File Proofs of Claim Set April 23
-------------------------------------------------------------
Creditors owed money by LLC Retail Insider are requested to file
their proofs of claim by April 23, 2009, to:

         Anita Fuhrer
         Bachmattstrasse 10
         8404 Winterthur
         Switzerland

The company is currently undergoing liquidation in Winterthur.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 18, 2008.


SCHILD ARCHITEKTUR: Creditors Have Until April 22 to File Claims
----------------------------------------------------------------
Creditors owed money by LLC Schild Architektur are requested to
file their proofs of claim by April 22, 2009, to:

         Unterdorfweg 2
         6033 Buchrain
         Switzerland

The company is currently undergoing liquidation in Buchrain.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 25, 2009.


SWEDISH MEATS: Proof of Claim Filing Deadline is April 30
---------------------------------------------------------
Creditors owed money by JSC Swedish Meats Re are requested to file
their proofs of claim by April 30, 2009, to:

         Dr. Hans J. Rohrer
         Company Stiffler & Partner
         Dufourstrasse 101
         Mail Box: 1072
         8034 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 10, 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
=============


ANTHRACITE COAL: Creditors Must File Claims by April 23
-------------------------------------------------------
Creditors of State OJSC Production and Technological Connection
Unit Anthracite Coal Service (EDRPOU 21757807) have until
April 23, 2009, to submit proofs of claim to:

         A. Kolezhuk
         Insolvency Manager
         Gayevoy quarter 1/6
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 12/3?.

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 OJSC Production and Technological
         Connection Unit Anthracite Coal Service
         Koniayevskaya St. 26
         Krasny Luch
         Lugansk
         Ukraine


BEST TIME: Creditors Must File Claims by April 23
-------------------------------------------------
Creditors of LLC Best Time (EDRPOU 36203523) have until April 23,
2009, to submit proofs of claim to:

         LLC EDELWEISS STAR-SERVICE
         Insolvency Manager
         Melnikov St. 12
         04050 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 44/78-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 Best Time
         Nauka Avenue 119b
         03083 Kiev
         Ukraine


BELAYA TSERKOV: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on OJSC Belaya Tserkov Agricultural Machinery (EDRPOU
00238204).

The Temporary Insolvency Manager is:

         E. Lakhnenko
         Post Office Box 113
         01030 Kiev
         Ukraine

The Court is located at:

         The Economic Court of Kiev
         Komintern street 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         OJSC Belaya Tserkov Agricultural Machinery
         First of May Boulevard 13
         Belaya Tserkov
         Kiev
         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.


ENGINEERING OJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on OJSC Engineering (EDRPOU 13667496).

The Temporary Insolvency Manager is:

         Y. Gadupiak
         Vazovaya St. 8
         Herson
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         OJSC Engineering
         Leipzig St. 1-a
         01015 Kiev
         Ukraine


INDUSTRIAL UNION: Moody's Withdraws 'B1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the B1 corporate family
rating of Industrial Union of Donbass.

The rating is withdrawn upon the company's request, which
qualifies under Moody's Guidelines for the Withdrawal of Ratings
in situations associated with "Business Reasons".

Withdrawal:

Issuer: Industrial Union of Donbass

  -- Corporate Family Rating, Withdrawn, previously rated B1

The last rating action was on January 30, 2009, when Moody's
confirmed the existing B1 rating of ISD and assigned a negative
outlook.  The negative outlook reflected the effects of the
weaknesses in the industry, the low visibility for prospects of
short term recovery and the current limitations for Ukrainian
companies to receive long-term funding from their banks.

Industrial Union of Donbass is one of the leading steel producers
in Eastern Europe and is one the largest in Ukraine with an annual
production of 10.1 million tones of liquid steel in 2007.

The company's production assets are located in four sites, with
two mills in the Ukraine and one each in Hungary and Poland.
Through its JV with Duferco, the company also has equity interests
in Danish Steel in Denmark, MakStil in Macedonia and supplies
slabs to Farrell in the US.  ISD is primarily exporting its
products (85% of 2007 revenues) with the main export markets being
Europe (45% of total sales) following by sales to South-East Asia
(20% of the sales).

The company is ultimately owned and controlled by several
Ukrainian individuals and their families.

In 2007 the company reported revenue of US$6.15 billion and
US$1.3 billion of EBITDA based on audited consolidated financial
statements.


KARAMLIK LLC: Creditors Must File Claims by April 23
----------------------------------------------------
Creditors of LLC Karamlik (EDRPOU 34999012) have until April 23,
2009, to submit proofs of claim to:

         LLC Stalker-K
         Insolvency Manager
         Bulgakov St. 16
         03134 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 15/125-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 Karamlik
         Kikvidze St. 18
         01103 Kiev
         Ukraine


KHARCHOVIK CJSC: Creditors Must File Claims by April 24
-------------------------------------------------------
Creditors of CJSC Kharchovik (EDRPOU 32843998) have until
April 24, 2009, to submit proofs of claim to:

         M. Deyneka
         Insolvency Manager
         Office 120
         Khotovitsky St. 8
         Hmelnitsky
         Ukraine

The Economic Court of Hmelnitsky commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 7/219-b.

The Court is located at:

         The Economic Court of Hmelnitsky
         Independency Square 1
         29000 Hmelnitsky
         Ukraine

The Debtor can be reached at:

         Khoniakov Agricultural LLC
         Industrial St. 3
         Kamianets-Podolsky
         Hmelnitsky
         Ukraine


PORADA FIRM: Creditors Must File Claims by April 23
---------------------------------------------------
Creditors of LLC Porada Firm (EDRPOU 35828878) have until
April 23, 2009, to submit proofs of claim to:

         LLC Edelweiss Star-Service
         Insolvency Manager
         Melnikov St. 12
         04050 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 44/78-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 Porada Firm
         Office 2
         Kotsiubinsky St. 7
         04053 Kiev
         Ukraine


UKRAINIAN GLASS: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Ukrainian Glass Line (EDRPOU 34415001).

The Temporary Insolvency Manager is:

         I. Omelchenko
         Post Office Box 300
         03150 Kiev
         Ukraine

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 Ukrainian Glass Line
         Sapernoye pole St. 26-A
         01042 Kiev
         Ukraine


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


APOLLO 2000: Administrators Sold Assets to Hughes Electrical
------------------------------------------------------------
KPMG administrators of Apollo 2000 have concluded a sale of the
businesses assets and the brand to Hughes Electrical, based in
East Anglia.  Hughes has a portfolio of 34 retail outlets and 5
service depots across East Anglia and has concluded this
transaction with a view to major expansion into the Midlands.

Managing Director of Hughes Electrical, Robert Hughes said:
"We have long admired Apollo 2000 as like us they have well
trained and experienced staff who put the customer needs first.

"Our customers and shops will benefit greatly from their expertise
in kitchen appliances and we will provide Apollo customers with an
increased range of vision and audio products.

"As a result this is a good marriage of two well respected
retailers."

Plans are for Apollo 2000 to commence trading in eight of the
previous twelve stores under the new parent company shortly after
Easter.

Will Wright, director at KPMG who has led the restructuring team
commented:

"We are delighted to have concluded this sale which we hope will
see the well respected Apollo 2000 brand live on.

"The transaction does not impact on the arrangements in place for
the small number of customers who were affected by the company's
insolvency."

The eight sites are in these locations:

   -- Blackpool,
   -- Cannock,
   -- Redditch,
   -- Preston,
   -- Sutton Coldfield,
   -- Worcester, and
   -- West Bromwich.


ARGON CAPITAL: Moody's Cuts Rating on GBP750 Mil. Notes to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service 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


SONGBIRD ESTATES: Canary Wharf Buys Back Bonds at 70% Discount
--------------------------------------------------------------
Simon Packard at Bloomberg News reports Songbird Estates Plc's
Canary Wharf Group Plc repurchased GBP119.8 million (US$176
million) of bonds backed by its properties in the London financial
district at an average 70 percent discount.

Canary Wharf Group paid a total of GBP35.5 million to buy back the
notes through Canary Wharf Finance (Investments) Ltd., Bloomberg
News says citing the company in a statement.

The purchases, Graham Ruddick at Telegraph.co.uk says, will cut
the costs on the company's long-term debt by GBP84 million.

The Independent's James Thompson relates for the principal amount
of GBP119.8 million, Canary Wharf has bought back the debt at the
discounted price of 21.6p in the pound for the BBB-rated notes,
30.3p in the pound for A-rated notes, and 46.8p in the pound for
AA-rated notes.

The 30-year notes, which are secured on a pool of offices at its
Docklands estate, were issued in April 2007, according to
Telegraph.co.uk.

Last month, The Independent recalls, Songbird Estates said it was
close to breaching its banking covenants and was mulling its
refinancing options to safeguard its future.  The potential
covenant breach relates to a GBP880 million loan that it must
repay to Citigroup in May 2010, the same report says.

Telegraph.co.uk says value of Songbird Estates's properties fell
from GBP6.7 billion to GBP4.9 billion last year resulting in a
pre-tax loss of GBP1.8 billion.

Based in London, England, Songbird Estates plc (LON:SBDB) ---
http://www.songbirdestates.com/--- is engaged in the management
of its investment in its main subsidiary, Canary Wharf Group plc,
a holding company for a group (Canary Wharf Group), which
specializes in integrated property development, investment and
management.  The activities of Canary Wharf Group are focused on
the development of the Canary Wharf Estate (the Estate) (including
Heron Quays and the adjacent sites at Canary Riverside and North
Quay).  Canary Wharf Group is also engaged in development, through
joint ventures, of Wood Wharf and Drapers Gardens.  As of December
31, 2007, Canary Wharf Group's investment portfolio comprised 16
completed properties (out of the 30 constructed on the Estate)
totalling 7.9 million square feet of net internal area.

Based in London, England, Canary Wharf Group plc --
http://www.canarywharf.com/--  is an office and retail complex.
The existing portions of Canary Wharf (more than 14 million sq.
ft.) are 95% leased, with more construction underway.  In 2004,
Songbird Estates -- a group of buyers led by Morgan Stanley -- won
control of Canary Wharf for more than US$3 billion.


CANDOVER INVESTMENTS: Harbour Capital Mulls Bid
-----------------------------------------------
The Observer's Richard Wachman reports that London-based vulture
fund Harbour Capital is eyeing a bid for private equity firm
Candover Investments plc.

Harbour is understood to be advised by Mark Devonshire, a former
banker with Merrill Lynch, The Observer discloses.

Investors contacted by The Observer say that management must
decide whether shareholders will realize more from a sale or from
"a controlled liquidation of assets over time".

According to The Observer, Candover's net asset value plunged 50%
in the year to end-December, and the directors have temporarily
put a bar on new investments.  The Observer notes several of its
investments are at risk of breaching banking covenants.

As reported in the Troubled Company Reporter-Europe on March 4,
2009, Bloomberg News said Candover canceled a commitment to invest
EUR1 billion (US$1.26 billion) in its latest private equity fund.

The private equity firm stopped investing in the fund as a lack of
cash had severely curtailed its ability to invest, Reuters cited
the firm's main backer as saying.

The move came as the firm incurred a net loss of GBP212.56 million
in 2008 compared with a profit of GBP134.94 million in 2007.

The company appointed Merrill Lynch and Lexicon to advise on
its options, Reuters said.

Candover Investments PLC -- http://www.candoverinvestments.com/
-- is an investment trust listed on the London Stock Exchange
since 1984.  It invests in buyouts across Europe via funds managed
by its wholly owned subsidiary, Candover Partners, a European
private equity house.

As well as investing money on behalf of Candover Investments plc,
Candover raises substantial funds for buyout investment from third
parties such as pension funds, insurance companies, endowments,
charities and other professional investors.


GLOBE PUB: Says Bond Default Won't Hit Tenants
----------------------------------------------
Robert Tchenguiz's Globe Pub Company said its tenants will be
unaffected by its default on a bond issue, Reuters reports.

Reuters relates a spokesman for Globe said that while the business
is in financial difficulty, it does not have any impact on the
operational business on tenants or customers.

On April 9, 2009, the Troubled Company Reporter-Europe, citing
Edinburgh Evening News' Michael Blackley, reported that the
company could go into administration after it defaulted on a
GBP257 millon-asset backed loan.

The company, the report said, failed to remedy a breach of its
covenant last month.  The report recalled the covenant breach was
triggered after ebitda fell below 1.25 times the cost of servicing
its debt –- the minimum it is allowed.

According to the report, if an administrator is appointed, Mr.
Tchenguiz could see his whole investment in the company wiped out.

However, the report noted it is not yet certain that the company
will enter administration as it may yet be able to negotiate a
deal with its bondholders.

The report disclosed the Bank of New York Mellon, the trustee for
the bondholders, had launched a process of trying to identify all
bondholders in order to hold talks with them.  In order to
progress, 25 per cent of bondholders need to advise trustees that
they want them to proceed with the appointment of an
administrator, the report stated.

Mr. Tchenguiz is understood to be trying to work out a deal with
creditors and has also not yet ruled out injecting more money into
the business, the report added.

Globe Pub Company -- http://www.globepubcompany.co.uk/-- was
established in 2004 by R20, an investment company of Robert
Tchenguiz.   The company currently runs over 450 quality leased
pubs across the United Kingdom.  Its estate is managed by S&N Pub
Enterprises.


HEBRIDEAN INT'L: Goes Into Administration; Liner Put Up for Sale
----------------------------------------------------------------
The Times' Dominic Walsh reports that Hebridean International
Cruises, the parent company of luxury cruise liner the Hebridean
Princess, has gone into administration.

Colin Peter Dempster and Fiona Livingstone Taylor, of Ernst &
Young LLP, were appointed joint administrators of Hebridean
International Cruises on April 8, 2009.

The Hebridean Princess has been put for sale, according to the
Times.

Mr. Dempster, as cited by the Times, said that the strength of the
Hebridean Princess's brand had allowed him to secure funding to
continue operating the cruise liner pending a sale.

The Times relates the Hebridean International Cruises' woes are
being attributed to its other vessel, the Hebridean Spirit, which
operated mainly in the Mediterranean and the Caribbean.

On April 7, 2009, the sale of the Hebridean Spirit was completed.
The ship, the Times notes, was sold after a protracted period of
losses.

According to the Daily Telegraph's Peter Hughes, the Hebridean
Spirit was sold for US$7 million (GBP4.8 million) to a Middle
Eastern buyer to be converted into a private yacht.

Hebridean International Cruises Ltd -- http://www.hebridean.co.uk/
-- is the UK's premier small cruise ship company.


NEVADA BOB: Appoints Joint Administrators from Tenon Recovery
-------------------------------------------------------------
Colin David Wilson and Nicholas Charles Simmonds of Tenon Recovery
were appointed joint administrators of Nevada Bob (UK) Ltd. on
March 25, 2009.

The company can be reached at:

         Nevada Bob (UK) Ltd.
         Fourth Floor
         150-152 Fenchurch Street
         London
         EC3M 6BB
         England


NOVUS LEISURE: Banks to Withdraw Support if Cost Base Not Reduced
-----------------------------------------------------------------
Ben Harrington at Telegraph.co.uk reports that Novus Leisure
Ltd.'s lending banks threatened to pull the plug on the company if
it does not reduce its cost base.

According to the report, speculation has been mounting that, if
Novus does not manage to take more cost out of the business,
Barclays and RBS could put the company into administration.

Novus' management intended to meet landlords this week to find a
solution to reduce the amount of rent the company pays for its
sites, the report relates citing people close to the company.  The
report discloses accountancy and restructuring firm Grant Thornton
is working with Novus's board and lending banks on the
negotiations with the company's landlords, which include Land
Securities and Prudential.

"The priority is to focus on the rent roll.  If they [Novus] can
sort that out, the banks will make a fresh investment in the
business," the report quoted a source as saying.

Cognetas, which acquired Novus in 2005 for around GBP115 million,
has been in restructuring talks with the company's lenders since
the start of the year, after it emerged the group had taken on too
much debt and was on course to breach its banking covenants, the
report recounts.

The report recalls in March, Cognetas offered to inject GBP15
million into Novus to placate the company's lenders.  However, the
offer was rejected by Barclays and RBS, the report notes.

Headquartered in London, Novus Leisure Ltd. --
http://www.novusleisure.com-- operates about 40 upscale
nightspots in London and nine other cities in the UK.  The
company's flagship chain of bars, Tiger Tiger, has about 10
locations offering drinks, dancing, and food.  Its other concepts,
such as Strawberry Moons, Sugar Reef, and Zoo Bar, each offer a
unique atmosphere for young adults out on the town.  Spun off from
intellectual property firm Chorion in 2002, the company was
acquired by private equity firm Electra Partners in 2005.


ORCHARDLEIGH GOLF: Brings in Joint Administrators from BDO
----------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint administrators of Orchardleigh
Golf Estate Plc. on March 26, 2009.

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

         One Victoria Street
         Bristol
         BS1 6AA
         England


R.H.P. TELFORD: Taps Joint Administrators from BDO
--------------------------------------------------
C. J. Rayment and T. S. Underwood of BDO Stoy Hayward LLP were
appointed joint administrators of R.H.P. Telford Ltd. on Nov. 28,
2008.

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

         125 Colmore Row
         Birmingham
         B3 3SD
         England


RIVYA LTD: Appoints Joint Administrators from Grant Thornton
------------------------------------------------------------
David Matthews and Nigel Morrison of Grant Thornton UK LLP were
appointed joint administrators of Rivya Ltd. on March 25, 2009.

The company can be reached through Grant Thornton UK at:

         Kennet House
         80 Kings Road
         Reading
         Berkshire
         RG1 3BJ
         England


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.


TAYMOUTH GROUP: Goes Into Administration Following Insolvency
-------------------------------------------------------------
BBC News reports that Taymouth Group Ltd, the company involved in
restoring Taymouth Castle, has gone into administration.

BBC relates administrators KPMG were called in after the company
became insolvent.

"I can confirm that Taymouth Group Ltd called in KPMG on 11 March
to act as administrators.  We are currently looking at options for
them," BBC quoted a KPMG spokeswoman as saying.


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 specialized in the energy
industry.  In 2008, Abbot reported revenues of around US$1.9
billion.


WOODEND MUNICIPAL: Appoints Administrators from Grant Thornton
--------------------------------------------------------------
Leslie Ross and David Riley of Grant Thornton UK LLP were
appointed joint administrators of Woodend Municipal Services Ltd.
on March 25, 2009.

The company can be reached at:

         Woodend Municipal Services Ltd.
         Unit 6
         Prospect Place
         Skelmersdale
         Lancashire
         WN8 9QD
         England


* UK: Year on Year Business Failures Up By 35%, Equifax Says
------------------------------------------------------------
Leading business information provider, Equifax, has released its
Business Failures Report for the first quarter of 2009.  The
comparison with the same period in 2008 is stark with an overall
increase in businesses going bust of 35%.  Neil Munroe, External
Affairs Director, Equifax, does not believe this figure will
surprise many.  But what may be more encouraging is when the
Quarter 1 figures are compared with the more recent Quarter 4 2008
numbers -- where an increase of just 3.3% is reported.

"It is hardly surprising that year on year the level of failures
has increased so significantly," explained Neil Munroe.  "At the
beginning of last year we were only just starting to see the
impact of the credit crunch and certainly the word 'recession' had
not yet been uttered.  But obviously things have been very
different at the start of this year with consumer confidence
really struggling to lift.  However, what we do seem to be seeing
is a slow down in what was a run-away train of failures at the end
of last year.  Compared to Quarter 4, there has been just a 3.3%
increase in the number of failures and some sectors and regions of
the country have even recorded a drop in businesses going to the
wall.  It would be immensely dangerous to take too much from just
one Quarter's performance, but it is a useful benchmark to watch
in the coming months.

"But the bottom line is that our latest figures reinforce the fact
that the variety of Government and private sector initiatives
still have a long way to go in helping stimulate confidence in the
business community.  Indeed, there is a risk that as we head into
the new tax year we might even see the numbers creep up again as
some businesses find it impossible to stay ahead of their
creditors including the tax man.

Around the country the overall picture for Quarter 1 is gloomy
with only Scotland managing to maintain the theme it set at the
end of last year with a drop in failures year on year of 18.6%.

The North East saw the biggest percentage rise in failures year on
year at a phenomenal 82.9%, but this must be put in the context
that there were a relatively small number of failing businesses in
that region overall.  However, the regions where there are overall
higher numbers of businesses failing also saw significant
increases year on year including the South East at 47.5%, the
North West at 41.1%, the West Midlands at 34.2% and London at
21.9%.

But several of these regions seemed to be defying the trends when
looking at failures for Quarter 1 2009 compared to Quarter 4 2008.
In particular, London saw an 8.7% drop and the South East only saw
a 6.5% increase in businesses failing.

Not surprisingly, the Construction sector continued to report the
greatest level of increase, year on year, in failures, with 65.2%
more businesses folding in Quarter 1 2009 compared to the same
period last year.  But when compared to Quarter 4 2008 it appears
that the downturn for the building industries may be reaching the
bottom with just a 15.3% increase.

The Manufacturing and Retail sectors also saw quite significant
year on year increases in failures at 44.4% and 44.8%
respectively.  But for both sectors the trend wasn’t quite so
severe when compared to Quarter 2008 with increases of just 13.7%
and 13.6% respectively.

However, the Services sector seems to be performing the best, both
in terms of year on year comparisons and compared to the last
Quarter of 2008.  Business failures year on year increased by
15.7% for Quarter 1 but there was a 9.4% drop in Service companies
going under when compared to Quarter 4 last year.

"While the comparison between Quarter 4 2008 and the first three
months of this year show some slowing down of the very high levels
of failures we were seeing last year, it is clear that more action
continues to be needed from Government and the banks to inject
funds into the economy as a whole, both to encourage consumer
confidence and help businesses with important cash flow support,"
concluded Neil Munroe.

"It is also crucial that those businesses that are holding their
own take the right precautions to protect themselves from some of
the risks of these exceptionally tough trading conditions.  They
need to continue to use rigorous credit checks, alongside ongoing
monitoring of the financial status of their customers and
suppliers.  By operating best practice and harnessing the power of
the latest risk management solutions, firms can minimize the
threat of bad debt and secure the future of their business."


* UK: 35,000 Firms to Go Bust This Year, Begbies Traynor Says
-------------------------------------------------------------
Press TV reports that according to Begbies Traynor, a UK-based
Corporate Rescue, Restructuring and Personal Insolvency company,
at least 35,000 firms are expected to go bankrupt in Britain this
year.

Begbies has forecast that 35,000 firms -- 95 firms a day -- will
go bankrupt this year, the report relates citing the Sunday Times.

Nick Hood at Begbies said the number could rise to 40,000 by the
end of the year, the report notes.  The report says the figure
would be 18 percent higher than the previous peak during the 1991
recession in Britain.

"It feels much worse than the 1990s -- there are much fewer
options to rescue businesses today.  In the past you could go to
another bank or small-business owners could re-mortgage and use
equity from their homes - today that is next to impossible,"
the report quoted Mr. Hood as saying.


* 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.


* 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.


* Large Companies with Insolvent Balance Sheet
----------------------------------------------

                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (110)         174     (168)
Sky Europe                            (4)         213      (54)


BELGIUM
-------
Sabena S.A.                          (85)       2,215     (279)


CYPRUS
------
Allbury Travel                        (5)         275     (100)
Libra Holidays                        (5)         275     (100)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192      (59)
Setuza A.S.                          (61)         139      (62)


DENMARK
-------
Elite Shipping                       (28)         101        3
Roskilde Bank                       (533)       7,877      N.A.


FRANCE
------
BSN Glasspack                       (101)       1,151      159
Grande Paroisse S.A.                (927)         629      347
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (44)
Matussiere et Forest S.A  MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (342)       6,507      712
SDR Centrest                        (132)        (252)     N.A.
Selcodis S.A.             SPVX       (21)         141      (36)
Trouvay Cauvin                        (0)         134        9


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         144      109
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (27)
EECH Group AG                          0          109       57
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         151      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (17)         182      (99)
Nordsee AG                            (8)         195      (14)
P & T Technology                       0          109       57
Primacom AG               PRC        (14)         730      (68)
Rinol AG                               0          168       (6)
Sander AG                             (6)         128       32
Sinnleffers AG                        (4)         454     (182)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28


GREECE
------
Empedos SA                           (34)         175      (57)
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP      (15)         294     (143)
Radio A.Korassidis        KORA      (101)         181     (165)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (107)


HUNGARY
-------
Brodograde Indus                   (322)         264      (366)
IPK Osijek DD OS                    (15)         124       (82)
OT Optima Teleko                    (26)         119         7


ICELAND
-------
Decode Genetics                    (187)         111        48


IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (506)         821       364


ITALY
-----
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (152)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,213      N.A.
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (73)         540     (127)
Lazzio S.p.A.                        (15)         261      (40)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,4219)       4,121  (16,919)
Snia S.p.A.               SN         (25)         488       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


LUXEMBOURG
----------
Carrier1 International S.A.          (95)         472      393


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      184
United Pan-Euro Air       UPC     (5,505)       5,113   (9,170)


NORWAY
------
Interoil Exploration      IOX        (25)         210      (11)
Petroleum-Geo Services    PGO        (18)         400     (758)


POLAND
------
Toora                               (289)          147     (86)


PORTUGAL
--------
Lisgrafica Impressao
   e Artes Graficas SA    LIG         (4)          117     (27)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (170)
Rafo Onesti               RAF       (430)         353     (616)


RUSSIA
------
Akcionernoe Brd                     (117)         135      (24)
East Siberia Brd          VSNK      (113)         148      (11)
Gukovugol                            (58)         144     (148)
OAO Samaraneftegas                  (332)         892     (611)
Vanadiy-Tula-Brd                     (12)         105       (3)
Vimpel Ship               SOVP      (116)         135      (24)
Zil Auto                  ZILLP     (240)         478     (447)


SWITZERLAND
-----------
Fortune Management                  (119)         265      (54)

TURKEY
------
Egs Ege Giyim VE                      (7)         147      (25)
Iktisat Financial                    (46)         108      N.A.
Mudurnu Tavukcul                     (65)         160     (115)
Nergis Holding                       (77)         299       38
Sifas                                (17)         117       21
Yasarbank                          (4,025)      2,644      N.A.

UKRAINE
-------
Dniprooblenergo           DNON       (51)         433     (200)
Donetskoblenergo          DOON      (367)         631     (469)


UNITED KINGDOM
--------------
Advance Display                   (3,016)       2,590     (411)
Airtours Plc                        (379)       1,818     (932)
Alldays Plc                         (120)         252     (290)
Amer Bus Sys                        (497)         121     (497)
Amey Plc                  AMY        (49)         932      (76)
Anker Plc                            (22)         115       16
Atkins (WS) Plc           ATK        (46)       1,345       58
Black & Edgingto                    (140)         203       23
BNB Recruitment                      (10)         104       38
Booker Plc                BKRUY      (60)       1,298      (13)
Bradstock Group           BDK         (2)         269        7
British Energy Ltd                (5,823)       4,921      534
British Energy Plc        BGY     (5,823)       4,921      534
British Sky Broadcast               (334)       8,126     (388)
Carlisle Group                       (12)         204       30
Compass Group             CPG       (668)       2,972     (440)
Danka Bus                           (497)         121     (497)
Dawson Holdings                      (18)         226      (63)
Dignity Plc               DTY         (9)         648       71
E-II Holdings                       (199)         651      149
Easynet Group             ESY.L      (45)         323       68
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (582)
European Home                        (14)         111      (70)
Farepak Plc                          (14)         111      (70)
Gartland Whalley                     (11)         145      (13)
Hilton Food Group                    (21)         256      (12)
Kleeneze Plc                         (14)         111      (70)
Ladbrokes Plc             LAD       (814)       2,403     (706)
Lambert Fenchurch Group               (1)       1,827        5
Leeds United                         (73)         144      (48)
M 2003 Plc                        (2,204)       7,204   (1,078)
Mytravel Group            MT.L      (380)       1,818     (931)
New Star Asset                      (398)         293       21
Next Plc                            (119)       3,161     (125)
Orange Plc                ORNGF     (594)       2,902       12
Orbis Plc                             (4)         128       (5)
Patientline Plc                      (55)         125      (10)
Preedy Alfred                       (119)       3,161     (125)
Rank Group Plc                      (132)       1,066     (175)
Regus Plc                            (46)         367      (97)
Rentokil Initial                      (8)       4,178     (886)
Saatchi & Saatchi         SSI       (119)         705      (66)
Samsonite Corp.                     (199)         651     (149)
SFI Group                 SUF       (108)         178     (265)
Skyepharma Plc            SKP       (140)         203       23
Smiths News Plc                     (124)         201      (92)
Styles & Wood                        (57)         107       (9)
Telewest
   Communications Plc     TLWT    (3,702)       7,581  (10,042)
Thorn Emi Plc                     (2,266)       2,950     (582)
Topps Tiles Plc                     (111)         195       18
Trio Finance                         (14)         592      N.A.
UTC Group                            (12)         204       30
Virgin Mobile                       (392)         166     (176)
Watson & Philip                     (120)         252     (290)

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *