TCREUR_Public/090427.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, April 27, 2009, Vol. 10, No. 81

                            Headlines

A U S T R I A

INNSITEC LASER: Claims Registration Period Ends May 15
KG KIEN & PARTNER: Claims Registration Period Ends May 15
KG STEINLECHNER : Claims Registration Period Ends May 18
MEINL AIRPORTS: Goes Into Liquidation, To Pay Out Shareholders
SPEDITION HUETTNER: Claims Registration Period Ends May 18

SPORTS SALE: Claims Registration Period Ends May 18
TIME & WORK: Claims Registration Period Ends May 18
UMAT LLC: Claims Registration Period Ends May 18
WBG SCHUSTER: Claims Registration Period Ends May 15


G E R M A N Y

CBM-KAYA SCHADSTOFFSANIERUNG: Claims Registration Ends June 12
DACH & WANDTECHNIK: Claims Registration Period Ends May 15
DWW WOOLWORTH: Attracts Several Investors, Administrator Says
GEBA IMMOPROJEKT 4: Claims Registration Period Ends May 13
HSH NORDBANK: Moody's Cuts Bank Financial Strength Rating to 'E+'

MENSCH UND NATUR: Claims Registration Period Ends May 10
NATURFORM H + H: Claims Registration Period Ends May 27
RILAX CONSULTING: Claims Registration Period Ends May 15
VEMA GMBH: Claims Registration Period Ends July 19


I R E L A N D

PRESBYTERIAN MUTUAL: Run as Bank Without Authorization, FSA Says
XELO V: Moody's Withdraws 'Caa2' Rating on EUR25 Mil. Notes


K A Z A K H S T A N

AGRO STROY: Creditors Must File Claims by May 29
ASIATIC MANAGEMENT: Creditors Must File Claims by May 29
ECOTOUR INVESTMENT: Creditors Must File Claims by May 29
EKADA LLP: Creditors Must File Claims by May 29, 2009
ENERGO REM: Creditors Must File Claims by May 29

M-ZARYA-2003 LLP: Creditors Must File Claims by May 29
MEDEO LLP: Creditors Must File Claims by May 29
MEDIA HOLDING: Creditors Must File Claims by May 29
SERVICE TRADING: Creditors Must File Claims by May 29
SK KASPY: Creditors Must File Claims by May 29


K Y R G Y Z S T A N

ARMITAGE ENTERPRISES: Creditors Must File Claims by May 1
DUALMETAL LEASING: Creditors Must File Claims by May 1
EAST-WEST LLC: Creditors Must File Claims by May 1
INVENT BUSINESS: Creditors Must File Claims by May 1
KYRGYZ DRILLING: Creditors Must File Claims by May 1

RAND GROUP: Creditors Must File Claims by May 1


L A T V I A

MORTGAGE AND LAND: Moody's Rating Cuts Won't Affect 'D-' BFSR


L U X E M B O U R G

BREEZE FINANCE: S&P Cuts Rating on EUR84MM Class B Notes to 'B-'
GELDILUX-TS-2009 SA: Moody's Puts Ba2 Rating on Class D Notes


N E T H E R L A N D S

JAMES HARDIE:?Asbestos Claimants May Not Get Paid for 2 Years


R U S S I A

ADVAKOM CJSC: Creditors Must File Claims by May 17
AGRO-TEKH-INMASH LLC: Creditors Must File Claims by May 17
GEO-PROM LLC: Creditors Must File Claims by May 17
KOSTROMSKOE ROAD: Creditors Must File Claims by May 17
KUBAN-VTOR-MET: Creditors Must File Claims by May 17

PROM-LES LLC: Creditors Must File Claims by May 17
ROS-MED-STRAKH OJSC: Court Names D. Agapov as Insolvency Manager
STROY-GRAD LLC: Creditors Must File Claims by May 17
TARSK LES: Tomskaya Bankruptcy Hearing Set September 9
VOLGO-STROY-KOMPLEKT LLC: Creditors Must File Claims by May 17

VTB: 4th Qtr Loss Smaller Than Estimated on Bond Gains


S P A I N

BBVA CONSUMO: Moody's Cuts Rating on Class C Notes to 'Ba2'


S W I T Z E R L A N D

BLAUES ROESSLI: Claims Filing Deadline is May 1
DESCHWANDEN UND PARTNER: Claims Filing Deadline is May 1
ELVERA LLC: Creditors Must File Claims by May 25
KUNZPARTNER - EVENT FULL SERVICE: Claims Filing Deadline is May 1
MOODLOGIC LTD: Creditors Have Until May 4 to File Claims

PROFA JSC: Claims Filing Deadline is May 6
SARATOGA JSC: Creditors Must File Proofs of Claim by May 5
TRACTORPULLINGNIEDERBIPP JSC: Claims Filing Deadline is May 4
TURIPLAN JSC: Proof of Claim Filing Deadline is May 4


U K R A I N E

ASKON LLC: Creditors Must File Claims by May 8
AT-OIL LLC: Creditors Must File Claims by May 8
CADIS LLC: Creditors Must File Claims by May 8
CITY-M LLC: Creditors Must File Claims by May 8
GALICH GLASS: Creditors Must File Claims by May 8

GOSPODAR LLC: Court Starts Bankruptcy Supervision Procedure
KPN LLC: Creditors Must File Claims by May 8
MEDPHARM PLUS: Creditors Must File Claims by May 8
POLUS LLC: Creditors Must File Claims by May 8
STAROKAZACHEYE WINERY: Court Starts Bankruptcy Procedure

UKRTATNAFTA: Yulia Tymonshenko Fights Against Liquidation


U N I T E D   K I N G D O M

BETTS GLOBAL: Appoints Joint Administrators from Deloitte
BRITANNIA BUILDING: Moody's Puts Final Rating on GBP1.4 Bil. Bonds
BUSINESS MORTGAGE: Moody's Reviews 7 Classes of 'Ba1'-Rated Notes
CANDOVER INVESTMENTS: France's Eurazeo Eyes Bid
CONTACTUM LTD: Taps Joint Administrators from Baker Tilly

DAILY MAIL: S&P Cuts Long-Term Corporate Credit Rating to 'BB+'
G.T. MECHANICAL: Brings in Joint Administrators from Deloitte
INTERBRAND CORPORATION: Appoints Administrators from PKF
ITV PLC: Michael Grade to Step Down as Executive Chairman
MEDICAL WASTE: Calls in Joint Administrators from Tenon Recovery

MORPHEUS PLC: Fitch Lowers Rating on Class E Notes to 'B'
ST DYFNOG SPRINGS: Goes Into Administration
TITAN EUROPE: S&P Junks Ratings on Class D & E of 2007-3 Notes
UROPA SECURITIES: S&P Cuts Ratings on 2 Classes of Notes to B-
WINDERMERE VIII: Fitch Junks Ratings on Two Classes of Notes

* UK: Bank Bail-Outs to Cost GBP50 Billion, Treasury Says
* UK: PwC Says Corporate Insolvencies Up 57% in First Quarter 2009
* Moody's Downgrades Ratings on 188 Notes by 91 European CDOs
* Moody's Downgrades Ratings on Two Tranches from European CDOs

* BOND PRICING: For the Week April 20 to April 24, 2009


                         *********


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


INNSITEC LASER: Claims Registration Period Ends May 15
------------------------------------------------------
Creditors owed money by Innsitec Laser Technologies LLC have until
May 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag Christian Atzwanger
         Luefteneggerstrasse 12
         4020 Linz
         Austria
         Tel: 0732/7788670
         Fax: 0732/7832644
         E-mail: office@schuh-atzwanger.at


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

         Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria


KG KIEN & PARTNER: Claims Registration Period Ends May 15
---------------------------------------------------------
Creditors owed money by KG Kien & Partner Gastro have until
May 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Christoph Orgler
         Schmiedgasse 21
         8010 Graz
         Austria
         Tel: 0316/823260
         Fax: 0316/810209
         E-mail: rechtsanwaelte@stampfer-orgler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:25 p.m. on May 28, 2009, for the
examination of claims at:

          Civil Court of Graz
          Graz
          Austria


KG STEINLECHNER : Claims Registration Period Ends May 18
--------------------------------------------------------
Creditors owed money by KG Steinlechner have until May 18, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Karl Bergthaler
         Marktstrasse 1
         4813 Altmuenster
         Austria
         Tel: 07612/88273 oder 89425
         Fax: 07612/88273-15
         E-mail: office@jusfull.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:40 p.m. on May 28, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria


MEINL AIRPORTS: Goes Into Liquidation, To Pay Out Shareholders
--------------------------------------------------------------
Christian Gutlederer at Reuters reports that shareholders of Meinl
Airports International AG decided Wednesday last week to liquidate
the company and pay out its funds.

According to the report, Meinl Airports, taken over by rebel
shareholders last year, will pay a special dividend of
EUR3.50 per share, or EUR245 million (US$317 million) in total,
and will begin to sell all its remaining assets.

The proceeds and the rest of the cash will also be paid out to
shareholders, the report says.  Meinl Airports, however, said it
was impossible to say how much money would eventually be paid out,
the report states.

The report notes sister company Meinl International Power was
taken over by the same rebel shareholders and on Tuesday agreed an
near identical plan to shut down and pay out shareholders.

Meinl Airports and Meinl International Power are both embroiled in
several lawsuits and counter-lawsuits with Meinl Bank, whose
Chairman Julius Meinl V was bailed for EUR100 million earlier this
month after being arrested to face accusations of defrauding
investors, the report discloses.

Meinl Airports International AG is a Channel Islands-registered
company engaged in the takeover, acquisition and management of
shareholdings in airports in Central and Eastern Europe and other
emerging markets.  It focuses on the participation in airports
with opportunities for development of shopping space and real
estate operations, such as construction of parking places, offices
and infrastructure for logistics companies.  As of December, 31,
2007 the Company's portfolio consisted of one airport in Russia
and a participation in a company which operates a total of 6
airports in Turkey, Tunisia and Georgia.  During 2008, it
completed the transaction of one airport development project in
Poland.  Meinl Airports International AG is listed on Vienna Stock
Exchange.


SPEDITION HUETTNER: Claims Registration Period Ends May 18
----------------------------------------------------------
Creditors owed money by Spedition Huettner LLC have until May 18,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Norbert Stiefmueller
         Maximilian Pagl - Strasse 5
         4651 Stadl-Paura
         Austria
         Tel: 07245/21345-0
         Fax: 07245/21345-30
         E-mail: ra.stiefmueller@rechtsvertretung.cc

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on May 28, 2009,for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria


SPORTS SALE: Claims Registration Period Ends May 18
---------------------------------------------------
Creditors owed money by Sports Sale LLC have until May 18, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Reinhard Schwarzkogler
         Marktplatz 2
         4650 Lambach
         Austria
         Tel: 07245/21708-0
         Fax: 07245/21708-20
         E-mail: office@lawmaster.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 28, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria


TIME & WORK: Claims Registration Period Ends May 18
---------------------------------------------------
Creditors owed money by Time & Work LLC have until May 18, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Mag. Peter Akkad
         Hans Sachs Strasse 6
         4600 Wels
         Austria
         Tel: 07242/350850
         Fax: 07242/350850-50
         E-mail: office@akkad.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:20 p.m. on May 28, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria


UMAT LLC: Claims Registration Period Ends May 18
------------------------------------------------
Creditors owed money by Umat LLC have until May 18, 2009, to file
written proofs of claim to the court-appointed estate
administrator:

         Dr. Heinrich Oppitz
         Karl Loy Strasse 17
         4600 Wells
         Austria
         Tel: 07242/26613
         Fax: 07242/26613-6
         E-mail: office@ra-oppitz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:40 p.m. on May 28, 2009, for the
examination of claims at:

         Land Court of Wels
         Hall 101
         Wels
         Austria


WBG SCHUSTER: Claims Registration Period Ends May 15
----------------------------------------------------
Creditors owed money by WBG Schuster LLC have until May 15, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Herwig Ernst
         Hauptplatz 32
         2100 Korneuburg
         Austria
         Tel: 02262/72 3 17, 75 1 29
         Fax: 02262/756 57
         E-mail: lawoffice@mack-ernst.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on May 29, 2009, for the
examination of claims at:

         Land Court of Korneuburg
         Room 105
         First Floor
         Korneuburg
         Austria


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


CBM-KAYA SCHADSTOFFSANIERUNG: Claims Registration Ends June 12
--------------------------------------------------------------
Creditors of CBM-Kaya Schadstoffsanierung, Industrieabbruch &
Demontage GmbH have until June 12, 2009, to register their claims
with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on July 15, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall 105
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be reached at:

         RA Klaus Siemon
         Strasse der Nationen 51
         09111 Chemnitz
         Germany

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

The Debtor can be reached at:

         CBM-Kaya Schadstoffsanierung,
         Industrieabbruch & Demontage GmbH
         Attn: Mirze Cirak, Manager
         Schleusinger St. 27
         98527 Suhl
         Germany


DACH & WANDTECHNIK: Claims Registration Period Ends May 15
----------------------------------------------------------
Creditors of PB Dach & Wandtechnik GmbH have until May 15, 2009,
to register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.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 Chemnitz
         Hall 2.011
         Gerichtsgebaude Gerichtsstr. 2
         09112 Chemnitz
         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. Stephan Thiemann
         Leipziger St. 62
         09113 Chemnitz
         Germany
         Tel: 0371 262010
         Fax: 0371 2620111
         E-mail: chemnitz@pluta.net

The court opened bankruptcy proceedings against the company on
April 14, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         PB Dach & Wandtechnik GmbH
         Attn: Falko Schneider, Manager
         Chemnitzer Strasse 10
         09366 Stollberg
         Germany


DWW WOOLWORTH: Attracts Several Investors, Administrator Says
-------------------------------------------------------------
Eva Kuehnen at Reuters reports that according to the office of
administrator Ottmar Hermann, several investors have expressed
interest in DWW Woolworth GmbH & Co, which filed for insolvency
after experiencing slow Christmas sales, increasing competition,
weaker sales at its discount operations and insufficient
liquidity.

Citing a spokesman for Mr. Hermann, the report says the interested
parties were from Germany as well as from overseas.

The report relates the spokesman said the administrator is in
intensive talks with suppliers to keep business going at its
roughly 300 German stores.

Woolworth, owned by British investor Argyll Partners, employs
about 9,000 staff in Germany and generated about EUR900 million
(US$1.2 billion) in sales in its fiscal year to end-October 2008,
the report discloses.


GEBA IMMOPROJEKT 4: Claims Registration Period Ends May 13
----------------------------------------------------------
Creditors of GEBA ImmoProjekt 4 GmbH & Co. KG have until May 13,
2009, to register their claims with court-appointed insolvency
manager.

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

The meeting of creditors will be held at:

         The District Court of Cologne
         Room 1216
         Luxemburger Strasse 101
         50939 Cologne
         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:

         Jana Dettmer
         Weyerstrasse 54
         50676 Koeln
         England

The court opened bankruptcy proceedings against the company on
April 9, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GEBA ImmoProjekt 4 GmbH & Co. KG
         Attn: Heinz Schlier, Manager
         Mittel St. 12 - 14 c
         50672 Koeln
         Germany


HSH NORDBANK: Moody's Cuts Bank Financial Strength Rating to 'E+'
-----------------------------------------------------------------
Moody's Investors Service downgraded the long-term debt and
deposit ratings of HSH Nordbank AG to A2 from A1 and its bank
financial strength rating to E+ from D, reflecting the rating
agency's expectation of ongoing core losses for the bank and
pressure on its capital.  The rating action concludes the review
for possible downgrade on the BFSR, which Moody's initiated on
February 20, 2009.  The outlook on the A2 long-term debt and
deposit ratings is stable, while the BFSR carries a developing
outlook.

Moody's also downgraded HSH's subordinated debt to A3/stable from
A2/negative following the downgrade of the long-term ratings and
affirmed the bank's Caa1/negative rating for hybrid securities.

Moody's affirmed, with a stable outlook, HSH's Aa1 rating for
obligations qualifying for the grandfathering of "Anstaltslast" (a
maintenance obligation) and "Gewaehrtraegerhaftung" (a guarantee
obligation), which were abolished in July 2005, its Aaa rating for
obligations guaranteed by the Federal Republic of Germany and its
Prime-1 short-term rating.

       Pressure on Capital Levels Drive the BFSR Downgrade

Moody's decision to downgrade HSH's BFSR to E+ from D was prompted
by its expectation that the bank will suffer ongoing core losses,
resulting in significant pressure on capital, especially given the
absence of internal capital generation.  The rating agency
anticipates the deteriorating macroeconomic conditions in all of
HSH's main operating markets to result in substantial losses in
the bank's shipping and commercial real estate portfolios and in
structured credit products during 2009 and beyond.  Moody's is
particularly concerned that this accelerated weakening of HSH's
risk profile, during what it expects to be an early stage of the
ongoing recession, is putting critical pressure on the bank's
economic and regulatory capitalization.

Moody's assessment of the bank's credit risk and loss absorption
capacity incorporated a stress analysis of HSH's loan and credit
investment portfolios that showed the potential for further
drastic losses, in line with the new E+ BFSR.  "The rating is
constrained by HSH's high vulnerability to continued adverse
market developments, given that the losses Moody's anticipate for
the bank will be a burden on its capital base and loss absorption
capacity, despite the forthcoming capital measures", explained Uwe
Barth, Assistant Vice President/Analyst in Moody's Frankfurt-based
Financial Institutions Group.

Moody's notes positively that HSH's capital ratios will benefit
from an additional EUR3 billion capital injection and a risk
shield amounting to EUR10 billion from its public sector owners.
These approved support measures give the bank a buffer with which
to absorb further substantial losses on its exposures.

However, Moody's notes that HSH will not quickly become profitable
again.  The bank's profitability will be burdened by higher risk
charges and restructuring costs, leaving no room for internal
capital generation.  Furthermore, the interest payments on the
EUR10 billion risk shield will put undue strain on the bank's
capital generation capacity for the foreseeable future.

                  Developing Outlook for E+ BFSR

HSH's recently announced realignment should, in Moody's view, help
the bank to focus on the businesses in which it has in-depth
market knowledge and certain competitive advantages.  However, the
rating agency notes that this realignment will most likely take
place after a transitional period of two years, with the bank's
profitability under pressure.  The developing outlook on the BFSR
reflects uncertainty over the possible transformation of large
parts of the business, which would likely affect (positively or
negatively) the bank's profile and current level of
diversification.

             The A2 Debt and Deposit Ratings Benefit
                   from Several Support Layers

Moody's downgrade of the bank's senior unsecured debt and deposit
ratings to A2 reflects the downgrade of the BFSR and the rating
agency's unchanged assumption of a very high probability of
systemic support.  Moody's stresses that this assumption results
in a substantial eight-notch uplift for the long-term ratings from
the E+ BFSR; moreover, the support assessment gives the A2 ratings
a degree of resilience to weakened standalone financial strength,
which is reflected in the stable outlook.  In this context,
Moody's recognises the strong interest of HSH's public sector
owners in providing further support if needed, given that the bank
has outstanding grandfathered debt of roughly EUR65 billion.

Moody's previous rating action on HSH was implemented on April 1,
2009, when the ratings on bank's the non-cumulative Tier-1 hybrid
instruments (undated silent partnership certificates) were
downgraded to Caa1 from Baa1.  Furthermore, on February 20, 2009,
Moody's downgraded the bank's long-term debt and deposit ratings
to A1 from Aa3 and its BFSR to D from D+.

Headquartered in Hamburg and Kiel, HSH is the fourth-largest
Landesbank and the 11th-largest banking group in Germany (as of
the end of 2007) and had total assets of around EUR204.4 billion
at June 30, 2008.


MENSCH UND NATUR: Claims Registration Period Ends May 10
--------------------------------------------------------
Creditors of Gesellschaft Mensch und Natur mbH have until May 10,
2009, to register their claims with court-appointed insolvency
manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 4, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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. Wolfgang Petereit
         GF 48
         Kaiserstrasse 24a
         D 55116 Mainz
         Germany
         Tel: 06131/626080
         Fax: 06131/6260813

The court opened bankruptcy proceedings against the company on
April 14, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gesellschaft Mensch und Natur mbH
         Attn: Andreas Bitz, Manager
         Teichstrasse 4
         55128 Mainz
         Germany


NATURFORM H + H: Claims Registration Period Ends May 27
-------------------------------------------------------
Creditors of Naturform H + H 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 9:15 a.m. on May 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Bayreuth
         Meeting Hall 520
         Friedrichstr. 18
         Bayreuth
         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:

         Peter Zach
         Stadtplatz 28
         95478 Kemnath
         Germany
         Tel: 09642/70980
         Fax: 09642/709866

The court opened bankruptcy proceedings against the company on
April 14, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Naturform H + H GmbH
         Hofer Strasse 26
         95362 Kupferberg
         Germany

         Attn: Peter Holhut, Manager
         Wassergasse 3
         95369 Untersteinach
         Germany


RILAX CONSULTING: Claims Registration Period Ends May 15
--------------------------------------------------------
Creditors of Rilax Consulting GmbH have until May 15, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         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. Werner Poehlmann
         Aussere Sulzbacher St. 118
         90491 Nuernberg
         Germany

The court opened bankruptcy proceedings against the company on
April 14, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Rilax Consulting GmbH
         Attn: Steffen Stadtler, Manager
         Breslauer St. 406
         90471 Nuernberg
         Germany


VEMA GMBH: Claims Registration Period Ends July 19
--------------------------------------------------
Creditors of Vema GmbH have until July 19, 2009, to register their
claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on August 10, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/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:

         Fabio Algari
         Bleichstrasse 2-4
         D 60313 Frankfurt/Main
         Germany
         Tel: 069/91 30 92 – 750
         Fax: 069/91 30 92 755

The court opened bankruptcy proceedings against the company on
April 8, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Vema GmbH
         Hinterhaus
         Muenchenerstrasse 23
         60329 Frankfurt am Main
         Germany

         Attn: Hans-Hermann Vejmelka, Manager
         Friedensallee 140
         63263 Neu-Isenburg
         Germany


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


PRESBYTERIAN MUTUAL: Run as Bank Without Authorization, FSA Says
----------------------------------------------------------------
BreakingNews.ie reports that according to the British Financial
Services Authority, the Presbyterian Mutual Society broke the law
in the way it was being run.

The report relates the FSA said the society was effectively being
run as a bank without the necessary authorization, although it did
not say that this caused the organization's collapse.

The British financial regulator also said it won't be taking a
case against any of those involved in the society, the report
notes.

On Nov. 21, 2008, the Troubled Company Reporter-Europe, citing
News Letter, reported that the society went into administration
after high investor withdrawals left it out of cash.

According to News Letter, shareholders rushed to withdraw their
investments when they realized the society had no government-
backed security in the current economic climate.

Arthur Boyd, of Belfast-based chartered accountants and business
recovery specialists Arthur Boyd & Company, was appointed
administrator at the request of the society's directors, News
Letter disclosed.

Mr. Boyd, as cited by News Letter, said his appointment will
provide protection for the assets of the society, which has some
GBP180 million invested in loans and GBP130 million in fixed and
other assets including commercial property.

News Letter, however, noted the appointment of the administrator
stops a fire sale.

The administrator, News Letter added, indicated there are still no
guarantees for investors.  He warned the administration process
was likely to take some time, Belfast Telegraph stated.

The Presbyterian Mutual Society has 9,500 members.  It is based in
Belfast, Ireland.


XELO V: Moody's Withdraws 'Caa2' Rating on EUR25 Mil. Notes
-----------------------------------------------------------
Moody's Investors Service announced it has withdrawn its ratings
of one class of notes issued by Xelo V PLC.

The rating action follows the repurchase in full of the notes in
August 2008.

The rating action is:

Xelo V PLC:

(1) Series 2007 EUR25,000,000 (Spinnaker III European Series 2)

  -- Current Rating: WR
  -- Prior Rating: Caa2
  -- Prior Rating Date: March 10, 2009, downgraded to Caa2 from
     Aaa


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


AGRO STROY: Creditors Must File Claims by May 29
------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against LLP Agro Stroy Service-
XXI.

Creditors have until May 29, 2009, to submit proofs of claim to:

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


ASIATIC MANAGEMENT: Creditors Must File Claims by May 29
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
region commenced bankruptcy proceedings against LLP Asiatic
Management Group.

Creditors have until May 29, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


ECOTOUR INVESTMENT: Creditors Must File Claims by May 29
--------------------------------------------------------
LLP Ecotour Investment has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         Office 317
         Bokeihanov Str. 37
         Almaty
         Kazakhstan


EKADA LLP: Creditors Must File Claims by May 29, 2009
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against LLP Ekada.

Creditors have until May 29, 2009, to submit proofs of claim to:

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


ENERGO REM: Creditors Must File Claims by May 29
------------------------------------------------
LLP Energo Rem Service has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         Elgin Str. 60
         Pavlodar
         Kazakhstan


M-ZARYA-2003 LLP: Creditors Must File Claims by May 29
------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against LLP M-Zarya-2003.

Creditors of have until May 29, 2009, to submit proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


MEDEO LLP: Creditors Must File Claims by May 29
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against LLP Medeo.

Creditors have until May 29, 2009, to submit proofs of claim to:

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


MEDIA HOLDING: Creditors Must File Claims by May 29
---------------------------------------------------
LLP Media Holding Astana has gone into liquidation.  Creditors
have until May 29, 2009, to submit proofs of claim to:

         Esenberlin Str. 38-29
         Saryarka District
         Astana
         Kazakhstan


SERVICE TRADING: Creditors Must File Claims by May 29
-----------------------------------------------------
LLP Service Trading has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         Gagarin Str. 136/140
         Taldykorgan
         Almaty
         Kazakhstan


SK KASPY: Creditors Must File Claims by May 29
----------------------------------------------
LLP SK Kaspy Stroy has gone into liquidation.  Creditors have
until May 29, 2009, to submit proofs of claim to:

         BPO OJSC Munai Gas Kurylys
         Proizerny
         Aktau
         Mangistau
         Kazakhstan


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


ARMITAGE ENTERPRISES: Creditors Must File Claims by May 1
---------------------------------------------------------
LLC Armitage Enterprises has shut down.  Creditors have until
May 1, 2009, to submit proofs of claim to:

         Abdumomunov Str. 43
         Bishkek
         Kyrgyzstan


DUALMETAL LEASING: Creditors Must File Claims by May 1
------------------------------------------------------
LLC Dualmetal Leasing has shut down.  Creditors have until
May 1, 2009, to submit proofs of claim to:

         FEZ "Bishkek"
         Ak-Chyi
         Bishkek
         Kyrgyzstan


EAST-WEST LLC: Creditors Must File Claims by May 1
--------------------------------------------------
LLC East-West has shut down.  Creditors have until May 1, 2009, to
submit proofs of claim to:

         FEZ "Bishkek"
         Ak-Chyi
         Bishkek
         Kyrgyzstan


INVENT BUSINESS: Creditors Must File Claims by May 1
----------------------------------------------------
LLC Invent Business has shut down.  Creditors have until May 1,
2009, to submit proofs of claim to:

         Nurekskaya Str. 44
         Bishkek
         Kyrgyzstan
         Tel: (0-555) 79-99-49


KYRGYZ DRILLING: Creditors Must File Claims by May 1
----------------------------------------------------
LLC Kyrgyz Drilling Company has shut down.  Creditors have until
May 1, 2009, to submit proofs of claim to:

         Lenin Str. 98-26
         Naryn
         Kyrgyzstan
         Tel: (+996 3132) 5-09-64


RAND GROUP: Creditors Must File Claims by May 1
-----------------------------------------------
LLC Rand Group has shut down.  Creditors have until May 1, 2009,
to submit proofs of claim.

For more information, contact (0-543) 05-35-83, (0-543) 91-35-83.


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


MORTGAGE AND LAND: Moody's Rating Cuts Won't Affect 'D-' BFSR
-------------------------------------------------------------
Moody's Investors Service downgraded the long- and short-term
foreign currency deposit ratings of Mortgage and Land Bank of
Latvia to Baa3 from Baa1 and to Prime-3 from Prime-2,
respectively.  This rating action was prompted by the downgrade of
Latvia's foreign currency deposit ceiling to Baa3 from Baa1.  The
outlook on the Baa3 long-term deposit rating is negative,
reflecting the negative outlook on the foreign currency deposit
ceiling.

The rating action does not affect Mortgage and Land Bank of
Latvia's D- bank financial strength rating, the outlook on which
remains negative, reflecting Moody's concerns that the bank's
profitability and asset quality could weaken further given the
difficult operating environment in Latvia.

Moody's previous rating action on Mortgage and Land Bank of Latvia
was implemented on 7 January 2009, when the long-term foreign
currency deposit rating was downgraded to Baa1 from A3 following
the respective downgrade of Latvia's foreign currency deposit
ceiling.

Headquartered in Riga, Latvia, Mortgage and Land Bank of Latvia
reported consolidated assets of LVL969 million (EUR1.4 billion) at
the end of 2008.


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


BREEZE FINANCE: S&P Cuts Rating on EUR84MM Class B Notes to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'B-' from
'B' its long-term debt ratings on the EUR84 million "Class B"
subordinated notes due in 2027, issued by Luxembourg-based Breeze
Finance S.A. (Breeze Three), and placed them on CreditWatch with
negative implications.  At the same time, the 'BBB-' underlying
ratings on Breeze Three's EUR287 million "Class A" senior secured
amortizing notes, due in 2027, were put on CreditWatch with
negative implications.

The 'BBB+' insured ratings on the Class A notes, which reflects
the unconditional and irrevocable payment guarantee of scheduled
interest and principal provided by MBIA U.K. Insurance Ltd. (BBB+/
Negative/--) are unaffected.  The recovery ratings on these notes
remain unchanged at '2', indicating S&P's expectation of
substantial (70%-90%) recovery in the event of default.

Breeze Three is a special-purpose entity that raised funds for a
wind-power partnership comprising 43 wind farms in Germany and
France with a total installed capacity of 347 megawatts.  The
majority of the wind farms (91% of the installed capacity) are
located in Germany.

"The downgrade of the Class B notes reflects our view that, in
2009, the financial performance of the Breeze Three project is
likely to be well below our original expectations, owing to poor
wind conditions in the first quarter of the year," said Standard &
Poor's credit analyst Ralf Etzelmueller.  "Wind supply during this
period was about 60%-70% of projections, and S&P is concerned that
if it does not improve to forecast levels it could hamper the
project's ability to generate enough cash flows to service
interest and principal on the Class B notes at the next repayment
date in October 2009."

The CreditWatch placement reflects S&P's concerns about the
project's future cash flows, should poor wind conditions persist.
Wind volatility is one of the key risks for wind power projects.

The Class B notes benefit from a fully funded debt-service reserve
account, which could be tapped to make the October debt service
payment, should bad wind conditions continue.  The Class A notes
benefit from a fully funded six-month DSRA.

S&P understands that both interest and principal on the Class A
and Class B notes were paid in full on the last due date,
April 19, 2009.

"We should be able to resolve the CreditWatch over the next three
months," said Mr. Etzelmueller.  "If wind conditions don't improve
substantially during this period, S&P could lower the ratings on
both classes of notes because S&P believes the project's cash
flows would be likely to deteriorate beyond S&P's original
estimations."


GELDILUX-TS-2009 SA: Moody's Puts Ba2 Rating on Class D Notes
-------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
five classes of asset-backed securities to be issued by GELDILUX-
TS-2009 S.A.:

  -- Aaa to the EUR12,000,000 Secured Floating Rate Liquidity
     Notes due 2012;

  -- Aaa to the EUR952,000,000 Class A Secured Floating Rate
     Notes due 2014;

  -- A2 to the EUR10,000,000 Class B Secured Floating Rate Notes
     due 2014;

  -- Baa2 to the EUR10,000,000 Class C Secured Floating Rate
     Notes due 2014;

  -- Ba2 to the EUR10,000,000 Class D Secured Floating Rate Notes
     due 2014.

Moody's has not rated the EUR18,000,000 Class E Secured Floating
Rate Notes due 2014.

GELDILUX-TS-2009 S.A. is the ninth securitization of loans
extended under the Euro-Loan program of HVB Banque Luxembourg S.A.

Geldilux-TS-2009 S.A. will issue the Class A to Class E in an
amount equal to EUR1.0 billion as well as the EUR12 million
Liquidity Notes.  The Class A to Class E Notes will refinance the
purchase price for the initial portfolio and will be backed by the
receivables arising from the portfolio of short-term loans
denominated in Euros granted by HVBL to medium-sized companies,
small businesses and individuals mainly in Germany pursuant to
their Euro-Loan programme.

During a replenishment period of up to three years that is subject
to certain early amortization triggers, the issuer will purchase
further receivables from the seller.  After the end of the
replenishment period, the notes will be paid down in full
sequential order.  Interest on the notes will be paid quarterly
throughout the replenishment period and monthly throughout any
amortization period.

Moody's initially analyzed and will monitor this transaction using
the rating methodology for EMEA SMEs loan-backed transactions as
described in the Rating Methodology report "Moody's Approach to
Rating Granular SME Transactions in Europe, Middle East and
Africa", June 2007 and "Refining the ABS SME Approach -- Moody's
Probability of Default assumptions in the rating analysis of
granular Small and Mid-sized Enterprise portfolios in EMEA" March
2009.  The default distribution for the cash flow model was tested
using the Monte Carlo simulation CDOROM(TM).  The CDOROM(TM)
default distribution, other input parameters like the recovery
rate, structural features and ultimately the expected loss of each
class of notes was then tested using a separate cash flow model.

Principal losses will be allocated to the notes in full reverse
sequential order starting with the non rated Class E Notes.  In
addition to the Class A to Class E Notes, which fund the purchase
of the portfolio, the SPV will issue the Liquidity Notes, which
fund the issuer interest reserve.  This reserve is not credit
enhancement but only provides liquidity in case of time mismatches
between the interest payment dates on the assets and the interest
payment dates on the notes as well as in case of technical
delinquencies from the swap counterparty.  The Liquidity Notes
will be paid back by the interest reserve amount and no portfolio
losses will be allocated to this note.

According to Moody's, the ratings take account of, among other
factors, the fact that HVBL (rated A3/P-2) and HVB (A1/P-1) are
experienced originator and servicer and have used ABS term
financing in the past via the previous GELDILUX transactions,
where the performance of the securitized portfolios has been
excellent to date.  In addition, credit enhancement is provided by
subordination, while liquidity is provided by (i) the interest
rate swap counterparty and the issuer interest reserve.  The
transaction also envisions specific triggers (including rating
triggers), which, if hit, will stop the replenishment of the
portfolio or which will trigger the notification of the assignment
to the borrowers.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes in December 2012 for the
Liquidity note and in December 2014 for the Class A to D notes.
In Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal with respect to the
notes by the legal final maturity.  Moody's ratings address only
the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

There have been no previous rating actions.


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


JAMES HARDIE:?Asbestos Claimants May Not Get Paid for 2 Years
--------------------------------------------------------------
Madelene Pearson at Bloomberg News reports James Hardie Industries
NV's fund to compensate asbestos victims may be unable to pay all
claims within two years after the U.S. housing recession trimmed
the company's earnings for six straight quarters.

The report says James Hardie isn't likely to contribute to the
fund in the year ending March 31, 2010, as the worst economic
slump since the Great Depression weighs on U.S. home sales.

The report notes it's the second time a James Hardie fund has run
short of money to compensate asbestos victims.

According to the report, James Hardie used asbestos in its
products for more than 60 years.  The company however began to
phase out blue asbestos in 1968 and all products were asbestos-
free by 1986, the report says.

The report discloses the fund, which had assets of AU$140 million
(US$99 million) as at March 31, is seeking talks with James Hardie
and the New South Wales government.

James Hardie pays a maximum 35 percent of its annual net operating
cash flow to the fund and its contributions are intended to create
a two-to-three year funding buffer, the report relates.

Netherlands-based James Hardie is the biggest seller of home
siding in the U.S.


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


ADVAKOM CJSC: Creditors Must File Claims by May 17
--------------------------------------------------
Creditors of CJSC Advakom (TIN 5010026127, PSRN 1025001414723)
(Cable Production) have until May 17, 2009, to submit proofs of
claims to:

         S. Malakhov
         Temporary Insolvency Manager
         Office 224
         Musorskogo Str. 12
         170005 Tver
         Russia

The Arbitration Court of Moskovskaya will convene at 2:00 p.m. on
Sept. 22, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?41–2182/09.

The Debtor can be reached at:

          CJSC Advakom
          Leningradskaya Str. 27
          Dubna
          Moskovskaya
          Russia


AGRO-TEKH-INMASH LLC: Creditors Must File Claims by May 17
----------------------------------------------------------
Creditors of LLC Agro-Tekh-Inmash (TIN 3525113440) (Agricultural
equipment) have until May 17, 2009, to submit proofs of claims to:

         Ye. Turubanov
         Temporary Insolvency Manager
         Post User Box 945
         Lenina Str. 60
         Sykryvkar
         167000 Komi
         Russia
         Tel: 8-8212-44-12-41

The Arbitration Court of Vologodskaya will convene at 2:30 p.m. on
July 28, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?13–111924/2008.


The Debtor can be reached at:

         LLC Agro-Tekh-Inmash
         Preobrazhenskogo Str. 30a
         Vologda
         Russia


GEO-PROM LLC: Creditors Must File Claims by May 17
--------------------------------------------------
Creditors of LLC Geo-Prom (Construction Materials Production) have
until May 17, 2009, to submit proofs of claims to:

         A. Khokhrin
         Insolvency Manager
         Mostovaya Str. 6
         Chervishevo
         Tumenskaya
         Russia

The Arbitration Court of Tumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?70–6601/3–2008.

The Debtor can be reached at:

         LLC Geo-Prom
         Veterano Truda Str. 1/3
         Tumen
         Russia


KOSTROMSKOE ROAD: Creditors Must File Claims by May 17
------------------------------------------------------
Creditors of OJSC Kostromskoe Road Construction Management (TIN
4401067867, PSRN 1064401040186) have until May 17, 2009, to submit
proofs of claims to:

         S. Shulzhenko
         Temporary Insolvency Manager
         Post User Box 17
         127106 Moscow
         Russia

The Arbitration Court of Kostromskaya will convene at 9:00 a.m. on
June 25, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. ?31–39/2009.

The Debtor can be reached at:

         OJSC Kostromskoe Road Construction Management
         Kostromskaya Str. 101
         156012 Kostroma
         Russia


KUBAN-VTOR-MET: Creditors Must File Claims by May 17
----------------------------------------------------
Creditors of CJSC Kuban-Vtor-Met (TIN 2310049592, PSRN
1022301612464) (Scrap Processing) have until May 17, 2009, to
submit proofs of claims to:

         A. Gubin
         Temporary Insolvency Manager
         Office 307
         Kolkhoznaya Str. 3
         Krasnodar
         350042 Krasnodarskiy
         Russia

The Arbitration Court of Krasnodarskiy will convene on July 27,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?-32–25486/2008–60/1491B.

The Debtor can be reached at:

         CJSC Kuban-Vtor-Met
         Sadovaya Str. 161
         350002 Krasnodar
         Russia


PROM-LES LLC: Creditors Must File Claims by May 17
--------------------------------------------------
The Arbitration Court of Arkhangelskaya commenced bankruptcy
supervision procedure on LLC Prom-Les (TIN 2918008335) (Forestry).
The case is docketed under Case No. ?05–890/2009.

Creditors have until May 17, 2009, to submit proofs of claims to:

         S. Ivanov
         Temporary Insolvency Manager
         Kirova Str. 1/338
         450008 Ufa
         Russia


ROS-MED-STRAKH OJSC: Court Names D. Agapov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed D. Agapov as insolvency
manager for OJSC Ros-Med-Strakh (TIN 4629008185) (Insurance
Company).  The case is docketed under Case No. ?40–59746/06–103–
1083B.  He can be reached at:

         Building 8
         Leninskiy Prospect 29
         119071 Moscow
         Russia

The Debtor can be reached at:

         OJSC Ros-Med-Strakh
         Building 1
         Novoalekseyevskaya Str. 20A
         Moscow
         Russia


STROY-GRAD LLC: Creditors Must File Claims by May 17
----------------------------------------------------
Creditors of LLC Stroy-Grad-Servis (TIN 7733167860, PSRN
1037733021996) (Construction) have until May 17, 2009, to submit
proofs of claims to:

         A. Lantsov
         Temporary Insolvency Manager
         Post User Box 58
         121614 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on
Sept. 3, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?40–7635/09–103B.

The Debtor can be reached at:

         LLC Stroy-Grad-Servis
         Volokolamskoe Shosse 108
         125424 Moscow
         Russia


TARSK LES: Tomskaya Bankruptcy Hearing Set September 9
------------------------------------------------------
The Arbitration Court of Tomskaya will convene at 10:00 a.m. on
Sept. 9, 2009, to hear bankruptcy supervision procedure on LLC
Tarsk Les (TIN 7011003045, PSRN 1027003753809) (Lumbering).  The
case is docketed under Case No. ?67–1456/09.

The Temporary Insolvency Manager is:

         A. Saranin
         Post User Box 3020
         634003 Tomsk
         Russia

The Court is located at:

         The Arbitration Court of Tomskaya
         Courtroom 302
         Prospect Kirova 10
         Tomsk
         Russia

The Debtor can be reached at:

         LLC Tarsk Les
         Tarsk
         Parabelskiy
         636630 Tomskaya
         Russia


VOLGO-STROY-KOMPLEKT LLC: Creditors Must File Claims by May 17
--------------------------------------------------------------
Creditors of LLC Volgo-Stroy-Komplekt (TIN 6443000770, PSRN
1026401769063) (Construction) have until May 17, 2009, to submit
proofs of claims to:

         S. Mikheyev
         Insolvency Manager
         Post User Box 10
         Central Postal Office
         413841 Balakovo
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?57–718/09–40.

The Debtor can be reached at:

         LLC Volgo-Stroy-Komplekt
         Prospect Lenina 100/1
         413090 Marks
         Russia


VTB: 4th Qtr Loss Smaller Than Estimated on Bond Gains
------------------------------------------------------
Denis Maternovsky at Bloomberg News reports VTB Group posted a
smaller fourth-quarter loss than analysts had estimated as it
profited from buying back own bonds.

VTB Chief Financial Officer Nikolai Tsekhomsky, as cited in the
report, said the bank booked a US$349 million gain in the fourth
quarter buying back US$1.4 billion of its own bonds at a discount.

VTB had a net loss of US$104 million in the fourth quarter,
compared with net income of US$463 million a year earlier, the
report says citing Bloomberg calculations based on the company's
full-year earnings.  According to the report, the figure beats
median estimate for a US$225 million loss in a Bloomberg survey of
eight analysts.

Net income for the full year meanwhile fell 86 percent to US$212
million, more than double the survey's median estimate of US$91
million, the report relates.

The report recalls VTB and bigger rival OAO Sberbank have been the
biggest beneficiaries of emergency spending measures adopted by
the government in October.  VTB, which received a RUR200 billion
(US$5.95 billion) subordinated loan from the government in the
fall, expects a RUR180 billion cash injection from the state via a
new share sale no later than October, the report cited Chief
Executive Officer Andrei Kostin as saying.

Moscow-based VTB Group, formerly Vneshtorgbank, is Russia's
second-biggest trade bank.


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


BBVA CONSUMO: Moody's Cuts Rating on Class C Notes to 'Ba2'
-----------------------------------------------------------
Moody's Investors Service has taken these rating action on the
notes issued by BBVA Consumo 1, Fondo de Titulizacion de Activos:

  -- Class B Notes, Downgraded to A2; previously on December 9,
     2008 Aa3 Placed Under Review for Possible Downgrade; and

  -- Class C Notes, Downgraded to Ba2; previously on December 9,
     2008 Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade.

The rating action concludes the rating review of this transaction.
On December 9, 2008, Moody's had placed the Class B and Class C
Notes issued by BBVA Consumo 1, FTA on Review for Possible
Downgrade.  At the same time Moody's downgraded the Class C Notes
from A2 to Baa2.

The rating action was prompted by the worse-than-expected
portfolio performance and the expectation of a less favorable
macro economic environment in Spain.  The rating action takes into
account Moody's revised assumptions for the mean default rate,
standard deviation and recovery rate.  BBVA Consumo 1, FTA is the
third consumer loan transaction carried out by Banco Bilbao
Vizcaya Argentaria, S.A. (Aa1).

As of the last reporting date on January 31, 2009, the outstanding
amount of written-off loans reached EUR23.6 million.  A loan is
written-off once it has been more than 12 months delinquent or if
the servicer considers that there are no reasonable expectations
of recovery for such a loan.  In addition, the outstanding
delinquencies 90+ days increased from 4.2% to 5.8% of current
portfolio balance during the past quarter.  As of January 2009,
the pool factor stood at 72%, a reduction of 8% from the previous
reporting period.

As part of its review process, Moody's has assessed macro-economic
information and forecasts available for Spain as well as
information made available through investor reports.
Additionally, Moody's was provided by the servicer with historical
information relating to the evolution of delinquent loans which
are more than 6 months delinquent.

Taking into account the current amount of defaulted loan
receivables and completing a roll-rate and severity analysis for
the non-defaulted portion of the portfolio, Moody's has adjusted
its initial default rate expectations to a mean of 5.0% of
original balance and has assumed a standard deviation of 1.25%.
This compares to a 3.1% mean default and 0.78% standard deviation
at closing.  In order to reflect Moody's concerns on possible
pressure on the recovery rate, different recovery rate scenarios
have been run as part of this performance review with recoveries
stressed down to 30%.  The constant prepayment rate assumed in the
cash flow model was 15%.  In Moody's opinion, the revised
assumptions are in line with the expected performance of the
portfolio.

The ratings address the expected loss posed to investors by the
legal final maturity (January 20, 2020).  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.


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


BLAUES ROESSLI: Claims Filing Deadline is May 1
-----------------------------------------------
Creditors of Blaues Roessli LLC are requested to file their proofs
of claim by May 1, 2009, to:

         Ulrich Wyss
         Liquidator
         Lauterbachstrasse 121
         3068 Utzigen
         Switzerland

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


DESCHWANDEN UND PARTNER: Claims Filing Deadline is May 1
--------------------------------------------------------
Creditors of Deschwanden und Partner JSC are requested to file
their proofs of claim by May 1, 2009, to:

         Deschwanden und Partner JSC
         Schuetzenmattstrasse 11
         6374 Buochs
         Switzerland

The Company is currently undergoing liquidation in Buochs NW.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting on February 6, 2009.


ELVERA LLC: Creditors Must File Claims by May 25
------------------------------------------------
Creditors of Elvera LLC are requested to file their proofs of
claim by May 25, 2009 to:

         Elvera LLC
         Weinbergstrasse 16
         8268 Salenstein
         Switzerland

The Company is currently undergoing liquidation in Salenstein.
The decision about liquidation was accepted at a shareholders'
meeting on March 19, 2009.


KUNZPARTNER - EVENT FULL SERVICE: Claims Filing Deadline is May 1
------------------------------------------------------------------
Creditors of Kunzpartner - Event Full Service are requested to
file their proofs of claim by May 1, 2009, to:

         Kunzpartner - Event Full Service
         Terrassenweg 1a
         6300 Zug
         Switzerland

The Company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting on March 5, 2009.


MOODLOGIC LTD: Creditors Have Until May 4 to File Claims
--------------------------------------------------------
Creditors of Moodlogic Ltd. are requested to file their proofs of
claim by May 4, 2009, to:

         M. Harsch
         Wengistrasse 7
         8026 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting on
December 19, 2008.


PROFA JSC: Claims Filing Deadline is May 6
------------------------------------------
Creditors of Profa JSC are requested to file their proofs of claim
by May 6, 2009, to:

         Fiduria JSC
         Zieglerstrase 43b
         3000 Bern 14
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
general meeting on February 19, 2009.


SARATOGA JSC: Creditors Must File Proofs of Claim by May 5
----------------------------------------------------------
Creditors of Saratoga JSC are requested to file their proofs of
claim by May 5, 2009, to:

         Alois Zimmermann
         Aeschenvorstadt 13
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting on February 27, 2009.


TRACTORPULLINGNIEDERBIPP JSC: Claims Filing Deadline is May 4
-------------------------------------------------------------
Creditors of Tractorpullingniederbipp JSC are requested to file
their proofs of claim by May 4, 2009, to:

         Matthias Kurmann
         Liquidator
         Wydenstrasse 11
         4704 Niederbipp
         Switzerland

The company is currently undergoing liquidation in Niederbipp.
The decision about liquidation was accepted at a general meeting
on March 10, 2009.


TURIPLAN JSC: Proof of Claim Filing Deadline is May 4
-----------------------------------------------------
Creditors of Turiplan JSC are requested to file their proofs of
claim by May 4, 2009, to:

         Robert A. Fehr
         Witikonerstrasse 253
         8053 Zurich
         Switzerland

The company is currently undergoing liquidation in Zόrich.  The
decision about liquidation was accepted at a general meeting on
September 23, 2008.


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


ASKON LLC: Creditors Must File Claims by May 8
----------------------------------------------
Creditors of LLC Askon (code EDRPOU 35856088) have until May 8,
2009, to submit proofs of claim to:

         A. Shagur
         Insolvency Manager
         Office 123
         Kibalchich Str. 43
         61071 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 25, 2009.  The case is docketed under
Case No. B-19/33-09.

The Court is located at:

          The Economic Court of Kharkov
          Svoboda Square 5
          61022 Kharkov
          Ukraine


AT-OIL LLC: Creditors Must File Claims by May 8
-----------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy proceedings
against LLC At-Oil (code EDRPOU 32963293).  The case is docketed
under Case No 12/37/08.

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

         M. Shoniya
         Insolvency Manager
         Post Office Box 7978
         69001 Zaporozhye
         Ukraine

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC At-Oil
         Office 50
         Zaporozhye Kazatstvo Str. 11
         Zaporozhye
         Ukraine


CADIS LLC: Creditors Must File Claims by May 8
----------------------------------------------
Creditors of LLC Firm Cadis (code EDRPOU 23619802) have until
May 8, 2009, to submit proofs of claim to:

         A. Kodrian
         Insolvency Manager
         Chkalov Str. 108/128
         54055 Nikolayev
         Ukraine

The Economic Court of Nikolayev region commenced bankruptcy
proceedings against the company on March 10, 2009.  The case is
docketed under Case No. 5/498/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Firm Cadis
         Heroes of Stalingrad Avenue 1-B
         54001 Nikolayev
         Ukraine


CITY-M LLC: Creditors Must File Claims by May 8
-----------------------------------------------
Creditors of LLC City-M (code EDRPOU 33251003) have until May 8,
2009, to submit proofs of claim to:

         A. Bezabchuk
         Insolvency Manager
         Post Office Box 14
         54056 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on March 31, 2009.  The case is docketed under
Case No. 5/96/09.

The Court is located at:

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

The Debtor can be reached at:

          LLC City-M
          Lenin Avenue 166/40
          Nikolayev
          Ukraine


GALICH GLASS: Creditors Must File Claims by May 8
-------------------------------------------------
Creditors of LLC Galich Glass have until May 8, 2009, to submit
proofs of claim to the insolvency manager, S. Safronova

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on March 20, 2009.  The case is docketed under
Case No. 24/49-08-2659.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Galich Glass
         Golovkovskaya Str. 57/1
         Odessa
         Ukraine


GOSPODAR LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Odessa commenced bankruptcy supervision
procedure on LLC Gospodar.

The Insolvency Manager is:

         T. Tarasenko
         Office 49
         Dobrokhotov Str. 17
         03142 Kiev
         Ukraine

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         5032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Gospodar
         Karantinnaya Str. 21/1
         65014 Odessa
         Ukraine


KPN LLC: Creditors Must File Claims by May 8
--------------------------------------------
Creditors of LLC KPN (code EDRPOU 36201369) have until May 8,
2009, to submit proofs of claim to:

         A. Bezabchuk
         Insolvency Manager
         Post Office Box 14
         54056 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on March 31, 2009.  The case is docketed under
Case No. 5/97/09.

The Court is located at:

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

The Debtor can be reached at:

          LLC KPN
          4th Slobodskaya Str. 165
          Nikolayev
          Ukraine


MEDPHARM PLUS: Creditors Must File Claims by May 8
--------------------------------------------------
Creditors of LLC Medpharm Plus (code EDRPOU 33627313) have until
May 8, 2009, to submit proofs of claim to:

         S. Kostin
         Insolvency Manager
         Office 32
         Buzhsky Boulevard Str. 1
         Nikolayev
         Ukraine

The Economic Court of Nikolayev region commenced bankruptcy
proceedings against the company on March 19, 2009.  The case is
docketed under Case No. 14/51/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Medpharm Plus
         Grazhdanskaya str. 44/21
         Nikolayev
         Ukraine


POLUS LLC: Creditors Must File Claims by May 8
----------------------------------------------
Creditors of LLC Science and Production Company Polus (code EDRPOU
32010910) have until May 8, 2009 to submit proofs of claim to:

         I. Morozov
         Insolvency Manager
         Post Office Box 2734
         49044 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on March 26, 2009.  The case is
docketed under Case No. B24/78-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Science and Production Company Polus
         General Pushkin Str. 1
         49000 Dnepropetrovsk
         Ukraine


STAROKAZACHEYE WINERY: Court Starts Bankruptcy Procedure
--------------------------------------------------------
The Economic Court of Odessa commenced bankruptcy supervision
procedure on LLC STarokazacheye Winery (code EDRPOU 26364751).

The Insolvency Manager is:

         A. Panov
         Post Office Box 29
         Pioneer Str. 7
         Kominternovskoye
         67500 Odessa
         Ukraine

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Starokazacheye Winery
         Starokazachye
         Belgorod-Dnestrovsky District
         Odessa
         Ukraine


UKRTATNAFTA: Yulia Tymonshenko Fights Against Liquidation
---------------------------------------------------------
Ukrainian Prime Minister Yulia Tymoshenko has called on the
Prosecutor-General's Office to support its position in the court
battle over liquidation of the Kremenchuk petroleum refinery,
Ukrtatnafta, finchannel.com reports citing Justice Minister Mykola
Onischuk.

The report relates Justice Minister Onischuk said the government
wants to block the liquidation of Ukrtatnafta as it believes it
was it was not in the interest of Ukraine.

Citing Ukrainian News, the report discloses the Kyiv Business
Court decided on September 4, 2008, to liquidate Ukrtatnafta based
on a lawsuit that the Prosecutor-General's Office filed on behalf
of the Cabinet of Ministers, the Korsan company (a Pryvatbank
group-controlled minority shareholder of Ukrtatnafta), and the
Fuel and Energy Ministry.

The report notes according to Ukrainian News, the Kyiv Business
Appeal Court has adjourned its consideration of the appeal against
the Kyiv Business Court's September 4 ruling that ordered
liquidation of Ukrtatnafta until April 28.


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


BETTS GLOBAL: Appoints Joint Administrators from Deloitte
---------------------------------------------------------
Lee Manning, Carlton Siddle and Nick Edwards of Deloitte LLP were
appointed joint administrators of Betts Global Group Ltd. on
April 16, 2009.

The company can be reached at:

         Betts Global Group Ltd.
         505 Ipswich Road
         Colchester
         Essex
         CO4 9HE
         England


BRITANNIA BUILDING: Moody's Puts Final Rating on GBP1.4 Bil. Bonds
------------------------------------------------------------------
Moody's has assigned a definitive long-term rating of Aaa to the
GBP1.4 billion Series 2009-1 mortgage covered bonds issued by
Britannia Building Society as the "Sponsor Bank" under its Covered
Bond Programme.  The Covered Bonds constitute direct,
unconditional and senior obligations of BBS (A2/Prime-1/D+, on
review for downgrade) and are secured by a pool of assets.

The rating takes into account these factors:

  (1) the credit strength of the Sponsor Bank

  (2) the structure created by the transaction documents

  (3) the credit quality of the Cover Pool securing the payment
      obligations under the Covered Bonds, with a current
      collateral score of 4.47%.  All the loans in the Cover Pool
      are backed by residential assets originated since 2005.

  (4) the commitment by BBS to maintain an asset percentage of
      89%, which translates into an over-collateralization of
      around 12%.  Moody's considers this over-collateralization
      to be "committed".

As of the launch date, the total value of the assets in the Cover
Pool, comprising 18,518 mortgage loans, was approximately
GBP1,950 million.  The Cover Pool assets are mortgage loans
secured by properties in the UK.  The loans have a weighted-
average seasoning of 2.3 years and a remaining term of 18.8 years.
The weighted average indexed loan-to-value ratio is 64.56%.

The programme includes an extendable maturity date on the bonds.
If the covered bonds are not paid in full at the Final Maturity
Date (June 2012), the payments may be deferred until the extension
date (March 2058).  This limits the exposure of the Covered Bonds
to refinancing risk.

Moody's has assigned a Timely Payment Indicator of "Very High" to
the Covered Bonds.  This is the first UK covered bond transaction
to be assigned a Very High TPI and this recognizes certain
structural features which have been implemented, including the
above deferral of principal payments, provision of a cash reserve,
undertaking to replace cash manager and servicer and pre-funding
of coupon and swap payments in certain circumstances and hedging
of fixed rate assets with an external swap counterparty.  The
combined effect of these is to reduce the risk of disruption to
timely payments on the Covered Bonds following a default by the
Sponsor Bank.

As is the case with other covered bonds, Moody's considers this
transaction to be linked to the credit strength of the Sponsor
Bank, particularly from a default probability perspective.  Should
the Sponsor Bank's credit strength deteriorate, all other things
being equal, the rating of the Covered Bonds could be expected to
come under pressure.  In this case of deterioration of the Sponsor
Bank rating or the pool quality, the Sponsor Bank would have the
ability, but not the obligation, to increase the over-
collateralization in the Cover Pool.

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

The rating assigned by Moody's addresses the expected loss posed
to investors.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield and/or
payments to investors.

Britannia Building Society is headquartered in Leek, United
Kingdom.  As of December 31, 2008, it had total assets of
GBP37.2 billion.


BUSINESS MORTGAGE: Moody's Reviews 7 Classes of 'Ba1'-Rated Notes
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade these twenty-five classes of Notes issued by five
Business Mortgage Finance plc issuers (amounts reflecting initial
outstanding):

Business Mortgage Finance No. 3 plc:

  -- GBP42,500,000 Class M Mortgage Backed Floating Rate Notes
     due 2038, previously assigned A2 on 19 July 2005;

  -- GBP9,500,000 Class B1 Mortgage Backed Floating Rate Notes
     due 2038, previously assigned Ba1 on 19 July 2005; and

  -- EUR8,000,000 Class B2 Mortgage Backed Floating Rate Notes
     due 2038, previously assigned Ba1 on 19 July 2005;

Business Mortgage Finance No. 4 plc:

  -- GBP41,250,000 Class M Mortgage Backed Floating Rate Notes
     due 2045, previously assigned A2 on 12 April 2006; and

  -- GBP15,000,000 Class B Mortgage Backed Floating Rate Notes
     due 2045, previously assigned Ba1 on 12 April 2006.

Business Mortgage Finance No. 5 plc:

  -- GBP100,000,000 Class A1 Mortgage Backed Floating Rate Notes
     due 2039, previously assigned Aaa on 18 October 2006;

  -- EUR180,000,000 Class A2 Mortgage Backed Floating Rate Notes
     due 2039, previously assigned Aaa on 18 October 2006;

  -- Class A1 and A2 Detachable Coupon, previously
     assigned Aaa on 18 October 2006;

  -- GBP27,000,000 Class M1 Mortgage Backed Floating Rate Notes
     due 2039, previously assigned A2 on 18 October 2006;

  -- EUR36,500,000 Class M2 Mortgage Backed Floating Rate Notes
     due 2039, previously assigned A2 on 18 October 2006;

  -- GBP12,000,000 Class B1 Mortgage Backed Floating Rate Notes
     due 2039, previously assigned Ba1 on 18 October 2006; and

  -- EUR11,500,000 Class B2 Mortgage Backed Floating Rate Notes
     due 2039, previously assigned Ba1 on 18 October 2006.

Business Mortgage Finance No. 6 plc:

  -- GBP106,000,000 Class A1 Mortgage Backed Floating Rate Notes
     due 2040, previously assigned Aaa on 18 May 2007;

  -- EUR400,700,000 Class A2 Mortgage Backed Floating Rate Notes
     due 2040, previously assigned Aaa on 18 May 2007;

  -- Class A1 and A2 DAC, previously assigned Aaa on 18 May 2007;

  -- GBP38,000,000 Class M1 Mortgage Backed Floating Rate Notes
     due 2040, previously assigned A2 on 18 May 2007;

  -- EUR55,600,000 Class M2 Mortgage Backed Floating Rate Notes
     due 2040, previously assigned A2 on 18 May 2007; and

  -- EUR39,100,000 Class B2 Mortgage Backed Floating Rate Notes
     due 2040, previously assigned Ba1 on 18 May 2007.

Business Mortgage Finance No. 7 plc:

  -- GBP187,500,000 Class A1 Mortgage Backed Floating Rate Notes
     due 2041, previously assigned Aaa on 27 November 2007;

  -- Class A1 DAC, previously assigned Aaa on 27 November 2007;

  -- GBP38,650,000 Class M1 Mortgage Backed Floating Rate Notes
     due 2041, previously assigned A2 on 27 November 2007;

  -- EUR5,000,000 Class M2 Mortgage Backed Floating Rate Notes
     due 2041, previously assigned A2 on 27 November 2007; and

  -- GBP12,375,000 Class B1 Mortgage Backed Floating Rate Notes
     due 2041, previously assigned Ba1 on 27 November 2007.

These ratings are not subject to the rating review:

  -- All classes of Notes issued by Business Mortgage Finance No.
     1 plc and Business Mortgage Finance No. 2 plc;

  -- The Class A1 Notes, the Class A1 DAC, the Class A2 Notes, the
     Class A2 DAC and the Mortgage Early Redemption Certificates
     issued by BMF3;

  -- The Class A Notes, the Class A DAC and the MERCs issued by
     BMF4; and

  -- The MERCs issued by BMF5, BMF6 and BMF7.

Moody's does not rate the Class C Notes issued BMF3, BMF4, BMF5,
BMF6 and BMF7 respectively.

The Business Mortgage Finance series of transactions are true-sale
securitizations of portfolios of retail commercial mortgage loans
granted by Commercial First Mortgages Ltd and Commercial First
Business Limited to mainly non-conforming borrowers based in the
UK.  The securitized loan portfolios are typically granular, with
from 600 to 1,700 loans at the respective closing dates of the
transactions, and consisting of predominantly first- and some
second-ranking legal mortgages secured on mainly mixed use
properties.  The property portfolios are located across the UK,
with a focus on the South East, the South West and the North West
of England.  The property portfolios usually contain a majority
share of at least partially owner occupied properties.

The rating review of the aforementioned Notes has been prompted
by: (i) the significant increase in arrears in the most recent
quarters that is negatively affecting the cash flows available in
the transactions; (ii) the slower than anticipated increase in
transaction subordination over time, compared with Moody's
expectations at closing and (iii) Moody's concerns about further
falling real estate values that may affect sales prices upon loan
foreclosure and in turn the recoveries on defaulted loans.

All seven BMF transactions have been impacted by the general
macro-economic backdrop affecting consumers and small businesses.
This has manifested itself in increasing arrears levels in almost
all measures of arrears.  In Q4 2008, the weighted average total
arrears level for the BMF transactions has increased to over 34%
(as a % of current balance, ranging from 25% in BMF7 and 43% in
BMF3).  The principal balance of loans that are 3 months or more
in arrears stood at a weighted average of 21.9%, ranging from
14.9% in BMF7 to 27.7% in BMF4.  In Moody's view, the next
quarterly Issuer reporting figures will show to which extent
seasonal effects and the changed interest environment impact
arrears and collection rates.

In Q1 2009, the respective reserve funds were drawn in all BMF
transactions except for BMF 1 and BMF 2. Moody's expects further
reserve fund drawings in the future as the majority of expected
portfolio losses have yet to crystallize.  The level of such
drawings will depend on future arrears and collection ratios and
the amount of timing of recoveries, which impact on the ultimate
level of losses experienced in each transaction.

Based on the latest reported data, Moody's analyzed for each of
the BMF transactions the current level of subordination and its
estimate of potential future losses.  As a result, the rating
agency identified which tranches of the BMF transactions might be
exposed to higher than initially expected credit risk.  Those
tranches have been placed on review for possible downgrade in the
rating action.

Moody's will undertake an in-depth review of the affected
transactions based on the next quarterly reporting figures of the
Issuers. During the review process, Moody's will focus on updating
its expectations in relation to (i) future arrears levels; (ii)
borrowers' roll rates from arrears into default; and (iii) the
realisable property sales prices upon loan foreclosure.

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

The latest Performance Overviews for the BMF transactions were
published on these dates: January 29, 2009 (BMF7), February 26,
2009 (BMF6), January 14, 2009 (BMF5), February 26, 2009 (BMF4),
January 14, 2009 (BMF3), January 30, 2009 (BMF2) and January 14,
2009 (BMF1).


CANDOVER INVESTMENTS: France's Eurazeo Eyes Bid
-----------------------------------------------
Ben Harrington at Telegraph.co.uk reports that French private
equity firm Eurazeo has expressed interest in acquiring Candover
Investments plc.

The report discloses according to well-placed traders, Eurazeo,
which is listed on the CAC 40 in France, could be willing to pay
up to 450p a share for Candover, which faces a financing crisis
due to the sharp downturn in the buy-out industry.

However, the report notes people familiar with the situation
played down talk an imminent takeover deal at 450p a share,
saying the auction process is still in its "early stages" and
bidders have not yet even begun due diligence on Candover.
The report, citing people privy to the matter, says a transaction
is still some "weeks" away.

The report states among the potential bidders for Candover are
Coller Capital and Blackstone.

As reported in the Troubled Company Reporter-Europe on April 2009,
The Observer said Candover's net asset value plunged 50% in the
year to end-December, and the directors have temporarily put a bar
on new investments.  According to the Observer, 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.


CONTACTUM LTD: Taps Joint Administrators from Baker Tilly
---------------------------------------------------------
Matthew Robert Haw and Geoffrey Lambert Carton-Kelly of Baker
Tilly Restructuring and Recovery LLP were appointed joint
administrators of Contactum Ltd. on April 15, 2009.

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

         5 Old Bailey
         London
         EC4M 7AF
         England


DAILY MAIL: S&P Cuts Long-Term Corporate Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'BB+'
from 'BBB-' its long-term corporate credit rating on U.K.-based
newspaper and media group Daily Mail & General Trust PLC (DMGT).
In addition, the short-term rating on DMGT was lowered to 'B' from
'A-3'.  The outlook is negative.

At the same time, Standard & Poor's lowered the rating on DMGT's
senior unsecured debt to 'BB' from 'BBB-' and assigned a recovery
rating of '5' to the bonds, indicating S&P's expectation of modest
(10%-30%) recovery for creditors in the event of a payment
default.

"The downgrade reflects the worse-than-expected decline in the
group's advertising revenues and our expectation of a double-digit
percentage decline in the group's EBITDA for financial year 2009,"
said Standard & Poor's credit analyst Manuela Gabetta.  "In our
view, this is likely to result in an increase in DMGT's leverage
in financial 2009, ending September 30, to adjusted debt to
EBITDA of significantly more than our previous expectation of
4.0x."

Based on the group's estimates, the year-on-year decline in
advertising revenues accelerated in the quarter ending March 31,
2009, to about 24% at DMGT's national titles and 37% at its
regional titles.  This compares with 8% and 28% in the previous
quarter.  S&P also expects a faster pace of decline in advertising
and sponsorship revenues at DMGT's Euromoney subsidiary.

On the back of the lower EBITDA generation, the distribution of
GBP40 million in dividends in the first half of financial 2009,
and the group's adverse exposure to the U.S. dollar, S&P
anticipates a peak in DMGT's leverage on March 31, 2009.  The
heavy weighting (about 70%) of the group's pension assets in
equities and property will likely result in a further increase in
the pension deficit to significantly more than the GBP49 million
reported at the end of financial 2008.  Accordingly, S&P estimates
that DMGT's fully adjusted debt to EBITDA is likely to have
approached 5.0x on March 31, 2009, compared with 3.5x on Sept. 30,
2008.  The resulting aggressive financial risk profile for the
group is not commensurate with an investment-grade rating.

Furthermore, in the context of ongoing macroeconomic uncertainties
and lower visibility on advertising revenues, S&P believes that
DMGT's liquidity profile is vulnerable to volatility in operating
performance and fluctuations in foreign currencies.  In S&P's
view, this is likely to result in tighter covenant headroom and
lower financial flexibility under the group's committed credit
facilities compared with September 2008.

The ratings on DMGT continue to be supported by S&P's view of its
satisfactory business profile, its well diversified assets and
relatively resilient business-to-business segment, which now
accounts for more than 60% of the group's operating profits.
DMGT's financial profile also benefits from the traditionally
cash-generative nature of its media business.  However, S&P
believes that DMGT's businesses will face an extended period of
cyclical pressure that will continue to exacerbate the secular
shift in revenues away from the group's traditional newspaper
business.  S&P considers that cyclical economic pressure in the
U.K. for most of 2009 will continue to hamper the group's
newspaper operations.  Accordingly, the rating evolution will
depend heavily on DMGT's financial policy, effective working
capital management, and the success of its cost-reduction
programs.

"In the context of our expectation of continuing weak trading
conditions, the negative outlook on the rating primarily reflects
S&P's concerns regarding the potential impact of weaker-than-
expected operating performance on the evolution of the group's
leverage and liquidity profile," said Ms. Gabetta.

S&P could lower the rating if operating conditions were to worsen
further in 2009 and the group were to meaningfully underperform
S&P's expectations, or if prospects for economic moderation in
2010 were to fade.  Further rating pressure could also ensue if
covenant headroom were to fall to less than 10% or if
discretionary cash flow generation were to be weaker than
expected.

The outlook could be revised to stable if DMGT were able to
weather the envisaged top-line operating pressures through a
combination of operating and financial policy measures, such that
adjusted FFO to debt remained at 15%-20% and debt to EBITDA
remained less than 4.0x.  In an environment of ongoing operating
pressures, rating stability would be supported by a conservative
financial policy stance, in S&P's view.


         B2a          B-                  BB/Watch Neg
         D            B-                  BB/Watch Neg


G.T. MECHANICAL: Brings in Joint Administrators from Deloitte
-------------------------------------------------------------
Christopher James Farrington and Dominic Wong of Deloitte LLP were
appointed joint administrators of G.T. Mechanical Services
(Nottingham) Ltd. on April 17, 2009.

The company can be reached at:

         G.T. Mechanical Services (Nottingham) Ltd.
         44 Nottingham Road
         Mansfield
         Nottinghamshire
         NG18 1BL
         England


INTERBRAND CORPORATION: Appoints Administrators from PKF
--------------------------------------------------------
Charles William Anthony Escott and Ian Christopher Schofield of
PKF (UK) LLP were appointed joint administrators of Interbrand
Corporation Ltd. on April 9, 2009.

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

         Pannell House
         6 Queen Street
         Leeds
         LS1 2TW
         England


ITV PLC: Michael Grade to Step Down as Executive Chairman
---------------------------------------------------------
Michael Grade will step down as executive chairman of ITV plc and
will become non-executive chairman of the company, Amanda Andrews
at Telegraph.co.uk reports.

Mr. Grade, the report says, will not quit his post as executive
chairman until a regulatory decision is reached on the Contract
Rights Renewal (CRR) mechanism, which governs airtime trading
deals with advertisers.

In an April 23 press release, ITV said it is intended that a new
CEO will be appointed as soon as practicable following the outcome
of the CRR regulatory review process and, in any event, no later
than the end of 2009.

The report relates some major shareholders have in recent weeks
called for Mr. Grade to step into the non-executive chairman role
and find a chief executive as they are keen to see a conventional
board structure in place and someone committed to a full-time role
for the long-term.

According to the report, Mr. Grade was due to step into the non-
executive chairman role at the end of 2010.  The report, citing
ITV sources, states one reason Mr. Grade was stepping into the
non-executive chairman role was because he had achieved three
goals -– to stabilize ITV1, to build a strong team and to create a
time table for regulatory reform.

                        Rights Issue

The report meanwhile discloses ITV, which had been contemplating a
rights issue to help pay down its GBP760 million debt burden,
confirmed it was no longer considering fundraising.

However, ITV has agreed an extra GBP58 million of borrowing and
made the decision to sell its profitable digital multiplex
business SDN unit, the report notes.

                          About ITV plc

ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K. private
TV broadcaster ITV PLC to 'BB-' from 'BB+'.  The outlook is
stable.

Simultaneously, the ratings were removed from CreditWatch where
they had been placed with negative implications on Jan. 27, 2009.

At the same time, S&P affirmed its 'B' short-term corporate credit
rating on ITV.  The '4' recovery rating on all of ITV's
outstanding bonds is unchanged.  The '4' recovery rating indicates
S&P's expectation of average (30%-50%) recovery for unsecured
creditors in the event of a payment default.

On March 9, 2009, the TCR-Europe reported that Moody's Investors
Service downgraded ITV plc's senior unsecured ratings, Corporate
Family Rating and Probability of Default rating, to Ba2 (from
Ba1).  The rating outlook for ITV is negative.


MEDICAL WASTE: Calls in Joint Administrators from Tenon Recovery
----------------------------------------------------------------
Patrick B. Ellward and Carl Stuart Jackson of Tenon Recovery were
appointed joint administrators of Medical Waste Solutions Ltd. on
April 17, 2009.

The company can be reached at:

         Medical Waste Solutions Ltd.
         Concord House
         Concord Way
         Preston Farm Industrial Estate
         Stockton on Tees
         Cleveland
         TS18 3RB
         England


MORPHEUS PLC: Fitch Lowers Rating on Class E Notes to 'B'
--------------------------------------------------------
Fitch Ratings has downgraded Morpheus (European Loan Conduit No.
19) plc's class D and E mortgage-backed floating rate notes due
2029 and affirmed the rest.  The Outlook on Class C has been
revised to Stable from Negative.

  -- GBP81.9 million Class A FRN (XS0198508110) affirmed at 'AAA';
     Outlook Stable

  -- GBP20.5 million Class B FRN (XS0198508896) affirmed at 'AA+';
     Outlook Stable

  -- GBP18.1 million Class C FRN (XS0198509431) affirmed at 'A+';
     Outlook revised to Stable from Negative

  -- GBP13.4 million Class D FRN downgraded to 'BBB-' (BBB minus)
     from 'BBB'; Outlook Negative

  -- GBP8.7 million Class E FRN downgraded to 'B' from 'BB-' (BB
     minus); Outlook Negative

The downgrade reflects Fitch's assessment of the impact of
deteriorating market conditions on the loans securitized in the
transaction.  Fitch used portfolio-level information to estimate
the expected change in reported market values based on the timing
of the valuations and market indices of capital values.

Of all the valuations of the loan collateral, 97.7% was conducted
in or before 2004.  Fitch believes that any value gains achieved
between the valuation dates and the peak of the commercial
property markets have, on average, been offset by the subsequent
declines.  Consequently, the reported current weighted average
loan-to-value ratio of 62.5% (based on these original valuations)
is a close approximation of the current leverage of the portfolio
as a whole.  However, the impact on individual loans is varied and
those originated most recently and/or secured by asset types that
have been most affected by ongoing value declines display a
heightened risk of losses in Fitch's analysis.  In particular,
four loans display current Fitch LTVs over 100%.

At the January 2009 interest payment date, 137 loans with a
combined balance of -- GBP144.7 million were outstanding.  While
the pool as a whole is granular, with an average loan contribution
of 0.7%, it is concentrated in a small number of larger loans.
The largest loan comprises 26% of the total pool, while the five
largest loans represent 44%.  No other loans account for more than
2.5% of the pool.  Since closing in August 2004, 282 loans have
been redeemed in full, ahead of or at scheduled maturity.  The
total principal receipts have been used to redeem 76% of the
original note issuance on a modified pro rata basis.  In addition,
excess spread was used on the first two IPDs to partly redeem the
most junior note tranche, class E, up to the permitted maximum of
-- GBP2.3 million.  This created a small degree of over-
collateralization that provides credit enhancement to the class E
notes and will absorb up to GBP2.3 million of loan level losses,
if necessary.

Unlike many other European CMBS transactions, Morpheus has a
significant number of loan maturities falling in the current
period of recession: 37% of the loan balance is scheduled to
mature by the end of 2010.  However, it should be noted that, to
date, all but three borrowers were able to raise new financing in
a timely manner.  Further, the three loans which defaulted between
December 2007 and January 2009 (at their respective maturity
dates) have meanwhile been repaid in full, together with default
interest and fees resulting from the defaults.  It is likely that
the small balance and early vintage of the loans is facilitating
the borrower's efforts to obtain financing in current market
conditions.

Fitch will continue to monitor the performance of the transaction.


ST DYFNOG SPRINGS: Goes Into Administration
-------------------------------------------
Evening Leader reports that St Dyfnog Springs Spa, a multi-million
pound health and spa development based in Llanrhaeadr, has gone
into administration after being hit by the credit crunch.

The report relates according to John Newell, a joint administrator
at PKF, "the business is still trading, and still seeking a
purchase as a growing concern."

"There are a number of serious interested parties under
consideration at the moment," the report quoted Mr. Newell
as saying.


TITAN EUROPE: S&P Junks Ratings on Class D & E of 2007-3 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class B, C, D, and E notes issued by Titan Europe 2007-3 Ltd.
S&P also placed the class A1, X, A2, B, and C notes on
CreditWatch negative and kept the class D and E notes on
CreditWatch negative.  The ratings on the class F and G notes are
unaffected.

The commercial mortgage-backed securities notes are backed by 19
loans secured against commercial properties spread throughout the
U.K.  These rating actions were driven by the deteriorating
creditworthiness of the overall loan pool resulting from the
difficult market environment that has affected U.K. commercial
property.  Furthermore, 10 of the loans are secured against
properties let to a sole tenant.  This exposes those loans to the
inherent risks associated with 100% exposure to a single tenant.In
addition, S&P understands that the vacant possession value of the
Holmewood Chesterfield property has reportedly further decreased
to GBP5.90 million from the last vacant possession value of
GBP10.35 million.  In S&P's opinion, this is likely to further
reduce the servicing advances that may be required and as a
consequence increase the size of the interest shortfall that could
affect the class D and E notes.

                           Ratings List

                     Titan Europe 2007-3 Ltd.
GBP778.82 Million Commercial Mortgage-Backed Floating-Rate Notes

             Ratings Placed on CreditWatch Negative

                                   Rating
                                   ------
              Class       To                     From
              -----       --                     ----
              A1          AAA/Watch Neg          AAA
              A2          AAA/Watch Neg          AAA
              X           AAA/Watch Neg          AAA

        Ratings Lowered and Placed on CreditWatch Negative

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

      Ratings Lowered and Remaining on CreditWatch Negative

                                 Rating
                                 ------
            Class       To                     From
            -----       --                     ----
            D           CCC-/Watch Neg         BB/Watch Neg
            E           CCC-/Watch Neg         B-/Watch Neg


UROPA SECURITIES: S&P Cuts Ratings on 2 Classes of Notes to B-
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class M1a, M1b,
M2a, B1a, B1b, B2a, and D notes series 2007-1B issued by Uropa
Securities PLC.  S&P also placed the ratings on the class A4a and
A4b notes on CreditWatch negative and affirmed all other classes
of notes.

These rating actions follow full credit and cash flow analyses
based on the most recent loan-level information S&P has received
and a review of the April 2009 investor report.  The report
demonstrated a continued deterioration in pool performance as
demonstrated by reserve fund draws and losses, which are higher
than S&P's nonconforming index losses at a similar seasoning.
There were reserve fund draws on the January and April interest
payment dates.  The reserve fund balance is currently 30.80% of
the required amount and 0.25% of the outstanding note balance.
Interest payments were deferred on the class D notes in January
and April.  S&P's rating on the class D notes addresses ultimate
payment of principal and interest.

According to the April investor report, 65.21% of the mortgage
pool had an original loan-to-value ratio of greater than 80%.  The
majority of the pool was originated in 2007, the year U.K.
property prices reached their peak.  Given subsequent house price
declines, the weighted-average LTV ratio is likely to have
increased, which may have a detrimental effect on realized loss
severities to the extent that borrowers default and properties are
repossessed and sold.  This will increase losses and reduce the
cash available to pay the noteholders.  Applying indexation of
house price movements suggests that approximately 80% of the
portfolio now has a weighted-average LTV ratio greater than 80%,
while almost 30% of borrowers are in negative equity.  Of the
mortgages in the portfolio, 23.44% are currently in arrears.
Principal losses in the interest payment period from January to
April were 0.42% of the original collateral balance and the
cumulative losses since issue (August 2007) are 0.86% of the
original collateral balance.  The average loss severity is 27.71%.
S&P has placed the class A4a and A4b notes on CreditWatch
negative.  S&P will look to resolve this CreditWatch placement
when S&P receive updated loan-level information and perform
further cash flow analysis.

                          Ratings List

                       Uropa Securities PLC
       EUR634.00 Million, GBP194.52 Million, US$17.00 Million
                Mortgage-Backed Floating-Rate Notes
    and an Overissuance of GBP8.80 Million Excess-Spread-Backed
                  Floating-Rate Notes Series 2007-1B

      Ratings Lowered and Removed from CreditWatch Negative

                             Rating
                             ------
         Class        To                  From
         -----        --                  ----
         M1a          A-                  AA/Watch Neg
         M1b          A-                  AA/Watch Neg
         M2a          BBB                 A/Watch Neg
         B1a          BB-                 BBB-/Watch Neg
         B1b          BB-                 BBB-/Watch Neg
         B2a          B-                  BB/Watch Neg
         D            B-                  BB/Watch Neg

              Ratings Placed On CreditWatch Negative

                                   Rating
                                   ------
               Class        To                  From
               -----        --                  ----
               A4a          AAA/Watch Neg       AAA
               A4b          AAA/Watch Neg       AAA

                        Ratings Affirmed

                      Class        Rating
                      -----        ------
                      A1a          AAA
                      A1b          AAA
                      A1c          AAA
                      A2b          AAA
                      A3a          AAA
                      A3b          AAA


WINDERMERE VIII: Fitch Junks Ratings on Two Classes of Notes
------------------------------------------------------------
Fitch Ratings has downgraded Windermere VIII CMBS plc's class A2
to E notes and removed them from Rating Watch Negative.  The
ratings are:

  -- GBP411.1 million class A2: downgraded to 'A+' from 'AAA';
     removed from RWN; assigned a Negative Outlook;

  -- GBP46.5 million class A3: downgraded to 'A-' (A minus) from
     'AAA'; removed from RWN; assigned a Negative Outlook;

  -- GBP49.8 million class B: downgraded to 'BB+' from 'AA';
     removed from RWN; assigned a Negative Outlook;

  -- GBP50.2 million class C: downgraded to 'B+' from 'A'; removed
     from RWN; assigned a Negative Outlook;

  -- GBP43.7 million class D: downgraded to 'CCC' from 'BBB';
     removed from RWN; assigned a Recovery Rating of 'RR5'; and

  -- GBP19.7 million class E: downgraded to 'CC' from 'BB';
     removed from RWN; assigned a Recovery Rating of 'RR6'.


The downgrades reflect the deterioration in the creditworthiness
of the transaction, due to declining UK commercial property
values.  The portfolio currently reports a moderate weighted
average loan-to-value ratio of 75%, however, Fitch estimates a
significantly higher WA Fitch LTV of 113%.  This is especially
relevant given that two loans comprising 7.5% of the total loan
pool are scheduled to mature in 2009 and are therefore fully
exposed to current market conditions.

On April 16, 2009, the issuer successfully replaced the interest
rate hedge agreements that were terminated following the Lehman
Brothers Special Financing Inc default.  The new counterparty is
HSBC Bank plc ('AA'/'F1+').  The swaps were replaced at no
additional cost to the issuer, and as a consequence, Fitch has
removed the notes from RWN.

Windermere VIII CMBS plc is a securitization of eight commercial
mortgage loans originated by Lehman Brothers Inc, which closed in
August 2006.  Since closing, two of the loans (26.6% of the pool)
have been fully prepaid.  Combined with scheduled amortization,
this has reduced the outstanding balance to GBP621.4 million.  The
loans are secured by office properties located throughout England,
Scotland and Northern Ireland, with an aggregate market value of
GBP891.4 million.

The transaction has significant concentration in three loans, the
Mid City Place loan (35% of the loan pool), the Government Income
portfolio loan (32%) and the AMG loan (25%), which together
account for 92% of the loan pool.  The largest loan in the pool,
the Mid City place loan, is secured by a single office building
located in London's Midtown submarket.  The property has seen a
slight increase in occupancy since closing and is currently fully
let to 15 tenants.  The property has a weighted average unexpired
lease term of 8.5 years compared to a remaining loan term of 4.5
years.  A revaluation of the property in July 2007 reduced the
reported LTV to 66.2% from 75.4% at closing.  This compares with
Fitch's estimate of a current LTV of 113%.

The Government Income Portfolio loan is secured by 37 office
properties located across the UK. The loan benefits from strong
collateral income, as 91% of passing rent is derived from
government institutions.  The loan maintains a strong interest
coverage ratio of 1.48x.  The loan has benefited from some
amortization during its term that brought the reported LTV down to
72.6% from 74% at closing.  However, the Fitch LTV stands at 114%
owing to the deterioration in the UK real estate market and, in
particular, the secondary nature of the assets.

Two of the remaining four loans, the Amadeus loan and the Monument
loan, were transferred to special servicing in December 2008.  The
Amadeus loan had a shortfall in the Q408 debt service payment,
which was a result of a fall in income and a high vacancy rate
across the portfolio.  A revaluation of the collateral following
the transfer to special servicing resulted in a market value
decline of 58%.  On the Monument loan, the main lease has expired.
Both loans were scheduled to mature in April 2009.  Fitch believes
a refinancing of the Monument and Amadeus loans on their
respective maturity dates to be unlikely in current market
conditions.  The special servicer is currently analyzing an
appropriate work-out strategy for both loans.

Fitch will continue to monitor the performance of the transaction.


* UK: Bank Bail-Outs to Cost GBP50 Billion, Treasury Says
---------------------------------------------------------
Philip Aldrick at Telegraph.co.uk reports that according to the
Treasury, bank bail-outs will cost Britain about GBP50 billion,
far short of the International Monetary Fund's forecast of a
GBP140 billion loss.

The report relates Alistair Darling said the "provisional estimate
for the potential cost" of strengthening the banking system was
3.5pc of GDP, which currently totals GBP1,450 billion.

The Treasury, as cited in the report, said losses from the bail-
outs could fall between GBP20 billion and GBP50 billion, although
it admitted the final figure "could be either larger or smaller
than this range".

The report discloses documents published with the Budget said "The
estimate is set out as a range because of the inherent uncertainty
over potential outcomes from these interventions".


* UK: PwC Says Corporate Insolvencies Up 57% in First Quarter 2009
------------------------------------------------------------------
The latest PwC analysis into corporate insolvency numbers show
that the downturn is showing no signs of abating as more than
5,483 companies became insolvent in the first three months of
2009.  This represents a 14% increase on the previous quarter and
a huge 57% increase of the same quarter of 2008.

Mike Jervis, partner in the business recovery services practice at
PricewaterhouseCoopers LLP, commented: "We can see that UK
businesses are still suffering from the effects of the global
recession as more and more of them enter into insolvency with no
apparent signs of a slowdown in the near future.

"At PwC we are currently working with businesses across the UK, in
many sectors and of varying sizes, unfortunately we still find
that many companies are leaving it too late to ask for help.
Where rescue capital is a scarce commodity, it is obvious that the
sooner problems are recognised, a solution is more likely to be
achievable -– and that solution doesn't have to be insolvency.
There are, for example, cash management and other techniques which
can mean the difference between survival and failure.

                 Sectors Struggling the Most

No surprise that the worst affected sectors continue to be
Construction (829 companies), Manufacturing (734), Retail (705),
Hospitality & Leisure (312) and Real Estate (235) -- all of which
are showing a 5 year high.

Commenting on the real estate figures, Barry Gilbertson, partner
in the property team at PricewaterhouseCoopers LLP, said:
"Although the actual number of insolvencies are down on the last
quarter, from 275 to 235, the figures for January, February and
March show an upward trend for each month, giving a monthly
average about three times higher than in 2007.

"Banks and other lenders are at a critical point in the
recessionary cycle.  The more property companies that they allow
to fail, then the more properties are likely to come onto a market
already flooded with property for sale, thereby increasing supply
and decreasing the likely sale price due to the lack of available
credit to fund purchases.  Cash buyers will chase bargains,
especially where it is believed that banks are desperate to sell.

"Belief in the quality of existing management, or in the ability
of administrators and receivers to manage the assets effectively,
will be critical to any bank's decision to sell now or hold for
enhanced value over time.  Experience of a recessionary market and
the relevant property expertise are rare but valuable commodities
in the fight to minimise loss."

PwC's  analysis shows that London has the highest number of
insolvencies with 1,323 which, although a 20.3% increase on the
same period last year, is not as much of a increase as we saw in
Q4 2008.  The West, South West and Scotland all showed slight
decreases for this quarter compared to the previous quarter with
176, 69 and 144 insolvencies respectively.  Compared to the same
quarter last year, all regions showed a material increase, but
Wales is showing the lowest increase with 26.8%.  The region
showing the highest increase on the same quarter last year is the
East with 328 insolvecies –- representing a massive 75.4% increase
on Q1 2008.

Mike Jervis, partner, summarized: "The actual insolvency
statistics show only part of the picture.  There are many
restructurings either not involving insolvency or using light
touch insolvency techniques to salvage viable businesses.

"Those businesses most likely to survive the recession will turn
to management teams and advisors experienced in turnarounds.  They
will plan for different scenarios and they will be obsessive over
their cashflow management."

            About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.


* Moody's Downgrades Ratings on 188 Notes by 91 European CDOs
-------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of 188 Notes
issued by 91 European collateralized debt obligation transactions
which have significant exposure to US and European residential
mortgage-backed securities and other asset-backed securities.
Moody's also confirmed the ratings of 27 Notes.

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

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

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

For a large number of these deals, especially the synthetic
structures, the size of the Caa, Ca and C rated assets in the
individual portfolios was greater than the credit enhancement
under the tranches, resulting in rating downgrades to Ca or C on
those tranches.

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

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

The rating actions are:

Argon Capital Plc - Series 60, 61, 62 (Palesto 3)

  -- US$51,000,000 Series 60 Limited Recourse Secured Credit-
     Linked Floating Rate Notes due 2051, Downgraded to C;
     previously on 04 August 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- US$36,000,000 Series 61 Limited Recourse Secured Credit-
     Linked Floating Rate Notes due 2051, Downgraded to C;
     previously on 04 August 2008 Downgraded to Ca

  -- US$12,600,000 Series 62 Limited Recourse Secured Credit-
     Linked Floating Rate Notes due 2051, Downgraded to C;
     previously on 04 August 2008 Downgraded to Ca

Argon Capital Plc - Series 84, 85 and 87

  -- Series 84 EUR25,500,000 Limited Recourse secured Variable
     Rate Credit-Linked Notes due 2047-1, Downgraded to Caa2;
     previously on 19 December 2008 Downgraded to A1 and remains
     on Review for Possible Downgrade

  -- Series 85 EUR23,000,000 Limited Recourse secured Variable
     Rate Credit-Linked Notes due 2047-2, Downgraded to Caa3;
     previously on 19 December 2008 Downgraded to A2 and remains
     on Review for Possible Downgrade

  -- Series 87 EUR10,500,000 Limited Recourse secured Variable
     Rate Credit-Linked Notes due 2047-4, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Ba2 and Placed
     Under Review for Possible Downgrade

Avebury Finance CDO p.l.c.

  -- US$879,500,000 Class A-1A Revolving Floating Rate Notes due
     2051, Downgraded to Ca; previously on 19 December 2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- US$55,000,000 Class A-2 Floating Rate Notes due 2051,
     Downgraded to C; previously on 2 July 2008 Downgraded to Ca

Bantry Bay CDO I P.L.C.

  -- Class A-1 Floating Rate Notes, due 2052, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class A-2 Floating Rate Notes, due 2052, Downgraded to C;
     previously on 17 June 2008 Downgraded to Ca

Cairn High Grade ABS CDO I PLC

  -- Class A1 Delayed Draw Floating Rate Notes, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Baa1 and remains
     on Review for Possible Downgrade

  -- Class A2 Floating Rate Notes, Downgraded to C; previously on
     19 December 2008 Downgraded to Caa2 and remains on Review for
     Possible Downgrade

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

  -- Class C Deferrable Floating Rate Notes, Downgraded to C;
     previously on 05 August 2008 Downgraded to Ca

Camber 4 plc

  -- Class A1-A Floating Rate Notes due 2053, Downgraded to Caa3;
     previously on 22 December 2008 Downgraded to Ba3 and remains
     on Review for Possible Downgrade

  -- Class A2 Floating Rate Notes due 2053, Downgraded to C;
     previously on 15 August 2008 Downgraded to Ca

  -- Class A3 Floating Rate Notes due 2053, Downgraded to C;
     previously on 15 August 2008 Downgraded to Ca

  -- Class B Floating Rate Notes due 2053, Downgraded to C;
     previously on 15 August 2008 Downgraded to Ca

Chrome Funding Limited Series 15 to 17 (Odeon CDO notes)

  -- Series 15 Class A Tranche 1 (Odeon CDO)-1, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa2 and remains
     on Review for Possible Downgrade

  -- Series 16 Class B Tranche 1 (Odeon CDO), Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Series 17 Class C Tranche 1 (Odeon CDO), Downgraded to C;
     previously on 23 June 2008 Downgraded to Ca

Chrome Funding Ltd Series 23 -- 30 (Green Bay)

  -- Series 23 Class I US$ 33,000,000 Floating Rate Variable
     Spread Credit Linked Notes due October 2046, Downgraded to C;
     previously on 25 April 2008 Downgraded to Caa3 and remains on
     Review for Possible Downgrade

  -- Series 24 Class II US$ 28,500,000 Floating Rate Variable
     Spread Credit Linked Notes due October 2046, Downgraded to C;
     previously on 25 April 2008 Downgraded to Ca

  -- Series 25 Class III US$ 28,000,000 Floating Rate Variable
     Spread Credit Linked Notes due October 2046, Downgraded to C;
     previously on 25 April 2008 Downgraded to Ca

Claris IV Limited - Carmel Valley Series 5

  -- SERIES 5/2006 EUR40,000,000 Carmel Valley 2006-3 Synthetic
     CDO of RMBS, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa1 and remains on Review for Possible
     Downgrade

Claris IV Limited - Carmel Valley Series 6

  -- SERIES 6/2006 EUR5,000,000 Carmel Valley 2006-3 Synthetic
     CDO of RMBS, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Claris IV Limited - Leibnitz

  -- Series 8 Tranche 1 Leibnitz 2006-1 Synthetic CDO of RMBS
     Variable Rate Notes due 2046, Downgraded to C; previously on
     19 December 2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- Series 9 Tranche 1 Leibnitz 2006-1 Synthetic CDO of RMBS
     Variable Rate Notes due 2046, Downgraded to C; previously on
     19 December 2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- Series 10 Tranche 1 Leibnitz 2006-1 Synthetic CDO of RMBS
     Variable Rate Notes due 2046, Downgraded to C; previously on
     23 June 2008 Downgraded to Ca

Claris IV Limited - Series 7 CARMEL VALLEY

  -- SERIES 7/2006 US$17,500,000 Carmel Valley 2006-3 Synthetic
     CDO of RMBS, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Claris Limited - Napa Valley IV Synthetic CDO of ABS

  -- Series 51/2005 Tranche 1 Napa Valley IV Synthetic CDO of ABS
     Floating Rate Notes, Downgraded to C; previously on 19
     December 2008 Downgraded to Caa2 and remains on Review for
     Possible Downgrade

  -- Series 52/2005 Tranche 1 Napa Valley IV Synthetic CDO of ABS
     Floating Rate Notes, Downgraded to C; previously on 19
     December 2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- Series 54/2005 Tranche 1 Napa Valley IV Synthetic CDO of ABS
     Floating Rate Notes, Downgraded to C; previously on 19
     December 2008 Downgraded to Ba1 and remains on Review for
     Possible Downgrade

  -- Series 55/2005 Tranche 1 Napa Valley IV Synthetic CDO of ABS
     Floating Rate Notes, Downgraded to C; previously on 19
     December 2008 Downgraded to Ba1 and remains on Review for
     Possible Downgrade

Claris Limited - Napa Valley XI Series 102 - 103 - 107

  -- Series 102/2007 Tranche 1 JPY 2,000,000,000 Napa Valley XI
     Synthetic CDO of ABS Floating Rate Notes due 2027, Downgraded
     to C; previously on 19 December 2008 Downgraded to Caa2 and
     remains on Review for Possible Downgrade

  -- Series 103/2007 Tranche 1 EUR30,000,000 Napa Valley XI
     Synthetic CDO of ABS Floating Rate Notes due 2027, Downgraded
     to C; previously on 19 December 2008 Downgraded to Ba1 and
     remains on Review for Possible Downgrade

  -- Series 107/2007 Tranche 1 JPY 1,000,000,000 Napa Valley XI
     Synthetic CDO of ABS Floating Rate Notes due 2027, Downgraded
     to C; previously on 19 December 2008 Downgraded to Caa3 and
     remains on Review for Possible Downgrade

Claris Limited - Series 91/2007-Napa Valley X Synthetic CDO of ABS
Floating Rate Notes due 2027

  -- Series 91/2007, Downgraded to C; previously on 23 June 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Claris Limited - Series 96/2007 (Sonoma Valley 2007-3)

  -- Series 96/2007 Tranche 1 US$10,000,000 Sonoma Valley 2007-3
     Synthetic CDO of CMBS Variable Notes due 2037, Confirmed at
     Baa1; previously on 19 December 2008 Downgraded to Baa1 and
     Placed Under Review for Possible Downgrade

Claris Limited (Napa Valley V(II) Equity Tranche)

  -- SERIES 66/2006 Tranche 1 EUR20,000,000 Napa Valley V(II)
     Synthetic CDO of ABS Floating Rate Notes, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

Claris Limited (Napa Valley V(II) Mezzanine Tranche)

  -- SERIES 67/2006 Tranche 1 EUR40,000,000 Napa Valley V(II)
     Synthetic CDO of ABS Floating Rate Notes, Downgraded to C;
     previously on 19 December 2008 Downgraded to Ba2 and remains
     on Review for Possible Downgrade

Claris Limited Napa Valley IX Series 81

  -- SERIES 81 Tranche 1 JPY 1,000,000,000 Napa Valley IX
     Synthetic CDO of ABS Floating Rate Notes, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

Claris Limited Series 101/2007 Napa Valley X CDO of ABS Floating
Rate Notes

  -- Series 101/2007, Downgraded to C; previously on 19 December
     2008 Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Claris Limited Series 25/2004 (Millesime)

  -- Series 25, Confirmed at Baa3; previously on 22 December 2008
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade

Claris Limited Series 29/2004

  -- Series 29/2004 Tranche 1 Euro 40,000,000 Napa Valley II
     Synthetic CDO of ABS Floating Rate Notes due 2024, Downgraded
     to Caa3; previously on 22 December 2008 Downgraded to A3 and
     remains on Review for Possible Downgrade

Claris Limited Series 38/2005 (Napa Valley III)

  -- Series 38/2005 Napa Valley III, Downgraded to Ca; previously
     on 19 December 2008 Downgraded to B1 and remains on Review
     for Possible Downgrade

Claris Limited Series 59 to 62 (Napa Valley V)

  -- Series 59/2005 Tranche 1 Napa Valley V Synthetic CDO of ABS
     Floating Rate Notes, Downgraded to Ca; previously on 19
     December 2008 Downgraded to B2 and remains on Review for
     Possible Downgrade

  -- Series 60/2005 Tranche 1 Napa Valley V Synthetic CDO of ABS
     Floating Rate Notes, Downgraded to C; previously on 19
     December 2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

  -- Series 61/2005 Tranche 1 Napa Valley V Synthetic CDO of ABS
     Variable Rate Notes, Downgraded to C; previously on 19
     December 2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

Claris Limited Series 63/2006 (Napa Valley 2006-1)

  -- Series 63/2006 Tranche 1 Napa Valley 2006-1 Synthetic CDO of
     ABS Floating Rate Note, Downgraded to C; previously on 19
     December 2008 Downgraded to Caa2 and remains on Review for
     Possible Downgrade

Claris Limited Series 99/2007 - Napa Valley X

  -- Series 99/2007, Downgraded to C; previously on 19 December
     2008 Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Cloverie Plc - Ghibli CDO I

  -- Seires 2004-26 Class A, Downgraded to C; previously on 22
     December 2008 Downgraded to A1 and remains on Review for
     Possible Downgrade

  -- Series 2004-27 Class B, Downgraded to C; previously on 22
     December 2008 Downgraded to Caa2 and remains on Review for
     Possible Downgrade

Cloverie Plc - Series 2004-72, 2004-77 & 2005-04 (US Onyx)

  -- EUR30,000,000 Class C Secured Floating Rate Portfolio Linked
     Notes due 2024, Confirmed at A1; previously on 22 December
     2008 Downgraded to A1 and remains on Review for Possible
     Downgrade

  -- EUR50,000,000 Class C Secured Floating Rate Series 77,
     Confirmed at A1; previously on 22 December 2008 Downgraded to
     A1 and remains on Review for Possible Downgrade

  -- US$50,000,000 Class C Secured Floating Rate Series 2005-04,
     Confirmed at A1; previously on 19 December 2008 Downgraded to
     A1 and remains on Review for Possible Downgrade

Cloverie Plc - Series 2005-33 (US Onyx)

  -- Series 2005-33 - US$18,750,000 Class C Secured Floating Rate
     Portfolio Linked Notes due 2025, Downgraded to Ca; previously
     on 19 December 2008 Downgraded to Baa1 and remains on Review
     for Possible Downgrade

Cloverie Plc - Series 2005-34 (US Onyx)

  -- Series 2005-34 - US$18,750,000 Class C Secured Floating Rate
     Portfolio Linked Notes due 2025, Downgraded to Ca; previously
     on 19 December 2008 Downgraded to Baa1 and remains on Review
     for Possible Downgrade

Cloverie Plc - Series 2005-35 (US Onyx)

  -- Series 2005-35 - US$18,750,000 Class C Secured Floating Rate
     Portfolio Linked Notes due 2025, Downgraded to Ca; previously
     on 19 December 2008 Downgraded to Baa1 and remains on Review
     for Possible Downgrade

Cloverie Plc - Series 2005-46 (US Onyx)

  -- Series 2005-46 - US$15,000,000 Class C Secured Floating Rate
     Portfolio Linked Notes due 2025, Downgraded to C; previously
     on 19 December 2008 Downgraded to B3 and remains on Review
     for Possible Downgrade

Cloverie Plc - Series 2005-47 (US Onyx)

  -- Series 2005-47 - US$15,000,000 Class C Secured Floating Rate
     Portfolio Linked Notes due 2025, Downgraded to C; previously
     on 19 December 2008 Downgraded to Caa1 and remains on Review
     for Possible Downgrade

Cloverie Plc -Series 2005-48 (US Onyx)

  -- Series 2005- 48 - US$15,000,000 Class C Secured Floating
     Rate Portfolio Linked Notes due 2025, Downgraded to C;
     previously on 19 December 2008 Downgraded to B3 and remains
     on Review for Possible Downgrade

Cloverie Plc -Series 2005-49 (US Onyx)

  -- Series 2005- 49 - US$15,000,000 Class C Secured Floating
     Rate Portfolio Linked Notes due 2025, Downgraded to C;
     previously on 19 December 2008 Downgraded to B2 and remains
     on Review for Possible Downgrade

Cloverie Plc -Series 2005-74

  -- Series 2005-74 - Euro 40,000,000 Class C Secured Floating
     Rate Portfolio Linked Notes due 2020, Downgraded to C;
     previously on 19 December 2008 Downgraded to A2 and Placed
     Under Review for Possible Downgrade

Cloverie Plc -Series 2005-78, 79, 80 & 81 (Maracana)

  -- Series 2005-78 - US$15,000,000 Class S-2 Secured Floating
     Rate Portfolio Credit Linked Notes due 2043, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa2 and remains
     on Review for Possible Downgrade

  -- Series 2005-79 - US$15,000,000 Class S-4 Secured Floating
     Rate Portfolio Credit Linked Notes due 2043, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Series 2005-80 - US$15,000,000 Class A Secured Floating Rate
     Portfolio Credit Linked Notes due 2043, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Series 2005-81 - US$15,000,000 Class B Secured Floating Rate
     Portfolio Credit Linked Notes due 2043, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

Cloverie Plc -Series 2006-1/2/3

  -- Series 2006-1 - Class A Secured Floating Rate Portfolio
     Credit Linked Notes due 2045-1, Downgraded to C; previously
     on 19 December 2008 Downgraded to Ba1 and remains on Review
     for Possible Downgrade

  -- Series 2006-2 - Class B Secured Floating Rate Portfolio
     Credit Linked Notes due 2045-2, Downgraded to C; previously
     on 19 December 2008 Downgraded to B1 and remains on Review
     for Possible Downgrade

  -- Series 2006-3 - Class D Secured Floating Rate Portfolio
     Credit Linked Notes due 2045-3, Downgraded to C; previously
     on 19 December 2008 Downgraded to Caa3 and remains on Review
     for Possible Downgrade

Cloverie Plc -Series 64-65 (Brera)

  -- Series 2004-64 US$37,500,000 Class A Brera CDO I Secured
     Floating Rate Portfolio Credit Linked Notes due 2030,
     Downgraded to C; previously on 22 December 2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- Series 2004-65 US$50,000,000 Class B Brera CDO I Secured
     Floating Rate Portfolio Credit Linked Notes due 2030,
     Downgraded to C; previously on 15 July 2008 Downgraded to Ca

Coriolanus Limited Series 30

  -- Series 30 US$35,000,000 Floating Rate Portfolio Credit
     Linked Secured Notes due 2040, Confirmed at A2; previously on
     19 December 2008 Downgraded to A2 and Placed Under Review for
     Possible Downgrade

Coriolanus Limited Series 32 (Tsar 10 Class B Swap)

  -- Series 32 US$60,000,000 Floating and Variable Rate Secured
     Notes, Downgraded to C; previously on 15 August 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Coriolanus Limited Series 63 and 69

  -- Coriolanus Limited Series 63 US$50,000,000 Class B Floating
     Rate Secured Notes due 2046-1, Downgraded to C; previously on
     01 July 2008 Downgraded to Ca

-- Coriolanus Limited Series 69 US$5,000,000 Class B Floating
     Rate Secured Notes due 2046-2, Downgraded to C; previously on
     19 December 2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

Credit Derivative Transaction Sonoma Valley 2006-1

  -- US$23,000,000 Sonoma Valley swap, Confirmed at A3;
     previously on 19 December 2008 Downgraded to A3 and Placed
     Under Review for Possible Downgrade

Credit Derivative Transactions Sonoma Valley II 2006-1

  -- US$44,000,000 Sonoma Valley II Swap, Confirmed at A3;
     previously on 19 December 2008 Downgraded to A3 and Placed
     Under Review for Possible Downgrade

Delta CDO plc

  -- Series 2005-1 B-1 Floating Rate Credit Linked Secured Notes
     due 2039, Downgraded to C; previously on 19 December 2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Series 2005-1 C-1 Floating Rate Credit Linked Secured Notes
     due 2039, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa1 and remains on Review for Possible
     Downgrade

  -- Series 2005-1 D-1 Floating Rate Credit Linked Secured Notes
     due 2039, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Delta CDO Plc -Series 2005-2

  -- Series 2005-2 B-1 Floating Rate Credit Linked Secured Notes
     due 2045-1, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Series 2005-2 C-1 Floating Rate Credit Linked Secured Notes
     due 2045-1, Downgraded to C; previously on 10 November 2008
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade

  -- Series 2005-2 E-1 Floating Rate Credit Linked Secured Notes
     due 2045, Downgraded to C; previously on 10 November 2008
     Downgraded to Ca

Deutsche Bank AG (London Branch) - Tsar 11

  -- Class B Swap, Downgraded to C; previously on 27 June 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class C Swap, Downgraded to C; previously on 27 June 2008
     Downgraded to Ca

  -- Class D Swap, Downgraded to C; previously on 27 June 2008
     Downgraded to Ca

  -- Class E Swap, Downgraded to C; previously on 27 June 2008
     Downgraded to Ca

Deutsche Bank AG, London Branch - N-Tsar

  -- Class B Swap, Downgraded to C; previously on 22 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class C Swap, Downgraded to C; previously on 31 July 2008
     Downgraded to Ca

Deutsche Bank AG, London Branch - Tsar_05

  -- Class A Swap, Downgraded to Caa2; previously on 18 November
     2008 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade

  -- Class A(3) Swap, Downgraded to C; previously on 22 December
     2008 Downgraded to B1 and remains on Review for Possible
     Downgrade

  -- Class A- (1) Swap, Downgraded to C; previously on 22 December
     2008 Downgraded to Caa1 and remains on Review for Possible
     Downgrade

  -- Class A (2) Swap - Earls Four Limited Series 899, Downgraded
     to C; previously on 22 December 2008 Downgraded to Caa3 and
     remains on Review for Possible Downgrade

  -- Class A- (2) Swap, Downgraded to C; previously on 18 November
     2008 Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B Swap, Downgraded to C; previously on 18 November 2008
     Downgraded to Ca

  -- Class B(1) swap, Downgraded to C; previously on 18 November
     2008 Downgraded to Ca

Eirles Four Limited - Series 32 due 2013

  -- Series 32 Floating and Variable Rate Secured Notes,
     Downgraded to C; previously on 22 December 2008 Downgraded to
     Caa1 and remains on Review for Possible Downgrade

Eirles Four Series 60 (Tsar_05 Class A and Class A- Swap)

  -- Series 60 Floating and Variable Rate Secured Notes,
     Downgraded to C; previously on 22 December 2008 Downgraded to
     B3 and remains on Review for Possible Downgrade

Eirles Two Limited - Series 101, 102, 103, 104

  -- Eirles Two Limited - Series 101, Downgraded to C; previously
     on 22 December 2008 Downgraded to Caa3 and remains on Review
     for Possible Downgrade

  -- Eirles Two Limited - Series 102, Downgraded to C; previously
     on 31 July 2008 Downgraded to Ca

Eirles Two Limited - Series 134, 135, 136, 137

  -- Series 134 US$20,625,000 Floating and Variable Rate Secured
     Notes, Downgraded to C; previously on 27 June 2008 Downgraded
     to Ca

  -- Series 135 US$16,875,000 Floating and Variable Rate Secured
     Notes, Downgraded to C; previously on 27 June 2008 Downgraded
     to Ca

  -- Series 136 US$22,500,000 Floating and Variable Rate Secured
     Notes, Downgraded to C; previously on 27 June 2008 Downgraded
     to Ca

  -- Series 137 US$37,500,000 Floating and Variable Rate Secured
     Notes, Downgraded to C; previously on 27 June 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited - Series 68 due 2012

  -- Series 68 Floating and Variable Rate Secured Notes,
     Downgraded to C; previously on 18 November 2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited - Series 69 due 2012

  -- Series 69 JPY 3,000,000,000 Floating and Variable Rate
     Secured Notes due Sept 2012, Downgraded to C; previously on
     18 November 2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

Eirles Two Limited Series 181

  -- Series 181 US$50,000,000 Floating Rate Portfolio Credit
     Linked Secured Notes due 2045, Downgraded to C; previously on
     19 December 2008 Downgraded to A3 and remains on Review for
     Possible Downgrade

Eirles Two Limited Series 198

  -- Series 198 EUR25,000,000 Floating Rate Portfolio Credit
     Linked Secured Notes due 2093, Confirmed at Baa1; previously
     on 19 December 2008 Downgraded to Baa1 and Placed Under
     Review for Possible Downgrade

Eirles Two Limited Series 273 & 274

  -- Series 273, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Series 274, Downgraded to C; previously on 23 May 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Eirles Two Limited Series 286, Series 287, Series 288

  -- Series 286 Class B US$42,000,000 Variable Rate Secured Notes
     due 2046, Downgraded to C; previously on 18 July 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Series 287 Class C US$22,500,000 Variable Rate Secured Notes
     due 2046, Downgraded to C; previously on 18 July 2008
     Downgraded to Ca

Eirles Two Limited Series 300

  -- Series 300, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Eirles Two Limited Series 75 (TSAR 5 Class A- (2) repack)

  -- Series 75 JPY 1,000,000,000 Floating and Variable Rate
     Secured Notes due August 2015, Downgraded to C; previously on
     18 November 2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

Eirles Two Series 71 (Tsar_05 Class A- (1) Swap)

  -- Eirles Two Series 71 Floating and Variable Rate Secured
     Notes, Downgraded to C; previously on 22 December 2008
     Downgraded to Caa1 and remains on Review for Possible
     Downgrade

ELM B.V. - LABS Series 2007-1

  -- EUR50,000,000 Series 2007-1 - LABS due 2027, Confirmed at
     A3; previously on 19 December 2008 Downgraded to A3 and
     Placed Under Review for Possible Downgrade

ELM B.V. - Series 57 - Leveraged Asset Backed Securities 2006-3

  -- EUR22,500,000 Floating Rate Credit Linked Secured Notes due
     2026, Confirmed at Baa2; previously on 19 December 2008
     Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade

ELM B.V. - Series 79 - Leveraged Asset-Backed Securities 2006-4

  -- EUR22,500,000 Floating Rate Credit Linked Secured Notes due
     2026, Confirmed at A3; previously on 19 December 2008
     Downgraded to A3 and Placed Under Review for Possible
     Downgrade

ELM B.V. Series 41

  -- EUR84,000,000 Floating Rate Credit Linked Secured Notes due
     2056, Confirmed at A3; previously on 19 December 2008
     Downgraded to A3 and Placed Under Review for Possible
     Downgrade

ELM B.V. Series 48 - Leveraged Asset Backed Securities 2006-2

  -- EUR22,500,000 Floating Rate Credit Linked Secured Notes due
     2056, Confirmed at A3; previously on 19 December 2008
     Downgraded to A3 and Placed Under Review for Possible
     Downgrade

Faxtor ABS 2003-1 B.V.

  -- Class A-1E Floating Rate Notes, Confirmed at Aa1; previously
     on 22 December 2008 Downgraded to Aa1 and Placed Under Review
     for Possible Downgrade

  -- Class A-2E Floating Rate Notes, Downgraded to A2; previously
     on 22 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

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

  -- Class A-3E Floating Rate Notes, Downgraded to Baa3;
     previously on 22 December 2008 Downgraded to Baa1 and Placed
     Under Review for Possible Downgrade

  -- Class A-3F Fixed Rate Notes, Downgraded to Baa3; previously
     on 22 December 2008 Downgraded to Baa1 and Placed Under
     Review for Possible Downgrade

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

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

Faxtor ABS 2004-1 B.V.

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

  -- Class A-2 Floating Rate Note, Confirmed at Aa3; previously on
     22 December 2008 Downgraded to Aa3 and Placed Under Review
     for Possible Downgrade

  -- Class A-3 Floating Rate Notes, Downgraded to A3; previously
     on 22 December 2008 Downgraded to A2 and Placed Under Review
     for Possible Downgrade

  -- Class BE Floating Rate Notes, Confirmed at Ba1; previously on
     22 December 2008 Downgraded to Ba1 and Placed Under Review
     for Possible Downgrade

  -- Class BF Fixed Rate Notes, Confirmed at Ba1; previously on 22
     December 2008 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade

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

Faxtor HG 2007-1

  -- Class A-1M Floating Rate Delayed Draw Secured Notes due 2049,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to B1 and remains on Review for Possible Downgrade

  -- Class A-2 Floating Rate Secured Notes due 2049, Downgraded to
     C; previously on 09 April 2008 Downgraded to Ca

G Square Finance 2007-1 Ltd

  -- Class A-1 Senior Secured Floating Rate Notes due 2052,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

G Square Finance Limited

  -- Class A Notes, Downgraded to C; previously on 22 December
     2008 Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B Notes, Downgraded to C; previously on 28 November
     2008 Downgraded to Ca

Gennaker I CDO Limited

  -- US$521,700,000 Class A-1A Floating Rate Notes Due 2045,
     Downgraded to B1; previously on 19 December 2008 Downgraded
     to A1 and remains on Review for Possible Downgrade

  -- US$0 Class A-1B Floating Rate Notes Due 2045, Downgraded
     to B1; previously on 19 December 2008 Downgraded to A1 and
     remains on Review for Possible Downgrade

  -- US$25,800,000 Class A-2 Floating Rate Notes Due 2045,
     Downgraded to Caa3; previously on 19 December 2008 Downgraded
     to Baa2 and remains on Review for Possible Downgrade

  -- US$12,900,000 Class B Floating Rate Notes Due 2045,
     Downgraded to C; previously on 19 December 2008 Downgraded to
     B1 and remains on Review for Possible Downgrade

  -- US$13,560,000 Class C Deferrable Floating Rate Notes Due
     2045, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Herald Limited - Logan CDO

  -- Herald Limited Series 25 (Class A-1), Downgraded to C;
     previously on 10 September 2008 Downgraded to Ca

Iona CDO I Limited

  -- Class A Secured Floating Rate Credit-Linked Notes due 2049,
     Downgraded to C; previously on 22 December 2008 Downgraded to
     B2 and remains on Review for Possible Downgrade


  -- Class B Secured Floating Rate Credit-Linked Notes due 2049,
     Downgraded to C; previously on 12 December 2008 Downgraded to
     Caa3 and Placed Under Review for Possible Downgrade

  -- Class C Deferrable Interest Secured Floating Rate Credit-
     Linked Notes due 2049, Downgraded to C; previously on 12
     December 2008 Downgraded to Ca

Logan CDO II Limited

  -- Super Senior Swap, Downgraded to Caa2; previously on 19
     December 2008 Downgraded to Caa1 and remains on Review for
     Possible Downgrade

  -- Class A-1 Floating Rate Credit Linked Secured Notes,
     Downgraded to C; previously on 18 June 2008 Downgraded to Ca

Lunar Funding V Plc -Series 36 & 37

  -- Series 2007-36 Notes due 2052, Downgraded to C; previously on
     19 December 2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- Series 2007-37 Notes due 2052, Downgraded to C; previously on
     18 June 2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

Mainsail CDO I Limited

  -- Mainsail CDO I Ltd - Junior super senior tranche #1,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to Caa1 and remains on Review for Possible Downgrade

  -- Class A1 Secured Floating Rate Credit-Linked Notes,

     Downgraded to C; previously on 11 July 2008 Downgraded to Ca

Marc CDO I Plc

  -- US$38,000,000 Class A1 Secured Floating Rate Credit Linked
     Notes due 2053, Downgraded to C; previously on 15 July 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- US$20,000,000 Class A2 Secured Floating Rate Credit Linked
     Notes due 2053, Downgraded to C; previously on 15 July 2008
     Downgraded to Ca

Menton II CDO plc

  -- US$40,000,000 Class A1 Secured Floating Rate Credit Linked
     Notes due 2053, Downgraded to C; previously on 11 June 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Mill Reef SCDO 2005-1 Ltd

  -- Super Senior Swap, Downgraded to Ca; previously on 19
     December 2008 Downgraded to Ba1 and remains on Review for
     Possible Downgrade

  -- Class A-1L, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class X, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class A-2L, Downgraded to C; previously on 11 August 2008
     Downgraded to Ca

North Sea Island CDO I Limited

  -- Series of Class A Floating Rate Notes Due September 2095,
     Downgraded to Ca; previously on 19 December 2008 Downgraded
     to B2 and remains on Review for Possible Downgrade

  -- Series of Class B Floating Rate Notes Due September 2095,
     Downgraded to C; previously on 28 November 2008 Downgraded to
     Ca

Omega Capital Europe p.l.c. Series 41 (Sycamore)

  -- Class A Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to B2 and remains on Review for Possible
     Downgrade

  -- Class A-Bis Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to B2 and remains on Review for Possible
     Downgrade

  -- Class A-J Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to B2 and remains on Review for Possible
     Downgrade

  -- Class B Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B-Fixed Notes, Downgraded to C; previously on 19
     December 2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- Class B-J Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B-U Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class C Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to Caa1 and remains on Review for Possible
     Downgrade

Omega Capital Europe p.l.c. Series 46 (Sycamore Series 2)

  -- Class A Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to B2 and remains on Review for Possible
     Downgrade

  -- Class B Notes, Downgraded to C; previously on 11 September
     2008 Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class C Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to Caa2 and remains on Review for Possible
     Downgrade

Omega Capital Europe plc Series 50 (Sycamore  Series 3-Bis Pf1)

  -- Class AE-10 Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- Class CE-10 Notes, Downgraded to C; previously on 19 December
     2008 Downgraded to B3 and remains on Review for Possible
     Downgrade

Palmer Square plc

  -- Class A1-A Exchange Offer Floating Rate Notes due 2045,
     Downgraded to B3; previously on 19 December 2008 Downgraded
     to Baa3 and remains on Review for Possible Downgrade

  -- Class A1-A Floating Rate Notes due 2045, Downgraded to B3;
     previously on 19 December 2008 Downgraded to Baa3 and remains
     on Review for Possible Downgrade

  -- Class A2-A Step-Up Floating Rate Notes due 2045, Downgraded
     to Ca; previously on 07 November 2008 Downgraded to Caa3 and
     remains on Review for Possible Downgrade

  -- Class B-1 Deferrable Floating Rate Notes due 2045, Downgraded
     to C; previously on 07 November 2008 Downgraded to Ca

Palmer Square 2 plc

  -- Class X Floating Rate Notes due 2045, Confirmed at Aaa;
     previously on 19 December 2008 Aaa Placed Under Review for
     Possible Downgrade

  -- Class A1-M Floating Rate Notes due 2045, Confirmed at Caa2;
     previously on 19 December 2008 Downgraded to Caa2 and remains
     on Review for Possible Downgrade

  -- Class A1-Q Floating Rate Notes due 2045, Confirmed at Caa2;
     previously on 19 December 2008 Downgraded to Caa2 and remains
     on Review for Possible Downgrade

Royal Bank of Canada, London Branch - Logan CDO III Tranche SS

  -- Royal Bank of Canada London Logan CDO III, Downgraded to Ca;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

Salisbury International Investements Limited - Series 2005-10

  -- Series 2005-10 - US$18,750,000 Class C Secured Floating Rate
     Portfolio Linked Notes due 2025, Downgraded to C; previously
     on 19 December 2008 Downgraded to Caa1 and remains on Review
     for Possible Downgrade

Salisbury International Investments Limited - Series 2005-11

  -- Series 2005- 11 - US$18,750,000 Class C Secured Floating
     Rate Portfolio Linked Notes due 2025, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

Salisbury International Investments Limited - Series 2005-12

  -- Series 2005- 12 - US$18,750,000 Class C Secured Floating
     Rate Portfolio Linked Notes due 2025, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa2 and remains
     on Review for Possible Downgrade

Salisbury International Investments Limited - Series 2005-13

  -- Series 2005- 13 - US$18,750,000 Class C Secured Floating
     Rate Portfolio Linked Notes due 2025, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa2 and remains
     on Review for Possible Downgrade

Salisbury International Investments Ltd - Series 2006-1

  -- US$41,000,000 Class M-2 Secured Floating Rate Portfolio
     Credit Linked Notes due 2046, Downgraded to C; previously on
     19 December 2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

SGA Societe Generale Acceptance N.V. Series 7040/04-09

  -- Tranche 1 EUR28,500,000 Napa Valley II Synthetic CDO of ABS
     Floating Rate Notes due 2024, Downgraded to Ca; previously on
     22 December 2008 Downgraded to Caa1 and remains on Review for
     Possible Downgrade

SGA Societe Generale Acceptance N.V. Series 7041/04-09

  -- Tranche 1 EUR5,000,000 Napa Valley II Synthetic CDO of ABS
     Floating Rate Notes due 2024, Downgraded to Ca; previously on
     22 December 2008 Downgraded to Caa1 and remains on Review for
     Possible Downgrade

Societe Generale - Credit Default Swap (Millesime 2007-2
portfolio)

  -- Credit default swap ref EXO-1224830, Downgraded to Baa3;
     previously on 19 December 2008 Downgraded to Baa2 and Placed
     Under Review for Possible Downgrade

Societe Generale - Credit Default Swap (Millesime 2007-3
portfolio)

  -- Credit Default Swap Ref: EXO-1359959, Downgraded to Ba2;
     previously on 19 December 2008 Downgraded to Baa2 and Placed
     Under Review for Possible Downgrade

Societe Generale - Credit Default Swap (Napa Valley IX portfolio)

  -- Credit Default Swap, Downgraded to C; previously on 19
     December 2008 Downgraded to Ba3 and remains on Review for
     Possible Downgrade

Societe Generale - Napa Valley II Synthetic CDO of ABS Swap

  -- CDS providing protection on the reference portfolio for
     losses exceeding 0.05% up to 1.65% of the portfolio related
     to SGA Series 7041/04-09 Notes, Downgraded to Ca; previously
     on 22 December 2008 Downgraded to Caa1 and remains on Review
     for Possible Downgrade

  -- CDS providing protection on the reference portfolio for
     losses up to 1.65% of the portfolio related to SGA Series
     7040/04-09 Notes, Downgraded to Ca; previously on 22 December
     2008 Downgraded to Caa1 and remains on Review for
     Possible Downgrade

Societe Generale Securities - Napa Valley VI

  -- Napa Valley VI Credit Default Swap, Downgraded to C;
     previously on 19 December 2008 Downgraded to Ba2 and remains
     on Review for Possible Downgrade

Stanton Vintage CDO P.L.C.

  -- Class A Senior Floating Rate Notes due in 2048, Downgraded to
     C; previously on 19 December 2008 Downgraded to A1 and
     remains on Review for Possible Downgrade

  -- Class B Deferrable Floating Rate Notes due 2048, Downgraded
     to C; previously on 19 December 2008 Downgraded to A2 and
     remains on Review for Possible Downgrade

  -- Class C Deferrable Floating Rate Notes due 2048, Downgraded
     to C; previously on 19 December 2008 Downgraded to B1 and
     remains on Review for Possible Downgrade

  -- Class D Deferrable Floating Rate Notes due 2048, Downgraded
     to C; previously on 19 December 2008 Downgraded to Caa3 and
     remains on Review for Possible Downgrade

  -- Class P Combination Notes due 2048, Downgraded to C;
     previously on 19 December 2008 Downgraded to Caa1 and remains
     on Review for Possible Downgrade

TABS 2005-02 Oakville

  -- US$263,000,000 Class A-1 Senior Secured Floating Rate Notes
     due 2045, Downgraded to Ca; previously on 19 December 2008
     Downgraded to A1 and remains on Review for Possible Downgrade

  -- US$28,400,000 Class A-2 Senior Secured Floating Rate Notes
     due 2045, Downgraded to C; previously on 19 December 2008
     Downgraded to Caa1 and remains on Review for Possible
     Downgrade

  -- US$70,600,000 Class B Senior Secured Floating Rate Notes
     due 2045, Downgraded to C; previously on 26 June 2008
     Downgraded to Ca

  -- US$4,000,000 Class C Senior Secured Deferrable Floating
     Rate Notes due 2045, Downgraded to C; previously on 23 April
     2008 Downgraded to Ca

Tempo CDO 1 Limited

  -- Class A, Downgraded to Ca; previously on 22 December 2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to C; previously on 22 December 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class C, Downgraded to C; previously on 06 November 2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

UBS AG, Jersey Branch - eLevate Series 2007-1

  -- Adjustable Spread Leveraged Notes - eLevate Series 2007-1,
     Downgraded to Baa2; previously on 19 December 2008 Downgraded
     to Baa1 and Placed Under Review for Possible Downgrade

UBS AG, Jersey Branch - eLevate Series 2007-2

  -- Adjustable Spread Leveraged Notes - eLevate Series 2007-2,
     Confirmed at A3; previously on 19 December 2008 Downgraded to
     A3 and Placed Under Review for Possible Downgrade

UBS AG, Jersey Branch - LABS 2006-1

  -- EUR75,000,000 Leveraged Asset-backed Securities due 2056,
     Confirmed at Baa1; previously on 19 December 2008 Downgraded
     to Baa1 and Placed Under Review for Possible Downgrade

UBS AG, Jersey Branch - Series 2005-1 (eLevate)

  -- EUR22,500,000 Leveraged Notes (eLevate) Series 2005-1,
     Confirmed at Baa1; previously on 19 December 2008 Downgraded
     to Baa1 and Placed Under Review for Possible Downgrade

UBS AG, London Branch - EUR225,000,000 Syndicated Loan Facility to
TREES

  -- EUR225,000,000 Syndicated loan facility to TREES, Confirmed
     at A3; previously on 19 December 2008 Downgraded to A3 and
     Placed Under Review for Possible Downgrade


* Moody's Downgrades Ratings on Two Tranches from European CDOs
---------------------------------------------------------------
Moody's has downgraded two tranches across two European CDOs.  The
downgrades are prompted by the exposure of these CDOs to trust
preferred securities or subordinated debt issued by European real
estate operating companies, commercial mortgage backed securities,
and European real estate related loans.

Due to the continued credit crisis and weak economic conditions,
defaults and interest payment deferrals for all collateral types
backing these CDOs are expected to be worse than previously
anticipated.  Moody's believes the weak economic environment will
continue throughout this year resulting in more defaults and low
recoveries in this area.

The rating actions are the result of using a combination of these
analysis:

  (1) Cash-flow modeling analysis
  (2) Coverage analysis
  (3) Event of default analysis
  (4) Break-even analysis.

                   Cash Flow Modeling Analysis

Moody's assumed any security currently defaulted, deferring
payment, or with a rating of less than Caa2 to be defaulted with a
zero recovery.  These assumed defaults were removed from the total
collateral par amount used to run the cash flow models.

Moody's public ratings of the underlying securities were used as
the basis for determining which securities in each scenario would
be assumed to be defaulted as well as for calculating the default
probability of the performing collateral.  The default probability
of the performing collateral was calculated by taking its weighted
average rating factor and extrapolating the corresponding default
probability from Moody's idealized default probability table based
on the weighted average life of the collateral portfolio.  The
ratings used for the analysis were also adjusted one notch
downward for a negative outlook and two notches downward for
review for possible downgrade. For unrated securities, Moody's
assumed these names had an implied rating of B3, which is at the
lowest range of the financial measures used to asses these
credits.  The financial measures are further described in Moody's
Approach to Rating U.S. REIT CDOs, April 4, 2006.  Moody's
previously assumed many of these unrated names had implied ratings
of B1 or B2.

Moody's calculated a correlation using MOODY'S CDOROMv2.5(TM)
which splits REOCs into eight classifications.  Moody's further
stressed the correlations because each of these CDOs is completely
backed by real estate related securities, which have proven to be
more highly interdependent during this cycle.

Moody's assumed a 10% recovery rate for all collateral types in
these CDOs.

Among the various model parameters, the assumed defaulted par had
the greatest impact on ratings.  Other than the assumptions noted
above, the cash flow model also used the approach outlined in the
Methodology Paper.

                        Coverage Analysis

For each rated tranche, Moody's calculated coverage ratios using
the par amounts from the two cash flow modeling scenarios.  The
coverage ratio was calculated as the performing collateral par
over the par amounts of the tranche being evaluated.  The
performing collateral excluded all assumed defaults as described
above as well as the default probability adjusted par.  The
default probability adjusted par was calculated by multiplying the
pool default probability by the performing collateral.

                    Event of Default Analysis

The most likely reason for an event of default to trigger in these
CDOs is non-payment of interest on a non-deferrable tranche or a
senior coverage test generally falling below 100% caused by a
sufficient number of defaults or deferral of interest on the
underlying securities.  In the event of an EOD, most CDOs allow
the controlling class, generally the super senior tranche, the
right to accelerate cash flows or liquidate the collateral
portfolio.  For these rating actions, Moody's assumed liquidation
would not result if EOD occurs because much of the underlying
collateral does not have an active market making it difficult to
sell the portfolio.  Instead, if EOD occurs, Moody's assumed the
controlling class would rather elect to accelerate cash flows from
the underlying performing securities.

There are uncertainties with EOD and although no tranches remain
on review for possible downgrade, further downgrades may be
warranted if an EOD is triggered within any of these CDOs.

                       Break-even Analysis

Moody's also looked at scenarios to see how many underlying
securities would have to default before a loss is realized on a
tranche.  This analysis was mainly used as a supplement to the
other methods in determining the sufficiency of the current
subordination at each assigned rating.

In order to promote market transparency, Moody's encourages the
underwriters and collateral managers for these CDOs to publish the
list of collateral securities.

Taberna Europe CDO I p.l.c.

Assumed WARF: 2392

Assumed Defaulted Amount: EUR60,000,000.00

  -- EUR362,000,000 Class A1 Senior Floating Rate Notes due 2038,
     Downgraded to Ba1; previously on 02/28/2007 assigned Aaa

Taberna Europe CDO II p.l.c.

Assumed WARF: 2340

Assumed Defaulted Amount: EUR94,000,000.00

  -- EUR588,000,000 Class A1 Senior Floating Rate Notes due 2038,
     Downgraded to Ba1; previously on 11/05/2008 Downgraded to A2
     and Placed on Review for Possible Downgrade


* BOND PRICING: For the Week April 20 to April 24, 2009
-------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Bawag PSK                 3.500    03/09/17      EUR     74.72
Oester Volksbk            4.810    07/29/25      EUR     63.94
Raiff Centrobank          12.00    07/17/09      EUR     58.67

CYPRUS
------
Abh Financial Lt          8.200    06/25/12      USD     77.60

FRANCE
------
Alcatel SA                4.750    01/01/11      EUR     14.13
Alcatel SA                6.380    04/07/14      EUR     63.46
Axa SA                    7.130    12/15/20      GBP     73.88
Axa SA                    8.600    12/15/30      USD     69.00
Calyon                    6.000    06/18/47      EUR     40.39
Cap Gemini SA             2.500    01/01/10      EUR     51.32
Cap Gemini Soget          1.000    01/01/12      EUR     39.76
Cap Gemini Soget          3.500    01/01/14      EUR     36.23
Cie Fin Foncier           3.880    04/25/55      EUR     73.33
Ciments Francais          4.750    04/04/17      EUR     77.75
Club Mediterrane          4.380    11/01/10      EUR     41.22
CMA CGM                   5.500    05/16/12      EUR     43.13
CMA CGM                   5.500    05/16/12      EUR     43.21
CMA CGM                   7.250    02/01/13      USD     38.63
CMA CGM                   7.250    02/01/13      USD     42.13
Soc Air France            2.750    04/01/20      EUR     18.99

GERMANY
-------
Bayer AG                 5.000     07/29/2105    EUR     75.27
Bayerische Lndbk         4.250     10/05/16      EUR     70.59
Bayerische Lndbk         4.500     02/07/19      EUR     66.04
City of Moscow           5.060     10/20/16      EUR     74.04

GREECE
------
Antenna TV SA            7.250     02/15/15      EUR     64.50

HUNGARY
-------
Agrokor                   7.000    11/23/11      EUR     71.66

IRELAND
-------
Alfa Bank                 8.630    12/09/15      USD     57.50
Alfa Bank                 8.640    02/22/17      USD     55.14
Allied Irish Bks          7.880    07/05/23      GBP     66.09
Allied Irish Bks          5.250    03/10/25      GBP     58.86
Allied Irish Bks          5.630    11/29/30      GBP     46.66
Ardagh Glass              7.130    06/15/17      EUR     70.42
Ardagh Glass              7.130    06/15/17      EUR     72.88
Banesto Finance           6.120    11/07/37      EUR      6.12
Bank of Ireland           4.880    01/22/18      GBP     67.73
Bank of Ireland           4.630    02/27/19      EUR     52.70
Bank Soyuz                9.380    02/16/10      USD     69.97

ITALY
-----
Cir SpA                   5.750    12/16/24      EUR     60.88

LUXEMBOURG
----------
Alrosa Finance            8.880    11/17/14      USD     72.45
Alrosa Finance            8.880    11/17/14      USD     73.08
Bank of Moscow            7.500    11/25/15      USD     66.00
Bank of Moscow            6.810    05/10/17      USD     56.98
Beverage Pack             8.000    12/15/16      EUR     72.71
Beverage Pack             9.500    06/15/17      EUR     53.21
Beverage Pack             9.500    06/15/17      EUR     60.13
Cirsa Capital             7.880    07/15/12      EUR     55.63
Cirsa Capital             7.880    07/15/12      EUR     57.50
Cirsa Fin Lux             8.750    05/15/14      EUR     43.63
Cirsa Fin Lux             8.750    05/15/14      EUR     49.75
Globus Capital            8.500    03/05/12      USD     47.43
Severstal OAO             9.750    07/29/13      USD     77.08
Severstal OAO             9.750    07/29/13      USD     76.90
Severstal OAO             9.250    04/19/14      USD     73.58
Severstal OAO             9.250    04/19/14      USD     75.54

NETHERLANDS
-----------
ABN Amro Bank NV          6.000    03/16/35      EUR     56.58
ABN Amro Bank NV          6.250    06/29/35      EUR     39.41
Achmea Hypobk             4.300    04/03/24      EUR     69.01
Achmea Hypobk             4.000    12/27/24      EUR     65.41
Aegon NV                  6.130    12/15/31      GBP     64.17
Air Berlin Finan          1.500    04/11/27      EUR     35.69
ALB Finance BV            9.000    11/22/10      GBP     14.99
ALB Finance BV            9.750    02/14/11      GBP     14.99
ALB Finance BV            8.750    04/20/11      EUR     17.48
ALB Finance BV            7.880    02/01/12      EUR     11.49
Alfa Bk Ukraine           9.750    12/22/09      USD     58.53
ASM Holding NV            5.750    06/13/17      EUR     73.50
ASM Intl NV               4.250    12/06/11      USD     75.74
Astana Finance            9.000    11/16/11      USD     22.46
ATF Capital BV            9.250    02/21/14      USD     50.96
Bk Ned Gemeenten          0.500    06/27/18      CAD     70.11
Bk Ned Gemeenten          0.500    02/24/25      CAD     46.91
Cabot Finance             5.250    09/01/13      USD     74.39
Cemex Fin Europe          4.750    03/05/14      EUR     55.58
Centercrdt Intl           8.000    02/02/11      USD     58.30
Centercrdt Intl           8.630    01/30/14      USD     47.20
Centercrdt Intl           8.630    01/30/14      USD     48.48
Clondalkin BV             8.000    03/15/14      EUR     39.50
Clondalkin BV             8.000    03/15/14      EUR     39.88
Hit Finance BV            4.880    10/27/21      EUR     70.19
JSC Bank Georgia          9.000    02/08/12      USD     44.39
Turanalem Fin BV          7.130    12/21/09      GBP     32.49
Turanalem Fin BV          7.880    06/02/10      USD     21.49
Turanalem Fin BV          6.250    09/27/11      EUR     19.98
Turanalem Fin BV          7.750    04/25/13      USD     20.45
Turanalem Fin BV          8.000    03/24/14      USD     20.44
Turanalem Fin BV          8.500    02/10/15      USD     20.44
Turanalem Fin BV          8.250    01/22/37      USD     19.44

ROMANIA
-------
Bucharest                 4.130    06/22/15      EUR     62.70

SPAIN
-----
Abertis Infra             4.380    03/30/20      EUR     78.68
Ayt Cedulas Caja          3.750    12/14/22      EUR     74.77
Ayt Cedulas Caja          3.750    06/30/25      EUR     69.63
Bancaja                   4.380    02/14/17      EUR     66.28
Banco Bilbao Viz          4.380    10/20/19      EUR     75.33
Bankinter SA              6.000    12/18/28      EUR     74.40
Cedulas TDA 6             3.880    05/23/25      EUR     75.04
Cedulas TDA A-6           4.250    04/10/31      EUR     71.39

UNITED KINGDOM
--------------
Alpha Credit Grp          2.940    03/04/35      JPY     47.71
Amlin Plc                 6.500    12/19/26      GBP     64.59
Anglian Wat Fin           2.400    04/20/35      GBP     46.37
Anglo American            9.380    04/08/19      USD    100.33
Annes Gate Ppty           5.660    06/30/31      GBP     74.32
Arsenal Sec               5.140    09/01/29      GBP     68.47
Ashtead Holdings          8.630    08/01/15      USD     58.38
Ashtead Holdings          8.630    08/01/15      USD     59.13
Aspire Defence            4.670    03/31/40      GBP     62.37
Aviva Plc                 5.250    10/02/23      EUR     43.36
Aviva Plc                 6.880    05/22/38      EUR     42.78
Aviva Plc                 6.880    05/20/58      GBP     55.74
Barclays Bk Plc           11.650   05/20/10      USD     48.65
Barclays Bk Plc           4.500    03/04/19      EUR     76.23
Barclays Bk Plc           5.750    09/14/26      GBP     68.95
Barclays Bk Plc           6.330    09/23/32      GBP     66.67
Beazley Group             7.250    10/17/26      GBP     62.45
BL Super Finance          5.270    07/04/25      GBP     64.63
BL Super Finance          4.480    10/04/25      GBP     74.42
BL Super Finance          5.580    10/04/25      GBP     72.49
Bradford&Bin Bld          4.880    06/28/17      EUR     75.66
Bradford&Bin Bld          5.750    12/12/22      GBP     13.75
Bradford&Bin Bld          6.630    06/16/23      GBP     10.38
Bradford&Bin Bld          4.910    02/01/47      EUR     57.21
Brit Insurance            6.630    12/09/30      GBP     57.53
British Airways           8.750    08/23/16      GBP     74.00
British Land Co           5.360    03/31/28      GBP     76.22
British Land Co           5.260    09/24/35      GBP     66.27
British Land Co           5.260    09/24/35      GBP     70.32
British Tel Plc           5.750    12/07/28      GBP     70.43
British Tel Plc           6.380    06/23/37      GBP     71.01
Britannia Bldg            5.750    12/02/24      GBP     64.45
Britannia Bldg            5.880    03/28/33      GBP     59.75
Brixton Plc               6.000    12/30/10      GBP     62.45
Brixton Plc               5.250    10/21/15      GBP     46.57
Brixton Plc               6.000    09/30/19      GBP     38.06
Broadgate Finance         4.850    04/05/31      GBP     73.57
Broadgate Finance         5.000    10/05/31      GBP     66.26
Broadgate Finance         5.100    04/05/33      GBP     60.41
Broadgate Finance         4.820    07/05/33      GBP     69.96
Cattles Plc               7.880    01/17/14      GBP      9.48
Cattles Plc               8.130    07/05/17      GBP      7.88
CGNU Plc                  6.130    11/16/26      GBP     55.49
City of Kiev              8.250    11/26/12      USD     39.39
City of Kiev              8.000    11/06/15      USD     34.39
Clerical Med Fin          6.450    07/05/23      EUR     40.17
Guardian Royal            6.630    08/21/23      GBP     87.82
Heating Finance           7.880    03/31/14      GBP     44.88
Prudential Bank           6.880    12/29/21      GBP     74.43

                            *********

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 * * *