TCREUR_Public/090601.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, June 1, 2009, Vol. 10, No. 106

                            Headlines

A U S T R I A

AHC ALLGEMEINES: Claims Registration Period Ends June 10
AMIA-HANDEL GMBH: Claims Registration Period Ends June 10
GALA GARTEN-PARTNER: Claims Filing Period Ends June 8
GURKTALER KARL: Claims Filing Period Ends June 8
H.W.G. GMBH: Claims Registration Period Ends June 8

MTB GRAUSAM: Claims Filing Deadline is June 10


F R A N C E

CHRISTIAN LACROIX: Launches Insolvency Proceedings
EIFFEL CDO: Moody's Cuts Rating on Series 2006-2 Notes to 'Ca'
NORTEL NETWORKS: Court Approves Sale of French Unit
PERNOD RICARD: Fitch Assigns 'BB+' Senior Unsecured Rating
TREES SA: Moody's Junks Ratings on Two Classes of Notes From 'B1'


G E R M A N Y

FRIBAD COSMETICS: Declares Bankruptcy
SPV: Court Appoints Provisional Insolvency Administrator
WOOLWORTH GMBH: Gordon Bros May Acquire 130 Small Stores


G R E E C E

DRYSHIPS INC: Inks Deal with Deutsche Bank on Debt Waiver Terms


I C E L A N D

STRAUMUR-BURDARAS INVESTMENT: Fitch Affirms 'D' Issuer Ratings


I R E L A N D

OMEGA CAPITAL: Moody's Junks Rating on EUR150 Million Notes


K A Z A K H S T A N

AKTAU COSMETIC: Creditors Must File Claims by June 19
ATYRAU MEDIA: Creditors Must File Claims by June 19
LIDER L: Creditors Must File Claims by June 19
MANGISTAU COMMERCE: Creditors Must File Claims by June 19
PRIKASPY BUR: Creditors Must File Claims by June 19


K Y R G Y Z S T A N

ADMIN KG: Creditors Must File Claims by July 3


N E T H E R L A N D S

HERMES: Fitch Affirms Ratings on Three Class E Tranches at 'BB'


R U S S I A

B&N BANK: S&P Cuts LT Counterparty Credit Rating to 'B-/ruBBB-'
BAZARNOSYZGANSKIY WOOD: Creditors Must File Claims by June 7
BIK-STROY LLC: Creditors Must File Claims by July 7
BOGDANOVICHESKIY PORCELAIN: Creditors Must File Claims by June 7
ENERGO-MASH LLC: Creditors Must File Claims by June 7

EUROWOOD LLC: Creditors Must File Claims by July 7
KRASNOUFIMSKIY PILOT: Creditors Must File Claims by July 7
METALL-KOMPLEKT LLC: Creditors Must File Claims by June 7
ROS-PROM-STROY LLC: Creditors Must File Claims by July 7
SIB-STROY LLC: Creditors Must File Claims by June 7

STROY-MASTER LLC: Creditors Must File Claims by June 7
VIMPELCOM: Posts RUR8.5 Billion Net Loss in January-March 2009
X5 RETAIL: Posts US$82.1 Million Net Loss in January-March 2009


S P A I N

AMBAC ASSURANCE: Moody's Withdraws Rating on Minicentrales Bonds


S W I T Z E R L A N D

A2Z CHEMICALS: Claims Filing Deadline is June 5
ABIX ONLINE: Claims Filing Deadline is June 3
ANYA GMBH: Creditors Have Until June 4 to File Claims
B4B SERVICES: Creditors Must File Claims by June 4
BALKAN MINIMARKET: Claims Filing Deadline is June 3

DAVID VON ARX: Claims Filing Deadline is June 4
HUMBEL CONSULTING: Creditors Must File Proofs of Claim by June 3
MARKUS WIRZ AG: Claims Filing Deadline is June 4
STANFORD GROUP: Claims Filing Deadline is June 5
WU-SHU ACADEMY: Claims Filing Deadline is June 3


U K R A I N E

BUILDING INDUSTRY: Creditors Must File Claims by June 5
CITYPHON LLC: Creditors Must File Claims by June 6
INFOTIME OPTIMA: Creditors Must File Claims by June 5
MEDIA MASTER: Creditors Must File Claims by June 5
MEGA-TV PRODUCTION: Creditors Must File Claims by June 5

NADRA BANK: S&P Affirms 'SD' Long-Term Counterparty Credit Ratings
SWEDBANK INVEST: Moody's Cuts Local Currency Deposit Ratings to B1
SWEDBANK OJSC: Moody's Cuts Bank Financial Strength Rating to 'E'


U N I T E D   K I N G D O M

AMBAC ASSURANCE: Moody's Withdraws Ratings on Fasttrax Bonds
BRITISH AIRWAYS: Moody's Cuts Corporate Family Rating to 'Ba2'
CAVERSHAM BUCHANAN: Enters Voluntary Liquidation
DAWSON HOLDINGS: CEO Quits Post, Auditor Casts Going Concern Doubt
EDWARDS GROUP: Moody's Lowers Corporate Family Rating to 'B3'

EQUINOX PLC: Fitch Junks Ratings on Class E and F Tranches
KAUPTHING SINGER: JP Morgan Cazenove Sells 22% Booker Stake
VIRGIN MEDIA: Moody's Affirms Corporate Family Rating at 'Ba3'
VIRGIN MEDIA: Fitch Assigns 'BB' Rating on US$650 Million Notes
VIRGIN MEDIA: S&P Puts 'B+' Debt Rating on Positive CreditWatch

* S&P Takes Rating Actions on 315 European Synthetic CDO Tranches

* BOND PRICING: For the Week May 25 to May 29, 2009


                         *********


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


AHC ALLGEMEINES: Claims Registration Period Ends June 10
--------------------------------------------------------
Creditors owed money by AHC Allgemeines Herz Centrum GmbH have
until June 10, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Susanne Fruhstorfer
         Seilerstatte 17
         1010 Vienna
         Austria
         Tel: 512 57 76 13
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 24, 2009, for the
examination of claims.


AMIA-HANDEL GMBH: Claims Registration Period Ends June 10
---------------------------------------------------------
Creditors owed money by Amia-Handel GmbH have until June 10,
2009 , to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 24, 2009, for the
examination of claims.


GALA GARTEN-PARTNER: Claims Filing Period Ends June 8
-----------------------------------------------------
Creditors owed money by GaLa Garten-Partner GmbH have until
June 8, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Manfred Opetnik
         Hauptplatz 2
         9100 Voelkermarkt
         Austria
         Tel: 04232/4170
         Fax: 04232/4170-3
         E-mail: kanzlei@ra-opetnik.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on June 15, 2009, for the
examination of claims at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria


GURKTALER KARL: Claims Filing Period Ends June 8
-------------------------------------------------
Creditors owed money by Gurktaler Karl May Festspiele GmbH have
until June 8, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Paul Wolf
         Hauptplatz 27a
         9300 St. Veit/Glan
         Austria
         Tel: 04212/36843
         Fax: 04212/36843-43
         E-mail: mag.wolf@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 15, 2009, for the
examination of claims at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria


H.W.G. GMBH: Claims Registration Period Ends June 8
---------------------------------------------------
Creditors owed money by H.W.G. GmbH have until June 8, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Astrid Wutte-Lang
         Pfarrhofgasse 2
         9020 Klagenfurt
         Austria
         Tel: 0463/501111
         Fax: 0463/501111-20
         E-mail: klagenfurt@avia-law.com


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 15, 2009, for the
examination of claims at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria


MTB GRAUSAM: Claims Filing Deadline is June 10
----------------------------------------------
Creditors owed money by MTB Grausam KG have until June 10, 2009,
to file written proofs of claim to the court-appointed estate
administrator:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 24, 2009, for the
examination of claims.


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


CHRISTIAN LACROIX: Launches Insolvency Proceedings
--------------------------------------------------
Daily Mail Reporter reports that French fashion house Christian
Lacroix has launched insolvency proceedings after being hit by the
global recession.

The report relates the company, founded by French designer
Christian Lacroix, told the Paris commercial court that it could
not pay its creditors.   The company, which employs 125 people,
blamed the global financial crisis which has sharply hurt the
luxury goods industry, the report says.

According to the report, the company said it is seeking protection
from creditors in order to continue operations.

CEO Nicolas Topiol, as cited in the report, said Christian
Lacroix's owner, the Falic Group, has been talking with investors
but negotiations fell through because of the financial crisis.

The report recalls the Falic Group, a U.S. duty free retailer,
bought Christian Lacroix from Paris-based luxury goods group LVMH
Moet Hennessy Louis Vuitton in 2005.


EIFFEL CDO: Moody's Cuts Rating on Series 2006-2 Notes to 'Ca'
--------------------------------------------------------------
Moody's Investors Service downgraded its ratings of three classes
of notes issued by Eiffel CDO Limited.

The transactions are three managed synthetic corporate CDO
referencing the same portfolio and with the same credit
enhancement.  According to Moody's, the reference pool, which
includes Ambac Financial group and Cemex, suffered downward credit
rating migration greater than had been anticipated by its forward
looking measures

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

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

The rating actions are:

Eiffel CDO Limited:

(1) Series 2006-2 US$5,000,000 Tranche A2 Secured Step Up Floating
    Rate Notes due 2013

  -- Current Rating: Ca

  -- Prior Rating: Caa2

  -- Prior Rating Date: March 10, 2009, downgraded to Caa2 from
     Caa1

(2) The Series 2006-4 US$10,000,000 Tranche A1 Secured Step Up
    Floating Rate Notes due 2013

  -- Current Rating: Caa2
  -- Prior Rating: B2
  -- Prior Rating Date: March 10, 2009, downgraded to B2 from Ba3

(3) The Series 2007-1 US$10,000,000 Tranche A1 Secured Step Up
    Floating Rate Notes due 2013

  -- Current Rating: Caa2
  -- Prior Rating: B2
  -- Prior Rating Date: March 10, 2009, downgraded to B2 from Ba3


NORTEL NETWORKS: Court Approves Sale of French Unit
---------------------------------------------------
Heather Smith at Bloomberg News reports that a French court in
Versailles on Thursday approved the sale of Nortel Networks
Corp.'s French research and development unit, Nortel Networks SA.

Bloomberg News relates the court said it set an initial deadline
of Aug. 20 for a possible sale.  According to Bloomberg News, the
workers’ committee at the French unit opposed the sale, claiming
they hadn’t been properly consulted on the plan to sell the
company before the bankruptcy was filed.  Michel Clement, general
manager for the two French units, told Bloomberg News in a
telephone interview about 480 jobs could be affected.

Bloomberg News discloses the court said it had no choice other
than to approve the sale because the case was filed in the U.K.
initially.  The French unit will continue operations during the
sales process, Bloomberg News says citing Mr. Clement.

On May 27, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Reinhard Dammann, a lawyer in the Paris
office of Clifford Chance, said Nortel sought the liquidation of
the unit, one of the Toronto-based company's two French
subsidiaries, as part of bankruptcy procedures opened in London to
resolve the fate of its European businesses.  Citing Mr. Dammann,
Bloomberg News said 200 jobs at the unit could be saved depending
on the success of the sale.  Nortel, Bloomberg News noted, would
keep 130 French sales jobs.

                    About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc. and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets ofUS$11.6 billion and consolidated liabilities
ofUS$11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' aboutUS$4.2
billion of unsecured public debt.

Bankruptcy Creditors' Service, Inc., publishes Nortel Networks
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
and ancillary foreign proceedings undertaken by Nortel Networks
Corp. and its various affiliates.  (http://bankrupt.com/newsstand/
or 215/945-7000)


PERNOD RICARD: Fitch Assigns 'BB+' Senior Unsecured Rating
----------------------------------------------------------
Fitch Ratings has assigned France-based spirits company Pernod
Ricard SA's prospective issue of EUR-denominated notes an expected
senior unsecured rating of 'BB+'.  Pernod's Long-term Issuer
Default Rating is 'BB+' with a Stable Outlook.

The final rating is contingent upon receipt of final documents
conforming to information already received.

Pernod intends to use the proceeds of the notes for refinancing
existing short-term and medium-term debt.  The notes will
constitute senior unsecured obligations of Pernod and will rank
equally with all other present and future unsecured indebtedness
of Pernod.

Pernod's IDR reflects its strong business profile as the number
two player in the global spirits industry, with geographically
diverse operations and a product portfolio that includes powerful
brands in the major international categories of consumption.

Fitch notes that -- following the Vin & Sprit transaction --
Pernod's 'BB+' rating was not compatible with its high leverage of
over 6.0x on an annualized basis for financial year 2008, but
management has stated its commitment to reduce the net debt/EBITDA
ratio to 4.5x-5.0x by the financial year ended 2010, and to 4.0x
by FYE11.  The agency nonetheless remains concerned about the
evolution of Pernod's profits amid subdued consumer confidence and
disposable income.

In order to support reaching its reduced leverage targets, Pernod
completed a EUR1 billion rights issue in May 2009; the "Wild
Turkey" brand was agreed to be sold for EUR0.5 billion; and a few
less strategic brands are being put up for sale with the aim of
raising a total of approximately EUR1 billion by December 2009.
Finally, Pernod's cash dividend will be reduced by approximately
EUR0.2 billion in FY10.

Consequently, Fitch changed the Outlook on Pernod's ratings to
Stable from Negative on May 13, 2009, and affirmed the Long-term
IDR at 'BB+' reflecting the company's strengthened position within
the 'BB+' rating following these initiatives.


TREES SA: Moody's Junks Ratings on Two Classes of Notes From 'B1'
-----------------------------------------------------------------
Moody's Investors Service downgraded its ratings of two classes of
notes issued by Trees S.A.

The transaction is a managed synthetic CDO referencing corporates
and sovereigns.  According to Moody's, the rating action was
mainly driven by the multiple notches downgrade of the monolines
insurance names included in the portfolio including MBIA and Ambac
Assurance.

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

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

The rating actions are:

Trees S.A.:

(1) Series 77 US$47,250,210 Secured Credit-linked Notes due 2015
    BARBERA CDO

  -- Current Rating: Caa2
  -- Prior Rating: B1
  -- Prior Rating Date: March 10, 2009, downgraded to B1 from A3

(2) Series 78 US$47,855,502 Secured Credit-linked Notes due 2014
    BARBERA CDO

  -- Current Rating: Caa2
  -- Prior Rating: B1
  -- Prior Rating Date: March 10, 2009, downgraded to B1 from A3


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


FRIBAD COSMETICS: Declares Bankruptcy
-------------------------------------
Susan Stone at WWD reports Baden-Baden, Germany–based Fribad
Cosmetics Group GmbH has declared bankruptcy.

According to the report, company was unable to pay its 241
employees in April.

Founded in 1939, Fribad Cosmetics Group GmbH develops and markets
innovative and natural related beauty products which are sold
globally in more than 40 countries.  Brands are Sans Soucis,
Biodroga Systems, Futuresse, Bogner Parfums and Basics.


SPV: Court Appoints Provisional Insolvency Administrator
--------------------------------------------------------
Wolfgang Spahr at Billboard.biz reports that SPV Schallplatten
Produktion und Vertrieb GmbH, an international heavy metal label
based in Hanover, Germany, has declared itself insolvent.

According to the report, the managing partner, Manfred Schuetz,
filed an application to commence insolvency proceedings on May 25.
The report relates on May 27, the District Court of Hanover
appointed Manuel Sack as provisional insolvency administrator.

"Normal business will continue even after the application for
insolvency," the report quoted Mr. Schuetz as saying.

The report states a restructuring plan is currently being drawn up
for the company.


WOOLWORTH GMBH: Gordon Bros May Acquire 130 Small Stores
--------------------------------------------------------
Eva Kuehnen and Alexander Huebner at Reuters report that a
consortium led by restructuring and liquidation specialist Gordon
Brothers is interested in acquiring parts of Woolworth GmbH & Co.

The consortium was eyeing around 130 small stores out of the total
311 and had already been in touch with administrator Ottmar
Hermann, Reuters says citing a source close to the matter.

Reuters discloses according to media reports, retailers
Tengelmann, Rossmann and DM have also expressed interest in
Woolworth stores.  Reuters states there will be store closures but
administrator's spokesman declined to say how many.

On April 16, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Germany-based department store operator
Woolworth filed for insolvency after losing sales to discount
retailers.


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


DRYSHIPS INC: Inks Deal with Deutsche Bank on Debt Waiver Terms
---------------------------------------------------------------
DryShips Inc. has reached agreement on waiver terms with Deutsche
Bank AG, lender and Mandated Lead Arranger on US$1.125 billion
facility.  This facility covers drillships hull numbers 1865 and
1866 currently under construction at Samsung Heavy Industries.
This agreement is subject to customary documentation provisions.

George Economou, Chairman and Chief Executive Officer, said: "We
are pleased to have reached this agreement on a very important
credit facility for DryShips.  We are delivering the waivers as
promised and we hope to conclude discussions with the rest of
the lenders in the near future."

                      About DryShips Inc.

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


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


STRAUMUR-BURDARAS INVESTMENT: Fitch Affirms 'D' Issuer Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn the
ratings of Iceland-based Straumur-Burdaras Investment Bank.

Fitch will no longer provide ratings or analytical coverage of
Straumur-Burdaras Investment Bank.

Straumur Burdaras Investment Bank's ratings are:

  -- Long-term Issuer Default Rating: 'D'
  -- Short-term IDR: 'D'
  -- Support rating: '5'
  -- Support Rating Floor: 'No Floor'
  -- Individual rating: 'F'
  -- Senior debt: 'CC'; Recovery Rating 'RR4'
  -- Subordinated debt: 'C'; Recovery Rating 'RR6'.


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


OMEGA CAPITAL: Moody's Junks Rating on EUR150 Million Notes
-----------------------------------------------------------
Moody's Investors Service downgraded its rating of one class of
notes issued by Omega Capital Europe p.l.c.

The transaction is a managed synthetic CDO referencing corporate
securities.  According to Moody's the reference pool, which
includes Ambac Financial group and Household Finance Corporation,
suffered a downward credit rating migration greater than had been
anticipated by its forward looking measures.

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

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

Omega Capital Europe p.l.c.:

(1) EUR150,000,000 Series 30 Secured Variable Rate Notes due 2013

  -- Current Rating: Caa2
  -- Prior Rating: B2
  -- Prior Rating Date: March 10, 2009, downgraded to B2 from Ba1


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


AKTAU COSMETIC: Creditors Must File Claims by June 19
-----------------------------------------------------
Creditors of LLP Trade House Aktau Cosmetic have until June 19,
2009, to submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Mangistau
commenced bankruptcy proceedings against the company on April 6,
2009.


ATYRAU MEDIA: Creditors Must File Claims by June 19
---------------------------------------------------
Creditors of LLP Atyrau Media Group have until June 19, 2009 to
submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on April 6, 2009.


LIDER L: Creditors Must File Claims by June 19
----------------------------------------------
Creditors of LLP Lider L have until June 19, 2009, to submit
proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on April 6, 2009.


MANGISTAU COMMERCE: Creditors Must File Claims by June 19
---------------------------------------------------------
Creditors of LLP Mangistau Commerce have until June 19, 2009, to
submit proofs of claim to:

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

The Specialized Inter-Regional Economic Court of Mangistau
commenced bankruptcy proceedings against the company on April 6,
2009.


PRIKASPY BUR: Creditors Must File Claims by June 19
---------------------------------------------------
Creditors of LLP Prikaspy Bur Neft Kazakhstan have until June 19,
2009, to submit proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on March 19, 2009,
after finding it insolvent.

The Court is located at:

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


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

ADMIN KG: Creditors Must File Claims by July 3
----------------------------------------------
LLC Admin KG has gone into liquidation.  Creditors have until July
3, 2009, to submit proofs of claim.

Inquiries can be addressed to (0-555) 51-79-79.


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


HERMES: Fitch Affirms Ratings on Three Class E Tranches at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed 63 tranches of Holland Euro-Denominated
Mortgage Backed Series's Dutch RMBS transactions and revised the
Outlooks of nine tranches to Negative from Stable.  The agency has
simultaneously revised the Outlooks of five tranches to Stable
from Positive.

Although the performance of the Hermes deals remains strong,
Fitch's expectation of a 15% house price decline in the
Netherlands, combined with the loans' high loan-to-value ratios,
has resulted in the revision of nine Outlooks to Negative from
Stable for the tranches expected to be most at risk of a housing
market decline.  Fitch expects a 15% decline in house prices to
occur over the next three years in the Netherlands, and
additionally anticipates default rates will rise due to the
worsening economic environment.  A contraction in home values is
also expected to negatively affect the willingness of borrowers to
pay.

In Fitch's view the probability of an increase in losses, driven
by house price declines and delinquencies, has now become higher.
Losses above the excess spread generated by the transactions will
lead to reserve fund draws, and this will in particular disrupt
the repayment of the uncollateralized notes.  This has driven the
change of Outlooks of the class E un-collateralized tranches of
Hermes XI and XII to Negative from Stable respectively.  The
uncollateralized tranches of these transactions, unlike the
earlier deals in the series, are still not due to start to paying
down.  The Hermes XII class E tranche will be the first to start
to amortize from December 2009.  Hermes XI's quarterly losses are
0.06%, still below the guaranteed excess spread of 0.11% per
quarter that the transactions have.  The class D of Hermes IX to
XII has seen credit enhancement growth, but as their RFs will
amortize to the same levels as at closing, the agency has
maintained a Stable Outlook for these classes.

All tranches of Hermes XIII to XVI are collateralized, but these
transactions have no RFs and their quarterly guaranteed excess
spread is 0.09%, lower than the previous Hermes deals of the
Series.  The low CE of the junior tranches, together with the
higher expected losses, have driven the Negative Outlooks of
selected tranches of these transactions.  Hermes XIV and XV now
have Negative Outlooks higher in their structures due to their
relatively lower CE.  In addition, Hermes XV has a revolving
period until 2013 which will prevent any build up of CE and limit
the seasoning of the pool.

The tranches of the earlier transactions of the Series - Hermes II
to Hermes IX - have gained CE growth and their loans are more
seasoned.  This has driven the Positive Outlooks on selected
tranches and the Stable Outlooks on the remainder.

The rating actions are:

Holland Euro-Denominated Mortgage-Backed Series (Hermes) II B.V.:

  -- Class A (ISIN XS0119563350): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0119563608): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class C (ISIN XS0119564085): affirmed at 'AA+'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

Holland Euro-Denominated Mortgage-Backed Series (Hermes) III B.V.:

  -- Class A (ISIN XS0131514746): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0131515040): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class C (ISIN XS0131515719): affirmed at 'A+'; Outlook
     Positive; Loss Severity Rating of 'LS-1'

Holland Euro-Denominated Mortgage-Backed Series (Hermes) IV B.V.:

  -- Class A (ISIN XS0138211783): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0138211270): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class C (ISIN XS0138210389): affirmed at 'A+'; Outlook
     revised to Stable from Positive; Loss Severity Rating of 'LS-
     1'

Holland Euro-Denominated Mortgage-Backed Series (Hermes) V B.V.:

  -- Class A (ISIN XS0157783936): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0157784074): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class C (ISIN XS0157784660): affirmed at 'A+'; Outlook
     revised to Stable from Positive; Loss Severity Rating of 'LS-
     1'

Holland Euro-Denominated Mortgage-Backed Series (Hermes) VI B.V.:

  -- Class A2 (ISIN XS0168101425): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0168102662): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class C (ISIN XS0168103041): affirmed at 'A'; Outlook revised
     to Stable from Positive; Loss Severity Rating revised to 'LS-
     1' from 'LS-2'

Holland Euro-Denominated Mortgage-Backed Series (Hermes) VII B.V.:

  -- Class A1 (ISIN XS0177871950): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class A2 (ISIN XS0177872172): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN X0177872412): affirmed at 'AA-'; Outlook
     Positive; Loss Severity Rating of 'LS-1'

  -- Class C (ISIN XS0177872503): affirmed at 'BBB'; Outlook
     revised to Stable from Positive; Loss Severity Rating revised
     to 'LS-1' from 'LS-2'

Holland Euro-Denominated Mortgage-Backed Series (Hermes) VIII
B.V.:

  -- Class A (ISIN XS0192997756): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0192997830): affirmed at 'A'; Outlook
     Positive; Loss Severity Rating of 'LS-1'

  -- Class C (ISIN XS0192997913): affirmed at 'BBB'; Outlook
     revised to Stable from Positive; Loss Severity Rating of 'LS-
     2'

Holland Euro-Denominated Mortgage-Backed Series (Hermes) IX B.V.:

  -- Class A (ISIN XS0212183833): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0212184567): affirmed at 'AA'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class C (ISIN XS0212185291): affirmed at 'A'; Outlook Stable;
     Loss Severity Rating revised to 'LS-2' from 'LS-3'

  -- Class D (ISIN XS0212185531): affirmed at 'BBB'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class E (ISIN XS0212186000): affirmed at 'BBB-'; Outlook
     Stable; Loss Severity Rating removed.

Holland Euro-Denominated Mortgage-Backed Series (Hermes) X B.V.:
  -- Class A (ISIN XS0228806245): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0228806674): affirmed at 'AA'; Outlook
     Stable; Loss Severity Rating revised to 'LS-2' from 'LS-3'.

  -- Class C (ISIN XS0228806831): affirmed at 'A'; Outlook Stable;
     Loss Severity Rating revised to 'LS-2' from 'LS-3'

  -- Class D (ISIN XS0228806914): affirmed at 'A-'; Outlook
     Stable; Loss Severity Rating revised to 'LS-3' from 'LS-4'

  -- Class E (ISIN XS0228807300): affirmed at 'BBB'; Outlook
     Stable; Loss Severity Rating removed.

Holland Euro-Denominated Mortgage-Backed Series (Hermes) XI B.V.:

  -- Class A (ISIN XS0242423589): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0242426251): affirmed at 'AA'; Outlook
     Stable; Loss Severity Rating of 'LS-2'

  -- Class C (ISIN XS0242429602): affirmed at 'A'; Outlook Stable;
     Loss Severity Rating of 'LS-2'

  -- Class D (ISIN XS0242430790): affirmed at 'A-'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class E (ISIN XS0242432499): affirmed at 'BBB-'; Outlook
     revised to Negative from Stable; Loss Severity Rating
     removed.

Holland Euro-Denominated Mortgage-Backed Series (Hermes) XII B.V.:

  -- Class A (ISIN XS0271028838): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0271029059): affirmed at 'AA'; Outlook
     Stable; Loss Severity Rating of 'LS-2'

  -- Class C (ISIN XS0271029133): affirmed at 'A'; Outlook Stable;
     Loss Severity Rating of 'LS-3'

  -- Class D (ISIN XS0271029489): affirmed at 'A-'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class E (ISIN XS0271029562): affirmed at 'BBB-'; Outlook
     revised to Negative from Stable; Loss Severity Rating
     removed.

Holland Euro-Denominated Mortgage-Backed Series (Hermes) XIII
B.V.:

  -- Class A1 (ISIN XS0291656295): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class A2 (ISIN XS0291663820): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0291666419): affirmed at 'AA'; Outlook
     Stable; Loss Severity Rating of 'LS-2'

  -- Class C (ISIN XS0291666500): affirmed at 'A'; Outlook Stable;
     Loss Severity Rating of 'LS-2'

  -- Class D (ISIN XS0291667573): affirmed at 'BBB+'; Outlook
     Stable; Loss Severity Rating of 'LS-2'

  -- Class E (ISIN XS0291669272): affirmed at 'BB'; Outlook
     revised to Negative from Stable; loss Severity Rating of 'LS-
     2'

Holland Euro-Denominated Mortgage-Backed Series (Hermes) XIV B.V.:

  -- Class A1 (ISIN XS0320774473): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class A2 (ISIN XS0320774556): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0320774630): affirmed at 'AA+'; Outlook
     Stable; Loss Severity Rating of 'LS-2'

  -- Class C (ISIN XS0320774713): affirmed at 'A'; Outlook Stable;
     Loss Severity Rating of 'LS-1'

  -- Class D (ISIN XS0320774804): affirmed at 'BBB+'; Outlook
     revised to Negative from Stable; Loss Severity Rating of 'LS-
     3'

  -- Class E (ISIN XS0320774986): affirmed at 'BB'; Outlook
     revised to Negative from Stable; Loss Severity Rating of 'LS-
     2'

Holland Euro-Denominated Mortgage-Backed Series (Hermes) XV B.V.:

  -- Class A (ISIN XS0367262705): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0367264230): affirmed at 'AA+'; Outlook
     Stable; Loss Severity Rating of 'LS-2'

  -- Class C (ISIN XS0367267092): affirmed at 'A'; Outlook revised
     to Negative from Stable; Loss Severity Rating of 'LS-1'

  -- Class D (ISIN XS0367268736): affirmed at 'BBB+'; Outlook
     revised to Negative from Stable; Loss Severity Rating of 'LS-
     3'

  -- Class E (ISIN XS0367269031): affirmed at 'BB'; Outlook
     revised to Negative from Stable; Loss Severity Rating of 'LS-
     2'

Holland Euro-Denominated Mortgage-Backed Series (Hermes) XVI B.V.:

  -- Class A (ISIN XS0405709261): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0405710194): affirmed at 'AA+'; Outlook
     Stable; Loss Severity Rating of 'LS-3'

  -- Class C (ISIN XS0405710350): affirmed at 'A'; Outlook Stable;
     Loss Severity Rating of 'LS-2'

  -- Class D (ISIN XS0405710517): affirmed at 'BBB+'; Outlook
     revised to Negative from Stable; Loss Severity Rating of 'LS-
     2'

Fitch employed its credit cover multiple methodology to assess the
level of credit support available to each class of notes.

Rating Outlooks for European structured finance tranches provide
forward-looking information to the market.  An Outlook indicates
the likely direction of any rating change over a one- to two-year
period.


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


B&N BANK: S&P Cuts LT Counterparty Credit Rating to 'B-/ruBBB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term counterparty credit and Russia national scale ratings on
Russia-based B&N Bank to 'B-/ruBBB-' from 'B/ruBBB'.  The 'C'
short-term counterparty credit rating was affirmed.  The outlook
is negative.

"The downgrade is driven by accelerating systemic risks in the
Russian economy, and their negative impact on the bank's credit
profile," said Standard & Poor's credit analyst Maria Malyukova.

B&N Bank has recently reported a heightening deterioration in
asset quality indicators, with a particular growth of
nonperforming loans in the retail loan portfolio and significant
exposure to the volatile Russian real estate sector.  This
vulnerability is exacerbated by a large concentration of single-
name exposures on the bank's loan book, as well as significant
maturity mismatches because of its preference for financing long-
term loans with short-term confidence-sensitive customer deposits.

B&N Bank's sizable customer franchise, with its wide regional
branch network, partly offsets these concerns.  A growing level of
loan loss provisioning, which in percentage terms is better than
that of many peers; a nonmaterial short-term debt repayment
burden; and adequate capitalization also help mitigate the
negative rating factors.

The ratings reflect B&N Bank's stand-alone creditworthiness and do
not include any uplift for shareholder support.  Mikhail
Shishkhanov, a Russian businessman, is the beneficiary owner of
the bank, with a 99.22% stake on Dec. 31, 2008.

The negative outlook reflects S&P's opinion that asset quality is
likely to deteriorate further, putting pressure on the bank's
financial performance, which may weaken profitability and increase
pressure on capital.

"The ratings could be lowered should the deterioration in asset
quality prove to be higher than S&P currently anticipate, and thus
materially constrain profitability and capitalization, or if there
is a liquidity shortage and deposit run on the bank," said Ms.
Malyukova.

The possibility of an upgrade or outlook revision to stable hinges
on a substantial improvement in the operating environment and B&N
Bank's financial performance.  In particular, it would require a
decrease in the bank's concentration on real estate, improvement
in asset quality indicators, and a demonstrated ability to
generate sustainable profits.


BAZARNOSYZGANSKIY WOOD: Creditors Must File Claims by June 7
------------------------------------------------------------
The Arbitration Court of Ulyanovskaya commenced bankruptcy
proceedings against LLC Bazarnosyzganskiy Wood Enterprise after
finding the company insolvent.  The case is docketed under
Case No. ?72–243/09–17/3-B.

Creditors have until June 7, 2009, to submit proofs of claims to:

         G. Pisnova
         Insolvency Manager
         Apt.154
         Ryabikova Str. 61/37
         432029 Ulyanovsk
         Russia

The Debtor can be reached at:

         LLC Bazarnosyzganskiy Wood Enterprise
         Zavodskaya Str. 35
         Bazarny Syzgan
         Ulyanovskaya
         Russia


BIK-STROY LLC: Creditors Must File Claims by July 7
---------------------------------------------------
The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against  LLC BIK-Stroy-Saint-Petersburg (TIN
4719019840, PSRN 1027804854560) (Construction) after finding the
company insolvent.  The case is docketed under Case No. ?56–
17250/2006.

Creditors have until July 7, 2009, to submit proofs of claims to:

         P. Zheltkov
         Insolvency Manager
         Post User Box 795
         199106 Saint-Petersburg
         Russia

The Debtor can be reached at:

         LLC BIK-Stroy-Saint-Petersburg
         Lyubotinskiy Prospect 5
         196199 Saint-Petersburg
         Russia


BOGDANOVICHESKIY PORCELAIN: Creditors Must File Claims by June 7
----------------------------------------------------------------
Creditors of LLC Bogdanovichenskiy Porcelain Plant (TIN
6673132241, PSRN 1056604912430) have until June 7, 2009, to submit
proofs of claims to:

         Ye.Klochko
         Temporary Insolvency Manager
         Office 1
         Opalikhinskaya Str. 16
         620034 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya will convene on Sept. 1,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?60-8781/2009-S11.

The Debtor can be reached at:

         LLC Bogdanovichenskiy Porcelain Plant
         S.Razina Str. 62
         Boganovich
         623532 Sverdlovskaya
         Russia


ENERGO-MASH LLC: Creditors Must File Claims by June 7
-----------------------------------------------------
The Arbitration Court of Orenburgskaya commenced bankruptcy
proceedings against LLC Energo-Mash (TIN 5611034563,
PSRN1055611038845) (Electrical Equipment) after finding the
company insolvent.  The case is docketed under Case No. ?47–
1811/2009.

Creditors have until June 7, 2009, to submit proofs of claims to:

         P. Shkalikov
         Insolvency Manager
         Mekhanizatorov Str. 24
         460027 Orenburg
         Russia
         Tel: 76–00–27


EUROWOOD LLC: Creditors Must File Claims by July 7
--------------------------------------------------
The Arbitration Court of Smolenskaya commenced bankruptcy
proceedings against LLC Eurowood (Industrial Wood) after finding
the company insolvent.  The case is docketed under Case No. ?62–
2161/2008.

Creditors have until July 7, 2009, to submit proofs of claims to:

         V. Zilev
         Insolvency Manager
         Office 202
         Volodarskogo Str. 9
         440026 Penza
         Russia

The Debtor can be reached at:

         LLC Eurowood
         Kaydakovo
         Vyazemskiy
         Smolenskaya
         Russia


KRASNOUFIMSKIY PILOT: Creditors Must File Claims by July 7
----------------------------------------------------------
The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against LLC Krasnoufimskiy Pilot Plant (TIN
6659070018, PSRN 1026602949010) after finding the company
insolvent.  The case is docketed under Case No. ?60–17697/2008-
S11.

Creditors have until July 7, 2009, to submit proofs of claims to:

         D. Mityushev
         Insolvency Manager
         Post user Box 16
         620041 Yekaterinburg
         Russia

The Court is located at:

         The Arbitration Court of Sverdlovskaya
         Lenina Str. 34
         Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Krasnoufimskiy Pilot Plant
         Korolenko Str. 5-3
         Yekaterinburg
         Russia


METALL-KOMPLEKT LLC: Creditors Must File Claims by June 7
---------------------------------------------------------
The Arbitration Court of Samarskaya commenced bankruptcy
supervision procedure on LLC Metall-Komplekt Samara (TIN
6319117830) (Nonferrous Metallurgy).  The case is docketed under
Case No. ?55–4491/2009.

Creditors have until June 7, 2009, to submit proofs of claims to:

         A. Safronov
         Temporary Insolvency Manager
         Buyanova Str. 62-3
         443041 Samara
         Russia

The Debtor can be reached at:

         LLC Metall-Komplekt Samara
         Prospect Kirova 10
         443022 Samara
         Russia


ROS-PROM-STROY LLC: Creditors Must File Claims by July 7
--------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against LLC Ros-Prom-Stroy (Construction) after
finding the company insolvent.  The case is docketed under Case
No. ?81-3354/2008.

Creditors have until July 7, 2009, to submit proofs of claims to:

         I. Strogov
         Insolvency Manager
         Office 22
         Chubynina Str. 25
         Salekhard
         629008 Yamalo-Nenetskiy
         Russia

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37a
         Salekhard
         629000 Yamalo-Nenetskiy
         Russia

The Debtor can be reached at:

         LLC Ros-Prom-Stroy
         Zheleznoorozhnaya Str. 138
         Novyy Urengoy
         629300 Yamalo-Nentskiy
         Russia


SIB-STROY LLC: Creditors Must File Claims by June 7
---------------------------------------------------
The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against LLC Sib-Stroy (Construction) after finding the
company insolvent.  The case is docketed under Case No. ?76–
5044/2009–48–36.

Creditors have until June 7, 2009, to submit proofs of claims to:

         G. Pisnova
         Insolvency Manager
         Apt. 154
         Ryabikova Str. 61/37
         432029 Ulyanovsk
         Russia

The Debtor can be reached at:

         LLC Sib-Stroy
         Rossiyskaya Str. 53B
         454000 Chelyabinsk
         Russia


STROY-MASTER LLC: Creditors Must File Claims by June 7
------------------------------------------------------
Creditors of LLC Stroy-Master (TIN 6164226329, PSRN 1046164026017)
(Construction) have until June 7, 2009, to submit proofs of claims
to:

         S. Kononov
         Temporary Insolvency Manager
         Office 90
         Lermontovskaya Str. 83
         344000 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at noon on
Aug. 13, 2009, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. ?53–3637/08.

The Debtor can be reached at:

         LLC Stroy-Master
         Khalturinskiy Pereulok 83
         Rostov-on-Don
         Russia


VIMPELCOM: Posts RUR8.5 Billion Net Loss in January-March 2009
--------------------------------------------------------------
RIA Novosti reports VimpelCom posted a net loss of RUR8.5 billion
(US$271.5 million) in January-March 2009, compared to a profit of
RUR14.59 billion (US$466 million) a year ago.

The report relates VimpelCom said the net loss resulted from
foreign exchange losses of RUR23.6 billion (US$754 million).

According to the report, the company's operating revenues grew
30.7% to RUR66.8 billion (US$2.1 billion) while OIBDA (operating
income before depreciation and amortization) increased 5% on the
fourth quarter to RUR32.2 billion  (US$1.03 billion).

                        About VimpelCom

Headquartered in Moscow, Russia, VimpelCom (NYSE: VIP) --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

OJSC Vimpel Communications continues to carry a 'Ba2' long-term
corporate family rating from Moody's Investors Service with
negative outlook.


X5 RETAIL: Posts US$82.1 Million Net Loss in January-March 2009
---------------------------------------------------------------
RIA Novosti reports that X5 Retail Group N.V. posted a net loss
under International Financial Reporting Standards of US$82.1
million in January-March 2009, compared to a net profit of US$83.3
million a year ago.

X5, RIA Novosti says, attributed its net loss in the reporting
period to the devaluation of the ruble against the U.S. dollar
amid the ongoing global economic crisis.

X5 saw its sales dropped by 8% to US$1.87 billion in January-March
2009, the report discloses.  The company's earnings before
interest, taxes, depreciation and amortization (EBITDA) fell 8%,
year-on-year, in the reporting period to US$162.7 million, RIA
Novosti notes.

X5 Retail Group N.V. -- http://www.x5.ru/-- acts as a holding
company for the group of companies that operate retail grocery
stores.  The Company, together with its subsidiaries, is engaged
in the development and operation of grocery retail stores.  As at
December 31, 2008, the Company operated a retail chain of
softdiscount, supermarket and hypermarket stores under the brand
names Pyaterochka, Perekrestok and Karusel, in Russia, including,
but not limited to Moscow, St. Petersburg, Nizhniy Novgorod,
Krasnodar, Kazan, Samara, Lipetsk, Chelyabinsk, Perm, Ekaterinburg
and Kiev.  As at December 31, 2008, the Company operated a total
of 207 supermarkets, 848 discounter stores, and 46 hypermarkets.
In addition as at December 31, 2008, its franchisees operated 607
stores across Russia.  In March 2008, the Company acquired Kama-
Retail Company.  In June 2008, the Company acquired Formata
Holding B.V.

                         *     *     *

X5 Retail Group N.V. continues to carry a 'B1' long-term corporate
family rating from Moody's Investors Service with positive
outlook.


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


AMBAC ASSURANCE: Moody's Withdraws Rating on Minicentrales Bonds
----------------------------------------------------------------
Moody's Investors Service has withdrawn the rating on the
EUR72.4 million 6.45% bonds due 2028 issued by Minicentrales Dos
S.A. and guaranteed by Ambac Assurance UK Ltd.  Moody's has
withdrawn this rating for business reasons, as a result of Moody's
downgrade of the rating of Ambac UK to Ba3 from Baa1 on April 13,
2009.

The rating withdrawal reflects Moody's current policy to withdraw
ratings on securities wrapped by Ambac UK for which there is no
published underlying rating.  Should Ambac UK's rating
subsequently move back into the investment grade range or should
Minicentrales Dos subsequently publish the underlying rating,
Moody's would reinstate the rating to the wrapped instruments.

The rating on the Bonds has been withdrawn.

The last rating action for the Bonds was on April 13, 2009 when
the insurance financial strength rating of Ambac UK was downgraded
to Ba3 from Baa1.

Minicentrales Dos S.A. is domiciled in Madrid, Spain and is
engaged in hydroelectric power generation in Spain and Portugal.


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


A2Z CHEMICALS: Claims Filing Deadline is June 5
-----------------------------------------------
Creditors of A2Z Chemicals AG are requested to file their proofs
of claim by June 5, 2009, to:

         A2Z Chemicals AG
         Boesch 23
         6331 Huenenberg
         Switzerland

The company is currently undergoing liquidation in Huenenberg.
The decision about liquidation was accepted at a general meeting
held on April 2, 2009.


ABIX ONLINE: Claims Filing Deadline is June 3
---------------------------------------------
Creditors of ABiX Online GmbH are requested to file their proofs
of claim by June 3, 2009, to:

         Robert Affentrangen
         Liquidator
         Menznauerstrasse 6
         6130 Willisau
         Switzerland

The company is currently undergoing liquidation in Willisau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 11, 2009.


ANYA GMBH: Creditors Have Until June 4 to File Claims
-----------------------------------------------------
Creditors of Anya GmbH are requested to file their proofs of claim
by June 4, 2009, to:

         A. Suter
         Liquidator
         Gartenstrasse 1
         8883 Quarten
         Switzerland

The company is currently undergoing liquidation in Ernetschwil.
The decision about liquidation was accepted according to the
paragraph 88a HRegV on March 9, 2009.


B4B SERVICES: Creditors Must File Claims by June 4
--------------------------------------------------
Creditors of B4B Services GmbH are requested to file their proofs
of claim by June 4, 2009, to:

         Roland Brandle
         Liquidator
         Hoeflistrasse 75a
         8135 Langnau a.A.
         Switzerland

The company is currently undergoing liquidation in Thalwil.  The
decision about liquidation was accepted at a shareholders' meeting
held on Feb. 11, 2009.


BALKAN MINIMARKET: Claims Filing Deadline is June 3
---------------------------------------------------
Creditors of Balkan Minimarket GmbH are requested to file their
proofs of claim by June 3, 2009, to:

         Reshat Limani
         Bahnhofplatz 11
         8910 Affoltern am Albis ZH
         Switzerland

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


DAVID VON ARX: Claims Filing Deadline is June 4
-----------------------------------------------
Creditors of David von Arx GmbH are requested to file their proofs
of claim by June 4, 2009, to:

         David von Arx
         Zahringerstrasse 15
         6003 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 9, 2009.


HUMBEL CONSULTING: Creditors Must File Proofs of Claim by June 3
----------------------------------------------------------------
Creditors of Humbel Consulting GmbH are requested to file their
proofs of claim by June 3, 2009, to:

         Toni Humbel
         Liquidator
         Hoeckleriweg 56
         8967 Widen
         Switzerland

The company is currently undergoing liquidation in Windisch.  The
decision about liquidation was accepted at a shareholders' meeting
held on March 16, 2009.


MARKUS WIRZ AG: Claims Filing Deadline is June 4
------------------------------------------------
Creditors of Markus Wirz AG are requested to file their proofs of
claim by June 4, 2009, to:

          Christoph Aeberhard
          Alpenstrasse 42
          6010 Kriens
          Switzerland

The company is currently undergoing liquidation in Kriens.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 7, 2009.


STANFORD GROUP: Claims Filing Deadline is June 5
------------------------------------------------
Creditors of Stanford Group (Suisse) AG are requested to file
their proofs of claim by June 5, 2009, to:

         Wenger Plattner and lic. iur. Brigitte Umbach-Spahn
         Liquidator
         Goldbach-Center, Seestrasse 39
         8700 Kuesnacht ZH
         Switzerland

The company is currently undergoing liquidation in Küsnacht ZH.
The decision about liquidation was accepted at an extraordinary
general meeting held on April 14, 2009.


WU-SHU ACADEMY: Claims Filing Deadline is June 3
------------------------------------------------
Creditors of Wu-Shu Academy GmbH are requested to file their
proofs of claim by June 3, 2009, to:

         Elvira Vanselow
         Guetlistrasse 9
         8280 Kreuzlingen
         Switzerland

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


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


BUILDING INDUSTRY: Creditors Must File Claims by June 5
-------------------------------------------------------
Creditors of LLC Building Firm Building Industry (code EDRPOU
33641034) have until June 5, 2009, to submit proofs of claim to:

         LLC Judicial Union Dobra Porada
         Insolvency Manager
         General Naumov Str. 23-b
         03164 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 26, 2009.  The case is docketed under
Case No. 28/55-b.

The Court is located at:

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


CITYPHON LLC: Creditors Must File Claims by June 6
--------------------------------------------------
Creditors of LLC Cityphon (code EDRPOU 35625119) have until
June 6, 2009, to submit proofs of claim to A. Olefirenko, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on April 27, 2009.  The case is docketed under
Case No. 49/160-b.

The Court is located at:

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

The Debtor can be reached at:

          LLC Cityphon
          Podgornaya/Tatarskaya Str. 3/7
          Kiev
          Ukraine


INFOTIME OPTIMA: Creditors Must File Claims by June 5
-----------------------------------------------------
Creditors of LLC Infotime Optima (code EDRPOU 34645532) have until
June 5, 2009, to submit proofs of claim to:

         LLC Judicial Union Dobra Porada
         Insolvency Manager
         General Naumov Str. 23-b
         03164 Kiev
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 17, 2009.  The case is docketed under
Case No. 28/52-b.

The Court is located at:

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


MEDIA MASTER: Creditors Must File Claims by June 5
--------------------------------------------------
Creditors of LLC Media Master (code EDRPOU 34645972) have until
June 5, 2009, to submit proofs of claim to:

         LLC MaksiMarketing
         Insolvency Manager
         Office 34
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 26, 2009.  The case is docketed under
Case No. 28/54-b.

The Court is located at:

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


MEGA-TV PRODUCTION: Creditors Must File Claims by June 5
--------------------------------------------------------
Creditors of LLC Mega-TV Production (code EDRPOU 34834189) have
until June 5, 2009, to submit proofs of claim to:

         LLC MaksiMarketing
         Insolvency Manager
         Office 34
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Feb. 27, 2009.  The case is docketed under
Case No. 28/49-b.

The Court is located at:

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


NADRA BANK: S&P Affirms 'SD' Long-Term Counterparty Credit Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'SD' (selective default) long-term counterparty credit ratings on
Ukraine-based Nadra Bank.  The ratings were lowered to 'SD' from
'CC' on March 2, 2009, after Nadra failed to make interest
payments on certain deposits and failed to honor drawings made on
certain of its letters of credit.

S&P assigns an 'SD' rating when an issuer defaults selectively --
that is, on one issue or class of issues, but honors others.
S&P's 'SD' rating covers instances in which the issuer defaults on
either its rated or unrated financial obligations.  On Feb. 10,
2009, Nadra was placed in temporary administration for one year,
and a moratorium was imposed on the bank's credit obligations for
six months to stabilize its financial condition.

Following affirmation of the ratings, they were withdrawn at
Nadra's request.  As a result of the withdrawal, Nadra will no
longer be subject to S&P's surveillance.  Currently, S&P maintains
no ratings on Nadra or its debt.


SWEDBANK INVEST: Moody's Cuts Local Currency Deposit Ratings to B1
------------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local
currency deposit ratings of Swedbank OJSC and Swedbank Invest
(Swedbank OJSC's fully consolidated subsidiary) and the local
currency debt rating of Swedbank Invest to B1 from Ba2.  The bank
financial strength ratings of Swedbank OJSC and Swedbank Invest
were downgraded to E from E+ which maps to a Caa1 Baseline Credit
Assessment.  The banks' B3 long-term foreign currency deposit
ratings (negative outlook), which are constrained by the sovereign
ceiling, and the Non-Prime short-term ratings were affirmed.  The
outlook on the E BFSRs is stable following the downgrade.  The
outlook on Swedbank OJSC's local currency deposit rating was
changed to negative from stable.  With exception of the BFSR, all
ratings of Swedbank Invest continue to carry a negative outlook.
The National Scale Ratings were downgraded to Aa3.ua from Aa1.ua.

The downgrade of the BFSRs reflects Moody's expectation that the
economic volatility and uncertainty in Ukraine will adversely
affect the banks' intrinsic financial strength.  In particular,
Moody's believes that the more challenging operating environment
is likely to lead to deterioration in asset quality, capital
ratios, revenues and earnings of Swedbank OJSC and Swedbank
Invest.  Given the recent Ukrainian hryvnia depreciation, the
rating agency is concerned about the high share of foreign-
currency denominated loans: Swedbank OJSC reports 80% of FX-
denominated loans while Swedbank Invest reported 71%.  As a point
of reference, Moody's notes that approximately 53% of loans by all
rated Ukrainian banks are denominated in foreign currencies,
mainly in US dollars.

Exposure to FX risk in the loan book is combined with sizeable
concentration in the banks' loan books and sector-specific
exposures such as to the business-cycle-sensitive construction
sector.  Given the nature of this exposure, losses and write-down
requirements are more unpredictable.  Moody's also remains
concerned about the significant amount of related-party loans in
the banks' books.  Moody's has incorporated an analysis of
embedded losses in the loan books and believes that capital
adequacy would be negatively affected as the overall asset quality
deteriorates.

Furthermore, Moody's will closely monitor the banks' liquidity
positions.  As a consequence of the adverse pressure on Swedbank
OJSC's and Swedbank Invest's intrinsic financial strength, Moody's
believes that a BFSR of E -- mapping to a Caa1 BCA -- is a more
appropriate rating level for the credit risk profile of those
institutions.

The negative outlook on the B1/E ratings of Swedbank OJSC and
Swedbank Invest reflects uncertainties regarding impairment
prospects beyond Moody's current expectations, given the difficult
economic environment in the banks' domestic market.  The outlook
also incorporates increasing uncertainties with regards to the
strategic fit and importance to the Swedbank group of its
Ukrainian subsidiaries, considering the current economic and
political uncertainty in Ukraine as well as the more difficult
economic conditions in the parent bank's main operating markets.

Moody's previous rating action on Swedbank OJSC and Swedbank
Invest was on May 12, 2009, when the rating agency downgraded the
global foreign currency deposit ratings of 19 Ukrainian banks to
B3 from B2 and assigned a negative outlook to those ratings.  The
rating action was driven by a change in the respective sovereign
ceiling.

Headquartered in Kiev, Ukraine, Swedbank OJSC reported total
assets of UAH 15.9 billion (US$2.1 billion) according to local
accounting standards at the end of 2008.  Swedbank OJSC focuses
mainly on providing conventional corporate lending products, and
granting express types of cash loans and mortgages to individuals.
Swedbank OJSC's fully consolidated subsidiary, Swedbank Invest,
reported total assets of UAH5.5 billion (US$724 million) according
to local accounting standards at the end of 2008.  Swedbank Invest
provides tailor-made leveraged financing with a rapid turnaround
on decision-making, as well as a limited-range of private banking
services adjusted to local conditions.  In early 2007, Swedbank
OJSC and Swedbank Invest were fully acquired by Swedbank AB
(C-/Baa2/A1), one of Sweden's leading banks.


SWEDBANK OJSC: Moody's Cuts Bank Financial Strength Rating to 'E'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local
currency deposit ratings of Swedbank OJSC and Swedbank Invest
(Swedbank OJSC's fully consolidated subsidiary) and the local
currency debt rating of Swedbank Invest to B1 from Ba2.  The bank
financial strength ratings of Swedbank OJSC and Swedbank Invest
were downgraded to E from E+ which maps to a Caa1 Baseline Credit
Assessment.  The banks' B3 long-term foreign currency deposit
ratings (negative outlook), which are constrained by the sovereign
ceiling, and the Non-Prime short-term ratings were affirmed.  The
outlook on the E BFSRs is stable following the downgrade.  The
outlook on Swedbank OJSC's local currency deposit rating was
changed to negative from stable.  With exception of the BFSR, all
ratings of Swedbank Invest continue to carry a negative outlook.
The National Scale Ratings were downgraded to Aa3.ua from Aa1.ua.

The downgrade of the BFSRs reflects Moody's expectation that the
economic volatility and uncertainty in Ukraine will adversely
affect the banks' intrinsic financial strength.  In particular,
Moody's believes that the more challenging operating environment
is likely to lead to deterioration in asset quality, capital
ratios, revenues and earnings of Swedbank OJSC and Swedbank
Invest.  Given the recent Ukrainian hryvnia depreciation, the
rating agency is concerned about the high share of foreign-
currency denominated loans: Swedbank OJSC reports 80% of FX-
denominated loans while Swedbank Invest reported 71%.  As a point
of reference, Moody's notes that approximately 53% of loans by all
rated Ukrainian banks are denominated in foreign currencies,
mainly in US dollars.

Exposure to FX risk in the loan book is combined with sizeable
concentration in the banks' loan books and sector-specific
exposures such as to the business-cycle-sensitive construction
sector.  Given the nature of this exposure, losses and write-down
requirements are more unpredictable.  Moody's also remains
concerned about the significant amount of related-party loans in
the banks' books.  Moody's has incorporated an analysis of
embedded losses in the loan books and believes that capital
adequacy would be negatively affected as the overall asset quality
deteriorates.

Furthermore, Moody's will closely monitor the banks' liquidity
positions.  As a consequence of the adverse pressure on Swedbank
OJSC's and Swedbank Invest's intrinsic financial strength, Moody's
believes that a BFSR of E -- mapping to a Caa1 BCA -- is a more
appropriate rating level for the credit risk profile of those
institutions.

The negative outlook on the B1/E ratings of Swedbank OJSC and
Swedbank Invest reflects uncertainties regarding impairment
prospects beyond Moody's current expectations, given the difficult
economic environment in the banks' domestic market.  The outlook
also incorporates increasing uncertainties with regards to the
strategic fit and importance to the Swedbank group of its
Ukrainian subsidiaries, considering the current economic and
political uncertainty in Ukraine as well as the more difficult
economic conditions in the parent bank's main operating markets.

Moody's previous rating action on Swedbank OJSC and Swedbank
Invest was on May 12, 2009, when the rating agency downgraded the
global foreign currency deposit ratings of 19 Ukrainian banks to
B3 from B2 and assigned a negative outlook to those ratings.  The
rating action was driven by a change in the respective sovereign
ceiling.

Headquartered in Kiev, Ukraine, Swedbank OJSC reported total
assets of UAH 15.9 billion (US$2.1 billion) according to local
accounting standards at the end of 2008.  Swedbank OJSC focuses
mainly on providing conventional corporate lending products, and
granting express types of cash loans and mortgages to individuals.
Swedbank OJSC's fully consolidated subsidiary, Swedbank Invest,
reported total assets of UAH5.5 billion (US$724 million) according
to local accounting standards at the end of 2008.  Swedbank Invest
provides tailor-made leveraged financing with a rapid turnaround
on decision-making, as well as a limited-range of private banking
services adjusted to local conditions.  In early 2007, Swedbank
OJSC and Swedbank Invest were fully acquired by Swedbank AB
(C-/Baa2/A1), one of Sweden's leading banks.



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


AMBAC ASSURANCE: Moody's Withdraws Ratings on Fasttrax Bonds
------------------------------------------------------------
Moody's Investors Service has withdrawn ratings on the
GBP56 million 3.459% bonds due 2021 as the "Series A Bonds" and
the GBP20.68 million 5.91% bonds due 2021 as the "Series B Bonds",
and together with the Series A Bonds issued by Fasttrax Ltd and
guaranteed by Ambac Assurance UK Ltd.  Moody's has withdrawn these
ratings for business reasons, as a result of Moody's downgrade of
the rating of Ambac UK to Ba3 from Baa1 on April 13, 2009.

These rating actions reflect Moody's current policy to withdraw
ratings on securities wrapped by Ambac UK for which there is no
published underlying rating.  Should Ambac UK's rating
subsequently move back into the investment grade range or should
Fasttrax Ltd subsequently publish the underlying ratings, Moody's
would reinstate the ratings to the wrapped instruments.

The ratings on the Bonds have been withdrawn.

The last rating action was on April 13, 2009, when the insurance
financial strength rating of Ambac UK was downgraded to Ba3 from
Baa1.

Fasttrax Ltd is a special purpose company which provides a heavy
equipment transporter service to the UK Government's Ministry of
Defence pursuant to a long term concession contract procured under
the UK Government's Private Finance Initiative.


BRITISH AIRWAYS: Moody's Cuts Corporate Family Rating to 'Ba2'
--------------------------------------------------------------
Moody's has lowered the Corporate Family and Probability of
Default Ratings of British Airways plc to Ba2; the senior
unsecured and subordinate ratings have been lowered to Ba3 and B1,
respectively.  The outlook is negative.

The rating action reflects the significant weakening in
profitability in the year ended March 31, 2009, largely on account
of higher fuel charges, but also weakness in demand and yields.
The company reported significant declines in traffic in recent
months in its premium segment, to which it retains a high
exposure, albeit outperforming the industry.  The combined effect
of lower yields and higher costs resulted in an operating loss
(before restructuring charges) of GBP142 million during the year,
versus a profit of GBP879 million a year earlier.  Based on
preliminary results, Moody's expects that gross adjusted leverage
will be well in excess of 6 times, and as such believes that the
company remains weakly-positioned in the rating category.

Moody's expects that demand and yields will remain depressed in
the current year as well.  While BA has indicated that it expects
its fuel cost to decline by some GBP400 million, Moody's believes
that this benefit will be tempered by ongoing weak demand and
yields.  As such Moody's believes that metrics in the current year
are unlikely to improve to levels commensurate with the current
rating category, notably for gross leverage to fall back below 6x.
The negative outlook therefore reflects mainly the expectation
that metrics will remain very weak for the current rating category
over the intermediate term, and that liquidity will weaken further
in the next 18 months.  Should there not be a stabilization in the
cash utilization, or if there are no signs of a recovery in demand
over the next few quarters, the rating could be lowered further.

Over the medium term, BA continues to exhibit satisfactory
liquidity, on account of reported cash and equivalents of
GBP1.4 billion as of March 2009, although Moody's notes that this
has declined from nearly GBP1.9 billion at FYE2008 as the company
was free cash flow negative in FY2009, which Moody's expect is
likely in the current year as well.  BA further reports undrawn
committed facilities of GBP3 billion, although Moody's notes that
the majority of these are earmarked for specific capex
requirements.

The one-notch difference between the Corporate Family Rating and
the Ba3 senior unsecured rating and the rating of the
GBP250 million notes due 2016 (LGD5, 74%) continues to reflect the
effective subordinated position of unsecured bondholders behind a
material amount of secured debt, primarily bank loans, capital
leases and hire purchase agreements.  The EUR300 million preferred
stock issued by British Airways Finance (Jersey) L.P. and
guaranteed by British Airways Plc. are rated B1 (LGD6, 94%) to
reflect their subordination to other liabilities within the
capital structure.

The last rating action for British Airways was implemented on
February 11, 2009, when the Corporate Family Rating was lowered to
Ba1 and remained under review for possible downgrade.

Moody's notes the company's ongoing discussions for a potential
merger with Iberia.  Such a merger is not factored into Moody's
current rating or outlook, and will be assessed if and when
details become available.

British Airways, based in Harmondsworth, United Kingdom, is
Europe's third largest airline carrier with over 33 million
passengers in FY2009 (to 31 March), and flying to over 150
destinations world-wide with a fleet of 245 aircraft at year-end.
In FY2009 the company reported revenues and an operating loss
(before restructuring) of GBP9 billion and GBP142 million,
respectively.


CAVERSHAM BUCHANAN: Enters Voluntary Liquidation
------------------------------------------------
Leah Milner at Money Marketing reports that Caversham Buchanan Ltd
has gone into liquidation.

The company, Money Marketing relates, entered voluntary
liquidation on May 13 and liquidator Asher Miller of David Rubin &
Partners was appointed.

Money Marketing discloses the company's largest creditor is
Standard Life, which it owed GBP52,775, followed by Aviva, which
it owed GBP24,545 and Intelliflo, which it owed GBP14,490.

According to FTAdviser's Sharon Flaherty, Elliott Silk, who was a
corporate account director at Caversham Buchanan, said "Caversham
was closing down to new business because the shareholders had
decided to take a different strategy".

The company's four shareholders were Christopher Tottman, Paul
Watson, Richard Blundell and Ben White, FTAdviser states.

Caversham Buchanan Ltd --  http://www.cavbuc.com/-- is an
Independent Financial Adviser based in London.


DAWSON HOLDINGS: CEO Quits Post, Auditor Casts Going Concern Doubt
------------------------------------------------------------------
Rowena Mason and Amanda Andrews at Telegraph.co.uk report that
Peter Harris has quit his post as chief executive of Dawson
Holdings Plc.

According to the report, Mr. Harris, who earned GBP547,000 last
year, will be replaced by finance director Hugh Cawley.

"If Dawson is going to survive as a smaller company, we have to
reduce overheads and I decided the best place to start was with
myself," the report quoted Mr. Harris last year, as saying.

Dawson, the report discloses, has lost 67% of its newspaper and
magazine distribution business.  The report recalls since March,
the company has lost contracts worth GBP463 million with
Associated Newspapers, Marketforce, Comag, Frontline, Seymour,
News International and Telegraph Media Group.  It will now
consider whether to close the division, the report states.

                               Loss

The company posted a pre-tax loss of GBP17.4 million on writedowns
and suspended its dividend, the report says.  The company's
revenue fell just 3% to GBP376.4 million in the first half, the
report notes.

                          Going Concern

The report relates the company's auditor KPMG said there was
material uncertainty about whether Dawson would remain a "going
concern" in the group's interim results.

Dawson Holdings Plc -- http://www.dawson.co.uk/--  is a United
Kingdom-based company.  The Company is engaged in the distribution
of newspapers, magazines, books and the provision of marketing
support services.  The Company operates in four business segment:
Dawson News, Dawson Media Direct, Dawson Books and Dawson
Marketing Services.  Dawson News provides wholesale and specialist
news distribution services.  Dawson Media Direct (DMD) provides
in-flight management services, including specialist distribution
to the airline industry, as well as niche delivery.  Dawson Books
provides shelf-ready books, and a variety of added value services,
to professional, academic, corporate and public library markets
worldwide.  Dawson Marketing Services (DMS) provides marketing
support and logistics services through the effective integration
of stock management, Web reporting and distribution arrangements.


EDWARDS GROUP: Moody's Lowers Corporate Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service downgraded to B3 the Corporate Family
Rating for Edwards Group Limited, to Ba3 the rating for Edwards
(Cayman Island II) Limited's US$100 million Super Priority
Revolver, to B3 the rating for the company's US$430 million 1st
Lien Term Loan and to Caa2 the rating for the US$185 million 2nd
Lien PIK Toggle Loan.  The rating outlook is stable.  The rating
action was triggered by the severe downturn in Edwards' key end
markets coupled with adverse foreign exchange movements that have
impacted cash flow generation and debt level and therefore
materially weaken credit metrics.

Oliver Giani, Senior Analyst at Moody's said: "Following the spin-
off from Linde/BOC Edwards has successfully diversified its
customer end markets.  Sales to the solar and flat panel display
industry allowed the company to largely compensate the cyclical
downturn in the semiconductor industry during 2008.  However, in
the last quarter of 2008 it became clear that theses markets are
increasingly affected by the global economic downturn.  For 2009
Moody's expects a material revenue decline severely reducing
operating profit and cash flow coverage."

Actions taken by Edwards' management to improve efficiency
including relocation of parts of the manufacturing to low cost
countries and a further 15% reduction in headcount are expected to
mitigate but not fully compensate the negative effect from the
adverse global economic environment on Edwards' key debt
protection metrics.

In addition, the decline of the British currency against the US-
Dollar resulted in a GBP120 million increase in debt during 2008.
Given the company's hedging policy covering part of the expected
revenues over the next 2 years, the balancing effect of a natural
hedge will take longer to come through than originally
anticipated.

Should Edwards be able to reduce leverage below 6x net debt /
EBITDA and interest coverage trending towards 1.5x EBITA upside
rating potential might build.  However, downward rating pressure
will emerge should Edwards materially fall below its 2009 budget,
evidenced for instance by (i) a material further cash drain
accumulating to US$25 million from 1 April 2009, (ii) the reported
operating profit margin falling below 2.5% on an LTM basis or
(iii) operating profit interest coverage as reported failing to
showing a fast upward slope to exceed 1.0x by the end of 2009.

In order to monitor Edwards ability to contain its cash
consumption and to deliver on its budget Moody's would calculate
(i) Cash drain as the sum of the reported net cash provided by
operating activities and net cash used in investing activities
beginning from April 1, 2009, and (ii) operating profit interest
coverage using reported figures on a quarterly basis.

Downgrades:

Issuer: Edwards Group Limited

  -- Probability of Default Rating, Downgraded to B3 from B1
  -- Corporate Family Rating, Downgraded to B3 from B1

Issuer: Edwards (Cayman Island II) Limited

  -- Senior Secured Revolving Credit Facility, Downgraded to Ba3
     from Ba1

  -- Senior Secured First Lien Credit Facility, Downgraded to B3
     from B1

  -- Senior Secured Second Lien Credit Facility, Downgraded to
     Caa2 from B3

Outlook Actions:

Issuer: Edwards Group Limited

  -- Outlook, Changed To Stable From Rating Under Review

Issuer: Edwards (Cayman Island II) Limited

  -- Outlook, Changed To Stable From Rating Under Review

The last rating action for Edwards has been on March 24, 2009,
when Moody's placed Edwards' ratings under review for possible
downgrade.

Edwards Group Limited, headquartered in Crawley / United Kingdom,
has a leading position in the manufacturing of highly engineered
vacuum products and is world market leader in the supply of vacuum
products and services.  The company offers vacuum products and
related services to several markets including the semiconductor
industry, the steel industry, the pharma industry and other
research bodies that are dealing with drug development,
nanotechnology and genome research.  Furthermore, Edwards' vacuum
products are also a key input into the production of flat panel
TVs and solar panels, which currently experience a significantly
increasing demand.  During 2008 Edwards generated revenues of
approximately GBP510 million from continuing operations.


EQUINOX PLC: Fitch Junks Ratings on Class E and F Tranches
----------------------------------------------------------
Fitch Ratings has downgraded all six tranches of Equinox (Eclipse
2006-1) plc following a review of the transaction.  The rating
actions are:

  -- GBP286.2 million class A (XS0259279585) downgraded to 'AA'
     from 'AAA'; Outlook revised to Negative from Stable

  -- GBP17.2 million class B (XS0259280088) downgraded to 'A' from
     'AAA'; Outlook revised to Negative from Stable

  -- GBP18.1 million class C (XS0259280161 downgraded to 'BBB'
     from 'AA+'; Outlook revised to Negative from Stable

  -- GBP20.9 million class D (XS0259280591) downgraded to 'BB'
     from 'AA+'; Outlook revised to Negative from Stable

  -- GBP8 million class E (XS0259280674) downgraded to 'CCC' from
     'BBB+'; assigned a Recovery Rating of 'RR5'

  -- GBP3.8 million class F (XS0259280914) downgraded to 'CC' from
     'BBB'; assigned a Recovery Rating of 'RR5'

The rating actions reflect the general widening of rental yields
to levels higher than those at the time the loans were originated,
and although seasoning, prepayment and scheduled amortization
afford some protection, the balloon risk has increased for certain
loans.  Ongoing falls in commercial UK property values have
increased the weighted-average Fitch loan-to-value ratio to an
estimated 92.5%, in excess of the reported LTV of 63.2%.

The Royal Mint Court loan (22.2% of the pool) is secured over four
office properties in the City of London.  The loan benefits from
secure cash flow: 61% of passing rent is attributable to two 25-
year leases to Barclays Bank Plc ('AA-'/'F1+'/Stable) that are set
to expire at the end of 2013.  The leases and the loan are almost
coterminous: the 95% occupied building has a WA lease expiry of
March 2014, compared to the loan maturity in October 2013.  While
this means that the value of the asset is likely to decline
further as the lease expiries become imminent, this is somewhat
mitigated by the scheduled amortization, which reduces the current
Fitch LTV of 92.3% to 81.5% (against a reported exit LTV of
60.6%).

The Redleaf Portfolio loan (15.6% of the pool) comprises five
secondary shopping centres located across England.  The Fitch LTV
of 111% suggests a sizeable market value decline of 37%,
particularly due to the secondary nature of the collateral.  This
is of particular concern as the interest-only loan is scheduled to
mature in January 2010, and refinancing will likely be difficult
amid current market conditions.  In addition, at the January
interest payment date, the projected interest cover ratio of 1.16x
fell below the cash trap trigger of 1.20x, due to upcoming lease
expiries.  As a consequence, no surplus funds are being released
to the borrower.  Approximately 20% of the current passing rent is
scheduled to break or expire by loan maturity, so Fitch considers
it likely that the loan will continue to be in breach of this
trigger unless substantial re-lettings are achieved.

Fitch will continue to monitor the performance of the transaction.


KAUPTHING SINGER: JP Morgan Cazenove Sells 22% Booker Stake
-----------------------------------------------------------
James Davey at Reuters reports that JP Morgan Cazenove Ltd on
Thursday placed the 22 percent stake of Kaupthing Capital Partners
II in British cash-and-carry retailer Booker Group plc at 29 pence
a share to largely long-only UK institutions.

The stake changed hands following an Isle of Man court hearing on
Wednesday, Reuters relates.  Reuters says the stake of 327.4
million shares is now being held by PricewaterhouseCoopers acting
on behalf of Kaupthing Singer & Friedlander (Isle of Man).

On May 29, 2009, the Troubled Company Reporter-Europe, citing
iomtoday.co.im reports that Kaupthing Singer & Friedlander (Isle
of Man) Ltd was put into liquidation after creditors rejected this
month the government's scheme of arrangement.

iomtoday.co.im related that in the High Court Wednesday, Deputy
Deemster Andrew Corlett granted a winding up order on the grounds
that the bank is unable to pay its debts as they fall due.  Deputy
Deemster Corlett also granted a Treasury application to adjourn a
costs hearing sought by the Depositors' Action Group to June 23,
insisting he did not want the already considerable costs of the
case to increase further, iomtoday.co.im said.

According to iomtoday.co.im, a meeting of creditors will be held
within six weeks when they will be asked to approve the
appointment of the liquidator.  iomtoday.co.im disclosed joint
provisional liquidator Mike Simpson, of PricewaterhouseCoopers,
who is now deemed official receiver, said KSF (IoM) cash recovered
so far totaled some GB160 million and creditors could expect an
initial dividend of 14.5 percent.

   About Kaupthing Singer & Friedlander (Isle of Man) Ltd.

Kaupthing Singer & Friedlander (Isle of Man) Ltd. --
http://www.kaupthingsingers.co.im/-- is the Isle of Man
subsidiary of Iceland-based Kaupthing Bank hf.


VIRGIN MEDIA: Moody's Affirms Corporate Family Rating at 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Virgin Media Inc. and assigned a provisional P(B2)
rating to the approximately US$650 million of senior unsecured
notes, due 2016, announced to be issued by Virgin Media Finance
plc.  The notes will mature at the same time as the US$500 million
9.125% US Dollar Senior Notes issued by the same entity. The
outlook is stable.

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

"The affirmation of Virgin Media's Ba3 corporate family rating and
the P(B2) rating assigned to the proposed notes issue reflect the
improvement in the company's liquidity position that will result
from the transaction, with no debt amortization until the third
quarter of 2010, and the expectation that the proceeds of the
issue will be entirely used to repay senior secured debt currently
outstanding, with no impact on the company's leverage position,"
said Stefano del Zompo, lead analyst for Virgin Media at Moody's.
"These factors will mitigate the expected increase in the
company's annual interest burden expected as a result of the
transaction," Mr. del Zompo added.

The notes will be structurally and contractually subordinated to
the existing senior secured facilities and to the GBP300 million
tranche C issued by Virgin Media Investment Holding Limited.

The rating outlook remains stable based on the assumption that the
company will be able to maintain its improved operating
performance, particularly in the areas of subscriber additions and
churn.  Moody's will nonetheless continue monitoring the company's
operating performance in light of the weakened economic
environment and fierce competition.

The last rating action on Virgin Media was on December 10, 2008,
when Moody's changed the outlook on all of the company's ratings
to stable from negative.

Virgin Media, headquartered in Hook, is the largest cable operator
in the UK.  In the financial year ended December 2008, the company
reported revenues (including the Sit-Up division) in excess of
GBP4.0 billion and approximately GBP1.3 billion in operating cash
flow.


VIRGIN MEDIA: Fitch Assigns 'BB' Rating on US$650 Million Notes
---------------------------------------------------------------
Fitch Ratings has assigned Virgin Media Finance plc's proposed new
senior note issue of US$650 million equivalent an expected rating
of 'BB'.  Virgin Media Finance is a subsidiary of UK cable
operator Virgin Media Inc.  Fitch has simultaneously affirmed
Virgin Media's Long-term Issuer Default Rating at 'BB-' with a
Stable Outlook, and affirmed its Short-term IDR at 'B' following
the company's announcement regarding the planned issuance.  The
agency has also affirmed Virgin Media Finance's and Virgin Media
Investment Holdings Limited's existing instrument ratings as
detailed at the end of this comment.

The final rating will be contingent upon receipt of final
documents conforming to the information already received.

"The affirmation of the IDR at 'BB-' is based on Fitch's
expectation that Virgin Media will pro-actively target a reduction
in the degree of its refinancing risk over the course of the next
two years," said Michelle De Angelis, Senior Director in Fitch's
Leveraged Finance team.  "The proposed new senior note issuance of
an estimated US$650 million equivalent represents the first step
by the company to address this challenge."

Virgin Media plans to use the proceeds from the new senior notes
to prepay senior debt.  Assuming US$650 million equivalent is
issued, the agency calculates that senior leverage would be
reduced pro forma to 2.9x operating cash flow from 3.2x at Q109.
This would support strong anticipated recoveries under a default
scenario for the senior secured facilities, which are rated 'BB+',
two notches above the IDR.

The proposed new senior notes will rank equally with the existing
senior notes, currently rated 'BB', one notch above the IDR,
reflecting anticipated above-average recoveries for these
instruments.  By prepaying senior debt with the proceeds of the
proposed new senior notes, the company will be able to reduce the
amount of debt which ranks ahead of the senior notes, thus further
strengthening the likely recoveries for this creditor class as a
whole.  However, the debt will be unsecured and the instrument
rating therefore remains one notch below that of the senior
secured facilities.  Fitch has therefore assigned an expected
rating of 'BB' to the new senior notes, in line with the existing
senior notes.

These debt ratings have been affirmed:

  -- Virgin Media Investment Holdings Limited senior secured bank
     facilities affirmed at 'BB+'

  -- Virgin Media Finance plc's existing senior unsecured notes,
     due 2014 and 2016, affirmed at 'BB'


VIRGIN MEDIA: S&P Puts 'B+' Debt Rating on Positive CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed on
CreditWatch with positive implications its 'B+' issue rating on
the GBP300 million junior-lien debt issued by Virgin Media
Investment Holdings Ltd. and its 'B-' issue ratings on the
GBP1.1 billion equivalent senior unsecured debt issued by Virgin
Media Finance PLC.  Both VMIH and VMF are subsidiaries of U.K.-
based telecommunications provider Virgin Media Inc. (VMI;
B+/Stable/--), whose rating remains unchanged.

At the same time, Standard & Poor's assigned its 'B-' issue rating
to the proposed US$650 million senior unsecured notes issued by
VMF, two notches below the corporate credit rating on the VMI
group.  The rating, which is subject to a satisfactory review of
the final documentation, was also placed on CreditWatch with
positive implications.  A recovery rating of '6' was assigned to
this debt, indicating S&P's expectation of negligible (0%-10%)
recovery for creditors in the event of a payment default.  S&P
anticipates that the new notes would rank equally with the
existing unsecured bonds at VMF.

In addition, the 'B-' issue rating on VMI's unsecured convertible
bond was affirmed.  The recovery rating of '6' on this debt issue
is unchanged, indicating S&P's expectation of negligible (0%-10%)
recovery for creditors in the event of a payment default.

The convertible bond issued at the parent company level does not
benefit from any operating companies' guarantees and is therefore
subordinated to the claims of the secured facilities and
speculative-grade notes.

The CreditWatch placement follows the announcement by VMI of its
intention to issue bonds to fund a partial repayment of the senior
facilities (as part of the amendment process agreed between VMI
management and senior lenders in November 2008).  It acknowledges
the potential upside in terms of recovery prospects for unsecured
noteholders at VMF and junior-lien debtholders at VMIH as a result
of lower senior secured debt outstanding.

In line with the amendment of the senior facility (after the full
20% repayment of the outstanding A tranches), VMI will roll over
about GBP1.2 billion of the 2010-2011 bank amortization payments
to June 2012.

For recovery purposes, and hence issue ratings, the amendment and
bond issuance have offsetting effects.  The deferral of the
remaining amortization payments and the final maturity date of the
A tranches and revolving facility, combined with new debt
issuance, would lead to a possible extension of the date of S&P's
hypothetical default scenario.  This, along with less stringent
covenants, means that VMI's core business might need to
deteriorate further before reaching a payment default, leading to
lower overall enterprise value at default.

However, in the case of unsecured bond issuance, this negative
effect would be more than offset by a slightly lower gross
leverage and different mix of outstanding liabilities at default.
This is because partial repayment of the senior debt is funded
through the available liquidity (an initial GBP300 million
prepayment of Term loan A) and proceeds from the unsecured debt
issuance.

The amount of new bond issuance, and the extent to which these
proceeds will be used to repay priority debt, could provide
potential upside in terms of recovery prospects for junior-lien
debtholders and unsecured noteholders.  This would be due to a
lower projected amount of priority debt at the point of default
and is based on the assumption that the new bond would rank
equally with the existing unsecured notes issued at VMF.

At present, S&P anticipates that upside for the unsecured debt
will be limited to one notch.

                           Ratings List

           CreditWatch/Outlook Action; Ratings Affirmed

               Virgin Media Investment Holdings Ltd.

                                           To             From
                                           --             ----
      GBP300 million junior-lien bank loan* B+/Watch Pos   B+
      Recovery rating                      3              3

                         Virgin Media Finance PLC

           GBP375 million 9.75% senior unsecured notes**
           $425 million 8.75% senior unsecured notes**
           EUR225 million 8.75% senior unsecured notes**
           $550 million 9.125% senior unsecured notes**

                                           To             From
                                           --             ----
    Senior Unsecured                       B-/Watch Pos   B-
      Recovery rating                      6              6

                         Ratings Affirmed

                         Virgin Media Inc.

             Snr unsecd convertible bond           B-
             Recovery rating                      6

                            New Rating

                     Virgin Media Finance PLC

      US$650 mil. snr unsecd notes            B-/Watch Pos
        Recovery rating                      6

   * Guaranteed by Virgin Media Investment Holdings Ltd.

   ** Guaranteed by Virgin Media Holdings Inc. and Virgin Media
      Investment Holdings Ltd.


* S&P Takes Rating Actions on 315 European Synthetic CDO Tranches
-----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
315 European synthetic collateralized debt obligation tranches.

Specifically, the ratings on:

  -- 182 tranches were lowered and removed from CreditWatch
     negative;

  -- 90 tranches were lowered and remain on CreditWatch negative;

  -- 17 tranches were raised and removed from CreditWatch
     positive;

  -- Three tranches were removed from CreditWatch positive and
     placed on CreditWatch negative;

  -- Four tranches were removed from CreditWatch negative; and

  -- 19 tranches were removed from CreditWatch positive.

Of the 275 tranches lowered and/or placed on CreditWatch negative:

  -- 33 references U.S. residential mortgage-backed securities and
     U.S. CDOs that are exposed to U.S. RMBS, which have
     experienced negative rating actions; and

  -- 242 have experienced corporate downgrades in their portfolio.

For the full list of rating actions see "European Synthetic CDO
Rating Actions At May 2009".

The rating actions are part of S&P's regular monthly review of
synthetic CDOs.  These actions incorporate, among other things,
the effect of recent rating migration within reference portfolios
and recent credit events on several corporate entities.

This table provides a summary of the rating actions S&P has taken
on European synthetic CDO tranches since November 2008.

          Downgrades  Upgrades
          (no. of     (no. of   Key corporate
          tranches)   tranches) downgrades*
          ----------  --------- --------------
Dec-08   396         8         Residential Capital, LLC
                                (CCC-/Negative to CC/Watch Neg)
                                Nov. 20, 2008

                                Financial Guaranty Insurance Co.
                                (BB/Watch Neg to CCC/Negative)
                                Nov. 24, 2008

                                Clear Channel Communications Inc.
                                (B to CC)
                                Dec. 5, 2008

Jan-09   253         2         Citigroup Inc.
                                (AA-/Watch Neg to A/Stable)
                                Dec. 19, 2008

                                Morgan Stanley
                                (A+/Negative to A/Negative)
                                Dec. 19, 2008

Feb-09   344         1         MBIA Inc.
                                (A-/Negative to BB+/Negative)
                                Feb. 18, 2009

                                MBIA Insurance Corp.
                                (AA/Negative to BBB+/Negative)
                                Feb. 18, 2009

Mar-09   209         4         MGIC Investment Corp.
                                (BB+/Watch Neg to CCC/Negative)
                                March 13, 2009

                                MGM MIRAGE
                                (B/Watch Neg to CCC/Negative)
                                March 19, 2009

                                Idearc Inc.
                                (CCC/Negative to D)
                                March 31, 2009

Apr-09   351         0         PMI Group Inc.
                                (BBB/Watch Neg to CCC/Watch Dev)
                                April 8, 2009

May-09   275        17         Donnelley (R.H.) Corp.
                                (CCC+/Negative to D)
                                April 16, 2009

* Corporate names that have experienced a significant notch ]
   downgrade, as well as being highly referenced within European
   synthetic CDOs.

These rating actions and the CreditWatch updates follow two
reviews.  The first review was of the CreditWatch placements made
on May 15, 2009.

For the second review, SROC (synthetic rated
overcollateralization) is run for scenarios that project the
current portfolio 90 days into the future, assuming no asset
rating migration.

For those transactions that have been on CreditWatch negative for
longer than 90 days, where S&P has either not received material
levels of information or relative portfolio credit quality has not
improved since the CreditWatch placement to a level sufficient to
affirm the rating, S&P has assessed portfolio credit quality and
not run scenarios 90 days into the future.

                          What Is SROC?

One of the main steps in S&P's rating analysis is the review of
the credit quality of the securitized assets.  SROC is one of the
tools S&P uses for this purpose when rating and surveilling
ratings assigned to most synthetic CDO tranches.  SROC is a
measure of the degree by which the credit enhancement (or
attachment point) of a tranche exceeds the stressed loss rate
assumed for a given rating scenario.  It is comparable across
different tranches of the same rating.

Changes in SROC capture any developments in the major influences
on a tranche's creditworthiness: the credit quality of a reference
portfolio, improvement or deterioration of ratings in the
reference portfolio, credit events, and time decay.  When SROC is
100%, there is exactly sufficient credit enhancement to maintain
the rating on a tranche.

When SROC is less than 100%, it indicates that the current credit
enhancement may not be sufficient to maintain the current tranche
rating.  If the SROC is less than 100%, but the 90 day projection
indicates that the SROC would return to a level above 100% at that
time, S&P maintains the rating at its current level and it remains
on CreditWatch negative.  If, on the other hand, the projection
indicates that the SROC would remain below 100%, S&P may lower the
rating subject to S&P's criteria.

If the current SROC of a tranche would be greater than 100% at a
higher rating level than the current rating, S&P may upgrade
subject to S&P's criteria.


* BOND PRICING: For the Week May 25 to May 29, 2009
---------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

FRANCE
------
Alcatel SA                4.750    01/01/11      EUR     14.93
Calyon                    6.000    06/18/47      EUR     37.24
Cap Gemini SA             2.500    01/01/10      EUR     51.39
Cap Gemini Soget          1.000    01/01/12      EUR     40.55
Cap Gemini Soget          3.500    01/01/14      EUR     37.36
Cie Fin Foncier           3.880    04/25/55      EUR     71.48
Ciments Francais          4.750    04/04/17      EUR     79.27
Club Mediterrane          4.380    11/01/10      EUR     46.55
CMA CGM                   5.500    05/16/12      EUR     57.75
CMA CGM                   5.500    05/16/12      EUR     57.75
CMA CGM SA                7.250    02/01/13      USD     48.75
CMA CGM SA                7.250    02/01/13      USD     48.75
Soc Air France            2.750    04/01/20      EUR     19.67

GERMANY
-------
Bayerische Lndbk         4.500     02/07/19      EUR     70.20
City of Kiev             8.630     07/15/11      USD     57.40
City of Kiev             8.630     07/15/11      USD     57.47

IRELAND
-------
Alfa Bank                 8.630    12/09/15      USD     64.08
Alfa Bank                 8.640    02/22/17      USD     62.38
Allied Irish Bks          7.880    07/05/23      GBP     73.35
Allied Irish Bks          5.250    03/10/25      GBP     53.91
Allied Irish Bks          5.630    11/29/30      GBP     48.99
Ardagh Glass              7.130    06/15/17      EUR     72.13
Ardagh Glass              7.130    06/15/17      EUR     73.58
Banesto Finance           6.120    11/07/37      EUR      6.12
Bank of Ireland           4.630    02/27/19      EUR     63.77
Bank of Ireland           9.250    09/07/20      GBP     83.62

ITALY
-----
Cartesio  S.r.l           6.020    03/07/33      USD     74.91
Cir SpA                   5.750    12/16/24      EUR     66.26

LUXEMBOURG
----------
Bank of Moscow            7.500    11/25/15      USD     75.03
Bank of Moscow            6.810    05/10/17      USD     63.46
Cirsa Capital             7.880    07/15/12      EUR     66.13
Cirsa Capital             7.880    07/15/12      EUR     70.13
Cirsa Fin Lux             8.750    05/15/14      EUR     61.00
Cirsa Fin Lux             8.750    05/15/14      EUR     60.88
Globus Capital            8.500    03/05/12      USD     49.43

NETHERLANDS
-----------
ABN Amro Bank NV          6.000    03/16/35      EUR     56.84
Aegon NV                  6.130    12/15/31      GBP     65.66
Air Berlin Finan          1.500    04/11/27      EUR     35.61
ALB Finance BV            9.000    11/22/10      USD     19.49
ALB Finance BV            9.750    02/14/11      GBP     17.48
ALB Finance BV            7.880    02/01/12      EUR     14.50
Alfa Bk Ukraine           9.750    12/22/09      USD     72.48
Astana Finance            9.000    11/16/11      USD     14.98
ATF Capital BV            9.250    02/21/14      USD     64.26
Bk Ned Gemeenten          0.500    06/27/18      CAD     69.59
Bk Ned Gemeenten          0.500    02/24/25      CAD     46.38
Cemex Fin Europe          4.750    03/05/14      EUR     62.45
Centercrdt Intl           8.630    01/30/14      USD     67.09
Clondalkin BV             8.000    03/15/14      EUR     44.08
Clondalkin BV             8.000    03/15/14      EUR     44.88
Hit Finance BV            4.880    10/27/21      EUR     71.88
JSC Bank Georgia          9.000    02/08/12      USD     64.84
Turanalem Fin BV          7.880    06/02/10      USD     24.50
Turanalem Fin BV          6.250    09/27/11      EUR     22.48
Turanalem Fin BV          7.750    04/25/13      USD     25.52
Turanalem Fin BV          8.000    03/24/14      USD     24.43
Turanalem Fin BV          8.500    02/10/15      USD     24.43
Turanalem Fin BV          8.250    01/22/37      USD     23.43

SPAIN
-----
Bancaja                   4.250    05/26/13      EUR     72.20
Bancaja                   4.380    02/14/17      EUR     72.13
Caja Madrid               4.130    03/24/36      EUR     75.92
Cedulas TDA A-6           4.250    04/10/31      EUR     71.61
Comun Auto Canar          3.900    11/30/35      EUR     69.67
Comun Auto Canar          4.200    10/25/36      EUR     73.24
Junta Andalucia           5.150    05/24/34      EUR     73.62

UNITED KINGDOM
--------------
Alfa-Bank CJSC            9.250    07/26/10      USD     65.44
Alfa-Bank CJSC           12.000    08/11/11      USD     77.49
Alliance&Leic Bld         5.250    03/06/23      GBP     72.58
Alliance&Leic Bld         5.880    08/14/31      GBP     72.61
Alpha Credit Grp          2.940    03/04/35      JPY     63.33
Amlin Plc                 6.500    12/19/26      GBP     69.74
Anglian Wat Fin           2.400    04/20/35      GBP     47.15
Annes Gate Ppty           5.660    06/30/31      GBP     72.89
Arsenal Sec               5.140    09/01/29      GBP     69.00
Ashtead Holdings          8.630    08/01/15      USD     71.13
Ashtead Holdings          8.630    08/01/15      USD     70.50
Aspire Defence            4.670    03/31/40      GBP     64.92
Aspire Defence            4.670    03/31/40      GBP     65.65
Aviva Plc                 5.750    11/14/21      EUR     66.21
Aviva Plc                 5.250    10/02/23      EUR     62.25
Aviva Plc                 6.880    05/22/38      EUR     64.45
Aviva Plc                 6.880    05/20/58      GBP     63.84
Barclays Bk Plc          11.650    05/20/10      USD     48.65
Barclays Bk Plc           5.750    09/14/26      GBP     72.86
Beazley Group             7.250    10/17/26      GBP     69.02
BL Super Finance          5.270    07/04/25      GBP     71.83
BL Super Finance          5.580    10/04/25      GBP     64.69
Bradford&Bin Bld          7.630    02/16/10      GBP     15.00
Bradford&Bin Bld          4.250    05/04/16      EUR     79.28
Bradford&Bin Bld          4.880    06/28/17      EUR     80.19
Bradford&Bin Bld          2.750    10/16/18      CHF     62.41
Bradford&Bin Bld          5.750    12/12/22      GBP     13.30
Bradford&Bin Bld          6.630    06/16/23      GBP     14.97
Bradford&Bin Bld          4.910    02/01/47      EUR     55.82
Brit Insurance            6.630    12/09/30      GBP     58.17
British Land Co           5.360    03/31/28      GBP     71.56
British Land Co           5.360    03/31/28      GBP     71.21
British Land Co           5.010    09/24/35      GBP     74.00
British Land Co           5.260    09/24/35      GBP     67.10
British Tel Plc           5.750    12/07/28      GBP     67.90
British Tel Plc           6.380    06/23/37      GBP     68.14
Britannia Bldg            5.750    12/02/24      GBP     62.41
Britannia Bldg            5.880    03/28/33      GBP     59.42
Brixton Plc               6.000    12/30/10      GBP     72.98
Brixton Plc               5.250    10/21/15      GBP     59.32
Brixton Plc               6.000    09/30/19      GBP     60.50
Broadgate Finance         4.850    04/05/31      GBP     72.66
Broadgate Finance         5.000    10/05/31      GBP     67.41
Broadgate Finance         5.100    04/05/33      GBP     57.44
Broadgate Finance         4.820    07/05/33      GBP     70.80
Capital Hospital          1.700    09/30/46      GBP     72.16
Cattles Plc               7.880    01/17/14      GBP      9.48
Cattles Plc               8.130    07/05/17      GBP      5.88
CGNU Plc                  6.130    11/16/26      GBP     64.04
Chelsea Building          5.880    03/07/19      GBP     49.98
City of Kyiv              8.250    11/26/12      USD     54.78
City of Kiev              8.000    11/06/15      USD     49.86
Clerical Med Fin          6.450    07/05/23      EUR     50.35
Prudential Bank           6.880    12/29/21      GBP     64.87

                            *********

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.


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