TCREUR_Public/090602.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Tuesday, June 2, 2009, Vol. 10, No. 107

                            Headlines

A U S T R I A

BITA GMBH: Claims Filing Deadline is June 16
GDR PERSONALLEASING: Claims Registration Period Ends June 16
MARKOVIC GEBAUDEREINIGUNG: Claims Filing Deadline is June 15
MARTINS HANDEL: Claims Registration Period Ends June 15
RAAL GMBH: Claims Registration Period Ends June 16


B E L G I U M

FORTIS BANK: S&P Lifts Issue Rating on Hybrid Securities to 'BB'


F R A N C E

PERNOD RICARD: Fitch Assigns 'BB+' Ratings on EUR800 Mil. Notes
TREES SA: Moody's Withdraws 'Caa2' Rating on Two Classes of Notes


G E R M A N Y

AKSYS: Files for Insolvency, State Bailout Rejected
LUCITE INT'L: Moody's Withdraws 'Caa1' Corporate Family Rating


G R E E C E

EMPORIKI BANK: Moody's Reviews 'D+' BFSR for Possible Downgrade


I R E L A N D

ANGLO IRISH: Posts EUR4.1 Bln Loss, Gov't to Pump EUR4 Bln Capital
AVOCA CLO: S&P Puts 'BB' Rating on E Def Notes on Watch Negative
EATON VANCE: S&P Puts 'BB-' Ratings on Two Tranches on Watch Neg.
ELVA FUNDING: S&P Cuts Rating on EUR43 Million Notes to 'CCC-'
FIRST EQUITY: KBC Appoints Receivers For British Property


K A Z A K H S T A N

BELOUSOVSKY HLEBOZAVOD: Creditors Must File Claims by June 19
LESTOP PROM: Creditors Must File Claims by June 19
PREDGORNENSKY MEL COMBINAT: Creditors Must File Claims by June 19
REM TECHNIKA: Creditors Must File Claims by June 19
VK PROM: Creditors Must File Claims by June 19


K Y R G Y Z S T A N

PROIZVODSTVENNY TSEH: Creditors Must File Claims by July 3


N E T H E R L A N D S

CLEARWAY FINANCE: S&P Revises Watch on BB Tranche Rating to Pos.
ROMPETROL GROUP: Fitch Downgrades Issuer Default Rating to 'B'


P O R T U G A L

LOT: Polish Gov't Acquires SAirLines's 25 Percent Stake


R U S S I A

BIOLAN-STROY: Creditors Must File Claims by June 15
EUROGLASS CJSC: Creditors Must File Claims by June 15
LOTOSHINSKIY CJSC: Creditors Must File Claims by June 15
RZHEV-GRAZHDAN LLC: Creditors Must File Claims by June 15
URALSKAYA TRANSPORTATION: Creditors Must File Claims by June 15


S P A I N

BBVA RMBS 3: Fitch Cuts Rating on Class C Tranche to 'B'
SANTANDER HIPOTECARIO: Fitch Junks Ratings on Four Tranches


S W I T Z E R L A N D

DOMINTER AG: Claims Filing Deadline is June 5
DSC ALL: Creditors Have Until June 8 to File Proofs of Claim
GHX MANAGEMENT: Claims Filing Deadline is June 8
J.M. SIDLER: Creditors Must File Claims by June 11
WEKO BIEL: Creditors Must File Proofs of Claim by June 15


U K R A I N E

DNEPRO-SERVICE LLC: Court Starts Bankruptcy Supervision Procedure
FORSAGE-ROAD AS: Creditors Must File Claims by June 11
NAFTOGAZ NJSC: Moody's Junks Corporate Family Rating From 'B2'
ROZHISCHENSKY POULTRY: Court Starts Bankruptcy Procedure
RSM LLC: Creditors Must File Claims by June 11

SPECIAL KIT: Court Starts Bankruptcy Supervision Procedure
START-AGRO LLC: Creditors Must File Claims by June 11


U N I T E D   K I N G D O M

BLACKS LEISURE: Posts GBP14.4 Mln Loss, In Talks Over Financing
COBRA BEER: Rescued From Administration Via Pre-Pack Deal
CORSAIR NO 3: Moody's Reviews 'Ca' Rating on EUR75 Mil. Notes
DISCOVER LEISURE: Seeks to Avoid Administration Through CVA
EUROHOME UK: S&P Junks Ratings on Class C Notes From 'B'

ITN: Deloitte Casts Going Concern Doubt Over Pension Fund Deficit
JJB SPORTS: CVA Proposal Takes Effect
LCP PROUDREED: Fitch Cuts Rating on Class D Notes to 'BB'
MODUS VENTURES: Put Into Administration
TATA STEEL UK: Banks Approve Covenant Reset on GBP3.7 Bln Loan

UBS AG: Moody's Withdraws 'Caa1' Rating on Series 6481 Notes

* Fitch Says UK Prime Pass-Through RMBS Can Withstand Recession
* S&P Puts Ratings on 129 Tranches in 27 European CMBS on WatchNeg

* Large Companies with Insolvent Balance Sheet


                         *********


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


BITA GMBH: Claims Filing Deadline is June 16
--------------------------------------------
Creditors owed money by Bita GmbH have until June 16, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Bernhard Eder
         Brucknerstrasse 4
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: eder@rechtsanwaelte.co.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on June 30, 2009, for the
examination of claims.


GDR PERSONALLEASING: Claims Registration Period Ends June 16
------------------------------------------------------------
Creditors owed money by GDR Personalleasing GmbH have until
June 16, 2009, to file written proofs of claim to the court-
appointed estate administrator:

          Dr. Peter Zens
          Esteplatz 5/5
          1030 Vienna
          Austria
          Tel: 534 90
          Fax: 534 90-50
          E-mail: office@schopf-zens.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 30, 2009, for the
examination of claims.


MARKOVIC GEBAUDEREINIGUNG: Claims Filing Deadline is June 15
------------------------------------------------------------
Creditors owed money by Markovic Gebδudereinigung GmbH have until
June 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Thomas Deschka
         Spiegelgasse 10
         1010 Vienna
         Austria
         Tel: 513 99 39
         Fax: 513 99 39 30
         E-mail: deschka@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 29, 2009, for the
examination of claims.


MARTINS HANDEL: Claims Registration Period Ends June 15
-------------------------------------------------------
Creditors owed money by Martins Handel und Trockenbau have until
June 15, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51-Serie
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 29, 2009, for the
examination of claims.


RAAL GMBH: Claims Registration Period Ends June 16
--------------------------------------------------
Creditors owed money by Raal GmbH have until June 16, 2009, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Stefan Langer
         Olzeltgasse 4
         1030 Vienna
         Austria
         Tel: 712 63 02, 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

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


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


FORTIS BANK: S&P Lifts Issue Rating on Hybrid Securities to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has upgraded to
'BB' from 'C' its issue rating on the convertible and subordinated
hybrid equity-linked securities of Fortis Bank SA/NV
(AA-/Negative/A-1+).  At the same time, S&P placed the ratings on
CreditWatch with developing implications.

The upgrade reflects the recent statement by Fortis N.V. and
Fortis SA/NV (both rated BB/Watch Pos/B, together, Fortis, Fortis
Bank's previous shareholder) that, as a result of the announcement
of their intention to resume the payment of a dividend for the
2009 financial year, the coupon on CASHES due on June 19, 2009,
will be paid in cash.

As a consequence of Fortis' public announcement, made on May 27,
2009, of its intention to pay a dividend on its ordinary shares
for the 2009 financial year, S&P understand that, according to the
terms of the CASHES instrument, the mandatory usage of the
alternative coupon satisfaction method -- previously triggered by
Fortis's announcement on March 15, 2009, that it would cut the
dividend for financial year 2008 following a massive statutory
loss -- is no longer compulsory.  S&P understands that Fortis Bank
will consequently pay in cash the next coupons on CASHES, until a
requirement to pay coupons through the ACSM arises again.

The CreditWatch with developing implications reflects
uncertainties surrounding, in S&P's view, the evolution of the
terms and conditions of the CASHES instruments, now that Fortis
Bank is no longer owned by Fortis.  To resolve the CreditWatch
status, S&P plans to review the possible amendments to the terms
and conditions of CASHES and assess the support that Fortis Bank
may likely receive from its present 75% owner, French bank BNP
Paribas (AA/Negative/A-1+).


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


PERNOD RICARD: Fitch Assigns 'BB+' Ratings on EUR800 Mil. Notes
---------------------------------------------------------------
Fitch Ratings has assigned Pernod Ricard S.A.'s EUR800 milllion 7%
notes, maturing in 2015, final senior unsecured ratings of 'BB+'.

The ratings are in line with Pernod's Long-term Issuer Default
Rating of 'BB+' which has a Stable Outlook.  Pernod's senior
unsecured rating is 'BB+' and its Short-term IDR is 'B'.

The notes will constitute senior unsecured obligations of Pernod
and will rank equally with all other present and future unsecured
indebtedness of Pernod.

Fitch affirmed Pernod's Long-term IDR at 'BB+' and changed the
Outlook to Stable from Negative on May 13, 2009.


TREES SA: Moody's Withdraws 'Caa2' Rating on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has withdrawn its ratings of two classes
of notes issued by Trees S.A.

Moody's has withdrawn the ratings for business reasons.

The rating actions are:

Trees S.A.:

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

  -- Current Rating: WR
  -- Prior Rating: Caa2
  -- Prior Rating Date: 26 May 2009, downgraded to Caa2 from B1

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

  -- Current Rating: WR
  -- Prior Rating: Caa2
  -- Prior Rating Date: 26 May 2009, downgraded to Caa2 from B1


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


AKSYS: Files for Insolvency, State Bailout Rejected
---------------------------------------------------
Plasteurope reports that AKsys has filed for insolvency, putting
1,900 jobs at eight of the group's ten German sites at risk.

According to the report, the company declared itself insolvent on
May 26 after the federal government declined to fund a bailout,
and the reconstruction and development bank KfW denied a EUR22
million credit application

AKsys -- http://www.aksys.de/-- is an automotive supplier based
in Worms, Germany.


LUCITE INT'L: Moody's Withdraws 'Caa1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn all outstanding ratings
for Lucite International Group Holdings Limited following the
completion of the sale of Lucite Group Holdings Limited to
Mitsubishi Rayon Co. Limited on May 28, 2009, and the repayment of
all outstanding rated debt of Lucite.

These ratings were withdrawn:

    * Corporate Family Rating -- Caa1

    * Probability of Default Rating -- Caa1

    * Lucite International US Finco LLC Senior Secured Bank Credit
      facility -- B3

    * Lucite International Finco Ltd Senior Secured Bank Credit
      facility -- B3

The last rating action was on October 8, 2008, when all the
ratings of Lucite International Group Holdings Limited were
downgraded by one-notch to Caa1 and B3 respectively and the
outlook was changed to negative from stable.

Lucite is a world leading producer of methyl methacrylate with a
total annual production capacity of 700,000 tons and a market
share of 25%.  Lucite reported revenues of GBP849 million and an
EBITDA of GBP114 million for the fiscal year ended December 31,
2007.


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


EMPORIKI BANK: Moody's Reviews 'D+' BFSR for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the A1 long-term senior debt
and deposit ratings and D+ bank financial strength rating of
Emporiki Bank of Greece on review for possible downgrade.  Moody's
views the bank's standalone financial strength as having weakened
such that the D+ BFSR now maps to a Baseline Credit Assessment of
Ba1, compared to Baa3 previously.  The short-term rating of P-1 is
affirmed.

The rating action reflects the bank's ongoing weakening financial
performance, as emphasized by its first-quarter results for 2009.
Moody's said that Emporiki's core earning power continued to
decline, which, combined with elevated credit costs, has resulted
in a significant erosion of the bank's capital.

The rating agency recognizes the successful completion of the
EUR850 million capital increase in April 2009 but cautions that,
should the provisioning requirements for the year remain as high
as those indicated by the first quarter, the bank's solvency
position will be considerably challenged.

The bank's ratings continue to reflect the ongoing commitment to
Emporiki by the Credit Agricole Group, which currently holds an
87.48% stake.  Moody's notes the replacement of Emporiki's
previous CEO with the previous head of risk at Credit Agricole and
the ongoing support for Emporiki's efforts to restructure its
operations and better position itself in the market.

Nevertheless, Moody's views Emporiki's standalone financial
strength -- and thus its BFSR -- as remaining under pressure as
profitability is expected to remain weak going forward, further
challenging the bank's loss absorption capacity while asset
quality is expected to deteriorate at above system-average rates.

Emporiki's A1 long-term deposit rating is currently based on its
BFSR of D+, which now translates into a BCA of Ba1, and on Moody's
assessment of a very high probability of both parental and
systemic support in the event of need.  Parental support is
derived from CASA, as Emporiki's 82.48% majority and controlling
shareholder.

All of these ratings have been placed on review for possible
downgrade:

Emporiki Bank of Greece SA:

  -- D+ BFSR
  -- A1 foreign and local currency long-term deposit ratings
  -- A1 foreign currency senior debt rating
  -- A2 foreign currency subordinated debt rating

Emporiki Finance Group:

  -- A1 foreign currency senior debt rating
  -- A2 foreign currency subordinated debt rating

Moody's previous rating action on Emporiki Bank of Greece was on
March 20, 2009, when it downgraded its BFSR to D+ from C-, long-
term deposits and senior debt rating to A1 from Aa3 and its
subordinated debt rating to A2 from A1.

Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. had
consolidated total assets of EUR30.3 billion at end-March 2009.


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


ANGLO IRISH: Posts EUR4.1 Bln Loss, Gov't to Pump EUR4 Bln Capital
------------------------------------------------------------------
BBC News reports that the Irish government has decided to inject
EUR4 billion (US$5.6 billion; GBP3.5 billion) into Anglo Irish
Bank after the lender posted massive half yearly losses.

BBC News notes the government needs to gain EU approval before it
can pump capital into the bank, which was nationalized in January.
BBC News relates the country's finance minister, Brian Lenehan,
said the bail-out was needed to protect the wider economy in the
event of the bank's failure.

BBC News discloses the bank made a pre-tax loss of EUR4.1 billion
compared to a profit of EUR667 million in the same period a year
earlier.  According to BreakingNews.ie, the bank said the losses
are primarily driven by bad loan charges of EUR3.7 billion.

                         Investigation

According to Business & Leadership, the director of the Office of
Corporate Enforcement (OCDE) Paul Appleby on Friday said that he
expects to meet the Director of Public Prosecutions (DPP)
regarding the Anglo Irish Bank case.

Business & Leadership relates speaking at the release of the
OCDE's annual report for 2008, Mr. Appleby said that the "complex"
investigations into illegal activities at Anglo Irish Bank are
progressing "satisfactorily", and that his office continues to
work constructively with Anglo Irish Bank, the Financial Regulator
and other relevant parties in the matter.

The ODCE has been charged with investigating a series of financial
scandals that have rocked Anglo's reputation, including the matter
of loans to directors, Business & Leadership discloses.  BBC News
recalls in December last year, the bank's chairman, Sean
Fitzpatrick, resigned after admitting that he had concealed
millions of euros in personal loans from the Dublin-based bank.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--  is
engaged in the provision of banking services.  The Bank operates
in three core areas: business lending, treasury and private
banking.  The Bank's non-retail business is made up of over 11,000
commercial depositors spanning commercial entities, charities,
public sector bodies, pension funds, credit unions and other non-
bank financial institutions.  The Company's retail deposits
comprise demand, notice and fixed term deposit accounts from
personal savers with maturities of up to two years.  Non-retail
deposits are sourced from commercial entities, charities, public
sector bodies, pension funds, credit unions and other non-bank
financial institutions.  In addition, at September 30, 2008, its
non-retail deposits included deposits from Irish Life Assurance
plc.  The Private Bank offers tailored products and solutions for
high net worth clients and operates the Bank's lending business in
Ireland and the United Kingdom.


AVOCA CLO: S&P Puts 'BB' Rating on E Def Notes on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on 18 tranches, including five combination
notes, issued by four collateralized loan obligation transactions
backed by corporate loan securities.

The affected transactions are:

  -- Highlander Euro CDO B.V./ Highlander Euro CDO (Cayman) Ltd.;
  -- Harbourmaster CLO 11 B.V.;
  -- Eaton Vance CDO VII PLC; and
  -- Avoca CLO IV PLC.

These rating actions are due to deterioration in the credit
quality of the underlying portfolios.  S&P has also observed par
value losses following the default of portfolio holdings in some
of the CLOs.

In S&P's opinion, portfolio credit deterioration and par losses
increase the risk that cash flows may not be sufficient to fully
repay all rated classes, putting downward pressure on the ratings.

In determining whether to place a CLO tranche rating on
CreditWatch negative, S&P consider a number of factors, including,
but not limited to:

  -- the percentage of assets (including the change in the
     percentage of assets), based on S&P's analysis, rated below
     'B-' and the percentage of defaults already experienced in
     the portfolios;

  -- S&P's rated overcollateralization metric, which provides
     an estimate of rating stability for cash flow collateralized
     debt obligation tranches based on output from Standard &
     Poor's CDO Evaluator model and a simplified cash flow
     analysis;

  -- trends in performance results across similar transactions;
     and

  -- the results of the CDO Monitor Test.

The actions primarily follow S&P's preliminary review of how
recent deterioration in collateral credit quality has affected
European CLOs.

                          Ratings List


              Ratings Placed on Creditwatch Negative

                    Highlander Euro CDO B.V.
   EUR500 Million Secured Floating-Rate And Subordinated Notes

                                  Rating
                                  ------
            Class          To                     From
            -----          --                     ----
            C (prim)       A-/Watch Neg           A-
            D (prim)       BBB-/Watch Neg         BBB-

                 Highlander Euro CDO (Cayman) Ltd.
            EUR38.25 Million Secured Floating-Rate Notes

                                  Rating
                                  ------
            Class          To                     From
            -----          --                     ----
            E (sec)        BB-/Watch Neg          BB-

                     Harbourmaster CLO 11 B.V.
                EUR485.2 Million Floating-Rate Notes

                                  Rating
                                  ------
            Class          To                     From
            -----          --                     ----
            B              BBB-/Watch Neg         BBB-

                     Eaton Vance CDO VII PLC
   EUR260 Million and US$174 Million Secured-Rate Deferrable Notes

                                  Rating
                                  ------
            Class          To                     From
            -----          --                     ----
            D-1            BBB-/Watch Neg         BBB-
            D-2            BBB-/Watch Neg         BBB-
            E-1            BB-/Watch Neg          BB-
            E-2            BB-/Watch Neg          BB-

                         Avoca CLO IV PLC
           EUR458 Million Floating- and Fixed-Rate Notes

                                  Rating
                                  ------
            Class          To                     From
            -----          --                     ----
            B Def          AA/Watch Neg           AA
            C-1 Def        A/Watch Neg            A
            C-2 Def        A/Watch Neg            A
            D Def          BBB/Watch Neg          BBB
            E Def          BB/Watch Neg           BB
            N combination
            notes          BBB/Watch Neg          BBB
            O combination
            notes          BBB/Watch Neg          BBB
            P combination
            notes          BBB/Watch Neg          BBB
            Q combination
            notes          BBB+/Watch Neg         BBB+
            R combination
            notes          A/Watch Neg            A


EATON VANCE: S&P Puts 'BB-' Ratings on Two Tranches on Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on 18 tranches, including five combination
notes, issued by four collateralized loan obligation transactions
backed by corporate loan securities.

The affected transactions are:

  -- Highlander Euro CDO B.V./ Highlander Euro CDO (Cayman) Ltd.;
  -- Harbourmaster CLO 11 B.V.;
  -- Eaton Vance CDO VII PLC; and
  -- Avoca CLO IV PLC.

These rating actions are due to deterioration in the credit
quality of the underlying portfolios.  S&P has also observed par
value losses following the default of portfolio holdings in some
of the CLOs.

In S&P's opinion, portfolio credit deterioration and par losses
increase the risk that cash flows may not be sufficient to fully
repay all rated classes, putting downward pressure on the ratings.

In determining whether to place a CLO tranche rating on
CreditWatch negative, S&P consider a number of factors, including,
but not limited to:

  -- the percentage of assets (including the change in the
     percentage of assets), based on S&P's analysis, rated below
     'B-' and the percentage of defaults already experienced in
     the portfolios;

  -- S&P's rated overcollateralization metric, which provides
     an estimate of rating stability for cash flow collateralized
     debt obligation tranches based on output from Standard &
     Poor's CDO Evaluator model and a simplified cash flow
     analysis;

  -- trends in performance results across similar transactions;
     and

  -- the results of the CDO Monitor Test.

The actions primarily follow S&P's preliminary review of how
recent deterioration in collateral credit quality has affected
European CLOs.

                          Ratings List


              Ratings Placed on Creditwatch Negative

                    Highlander Euro CDO B.V.
   EUR500 Million Secured Floating-Rate And Subordinated Notes

                                  Rating
                                  ------
            Class          To                     From
            -----          --                     ----
            C (prim)       A-/Watch Neg           A-
            D (prim)       BBB-/Watch Neg         BBB-

                 Highlander Euro CDO (Cayman) Ltd.
            EUR38.25 Million Secured Floating-Rate Notes

                                  Rating
                                  ------
            Class          To                     From
            -----          --                     ----
            E (sec)        BB-/Watch Neg          BB-

                     Harbourmaster CLO 11 B.V.
                EUR485.2 Million Floating-Rate Notes

                                  Rating
                                  ------
            Class          To                     From
            -----          --                     ----
            B              BBB-/Watch Neg         BBB-

                     Eaton Vance CDO VII PLC
   EUR260 Million and US$174 Million Secured-Rate Deferrable Notes

                                  Rating
                                  ------
            Class          To                     From
            -----          --                     ----
            D-1            BBB-/Watch Neg         BBB-
            D-2            BBB-/Watch Neg         BBB-
            E-1            BB-/Watch Neg          BB-
            E-2            BB-/Watch Neg          BB-

                         Avoca CLO IV PLC
           EUR458 Million Floating- and Fixed-Rate Notes

                                  Rating
                                  ------
            Class          To                     From
            -----          --                     ----
            B Def          AA/Watch Neg           AA
            C-1 Def        A/Watch Neg            A
            C-2 Def        A/Watch Neg            A
            D Def          BBB/Watch Neg          BBB
            E Def          BB/Watch Neg           BB
            N combination
            notes          BBB/Watch Neg          BBB
            O combination
            notes          BBB/Watch Neg          BBB
            P combination
            notes          BBB/Watch Neg          BBB
            Q combination
            notes          BBB+/Watch Neg         BBB+
            R combination
            notes          A/Watch Neg            A


ELVA FUNDING: S&P Cuts Rating on EUR43 Million Notes to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
nine European synthetic collateralized debt obligation tranches
following recent rating changes either on the underlying
collateral, or a dependent party in those deals.

Specifically, S&P:

  -- lowered the rating on one tranche;

  -- lowered and placed on CreditWatch negative the rating on one
     tranche;

  -- lowered and removed from CreditWatch negative the rating on
     four tranches;

  -- placed on CreditWatch negative the rating on one tranche;

  -- revised to CreditWatch positive from CreditWatch developing
     the rating on one tranche; and

  -- revised to CreditWatch negative from CreditWatch positive the
     rating on one tranche.

                           Ratings List


                          Rating Lowered

                       Edam Funding One Ltd.
  EUR15 Million Limited-Recourse Floating-Rate Credit-Linked Notes
                           Series 05-03

                                    Rating
                                    ------
          Class              To                    From
          -----              --                    ----
          A                  B                     BBB-

        Rating Lowered and Placed on Creditwatch Negative

                         Elva Funding PLC
      EUR43 Million Secured Credit-Linked Variable-Rate Notes
                          Series 2006-51

                            Rating
                            ------
                   To                    From
                   --                    ----
                   CCC-/Watch Neg        CCC

      Ratings Lowered and Removed From Creditwatch Negative

                      Edam Funding One Ltd.
  EUR25 Million Limited Recourse Floating-Rate Credit-Linked Notes
                          Series 2006-02

                        Rating
                        ------
               To                    From
               --                    ----
               BBB-                  A+/Watch Neg

                      Edam Funding One Ltd.
  EUR20 Million Limited Recourse Floating-Rate Credit-Linked Notes
                          Series 2006-1

                        Rating
                        ------
               To                    From
               --                    ----
               BBB-                  A+/Watch Neg

                      Edam Funding One Ltd.
  EUR20 Million Limited-Recourse Credit-Linked Floating-Rate Notes
                         Series 2006-03

                        Rating
                        ------
               To                    From
               --                    ----
               BBB-                  A+/Watch Neg

                      Edam Funding One Ltd.
  EUR20 Million Limited-Recourse Floating-Rate Credit-Linked Notes
                          Series 2007-1

                        Rating
                        ------
               To                    From
               --                    ----
               B                     BBB-/Watch Neg

              Rating Placed on Creditwatch Negative

                      STARTS (Cayman) Ltd.
$125 Million Leveraged Super Senior Credit-Linked Fixed-Rate Notes
                          Series 2008-9

                            Rating
                            ------
                   To                    From
                   --                    ----
                   AAA/Watch Neg         AAA

Rating Revised to Creditwatch Positive From Creditwatch Developing

                      Clearway Finance B.V.
        EUR215 Million Fixed-Rate Installment Secured Notes

                            Rating
                            ------
                   To                    From
                   --                    ----
                   BB/Watch Pos          BB/Watch Dev

Rating Revised to Creditwatch Negative From Creditwatch Positive

                   Aquarius + Investments PLC
        EUR100 Million Secured-Senior Floating-Rate Series 1

                         Rating
                         ------
                To                    From
                --                    ----
                AA-/Watch Neg         AA-/Watch Pos


FIRST EQUITY: KBC Appoints Receivers For British Property
---------------------------------------------------------
The Sunday Business Post Online's Ian Kehoe and Gavin Daly report
that Belgium's KBC bank has seized First Equity Group's property
at York Place in an effort to safeguard loans that it had advanced
to Gallium, the holding company behind the Dublin investment firm.

The report relates the bank has appointed Colin Fell and Mark
Stupples, of international property consultancy Kings Sturge, as
joint receivers over an apartment complex in Leicester.  Mr. Fell,
as cited in the report, said the receivers intended to manage the
property, before ultimately selling it.

First Equity, the report recalls, went into liquidation in March
after attempts to restructure the company's debts through an
examinership process failed.  According to the report, investors
and financial institutions have more than EUR150 million tied up
in the group, which suffered as a result of the property slump and
the international credit crunch.


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


BELOUSOVSKY HLEBOZAVOD: Creditors Must File Claims by June 19
-------------------------------------------------------------
LLP Belousovsky Hlebozavod has gone into liquidation.  Creditors
have until June 19, 2009, to submit proofs of claim to:

         Pirogov Str. 19
         Glubokoye
         Glubokovsky
         East Kazakhstan
         Kazakhstan


LESTOP PROM: Creditors Must File Claims by June 19
--------------------------------------------------
Creditors of LLP Lestop Prom have until June 19, 2009, to submit
proofs of claim to:

         Voroshilov Str. 4-11
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on March 20,
2009, after finding it insolvent.

The Court is located at:

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


PREDGORNENSKY MEL COMBINAT: Creditors Must File Claims by June 19
-----------------------------------------------------------------
LLP Predgornensky Mel Combinat has gone into liquidation.
Creditors have until June 19, 2009, to submit proofs of claim to:

         Pirogov Str. 19
         Glubokoye
         Glubokovsky
         East Kazakhstan
         Kazakhstan


REM TECHNIKA: Creditors Must File Claims by June 19
---------------------------------------------------
Creditors of LLP Rem Technika have until June 19, 2009, to submit
proofs of claim to:

         Gogol Str. 177a
         Kostanai
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against the company on March 26,
2009, after finding it insolvent.

The Court is located at:

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


VK PROM: Creditors Must File Claims by June 19
----------------------------------------------
Creditors of LLP VK Prom Stroy Tech have until June 19, 2009, to
submit proofs of claim to:

         Voroshilov Str. 4-11
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on March 20,
2009, after finding it insolvent.

The Court is located at:

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


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


PROIZVODSTVENNY TSEH: Creditors Must File Claims by July 3
----------------------------------------------------------
LLC Proizvodstvenny Tseh Jelezobetonnyh Izdely I Konstruktsy has
gone into liquidation.  Creditors have until July 3, 2009, to
submit proofs of claim.

Inquiries can be addressed to (0-777) 03-98-87.


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


CLEARWAY FINANCE: S&P Revises Watch on BB Tranche Rating to Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
nine European synthetic collateralized debt obligation tranches
following recent rating changes either on the underlying
collateral, or a dependent party in those deals.

Specifically, S&P:

  -- lowered the rating on one tranche;

  -- lowered and placed on CreditWatch negative the rating on one
     tranche;

  -- lowered and removed from CreditWatch negative the rating on
     four tranches;

  -- placed on CreditWatch negative the rating on one tranche;

  -- revised to CreditWatch positive from CreditWatch developing
     the rating on one tranche; and

  -- revised to CreditWatch negative from CreditWatch positive the
     rating on one tranche.

                           Ratings List


                          Rating Lowered

                       Edam Funding One Ltd.
  EUR15 Million Limited-Recourse Floating-Rate Credit-Linked Notes
                           Series 05-03

                                    Rating
                                    ------
          Class              To                    From
          -----              --                    ----
          A                  B                     BBB-

        Rating Lowered and Placed on Creditwatch Negative

                         Elva Funding PLC
      EUR43 Million Secured Credit-Linked Variable-Rate Notes
                          Series 2006-51

                            Rating
                            ------
                   To                    From
                   --                    ----
                   CCC-/Watch Neg        CCC

      Ratings Lowered and Removed From Creditwatch Negative

                      Edam Funding One Ltd.
  EUR25 Million Limited Recourse Floating-Rate Credit-Linked Notes
                          Series 2006-02

                        Rating
                        ------
               To                    From
               --                    ----
               BBB-                  A+/Watch Neg

                      Edam Funding One Ltd.
  EUR20 Million Limited Recourse Floating-Rate Credit-Linked Notes
                          Series 2006-1

                        Rating
                        ------
               To                    From
               --                    ----
               BBB-                  A+/Watch Neg

                      Edam Funding One Ltd.
  EUR20 Million Limited-Recourse Credit-Linked Floating-Rate Notes
                         Series 2006-03

                        Rating
                        ------
               To                    From
               --                    ----
               BBB-                  A+/Watch Neg

                      Edam Funding One Ltd.
  EUR20 Million Limited-Recourse Floating-Rate Credit-Linked Notes
                          Series 2007-1

                        Rating
                        ------
               To                    From
               --                    ----
               B                     BBB-/Watch Neg

              Rating Placed on Creditwatch Negative

                      STARTS (Cayman) Ltd.
$125 Million Leveraged Super Senior Credit-Linked Fixed-Rate Notes
                          Series 2008-9

                            Rating
                            ------
                   To                    From
                   --                    ----
                   AAA/Watch Neg         AAA

Rating Revised to Creditwatch Positive From Creditwatch Developing

                      Clearway Finance B.V.
        EUR215 Million Fixed-Rate Installment Secured Notes

                            Rating
                            ------
                   To                    From
                   --                    ----
                   BB/Watch Pos          BB/Watch Dev

Rating Revised to Creditwatch Negative From Creditwatch Positive

                   Aquarius + Investments PLC
        EUR100 Million Secured-Senior Floating-Rate Series 1

                         Rating
                         ------
                To                    From
                --                    ----
                AA-/Watch Neg         AA-/Watch Pos


ROMPETROL GROUP: Fitch Downgrades Issuer Default Rating to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded Netherlands-based The Rompetrol Group
N.V.'s Long-term foreign currency Issuer Default Rating to 'B'
from 'B+'.  The rating Outlook is Negative.

The downgrade reflects TRG's deteriorated stand-alone credit
profile due to weaker-than-expected funds from operations (post-
interest, post-tax operating cash flow before working capital),
high financial leverage and worsened interest coverage ratios.
TRG's funds from operations and EBITDA are expected to remain
under pressure in 2009 and 2010 due to the cyclical downturn in
the oil refining sector, which has been exacerbated by a sharp
contraction in global demand for refined products.  In addition,
Romania ('BB+'/Negative), in which TRG generated about 75% of its
2008 EBITDA, is undergoing an economic downturn which is likely to
negatively affect TRG's Romanian operations.

Fitch's credit rating for TRG is based on a bottom-up approach and
reflects the company's stand-alone credit profile assessed at
'CC'/Negative and three notches uplift for moderate support from
its Kazakhstan-based integrated oil and gas parent, KazMunaiGaz
National Company (NC KMG, rated 'BBB-'/'F3'/Rating Watch
Negative), in line with the agency's parent and subsidiary rating
linkage methodology.  Fitch assesses strategic and operational
ties between TRG and NC KMG as strong, while legal ties are weak
as NC KMG does not guarantee TRG's debt.  NC KMG and TRG's
minority shareholder, Rompetrol Holding S.A., have provided
tangible support to TRG in the form of subordinated shareholder
loans (US$684 million, of which US$446 million was lent in 2008)
and favorable payment terms for crude oil supplies from NC KMG to
TRG.

TRG reported negative funds from operations of US$158 million in
2008.  Funds from operations adjusted for non-recurring inventory
holding losses, due to a fall in the oil price in H208, amounted
to a negative US$60 million.  This indicates the company was not
able to cover interest expense from its operating cash flow before
working capital due to the high debt burden of US$1.5 billion,
including US$769 million of bank loans and US$646 million of
shareholder loans.  Fitch expects TRG to improve its free cash
flow in 2009, as the group's capex plan for this year is US$90
million, substantially lower than US$358 million spent in 2008.
TRG's management has also implemented a cost reduction program
related to selling, and general and administration costs,
including salaries.  These measures should allow the group to be
broadly free cash flow neutral.  However, TRG's financial leverage
is expected to remain stretched unless its capital structure is
improved, for example by cash injections from shareholders.

The Negative Outlook reflects high refinancing risk as the
company's available liquidity in the form of cash and undrawn
committed facilities is insufficient to cover TRG's short-term
debt of US$706 million (at end-March 2009), primarily comprising
working capital bank loans.  This leaves the company dependent on
the renewal of its existing bank facilities amid difficult credit
market conditions, and/or on additional shareholder loans to fund
its obligations.  TRG plans to refinance a major part of its
short-term debt with a USD1bn syndicated bank facility which is
currently planned for the second half of 2009.  An extension of
TRG's debt maturity profile would be viewed positively by Fitch.

The group's leverage ratio, defined as lease-adjusted net debt to
EBITDAR excluding inventory holding gains/losses, stood at 10x at
YE08, which is high compared with other refining companies rated
by Fitch.


===============
P O R T U G A L
===============


LOT: Polish Gov't Acquires SAirLines's 25 Percent Stake
-------------------------------------------------------
Agence France-Presse reports that Poland's government has acquired
SAirLines' 25% stake in national carrier LOT for an undisclosed
sum, bringing its total ownership of the national carrier to more
than 90%.

The report relates the acquisition was out via TF Silesia, a
treasury-owned fund which specializes in restructuring troubled
companies such as the loss-making LOT.

On April 29, 2009, the Troubled Company Reporter-Europe, citing
news.pl reported that in 2008, LOT incurred a loss of PLN700
million, over PLN300 million of which resulted from contracts for
fuel, made when the price was high last year.

LOT could go bankrupt if it fails to find investors, news.pl
disclosed.  According to news.pl, the only chance for the airline
is to find a new investor or to be taken over by a competitor.
news.pl noted the government can not bail out the airline as this
would contravene competition rules laid down by the European
Commission.

Headquartered in Warsaw, Poland, Polskie Linie Lotnicze LOT, or
LOT Polish Airlines -- http://www.lot.com-- serves about a dozen
cities in Poland and about 120 destinations across Europe and
North America.  Subsidiaries include regional carrier EuroLOT and
charter operator Centralwings.  Overall, LOT and its affiliates
maintain a fleet of about 55 aircraft, consisting of Embraer
regional jets, Boeing 767s and 737s, and ATR turboprops.  The
airline is a member of the Star Alliance marketing group, and LOT
serves many of its North American destinations through code-
sharing with Star partners United Airlines and Air Canada.  (Code-
sharing allows airlines to sell tickets on one another's flights
and thus extend their networks.)  The Polish government owns 68%
of the company.


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


BIOLAN-STROY: Creditors Must File Claims by June 15
---------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC Biolan-Stroy (TIN 7701297909) (Construction).
The case is docketed under Case No. ?40–34265/08–74-109B.

Creditors have until June 15, 2009, to submit proofs of claims to:

         T. Ustyuzhatina
         Temporary Insolvency Manager
         Office 2
         K. Myagotina Str. 117/21
         640000 Kurgan
         Russia

The Debtor can be reached at:

         LLC Biolan-Stroy
         Building 6
         N. Basmannaya Str. 29
         Moscow
         Russia


EUROGLASS CJSC: Creditors Must File Claims by June 15
-----------------------------------------------------
The Arbitration Court of Smolenskaya commenced bankruptcy
supervision procedure on CJSC Euroglass (TIN 67114013630, PSRN
1026700644563).  The case is docketed under Case No. ?-62–
939/2009.

Creditors have until June 15, 2009, to submit proofs of claims to:

         V. Alekseev
         Temporary Insolvency Manager
         Office 4
         Soboleva Str. 7
         214000 Smolensk
         Russia

The Debtor can be reached at:

         CJSC Euroglass
         Vitebskaya Str. 1
         Golynki
         Rudnyanskiy
         216740 Smolenskaya
         Russia


LOTOSHINSKIY CJSC: Creditors Must File Claims by June 15
--------------------------------------------------------
Creditors of CJSC Lotoshinskiy (TIN 5071000373, PSRN
1025007373049, RVC 507101001) (Fish Factory) have until June 15,
2009, to submit proofs of claims to:

         A. Volkov
         Temporary Insolvency Manager
         Bolshaya Sestra 20
         Lotoshinskiy
         143818 Moskovskaya
         Russia

The Arbitration Court of Moskovskaya will convene on Aug. 25,
2009, to hear bankruptcy supervision procedure on the company.
The case is docketed under Case No. ?41–5209/09.

The Debtor can be reached at:

         CJSC Lotoshinskiy
         Bolshaya Sestra 20
         Lotoshinskiy
         143818 Moskovskaya
         Russia


RZHEV-GRAZHDAN LLC: Creditors Must File Claims by June 15
---------------------------------------------------------
Creditors of LLC Rzhev-Grazhdan-Stroy (TIN 6914001110, PSRN
1026901849853) (Construction) have until June 15, 2009, to submit
proofs of claims to:

         V. Mkrtychyan
         Temporary Insolvency Manager
         Post User Box 619
         170006 Tver
         Russia

The Arbitration Court of Tverskaya will convene on Sept. 3, 2009,
to hear bankruptcy supervision procedure on the company.  The case
is docketed under Case No. ?66–1794/2009.

The Debtor can be reached at:

         LLC Rzhev-Grazhdan-Stroy
         N. Golovni Str. 43
         Rzhev
         172350 Tverskaya
         Russia


URALSKAYA TRANSPORTATION: Creditors Must File Claims by June 15
---------------------------------------------------------------
The Arbitration Court of Udmurtia commenced bankruptcy proceedings
against CJSC Uralskaya Transportation Company (TIN 1834028171)
after finding the company insolvent.  The case is docketed under
Case No. ?71–2508/2009-G9.

Creditors have until June 15, 2009, to submit proofs of claims to:

         A. Kuznetsov
         Insolvency Manager
         Post User Box 5232
         426033 Izhevsk
         Russia

The Debtor can be reached at:

         CJSC Uralskaya Transportation Company
         Sportivnaya Str. 117
         Starki
         Izhevsk
         426062 Udmurtia
         Russia


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


BBVA RMBS 3: Fitch Cuts Rating on Class C Tranche to 'B'
--------------------------------------------------------
Fitch Ratings has affirmed 12 and downgraded four tranches of the
BBVA RMBS series transactions following a performance review.  The
portfolios backing the transactions comprise loans originated by
Banco Bilbao Vizcaya Argentaria.  The rating actions are:

BBVA RMBS 1, Fondo de Titualizacion Activos:

  -- Class A2 (ISIN ES0314147010) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class A3 (ISIN ES0314147028) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class B (ISIN ES0314147036) affirmed at 'A'; Outlook revised
     to Negative from Stable; assigned Loss Severity Rating of
     'LS-2'

  -- Class C (ISIN ES0314147044) downgraded to 'BBB-' from 'BBB';
     Outlook Negative; assigned Loss Severity Rating of 'LS-2'

  -- Class A1 (ISIN ES0314147002) paid in full in December 2008

BBVA RMBS 2, Fondo de Titualizacion Activos:

  -- Class A1 (ISIN ES0314148000) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-2'

  -- Class A2 (ISIN ES0314148018) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class A3 (ISIN ES0314148026) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class A4 (ISIN ES0314148034) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class B (ISIN ES0314148042) affirmed at 'A+'; Outlook revised
     to Negative from Stable; assigned Loss Severity Rating of
     'LS-2'

  -- Class C (ISIN ES0314148059) downgraded to 'BBB-' from 'BBB+';
     Outlook Negative; assigned Loss Severity Rating of 'LS-2'

BBVA RMBS 3, Fondo de Titualizacion Activos:

  -- Class A1 (ISIN ES0314149008) affirmed at 'AAA'; Outlook
     revised to Negative from Stable; assigned Loss Severity
     Rating of 'LS-1'

  -- Class A2 (ISIN ES0314149016) affirmed at 'AAA'; Outlook
     revised to Negative from Stable; assigned Loss Severity
     Rating of 'LS-1'

  -- Class A3 (ISIN ES0314149024) affirmed at 'AAA'; Outlook
     revised to Negative from Stable; assigned Loss Severity
     Rating of 'LS-1'

  -- Class B (ISIN ES0314149032) downgraded to 'BBB+' from 'A';
     Outlook Negative; assigned Loss Severity Rating of 'LS-2'

  -- Class C (ISIN ES0314149040) downgraded to 'B' from 'BBB-';
     Outlook Negative; assigned Loss Severity Rating of 'LS-3'

The downgrades and Negative Outlook of BBVA RMBS 3 reflect further
deterioration in the last two quarters.  In March 2009, three
months plus arrears rose to 3.31% of the current collateral
balance from 2.03% in October 2008.  New defaults, in the November
2008 and February 2009 investor payment dates, have been above the
available excess spread, resulting in a draw on the reserve fund
to EUR29.8 million from its target balance of EUR39 million.  The
rising delinquencies are quickly rolling into defaults and this is
likely to result in increasing levels of provisioning.  If
recoveries are not forthcoming, the RF will be fully depleted
before May 2010.

BBVA RMBS 1 and 2 delinquencies are rising but at a slower rate
than BBVA RMBS 3.  Three months plus arrears of BBVA RMBS 1 and 2
reached 1.36% and 1.16% of the current collateral balance
respectively in March 2009, up from 0.87% and 0.79% in October
2008.  Although the performance is better than BBVA RBMS 3,
defaults are also above the current ExS.  This caused the RFs of
BBVA RMBS 1 and 2 to decline in March 2009 to EUR35.1 million and
EUR39.8 million, respectively from their target balance of EUR37.5
million and EUR40 million.  In These quarters, because defaults
are expected to rise further, the RFs are likely to be drawn down
further.  On the other hand, the smaller scale of defaults and
arrears suggest the RFs are unlikely to be depleted in the next
two years.

The high loan-to-value of loans, together with Fitch's
expectations of a 25%/30% drop in Spain's house prices and rising
unemployment, are likely to drive delinquencies higher.  The
original loan-to-value at closing ranged between 85% and 100%, 65%
and 100%, 79.6% and 100% for BBVA 1, 2, and 3, respectively.

BBVA is Spain's second-largest banking group.  Its Spanish and
Latin America operations are focussed on retail and corporate
banking, insurance, and investment and pension fund management.

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.


SANTANDER HIPOTECARIO: Fitch Junks Ratings on Four Tranches
-----------------------------------------------------------
Fitch Ratings has downgraded 14 tranches and affirmed two tranches
from the Fondo De Titulizacion De Activos Santander Hipotecario
series transactions following a performance review.

The downgrades were a consequence of the continued deterioration
in the performance of the collateral supporting the issued notes.
The weak performance of the two transactions has been mainly
driven by the high loan-to-value ratios of the residential
mortgage loans in the pools, and by the high number of immigrant
borrowers who have been affected by unfavorable economic
conditions such as unemployment.  Defaults experienced within the
transactions have been above Fitch's initial expectations,
resulting in a higher expectation for total defaults.  The loss
severity expectation for the loans has also increased, driven by
the deteriorating housing market in Spain.  The combination of
these factors results in a higher expected loss for the portfolio.

Both transactions use a provisioning mechanism to reduce the cost
of carry of loans which have been classified as defaulted.
Defaulted loans are defined as loans more than 18 months in
arrears.  In addition, the transactions have been writing off
loans where Santander ('AA'/'F1+') deems necessary, before their
arrears reach more then 18 months, in cases where a loss is
expected.  The provisioning mechanism enables the transaction to
utilize the excess spread generated, which would otherwise have
flowed through the transactions' structure.

In recent quarters, investor reports for both SHIPO 3 and 4 have
reported shortfalls in the available funds to amortize the notes.
The transactions' reported collateral balance has been reduced by
the amount of write offs, although this has not been reflected in
the note balance as insufficient funds were available.

Arrears levels for both of the high LTV Prime RMBS transactions
rose sharply in 2008.  As of April 2009, reported arrears -- for
loans in arrears for more than three months -- had increased to
5.63% and 9.67%, respectively, for SHIPO 3 and 4, from 4.88% and
7.62% in January 2009.  Defaults have also increased
significantly.  In SHIPO 3 and 4, cumulative defaults had reached
0.69% and 0.48%, respectively, as of April 2009.  Although these
levels are far from breaching interest deferral triggers, the
timing and volume of the defaults is of a concern, as the
transactions have not had sufficient time to season and build
enough credit enhancement to cope with this volume of defaults and
possible future losses.

In addition to the increase in the numbers of defaults, Fitch also
has concerns about the rising amount of properties currently being
repossessed; standing at 4.38% and 5.68% of their current
outstanding collateral balance, respectively, for SHIPO 3 and 4,
along with possible losses on the sale of properties by the
servicer given the deteriorating Spanish housing market.  Fitch's
house price expectations for Spain are for a 25%-30% peak-to-
trough decline, and therefore delays in the repossession and sale
of properties are likely to result in lower recovery levels than
may be achieved if properties are disposed of more quickly.

The ratings actions are:

Fondo De Titulizacion De Activos Santander Hipotecario 3:

  -- Class A1 (ISIN ES0338093000): downgraded to 'A+' from 'AAA';
     removed from Rating Watch Negative; assigned a Negative
     Outlook; assigned a Loss Severity Rating of 'LS-1'

  -- Class A2 (ISIN ES0338093018): downgraded to 'A+' from 'AAA';
     removed from Rating Watch Negative; assigned a Negative
     Outlook; assigned a Loss Severity Rating of 'LS-1'

  -- Class A3 (ISIN ES0338093026): downgraded to 'A+' from 'AAA';
     removed from Rating Watch Negative; assigned a Negative
     Outlook; assigned a Loss Severity Rating of 'LS-1'

  -- Class B (ISIN ES0338093034): downgraded to 'BBB+' from 'AA-';
     removed from Rating Watch Negative; assigned a Negative
     Outlook; assigned a Loss Severity Rating of 'LS-5'

  -- Class C (ISIN ES0338093042): downgraded to 'BB-' from 'BBB+';
     removed from Rating Watch Negative; assigned a Negative
     Outlook; assigned a Loss Severity Rating of 'LS-5'

  -- Class D (ISIN ES0338093059): downgraded to 'CCC' from 'BB';
     removed from Rating Watch Negative; assigned a Recovery
     Rating of 'RR3'

  -- Class E (ISIN ES0338093067): downgraded to 'CC' from 'B';
     removed from Rating Watch Negative; assigned a Recovery
     Rating of 'RR4'

  -- Class F (ISIN ES 0338093075): affirmed at 'C'; Recovery
     Rating is 'RR6'

Fondo De Titulizacion De Activos Santander Hipotecario 4:

  -- Class A1 (ISIN ES0337711008): downgraded to 'A' from 'AAA';
     removed from Rating Watch Negative; assigned a Negative
     Outlook; assigned a Loss Severity Rating of 'LS-1'

  -- Class A2 (ISIN ES0337711016): downgraded to 'A' from 'AAA';
     removed from Rating Watch Negative; assigned a Negative
     Outlook; assigned a Loss Severity Rating of 'LS-1'

  -- Class A3 (ISIN ES0337711024): downgraded to 'A' from 'AAA';
     removed from Rating Watch Negative; assigned a Negative
     Outlook; assigned a Loss Severity Rating of 'LS-1'

  -- Class B (ISIN ES0337711032): downgraded to 'BBB' from 'AA-';
     removed from Rating Watch Negative; assigned a Negative
     Outlook; assigned a Loss Severity Rating of 'LS-5'

  -- Class C (ISIN ES0337711040): downgraded to 'B' from 'BBB+';
     removed from Rating Watch Negative; assigned a Negative
     Outlook; assigned a Loss Severity Rating of 'LS-5'

  -- Class D (ISIN ES0337711057): downgraded to 'CCC' from 'BB';
     removed from Rating Watch Negative; assigned a Recovery
     Rating of 'RR3'

  -- Class E (ISIN ES0337711065): downgraded to 'CC' from 'B';
     removed from Rating Watch Negative; assigned a Recovery
     Rating of 'RR4'

  -- Class F (ISIN ES0338341011): affirmed at 'C'; Recovery Rating
     is 'RR6'

Fitch has carried out a full loan-by-loan default analysis based
on an updated pool for each transaction and an analysis of the
projected cash flows.  The analysis is the same as Fitch applies
to new ratings.


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


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

         Dr. Bruno Becchio
         Liquidator
         Kantstrasse 14
         8044 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on April 1, 2009.


DSC ALL: Creditors Have Until June 8 to File Proofs of Claim
------------------------------------------------------------
Creditors of DSC All Trading GmbH are requested to file their
proofs of claim by June 8, 2009, to:

         Dejan Nenadovic
         Sternenstrasse 29
         8002 Zurich
         Switzerland

The company is currently undergoing liquidation in Dietikon.  The
decision about liquidation was accepted at a shareholders' meeting
held on Oct. 6, 1999.


GHX MANAGEMENT: Claims Filing Deadline is June 8
------------------------------------------------
Creditors of GHX Management AG are requested to file their proofs
of claim by June 8, 2009, to:

          Peter Elmer
          Sunnenhof
          8627 Grueningen
          Switzerland

The company is currently undergoing liquidation in Baar ZG.  The
decision about liquidation was accepted at a general meeting held
on Aug. 11, 2008.


J.M. SIDLER: Creditors Must File Claims by June 11
--------------------------------------------------
Creditors of J.M. Sidler EDV-Beratung GmbH are requested to file
their proofs of claim by June 11, 2009, to:

         J. M. Sidler
         Im First 15
         5420 Ehrendingen
         Switzerland

The company is currently undergoing liquidation in Ehrendingen.
The decision about liquidation was accepted at a shareholders'
meeting held on March 12, 2009.


WEKO BIEL: Creditors Must File Proofs of Claim by June 15
---------------------------------------------------------
Creditors of Weko Biel AG are requested to file their proofs of
claim by June 15, 2009, to:

         Urs Wendling
         Liquidator
         c/o Wendling & Howald
         Bahnhofstrasse 2
         Mail Box 79
         2501 Biel
         Switzerland

The company is currently undergoing liquidation in Biel/Bienne.
The decision about liquidation was accepted at an extraordinary
general meeting held on March 5, 2009.


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


DNEPRO-SERVICE LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy supervision
procedure on LLC Dnepro-Service (code EDRPOU 31230180).

The Insolvency Manager is:

         N. Martinenko
         Office 5
         Mayakovsky avenue 12
         69006 Zaporozhye
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Dnepro-Service
         Office 10
         Chumachenko Str. 15g
         69050 Zaporozhye
         Ukraine


FORSAGE-ROAD AS: Creditors Must File Claims by June 11
------------------------------------------------------
Creditors of LLC Forsage-Road AS (code EDRPOU 35564245) have until
June 11, 2009, to submit proofs of claim to:

         V. Cherepenko
         Insolvency Manager
         Moscow Str. 54-a
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on April 14, 2009.  The case is docketed under
Case No. 6/133/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Forsage-Road AS
         Office 33
         Lenin Avenue 189
         54008 Nikolayev
         Ukraine


NAFTOGAZ NJSC: Moody's Junks Corporate Family Rating From 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B2, the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine.  The outlook
on the ratings has been changed to negative.  Thereby Moody's
concludes the review of Naftogaz's ratings initiated by the agency
on March 11, 2009.

The rating action reflects Moody's reassessment of the company's
fundamental credit quality expressed by its Baseline Credit
Assessment as well as the government support factor that plays an
important role in the overall rating of Naftogaz.

As part of the rating action, Moody's lowered Naftogaz's BCA to 18
from 17 (on the scale of 1-21, where 1 represents lowest credit
risk, 18 corresponds to a Caa2 rating).  The lower BCA reflects
the worsening stand-alone credit profile of the company, in view
of its mandate to secure the purchase of over 19 billion cubic
metres of gas during 2009 for gas storage, as well as its debt
service commitments.  The BCA of 18 also reflects a strained
liquidity profile of the group, insufficient cash reserves, and
hence increased uncertainty with regard to Naftogaz's ability to
honour its debt obligations and, in particular, the US$500 million
bond repayment that is due in September 2009.  In Moody's view,
Naftogaz is highly reliant in the short-term on direct state
support and/or third-party financing to meet its operational and
financing commitments.

In conjunction with this rating action, Moody's also reassessed
and reduced -- to Medium from High -- the government support
assumption, reflecting the heightened political tensions and
worsening economic conditions in Ukraine, as well as slow progress
in negotiations with Russia, Gazprom and potentially other third
parties with respect to financing needed to fund purchases of gas
for the country's strategic reserve -- all of which might
jeopardise the state's ability to provide the required support to
Naftogaz in a timely manner.

Moody's previous rating action on Naftogaz took place on May 15,
2009, when the rating was downgraded to B2 from B1 while remaining
under review for possible further downgrade.  This rating action
followed the decision of Moody's Sovereign Risk Group to downgrade
Ukraine's sovereign rating to B2 from B1 and to assign a negative
outlook to the rating, which had a direct impact on the rating
assigned to Naftogaz.

Headquartered in Kiev, Ukraine, Naftogaz is an integrated
hydrocarbon company with operations in oil and gas exploration and
production, domestic and international transportation, storage and
supply.  In 2007 the company generated revenue of UAH30.4 billion
(US$6.0 billion) and operating profit of UAH4.5 billion, while
arriving at a break-even profitability at the net profit level.


ROZHISCHENSKY POULTRY: Court Starts Bankruptcy Procedure
--------------------------------------------------------
The Economic Court of Volin commenced bankruptcy supervision
procedure on CJSC Rozhischensky Poultry Factory (code EDRPOU
31183995).

The Insolvency Manager is:

         I. Khomishyn
         Office 17
         Polischuk Str. 87-a
         79015 Lvov
         Ukraine

The Court is located at:

         The Economic Court of Volin
         Volia Avenue 54-A
         43010 Lutsk
         Ukraine

The Debtor can be reached at:

         CJSC Rozhischensky Poultry Factory
         Prilesnaya Str. 1
         Nosachevichi
         Rozhischensky
         45108 Volin
         Ukraine


RSM LLC: Creditors Must File Claims by June 11
----------------------------------------------
Creditors of LLC Trading House RSM (code EDRPOU 35206226) have
until June 11, 2009, to submit proofs of claim to:

         F. Lazarev
         Insolvency Manager
         Matrosov Str. 27
         36002 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on April 16, 2009.  The case is docketed under
Case No. 23/119.

The Court is located at:

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

The Debtor can be reached at:

         LC Trading House RSM
         Krasnoflotskaya Str. 35
         36010 Poltava
         Ukraine


SPECIAL KIT: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Trading House Coal Energy Special Kit
(code EDRPOU 32552842).

The Insolvency Manager is:

         A. Olefirenko
         Office 58
         Zodchikh Str. 62-A
         Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Trading House Coal Energy Special Kit
         Gorky Str. 95
         03150 Kiev
         Ukraine


START-AGRO LLC: Creditors Must File Claims by June 11
----------------------------------------------------
Creditors of LLC Start-Agro (code EDRPOU 33468870) have until
June 11, 2009, to submit proofs of claim to:

         N. Zanko
         Insolvency Manager
         Office 409
         Heroes of Dniepr Str. 81
         18021 Cherkassy
         Ukraine

The Economic Court of Cherkassy region commenced bankruptcy
proceedings against the company on Jan. 15, 2009.  The case is
docketed under Case No. 14/5322.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Start-Agro
         Gorky Str. 1
         Bolshaya Yablonevka
         Smila
         Cherkassy
         Ukraine


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


BLACKS LEISURE: Posts GBP14.4 Mln Loss, In Talks Over Financing
---------------------------------------------------------------
Marino Donati at Drapers reports Blacks Leisure Group plc's losses
increased by more than 50% to GBP14.4 million for the year to
February 28.

According to Drapers, the group's heavy losses last year stemmed
from the poor performance of the boardwear division, including the
Freespirit chain and the O'Neill stores and wholesale business.
Drapers discloses sales at the outdoor and boardsports group fell
9% to GBP267.6 million over the period.  Drapers says for the
first 12 weeks of the new financial year to May 23, like-for-like
sales at the outdoor division were up 1.2, with the boardsports
division showing a 10.1% drop.

                        Going Concern

Marcus Leroux at The Times reports Blacks Leisure is negotiating
with banks to get cash to transform the loss-making boardwear
shops into its core Millets and Blacks stores.  The group, The
Times notes, has secured only a three-month extension to its
banking facilities, which expire at the end of August, prompting
auditors to attach a "going concern" warning to its results.

Blacks Leisure chief executive Neil Gillis, as cited by Drapers,
said "The directors recognize that there is a material
uncertainty, of the bank facility not being extended beyond
August 31, 2009, that may cast significant doubt on the Group's
ability to continue as a going concern, and therefore, that it may
be unable to realize its assets and discharge its liabilities in
the normal course of business."

The Times states Mr. Gillis ruled out placing the poorly
performing stores into administration or renegotiating leases with
a company voluntary agreement.  "We wouldn't contemplate doing
that [a CVA or administration] because we're not in that
territory.  We've shown we can grow the boardwear by 16 percent if
we can convert them.  All we need now is the banks to provide us
additional capex," The Times quoted Mr. Gillis as saying.

Drapers says the company is in talks with Lloyds Banking Group to
secure a long-term financing structure.

Headquartered in Northampton, Blacks Leisure Group plc --
http://www.blacksleisure.co.uk-- is the parent company of its
subsidiaries, which are engaged in the retail and wholesale of
clothing and camping equipment.  The Company comprises two
segments: Outdoor and Boardwear.  Outdoor trades under the fascias
Blacks and Millets.  The trade is from retail stores in the
British  Isles, and the associated direct sale Internet sites.
Boardwear holds the United Kingdom licenses for O'Neill and Mambo
products to trade as a wholesale operation and from retail stores.
The stores retail brands are Peter Storm and Eurohike.  Other
brands sold include Berghaus, North Face, Merrell, Coleman,
Karrimor, Hi-Tec, Columbia and Craghoppers.  The Company's
subsidiaries include Blacks Outdoor Division Ltd, The Outdoor
Group Ltd and Sandcity Ltd.


COBRA BEER: Rescued From Administration Via Pre-Pack Deal
---------------------------------------------------------
The Sunday Times' Matthew Goodman reports that Cobra Beer has been
bought out of administration via a GBP14 million pre-pack deal.

According to the Sunday Times, Cobra was acquired by Molson Coors,
maker of Carling lager, in a joint venture with Lord Bilimoria.
Jonathan Sibun at Telegraph.co.uk discloses the new joint venture
will be owned 50.1pc by Molson Coors, which put up GBP14 million
to pay off Cobra's secured creditors, and 49.9pc by a new company
controlled by Lord Bilimoria, which tried to sell Cobra last year
for as much as GBP200 million.

The Sunday Times says the prepack will see secured creditors,
largely banks -– which are collectively owed about GBP20 million
-- paid back in full.  The deal, means, however, that unsecured
creditors, who are owed up to GBP75 million, will get nothing, the
Sunday Times notes.

Telegraph.co.uk relates Lord Bilmoria was forced to put the
company into administration after failing to secure a sale or a
company voluntary arrangement (CVA).  Telegraph.co.uk states
according to administrators, the company had run into financial
difficulties as a result of the economic downturn.

On May 27, 2009, the Troubled Company Reporter-Europe, citing The
Times, reported negotiations over the sale of the British business
had been complicated by mounting losses.  The company, The Times
disclosed, posted underlying 2008 losses of GBP15.9 million and is
forecasting losses for the next three years.

Cobra Beer -- http://www.cobrabeer.com/-- is a British beer
company based in Fulham, south west London.


CORSAIR NO 3: Moody's Reviews 'Ca' Rating on EUR75 Mil. Notes
-------------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade its rating of Corsair (Jersey) No. 3 Limited Series 24.

Corsair (Jersey) No.3 Limited Series 24 is a synthetic debt
obligation referencing a pool of 148 equally weighted sovereign
and corporate entities.  Moody's explained that the review
announced is linked to proposed amendments to the transaction
which include changes to the underlying portfolio of reference
entities, subordination level of the tranche and to trading
guidelines.  Moody's initially analyzed and continues to monitor
this transaction using primarily the methodology and its
supplements for corporate synthetic CDOs as described in the
Moody's Special Report:

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

The rating actions are:

Corsair (Jersey) No.3 Limited Series 24

(1) EUR75,000,000 Series 24 Floating Rate Secured Portfolio
    Credit-linked Notes due 2019

  -- Current Rating: Ca, under review for possible upgrade
  -- Prior Rating: Ca
  -- Prior Rating Date: 10 March 2009, downgraded to Ca from Aaa


DISCOVER LEISURE: Seeks to Avoid Administration Through CVA
-----------------------------------------------------------
Samantha Pearson at the Financial Times reports that Discover
Leisure plc is seeking approval of a company voluntary arrangement
for its main subsidiary Signlease Ltd. in an attempt to avoid
administration.

The FT relates Neil Harwood, finance director, said if the CVA is
not accepted, it was likely the group would go into
administration.  John Collingridge of Yorkshire Post reports under
the terms of the CVA, Discover proposes that unsecured creditors
of Signlease are repaid 22 percent of what they are owed -–
GBP2.29 million over the next five years.  According to Yorkshire
Post, Discover needs 75 percent of unsecured creditors to approve
the CVA.  Yorkshire Post discloses business advisors KPMG will
work with Discover on the CVA, which faces a vote on June 15.

The FT notes although the company said it had persuaded its banks,
RBS and Lloyds, to renegotiate the terms of about GBP50 million in
loan facilities, the deal was dependent on the success of the CVA.

                              Loss

Dow Jones reports Discover made a pretax loss of GBP9.5 million
for the half year ended March 1 on revenue 21% lower at GBP40.74
million, compared with a loss of GBP1.8 million.   According to
the FT, despite greater interest in holidaying at home, falling
vehicle sales caused pre-tax losses to widen.  The company, Dow
Jones says, isn't declaring a dividend.

Headquarterd in East Yorkshire, Discover Leisure Plc --
http://www.discover.co.uk/--  is the retailer of caravans,
motorhomes, leisure clothing, accessories and after sales service.
The Company trades from 16 sites in England and Wales.  The
Company also provides insurance related products to its customers.
Some of the Company's wholly owned subsidiaries include Signlease
Limited, Forward Boost Limited, Titan Move Limited, Harringtons
Caravans Limited and Barron Group Limited.


EUROHOME UK: S&P Junks Ratings on Class C Notes From 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
notes issued by Eurohome UK Mortgages 2007-1 PLC and Eurohome UK
Mortgages 2007-2 PLC (Eurohome 2007-2).  Specifically, S&P has:

  -- lowered and removed from CreditWatch negative S&P's ratings
     on 12 tranches;

  -- affirmed and removed from CreditWatch negative S&P's rating
     on one tranche; and

  -- affirmed S&P's ratings on four other tranches.

The rating actions follow a credit and cash flow analysis of the
most recent loan-level information that S&P has received.  The
rating actions are based on S&P's assessment that there has been a
rapid deterioration of collateral performance and S&P's
expectations of a continued decline in this performance metric,
absent other factors.  For example, long-term arrears have risen
to 14.75% from 8.45% in Eurohome 2007-1, and to 18.57% from 14.41%
in Eurohome 2007-2 over the past two quarters.

According to the March 2009 investor report, the current
inventories of repossessions (as a percentage of current balance)
for Eurohome 2007-1 and Eurohome 2007-2 are 4.29% and 4.90%,
respectively.  Given S&P's expectation of further declines in U.K.
house prices and higher loan-to-value ratios, increased
repossession levels are likely to result in higher average loss
severities than have already been experienced all else being
equal.  In S&P's opinion, substantial numbers of borrowers in
these pools will currently be in negative equity.  Average loss
severities of 36.7% (Eurohome 2007-1) and 38.5% (Eurohome 2007-2)
are already among the highest S&P is seeing in the U.K. market.

Cumulative losses have also increased rapidly in recent quarters.
In Eurohome 2007-1, losses as a percentage of initial balance have
increased to 0.71% in March 2009 from 0.14% in September 2008 and
in Eurohome 2007-2 to 0.74% from 0.01%.  Given S&P's expectation
of continued losses, S&P expects reserve fund draws in each
transaction over the next few quarters.  The reserve fund balances
currently stand at 59.7% (Eurohome 2007-1) and 53.0% (Eurohome
2007-2), of their required balances.

S&P will continue to monitor the performance of these transactions
in coming quarters.  S&P will pay particular attention to such
factors as long-term arrears, future repossessions, losses, and
loss severities.

                          Ratings List

                Eurohome UK Mortgages 2007-1 PLC
  GBP350.000 Million Mortgage-Backed Floating-Rate Notes Plus an
       Overissuance Of GBP4.725 Million Excess-Spread-Backed
                       Floating-Rate Notes


      Ratings Lowered and Removed From CreditWatch Negative

                             Rating
                             ------
          Class      To                    From
          -----      --                    ----
          A          AA                    AAA/Watch Neg
          M1         A-                    AA/Watch Neg
          M2         BBB-                  A/Watch Neg
          B1         BB-                   BBB/Watch Neg
          B2         B-                    BB-/Watch Neg
          C          CCC                   B/Watch Neg

                         Rating Affirmed

                         MERCs      AAA

                Eurohome UK Mortgages 2007-2 PLC
  GBP453 Million, EUR70 Million Mortgage-Backed Floating-Rate
Notes, Plus an Overissuance of GBP7.5 Million Excess-Spread-Backed
                       Floating-Rate Notes

       Ratings Lowered and Removed From CreditWatch Negative

                             Rating
                             ------
          Class      To                    From
          -----      --                    ----
          A3         AA-                   AAA/Watch Neg
          M1         BBB+                  AA/Watch Neg
          M2         BB+                   A/Watch Neg
          B1         BB-                   BBB/Watch Neg
          B2         B-                    BB-/Watch Neg
          C          CCC                   B/Watch Neg

      Rating Affirmed and Removed From CreditWatch Negative

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

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A1A        AAA
                        A1B        AAA
                        MERCs      AAA


ITN: Deloitte Casts Going Concern Doubt Over Pension Fund Deficit
-----------------------------------------------------------------
Jonathan Stapleton at Professional Pensions reports that Deloitte
cast significant doubt about the ITN's ability to continue as a
going concern, citing the company's ballooning pension fund
deficit.

According to Professional Pensions, the directors said they had
received indications the next triennial valuation, which is
currently being prepared, will show a much higher deficit -- and
warned funding contributions could be in excess of the company's
expected cash resources.

Citing the Guardian, Luke Baker of Reuters discloses accounts
filed with Britain's Companies House show that ITN's pension fund
deficit has risen sharply since 2007, nearly doubling to GBP39.9
million.  Reuters relates a spokeswoman for ITN told the Guardian
the company was in talks with the pension fund's trustees about a
"recovery plan" to ensure it could continue to meet its
obligations.

ITN -- http://corporate.itn.co.uk/-- is a news production
company.  ITN is made up of five key businesses: ITN News, video
content sales business ITN Source, multimedia division ITN On, ITN
Consulting and documentary production business of ITN Factual.
ITN is based in central London, with bureaux and offices in
Washington, Tokyo, Johannesburg, Brussels, Paris, New York,
Beijing and Sydney.


JJB SPORTS: CVA Proposal Takes Effect
-------------------------------------
James Davey at Reuters reports that JJB Sports plc said on Friday
its company voluntary arrangement (CVA) proposal has become
effective.

Reuters recalls the CVA was approved by creditors and shareholders
late last month but was subject to challenge for 28 days, a period
that has now expired.

The CVA, Reuters says, will see JJB settle the claims of landlords
of 140 closed stores and move from quarterly to monthly rent
payments on 253 remaining stores.  Reuters notes following its
implementation JJB expects new financing of GBP50 million from
Barclays and Lloyds to become available shortly.

                       About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.


LCP PROUDREED: Fitch Cuts Rating on Class D Notes to 'BB'
---------------------------------------------------------
Fitch Ratings has downgraded and affirmed LCP Proudreed PLC's
mortgage-backed floating rate notes, due 2016:

  -- GBP243.8 million class A (XS0233008936) affirmed at 'AAA';
     Outlook Stable

  -- GBP32.2 million class B (XS0233010163) affirmed at 'AA';
     Outlook revised to Negative from Stable

  -- GBP36.8 million class C (XS0233010676) downgraded to 'BBB'
     from 'A'; Outlook Negative

  -- GBP9.2 million class D (XS0233011054) downgraded to 'BB' from
     'BBB'; Outlook Negative

The negative rating action reflects an increase in leverage as a
result of declining UK commercial property values.  The portfolio
currently reports a moderate weighted average loan-to-value ratio
of 69.5%.  However, Fitch estimates a significantly higher WA
Fitch LTV of 99%.  Given rental income remains diversified, strong
and relatively long-dated, and interest coverage high, the risk of
a term default is low.  Therefore, the bonds are somewhat less
exposed to current property investment conditions than in some
other cases.

The transaction is a securitization of two commercial mortgage
loans originated in the UK by HSBC Bank plc ('AA'/'F1+'), which
closed in December 21, 2005.  The loans are secured against 120
commercial properties located across England, comprising retail
(30%), industrial (36%), office (3%), and shopping centre
properties (31%).

The LCP loan, accounting for 86% of the loan pool balance, is
secured by a portfolio of 112 properties located throughout the
UK, up from 110 properties at closing.  The pool is relatively
granular, with the largest property comprising 10.6% of the loan
collateral market value; and income derived from over 500 tenants.
Whilst the majority of tenants have a WA rating of 'C', the
collateral portfolio has a strong WA unexpired lease term of 8
years, and 60% of leases by passing rent will still be in place at
loan maturity.  The loan has maintained a relatively stable
interest cover ratio since closing, which is currently 1.87x
compared to the default covenant level of 1.21x and the cash trap
trigger of 1.31x.

The Proudreed loan, which makes up the remaining pool balance, is
secured by a portfolio of eight properties located in London and
southeast England.  The largest property, the Brighton Hill
Shopping Centre located in Basingstoke, accounts for 52% of
aggregate MV; furthermore, 82% of rental income from the shopping
centre is currently derived from ASDA (a wholly-owned subsidiary
of Wal-Mart, rated 'AA'/'F1+') on a lease expiring in 2038 with a
break option in 2029.  The loan as a whole maintains a WA
unexpired lease term of 9 years and an ICR of 1.79x, compared to
the default covenant level of 1.21x and the cash trap trigger of
1.31x.

Fitch will continue to monitor the performance of the transaction.


MODUS VENTURES: Put Into Administration
---------------------------------------
David Fickling at the Financial Times reports that Modus Ventures
Limited has been put into administration by its lenders.

KPMG was appointed as administrator to the group, whose property
portfolio has an estimated value of GBP4.3 billion, the report
relates.  The report says according to Mike Riddell, a director
who holds a stake of one-third of the business had fallen victim
to cash flow.  "Typically of many other companies in the sector,
we had over-borrowed and the property market has dropped so we
couldn't service it," the report quoted Mr. Riddell as saying.

Lloyds subsidiary HBOS was the lead creditor to Modus Ventures,
which has more than 40 subsidiary companies, the report notes.

Modus Ventures Limited is a commercial property developer based in
Manchester.  It is the company behind Wigan's Grand Arcade and
Blackpool's Houndshill shopping center.


TATA STEEL UK: Banks Approve Covenant Reset on GBP3.7 Bln Loan
--------------------------------------------------------------
Reuters reports that Tata Steel UK Ltd, a wholly owned subsidiary
of Tata Steel Ltd, got approval from banks to ease conditions on
GBP3.7 billion of loans it took to buy Anglo-Dutch Corus.

According to Reuters, the revised covenant did not include any
additional finance from the lenders or rescheduling of debt
servicing commitments.

"As part of the agreement reached with banks, testing of the
facility's earnings-related covenants will largely be suspended
until March 2010 and will then resume with significantly higher
flexibility than in the case of original covenants," Reuters
quoted Tata Steel as saying in a statement.

Reuters relates in return Tata Steel pledged to repay about GBP200
million (US$304 million) of debt ahead of schedule and inject
GBP425 million into Tata Steel UK in a phased manner.

The waiver, which was led by Citigroup, Royal Bank of Scotland and
Standard Chartered, is expected to be signed at the end of next
week, Reuters says citing two bankers close to the deal.

On May 15, 2009, the Troubled Company Reporter-Europe, citing
Times of India, reported Tata Steel UK, which bought Corus for
GBP6.7 billion in 2006, sought an easing on the terms of the loans
as the economic slowdown could hit its earnings, straining its
ability to service the loan.

                   About Tata Steel UK Limited

Tata Steel UK Limited is the 100% subsidiary of Tata Steel Ltd,
and is the holding company for its European steel operations,
which principally consists of the Corus group.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 7, 2009, Fitch Ratings downgraded Tata Steel Limited's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BBB-'
(BBB minus), and its National Long-term rating to 'AA(ind)' from
'AAA(ind)'.  Simultaneously, Fitch also downgraded Tata Steel
U.K. Ltd's Long-term foreign currency IDR to 'B+' from 'BB'. Fitch
said the Outlook on all the ratings continues to be Negative.

The TCR-AP reported on March 6, 2009, that Moody's Investors
Service downgraded the corporate family rating of Tata Steel Ltd
to Ba2 from Ba1.  Moody's said the rating remains on review for
possible further downgrade.


UBS AG: Moody's Withdraws 'Caa1' Rating on Series 6481 Notes
------------------------------------------------------------
Moody's Investors Service announced it has withdrawn its rating of
one class of CDO notes issued by UBS AG, Jersey Branch.

Moody's has withdrawn the rating for business reasons.

The rating action is:

UBS AG, Jersey Branch

(1) Series 6481 CHF 25,000,000 Credit Linked Notes

  -- Current Rating: WR
  -- Prior Rating: Caa1
  -- Prior Rating Date: 12 May 2009, downgraded to Caa1 from Ba2


* Fitch Says UK Prime Pass-Through RMBS Can Withstand Recession
---------------------------------------------------------------
Following the FSA's announcement that they are stress testing
bank's capital against the impact of a 50% peak-to-trough fall in
house prices, Fitch Ratings said that 'AAA' prime UK pass-through
RMBS are well placed to withstand a recession of an even greater
magnitude.

In a special report published earlier in the year, the agency
calculated the loss coverage for all vintages of UK prime pass-
through RMBS across a variety of house price decline and mortgage
default scenarios.  "The report identified that 'AAA' prime UK
pass-through RMBS of 2003-2007 vintage had a loss coverage 9.2x
when factored against the agency's central expectation of a 30%
peak-to-trough UK house price decline and increasing defaults
based on the performance of prime mortgages during the recession
of the early 1990s," said Francesca Zwolinsky, Director in Fitch's
RMBS team.

"Notwithstanding, Fitch analysis showed that 'AAA' prime pass-
through RMBS were well placed to withstand a significantly deeper
recession with the breakeven point being a scenario of 60% house
prices declines in combination with a default rate of 30% -
equivalent to approximately 4x-5x the default rates seen during
last recession," Ms. Zwolinsky added.

This analysis was specific to UK prime pass-through transactions
and was not applied to the master trust transactions due to the
complex nature of the structures.  However, Fitch evaluated the
collateral of each master trust programme on a loan-by-loan basis
against its house price and default rate predictions and performed
an in-depth cash-flow analysis whereby the ratings were further
stressed assuming the occurrence of a number possible events,
including, but not limited to, various prepayment speeds, the
inability of originators to replenish the trusts and a breach of a
non-asset trigger.  Fitch found that under such stress, negative
rating migration was expected to be minimal and confined to the
lower-rated tranches only.  While notes assigned a rating equal
to, or greater than 'A', are not expected to show any negative
rating migration under this stress scenario, 62% of the total
outstanding 'BBB' notes by value and 75% of the total outstanding
'BB' notes by value faced the possibility of downgrade.


* S&P Puts Ratings on 129 Tranches in 27 European CMBS on WatchNeg
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
129 tranches in 27 European commercial mortgage-backed securities
transactions due to S&P's review of the transactions that closed
between Jan. 1, 2007, and June 30, 2007.  At the same time, S&P
kept on CreditWatch negative 10 tranches in two European CMBS
transactions affected by this review and already on CreditWatch
negative for other reasons.

The affected tranches have a principal balance of about
EUR9.53 billion (for euro-denominated transactions) and
GBP4.60 billion (for British-pound-sterling-denominated
transactions).  The CreditWatch placements affect approximately
73.5% (by number) of the transactions that closed between Jan. 1,
2007 and June 30, 2007.

These rating actions follow S&P's ongoing review of all European
CMBS transactions that S&P rate.  Over the coming months, S&P will
review transactions with original issuance dates in each half-year
period going back to 2005.  There are a small number of
transactions with original issuance dates before 2005 and will
consider them in a separate review.  On May 13, S&P published the
results of S&P's review of the transactions that closed between
July 1, 2007, and July 1, 2008.  The next group to be reviewed
will comprise transactions that closed in the second half of 2006.

Commercial real estate debt and capital markets have been under
pressure over the past 18 months, with market value declines in
many markets led by a sharp increase in capitalization rates.  S&P
expects further downward pressure on values, with drops in net
operating income and falls in market rents likely as economic
activity contracts in Europe.  S&P believes that the difficulties
of the European banking sector and its disinclination to lend on
European commercial real estate collateral are well known.

S&P conducts ongoing surveillance of CMBS transactions.  However,
with a refinance peak in 2011 to 2013 in European CMBS, S&P
intends to have a special focus in this CreditWatch review on the
updated assessment of loan refinance risk.

Even though S&P continues to believe that class A notes will not
suffer an eventual loss, all else being equal, the risks to these
tranches have, in S&P's view, materially increased.  S&P considers
that downgrades, including of senior notes, could be possible in
future.

S&P currently expects to resolve the majority of the CreditWatch
actions in the sector, following a review of each CMBS
transaction, not later than Sept. 30, 2009.  Based on the
available information, S&P does not currently expect the average
downgrade to exceed two rating categories.

In assigning CreditWatch placements, S&P applies its existing
criteria "Framework For Credit Analysis In European CMBS
Transactions" in the context of the article "Standard & Poor's To
Explicitly Recognize Credit Stability As An Important Rating
Factor".

                           Ratings List


              Ratings Placed on Creditwatch Negative

                  Alburn Real Estate Capital Ltd.
        GBP188.05 Million Commercial Mortgage-Backed Secured
                       Floating-Rate Notes

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

                       Bruntwood Alpha PLC
   GBP440 Million Commercial Mortgage-Backed Floating-Rate Notes

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

                   Cornerstone Titan 2007-1 PLC
  EUR1.322 Billion Commercial Mortgage-Backed Floating-Rate Notes

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

                    CPUK Mortgage Finance Ltd.
       GBP750.05 Million Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A1           AAA/Watch Neg         AAA
             A2           AAA/Watch Neg         AAA
             B            AA/Watch Neg          AA
             C            A/Watch Neg           A
             D            BBB+/Watch Neg        BBB+
             X            AAA/Watch Neg         AAA

                        DECO 12 - UK 4 PLC
GBP672.884 Million Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A-1          AAA/Watch Neg         AAA
             A-2          AAA/Watch Neg         AAA
             B            AA/Watch Neg          AA
             C            A/Watch Neg           A
             D            BBB/Watch Neg         BBB

                    DECO 14 - Pan Europe 5 B.V.
  EUR1.491 Billion Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             D            BBB/Watch Neg         BBB
             E            BB+/Watch Neg         BB+
             F            BB/Watch Neg          BB
             G            B/Watch Neg           B

                   DECO 15 - Pan Europe 6 Ltd.
  EUR1.445 Billion Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A1           AAA/Watch Neg         AAA
             A2           AAA/Watch Neg         AAA
             A3           AAA/Watch Neg         AAA
             B            AA/Watch Neg          AA
             C            A/Watch Neg           A
             D            BBB+/Watch Neg        BBB+
             E            BBB/Watch Neg         BBB
             F            BBB-/Watch Neg        BBB-
             G            BB/Watch Neg          BB
             X            AAA/Watch Neg         AAA

                       Epic (Culzean) PLC
  GBP546.68 Million Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A            AAA/Watch Neg         AAA
             B            AAA/Watch Neg         AAA
             C            AA/Watch Neg          AA
             D            A-/Watch Neg          A-
             E            BBB/Watch Neg         BBB
             F            BBB-/Watch Neg        BBB-

                       Epic (Drummond) Ltd.
         EUR1,143.291 Million Commercial Mortgage-Backed
                       Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A            AAA/Watch Neg         AAA
             B            AAA/Watch Neg         AAA
             C            AA/Watch Neg          AA
             D            A/Watch Neg           A
             E            BBB/Watch Neg         BBB
             F            BBB-/Watch Neg        BBB-
             G            BBB-/Watch Neg        BBB-

                      EuroProp (EMC VI) S.A.
EUR489.775 Million Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A            AAA/Watch Neg         AAA
             B            AA/Watch Neg          AA
             C            A/Watch Neg           A
             D            BBB/Watch Neg         BBB
             E            BBB-/Watch Neg        BBB-
             F            BB/Watch Neg          BB

                 Fleet Street Finance Three PLC
         EUR1,105.374 Million Commercial Mortgage-Backed
                       Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A1           AAA/Watch Neg         AAA
             A2           AAA/Watch Neg         AAA
             B            AA/Watch Neg          AA
             C            A/Watch Neg           A
             D            BBB/Watch Neg         BBB
             E            BBB-/Watch Neg        BBB-

               Immeo Residential Finance No.2 Ltd.
EUR1,414.3 Million Commercial Mortgage-Backed Floating-Rate Notes

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

                    Indus (ECLIPSE 2007-1) PLC
GBP894.53 Million Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A            AAA/Watch Neg         AAA
             B            AA/Watch Neg          AA
             C            A/Watch Neg           A
             D            BB/Watch Neg          BB
             E            B/Watch Neg           B
             X            AAA/Watch Neg         AAA

                 Infinity 2007-1 ''Soprano'' FCC
  EUR1.028 Billion Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             E            BBB/Watch Neg         BBB
             F            BBB-/Watch Neg        BBB-
             G            BB/Watch Neg          BB

                    JUNO (ECLIPSE 2007-2) Ltd.
EUR867.95 Million Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             B            AA/Watch Neg          AA
             C            A/Watch Neg           A
             D            BB/Watch Neg          BB
             E            B/Watch Neg           B

                      MESDAG (Charlie) B.V.
     EUR493.65 Million Commercial Mortgage-Backed Variable- And
                       Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             C            A/Watch Neg           A
             D            BBB/Watch Neg         BBB
             E            BBB-/Watch Neg        BBB-

                       MESDAG (Delta) B.V.
  EUR638.4 Million Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A sr         AAA/Watch Neg         AAA
             B mezz       AAA/Watch Neg         AAA
             C mezz       AA/Watch Neg          AA
             D jr         A/Watch Neg           A
             E jr         BBB/Watch Neg         BBB
             F sub        BBB-/Watch Neg        BBB-
             X            AAA/Watch Neg         AAA

                    Opera Germany (No. 3) Ltd.
   EUR550 Million Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A            AAA/Watch Neg         AAA
             B            AA/Watch Neg          AA

                    Quality Parking 2007 B.V.
   EUR300 Million Commercial Mortgage-Backed Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A            AAA/Watch Neg         AAA
             B            AAA/Watch Neg         AAA

                   Semper Finance 2007-1 GmbH
        EUR994.2 Million Floating-Rate Credit-Linked Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             D            BBB/Watch Neg         BBB
             E            BB+/Watch Neg         BB+
             F            BB-/Watch Neg         BB-
             G            B/Watch Neg           B


           Silenus (European Loan Conduit No. 25) Ltd.
   EUR1,245.557 Million Commercial Mortgage-Backed Variable- And
                      Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             D            BBB/Watch Neg         BBB
             E            BB/Watch Neg          BB
             F            BB-/Watch Neg         BB-
             G            B/Watch Neg           B

                    STABILITY CMBS 2007-1 GmbH
        EUR182.4 Million Floating-Rate Credit-Linked Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             D            BBB/Watch Neg         BBB
             E            BB/Watch Neg          BB

                     Talisman-6 Finance PLC
EUR1,076.4 Million Commercial Mortgage-Backed Floating-Rate Notes

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

                     Talisman-7 Finance Ltd.
          EUR1,826.15 Million Commercial Mortgage-Backed
                       Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             F            BBB+/Watch Neg        BBB+
             G            BBB/Watch Neg         BBB
             H            BBB-/Watch Neg        BBB-
             I            BB/Watch Neg          BB
             J            B/Watch Neg           B

                  Titan Europe 2007-1 (NHP) Ltd.
     GBP638.1 Million Commercial Mortgage-Backed Variable- And
                       Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A            AAA/Watch Neg         AAA
             B            AAA/Watch Neg         AAA
             C            AA+/Watch Neg         AA+
             D            AA/Watch Neg          AA
             X            AAA/Watch Neg         AAA

            Triton (European Loan Conduit No. 26) PLC
   GBP556.65 Million $87.309 Million Commercial Mortgage-Backed
                       Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A1           AAA/Watch Neg         AAA
             A2           AAA/Watch Neg         AAA
             B            AAA/Watch Neg         AAA
             C            AA/Watch Neg          AA
             D            AA-/Watch Neg         AA-
             E            A/Watch Neg           A
             F            A-/Watch Neg          A-
             X            AAA/Watch Neg         AAA

                  White Tower Europe 2007-1 PLC
    EUR349.55 Million Commercial Mortgage-Backed Variable- And
                      Floating-Rate Notes

                                  Rating
                                  ------
             Class        To                    From
             -----        --                    ----
             A            AAA/Watch Neg         AAA
             B            AA/Watch Neg          AA
             C            A/Watch Neg           A
             D            BB/Watch Neg          BB
             E            B/Watch Neg           B
             X            AAA/Watch Neg         AAA

            Ratings Remaining on Creditwatch Negative

                     Hypo Real Estate Bank AG
  GBP113.68 Million Floating-Rate Amortizing Credit-Linked Notes
                          (ESTATE UK-3)

                             Rating
                             ------
        Class        To                    From
        -----        --                    ----
        A1+          AAA/Watch Neg         AAA/Watch Neg
        A2           AAA/Watch Neg         AAA/Watch Neg
        B            AA/Watch Neg          AA/Watch Neg
        C            A/Watch Neg           A/Watch Neg
        D            BBB/Watch Neg         BBB/Watch Neg
        E            BBB-/Watch Neg        BBB-/Watch Neg

                     Windermere X CMBS Ltd.
  EUR1.497 Billion Commercial Mortgage-Backed Floating-Rate Notes

                              Rating
                              ------
         Class        To                    From
         -----        --                    ----
         C            AA/Watch Neg          AA/Watch Neg
         D            A/Watch Neg           A/Watch Neg
         E            BBB/Watch Neg         BBB/Watch Neg
         F            BB/Watch Neg          BB/Watch Neg


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

                                     Total
                                     Shareholders      Total
  Company                  Ticker    Equity            Assets
  -------                  ------    ------            ------

AUSTRIA
-------
LIBRO AG                    LBROF   -110486313.84    174004185.02
SKYEUROPE HLDG             SKY AV     -3897543.17    213166287.14
SKYEUROPE HLDG            SKYV IX     -3897543.17    213166287.14
SKYEUROPE HLDG             S8E GR     -3897543.17    213166287.14
LIBRO AG                   LIB AV   -110486313.84    174004185.02
LIBRO AG                  LIBR AV   -110486313.84    174004185.02
LIBRO AG                   LB6 GR   -110486313.84    174004185.02
SKYEUROPE HLDG            SKYA PZ     -3897543.17    213166287.14
SKYEUROPE HLDG          SKYPLN EU     -3897543.17    213166287.14
SKYEUROPE HLDG             SKY EO     -3897543.17    213166287.14
SKYEUROPE HLDG           SKURF US     -3897543.17    213166287.14
SKYEUROPE HLDG          SKYPLN EO     -3897543.17    213166287.14
SKYEUROPE                  SKY PW     -3897543.17    213166287.14
SKYEUROPE HOL-RT           SK1 AV     -3897543.17    213166287.14
SKYEUROPE HLDG             SKY EU     -3897543.17    213166287.14
SKYEUROPE                 SKYP PW     -3897543.17    213166287.14


BERLGIUM
--------
SABENA SA                 SABA BB    -85494497.66   2215341059.54


CROATIA
-------
OT OPTIMA TELEKO      2299892Z CZ   -46364581.24     128095158.43
IPK OSIJEK DD OS        IPKORA CZ   -12114019.44     135803427.79
BRODOGRADE INDUS        3MAJRA CZ  -322247407.73     263945276.33
OT OPTIMA TELEKO        OPTERA CZ   -46364581.24     128095158.43


CYPRUS
------
LIBRA HOLIDAYS G           LHG PZ     -5044973.6     274730005.26
LIBRA HOLIDAYS G           LHG EU     -5044973.6     274730005.26
LIBRA HOLIDA-RTS           LBR CY     -5044973.6     274730005.26
LIBRA HOLIDAYS G           LHG CY     -5044973.6     274730005.26
LIBRA HOLIDA-RTS          LGWR CY     -5044973.6     274730005.26
LIBRA HOLIDAY-RT      3167808Z CY     -5044973.6     274730005.26
LIBRA HOLIDAYS            LHGR CY     -5044973.6     274730005.26
LIBRA HOLIDAYS          LHGCYP EU     -5044973.6     274730005.26
LIBRA HOLIDAYS G           LHG EO     -5044973.6     274730005.26
LIBRA HOLIDAYS-P          LBHG CY     -5044973.6     274730005.26
LIBRA HOLIDAYS-P          LBHG PZ     -5044973.6     274730005.26
LIBRA HOLIDAYS          LHGCYP EO     -5044973.6     274730005.26


CZECH REPUBLIC
--------------
SETUZA AS             2994767Q EO    -61453764.17    138582273.56
SETUZA AS               SETUZA CP    -61453764.17    138582273.56
SETUZA AS                  SZA EX    -61453764.17    138582273.56
SETUZA AS             2994755Q EU    -61453764.17    138582273.56
SETUZA AS             2994759Q EO    -61453764.17    138582273.56
CKD PRAHA HLDG             CDP EX    -89435858.16    192305153.03
CKD PRAHA HLDG            CKDH CP    -89435858.16    192305153.03
SETUZA AS                 SETU IX    -61453764.17    138582273.56
SETUZA AS                  SZA GR    -61453764.17    138582273.56
SETUZA AS             2994763Q EU    -61453764.17    138582273.56
CKD PRAHA HLDG            CKDH US    -89435858.16    192305153.03
CKD PRAHA HLDG           CKDPF US    -89435858.16    192305153.03
CKD PRAHA HLDG         297687Q GR    -89435858.16    192305153.03
SETUZA AS               SETUZA PZ    -61453764.17    138582273.56


DENMARK
-------
ROSKILDE BANK             ROSK DC   -532868894.9    7876687324.02
ROSKILDE BANK             ROSK EO   -532868894.9    7876687324.02
ELITE SHIPPING            ELSP DC    -27715991.74    100892900.29
ROSKILDE BANK            ROSKF US   -532868894.9    7876687324.02
ROSKILDE BANK             ROSK PZ   -532868894.9    7876687324.02
ROSKILDE BANK             ROSK EU   -532868894.9    7876687324.02
ROSKILDE BAN-NEW         ROSKN DC   -532868894.9    7876687324.02
ROSKILDE BAN-RTS         ROSKT DC   -532868894.9    7876687324.02
ROSKILDE BANK            ROSBF US   -532868894.9    7876687324.02
ROSKILDE BANK              RKI GR   -532868894.9    7876687324.02
ROSKILDE BANK             RSKC IX   -532868894.9    7876687324.02
ROSKILDE BANK-RT       916603Q DC   -532868894.9    7876687324.02


FRANCE
------
PAGESJAUNES GRP            PAJ NQ  -3061283156.27   1202048352.1
CARRERE GROUP             CAR2 EO    -23319835.34    364475420.31
RHODIA SA             3218857Q IX   -670695098.16   5563991457.04
PAGESJAUNES GRP         PAJUSD EU  -3061283156.27   1202048352.1
RHODIA SA – NEW       3156011Q FP   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ TQ  -3061283156.27   1202048352.1
PAGESJAUNES GRP            PAJ EB  -3061283156.27   1202048352.1
LAB DOLISOS               LADL FP    -27752176.19    110485462.44
CARRERE GROUP             CARG FP    -23319835.34    364475420.31
SDR CENTREST           117241Q FP   -132420119.65    252176017.15
PAGESJAUNES GRP         PAJGBX EO  -3061283156.27   1202048352.1
PAGESJAUNES GRP           PAJP IX  -3061283156.27   1202048352.1
CARRERE GROUP              CAR FP    -23319835.34    364475420.31
PAGESJAUNES GRP            PAJ IX  -3061283156.27   1202048352.1
RHODIA SA                RHADF US   -670695098.16   5563991457.04
RHODIA SA               RHAGBP EO   -670695098.16   5563991457.04
RHODIA SA             2324015Q EO   -670695098.16   5563991457.04
RHODIA SA                  RHD GR   -670695098.16   5563991457.04
CARRERE GROUP             CRGP IX    -23319835.34    364475420.31
RHODIA SA                  RHA NQ   -670695098.16   5563991457.04
NORTENE                   NORT EO    -35623999.56    117566786.87
PAGESJAUNES GRP            QS3 GR  -3061283156.27   1202048352.1
RHODIA SA                  RHA EU   -670695098.16   5563991457.04
RHODIA SA                  RHA VX   -670695098.16   5563991457.04
RHODIA SA                RHANR PZ   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ VX  -3061283156.27   1202048352.1
NORTENE                   NORT EU    -35623999.56    117566786.87
RHODIA SA                  RHA BQ   -670695098.16   5563991457.04
NORTENE                   NRTN FP    -35623999.56    117566786.87
NORTENE                   NRTP IX    -35623999.56    117566786.87
IMMOB HOTELIERE            IMH GR    -66874823.95    301323804.92
RHODIA SA                 RHDI GR   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ BQ  -3061283156.27   1202048352.1
GRANDE PAROISSE           GAPA FP   -927267926.9     629287290
CARRERE GROUP              XRR GR    -23319835.34    364475420.31
CARRERE GROUP             CAR2 EU    -23319835.34    364475420.31
TROUVAY CAUVIN           TVYCF US      -396978       133986439.74
PAGESJAUNES GRP         PAJGBP EO  -3061283156.27   1202048352.1
PAGESJAUNES GRP         PAJUSD EO  -3061283156.27   1202048352.1
CARRERE GROUP             CARF PZ    -23319835.34    364475420.31
CARRERE GROUP            CRRHF US    -23319835.34    364475420.31
PAGESJAUNES GRP         PAJGBX EU  -3061283156.27   1202048352.1
NORTENE                   NORT PZ    -35623999.56    117566786.87
RHODIA SA                  RHA EB   -670695098.16   5563991457.04
RHODIA SA                 RHAY IX   -670695098.16   5563991457.04
MATUSSIERE & FOR         MTUSF US    -77896683.67    293868350.79
RHODIA SA                  RHA PZ   -670695098.16   5563991457.04
SELCODIS                  SLCO EO    -21050704.97    140597126.19
RHODIA SA-RIGHTS       653447Q FP   -670695098.16   5563991457.04
MATUSSIERE & FOR      1007765Q FP    -77896683.67    293868350.79
RHODIA SA-ADR              RHA US   -670695098.16   5563991457.04
Selcodis                  SPVX FP    -21050704.97    140597126.19
PAGESJAUNES              PGJUF US  -3061283156.27   1202048352.1
SELCODIS                  SLCO EU    -21050704.97    140597126.19
RHODIA SA-RIGHTS         RHADS FP   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO EU    -66874823.95    301323804.92
SELCODIS                  SLCO PZ    -21050704.97    140597126.19
SELCODIS                  SPVX IX    -21050704.97    140597126.19
PAGESJAUNES GRP            PAJ FP  -3061283156.27   1202048352.1
SELCODIS                  SLCO FP    -21050704.97    140597126.19
MMOB HOTELIERE            IMMH IX    -66874823.95    301323804.92
GRANDE PAROISSE           GDPA FP   -927267926.9     629287290
PAGESJAUNES GRP            PAJ EO  -3061283156.27   1202048352.1
IMMOB HOTEL BALN          IMHB FP    -66874823.95    301323804.92
IMMOB HOTELIERE          IMBHF US    -66874823.95    301323804.92
LAB DOLISOS               DOLI FP    -27752176.19    110485462.44
PAGESJAUNES GRP            PAJ EU  -3061283156.27   1202048352.1
RHODIA SA                  RHA TQ   -670695098.16   5563991457.04
RHODIA SA             2324011Q EU   -670695098.16   5563991457.04
RHODIA SA                RHANR FP   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO FP    -66874823.95    301323804.92
GRANDE PAROISSE          GDPXF US   -927267926.9     629287290
TROUVAY CAUVIN            ETEC FP      -396978       133986439.74
RHODIA SA                RHDAF US   -670695098.16   5563991457.04
IMMOB HOTELIERE            SIH FP    -66874823.95    301323804.92
RHODIA SA                  RHA IX   -670695098.16   5563991457.04
RHODIA SA               RHAGBX EU   -670695098.16   5563991457.04
RHODIA SA                  RHA FP   -670695098.16   5563991457.04
RHODIA SA                  RHA EO   -670695098.16   5563991457.04
NORTENE                   NORT FP    -35623999.56    117566786.87
RHODIA SA-ADR            RHAYY US   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO PZ    -66874823.95    301323804.92
RHODIA SA               RHAGBX EO   -670695098.16   5563991457.04
IMMOB HOTELIERE           IMHO EO    -66874823.95    301323804.92
RHODIA SA – NEW          RHANV FP   -670695098.16   5563991457.04
RHODIA SA – NEW       2335921Q FP   -670695098.16   5563991457.04
PAGESJAUNES GRP            PAJ PZ  -3061283156.27   1202048352.1


GERMANY
-------
VIVANCO GRUPPE            VVA1 EU    -16648688.57    131276010.89
CINEMAXX AG             MXCUSD EU    -45477041.55    177659446.07
PRIMACOM AG-ADR+          PCAG ES    -14233212.49    729563484.73
CINEMAXX AG                MXC EO    -45477041.55    177659446.07
PRIMACOM AG-ADR          PCAGY US    -14233212.49    729563484.73
ALNO AG                    ANO EU    -28265004.17    366872263.74
CINEMAXX AG                MXC PZ    -45477041.55    177659446.07
CINEMAXX AG                MXC EU    -45477041.55    177659446.07
CINEMAXX AG               MXCG IX    -45477041.55    177659446.07
VIVANCO GRUPPE            VVA1 PZ    -16648688.57    131276010.89
EM.TV & MERC-NEW          ETV1 NM    -22067409.41    849175624.65
HYPO REAL ESTATE        HRXAUD EU   -813565059.9  543794828675.92
CBB HOLDING-NEW           COB1 GR    -42994732.85    904723627.84
HYPO REAL ESTATE        HRXGBP EO   -813565059.9  543794828675.92
SINNLEFFERS AG             WHG GR     -4491629.96    453887060.07
HYPO REAL ESTATE        HRXCHF EO   -813565059.9  543794828675.92
BROKAT AG                BKISF US    -27139391.98    143536859.72
BROKAT AG                BRKAF US    -27139391.98    143536859.72
RINOL AG                  RILB PZ           -2.71    168095049.11
EECH GROUP AG              PTA PZ      -114331.83    108502676.25
BROKAT TECH AG             BSA LN    -27139391.98    143536859.72
BROKAT TECH -ADR         BROAQ US    -27139391.98    143536859.72
BROKAT AG-ADR             BROA US    -27139391.98    143536859.72
NORDAG AG-RTS             DOO8 GR      -482446.63    144432986.17
EM.TV & MERCHAND           ETV LN    -22067409.41    849175624.65
CBB HOLDING AG            COB2 EO    -42994732.85    904723627.84
ALNO AG                    ANO GR    -28265004.17    366872263.74
EM.TV & MERC-NEW          ETV1 GR    -22067409.41    849175624.65
EM.TV & MERC-RTS          ETV8 GR    -22067409.41    849175624.65
EM.TV & MERCHAND         EMTVF US    -22067409.41    849175624.65
EM.TV & MERCHAND           ETV NM    -22067409.41    849175624.65
HYPO REAL ESTATE           HRX EO   -813565059.9  543794828675.92
HYPO REAL ESTATE          HRXG IX   -813565059.9  543794828675.92
PRIMACOM AG              PCAGF US    -14233212.49    729563484.73
PRIMACOM AG                PRC EU    -14233212.49    729563484.73
CBB HOLD-NEW 97           COB2 GR    -42994732.85    904723627.84
RINOL AG                  RILB GR           -2.71    168095049.11
PRIMACOM AG                PRC GR    -14233212.49    729563484.73
HYPO REAL ESTATE           HRX AV   -813565059.9  543794828675.92
HYPO REAL ES-NEW      2916649Q EU   -813565059.9  543794828675.92
HYPO REAL ES-NEW      2916645Q EO   -813565059.9  543794828675.92
BROKAT TECH AG             BRJ GR    -27139391.98    143536859.72
HYPO REAL ES-NEW          HRXA EO   -813565059.9  543794828675.92
VIVANCO GRUPPE            VVA1 GR    -16648688.57    131276010.89
PRIMACOM AG               PRCG IX    -14233212.49    729563484.73
NORDSEE AG             533061Q GR     -8200552.05    194616922.62
ALNO AG                    ANO EO    -28265004.17    366872263.74
EECH GROUP AG              PTA EO      -114331.83    108502676.25
HYPO REAL ESTATE           HRX EU   -813565059.9  543794828675.92
HYPO REAL ESTATE        HRXCHF EU   -813565059.9  543794828675.92
EECH GROUP AG              PTA GR      -114331.83    108502676.25
EECH GROUP AG              PTA EU      -114331.83    108502676.25
EECH GROUP AG             PTAG IX      -114331.83    108502676.25
HYPO REAL-ACQ             HRXV GR   -813565059.9  543794828675.92
HYPO REAL-ACQ             HRXV EO   -813565059.9  543794828675.92
SPAR HANDELS-AG          SPHFF US   -442426199.47   1433020960.55
ROSENTHAL AG-ACC          ROS4 GR     -1744121.91    217776125.75
DORT ACTIEN-BRAU       944167Q GR    -12689156.29    117537053.71
P & T TECHNOLOGY           PTA NM      -114331.83    108502676.25
CBB HOLDING-NEW           COB3 GR    -42994732.85    904723627.84
HYPO REAL ESTATE           HRX NR   -813565059.9  543794828675.92
HYPO REAL ESTATE        HRXUSD EU   -813565059.9  543794828675.92
HYPO REAL ESTATE           HRX PZ   -813565059.9  543794828675.92
HYPO REAL ESTATE           HRX EB   -813565059.9  543794828675.92
HYPO REAL ES-NEW          HRXA GR   -813565059.9  543794828675.92
HYPO REAL ES-NEW          HRX1 GR   -813565059.9  543794828675.92
HYPO REAL ESTATE           HRX VX   -813565059.9  543794828675.92
KAUFRING AG                KFR GR    -19296489.56    150995473.81
MANIA TECHNOLOGI          MNI1 EO    -35060806.5     107465713.61
HYPO REAL ESTATE           HRX NQ   -813565059.9  543794828675.92
MANIA TECHNOLOGI          MNIG IX    -35060806.5     107465713.61
HYPO REAL ESTATE        HRXGBX EU   -813565059.9  543794828675.92
MANIA TECHNOLOGI           MNI PZ    -35060806.5     107465713.61
SANDER (JIL) AG          JLSDF US     -6153256.92    127548039.68
SANDER (JIL)-PRF      2916157Q EU     -6153256.92    127548039.68
SANDER (JIL)-PRF      2916161Q EO     -6153256.92    127548039.68
CINEMAXX AG-RTS           MXC8 GR    -45477041.55    177659446.07
HYPO REAL ESTATE         HREHF US   -813565059.9  543794828675.92
RINOL AG                  RILB EU           -2.71    168095049.11
PRIMACOM AG                PRC NM    -14233212.49    729563484.73
MATERNUS-KLINIKE         MNUKF US    -17434186.39    182076493.22
CINEMAXX AG                MXC GR    -45477041.55    177659446.07
HYPO REAL ESTATE           HRX GR   -813565059.9  543794828675.92
HYPO REAL ES-ADR         HREHY US   -813565059.9  543794828675.92
TA TRIUMPH-ACQ            TWNA GR    -96966372.18    401755623.89
PRIMACOM AG-ADR           PCAG US    -14233212.49    729563484.73
ROSENTHAL AG          2644179Q GR     -1744121.91    217776125.75
EM.TV & MERC-RTS          ETV8 NM    -22067409.41    849175624.65
ROSENTHAL AG-ADR         RSTHY US     -1744121.91    217776125.75
RINOL AG                 RNLAF US           -2.71    168095049.11
RINOL AG                  RILB EO           -2.71    168095049.11
HYPO REAL ESTATE        HRXAUD EO   -813565059.9  543794828675.92
TA TRIUMPH-NEW            TWN1 GR    -96966372.18    401755623.89
ROSENTHAL AG-REG         RSTHF US     -1744121.91    217776125.75
SANDER (JIL)-PRF          SAD3 GR     -6153256.92    127548039.68
ROSENTHAL AG-REG          ROSG IX     -1744121.91    217776125.75
ROSENTHAL AG-REG          ROSG PZ     -1744121.91    217776125.75
MATERNUS-KLINIKE           MAK EO    -17434186.39    182076493.22
CBB HOLDING AG            COB2 EU    -42994732.85    904723627.84
EM.TV & MERCHAND       985403Q GR    -22067409.41    849175624.65
EM.TV & MERCHAND         ETVMF US    -22067409.41    849175624.65
MATERNUS-KLINIKE           MAK EU    -17434186.39    182076493.22
MATERNUS-KLINIKE           MAK PZ    -17434186.39    182076493.22
HYPO REAL-ACQ             HRXV PZ   -813565059.9  543794828675.92
MATERNUS-KLINIKE           MAK GR    -17434186.39    182076493.22
ALNO AG-RTS           2259765Z GR    -28265004.17    366872263.74
ALNO AG-NEW               ANO1 GR    -28265004.17    366872263.74
VIVANCO GRUPPE             VVA GR    -16648688.57    131276010.89
AGOR AG                  NDAGF US      -482446.63    144432986.17
ROSENTHAL AG-REG          ROS1 EO     -1744121.91    217776125.75
AGOR AG                    DOO GR      -482446.63    144432986.17
AGOR AG                    DOO EO      -482446.63    144432986.17
TA TRIUMPH-ACQ            TWNA EU    -96966372.18    401755623.89
TA TRIUMPH-ADLER           TWN EO    -96966372.18    401755623.89
TA TRIUMPH-ADLER         TTZAF US    -96966372.18    401755623.89
TA TRIUMPH-RT             TWN8 GR    -96966372.18    401755623.89
HYPO REAL ESTATE        HRXUSD EO   -813565059.9  543794828675.92
PRIMACOM AG               PRCG PZ    -14233212.49    729563484.73
ROSENTHAL AG-REG          ROS1 EU     -1744121.91    217776125.75
TA TRIUMPH-A-RTS      1018916Z GR    -96966372.18    401755623.89
TA TRIUMPH-RTS        3158577Q GR    -96966372.18    401755623.89
CBB HOLDING AG           CUBDF US    -42994732.85    904723627.84
MATERNUS-KLINIKE          MAKG IX    -17434186.39    182076493.22
TA TRIUMPH-ADLER           TWN GR    -96966372.18    401755623.89
TA TRIUMPH-ADLER          TWNG IX    -96966372.18    401755623.89
TA TRIUMPH-ADLER           TWN PZ    -96966372.18    401755623.89
SPAR HAND-PFD NV          SPA3 GR   -442426199.47   1433020960.55
VIVANCO GRUPPE           VIVGF US    -16648688.57    131276010.89
RINOL AG                   RIL GR           -2.71    168095049.11
BROKAT AG -NEW            BRJ1 GR    -27139391.98    143536859.72
MANIA TECHNOLOGI      2260970Z GR    -35060806.5     107465713.61
VIVANCO GRUPPE            VVAG IX    -16648688.57    131276010.89
VIVANCO GRUPPE            VVA1 EO    -16648688.57    131276010.89
CINEMAXX AG             MXCUSD EO    -45477041.55    177659446.07
MANIA TECHNOLOGI          MNI1 EU    -35060806.5     107465713.61
MANIA TECHNOLOGI         MIAVF US    -35060806.5     107465713.61
HYPO REAL ESTATE           HRX TQ   -813565059.9  543794828675.92
TA TRIUMPH-ADLER           TWN EU    -96966372.18    401755623.89
SPAR HANDELS-AG        773844Q GR   -442426199.47   1433020960.55
SANDER (JIL) AG            SAD GR     -6153256.92    127548039.68
CBB HOLDING AG            COBG IX    -42994732.85    904723627.84
BROKAT TECH-ADR           BRJA GR    -27139391.98    143536859.72
MANIA TECHNOLOGI           MNI GR    -35060806.5     107465713.61
AGOR AG-RTS           2301918Z GR     -482446.63     144432986.17
CBB HOLDING AG            COBG PZ   -42994732.85     904723627.84
ALNO AG                   ALNO IX   -28265004.17     366872263.74
ALNO AG                    ANO PZ   -28265004.17     366872263.74
HYPO REAL ES-NEW          HRXA EU  -813565059.9   543794828675.92
DORT ACTIEN-RTS           DAB8 GR   -12689156.29     117537053.71
MANIA TECHNOLOGI           MNI NM   -35060806.5      107465713.61
CINEMAXX AG              CNEMF US   -45477041.55     177659446.07
BROKAT AG -NEW            BRJ1 NM   -27139391.98     143536859.72
BROKAT AG                BROAF US   -27139391.98     143536859.72
AGOR AG                   DOOG IX     -482446.63     144432986.17
AGOR AG                    DOO EU     -482446.63     144432986.17
AGOR AG                   DOOD PZ     -482446.63     144432986.17
CBB HOLDING AG             COB GR   -42994732.85     904723627.84
HYPO REAL ES-NEW          HRXA PZ  -813565059.9   543794828675.92
KAUFRING AG                KFR EU   -19296489.56     150995473.81
KAUFRING AG                KFR PZ   -19296489.56     150995473.81
PRIMACOM AG               PRC2 GR   -14233212.49     729563484.73
KAUFRING AG               KAUG IX   -19296489.56     150995473.81
SANDER (JIL)-PRF          SAD3 PZ    -6153256.92     127548039.68
KAUFRING AG                KFR EO   -19296489.56     150995473.81
HYPO REAL-ACQ             HRXV EU  -813565059.9   543794828675.92
HYPO REAL ESTATE        HRXGBX EO  -813565059.9   543794828675.92
BROKAT AG                BROFQ US   -27139391.98     143536859.72
NORDAG AG                 DOO1 GR     -482446.63     144432986.17
NORDAG AG-PFD             DOO3 GR     -482446.63     144432986.17
EM.TV & MERCHAND           ETV VX   -22067409.41     849175624.65
HYPO REAL ESTATE           HRX BQ  -813565059.9   543794828675.92
BROKAT TECH AG             BRJ NM   -27139391.98     143536859.72
RINOL AG                  RILB IX          -2.71     168095049.11
MATERNUS KLINI-N          MAK1 GR   -17434186.39     182076493.22
PRIMACOM AG                PRC EO   -14233212.49     729563484.73
ROSENTHAL AG-REG           ROS GR    -1744121.91     217776125.75


GREECE
------
UNITED TEXTILES          NAOYK GA   -44175513.67     341686153.14
THEMELIODOMI-AUC        THEMEE GA   -55751178.85     232036822.56
ALTEC SA INFO-RT        ALTECR GA  -110161512.58     260065350.83
PETZETAKIS – RTS        PETZKD GA   -28368224.67     235628427.44
THEMELIODOMI-RTS        THEMED GA   -55751178.85     232036822.56
ALTEC SA INFO            ALTEC EU  -110161512.58     260065350.83
SAFE BULKERS INC           SBL GR   -35545000        482282016
RADIO KORASS-RTS         KORAR GA  -100972173.86     180679253.63
ALTEC SA INFO              AXY GR  -110161512.58     260065350.83
ALTEC SA INFO            ALTEC GA  -110161512.58     260065350.83
HELLAS ONLINE SA          HOLR GA   -18667491.57     432785331.49
HELLAS ONLINE SA         BRAIN EU   -18667491.57     432785331.49
ALTEC SA INFO-RT         ALTED GA  -110161512.58     260065350.83
PETZETAKIS-PFD            PTZ3 GR   -28368224.67     235628427.44
ALTEC SA INFO            ATCQF US  -110161512.58     260065350.83
AG PETZETAKIS SA         PETZK EO   -28368224.67     235628427.44
UNITED TEXTILES           UTEX EO   -44175513.67     341686153.14
RADIO KORASSI-RT         KORAD GA  -100972173.86     180679253.63
PETZETAKIS-PFD           PETZP GA   -28368224.67     235628427.44
PETZET – PFD-RTS        PETZPD GA   -28368224.67     235628427.44
SAFE BULKERS INC            SB US   -35545000        482282016
ALTEC SA INFO            ALTEC EO  -110161512.58     260065350.83
RADIO KORASSIDIS          KORA GA  -100972173.86     180679253.63
THEMELIODOMI-RTS        THEMER GA   -55751178.85     232036822.56
NAOUSSA SPIN-AUC        NAOYKE GA   -44175513.67     341686153.14
NAOUSSA SPINNING           NML GR   -44175513.67     341686153.14
NAOUSSA SPINNING          NML1 GR   -44175513.67     341686153.14
RADIO KORASSIDIS         RAKOF US  -100972173.86     180679253.63
NAOUSSA SPIN -RT         NAOYD GA   -44175513.67     341686153.14
HELLAS ONLINE SA         BRAIN EO   -18667491.57     432785331.49
THEMELIODOMI             THEME GA   -55751178.85     232036822.56
HELLAS ONLINE SA         BRAIN GA   -18667491.57     432785331.49
AG PETZETAKIS SA          PTZ1 GR   -28368224.67     235628427.44
EMPEDOS SA               EMPED GA   -33637669.62     174742646.9
ALMA-ATERM-AUCT         ATERME GA    -5395432.07     106400376
AG PETZETAKIS SA           PTZ GR   -28368224.67     235628427.44
HELLAS ONLINE SA           UN5 GR   -18667491.57     432785331.49
ALTEC SA INFO            ALTEC PZ  -110161512.58     260065350.83
NAOUSSA SPIN-RTS        NAOYKR GA   -44175513.67     341686153.14
UNITED TEXTILES           UTEX PZ   -44175513.67     341686153.14
ALTEC SA -AUCT          ALTECE GA  -110161512.58     260065350.83
PETZETAKIS-AUC          PETZKE GA   -28368224.67     235628427.44
AG PETZETAKIS SA         PETZK PZ   -28368224.67     235628427.44
UNITED TEXTILES          NAOSF US   -44175513.67     341686153.14
RADIO KORASSIDIS           RKC GR  -100972173.86     180679253.63
ALMA-ATERMON SA          ATERM EU    -5395432.07     106400376
AG PETZETAKIS SA         PZETF US   -28368224.67     235628427.44
AG PETZETAKIS SA         PETZK GA   -28368224.67     235628427.44
AG PETZETAKIS SA         PETZK EU   -28368224.67     235628427.44
ALMA-ATERMON SA          ATERM GA    -5395432.07     106400376
ALMA-ATERMON SA          ATERM EO    -5395432.07     106400376
EMPEDOS SA-RTS          EMPEDR GA   -33637669.62     174742646.9
ALMA-ATERMON SA          ATERM PZ    -5395432.07     106400376
HELLAS ONLINE SA         BRAIN PZ   -18667491.57     432785331.49
UNITED TEXTILES           UTEX GA   -44175513.67     341686153.14
UNITED TEXTILES           UTEX EU   -44175513.67     341686153.14
HELLAS ONLINE SA           HOL GA   -18667491.57     432785331.49


ICELAND
-------
EIMSKIPAFELAG HF         HFEIM EO  -223771648       2277793536
EIMSKIPAFELAG HF         HFEIM PZ  -223771648       2277793536
EIMSKIPAFELAG HF         AVION IR  -223771648       2277793536
EIMSKIPAFELAG HF      HFEIMEUR EO  -223771648       2277793536
EIMSKIPAFELAG HF      HFEIMEUR EU  -223771648       2277793536
EIMSKIPAFELAG HF         HFEIM IR  -223771648       2277793536
EIMSKIPAFELAG HF         HFEIM EU  -223771648       2277793536
AVION GROUP                B1Q GR  -223771648       2277793536


IRELAND
-------
ELAN CORP PLC             DRX1 PZ  -223400000       1844599936
ELAN CORP PLC              ELN IX  -223400000       1844599936
WATERFORD WED-RT          WTFR LN  -505729895.23     820803256.03
WATERFORD – RTS        508519Q LN  -505729895.23     820803256.03
WATERFORD W-ADR          WATWY US  -505729895.23     820803256.03
ELAN CORP PLC           ELNGBX EO  -223400000       1844599936
ELAN CORP PLC           ELNGBP EO  -223400000       1844599936
ELAN CORP-ADR             ELAD LN  -223400000       1844599936
WATERFORD WED-RT          WWWD ID -505729895.23      820803256.03
WATERFORD WED-UT          WTFU PO -505729895.23      820803256.03
WATERFORD WED-UT          WTFU IX -505729895.23      820803256.03
WATERFORD WED-UT          WTFU LN -505729895.23      820803256.03
WATERFORD WED-RT          WWWC ID -505729895.23      820803256.03
WATERFORD WED-RT          WWWD GR -505729895.23      820803256.03
WATERFORD WED-RT       586556Q LN -505729895.23      820803256.03
WATERFORD WED-RT       586552Q LN -505729895.23      820803256.03
WATERFORD WED-UT          WTFU EO -505729895.23      820803256.03
WATERFORD-ADR UT          WFWA GR -505729895.23      820803256.03
WATERFORD-SUB         3001875Z ID -505729895.23      820803256.03
ELAN CORP PLC              ELA PO -223400000        1844599936
WATERFORD WED-UT          WWWD PZ -505729895.23      820803256.03
WATERFORD WED-UT        WTFUGBX E -505729895.23      820803256.03
WATERFORD WED-UT       WTFUGBX EU -505729895.23      820803256.03
WATERFORD WED-UT          WTFU VX -505729895.23      820803256.03
WATERFORD WED-UT          WTFU ID -505729895.23      820803256.03
WATERFORD – RTS           WWWB GR -505729895.23      820803256.03
WATERFORD – RTS           WWWA ID -505729895.23      820803256.03
WATERFORD – RTS        508523Q LN -505729895.23      820803256.03
WATERFORD WE-RTS          WTFF LN -505729895.23      820803256.03
WATERFORD-ADR UT         WATFZ US -505729895.23      820803256.03
WATERFORD WE-RTS          WTFN VX -505729895.23      820803256.03
ELAN CORP PLC           ELNUSD EU -223400000        1844599936
WATERFORD WE-RTS          WTFN ID -505729895.23      820803256.03
WATERFORD WED-RT          WWWC GR -505729895.23      820803256.03
WATERFORD WED-UT           WWW PO -505729895.23      820803256.03
WATERFORD – RTS           WWWA GR -505729895.23      820803256.03
WATERFORD WDGEWD         WATWF US -505729895.23      820803256.03
WATERFORD WE-RTS          WTFN LN -505729895.23      820803256.03
ELAN CORP-ADR             EANG IX -223400000        1844599936
ELAN CORP PLC              ELN EU -223400000        1844599936
ELAN CORP-ADR              ELN US -223400000        1844599936
ELAN CORP-ADR           QUNELN AU -223400000        1844599936
ELAN CORP PLC              ELN ID -223400000        1844599936
ELAN CORP PLC              ELN TQ -223400000        1844599936
ELAN CORP PLC              ELN LN -223400000        1844599936
ELAN CORP-CVR            ELNZV US -223400000        1844599936
ELAN CORP-CVR            LCVRZ US -223400000        1844599936
WATERFORD WED-UT          WTFU EU -505729895.23      820803256.03
ELAN CORP-ADR              EAN GR -223400000        1844599936
ELAN CORP-ADR UT         ELN/E US -223400000        1844599936
WATERFORD – RTS           WWWB ID -505729895.23      820803256.03
ELAN CORP PLC              ELA IX -223400000        1844599936
WATERFORD WDGEWD         WATFF US -505729895.23      820803256.03
ELAN CORP PLC              ELA LN -223400000        1844599936
ELAN CORP PLC            ELNCF US -223400000        1844599936
ELAN CORP PLC              ECN VX -223400000        1844599936
ELAN CORP PLC             DRXG IX -223400000        1844599936
ELAN CORP PLC              ELN EO -223400000        1844599936
ELAN CORP PLC           ELNUSD EO -223400000        1844599936
WATERFORD WE-RTS          WTFF ID -505729895.23      820803256.03
ELAN CORP PLC              DRX GR -223400000        1844599936
ELAN CORP PLC              ELN NR -223400000        1844599936
ELAN CORP/OLD            1295Z ID -323100000        1737800064
WATERFORD WED-UT           WWW GR -505729895.23      820803256.03


ITALY
-----
SNIA SPA-RTS              SNAA IM   -25149276.06     487726334.06
FULLSIX                    FUL IM   -11045098.78     109413985.34
COIN SPA                    GC IX  -151690764.75     791310848.67
PARMALAT FINANZI         PMLFF US  -18419390028.95  4120687886.18
LAZIO SPA                 SSLI PZ   -15482934.18     260633690.01
PARMALAT FINANZI          PRFI VX -18419390028.95   4120687886.18
COIN SPA-RTS              GCAA IM   -151690764.75    791310848.67
LAZIO SPA                 LZO1 GR    -15482934.18    260633690.01
FULLSIX                   FUL1 IX    -11045098.78    109413985.34
SNIA SPA-DRC             SNR00 IM    -25149276.06    487726334.06
LAZIO SPA              571260Q US    -15482934.18    260633690.01
CART SOTTRI-BIND           DEM IM    -11146475.29    128859802.94
I VIAGGI DEL VEN           VVE PZ    -73353723.87    448043832.77
CREDITO FONDIARI           CRF IM   -200209050.26   4213063202.32
CREDITO FOND-RTS         CRFSA IM   -200209050.26   4213063202.32
SNIA SPA-NON CON         SPBNF US    -25149276.06    487726334.06
BINDA SPA                BNDAF US    -11146475.29    128859802.94
SNIA SPA-RNC             SNRNC IM    -25149276.06    487726334.06
I VIAGGI DEL VEN           VVE EO    -73353723.87    448043832.77
FULLSIX                  IFASF US    -11045098.78    109413985.34
SNIA SPA-RTS              SNSO IM    -25149276.06    487726334.06
TECNODIFF ITALIA           TEF GR    -89894162.82    152045757.48
TECNODIFF ITALIA         TDIFF US    -89894162.82    152045757.48
TECNODIFF-RTS           TDIAOW NM    -89894162.82    152045757.48
PARMALAT FINANZI           PAF GR -18419390028.95   4120687886.18
I VIAGGI DEL VEN           VVE IX    -73353723.87    448043832.77
PARMALAT FINANZI           PMT LI -18419390028.95   4120687886.18
I VIAGGI DEL VEN           VVE EU    -73353723.87    448043832.77
I VIAGGI DEL VEN           VVE IM    -73353723.87    448043832.77
SNIA SPA                  SNIA GR    -25149276.06    487726334.06
SNIA SPA                    SN IM    -25149276.06    487726334.06
OLCESE SPA-RTS             OAA IM    -12846689.89    179691572.79
TECNODIFF ITALIA           TDI NM    -89894162.82    152045757.48
FULLSIX                    IA6 GR    -11045098.78    109413985.34
FULLSIX                    INF NM    -11045098.78    109413985.34
FULLSIX-RNC            160135Z IM    -11045098.78    109413985.34
FULLSIX                    FUL EU    -11045098.78    109413985.34
SNIA SPA                 SBPDF US    -25149276.06    487726334.06
FULLSIX -RIGHTS          INFAA IM    -11045098.78    109413985.34
LAZIO SPA                 SSL1 IX    -15482934.18    260633690.01
FULLSIX                    FUL EO    -11045098.78    109413985.34
FULLSIX                   FULI PZ    -11045098.78    109413985.34
SNIA SPA                 SSMLF US    -25149276.06    487726334.06
PARMALAT FINANZI          FICN AV -18419390028.95   4120687886.18
OLCESE SPA                   O IM    -12846689.89    179691572.79
LAZIO SPA                  SSL IM    -15482934.18    260633690.01
LAZIO SPA                 SSL1 EO    -15482934.18    260633690.01
LAZIO SPA                SSLZF US    -15482934.18    260633690.01
LAZIO SPA                 SSL1 EU    -15482934.18    260633690.01
TECNODIFFUSIONE         TDIAAW IM    -89894162.82    152045757.48
CIRIO FINANZIARI           CRO IM   -422095869.5    1583083044.16
SNIA SPA-RCV             SNIVF US    -25149276.06    487726334.06
LAZIO SPA                  LZO GR    -15482934.18    260633690.01
OLCESE VENEZIANO          OLVE IM    -12846689.89    179691572.79
FULLSIX                    INF IM    -11045098.78    109413985.34
LAZIO SPA-RTS            SSLAA IM    -15482934.18    260633690.01
COMPAGNIA ITALIA         CGLUF US   -137726596.25    527372691.43
I VIAGGI DEL VEN           IV7 GR    -73353723.87    448043832.77
SNIA SPA-2003 SH          SN03 IM    -25149276.06    487726334.06
SNIA SPA                    SN TQ    -25149276.06    487726334.06
PARMALAT FINA-RT          PRFR AV -18419390028.95   4120687886.18
SNIA SPA                    SN EO    -25149276.06    487726334.06
SNIA BPD-ADR             SBPDY US    -25149276.06    487726334.06
SNIA SPA-RNC             SNIWF US    -25149276.06    487726334.06
SNIA BPD                    SN GR    -25149276.06    487726334.06
SNIA SPA                  SIAI PZ    -25149276.06    487726334.06
SNIA SPA                 SNIXF US    -25149276.06    487726334.06
SNIA SPA – RTS           SNAAW IM    -25149276.06    487726334.06
SNIA SPA                  SNIB GR    -25149276.06    487726334.06
SNIA SPA                    SN EU    -25149276.06    487726334.06
SNIA SPA                  SIAI IX    -25149276.06    487726334.06
COIN SPA                 GUCIF US   -151690764.75    791310848.67
COIN SPA               965089Q GR   -151690764.75    791310848.67
BINDA SPA                  BND IM    -11146475.29    128859802.94
I VIAGGI-RTS             VVEAA IM    -73353723.87    448043832.77
LAZIO SPA-RTS            SSLAZ IM    -15482934.18    260633690.01
PARMALAT FINANZI           PRF IM -18419390028.95   4120687886.18
COMPAGNIA ITALIA           ICT IM   -137726596.25    527372691.43
CIRIO FINANZIARI           FIY GR   -422095869.5    1583083044.16
PARMALAT FINANZI         PARAF US -18419390028.95   4120687886.18
COIN SPA/OLD                GC IM   -151690764.75    791310848.67
TECNODIFF ITALIA           TDI IM    -89894162.82    152045757.48
COMPAGNIA ITALIA          CITU IX   -137726596.25    527372691.43
SNIA SPA-RCV               SNR IM    -25149276.06    487726334.06
I VIAGGI DEL VEN           VVE TQ    -73353723.87    448043832.77
SNIA SPA- RTS            SNAXW IM    -25149276.06    487726334.06
I VIAGGI DEL VEN         IVGIF US    -73353723.87    448043832.77
SNIA SPA-RIGHTS           SNAW IM    -25149276.06    487726334.06
SNIA SPA-CONV SA         SPBDF US    -25149276.06    487726334.06
SNIA SPA-NEW              SN00 IM    -25149276.06    487726334.06


LUXEMBOURG
----------
CARRIER1 INTL              CJN GR   -94729000        472360992
CARRIER1 INTL              CJN NM   -94729000        472360992
CARRIER1 INTL SA         CONEF US   -94729000        472360992
CARRIER1 INT-AD+          CONE ES   -94729000        472360992
CARRIER1 INTL SA         1253Z SW   -94729000        472360992
CARRIER1 INT-ADR         CONEQ US   -94729000        472360992
CARRIER1 INTL             CJNA GR   -94729000        472360992
CARRIER1 INT-ADR         CONEE US   -94729000        472360992
CARRIER1 INT-ADR          CONE US   -94729000        472360992


NETHERLANDS
-----------
JAMES HARDIE IND       600241Q GR   -37500000       1827000064
UNITED PAN-EUROP         UPCEF US -5505478849.55    5112616630.06
UNITED PAN-EUROP           UPE GR -5505478849.55    5112616630.06
JAMES HARDIE IND       726824Z NA   -37500000       1827000064
JAMES HARDIE-CDI         JHIUF US   -37500000       1827000064
UNITED PAN-EUR-A           UPC LN  -5505478849.55   5112616630.06
UNITED PAN-EUR-A           UPC NA  -5505478849.55   5112616630.06
UNITED PAN-EUR-A           UPC LI  -5505478849.55   5112616630.06
UNITED PAN-A ADR         UPCOY US  -5505478849.55   5112616630.06
JAMES HARDIE-CDI           JHX AU    -37500000      1827000064
UNITED PAN -ADR           UPEA GR  -5505478849.55   5112616630.06
JAMES HARDIE-ADR         JHINY US    -37500000      1827000064
JAMES HARDIE NV          JHXCC AU    -37500000      1827000064
JAMES HARDIE IND           HAH NZ    -37500000      1827000064
JAMES HARDIE-ADR           JHX US    -37500000      1827000064
UNITED PAN-EUROP           UPC VX  -5505478849.55   5112616630.06
BAAN COMPANY NV           BAAN IX     -7854741.41    609871188.88
JAMES HARDIE-CDI           JHA GR    -37500000      1827000064
JAMES HARDIE IND           HAH AU    -37500000      1827000064
BAAN COMPANY NV           BAAN NA     -7854741.41    609871188.88
BAAN COMPANY NV           BAAN GR     -7854741.41    609871188.88
BAAN COMPANY NV           BNCG IX     -7854741.41    609871188.88
BAAN COMPANY NV           BAAN EU     -7854741.41    609871188.88
BAAN COMPANY NV          BAAVF US     -7854741.41    609871188.88
BAAN CO NV-ASSEN         BAANA NA     -7854741.41    609871188.88
UNITED PAN-EUROP         UPCOF US  -5505478849.55   5112616630.06
UNITED PAN-EUROP          UPE1 GR  -5505478849.55   5112616630.06
BAAN COMPANY NV           BAAN PZ     -7854741.41    609871188.88
BAAN COMPANY NV           BAAN EO     -7854741.41    609871188.88
BAAN COMPANY-NY          BAANF US     -7854741.41    609871188.88


NORWAY
------
PETRO GEO-SERV-N          PGSN NO    -18066142.21    399710323.59
PETRO GEO-SERV         265143Q NO    -18066142.21    399710323.59
PETRO GEO-SERV             PGS VX    -18066142.21    399710323.59
PETRO GEO-SV-ADR         PGOGY US    -18066142.21     99710323.59
PETRO GEO-SERV             PGS GR    -18066142.21    399710323.59
PETRO GEO-SV-ADR          PGSA GR    -18066142.21    399710323.59


POLAND
------
TOORA                 2916661Q EO      -288818.39    147004954.18
TOORA                      TOR PZ      -288818.39    147004954.18
TOORA                      TOR PW      -288818.39    147004954.18
TOORA                 2916665Q EU      -288818.39    147004954.18
TOORA-ALLOT CERT          TORA PW      -288818.39    147004954.18


PORTUGAL
--------
COFINA                     CFN PL    -17427901.34    340046487.94
COFINA                    COFI PL    -17427901.34    340046487.94
SPORTING-SOC DES           SCP PL     -6889744.9     191103206.82
SPORTING-SOC DES          SCDF PL     -6889744.9     191103206.82
COFINA                   COFSI IX    -17427901.34    340046487.94
COFINA                    COFI EO    -17427901.34    340046487.94
COFINA                    CFNX PX    -17427901.34    340046487.94
LISGRAFICA IMPRE          LIAG EU     -1293754.01    104525863.1
COFINA                   CFASF US    -17427901.34    340046487.94
SPORTING-SOC DES          SCDF EU     -6889744.9     191103206.82
SPORTING-SOC DES          SCDF EO     -6889744.9     191103206.82
LISGRAFICA-RTS           LIGDS PL     -1293754.01    104525863.1
LISGRAFICA IMPRE          LIAG EO     -1293754.01    104525863.1
LISGRAFICA IMPRE           LIG EO     -1293754.01    104525863.1
SPORTING-SOC DES          SCP1 PZ     -6889744.9     191103206.82
LISGRAFICA IMPRE          LIAG PL     -1293754.01    104525863.1
SPORTING-SOC DES           SCG GR     -6889744.9     191103206.82
COFINA                    CFN1 PZ    -17427901.34    340046487.94
SPORTING-SOC DES          SCPL IX     -6889744.9     191103206.82
LISGRAFICA IMPRE           LIG EU     -1293754.01    104525863.1
COFINA                    COFI EU    -17427901.34    340046487.94
SPORTING-SOC DES          SCPX PX     -6889744.9     191103206.82
LISGRAFICA IMPRE           LIG PL     -1293754.01    104525863.1
LISGRAFICA IMPRE           LIG PZ     -1293754.01    104525863.1
COFINA                    COFI TQ    -17427901.34    340046487.94


ROMANIA
-------
OLTCHIM RM VALCE           OLT RO    -16862370.58    614340383.91
OLTCHIM RM VALCE           OLT EU    -16862370.58    614340383.91
OLTCHIM RM VALCE           OLT PZ    -16862370.58    614340383.91
OLTCHIM RM VALCE        OLTEUR EO    -16862370.58    614340383.91
RAFO SA                    RAF RO   -457922636.25    356796459.26
OLTCHIM RM VALCE         OLTCF US    -16862370.58    614340383.91
OLTCHIM RM VALCE        OLTEUR EU    -16862370.58    614340383.91
UZINELE SODICE G          UZIM RO    -35878364.71    104942905.83
OLTCHIM RM VALCE           OLT EO    -16862370.58    614340383.91


RUSSIA
------
DAGESTAN ENERGY          DASB* RU    -42846850.4     123618648.06
AMO ZIL-CLS              ZILL* RU   -233159478.39    443253297.59
URGALUGOL-BRD             YRGL RU    -14863411.56    135736934.02
ZIL AUTO PLANT-P         ZILLP RM   -233159478.39    443253297.59
DAGESTAN ENERGY           DASB RM    -42846850.4     123618648.06
ZIL AUTO PLANT-P        ZILLP* RU   -233159478.39    443253297.59
DAGESTAN ENERGY           DASB RU    -42846850.4     123618648.06
ZIL AUTO PLANT           ZILL$ RU   -233159478.39    443253297.59
AMO ZIL                   ZILL RM   -233159478.39    443253297.59
KOMPANIYA GL-BRD          GMST RU     -7218941.93   1603534830.61
SAMARANEFTEGAS-P        SMNGP* RU   -331600428.45    891998590.74
TERNEYLES-BRD            TERL* RU    -15178937.2     182115156.77
SAMARANEFTEGAS-$          SMNG RU   -331600428.45    891998590.74
SAMARANEFTEGAS-P         SMNGP RM   -331600428.45    891998590.74
TERNEYLES-BRD             TERL RU    -15178937.2     182115156.77
SAMARANEFTEGAS           SVYOF US   -331600428.45    891998590.74
SAMARANEFTEGAS-P        SMNGP$ RU   -331600428.45    891998590.74
KOMPANIYA GL-BRD         GMST* RU     -7218941.93   1603534830.61
ZIL AUTO PLANT-P         ZILLP RU   -233159478.39    443253297.59
GUKOVUGOL                GUUG* RU    -57835245.31    143665227.24
AKCIONERNOE-BRD          SOVP$ RU   -110204703.34    120620770.43
GUKOVUGOL                 GUUG RU    -57835245.31    143665227.24
SAMARANEFTEGA-P$         SMNGP RU   -331600428.45    891998590.74
URGALUGOL-BRD-PF         YRGLP RU    -14863411.56    135736934.02
EAST-SIBERIA-BRD          VSNK RU   -100985377.37    116491783.13
GUKOVUGOL-PFD            GUUGP RU    -57835245.31    143665227.24
SAMARANEFTEGAS           SMNG* RU   -331600428.45    891998590.74
SAMARANEFTEGAS            SMNG RM   -331600428.45    891998590.74
GUKOVUGOL-PFD           GUUGP* RU    -57835245.31    143665227.24
EAST-SIBERIA-BRD         VSNK* RU   -100985377.37    116491783.13
VIMPEL SHIP-BRD           SOVP RU   -110204703.34    120620770.43
AMO ZIL-CLS               ZILL RU   -233159478.39    443253297.59
SAMARANEFTEGAS           SMNG$ RU   -331600428.45    891998590.74
EAST-SIBERIAN-BD         VSNK$ RU   -100985377.37    116491783.13
VIMPEL SHIP-BRD          SOVP* RU   -110204703.34    120620770.43
URGALUGOL-BRD            YRGL* RU    -14863411.56    135736934.02


SERBIA
------
DUVANSKA                  DIVR SG     -7729350.78    109207260.53
ZASTAVA AUTOMOBI          ZAKG SG   -353794358.88    222041784.93


SPAIN
-----
MARTINSA-FADESA            MTF SM   -936423454.31  10696164113.42
MARTINSA-FADESA            4PU GR   -936423454.31  10696164113.42
MARTINSA-FADESA           MFAD PZ   -936423454.31  10696164113.42
MARTINSA-FADESA            MTF EU   -936423454.31  10696164113.42
MARTINSA-FADESA            MTF EO   -936423454.31  10696164113.42
MARTINSA-FADESA            MTF NR   -936423454.31  10696164113.42


SWITZERLAND
-----------
FORTUNE MANAGEME          FMI1 EU   -119470863.28    265021012.85
FORTUNE MANAGEME          FMI1 EO   -119470863.28    265021012.85
FORTUNE MANAGEME          FMI1 DU   -119470863.28    265021012.85
FORTUNE MANAGEME          FMI3 GR   -119470863.28    265021012.85
FORTUNE MANAG-NE          FMI7 GR   -119470863.28    265021012.85
FORTUNE MANAGEME          FMI1 GR   -119470863.28    265021012.85
FORTUNE MGMT-REG          CTLI US   -119470863.28    265021012.85
FORTUNE MANA-NEW          FMI5 GR   -119470863.28    265021012.85
FORTUNE MANAGEME          FMI1 PZ   -119470863.28    265021012.85
FORTUNE MANAGEME          FMIG IX   -119470863.28    265021012.85
FORTUNE MANAGEME          FMGT US   -119470863.28    265021012.85
FORTUNE MANAGEME           FMI GR   -119470863.28    265021012.85


TURKEY
------
ZORLU ENERJI ELE         ZRLUF US      -237590.68   1686710346.13
ZORLU ENERJI-ADR         ZRLUY US      -237590.68   1686710346.13
ZORLU ENERJI ELE         ZOREN TI      -237590.68   1686710346.13
ZORLU ENERJI ELE        ZORENM TI      -237590.68   1686710346.13
MUDURNU TAVUKCUL         MDRNU TI    -64930189.62    160408172.1
MUDURNU TAVUKC-N        MDRNUN TI    -64930189.62    160408172.1
NERGIS HOLDING           NERGS TI    -76515062.59    399425760.39
YASARBANK                YABNK TI  -4024959601.58   2643810456.86
EGS EGE GIYIM-RT        EGDISR TI     -7732138.55    147075066.65
EGS EGE GIYIM VE         EGDIS TI     -7732138.55    147075066.65
SIFAS                    SIFAS TI    -15439198.6     130608103.96
IKTISAT FINANSAL         IKTFN TI    -46900661.12    108228233.63
TUTUNBANK                  TUT TI  -4024959601.58   2643810456.86
IKTISAT FINAN-RT        IKTFNR TI    -46900661.12    108228233.63


UKRAINE
-------
LUGANSKOBLENERGO          LOEN UZ    -25962109.73    198804344.57
ZAPORIZHOBLENERG          ZAON UZ     -9405838.12    126687446.19
DNIPROOBLENERGO           DNON UZ    -20762857.28    271459240.45
DONETSKOBLENERGO          DOON UZ   -215120607.25    374165068.75


UNITED KINGDOM
--------------
PARK GROUP PLC             PKG EU   -61525595.88     223674903.79
ANKER PLC                  ANK PO   -21861359.81     115463159
SCOTTISH MEDIA           1442Q GR   -24923249.67     194430485.8
PARK GROUP PLC             PKG PO   -61525595.88     223674903.79
PARK GROUP PLC             PKG EO   -61525595.88     223674903.79
PATIENTLINE PLC            PTL PZ   -54677284.64     124948245.8
DANKA BUS SYSTEM           DNK PZ  -497127008        121439000
PARK FOOD GROUP           PKFD LN   -61525595.88     223674903.79
PATIENTLINE PLC            PTL PO   -54677284.64     124948245.8
PATIENTLINE PLC       2928907Q EO   -54677284.64     124948245.8
PARK GROUP PLC           PRKGF US   -61525595.88     223674903.79
PARK GROUP PLC             PKG PZ   -61525595.88     223674903.79
DANKA BUS SYSTEM           DNK PO  -497127008        121439000
SMITHS NEWS PLC            NWS PZ  -124124656.94     201361815.36
PARK GROUP PLC             PKG VX   -61525595.88     223674903.79
AIRTOURS PLC             ATORF US  -379721841.57    1817512773.61
MYTRAVEL GROUP P           MT/ VX  -379721841.57    1817512773.61
MYTRAVEL GROUP P      1018144Q GR  -379721841.57    1817512773.61
NEW STAR ASSET            NSAM IX  -397718038.04     292972732.12
SKYEPHARMA PLC            SK8C GR  -130883498.29     153620497.99
MYTRAVEL GROUP            ARO2 GR  -379721841.57    1817512773.61
MYTRAVEL GROUP              MT IX  -379721841.57    1817512773.61
MYTRAVEL GROUP            MT/S PO  -379721841.57    1817512773.61
NEW STAR ASSET             N6S GR  -397718038.04     292972732.12
ATKINS (WS) PLC            ATK PO   -36314039.75    1257996718.47
PARK GROUP PLC          PKGGBP EO   -61525595.88     223674903.79
MYTRAVEL GROUP-A         MYTVF US  -379721841.57    1817512773.61
NEW STAR ASSET            NSAM LN  -397718038.04     292972732.12
NEW STAR ASSET           NWSAF US  -397718038.04     292972732.12
AEA TECHNOLO-NPR          AATN LN   -98795549.33     133685509.1
MARCONI PLC              MRCQF US -2203513803.24    7204891601.83
MARCONI PLC            203083Q VX -2203513803.24    7204891601.83
MARCONI PLC-ADR          MONIY US -2203513803.24    7204891601.83
MARCONI PLC                MNI LN -2203513803.24    7204891601.83
M 2003 PLC-ADR           MTWOY US -2203513803.24    7204891601.83
MARCONI PLC-ADR          MCONY US -2203513803.24    7204891601.83
RENTOKIL INITIAL           RTO EB   -90219248.82    3493481471.08
MARCONI PLC-ADR          MONIE US -2203513803.24    7204891601.83
RANK GROUP PLC          RNKEUR EU    -6412999.92     835001785.71
ORANGE PLC-ADR             ONG GR  -593935051.02    2902299501.9
MARCONI PLC                MY2 GR -2203513803.24    7204891601.83
MARCONI PLC              MONIF US -2203513803.24    7204891601.83
MARCONI PLC-ADR          MRCQY US -2203513803.24    7204891601.83
MARCONI PLC-ADR         QUQMON AU -2203513803.24    7204891601.83
ORANGE PLC-ADR           ORNGY US  -593935051.02    2902299501.9
ORBIS PLC                  OBS PO    -4168498.48     127701679.5
ATKINS (WS) PLC         ATKGBP EO   -36314039.75    1257996718.47
PARK GROUP PLC             PKG LN   -61525595.88     223674903.79
NORTHERN ROCK         2733269Q EU  -586206492.33  152084295061.92
ORANGE PLC               1460Q GR  -593935051.02    2902299501.9
ORANGE PLC               ORNGF US  -593935051.02    2902299501.9
SKYEPHARMA-ADR             SK8 GR  -130883498.29     153620497.99
MYTRAVEL GROUP-A      2281919Q GR  -379721841.57    1817512773.61
SKYEPHARMA PLC             SKP PO  -130883498.29     153620497.99
ORBIS PLC                  RLP GR    -4168498.48     127701679.5
ORBIS PLC                ORBSF US    -4168498.48     127701679.5
ORBIS PLC                  OBS IX    -4168498.48     127701679.5
NORTHERN ROCK         2733273Q EO  -586206492.33  152084295061.92
NORTHERN ROCK         2733277Q EU  -586206492.33  152084295061.92
TOPPS TILES PLC         TPTEUR EU  -101299352.89     170960693.68
NORTHERN ROCK              NRK PZ  -586206492.33  152084295061.92
PREMIER FARNELL            PFL NR    -7994895.94     689988072.4
NEW STAR ASSET            NSAM PO  -397718038.04     292972732.12
NORTHERN ROCK              NRK VX  -586206492.33  152084295061.92
ORANGE PLC-ADR            ORA$ LN  -593935051.02    2902299501.9
NORTHERN ROCK         2733265Q EO  -586206492.33  152084295061.92
DAWSON HOLDINGS            DWN PO   -18157019.88     210051798.58
NORTHERN ROCK              NR3 GR  -586206492.33  152084295061.92
NORTHERN ROCK            NHRKF US  -586206492.33  152084295061.92
NORTHERN ROCK              NRK PO  -586206492.33  152084295061.92
NORTHERN ROCK         2733285Q EU  -586206492.33  152084295061.92
NORTHERN ROCK         2733281Q EO  -586206492.33  152084295061.92
REGUS PLC-ADS             REGS US   -46111835.37     367181111
AEA TECHNOLOGY          AATGBP EO   -98795549.33     133685509.1
DANKA BUS-ADR             AP39 LI  -497127008        121439000
STV GROUP PLC          STVGEUR EO   -24923249.67     194430485.8
BNB RECRUITMENT            BNB PO   -10242627.53     103637704.96
LADBROKES PLC              LAD BQ  -478059993.74    1887316678.66
ATKINS (WS) PLC            ATK NQ   -36314039.75    1257996718.47
EUROPEAN HOME            FPAKF US   -14328735.16     110864081.39
NEW STAR ASSET        3226443Q EO  -397718038.04     292972732.12
BRITISH ENER-$US        BGYNYD AR -5822867500.78    4921095749.61
M 2003 PLC-ADR           MTWOE US -2203513803.24    7204891601.83
MYTRAVEL GROUP P         MYTGF US  -379721841.57    1817512773.61
SKYEPHARMA PLC          SKPGBP EO  -130883498.29     153620497.99
STV GROUP PLC            SMGPF US   -24923249.67     194430485.8
STV GROUP PLC              SMG PZ   -24923249.67     194430485.8
TELEWEST COM-ADR          TWT$ LN -3702234580.99    7581020925.22
TELEWEST COM-ADR       940767Q GR -3702234580.99    7581020925.22
SMG PLC-FUL PAID          SMGF LN   -24923249.67     194430485.8
STV GROUP PLC             STVG EO   -24923249.67     194430485.8
STV GROUP PLC              SMG IX   -24923249.67     194430485.8
BRITISH SKY BROA           BSY NQ   -30607499.6     8332527670.8
STV GROUP PLC             STVG LN   -24923249.67     194430485.8
STV GROUP PLC             STVG VX   -24923249.67     194430485.8
STV GROUP PLC          STVGGBP EO   -24923249.67     194430485.8
EMI GROUP PLC              EMI PO -2265916256.89    2950021937.14
SKYEPHARMA-ADR            SKYE US  -130883498.29     153620497.99
SKYEPHARMA-ADR            AP80 LI  -130883498.29     153620497.99
CARLISLE GROUP         506819Q LN   -11904426.45     203548565.03
JESSOPS PLC             JSPGBP EO   -27246210.42     167576832.77
SKYEPHARMA-ADR            SK8N GR  -130883498.29     153620497.99
RENTOKIL INITIAL          RTO EU    -90219248.82    3493481471.08
SKYEPHARMA PLC            SKP IX   -130883498.29     153620497.99
BRIT SKY BRO-ADR          BSY US    -30607499.6     8332527670.8
SKYEPHARMA PLC           SKP1 VX   -130883498.29     153620497.99
BRITISH SKY BROA       BSYEUR EU    -30607499.6     8332527670.8
SKYEPHARMA PLC          SKYEF US  -130883498.29      153620497.99
SMITHS NEWS PLC          NWS2 EO  -124124656.94      201361815.36
SMITHS NEWS PLC          NWS2 TQ  -124124656.94      201361815.36
SMITHS NEWS PLC         SMWPY US  -124124656.94      201361815.36
SMITHS NEWS PLC          NWS2 EU  -124124656.94      201361815.36
SMITHS NEWS PLC       NWS2EUR EU  -124124656.94      201361815.36
SMITHS NEWS PLC          NWS1 EO  -124124656.94      201361815.36
SMG PLC-NIL PAID         SMGN LN   -24923249.67      194430485.8
SMG PLC                   SMG LN   -24923249.67      194430485.8
SMG PLC                   SMG PO   -24923249.67      194430485.8
SKYEPHARMA PLC            SKP PZ  -130883498.29      153620497.99
SMITHS NEWS PLC           NWS LN  -124124656.94      201361815.36
SMITHS NEWS PLC       NWS2EUR EO  -124124656.94      201361815.36
VIRGIN MOB-ASSD          VMOC LN  -392165437.58      166070003.71
RENTOKIL-SP ADR         RTOKY US   -90219248.82     3493481471.08
UTC GROUP                 UGR LN   -11904426.45      203548565.03
PREMIER FARNELL           PFL VX    -7994895.94      689988072.4
VIRGIN MOBILE            VMOB PO  -392165437.58      166070003.71
VIRGIN MOB-ASSD          VMOA LN  -392165437.58      166070003.71
ORANGE PLC            951641Q LN  -593935051.02     2902299501.9
LADBROKES PLC          LADEUR EO  -478059993.74     1887316678.66
MYTRAVEL GROUP          MT/S VX   -379721841.57     1817512773.61
RANK GROUP PLC         RANKF US     -6412999.92      835001785.71
LEEDS SPORTING           LES LN    -73166148.8       143762193.66
MARCONI PLC-ADR         MONI US  -2203513803.24     7204891601.83
NEW STAR ASSET      3226447Q EO   -397718038.04      292972732.12
EMI GROUP PLC       3020138Q GR  -2265916256.89     2950021937.14
THORN EMI-ADR          TORNY US  -2265916256.89     2950021937.14
BRIT ENERGY-A           BENA GR  -5822867500.78     4921095749.61
RANK GROUP-ADR          RNK$ LN     -6412999.92      835001785.71
WATSON & PHILIP         WTSN LN   -120493900.04      252232072.87
VIRGIN MOBILE          VGMHF US   -392165437.58      166070003.71
VIRGIN MOBILE            UEM GR   -392165437.58      166070003.71
VIRGIN MOBILE           VMOB LN   -392165437.58      166070003.71
LADBROKES PLC            LAD TQ   -478059993.74     1887316678.66
BRITISH ENERGY-A       BHEAF US  -5822867500.78     4921095749.61
SKYEPHARMA PLC           SKP EO   -130883498.29      153620497.99
THORN EMI-REGD         1772Q GR  -2265916256.89     2950021937.14
THORN EMI-CDR            THN NA  -2265916256.89     2950021937.14
EMI GROUP PLC          EMIPF US  -2265916256.89     2950021937.14
TOPPS TILES PLC          TPT PZ   -101299352.89      170960693.68
DAWSON HOLDINGS         DWN1 EU    -18157019.88      210051798.58
AMER BUS SYS             ARB LN   -497127008         121439000
TELEWEST COMM            TWT VX  -3702234580.99     7581020925.22
TELEWEST COMM        604296Q GR  -3702234580.99     7581020925.22
TELEWEST COM-ADR       TWSTY US  -3702234580.99     7581020925.22
THORN EMI PLC           THNE FP  -2265916256.89     2950021937.14
PREMIER FARNELL          PFL EO     -7994895.94      689988072.4
TELEWEST COMM        715382Q LN  -3702234580.99     7581020925.22
TOPPS TILES PLC       TPTGBP EO   -101299352.89      170960693.68
NORTHERN ROCK            NRK LN   -586206492.33   152084295061.92
TOPPS TILES PLC          TPT VX   -101299352.89      170960693.68
JESSOPS PLC              JSP PO    -27246210.42      167576832.77
BRITISH SKY BROA         BSY PO    -30607499.6      8332527670.8
TOPPS TILES-NEW         TPTN LN   -101299352.89      170960693.68
TOPPS TILES PLC       TPTEUR EO   -101299352.89      170960693.68
TOPPS TILES PLC          TPT PO   -101299352.89      170960693.68
SKYEPHARMA -SUB     2976665Z LN   -130883498.29      153620497.99
TOPPS TILES PLC        TPTJY US   -101299352.89      170960693.68
TOPPS TILES PLC          TPT EU   -101299352.89      170960693.68
TOPPS TILES PLC          TPT EO   -101299352.89      170960693.68
SKYEPHARMA PLC        SKPEUR EO   -130883498.29      153620497.99
RANK GROUP PLC           RNK PO     -6412999.92      835001785.71
RANK GROUP PLC           RNK LN     -6412999.92      835001785.71
RANK GROUP PLC        RNKDKK EO     -6412999.92      835001785.71
RANK GROUP-ADR         RANKY US     -6412999.92      835001785.71
CLIPPER WINDPOWE        CWPA LN    -99360000         989187968
RANK GROUP PLC        RNKUSD EO     -6412999.92      835001785.71
GALIFORM PLC            GFRM PZ    -84844622.18      585251745.06
RANK GROUP PLC        RNKEUR EO     -6412999.92      835001785.71
SMITHS NEWS PLC          NWS PO   -124124656.94      201361815.36
RANK GROUP PLC        RNKDKK EU     -6412999.92      835001785.71
RANK GROUP PLC           RNK BQ     -6412999.92      835001785.71
MYTRAVEL GROUP          MT/S LN   -379721841.57     1817512773.61
REGUS PLC-ADS          REGSV US    -46111835.37      367181111
REGUS PLC-ADS          REGSY US    -46111835.37      367181111
RENTOKIL INITIAL         RTO NR    -90219248.82     3493481471.08
RENTOKIL INITIAL         RTO IX    -90219248.82     3493481471.08
RENTOKIL INITIAL      RTOGBP EO    -90219248.82     3493481471.08
PATIENTLINE PLC          PTL LN    -54677284.64      124948245.8
REGUS LTD            273187Q LN    -46111835.37      367181111
RANK ORG PLC           RANKY SP     -6412999.92      835001785.71
BRITISH SKY BROA         BSY EO    -30607499.6      8332527670.8
REGUS PLC              REGSF US    -46111835.37      367181111
REGUS PLC              2296Z LN    -46111835.37      367181111
REGUS PLC            273195Q VX    -46111835.37      367181111
DANKA BUS SYSTEM         DNK LN   -497127008         121439000
PREMIER FARNELL          PFL PZ    -7994895.94       689988072.4
RANK GROUP PLC        RNKUSD EU    -6412999.92       835001785.71
RENTOKIL INITIAL       RTOKF US   -90219248.82      3493481471.08
PREMIER FARNELL          PFL TQ    -7994895.94       689988072.4
PREMIER FARNELL          PFL PO     7994895.94       689988072.4
NEW STAR ASSET      3226431Q EU  -397718038.04       292972732.12
PATIENTLINE PLC          PTL VX   -54677284.64       124948245.8
PATIENTLINE PLC     2928899Q EO   -54677284.64       124948245.8
PREMIER FARNELL       PFLUSD EO    -7994895.94       689988072.4
PREMIER FARNELL       PFLSEK EU    -7994895.94       689988072.4
PREMIER FARNELL          PFL EB    -7994895.94       689988072.4
TELEWEST COMM          TWSTF US -3702234580.99      7581020925.22
RANK GROUP PLC           RNK GR    -6412999.92       835001785.71
STV GROUP PLC           STVG EU   -24923249.67       194430485.8
RANK GROUP PLC        RNKGBP EO    -6412999.92       835001785.71
RANK GROUP PLC           RNK NR    -6412999.92       835001785.71
RANK GROUP PLC           RNK NQ    -6412999.92       835001785.71
LADBROKES PLC            LAD EB  -478059993.74      1887316678.66
PATIENTLINE PLC          PTL IX   -54677284.64       124948245.8
PREMIER FARNELL       PFLEUR EO    -7994895.94       689988072.4
PREMIER FARNELL          PFL LN    -7994895.94       689988072.4
ABBOTT MEAD VICK     648824Q LN    -1685852.9        168258996.33
PREMIER FARNELL       PFLEUR EU    -7994895.94       689988072.4
SCOTTISH MEDIA          SSMR LN   -24923249.67       194430485.8
RANK ORG PLC-ADR      14873Z US    -6412999.92       835001785.71
RANK GROUP PLC           RNK PZ    -6412999.92       835001785.71
MARCONI PLC             MONI BB -2203513803.24      7204891601.83
SCOTTISH TELEV         SCTVF US   -24923249.67       194430485.8
SCOTTISH MEDIA           SSM LN   -24923249.67       194430485.8
GALIFORM PLC         GFRMEUR EO   -84844622.18       585251745.06
ORBIS PLC                OBS LN    -4168498.48       127701679.5
AEA TECHNOLOGY           AAT VX   -98795549.33       133685509.1
SAATCHI & SAATCH     188190Q GR  -119260804.15       705060824.55
SAATCHI & SA-ADR        SSI$ LN  -119260804.15       705060824.55
JESSOPS PLC              JSP IX   -27246210.42       167576832.77
SKYEPHARMA PLC           SKP TQ  -130883498.29       153620497.99
TOPPS TILES PLC          TPT TQ  -101299352.89       170960693.68
SKYEPHAR-RTS N/P        SKPN VX  -130883498.29       153620497.99
SKYEPHARMA PLC           SKP EU  -130883498.29       153620497.99
SKYEPHARMA PLC          SK8A GR  -130883498.29       153620497.99
SKYEPHARMA PLC           SKP VX  -130883498.29       153620497.99
EUROPEAN HOME            EHR EO   -14328735.16       110864081.39
SETON HEALTHCARE       2290Z LN   -10585179.82       156822902.77
RANK GROUP PLC           RNK EB    -6412999.92       835001785.71
SKYEPHAR-RTS N/P        SKPN LN  -130883498.29       153620497.99
SFI GROUP PLC            SUF LN  -108067115.81       177647536.08
COMPASS GRP-ADR        CMSGY US  -668101173.88      2972459078.38
RENTOKIL INITIAL      RTOEUR EU   -90219248.82      3493481471.08
RENTOKIL INITIAL      RTOEUR EO   -90219248.82      3493481471.08
RENTOKIL INITIAL         RTO TQ   -90219248.82      3493481471.08
GALIFORM PLC            GFRM LN   -84844622.18       585251745.06
RENTOKIL INITIAL        RTO1 GR   -90219248.82      3493481471.08
RENTOKIL INITIAL         RTO LN   -90219248.82      3493481471.08
RENTOKIL INITIAL         RTO GR   -90219248.82      3493481471.08
BRITISH ENERGY-A        BGYA PO -5822867500.78      4921095749.61
RENTOKIL INITIAL         RTO EO   -90219248.82      3493481471.08
ORBIS PLC                OBG PO    -4168498.48       127701679.5
RENTOKIL INITIAL        RTOG IX   -90219248.82      3493481471.08
RENTOKIL INITIAL         RTO PZ   -90219248.82      3493481471.08
EUROPEAN HOME            EHR PZ   -14328735.16       110864081.39
RENTOKIL INITIAL         RTO PO   -90219248.82      3493481471.08
JESSOPS PLC              JSP PZ   -27246210.42       167576832.77
ORBIS PLC                OBS PZ    -4168498.48       127701679.5
SAATCHI & SA-ADR         SSA US  -119260804.15       705060824.55
LADBROKES PLC            HG/ VX  -478059993.74      1887316678.66
NEW STAR ASSET          NSAM PZ  -397718038.04       292972732.12
RENTOKIL INITIAL      RTOUSD EO   -90219248.82      3493481471.08
RENTOKIL INITIAL         RTO BQ   -90219248.82      3493481471.08
EMI GROUP -ASSD         EMIA LN -2265916256.89      2950021937.14
ATKINS (WS) PLC          ATK PZ   -36314039.75      1257996718.47
DANKA BUS-$US CE       DANKD AR  -497127008          121439000
DANKA BUS SYSTEM         DNK VX  -497127008          121439000
DANKA BUS SYSTEM    3205287Q EU  -497127008          121439000
DANKA BUS-BLK CE       DANKB AR  -497127008          121439000
DANKA BUS-ADR            DB6 GR  -497127008          121439000
DANKA BUS-ADR          DANKY US  -497127008          121439000
PARK GROUP PLC          PRKG IX   -61525595.88       223674903.79
DANKA BUS SYSTEM    3205283Q EO  -497127008          121439000
BRITISH SKY BROA       BSYBF US   -30607499.6       8332527670.8
PREMIER FARNELL          PFL EU    -7994895.94       689988072.4
DANKA BUS SYSTEM    3205291Q EO  -497127008          121439000
DANKA BUS SYSTEM         DNK IX  -497127008          121439000
DAWSON HOLDINGS      DWN1GBP EO   -18157019.88       210051798.58
DAWSON HOLDINGS         DWN1 EO   -18157019.88       210051798.58
DAWSON HOLDINGS          DWN VX   -18157019.88       210051798.58
EUROPEAN HOME            EHR VX   -14328735.16       110864081.39
JESSOPS PLC              JSP LN   -27246210.42       167576832.77
DAWSON HOLDINGS          DWN IX   -18157019.88       210051798.58
DAWSON HOLDINGS      DWN1EUR EO   -18157019.88       210051798.58
DAWSON HOLDINGS      DWN1EUR EU   -18157019.88       210051798.58
DANKA BUS-CEDEAR        DANK AR  -497127008          121439000
DAWSON HOLDINGS          DWN PZ   -18157019.88       210051798.58
DAWSON HOLDINGS          DWN LN   -18157019.88       210051798.58
NORTHERN ROCK       2733289Q EO  -586206492.33    152084295061.92
BRITISH ENER-ADR       BGYNY US -5822867500.78      4921095749.61
PREMIER FARN-ADR        PFLZ LN    -7994895.94       689988072.4
CLIPPER WINDPOWE         CWP IX   -99360000          989187968
BRITISH SKY BROA      BSYGBP EO   -30607499.6       8332527670.8
MARCONI PLC-ADR         MY2A GR -2203513803.24      7204891601.83
SKYEPHARMA-ADR         SKYEY US  -130883498.29       153620497.99
BRIT SKY BRO-ADR        BSY$ LN   -30607499.6       8332527670.8
BRITISH SKY BROA         BSY BQ   -30607499.6       8332527670.8
RANK GROUP PLC          RNKA GR    -6412999.92       835001785.71
MARCONI PLC-ADR         MCBA GR -2203513803.24      7204891601.83
BOOKER PLC-ADR          BOK$ LN   -59832880.4       1298182548.71
COMPASS GROU-OLD       1259Q LN  -668101173.88      2972459078.38
MYTRAVEL GROUP         MYTPF US  -379721841.57      1817512773.61
RANK GROUP PLC           RNK VX    -6412999.92       835001785.71
DANKA BUS SYSTEM       DANKF US  -497127008          121439000
COMPASS GRP-ADR        CMSJY US  -668101173.88      2972459078.38
COMPASS GROUP            QOP GR  -668101173.88      2972459078.38
RANK GROUP PLC           RNK IX    -6412999.92       835001785.71
CLIPPER WINDPOWE         CWP EO   -99360000          989187968
CLIPPER WINDPOWE       CRPWF US   -99360000          989187968
CLIPPER WINDPOWE         C2W GR   -99360000          989187968
CLIPPER WINDPOWE         CWP PG   -99360000          989187968
CLIPPER WINDPOWE         CWP EU   -99360000          989187968
EUROPEAN HOME         EHREUR EO   -14328735.16       110864081.39
EUROPEAN HOME            EHR PO   -14328735.16       110864081.39
FAREPAK PLC              FPK LN   -14328735.16       110864081.39
EUROPEAN HOME         EHREUR EU   -14328735.16       110864081.39
EUROPEAN HOME            KLZ PO   -14328735.16       110864081.39
BRITISH ENERGY-A       BGYGF US -5822867500.78      4921095749.61
EMI GROUP-ADR           EMI$ LN -2265916256.89      2950021937.14
JESSOPS PLC              JSP VX   -27246210.42       167576832.77
EUROPEAN HOME            EHR LN   -14328735.16       110864081.39
EUROPEAN HOME            KLZ VX   -14328735.16       110864081.39
EUROPEAN HOME         EHRGBP EO   -14328735.16       110864081.39
SAATCHI & SAATCH         SSI LN  -119260804.15       705060824.55
SKYEPHAR-RTS F/P        SKPF LN  -130883498.29       153620497.99
SMITHS NEWS PLC          NWS IX  -124124656.94       201361815.36
GGT GROUP PLC        500970Q LN  -156372271.99       408211200.87
BRITISH ENER-C/E      BGYNYC AR -5822867500.78      4921095749.61
MFI FURNITURE GR         MFI LN   -84844622.18       585251745.06
TOPPS TILES PLC          TPT IX  -101299352.89       170960693.68
FARNELL ELEC-ADR        FRN$ LN    -7994895.94       689988072.4
FARNELL ELEC-ADR        FRNZ LN    -7994895.94       689988072.4
VIRGIN MOBILE           VMOB VX  -392165437.58       166070003.71
NEW STAR ASSET      3226439Q EU  -397718038.04       292972732.12
FARNELL ELECTRON        FRNL LN    -7994895.94       689988072.4
RANK GROUP-ADR       935543Q GR    -6412999.92       835001785.71
EASYNET GROUP-CV      91009Z LN   -45232889.17       322770283.93
GALIFORM PLC            GFRM NR   -84844622.18       585251745.06
GALIFORM PLC             MFI IX   -84844622.18       585251745.06
BRIT ENERGY PLC      555140Q VX -5822867500.78      4921095749.61
EASYNET GROUP            ESY VX   -45232889.17       322770283.93
EASYNET GROUP            ESY LN   -45232889.17       322770283.93
SKYEPHARMA-ADR         SKYPY US  -130883498.29       153620497.99
EASYNET GROUP            ESY PO   -45232889.17       322770283.93
SFI GROUP PLC          SUYFF US  -108067115.81       177647536.08
EASYNET GROUP            EAY GR   -45232889.17       322770283.93
THORN EMI-ADR           THN$ LN -2265916256.89      2950021937.14
EMI GROUP PLC            EMI IX -2265916256.89      2950021937.14
EMI GROUP LTD            EMI LN -2265916256.89      2950021937.14
EMI GROUP-ADR           38IS LN -2265916256.89      2950021937.14
EMI GROUP PLC-B     1019425Q LN -2265916256.89      2950021937.14
EMI GROUP PLC            EMI VX -2265916256.89      2950021937.14
JESSOPS PLC              JSP EO   -27246210.42       167576832.77
REGUS PLC-ADS           RGUA GR   -46111835.37       367181111
EASYNET GROUP          EZNGF US   -45232889.17       322770283.93
TOPPS TILES PLC          TPT LN  -101299352.89       170960693.68
PREMIER FARNELL        PIFLF US    -7994895.94       689988072.4
RENTOKIL INITIAL         RTO VX   -90219248.82      3493481471.08
BRITISH SKY BROA         BSY VX   -30607499.6       8332527670.8
ANKER PLC               DW14 GR   -21861359.81       115463159
HILTON G-CRT OLD        HIGT BB  -478059993.74      1887316678.66
ANKER PLC – ASSD        ANKC LN   -21861359.81       115463159
ANKER PLC – ASSD        ANKB LN   -21861359.81       115463159
LADBROKES PLC            LAD PZ  -478059993.74      1887316678.66
AMEY PLC               AMEYF US   -48862569.33       931527720.46
REGUS PLC                RGU GR   -46111835.37       367181111
AEA TECHNOLOGY         EAETF US   -98795549.33       133685509.1
AMEY PLC-NEW            AMYN LN   -48862569.33       931527720.46
AMEY PLC-ASSENT         AMYA LN   -48862569.33       931527720.46
AMEY PLC                 AMY LN   -48862569.33       931527720.46
ATKINS (WS) PLC          ATK EO   -36314039.75      1257996718.47
ATKINS (WS) PLC          ATK LN   -36314039.75      1257996718.47
ATKINS (WS) PLC          ATK IX   -36314039.75      1257996718.47
BRITISH ENERGY-A        BGYA VX -5822867500.78      4921095749.61
ATKINS (WS) PLC          ATK VX   -36314039.75      1257996718.47
ATKINS (WS) PLC        WATKF US   -36314039.75      1257996718.47
ATKINS (WS) PLC          ATK EB   -36314039.75      1257996718.47
LADBROKES PLC         LADUSD EO  -478059993.74      1887316678.66
ANKER PLC-ASSD          ANKA LN   -21861359.81       115463159
ATKINS (WS) PLC          ATK NR   -36314039.75      1257996718.47
LADBROKES PLC            LAD NQ  -478059993.74      1887316678.66
ATKINS (WS) PLC          ATK BQ   -36314039.75      1257996718.47
AEA TECHNOLOGY           AAT LN   -98795549.33       133685509.1
AEA TECHNOLOGY           AAT PZ   -98795549.33       133685509.1
AEA TECHNOLOGY           AAT EU   -98795549.33       133685509.1
AEA TECHNOLOGY           AAT IX   -98795549.33       133685509.1
AEA TECHNOLOGY           AAT EO   -98795549.33       133685509.1
AEA TECHNOLO-FPR        AATF LN   -98795549.33       133685509.1
AEA TECHNOLO-FPR        AATF PZ   -98795549.33       133685509.1
PREMIER FARNELL          PFL NQ    -7994895.94       689988072.4
AEA TECHNOLOGY           AAT PO   -98795549.33       133685509.1
AEA TECHNOLOGY           AEY GR   -98795549.33       133685509.1
AEA TECHNOLO-NPR        AATN PZ   -98795549.33       133685509.1
PREMIER FARN-ADR    2246804Q US    -7994895.94       689988072.4
BRITISH SKY BROA      BSYUSD EO   -30607499.6       8332527670.8
ALLDAYS PLC            ALDYF US  -120493900.04       252232072.87
ADVANCE DISPLAY         ADTP PZ -3015578834.69      2590007903.69
BOOKER PLC-ADR         BKRUY US   -59832880.4       1298182548.71
NORTHERN ROCK           NRKI IX  -586206492.33    152084295061.92
AMEY PLC                 AMY VX   -48862569.33       931527720.46
PATIENTLINE PLC     2928903Q EU   -54677284.64       124948245.8
NEW STAR ASSET          NSAA LN  -397718038.04       292972732.12
ALLDAYS PLC          317056Q LN  -120493900.04       252232072.87
AIRTOURS PLC             AIR LN  -379721841.57      1817512773.61
AIRTOURS PLC             AIR VX  -379721841.57      1817512773.61
TOPPS TILES PLC        TPTJF US  -101299352.89       170960693.68
BRITISH ENER-CED       BGYNY AR -5822867500.78      4921095749.61
BRITISH SKY BROA         BSY NR   -30607499.6       8332527670.8
PREMIER FARNELL       PFLUSD EU    -7994895.94       689988072.4
HILTON GROUP-ADR       HLTGY US  -478059993.74      1887316678.66
BRITISH ENER-$US        BGYD AR -5822867500.78      4921095749.61
BRIT SKY BROADCA        BSYB GR   -30607499.6       8332527670.8
BNB RECRUITMENT          BNB IX   -10242627.53       103637704.96
BRITISH ENER-C/E        BGYC AR -5822867500.78      4921095749.61
BRITISH ENER-BLK      BGYNYB AR -5822867500.78      4921095749.61
BRITISH ENER-BLK        BGYB AR -5822867500.78      4921095749.61
BRITISH SKY BROA         BSB GR   -30607499.6       8332527670.8
BRITISH SKY BROA         BSY EB   -30607499.6       8332527670.8
BRITISH SKY BROA         BSY LN   -30607499.6       8332527670.8
BRITISH SKY BROA         BSY EU   -30607499.6       8332527670.8
SMITHS NEWS PLC        SMWPF US  -124124656.94       201361815.36
BRITISH SKY BROA         BSY TQ   -30607499.6       8332527670.8
GALIFORM PLC            GFRM TQ   -84844622.18       585251745.06
BRITISH SKY BROA         BSY IX   -30607499.6       8332527670.8
CLIPPER WINDPOWE         CWP LN   -99360000          989187968
BRITISH SKY BROA      BSYEUR EO   -30607499.6       8332527670.8
STV GROUP PLC            SMG VX   -24923249.67       194430485.8
BRITISH SKY BROA         BSY PZ   -30607499.6       8332527670.8
BNB RECRUITMENT          BNB LN   -10242627.53       103637704.96
BLACK & EDGINGTO         BLE LN  -130883498.29       153620497.99
BOOKER PLC             BKERF US   -59832880.4       1298182548.71
BNB RECRUITMENT          BQX GR   -10242627.53       103637704.96
BNB RECRUITMENT        BNBRF US   -10242627.53       103637704.96
ATKINS (WS) PLC       ATKEUR EU   -36314039.75      1257996718.47
ATKINS (WS) PLC          ATK EU   -36314039.75      1257996718.47
ATKINS (WS) PLC          ATK TQ   -36314039.75      1257996718.47
RANK GROUP PLC           RNK EO    -6412999.92       835001785.71
BCH GROUP PLC            BCH LN    -5728274.38       187993198.22
LAMBERT FENCHURC         LMF LN    -1453050.04      1826806853.46
BRIT ENERGY PLC         BEN1 GR -5822867500.78      4921095749.61
BRIT ENERGY PLC        BGYEF US -5822867500.78      4921095749.61
BRIT ENERGY PLC        BHEGF US -5822867500.78      4921095749.61
SKYEPHARMA PLC           SKP LN  -130883498.29       153620497.99
BRIT NUCLEAR           1046Z LN -4247644149.6      40325778907.11
BRIT ENERGY-ADR        BHEFF US -5822867500.78      4921095749.61
BRADSTOCK GROUP        BSKGF US    -1855444.44       268563822.49
STV GROUP PLC        STVGEUR EU   -24923249.67       194430485.8
BOOKER PLC             1330Q GR   -59832880.4       1298182548.71
NEW STAR ASSET          NSAM TQ  -397718038.04       292972732.12
BRIT ENERGY LTD      523362Q LN -5822867500.78      4921095749.61
BRADSTOCK GROUP          BDK LN    -1855444.44       268563822.49
GALIFORM PLC         GFRMNOK EU   -84844622.18       585251745.06
FARNELL ELEC-RFD        FRNR LN    -7994895.94       689988072.4
BRITISH ENER-CED         BGY AR -5822867500.78      4921095749.61
SKYEPHAR-RTS F/P        SKPF VX  -130883498.29       153620497.99
GARTLAND WHALLEY         GWB LN   -10986769.42        45352034.49
RENTOKIL INITIAL         RTO NQ   -90219248.82      3493481471.08
PREMIER FARN-ADR       PIFLY US    -7994895.94       689988072.4
GALIFORM PLC            GFRM EU   -84844622.18       585251745.06
SMITHS NEWS PLC      NWS2GBP EO  -124124656.94       201361815.36
SAATCHI & SAATCH       SSATF US  -119260804.15       705060824.55
PREMIER FARNELL       PFLGBP EO    -7994895.94       689988072.4
JESSOPS PLC           JSPEUR EU   -27246210.42       167576832.77
JESSOPS PLC           JSPEUR EO   -27246210.42       167576832.77
NEW STAR ASSET      3226435Q EO  -397718038.04       292972732.12
JESSOPS PLC              JS4 GR   -27246210.42       167576832.77
DAWSON HOLDINGS        DWHGF US   -18157019.88       210051798.58
JESSOPS PLC              JSP EU   -27246210.42       167576832.77
DANKA BUS-C/E CE       DANKC AR  -497127008          121439000
PREMIER FARNELL          PML GR    -7994895.94       689988072.4
HILTON GROUP PLC       HLTGF US  -478059993.74      1887316678.66
MARCONI PLC              MNI BB -2203513803.24      7204891601.83
HILTON GROUP PLC         HG/ LN  -478059993.74      1887316678.66
HILTON GROUP PLC          HG PO  -478059993.74      1887316678.66
GALIFORM PLC            GFRM EO   -84844622.18       585251745.06
GALIFORM PLC         GFRMNOK EO   -84844622.18       585251745.06
NORTHERN ROCK            NRK IX  -586206492.33    152084295061.92
GGT GROUP-ADR          GGTRY US  -156372271.99       408211200.87
SMITHS NEWS PLC         NWS1 EU  -124124656.94       201361815.36
RENTOKIL INITIAL       RKLIF US   -90219248.82      3493481471.08
PREMIER FARNELL          PFL BQ    -7994895.94       689988072.4
EUROPEAN HOME            EHR EU   -14328735.16       110864081.39
LADBROKES PLC            LAD IX  -478059993.74      1887316678.66
HILTON GROUP-CRT         HIG BB  -478059993.74      1887316678.66
HILTON GROUP-CER          HG BB  -478059993.74      1887316678.66
RENTOKIL-SP ADR         AP76 LI   -90219248.82      3493481471.08
SKYEPHARMA PLC        SKPEUR EU  -130883498.29       153620497.99
KLEENEZE PLC             KLZ LN   -14328735.16       110864081.39
LEEDS SPORTING         LEDPF US   -73166148.8        143762193.66
LEEDS UNITED PLC       LDSUF US   -73166148.8        143762193.66
LEEDS UNITED PLC        LUFC LN   -73166148.8        143762193.66
LEEDS UNITED PLC     889687Q GR   -73166148.8        143762193.66
LADBROKES PLC-AD       LDBKY LN  -478059993.74      1887316678.66
LADBROKES PLC            LAD EU  -478059993.74      1887316678.66
LADBROKES PLC-CE         LAD BB  -478059993.74      1887316678.66
GALIFORM PLC            GFRM VX   -84844622.18       585251745.06
GALIFORM PLC           GLFMF US   -84844622.18       585251745.06
LADBROKES PLC         LADEUR EU  -478059993.74      1887316678.66
EMI GROUP-ADR          EMIPY US -2265916256.89      2950021937.14
M 2003 PLC           203055Q LN -2203513803.24      7204891601.83
M 2003 PLC             MTWOF US -2203513803.24      7204891601.83
SMITHS NEWS PLC          NWS VX  -124124656.94       201361815.36
BOOKER PLC           987188Q LN   -59832880.4       1298182548.71
LADBROKES PLC            LAD GR  -478059993.74      1887316678.66
PREMIER FARNELL       PFLSEK EO    -7994895.94       689988072.4
LADBROKES PLC         LADNZD EO  -478059993.74      1887316678.66
LADBROKES PLC            LAD VX  -478059993.74      1887316678.66
LADBROKES PLC         LADNZD EU  -478059993.74      1887316678.66
RANK GROUP PLC           RNK TQ    -6412999.92       835001785.71
LADBROKE GRP-IDR     695767Q BB  -478059993.74      1887316678.66
LADBROKE GROUP          LADB LN  -478059993.74      1887316678.66
LADBROKES PLC            LAD LN  -478059993.74      1887316678.66
LADBROKE GRP-OLD        LADB BB  -478059993.74      1887316678.66
PREMIER FARNELL          PFL IX     7994895.94       689988072.4
LADBROKES PLC            LAD PO  -478059993.74      1887316678.66
LADBROKES PLC            LAD EO  -478059993.74      1887316678.66
ATKINS (WS) PLC       ATKEUR EO   -36314039.75      1257996718.47
ANKER PLC                ANK LN   -21861359.81       115463159
LADBROKES PLC            LAD NR  -478059993.74      1887316678.66
TELEWEST COM-ADR       TWSTD US -3702234580.99      7581020925.22
LADBROKES PLC          LDBKF US  -478059993.74      1887316678.66
LADBROKES PLC         LADGBP EO  -478059993.74      1887316678.66
RENTOKIL INITIAL      RTOUSD EU   -90219248.82      3493481471.08
GALIFORM PLC           MFIFF US   -84844622.18       585251745.06
RANK GROUP PLC           RNK EU    -6412999.92       835001785.71
GALIFORM PLC             MFI PO   -84844622.18       585251745.06
GALIFORM PLC         GFRMGBP EO   -84844622.18       585251745.06
GALIFORM PLC            GFRM NQ   -84844622.18       585251745.06
BRITISH SKY BROA      BSYUSD EU   -30607499.6       8332527670.8
LADBROKES PLC-AD       LDBKY US  -478059993.74      1887316678.66
GALIFORM PLC             MFI VX   -84844622.18       585251745.06
GALIFORM PLC         GFRMEUR EU   -84844622.18       585251745.06
GALIFORM PLC            GFRM BQ   -84844622.18       585251745.06
GALIFORM PLC            GFRM IX   -84844622.18       585251745.06
GALIFORM PLC            GFRM PO   -84844622.18       585251745.06
GALIFORM PLC            GFRM EB   -84844622.18       585251745.06
BRITISH ENERGY-A    3012442Q LN -5822867500.78      4921095749.61

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *