TCREUR_Public/090717.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

               Friday, July 17, 2009, Vol. 10, No. 140

                            Headlines

A U S T R I A

ADIUVA GMBH: Creditors Must File Claims by July 29
LEITINGER PRIVATSTIFTUNG: Claims Filing Deadline is July 31


F I N L A N D

STORA ENSO: To Record US$575MM Write-down Related to NewPage Stake


G E R M A N Y

BAVARIA YACHTBAU: Lenders In Talks Over Debt-For-Equity Swap Deal
GENERAL MOTORS: May Select Opel Buyer "Early Next Week"
PORSCHE AUTOMOBIL: May Reach Sale Deal in Few Days, CEO Says


I R E L A N D

EGRET FUNDING: S&P Confirms Low-B Ratings on Class D & E Notes
FLEET STREET: S&P Lowers Rating on Class D Notes to 'BB'
OMEGA CAPITAL: S&P Raises Rating on Class A2-7N Notes From 'B-'
QUALCERAM SHIRES: Ideal Standard Buys Four Subsidiaries


I T A L Y

BANCA ITALEASE: Banco Popolare Mulls EUR1 Bln Capital Increase


K A Z A K H S T A N

ALTAI MASTER: Creditors Must File Claims by July 24
KARAGASH MUNAI: Creditors Must File Claims by July 24
KOSTANAI CONSULTING: Creditors Must File Claims by July 24
METEX CJSC: Creditors Must File Claims by July 24
NATIONAL COMPANY: Moody's Cuts Senior Unsecured Rating to 'Ba1'

UGLE SNUB: Creditors Must File Claims by July 24


K Y R G Y Z S T A N

ALGA BI: Creditors Must File Claims by August 7


N E T H E R L A N D S

NXP BV: S&P Raises Long-Term Corporate Credit Rating to 'CCC'


R U S S I A

ART-STROY LLC: Creditors Must File Claims by July 26
DAGESTAN LLC: Creditors Must File Claims by July 26
NAZRANSKIY LOW-POWERED: Creditors Must File Claims by July 26
REFORS LLC: Creditors Must File Claims by July 26
RTM OAO: Files for Bankruptcy in Moscow Arbitration Court

STROY-ENERGO LLC: Creditors Must File Claims by July 26

* NOVOSIBIRSK: Fitch Changes Outlook to Neg., Keeps Low-B Ratings
* PENZA: Fitch Affirms 'BB' Long-Term Foreign Currency Rating
* TOMSK OBLAST: S&P Assigns 'B-/ruBBB' Senior Unsecured Rating


S P A I N

IM SABADELL: S&P Assigns 'B+' Rating on EUR216 Mil. Class B Notes
RURALPYME 2: Moody's Lowers Rating on Class D Notes to 'Ca'
RURALPYME 3: Moody's Junks Rating on EUR26.4 Mil. Class D Notes

* S&P Puts Ratings on 9 Spanish ABS/RMBS Deals on Watch Negative


S W I T Z E R L A N D

CREVALOR GMBH: Creditors Must File Claims by July 31
IT-PROGRESS GMBH: Claims Filing Deadline is July 27
KOSMETIK ZURICH: Claims Filing Deadline is July 31
LOKALRADIO THURGAU AG: Claims Filing Deadline is July 31


U N I T E D   K I N G D O M

BAA: MAG Withdraws From Gatwick Bidding Race
BARNSLEY HOUSE: KPMG Sells Barnsey House Hotel & The Village Pub
CABLE & WIRELESS: Won't Provide Concessions on Executive Pay Plan
CARLISLE CASTLE: Moody's Assigns 'Ba2' Rating on Class D Notes
CATTLES PLC: Gets Six-Month Reprieve on GBP500-Mil. Debt

INEOS GROUP: Creditors Agree to Reset Terms on US$10.3-Bil. Debt
INTIMAS GROUP: In Administration; 200 Jobs at Risk
TATA MOTORS: To Cut 300 Jobs and Halt X-Type Car Production
WHITE TOWER: Debt Canceled; Payments on Loans Accelerated

* Fitch Reports Slowdown in EMEA Capital Goods Sector Performance

* BOOK REVIEW: Distressed Investment Banking - To the Abyss and


                         *********



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


ADIUVA GMBH: Creditors Must File Claims by July 29
--------------------------------------------------
Creditors of Adiuva GmbH have until July 29, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 12, 2009 at 9:20 a.m.

For further information, contact the company's administrator:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Wien
         Austria
         Tel: 402 15 54
         Fax: 402 15 54 54
         E-mail: office@leonlaw.at


LEITINGER PRIVATSTIFTUNG: Claims Filing Deadline is July 31
-----------------------------------------------------------
Creditors of Leitinger Privatstiftung have until July 31, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 12, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Dr. Georg Mi
         Neutorgasse 47/I
         8010 Graz
         Austria
         Tel: 0316/82 06 20
         Fax: 0316/82 06 20-4
         E-mail: office@cgo-masseverwaltung.at


=============
F I N L A N D
=============


STORA ENSO: To Record US$575MM Write-down Related to NewPage Stake
------------------------------------------------------------------
Stora Enso Oyj, NewPage Corporation and NewPage's largest
shareholder, Cerberus Capital Management, L.P., unveiled a plan to
reorganize NewPage's capital structure through a series of
concurrent transactions, including debt tender offers and a
potential contribution and cancellation of a portion of the
NewPage vendor note held by Stora Enso and the debt acquired by
Cerberus.  As a result of the concurrent transactions and poor
prospects of an upturn in the market, Stora Enso will record a
write-down of at maximum US$575 (EUR418 net of hedges) million
related to its NewPage shareholding and vendor note as a non-
recurring item in its second quarter 2009 results.

The final write-down amount depends on the result of a tender
offer by an affiliate of Cerberus and NewPage, the amount of the
vendor note owned by Stora Enso that is contributed and cancelled
as part of the concurrent transactions and the fair value of the
remaining vendor note.  This write-down will have a maximum impact
of only US$308 (EUR212 net of hedges after tax) million on
Stora Enso's equity because these unlisted shares and the vendor
note have previously been revalued and the US$267 (EUR201) million
change in their fair value has been recorded in equity as part of
Other Comprehensive Income.

As part of these concurrent transactions, Stora Enso's NewPage
vendor note issued by NewPage Group with nominal value of US$200
million (EUR 142 million) and accrued interest may be partially
(50-65%) contributed and cancelled.  The conversion is subject to
successful debt recapitalisation by NewPage and an affiliate of
Cerberus, NewPage's indirect controlling shareholder, and their
election to forgive debt in Cerberus' sole discretion.  The
concurrent transactions are expected to be finalised by the end of
the third quarter of 2009.  The concurrent transactions are
intended to strengthen New Page's capital structure and its
position as the leading coated paper producer in North America
by increasing its operating flexibility.

The vendor note formed part of the transaction consideration when
Stora Enso finalised the divestment of its North American paper
operations to NewPage on December 21, 2007.  Following the
contribution and cancellation of a portion of the vendor note, the
percentage of NewPage shares owned by Stora Enso will remain
19.9%.

Stora Enso's second quarter results will be announced on
July 23, 2009.

Headquartered in Helsinki, Finland, Stora Enso Oyj --
http://www.storaenso.com/-- is a global paper, packaging and
forest products company producing newsprint and book paper,
magazine paper, fine paper, consumer board, industrial packaging
and wood products.   Stora Enso employs 29,000 people worldwide,
and our sales in 2008 amounted to EUR11 billion.  During the year
ended December 31, 2008, the annual production for the Company was
12.7 million tons of paper and board, 1.5 billion square meters of
corrugated packaging and 6.9 million cubic meters of sawn wood
products, including 3.2 million cubic meters of products.  The
customers for the Company include publishers, printing houses and
paper merchants, as well as the packaging, joinery and
construction industries.  In August 2007, the Company completed
the acquisition of 28% shares in Stora Enso Poland SA.  In 2008,
the Company completed the disposal of Papyrus Merchant business
area.

                    *      *      *

As reported in the Troubled Company Reporter-Europe on May 18,
2009, Standard & Poor's Ratings Services said that it had lowered
its long-term corporate credit rating on Finland-based forest
product company Stora Enso Oyj to 'BB' from 'BB+'.  The rating was
removed from CreditWatch, where it was placed with with negative
implications on April 24, 2009.  The 'B' short-term corporate
credit rating, and the Nordic scale 'K-4' rating were affirmed.
The outlook is negative.


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


BAVARIA YACHTBAU: Lenders In Talks Over Debt-For-Equity Swap Deal
-----------------------------------------------------------------
Anousha Sakoui and Martin Arnold at The Financial Times report
that lenders to Bavaria Yachtbau are in talks over a proposed
debt-for-equity swap deal.

The FT relates Oaktree Capital Management, the U.S. distressed
debt investor that bought more than a third of Bavaria Yachtbau's
debt at about 35 cents in the euro from Goldman Sachs, is talking
to Dresdner Bank, co-financier with Goldman of the EUR1.3 billion
deal in June 2007.

Citing a person familiar with the proposed debt-for-equity swap,
the FT discloses the deal would reduce Bavaria Yachtbau's
EUR900 million (US$1.3 billion) debt by more than three-quarters
and hand control of the company to lenders.

The FT recalls Bavaria Yachtbau was bought by private equity group
Bain Capital for EUR1.3 billion at the peak of the debt bubble.
It is struggling to make interest payments after a sharp drop in
sales, the FT recounts.

"Bain would be willing to keep a stake in the company under the
right circumstances," the FT quoted a person familiar with the
situation as saying.  "For this, Bain would have to commit more
money."

Bain, the FT notes, has written its equity investment in the
yachtmaker down to zero.

Bavaria Yachtbau GmbH -- http://www.bavaria-yachtbau.com/-- is a
yacht builder headquartered in Giebelstadt, Bavaria, Germany.


GENERAL MOTORS: May Select Opel Buyer "Early Next Week"
-------------------------------------------------------
Chris Reiter and Serena Saitto at Bloomberg News report that Nick
Reilly, the incoming head of General Motors Corp's international
operations, said the carmaker is likely to select a buyer for Opel
"early next week".

Bloomberg relates Mr. Reilly, currently GM's Asia-Pacific head,
said in a Bloomberg TV interview from Shanghai today that Magna
International Inc. and RHJ International SA are "probably the
frontrunners" for the European unit.  Citing three people familiar
with the situation, who asked not to be named because the bids are
confidential, Bloomberg discloses GM, which signed a non-exclusive
memorandum of understanding with Magna in May, has asked for final
proposals from the Aurora, Ontario-based car-parts maker and RHJ.

According to Bloomberg, German Deputy Economy Minister Jochen
Homann said while Brussels-based investor RHJ would cut fewer than
10,000 positions at GM's European factories, compared with 11,000
jobs proposed by Magna, that doesn't make RHJ's bid more
attractive.  Magna, as cited by Bloomberg, said in a telephone
interview that Magna "still has an edge" because it has been in
talks with GM longer.  Bloomberg notes one person said Beijing
Automotive Industry Holding Co. may submit a final offer, while
it's uncertain whether Fiat SpA will renew its bid.

                            Warning

Marcus Walker at The Wall Street Journal reports that the German
government on Wednesday warned GM that, if it sells its European
car business to anyone other than Magna, then Germany might
withdraw its offer to provide state aid.  According to the WSJ,
German politicians, facing national elections Sept. 27, pledged to
support Magna's plan with EUR4.5 billion (US$6.3 billion) in loan
guarantees.  The WSJ notes German officials point out GM can't
complete a deal without Germany's aid and approval.  The WSJ
relates German states that host Opel factories, and which are
contributing to EUR1.5 billion of interim loans to keep Opel
alive, also said Wednesday that an alternative buyer would have to
renegotiate state aid.  "Consequently, if GM were to reach a deal
with another bidder, which is purely hypothetical, it would have
to say what it expects from the government, and that would have to
be negotiated," the WSJ quoted a spokesman for Chancellor Merkel,
Thomas Steg, as saying.

                   About General Motors

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

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

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had US$82.2
billion in total assets and US$172.8 billion in total liabilities,
resulting in US$90.5 billion in stockholders' deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PORSCHE AUTOMOBIL: May Reach Sale Deal in Few Days, CEO Says
------------------------------------------------------------
Andreas Cremer and Ryan Chilcote at Bloomberg News report that
Porsche Automobil Holding SE Chief Executive Officer Wendelin
Wiedeking said the sports-car maker is likely to reach an
agreement to sell certain stakes in a few days.

Bloomberg relates Mr. Weideking told Bloomberg Television on
Thursday night "I think all the details, later on within the next
days" will be resolved.

"It's already on the table," Bloomberg quoted Mr. Wiedeking as
saying in the interview.

According to Bloomberg, Lower Saxony state Prime Minister
Christian Wulff told reporters at the 100th anniversary
celebration for Volkswagen AG's Audi division that, Porsche's
power struggle with Volkswagen appears to be "over".  Mr. Wulff,
as cited by Bloomberg, said said he's "very confident of good
results" from meetings that Porsche's and Volkswagen's supervisory
boards plan on July 23.

                             QIA Offer

Christoph Rauwald at Dow Jones Newswires reports a person close to
the Porsche supervisory board said Friday that the board was set
to discuss an offer worked out between Porsche's executive board
and Qatar Investment Authority.  The WSJ discloses under the
proposed deal, the Qatari state-owned investment firm would take a
stake in the German sports-car maker, as well as acquire options
on VW stock from Porsche.  The WSJ relates the person said the
deal could be valued at more than EUR5 billion (US$6.97 billion).
The person added that the supervisory board also will discuss a
separate offer from VW to take a 49% stake in Porsche's core
sports-car operations, Dow Jones notes.

Dow Jones says a decision on the planned integration of Volkswagen
with Porsche could be made as early as next week.  In a July 15
report Bloomberg disclosed speaking at rallies at plants in
Weissach and Zuffenhausen, Uwe Hueck, Porsche's top labor leader,
called on the Porsche and Piech families to adhere to pledges not
to sell the carmaker.  According to Bloomberg, Mr. Hueck said the
possible sale of Porsche's automaking operations to Volkswagen
would harm both companies by draining cash.  Citing an e-mailed
statement, Bloomberg said Mr. Hueck wants the families, who
control the voting shares, to clear the way for an investment by
Qatar and participate in a capital increase to bolster the debt-
strapped company's finances.

                         Volkswagen Offer

Andreas Cramer at Bloomberg reports Mr. Hueck also wants
Volkswagen to double its offer for a stake in Porsche's automotive
unit.  Bloomberg relates the labor leader said in an interview
with Germany's ZDF television on Wednesday that, the "exact
correct price" is EUR7 billion (US$9.9 billion) to EUR8 billion.
"The EUR4 billion will not even suffice.  We also need liquidity,"
Bloomberg quoted Mr. Hueck as saying in the interview.

                               Debt

Daniel Schafer at The Financial Times reports several analysts
said that Porsche's large debt load has increased from more than
EUR9 billion at the end of January to above EUR10 billion at the
end of April.  The surge, the FT says, is mainly due to large tax
payments on the multi-billion paper profits the carmaker made in
its past fiscal year from its trades with Volkswagen options.
According to the FT, the situation is set to worsen further when
Porsche's fiscal year ends later this month, as the carmaker is
set to record another large paper profit from its heavy bets with
VW options that will trigger additional large tax payments.
Citing research by Nomura, the investment bank, the FT discloses
Porsche will also soon have to repay a EUR640 million hybrid bond
after it breached the covenant.  The FT adds a EUR700 million loan
by Volkswagen is also set to mature at the end of September.

Headquartered in Stuttgart, Germany Porsche Automobil Holding SE
-- http://www.porsche-se.com/-- is a holding company engaged in
the car manufacture industry.  The Company's core products are
sports cars and all-terrain vehicles.  The Porsche sports car
range includes the Boxster, the Cayman, the 911 and the Carrera
GT.  The Boxster and the Boxster S are contemporary
reinterpretations of the Company's original roadsters, the 356/1
and the 550 Spyder.  There are several varieties of the 911,
representing the model's continuous evolution.  The Carrera GT has
the race-derived chassis construction and minimum weight.  The
Company's all-terrain models, Cayenne, Cayenne S, Cayenne Turbo
and Cayenne Turbo S are balanced, four-wheel drive vehicles for
on-road and off-road use.  Porsche Automobil Holding SE also
offers financing services, spare parts and accessories for new and
classic models, as well as an approved used car service.


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I R E L A N D
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EGRET FUNDING: S&P Confirms Low-B Ratings on Class D & E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has confirmed its ratings on
the outstanding notes issued by Egret Funding CLO I PLC following
the purchase and subsequent cancellation of EUR1.4 million of the
class E notes.

On July 13, 2009, the issuer purchased in a privately negotiated
transaction a notional of EUR1.40 million (out of an aggregate
principal balance of EUR12.25 million) of the class E notes, which
were subsequently cancelled.  It purchased the notes at a discount
to par plus accrued interest.  The acquisition was funded by
interest proceeds that would otherwise have been available for the
benefit of the portfolio manager via an incentive fee, and to the
unrated subordinated notes on the June 22 interest payment date.

Under the transaction documents, the purchase of any portion of
the class E notes does not require the consent of any of the
outstanding noteholders.  S&P reviewed the transaction considering
the cash flows as described, and concluded that none of the
ratings on the outstanding notes would be affected by the purchase
and cancellation.

                           Ratings List

                     Egret Funding CLO I PLC
               EUR421.9 Million Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        A           AA+
                        B           A+
                        C           BBB
                        D           BB-
                        E           B-


FLEET STREET: S&P Lowers Rating on Class D Notes to 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A to D notes
issued by Fleet Street Finance Two PLC.

A EUR1.2 billion loan made by Fleet Street Finance Two to the
borrower backs this transaction.  The loan is secured by a
KarstadtQuelle sale-and lease-back portfolio that comprises mostly
department stores in central, established retail locations across
Germany.  There are 100 properties left in the pool, including
five landmark department stores.

S&P understands that the sole tenant, KarstadtQuelle group, has
recently filed for insolvency which S&P believes is likely to have
negative implications for both the portfolio value and the net
operating income.  S&P, however, assumed tenant insolvency in
S&P's initial rating analysis.

S&P believes the general weak economic conditions in the German
retail market could put downward pressure on the EUR1.5 billion
vacant possession value reported at closing.  The ultimate
recovery value will largely depend on demand from KarstadtQuelle's
competitors for the high-quality assets specifically, the special
servicer's overall asset management, and the disposal strategy for
the portfolio.

Depending on the interaction of these three factors, S&P believes
there are scenarios that would not result in a principal loss for
the rated notes, i.e., ultimate recoveries would be sufficient to
cover the outstanding loan amount.  Based on S&P's current
expectations, S&P does not consider a principal loss -- which
would have caused us to further lower the rating on the class D
notes -- as the most likely scenario.

S&P understands that the EUR80 million liquidity facility will be
available to cover loan-level interest shortfalls, which could
occur if there is insufficient rental income.  There are scenarios
in which the class D notes could experience interest shortfalls
following application of appraisal reduction or interest on
liquidity facility drawings if no rental income is received.
Based on information available, S&P is of the opinion that any
interest shortfalls would likely be minor.

The borrower also guarantees additional indebtedness that was
provided to the borrowing group in the form of mezzanine debt.
The relationship between Fleet Street Finance Two (as senior
lender) and the subordinated lenders is governed by intercreditor
agreements.  S&P understands that there are a large number of
subordinated lenders who, in S&P's opinion, could add to the
complexity of any workout of the senior loan.

All these factors have resulted in the rating actions as S&P
believes that the risks for this transaction are no longer
commensurate with the ratings on the class A to D notes.  As a
result, S&P has lowered the ratings on these notes by three
notches.

                           Ratings List

                   Fleet Street Finance Two PLC
    EUR1,192,021 Commercial Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

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


OMEGA CAPITAL: S&P Raises Rating on Class A2-7N Notes From 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'A-' from 'B-' its
credit rating on the NOK200 million class A2-7N notes series 28
Broadway issued by Omega Capital Investments PLC following an
increase in the threshold for the notes.

After receiving noteholder consent, BNP Paribas will stop paying
the fixed interest on the notes from September 20, 2009, until the
legal final maturity date on September 20, 2013.  As a result,
there will be an upward revision to the attachment point, which
S&P believes is now sufficient to support an 'A-' rating.


QUALCERAM SHIRES: Ideal Standard Buys Four Subsidiaries
-------------------------------------------------------
RTE Business reports that Brussels-based Ideal Standard
International has bought four subsidiaries of Qualceram Shires plc
for an undisclosed sum.

RTE relates Standard International said it had bought the four
companies -- Shires Ireland, Quality Ceramics Arklow Ltd, Quay
Bathrooms and Quality Ceramics Sales Ltd.

On July 1, 2009, the Troubled Company Reporter-Europe, citing RTE,
reported Qualceram, which employs 90 people, went into
examinership in April after talks with its bankers and landlord
fell through.  It had been hit by the slowdown in the property
markets in Ireland and the UK.  RTE disclosed David Hughes of
Ernst & Young, the examiner to Qualceram, said he would make an
application to have the company liquidated after attempts to
secure funding failed.

Headquartered in Arklow, Ireland, Qualceram Shires plc --
http://www.qualceram-shires.com/-- is engaged in the manufacture,
sale and distribution of bathroom products.  The Company offers a
range of traditional and contemporary bathroom products, including
wash hand basins in glass and electronically controlled whirlpool
baths.  Its range of goods include vitreous china, acrylic baths,
taps and brassware, heated towel rails, bathroom furniture and
accessories.  The Company's brands include Shires, Selecta, Shaws
and Trent. Some of its subsidiaries include QCM Limited, which is
a holding company; Quality Ceramics (Arklow) Limited, which is
engaged in manufacturing; Qualceram Limited, which is a holding
company; Quality Ceramic (Sales) Limited, which is engaged in
sales and distribution, and Shires Limited, which is engaged in
manufacturing, sales and distribution.


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


BANCA ITALEASE: Banco Popolare Mulls EUR1 Bln Capital Increase
--------------------------------------------------------------
Alessandra Migliaccio at Bloomberg News reports that Banco
Popolare SC Chief Executive Officer Pier Francesco Saviotti told
Radiocor news agency that the bank is planning a capital increase
of about EUR1 billion (US$1.4 billion) for Banca Italease SpA, the
unprofitable leasing company it's buying out.

No details of the planned capital increase were disclosed.

Banca Italease SpA (BIT:BIL) -- http://www.italease.it/-- is an
Italy-based banking company.  Banca Italease provides retail
leasing services through: Italease Secondacasa, offering real
estate leasing; Tiarredo, providing furniture leasing; Tiarredo
Arte, specializing in art leasing; Tiguido, offering car and
motorcycle leasing, and Tivaro, providing boat leasing.  Banca
Italease also offers corporate leasing through its subsidiaries:
LeasinGomme, Real Estate Leasing, Industrial Leasing, Public
Sector Leasing and Corporate Car Leasing.  Other areas of
Company’s operations are: subsidized leasing, medium and long-term
lending, insurance products, factoring, long-term car leasing, and
Interest Rate Swap (IRS) contracts.

                         *     *     *

Banca Italease continues to carry Moody Investors Service's
Ba1/Not-Prime/D-ratings on its long- and short-term deposit
ratings as well as bank financial strength, respectively.  All
ratings have a stable outlook.


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


ALTAI MASTER: Creditors Must File Claims by July 24
---------------------------------------------------
Creditors of LLP Altai Master K have until July 24, 2009, to
submit proofs of claim to:

         Kazakhstan Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on April 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


KARAGASH MUNAI: Creditors Must File Claims by July 24
-----------------------------------------------------
Creditors of LLP Karagash Munai have until July 24, 2009, to
submit proofs of claim to:

         Ormanov Str. 51/55-66
         Taldykorgan
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on April 22, 2009,
after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan


KOSTANAI CONSULTING: Creditors Must File Claims by July 24
----------------------------------------------------------
Creditors of LLP Kostanai Consulting Group have until July 24,
2009, to submit proofs of claim to:

         Auelbekov Str. 126-75
         Kokshetau
         Akmola
         Kazakhstan

The Specialized Inter-Regional Economic Court of Akmola commenced
bankruptcy proceedings against the company on April 7, 2009, after
finding it insolvent.

The Court is located at:

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


METEX CJSC: Creditors Must File Claims by July 24
-------------------------------------------------
Creditors of CJSC Metex have until July 24, 2009, to submit proofs
of claim to:

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

The court commenced bankruptcy proceedings against the company on
May 8, 2009.


NATIONAL COMPANY: Moody's Cuts Senior Unsecured Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
senior unsecured issuer rating of JSC National Company Food
Contract Corporation.  Concurrently, Moody's has withdrawn the
issuer rating and has assigned a Ba1 Corporate Family rating and
probability of default rating.  The company's ratings remain under
review for possible downgrade.

"The rating action results from Moody's downward revision of the
company's baseline credit assessment (one of the contributing
factors to the corporate family rating alongside assumptions on
support and dependence) to 16 (B3 equivalent) from 14 (B1
equivalent).  The rating action was prompted by Moody's concerns
surrounding the company's reduced flexibility within the covenants
on its foreign currency debt, which Moody's understand has been
exacerbated by the recent devaluation of the Kazakh Tenge " said
Stefano del Zompo, lead analyst for FCC at Moody's.  "Moody's
expects the lending banks and the government to continue to remain
supportive of the company to meet its financial commitments going
forward, although it will continue to closely monitor the
materialization and timeliness of this ongoing support".

"The current rating also reflects Moody's belief that, given the
high reliance of the company on external funding from the
government to meet it financial obligations, the government will
continue to sustain the company as it has done in the past,
recognizing the strategic importance of the agriculture sector for
Kazakhstan and the role played by FCC in its development"
explained Mr. del Zompo.

The rating remains under review for possible further downgrade.
Moody's review will focus on: (1) the financial covenants testing
in coming quarters and the flexibility of the international banks
in this regard; (2) the degree and timeliness of the government's
financial support in rebuilding sufficient headroom under the
covenants over the next few quarters; and (3) the short- to
medium-term prospects of the company and its capacity to withstand
the current economic downturn in light of the planned investment
program and available capital resources.

The company's rating might be affirmed were the headroom within
the covenants on FCC's debt to be reconstituted to 2008 levels in
conjunction with continued evidence of support from lending banks
and the government.  Conversely, a change in the assumptions
regarding government support to the company or a failure to obtain
a waiver from lending banks might result in a further rating
downgrade.

The last rating action was on June 15, 2009, when Moody's put
FCC's Baa3 ratings on review for downgrade given concerns
regarding the company's standalone creditworthiness primarily
prompted by the concerns highlighted above in conjunction with
also reviewing Moody's support and dependence assumptions.

Headquartered in Astana, Kazakhstan, JSC National Company Food
Contract Corporation is fully owned by the state of Kazakhstan
through the National Holding KazAgro.  FCC's principal mandate is
to maintain state grain reserves at the levels required to supply
the Kazakh population and to ensure timely grain replenishment.
At the end of December 2008, FCC employed 1,718 people and
reported revenues at KZT35 billion up from KZT24 billion the
previous year.


UGLE SNUB: Creditors Must File Claims by July 24
------------------------------------------------
Creditors of LLP Ugle Snub service have until July 24, 2009, to
submit proofs of claim to:

         Myzy Str. 29-77
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on April 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
===================


ALGA BI: Creditors Must File Claims by August 7
-----------------------------------------------
LLC Micro Credit Company Alga Bi is currently undergoing
liquidation.  Creditors have until August 7, 2009, to submit
proofs of claim to:

         Jybek Jolu Ave. 374
         Bishkek
         Kyrgyzstan


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


NXP BV: S&P Raises Long-Term Corporate Credit Rating to 'CCC'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has raised its long-
term corporate credit rating on Dutch semiconductor manufacturer
NXP B.V. to 'CCC' from 'SD' (selective default).  The outlook is
negative.

At the same time, S&P raised the issue ratings on NXP and
subsidiary NXP Funding LLC's secured notes to 'CCC' from 'D'.  The
recovery rating on these notes is unchanged at '4', indicating
S&P's expectation of average (30%-50%) recovery in the event of a
payment default.

S&P raised the ratings on NXP and NXP Funding's unsecured notes to
'CCC-' from 'D'.  The recovery rating of '5' on these notes
remains unchanged, indicating S&P's expectation of modest (10%-
30%) recovery in the event of a payment default.

The issue ratings on NXP and NXP Funding's super-priority
EUR500 million revolving credit facility due 2012 and super-
priority notes due 2013 were raised to 'B-' from 'CCC'.  The
recovery ratings on these super-priority facility and notes are
unchanged at '1', indicating S&P's expectation of very high (90%-
100%) recovery in the event of a payment default.

"The ratings primarily reflect S&P's assessment of NXP's capital
structure and financial risk profile as highly leveraged following
NXP's recently completed distressed cash exchange for its senior
unsecured and senior secured notes," said Standard & Poor's credit
analyst Patrice Cochelin.  "Also integrated into the ratings is
S&P's view that NXP's liquidity is somewhat weaker than before
completing the cash exchange."

At March 31, 2009, NXP reported consolidated gross debt of
US$6.4 billion, including US$0.6 billion drawn under its revolving
credit facility.  S&P estimates that the recent cash offer and a
debt exchange offer completed in April 2009 reduced gross debt to
about US$5.6 billion at current exchange rates, excluding any
changes in the revolver draw.

According to NXP, the cash offer will reduce NXP's debt by
US$504 million, resulting in a cut in annual interest charges
equivalent to US$32 million.  Although NXP has not disclosed how
much it will pay in total for its cash offer, S&P calculates the
amount at slightly above US$200 million.  In total, excluding
currency impacts and including a US$600 million revolver draw, S&P
estimates that NXP has reduced its gross debt burden by 15%
through its two offers.  NXP has not ruled out further debt
exchanges or buybacks in the future.

S&P therefore continues to assess NXP's financial risk profile as
highly leveraged.  Because of S&P's expectation of continued
negative free operating cash flow generation for NXP in 2009 --
despite a somewhat lower interest burden -- refinancing risks for
NXP's debt maturities from 2012 remain a rating constraint.

Over the near term, these risks are partially offset by S&P's
expectation of a moderate demand pick-up in second-quarter 2009
and S&P's assessment of NXP's liquidity as adequate, although
weakening.  NXP's most recent guidance calls for sequential
revenue growth in the higher end of the company's previous 10%-25%
range, excluding wafer sales and at constant currencies.

"The negative outlook primarily reflects S&P's view that tough
economic conditions and large cash outlays for restructuring and
interest payments will likely continue to trigger cash burn at NXP
in the foreseeable future," said Mr. Cochelin.  "In addition, S&P
believes that the moderate debt reduction NXP achieved through the
recent debt exchanges has not addressed questions about the
medium-term sustainability of NXP's capital structure."

S&P therefore considers that NXP carries a relatively high risk of
additional below-par capital structure transactions and,
ultimately, faces high hurdles to refinance its revolver in 2012
and notes starting from 2013.

A dramatic reduction in NXP's cash burn while maintaining adequate
cash balances could support rating stability, however.


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


ART-STROY LLC: Creditors Must File Claims by July 26
----------------------------------------------------
Creditors of LLC Art-Stroy (TIN 7204036061, PSRN 1027200845825)
have until July 26, 2009, to submit proofs of claims to:

         N. Vlasov
         Temporary Insolvency Manager
         Post User Box 39
         620027 Yekaterinburg
         Russia

The Arbitration Court of Tumenskaya will convene at 9:10 a.m. on
September 22, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?70-4155/2009.

The Debtor can be reached at:

         LLC Art-Stroy
         Building 1
         Lunacharskogo Str. 18
         625001 Tumen
         Russia


DAGESTAN LLC: Creditors Must File Claims by July 26
---------------------------------------------------
Creditors of LLC Dagestan (TIN 0530008630) (Winery) have until
July 26, 2009, to submit proofs of claims to:

         Sh.Dzhabrailov
         Temporary Insolvency Manager
         Umakhanova pereulok 12
         Makhachkala
         367008 Dagestan
         Russia

The Arbitration Court of Dagestan will convene at 11:00 a.m. on
Sept. 14, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?15–922/2009.

The Debtor can be reached at:

         LLC Dagestan
         Sheboldaeva Str. 1
         Derbent
         Daegstan
         Russia


NAZRANSKIY LOW-POWERED: Creditors Must File Claims by July 26
-------------------------------------------------------------
The Arbitration Court of Ingushetia commenced bankruptcy
supervision procedure on OJSC Nazranovskiy Low-Powered Motor Plant
(TIN 0608006302).  The case is docketed under Case No. ?18–250/09.

Creditors have until July 26, 2009, to submit proofs of claims to:

         M. Aushev
         Temporary Insolvency Manager
         Chechenskaya Str. 5
         Nazran
         386100 Ingushetia
         Russia

The Debtor can be reached at:

         OJSC Nazranovskiy Low-Powered Motor Plant
         Chechenskaya Str. 5
         Nazran
         386100 Ingushetia
         Russia


REFORS LLC: Creditors Must File Claims by July 26
-------------------------------------------------
Creditors of LLC Refors (TIN 7417011872, PSRN 104740003257)
(Reinforced Concrete Structure Manufacturing Plant) have until
July 26, 2009, to submit proofs of claims to:

         N. Berdyugina
         Temporary Insolvency Manager
         Post User Box 8213
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinskaya will convene at 3:00 p.m.
on September 3, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?76-4959/09-60-
18.

The Debtor can be reached at:

         LLC Refors
         Chicherina Str. 22-152
         Chelyabinsk
         Russia


RTM OAO: Files for Bankruptcy in Moscow Arbitration Court
---------------------------------------------------------
Yulia Komleva at Reuters reports that RTM OAO has filed for
bankruptcy in the Moscow Arbitration Court after struggling to
restructure its debts.

It is the first bankruptcy filing by a public Russian developer.

In a June 11 report, Reuters disclosed RTM chief executive Sergei
Khrapunov warned the company, which had defaulted on most of its
debt, could file for bankruptcy soon.  "We have more liabilities
than assets now and that is a characteristic of bankruptcy . . .
it is highly likely we won't be able to satisfy creditors' demands
and will have to file for bankruptcy," Mr. Khrapunov told Reuters
in an interview.

Headquartered in Moscow, Russia, RTM OAO -- http://www.rtmd.ru--
is a real estate firm.


STROY-ENERGO LLC: Creditors Must File Claims by July 26
-------------------------------------------------------
Creditors of LLC Stroy-Energo-XXI Century (TIN 7710658510, PSRN
1077746011122) (Construction) have until July 26, 2009, to submit
proofs of claims to:

         M. Malysheva
         Temporary Insolvency Manager
         Post User Box 481
         111141 Moscow
         Russia

The Arbitration Court of Moscow will convene at 11:45 a.m. on
Sept. 17, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?40–29803/09–124-
33B.

The Debtor can be reached at:

         LLC Stroy-Energo-XXI Century
         Office 100
         Building 9
         Tverskaya Str. 12
         125009 Moscow
         Russia


* NOVOSIBIRSK: Fitch Changes Outlook to Neg., Keeps Low-B Ratings
-----------------------------------------------------------------
Fitch Ratings has changed the Russian Novosibirsk region's
Outlooks to Negative from Stable.  Its ratings have been affirmed
at Long-term foreign and local currency 'BB' respectively, and
Short-term foreign currency 'B'.  The agency has also affirmed its
National Long-term rating at 'AA-(rus)'.  The action affects
RUB2.6bn of outstanding bonds.

The change in Outlook reflects Fitch's expectation that the
Novosibirsk region's operating margin will decrease to 6%-8% by
end-2009, due to lower tax revenues amid the prevailing economic
slowdown.  The ratings reflect the region's sound but weakening
budgetary performance, reduced direct debt risk and still
sufficient liquidity.  However, the ratings also take into account
weaker operating revenue forecasts due to a slower regional
economy and an expected increase in indirect risk stemming from
guarantees.

The region recorded a 13.8% operating margin in 2008, underpinned
by the diversified local economy that generated strong tax revenue
in H108.  The region's tax concentration is low and payments from
the top 10 taxpayers declined to 15.6% of the region's total tax
revenue in 2008 from 22.1% in 2007.  However, in Q109 the global
financial crisis and domestic recession affected the region's
economy, causing the administration to forecast a 5% drop in
operating revenue for 2009 (28% y-o-y increase in 2008).

The region's liquidity position remains strong and accumulated
cash reserves of RUB4.5 billion by Q109 (end-2008: RUB3.9 billion)
should help cover any short-term cash requirements and finance the
expected end-of-year deficit.  The region's direct debt, which is
composed solely of domestic bonds maturing in 2009-2010, decreased
to RUB2.6 billion in H109 from RUB5.3 billion in 2007.  Although
contingent liabilities will increase in 2009 with the expected
issue of RUB1.5 billion guarantees for the region's construction
companies, they should remain at a manageable level.

The Novosibirsk region is located in the West Siberian plain of
the Russian Federation.  The region accounted for 1.4% of the
Russian Federation's GDP and 1.9% of national population in 2007.


* PENZA: Fitch Affirms 'BB' Long-Term Foreign Currency Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Russia's Penza Region's ratings at
Long-term foreign and local currency 'BB' and Short-term foreign
currency 'B'.  Fitch has also affirmed the region's National Long-
term rating at 'AA-(rus)'.  The Outlooks for the Long-term ratings
are Stable.

The ratings reflect the region's low fiscal flexibility stemming
from a small economy, the short-term profile of its outstanding
debt and expected mild deterioration in its operating performance
in 2009.  However, the ratings also factor in the region's sound
budgetary performance over 2004-2008, increasing federal budget
support, a low debt burden and the high quality of management.

The Stable Outlook reflects Fitch's expectation that prudent
management and increasing support from the federal government will
underpin satisfactory budgetary performance over the medium term,
allowing the region to mitigate the negative impact of the
domestic economic downturn.

Per capita GRP was 43% of the Russian regional average in 2007.
This has resulted in a relatively weak tax base for Penza and a
high proportion of transfers from the federal budget in the
region's revenue, which averaged 52% during 2005-2008.  Dependence
on federal transfers limits the region's revenue flexibility,
although the stable nature of transfers helps underpin budget
revenue in the weak economic environment.

The region's prudent budget management has resulted in tightly
controlled operating expenditure and sound budgetary performance
over the last five years.  The operating balance averaged 15% of
operating revenue during 2005-2008 while capital expenditure
accounted for 20% of total expenditure.  The current downturn in
the national economy is expected to weaken the operating balance
in 2009.  However, the operating balance as a share of operating
revenue is likely to remain at 8%-10%, which is in line with
current ratings.

Penza's total debt/current balance payback ratio was moderate at
about one year in 2008.  Direct debt amounted to 11% of current
revenue at end-2008. Issued debt and bank loans accounted for 41%
and 40%, respectively, of the region's total direct debt.  Despite
the strong debt ratios, the region has a short debt maturity
horizon, with full redemption in 2009 and 2010.  The
administration plans to refinance maturing bonds with new bank and
federal government loans.  The region's budgeted modest deficit
before debt variation accounted for 1.4% of total revenue in 2009.
However, it plans to cover the deficit mostly by using the cash
balance accumulated from previous years, so that it would not lead
to a significant increase of the region's debt.

Penza is located in the central European part of the Russian
Federation.  It contributed 0.4% of the RF's gross domestic
product in 2007 and accounted for 1% of its population.


* TOMSK OBLAST: S&P Assigns 'B-/ruBBB' Senior Unsecured Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B-/ruBBB' senior unsecured debt ratings to a proposed Russian
ruble (RUR) 2.2 billion increase to the existing RUR1.001 billion
domestic bond, which Tomsk Oblast (B-/Negative/--; Russia national
scale 'ruBBB') plans to place on July 16, 2009.  Taking into
account that 25% of the bond issue amortized in December 2008, the
actual placement will be equal to RUR1.65 billion (about
US$50 million).  The bond is amortizing, with even annual
redemptions of 25% each in 2009-2011, and carries a fixed coupon
of 7% per year.

"The oblast is issuing the bond to refinance and extend the
maturity of existing debt," said Standard & Poor's credit analyst
Felix Ejgel.  "The ratings on the bond are equalized with the
ratings on the oblast."

The ratings on the Tomsk Oblast reflect S&P's view of its short-
term debt structure, with debt service of more than 20% of
revenues estimated for 2009, and S&P's expectations of continuing
tough refinancing conditions for the oblast's debt maturing in
2009-2010.  The ratings are also constrained by S&P's expectations
of budgetary deficiencies caused by the weaker performance of the
oblast's concentrated economy, which will reduce budget revenues;
and its mandated expenditure responsibilities, such as inflexible
wages and social assistance-related payments.

The ratings are supported by the oblast's commitment to timely
debt service and its expected policy shift toward more cautious
refinancing of maturing debts, especially the recently announced
policy to repay bank loans ahead of maturity dates.  Moreover, the
oblast could receive federal subsidies and budget loans exceeding
the amounts currently budgeted.


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


IM SABADELL: S&P Assigns 'B+' Rating on EUR216 Mil. Class B Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary credit
ratings to the EUR900 million asset-backed floating-rate notes
issued by IM SABADELL EMPRESAS 5, Fondo de Titulizacion de
Activos.

At closing, the originator, Banco de Sabadell S.A., will sell to
IM SABADELL EMPRESAS 5 a EUR900 million closed portfolio of
secured and unsecured loans granted to Spanish small and midsize
enterprises.  To fund this purchase, the trustee, Intermoney
Titulizacion S.G.F.T., S.A., will issue three classes of floating-
rate, quarterly paying notes on IM SABADELL EMPRESAS 5's behalf.

In terms of S&P's credit and cash flow analyses, the rationale for
S&P's preliminary ratings is driven by the specific
characteristics of this type of loan, the borrower
characteristics, and borrower concentration.  The ratings on each
class of securities are preliminary as of and subject to change at
any time.

                           Ratings List

     IM SABADELL EMPRESAS 5, Fondo de Titulizacion de Activos
          EUR900 Million Asset-Backed Floating-Rate Notes

                          Prelim.        Prelim.
        Class             rating         amount (Mil. EUR)
        -----             -------        -----------------
        A1                AAA             150
        A2                AAA             534
        B                 B+              216


RURALPYME 2: Moody's Lowers Rating on Class D Notes to 'Ca'
-----------------------------------------------------------
Moody's Investors Service has downgraded the long-term credit
ratings of these notes issued by RURALPYME 2 FTPYME, FTA:

  -- Class A1 notes, Downgraded to Aa1 from Aaa; previously, on
     March 18, 2009 Placed Under Review for Possible Downgrade;

  -- Class B notes, Downgraded to Baa2 from A2; previously, on
     March 18, 2009 Placed Under Review for Possible Downgrade;

  -- Class C notes, Downgraded to B3 from Baa3; previously, on
     March 18, 2009 Placed Under Review for Possible Downgrade;
     and

  -- Class D notes, Downgraded to C from Ca; previously, on
     March 18, 2009 Placed Under Review for Possible Downgrade.

Moody's initially assigned definitive ratings in November 2006.

The rating of the EUR53.7 million class A2(G) notes, Aaa, was not
on review for possible downgrade as it benefits from the guarantee
of the Government of Spain (Aaa) for interest and principal
payments.  However, Moody's has determined that the expected loss
associated with class A2(G) notes without the Spanish Government
guarantee -- which was consistent with a Aaa rating at closing of
the transaction -- would be consistent with a Aa1 rating.

The rating action has been prompted by a higher-than-expected
level of delinquencies.  As of June 2009, the cumulative 90+
delinquencies (i.e. delinquencies equal or greater than 90 days)
were equal to 7.15% of the original portfolio balance, compared to
5.6% as of the previous quarterly reporting date.  As part of the
review, Moody's has considered the exposure of the transaction to
the real estate sector (either through security in the form of a
mortgage or debtors operating in the real estate sector).  The
deterioration of the Spanish economy has been reflected in the
negative sector outlook Moody's published on the Spanish SMEs
securitisation transactions.

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the single B-range for the debtors operating in the real estate
sector and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted average
life of the portfolio to equal four years.  As a consequence,
these revised assumptions have translated into an increase of the
cumulative mean default assumption for this transaction to 13.5%
as a percentage of the current portfolio balance (corresponding to
11.40% of original portfolio balance).  Moody's original mean
default assumption was 5% (as a percentage of original balance),
with a coefficient of variation of 52.9%.  Because of the
relatively low effective number of loans in the portfolio (503),
Moody's used a Monte-Carlo simulation to determine the probability
function of the defaults, with a coefficient of variation is
50.4%.  The recovery rate assumption is now 50%, while values in
the 40% to 55% range were tested at closing.  The revised CPR
assumption is now 5%, comparable to values observed throughout the
last reporting periods, while the original CPR assumption was 10%.

The increased credit enhancement available in the structure due to
the amortisation of the portfolio (as of May 2009, the pool factor
was equal to 56%) was not sufficient to offset the impact of worse
than expected performance and revised performance assumptions on
the Class A1, B, C and D Notes rating (Class A current credit
enhancement: 22.34%).

RURALPYME 2 FTPYME, FTA is a securitization fund which purchased a
pool of loans granted by 14 Spanish rural savings banks to Spanish
SMEs.  At closing, the portfolio consisted of 2,449 loans.  The
loans were originated between 1992 and 2006, with a weighted
average seasoning of 2.61 years and a weighted average remaining
term of 10.03 years.  Geographically the pool was exposed to
Andalucia (30%) and Aragon (30%).  Because of the nature of the
originators, the pool was primarily exposed to the farming and
agriculture sector (26.6%) and to the beverage, food and tobacco
sector (13%).  Also, the concentration in the "building and real
estate" sector according to Moody's industry classification was
approximately 22% as of closing.

As of May 2009, the number of debtors in the portfolio was equal
to 1,826 and the weighted average remaining term was equal to 8.9
years.  The concentration levels per industry and regions are very
similar to their levels at closing.

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


RURALPYME 3: Moody's Junks Rating on EUR26.4 Mil. Class D Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term credit
ratings of these notes issued by RURALPYME 3, FTA:

-- EUR720.8 million class A notes, Downgraded to Aa2 from Aaa;
    previously, on March 18, 2009 Placed Under Review for Possible
    Downgrade;

-- EUR44.8 million class B notes, Downgraded to Ba1 from A1;
    previously, on March 18, 2009 Placed Under Review for Possible
    Downgrade;

-- EUR8 million class C notes, Downgraded to B3 from Baa2;
    previously, on March 18, 2009 Placed Under Review for Possible
    Downgrade; and

-- EUR26.4 million class D notes, Downgraded to Caa2 from Ba3;
    previously, on March 18, 2009 Placed Under Review for Possible
    Downgrade.

Moody's initially assigned definitive ratings in December 2007.

The rating action has been prompted by a higher-than-expected
level of delinquencies.  As of May 2009, the cumulative 90+
delinquencies (i.e. delinquencies equal or greater than 90 days)
were equal to 4.5% of the original portfolio balance, compared to
3.5% as of the previous quarterly reporting date.  As part of the
review, Moody's has considered the exposure of the transaction to
the real estate sector (either through security in the form of a
mortgage or debtors operating in the real estate sector).  The
deterioration of the Spanish economy has been reflected in the
negative sector outlook Moody's published on the Spanish SMEs
securitization transactions.

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the single B-range for the debtors operating in the real estate
sector and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted average
life of the portfolio to equal five years.  As a consequence,
these revised assumptions have translated into an increase of the
cumulative mean default assumption for this transaction to 14.5%
as a percentage of the current portfolio balance (corresponding to
13.9% of original portfolio balance), with a coefficient of
variation of 40%.  Moody's original mean default assumption was
6.6% (as a percentage of original balance), with a coefficient of
variation of 42.5%.  Because of the relatively high effective
number of loans in the portfolio (1,629), Moody's used an inverse
normal distribution to determine the probability function of the
defaults.  The recovery rate assumption is now 50% while values in
the 45% to 55% range were tested at closing.  Limited information
was available at this stage on recoveries.  The revised CPR
assumption is now 5%, comparable to values observed throughout the
last reporting periods, while values in the 5%-10% range were
tested at closing.

The increased credit enhancement available in the structure due to
the amortization of the portfolio (as of May 2009, the pool factor
was equal to 73%) was not sufficient to offset the impact of worse
than expected performance and revised performance assumptions on
the Class A, B, C and D Notes rating (Class A current credit
enhancement: 18.14%).

RURALPYME 3, FTA is a securitization fund which purchased a pool
of loans granted by 14 Spanish rural savings banks to Spanish
SMEs.  At closing, the portfolio consisted of 5,660 loans.  The
loans were originated between 1994 and 2007, with a weighted
average seasoning of 2.3 years and a weighted average remaining
term of 10.3 years.  Geographically the pool was exposed to
Andalucia (29%), Aragon (24%) and Navarra (15%).  Because of the
nature of the originators, the pool was primarily exposed to the
farming and agriculture sector (22%) and to the beverage, food and
tobacco sector (12%).  Also, the concentration in the "building
and real estate" sector according to Moody's industry
classification was approximately 21% as of closing.

As of May 2009, the number of loans in the portfolio was equal to
5,044 and the weighted average remaining term was equal to 9.7
years.  The concentration levels per industry and regions are very
similar to their levels at closing.

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


* S&P Puts Ratings on 9 Spanish ABS/RMBS Deals on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed or kept on CreditWatch
negative all the ratings on the notes issued by nine Spanish
transactions from either the asset-backed securities, small and
midsize enterprises, or residential mortgage-backed securities
sectors.

These CreditWatch placements (and for those notes remaining on
CreditWatch negative) follow S&P's preliminary review of the swap
contracts underlying these transactions.  In general, these are
total return swaps where the issuer pays to the swap counterparty
all interest received from any collections from underlying
obligors during the quarter (potentially including any collections
from loans in arrears).  In return, the issuer receives an amount
equal to the weighted-average coupon on the notes, plus a defined
margin, calculated on a notional equal to the performing balance
of the assets.

Where these contracts differ from standard total return swaps is
that the definition of performing balance does not include short-
term arrears.  Consequently, if the transaction exhibits a high
level of short-term arrears or re-performing loans, this may
result in a material reduction of the notional of the swap and,
hence, a mismatch in payments paid from and received by the
issuer.

The rating actions reflect S&P's opinion that, given the current
level of technical arrears reported in these transactions, the
embedded risk of this swap mechanism is material.  S&P will
conclude S&P's review through an analysis that will model this
potential mismatch by haircutting the notional of the swap.  The
haircut will be commensurate with the level of short-term arrears
in each transaction, compared with other transactions originated
by the same originator and the collateral type.  S&P believes that
this may result in multi-notch downgrades within each transaction,
depending on the level of short-term arrears assumed.

S&P will monitor any steps taken to address this risk. S&P intend
to resolve the CreditWatch placements in due course.

                           Ratings List

              Ratings Placed On Creditwatch Negative

       Empresas Banesto 1, Fondo de Titulizacion de Activos
                 EUR2 Billion Floating-Rate Notes

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

       Empresas Banesto 2, Fondo de Titulizacion de Activos
                 EUR2 Billion Floating-Rate Notes

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

       Empresas Banesto 3, Fondo de Titulizacion de Activos
         EUR2.3 Billion Asset-Backed Floating-Rate Notes

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

     Financiacion Banesto 1, Fondo de Titulizacion de Activos
         EUR800 Million Asset-Backed Floating-Rate Notes

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

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
            EUR550 Million Asset-Backed Floating-Rate
             And EUR18.7 Million Floating-Rate Notes

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

       GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
         EUR630 Million Asset-Backed Floating-Rate Notes

                             Rating
                             ------
           Class      To                 From
           -----      --                 ----
           A2         AAA/Watch Neg       AAA
           A3(G)      AAA/Watch Neg       AAA
           B          AA-/Watch Neg       AA-
           C          BBB/Watch Neg       BBB
           D          BB/Watch Neg        BB
           E          B/Watch Neg         B

    GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos
      EUR710.5 Million Floating-Rate Mortgage-Backed Notes

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

            Ratings Remaining On Creditwatch Negative

                    TDA Pastor Consumo 1, FTA
          EUR300 Million Asset-Backed Floating-Rate Notes

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

      Empresas Banesto 1, Fondo de Titulizacion de Activos
                 EUR2 Billion Floating-Rate Notes

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

         Fondo de Titulizacion de Activos PYMES Banesto 2
                 EUR1 Billion Floating-Rate Notes

                             Rating
                             ------
           Class      To                 From
           -----      --                 ----
           A1          AAA/Watch Neg     AAA/Watch Neg
           A2          AAA/Watch Neg     AAA/Watch Neg
           B           A/Watch Neg       A/Watch Neg
           C           BB/Watch Neg      BB/Watch Neg

                        Ratings Unaffected

     TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos
            EUR550 Million Asset-Backed Floating-Rate
             And EUR18.7 Million Floating-Rate Notes

                       Class        Rating
                       -----        ------
                       D            CCC-

    GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos
      EUR710.5 Million Floating-Rate Mortgage-Backed Notes

                       Class        Rating
                       -----        ------
                       D             CCC-


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


CREVALOR GMBH: Creditors Must File Claims by July 31
----------------------------------------------------
Creditors of Crevalor GmbH are requested to file their proofs of
claim by July 31, 2009, to:

         Beer + Krueger Rechtsanwalte
         Thunstrasse 24
         Mail Box 120
         3000 Bern 6
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 19, 2009.


IT-PROGRESS GMBH: Claims Filing Deadline is July 27
---------------------------------------------------
Creditors of IT-Progress GmbH are requested to file their proofs
of claim by July 27, 2009, to:

         IT-Progress GmbH
         Friedbergstrasse 24
         8512 Thundorf
         Switzerland

The company is currently undergoing liquidation in Thundorf.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 22, 2009.


KOSMETIK ZURICH: Claims Filing Deadline is July 31
--------------------------------------------------
Creditors of Kosmetik Zurich GmbH are requested to file their
proofs of claim by July 31, 2009, to:

         Caroline J. Gerber
         Winzerstrasse 93
         8049 Zurich
         Switzerland

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


LOKALRADIO THURGAU AG: Claims Filing Deadline is July 31
--------------------------------------------------------
Creditors of Lokalradio Thurgau AG are requested to file their
proofs of claim by July 31, 2009, to:

         RADIO TOP AG
         Gertrudstr. 1
         Mail Box 2299
         8401 Winterthur
         Switzerland

The company is currently undergoing liquidation in Frauenfeld.
The decision about liquidation was accepted at an extraordinary
general meeting held on May 26, 2009.


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


BAA: MAG Withdraws From Gatwick Bidding Race
--------------------------------------------
Dan Milmo at guardian.co.uk reports that a consortium lead by
Manchester Airports Group has pulled out of the bidding race for
BAA's Gatwick airport.

According to the report, MAG has refused to meet BAA's final price
of GBP1.5 billion –- GBP100 million more than the owner of
Manchester airport was willing to offer.  The report relates one
source close to the discussions said MAG's exit could be a
negotiating tactic to force BAA into accepting a bid of around
GBP1.4 billion.

The report says the departure of MAG leaves BAA, which has a debt
pile of around GBP12 billion, dependent on one suitor.  The
US-based investment fund Global Infrastructure Partners remains
interested in Gatwick, but it is not known whether it is in formal
talks with BAA, the report notes.

                    Debt Repayment Plans

BAA, the report discloses, seeks to pare down debts of around
GB9.5 billion that are secured against its London airports,
including Heathrow.  The first payment of a GBP4.4 billion
refinancing facility within the debt structure is due in
March next year and BAA has earmarked the proceeds from the
Gatwick sale for that purpose, the report says.  The report states
failure to sell Gatwick by March next year will leave BAA with the
option of raising new debt in order to meet the payment schedule.
The report notes the option of raising new debt however is
shrouded in doubt because the government has proposed a "special
administration" regime which, in the event of BAA going bust,
would give ministers powers over the group's airports.

                "Special Administration" Regime

On June 12, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, reported that BAA's bondholders proposed two
alternatives to the UK government's controversial plans to force a
"special administration regime".  The bondholders' first
alternative was to impose a license obligation that compels the
debt holders to continue to operate the airports.  The second was
for special administration to trigger a "pre-agreed exchange
offer" whereby existing debts are replaced by government-
guaranteed loans in the new BAA.  According to Telegraph.co.uk,
the holders of GBP4.85 billion of bonds would demand a "consent
fee" that would apply to the owners of all the GBP9.6
billion of senior debt secured against Heathrow, Gatwick and
Stansted airports.  The bondholders warned that introducing a
special administration regime could lead to the insolvency of BAA.

BAA -- http://www.baa.co.uk-- owns and manages seven airports in
the UK, including London's Heathrow, Gatwick, and Stansted.  The
company oversees functions such as cargo handling, fire
protection, property management, retail operations (including its
own World Duty Free stores), and security.  In addition, it runs
the Heathrow Express rail service to London and works with other
mass transit operators.  Outside the UK, BAA has a 65% stake in
the Naples International Airport in Italy and manages the retail
operations at three US airports in Pittsburgh, Baltimore, and
Boston.  A group led by Spanish infrastructure manager Ferrovial
acquired BAA in 2006 for more than GBP10 billion in stock.


BARNSLEY HOUSE: KPMG Sells Barnsey House Hotel & The Village Pub
----------------------------------------------------------------
Jane Moriarty and Richard Hill of KPMG, the joint administrators
of Barnsley House Limited, have sold Barnsley House Hotel and The
Village Pub.

The company has continued to trade under the joint adminstrators'
control while they sought a buyer for the business and assets.
Barnsley House and The Village Pub were sold to Calcot Health and
Leisure Limited on Monday July 13, 2009.  The joint administrators
continue to trade The Catherine Wheel while the sale to a separate
buyer goes through.

Jane Moriarty, joint administrator and partner at KPMG said: "We
are delighted to announce that Barnsley House and The Village Pub
have been sold to local hotel owner, Calcot Health and Leisure
Limited.  We continue to trade The Catherine Wheel while the sale
to a separate buyer goes through. During our trading period we
have not made any redundancies and have honoured all deposits and
wedding bookings.  I'd like to take this opportunity to thank the
customers and suppliers for their ongoing support in this
difficult time which has helped to ensure that this historic hotel
and gardens continue for many years to come and has contributed to
the retention of 70 jobs."

Richard Ball, Managing Director, Calcot Health and Leisure Limited
said: "We have huge respect for all that Tim Haigh and Rupert
Pendered have achieved at Barnsley House, harnessing the glories
of this historically-significant property and Rosemary Verey's
celebrated gardens to create a luxury country house hotel of
national and international standing.  We look forward to working
alongside the management team to honour Tim and Rupert's solid
legacy and develop it towards future successes."

Barnsley House Hotel, a Grade 2* listed house built in 1697, is
located in Barnsley, four miles north-east of Cirencester in the
Cotswolds.  It is a luxury hotel with 18 letting bedrooms,
restaurant, bar, spa, conference facilities and a cinema.  The
Village Pub, opposite the hotel, is a popular gastro pub with
seven bedrooms while The Catherine Wheel in the nearby village of
Bibury has four bedrooms.

For queries regarding reservations or bookings please contact
Barnsley House Limited (in administration) on 01285 74000 or via e
mail on info@barnsleyhouse.com

Jane Moriarty and Richard Hill of KPMG were appointed joint
administrators of Barnsley House Limited, which incorporates
Barnsley House Hotel, The Village Pub and The Catherine Wheel pub
on May 5, 2009.


CABLE & WIRELESS: Won't Provide Concessions on Executive Pay Plan
-----------------------------------------------------------------
Andrew Parker at The Financial Times reports that Cable & Wireless
plc is not expected to provide concessions to investors on a
shake-up of its executive pay policy that could increase rewards
for its management.

C&W, which is set to hold its annual meeting today, July 17, is
proposing to extend the pay-out period for the company's long-term
incentive plan.  The move, the FT, says could increase the cash
going to its managers, led by John Pluthero, head of the company’s
UK business.

According to the FT, the Association of British Insurers, whose
members account for almost 20 per cent of investments in the UK
stock market, objects to the proposed extension of the long-term
incentive plan to 2011.  The ABI, which issued a "red top
warning", objects to the fact that the share awards have not been
based on actual salaries this year, the FT statse.  Peter
Montagnon, ABI's director of investment affairs, as cited by the
FT, said "The problem for shareholders with this is that, even if
you believe there was a justification for it, to admit the princi-
ple that you can move the goalposts on performance because of
'market turmoil' is a very difficult step to take."

The FT relates C&W however said the comments by ABI officials were
"inaccurate" and reflected "the ABI's lack of engagement during
our consultation process, which is in sharp contrast to our major
shareholders and other voting institutions".

                                Pirc

James Thompson at The Independent reports Pirc, the corporate
advisory body, expressed concerns over C&W's executive pay plan.
According to the Independent, Pirc said the scheme was more akin
to the private equity industry and recommended that shareholders
vote against it.  "The scheme, which we have opposed in the past,
is a cash-based incentive of a type usually found in a private
equity speciality finance company and is based on value
realisation," the Independent quoted Pirc as saying.

Headquartered in London, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands. It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

Cable & Wireless plc continues to carry a 'Ba3' long-term
corporate family rating from Moody's Investors Service with stable
outlook.


CARLISLE CASTLE: Moody's Assigns 'Ba2' Rating on Class D Notes
--------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
GBP 119.2 million of Series 2009-C variable funding asset-backed
loan notes issued by Carlisle Castle Funding Group Limited:

  -- A2 to the GBP 44.7 million Series 2009-C Class B variable
     funding asset-backed note due August 2012

  -- Baa2 to the GBP 31.9 million Series 2009-C Class C variable
     funding asset-backed note due August 2012

  -- Ba2 to the GBP 42.6 million Series 2009-C Class D variable
     funding asset-backed note due August 2012

Series 2009-C is the 13th issuance under the Carlisle Castle
Funding Group programme, which is ultimately backed by credit card
receivables from the Castle Receivables Trust Limited.  It is the
22nd series to be issued out of Capital One Bank (Europe) Plc's UK
credit card master trust.  The assets backing the notes are
receivables arising under designated MasterCard and Visa revolving
credit card accounts originated or acquired in the UK by COBEP.

Moody's says that the ratings of the notes are based upon (i) the
credit quality of the portfolio; (ii) the excess spread available
to the transaction; (iii) the expertise of COBEP as one of the
leading originators and servicers of credit card receivables in
the UK; and (iv) the structural and legal integrity of the
transaction.  The rating of the Class B notes is based upon the
above factors and the subordination of the Class C and Class D
notes while the rating of the Class C notes is based on the
subordination of the Class D notes.  The rating of the Class D
notes is based on the above factors, a 4.25% upfront funded Class
D spread account and a further trapping of excess spread.

The capital structure contains a Class E note that has been
structured such that Moody's has not accounted for it as available
credit enhancement to Class B, C and D notes in its quantitative
analysis.  Furthermore, it is expected that Series 2009-C will
breach the three-month rolling average excess spread trigger at
the same time as other existing series.

The rating agency notes that the transaction uses the existing
receivables trust structure which was set up in September 2001.
COBEP has assigned all receivables that had arisen or would arise
in the accounts originated under certain designated product lines
to the receivables trustee.  Up to August 2010, asset principal
collections received by the Receivables Trustee will be used to
fund the transfer of further receivables which arise under the
designated accounts.  After this date, the transaction will enter
its regulated amortization period and principal collections will
be used to redeem the Notes.  The scheduled redemption date for
the notes is February 2012, 18 months after the end of revolving
period. However, the notes can be redeemed earlier unless all
other outstanding series enter into regulated amortization
simultaneously.  If the notes are not fully repaid on the
scheduled redemption date, a rapid amortization trigger will be
breached.  The notes have a final maturity date on August 2012.

COBEP currently services the receivables in the receivables trust.
Moody's has reviewed the servicing operations of COBEP and is
comfortable that COBEP is well placed to fulfill its obligations
in relation to servicing of the receivables.  The minimum
transferor interest floor is set at 5% to insure against dilution,
fraud or attrition.  Moody's has been monitoring the performances
of Castle since its inception.  For an overview of the performance
of Castle and the other UK credit card trusts, see Moody's
quarterly report UK Credit Card Indices.

Moody's expects charge-offs to continue to increase over the
coming months and expects the long-term mean to be in the range of
9% and 12%.  The majority of accounts in Castle trust have
variable rate APRs linked to the Bank of England base rate.  As a
result, recent base rate cuts will manifest themselves in lower
yields and Moody's expects yield to range between 19%-21% over the
course of 2009.

Key risks to noteholders stem from a potential deterioration in
portfolio performance going forward in the context of the UK
recession.  Rises in unemployment, decreases in wage growth and
increases in costs of living will exert pressure on already highly
leveraged UK borrowers, all of which feed through to Moody's
negative outlook on the UK credit card ABS sector.

Moody's has analysed and will monitor this transaction using the
rating methodology for credit card receivables-backed transactions
as described in the Rating Methodology report "Moody's Approach to
Rating Credit Card Receivables-Backed Securities", April 2007.
The ratings assigned are initial ratings for the transaction (no
previous rating action).

Moody's is assessing the possible credit impact of certain trust
provisions related to the occurrence of an originator 'insolvency
event' in Castle receivables trust.  The ratings assigned to the
Notes are lower or equal to the rating of the ultimate parent of
COBEP, Capital One Bank (US) (A2/P-1) and, as such, in Moody's
opinion the impact of any originator 'insolvency event' is
consistent with the ratings assigned to these Notes.

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

The rating is published.  Moody's will publicly disseminate any
change in the ratings through normal print and electronic media,
and in response to requests to the Moody's rating desk, in
accordance with Moody's standard practice at the time.


CATTLES PLC: Gets Six-Month Reprieve on GBP500-Mil. Debt
--------------------------------------------------------
Philip Aldrick at Telegraph.co.uk reports that Cattles plc has
been given six months' breathing space on a GBP500 million debt it
failed to pay.

Telegraph.co.uk relates its syndicate of lenders, led by Royal
Bank of Scotland, chose not to force the business into
administration despite the covenant breach after Tuesday's
deadline passed.  The facility, Telegraph.co.uk discloses, has
been extended to December 31, giving banks and bondholders more
time to agree the terms of a debt-for-equity swap.

According to Telegraph.co.uk, Cattles, which has GBP2.4 billion of
outstanding debt, is seeking "a formal standstill agreement" with
banks and bondholders to cease all interest and capital payments
until it restructures.  On July, 8, 2009, the Troubled Company
Reporter-Europe, citing the Financial Times, reported discussions
over a standstill agreement have been hampered by disagreements
among debtholders over who would rank highest in payment priority
if Cattles went into administration.  The FT said if no resolution
is forthcoming in the next few weeks, then Cattles is expected to
fall into administration and the debt-holder dispute is likely to
go to court.

Cattles plc -- http://www.cattles.co.uk/-- is a financial
services company specializing in providing consumer credit to non-
standard customers in United Kingdom.  The Company also provides
debt recovery services to external clients and its consumer credit
business, and working capital finance for small- and medium-sized
businesses.  It also has a car retail operation, which is an
introducer of hire purchase customers to its consumer credit
business. Its business divisions include Welcome Financial
Services, The Lewis Group and Cattles Invoice Finance.  Welcome
Financial Services consists of three businesses: Welcome Finance,
Shopacheck and Welcome Car Finance.  Shopacheck provides short-
term home collected loans to some 260,000 customers through 52
branches.  The Lewis Group provides debt recovery and
investigation services, serving both external clients and Welcome
Financial Services.  In September 2007, it announced the
acquisition of a debt portfolio of United Kingdom credit card,
loan and overdraft receivables.


INEOS GROUP: Creditors Agree to Reset Terms on US$10.3-Bil. Debt
----------------------------------------------------------------
Anousha Sakoui at The Financial Times reports that creditors of
Ineos Group Holdings plc agreed to reset the terms of the
company's EUR7.3 billion (US$10.3 billion) debt load.

The FT recalls in April, Ineos, advised by Lazard, presented
creditors with a new business plan and sought to have the terms of
its loans reset for their duration, which are set to be repaid in
2012.  Citing people familiar with the situation, the FT discloses
on Wednesday more than two-thirds of creditors voting on the new
debt terms approved the requests, which included resetting
leverage, interest cover and debt service cover covenants from
September.

                      About INEOS Group

INEOS Group is a diversified chemical company consisting of
several businesses.  Product lines include ethylene oxide-based
specialty and intermediate chemicals, fluorochemicals used as
refrigerants and propellants, and phenol and acetate products.
INEOS Chlor makes chlor-alkali chemicals, and INEOS Films and
Compounds manufactures PVC and PET films.  INEOS Group was formed
in 1998 after a management buyout led by CEO Jim Ratcliffe, who
controls the group. Ratcliffe has placed INEOS among the world's
top chemical companies (with ExxonMobil, Dow, and BASF) through
his many and varied acquisitions.


INTIMAS GROUP: In Administration; 200 Jobs at Risk
--------------------------------------------------
Times Online reports that Intimas Group plc has gone into
administration, putting around 200 jobs at risk.

Times Online relates the group called in PricewaterhouseCoopers
after being hit by trading woes and the impact of the weak pound
on import costs.  The company, Times Online discloses, reported
losses of GBP1.65 million in the six months to June 30 last year.

Stuart Maddison, joint administrator and partner at PwC in East
Midlands, as cited by Times Online, said he hoped to sell the
group as a going concern.

Intimas Group plc -- http://www.intimas.co.uk/-- is a designer
and supplier of ladies' intimate apparel and swimwear with a
portfolio of brands comprising Lepel, Discover Mademoiselle,
Charnos Lingerie and Ted Baker Intimates.  The Company operates
predominantly in the United Kingdom.  Lepel offers a range of
lingerie, swimwear and sleepwear.  Charnos develops products using
Italian silks, exquisite Swiss and Austrian embroideries and
refined French laces in carefully developed shapes.  During the
year ended December 31, 2007, the Company opened two high street
stores to gauge consumer interest in a specialist branded lingerie
retailer.


TATA MOTORS: To Cut 300 Jobs and Halt X-Type Car Production
-----------------------------------------------------------
Peter Stiff at Times Online reports that Jaguar Land Rover, owned
by India's Tata Motors Ltd., is to cut 300 jobs at its plant in
Merseyside and cease production of its X-Type car by the end of
the year.

According to Times Online, JLR will seek voluntary redundancies at
the factory in Halewood, which employs about 2,000 workers, and
will also close for three weeks in September in response to the
weak car market.

"Jaguar Land Rover's retail sales fell by 28 per cent in the past
10 months.  We have taken unprecedented actions to cut costs
including reduced production volumes, significant cuts to
investment plans and some 2,200 job losses," Times Online quoted
David Smith, chief executive of Jaguar Land Rover, as saying.
"Ceasing production of the X-Type early, with further redundancies
and temporary shutdowns at Halewood is necessary to protect our
other investment plans."

                         Financial Support

Graham Ruddick at Telegraph.co.uk reports Mr. Smith said further
action could be necessary but will depend on the state of the
market and the "speed with which the already-approved EUR340
million (GBP292 million) European Investment Bank loan can be
drawn.

Telegraph.co.uk discloses unions said on Wednesday the British
government must support JLR's application for financial support as
a "matter of urgency".  According to Telegraph.co.uk, Len
McCluskey, assistant general secretary of Unite, the trade union,
stressed the importance of new investment in the company.
Mr. McCluskey, as cited by Telegraph.co.uk, said "A new product is
pivotal to the long-term future of the Halewood plant".

Telegraph.co.uk relates the government said discussions are "still
in process" with JLR and that the job cuts reflect the "downturn
in the economy".

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 27, 2009, Standard & Poor's Ratings Services lowered its
corporate credit rating on India-based automaker Tata Motors Ltd.
to 'B+' from 'BB-'.  The rating remains on CreditWatch with
negative implications, where it was placed on Dec. 12, 2008.  At
the same time, S&P lowered its issue rating on the company's
senior unsecured notes to 'B+' from 'BB-' and also kept the rating
on CreditWatch with negative implications.

S&P said the rating action follows material deterioration in Tata
Motors' cash flows and related metrics on a consolidated basis,
derived from an adverse operating environment, which, combined
with significantly high debt levels, will affect its credit
protection measures beyond those consistent with a 'BB' rating
category.

On June 4, 2009, Moody's Investors Service affirmed the B3
corporate family rating of Tata Motors Ltd.  The outlook on the
rating is changed to stable from negative.


WHITE TOWER: Debt Canceled; Payments on Loans Accelerated
---------------------------------------------------------
Paul Armstrong at Bloomberg News reports that debt of White Tower
2006-3 Plc, the company linked to U.K. investor Simon Halabi that
sold mortgage bonds totaling GBP1.15 billion (US$2.5 billion), was
canceled Wednesday after payments were accelerated on its loans.

Bloomberg relates White Tower said in a statement it received two
notices from Hatfield Philips International Ltd., acting on behalf
of the loans' servicer, requesting the acceleration.

                             Default

On July 8, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg, reported investor Mr. Halabi's real-estate companies
failed to remedy a default on the mortgage bonds.  Bloomberg said
that, according to Hatfield Philips, Mr. Halabi's companies had
until the close of business on July 2, to stave off a default on
bonds that repackage loans to nine London properties including
JPMorgan Chase & Co.'s offices at 125 London Wall and 60 Victoria
Embankment.  Bloomberg disclosed White Tower, the issuer of the
notes, had 10 days to remedy the default after the bonds, which
mature in 2012, breached covenants because the properties halved
in value.  According to Bloomberg, Andrew Currie, head of Europe
commercial mortgage-backed securities at Fitch Ratings in London,
said Mr. Halabi's companies are unlikely to repay the bonds and
will probably be forced to sell the underlying properties, which
were valued at GBP929 million as of June 8, down from GBP1.83
billion in October 2006.


* Fitch Reports Slowdown in EMEA Capital Goods Sector Performance
-----------------------------------------------------------------
In advance of its forthcoming mid-year EMEA Industrials sector
outlook update, Fitch Ratings says the credit outlook for most
investment grade EMEA Capital Goods companies, excluding those in
the household appliance industry, remains stable during the second
half of 2009, despite the impact of the global economic downturn.

However, in contrast to investment grade companies, the
performance of the agency's portfolio of private shadow-rated
leveraged capital goods companies, whose Issuer Default Ratings
range from 'BB' to 'CCC', has been hit by the rapid economic
deterioration since Q408 resulting in the majority of issuers
being downgraded during H109, with 38% of companies now in the
'B-' and below rating categories.

For household appliance manufacturers, falling discretionary
consumer spending, in combination with a continued weakness in
construction markets and the more limited availability of consumer
finance, is exacerbating the sharp drop in demand for appliances
in 2009.  Against this backdrop of expected flat to negative
market growth, household appliance manufacturers AB Electrolux
('BBB-') and Arcelik A.S. ('BB-') have Negative Outlooks,
reflecting Fitch's concerns about their ability to match cost
reduction with declining sales; to contract working capital to
generate free cash flow and their foreign currency exposures.

Operating results in Q408 and Q109 were significantly worse than
in prior quarters, and all companies in Fitch's rated EMEA capital
goods universe saw results decline during this period.  In
particular, the agency notes that the timing in the deterioration
of earnings as well as the extent of their decline diverged
significantly: early-cycle companies like Legrand SA
('BBB'/'F3'/Stable) experienced the impact of the current slowdown
in Q408, whereas late-cycle companies like ABB Ltd
('BBB+'/'F2'/Stable) were affected by a decline in sales and order
intake only from Q109.  Demand from defensive end-market customers
provided some stability to companies like GEA Group AG
('BBB-'/'F3'/Stable), while discretionary consumer goods exposure
negatively affected issuers like Royal Philips Electronics
('A-'/'F2'/Stable).

"Given the sound and conservative financial profiles that most
investment grade issuers demonstrated at the beginning of the
downturn, Fitch does not anticipate significant downward pressure
on ratings for companies in this group.  Nevertheless, recovery
prospects for issuers exposed to consumer spending are weak, while
only slightly better for those with exposure to energy-efficient
products and fiscal stimulus induced infrastructure spending,"
said Tom Chruszcz Director, in Fitch's Industrials group.

Liquidity for most investment grade companies in the sector
remains strong and Fitch notes that share buyback programmes have
been put on hold to further preserve cash.  Nevertheless, the
potential for opportunistic M&A activity is not completely
excluded for companies with strong cash generation abilities and
solid balance sheets.

The full mid-year EMEA Industrials sector review report will be
published during the week commencing July 20.


* BOOK REVIEW: Distressed Investment Banking - To the Abyss and
              Back
---------------------------------------------------------------
Author: Henry T. Owsley and Peter S. Kaufman
Publisher: Beard Books
Hardcover: 231 pages
List Price: US$74.95
by Henry Berry

The authors head a consulting firm that they named the The Gordian
Group.  That name was chosen to imply that, like Alexander the
Great cutting through the Gordian knot of myth, their consulting
group can cut through the problems facing distressed companies.
Owsley and Kaufman accomplish this by contacting the various
stakeholders and investigating all relevant factors of the
problems facing a distressed company.  With this broad-ranging
approach, Owsley and Kaufman identify and isolate crucial problems
and provide experienced, practicable guidance for resolving them.
Or as the authors put it, "We seek not merely to unravel thorny
financial 'knots' . . . we seek to slice through them."

In this case, the name of the group is not just an inspired
marketing image.  As the text of the book and examples from the
firm's work with clients evidence, they have developed an approach
that deals with the knottiest of problems facing distressed
companies and do so to the satisfaction of a range of
stakeholders.  The premise of this approach is that "conflicts of
interest are intolerable, and that large investment banks cannot
help but have conflicts of interest when working in the distressed
patch."

As anyone familiar with this field knows, buying and selling a
distressed company commonly leaves big winners and big losers.
Certain groups, often top executives and the investment group
purchasing a distressed company, profit from the sale.  Other
groups, often stockholders and employees, lose out.  Of course,
avoiding or absolving conflicts of interest in the interest of
fairness to stakeholders at all levels and in all quarters is not
only desirable to allow a pending sale of a distressed company to
progress smoothly, but is also required by law.  However, as the
lopsided results of many sales demonstrate, equitable results do
not happen often.  The object of this book is to provide advice
and lessons to ensure that equitable results do happen more often
than not.

Owsley and Kaufman realize that, when it comes to resolving
problems with distressed companies, there is "no silver bullet
solution [to be] found that makes everyone wealthy and happy and
whole."  The situations of distressed companies have, in most
cases, been years in the making, often exacerbated by a corporate
culture that is "more likely to fiddle while a lot of other
people's money burns."  The key to increasing and insuring fairer
outcomes of distressed situations is communication with all
stakeholders.  This communication not only gets the varied
stakeholders involved in the process of dealing with the
distressed situation, but also brings their respective concerns,
ideas, resources, expectations, and hopes into the open so that no
one group such as top executives or an investment group can take
over the process for its exclusive ends.

What is unique about Owsley's and Kaufman's book is that it moves
the crux of considerations and related activities regarding
distressed corporations from the technicalities of financial
issues to the rightful interests of a network of stakeholders.
This does not mean that resolving disagreements will be any
different than they might be otherwise; nor will the amount of
cash involved in a distressed situation be different.  However,
the authors do offer invaluable advice on how to abet the process
by recognizing the necessity of an equitable distribution of the
sacrifices in distressed situations.

Principles of the Gordian Group consulting firm for distressed
companies, Henry Owsley and Peter Kaufman have been active in
varied parts of this business field for many years.  They are
authors of numerous books.

                            *********

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, Joy A. Agravante and Peter A. Chapman, Editors.

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

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

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

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


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