TCREUR_Public/090803.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 3, 2009, Vol. 10, No. 151

                            Headlines

A U S T R I A

ASSOCIER COMMUNITY: Claims Filing Deadline is August 13
DR. WLADIKA GMBH: Claims Filing Deadline is August 13
GIENER GMBH: Claims Filing Deadline is August 12


C Z E C H   R E P U B L I C

CESKOSLOVENSKA: Moody's Confirms 'D' Bank Fin'l Strength Rating

* CZECH REPUBLIC: Bankruptcy Filings More Than Doubled This Year


F R A N C E

THOMSON SA: Restructuring Won't Affect S&P's 'SD' Rating


G E R M A N Y

ARCANDOR AG: Explores Options for Thomas Cook Stake
GENERAL MOTORS: German State Premiers Favor Magna's Bid for Opel
HEAT MEZZANINE: Moody's Cuts Ratings on 2 Classes of Notes to Ba3
TREOFAN HOLDINGS: S&P Downgrades Corporate Credit Rating to 'SD'
TUI AG: S&P Downgrades Long-Term Corporate Credit Rating to 'B-'


G R E E C E

ASPIS BANK: Fitch Downgrades Individual Rating to 'E'
SEANERGY MARITIME: Seeks July 2010 Extension of Covenant Waivers


H U N G A R Y

OTP BANKA: Moody's Affirms 'D-' Bank Financial Strength Rating


I R E L A N D

ANGLO IRISH: Moody's Cuts Ratings on Tier 1 Securities to 'C'
LYNCH HOTEL: Confirms Appointment of Grant Thornton as Examiner

* IRELAND: Examinership Applications Up 71% in 2008


I T A L Y

CREDITO TREVIGIANO: S&P Lowers Counterparty Ratings to 'BB+/B'
PARMALAT SPA: Net Income Down 42% to EUR247.8 Mln in 1st Half 2009


K A Z A K H S T A N

ALLIANCE BANK: Moody's Downgrades Senior Debt Rating to 'C'
BTA BANK: Moody's Downgrades Senior Debt Rating to 'C'
BTA IPOTEKA: S&P Gives Negative Outlook; Keeps 'CC/C' Rating
KURYK KURYLYS: Creditors Must File Claims by August 7
MEJ STROY: Creditors Must File Claims by August 7

RIELT-SYSTEMA LLP: Creditors Must File Claims by August 7
SARY ARKA: Creditors Must File Claims by August 7
STROITEL MAX: Creditors Must File Claims by August 7
TEMIRBANK: Moody's Lowers Senior Debt Rating to 'C'
TEMIRBANK JSC: S&P Gives Negative Outlook; Keeps 'CC/C' Rating


K Y R G Y Z S T A N

AVIA BISHKEK: Creditors Must File Claims by August 15


L A T V I A

PAREX BANK: Moody's Confirms 'B2' Long-Term Deposit Ratings


L U X E M B O U R G

HEAT MEZZANINE: Moody's Cuts Rating on Class B Notes to 'Ca'


N E T H E R L A N D S

CONCERTO I: Fitch Cuts Ratings on Four Classes of Notes to 'D'
HEAD NV: Nonpayment of Interest Won't Affect S&P's 'CC' Rating


N O R W A Y

* NORWAY: Bankruptcies Up 58% in 2Q09, Statistics Norway Says


R U S S I A

EGORYEVSKIY FLAX: Creditors Must File Claims by August 5
EVRAZ GROUP: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
INDUSTRIAL CONSTRUCTION: Creditors Must File Claims by August 5
MASTER BANK: Fitch Downgrades Individual Ratings to 'D/E'
MOS-AVTOZAPCHAST CJSC: Creditors Must File Claims by August 5

NOVOMALTINSK CONSTRUCTION: Creditors Must File Claims by August 5
PHARMACY CHAIN: In Debt Restructuring Talks; Stores Worth Nothing
SECONDARY METALS: Creditors Must File Claims by August 5
SEVER-MET-LES LLC: Creditors Must File Claims by August 5
SEVER-METALL CJSC: Creditors Must File Claims by August 5

SOTS-KREDIT-BANK: Creditors Must File Claims by August 5
TROIKA DIALOG: S&P Affirms 'B+/B' Counterparty Credit Ratings
UC RUSAL: Agrees Debt Restructuring Terms w/ Lender Committee


S E R B I A   &   M O N T E N E G R O

* SERBIA: Some 400 State-Run Companies to Go Bankrupt


S L O V A K   R E P U B L I C

PRIVATBANKA: Moody's Affirms E+ Bank Financial Strength Rating
UNICCREDIT BANK: Moody's Affirms 'D+' Bank Fin'l Strength Rating


S P A I N

CODERE SA: Shareholders' Dispute Won't Affect S&P's 'B' Rating
PYME BANCAJA: Moody's Assigns 'Caa1' Rating on Series C Notes
SANTANDER CONSUMER: Moody's Cuts Bank Strength Rating to 'D+'


S W I T Z E R L A N D

ANDEREGG & PARTNER GMBH: Creditors Must File Claims by August 5
ARCHITEKTURBUERO ROBERT: Claims Filing Deadline is August 5
HUGO OSER: Claims Filing Deadline is August 12
PIERRE LAURENT: Claims Filing Period Ends August 14
WAFINA SCHWEIZ: Creditors Must File Claims by August 14


U K R A I N E

AURORA-GROUP LLC: Creditors Must File Claims by August 5
AVANTEKS-GROUPP LLC: Creditors Must File Claims by August 5
ELIT SERVICE: Creditors Must File Claims by August 6
KHARKOV LEASING: Creditors Must File Claims by August 5
METIVEST BV: Fitch Affirms Long-Term Issuer Default Rating at 'B'

NAFTOGAZ OJSC: Fitch Junks Issuer Default Ratings From 'B-'
ODIUS GROUP: Creditors Must File Claims by August 5
SPORTTECHNOFINANCE LLC: Creditors Must File Claims by August 5
STEELCONSTRUCTION-103: Creditors Must File Claims by August 5
TONITRANS LLC: Creditors Must File Claims by August 5

* CITY OF KHARKOV: Fitch Affirms 'B' Long-Term Currency Ratings
* CITY OF KYIV: S&P Affirms 'CCC+' Issuer Credit Rating


U N I T E D   K I N G D O M

AMBAC ASSURANCE: Moody's Junks Insurance Financial Strength Rating
IMO CAR: Court to Rule on Debt Restructuring Plan Today
INEOS GROUP: Moody's Affirms 'Caa2' Corporate Family Rating
GLOBAL SHIP: Lenders Extend Waiver for Loan-to-Value Tests
GLOBE PUB: Fitch Withdraws Low-B Ratings on Two Classes of Notes

LINMARK ELECTRONICS: Enters Into Administration
LOMBOK: Assets Sold to Consortium; 124 Jobs Safeguarded
WARD KNOWLES: In Administration; KPMG Appointed

* BOND PRICING: For the Week July 27 to July 31, 2009


                         *********


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


ASSOCIER COMMUNITY: Claims Filing Deadline is August 13
-------------------------------------------------------
Creditors of Associer Community Solutions GmbH have until
August 13, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 27, 2009 at 11:00 a.m.

For further information, contact the company's administrator:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at


DR. WLADIKA GMBH: Claims Filing Deadline is August 13
-----------------------------------------------------
Creditors of Dr. Wladika GmbH have until August 13, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 27, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Karl Schirl
         Krugerstrasse 17/3
         1010 Wien
         Austria
         Tel: 513 22 31
         Fax: 513 22 31 1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at


GIENER GMBH: Claims Filing Deadline is August 12
------------------------------------------------
Creditors of Giener GmbH have until August 12, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 26, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Wien
         Austria
         Tel: 533 19 39
         Fax: 533 19 39-39
         E-mail: helmut.platzgummer@lp-law.at


===========================
C Z E C H   R E P U B L I C
===========================


CESKOSLOVENSKA: Moody's Confirms 'D' Bank Fin'l Strength Rating
---------------------------------------------------------------
Moody's Investors Service concluded its review of the ratings of
eight Slovak financial institutions.  The bank financial strength
ratings of all the banks that were on review were confirmed, while
the deposit ratings of three banks (Vseobecna uverova banka,
UnicCredit Bank Slovakia and Ceskoslovenska obchonda banka
Slovakia) were downgraded by one notch.

Moody's review, during which it carried out stress tests on the
Slovak banks' asset quality and earnings, showed that the ratings
were generally well placed to withstand a further deterioration of
asset quality and earnings that may result from the economic
downturn.  But while the rating agency expects Slovakia's GDP to
contract significantly in 2009, it noted that the economy, which
has benefited from adopting the euro, may demonstrate a greater
resilience and could out-perform other EU countries next year.
Overall, the banking system may face less distress than its peers
as household indebtedness is fairly low and the corporate sector
has been able to quickly adjust to the global environment.
Consequently, Moody's confirmed all the BFSRs, although in some
cases they carry a negative outlook.

The downgrades of the deposit ratings were limited to one notch
and were primarily driven by Moody's view that during this
systemic crisis the Slovak state's ability to support its banking
system not just with liquidity, but also with capital, has
weakened.  It now has been closer aligned with the government's
own fiscal flexibility (as expressed by the government bond rating
of A1).  Prior to the crisis, government support for banks was not
expected to be required on a systemic basis and together with the
tools of the European Central Bank, the ability of the Slovak
government to support any of its banks was considered to be
higher, at Aaa.  Consequently, some of those banks that had
benefited in their ratings from such systemic importance have been
affected and have been downgraded by one notch.(see below for
details).

Moody's confirmed all the ratings of Slovenska Sporitelna and
Privatbanka with a stable outlook, while it confirmed those of
Tatra Banka, Tatra Leasing and OTP Banka Slovakia with a negative
outlook.  The rating agency also confirmed the BFSRs of Vseobecna
uverova banka, UniCredit Bank Slovakia and Ceskoslovenska obchodna
banka Slovakia, but downgraded these banks' long-term deposit
ratings. Full details of all the rating actions can be found
below.

These rating actions conclude Moody's review of these eight Slovak
financial institutions that was initiated on 26 May 2009 with the
exception of Home Credit Slovakia, which remains on review for
possible downgrade together with its sister company Home Credit
(Czech Republic).

During the review, Moody's assessed the potential pressure on the
banks' asset quality indicators and earnings generating ability in
the distressed operating environment and their combined effect on
the banks' capitalization and standalone creditworthiness.  The
rating agency also reviewed the ability and willingness of parent
banks and the system, where applicable, to support the banks,
which represents an important input for assigning the final
ratings.

            Review of Bank Financial Strength Ratings

Moody's did not downgrade any Slovak bank's BFSR.  The stress-
testing exercise showed that the standalone ratings of the Slovak
banks already reflected their ability to cope -- given their
capital positions and earnings generating capacity -- with a
potential increase in expected losses in a deteriorating operating
environment.  However, Moody's changed the outlook on the BFSRs of
two banks to negative where the standalone rating was seen as
being slightly more exposed to a significant deterioration of the
operating environment than the rating agency currently envisages.

Moody's expects banks with a BFSR of between C- and the higher end
of the D range to withstand its anticipated case loss assumptions
reasonably well, but believes that they could come under material
pressure in a more severe scenario.  Banks rated between the lower
end of the D range and E+ display more modest fundamentals under
the rating agency's anticipated scenario and are highly sensitive
to a more stressed scenario, resulting in an increased likelihood
that third-party support would be required.  Moreover, while
Moody's loss estimates often indicate a similar magnitude of
potential capital shortfalls for D- and E+ rated banks, banks
rated D- have more robust business models and overall stronger
risk profiles.

                Refined Systemic Support Assessment

The downgrades of the banks' local and foreign currency deposit
ratings were driven by Moody's review of parental and systemic
support probabilities, and in particular by the application of its
refined systemic support assumptions.  The rating agency
previously used the local currency deposit ceiling (Aaa in the
case of Slovakia) as the main input for its assessment of the
ability of the national government to support its banks.  Although
anchoring the probability of support at the LCDC is appropriate in
most circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity, and even willingness, of a
central bank to support financial institutions in the event of a
banking crisis becoming both truly systemic and protracted.

Thus, the anchor used for measuring the influence of the
probability of systemic support on banks' ratings is now the
Slovak government bond rating of A1 (stable outlook) plus two
notches of uplift, resulting in an Aa2 input.  Including the
uplift to the government's rating reflects Moody's view that the
government's ability to support a bank can be higher than the
government debt rating as the state has an array of tools --
financial and non-financial -- that can be employed, especially
when the authorities fear that a collapse of the banking system
might amplify the economic stress.

The extent of the uplift in the case of Slovakia reflects Moody's
view that the risks of a systemic crisis in the banking system
remain relatively low and its assessment of the state's
willingness to support its banks.  The latter also reflects the
legislature's recent approval of a bank stability act that allows
the state to support the banks in the event of need with capital
injections, debt guarantees or direct lending.

                     List of Rating Actions

Moody's has taken these rating actions on the Slovak banks:

                    Slovenska Sporitelna (SLSP)

SLSP's BFSR of C-, which maps to a Baseline Credit Assessment of
Baa2, was confirmed with a stable outlook.  In Moody's view, the
bank's standalone rating appropriately reflects its ability to
withstand potential pressure on its capital adequacy caused by the
increase in problem loans in a distressed environment.  Moody's
notes that the expected losses on the bank's portfolio were
positively affected by its strong retail franchise, where the bank
focuses on loans secured by real estate.

The local and foreign currency deposit ratings of A2/Prime-1 were
confirmed with a stable outlook.

                   Vseobecna uverova banks (VUB)

Moody's confirmed VUB's BFSR of C-, which maps to a BCA of Baa2,
with a stable outlook.  Although the bank's large consumer finance
portfolio (VUB is the leader in the consumer finance market
through a subsidiary) is a reason for potential concern due to the
weaker quality of this type of lending, its strong capitalization
and good earnings generating ability support Moody's view that the
bank is well positioned to cope with potential losses.

However, due to its review of parental and systemic support
probabilities, Moody's downgraded the bank's long-term local and
foreign currency deposit ratings to A1 from Aa3.  The ratings
carry a stable outlook.  The Prime-1 short-term deposit rating was
confirmed.

                           Tatra Banka

Tatra Banka's BFSR of C-, mapping to BCA of Baa2, was confirmed
with a negative outlook.  In reviewing the rating, Moody's took
into consideration the bank's strong franchise, which translates
into good revenue generating ability, and the recently approved
capital injections.  However, given the bank's primarily corporate
profile, high concentrations in the loan book and moderate
capitalisation, Moody's views the Tatra Banka's rating as being
relatively vulnerable to further deterioration of the operating
environment.

The bank's local and foreign currency deposit ratings were
confirmed at A2/Prime-1, but the outlook was changed to negative
in line with the negative outlook on Tatra Banka's BFSR.

                          Tatra Leasing

Moody's confirmed the Aa3.sk rating of Tatra Leasing with a
negative outlook.  Although the leasing market in Slovakia has
been significantly affected by the worsening operating
environment, the company's rating is driven primarily by the
rating of its parent, Tatra Banka.  The negative outlook therefore
reflects the negative outlook on the bank's ratings, given the
close integration of and co-operation between the two entities.
Note that in the event of a downgrade of Tatra Banka's BFSR, the
ratings of Tatra Leasing would also come under downward pressure.

                UniCredit Bank Slovakia (Unicredit)

Moody's confirmed the UniCredit's BFSR of D+, which maps to a BCA
of Ba1, with a stable outlook.  Although Moody's regard
UniCredit's primarily corporate profile as more risky than those
of banks with stronger retail franchises, this is partly mitigated
by its good earnings power and strong capitalisation (2008:
13.4%),

However, Moody's adjustments to the systemic support inputs
resulted in a downgrade of the bank's local and foreign currency
deposit ratings to A3/Prime-2 from A2/Prime-1.  UniCredit's
deposit ratings carry a stable outlook, in line with the stable
outlook on the BFSR.

               Ceskoslovenska cbchodna banka (CSOB)

Moody's confirmed CSOB's BFSR of D, which maps to a BCA of Ba2,
with a stable outlook.  The bank's BFSR was not affected by the
rating agency's assessment of the potential losses on its capital
adequacy, but the bank's standalone rating is weighed down by the
challenges the entity is facing.  The bank became a standalone
entity only at the beginning of 2008 after being spun off from
Czech Republic's Ceskoslovenska Obchodni Banka (rated Aa3/Prime-1/
C) and is currently in a process of integrating another bank
acquired by its parent, KBC Bank N.V. (rated Aa3/Prime-1/C+), last
year.

Moody's adjustments to its systemic support inputs resulted in a
downgrade of the bank's local and foreign currency deposit ratings
to A3/Prime-2 from A2/Prime-1.  CSOB's deposit ratings carry a
stable outlook, in line with the stable outlook on the BFSR.

                      OTP Banka Slovakia (OBS)

OBS's BFSR of D-, which maps to a BCA of Ba3, was confirmed with a
negative outlook.  Although Moody's regards OBS's rating as able
to incorporate significant stress in the bank's loan portfolio,
the entity's weak profitability and modest capital adequacy (in
comparison with those of some of the other rated banks) makes it
particularly vulnerable to a more drastic deterioration in the
environment than the rating agency currently expects.

The bank's deposit ratings of Baa3/Prime-3 were also confirmed
with a negative outlook, which reflects the negative outlook on
the bank's BFSR and also the negative outlook on its parent and
support provider, Hungary's OTP Bank (rated Baa1/P-2/D+).

                            Privatbanka

Privatbanka's BFSR of E+, which maps to a BCA of B2, was confirmed
with a stable outlook.  In Moody's view, the bank's potential
vulnerability to the weakening operating environment, given its
weak franchise and high concentration in the loan book, is already
reflected in its ratings.  Moody's notes that bank's historical
profitability has been good and its end-2008 capital adequacy
ratio of 16.77% is very strong.

Moody's does not incorporate any parental or systemic support into
the bank's B2/Non-Prime deposit ratings, which map to national
scale ratings of Baa3.sk/SK-3.  All its ratings have a stable
outlook.

Moody's last rating action on SLSP was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, SLSP reported consolidated
IFRS net income of EUR142 million in 2008 and total assets of
EUR12.6 billion as of the end of the year.

Moody's last rating action on VUB was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, VUB reported consolidated
IFRS net income of EUR168 million in 2008 and total assets of
EUR11.2 billion as of the end of the year.

Moody's last rating action on Tatra Banka was on May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Tatra Banka reported
consolidated IFRS net income of EUR131 million in 2008 and total
assets of EUR10.5 billion as of the end of the year.

Moody's last rating action on Tatra Leasing was May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Tatra Leasing reported
consolidated IFRS net income of EUR1.8 million in 2008 and total
assets of EUR485 million as of the end of the year.

Moody's last rating action on BSOB was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, CSOB reported consolidated
IFRS net income of EUR37 million in 2008 and total assets of
EUR7.3 billion as of the end of the year.

Moody's last rating action on UniCredit was on May 26, 2009, when
all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, UniCredit reported
consolidated IFRS net income of EUR72 million in 2008 and total
assets of EUR4.6 billion as of the end of the year.

Moody's last rating action on OBS was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, OBS reported consolidated
IFRS net income of EUR11 million in 2008 and total assets of
EUR1.6 billion as of the end of the year.

Moody's last rating action on Privatbanka was on May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Privatbanka reported
consolidated IFRS net income of EUR2 million in 2008 and total
assets of EUR421 million as of the end of the year.


* CZECH REPUBLIC: Bankruptcy Filings More Than Doubled This Year
----------------------------------------------------------------
Stephan Delbos at The Prague Post reports that the number of Czech
companies filing for bankruptcy has more than doubled this year.

Citing a study released July 13 by the international business
monitoring firm Creditreform, the report discloses in the first
half of 2009, 4,021 insolvency proposals were filed in the Czech
Republic, almost 58% more than the same time period in 2008.

The report relates Cyril Mores, a broker at Creditreform, said the
"extraordinary" increase in insolvency proceedings has mostly
involved the glass and paper industries, as well as the
construction industry, which have all been hit hard by recent
economic volatility.   Facing severe losses, such companies have
been keen to take advantage of reformed insolvency laws that
simplify the process of filing for bankruptcy, the report states.

"The economic recession is certainly the main reason for the
increase in insolvency proceedings," the report quoted Mr. Mores
as saying.  "Another reason is the new insolvency law in the Czech
Republic, as well as the insolvency register, which has made it
possible for creditors to submit bankruptcy petitions very
quickly."

David Navratil, an economist at Ceska sporitelna, expects
bankruptcy filings to increase throughout the year before peaking,
along with unemployment, in the first quarter of 2010, the report
notes.


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


THOMSON SA: Restructuring Won't Affect S&P's 'SD' Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on French
technology group Thomson S.A. (SD/--/SD) are not immediately
affected by the company's announcement on July 24, 2009, that it
has signed an agreement with a majority of its senior lenders to
restructure its balance sheet.

The agreement, involving primarily a debt-for-equity swap, is
conditional on a number of requirements.  Upon implementation of a
restructuring agreement or the filing, if any, of legal
proceedings -- whichever occurs first -- S&P will revise all of
S&P's ratings on Thomson to 'D' (default), in accordance with
S&P's criteria.  Once the company emerges from reorganization or
any legal proceedings, S&P will reassess the ratings, taking into
account the benefits garnered through the reorganization process.


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


ARCANDOR AG: Explores Options for Thomas Cook Stake
---------------------------------------------------
James Wilson and Adam Jones at The Financial Times report that
Royal Bank of Scotland, Commerzbank and Bayern LB said on Thursday
they were considering their options for Arcandor AG's stake in UK
operator Thomas Cook Group plc.

According to the FT, the banks, the mandated lead arrangers in
Arcandor's banking syndicate, said that the most likely outcome
would be a market placing, an off-market sale or some combination
of both.

"No course of action has been determined at this stage," the FT
quoted the banks as saying.  They are being advised by UBS.

Arcandor owns almost 53% of Thomas Cook, its most profitable
division.  The stake was pledged by Arcandor as collateral in
return for some EUR1.5 billion of loans.

Arcandor, as cited by the FT, said, "It is known that our Thomas
Cook shares are pledged.  It remains to be seen whether, when and
how a sale of the Thomas Cook shares will take place."

The FT notes Arcandor's insolvency administrator said nothing had
been decided and talks were continuing with the banks.

On July 29, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Arcandor is proposing the sale of
its Thomas Cook shares in a single package.

                       About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As previously reported in the Troubled Company Reporter-Europe, on
June 9, 2009, Arcandor filed for bankruptcy protection after the
German government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


GENERAL MOTORS: German State Premiers Favor Magna's Bid for Opel
----------------------------------------------------------------
Patrick Donahue at Bloomberg News reports that the prime ministers
of the states of Hesse and Thuringia rejected a possible sale of
General Motors Co.'s Opel unit to investor RHJ International SA in
favor of Magna International Inc.

"The funds from the federal and state governments are available
for the Magna plan, not for a competitor that endangers the future
of Opel," Bloomberg quoted Thuringia's premier, Dieter Althaus, as
saying in the Bild am Sonntag newspaper.

According to Bloomberg, Chancellor Angela Merkel may place
pressure on U.S. officials to stick with Magna.

Bloomberg relates Germany, which agreed to back Opel's sale with
EUR1.5 billion (US$2.1 billion) in short-term loans, picked Magna
as its preferred bidder in May to protect jobs amid the worst
recession since World War II.   Of GM Europe's 55,000 jobs, 25,000
are in Germany.

Citing three people close to the trust that controls the division,
Bloomberg discloses Opel may be forced into bankruptcy should GM
and the German government fail to agree on a buyer.

Bloomberg says Magna's bid is preferred by labor unions, German
state governments and Merkel's Social Democratic rivals, who face
Sept. 27 elections.  The trust's five-member board, however,
doesn't back Magna's offer, favoring instead either RHJ's bid or
Opel's insolvency, Bloomberg notes.  According to Bloomberg, one
of the people said GM is concerned that a Magna deal might imperil
control of some patents.

                          GM Review

Serena Saitto and Andreas Cremer at Bloomberg News report GM's
board will review bids for Opel during a meeting starting Aug. 3.
Citing two of the people familiar with the planning, Bloomberg
states the trust will gather to discuss the bids the following
week.  Bloomberg notes people familiar with the process said
approval is also required by the U.S. Treasury.

The directors of the trust, chaired by Fred Irwin, are Dirk Pfeil,
a former state lawmaker who now represents Germany's four states
with Opel plants; Manfred Wennemer, a former Continental AG chief
executive officer, who represents the German federal government;
Enrico Digirolamo, chief financial officer of GM Europe; and GM’s
negotiator, John Smith.

The trust owns 65% of Opel, with GM holding the remaining 35
percent.

As reported in the Troubled Company Reporter-Europe on July 30,
2009, Bloomberg News, citing a German government official, said
that Magna improved its offer for GM's Opel division and will
contribute more cash than previously planned.  Bloomberg disclosed
the official said Magna will bring in EUR350 million (US$497
million) of cash directly if it's chosen to buy the carmaker.
Bloomberg said another EUR150 million will be provided through a
convertible bond.

                       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)


HEAT MEZZANINE: Moody's Cuts Ratings on 2 Classes of Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further possible downgrade its ratings of three classes of notes
issued by H.E.A.T. Mezzanine I-2005.

This transaction is a static German mezzanine finance CLO.  The
transaction has suffered EUR47 million in defaults and early
terminations, although the Principal Deficiency Ledger has been
reduced to approximately EUR28 million.  The Class A notes have
been paid down by approximately EUR23 million.

According to Moody's, the rating actions taken on the notes are a
result of the defaults suffered in the portfolio, which amount to
over 19.5% of the initial portfolio since closing and have led to
a reduction in subordination of the rated notes.

The rating actions also reflect Moody's revised assumptions
described in the press release dated January 15, 2009, titled
"Moody's updates key assumptions for rating corporate synthetic
CDOs" The revisions affect default probability and correlation,
which are key parameters in Moody's model for rating CLOs.

In addition, the equivalent Moody's ratings used in Moody's
analysis are obtained through an econometric model called Riskcalc
developed by Moody's KMV, based on financial statements provided
by the issuers on an annual basis.  The results from the Riskcalc
model were first translated to Moody's alpha numeric rating scale
and then, in order to compensate for the absence of credit
indicators such as rating reviews, outlooks and adjustments
factoring in cyclical developments in the economy, a one-notch
stress was applied.

Furthermore, various stress scenarios were run, including heavily
notching the largest asset in the portfolio, and stressing by one
notch those assets belonging to sectors which were viewed as
particularly vulnerable such as Automobile, Buildings and Real
Estate, Finance, Hotels, Motels, Inns and Gaming etc.

The deal was modeled using CDOROM 2.5 to create a loss
distribution that was then used as an input in a cash flow model.

The notes have been left on review for downgrade due to the
expected arrival in the near future of updated Riskcalc credit
analyses based on 2008 financial statement data.  Due to the
economic environment Moody's expects that this data will indicate
further credit deterioration in the remaining portfolio.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

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

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

  -- Moody's Approach to Rating CDOs of SMEs in Europe (February
     2007)

The rating actions are:

H.E.A.T. Mezzanine I-2005

  -- Class A1, Downgraded to Aa2 Under Review for Possible
     Downgrade; previously on March 13, 2009 Aaa Placed Under
     Review for Possible Downgrade

  -- Class B1, Downgraded to Ba3 Under Review for Possible
     Downgrade; previously on March 13, 2009 A1 Placed Under
     Review for Possible Downgrade

  -- Class B2, Downgraded to Ba3 Under Review for Possible
     Downgrade; previously on March 13, 2009 A1 Placed Under
     Review for Possible Downgrade


TREOFAN HOLDINGS: S&P Downgrades Corporate Credit Rating to 'SD'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit ratings on Germany-based flexible packaging
producer Treofan Holdings GmbH and its operating subsidiary
Treofan Germany GmbH & Co. KG to 'SD' from 'CC'.  At the same
time, S&P lowered its debt rating on the EUR170 million
subordinated second-lien notes issued by Treofan Germany to 'D'
from 'CC'.  The '4' recovery rating on these notes remains
unchanged, indicating S&P's expectation of average recovery (30%-
50%) in the event of a payment default.

"The downgrade follows Treofan's agreement with noteholders to
defer the Aug. 1, 2009, interest payment on its EUR170 million
second-lien notes due 2013," said Standard & Poor's credit analyst
Izabela Listowska.  It is S&P's understanding that the agreement
defers the interest payment to October 31, 2009, while Treofan
seeks a capital restructure.

Under its criteria, S&P views the extension of the payment date as
a default, given that it has been extended beyond the original
payment date.  It is S&P's understanding that an extension was
made pursuant to an amendment agreed by a majority of noteholders,
and S&P therefore believes there is no contractual default.


TUI AG: S&P Downgrades Long-Term Corporate Credit Rating to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on German tourism and shipping group
TUI AG to 'B-' from 'B'.  At the same time, the senior unsecured
debt ratings on TUI were lowered to 'CCC+' from 'B-' and the
junior subordinated debt rating was lowered to 'CCC-' from 'CCC'.
All ratings remain on CreditWatch, where they were placed with
negative implications on July 13, 2009.

"The one-notch downgrade reflects TUI's announcement on July 28,
2009, that it will make an additional EUR215 million cash
commitment as the first part of a package of measures to support
its 43%-owned associate Hapag-Lloyd AG," said Standard & Poor's
credit analyst Philip Temme.

This commitment will take the form of an investment in a new
company that will take over Hapag-Lloyd's 25.1% equity stake in
Container-Terminal Altenwerder in the port of Hamburg.  The CTA
acquisition is being undertaken in collaboration with certain
shareholders of the Hamburgische Seefahrtsbeteiligung "Albert
Ballin" GmbH & Co. KG consortium.

At the same time, shareholders in the Albert Ballin consortium
have agreed in principle to reach a decision over the next few
weeks regarding the capital and financing measures required to
support Hapag-Lloyd over the long term, which will form the basis
for applications for government guarantees.

"The negative CreditWatch status reflects S&P's view of the
uncertainties relating to Hapag-Lloyd's operating performance and
the next round of Hapag-Lloyd capital and financing measures,"
added Mr. Temme.  "In particular, there is a risk that TUI might
have to convert some of its existing debt exposure to Hapag-Lloyd
back into equity, or else accept a revised Hapag-Lloyd loan
repayment schedule, in order to conclude a satisfactory further
round of financing measures.  Furthermore, in S&P's opinion, there
are also implications for the next package of Hapag-Lloyd support
measures in the fact that not all consortium shareholders have
agreed to participate in the CTA acquisition."

S&P aims to resolve the CreditWatch listing once further details
are available about Hapag-Lloyd's trading performance and
depending on whether its proposed capital and debt restructuring
can be satisfactorily concluded.

Although TUI currently benefits from significant cash balances at
the group level, its ability to meet its own medium-term
obligations would be severely constrained by any payment default
by Hapag-Lloyd, given TUI's substantial unsecured credit exposure
to Hapag-Lloyd.  Any material margin weakening in the tourism
business over the key summer season would also be ratings-
negative.


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


ASPIS BANK: Fitch Downgrades Individual Rating to 'E'
-----------------------------------------------------
Fitch Ratings has downgraded Greece-based Aspis Bank's Long-term
Issuer Default Rating to 'B' from 'B+ and its Individual Rating to
'E' from 'D/E'.  The Long-term IDR remains on Rating Watch
Negative.   The agency has simultaneously affirmed Aspis's Short-
term IDR at 'B', Support rating at '5' and Support Rating Floor at
'No Floor'.

Aspis' outstanding EUR15 million and EUR25 million perpetual non-
cumulative callable hybrid tier 1 capital notes and EUR100 million
dated subordinated notes have been downgraded to 'CCC-' from
'CCC+' and to 'CCC+' from 'B-' respectively, in line with Fitch's
criteria for rating capital instruments.  The notes remain on RWN.
The Recovery Rating on the notes is 'RR6'.

The downgrade and RWN reflect Fitch's view that despite
management's proactive steps to reposition the bank by focusing on
its core business and cost containment, it has taken longer than
expected to readjust the bank's business model to a more
competitive domestic banking and deteriorating economic
environment, which is negatively affecting its financial
performance, asset quality and capital position.  Given the
challenging operating environment, the bank's small size and
funding profile, positive effects of the measures taken have yet
to feed through to the bank's performance.

Fitch aims to resolve the Watch over the next three to four months
and will assess Aspis' ability to raise capital in H209 as
detailed in its business plan and to improve its underlying
profitability.  Aspis intends to raise EUR120 million of common
shares from its shareholders, which in the current climate appears
challenging, and EUR90 million in preference shares from the
government under the Greek bank support scheme.  According to
management, the EUR120 million increase in common shares should be
finalized towards the end of 2009.

Aspis reported a EUR15.5 million operating loss in Q109, mainly
due to significantly higher funding costs following recent market
dislocations, lower business volumes affecting net fee income as
well as high impairment charges due to deteriorating asset
quality.  Fitch believes it will remain a challenge for Aspis to
improve its underlying profitability, given the bank's reliance on
deposit funding which makes it vulnerable to competition for
deposits.

Credit risk in its large residential mortgage (49.4% of total
loans at end-Q109) and corporate/SME loan (43.6%) book is the main
source of risk.  At end-Q109, asset quality deteriorated (loans 90
days overdue/total loans ratio of 9.3%; 8.4% at end-2008) and
coverage was, in Fitch's opinion, low (25%) despite high
impairment charges in Q109 and the availability of collateral
(mostly mortgages which cover nearly 50% of assets).

Aspis's funding consists predominantly of customer deposits, while
access to wholesale markets is limited.  The bank's capitalization
has come under pressure from operating losses, and could
deteriorate further if the return to profitability or capital
injection takes longer than planned.

Aspis, the 11th-largest Greek bank by end-Q109 assets, is a
domestically-oriented former mortgage bank.  It had 73 branches
and 1,060 staff at end-Q109.  The listed bank is majority-owned by
Aspis Pronia General Insurance Company and its various affiliates
(59.4% at end-Q109).

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's individual ratings and the prospect of external support
is reflected in Fitch's support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


SEANERGY MARITIME: Seeks July 2010 Extension of Covenant Waivers
----------------------------------------------------------------
Seanergy Maritime Holdings Corp. discloses it is in active
negotiations with its lender on an extension to be granted on its
market value-to-loan covenant waiver, subject to the review of new
charterparty agreements.  Seanergy says its lender has indicated
willingness to extend the waiver, which recently expired, until
July 1, 2010.

"We expect the extension of this waiver to be granted, thus the
presentation of our long term debt in the attached financial
statements assumes that the extension of this waiver will be
granted and accordingly, substantially all of our long-term debt
continues to be classified as non-current as of June 30, 2009,"
Seanergy says.

"To the extent that we are unable to obtain this waiver, any
long-term debt for which we have been unable to secure a market
value to loan covenant waiver will be required to be classified as
current, reflecting our lender's ability to call that debt at any
time at their option."

As successor to Seanergy Maritime Corp., Seanergy Maritime
Holdings Corp. -- http://www.seanergymaritime.com/-- is a
Marshall Islands corporation with its executive offices in Athens,
Greece.  The Company is engaged in the transportation of dry bulk
cargoes through the ownership and operation of dry bulk carriers.
The Company purchased and took delivery of six dry bulk carriers
in the third and fourth quarters of 2008 from companies associated
with members of the Restis family.  Its current fleet is comprised
of two Panamax, two Supramax and two Handysize dry bulk carriers
with a combined cargo-carrying capacity of 316,676 dwt and an
average fleet age of approximately 11 years.

The Company's common stock and warrants trade on the NASDAQ Global
Market under the symbols SHIP and SHIP.W, respectively.  Prior to
October 15, 2008, the Company's common stock and warrants traded
on the NYSE Alternext US LLC (formally known as AMEX) under the
symbols SRG, SRG.W, respectively.


=============
H U N G A R Y
=============


OTP BANKA: Moody's Affirms 'D-' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service concluded its review of the ratings of
eight Slovak financial institutions.  The bank financial strength
ratings of all the banks that were on review were confirmed, while
the deposit ratings of three banks (Vseobecna uverova banka,
UnicCredit Bank Slovakia and Ceskoslovenska obchonda banka
Slovakia) were downgraded by one notch.

Moody's review, during which it carried out stress tests on the
Slovak banks' asset quality and earnings, showed that the ratings
were generally well placed to withstand a further deterioration of
asset quality and earnings that may result from the economic
downturn.  But while the rating agency expects Slovakia's GDP to
contract significantly in 2009, it noted that the economy, which
has benefited from adopting the euro, may demonstrate a greater
resilience and could out-perform other EU countries next year.
Overall, the banking system may face less distress than its peers
as household indebtedness is fairly low and the corporate sector
has been able to quickly adjust to the global environment.
Consequently, Moody's confirmed all the BFSRs, although in some
cases they carry a negative outlook.

The downgrades of the deposit ratings were limited to one notch
and were primarily driven by Moody's view that during this
systemic crisis the Slovak state's ability to support its banking
system not just with liquidity, but also with capital, has
weakened.  It now has been closer aligned with the government's
own fiscal flexibility (as expressed by the government bond rating
of A1).  Prior to the crisis, government support for banks was not
expected to be required on a systemic basis and together with the
tools of the European Central Bank, the ability of the Slovak
government to support any of its banks was considered to be
higher, at Aaa.  Consequently, some of those banks that had
benefited in their ratings from such systemic importance have been
affected and have been downgraded by one notch.(see below for
details).

Moody's confirmed all the ratings of Slovenska Sporitelna and
Privatbanka with a stable outlook, while it confirmed those of
Tatra Banka, Tatra Leasing and OTP Banka Slovakia with a negative
outlook.  The rating agency also confirmed the BFSRs of Vseobecna
uverova banka, UniCredit Bank Slovakia and Ceskoslovenska obchodna
banka Slovakia, but downgraded these banks' long-term deposit
ratings. Full details of all the rating actions can be found
below.

These rating actions conclude Moody's review of these eight Slovak
financial institutions that was initiated on 26 May 2009 with the
exception of Home Credit Slovakia, which remains on review for
possible downgrade together with its sister company Home Credit
(Czech Republic).

During the review, Moody's assessed the potential pressure on the
banks' asset quality indicators and earnings generating ability in
the distressed operating environment and their combined effect on
the banks' capitalization and standalone creditworthiness.  The
rating agency also reviewed the ability and willingness of parent
banks and the system, where applicable, to support the banks,
which represents an important input for assigning the final
ratings.

            Review of Bank Financial Strength Ratings

Moody's did not downgrade any Slovak bank's BFSR.  The stress-
testing exercise showed that the standalone ratings of the Slovak
banks already reflected their ability to cope -- given their
capital positions and earnings generating capacity -- with a
potential increase in expected losses in a deteriorating operating
environment.  However, Moody's changed the outlook on the BFSRs of
two banks to negative where the standalone rating was seen as
being slightly more exposed to a significant deterioration of the
operating environment than the rating agency currently envisages.

Moody's expects banks with a BFSR of between C- and the higher end
of the D range to withstand its anticipated case loss assumptions
reasonably well, but believes that they could come under material
pressure in a more severe scenario.  Banks rated between the lower
end of the D range and E+ display more modest fundamentals under
the rating agency's anticipated scenario and are highly sensitive
to a more stressed scenario, resulting in an increased likelihood
that third-party support would be required.  Moreover, while
Moody's loss estimates often indicate a similar magnitude of
potential capital shortfalls for D- and E+ rated banks, banks
rated D- have more robust business models and overall stronger
risk profiles.

                Refined Systemic Support Assessment

The downgrades of the banks' local and foreign currency deposit
ratings were driven by Moody's review of parental and systemic
support probabilities, and in particular by the application of its
refined systemic support assumptions.  The rating agency
previously used the local currency deposit ceiling (Aaa in the
case of Slovakia) as the main input for its assessment of the
ability of the national government to support its banks.  Although
anchoring the probability of support at the LCDC is appropriate in
most circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity, and even willingness, of a
central bank to support financial institutions in the event of a
banking crisis becoming both truly systemic and protracted.

Thus, the anchor used for measuring the influence of the
probability of systemic support on banks' ratings is now the
Slovak government bond rating of A1 (stable outlook) plus two
notches of uplift, resulting in an Aa2 input.  Including the
uplift to the government's rating reflects Moody's view that the
government's ability to support a bank can be higher than the
government debt rating as the state has an array of tools --
financial and non-financial -- that can be employed, especially
when the authorities fear that a collapse of the banking system
might amplify the economic stress.

The extent of the uplift in the case of Slovakia reflects Moody's
view that the risks of a systemic crisis in the banking system
remain relatively low and its assessment of the state's
willingness to support its banks.  The latter also reflects the
legislature's recent approval of a bank stability act that allows
the state to support the banks in the event of need with capital
injections, debt guarantees or direct lending.

                     List of Rating Actions

Moody's has taken these rating actions on the Slovak banks:

                    Slovenska Sporitelna (SLSP)

SLSP's BFSR of C-, which maps to a Baseline Credit Assessment of
Baa2, was confirmed with a stable outlook.  In Moody's view, the
bank's standalone rating appropriately reflects its ability to
withstand potential pressure on its capital adequacy caused by the
increase in problem loans in a distressed environment.  Moody's
notes that the expected losses on the bank's portfolio were
positively affected by its strong retail franchise, where the bank
focuses on loans secured by real estate.

The local and foreign currency deposit ratings of A2/Prime-1 were
confirmed with a stable outlook.

                   Vseobecna uverova banks (VUB)

Moody's confirmed VUB's BFSR of C-, which maps to a BCA of Baa2,
with a stable outlook.  Although the bank's large consumer finance
portfolio (VUB is the leader in the consumer finance market
through a subsidiary) is a reason for potential concern due to the
weaker quality of this type of lending, its strong capitalization
and good earnings generating ability support Moody's view that the
bank is well positioned to cope with potential losses.

However, due to its review of parental and systemic support
probabilities, Moody's downgraded the bank's long-term local and
foreign currency deposit ratings to A1 from Aa3.  The ratings
carry a stable outlook.  The Prime-1 short-term deposit rating was
confirmed.

                           Tatra Banka

Tatra Banka's BFSR of C-, mapping to BCA of Baa2, was confirmed
with a negative outlook.  In reviewing the rating, Moody's took
into consideration the bank's strong franchise, which translates
into good revenue generating ability, and the recently approved
capital injections.  However, given the bank's primarily corporate
profile, high concentrations in the loan book and moderate
capitalisation, Moody's views the Tatra Banka's rating as being
relatively vulnerable to further deterioration of the operating
environment.

The bank's local and foreign currency deposit ratings were
confirmed at A2/Prime-1, but the outlook was changed to negative
in line with the negative outlook on Tatra Banka's BFSR.

                          Tatra Leasing

Moody's confirmed the Aa3.sk rating of Tatra Leasing with a
negative outlook.  Although the leasing market in Slovakia has
been significantly affected by the worsening operating
environment, the company's rating is driven primarily by the
rating of its parent, Tatra Banka.  The negative outlook therefore
reflects the negative outlook on the bank's ratings, given the
close integration of and co-operation between the two entities.
Note that in the event of a downgrade of Tatra Banka's BFSR, the
ratings of Tatra Leasing would also come under downward pressure.

                UniCredit Bank Slovakia (Unicredit)

Moody's confirmed the UniCredit's BFSR of D+, which maps to a BCA
of Ba1, with a stable outlook.  Although Moody's regard
UniCredit's primarily corporate profile as more risky than those
of banks with stronger retail franchises, this is partly mitigated
by its good earnings power and strong capitalisation (2008:
13.4%),

However, Moody's adjustments to the systemic support inputs
resulted in a downgrade of the bank's local and foreign currency
deposit ratings to A3/Prime-2 from A2/Prime-1.  UniCredit's
deposit ratings carry a stable outlook, in line with the stable
outlook on the BFSR.

               Ceskoslovenska cbchodna banka (CSOB)

Moody's confirmed CSOB's BFSR of D, which maps to a BCA of Ba2,
with a stable outlook.  The bank's BFSR was not affected by the
rating agency's assessment of the potential losses on its capital
adequacy, but the bank's standalone rating is weighed down by the
challenges the entity is facing.  The bank became a standalone
entity only at the beginning of 2008 after being spun off from
Czech Republic's Ceskoslovenska Obchodni Banka (rated Aa3/Prime-1/
C) and is currently in a process of integrating another bank
acquired by its parent, KBC Bank N.V. (rated Aa3/Prime-1/C+), last
year.

Moody's adjustments to its systemic support inputs resulted in a
downgrade of the bank's local and foreign currency deposit ratings
to A3/Prime-2 from A2/Prime-1.  CSOB's deposit ratings carry a
stable outlook, in line with the stable outlook on the BFSR.

                      OTP Banka Slovakia (OBS)

OBS's BFSR of D-, which maps to a BCA of Ba3, was confirmed with a
negative outlook.  Although Moody's regards OBS's rating as able
to incorporate significant stress in the bank's loan portfolio,
the entity's weak profitability and modest capital adequacy (in
comparison with those of some of the other rated banks) makes it
particularly vulnerable to a more drastic deterioration in the
environment than the rating agency currently expects.

The bank's deposit ratings of Baa3/Prime-3 were also confirmed
with a negative outlook, which reflects the negative outlook on
the bank's BFSR and also the negative outlook on its parent and
support provider, Hungary's OTP Bank (rated Baa1/P-2/D+).

                            Privatbanka

Privatbanka's BFSR of E+, which maps to a BCA of B2, was confirmed
with a stable outlook.  In Moody's view, the bank's potential
vulnerability to the weakening operating environment, given its
weak franchise and high concentration in the loan book, is already
reflected in its ratings.  Moody's notes that bank's historical
profitability has been good and its end-2008 capital adequacy
ratio of 16.77% is very strong.

Moody's does not incorporate any parental or systemic support into
the bank's B2/Non-Prime deposit ratings, which map to national
scale ratings of Baa3.sk/SK-3.  All its ratings have a stable
outlook.

Moody's last rating action on SLSP was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, SLSP reported consolidated
IFRS net income of EUR142 million in 2008 and total assets of
EUR12.6 billion as of the end of the year.

Moody's last rating action on VUB was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, VUB reported consolidated
IFRS net income of EUR168 million in 2008 and total assets of
EUR11.2 billion as of the end of the year.

Moody's last rating action on Tatra Banka was on May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Tatra Banka reported
consolidated IFRS net income of EUR131 million in 2008 and total
assets of EUR10.5 billion as of the end of the year.

Moody's last rating action on Tatra Leasing was May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Tatra Leasing reported
consolidated IFRS net income of EUR1.8 million in 2008 and total
assets of EUR485 million as of the end of the year.

Moody's last rating action on BSOB was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, CSOB reported consolidated
IFRS net income of EUR37 million in 2008 and total assets of
EUR7.3 billion as of the end of the year.

Moody's last rating action on UniCredit was on May 26, 2009, when
all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, UniCredit reported
consolidated IFRS net income of EUR72 million in 2008 and total
assets of EUR4.6 billion as of the end of the year.

Moody's last rating action on OBS was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, OBS reported consolidated
IFRS net income of EUR11 million in 2008 and total assets of
EUR1.6 billion as of the end of the year.

Moody's last rating action on Privatbanka was on May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Privatbanka reported
consolidated IFRS net income of EUR2 million in 2008 and total
assets of EUR421 million as of the end of the year.


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


ANGLO IRISH: Moody's Cuts Ratings on Tier 1 Securities to 'C'
-------------------------------------------------------------
Moody's Investors Service has downgraded the Tier 1 securities of
Anglo Irish Bank Corporation Ltd (Anglo Irish, rated A3/P-1/E) to
C (with the exception of the non-cumulative preference shares with
voting rights that are already rated C).  The outlook on these
securities is now stable.  Previously the bank's cumulative Tier 1
securities were rated Caa1 and the bank's non-cumulative Tier 1
securities were rated Caa3, all on review for possible downgrade.

The downgrade follows the announcement of the tender offer to
buyback the Tier 1 securities at a significant discount to the par
value (27%).  In addition given that the bank has, as detailed
below, already announced that coupons will be omitted on both
cumulative and non-cumulative Tier 1 securities, the tender offer
on these Tier 1 instruments is classed as a "distressed exchange"
by Moody's.  See "Moody's Approach to Evaluating Distressed
Exchanges", published in March 2009, for more details on Moody's
approach.

The C rating for these securities also reflects Moody's view that
there is little prospect for recovery of interest and principal
for these instruments given the challenges the bank faces and the
length of time that the bank may need to return to sustainable
profitability.

On July 9 Anglo Irish announced that as a condition of approving
the Irish Government's recapitalization of the bank the European
Commission (EC) requires that no further coupon payments be made
on any of the Bank's Tier 1 Securities.  Moody's understands that
there has not been any guidance from the EC on when payments will
be able to resume, however Moody's expect that this is unlikely to
happen until the bank has returned to profitability.  However,
given the current situation of the bank and the difficult economic
environment Moody's would not expect this to happen in the medium
term, although Moody's note that a substantial portion of its loan
portfolio will be transferred to the National Asset Management
Agency and this may speed up this process.  However, depending on
the value of the assets which will be transferred, this could also
lead to a further capital requirement.  Moody's are also of the
opinion that continuing government support is likely to be
required to give the bank sufficient flexibility to restructure
and establish a viable business model again.

The dated subordinated and junior subordinated issues that are
part of the tender offer are not classed as a "distressed
exchange" by Moody's and therefore the ratings are unchanged at
Baa1 and B3.

The last rating action on Anglo was on July 13, 2009 when the
bank's cumulative tier 1 securities (rated Caa1) and non-
cumulative tier 1 securities (rated Caa3) were placed on review
for possible downgrade.

The detailed ratings and actions are listed below:

Anglo Irish Asset Finance:

* Cumulative Tier 1 securities downgraded to C (stable outlook)
  from Caa1 (on review for possible downgrade.)

Anglo Irish Capital UK (2) LP:

* Non-cumulative Tier 1 securities downgraded to C (stable
  outlook) from Caa3 (on review for possible downgrade.)

Anglo Irish Capital UK (3) LP:

* Non-cumulative Tier 1 securities downgraded to C (stable
  outlook) from Caa3 (on review for possible downgrade.)

Anglo Irish Bank had total assets of EUR88.5 billion at end-March
2009.  The bank is headquartered in Dublin, Ireland.


LYNCH HOTEL: Confirms Appointment of Grant Thornton as Examiner
---------------------------------------------------------------
The Irish Times reports that Ms. Justice Mary Finlay Geoghegan has
confirmed the appointment of Michael McAteer at Grant Thornton as
examiner to the Lynch Hotel Group.

According to the report, the examiner has up to 100 days to come
up with a scheme of arrangement.

The companies under court protection are West County Hotel Ennis
Ltd; Dale Park Properties Ltd; Breaghwy House Hotel Ltd; Pyrmont
Ltd; LHG Catering Promotions Ltd; Breaffy Wellness Hotel Ltd and
Clare Inn Hotel Ltd, all with registered addresses at Clare Road,
Ennis, Co Clare, the report discloses.

The report recalls the group, which employs more than 450 full-
time workers, sought court protection because it is unable to pay
its debts, which stood at EUR22.85 million.  The group's main
creditors include the Revenue Commissioners, AIB, Bank of Scotland
(Ireland), Bank of Ireland, Diageo Ireland and Celtic Linen Ltd.,
the report states.

The report relates the High court judge was told Thursday by John
Gleeson SC, for the group, that it needed to undergo restructuring
if it was to survive as a going concern.  The court was told the
group's financial difficulties arose from several factors,
including low occupancy rates at the Breaffy House Hotel,
"unsustainable" leasing agreements relating to some hotels and the
economic downturn, the report recounts.

Established in 1968, the Lynch Hotel group is owned by Ennis-based
businessman Michael Lynch.  The group's hotels are based in the
west of Ireland and include the George Hotel in Limerick city and
Breaffy House Hotel in Castlebar, Co Mayo.


* IRELAND: Examinership Applications Up 71% in 2008
---------------------------------------------------
Ruadhan MacCormaic at The Irish Times reports that the number of
business and debt-related cases coming before the Irish courts
doubled last year.

Citing the Courts Service annual report, the Irish Times discloses
that applications to appoint examiners to companies in difficulty
increased by 71%.

According to the Irish Times, the report showed a 103% increase in
cases for recovery of possession of land or premises in the High
Court and a 63% rise in the number of actions for recovery of
debt.


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


CREDITO TREVIGIANO: S&P Lowers Counterparty Ratings to 'BB+/B'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long- and short-term counterparty credit ratings on Credito
Trevigiano Banca di Credito Cooperativo to 'BB+/B' from 'BBB-/A-
3', because of the bank's rapidly weakening credit risk profile.
At the same time, S&P placed the long-term rating on CreditWatch
with negative implications.

"The downgrade reflects persistent deterioration in the bank's
credit risk profile in the second quarter of 2009, due to the
economic recession in Italy, which is particularly affecting the
small and midsize enterprises and the real estate development
sector," said Standard & Poor's credit analyst Francesca Sacchi.

S&P believes that Trevigiano's asset quality is particularly
vulnerable to the current harsh economic conditions in Italy, in
light of the bank's high loan concentration in the real estate
development sector (25% on March 31, 2009) and by single borrower.
The ratio of nonperforming assets to gross customer loans is
expected to rise sharply from 5% at end-March 2009.

To resolve the CreditWatch placement, S&P will meet with the
bank's management to assess the prospects for deterioration in
asset quality metrics in the next few quarters.  S&P expects to
resolve the CreditWatch within the next couple of months, and as a
result, S&P could affirm the ratings or lower them further.


PARMALAT SPA: Net Income Down 42% to EUR247.8 Mln in 1st Half 2009
------------------------------------------------------------------
Andrew Davis and Flavia Krause-Jackson at Bloomberg News report
that Parmalat SpA said its net income for the first half of 2009
fell 42% to EUR247.8 million (US$348 million) from EUR425 million
a year earlier.

Bloomberg discloses the company's sales dropped 2.9% to EUR1.85
billion.  According to Bloomberg, sales were eroded by private-
label dairy competitors.

                          Settlements

Parmalat's income from legal settlements related to its 2003
bankruptcy dwindled, Bloomberg states.  The net contribution of
legal settlements to first-half profit fell to EUR178.7 million,
compared with almost EUR426.8 million in the same period a year
earlier, Bloomberg notes.

Bloomberg relates Parmalat Chief Executive Officer Enrico Bondi
has recovered about EUR2 billion in legal settlements from the
dairy company's former banks and auditors, who he accused of
sustaining the fraud that led to Italy's biggest corporate
collapse.

                     About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary Holtzer,
Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP,
represent the Debtors.  When the U.S. Debtors filed for bankruptcy
protection, they reported more than US$200 million in assets and
debts.  The U.S. Debtors emerged from bankruptcy on April 13,
2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in each
of the cases.  The Parma Court has declared the units insolvent.
On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition (Bankr.
S.D.N.Y Case No. 04-14268)

Three Parmalat special-purpose vehicles -- Dairy Holdings Ltd.,
Parmalat Capital Finance Ltd., and Food Holdings Ltd. -- were
placed under separate winding up petitions before the Grand Court
of the Cayman Islands.  Gordon I. MacRae and James Cleaver of
Kroll (Cayman) Ltd. were appointed as Joint Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304 petition
(Bankr. S.D.N.Y. Case No. 04-10362).  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at
Janvey, Gordon, Herlands Randolph, represented the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain oversaw the Parmalat Debtors' U.S.
bankruptcy cases.  On June 21, 2007, the U.S. Court granted
Parmalat permanent injunction.


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


ALLIANCE BANK: Moody's Downgrades Senior Debt Rating to 'C'
-----------------------------------------------------------
Moody's Investors Service downgraded to C from Ca the senior
unsecured debt ratings of three Kazakh banks: BTA Bank, Temirbank
and Alliance Bank.  The rating agency also confirmed the Caa3
local and foreign currency deposit ratings of all three banks.
These actions conclude the review initiated on these ratings in
early 2009.

The E bank financial strength ratings and C subordinated debt
ratings of the affected banks remain unchanged.  However, Moody's
now maps all three banks' E BFSRs to a Baseline Credit Assessment
of C, one notch lower than previously.

The outlook on the banks' deposit ratings is now developing, while
on all other ratings the outlook is stable.

A detailed rationale for each institution's rating actions is
provided below.

                             BTA Bank

Moody's decision to lower BTA Bank's BCA and downgrade its senior
unsecured debt rating to C from Ca reflects the large losses
(US$9.8 billion for 2008) and negative capitalization (-US$6.3
billion as of year-end 2008) reported by the bank.  The bank plans
to restructure its market borrowings: based on the initial
estimates made by BTA's management, the losses to be incurred by
the senior creditors would be over 50% of their investments.  Such
estimates are in line with Moody's assessment of the potential
losses for the bank's creditors.  The rating agency would not
expect any systemic support to be provided with regard to the
bank's debt and therefore its senior unsecured debt ratings
receive no uplift from its BCA of C.

However, Moody's expects that, in order to maintain stability in
the country's banking system, the Kazakh government might provide
some support to the bank's depositors.  As a result, its Caa3
foreign and local currency deposit ratings factor in Moody's
assessment of a low probability of systemic support and receive a
two-notch uplift from its BCA of C.

                            Temirbank

The downgrade of Temirbank's ratings has been prompted by the
weakening of the bank's BFSR within its E category -- now mapping
to a BCA of C from Ca previously -- and by the downgrade of its
parent, BTA Bank.  However, the bank's local and foreign currency
deposit ratings of Caa3 factor in Moody's assessment of a high
probability of support from BTA Bank and were therefore confirmed.

As in the case of BTA Bank, Temirbank's senior unsecured debt
ratings do not imply any probability of systemic support (through
BTA Bank) and therefore receive no uplift from its BCA of C.

                          Alliance Bank

The lowering of Alliance Bank's BCA and the downgrade of the
senior unsecured debt rating to C from Ca reflect the large losses
incurred by the bank over the past year that led to its
substantial negative capitalisation of US$2.9 billion as of end-
May 2009, according to the bank's regulatory reports.  The bank is
in the process of restructuring its market borrowings: based on
the options offered to the creditors, their losses may be over 50%
of their investments.  Such estimates are in line with Moody's
assessment of the potential losses for the bank's creditors.

As with the other banks affected, its Caa3 foreign and local
currency deposit ratings factor in Moody's assessment of a low
probability of systemic support and receive a two-notch uplift
from its BCA of C.

Moody's previous rating action on BTA Bank was on March 27, 2009,
when the bank's local and foreign currency deposit ratings were
downgraded to Caa3 from B1, foreign currency senior unsecured debt
rating was downgraded to Ca from B1 and bank financial strength
rating was downgraded to E from E+.  The bank's deposit and senior
unsecured debt ratings remained on review for possible further
downgrade.

Moody's previous rating action on Temirbank was on March 27, 2009,
when the bank's local and foreign currency deposit ratings were
downgraded to Caa3 from B3, foreign currency senior unsecured debt
rating was downgraded to Ca from B3.  The bank's deposit and
senior unsecured debt ratings remained on review for possible
further downgrade.

Moody's previous rating action on Alliance Bank was on April 1,
2009, when the bank's local and foreign currency deposit ratings
were downgraded to Caa3 from B2, foreign currency senior unsecured
debt rating was downgraded to Ca from B2.  The bank's subordinated
and junior subordinated foreign currency debt ratings have been
downgraded to C with a stable outlook.  The bank financial
strength rating of E has been affirmed.  The bank's deposit and
senior unsecured debt ratings remained on review for possible
further downgrade.


BTA BANK: Moody's Downgrades Senior Debt Rating to 'C'
------------------------------------------------------
Moody's Investors Service downgraded to C from Ca the senior
unsecured debt ratings of three Kazakh banks: BTA Bank, Temirbank
and Alliance Bank.  The rating agency also confirmed the Caa3
local and foreign currency deposit ratings of all three banks.
These actions conclude the review initiated on these ratings in
early 2009.

The E bank financial strength ratings and C subordinated debt
ratings of the affected banks remain unchanged.  However, Moody's
now maps all three banks' E BFSRs to a Baseline Credit Assessment
of C, one notch lower than previously.

The outlook on the banks' deposit ratings is now developing, while
on all other ratings the outlook is stable.

A detailed rationale for each institution's rating actions is
provided below.

                             BTA Bank

Moody's decision to lower BTA Bank's BCA and downgrade its senior
unsecured debt rating to C from Ca reflects the large losses
(US$9.8 billion for 2008) and negative capitalization (-US$6.3
billion as of year-end 2008) reported by the bank.  The bank plans
to restructure its market borrowings: based on the initial
estimates made by BTA's management, the losses to be incurred by
the senior creditors would be over 50% of their investments.  Such
estimates are in line with Moody's assessment of the potential
losses for the bank's creditors.  The rating agency would not
expect any systemic support to be provided with regard to the
bank's debt and therefore its senior unsecured debt ratings
receive no uplift from its BCA of C.

However, Moody's expects that, in order to maintain stability in
the country's banking system, the Kazakh government might provide
some support to the bank's depositors.  As a result, its Caa3
foreign and local currency deposit ratings factor in Moody's
assessment of a low probability of systemic support and receive a
two-notch uplift from its BCA of C.

                            Temirbank

The downgrade of Temirbank's ratings has been prompted by the
weakening of the bank's BFSR within its E category -- now mapping
to a BCA of C from Ca previously -- and by the downgrade of its
parent, BTA Bank.  However, the bank's local and foreign currency
deposit ratings of Caa3 factor in Moody's assessment of a high
probability of support from BTA Bank and were therefore confirmed.

As in the case of BTA Bank, Temirbank's senior unsecured debt
ratings do not imply any probability of systemic support (through
BTA Bank) and therefore receive no uplift from its BCA of C.

                          Alliance Bank

The lowering of Alliance Bank's BCA and the downgrade of the
senior unsecured debt rating to C from Ca reflect the large losses
incurred by the bank over the past year that led to its
substantial negative capitalisation of US$2.9 billion as of end-
May 2009, according to the bank's regulatory reports.  The bank is
in the process of restructuring its market borrowings: based on
the options offered to the creditors, their losses may be over 50%
of their investments.  Such estimates are in line with Moody's
assessment of the potential losses for the bank's creditors.

As with the other banks affected, its Caa3 foreign and local
currency deposit ratings factor in Moody's assessment of a low
probability of systemic support and receive a two-notch uplift
from its BCA of C.

Moody's previous rating action on BTA Bank was on March 27, 2009,
when the bank's local and foreign currency deposit ratings were
downgraded to Caa3 from B1, foreign currency senior unsecured debt
rating was downgraded to Ca from B1 and bank financial strength
rating was downgraded to E from E+.  The bank's deposit and senior
unsecured debt ratings remained on review for possible further
downgrade.

Moody's previous rating action on Temirbank was on March 27, 2009,
when the bank's local and foreign currency deposit ratings were
downgraded to Caa3 from B3, foreign currency senior unsecured debt
rating was downgraded to Ca from B3.  The bank's deposit and
senior unsecured debt ratings remained on review for possible
further downgrade.

Moody's previous rating action on Alliance Bank was on April 1,
2009, when the bank's local and foreign currency deposit ratings
were downgraded to Caa3 from B2, foreign currency senior unsecured
debt rating was downgraded to Ca from B2.  The bank's subordinated
and junior subordinated foreign currency debt ratings have been
downgraded to C with a stable outlook.  The bank financial
strength rating of E has been affirmed.  The bank's deposit and
senior unsecured debt ratings remained on review for possible
further downgrade.


BTA IPOTEKA: S&P Gives Negative Outlook; Keeps 'CC/C' Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Kazakhstan-based Temirbank JSC and BTA Ipoteka Mortgage Co. to
negative.  The ratings were removed from CreditWatch, where they
were originally placed with negative implications on March 20,
2009.  At the same time, the 'CC/C' long- and short-term
counterparty ratings were affirmed.

"The rating action reflects the announcement by the banks' parent
BTA Bank J.S.C. (D/--/D) that, at this stage, it is not envisaged
that the liabilities of Temirbank and BTAI will be covered by
BTA's restructuring plan, which is likely to be finalized in the
next few weeks," said Standard & Poor's credit analyst Annette
Ess.  "It also reflects S&P's remaining uncertainty about the
debt-restructuring plans of the BTA Group and their effect on the
liabilities of the BTA's subsidiaries, as well as the continued
pressure on the entities' asset quality, liquidity,
capitalization, and profitability amid the sector turbulence."

The ratings on Temirbank reflect asset quality deterioration,
tight liquidity, high reliance on foreign wholesale funding, tight
capitalization with an ongoing need for fresh capital, and income
statement losses.  These negative factors are somewhat mitigated
by the bank's good domestic market position in retail lending.
Temirbank is the eighth-largest bank in Kazakhstan, with a 3%
market share by assets, which stood at US$2.2 billion as of end-
March 2009.  Its market share in the system's retail loans is
about 8%, given its status as a specialized retail-banking
subsidiary of BTA Bank.

The ratings on BTAI reflect asset quality deterioration, barely
adequate capitalization, reliance on concentrated wholesale
funding, and income statement losses.  Offsetting these weaknesses
is its strong market position in the mortgage sector.  BTAI has
established and maintained a strong foothold in the mortgage
market in Kazakhstan, with about a 20% market share as of year-end
2008.

The ratings on both entities also reflect the challenging
operating environment in the Republic of Kazakhstan (foreign
currency BBB-/Stable/A-3, local currency BBB/Stable/A-3).

"We would lower the ratings to 'D' in the event that Temirbank and
BTAI default on all or substantially all of their debt, are
included in the BTA restructuring plan, or declare bankruptcy or
insolvency," said Ms. Ess.  "Our ratings already incorporate
further deterioration of asset quality, profitability, and the
challenging operating environment."


KURYK KURYLYS: Creditors Must File Claims by August 7
-----------------------------------------------------
Creditors of LLP Kuryk Kurylys have until August 7, 2009, to
submit proofs of claim to:

         Building of former kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


MEJ STROY: Creditors Must File Claims by August 7
-------------------------------------------------
Creditors of LLP Mej Stroy Trans have until August 7, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
May 29, 2009.

The Court is located at:

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


RIELT-SYSTEMA LLP: Creditors Must File Claims by August 7
---------------------------------------------------------
Creditors of LLP Rielt-Systema have until August 7, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 6, 2009.


SARY ARKA: Creditors Must File Claims by August 7
-------------------------------------------------
Creditors of LLP Firm Sary Arka SW have until August 7, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
May 6, 2009.


STROITEL MAX: Creditors Must File Claims by August 7
----------------------------------------------------
Creditors of have LLP Stroitel Max until August 7, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
May 20, 2009.


TEMIRBANK: Moody's Lowers Senior Debt Rating to 'C'
---------------------------------------------------
Moody's Investors Service downgraded to C from Ca the senior
unsecured debt ratings of three Kazakh banks: BTA Bank, Temirbank
and Alliance Bank.  The rating agency also confirmed the Caa3
local and foreign currency deposit ratings of all three banks.
These actions conclude the review initiated on these ratings in
early 2009.

The E bank financial strength ratings and C subordinated debt
ratings of the affected banks remain unchanged.  However, Moody's
now maps all three banks' E BFSRs to a Baseline Credit Assessment
of C, one notch lower than previously.

The outlook on the banks' deposit ratings is now developing, while
on all other ratings the outlook is stable.

A detailed rationale for each institution's rating actions is
provided below.

                             BTA Bank

Moody's decision to lower BTA Bank's BCA and downgrade its senior
unsecured debt rating to C from Ca reflects the large losses
(US$9.8 billion for 2008) and negative capitalization (-US$6.3
billion as of year-end 2008) reported by the bank.  The bank plans
to restructure its market borrowings: based on the initial
estimates made by BTA's management, the losses to be incurred by
the senior creditors would be over 50% of their investments.  Such
estimates are in line with Moody's assessment of the potential
losses for the bank's creditors.  The rating agency would not
expect any systemic support to be provided with regard to the
bank's debt and therefore its senior unsecured debt ratings
receive no uplift from its BCA of C.

However, Moody's expects that, in order to maintain stability in
the country's banking system, the Kazakh government might provide
some support to the bank's depositors.  As a result, its Caa3
foreign and local currency deposit ratings factor in Moody's
assessment of a low probability of systemic support and receive a
two-notch uplift from its BCA of C.

                            Temirbank

The downgrade of Temirbank's ratings has been prompted by the
weakening of the bank's BFSR within its E category -- now mapping
to a BCA of C from Ca previously -- and by the downgrade of its
parent, BTA Bank.  However, the bank's local and foreign currency
deposit ratings of Caa3 factor in Moody's assessment of a high
probability of support from BTA Bank and were therefore confirmed.

As in the case of BTA Bank, Temirbank's senior unsecured debt
ratings do not imply any probability of systemic support (through
BTA Bank) and therefore receive no uplift from its BCA of C.

                          Alliance Bank

The lowering of Alliance Bank's BCA and the downgrade of the
senior unsecured debt rating to C from Ca reflect the large losses
incurred by the bank over the past year that led to its
substantial negative capitalisation of US$2.9 billion as of end-
May 2009, according to the bank's regulatory reports.  The bank is
in the process of restructuring its market borrowings: based on
the options offered to the creditors, their losses may be over 50%
of their investments.  Such estimates are in line with Moody's
assessment of the potential losses for the bank's creditors.

As with the other banks affected, its Caa3 foreign and local
currency deposit ratings factor in Moody's assessment of a low
probability of systemic support and receive a two-notch uplift
from its BCA of C.

Moody's previous rating action on BTA Bank was on March 27, 2009,
when the bank's local and foreign currency deposit ratings were
downgraded to Caa3 from B1, foreign currency senior unsecured debt
rating was downgraded to Ca from B1 and bank financial strength
rating was downgraded to E from E+.  The bank's deposit and senior
unsecured debt ratings remained on review for possible further
downgrade.

Moody's previous rating action on Temirbank was on March 27, 2009,
when the bank's local and foreign currency deposit ratings were
downgraded to Caa3 from B3, foreign currency senior unsecured debt
rating was downgraded to Ca from B3.  The bank's deposit and
senior unsecured debt ratings remained on review for possible
further downgrade.

Moody's previous rating action on Alliance Bank was on April 1,
2009, when the bank's local and foreign currency deposit ratings
were downgraded to Caa3 from B2, foreign currency senior unsecured
debt rating was downgraded to Ca from B2.  The bank's subordinated
and junior subordinated foreign currency debt ratings have been
downgraded to C with a stable outlook.  The bank financial
strength rating of E has been affirmed.  The bank's deposit and
senior unsecured debt ratings remained on review for possible
further downgrade.


TEMIRBANK JSC: S&P Gives Negative Outlook; Keeps 'CC/C' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Kazakhstan-based Temirbank JSC and BTA Ipoteka Mortgage Co. to
negative.  The ratings were removed from CreditWatch, where they
were originally placed with negative implications on March 20,
2009.  At the same time, the 'CC/C' long- and short-term
counterparty ratings were affirmed.

"The rating action reflects the announcement by the banks' parent
BTA Bank J.S.C. (D/--/D) that, at this stage, it is not envisaged
that the liabilities of Temirbank and BTAI will be covered by
BTA's restructuring plan, which is likely to be finalized in the
next few weeks," said Standard & Poor's credit analyst Annette
Ess.  "It also reflects S&P's remaining uncertainty about the
debt-restructuring plans of the BTA Group and their effect on the
liabilities of the BTA's subsidiaries, as well as the continued
pressure on the entities' asset quality, liquidity,
capitalization, and profitability amid the sector turbulence."

The ratings on Temirbank reflect asset quality deterioration,
tight liquidity, high reliance on foreign wholesale funding, tight
capitalization with an ongoing need for fresh capital, and income
statement losses.  These negative factors are somewhat mitigated
by the bank's good domestic market position in retail lending.
Temirbank is the eighth-largest bank in Kazakhstan, with a 3%
market share by assets, which stood at US$2.2 billion as of end-
March 2009.  Its market share in the system's retail loans is
about 8%, given its status as a specialized retail-banking
subsidiary of BTA Bank.

The ratings on BTAI reflect asset quality deterioration, barely
adequate capitalization, reliance on concentrated wholesale
funding, and income statement losses.  Offsetting these weaknesses
is its strong market position in the mortgage sector.  BTAI has
established and maintained a strong foothold in the mortgage
market in Kazakhstan, with about a 20% market share as of year-end
2008.

The ratings on both entities also reflect the challenging
operating environment in the Republic of Kazakhstan (foreign
currency BBB-/Stable/A-3, local currency BBB/Stable/A-3).

"We would lower the ratings to 'D' in the event that Temirbank and
BTAI default on all or substantially all of their debt, are
included in the BTA restructuring plan, or declare bankruptcy or
insolvency," said Ms. Ess.  "Our ratings already incorporate
further deterioration of asset quality, profitability, and the
challenging operating environment."


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


AVIA BISHKEK: Creditors Must File Claims by August 15
-----------------------------------------------------
LLC Avia Bishkek is currently undergoing liquidation.  Creditors
have until August 15, 2009, to submit proofs of claim to:

         Moskovskaya Str. 86
         Office 1
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 62-33-55
              (+996 312) 66-05-50
              (+996 312) 90-06-50


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


PAREX BANK: Moody's Confirms 'B2' Long-Term Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service confirmed Parex Bank's B2 long-term
local and foreign currency deposit and debt ratings.  The outlook
on these ratings is now stable.  Moody's rating action concludes
the review for further possible downgrade initiated in December
2008 after Parex Bank's ratings were downgraded to their current
levels.  The bank's E bank financial strength rating, the outlook
on which remains stable, and Not Prime short-term rating were
affirmed.

                       Affirmation of BFSR

In affirming the bank's E BFSR, which maps to a baseline credit
assessment of Caa1, the rating agency notes the bank's impaired
franchise value and weakened financial performance, especially in
terms of asset quality and profitability.  Moody's also notes the
bank's weak liquidity position on a standalone basis (i.e.
excluding Moody's assessment of the probability of external
support).

The bank's impaired franchise value is primarily due to deposit
withdrawal restrictions, which Moody's views as constituting a
selective default.  The Latvian financial services authority in
June 2009 extended the restrictions, which were originally aimed
at preventing money outflows from the bank, until the end of
November 2009.  Also, it should be noted that Parex Bank has
ceased its new lending activities, which further impairs its
franchise value.

Moody's notes that Parex Bank, as part of its current
restructuring programme, is addressing the above concerns.
However, the rating agency believes that, it will remain difficult
for the bank to continue operating normally and competitively as a
lending and deposit-taking institution without the deposit
withdrawal restrictions being lifted.

Moody's recognizes the bank's recent cost efficiency improvements
resulting from the current restructuring.  However, its financial
performance continues to be severely impaired by significant loan
loss provisioning needs.  Indeed, for H1 2009, the bank reported
unconsolidated net losses of LVL44.5 million (EUR64 million).
Moody's believes that the bank's performance will continue to be
adversely affected by a further increase in problem loans in H2.

The affirmation of Parex Bank's E BFSR was also supported by
Moody's scenario analysis of expected losses on the bank's loan
portfolio, considering both anticipated (base) and worse-than-
expected (stressed) scenarios and the resulting impact on the
bank's capitalisation.  This analysis, which has also been
conducted on other rated banks in the Baltic states, places
greater emphasis on a bank's capital adequacy and its ability to
replenish capital through future earnings generation in the
context of the economic downturn in the region.

In its scenario analysis, Moody's has also taken into
consideration the Latvian government's recent capital injection of
LVL141 million (EUR202 million) into Parex Bank.  Although Moody's
views this positively, as well the announced EBRD shareholding in
the bank, the rating agency is concerned that, based on its
scenario analysis, the bank could suffer from a further
deterioration of capital levels and potentially require more
support from its shareholders.

Moody's says that its BFSR methodology remains unchanged, although
it has increased the weight attached to certain rating
considerations, particularly capital and future earnings
prospects, to better reflect the present conditions.  This
approach is consistent with Moody's reports "Calibrating Bank
Ratings in the Context of the Global Financial Crisis" and
"Moody's Approach to Estimating Bank Credit Losses and their
Impact on Bank Financial Strength Ratings", published in February
and May 2009, respectively.

          Confirmation of Local Currency Deposit Ratings

Moody's confirmation of the bank's B2 long-term debt and deposit
ratings reflects its strengthened ownership structure following
the announced EBRD participation.  It also reflects the Latvian
government's strong proven commitment to support the bank, which
has been demonstrated in the form of capital injections, deposits
and guarantees for the bank's outstanding syndicated debt.

Moody's notes that on July 23, 2009, Parex Bank signed a
subordinated debt agreement with the EBRD for a subordinated loan
of EUR22 million, which qualifies as Tier 2 capital.  As part of
the transaction, the EBRD will also acquire an equity stake of 25%
(plus one ordinary share) for LVL57.5 million (EUR82 million) in
Parex Bank.  Moody's understands that this transaction is due to
be finalized in August 2009.  Currently, the government of Latvia
is the majority shareholder of Parex Bank, holding a 95.3% stake,
but this will be reduced to 70.3% following the EBRD's investment.

Moody's recognizes the strong commitment that the Latvian
government and the EBRD have shown by rebuilding the bank's
capital levels, which were depleted by reported net losses of
LVL131 million (EUR188 million) in 2008. Consequently, Moody's
continues to assess the probability of systemic support for the
bank in the event of a stress situation as high.  As a result,
Parex Bank's deposit and debt ratings receive a two-notch uplift
from the Caa1 BCA.  The rating agency believes that this high
level of support will likely continue as long as the current
ownership structure is maintained.

The stable outlook on Parex Bank's long-term deposit ratings
reflects not only its stabilised capital base and new ownership
structure, but also Moody's expectation of continued strong
support for the bank by the government and the EBRD.  This has to
be seen in the context of a difficult operating environment in the
region, which continues to put pressure on the bank's standalone
financial strength.

The previous rating action on Parex Bank was implemented on
May 11, 2009, when Moody's maintained the review for possible
downgrade on the bank's B2 long-term local and foreign currency
deposit and debt ratings.

Headquartered in Riga, Latvia, Parex Bank reported total assets of
LVL3.0 billion (EUR4.3 billion) at the end of March 2008.


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


HEAT MEZZANINE: Moody's Cuts Rating on Class B Notes to 'Ca'
------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
classes, leaving two on review for further possible downgrade, of
notes issued by H.E.A.T. Mezzanine S.A. (Compartment 2).

This transaction is a static mezzanine finance CLO.  The
transaction has suffered EUR69.5 million in defaults and early
terminations, although the Principal Deficiency Ledger has been
reduced to approximately EUR34 million.  The Class A notes have
been paid down by approximately EUR26 million.

According to Moody's, the rating actions taken on the notes are a
result of the defaults suffered in the portfolio, which amount to
over 19.82% of the initial portfolio since closing have led to a
reduction in subordination of the rated notes.

The rating actions also reflect Moody's revised assumptions
described in the press release dated January 15, 2009, titled
"Moody's updates key assumptions for rating corporate synthetic
CDOs" The revisions affect default probability and correlation,
which are key parameters in Moody's model for rating CLOs.

In addition, the equivalent Moody's ratings used in Moody's
analysis are obtained through an econometric model called Riskcalc
developed by Moody's KMV, based on financial statements provided
by the issuers on an annual basis. The results from the Riskcalc
model were first translated to Moody's alpha numeric rating scale
and then, in order to compensate for the absence of credit
indicators such as rating reviews, outlooks and adjustments
factoring in cyclical developments in the economy, a one notch
stress was applied.

Furthermore, various stress scenarios were run, including heavily
notching the largest asset in the portfolio, and stressing by one
notch those assets belonging to sectors which were viewed as
particularly vulnerable such as Automobile, Buildings and Real
Estate, Finance, Hotels, Motels, Inns and Gaming etc.

The deal was modeled using CDOROM 2.5 to create a loss
distribution that was then used as an input in a cash flow model.

The notes have been left on review for downgrade due to the
expected arrival in the near future of updated Riskcalc credit
analyses based on 2008 financial statement data.  Due to the
economic environment Moody's expects that this data will indicate
further credit deterioration in the remaining portfolio.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Reports and
press releases:

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

  -- Moody's Approach to Rating CDOs of SMEs in Europe (February
     2007)

The rating actions are:

H.E.A.T. Mezzanine S.A. (Compartment 2)

  -- Class A, Downgraded to Baa2 Under Review for Possible
     Downgrade; previously on March 13, 2009 Aaa Placed Under
     Review for Possible Downgrade

  -- Class B, Downgraded to Ca; previously on March 13, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Combo, Downgraded to Caa2 Under Review for Possible
     Downgrade; previously on March 13, 2009 A1 Placed Under
     Review for Possible Downgrade


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


CONCERTO I: Fitch Cuts Ratings on Four Classes of Notes to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded Concerto I's notes, due 2012, as
detailed below.

  -- Class C (ISIN: XS0115802976): downgraded to 'D' from
     'CCC/DR3'

  -- Class D-1 (ISIN: XS0115803354): downgraded to 'D' from
     'C/DR6'

  -- Class D-2 (ISIN: XS0115836107): downgraded to 'D' from
     'C/DR6'

  -- Combination note 2 (ISIN: XS0116778191): downgraded to 'D'
     from 'C/DR6'

Following the last payment date in September 2008, there are no
more assets in the portfolio and no remaining funds to pay the
outstanding balance of the notes.  The class C notes have received
approximately 75% of their original principal balance while the
Class D-1, D-2 and Combination note 2 did not receive any
principal.

In August 2000, Concerto I B.V., a limited liability company
incorporated under Dutch law, issued EUR455.5 million of various
classes of fixed- and floating-rate notes and invested the net
proceeds in a portfolio of speculative-grade debt securities and
loans.


HEAD NV: Nonpayment of Interest Won't Affect S&P's 'CC' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that the announcement by
Head N.V. (CC/Negative/--) that it does not intend to make the
interest payment due on August 1, 2009, in respect of the
EUR111.6 million 8.5% senior unsecured notes issued by related
entity HTM Sport und Freizeitgeraete AG (which have an issue
rating of 'C') will not immediately affect current ratings.  The
offering memorandum for the notes states that an event of default
applies where there is continuance of nonpayment of interest for
30 calendar days.  Head has said that it intends to make the
interest payment in respect of its existing notes (other than to
holders of existing notes that have already tendered in the
exchange offer) after the settlement date for its revised exchange
offer, which is currently expected to be on or after Aug. 19,
2009.  Head has revised the terms of the exchange offer to
51.0625% of the par price, while offering up to 29.999% of the
company's ordinary shares to bondholders who accept the enhanced
offer.

Standard & Poor's position remains that completion of the exchange
offer would be equivalent to a default, given that acceptance of
the new notes would represent a substantial discount to the par
amount of the outstanding issue.  S&P expects to lower the ratings
to 'D' (Default) upon completion of the exchange offer or, in the
event of its failure, if S&P believed that the interest payment
due would not be made during the grace period.


===========
N O R W A Y
===========


* NORWAY: Bankruptcies Up 58% in 2Q09, Statistics Norway Says
-------------------------------------------------------------
Josiane Kremer at Bloomberg News reports that Oslo-based
Statistics Norway said Norwegian bankruptcies rose 58% to 1,384 in
the second quarter of 2009 from 875 a year earlier.

According to Bloomberg, Norwegian bankruptcies rose at a slower
pace in the second quarter compared with the previous three
months.  In the first quarter, bankruptcies rose 88%, Bloomberg
notes.


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


EGORYEVSKIY FLAX: Creditors Must File Claims by August 5
--------------------------------------------------------
Creditors of OJSC Egoryevskiy Flax-Processing Plant (TIN
6909000810, PSRN 1026901668430) have until August 5, 2009, to
submit proofs of claims to:

         O. Baranova
         Insolvency Manager
         Post User Box 0705
         170007 Tver
         Russia

The Arbitration Court of Tverskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?66–8942/2008.

The Debtor can be reached at:

         OJSC Egoryevskiy Flax-Processing Plant
         Pervomayskiy
         Kashinskiy
         Tverskaya
         Russia


EVRAZ GROUP: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has downgraded Russia-based metals and mining
company Evraz Group SA's Long-term foreign currency Issuer Default
Rating and senior unsecured rating to 'BB-' from 'BB'
respectively.  The agency simultaneously downgraded Mastercroft
Limited's Long-term IDR to 'BB-' from 'BB' and Evraz Securities
SA's senior unsecured rating to 'BB-' from 'BB'.  At the same
time, Fitch has maintained the Rating Watch Negative on Evraz
Group SA's and Mastercroft Limited's Long-term foreign currency
IDRs, and the RWN on Evraz Group SA's and Evraz Securities SA's
senior unsecured ratings.  Mastercroft is Evraz's core subsidiary
and most of its assets are located in Russia. Evraz's and
Mastercroft's Short-term IDRs have been affirmed at 'B'
respectively.

The downgrade reflects Fitch's view that measures undertaken by
Evraz's management to-date have not been sufficient to offset a
fall in revenues following the significant decrease in global
demand and prices for steel products, especially in the
construction and infrastructure industry to which Evraz is most
exposed.  The RWN continues to reflect risks of potential covenant
breaches under the company's various facilities.

Fitch notes that Evraz's management has backed a series of
measures to overcome the downturn, de-leverage the company and
improve liquidity.  Management has adjusted production capacity,
executed a significant cost reduction programme, extended the
duration of the debt portfolio (including financing obtained from
Russian state bank VEB), and issued new equity and convertible
debt in a total amount of US$965 million.  Fitch forecasts that
the company's revenue and EBITDAR in 2009 will fall by 40-50% and
55%-65% respectively, and that the EBITDAR margin will decline to
18-22% in 2009 from 28% in FY2008.

Such a deterioration of operating performance may influence
Evraz's leverage and coverage metrics.  Fitch expects Evraz's 2009
net debt/EBITDAR to be 2.7x-2.9x, which would exceed guidelines
for the 'BB' rating category of net debt/EBITDAR at 1.5x.  The
covenant headroom at the end of 2009 is expected to be low and the
company may not be in compliance with financial covenants in
certain of its debt instruments at 2009 covenants testing expected
in Q110.  If this issue is not resolved it could also constitute a
cross default under Evraz's other debt instruments.

Fitch expects a weak recovery of the steel industry in 2010 and
has concerns that Evraz may not be able to regain a "through-the-
cycle" credit profile consistent with the 'BB' rating category
within 18-24 months of the trough of the current recession.

Fitch considers the company's short-term liquidity position as
adequate.  As of end-Q109, Evraz had cash of US$800 million and
committed revolving facilities of US$600 million, plus the
proceeds of issuing new equity and convertible bonds of
US$965 million and free cash flow for the rest of 2009 in a range
of US$1.4-1.6 billion (as forecasted by Fitch), compared with
gross debt of US$9 billion, of which US$1.9 billion is due in
H209.  Fitch notes that the peak of Evraz's debt maturities
(approximately 30% of total debt) is expected in 2010, therefore
2010 liquidity is heavily dependant on the company's ability to
generate enough free cash flow, roll-over the debt and attract new
financing to meet its debt obligations .

Fitch expects to resolve the RWN within the next six months.  In
resolving the RWN, the agency will assess risks of potential
covenants breaches.


INDUSTRIAL CONSTRUCTION: Creditors Must File Claims by August 5
---------------------------------------------------------------
Creditors of LLC Industrial Construction Company (TIN 3442090616)
have until August 5, 2009, to submit proofs of claims to:

         A. Vershinin
         Insolvency Manager
         Post User Box 2791
         400064 Volgograd
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?12–16648/08.

The Debtor can be reached at:

         LLC Industrial Construction Company
         7 Gvardeyskaya Str. 4a, 320
         Volgograd
         Volgogradskaya
         Russia


MASTER BANK: Fitch Downgrades Individual Ratings to 'D/E'
---------------------------------------------------------
Fitch Ratings has downgraded Russia-based Master Bank's Long-term
Issuer Default Rating to 'B-' from 'B' and placed the IDR on
Rating Watch Negative.

The downgrade reflects increasing concerns about the bank's asset
quality and weakening performance.  Non-performing loans (NPLs,
defined as 90 days or more overdue) as reported by management,
were a still moderate 5.3% at end-H109 (end-2008: 3.5%).  However,
Fitch is becoming increasingly concerned about the quality of
exposures which are not in arrears, particularly because of the
increasing proportion of rolled-over loans which increased to 43%
of the portfolio at end-H109 (end-2008: 36%).

It has historically been the bank's policy to structure some
longer-term exposures as short-term facilities and then extend
them.  However, the continued increase in roll-overs, the low
transparency of some exposures, their structure (principal is
usually payable only at maturity), and sizeable exposure to the
troubled construction and real estate sectors suggest that
impairment could be considerably higher than reported NPL levels.
The significant level of foreign currency-denominated lending (37%
of gross loans), mostly to unhedged borrowers, is another source
of potential credit risk.  Fitch also notes that the bank's
portfolio of illiquid promissory notes increased during H109 to an
amount equal to 10% of gross loans (net of reserves, equal to 41%
of equity).

The RWN reflects concerns about the current quality of disclosure
on MB's loan book, particularly the restructured part of the
portfolio.  In resolving the RWN, Fitch will focus primarily on
asset quality in the loan book.

The bank's performance, which Fitch identified as an important
strength when the initial 'B' rating was assigned, has weakened
considerably in 2009.  Performance has been affected by increased
funding and credit costs, low rates on some loans and FX
translation losses, with return on average assets declining to
0.7% in Q109 IFRS management accounts (0.3% in H109 RAS) from a
high 5.4% in 2008.  Fees and commissions, a key source of
revenues, have remained strong in 2009, but have declined from
2008 levels.

Given the regulatory capital adequacy ratio of 19.4% at end-H109,
Fitch estimates that the bank could have raised its reserves/gross
loans ratio to 25% from the actual level of 13% without breaching
the regulatory capital limit of 10%.  While this would appear to
represent significant loss absorption capacity, it may prove
insufficient in light of deteriorating asset quality and the
structure of the loan book.

Master Bank's liquidity position is currently satisfactory, given
the stable deposit base and absence of large-ticket wholesale
funding.  Highly liquid assets (cash and equivalents) amounted to
17% of total assets, equal to 30% of customer funding, at end-
H109.  Nevertheless, the lengthening tenor of the loan book and
the gap between received and accrued interest income (20% in Q109)
could give rise to greater pressure on liquidity in the future.

The bank's ratings could be downgraded further if the agency is
unable to gain comfort in respect to current impairment levels and
potential ultimate losses in the loan book.  However, the ratings
could be affirmed at their present levels if Fitch perceives that
current capital and reserve levels provide reasonable loss
absorption capacity given the extent of asset quality problems.

Master Bank is a Moscow-based bank (ranked 70th by assets at end-
Q109).  In the retail sector, the bank specializes in fee-
generating banking products and credit cards and is supported by
an extensive ATM network.  The bank is indirectly majority-owned
and managed by Boris Bulochnik and his family.

The rating actions are:

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     placed on RWN

  -- Short-term IDR: 'B'; placed on RWN

  -- Individual Rating: downgraded to 'D/E' from 'D'; placed on
     RWN

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'


MOS-AVTOZAPCHAST CJSC: Creditors Must File Claims by August 5
-------------------------------------------------------------
Creditors of CJSC Mos-Avtozapchast (TIN 4014003425; PSRN
1024000763775) (Car Industry) have until August 5, 2009, to submit
proofs of claims to:

         O. Amarova
         Insolvency Manager
         Sovetskaya Str. 106
         248032 Kaluga
         Russia
         Tel: 8-910-593-12-10

The Arbitration Court of Kaluzhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?23–3678/08–8–120.

The Debtor can be reached at:

         CJSC Mos-Avtozapchast
         40-letiya Pobedy Str. 1
         Mosalsk
         Kaluzhskaya
         Russia


NOVOMALTINSK CONSTRUCTION: Creditors Must File Claims by August 5
-----------------------------------------------------------------
Creditors of CJSC Novomaltinsk Construction Materials Plant (TIN
38400000403, PSRN 1023802138766) have until August 5, 2009, to
submit proofs of claims to:

         S. Galandin
         Insolvency Manager
         Post User Box 224
         664007 Irkutsk
         Russia

The Arbitration Court of Irkutskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?19–17584/08–60.

The Debtor can be reached at:

         CJSC Novomaltinsk Construction Materials Plant
         Novomaltinsk
         Usolskiy
         665471 Irkutskaya
         Russia


PHARMACY CHAIN: In Debt Restructuring Talks; Stores Worth Nothing
-----------------------------------------------------------------
Maria Ermakova at Bloomberg News, citing Otkritie Financial Corp.
analyst Victor Dima, reports that OAO Pharmacy Chain 36.6's
Russian retail stores are "practically worth nothing" and the
company's only valuable asset is drugmaker OAO Veropharm.

Veropharm "is profitable, with sound fundamentals," Bloomberg
quoted Mr. Dima, Otkritie's senior analyst for retail and drug
stocks, as saying.  "Without Veropharm, 36.6 equity is practically
worth nothing."

                      Restructuring Talks

Bloomberg discloses 36.6 is currently in negotiations with
creditors on a debt restructuring.  The restructuring's
"negotiation process is ongoing," Bloomberg quoted Natalia
Kharchevnikova, 36.6's investor-relations manager, as saying in an
e-mailed response to questions.  "We are currently finalizing the
legal documentation.  Managers continue to negotiate with
creditors and vendors, while working with the board to solve the
company’s financial needs."

36.6, Bloomberg says, had debt of RUR4.84 billion (US$153.5
million) at the end of the first quarter, more than triple its
current market value.  Bloomberg recalls the retailer had trouble
servicing its debt after the credit crunch spread to Russia, and
lost money in 2007 as a new distribution system led to shortages
in Moscow.

Bloomberg discloses 36.6, which operated 1,084 outlets in 29
regions at the end of the first quarter, has proposed staggering
repayment of a previous bond issue to preserve funds.  According
to Bloomberg, Mr. Dima said bondholders are more likely to agree
to an amended restructuring plan proposed by 36.6, rather than
push the company into bankruptcy, given their debts aren’t secured
and they would be unlikely to recover any cash.

Bloomberg relates 36.6. Chief Executive Officer Jere Calmes said
in May about 80% of the retailer's outstanding debt is due this
year.

Headquartered in Moscow, Russia, OAO Pharmacy Chain 36.6,
http://www.pharmacychain366.com/-- operates health and beauty
retail stores.


SECONDARY METALS: Creditors Must File Claims by August 5
--------------------------------------------------------
Creditors of CJSC Secondary Metals and Alloys Plant (TIN
5036034891, PSRN 1027739001300) have until August 5, 2009, to
submit proofs of claims to:

         V. Limonov
         Insolvency Manager
         Neftebazovskiy proezd 4
         Novo-Syrovo
         Podolsk
         142101 Moskovskaya
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–94263/08–101-189B.

The Debtor can be reached at:

         CJSC Secondary Metals and Alloys Plant
         Building 3
         Lyalin Pereulok 3
         105062 Moscow
         Russia


SEVER-MET-LES LLC: Creditors Must File Claims by August 5
---------------------------------------------------------
Creditors of LLC Sever-Met-Les (TIN 3507010756, PSRN
1023500594622)(Lumbering) have until August 5, 2009, to submit
proofs of claims to:

         L. Likhanova
         Insolvency Manager
         Post User Box 1736
         167011 Syktyvkar
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?13–4201/2009.

The Debtor can be reached at:

         LLC Sever-Met-Les
         Fedotova 12, 53
         Vologodskiy
         Russia


SEVER-METALL CJSC: Creditors Must File Claims by August 5
---------------------------------------------------------
Creditors of CJSC Sever-Metall (TIN 1121011930) (Secondary Raw
materials) have until August 5, 2009, to submit proofs of claims
to:

          O. Zuev
          Insolvency Manager
          Pechorskiy Prospect 110
          Pechora
          169600 Komi
          Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?29–10676/2008.

The Debtor can be reached at:

         CJSC Sever-Metall
         Sysolskoe shosse 15
         Syktyvkar
         Komi
         Russia


SOTS-KREDIT-BANK: Creditors Must File Claims by August 5
--------------------------------------------------------
Creditors of LLC Sots-Kredit-Bank (TIN 0278016099, Registration
No. 2553) have until August 5, 2009, to submit proofs of claims
to:

         Investment Insurance Agency
         Acting Insolvency Manager
         Komsomolskaya Str. 26
         450097 Ufa
         Bashkortostan
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?07-8603/2009.

The Debtor can be reached at:

          LLC Sots-Kredit-Bank
          Komsomolskaya Str. 26
          450097 Ufa
          Bashkortostan
          Russia


TROIKA DIALOG: S&P Affirms 'B+/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it maintained its
'ruA' Russia national scale rating on Troika Dialog Group Ltd.,
the holding company of Russian investment group Troika Dialog, on
CreditWatch with positive implications, where it had been placed
on March 10, 2009.  At the same time, S&P affirmed 'B+/B' long-
and short-term counterparty credit ratings on Troika.  The outlook
on the 'B+' long-term global scale rating is negative.

The continued CreditWatch listing reflects the pending acquisition
of a 33% stake in Troika by Standard Bank of South Africa Ltd.
(BBBpi).  The acquisition is subject to regulatory approvals and
is targeted to be completed in September 2009.  As a result of the
transaction, Troika's equity base is to increase by more than
US$300 million.

"The CreditWatch placement reflects the potential for an
improvement in Troika's creditworthiness, due to the expected
capital increase and enhanced commercial and financial flexibility
resulting from the strategic partnership and ownership of Standard
Bank," said Standard & Poor's credit analyst Ekaterina Trofimova.
"In S&P's view, there is a good opportunity for Troika to benefit
from future product, operational, managerial, and eventually
financial support from Standard Bank."

Standard & Poor's aims to resolve the CreditWatch status upon
completion of the acquisition, including regulatory approval, and
after further discussions about Troika's strategy, the impact of
the absorption of Standard Bank's Russian business, and managerial
and financial support from and cooperation with the South African
bank.

"If the transaction is successful, S&P could raise the Russia
national scale rating on Troika by one notch," said Ms. Trofimova.

National scale ratings typically provide a finer demarcation of
credit risk among local obligors than is possible with Standard &
Poor's global scale, as the latter spans the full range of global
credit quality and incorporates international comparative risk
factors, including direct and indirect sovereign risk
considerations.

The outlook is still negative on the global scale ratings, but if
S&P raise the Russia national scale rating S&P might revise the
outlook on the global scale ratings to stable, balancing the
negative market pressure with enhanced capitalization and business
benefits of Troika's cooperation with the strong partner.  At the
completion of the acquisition, S&P will mostly likely affirm the
global scale ratings.  S&P is unlikely to lift the long-term
rating above the stand-alone credit profile of Troika, reflecting
a low probability of extraordinary support from Standard Bank.


UC RUSAL: Agrees Debt Restructuring Terms w/ Lender Committee
--------------------------------------------------------------
Yuriy Humber at Bloomberg News reports that Oleg Deripaska's
United Co. Rusal agreed with representatives of foreign banks on
"key terms" to extend repayments on US$7.4 billion of loans.

Bloomberg relates Rusal said in an e-mailed statement Thursday
that a coordinating committee acting for more than 70 banks
consented to the the company extending payments over seven years.
Rusal, as cited by Bloomberg, said it expects to reach an accord
with Russian lenders in coming months.  The accord is subject to
approval by each bank's credit committee, Bloomberg says.

Bloomberg recalls Rusal, with US$14 billion in bank debt, froze
payments from March 11 to renegotiate terms after metal prices
slumped and operations ceased to be profitable.  The company's
lenders include the Royal Bank of Scotland Group Plc., Deutsche
Bank AG, Sumitomo Mitsui Financial Group Inc., Barclays Plc, BNP
Paribas SA, Commerzbank AG and Natixis, Bloomberg discloses.

Under the terms of the accord, Rusal will pay interest on part of
the repayments that were due to foreign lenders, at 1.75 to 3.5
percentage points above the London interbank offered rate,
Bloomberg states.  The aluminum producer said the remainder will
be added to the company's outstanding debt, Bloomberg notes.  In
the first four years after the agreement, principal repayments
will be made on a "pay-if-you-can basis," Bloomberg cited the
company as saying.

According to Bloomberg, Rusal will repay US$5 billion to all
lenders by the fourth quarter of 2013.

                         About Rusal

Headquartered in Moscow, Russia, United Co. RUSAL --
http://www.rusal.com/-- is among the world's top aluminum
producers, along with Rio Tinto Alcan and Alcoa.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* SERBIA: Some 400 State-Run Companies to Go Bankrupt
-----------------------------------------------------
FOCUS News Agency, citing Serbian B92 radio, reports that Luka
Andric, adviser with the Serbian Deputy Prime Minister Mladjan
Dinkic, said some 400 state-run companies, which no longer have
the chance of being privatized, will go bankrupt or will declare
insolvency.

According to the report, up to now more than 350 companies with
around 5,000 employees have gone bankrupt or have declared
insolvency in Serbia.  The report says most of the enterprises
have not been open for a long time, have not paid salaries and
have employees only on paper.


=============================
S L O V A K   R E P U B L I C
=============================


PRIVATBANKA: Moody's Affirms E+ Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service concluded its review of the ratings of
eight Slovak financial institutions.  The bank financial strength
ratings of all the banks that were on review were confirmed, while
the deposit ratings of three banks (Vseobecna uverova banka,
UnicCredit Bank Slovakia and Ceskoslovenska obchonda banka
Slovakia) were downgraded by one notch.

Moody's review, during which it carried out stress tests on the
Slovak banks' asset quality and earnings, showed that the ratings
were generally well placed to withstand a further deterioration of
asset quality and earnings that may result from the economic
downturn.  But while the rating agency expects Slovakia's GDP to
contract significantly in 2009, it noted that the economy, which
has benefited from adopting the euro, may demonstrate a greater
resilience and could out-perform other EU countries next year.
Overall, the banking system may face less distress than its peers
as household indebtedness is fairly low and the corporate sector
has been able to quickly adjust to the global environment.
Consequently, Moody's confirmed all the BFSRs, although in some
cases they carry a negative outlook.

The downgrades of the deposit ratings were limited to one notch
and were primarily driven by Moody's view that during this
systemic crisis the Slovak state's ability to support its banking
system not just with liquidity, but also with capital, has
weakened.  It now has been closer aligned with the government's
own fiscal flexibility (as expressed by the government bond rating
of A1).  Prior to the crisis, government support for banks was not
expected to be required on a systemic basis and together with the
tools of the European Central Bank, the ability of the Slovak
government to support any of its banks was considered to be
higher, at Aaa.  Consequently, some of those banks that had
benefited in their ratings from such systemic importance have been
affected and have been downgraded by one notch.(see below for
details).

Moody's confirmed all the ratings of Slovenska Sporitelna and
Privatbanka with a stable outlook, while it confirmed those of
Tatra Banka, Tatra Leasing and OTP Banka Slovakia with a negative
outlook.  The rating agency also confirmed the BFSRs of Vseobecna
uverova banka, UniCredit Bank Slovakia and Ceskoslovenska obchodna
banka Slovakia, but downgraded these banks' long-term deposit
ratings. Full details of all the rating actions can be found
below.

These rating actions conclude Moody's review of these eight Slovak
financial institutions that was initiated on 26 May 2009 with the
exception of Home Credit Slovakia, which remains on review for
possible downgrade together with its sister company Home Credit
(Czech Republic).

During the review, Moody's assessed the potential pressure on the
banks' asset quality indicators and earnings generating ability in
the distressed operating environment and their combined effect on
the banks' capitalization and standalone creditworthiness.  The
rating agency also reviewed the ability and willingness of parent
banks and the system, where applicable, to support the banks,
which represents an important input for assigning the final
ratings.

            Review of Bank Financial Strength Ratings

Moody's did not downgrade any Slovak bank's BFSR.  The stress-
testing exercise showed that the standalone ratings of the Slovak
banks already reflected their ability to cope -- given their
capital positions and earnings generating capacity -- with a
potential increase in expected losses in a deteriorating operating
environment.  However, Moody's changed the outlook on the BFSRs of
two banks to negative where the standalone rating was seen as
being slightly more exposed to a significant deterioration of the
operating environment than the rating agency currently envisages.

Moody's expects banks with a BFSR of between C- and the higher end
of the D range to withstand its anticipated case loss assumptions
reasonably well, but believes that they could come under material
pressure in a more severe scenario.  Banks rated between the lower
end of the D range and E+ display more modest fundamentals under
the rating agency's anticipated scenario and are highly sensitive
to a more stressed scenario, resulting in an increased likelihood
that third-party support would be required.  Moreover, while
Moody's loss estimates often indicate a similar magnitude of
potential capital shortfalls for D- and E+ rated banks, banks
rated D- have more robust business models and overall stronger
risk profiles.

                Refined Systemic Support Assessment

The downgrades of the banks' local and foreign currency deposit
ratings were driven by Moody's review of parental and systemic
support probabilities, and in particular by the application of its
refined systemic support assumptions.  The rating agency
previously used the local currency deposit ceiling (Aaa in the
case of Slovakia) as the main input for its assessment of the
ability of the national government to support its banks.  Although
anchoring the probability of support at the LCDC is appropriate in
most circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity, and even willingness, of a
central bank to support financial institutions in the event of a
banking crisis becoming both truly systemic and protracted.

Thus, the anchor used for measuring the influence of the
probability of systemic support on banks' ratings is now the
Slovak government bond rating of A1 (stable outlook) plus two
notches of uplift, resulting in an Aa2 input.  Including the
uplift to the government's rating reflects Moody's view that the
government's ability to support a bank can be higher than the
government debt rating as the state has an array of tools --
financial and non-financial -- that can be employed, especially
when the authorities fear that a collapse of the banking system
might amplify the economic stress.

The extent of the uplift in the case of Slovakia reflects Moody's
view that the risks of a systemic crisis in the banking system
remain relatively low and its assessment of the state's
willingness to support its banks.  The latter also reflects the
legislature's recent approval of a bank stability act that allows
the state to support the banks in the event of need with capital
injections, debt guarantees or direct lending.

                     List of Rating Actions

Moody's has taken these rating actions on the Slovak banks:

                    Slovenska Sporitelna (SLSP)

SLSP's BFSR of C-, which maps to a Baseline Credit Assessment of
Baa2, was confirmed with a stable outlook.  In Moody's view, the
bank's standalone rating appropriately reflects its ability to
withstand potential pressure on its capital adequacy caused by the
increase in problem loans in a distressed environment.  Moody's
notes that the expected losses on the bank's portfolio were
positively affected by its strong retail franchise, where the bank
focuses on loans secured by real estate.

The local and foreign currency deposit ratings of A2/Prime-1 were
confirmed with a stable outlook.

                   Vseobecna uverova banks (VUB)

Moody's confirmed VUB's BFSR of C-, which maps to a BCA of Baa2,
with a stable outlook.  Although the bank's large consumer finance
portfolio (VUB is the leader in the consumer finance market
through a subsidiary) is a reason for potential concern due to the
weaker quality of this type of lending, its strong capitalization
and good earnings generating ability support Moody's view that the
bank is well positioned to cope with potential losses.

However, due to its review of parental and systemic support
probabilities, Moody's downgraded the bank's long-term local and
foreign currency deposit ratings to A1 from Aa3.  The ratings
carry a stable outlook.  The Prime-1 short-term deposit rating was
confirmed.

                           Tatra Banka

Tatra Banka's BFSR of C-, mapping to BCA of Baa2, was confirmed
with a negative outlook.  In reviewing the rating, Moody's took
into consideration the bank's strong franchise, which translates
into good revenue generating ability, and the recently approved
capital injections.  However, given the bank's primarily corporate
profile, high concentrations in the loan book and moderate
capitalisation, Moody's views the Tatra Banka's rating as being
relatively vulnerable to further deterioration of the operating
environment.

The bank's local and foreign currency deposit ratings were
confirmed at A2/Prime-1, but the outlook was changed to negative
in line with the negative outlook on Tatra Banka's BFSR.

                          Tatra Leasing

Moody's confirmed the Aa3.sk rating of Tatra Leasing with a
negative outlook.  Although the leasing market in Slovakia has
been significantly affected by the worsening operating
environment, the company's rating is driven primarily by the
rating of its parent, Tatra Banka.  The negative outlook therefore
reflects the negative outlook on the bank's ratings, given the
close integration of and co-operation between the two entities.
Note that in the event of a downgrade of Tatra Banka's BFSR, the
ratings of Tatra Leasing would also come under downward pressure.

                UniCredit Bank Slovakia (Unicredit)

Moody's confirmed the UniCredit's BFSR of D+, which maps to a BCA
of Ba1, with a stable outlook.  Although Moody's regard
UniCredit's primarily corporate profile as more risky than those
of banks with stronger retail franchises, this is partly mitigated
by its good earnings power and strong capitalisation (2008:
13.4%),

However, Moody's adjustments to the systemic support inputs
resulted in a downgrade of the bank's local and foreign currency
deposit ratings to A3/Prime-2 from A2/Prime-1.  UniCredit's
deposit ratings carry a stable outlook, in line with the stable
outlook on the BFSR.

               Ceskoslovenska cbchodna banka (CSOB)

Moody's confirmed CSOB's BFSR of D, which maps to a BCA of Ba2,
with a stable outlook.  The bank's BFSR was not affected by the
rating agency's assessment of the potential losses on its capital
adequacy, but the bank's standalone rating is weighed down by the
challenges the entity is facing.  The bank became a standalone
entity only at the beginning of 2008 after being spun off from
Czech Republic's Ceskoslovenska Obchodni Banka (rated Aa3/Prime-1/
C) and is currently in a process of integrating another bank
acquired by its parent, KBC Bank N.V. (rated Aa3/Prime-1/C+), last
year.

Moody's adjustments to its systemic support inputs resulted in a
downgrade of the bank's local and foreign currency deposit ratings
to A3/Prime-2 from A2/Prime-1.  CSOB's deposit ratings carry a
stable outlook, in line with the stable outlook on the BFSR.

                      OTP Banka Slovakia (OBS)

OBS's BFSR of D-, which maps to a BCA of Ba3, was confirmed with a
negative outlook.  Although Moody's regards OBS's rating as able
to incorporate significant stress in the bank's loan portfolio,
the entity's weak profitability and modest capital adequacy (in
comparison with those of some of the other rated banks) makes it
particularly vulnerable to a more drastic deterioration in the
environment than the rating agency currently expects.

The bank's deposit ratings of Baa3/Prime-3 were also confirmed
with a negative outlook, which reflects the negative outlook on
the bank's BFSR and also the negative outlook on its parent and
support provider, Hungary's OTP Bank (rated Baa1/P-2/D+).

                            Privatbanka

Privatbanka's BFSR of E+, which maps to a BCA of B2, was confirmed
with a stable outlook.  In Moody's view, the bank's potential
vulnerability to the weakening operating environment, given its
weak franchise and high concentration in the loan book, is already
reflected in its ratings.  Moody's notes that bank's historical
profitability has been good and its end-2008 capital adequacy
ratio of 16.77% is very strong.

Moody's does not incorporate any parental or systemic support into
the bank's B2/Non-Prime deposit ratings, which map to national
scale ratings of Baa3.sk/SK-3.  All its ratings have a stable
outlook.

Moody's last rating action on SLSP was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, SLSP reported consolidated
IFRS net income of EUR142 million in 2008 and total assets of
EUR12.6 billion as of the end of the year.

Moody's last rating action on VUB was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, VUB reported consolidated
IFRS net income of EUR168 million in 2008 and total assets of
EUR11.2 billion as of the end of the year.

Moody's last rating action on Tatra Banka was on May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Tatra Banka reported
consolidated IFRS net income of EUR131 million in 2008 and total
assets of EUR10.5 billion as of the end of the year.

Moody's last rating action on Tatra Leasing was May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Tatra Leasing reported
consolidated IFRS net income of EUR1.8 million in 2008 and total
assets of EUR485 million as of the end of the year.

Moody's last rating action on BSOB was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, CSOB reported consolidated
IFRS net income of EUR37 million in 2008 and total assets of
EUR7.3 billion as of the end of the year.

Moody's last rating action on UniCredit was on May 26, 2009, when
all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, UniCredit reported
consolidated IFRS net income of EUR72 million in 2008 and total
assets of EUR4.6 billion as of the end of the year.

Moody's last rating action on OBS was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, OBS reported consolidated
IFRS net income of EUR11 million in 2008 and total assets of
EUR1.6 billion as of the end of the year.

Moody's last rating action on Privatbanka was on May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Privatbanka reported
consolidated IFRS net income of EUR2 million in 2008 and total
assets of EUR421 million as of the end of the year.


UNICCREDIT BANK: Moody's Affirms 'D+' Bank Fin'l Strength Rating
----------------------------------------------------------------
Moody's Investors Service concluded its review of the ratings of
eight Slovak financial institutions.  The bank financial strength
ratings of all the banks that were on review were confirmed, while
the deposit ratings of three banks (Vseobecna uverova banka,
UnicCredit Bank Slovakia and Ceskoslovenska obchonda banka
Slovakia) were downgraded by one notch.

Moody's review, during which it carried out stress tests on the
Slovak banks' asset quality and earnings, showed that the ratings
were generally well placed to withstand a further deterioration of
asset quality and earnings that may result from the economic
downturn.  But while the rating agency expects Slovakia's GDP to
contract significantly in 2009, it noted that the economy, which
has benefited from adopting the euro, may demonstrate a greater
resilience and could out-perform other EU countries next year.
Overall, the banking system may face less distress than its peers
as household indebtedness is fairly low and the corporate sector
has been able to quickly adjust to the global environment.
Consequently, Moody's confirmed all the BFSRs, although in some
cases they carry a negative outlook.

The downgrades of the deposit ratings were limited to one notch
and were primarily driven by Moody's view that during this
systemic crisis the Slovak state's ability to support its banking
system not just with liquidity, but also with capital, has
weakened.  It now has been closer aligned with the government's
own fiscal flexibility (as expressed by the government bond rating
of A1).  Prior to the crisis, government support for banks was not
expected to be required on a systemic basis and together with the
tools of the European Central Bank, the ability of the Slovak
government to support any of its banks was considered to be
higher, at Aaa.  Consequently, some of those banks that had
benefited in their ratings from such systemic importance have been
affected and have been downgraded by one notch.(see below for
details).

Moody's confirmed all the ratings of Slovenska Sporitelna and
Privatbanka with a stable outlook, while it confirmed those of
Tatra Banka, Tatra Leasing and OTP Banka Slovakia with a negative
outlook.  The rating agency also confirmed the BFSRs of Vseobecna
uverova banka, UniCredit Bank Slovakia and Ceskoslovenska obchodna
banka Slovakia, but downgraded these banks' long-term deposit
ratings. Full details of all the rating actions can be found
below.

These rating actions conclude Moody's review of these eight Slovak
financial institutions that was initiated on 26 May 2009 with the
exception of Home Credit Slovakia, which remains on review for
possible downgrade together with its sister company Home Credit
(Czech Republic).

During the review, Moody's assessed the potential pressure on the
banks' asset quality indicators and earnings generating ability in
the distressed operating environment and their combined effect on
the banks' capitalization and standalone creditworthiness.  The
rating agency also reviewed the ability and willingness of parent
banks and the system, where applicable, to support the banks,
which represents an important input for assigning the final
ratings.

            Review of Bank Financial Strength Ratings

Moody's did not downgrade any Slovak bank's BFSR.  The stress-
testing exercise showed that the standalone ratings of the Slovak
banks already reflected their ability to cope -- given their
capital positions and earnings generating capacity -- with a
potential increase in expected losses in a deteriorating operating
environment.  However, Moody's changed the outlook on the BFSRs of
two banks to negative where the standalone rating was seen as
being slightly more exposed to a significant deterioration of the
operating environment than the rating agency currently envisages.

Moody's expects banks with a BFSR of between C- and the higher end
of the D range to withstand its anticipated case loss assumptions
reasonably well, but believes that they could come under material
pressure in a more severe scenario.  Banks rated between the lower
end of the D range and E+ display more modest fundamentals under
the rating agency's anticipated scenario and are highly sensitive
to a more stressed scenario, resulting in an increased likelihood
that third-party support would be required.  Moreover, while
Moody's loss estimates often indicate a similar magnitude of
potential capital shortfalls for D- and E+ rated banks, banks
rated D- have more robust business models and overall stronger
risk profiles.

                Refined Systemic Support Assessment

The downgrades of the banks' local and foreign currency deposit
ratings were driven by Moody's review of parental and systemic
support probabilities, and in particular by the application of its
refined systemic support assumptions.  The rating agency
previously used the local currency deposit ceiling (Aaa in the
case of Slovakia) as the main input for its assessment of the
ability of the national government to support its banks.  Although
anchoring the probability of support at the LCDC is appropriate in
most circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity, and even willingness, of a
central bank to support financial institutions in the event of a
banking crisis becoming both truly systemic and protracted.

Thus, the anchor used for measuring the influence of the
probability of systemic support on banks' ratings is now the
Slovak government bond rating of A1 (stable outlook) plus two
notches of uplift, resulting in an Aa2 input.  Including the
uplift to the government's rating reflects Moody's view that the
government's ability to support a bank can be higher than the
government debt rating as the state has an array of tools --
financial and non-financial -- that can be employed, especially
when the authorities fear that a collapse of the banking system
might amplify the economic stress.

The extent of the uplift in the case of Slovakia reflects Moody's
view that the risks of a systemic crisis in the banking system
remain relatively low and its assessment of the state's
willingness to support its banks.  The latter also reflects the
legislature's recent approval of a bank stability act that allows
the state to support the banks in the event of need with capital
injections, debt guarantees or direct lending.

                     List of Rating Actions

Moody's has taken these rating actions on the Slovak banks:

                    Slovenska Sporitelna (SLSP)

SLSP's BFSR of C-, which maps to a Baseline Credit Assessment of
Baa2, was confirmed with a stable outlook.  In Moody's view, the
bank's standalone rating appropriately reflects its ability to
withstand potential pressure on its capital adequacy caused by the
increase in problem loans in a distressed environment.  Moody's
notes that the expected losses on the bank's portfolio were
positively affected by its strong retail franchise, where the bank
focuses on loans secured by real estate.

The local and foreign currency deposit ratings of A2/Prime-1 were
confirmed with a stable outlook.

                   Vseobecna uverova banks (VUB)

Moody's confirmed VUB's BFSR of C-, which maps to a BCA of Baa2,
with a stable outlook.  Although the bank's large consumer finance
portfolio (VUB is the leader in the consumer finance market
through a subsidiary) is a reason for potential concern due to the
weaker quality of this type of lending, its strong capitalization
and good earnings generating ability support Moody's view that the
bank is well positioned to cope with potential losses.

However, due to its review of parental and systemic support
probabilities, Moody's downgraded the bank's long-term local and
foreign currency deposit ratings to A1 from Aa3.  The ratings
carry a stable outlook.  The Prime-1 short-term deposit rating was
confirmed.

                           Tatra Banka

Tatra Banka's BFSR of C-, mapping to BCA of Baa2, was confirmed
with a negative outlook.  In reviewing the rating, Moody's took
into consideration the bank's strong franchise, which translates
into good revenue generating ability, and the recently approved
capital injections.  However, given the bank's primarily corporate
profile, high concentrations in the loan book and moderate
capitalisation, Moody's views the Tatra Banka's rating as being
relatively vulnerable to further deterioration of the operating
environment.

The bank's local and foreign currency deposit ratings were
confirmed at A2/Prime-1, but the outlook was changed to negative
in line with the negative outlook on Tatra Banka's BFSR.

                          Tatra Leasing

Moody's confirmed the Aa3.sk rating of Tatra Leasing with a
negative outlook.  Although the leasing market in Slovakia has
been significantly affected by the worsening operating
environment, the company's rating is driven primarily by the
rating of its parent, Tatra Banka.  The negative outlook therefore
reflects the negative outlook on the bank's ratings, given the
close integration of and co-operation between the two entities.
Note that in the event of a downgrade of Tatra Banka's BFSR, the
ratings of Tatra Leasing would also come under downward pressure.

                UniCredit Bank Slovakia (Unicredit)

Moody's confirmed the UniCredit's BFSR of D+, which maps to a BCA
of Ba1, with a stable outlook.  Although Moody's regard
UniCredit's primarily corporate profile as more risky than those
of banks with stronger retail franchises, this is partly mitigated
by its good earnings power and strong capitalisation (2008:
13.4%),

However, Moody's adjustments to the systemic support inputs
resulted in a downgrade of the bank's local and foreign currency
deposit ratings to A3/Prime-2 from A2/Prime-1.  UniCredit's
deposit ratings carry a stable outlook, in line with the stable
outlook on the BFSR.

               Ceskoslovenska cbchodna banka (CSOB)

Moody's confirmed CSOB's BFSR of D, which maps to a BCA of Ba2,
with a stable outlook.  The bank's BFSR was not affected by the
rating agency's assessment of the potential losses on its capital
adequacy, but the bank's standalone rating is weighed down by the
challenges the entity is facing.  The bank became a standalone
entity only at the beginning of 2008 after being spun off from
Czech Republic's Ceskoslovenska Obchodni Banka (rated Aa3/Prime-1/
C) and is currently in a process of integrating another bank
acquired by its parent, KBC Bank N.V. (rated Aa3/Prime-1/C+), last
year.

Moody's adjustments to its systemic support inputs resulted in a
downgrade of the bank's local and foreign currency deposit ratings
to A3/Prime-2 from A2/Prime-1.  CSOB's deposit ratings carry a
stable outlook, in line with the stable outlook on the BFSR.

                      OTP Banka Slovakia (OBS)

OBS's BFSR of D-, which maps to a BCA of Ba3, was confirmed with a
negative outlook.  Although Moody's regards OBS's rating as able
to incorporate significant stress in the bank's loan portfolio,
the entity's weak profitability and modest capital adequacy (in
comparison with those of some of the other rated banks) makes it
particularly vulnerable to a more drastic deterioration in the
environment than the rating agency currently expects.

The bank's deposit ratings of Baa3/Prime-3 were also confirmed
with a negative outlook, which reflects the negative outlook on
the bank's BFSR and also the negative outlook on its parent and
support provider, Hungary's OTP Bank (rated Baa1/P-2/D+).

                            Privatbanka

Privatbanka's BFSR of E+, which maps to a BCA of B2, was confirmed
with a stable outlook.  In Moody's view, the bank's potential
vulnerability to the weakening operating environment, given its
weak franchise and high concentration in the loan book, is already
reflected in its ratings.  Moody's notes that bank's historical
profitability has been good and its end-2008 capital adequacy
ratio of 16.77% is very strong.

Moody's does not incorporate any parental or systemic support into
the bank's B2/Non-Prime deposit ratings, which map to national
scale ratings of Baa3.sk/SK-3.  All its ratings have a stable
outlook.

Moody's last rating action on SLSP was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, SLSP reported consolidated
IFRS net income of EUR142 million in 2008 and total assets of
EUR12.6 billion as of the end of the year.

Moody's last rating action on VUB was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, VUB reported consolidated
IFRS net income of EUR168 million in 2008 and total assets of
EUR11.2 billion as of the end of the year.

Moody's last rating action on Tatra Banka was on May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Tatra Banka reported
consolidated IFRS net income of EUR131 million in 2008 and total
assets of EUR10.5 billion as of the end of the year.

Moody's last rating action on Tatra Leasing was May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Tatra Leasing reported
consolidated IFRS net income of EUR1.8 million in 2008 and total
assets of EUR485 million as of the end of the year.

Moody's last rating action on BSOB was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, CSOB reported consolidated
IFRS net income of EUR37 million in 2008 and total assets of
EUR7.3 billion as of the end of the year.

Moody's last rating action on UniCredit was on May 26, 2009, when
all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, UniCredit reported
consolidated IFRS net income of EUR72 million in 2008 and total
assets of EUR4.6 billion as of the end of the year.

Moody's last rating action on OBS was on May 26, 2009, when all
its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, OBS reported consolidated
IFRS net income of EUR11 million in 2008 and total assets of
EUR1.6 billion as of the end of the year.

Moody's last rating action on Privatbanka was on May 26, 2009,
when all its ratings were placed on review for possible downgrade.

Headquartered in Bratislava, Slovakia, Privatbanka reported
consolidated IFRS net income of EUR2 million in 2008 and total
assets of EUR421 million as of the end of the year.


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


CODERE SA: Shareholders' Dispute Won't Affect S&P's 'B' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that there is no immediate
effect on the ratings and outlook of Spanish and Latin American
gaming group Codere S.A. (B/Negative/--) following the
announcement by its principal shareholders (members of the
Martinez Sampedro family) that they have settled a long-running
dispute with the former principal shareholders (Jesus and Joaquin
Franco).

Under the agreement, some 3.6% of the Martinez Sampedro's shares
in Codere will be transferred to the Francos in final settlement
of all obligations outstanding under a 2006 sale and purchase
agreement between the two parties, and the sale process of Codere
initiated on November 13, 2008, will be terminated.

The announcement removes the threat that change-of-control
provisions within Codere's existing capital structure could be
triggered and so materially reduces uncertainty about the group's
future.  Given ongoing tough market conditions in Spain, however,
Standard & Poor's will await the next results from the group
before reviewing the ratings outlook.


PYME BANCAJA: Moody's Assigns 'Caa1' Rating on Series C Notes
-------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings
to these classes of notes issued by PYME Bancaja.

* Aaa to the EUR383.7 million Series A notes
* B3 to the EUR70.2 million Series B notes
* Caa1 to the EUR56.1 million Series C notes

PYME Bancaja 8, Fondo de Titulizacion de Activos is a cash
securitisation of loans granted to small and medium sized
enterprises by Bancaja (A3/P-2).  The portfolio will be also
serviced by Bancaja.

The portfolio consists of commercial loans extended to Spanish
SMEs, some secured by real estate mortgage and some unsecured, to
fund general working capital and long term business expansion. The
loans were originated between 2000 and 2009, with a weighted-
average seasoning of 1.55 years and a weighted-average remaining
term of 11.1 years.  The longest loan matures in August 2048.  All
the loans are secured by a first-lien mortgage guarantee on
properties with a current LTV lower than 100%.  The current
weighted-average LTV is 57.8%.  Geographically, the pool is
concentrated in the Region of Valencia (53.43%), a natural
consequence of the location of the originator.

The V-Score for this transaction is Medium/High.  Although the
overall V-Score is in line with the Medium/High V-Score assigned
for the Spanish SME sector, some sub-components are weaker than
that of the Spanish SME sector.  In particular Moody's noted the
deterioration of Bancaja's default rates, and the exposure to
basis risk as the transaction is not protected by a basis swap.  V
Scores are a relative assessment of the quality of available
credit information and of the degree of dependence on various
assumptions used in determining the rating.  High variability in
key assumptions could expose a rating to more likelihood of rating
changes.  The V-Score was assigned according to the report "V-
Scores and Parameter Sensitivities in the EMEA Small to Medium
Enterprises ABS Sectors" published in June 2009.

Moody's based the ratings primarily on: (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided through the GIC account, the excess spread,
the cash reserve and the subordination of the notes; and (iv) the
legal and structural integrity of the transaction.  Moody's
initially analysed and will monitor this transaction using the
rating methodology for EMEA SMEs loan-backed transactions as
described "Moody's Approach to Rating Granular SME Transactions in
Europe, Middle East and Africa", June 2007 and "Refining the ABS
SME Approach: Moody's Probability of Default assumptions in the
rating analysis of granular Small and Mid-sized Enterprise
portfolios in EMEA", March 2009.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the rated final legal maturity date on 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 the yield to investors.

The only previous rating action relates to the assignment of the
provisional rating (July 24, 2009).


SANTANDER CONSUMER: Moody's Cuts Bank Strength Rating to 'D+'
-------------------------------------------------------------
Moody's Investors Service has downgraded the long-term bank
deposit and senior debt ratings of Santander Consumer Finance to
A2 from A1 and its bank financial strength rating to D+ from C+.
The D+ BFSR translates into a baseline credit assessment of Baa3.
At the same time, dated subordinated debt was downgraded to A3
from A2.  The short-term debt and deposit ratings were confirmed
at Prime-1.  The outlook on all ratings is now negative.  These
rating actions conclude the review for possible downgrade
initiated on May 19, 2009.

Maria Jose Mori, Assistant Vice President at Moody's and lead
analyst for SCF, commented the rating action: "The downgrades
reflect Moody's expectation that SCF's financial fundamentals will
face continued pressure as a result of the very weak operating
environment in Europe, with almost all economies in which SCF is
present now in recession and expected to remain so throughout 2009
and into 2010.  The D+ BFSR now captures not only SCF's solid
franchise and diversified portfolio (by country and business
line), and strong efficiency levels, but also the riskier profile
of the consumer finance business compared to traditional retail
banking, with a strong correlation to the performance of the real
economy and higher loss severity".

The rating actions also take into consideration Moody's
expectation that SCF's asset quality will continue to deteriorate,
leading to higher credit losses than previously incorporated in
the institution's ratings and straining its capitalization.  All
of SCF's asset classes (auto finance, direct lending, credit
cards, mortgages etc.) will continue to face asset quality
pressure: according to Moody's, prospects remain negative for all
European economies to which SCF is exposed, chiefly Germany,
Spain, Italy and Nordic countries.  The D+ BFSR reflects Moody's
view that SCF should withstand Moody's anticipated case loss
assumptions reasonably well, but could come under material
pressure in a more severe scenario.

Maria Jose Mori emphasized however that "Due to Moody's
assumptions of a heightened likelihood of systemic support in this
crisis combined to Moody's expectations of high probability of
parental support from the Santander Group (B-/Aa2/P-1), the impact
of the BFSR downgrade has not translated into a similar downgrade
of SCF's senior debt and deposit rating".

The negative outlook on all ratings reflects Moody's view that SCF
could still come under pressure if loss assumptions increase
significantly from the rating agency's current expectations or if
other aspects determining its risk absorption capacity deteriorate
to the degree that capital and earnings are affected.

At end-March 2009, SCF reported a problem ratio of 4.64%, up from
3.15% in March 2008.  By country, the most notable deterioration
was in Spain, where the ratio rose to 8.6% at end-March 2009 from
6.1% at year-end 2008.  Spain accounted for 24% of SCF's loan
portfolio and 12% of net attributable profit as of December 2008
(including the US unit as it is managed by SCF though consolidated
at the Group level). Germany -- the largest contributor in terms
of both volume (37% of total loans in 2008) and profits (55%) --
has also suffered a weakening in asset quality indicators since
the beginning of the crisis (problem loan ratio of 4.5% at end-
March 2009 vs. 3.2% at end-2007) but to the same degree as in many
other countries such as the Nordics or Italy.  Despite
expectations of weaker revenue generation capacity across all of
SCF's European units, Moody's believes that Germany will continue
to be a key driver of profit growth going forward and will not
face as severe credit losses as in Spain.

Moody's acknowledges SCF's improvements in terms of capital
adequacy following the EUR1.2 billion capital increase in March
2009.  As a result, the Tier 1 ratio improved to 7.32% from 4.61%
in December 2008.  Although SCF is not obliged to comply with the
Bank of Spain's minimum regulatory capital ratios, stretched
capital ratios represent a major rating constraint -- even more so
taking into account Moody's expectations of an ongoing
deterioration in asset quality indicators in a context of
depressed revenues.  In this light, the rating agency views
positively any initiative taken to reinforce SCF's risk absorption
capacity.

Moody's previous rating action on SCF was on May 19, 2009, when
all ratings were placed on review for possible downgrade.

Santander Consumer Finance, S.A. is headquartered in Madrid,
Spain.  At the end of March 2009, it had total assets of EUR58.7
billion.

Santander Consumer Finance, S.A:

* BFSR downgraded to D+ from C+ (mapping to a BCA of Baa3),
  outlook changed to negative;

* Long-term debt and deposit rating downgraded to A2 from A1,
  outlook changed to negative;

* Senior subordinated debt downgraded to A3 from A2, outlook
  changed to negative;

* Short-term debt and deposit rating confirmed at P-1.


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


ANDEREGG & PARTNER GMBH: Creditors Must File Claims by August 5
---------------------------------------------------------------
Creditors of Anderegg & Partner GmbH are requested to file their
proofs of claim by August 5, 2009, to:

         Bernhard Anderegg
         Liquidator
         Allwegmatte 1
         6372 Ennetmoos
         Switzerland

The company is currently undergoing liquidation in Ennetmoos.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 18, 2009.

ARCHITEKTURBUERO ROBERT: Claims Filing Deadline is August 5
-----------------------------------------------------------
Creditors of Architekturbuero Robert Schmid AG are requested to
file their proofs of claim by August 5, 2009, to:

         Jean-Claude Conrad
         Brunnmattstrasse 20
         8103 Unterengstringen
         Switzerland

The company is currently undergoing liquidation in Uitikon.  The
decision about liquidation was accepted at a general meeting held
on April 20, 2007.


HUGO OSER: Claims Filing Deadline is August 12
----------------------------------------------
Creditors of Hugo Oser AG are requested to file their proofs of
claim by August 12, 2009, to:

         Alois Zimmermann
         Aeschenvorstadt 13
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Oberwil BL.
The decision about liquidation was accepted at an extraordinary
general meeting held on May 20, 2009.


PIERRE LAURENT: Claims Filing Period Ends August 14
---------------------------------------------------
Creditors of Pierre Laurent GmbH are requested to file their
proofs of claim by August 14, 2009, to:

         Anita Herrmann
         Herrenmoosweg 2
         2560 Nidau
         Switzerland

The company is currently undergoing liquidation in Nidau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 30, 2009.


WAFINA SCHWEIZ: Creditors Must File Claims by August 14
-------------------------------------------------------
Creditors of WAFINA Schweiz AG are requested to file their proofs
of claim by August 14, 2009, to:

         Dr. Gabriela Waser
         Liquidator
         Stansstaderstrasse 55
         6370 Stans
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 15, 2009.


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


AURORA-GROUP LLC: Creditors Must File Claims by August 5
--------------------------------------------------------
Creditors of LLC Aurora-Group (code EDRPOU 35807444) have until
August 5, 2009, to submit proofs of claim to:

         O. Venskaya
         Insolvency Manager
         M. Rilsky Str. 137
         49116 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on June 15, 2009.  The case is
docketed under Case No. B29/170-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Aurora-Group
         K. Marks Str. 101
         49000 Dnepropetrovsk
         Ukraine


AVANTEKS-GROUPP LLC: Creditors Must File Claims by August 5
-----------------------------------------------------------
Creditors of LLC Avanteks-Groupp (code EDRPOU 35591572) have until
August 5, 2009, to submit proofs of claim to LLC Vlas-Tech-
Equipment, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 30, 2009.  The case is docketed under
Case No. 15/306-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Avanteks-Groupp
         Office 1
         Vladimirskaya Str. 7
         01025 Kiev
         Ukraine


ELIT SERVICE: Creditors Must File Claims by August 6
----------------------------------------------------
Creditors of LLC Elit Service Group (code EDRPOU 35136886) have
until August 6, 2009, to submit proofs of claim to:

         V. Shevchenko
         Insolvency Manager
         Office 199
         Kniazhy zaton Str. 12
         02095 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on June 30, 2009.  The case is docketed under
Case No. 44/325-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Elit Service Group
         Melnikov Str. 12
         04050 Kiev
         Ukraine


KHARKOV LEASING: Creditors Must File Claims by August 5
-------------------------------------------------------
Creditors of LLC Kharkov Leasing Agro Invest (code EDRPOU
33804860) have until August 5, 2009, to submit proofs of claim to
P. Kaverzin, the company's insolvency manager.

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on June 10, 2009.  The case is docketed under
Case No. B-48/63-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Kharkov Leasing Agro Invest
         Zavodskaya Str. 49
         Solonitsevka
         Dergachi District
         62370 Kharkov
         Ukraine


METIVEST BV: Fitch Affirms Long-Term Issuer Default Rating at 'B'
-----------------------------------------------------------------
Fitch Ratings has affirmed Metivest B.V.'s Long-term foreign
currency Issuer Default Rating at 'B' with a Negative Outlook.
The rating is constrained by Ukraine's Country Ceiling of 'B'.  At
the same time, Fitch has affirmed Metinvest's Long-term local
currency IDR at 'B+' with a Stable Outlook.  The company's Short-
term foreign and local currency IDRs are both affirmed at 'B'.
Fitch has also downgraded Metinvest's National Long-term IDR to
'AA-(ukr)' from 'AA+(ukr)' and its National Short-term IDR to
'F1(ukr)' from 'F1+(ukr)' due to a recalibration of Fitch's
National Ukrainian scale.  The Outlook on the National Long-term
IDR is Stable.

The rating actions reflect Fitch's opinion that Metinvest's credit
profile will remain within the agency's parameters for the current
rating level despite the current global economic recession and the
associated downturn in steel demand and prices.  The ratings
reflect Metinvest's scale as the largest Ukrainian metals and
mining company with significant domestic and global market shares,
including 12% in the international slabs market, 9% in the
international strips market and 25% in the Ukrainian domestic
steel products market.  The ratings also factor in Metinvest's
proximity to raw material sources and Black Sea ports, its self-
sufficiency in iron ore and coking coal.  Fitch notes that
Metinvest has benefited from an almost 50% devaluation of the
Ukrainian currency, the hryvna (UAH), since September 2008.
Exports make up over 80% of Metinvest's sales, whilst almost 70-
80% of its costs are denominated in UAH.  The company is likely to
continue to receive hard currency to service its debt which is
denominated in US$ and EUR.  The currency devaluation has
benefited Metinvest's production costs, enabling it to remain
profitable even at lower prices.

Rating constraints include the company's historically lower
expenditure on plant modernization, which over the past three
years has, on average, been lower than at key Commonwealth of
Independent States' peers such as Severstal ('B+'/'B'/Rating Watch
Negative) and MMK ('BB'/'B'/Stable) by capex per tonne of crude
steel and capex per US$1 of sales.  As a result, Metinvest's steel
operations are less efficient than that of its CIS peers.  Despite
improvements to its corporate governance, Metinvest's governance
practices and disclosure framework still fall below international
standards.  Further constraints on the ratings also include
Metinvest's exposure to cyclicality in the metals and mining
industry which is currently in a historically severe downturn,
resulting in weak producer profitability.  In a scenario where
market conditions remain weak through the rest of FY09, Fitch
would expect production volumes to decline by 40%-30% y-o-y,
revenue by about 60%-70% y-o-y and EBITDAR by 70-80% y-o-y, given
Metinvest's focus on commodity steel products.  Although
management has implemented significant production cutbacks and a
cost reduction programme, these measures have not been sufficient
to offset the decrease in sale prices, even despite the UAH's
devaluation.  As a result, the agency also expects the company's
EBITDAR margin to decrease to 20%-25% in FY09 from 35% in FY08.

Metinvest has a good track record of maintaining a stable
financial policy, reflected in consistent credit metrics and
strong cash flow despite the cyclicality of the mining industry.
As of FYE08, it had total debt of US$2.6bn including US$1.3bn of
short-term debt, gross debt/EBITDAR of 0.58x and net debt/EBITDAR
of 0.52x.  As of end-2009, Fitch expects Metinvest to have gross
debt/EBITDAR at 2.6-2.8x and net debt/EBITDAR at 2.2x-2.5x.  Fitch
estimates that the group's gross leverage between 2010-2012 will
average between 1.1x-1.5x.  Metinvest therefore is expected to
maintain adequate headroom over its most restrictive covenant of
net debt/EBITDAR of less than 3x.  As of FYE08, Metinvest had cash
in hand of US$0.3 billion, plus expected 2009 free cashflow in a
range of US$0.7bn-1.0 billion, compared with scheduled maturities
in 2009 of US$0.6 billion.  Fitch expects the group to have
EBITDAR/gross interest expenses at 5.3-5.7x against a
EBITDAR/gross interest covenant of 5.0x for 2009.

The Negative Outlook on the Long-term foreign currency IDR is in
line with Ukraine's sovereign rating.  The Stable Outlook on
Metinvest's other ratings reflects Fitch's opinion that despite
the current economic downturn, the company will continue to have a
strong operational profile and a satisfactory liquidity position.
Nevertheless, Fitch notes that Metinvest is exposed to risks
inherent to Ukraine's economy, financial sector and political
situation.  Fitch will monitor the impact of these risks on
Metinvest's operational and financial profile and review the
company's ratings accordingly.


NAFTOGAZ OJSC: Fitch Junks Issuer Default Ratings From 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded Ukraine-based OJSC Naftogaz's Long-
term foreign and local currency Issuer Default ratings to 'CC'
from 'B-' respectively.  Both ratings remain on Rating Watch
Negative.  Fitch has simultaneously downgraded the senior
unsecured rating on Naftogaz's US$500 million eurobond to 'CC'
from 'B' and maintained it on RWN.  The Recovery Rating on the
eurobond is 'RR4'.

"The rating action reflects the possibility of a coercive debt
exchange and the absence of a stable funding plan for near-term
financial obligations which makes a default of some kind
probable," says Anton Krawchenko, Associate Director in Fitch's
Energy, Utility and Regulations team.

The Ukrainian government published a resolution on July 22, 2009,
authorizing Naftogaz to restructure its foreign currency-
denominated debt.  Neither the government nor Naftogaz have
committed to a debt restructuring; however, Fitch believes such a
restructuring is probable.  Under Fitch's Coercive Debt Exchange
criteria, if a CDE is inevitable or imminent, the agency will
downgrade Naftogaz's Long-term IDR to 'C'.  If a CDE is
successfully executed, Fitch would downgrade Naftogaz's Long-term
IDR to Restricted Default.

On August 7, 2009, Naftogaz is due to pay Gazprom between US$600
million and US$700 million for gas consumed in July, and on
September 30, 2009 its EUR500 million eurobond matures.  Naftogaz
cannot meet these, or other near-term, payment obligations on the
basis of internal cash flow and is seeking to secure financial
support from the government and third parties.  On July 28, 2009,
the IMF approved a US$3.3 billion tranche under its US$16.2
billion stand-by agreement with Ukraine, which is available for
budgetary support (including Naftogaz).  Given IMF support and
central bank reserves available for emergency budgetary use, Fitch
believes Ukraine's government has the financial capacity to
support Naftogaz's liabilities if it chose to do so.  However,
although Fitch believes Ukraine's support for Naftogaz remains
high, reliance on last minute emergency financing arrangements to
meet imminent maturities is more compatible with a 'CC' rating.

Naftogaz's senior unsecured rating was previously aligned with
Ukraine's sovereign IDR ('B'/Negative) to reflect a guarantee of
the company's foreign debt that was written into the country's
budget law.  However, Fitch's understanding is that the guarantee
only applies to missed cash payments by Naftogaz, not a
rescheduling of debt.  The government's recent resolution
authorising a debt restructuring at Naftogaz, together with
pressure on government finances and inadequate internal cash flow
to meet financial obligations, suggests a coercive debt exchange
is probable.  For this reason, Naftogaz's senior unsecured rating
has been downgraded to the level of the company's IDR.

Ukraine's energy regulator recently announced that domestic gas
prices will begin to move towards international prices, at which
level Naftogaz pays for imports, commencing September 1, 2009,
with a 20% increase for residential consumers.  In the long-term,
price increases could significantly improve Naftogaz's business
profile.  However, Fitch would not consider upgrading Naftogaz's
IDR until transparency at the company improves (including timely
publication of IFRS results), cash from operations (i.e., cash
after working capital needs) improves substantially and stable
funding is in place to comfortably meet near-term maturities and
gas payments over the 2009/10 winter season.


ODIUS GROUP: Creditors Must File Claims by August 5
---------------------------------------------------
Creditors of LLC Odius Group (code EDRPOU 35075331) have until
August 5, 2009, to submit proofs of claim to:

         LLC Dakhanavar
         Insolvency Manager
         Cheshskaya Str. 1/22
         01042 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 16, 2009.  The case is docketed under
Case No. 49-77/b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Odius Group
         N. Vasilenko Str. 7-A
         03124 Kiev
         Ukraine


SPORTTECHNOFINANCE LLC: Creditors Must File Claims by August 5
--------------------------------------------------------------
Creditors of LLC Sporttechnofinance (code EDRPOU 33349216) have
until August 5, 2009, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on May 12, 2009.  The case is docketed under
Case No. 23/242-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sporttechnofinance
         Reuters Str. 35-A
         01034 Kiev
         Ukraine


STEELCONSTRUCTION-103: Creditors Must File Claims by August 5
-------------------------------------------------------------
Creditors of LLC Steelconstruction-103 Ltd (code EDRPOU 01413543)
have until August 5, 2009, to submit proofs of claim to:

         N. Prudka
         Insolvency Manager
         40 years of Soviet Ukraine Str. 82a
         69035 Zaporozhye
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on June 23, 2009.  The case is docketed under
Case No. 16/54/09.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Steelconstruction-103 Ltd
         Teplichnaya Str. 17
         69009 Zaporozhye
         Ukraine


TONITRANS LLC: Creditors Must File Claims by August 5
-----------------------------------------------------
Creditors of LLC Tonitrans (code EDRPOU 35738271) have until
August 5, 2009, to submit proofs of claim to:

         O. Venskaya
         Insolvency Manager
         M. Rilsky Str. 137
         49116 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on June 22, 2009.  The case is
docketed under Case No. B29/189-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tonitrans
         Dwelling District Topol-3, b. 8-a
         Dnepropetrovsk
         Ukraine


* CITY OF KHARKOV: Fitch Affirms 'B' Long-Term Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the City of Kharkov's ratings at Long-
term foreign and local currency 'B' with Negative Outlook, Short-
term foreign currency 'B', and National Long-term 'AA-(ukr)'.  The
Outlook on the National Long-term rating is Stable.

The ratings factor in the City of Kharkov's worsening economy,
lower tax revenue and operating expenditure rigidity.  However,
they also consider the city's satisfactory but declining budgetary
performance, zero direct debt and low indirect risk.  The Negative
Outlook reflects that of Ukraine's ratings, as the city's ratings
are capped by the sovereign.

Fitch expects the city's operating margin for 2009 to be 5%-7%,
down from 10.9% at end-2008 and 13.2% at end-2007.  Operating
revenue in 2009 is likely to weaken, due to impact on the local
economy from the global financial crisis and domestic recession.
However, additional tax concessions provided by the central
government should compensate in part the expected weaker operating
revenue.  The city's budget surplus before debt variation in 2008
shrank to UAH75.7 million from UAH132.2 million in 2007.

Since H208 the city has been free of direct debt following the
repayment in full of its domestic three-year bond.  Contingent
liabilities are limited to the debt of few public companies and
remain well-monitored, thus keeping the city's indirect risk on a
manageable level.  The city's expenditure flexibility is
significantly constrained by rigid current transfers and public
personnel salaries, which amounted to 81% of operating expenditure
in 2007-2008.  Operating expenditure in 2009 may come under
further pressure from increased transfers, should the recession
prove deeper-than-expected by end-2009.

The City of Kharkov is located in north-east of Ukraine, on the
border with the Russian Federation, and is the country's second-
largest city and the wealthiest municipality of the Kharkov
region.  With 1.458 million residents the city accounted for 3.1%
of the national population, while the region contributed 6.1% of
the national GDP.


* CITY OF KYIV: S&P Affirms 'CCC+' Issuer Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'CCC+' long-term issuer credit and unsecured debt ratings on
Ukraine's capital, the City of Kyiv.  The outlook is negative.

The ratings were removed from CreditWatch with negative
implications, where they had been placed on April 14, 2009.
Before the CreditWatch placement, the outlook was negative.

"The ratings reflect the city's high debt burden, with its
significant foreign exchange risk and short-term refinancing
pressures," said Standard & Poor's credit analyst Boris Kopeykin.

The ratings are also constrained by Kyiv's limited fiscal
flexibility and evolving interbudgetary relations, weakening
revenues that undermine budgetary performance, and contingent
liabilities resulting from city's companies.

The ratings are supported by the city's position as Ukraine's
economic and financial center, its relatively diversified and
wealthy -- by Ukrainian standards -- economy, and expected support
from the central government in extending or refinancing the city's
short-term debt.

The negative outlook mirrors the outlook on Ukraine.  It also
reflects Kyiv's risky debt structure, poor liquidity, and
weakening budgetary performance. S&P's rating scenario factors in
S&P's expectation that the central government will provide timely
and sufficient support to Kyiv either to refinance or repay the
UAH750 million loan.  If Kyiv defaults on this loan, it could
trigger cross default on the city's Eurobonds.  Support from the
central government could come either in the form of additional
grants and treasury loans or assistance in extending the loan.

"If S&P see only slight evidence of the central government's
intent to facilitate the loan extension or repayment before
December 2009, S&P might downgrade Kyiv by several notches," said
Mr. Kopeykin.

A downgrade could also result from Kyiv's rapid accumulation of
short-term debt, with substantial growth of debt service above
S&P's forecast in 2009-2010.  Negative rating actions on Ukraine
will also put additional pressure on the ratings on Kyiv.


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


AMBAC ASSURANCE: Moody's Junks Insurance Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from Ba3 the
insurance financial strength ratings of Ambac Assurance
Corporation and Ambac Assurance UK Limited.  In the same rating
action, Moody's also downgraded the credit ratings of Ambac
Financial Group, Inc., lowering the rating of the senior unsecured
debt to Ca from Caa1.  The ratings outlook for Ambac is
developing, and is negative for Ambac Financial.

The rating action may have implications for certain transactions
wrapped by Ambac as discussed later in this press release.

                Rationale For Ratings And Outlooks

The rating action was prompted by Ambac's recently announced large
loss reserve increase and credit impairment charge estimated for
2Q2009.  These losses would reduce Ambac's regulatory capital to
levels below the required minimum threshold, though the company
has petitioned the Wisconsin insurance regulator to approve a
reclassification of statutory contingency reserves to offset the
capital depletion.  With the risk of regulatory intervention now
elevated, Moody's believes there will be increased pressure on
Ambac's counterparties to commute outstanding exposures on terms
that could imply a distressed exchange.

For Ambac Financial, the greater regulatory risk further reduces
the likelihood in Moody's view that the holding company will be
able to access operating company resources over a reasonable
timeframe to satisfy its obligations.  This raises the risk of
distressed exchanges of outstanding debt with moderate-to-high
estimated severity due to the holding company's modest cash
position and limited financial flexibility.

The developing outlook for Ambac reflects the possibility of
either positive or negative movement on Ambac's insurance
financial strength ratings, depending on the performance of the
insured portfolio and including any negotiated policy terminations
over the next one to two years.

The negative outlook for Ambac Financial reflects Moody's view
that severity of loss on senior debt could be quite high,
particularly if the company's performance deteriorates further.

                Treatment of Wrapped Transactions

Moody's ratings on securities that are guaranteed or "wrapped" by
a financial guarantor are generally maintained at a level equal to
the higher of these: a) the rating of the guarantor (if rated at
the investment grade level); or b) the published underlying rating
(and for structured securities, the published or unpublished
underlying rating).  Moody's approach to rating wrapped
transactions is outlined in Moody's special comment entitled
"Assignment of Wrapped Ratings When Financial Guarantor Falls
Below Investment Grade" (May, 2008); and Moody's November 10, 2008
announcement entitled "Moody's Modifies Approach to Rating
Structured Finance Securities Wrapped by Financial Guarantors".

In light of the downgrade of Ambac, Moody's will position the
ratings of wrapped transactions or withdraw such ratings according
to these criteria.  For wrapped transactions whose ratings are
withdrawn based on these criteria, if the rating of Ambac should
subsequently move back into the investment grade range, or if the
agency should subsequently publish the underlying rating, Moody's
would reinstate the rating to the wrapped instruments.

                     List of Rating Actions

These ratings have been downgraded:

* Ambac Assurance Corporation -- insurance financial strength to
  Caa2 from Ba3;

* Ambac Assurance UK Limited -- insurance financial strength to
  Caa2 from Ba3;

* Ambac Financial Group, Inc. -- senior unsecured debt to Ca from
  Caa1, junior subordinated debt to C from Caa2 and provisional
  rating on preferred stock to (P)C from (P)Ca.

The last rating action related to Ambac was on April 13, 2009,
when Moody's downgraded Ambac's financial strength ratings to Ba3
and Ambac Financial's ratings (senior debt to Caa1).

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provide financial guarantees and
financial services to clients in both the public and private
sectors around the world.


IMO CAR: Court to Rule on Debt Restructuring Plan Today
-------------------------------------------------------
Anousha Sakoui at The Financial Times reports that an English
court is expected to decide today, Aug. 3, whether junior
creditors' claims against private equity-owned IMO Car Wash Group
will be wiped out.

The FT relates the case centers on an argument between creditors
over the debt restructuring of IMO Carwash, which ran into
financial difficulty earlier this year.

According to the FT, senior lenders to IMO Carwash, including HBOS
and US-based distressed debt investor Angelo Gordon, want to take
over the company in exchange for writing off debt claims.  The FT
says on some estimates IMO is believed to be worth less than its
senior debt value, so the plan leaves nothing for more junior
ranking creditors.

The FT discloses the plan is being implemented via a scheme of
arrangement, needing only 75 per cent of senior creditors to
approve it, which the court could sanction today.   However, the
judge has been considering evidence from junior creditors who
believe IMO is worth more and want a stake in the restructured
company, the FT notes.

IMO Car Wash Group -- http://www.imocarwash.com/-- is the world's
largest car wash company, washing over 30 million cars each year
across 14 countries.  IMO operates over 930 sites, including more
than 330 in the United Kingdom trading as arc Clean Car Centres,
and over 345 sites in Germany.  IMO Car Wash was acquired by The
Carlyle Group in March 2006.


INEOS GROUP: Moody's Affirms 'Caa2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed the Caa2 Corporate Family
Rating of Ineos Group Holdings plc and upgraded the underlying
Probability of Default rating to Caa1 from Caa2 and the ratings
assigned to its senior notes to Caa3 from Ca, as detailed below.
The outlook on the ratings is stable.

The absolute size of the liabilities and the substantial cash debt
service obligations remain one of the main factors underpinning
the decision to affirm the current corporate family rating.
However, Moody's has upgraded to Caa1 the probability of default
rating as a result of Ineos' recent agreement with its senior
lenders of a new set of financial covenants and other conditions
that are designed to accommodate the expected weakness in the cash
flow generation during the next 18 months, allowing some covenant
headroom in light of possible near-term volatility.  The projected
level of covenants is underpinned by the expectation of some
recovery in volumes across the chemicals portfolio, while margins
are likely to remain weak pending structural adjustments in
capacity expected at the trough.  Moody's notes that the company
has reported a gradual improvement in the level of weekly orders
and capacity utilization during the first half of 2009 suggesting
a potential recovery in volumes in line with the assumptions.
These considerations, together with taking into account the
forecast liquidity profile, is the basis for Moody's assessment
that default risk has reduced leading to the one notch upgrade of
the Probability of Default rating to Caa1 at this time.

The Caa2 corporate family rating also reflects a degree of
uncertainty with regard to the potential recovery in chemicals
margins expected in 2011 and beyond, to be sustained by timely
rationalization in chemicals capacity in Europe and US,
particularly in polyolefins, as well as the overall recovery in
economic growth and demand for durable goods supporting projected
improvements in intermediates.  Moody's notes that the amended
lending terms anticipate gradual deleveraging through improvement
in earnings and reduction in debt, as well as additional
requirement to reduce senior debt by EUR700 million by 2012.
Moody's note the company's commentary regarding potential
disposals that could support such future debt repayment, as well
as the relatively low valuations prevailing at the moment.
Overall, the execution risk of the business plan remains
relatively high and depends on the timing of the sustained
economic recovery.  In the medium term, the Caa2 Corporate Family
Rating therefore reflects Moody's expectation of lower family
recovery rates during the cyclical downturn underpinned by lower
market valuations of chemicals assets in trough conditions.

The stable outlook reflects Moody's expectation that the group
will continue to maintain its compliance with the new financial
covenants and to maintain an adequate liquidity position over the
medium term.  At the end of 1Q 2009, the group reported a EUR563
million cash balance and a further EUR16 million in availability
under its EUR800 million working capital facility.  The liquidity
position is also supported by the accounts receivable
securitization facility.  Effective cash management remains one of
the key considerations for the management in the downturn, while
the amended covenant package also includes an additional liquidity
provision, requiring Ineos to maintain a minimum EUR200 million
cash balance.  Moody's expects that over the near term the company
will broadly remain at least cash flow breakeven after debt
service.

These ratings are affected by the rating action:

Ineos Group Holdings plc:

* Corporate Family Rating: Caa2 / PD -- Caa1
* 2016 senior g-teed notes -- Caa3 / LGD 6 (93);

Ineos Holding Limited

* First-lien senior g-teed bank facilities -- Caa1 / LGD 3 (43);
* Second lien senior loans -- Caa3 / LGD 5 (83);

Ineos Vinyls Finance plc

* Senior g-teed notes -- Caa3 / LGD 6 (98).

Moody's last rating action on Ineos Group was on January 26, 2009,
when the rating agency downgraded the corporate family rating to
Caa2 in conjunction with adjustments made to other debt instrument
ratings and assigned a negative outlook.

Ineos Group Holdings plc is a diversified and integrated chemicals
group headquartered in Southampton, the United Kingdom.  Ineos
reported 2008 Revenues of EUR31.5 billion.


GLOBAL SHIP: Lenders Extend Waiver for Loan-to-Value Tests
----------------------------------------------------------
Global Ship Lease, Inc., has agreed with its lenders to extend its
waiver for loan-to-value tests until August 31, 2009, pending
conclusion of an amendment to the credit facility as a result of
declines in charter free market values of containerships.

The Company was initially required to submit vessel valuations on
April 30, 2009, and previously received a waiver from loan-to-
value tests until July 31, 2009.  In connection with the
agreement, Global Ship Lease will not pay dividends to common
shareholders through August 31, 2009, and intends to review its
dividend policy at the end of the waiver period.  The facility
will bear an interest margin of 2.75% through August 31, 2009.

Ian Webber, Chief Executive Officer of Global Ship Lease, stated,
"We continue to diligently work with our bank group to finalize an
amendment to ourUS$800 million credit facility and are in the
latter stages of the process.  During a challenging time for the
industry, all of our vessels remain secured on long-term contracts
with charterhire up to date."

                      About Global Ship Lease

Global Ship Lease is a containership charter owner.  Incorporated
in the Marshall Islands, Global Ship Lease commenced operations in
December 2007 with a business of owning and chartering out
containerships under long-term, fixed-rate charters to world class
container liner companies.

Global Ship Lease currently owns 16 vessels and has contracted to
purchase an additional three vessels.  The Company has a contract
in place to acquire by September 30, 2009, an additional vessel
for US$82 million from CMA CGM, contingent on financing.  The
Company also has contracts in place to purchase two newbuildings
from German interests for roughly US$77 million each which are
scheduled to be delivered in the fourth quarter of 2010.

Once all of the contracted vessels have been delivered by the end
of 2010, Global Ship Lease will have a 19 vessel fleet with total
capacity of 74,797 TEU and a weighted average age at that time of
6.1 years and an average remaining charter term of roughly eight
years.  All of the vessels including those contracted for future
delivery are fixed on long-term charters.


GLOBE PUB: Fitch Withdraws Low-B Ratings on Two Classes of Notes
----------------------------------------------------------------
As indicated in a rating action commentary dated June 11, 2009,
Fitch Ratings has withdrawn the ratings on Globe Pub Issuer Plc,
due to a lack of information to date on the intentions of Heineken
regarding Globe.

Globe is a whole business securitization of a portfolio of
tenanted and leased pubs owned by Globe Pub Company and managed by
Scottish and Newcastle Pub Enterprises which is now owned by
Heineken.  The notes are detailed below:

  -- GBP190.4 million class A1 secured fixed/floating rate notes
     due 2033: 'BB' on RWN; withdrawn

  -- GBP57 million class B1 secured floating rate notes due 2036:
     'B-' with Negative Outlook, withdrawn.


LINMARK ELECTRONICS: Enters Into Administration
-----------------------------------------------
Linmark Electronics Limited, a company incorporated in the UK and
one of the largest suppliers of entertainment and consumer
electronic products to major UK retailers, entered into
administration on July 28, 2009.  Jason Baker and Geoff Rowley,
Client Partners of Vantis Business Recovery Services, a division
of Vantis, the UK accounting, tax and business advisory group,
were appointed joint administrators.

Linmark Electronics Limited is a wholly owned subsidiary of Dowry
Peacock Group Limited, a company incorporated in the UK and a 60%
subsidiary of Linmark Group Limited, a company incorporated in
Bermuda and listed on the Hong Kong stock exchange.  At its peak,
the Manchester-based company employed 52 staff and had annual
revenues in excess of GBP110 million.  The company continues to
trade as the administrators liaise with interested parties with a
view to achieving a sale of the business and assets as a going
concern.  The company owns and controls significant intellectual
property including key household brands.

Commenting on the administration, Jason Baker said: "The company
was placed into administration due to a loss of key customers and
the effects of the recession.  To date, no redundancies have been
made as we continue to trade the business while seeking a
purchaser as a going concern.  Interested parties in the business
and assets are invited to contact us for further details."


LOMBOK: Assets Sold to Consortium; 124 Jobs Safeguarded
-------------------------------------------------------
Myles Halley and Finbarr O'Connell from KPMG were appointed
administrators to furniture store LOMBOK on July 30, 2009.

The company's trading name and assets have been sold to a
financial consortium led by Privet Capital and Paradigm.

The sale has resulted in 14 of the 19 stores continuing to trade
and has safeguarded 124 of 161 jobs.  Importantly, the deal also
protects the deposits and delivery of all orders placed by
customers.

Privet Capital and Paradigm, have taken a majority stake in
Angora2009 Ltd. which has the right to trade under LOMBOK's name.

Myles Halley, restructuring partner at KPMG, commented: "Latest
economic figures show that retailers are facing some of the
toughest trading conditions in living memory.  In such a
challenging environment, the strongest brands will have a leading
edge.  This sale secures the jobs of 124 staff with minimal
disruption to operations; a positive result for all parties."

All customer orders will be fulfilled in the normal course of
trading.  Any customers seeking information concerning the
progress of their order should contact LOMBOK's customer support
number [0870 240 7380].


WARD KNOWLES: In Administration; KPMG Appointed
-----------------------------------------------
Paul Flint and Brian Green from KPMG Restructuring in Manchester
were appointed joint administrators to the specialist business
forms printer, Ward Knowles Limited, on July 29, 2009.

Operating from two sites in Oswaldtwistle, Lancashire and Ancoats
in Manchester, Ward Knowles employs 165 people and has a turnover
of approximately GBP15 million.  As a result of the
administration, 59 members of staff have been made redundant
across the two sites.

An initial review of the operations of the business is currently
being undertaken by the administrators to determine whether a
limited period of trading will take place.

Paul Flint, associate partner at KPMG Restructuring, commented,
"This administration has been the culmination of a difficult
trading period, during which the firm became heavily loss-making.
We are working intensively with the stakeholders and unions to
find a solution, including exploring options for a potential sale
of the business."

Mr. Flint added, "Business support services companies are really
feeling the strain as businesses seek to reduce supplier costs.
Printing is one of the most obvious areas in which businesses can
reduce costs quickly; particularly in an age where communications
are increasingly moving online."


* BOND PRICING: For the Week July 27 to July 31, 2009
-----------------------------------------------------

Issuer                  Coupon    Maturity    Currency  Price
------                  ------    --------    --------  -----

AUSTRIA
-------
OESTER VOLKSBK           4.810    7/29/2025      EUR    63.19
OESTER VOLKSBK           5.270     2/8/2027      EUR    86.31
CONWERT IMMO INV         1.500   11/12/2014      EUR    66.30
ERSTE GROUP              8.000    8/31/2009      EUR    54.23
HTM SPORT FREIZE         8.500     2/1/2014      EUR    23.88
HTM SPORT FREIZE         8.500     2/1/2014      EUR    23.88
IMMOFINANZ               7.000   12/22/2011      EUR    70.50
IMMOFINANZ               1.250   11/19/2017      EUR    46.91
IMMOFINANZ IMMOB         2.750    1/20/2014      EUR    50.23
KOMMUNALKREDIT           0.500    3/15/2019      CAD    61.17

BELGIUM
-------
FORTIS BANK              8.750    12/7/2010      EUR    23.15

CZECH REPUBLIC
--------------
CZECH REPUBLIC           2.750    1/16/2036      JPY    48.30

CYPRUS
------
INTERPIPE LTD            8.750     8/2/2010      USD    66.94

FRANCE
------
AIR FRANCE-KLM           4.970     4/1/2015      EUR    13.02
ALCATEL SA               4.750     1/1/2011      EUR    15.79
CALYON                   6.000    6/18/2047      EUR    40.40
CAP GEMINI SA            2.500     1/1/2010      EUR    51.52
CAP GEMINI SOGET         1.000     1/1/2012      EUR    42.27
CAP GEMINI SOGET         3.500     1/1/2014      EUR    40.11
CIE FIN FONCIER          3.875    4/25/2055      EUR    75.29
CLUB MEDITERRANE         4.375    11/1/2010      EUR    48.18
CMA CGM                  5.500    5/16/2012      EUR    42.23
CMA CGM SA               7.250     2/1/2013      USD    43.63
EUROPCAR GROUPE          8.125    5/15/2014      EUR    64.38
EUROPCAR GROUPE          8.125    5/15/2014      EUR    64.38
SOC AIR FRANCE           2.750     4/1/2020      EUR    19.01

DENMARK
-------
DANSKE BANK              5.375    9/29/2021      GBP    80.28
DEUTSCHE BK LOND         3.000    5/18/2012      CHF    72.31
DEUTSCHE BK LOND         3.250    5/18/2012      CHF    47.04
DEUTSCHE BK LOND         1.000    3/31/2027      USD    42.61

GERMANY
-------
CITY OF KYIV             8.250   11/26/2012      USD    56.49
DEPFA PFANDBRIEF         3.435    3/16/2011      EUR    98.28
DEPFA PFANDBRIEF         6.500     3/6/2012      HUF    74.70
DEPFA PFANDBRIEF         5.886    2/22/2019      EUR    65.81
ESCADA AG                7.500     4/1/2012      EUR    27.97
ESCADA AG                7.500     4/1/2012      EUR    26.38
GOTHAER ALLG VER         5.527    9/29/2026      EUR    55.31
GROHE HOLDING            8.625    10/1/2014      EUR    57.25
GROHE HOLDING            8.625    10/1/2014      EUR    58.67
HSH NORDBANK AG          4.375    2/14/2017      EUR    58.44
HT1 FUNDING GMBH         6.352    #N/A N Ap      EUR    48.06
HVB REAL ESTATE          6.570    3/18/2022      EUR    81.09
HYPO REAL ESTATE         5.440    4/13/2034      EUR    85.23
HYPOREAL INTL AG         4.050     2/8/2016      EUR    89.04
HYPOREAL INTL AG         4.560    3/28/2021      EUR    68.35
IKB DEUT INDUSTR         4.500     7/9/2013      EUR    65.63
IKB DEUT INDUSTR         5.670    2/27/2023      EUR    71.74
IKB DEUT INDUSTR         5.760    3/31/2023      EUR    72.35
IKB DEUT INDUSTR         4.080   12/20/2035      EUR    69.22
IWKA FINANCE             3.750    11/9/2011      EUR    73.41
WURTTEMBERGER HB         4.125    9/28/2012      EUR   100.27

GREECE
------
FAGE DAIRY IND           7.500    1/15/2015      EUR    72.13
FAGE DAIRY IND           7.500    1/15/2015      EUR    72.13

ICELAND
-------
GLITNIR BANKI HF         6.693    6/15/2016      USD     6.97

IRELAND
-------
ALFA BANK                8.635    2/22/2017      USD    74.69
ALLIED IRISH BKS         7.875     7/5/2023      GBP    72.43
ALLIED IRISH BKS         5.250    3/10/2025      GBP    53.12
ALLIED IRISH BKS         5.625   11/29/2030      GBP    52.26
AIR BERLIN FINAN         1.500    4/11/2027      EUR    51.31
BANESTO FINANC           6.120    11/7/2037      EUR     6.12
BANK OF IRELAND          4.875    1/22/2018      GBP    65.03
BANK OF IRELAND          4.625    2/27/2019      EUR    76.66
DALI CAPITAL 29          4.799   12/21/2037      GBP    72.86
DEPFA ACS BANK           1.650   12/20/2016      JPY    94.14
DEPFA ACS BANK           2.375    2/15/2019      CHF    95.03
DEPFA ACS BANK           0.500     3/3/2025      CAD    32.25
DEPFA ACS BANK           5.250    3/31/2025      CAD    72.78
DEPFA ACS BANK           4.600    12/5/2025      EUR    74.01
DEPFA ACS BANK           3.250    7/31/2031      CHF    92.04
DEPFA ACS BANK           4.900    8/24/2035      CAD    68.84
DEPFA ACS BANK           5.125    3/16/2037      USD   103.87
DEPFA ACS BANK           5.125    3/16/2037      USD    64.02
FRESHWATER FIN           4.556     4/3/2036      GBP    70.56
FRESHWATER FIN           4.607   10/17/2036      GBP    74.77
GE CAP EUR FUND          4.625    2/22/2027      EUR    77.99
IRIDAL PLC               5.000     3/7/2035      GBP    74.64
IRISH NATIONWIDE         6.250    6/26/2012      GBP    62.02
IRISH NATIONWIDE         5.500    1/10/2018      GBP    24.44
IRISH PERM PLC           5.668    2/15/2035      EUR    39.53
UT2 FUNDING PLC          5.321    6/30/2016      EUR    46.68

ITALY
-----
CIR SPA                  5.750   12/16/2024      EUR    67.88
COMUNE DI MILANO         4.019    6/29/2035      EUR    67.69

LUXEMBOURG
----------
BANK OF MOSCOW           6.807    5/10/2017      USD    73.10
BREEZE                   4.524    4/19/2027      EUR    89.42
CERRUTI FINANCE          6.500    7/26/2004      EUR     8.49
CIRSA FIN LUX SA         8.750    5/15/2014      EUR    79.42
CODERE FIN LUX           8.250    6/15/2015      EUR    67.00
CODERE FIN LUX           8.250    6/15/2015      EUR    67.42
COFINIMMO LUXEM          5.250    7/15/2014      EUR    73.09
CRC BREEZE               5.290     5/8/2026      EUR    66.11
EUROHYPO SA LUX          2.500    8/29/2025      CHF    87.66
GLENCORE FINANCE         7.125    4/23/2015      EUR    94.20
GLENCORE FINANCE         6.500    2/27/2019      GBP    78.26
GLOBUS CAPITAL           8.500     3/5/2012      USD    49.43
HELLAS III               8.500   10/15/2013      EUR    59.90

NETHERLANDS
-----------
ABN AMRO BANK NV         3.375    8/15/2031      CHF    95.84
ABN AMRO BANK NV         6.000    3/16/2035      EUR    57.36
ABN AMRO BANK NV         7.540    6/29/2035      EUR    54.20
ALB FINANCE BV           9.000   11/22/2010      USD    21.98
ALB FINANCE BV           7.875     2/1/2012      EUR    22.49
ASTANA FINANCE           7.875     6/8/2010      EUR    19.00
ASTANA FINANCE           9.000   11/16/2011      USD    19.47
ATF CAPITAL BV           9.250    2/21/2014      USD    76.26
BK NED GEMEENTEN         0.500    6/27/2018      CAD    67.31
BK NED GEMEENTEN         0.500    2/24/2025      CAD    40.73
CEMEX FIN EUROPE         4.750     3/5/2014      EUR    64.50
CENTERCRDT INTL          8.625    1/30/2014      USD    71.47
CLONDALKIN BV            8.000    3/15/2014      EUR    69.69
CLONDALKIN BV            8.000    3/15/2014      EUR    68.25
EM.TV FINANCE BV         5.250     5/8/2013      EUR     3.19
GIVAUDAN NEDER           5.375     3/1/2010      CHF    66.20
GMAC INTL FIN BV         5.750    5/21/2010      EUR    92.42
HALYK SAVINGS BK         7.250     5/3/2017      USD    63.85
HEIDELCEMENT FIN         5.625     1/4/2018      EUR    70.63
ING BANK NV              4.200   12/19/2035      EUR    67.56
ING VERZEKERING          6.375     5/7/2027      EUR    82.24
INTERGAS FIN BV          6.375    5/14/2017      USD    78.25
IVG FINANCE BV           1.750    3/29/2017      EUR    46.70
JSC BANK GEORGIA         9.000     2/8/2012      USD    77.06
KBC IFIMA NV             6.004     2/7/2025      USD    52.50
MAGYAR TELECOM          10.750    8/15/2012      EUR    72.63
MAGYAR TELECOM          10.750    8/15/2012      EUR    72.63
TURANALEM FIN BV         7.125   12/21/2009      GBP    22.50
TURANALEM FIN BV         7.875     6/2/2010      USD    24.49
TURANALEM FIN BV         6.250    9/27/2011      EUR    19.01
TURANALEM FIN BV         7.750    4/25/2013      USD    21.95
TURANALEM FIN BV         8.000    3/24/2014      USD    21.05
TURANALEM FIN BV         8.500    2/10/2015      USD    22.43
TURANALEM FIN BV         8.250    1/22/2037      USD    22.19

NORWAY
------
EKSPORTFINANS            0.500     5/9/2030      CAD    30.88

ROMANIA
-------
BUCHAREST                4.125    6/22/2015      EUR    77.74

RUSSIA
------
GAZPROM                  7.230    2/12/2014      RUB    71.93

SPAIN
-----
AYT CEDULAS CAJA         3.750    6/30/2025      EUR    76.07
BALEAR GOV'T             4.063   11/23/2035      EUR    70.79
BANCAJA                  4.375    2/14/2017      EUR    68.40
COMUN AUTO CANAR         3.900   11/30/2035      EUR    68.19
COMUN AUTO CANAR         4.200   10/25/2036      EUR    71.85
XUNTA DE GALICIA         4.025   11/28/2035      EUR    70.64

SWITZERLAND
-----------
CYTOS BIOTECH            2.875    2/20/2012      CHF    42.91

UNITED KINGDOM
--------------
3I GROUP PLC             6.875     3/9/2023      GBP    76.09
3I GROUP PLC             5.750    12/3/2032      GBP    61.78
ALPHA CREDIT GRP         2.940     3/4/2035      JPY    71.87
AMDOCS LIMITED           0.500    3/15/2024      USD    74.00
AMLIN PLC                6.500   12/19/2026      GBP    71.04
ANGLIAN WAT FIN          2.400    4/20/2035      GBP    49.88
ARSENAL SEC              5.142     9/1/2029      GBP    72.87
AVIVA PLC                6.875    5/20/2058      GBP    77.77
ASPIRE DEFENCE           4.674    3/31/2040      GBP    70.45
ASPIRE DEFENCE           4.674    3/31/2040      GBP    70.45
BANK OF SCOTLAND         2.928    6/10/2020      USD    49.31
BANK OF SCOTLAND         2.000    2/22/2021      JPY    73.73
BANK OF SCOTLAND         2.860   12/13/2021      CHF    71.50
BANK OF SCOTLAND         2.189    3/12/2022      JPY    73.47
BANK OF SCOTLAND         2.340   12/28/2026      JPY    68.24
BANK OF SCOTLAND         2.408     2/9/2027      JPY    68.40
BANK OF SCOTLAND         2.359    3/27/2029      JPY    65.27
BARCLAYS BK PLC         11.650    5/20/2010      USD    46.38
BARCLAYS BK PLC          7.610    6/30/2011      USD    49.91
BL SUPER FINANCE         5.578    10/4/2025      GBP    69.92
BLT FINANCE BV           7.500    5/15/2014      USD    51.50
BRADFORD&BIN BLD         7.625    2/16/2010      GBP     4.00
BRADFORD&BIN BLD         5.500    1/15/2018      GBP     5.99
BRADFORD&BIN BLD         2.750   10/16/2018      CHF    98.57
BRADFORD&BIN BLD         5.750   12/12/2022      GBP     5.08
BRADFORD&BIN PLC         6.625    6/16/2023      GBP     5.99
BRADFORD&BIN BLD         3.500    7/16/2027      CHF    97.27
BRADFORD&BIN BLD         2.875   10/16/2031      CHF    86.23
BRADFORD&BIN BLD         4.910     2/1/2047      EUR    56.16
BRIT INSURANCE           6.625    12/9/2030      GBP    59.14
BRITANNIA BLDG           5.750    12/2/2024      GBP    62.94
BRITANNIA BLDG           5.875    3/28/2033      GBP    62.25
BRITISH LAND CO          5.357    3/31/2028      GBP    74.05
BRITISH LAND CO          5.357    3/31/2028      GBP    74.57
BRITISH LAND CO          5.264    9/24/2035      GBP    68.41
BRITISH LAND CO          5.264    9/24/2035      GBP    70.48
BRITISH TEL PLC          5.750    12/7/2028      GBP    76.06
BRIXTON PLC              5.250   10/21/2015      GBP    73.67
BRIXTON PLC              6.000    9/30/2019      GBP    72.75
BROADGATE FINANC         4.999    10/5/2031      GBP    70.36
BROADGATE FINANC         5.098     4/5/2033      GBP    61.49
BROADGATE FINANC         4.821     7/5/2033      GBP    74.41
CATTLES PLC              7.875    1/17/2014      GBP    16.25
CGNU PLC                 6.125   11/16/2026      GBP    73.84
CITY OF KIEV             8.000    11/6/2015      USD    55.61
CJSC FIRST UKRAI         9.750    2/16/2010      USD    53.48
CLERICAL MED FIN         6.450     7/5/2023      EUR    72.93
CONNECT M77/GSO          5.404    3/31/2034      GBP    71.83
CO-OPERATIVE BNK         5.625   11/16/2021      GBP    68.41
DAILY MAIL & GEN         5.750    12/7/2018      GBP    61.59
DAILY MAIL & GEN        10.000     4/9/2021      GBP    75.00
DAILY MAIL & GEN         6.375    6/21/2027      GBP    56.22
EFG HELLAS PLC           2.760    5/11/2035      JPY    52.11
ENTERPRISE INNS          6.500    12/6/2018      GBP    73.53
ENTERPRISE INNS          6.875    2/15/2021      GBP    69.40
ENTERPRISE INNS          6.875     5/9/2025      GBP    66.70
ENTERPRISE INNS          6.375    9/26/2031      GBP    61.87
EXIM OF UKRAINE          8.400     2/9/2016      USD    65.06
F&C ASSET MNGMT          6.750   12/20/2026      GBP    57.82
GREENE KING FIN          5.106    3/15/2034      GBP    68.85
GREENE KING FIN          5.702   12/15/2034      GBP    62.67
HAMMERSON PLC            6.000    2/23/2026      GBP    70.93
HANSON LTD               6.125    8/15/2016      USD    75.50
HBOS PLC                 4.500    3/18/2030      EUR    57.48
HBOS PLC                 6.000    11/1/2033      USD    57.47
HBOS PLC                 6.000    11/1/2033      USD    57.47
HSBC BANK PLC            4.750    3/24/2046      GBP    76.90
INEOS GRP HLDG           7.875    2/15/2016      EUR    37.28
INEOS GRP HLDG           7.875    2/15/2016      EUR    36.13
INEOS VINYLS FIN         9.125    12/1/2011      EUR    39.00
INEOS VINYLS FIN         9.125    12/1/2011      EUR    39.00
INVESTEC FINANCE         7.750     3/1/2016      GBP    69.67
ITV PLC                  5.375   10/19/2015      GBP    71.99
JAZTEL PLC               5.000    4/29/2010      EUR    64.52
NBG FINANCE PLC          2.755    6/28/2035      JPY    69.77
PRUDENTIAL BANK          6.875   12/29/2021      GBP    59.48
UNIQUE PUB FIN           7.395    3/28/2024      GBP    58.74
UNIQUE PUB FIN           5.659    6/30/2027      GBP    69.97
UNIQUE PUB FIN           6.464    3/30/2032      GBP    51.49

                            *********

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.


                 * * * End of Transmission * * *