TCREUR_Public/090831.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 31, 2009, Vol. 10, No. 171

                            Headlines

A U S T R I A

DELUNAMAGMA IMMOBILIEN: Claims Filing Deadline is September 4
ELDA GMBH: Claims Filing Deadline is September 7
OGNJAN DINEV: Claims Filing Deadline is September 3
POCK RESTAURANT: Creditors Must File Claims by September 3


B E L G I U M

DEXIA SA: Net Income Fell to EUR283 Mil. in Second Quarter 2009


G E O R G I A

BANK OF GEORGIA: Fitch Affirms LT For., Local Cur. IDRs at 'B'
PROCREDIT BANK: Fitch Upgrades Foreign Currency IDR to 'BB-'
TBC BANK: Fitch Affirms Long-Term Foreign Currency IDR at 'B+'
VTB BANK: Fitch Upgrades LT Foreing Currency IDR to 'BB-


G E R M A N Y

ARCANDOR AG: Department-Store Workers Risk Losing 12% of Pay
ARCANDOR AG: Thomas Stake to Be Sold on Stock Exchange Soon
GENERAL MOTORS: Wants Magna to Make Offer Without Russian Backing
LANDESBANK BADEN: Posts EUR215 Mil. Net Income in First Half 2009


G R E E C E

HELLAS TELECOM: Mulls Restructuring as Liquidity Shrinks
HELLAS TELECOM: Moody's Cuts Corporate Family Rating to 'Caa3'
WIND HELLAS: Parent Mulls Restructuring as Liquidity Shrinks


H U N G A R Y

INVITEL HOLDINGS: Liquidity Concerns Prompt S&P to Junk Rating


I R E L A N D

EUROMAX VI: S&P Affirms Rating on Class E Notes at 'BB'
PETER CASEY: Goes Into Liquidation; 60 Jobs Affected
VULCAN LTD: S&P Downgrades Ratings on Two Classes of Notes to 'D'


I T A L Y

RISANAMENTO SPA: Consob to Decide on Takeover Exemption Today


K A Z A K H S T A N

BTA BANK: U.K. Court Freezes Assets of Two Former Executives


K Y R G Y Z S T A N

BAILEDI LLC: Creditors Must File Claims by September 24


L U X E M B O U R G

ENTERPRISE DE TRAVAUX: Declares Bankruptcy; 34 Jobs Affected


N E T H E R L A N D S

CAIRN CLO: Moody's Cuts Rating on Class E Notes to 'Caa1'
PANGAEA ABS: S&P Lowers Rating on Class D Notes to 'B'


R U S S I A

ANGARSKIY LES: Creditors Must File Claims by September 7
IRKUTSK LOW-VOLTAGE: Creditors Must File Claims by September 7
NORD-STROY LLC: Creditors Must File Claims by September 7
SAINT-PETERSBURG COLD: Creditors Must File Claims by September 7
SAK LLC: Creditors Must File Claims by September 7

SIGMA-LES LLC: Creditors Must File Claims by September 7
SINEGORYE LLC: Creditors Must File Claims by September 7
X5 RETAIL: Net Income Up 87% to US$130.4 Mil. in 2nd Quarter 2009
ZNAMENSKIY FLOUR: Creditors Must File Claims by September 7

* RUSSIA: Starts Probe Into Viability of State Corporations


S P A I N

OBRASCON HUARTE: Fitch Cuts LT Issuer Default Rating to 'BB-'
SANTANDER CONSUMER: Fitch Puts 'CCC'-Rated Class E Notes on RWN
SOL MELIA: Moody's Withdraws 'Ba3' Corporate Family Rating


S W I T Z E R L A N D

ARTHUR SCHNEIDER: Claims Filing Deadline is September 3
DEKADENTE GMBH: Claims Filing Deadline is September 2
FG SUPERVISING: Creditors Must File Claims by September 8
HA-BE BAUPLANUNG: Claims Filing Deadline is September 1
HECOMEST AG: Claims Filing Deadline is September 3

INNOVAPACK AG: Claims Filing Deadline is September 2
ISM INFORMATICA: Claims Filing Deadline is September 10
LORETAN GASTRONOMIE: Claims Filing Deadline is September 2
MATOBA AG: Claims Filing Deadline is September 2
NITRACO HANDEL: Claims Filing Deadline is September 2

RESTAURANT MUSIKHOF: Claims Filing Deadline is September 3
SCHIERHOLZ TRANSLIFT: Claims Filing Deadline is September 3
SINVESTTRADE GMBH: Claims Filing Deadline is September 11
TELPLAN CONSULTING: Claims Filing Deadline is September 10
TUROCAL AG: Claims Filing Deadline is September 3


U K R A I N E

BEST LLC: Court Starts Bankruptcy Supervision Procedure
EUROPRODUCT LLC: Court Starts Bankruptcy Supervision Procedure
FERROCONCRETE GOODS: Court Starts Bankruptcy Supervision Procedure
KIEV BROCK: Court Starts Bankruptcy Supervision Procedure
MAS LLC: Court Starts Bankruptcy Supervision Procedure

UNIVERSAL TRADE: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ALLIANCE & LEICESTER: Moody's Affirms 'E+' BFSR, Lifts Debt Rating
BARNARD HAMILTON: In Liquidation; Fisher Partners Appointed
CLEAR PLC: S&P Withdraws 'CCC-' Rating on JPY2 Bil. Notes

* S&P Takes Rating Actions on 12 European Synthetic CDO Tranches

* BOND PRICING: For the Week August 24 to August 28, 2009


                         *********


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


DELUNAMAGMA IMMOBILIEN: Claims Filing Deadline is September 4
-------------------------------------------------------------
Creditors of Delunamagma Immobilien GmbH have until September 4,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 24, 2009 at 11:00 a.m.

For further information, contact the company's administrator:

         Dr. Angelika Lener
         Dorfstrasse 23
         6800 Feldkirch
         Austria
         Tel: 05522/77297
         Fax: 05522/77297-4
         E-mail: ra.lener@vlbg.at


ELDA GMBH: Claims Filing Deadline is September 7
------------------------------------------------
Creditors of ELDA GmbH & Co KG have until September 7, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 17, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Dr. Gernot Klocker
         Mozartstrasse 18
         6850 Dornbirn
         Austria
         Tel: 05572/386869
         Fax: 05572/386869-3
         E-mail: office@kgk.co.at


OGNJAN DINEV: Claims Filing Deadline is September 3
---------------------------------------------------
Creditors of Ognjan Dinev GmbH have until September 3, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 17, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

         Mag. Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Wien
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at


POCK RESTAURANT: Creditors Must File Claims by September 3
----------------------------------------------------------
Creditors of POCK Restaurant GmbH have until September 3, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 17, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

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


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


DEXIA SA: Net Income Fell to EUR283 Mil. in Second Quarter 2009
---------------------------------------------------------------
Stephen Taylor at Bloomberg News reports that Dexia SA's net
income fell to EUR283 million (US$402 million) in the second
quarter of 2009 from EUR532 million a year earlier on provisions
for risky loans.

According to Bloomberg, provisions for bad loans amounted to
EUR361 million in the quarter.

Bloomberg recalls Dexia, based in Brussels and Paris, received
EUR6.4 billion from France, Belgium and Luxembourg in September to
avert a collapse.  The bank was among the European lenders hit
hardest after Lehman Brothers Holdings Inc.'s bankruptcy on
Sept. 15 froze credit markets.  Dexia's salvage plan also includes
a EUR150-billion guarantee granted jointly by Belgium, France and
Luxembourg on its bonds.

                          About Dexia SA

Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.


=============
G E O R G I A
=============


BANK OF GEORGIA: Fitch Affirms LT For., Local Cur. IDRs at 'B'
--------------------------------------------------------------
Fitch Ratings has upgraded the Long-term foreign currency IDRs of
ProCredit Bank (Georgia) and JSC VTB Bank (Georgia) to 'BB-' from
'B+' and removed the ratings from Rating Watch Negative.  Fitch
has also affirmed the Long-term IDR of TBC Bank at 'B+' with a
Stable Outlook, and removed the RWN.  Bank of Georgia's Long-term
IDR is affirmed at 'B'; and the Outlook revised to Stable from
Negative.

The rating actions follow the August 26 upgrade of Georgia's
Country Ceiling to 'BB-' from 'B+' and the affirmation of
Georgia's sovereign Long-term foreign and local currency IDRs at
'B+' with Stable Outlooks.

The upgrades of PCG and VTBG reflect the greater probability of
support being available to these banks, in case of need, following
the upgrade of the Georgian Country Ceiling.  The higher Country
Ceiling implies lower Georgian transfer and convertibility risks,
and therefore a greater probability that PCG and VTBG will be able
to receive support from their majority shareholders and utilize
this to meet obligations to creditors.  The IDRs of PCG and VTBG
are driven by the potential for support from their majority
owners: Germany's ProCredit Holding AG (Long-term IDR
'BBB-'/Stable; 100% stake in PCG), and Russian state-controlled
JSC VTB Bank (Long-term IDR 'BBB'/Negative, 86.7% stake in VTBG).

Fitch notes that VTBG remains potentially exposed to political
risks in light of the strained nature of Georgian-Russian
relations.  However, in Fitch's view, the recent actions of the
Georgian authorities, which have continued to regulate VTBG in
line with other local banks, and of VTB, which has restated its
commitment to its Georgian subsidiary and recapitalized the bank,
suggest that VTBG is likely to be able to continue receiving and
utilizing support from VTB, even if the Georgian macroeconomic
situation and sovereign financial position deteriorate in the
future.

The affirmation of TBC's Long-term IDR at 'B+' and Stable Outlook
reflect the significant probability that the bank may receive
support from its international financial institution shareholders
in case of need.  However, some doubt remains about their ability
and readiness to always provide timely and coordinated support in
case of need, particular if liquidity, rather than capital
assistance is required.  For this reason, the rating has not been
upgraded to the Country Ceiling of 'BB-'.  The European Bank for
Reconstruction and Development and the International Finance
Corporation each hold 20% of the bank's shares, Deutsche
Investitions- und Entwicklungsgesellschaft holds 11.5% and
Netherlands Development Finance Company holds 3.3%.

The Stable Outlook on BoG reflects that on the sovereign ratings
and the potential for BoG to receive support from the Georgian
authorities in case of need, as the largest bank in the country.
Although BoG has benefited from support from international
financial institutions in Q408 and Q109, and Fitch believes there
is a significant probability that BOG would receive further
support from them in case of need, in Fitch's view this support
cannot be relied upon because the institutions concerned are not
shareholders of the bank.  As such, the probability of this
support is not factored into BOG's ratings.

The Country Ceiling reflects Fitch's judgement regarding the risk
of capital and exchange controls being imposed by the sovereign
authorities that would prevent or materially impede the private
sector's ability to convert local currency into foreign currency
and transfer to non-resident creditors - transfer and
convertibility risk.  They are expressions of a maximum limit for
the foreign currency issuer ratings of most issuers in a given
country.

Rating actions:

ProCredit Bank (Georgia)

  -- Long-term foreign currency IDR upgraded to 'BB- (BB minus)'
     from 'B+', removed from RWN; assigned Stable Outlook

  -- Long-term local currency IDR affirmed at 'BB-' (BB minus),
     removed from RWN; assigned Stable Outlook

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating upgraded to '3' from '4'

  -- Individual Rating affirmed at 'D'

JSC VTB Bank (Georgia)

  -- Long-term foreign currency IDR upgraded to 'BB- (BB minus)'
     from 'B+', removed from RWN; assigned Stable Outlook

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Support Rating upgraded to '3' from '4'

  -- Individual Rating affirmed at 'E'

TBC Bank

  -- Long-term foreign currency IDR affirmed at 'B+'; removed from
     RWN; assigned Stable Outlook

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Support Rating affirmed at '4'

  -- Individual Rating affirmed at 'D'

Bank of Georgia

  -- Long-term foreign and local currency IDRs affirmed at 'B';
     Outlooks revised to Stable from Negative

  -- Senior unsecured debt affirmed at 'B'; Recovery Rating 'RR4'

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating affirmed at '4', removed from RWN

  -- Support Rating Floor affirmed at 'B', removed from RWN

  -- Individual Rating affirmed at 'D'


PROCREDIT BANK: Fitch Upgrades Foreign Currency IDR to 'BB-'
------------------------------------------------------------
Fitch Ratings has upgraded the Long-term foreign currency IDRs of
ProCredit Bank (Georgia) and JSC VTB Bank (Georgia) to 'BB-' from
'B+' and removed the ratings from Rating Watch Negative.  Fitch
has also affirmed the Long-term IDR of TBC Bank at 'B+' with a
Stable Outlook, and removed the RWN.  Bank of Georgia's Long-term
IDR is affirmed at 'B'; and the Outlook revised to Stable from
Negative.

The rating actions follow the August 26 upgrade of Georgia's
Country Ceiling to 'BB-' from 'B+' and the affirmation of
Georgia's sovereign Long-term foreign and local currency IDRs at
'B+' with Stable Outlooks.

The upgrades of PCG and VTBG reflect the greater probability of
support being available to these banks, in case of need, following
the upgrade of the Georgian Country Ceiling.  The higher Country
Ceiling implies lower Georgian transfer and convertibility risks,
and therefore a greater probability that PCG and VTBG will be able
to receive support from their majority shareholders and utilize
this to meet obligations to creditors.  The IDRs of PCG and VTBG
are driven by the potential for support from their majority
owners: Germany's ProCredit Holding AG (Long-term IDR
'BBB-'/Stable; 100% stake in PCG), and Russian state-controlled
JSC VTB Bank (Long-term IDR 'BBB'/Negative, 86.7% stake in VTBG).

Fitch notes that VTBG remains potentially exposed to political
risks in light of the strained nature of Georgian-Russian
relations.  However, in Fitch's view, the recent actions of the
Georgian authorities, which have continued to regulate VTBG in
line with other local banks, and of VTB, which has restated its
commitment to its Georgian subsidiary and recapitalized the bank,
suggest that VTBG is likely to be able to continue receiving and
utilizing support from VTB, even if the Georgian macroeconomic
situation and sovereign financial position deteriorate in the
future.

The affirmation of TBC's Long-term IDR at 'B+' and Stable Outlook
reflect the significant probability that the bank may receive
support from its international financial institution shareholders
in case of need.  However, some doubt remains about their ability
and readiness to always provide timely and coordinated support in
case of need, particular if liquidity, rather than capital
assistance is required.  For this reason, the rating has not been
upgraded to the Country Ceiling of 'BB-'.  The European Bank for
Reconstruction and Development and the International Finance
Corporation each hold 20% of the bank's shares, Deutsche
Investitions- und Entwicklungsgesellschaft holds 11.5% and
Netherlands Development Finance Company holds 3.3%.

The Stable Outlook on BoG reflects that on the sovereign ratings
and the potential for BoG to receive support from the Georgian
authorities in case of need, as the largest bank in the country.
Although BoG has benefited from support from international
financial institutions in Q408 and Q109, and Fitch believes there
is a significant probability that BOG would receive further
support from them in case of need, in Fitch's view this support
cannot be relied upon because the institutions concerned are not
shareholders of the bank.  As such, the probability of this
support is not factored into BOG's ratings.

The Country Ceiling reflects Fitch's judgement regarding the risk
of capital and exchange controls being imposed by the sovereign
authorities that would prevent or materially impede the private
sector's ability to convert local currency into foreign currency
and transfer to non-resident creditors - transfer and
convertibility risk.  They are expressions of a maximum limit for
the foreign currency issuer ratings of most issuers in a given
country.

Rating actions:

ProCredit Bank (Georgia)

  -- Long-term foreign currency IDR upgraded to 'BB- (BB minus)'
     from 'B+', removed from RWN; assigned Stable Outlook

  -- Long-term local currency IDR affirmed at 'BB-' (BB minus),
     removed from RWN; assigned Stable Outlook

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating upgraded to '3' from '4'

  -- Individual Rating affirmed at 'D'

JSC VTB Bank (Georgia)

  -- Long-term foreign currency IDR upgraded to 'BB- (BB minus)'
     from 'B+', removed from RWN; assigned Stable Outlook

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Support Rating upgraded to '3' from '4'

  -- Individual Rating affirmed at 'E'

TBC Bank

  -- Long-term foreign currency IDR affirmed at 'B+'; removed from
     RWN; assigned Stable Outlook

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Support Rating affirmed at '4'

  -- Individual Rating affirmed at 'D'

Bank of Georgia

  -- Long-term foreign and local currency IDRs affirmed at 'B';
     Outlooks revised to Stable from Negative

  -- Senior unsecured debt affirmed at 'B'; Recovery Rating 'RR4'

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating affirmed at '4', removed from RWN

  -- Support Rating Floor affirmed at 'B', removed from RWN

  -- Individual Rating affirmed at 'D'


TBC BANK: Fitch Affirms Long-Term Foreign Currency IDR at 'B+'
--------------------------------------------------------------
Fitch Ratings has upgraded the Long-term foreign currency IDRs of
ProCredit Bank (Georgia) and JSC VTB Bank (Georgia) to 'BB-' from
'B+' and removed the ratings from Rating Watch Negative.  Fitch
has also affirmed the Long-term IDR of TBC Bank at 'B+' with a
Stable Outlook, and removed the RWN.  Bank of Georgia's Long-term
IDR is affirmed at 'B'; and the Outlook revised to Stable from
Negative.

The rating actions follow the August 26 upgrade of Georgia's
Country Ceiling to 'BB-' from 'B+' and the affirmation of
Georgia's sovereign Long-term foreign and local currency IDRs at
'B+' with Stable Outlooks.

The upgrades of PCG and VTBG reflect the greater probability of
support being available to these banks, in case of need, following
the upgrade of the Georgian Country Ceiling.  The higher Country
Ceiling implies lower Georgian transfer and convertibility risks,
and therefore a greater probability that PCG and VTBG will be able
to receive support from their majority shareholders and utilize
this to meet obligations to creditors.  The IDRs of PCG and VTBG
are driven by the potential for support from their majority
owners: Germany's ProCredit Holding AG (Long-term IDR
'BBB-'/Stable; 100% stake in PCG), and Russian state-controlled
JSC VTB Bank (Long-term IDR 'BBB'/Negative, 86.7% stake in VTBG).

Fitch notes that VTBG remains potentially exposed to political
risks in light of the strained nature of Georgian-Russian
relations.  However, in Fitch's view, the recent actions of the
Georgian authorities, which have continued to regulate VTBG in
line with other local banks, and of VTB, which has restated its
commitment to its Georgian subsidiary and recapitalized the bank,
suggest that VTBG is likely to be able to continue receiving and
utilizing support from VTB, even if the Georgian macroeconomic
situation and sovereign financial position deteriorate in the
future.

The affirmation of TBC's Long-term IDR at 'B+' and Stable Outlook
reflect the significant probability that the bank may receive
support from its international financial institution shareholders
in case of need.  However, some doubt remains about their ability
and readiness to always provide timely and coordinated support in
case of need, particular if liquidity, rather than capital
assistance is required.  For this reason, the rating has not been
upgraded to the Country Ceiling of 'BB-'.  The European Bank for
Reconstruction and Development and the International Finance
Corporation each hold 20% of the bank's shares, Deutsche
Investitions- und Entwicklungsgesellschaft holds 11.5% and
Netherlands Development Finance Company holds 3.3%.

The Stable Outlook on BoG reflects that on the sovereign ratings
and the potential for BoG to receive support from the Georgian
authorities in case of need, as the largest bank in the country.
Although BoG has benefited from support from international
financial institutions in Q408 and Q109, and Fitch believes there
is a significant probability that BOG would receive further
support from them in case of need, in Fitch's view this support
cannot be relied upon because the institutions concerned are not
shareholders of the bank.  As such, the probability of this
support is not factored into BOG's ratings.

The Country Ceiling reflects Fitch's judgement regarding the risk
of capital and exchange controls being imposed by the sovereign
authorities that would prevent or materially impede the private
sector's ability to convert local currency into foreign currency
and transfer to non-resident creditors - transfer and
convertibility risk.  They are expressions of a maximum limit for
the foreign currency issuer ratings of most issuers in a given
country.

Rating actions:

ProCredit Bank (Georgia)

  -- Long-term foreign currency IDR upgraded to 'BB- (BB minus)'
     from 'B+', removed from RWN; assigned Stable Outlook

  -- Long-term local currency IDR affirmed at 'BB-' (BB minus),
     removed from RWN; assigned Stable Outlook

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating upgraded to '3' from '4'

  -- Individual Rating affirmed at 'D'

JSC VTB Bank (Georgia)

  -- Long-term foreign currency IDR upgraded to 'BB- (BB minus)'
     from 'B+', removed from RWN; assigned Stable Outlook

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Support Rating upgraded to '3' from '4'

  -- Individual Rating affirmed at 'E'

TBC Bank

  -- Long-term foreign currency IDR affirmed at 'B+'; removed from
     RWN; assigned Stable Outlook

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Support Rating affirmed at '4'

  -- Individual Rating affirmed at 'D'

Bank of Georgia

  -- Long-term foreign and local currency IDRs affirmed at 'B';
     Outlooks revised to Stable from Negative

  -- Senior unsecured debt affirmed at 'B'; Recovery Rating 'RR4'

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating affirmed at '4', removed from RWN

  -- Support Rating Floor affirmed at 'B', removed from RWN

  -- Individual Rating affirmed at 'D'


VTB BANK: Fitch Upgrades LT Foreing Currency IDR to 'BB-
--------------------------------------------------------
Fitch Ratings has upgraded the Long-term foreign currency IDRs of
ProCredit Bank (Georgia) and JSC VTB Bank (Georgia) to 'BB-' from
'B+' and removed the ratings from Rating Watch Negative.  Fitch
has also affirmed the Long-term IDR of TBC Bank at 'B+' with a
Stable Outlook, and removed the RWN.  Bank of Georgia's Long-term
IDR is affirmed at 'B'; and the Outlook revised to Stable from
Negative.

The rating actions follow the August 26 upgrade of Georgia's
Country Ceiling to 'BB-' from 'B+' and the affirmation of
Georgia's sovereign Long-term foreign and local currency IDRs at
'B+' with Stable Outlooks.

The upgrades of PCG and VTBG reflect the greater probability of
support being available to these banks, in case of need, following
the upgrade of the Georgian Country Ceiling.  The higher Country
Ceiling implies lower Georgian transfer and convertibility risks,
and therefore a greater probability that PCG and VTBG will be able
to receive support from their majority shareholders and utilize
this to meet obligations to creditors.  The IDRs of PCG and VTBG
are driven by the potential for support from their majority
owners: Germany's ProCredit Holding AG (Long-term IDR
'BBB-'/Stable; 100% stake in PCG), and Russian state-controlled
JSC VTB Bank (Long-term IDR 'BBB'/Negative, 86.7% stake in VTBG).

Fitch notes that VTBG remains potentially exposed to political
risks in light of the strained nature of Georgian-Russian
relations.  However, in Fitch's view, the recent actions of the
Georgian authorities, which have continued to regulate VTBG in
line with other local banks, and of VTB, which has restated its
commitment to its Georgian subsidiary and recapitalized the bank,
suggest that VTBG is likely to be able to continue receiving and
utilizing support from VTB, even if the Georgian macroeconomic
situation and sovereign financial position deteriorate in the
future.

The affirmation of TBC's Long-term IDR at 'B+' and Stable Outlook
reflect the significant probability that the bank may receive
support from its international financial institution shareholders
in case of need.  However, some doubt remains about their ability
and readiness to always provide timely and coordinated support in
case of need, particular if liquidity, rather than capital
assistance is required.  For this reason, the rating has not been
upgraded to the Country Ceiling of 'BB-'.  The European Bank for
Reconstruction and Development and the International Finance
Corporation each hold 20% of the bank's shares, Deutsche
Investitions- und Entwicklungsgesellschaft holds 11.5% and
Netherlands Development Finance Company holds 3.3%.

The Stable Outlook on BoG reflects that on the sovereign ratings
and the potential for BoG to receive support from the Georgian
authorities in case of need, as the largest bank in the country.
Although BoG has benefited from support from international
financial institutions in Q408 and Q109, and Fitch believes there
is a significant probability that BOG would receive further
support from them in case of need, in Fitch's view this support
cannot be relied upon because the institutions concerned are not
shareholders of the bank.  As such, the probability of this
support is not factored into BOG's ratings.

The Country Ceiling reflects Fitch's judgement regarding the risk
of capital and exchange controls being imposed by the sovereign
authorities that would prevent or materially impede the private
sector's ability to convert local currency into foreign currency
and transfer to non-resident creditors - transfer and
convertibility risk.  They are expressions of a maximum limit for
the foreign currency issuer ratings of most issuers in a given
country.

Rating actions:

ProCredit Bank (Georgia)

  -- Long-term foreign currency IDR upgraded to 'BB- (BB minus)'
     from 'B+', removed from RWN; assigned Stable Outlook

  -- Long-term local currency IDR affirmed at 'BB-' (BB minus),
     removed from RWN; assigned Stable Outlook

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating upgraded to '3' from '4'

  -- Individual Rating affirmed at 'D'

JSC VTB Bank (Georgia)

  -- Long-term foreign currency IDR upgraded to 'BB- (BB minus)'
     from 'B+', removed from RWN; assigned Stable Outlook

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Support Rating upgraded to '3' from '4'

  -- Individual Rating affirmed at 'E'

TBC Bank

  -- Long-term foreign currency IDR affirmed at 'B+'; removed from
     RWN; assigned Stable Outlook

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Support Rating affirmed at '4'

  -- Individual Rating affirmed at 'D'

Bank of Georgia

  -- Long-term foreign and local currency IDRs affirmed at 'B';
     Outlooks revised to Stable from Negative

  -- Senior unsecured debt affirmed at 'B'; Recovery Rating 'RR4'

  -- Short-term foreign and local currency IDRs affirmed at 'B'

  -- Support Rating affirmed at '4', removed from RWN

  -- Support Rating Floor affirmed at 'B', removed from RWN

  -- Individual Rating affirmed at 'D'


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


ARCANDOR AG: Department-Store Workers Risk Losing 12% of Pay
------------------------------------------------------------
Joseph Mapother at Bloomberg News reports that Bild am Sonntag,
citing Hellmut Patzelt, deputy chairman of Arcandor AG's
supervisory board, said department-store employees may forfeit as
much as 12% of their pay as the insolvent retailer cuts costs.

According to Bloomberg, Bild said about 44,000 employees work at
the Karstadt brand department stores and at Quelle.

On Aug. 28, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Klaus Hubert Goerg, Arcandor's insolvency
administrator, said he plans to find investors for the German
retailer's Quelle mail-order business and the Karstadt department-
store chain.  During a restructuring process, about a third of the
Quelle staff will be fired and as many as 19 Karstadt stores will
close.

                         Pay Guarantee

Cornelius Rahn at Bloomberg News reports Die Welt, citing
Arcandor's main shareholder Sal. Oppenheim Jr. & Cie, said
the retailer's chief executive officer and two board members will
receive their pay in spite of the company’s insolvency.

Bloomberg relates Die Welt said Sal. Oppenheim, which guaranteed
CEO Karl- Gerhard Eick his full salary of as much as EUR15 million
(US$21.5 million) over five years, has also promised a partial
payment for board members Arnold Matschull and Zvezdana Seeger,
who were hired this year.

In the Aug. 28 TCR-Europe report Bloomberg, citing Frankfurter
Allgemeine Zeitung, disclosed Mr. Eick will probably step down
tomorrow, Sept. 1, when the retailer's formal insolvency
proceedings are likely to begin.

                       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 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.


ARCANDOR AG: Thomas Stake to Be Sold on Stock Exchange Soon
-----------------------------------------------------------
Holger Elfes at Bloomberg News, citing Handelsblatt, reports that
Arcandor AG's 53% stake in Thomas Cook Group Plc will probably be
sold through the stock exchange in the coming days after an
attempted sale of the shares to a single investor in one piece
failed.

According to Bloomberg, the newspaper said the shares will now be
sold on the stock exchange with an expected discount of as much as
7% to their current price.

As reported in the Troubled Company Reporter-Europe, Bloomberg
News said the banks seized the Thomas Cook shares as
collateral after Arcandor, the owner of the Karstadt department-
store chain, collapsed into insolvency administration earlier this
year.

                       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: Wants Magna to Make Offer Without Russian Backing
-----------------------------------------------------------------
Joseph Mapother at Bloomberg News, citing Spiegel, reports that
General Motors Co. negotiators urged the German government to
pressure Magna International Inc. into making an offer for the
U.S. carmaker's Opel unit without Russian backing.

Bloomberg relates the weekly newspaper in a pre-released story
from its next edition said GM told German officials a sale of Opel
to Magna, whose investment partner is Moscow-based OAO Sberbank,
would stand a better chance getting approval from its owner, the
U.S. government, if there was no Russian involvement.

According to Bloomberg, Germany turned down the request, saying it
had made promises to Russian President Dmitry Medvedev.

                               RHJ

Peter Dinkloh at Reuters, citing Bild newspaper, reports that the
German government might drop its opposition to Belgian-based
financial investor RHJ International SA as a buyer for Opel.

According to Reuters, daily said Berlin could be willing to accept
RHJ if it teamed up with an international partner from the car
industry.

                            Insolvency

Suzy Jagger and Alexandra Frean at The Times report GM Europe, the
owner of Vauxhall and Opel, has sought professional insolvency
advice to prepare for the possibility that it may not attract a
firm buyer in time to rescue the carmaker.

According to the Times, executives in GM Europe believe that if
neither offers from Magna and RHJ is pursued, one of three
outcomes will follow: the two bidders will alter their offers,
extending the negotiation period; the U.S. parent will keep the
business; or GM Europe will become insolvent.

The Times says that while the carmaker has indicated that it has
funds to last until the end of this year, its EUR1.5 billion
(GBP1.3 billion) emergency loan from Germany and Magna expires in
November.

As reported in the Troubled Company Reporter-Europe on
Aug. 26, 2009, Bloomberg News said GM advisers are recommending
that the board consider spurning a German-backed sale of its Opel
unit to retain a bigger presence in Europe and Russia.  Citing a
person familiar with the discussions, Bloomberg dislosed the
advisers suggest that GM seek aid from other European governments
to retain ownership of Opel as an alternative to surrendering
control to a group led by Magna or to RHJ.

                      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)


LANDESBANK BADEN: Posts EUR215 Mil. Net Income in First Half 2009
-----------------------------------------------------------------
Aaron Kirchfeld at Bloomberg News reports that Landesbank
Baden-Wuerttemberg said it posted a net income of EUR215 million
(US$307 million) in the first half of 2009 compared with a loss of
EUR181 million a year earlier, citing a rebound in asset values
and commission income.

According to Bloomberg, LBBW reported trading income of EUR663
million after a loss of EUR489 million due mainly to "reversals of
impairment losses".

The lender, Bloomberg discloses, had a loss of EUR21 million in
the second quarter based on first-quarter profit of
EUR236 million reported in May.

                             Bailout

Bloomberg recalls LBBW's owners, including the state of
Baden-Wuerttemberg, agreed in April to inject EUR5 billion in
capital and cover potential losses of as much as EUR12.7 billion.
LBBW, as cited by Bloomberg, said, it can't make a full-year
forecast because of market uncertainty and the ongoing European
Union probe into the state- led bailout.

The bank, Bloomberg says, is scaling back its non-lending
operations and selling risky assets as it focuses on business with
small- and medium- size companies after the worst financial crisis
since the Great Depression.

Headquartered in Stuttgart, Landesbank Baden-Wuerttemberg --
http://www.lbbw.de/-- acts as the central bank to savings banks
in the German state of Baden-Wuerttemberg.  The bank handles large
transactions (wholesale banking, financial securities, foreign
exchange) too costly for the smaller state savings banks.  It also
provides traditional retail banking, real estate and commercial
loans, and portfolio management services.  The bank has
approximately 230 branches.  Through subsidiaries such as Sud
Private Equity, SudFactoring, and SudLeasing Immobilien, among
others, LBBW also provides leasing, factoring, venture capital,
and equity financing services.


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


HELLAS TELECOM: Mulls Restructuring as Liquidity Shrinks
--------------------------------------------------------
Jane Baird at Reuters reports that Hellas Telecommunications II,
parent of Greece's Wind Hellas Telecommunications S.A., is
considering restructuring alternatives as it expects to run short
of cash.

According to Reuters, Hellas II said it had begun talks to seek
support from shareholder Weather Investments, an Italian holding
company majority-owned by Egyptian tycoon Naguib Sawiris, with
mobile, fixed, Internet and international communication operations
in Algeria, Bangladesh, Egypt, Greece, Italy, Pakistan and
Tunisia.

Reuters relates Hellas II said its available liquidity shrank to
EUR31.9 million (US$45.4 million) at the end of June.
Hellas II Chief Financial Officer George Rallis, as cited by
Reuters, said the company is now working to rebuild cash,
including cutting capital spending, to meet EUR67 million in
coupon payments due Oct. 15.  Reuters notes the company also said
it might fail to meet a debt covenant in its revolving credit
facility in the third quarter.

Hellas Telecommunications II provides both fixed-line and mobile
services.


HELLAS TELECOM: Moody's Cuts Corporate Family Rating to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of Hellas Telecommunications II S.a.r.l. to Caa3 from Caa1
as well as the ratings on the existing debt instruments issued by
its subsidiaries, as detailed below.  Moody's has also placed all
ratings on review for possible further downgrade.  Hellas
Telecommunications II is a holding company of Wind Hellas
Telecommunications.

The ratings affected by the rating action are:

  -- Corporate Family Rating at Hellas Telecommunications II
     downgraded to Caa3 from Caa1

  -- Senior secured notes issued at Hellas Telecommunications
     (Luxembourg) V downgraded to Caa2 from B3

  -- Senior notes issued at Hellas Telecommunications (Luxembourg)
     III downgraded to Ca from Caa2

  -- Subordinated notes issued at Hellas Telecommunications II
     S.a.r.l. downgraded to Ca from Caa3.

"The rating action reflects (i) the company's deteriorating
operating performance in H1 2009 as well as the bleak outlook for
the full year; (ii) the significant pressure on its liquidity
profile which, together with its unsustainable capital structure,
has prompted the company to consider strategic alternatives; and
(iii) the appointment of financial advisers to assist with the
implementation of potential debt restructuring alternatives on an
expedited basis," explained Ayse Kayral, Analyst in Moody's
Corporate Finance Group.

The rating action also reflects the increasing default risk amidst
the developing uncertainty over how the capital restructuring
process will impact the company's financial risk and liquidity
profile, particularly in the context of the need to finalise this
process on a timely basis, and taking into account that its
negative free cash flow expanded to around EUR81 million in H1
2009 (vs. EUR43 million in 1H 2008).  Moreover, Moody's also
believes that the company needs to build up cash in time for the
next interest payment date (on October 15, 2009); and that
headroom under the company's financial covenants is gradually
tightening.

Moody's also notes that the company's very weak liquidity profile,
which has been constraining its ability to invest in its network
infrastructure and brand, has negatively impacted its market
positioning, as reflected in its deteriorating market share over
the period compared with last year.

Moody's aims to conclude the review once there is greater clarity
surrounding the progress of the company's negotiations with its
various stakeholders.

The last rating action on Hellas Telecommunications II was
implemented on February 26, 2009, when Moody's downgraded the CFR
to Caa1 from B3.

Wind Hellas is the third mobile operator in Greece.  At the end of
2007, the company acquired Tellas, an alternative fixed-line
operator.  In 2008, the company generated EUR1,269 million in
revenues on a consolidated basis.


WIND HELLAS: Parent Mulls Restructuring as Liquidity Shrinks
------------------------------------------------------------
Jane Baird at Reuters reports that Hellas Telecommunications II,
parent of Greece's Wind Hellas Telecommunications S.A., is
considering restructuring alternatives as it expects to run short
of cash.

According to Reuters, Hellas II said it had begun talks to seek
support from shareholder Weather Investments, an Italian holding
company majority-owned by Egyptian tycoon Naguib Sawiris, with
mobile, fixed, Internet and international communication operations
in Algeria, Bangladesh, Egypt, Greece, Italy, Pakistan and
Tunisia.

Reuters relates Hellas II said its available liquidity shrank to
EUR31.9 million (US$45.4 million) at the end of June.
Hellas II Chief Financial Officer George Rallis, as cited by
Reuters, said the company is now working to rebuild cash,
including cutting capital spending, to meet EUR67 million in
coupon payments due Oct. 15.  Reuters notes the company also said
it might fail to meet a debt covenant in its revolving credit
facility in the third quarter.

Hellas Telecommunications II provides both fixed-line and mobile
services.

Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- offers TIM-branded (formerly Telestet)
wireless telecom services to about 2.3 million consumer and small-
business customers throughout Greece. From its digital GSM
network, the firm offers conference calling, mobile e-mail, fax,
and data transmission.

                            *     *     *

As reported in the Troubled Company Reporter-Europe on June 11,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'CCC' from 'B-' on the group's weak first-
quarter results.  S&P said the outlook is negative.


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


INVITEL HOLDINGS: Liquidity Concerns Prompt S&P to Junk Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Hungary-based fixed-line
telecommunications operator Invitel Holdings A/S to 'CCC+' from
'B'.  The outlook is negative.

At the same time, S&P lowered the ratings on all outstanding debt
instruments by two notches.

"The downgrade primarily reflects S&P's rising concerns over the
company's liquidity prospects resulting from its demanding debt
maturity profile, in particular from 2010, its constrained free
cash flow generation due to the difficult economic environment in
Hungary and Eastern Europe, and the risks associated with its
tight covenant headroom," said Standard & Poor's credit analyst
Matthias Raab.  "As a result, S&P believes that the group's
capital structure could be unsustainable over the medium term."

Furthermore, in S&P's view, growing uncertainties hang over the
group's capital structure because Danish telecom incumbent TDC A/S
(BB-/Stable/B), which regards Invitel Holdings as a noncore
business and intends to divest its 64% stake, has recently
reclassified Invitel Holdings as "discontinued operations" in its
consolidated financial statements.  On June 30, 2009, Invitel
Holdings' reported gross debt stood at EUR763 million.

As of June 30, 2009, Invitel Holdings faced EUR22 million debt
maturities in 2009, EUR61 million in 2010, and EUR69 million in
2011 based on an average exchange rate of Hungarian forint (HUF)
270 to the euro.

Under S&P's current projections, which assume that the forint-euro
exchange rate averages about HUF270 to the euro in the next 18
months, the company is likely to improve its free operating cash
flow mainly due to significantly declining capital expenditures,
lower interest expenses, and lower cash outflows from hedging
contracts.  Nevertheless, this may not be sufficient to cover the
increasing upcoming debt maturities.

"The negative outlook mainly reflects S&P's opinion that Invitel
Holdings' liquidity profile could weaken in the near to medium
term primarily due to the currently challenging economic
environment in its service area," said Mr.  Raab.  "We also
believe that the company's capital structure may be difficult to
sustain over the medium term even if it overcomes near-term
liquidity risks.  In S&P's view, this raises risks of discounted
distressed exchange offers, which, under its criteria, S&P would
view as tantamount to default."


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


EUROMAX VI: S&P Affirms Rating on Class E Notes at 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class C and D notes issued by EUROMAX VI ABS Ltd.  At the same
time, S&P affirmed and removed from CreditWatch negative S&P's
ratings on the class A, B, and E notes and affirmed the class X
notes.

The downgrades follow deterioration in the underlying portfolio's
credit quality.  The portfolio contains a number of assets whose
ratings have been lowered, as well as about 27% of assets on
CreditWatch negative.

According to the transaction reports, before the July 18 payment
date the transaction was failing its class B, C, D, and E
overcollateralization tests.  While S&P's analysis indicates that
the class B overcollateralization test failure was cured, the
class C, D, and E tests continue to be out of compliance.  S&P
believes the diversion of interest proceeds due to the class D and
E notes to redeem the senior notes is likely to result in the
deferral of interest payments on these notes for a number of
payment dates.

S&P's analysis indicates that this change in credit quality has
placed pressure on classes C and D, with subordination and credit
enhancement levels being insufficient to maintain the current
ratings, in S&P's view.

S&P originally placed classes C, D, and E on CreditWatch negative
on June 10, and classes A and B on July 23.

EUROMAX VI ABS is a collateralized debt obligation of asset-backed
securities transaction backed by a portfolio of European retail
and commercial mortgage-backed securities and CDO assets.  The
transaction closed in April 2007.

                           Ratings List

                        EUROMAX VI ABS Ltd.
                EUR430 Million Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

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

      Ratings Affirmed and Removed From CreditWatch Negative

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

                         Rating Affirmed

                       Class       Rating
                       -----       ------
                       X           AAA


PETER CASEY: Goes Into Liquidation; 60 Jobs Affected
----------------------------------------------------
The Westmeath Independent reports that Peter Casey and Sons Ltd.,
which trades as Casey AutoGroup, has gone into voluntary
liquidation, resulting in the loss of more than 60 jobs.

The report relates directors of the company secured the
appointment of a provisional liquidator at the High Court on
Aug. 21.

The company, the report discloses, recorded a turnover of
EUR26 million for the year up to May 31, 2008, with an operating
profit of EUR293,231.  According to the report, the accounts also
report that among its lenders, AIB held a letter of guarantee for
EUR381,000, while Permanent TSB held personal guarantees from the
directors, Peter and James Casey.

Peter Casey and Sons Ltd. was an authorised dealer for Ford, Kia,
Honda and Volvo.  The company has branches in Athlone, Roscommon
town and Carrick-on-Shannon in Leitrim.


VULCAN LTD: S&P Downgrades Ratings on Two Classes of Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' and removed from
CreditWatch negative its credit ratings on the class F and G notes
issued by Vulcan (European Loan Conduit No. 28) Ltd.  The class E
notes are unaffected.

In line with S&P's expectations, on the August 2009 note interest
payment date, the class F and G notes received no interest
payments.

In addition, the class E notes experienced an interest shortfall
of GBP53,899.26, equating to 0.14% of the class E note principal
balance.

The note interest shortfalls were due to the issuer's payment of
special servicing fees that accrued on the Tishman German Office
Portfolio loan.  The issuer pays these fees senior to payments due
to the noteholders.

S&P's ratings address timely payment of interest and consequently
S&P has lowered the rating on the class F and G notes to 'D'.

S&P has not taken any rating action on the class E notes because,
given the size of the shortfall (equivalent to 0.14% of the
principal balance), S&P considers it falls under its minor
shortfall policy.

                           Ratings List

           Vulcan (European Loan Conduit No.  28) Ltd.
     EUR1,076.415 Million Commercial Mortgage-Backed Variable-
                     and Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                              Ratings
                              -------
        Class         To                   From
        -----         --                   ----
        F             D                    CCC-/Watch Neg
        G             D                    CCC-/Watch Neg


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


RISANAMENTO SPA: Consob to Decide on Takeover Exemption Today
-------------------------------------------------------------
Armorel Kenna at Bloomberg News, citing Il Messaggero, reports
that stock market regulator Consob is due to make a decision
today, Aug. 31, on whether to exempt Risanamento SpA's creditor
banks from making a takeover bid for the company.

According to Bloomberg, the Italian newspaper said the banks plan
to take part in a EUR150-million (US$215 million) capital increase
before the end of the year and convert EUR350 million of debt into
equity that would leave them with a stake higher than the
threshold requiring a mandatory takeover bid for Italease.

As reported in the Troubled Company Reporter-Europe on Aug. 24,
2009, Bloomberg News, citing Il Messagero, said the lenders will
own about 55% of Risanamento after converting debt into equity and
buying new shares, and under Italian law they would normally be
compelled to make an offer for the rest of the business.

Risanamento is scheduled to present a restructuring plan before
Sept. 1 and attend a hearing at a Milan court on Sept. 22
to respond to a prosecutor's statement that the company has
failed.

                        About Risanamento SpA

Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it/-- is a company engaged in the
real estate sector.  It is part of the Zunino Group.  Its main
activities are real estate investments, real estate promotion and
development.  The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.


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


BTA BANK: U.K. Court Freezes Assets of Two Former Executives
------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank said
the High Court in London froze the assets of its former chairman
and chief executive officer after allegations of fraud.

According to Bloomberg, BTA said Thursday in an e-mailed statement
that the court order came after the Almaty-based lender presented
evidence that former Chairman Mukhtar Ablyazov, former CEO Roman
Solodchenko and former Deputy CEO Zhaksylyk Zharimbetov defrauded
the bank out of about US$300 million through deals made "in favor
of a company where they secretly held an interest".

Bloomberg relates the bank, which defaulted on more than
US$12 billion of debts, said in the statement it is seeking to
recover the money paid out under the transactions negotiated by
Mr. Ablyazov and Mr. Solodchenko.

                         Restructuring

As reported in the Troubled in the Troubled Company Reporter-
Europe on Aug. 27, 2009, Bloomberg News said BTA has proposed
offering US$1 billion to buy back debt as part of its options to
bondholders.  Bloomberg disclosed BTA Chief Executive Officer
Anvar Saidenov said the bank will deliver restructuring options to
bondholders from Sept. 2 to 4, a plan that is 80-90% completed.

The lender stopped making principal payments on its debt in April
after creditors demanded immediate repayment and ceased paying
interest last month.

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The Bank has in its
offer personal banking services, comprised of current accounts,
savings accounts, term deposits, safety deposit boxes, money
transfer services, credit facilities, and corporate banking
services, including business accounts, credit facilities, treasury
services, letters of guarantee, letters of credit, foreign
exchange services, remittances and other solutions, as well as
debt and credit cards, card services and electronic banking
services.  The Bank has 14 subsidiaries and six affiliated
companies.  It offers its services through a network of numerous
regional branches, cash settlement centers throughout Kazakhstan
and international representative offices located in Ukraine,
Russia, China and the United Arab Emirates.


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


BAILEDI LLC: Creditors Must File Claims by September 24
-------------------------------------------------------
LLC Micro Credit Company Bailedi is currently undergoing
liquidation.  Creditors have until September 24, 2009, to submit
proofs of claim to:

         Micro District Tunguch 3/17
         Bishkek
         Kyrgyzstan
         Tel: (0-543) 94-98-18


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


ENTERPRISE DE TRAVAUX: Declares Bankruptcy; 34 Jobs Affected
------------------------------------------------------------
Entreprise De Travaux Europeen declared bankruptcy on Tuesday,
resulting in the loss of 34 jobs, news.station.lu reports.

According to the report, the company, which employs 63 jobs, ran
into financial problems just before the collective holidays in
July.

Based in Foetz, EDTE is a construction company.  It was
established in 1994.


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


CAIRN CLO: Moody's Cuts Rating on Class E Notes to 'Caa1'
---------------------------------------------------------
Moody's Investors Service has downgraded five classes and
confirmed two classes of notes issued by Cairn CLO I B.V.

The transaction is a managed cash collateralized loan obligation
with exposure to predominantly European senior secured loans, as
well as some mezzanine loan exposure.

The rating actions reflect Moody's revised assumptions with
respect to default probability as described in the press release
dated February 4, 2009, titled "Moody's updates key assumptions
for rating CLOs."  These revised assumptions have been applied to
all corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed in, among other measures as per Trustee Report
dated July 21, 2009, a decline in the average credit rating as
measured through the weighted average rating factor (currently
2644), and an increase in the amount of defaulted securities
(currently 2.29% of the performing portfolio).  Moody's also
performed a sensitivity analysis, including amongst others, a
further decline in portfolio WARF quality.

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 below:

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (August 2008)

The rating actions are:

  -- EUR11.7M Class A-4 Notes, Downgraded to Aa1; previously on
     Jan 4, 2007 Definitive Rating Assigned Aaa

  -- EUR30M Class B Notes, Downgraded to A2; previously on Mar 4,
     2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR23M Class C Notes, Confirmed at Baa3; previously on Mar
     19, 2009 Downgraded to Baa3 and Remains On Review for
     Possible Downgrade

  -- EUR21.5M Class D Notes, Confirmed at B1; previously on Mar
     19, 2009 Downgraded to B1 and Remains On Review for Possible
     Downgrade

  -- EUR10.5M Class E Notes, Downgraded to Caa2; previously on Mar
     19, 2009 Downgraded to Caa1 and Remains On Review for
     Possible Downgrade

  -- EUR8M Class W Combination Notes, Downgraded to Ca; previously
     on Mar 4, 2009 Ba3 Placed Under Review for Possible Downgrade

  -- EUR11.2M Class X Combination Notes, Downgraded to Ca;
     previously on Mar 4, 2009 Ba2 Placed Under Review for
     Possible Downgrade


PANGAEA ABS: S&P Lowers Rating on Class D Notes to 'B'
------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A, B, C, and
D notes issued by PANGAEA ABS 2007-1 B.V.

The rating actions reflect S&P's view that the underlying
portfolio's credit quality has deteriorated.

On July 2, S&P placed all rated tranches in this collateralized
debt obligation on CreditWatch negative following S&P's
preliminary review of how recent deterioration in collateral
credit quality had affected cash CDOs.

S&P's analysis shows an increase in the scenario default rates for
this transaction.  At the same time, based on S&P's analysis, par
value losses following the defaults of obligors in the underlying
portfolio have resulted in a decrease in the break-even default
rates when subjected to S&P's cash flow analysis.

In S&P's opinion, the increase in the SDRs and the fall in the
BDRs are no longer commensurate with the ratings previously
assigned to the downgraded tranches.

The credit quality deterioration is also highlighted by the drop
in the overcollateralization ratios.  According to the latest
trustee report available to us, all these tests are currently
breaching their respective trigger levels as set out in the
transaction documents.  It is S&P's view that these breaches in
the overcollateralization tests are partly due to the adjustments
(or "haircuts") that are being applied to the principal balance of
certain speculative-grade structured finance assets.

The class C and D overcollateralization tests have been failing in
the past few months, with the class D test ratio having fallen
below 100%.  According to the trustee reports, as a result of the
overcollateralization test breaches, the issuer is now deferring
interest payments on the class D, E, and F notes.

PANGAEA ABS 2007-1 closed on March 23, 2007, and is a CDO of
structured finance securities managed by Investec Bank (U.K.) Ltd.

                           Ratings List

                     PANGAEA ABS 2007-1 B.V.
         EUR309.2 Million Asset-Backed Floating-Rate Notes

       Ratings Lowered and Removed From CreditWatch Negative

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


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


ANGARSKIY LES: Creditors Must File Claims by September 7
--------------------------------------------------------
Creditors of LLC Angarskiy Les (TIN 2420007796, PSRN
1042400810385) have until September 7, 2009, to submit proofs of
claims to:

         Ye. Pichuev
         Temporary Insolvency Manager
         Post User Box 211
         196084 Saint-Petersburg
         Russia

The Arbitration Court of Krasnoyarskiy will convene at 11:00 a.m.
on December 12, 2009, to hear bankruptcy supervision procedure on
the company.  The case is docketed under Case No. ?33–8871/2009.

The Court is located at:

         The Arbitration Court of Krasnoyarskiy
         Courtroom 15
         Lenina Str. 143
         Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Angarskiy Les
         Kodinsk
         Russia


IRKUTSK LOW-VOLTAGE: Creditors Must File Claims by September 7
--------------------------------------------------------------
Creditors of have until CJSC Irkutsk Low-Voltage Switchboard Plant
(TIN 3811066142, PSRN 1023801541576, RVC 381101001) have until
September 7, 2009, to submit proofs of claims to:

         V. Sokolov
         Temporary Insolvency Manager
         Post User Box 51
         Lyzina Str. 51
         664009 Irkutsk
         Russia

The Arbitration Court of Irkutskaya will convene at 11:00 a.m. on
December 10, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ? 19–12771/09–63.

The Debtor can be reached at:

         CJSC Irkutsk Low-Voltage Switchboard Plant
         Baykalskaya Str. 336
         664050 Irkutsk
         Russia


NORD-STROY LLC: Creditors Must File Claims by September 7
---------------------------------------------------------
Creditors of LLC Nord-Stroy (TIN 1108012701) (Construction) have
until September 7, 2009, to submit proofs of claims to:

         O. Zuev
         Temporary Insolvency Manager
         Pechorskiy Prospect 10
         169600 Pechora
         Komi
         Russia

The Arbitration Court of Komi will convene at 12:00 p.m. on
November 24, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?29–4765/2009.

The Debtor can be reached at:

         LLC Nord-Stroy
         Zapadnaya Str. 4
         169300 Ukhta
         Komi
         Russia


SAINT-PETERSBURG COLD: Creditors Must File Claims by September 7
----------------------------------------------------------------
Creditors of OJSC Saint-Petersburg Cold-Storage Facility No. 7
(TIN 7817022396, PSRN 1027808749561) have until September 7, 2009,
to submit proofs of claims to:

         Yu.Runov
         Insolvency Manager
         Office 9
         Nevskiy Prospect 40\42
         191186 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?56–18241/2009.

The Debtor can be reached at:

         OJSC Saint-Petersburg Cold-Storage Facility
         1-y proezd Str. 3
         Metallostroy
         196641 Saint-Petersburg
         Russia


SAK LLC: Creditors Must File Claims by September 7
--------------------------------------------------
Creditors of LLC SAK (TIN 6234031220, PSRN 1066234038573)
(Construction) have until September 7, 2009, to submit proofs of
claims to:

         N. Tarakanova
         Temporary Insolvency Manager
         Sovetskaya Str. 4
         440026 Penza
         Russia

The Arbitration Court of Ryazanskaya will convene on November 24,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?54–2914/2009 S19.

The Court is located at:

        The Arbitration Court of Ryazanskaya
        Pochtovaya Str. 43/44
        390000 Ryazan
        Russia


SIGMA-LES LLC: Creditors Must File Claims by September 7
--------------------------------------------------------
Creditors of LLC Sigma-Les (Lumbering) have until September 7,
2009, to submit proofs of claims to:

         A. Ryzhov
         Temporary Insolvency Manager
         Post User Box 366
         Tver
         Russia

The Arbitration Court of Saint-Petersburg will convene at 10:50
a.m. on September 7, 2009, to hear bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
?56–47736/07.

The Debtor can be reached at:

         LLC Sigma-Les
         Sovetskaya Str. 1
         Podborye
         Boksitogorskiy
         187640 Leningradskaya
         Russia


SINEGORYE LLC: Creditors Must File Claims by September 7
--------------------------------------------------------
Creditors of LLC Sinegorye (TIN 7453067983) have until
September 7, 2009, to submit proofs of claims to:

         S. Shirokov
         Temporary Insolvency Manager
         Office 2
         Sverdlovskiy Prospect 28
         454008 Chelyabinsk
         Russia
         Tel: (351)7919658

The Arbitration Court of Chelyabinskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?76–
9862/2009–20-138.

The Debtor can be reached at:

         LLC Sinegorye
         Chelyabinsk
         Russia


X5 RETAIL: Net Income Up 87% to US$130.4 Mil. in 2nd Quarter 2009
-----------------------------------------------------------------
Maria Ermakova at Bloomberg News reports that X5 Retail Group NV's
net income rose 87% to US$130.4 million in the second quarter of
2009 from US$69.6 million a year earlier as the ruble’s gain
against the dollar led to a revaluation of dollar-denominated
debt.

According to Bloomberg, the ruble advanced 8.3% against the U.S.
currency in the quarter, resulting in an US$86 million gain on
exchange rate swings.

Bloomberg relates the company said sales fell 8% to US$2.1 billion
because of a drop in the value of the ruble compared with year-
earlier levels, while revenue expressed in rubles rose 26% as the
retailer added 20 new stores in the quarter.

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

                         *     *     *

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


ZNAMENSKIY FLOUR: Creditors Must File Claims by September 7
-----------------------------------------------------------
Creditors of OJSC Znamenskiy Flour Milling Plant (TIN 3916003781,
PSRN 1023902270864) have until September 7, 2009, to submit proofs
of claims to:

         V. Kiselev
         Temporary Insolvency Manager
         D. Donskogo Str. 7-216
         Kaliningrad
         Russia
         Tel: (4012)57-88-74

The Arbitration Court of Kaliningrad will convene at 2:30 p.m. on
October 26, 2009, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?21–5123/2009.

The Debtor can be reached at:

         OJSC Znamenskiy Flour Milling Plant
         Melnichnaya Str. 19
         Znamensk
         Gverdeyskiy
         238200 Kaliningradskaya
         Russia


* RUSSIA: Starts Probe Into Viability of State Corporations
-----------------------------------------------------------
Patrick Henry at Bloomberg News reports that the Russian
Prosecutor General's Office said it opened a probe of state
corporations Rosatom Corp., Russian Technologies Corp., Russian
Nanotechnology Corp.

According to Bloomberg, Russian President Dmitry Medvedev ordered
the investigation of state corporations' finances and management
on Aug. 7.

Bloomberg relates the prosecutors said investigators will pay
special attention to the companies' use of state funds and
property.  Groups of investigators began work at the corporations
on Monday, Bloomberg recounts.

Bloomberg says according to the Kremlin, prosecutors should
provide a conclusion by Nov. 10 as to whether the companies are
"viable" in their current form.


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


OBRASCON HUARTE: Fitch Cuts LT Issuer Default Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has downgraded Spanish construction group Obrascon
Huarte Lain SA's Long-term Issuer Default Rating and senior
unsecured rating to 'BB-' from 'BB+' respectively, and removed
both ratings from Rating Watch Negative.  The Outlook on the
Long-term IDR is Negative.  Fitch has simultaneously affirmed
OHL's Short-term IDR at 'B'.

The downgrade of the ratings reflects heightened concerns about
the underlying risk profile of OHL's business model.  This follows
a full review of OHL's credit profile, with an increased focus on
the credit risk at OHL SA (the parent company and rated entity)
rather than OHL's consolidated profile.  OHL is essentially a
construction company that has taken on leverage in recent years to
fund equity stakes in relatively immature, ring-fenced
concessions.  In the agency's opinion, this exposes creditors at
the parent company to heightened risks, which are more
commensurate with an IDR of 'BB-'.  These risks include excessive
leverage, a limited deleveraging capacity and the risk of further
cash outflows into ring-fenced concessions.

Fitch believes that OHL, when viewed on a deconsolidated basis, is
excessively leveraged, as demonstrated by a net debt/EBITDAR ratio
(adjusted for seasonality, non-recourse debt and ring-fenced
concession cash flows) of 3.2x as of H109 compared with 2.7x at
H108.  Leverage of this degree is high risk, given that
construction companies' tolerance of leverage is low due to high
operational risks such as cyclical demand, low profit margins, and
the risk of project delays and cost overruns.  Furthermore, due to
weakening end markets and continued heavy investment in
concessions, Fitch believes that OHL's leverage will likely
increase further in 2010-2011.

In addition, OHL's deleveraging capacity appears limited.  This is
in part due to weakened conditions in OHL's key construction
markets, such as Spain, which will likely suppress cash generation
as order books shrink and margins decline.  Fitch is also
concerned that a shrinking order book could lead to a fall or
delay in customer advances and staged payments, thus stressing
OHL's working capital.  OHL may also be tempted to undertake
lower-margin or higher-risk projects to sustain a flow of new
orders, which would increase the risk of significant project
losses in future periods, especially in international markets
where OHL has less experience.

Credit risk at the parent company is further heightened by
substantial, on-going investments in equity stakes of ring-fenced
concessions.  These equity investments are typically financed by
recourse debt raised by the parent and any excess construction
cash flows.  However, given that these concessions are held in
ring-fenced SPVs, the parent company has no access to the cash
flows generated except via dividends.  Moreover, the relatively
immature nature of OHL's concessions' portfolio means that these
dividends will likely remain small for the next 3-5 years, leaving
the concessions' business a net cash drain on the parent for a
significant period of time.

A further concern is that some of OHL's concessions may require
equity support from the parent in the future.  Although
concessions projects are largely financed on a non-recourse basis,
the parent may choose to inject extra equity to prevent project-
level covenant breaches, or to aid the refinancing of existing
project debt.  This latter point is particularly pertinent for
OHL's five Brazilian federal toll roads which were acquired in
2008.  These have been largely financed with bridge loans, with a
view to being refinanced with longer-term non-recourse debt in
2010.  However, due to a reduced appetite for infrastructure
lending and the possibility that these concessions could
underperform their initial forecasts, OHL may be less able to
raise project debt than previously anticipated.  This may compel
OHL to inject extra equity, which would in turn lead to further
increases in the parent's leverage.

The Negative Outlook on OHL's IDR indicates that a further rating
downgrade could occur if OHL underperforms Fitch's current
expectations, including a material increase in leverage, worsened
liquidity, reduced covenant headroom and/or further equity support
being needed at the concession level.  Forward looking indicators
will include order book size and quality, working capital
management, concessions' performance, potential problems with
large construction projects, and management's strategy regarding
concession investments.


SANTANDER CONSUMER: Fitch Puts 'CCC'-Rated Class E Notes on RWN
---------------------------------------------------------------
Fitch has placed the auto-loan receivables-backed notes issued
under the Santander Consumer Spain Auto 06 transaction on Rating
Watch Negative:

  -- Class A EUR656 million notes: 'AAA'; placed on RWN
  -- Class B EUR22.3 million notes: 'AA'; placed on RWN
  -- Class C EUR22.3 million notes: 'A'; placed on RWN
  -- Class D EUR22.9 million notes: 'BBB'; placed on RWN
  -- Class E EUR10.2 million notes: 'CCC'; placed on RWN

The rating actions follow a review of the transaction, focusing on
both the performance of the underlying receivables, as well as a
forecast of the continued impact of other factors -- such as the
economic situation in Spain and the type of receivables
securitized -- on both the expected levels of protection available
to the notes and the levels of losses which could be absorbed by
Santander 06, while also taking into account the expected
amortization of the notes.

With both delinquencies and defaults continuing to increase over
the last 12 months -- with the Fitch Delinquency Ratio rising to
5.1% in July 2009 and the Fitch Cumulative Net Default Ratio
moving slightly above its 1% base case, at 1.03% for the same
period - Santander 06 reported a draw on its Reserve Fund for the
first time in July 2009 (of EUR689,974).

The Reserve Fund provides enhancement to all the classes of notes
under the transaction.  Given the performance of the transaction
to date and the current economic environment in Spain, Fitch
believes that there is a strong likelihood that further reserve
fund draws will occur in the coming quarters, with the expected
loss levels potentially leading to some losses being allocated to
some of the more junior notes in the future.

Under the current outlook for consumer ABS transactions in Spain,
this auto-loan receivables-backed transaction is expected to
continue to be heavily affected by the deterioration in the
Spanish economy, with significant exposure in some of Spain's
worst-hit regions in terms of unemployment levels (Andalucia and
the Canary Islands).  Fitch expects a large increase in defaults
from the transaction's delinquency pipeline, ultimately affecting
the amount of enhancement protection available to all the rated
classes of notes.

Fitch has placed the notes on Rating Watch Negative pending
further information on recovery expectations from the Servicer,
and expects to resolve this Rating Watch within the next week.


SOL MELIA: Moody's Withdraws 'Ba3' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
and probability of default ratings of Sol Melia.  Moody's has
withdrawn these ratings for business reasons.

The last rating action was implemented on August 26, 2009, when
Moody's downgraded Sol Melia's ratings to Ba3 with a negative
outlook.

Headquartered in Palma, Mallorca, Sol Melia is the world's 15th
largest hotel operator in terms of number of rooms, and is
represented across the luxury, upscale and mid-scale segments of
the hotel market.  Sol Melia operates both city hotels and
resorts, and has been developing its timeshare business through
its Sol Melia Vacation Club brand.  Sol Melia generated revenues
of EUR1.3 billion at FYE2008.


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


ARTHUR SCHNEIDER: Claims Filing Deadline is September 3
--------------------------------------------------------
Creditors of Arthur Schneider AG are requested to file their
proofs of claim by September 3, 2009, to:

         Arthur Schneider-Meier
         Gartenstrasse 29
         5303 Wuerenlingen
         Switzerland

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


DEKADENTE GMBH: Claims Filing Deadline is September 2
-----------------------------------------------------
Creditors of Dekadente GmbH are requested to file their proofs of
claim by September 2, 2009, to:

         Dekadente GmbH
         Hermesbuehlstrasse 55a
         4500 Solothurn
         Switzerland

The company is currently undergoing liquidation in Solothurn.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 10, 2009.


FG SUPERVISING: Creditors Must File Claims by September 8
---------------------------------------------------------
Creditors of FG Supervising GmbH are requested to file their
proofs of claim by September 8, 2009, to:

         Fritz Grob
         Am Chimlibach 35
         8603 Schwerzenbach
         Switzerland

The company is currently undergoing liquidation in Schwerzenbach.
The decision about liquidation was accepted at the extraordinary
shareholders' meeting held on May 12, 2009.


HA-BE BAUPLANUNG: Claims Filing Deadline is September 1
-------------------------------------------------------
Creditors of Ha-Be Bauplanung & Systembau GmbH are requested to
file their proofs of claim by September 1, 2009, to:

         Martina Walker
         Bachtelenweg 13
         4314 Zeiningen
         Switzerland

The company is currently undergoing liquidation in Zeiningen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 17, 2009.


HECOMEST AG: Claims Filing Deadline is September 3
--------------------------------------------------
Creditors of Hecomest AG are requested to file their proofs of
claim by September 3, 2009, to:

         Max Rupp
         Liquidator
         Hauptstrasse 91
         9430 St. Margrethen
         Switzerland

The company is currently undergoing liquidation in St. Margrethen.
The decision about liquidation was accepted at a general meeting
held on May 19, 2009.


INNOVAPACK AG: Claims Filing Deadline is September 2
----------------------------------------------------
Creditors of Innovapack AG are requested to file their proofs of
claim by September 2, 2009, to:

         MBT Baumann Treuhand AG
         Liquidator
         Muehlemattstrasse 25
         4104 Oberwil BL
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 22, 2009.


ISM INFORMATICA: Claims Filing Deadline is September 10
-------------------------------------------------------
Creditors of ISM Informatica e Software Moderna AG are requested
to file their proofs of claim by September 10, 2009, to:

         Secunda Grischa AG
         Via Davos-Muster 2
         7180 Disentis
         Switzerland

The company is currently undergoing liquidation in
Disentis/Muster.  The decision about liquidation was accepted at a
general meeting held on May 18, 2009.


LORETAN GASTRONOMIE: Claims Filing Deadline is September 2
----------------------------------------------------------
Creditors of Loretan Gastronomie GmbH are requested to file their
proofs of claim by September 2, 2009, to:

         Bakker-Loretan Manuela
         Kurparkstrasse 15
         3954 Leukerbad
         Switzerland

The company is currently undergoing liquidation in Leukerbad.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 17, 2009.


MATOBA AG: Claims Filing Deadline is September 2
------------------------------------------------
Creditors of Matoba AG are requested to file their proofs of claim
by September 2, 2009, to:

         Matoba AG
         5430 Wettingen
         Switzerland

The company is currently undergoing liquidation in Wettingen AG.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 24, 2009.


NITRACO HANDEL: Claims Filing Deadline is September 2
-----------------------------------------------------
Creditors of Nitraco Handel AG are requested to file their proofs
of claim by September 2, 2009, to:

         Ofri Treuhand AG
         Loewenstrasse 12
         8280 Kreuzlingen
         Switzerland

The company is currently undergoing liquidation in Kreuzlingen.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 17, 2009.


RESTAURANT MUSIKHOF: Claims Filing Deadline is September 3
----------------------------------------------------------
Creditors of Restaurant Musikhof GmbH are requested to file their
proofs of claim by September 3, 2009, to:

         Mueller Hansjörg
         Tuechelrosstrasse 2
         8248 Uhwiesen
         Switzerland

The company is currently undergoing liquidation in Uhwiesen.  The
decision about liquidation was accepted at a shareholders' meeting
held on November 25, 2008.


SCHIERHOLZ TRANSLIFT: Claims Filing Deadline is September 3
-----------------------------------------------------------
Creditors of Schierholz Translift Global Manufacturing & Finance
AG are requested to file their proofs of claim by September 3,
2009, to:

         KBT Treuhand AG Zug
         Liquidator
         Grabenstrasse 25
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar. The
decision about liquidation was accepted at a general meeting held
on July 3, 2009.


SINVESTTRADE GMBH: Claims Filing Deadline is September 11
---------------------------------------------------------
Creditors of Sinvesttrade GmbH are requested to file their proofs
of claim by September 11, 2009, to:

         Sinvesttrade GmbH
         Rathausplatz 7
         6460 Altdorf
         Switzerland

The company is currently undergoing liquidation in Altdorf UR.
The decision about liquidation was accepted at a shareholders'
meeting held on March 6, 2008.


TELPLAN CONSULTING: Claims Filing Deadline is September 10
----------------------------------------------------------
Creditors of Telplan Consulting GmbH are requested to file their
proofs of claim by September 10, 2009, to:

         Manuela Weissert
         Liquidator
         Obere Briggerstrasse 43
         8400 Winterthur
         Switzerland

The company is currently undergoing liquidation in Winterthur.
The decision about liquidation was accepted at a shareholders'
meeting held on May 8, 2009.


TUROCAL AG: Claims Filing Deadline is September 3
-------------------------------------------------
Creditors of Turocal AG are requested to file their proofs of
claim by September 3, 2009, to:

         Hans Roth jun.
         Weierstrasse 55
         5313 Klingnau
         Switzerland

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


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


BEST LLC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Furniture Plant Best (code EDRPOU
33574398).  The company's insolvency manager is N. Gnedoy.

The Court is located at:

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

The Debtor can be reached at:

         LLC Furniture Plant Best
         Sliusarnaya Str. 1
         Karlovka
         39500 Poltava
         Ukraine


EUROPRODUCT LLC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on LLC Europroduct (code EDRPOU 32754201).
The company's insolvency manager is V. Yurkiv.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16
         Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Europroduct
         Stepanovka
         Kaluga
         77323 Ivano-Frankovsk
         Ukraine


FERROCONCRETE GOODS: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------------
The Economic Court of Dnepropetrovsk region commenced bankruptcy
supervision procedure on LLC Balevsky Plant of Ferroconcrete Goods
(code EDRPOU 31508428).

The Insolvency Manager is:

         V. Koloshin
         Rabochaya Str. 152/47
         49006 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

          LLC Balevsky Plant of Ferroconcrete Goods
          Lenin Str. 25
          Partizanskoye
          52012 Dnepropetrovsk
          Ukraine


KIEV BROCK: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Kiev Brock Service-96 (code EDRPOU 24095494).

The Insolvency Manager is:

         M. Titarenko
         Office 18
         Saksagansky Str. 24
         Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Kiev Brock Service-96
         Arsenalnaya Str. 20
         01001 Kiev
         Ukraine


MAS LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------
The Economic Court of AR Krym commenced bankruptcy supervision
procedure on LLC Mas (code EDRPOU 30576214).

The Insolvency Manager is:

         V. Piteliak
         Office 4
         Sovetskaya Str. 10
         Bakhchisaray
         AR Krym
         Ukraine

The Court is located at:

         The Economic Court of AR Krym
         R. Luxembourg/Rechnaya Str. 29/11
         95003 Simferopol
         Ukraine

The Debtor can be reached at:

         LLC Mas
         Polikurovskaya Str. 25, b. 11
         Yalta
         98600 AR Krym
         Ukraine


UNIVERSAL TRADE: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Company Universal Trade Ltd. (code EDRPOU
33302005).

The Insolvency Manager is:

         M. Titarenko
         Office 18
         Saksagansky Str. 24
         Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Company Universal Trade Ltd.
         Office 8
         Moscow Str. 7
         01010 Kiev
         Ukraine


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


ALLIANCE & LEICESTER: Moody's Affirms 'E+' BFSR, Lifts Debt Rating
------------------------------------------------------------------
Moody's Investors Service has confirmed the Aa3 senior debt and
deposit ratings as well as the C- Bank Financial Strength Ratings
of Abbey National plc concluding the rating agency's reassessment
of the issuer's stand-alone credit worthiness and the benefit of
both systemic and parental support assumptions.  Abbey's dated
subordinated debt was upgraded to Baa1 from Baa3.  Junior
subordinated Upper Tier 2 and cumulative Tier 1 securities were
upgraded to Baa2 from Baa3 and Ba1 respectively, and non-
cumulative Tier 1 securities were upgraded to Baa3 from Ba1.  All
these ratings now carry a negative outlook.  Short term ratings
were affirmed at Prime-1.

In a related rating action, Moody's affirmed the E+ BFSR of
Alliance & Leicester and also confirmed the Aa3 senior debt and
deposit ratings which benefit from a guarantee by Abbey.  A&L's
dated subordinated debt was upgraded to Baa3 from Caa1; junior
subordinated Upper Tier 2 debt was upgraded to Ba2 from Caa2;
cumulative Tier 1 securities were upgraded to Ba3 from Caa3, and
non-cumulative preferred securities were upgraded to B1 from Caa3.
The outlook on A&L's guaranteed senior debt and deposit ratings is
negative in line with the outlook of Abbey's ratings, while the
outlook on its BFSR and all of the subordinated and hybrid
instrument ratings is positive.  Short term ratings were affirmed
at Prime-1.

The rating confirmations and upgrades of Abbey and A&L ratings
reflect Moody's updated view on the probable scenarios facing
these two lenders, as well as the pace and progress of integration
between the two UK banks.  As part of the review analysis, Moody's
also updated its loss and earning scenarios for the combined UK
banking operations, and revised its view on the likelihood of
support for the banks from their parent, Santander (rated
Aa2/B-/Negative).  Moody's rating actions conclude the review for
downgrade on all of Abbey's and A&L's ratings that was initiated
on April 14, 2009.

The rating actions for both Abbey and A&L reflect a reassessment
of, and improvement in, the central scenario that Moody's is
assuming in relation to these credits.  In the prior rating
actions of April 2009, Moody's central scenario included a
substantial risk of a capital shortfall at one or both banks, and
a substantial risk of a restructuring event, consistent with
actions occurring with other UK lenders at that time, which would
have resulted in losses being imposed on junior creditors.  The
risk of loss was greater for creditors of A&L, for which the
probability of a restructuring event was higher due to its
substantially weaker condition.

Moody's central scenario anticipates increased integration between
Abbey and A&L, as well as a higher likelihood of support from
Santander.  This updated view is supported by the accelerated pace
of engagement between Abbey and A&L, as evidenced by rapid
developments in organization combinations, operational
coordination, network consolidation and common branding.  An
increased likelihood of support is evidenced by the use of the
name "Santander" for the common branding.  The increased
integration supports a greater alignment of ratings between Abbey
& A&L, and the increased likelihood of parental support
contributes to higher ratings overall.

Moody's also notes that its concerns about potential additional
credit losses which prompted its review of the two banks'
financial strength ratings have been substantially allayed by its
analysis of the more detailed portfolio data which they have
recently shared with the rating agency.

The reduced concern about additional credit losses and the
positive impact of the accelerated integration is most visible in
the positive outlook on A&L's BFSR and in the multi-notch uplift
from the previous low standalone ratings of A&L's subordinated and
hybrid ratings, as the credit profile of A&L's debt instruments
becomes increasingly aligned with that of Abbey.

                       Recent Developments

Since its merger with Abbey in January 2009, the integration of
A&L into Abbey is progressing at a more rapid pace than originally
expected by Moody's.  Gains from centralized funding, cost and
margin management are already apparent in notably stronger net
interest margins for A&L which have improved considerably from FYE
2008.  A&L's first half 2009 profits as reported in the Santander
group results were GBP137 million.  This compares to its profit
before tax of only GBP2 million for the same time last year as
well as losses before tax for the full year 2008 of nearly GBP1.3
billion.  Abbey's net profits before tax also rose by over 30%
from a year earlier and its underlying cost-to-income ratio
improved from 50% (Abbey standalone) to 41% (Combined) from a year
earlier.  The speed and progress of the integration is also
highlighted by the progress in rebranding of both A&L and Abbey
under the "Santander" umbrella to be completed within the next
year.

In addition, Moody's has recently received more granular data on
the treasury books of both Abbey and A&L.  The analysis of the new
data, along with the banks' proactive sale of some of their more
risky treasury assets have prompted Moody's to reduce its expected
credit loss estimates of these assets by nearly one-third compared
to its earlier estimates.

These developments underpin Moody's increased expectation of
parental support for Abbey and A&L from Santander: The fast-
progress in integration makes a reversal of Santander's strategy
towards its UK operations more costly as the consolidated Abbey
accounts for nearly 30% of the group's assets and is the
cornerstone for Santander's UK foothold.

                    Impact on Abbey's Ratings

  (i) BFSR: Moody's believes that the remaining substantial risks
      relating to A&L's business have been sufficiently captured
      by the two-notch downgrade of Abbey's consolidated stand-
      alone BFSR in April from C+ to C- (mapping to a baseline
      credit assessment of Baa2).  Therefore the BFSR was
      confirmed at the C- level, albeit with a negative outlook to
      reflect the remaining uncertainties about the loss content
      of the consolidated Abbey's portfolio, future integration
      challenges, and the negative outlook on the ratings of its
      parent, Santander.

(ii) Senior unsecured debt & deposit ratings: The Aa3 ratings
      were also confirmed with a negative outlook.  These ratings
      incorporate a significant uplift from the baseline credit
      assessment which is largely due to the expectation of very
      high probability of government support during this time of
      exceptional stress on the UK banking system.  As a result of
      the acquisition of A&L and the deposits and branch network
      of Bradford & Bingley, Moody's believe that Abbey is gaining
      a significance in the UK banking system that resembles that
      of other systemically important financial institutions such
      as Nationwide (rated Aa3/C-).

At the same time, Moody's incorporate a high likelihood of
parental support from Santander.  The negative outlook on Abbey's
long term ratings reflects the negative outlook on its BFSR as
well as the negative outlook on the BFSR of its parent Santander
(B-, outlook negative).

(iii) Subordinated and hybrid ratings: The upgrade of Abbey's
      subordinated and hybrid instruments reflects the increased
      likelihood that creditors of these instruments would benefit
      from parental support, if needed, due to the diminished risk
      of a restructuring event .  The alignment of the ratings of
      Cumulative Upper Tier 2 and Cumulative Tier 1 securities at
      Baa2 recognizes their similar risk profile under a going
      concern assumption.  The non-cumulative preference shares
      are rated one notch lower than cumulative instruments to
      reflect potential higher incidence and severity of loss due
      to their non-cumulative interest feature.

                     Impact on A&L's Ratings

  (i) BFSR: A&L's E+ BFSR (mapping to a baseline credit assessment
      of B1) was affirmed, reflecting the fact that Moody's
      remains cautious about the potential magnitude of losses
      contained in A&L's balance sheet, and is concerned that
      these may exceed the absorption capacity of A&L's stand-
      alone capital and profitability.  Additional capital support
      from either Abbey or Santander may be necessary.  At the
      same time, the positive outlook indicates that over time the
      franchise value, funding costs, and operating efficiency
      should all improve over time as a consequence of the closer
      integration into Abbey and Santander.

(ii) Senior debt ratings: A&L's long-term debt and deposit
      ratings were confirmed Aa3 with a negative outlook to be
      consistent with the ratings of similar instruments of Abbey
      and because there exists an unconditional and irrevocable
      cross-guarantee for all senior debt and deposits between the
      two banks.

(iii) Subordinated and hybrid ratings: Moody's believes that the
      subordinated and hybrid debt ratings of A&L should become
      increasingly aligned to Abbey's subordinated and hybrid
      ratings as the integration proceeds.  The change in Moody's
      central scenario, whereby it now anticipates fuller
      integration between Abbey and A&L, as opposed to a
      restructuring event, is most pronounced with these ratings.
      However, Moody's also reflects in its analysis the view that
      the intrinsic higher risk profile of A&L still warrants a
      distinction between its subordinated ratings and that of
      Abbey's.  This reflects the potential higher probability of
      default (indicated by the lower stand-alone assessment of
      A&L) and potentially higher loss severity (because creditors
      have recourse to assets of A&L only), and is apparent in the
      2-notch differential between Abbey's and A&L's subordinated
      debt ratings.  Moody's believes that, at this time, the more
      junior instruments of A&L with their interest deferral
      mechanisms are more exposed to A&L's intrinsic risks, as
      reflected in their wider notching differential from the
      junior subordinated debt of Abbey.

The positive outlook on these instruments indicates the potential
further upward rating pressure over the next year should the
integration continue at this pace.  The ultimate rating level
either at the same level as Abbey's debt or slightly lower will
depend on the ultimate level of integration and alignment of the
risk profile for creditors of both institutions.

The last rating action on Abbey was on April 14, 2009, when the
bank's BFSR was downgraded to C- from C+ and its long term debt
and deposit ratings were put on review for downgrade.

The last rating action on Alliance & Leicester was on April 14,
2009, when the bank's BFSR was downgraded to E+ from C+ and its
long term debt and deposits were put on review for downgrade.

Abbey National plc had total assets of GBP231 billion as of 2008
and is headquartered in London, UK Alliance & Leicester had total
assets of GBP77 billion as of 2008 and is headquartered in London,
UK.


BARNARD HAMILTON: In Liquidation; Fisher Partners Appointed
-----------------------------------------------------------
Richard Andrew Segal and Brian Johnson of Fisher Partners were
appointed joint liquidators of Barnard Hamilton Yachts
Limited on August 12, 2009.

The company is in creditors voluntary liquidation.


CLEAR PLC: S&P Withdraws 'CCC-' Rating on JPY2 Bil. Notes
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' credit
rating on the JPY2 billion limited-recourse secured credit-linked
series 62 notes issued by C.L.E.A.R. PLC.

S&P withdrew the rating assigned to these notes, having recently
received the repurchase agreement.


* S&P Takes Rating Actions on 12 European Synthetic CDO Tranches
----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
12 European synthetic collateralized debt obligation tranches
following recent rating changes either on the underlying
collateral or a dependent party in those deals.

Specifically, S&P:

* Lowered the ratings on five tranches;

* Raised and removed from CreditWatch positive the rating on one
  tranche;

* Placed on CreditWatch negative the ratings on five tranches; and

* Removed from CreditWatch negative the rating on one tranche.

                           Ratings List

                          Ratings Lowered

                   Repacs Trust Series: Crystal
   US$18.2 Million Variable-Rate Principal-At-Risk Certificates

                            Rating
                            ------
                   To                     From
                   --                     ----
                   B+                     BB+

                     Willow No.2 (Ireland) PLC
EUR30 Million Secured Limited-Recourse Fixed-Rate Notes Series 8

                            Rating
                            ------
                   To                     From
                   --                     ----
                   BBB                    A

                    Willow No.2 (Ireland) PLC
  EUR16.238 Million Secured Limited-Recourse Floating-Rate Notes
                             Series 12

                            Rating
                            ------
                   To                     From
                   --                     ----
                   BBB                    A

                     Willow No.2 (Ireland) PLC
        EUR7 Million Secured Limited-Recourse Variable-Rate
                   Index-Linked  Notes Series 14

                            Rating
                            ------
                   To                     From
                   --                     ----
                   BBB                    A

                     Willow No.2 (Ireland) PLC
   EUR44.5 Million Secured Limited-Recourse Variable-Rate Notes
                            Series 15

                            Rating
                            ------
                   To                     From
                   --                     ----
                   BBB                    A

       Rating Raised And Removed From Creditwatch Positive

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

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

              Ratings Placed On Creditwatch Negative

                         Eirles Two Ltd.
       US$50 Million Floating-Rate Secured Notes Series 120

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

                       Lunar Funding V PLC
GBP50 Million Secured Asset-Backed Credit-Linked Notes Series 11
                          (Raphael CDO I)

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

                         MF Capital II Ltd.
                 EUR32.5 Million Promissory Notes

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

                       Sceptre Capital B.V.
     EUR40 Million CMS-Linked Repackaged "PowerTranche" Notes
                          Series 2006-5

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

                       Sceptre Capital B.V.
    EUR25 Million Floating-Rate Repackaged "PowerTranche" Notes
                           Series 2006-6

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

             Rating Removed From Creditwatch Negative

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

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


* BOND PRICING: For the Week August 24 to August 28, 2009
---------------------------------------------------------

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

AUSTRIA
-------
DRESDNER BANK AG         10.000    8/1/2012     EUR    59.00
DRESDNER BANK AG         10.000    8/1/2012     EUR    59.00
DRESDNER BANK AG          8.500    2/1/2014     EUR    42.50
DRESDNER BANK AG          8.500    2/1/2014     EUR    42.50
DRESDNER BANK AG          2.750   1/20/2014     EUR    63.64
DRESDNER BANK AG          1.250  11/19/2017     EUR    64.77
DRESDNER BANK AG          0.500   3/15/2019     CAD    63.73
OESTER VOLKSBK            5.450    8/2/2019     EUR    63.39
OESTER VOLKSBK            4.810   7/29/2025     EUR    48.13
OESTER VOLKSBK            5.270    2/8/2027     EUR    91.79

BELGIUM
-------
DRESDNER BANK AG          8.750   12/7/2010     EUR    25.22
DRESDNER BANK AG          8.750    8/2/2010     USD    65.45
DRESDNER BANK AG          2.750   1/16/2036     JPY    55.63

FINLAND
-------
DRESDNER BANK AG          1.000  11/21/2016     NZD    70.21
DRESDNER BANK AG          1.000  10/30/2017     AUD    60.09
DRESDNER BANK AG          1.000   2/27/2018     AUD    58.77
DRESDNER BANK AG          0.500   9/24/2020     CAD    52.12
DRESDNER BANK AG          0.250   6/28/2040     CAD    21.38

FRANCE
------
AIR FRANCE-KLM            4.970    4/1/2015     EUR    14.02
ALCATEL SA                4.750    1/1/2011     EUR    16.10
CALYON                    6.000   6/18/2047     EUR    48.23
CAP GEMINI SA             2.500    1/1/2010     EUR    51.73
CAP GEMINI SOGET          1.000    1/1/2012     EUR    44.62
CAP GEMINI SOGET          3.500    1/1/2014     EUR    43.95
CLUB MEDITERRANE          4.375   11/1/2010     EUR    48.77
DRESDNER BANK AG          4.680    3/9/2029     CAD    67.63
DRESDNER BANK AG          1.500    7/2/2010     EUR    74.18
DRESDNER BANK AG          4.000    4/1/2020     EUR     0.63
DRESDNER BANK AG          5.875  10/29/2049     EUR    57.45
SOC AIR FRANCE            2.750    4/1/2020     EUR    20.20

GERMANY
-------
BREMER LANDESBK           3.250   8/21/2014     EUR     9.48
DRESDNER BANK AG          3.000   5/18/2012     CHF    72.50
DRESDNER BANK AG          3.250   5/18/2012     CHF    49.44
DRESDNER BANK AG          1.000   3/31/2027     USD    46.03
DRESDNER BANK AG          7.500    4/1/2012     EUR    27.97
DRESDNER BANK AG          5.527   9/29/2026     EUR    60.93
DRESDNER BANK AG          8.625   10/1/2014     EUR    64.41
DRESDNER BANK AG          8.625   10/1/2014     EUR    63.63
DRESDNER BANK AG          4.375   2/14/2017     EUR    62.53
DRESDNER BANK AG          5.886   2/22/2019     EUR    65.81
DRESDNER BANK AG          4.560   3/28/2021     EUR    68.50
DRESDNER BANK AG          4.770   8/11/2021     EUR    69.62
DRESDNER BANK AG          4.675   9/13/2021     EUR    68.77
DRESDNER BANK AG          4.690  12/14/2026     EUR    61.78
DRESDNER BANK AG          5.440   4/13/2034     EUR    63.86
DRESDNER BANK AG          4.500    7/9/2013     EUR    74.36
DRESDNER BANK AG          5.670   2/27/2023     EUR    73.87
DRESDNER BANK AG          5.760   3/31/2023     EUR    74.46
DRESDNER BANK AG          4.080  12/20/2035     EUR    75.26
DRESDNER BANK AG          3.750   11/9/2011     EUR    74.73
DRESDNER BANK AG          8.875   7/11/2013     EUR    72.31
DRESDNER BANK AG          0.500   5/10/2027     CAD    41.49
DRESDNER BANK AG          5.250  10/20/2015     EUR    36.26
DRESDNER BANK AG          2.500   1/30/2034     EUR    60.14
DRESDNER BANK AG          0.500   3/15/2024     USD    70.00

ICELAND
-------
DRESDNER BANK AG          6.693   6/15/2016     USD     6.98
DRESDNER BANK AG          2.250   2/14/2011     CHF     2.50

IRELAND
-------
ALLIED IRISH BKS          7.875    7/5/2023     GBP    71.88
ALLIED IRISH BKS          5.250   3/10/2025     GBP    54.81
ALLIED IRISH BKS          5.625  11/29/2030     GBP    52.80
BANESTO FINANC            6.120   11/7/2037     EUR     6.12
BANK OF IRELAND           4.875   1/22/2018     GBP    68.56
DRESDNER BANK AG          5.321   6/30/2016     EUR    47.71
DRESDNER BANK AG         11.000    2/7/2011     BRL    72.39
DRESDNER BANK AG          2.125  10/13/2017     CHF    95.88
DRESDNER BANK AG          0.500    3/3/2025     CAD    34.92
DRESDNER BANK AG          3.250   7/31/2031     CHF    94.52
DRESDNER BANK AG          4.900   8/24/2035     CAD    70.18
DRESDNER BANK AG          5.125   3/16/2037     USD    69.05
DRESDNER BANK AG          5.125   3/16/2037     USD    67.33
DRESDNER BANK AG          4.625    5/9/2017     EUR    62.44
DRESDNER BANK AG         13.000   8/12/2016     GBP    74.60

ITALY
-----
CIR SPA                   5.750  12/16/2024     EUR    74.62
DRESDNER BANK AG          4.019   6/29/2035     EUR    72.29

LITHUANIA
---------
DRESDNER BANK AG          3.750   2/10/2016     LTL    62.76

LUXEMBOURG
----------
BREEZE                    4.524   4/19/2027     EUR    91.99
CRC BREEZE                5.290    5/8/2026     EUR    68.15
DRESDNER BANK AG          8.250   6/15/2015     EUR    73.21
DRESDNER BANK AG          8.250   6/15/2015     EUR    71.50
DRESDNER BANK AG          7.125   4/23/2015     EUR    97.87
DRESDNER BANK AG          8.500  10/15/2013     EUR    55.63
DRESDNER BANK AG          9.875  11/15/2012     EUR    21.96

NETHERLANDS
-----------
ABN AMRO BANK NV          6.000   3/16/2035     EUR    67.51
ABN AMRO BANK NV          7.540   6/29/2035     EUR    60.80
AIR BERLIN FINAN          1.500   4/11/2027     EUR    66.23
ALB FINANCE BV            9.000  11/22/2010     USD    21.98
ALB FINANCE BV            8.750   4/20/2011     USD    21.98
ALB FINANCE BV            7.875    2/1/2012     EUR    22.47
ALB FINANCE BV            9.250   9/25/2013     USD    21.95
ASTANA FINANCE            9.000  11/16/2011     USD    18.98
BK NED GEMEENTEN          0.500   6/27/2018     CAD    70.05
BK NED GEMEENTEN          0.500   2/24/2025     CAD    45.35
BLT FINANCE BV            7.500   5/15/2014     USD    61.00
DRESDNER BANK AG          8.250   4/18/2011     NZD    71.91
DRESDNER BANK AG          7.750   11/2/2011     NZD    65.44
DRESDNER BANK AG          5.250    5/8/2013     EUR     3.67
DRESDNER BANK AG         10.375   1/25/2010     USD    55.49
DRESDNER BANK AG          5.000   8/15/2010     EUR    74.75
DRESDNER BANK AG          7.250    5/3/2017     USD    75.02
DRESDNER BANK AG         10.750   8/15/2012     EUR    74.99
DRESDNER BANK AG         11.875   6/15/2002     USD     7.13
DRESDNER BANK AG          4.200  12/19/2035     EUR    73.47
DRESDNER BANK AG          1.750   3/29/2017     EUR    52.10
DRESDNER BANK AG          6.004    2/7/2025     USD    62.08
DRESDNER BANK AG          5.125   3/23/2011     EUR    69.52
DRESDNER BANK AG          7.625   2/13/2012     GBP    66.11
DRESDNER BANK AG          8.500   4/16/2013     USD    67.13
DRESDNER BANK AG          7.875    4/7/2014     USD    64.42
DRESDNER BANK AG          8.000   11/3/2015     USD    64.40
DRESDNER BANK AG          8.625   7/27/2016     USD    54.58
DRESDNER BANK AG          7.500  11/29/2016     USD    60.81
DRESDNER BANK AG          7.500  11/29/2016     USD    61.21
DRESDNER BANK AG          6.875   2/13/2017     EUR    56.18
DRESDNER BANK AG          8.500   6/13/2017     USD    54.25
DRESDNER BANK AG          7.000   5/17/2035     EUR     8.98
TURANALEM FIN BV          7.125  12/21/2009     GBP    16.50
TURANALEM FIN BV          7.875    6/2/2010     USD    17.50
TURANALEM FIN BV          6.250   9/27/2011     EUR    17.49
TURANALEM FIN BV          7.750   4/25/2013     USD    16.47
TURANALEM FIN BV          8.000   3/24/2014     USD    16.00
TURANALEM FIN BV          8.500   2/10/2015     USD    16.46
TURANALEM FIN BV          8.250   1/22/2037     USD    15.46

NORWAY
------
DRESDNER BANK AG          0.500    5/9/2030     CAD    35.15

RUSSIA
------
DRESDNER BANK AG          9.250  10/30/2011     USD    52.91

SPAIN
------
BANCAJA                   4.375   2/14/2017     EUR    73.13
COMUN AUTO CANAR          3.900  11/30/2035     EUR    73.68
DRESDNER BANK AG          2.750   8/20/2012     EUR    50.90

SWITZERLAND
-----------
DRESDNER BANK AG          2.875   2/20/2012     CHF    52.69

UNITED KINGDOM
--------------
ALPHA CREDIT GRP          2.940    3/4/2035     JPY    68.70
ANGLIAN WAT FIN           2.400   4/20/2035     GBP    57.68
BARCLAYS BK PLC           7.610   6/30/2011     USD    49.91
BEAZLEY GROUP LT          7.250  10/17/2026     GBP    72.70
BRADFORD&BIN BLD          7.625   2/16/2010     GBP     6.00
BRADFORD&BIN BLD          5.500   1/15/2018     GBP     5.99
BRADFORD&BIN BLD          5.750  12/12/2022     GBP     4.75
BRADFORD&BIN BLD          4.910    2/1/2047     EUR    67.89
BRADFORD&BIN PLC          6.625   6/16/2023     GBP     6.98
BRIT INSURANCE            6.625   12/9/2030     GBP    63.71
BROADGATE FINANC          5.098    4/5/2033     GBP    67.72
CATTLES PLC               7.875   1/17/2014     GBP     7.98
CATTLES PLC               7.125    7/5/2017     GBP     7.97
CITY OF KIEV              8.000   11/6/2015     USD    71.35
CITY OF KYIV              8.250  11/26/2012     USD    74.95
CLERICAL MED FIN          6.450    7/5/2023     EUR    72.33
DRESDNER BANK AG          5.625  11/16/2021     GBP    77.24
DRESDNER BANK AG          5.750   12/2/2024     GBP    67.68
DRESDNER BANK AG          5.875   3/28/2033     GBP    61.81
DRESDNER BANK AG          5.750   12/7/2018     GBP    73.56
DRESDNER BANK AG          6.375   6/21/2027     GBP    68.04
DRESDNER BANK AG          6.500   12/6/2018     GBP    76.75
DRESDNER BANK AG          6.875   2/15/2021     GBP    74.08
DRESDNER BANK AG          7.395   3/28/2024     GBP    73.46
DRESDNER BANK AG          6.875    5/9/2025     GBP    72.17
DRESDNER BANK AG          6.375   9/26/2031     GBP    70.73
DRESDNER BANK AG          6.464   3/30/2032     GBP    60.33
DRESDNER BANK AG          2.755   6/28/2035     JPY    70.82
DRESDNER BANK AG          2.760   5/11/2035     JPY    63.75
DRESDNER BANK AG          9.125   12/1/2011     EUR    61.38
DRESDNER BANK AG          9.125   12/1/2011     EUR    61.38
DRESDNER BANK AG          6.750  12/20/2026     GBP    71.86
DRESDNER BANK AG          9.750   2/16/2010     USD    73.47
DRESDNER BANK AG          5.702  12/15/2034     GBP    63.20
DRESDNER BANK AG          3.625   5/17/2014     GBP    50.43
DRESDNER BANK AG          6.750   5/21/2018     USD    85.69
DRESDNER BANK AG          2.928   6/10/2020     USD    53.29
DRESDNER BANK AG          2.860  12/13/2021     CHF    74.59
DRESDNER BANK AG          2.340  12/28/2026     JPY    70.24
DRESDNER BANK AG          2.408    2/9/2027     JPY    70.52
DRESDNER BANK AG          2.359   3/27/2029     JPY    66.91
DRESDNER BANK AG          4.500   3/18/2030     EUR    62.43
DRESDNER BANK AG          6.000   11/1/2033     USD    72.89
DRESDNER BANK AG          6.000   11/1/2033     USD    72.89
DRESDNER BANK AG          6.125   8/15/2016     USD    78.50
DRESDNER BANK AG          5.750   12/3/2032     GBP    75.06
DRESDNER BANK AG          7.875   2/15/2016     EUR    46.17
DRESDNER BANK AG          7.875   2/15/2016     EUR    45.38
DRESDNER BANK AG          8.500   2/15/2016     USD    46.63
DRESDNER BANK AG          4.000    6/8/2025     EUR    76.31
DRESDNER BANK AG          6.125  10/12/2021     GBP    77.82
PRUDENTIAL BANK           6.875  12/29/2021     GBP    72.36

                            *********

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 * * *