TCREUR_Public/091109.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, November 9, 2009, Vol. 10, No. 221

                            Headlines

A U S T R I A

ELEKTRONA ELEKTROINSTALLATION: Claims Filing Deadline is Nov. 30
PHARMACON-FORSCHUNG: Claims Filing Deadline is November 26
SOFTINVENT GMBH: Claims Filing Deadline is December 1
SRD TRANSPORT: Claims Filing Deadline is December 1


C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Bankruptcy Filings Up 71% Year on Year


E S T O N I A

ALTA FOODS: Court Decides Not to Start Bankruptcy Process


F R A N C E

CMA CGM: Seeks US$400 Mln Additional Credit Line Amid Debt Talks


G E R M A N Y

ARCANDOR AG: Otto Buys Quelle's Russian Biz, Trademark Rights
ESCADA AG: Megha Mittal Agrees to Buy Main Assets
GENERAL MOTORS: Sends Execs to Germany to Fine-Tune Opel Plan
STABILITY CMBS: Fitch Junks Rating on Class E Notes From 'BB'
WINDERMERE X: Fitch Junks Ratings on Two Classes of Notes


G R E E C E

WIND HELLAS: Board Backs Owner's Debt Restructuring Plan


H U N G A R Y

INVITEL HOLDINGS: S&P Raises Corporate Credit Rating to 'CCC+'


I R E L A N D

ALLIED IRISH: Fitch Affirms Individual Rating at 'D/E'
ANGLO IRISH: Fitch Affirms Individual Rating at 'E'
EBS BUILDING: Fitch Affirms Individual Rating at 'E'
IRISH NATIONWIDE: Fitch Affirms Individual Rating at 'E'
O'BRIENS SANDWICH: Irish Unit Bought Out Liquidation by Impless

SMART TELECOM: Digiweb to Acquire Business Out of Examinership


I T A L Y

CAPITAL MORTGAGE: Fitch Junks Rating on Class C Notes From 'BBB-'


K A Z A K H S T A N

A TRADE: Creditors Must File Claims by November 18
ASIAN EXPRESS: Creditors Must File Claims by November 18
ELENA LLP: Creditors Must File Claims by November 18
FATEX LTD: Creditors Must File Claims by November 18
MIKAI EXPORT: Creditors Must File Claims by November 18

NUR TECH: Creditors Must File Claims by November 18
OTANDASTAR PHARMATSIYA: Creditors Must File Claims by November 18
STROY PROM: Creditors Must File Claims by November 18
TARNAS LLP: Creditors Must File Claims by November 18
TECHNO JER: Creditors Must File Claims by November 18


K Y R G Y Z S T A N

AUTO IMPORT: Creditors Must File Claims by December 2
PROM TORG: Creditors Must File Claims by December 2


N E T H E R L A N D S

EUROLOAN CLO: Moody's Downgrades Rating on Class D Notes to 'Ca'


N O R W A Y

TRICO SUPPLY: S&P Raises Corporate Credit Rating to 'CCC+'


R U S S I A

COMSTAR UNITED: S&P Affirms Corporate Credit Rating at 'BB'
EKSPO-STROY: Creditors Must File Claims by November 16
LES-SERVIS: Creditors Must File Claims by November 16
MOBILE TELESYSTEMS: S&P Affirms Corporate Credit Rating at 'BB'
MOZDOKSKIY CHEESE: Creditors Must File Claims by November 16

NKNK FINANCE: Fitch Assigns 'B' Rating on Loan Participation Notes
PROM-ZHIL: Creditors Must File Claims by November 16
RUSSIAN CONSTRUCTION: Creditors Must File Claims by November 16
SIBIRSKAYA IRON: Creditors Must File Claims by November 16
SISTEMA JSFC: S&P Affirms Corporate Credit Rating at 'BB'

STROY-MASH: Creditors Must File Claims by November 17
SVIRSKAYA TRANSPORT: Creditors Must File Claims by November 16
TEKH-STROY: Creditors Must File Claims by November 16
ZAP-SIB: Creditors Must File Claims by November 16
VES-STROY: Astrakhanskaya Bankruptcy Hearing Set November 17


S P A I N

GC FTGENCAT: Fitch Downgrades Rating on Class D Notes to 'C'
GC FTPYME: Fitch Downgrades Ratings on Class C Notes to 'CCC'
SABADELL 1: Fitch Downgrades Rating on Class B Notes to 'BB'
SABADELL 2: Fitch Downgrades Rating on Class 3 SA Notes to 'BB'


S W I T Z E R L A N D

ATF GMBH: Claims Filing Deadline is November 20
CU ELECTRONICS: Claims Filing Deadline is November 23
FLEXSYS AG: Claims Filing Deadline is November 20
GASTEST AG: Claims Filing Deadline is November 20
MOTIVATIONSSYSTEME: Claims Filing Deadline is November 23

MPI MEIER: Claims Filing Deadline is November 20
PLS BETEILIGUNG: Claims Filing Deadline is November 20
RESTAURANT ROESSLI: Claims Filing Deadline is November 20
TICOR INTERNATIONAL: Claims Filing Deadline is November 23
VILAS CREATIONS: Claims Filing Deadline is November 20


T U R K E Y

BANKPOZITIF KREDI: Fitch Affirms Individual Rating at 'D'
TURKIYE KALKINMA: Fitch Affirms Individual Rating at 'D'
TURKLAND BANK: Fitch Affirms Individual Rating at 'D'


U N I T E D   K I N G D O M

BRANTON BRIDGE: Sold to Calibre; More Than 30 Jobs Saved
DEVON CIDER: Sold to Aston Manor; 50 Jobs Saved
DONCASTERS GROUP: DIC Injects GBP53 Mln Cash to Avert Debt Breach
NIPSON DIGITAL: May Seek Administration if Repayment Talks Fail
RBS CAPITAL: S&P Corrects Error on Subordinated Guarantor of Notes

ROYAL BANK: Fitch Puts 'E' Individual Rating on Positive Watch


U Z B E K I S T A N

ALOKABANK: Moody's Maintains Review for Possible Downgrade
IPOTEKA BANK: Moody's Maintains Review for Possible Downgrade
NATIONAL BANK: Moody's Maintains Review for Possible Downgrade


X X X X X X X X

* BOND PRICING: For the Week November 2 to November 6, 2009


                         *********



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


ELEKTRONA ELEKTROINSTALLATION: Claims Filing Deadline is Nov. 30
----------------------------------------------------------------
Creditors of Elektrona Elektroinstallation GmbH have until
November 30, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 9, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Mag. Mario Kapp
         Kaerntnerstr. 525-527
         8054 Graz-Seiersberg
         Austria
         Tel: 0316/22 59 55
         Fax: 0316/28 20 13
         E-mail: kapp@kapp.at


PHARMACON-FORSCHUNG: Claims Filing Deadline is November 26
----------------------------------------------------------
Creditors of Pharmacon-Forschung und Beratung GmbH have until
November 26, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 10, 2009 at 11:30 a.m.

For further information, contact the company's administrator:

         Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 7134433
         Fax: 7131033
         E-mail: kanzlei@jsr.at


SOFTINVENT GMBH: Claims Filing Deadline is December 1
-----------------------------------------------------
Creditors of Softinvent GmbH have until December 1, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 12:30 p.m.

For further information, contact the company's administrator:

         Mag. Michael Ludwig Lang
         Schuettelstrasse 55
         1020 Vienna
         Austria
         Tel: 72 577
         Fax: 72 577 577
         E-mail: michael.lang@blw-legal.com


SRD TRANSPORT: Claims Filing Deadline is December 1
---------------------------------------------------
Creditors of Srd Transport GmbH have until December 1, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 12:45 p.m.

For further information, contact the company's administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at


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


* CZECH REPUBLIC: Bankruptcy Filings Up 71% Year on Year
--------------------------------------------------------
The Prague Post, citing data released by research firm
Creditreform Nov. 2, reports that Czech bankruptcy filings
rose 71% year on year in the January to October period, with
figures expected to rise to 9,000 by the end of 2009.

According to the report, a total of 7,458 insolvencies were filed
between January and Oct. 31, of which 4,290 were firms and the
rest were private individuals.


=============
E S T O N I A
=============


ALTA FOODS: Court Decides Not to Start Bankruptcy Process
---------------------------------------------------------
Marge Tubalkain-Trellmarge at Aripaev reports that Harju County on
Nov. 4 decided not to start a bankruptcy process initiated by
Oliver Kruuda's AS Rubla against Alta Foods.

According to the report, the court said that creditor's claim
against the debtor isn't clear enough and the dispute must be
solved in another manner.

The report recalls in August Rubla bought Alta Foods' bonds for
EEK3.1 million.  Since the interest on bonds was unpaid then Rubla
claimed redemption of bonds, but Alta Foods didn't do that, the
report recounts.

Rubla has 15 days to challenge the ruling in Tallinn
Administrative Court, according to the report.


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


CMA CGM: Seeks US$400 Mln Additional Credit Line Amid Debt Talks
----------------------------------------------------------------
Laurence Frost at Bloomberg News reports that CMA CGM SA is
seeking to borrow an additional US$400 million to fund operations
as the company restructures its existing US$5.6 billion debt.

According to Bloomberg, two people with knowledge of the talks
said the company is negotiating the additional credit line
alongside debt restructuring and governance changes demanded by
lenders including BNP Paribas SA.

As reported by the Troubled Company Reporter-Europe on Nov. 6,
2009, Bloomberg News said CMA Chief Executive Officer Jacques
Saade agreed in principle to change the company's governance and
shareholder structure.  Bloomberg, citing French weekly business
magazine Challenges, disclosed the company faces an important
repayment deadline Nov. 20.

On Nov. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported creditors told the company to replace
Mr. Saade before they restructure its debt.  The company would
default on payments if the banks invoked its breach of covenants
on US$4 billion of the debt, according to Bloomberg.

Headquartered in Marseilles, France, CMA CGM S.A. --
http://www.cma-cgm.com/-- ships freight PDQ.  The marine
transportation company is one of the world's leading container
carriers.  Through subsidiaries it operates a fleet of about 370
vessels that serve more than 400 ports around the globe, and it
maintains a network of about 650 facilities in about 150
countries.  In addition to hauling containers by sea, CMA CGM
provides logistics services, arranging the transportation of
containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Chairman Jacques Saade founded the company in 1978.


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


ARCANDOR AG: Otto Buys Quelle's Russian Biz, Trademark Rights
-------------------------------------------------------------
Eva Kuehnen at Reuters reports that Otto on Thursday said it has
acquired the Russian business and trademark rights of Arcandor
AG's Quelle unit.

Reuters relates a source close to the negotiations said Otto paid
a double-digit million euro sum for the deal.  The German mail-
order company also bought the trademark rights for the Quelle
brand and Quelle labels such as Privileg in Russia, Germany and
other central and eastern European countries.

According to Reuters, Otto said it was not interested in any other
parts of Quelle, for which talks with potential investors are
continuing.

Quelle is shutting down after more than 80 years in business,
having failed to find a new investor, Reuters notes.

                        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.

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

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.


ESCADA AG: Megha Mittal Agrees to Buy Main Assets
-------------------------------------------------
Patrick Donahue at Bloomberg News reports that Megha Mittal,
daughter-in-law of billionaire Lakshmi Mittal, agreed to buy the
main assets of Escada AG for an undisclosed sum.

According to Bloomberg, the company said in an e-mailed statement
the Mittal family trust will acquire Munich-based Escada's main
business, brand rights, production facilities and distribution
network.  Assets guaranteed to bondholders are excluded, Bloomberg
notes.

As reported by the Troubled Company Reporter-Europe, Escada said
that insolvency proceedings opened in Munich on Nov. 2.  The
company filed an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

                         About ESCADA AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  Judge Stuart
M. Bernstein handles the case.  O'Melveny & Myers LLP has been
tapped as bankruptcy counsel.  Kurtzman Carson Consultants serves
as claims and notice agent.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: Sends Execs to Germany to Fine-Tune Opel Plan
-------------------------------------------------------------
The Wall Street Journal's John D. Stoll and Vanessa Fuhrmans
report that company officials said a team of General Motors Co.
executives will arrive in Germany on Monday to fine-tune a
restructuring plan for Adam Opel GmbH and search out a new leader
for the European unit.

On Friday, GM said Carl-Peter Forster, GM group vice president and
president, Opel Europe, will be leaving his role as head of
European operations and will advise the company during the
transition to find a new CEO.

With the departure of Mr. Forster, GM said it will initiate an
immediate external search for a new CEO for Opel Europe and will
work with Opel leadership, in consultation with representatives of
the European Employees Forum, in moving forward with a plan that
will build a strong and enduring future for the Opel/Vauxhall
brands.

"The Opel brand has made tremendous progress under Carl-Peter's
tenure and leadership over the past several years," said GM
President and CEO Fritz Henderson.  "We thank him for his
significant accomplishments and wish him only the best in the
future.  In the meantime, we're confident that the key personnel
leading Opel will stay focused on running the business during this
time of transition.  We expect to finalize our proposals for
establishing Opel/Vauxhall's future next week and will be engaging
all stakeholders to see how we can best work together in achieving
our mutual goals.  We will update on our progress as soon as is
possible."

Mr. Henderson added that no other management changes to the Opel
Europe organization are being considered at this time, and that
all key management roles remain while the search for a CEO to lead
Opel Europe commences.

"The past few years building the Opel brand has been a tremendous
personal opportunity," said Mr. Forster.  "We've seen great
strides in design, quality and technology and the launch of truly
world-class products.  It's been an honor to be part of the
history of Opel, and I wish all the people with the organization
only the best in what I'm certain will be a great future."

The Journal says Mr. Forster was an opponent of the board's
decision to keep Opel.  He will be replaced for now by GM
marketing chief Robert A. Lutz, who will be head of the Opel
supervisory board but not GM Europe CEO, the Journal adds.

According to the Journal, Mr. Henderson and key executives --
including GM international chief Nick Reilly and current Opel
chief Hans Demant -- will take a fresh look at Opel's operations
and decide how many of the division's 55,000 workers and 10 plants
in Europe need to be eliminated to make the business viable.

Separately, GM plans to move Chief Financial Officer Ray Young to
international headquarters in Shanghai, pending the hiring of a
new CFO, according to people familiar with the move, the Journal
reports.  GM officials have met seven candidates for the CFO job,
and narrowed the field to three prospects, according to these
people.

Last week, GM cancelled a deal to sell its Opel//Vauxhall
operations to the partnership of Canadian autoparts maker Magna,
Russian car maker OAO GAZ and Russian state-controlled OAO
Sberbank, instead deciding to restructure the unit.

"GM will soon present its restructuring plan to Germany and other
governments and hopes for its favorable consideration," said Mr.
Henderson.  "We understand the complexity and length of this issue
has been draining for all involved.  However, from the outset, our
goal has been to secure the best long term solution for our
customers, employee, suppliers, and dealers which is reflected in
the decision reached today. This was deemed to be the most stable
and least costly approach for securing Opel/Vauxhall's long-term
future."

On a preliminary basis, the GM plan entails total restructuring
expenses of about EUR3 billion, significantly lower than all bids
submitted as part of the investor solicitation.  GM will work with
all European labor unions to develop a plan for meaningful
contributions to Opel's restructuring.  While Opel continues to
outperform against its viability plan assumptions and immediate
liquidity is stable, time is of the essence.

GM is facing a November 30 expiration on EUR1.5 billion in bridge
loans from Germany.  According to the Journal, GM hadn't received
word from the German government Tuesday evening on whether it will
continue extending the loans or request they be repaid, said a
person familiar with the matter.

"While strained, the business environment in Europe has improved."
Mr. Henderson said in a news statement. "At the same time, GM's
overall financial health and stability have improved significantly
over the past few months, giving us confidence that the European
business can be successfully restructured.  We are grateful for
the hard work of the German and other EU governments in navigating
this difficult economic period.  We're also appreciative of the
effort put forward by Magna and its partners in Russia in trying
to reach an equitable agreement."

Mr. Henderson added that GM also hopes to build on its already
significant business in Russia and to resume work directly with
GAZ to contribute to both the modernization of its operations and
the joint development of the Russian vehicle market on a mutually
attractive basis.  More details on the next steps in the
restructuring will be provided as the plans and developments
warrant.

The Journal notes that Mr. Henderson's management team had worked
out a deal last Summer to sell 55% of Opel to the partnership of
Canadian autoparts maker Magna, Russian car maker OAO GAZ and
Russian state-controlled OAO Sberbank.  The German government
committed to finance the plan and help fund Opel with EUR4.5
billion in aid.  Under the deal, the German government would kick
in billions of dollars in financing to close the sale and initiate
a restructuring.  Magna had committed to spend $500 million.

General Motors -- -- http://www.gm.com/-- one of the world's
largest automakers, traces its roots back to 1908.  With its
global headquarters in Detroit, GM employs 209,000 people in every
major region of the world and does business in some 140 countries.
GM and its strategic partners produce cars and trucks in 34
countries, and sell and service these vehicles through the
following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo,
Holden, Opel, Vauxhall and Wuling. GM's largest national market is
the United States, followed by China, Brazil, the United Kingdom,
Canada, Russia and Germany.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services. General Motors acquired operations from General Motors
Corporation on July 10, 2009.


STABILITY CMBS: Fitch Junks Rating on Class E Notes From 'BB'
-------------------------------------------------------------
Fitch Ratings has revised the Outlooks on STABILITY CMBS 2007-1
GmbH's senior swap and Class A+ notes to Negative from Stable.  At
the same time, Fitch has downgraded the Class A to E notes and
assigned Negative Outlooks:

  -- EUR710,287,472 senior swap affirmed at 'AAA'; Outlook revised
     to Negative from Stable

  -- EUR488,654 Class A+ (DE000A0N30Z7) affirmed at 'AAA'; Outlook
     revised to Negative from Stable

  -- EUR31,800,000 Class A (DE000A0N3005) downgraded to 'A' from
     'AAA'; Outlook Negative

  -- EUR46,400,000 Class B (DE000A0N3013) downgraded to 'BBB' from
     'AA'; Outlook Negative

  -- EUR30,500,000 Class C (DE000A0N3021) downgraded to 'BB' from
     'A'; Outlook Negative

  -- EUR30,400,000 Class D (DE000A0N3039) downgrade to 'B' from
     'BBB'; Outlook Negative

  -- EUR28,200,000 Class E (DE000A0N3047) downgraded to 'CC' from
     'BB'; assigned Recovery Rating 'RR6'

  -- EUR14,600,000 Class F (DE000A0N3054): not rated

STABILITY is a synthetic securitization of commercial mortgage
loans originated by IKB Deutsche Industriebank AG (IKB, rated
'BBB-'/'F3'/ Watch Negative).

Although at present, only two loans, representing 1.4% of the
current pool balance, are in arrears, Fitch is of the view that
rising arrears levels and further loan defaults may occur in the
near- to medium-term.  This is because of the weak economic
environment, deteriorating conditions in the commercial real
estate markets and the difficulties borrowers currently face in
obtaining financing for commercial real estate assets.

Of the largest four exposures -- which account for 29% of the
reference pool balance -- three are syndicated portions of very
large loans totalling EUR2.3 billion.  Despite the loans' strong
tenant covenants and long unexpired lease terms, the imminence of
loan maturity (2010-2013) exposes investors to risks associated
with refinancing in prevailing difficult conditions, particularly
given the sheer size of these loans.

A large share of the securitized loans is granted to SME-like
borrowers and private individuals, and these loans do not benefit
from structural features such as DSCR and LTV covenants commonly
found in CMBS transactions.  Furthermore, only limited data and
information is available with regards to the underlying real
estate collateral of these smaller loans.

IKB has publicly stated that it intends to terminate its
commercial real estate lending activities.  In the agency's view,
there is a risk that IKB's withdrawal from this business segment
may negatively impact its loan servicing capabilities in the
future due to potential reductions in resources available for IT
systems, staff training and headcount within its servicing unit.

As per the October 2009 investor report, STABILITY provided credit
protection for a portfolio of 216 commercial mortgage loans to 113
debtor groups.  While 52 large claims granted to SPV borrowers
represent approximately 51% of the current pool balance, the
remainder consists of non-SPV loans with borrower recourse.  Fitch
analysed the largest exposures with its European CMBS Surveillance
methodology, while the remaining loans were analyzed using a
combined approach of the agency's CMBS and CDO methodologies.

Fitch will continue to monitor the performance of the transaction
closely.


WINDERMERE X: Fitch Junks Ratings on Two Classes of Notes
--------------------------------------------------------
Fitch Ratings has downgraded all classes of Windermere X CMBS
Limited, except for class X:

  -- EUR1,039.85 million class A due October 2016 (XS0293895271)
     downgraded to 'A' from 'AAA'; Outlook Negative

  -- EUR5,000 class X due October 2016 (XS0293896675) affirmed at
     'AAA'; Outlook Stable

  -- EUR53.23 million class B due October 2016 (XS0293896915)
     downgraded to 'A-' from 'AA+'; Outlook Negative

  -- EUR60.84 million class C due October 2016 (XS0293895271)
     downgraded to 'BBB' from 'AA'; Outlook Negative

  -- EUR107.32 million class D due October 2016 (XS0293898457)
     downgraded to 'BB' from 'A'; Outlook Negative

  -- EUR66.54 million class E due October 2016 (XS0293898887)
     downgraded to 'CCC' from 'BBB'; assigned Recovery Rating
    'RR3'


  -- EUR13.79 million class F due October 2016 (XS0293899265)
     downgraded to 'CCC' from 'BB'; assigned 'RR6'

Windermere X CMBS Limited is a securitization of 15 commercial
mortgage loans secured on properties located in Germany, France,
Italy and Switzerland.  Fitch's criteria for European CMBS
surveillance and criteria for European multifamily loans were used
to analyze the quality of these loans.

The downgrade reflects an increased risk of falling property
income as a result of tenant departures or defaults.  At the same
time, there has been a general weakening in European property
investment markets, particularly for the secondary properties
against which most of the debt is secured.  Fitch estimates the
portfolio's current weighted average loan-to-value ratio to be
97%, as compared to the reported WA LTV of 70.8%, implying a WA
market value decline of 26% since last valuation.

Two of the loans, Woolworth Boenen and Built, have experienced a
payment default during the last year, while a further two, Falcon
Crest and Grazer Damm, have had default notices served.  Although
in all these cases the borrowers have taken remedial action, there
are concerns about the quality of some of the loans in this
transaction.  Fitch notes that the sole customer of the only
tenant for the Woolworth Boenen loan is insolvent.  In addition,
there is uncertainty over the cash flow stability of the
multifamily properties underlying the Falcon Crest loan.

The borrowers of two loans, Thunderbird and Firebird, having
exercised documented options to extend maturity from October 2008
until October 2010, have now requested further ad hoc extensions
until April 2013: the servicer has agreed to such extensions in
principle, although certain conditions have yet to be met.  While
Fitch considers such requests reflective of borrower stress, by
modifying and extending these loans the servicer may have an
opportunity to ensure that the increased surplus cash flow
resulting from (currently) low interest rates is directed towards
loan and note amortization, and not to the class X note holder.

At closing the issuer entered into interest rate basis- and fixed/
floating swaps as well as a currency swap with subsidiaries of
Lehman Brothers Inc. (Lehman).  Certain borrowers with floating-
rate loans also entered into interest rate hedging agreements with
such entities.  Since the collapse of Lehman, replacement issuer
level swaps have now been entered into with Royal Bank of Scotland
plc ('AA-'/ 'F1+'/Stable) on similar terms and at no extra cost to
the noteholders.  Fitch understands that borrowers with affected
hedging agreements are also in the process of finding suitable
replacement counterparties.  Although currency hedging in respect
of the three loans denominated in Swiss francs has also been
replaced, any loss to noteholders arising from these loans would
be compounded by a strengthening of the franc against the euro
versus the contracted exchange rate.

Recent developments on the Windermere XII FCC transaction have
created uncertainty regarding the risks associated with the use of
non-FCT borrower special-purpose vehicles in France.  Fitch will
continue to monitor this situation to determine the extent to
which these risks may be relevant to its analysis of any French
CMBS involving such SPVs.

Fitch will continue to monitor the performance of the transaction.


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


WIND HELLAS: Board Backs Owner's Debt Restructuring Plan
--------------------------------------------------------
Anousha Sakoui at The Financial Times reports the board of Wind
Hellas Telecommunications S.A. backed a debt restructuring plan
put forward by the company's owner, Weather Investments, a vehicle
controlled by Egyptian entrepreneur Naguib Sawiris.

The deal, the FT says, has secured support from more than half its
more senior ranking creditors.  According to the FT, it is
expected to leave its shareholders in control of the business but
wipe out around EUR1.5 billion (US$2.2 billion) of more
subordinated debt claims.

The FT relates Hellas II, the funding vehicle of Wind Hellas, said
that after receiving six offers for the company its board decided
to proceed with a proposal from its current owner that would
inject EUR124.6 million in exchange for keeping control.  Under
that plan the claims of Wind Hellas' revolving credit facility,
senior secured and unsecured notes will be unaffected, the FT
discloses.

The deal is set to be implemented under English law in what is
thought to be the UK’s biggest ever prepackaged administration,
the FT states.  The FT notes Wind Hellas said Thursday the
administration process will have no impact on the operation of the
company or trade creditors.

The FT recalls Wind Hellas put itself up for sale after losing
market share and hitting trouble servicing its EUR3.2 billion of
net debt.

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 Sept. 8,
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 'CC' from 'CCC' on the group's weak
second-quarter results and announcement that it was in talks with
its shareholders about a potential restructuring of the group's
capital structure.  S&P said the outlook is negative.


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


INVITEL HOLDINGS: S&P Raises Corporate Credit Rating to 'CCC+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Hungary-based fixed-line
telecommunications operator Invitel Holdings A/S and related
entities Magyar Telecom B.V. and HTCC Holdco I B.V. to 'CCC+' from
'SD', reflecting S&P's review of the group's capital structure and
liquidity profile after completing three debt exchange offers.
The outlook is stable.

At the same time, S&P raised the issue ratings on Magyar Telecom
B.V.'s EUR142 million 10.75% notes due 2012 and EUR200 million
floating-rate notes due 2013, and the issue rating on HTCC Holdco
1 B.V.'s EUR125 million junior subordinated payment-in-kind notes
due 2013, to 'CCC-' from 'D'.  The issue ratings on the senior
secured EUR165 million credit facilities at the group's subsidiary
Invitel Zrt.  were raised to 'CCC+' from 'CC'.

S&P previously had lowered the long-term corporate credit rating
on Invitel Holdings to 'SD' on Nov. 4, 2009, after the effective
completion of three cash tender offers on Nov. 2, 2009, at
substantial discounts to the par amount of the respective
outstanding issues.  Under its criteria, S&P considered these to
be distressed exchange offers, and as such, tantamount to default.

"The rating actions reflect S&P's assessment of Invitel Holdings'
financial risk profile as still highly leveraged coupled with weak
liquidity," said Standard & Poor's credit analyst Matthias Raab.
In S&P's opinion, it is likely that the group's liquidity will
indeed remain constrained by its demanding debt maturity profile
in 2010 and 2011, and that leverage will remain very high.  This
is because S&P continue to expect that the group's EBITDA and free
cash flow generation could suffer because of the current
macroeconomic downturn in Hungary and southeastern Europe,
structural fixed-to-mobile substitution, stagnant wholesale data
revenues, a further slowdown in broadband subscriber growth, and
high competitive price pressure.

Nevertheless, the group's free cash flow generation is likely to
benefit from a reduced cash-interest burden -- about EUR7 million
per year according to S&P's calculations -- due to a principal
reduction of cash-interest-paying debt of about EUR96 million.  In
addition, according to S&P's calculations, the risk of a covenant
breach under the group's senior secured credit facilities until
the end of 2010 has declined materially.  This is because the
group has received consent for various amendments to its financial
maintenance covenants.

S&P expects that the group's gross debt is unlikely to decline
significantly in the medium term because debt amortizations are
likely to be offset largely by the group's quickly accruing PIK
debt instruments.

"The stable outlook reflects S&P's expectation that Invitel
Holdings is likely to cover its upcoming debt maturities by free
cash flow generation and to maintain sufficient liquidity and
headroom under its covenants over the relatively near term, and
probably until the end of 2010," said Mr. Raab.


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


ALLIED IRISH: Fitch Affirms Individual Rating at 'D/E'
------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
and Support Rating Floors of Ireland-based Allied Irish Banks plc,
Anglo Irish Bank Corporation Ltd, and Bank of Ireland at 'A-', and
EBS Building Society's and Irish Nationwide Building Society's
Long-term IDRs and Support Rating Floors at 'BBB-'.

The ratings of the five banks' government-guaranteed senior
unsecured notes have been downgraded to 'AA-' from 'AA+'.  The
rating actions follow Fitch's 4 November 2009 downgrade of the
Republic of Ireland's Long-term IDR to 'AA-' from 'AA+'.
Ireland's Outlook is Stable.

The agency has simultaneously affirmed all five banks' Individual
Ratings, and Support Ratings, as well as Anglo's Short-term IDR.
Fitch has maintained the Short-term IDRs of AIB, BoI, EBS and INBS
of 'F1+', on Rating Watch Negative.  A full rating breakdown for
the banks and their subsidiaries is provided at the end of this
comment.

The banks' Support Rating Floors continue to reflect the high
probability of support from the Irish financial authorities,
should it be required.  Fitch believes there has been no change to
the propensity of the Irish government to support the banking
system, although its ability to do so has weakened as implied by
the agency's downgrade of Ireland's sovereign Long-term IDR (for
further information, see the 4 November comment, entitled "Fitch
Downgrades Ireland's Sovereign Rating to 'AA-'; Outlook Stable"
which is available at www.fitchratings.com).  However, the
worsening in the probability of default of Ireland is small, which
is reflected in the affirmation of the Support Rating Floors at
'A-' and 'BBB-' respectively.

In the past 12 months the Irish government has taken significant
measures to provide support to the country's banks, including a
liability guarantee scheme and the injection of equity in the form
of preference shares and ordinary shares.  The government plans to
remove risky real estate assets from the banks' balance sheets by
introducing a scheme to be administered by the National Asset
Management Agency.  These measures are costly and Fitch
incorporated their impact on government finances when it
downgraded the country's Long-term IDR.

The rating actions are:

Allied Irish Banks plc

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook

  -- Short-term IDR: 'F1+'; maintained on Rating Watch Negative

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior debt: affirmed at 'A-'

  -- Commercial paper: 'F1+'; maintained on Rating Watch Negative

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Lower Tier 2 debt: affirmed at 'BBB+'

  -- Upper Tier 2: 'B+'; maintained on RWN

  -- Tier 1: 'B'; maintained on RWN

AIB Bank (CI) Limited

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '1'

AIB Group (UK) plc

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '1'

Anglo Irish Bank Corporation Ltd:

  -- Long-term IDR: affirmed at 'A-'; Outlook Stable

  -- Short-term IDR: affirmed at 'F1+'

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior unsecured; affirmed at 'A-'

  -- Commercial paper: affirmed at 'F1+'

  -- Guaranteed senior unsecured; Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Lower Tier 2: affirmed at 'BBB+'

  -- Upper Tier 2: affirmed at 'CC'

  -- Tier 1: affirmed at 'C'

Anglo Irish Mortgage Bank:

  -- Long-term IDR: affirmed at 'A-'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'

Bank of Ireland

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed at 'C/D'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior unsecured: affirmed at 'A-'

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Lower Tier 2 debt: affirmed at 'BBB+'

  -- Tier 1: 'B'; maintained on RWN

EBS Building Society:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed 'E'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'

  -- Senior unsecured: 'BBB'; maintained on RWN

  -- Commercial paper: 'F1+'; maintained on Rating Watch Negative

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Preference shares: 'B'; maintained on RWN

EBS Mortgage Finance:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Support Rating: affirmed at '2'

Irish Nationwide Building Society:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'

  -- Senior unsecured: affirmed at 'BBB-'

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Lower Tier 2: 'BB+'; maintained on RWN


ANGLO IRISH: Fitch Affirms Individual Rating at 'E'
---------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
and Support Rating Floors of Ireland-based Allied Irish Banks plc,
Anglo Irish Bank Corporation Ltd, and Bank of Ireland at 'A-', and
EBS Building Society's and Irish Nationwide Building Society's
Long-term IDRs and Support Rating Floors at 'BBB-'.

The ratings of the five banks' government-guaranteed senior
unsecured notes have been downgraded to 'AA-' from 'AA+'.  The
rating actions follow Fitch's 4 November 2009 downgrade of the
Republic of Ireland's Long-term IDR to 'AA-' from 'AA+'.
Ireland's Outlook is Stable.

The agency has simultaneously affirmed all five banks' Individual
Ratings, and Support Ratings, as well as Anglo's Short-term IDR.
Fitch has maintained the Short-term IDRs of AIB, BoI, EBS and INBS
of 'F1+', on Rating Watch Negative.  A full rating breakdown for
the banks and their subsidiaries is provided at the end of this
comment.

The banks' Support Rating Floors continue to reflect the high
probability of support from the Irish financial authorities,
should it be required.  Fitch believes there has been no change to
the propensity of the Irish government to support the banking
system, although its ability to do so has weakened as implied by
the agency's downgrade of Ireland's sovereign Long-term IDR (for
further information, see the 4 November comment, entitled "Fitch
Downgrades Ireland's Sovereign Rating to 'AA-'; Outlook Stable"
which is available at www.fitchratings.com).  However, the
worsening in the probability of default of Ireland is small, which
is reflected in the affirmation of the Support Rating Floors at
'A-' and 'BBB-' respectively.

In the past 12 months the Irish government has taken significant
measures to provide support to the country's banks, including a
liability guarantee scheme and the injection of equity in the form
of preference shares and ordinary shares.  The government plans to
remove risky real estate assets from the banks' balance sheets by
introducing a scheme to be administered by the National Asset
Management Agency.  These measures are costly and Fitch
incorporated their impact on government finances when it
downgraded the country's Long-term IDR.

The rating actions are:

Allied Irish Banks plc

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook

  -- Short-term IDR: 'F1+'; maintained on Rating Watch Negative

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior debt: affirmed at 'A-'

  -- Commercial paper: 'F1+'; maintained on Rating Watch Negative

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Lower Tier 2 debt: affirmed at 'BBB+'

  -- Upper Tier 2: 'B+'; maintained on RWN

  -- Tier 1: 'B'; maintained on RWN

AIB Bank (CI) Limited

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '1'

AIB Group (UK) plc

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '1'

Anglo Irish Bank Corporation Ltd:

  -- Long-term IDR: affirmed at 'A-'; Outlook Stable

  -- Short-term IDR: affirmed at 'F1+'

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior unsecured; affirmed at 'A-'

  -- Commercial paper: affirmed at 'F1+'

  -- Guaranteed senior unsecured; Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Lower Tier 2: affirmed at 'BBB+'

  -- Upper Tier 2: affirmed at 'CC'

  -- Tier 1: affirmed at 'C'

Anglo Irish Mortgage Bank:

  -- Long-term IDR: affirmed at 'A-'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'

Bank of Ireland

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed at 'C/D'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior unsecured: affirmed at 'A-'

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Lower Tier 2 debt: affirmed at 'BBB+'

  -- Tier 1: 'B'; maintained on RWN

EBS Building Society:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed 'E'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'

  -- Senior unsecured: 'BBB'; maintained on RWN

  -- Commercial paper: 'F1+'; maintained on Rating Watch Negative

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Preference shares: 'B'; maintained on RWN

EBS Mortgage Finance:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Support Rating: affirmed at '2'

Irish Nationwide Building Society:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'

  -- Senior unsecured: affirmed at 'BBB-'

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Lower Tier 2: 'BB+'; maintained on RWN


EBS BUILDING: Fitch Affirms Individual Rating at 'E'
---------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
and Support Rating Floors of Ireland-based Allied Irish Banks plc,
Anglo Irish Bank Corporation Ltd, and Bank of Ireland at 'A-', and
EBS Building Society's and Irish Nationwide Building Society's
Long-term IDRs and Support Rating Floors at 'BBB-'.

The ratings of the five banks' government-guaranteed senior
unsecured notes have been downgraded to 'AA-' from 'AA+'.  The
rating actions follow Fitch's 4 November 2009 downgrade of the
Republic of Ireland's Long-term IDR to 'AA-' from 'AA+'.
Ireland's Outlook is Stable.

The agency has simultaneously affirmed all five banks' Individual
Ratings, and Support Ratings, as well as Anglo's Short-term IDR.
Fitch has maintained the Short-term IDRs of AIB, BoI, EBS and INBS
of 'F1+', on Rating Watch Negative.  A full rating breakdown for
the banks and their subsidiaries is provided at the end of this
comment.

The banks' Support Rating Floors continue to reflect the high
probability of support from the Irish financial authorities,
should it be required.  Fitch believes there has been no change to
the propensity of the Irish government to support the banking
system, although its ability to do so has weakened as implied by
the agency's downgrade of Ireland's sovereign Long-term IDR (for
further information, see the 4 November comment, entitled "Fitch
Downgrades Ireland's Sovereign Rating to 'AA-'; Outlook Stable"
which is available at www.fitchratings.com).  However, the
worsening in the probability of default of Ireland is small, which
is reflected in the affirmation of the Support Rating Floors at
'A-' and 'BBB-' respectively.

In the past 12 months the Irish government has taken significant
measures to provide support to the country's banks, including a
liability guarantee scheme and the injection of equity in the form
of preference shares and ordinary shares.  The government plans to
remove risky real estate assets from the banks' balance sheets by
introducing a scheme to be administered by the National Asset
Management Agency.  These measures are costly and Fitch
incorporated their impact on government finances when it
downgraded the country's Long-term IDR.

The rating actions are:

Allied Irish Banks plc

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook

  -- Short-term IDR: 'F1+'; maintained on Rating Watch Negative

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior debt: affirmed at 'A-'

  -- Commercial paper: 'F1+'; maintained on Rating Watch Negative

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Lower Tier 2 debt: affirmed at 'BBB+'

  -- Upper Tier 2: 'B+'; maintained on RWN

  -- Tier 1: 'B'; maintained on RWN

AIB Bank (CI) Limited

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '1'

AIB Group (UK) plc

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '1'

Anglo Irish Bank Corporation Ltd:

  -- Long-term IDR: affirmed at 'A-'; Outlook Stable

  -- Short-term IDR: affirmed at 'F1+'

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior unsecured; affirmed at 'A-'

  -- Commercial paper: affirmed at 'F1+'

  -- Guaranteed senior unsecured; Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Lower Tier 2: affirmed at 'BBB+'

  -- Upper Tier 2: affirmed at 'CC'

  -- Tier 1: affirmed at 'C'

Anglo Irish Mortgage Bank:

  -- Long-term IDR: affirmed at 'A-'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'

Bank of Ireland

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed at 'C/D'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior unsecured: affirmed at 'A-'

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Lower Tier 2 debt: affirmed at 'BBB+'

  -- Tier 1: 'B'; maintained on RWN

EBS Building Society:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed 'E'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'

  -- Senior unsecured: 'BBB'; maintained on RWN

  -- Commercial paper: 'F1+'; maintained on Rating Watch Negative

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Preference shares: 'B'; maintained on RWN

EBS Mortgage Finance:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Support Rating: affirmed at '2'

Irish Nationwide Building Society:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'

  -- Senior unsecured: affirmed at 'BBB-'

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Lower Tier 2: 'BB+'; maintained on RWN


IRISH NATIONWIDE: Fitch Affirms Individual Rating at 'E'
--------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
and Support Rating Floors of Ireland-based Allied Irish Banks plc,
Anglo Irish Bank Corporation Ltd, and Bank of Ireland at 'A-', and
EBS Building Society's and Irish Nationwide Building Society's
Long-term IDRs and Support Rating Floors at 'BBB-'.

The ratings of the five banks' government-guaranteed senior
unsecured notes have been downgraded to 'AA-' from 'AA+'.  The
rating actions follow Fitch's 4 November 2009 downgrade of the
Republic of Ireland's Long-term IDR to 'AA-' from 'AA+'.
Ireland's Outlook is Stable.

The agency has simultaneously affirmed all five banks' Individual
Ratings, and Support Ratings, as well as Anglo's Short-term IDR.
Fitch has maintained the Short-term IDRs of AIB, BoI, EBS and INBS
of 'F1+', on Rating Watch Negative.  A full rating breakdown for
the banks and their subsidiaries is provided at the end of this
comment.

The banks' Support Rating Floors continue to reflect the high
probability of support from the Irish financial authorities,
should it be required.  Fitch believes there has been no change to
the propensity of the Irish government to support the banking
system, although its ability to do so has weakened as implied by
the agency's downgrade of Ireland's sovereign Long-term IDR (for
further information, see the 4 November comment, entitled "Fitch
Downgrades Ireland's Sovereign Rating to 'AA-'; Outlook Stable"
which is available at www.fitchratings.com).  However, the
worsening in the probability of default of Ireland is small, which
is reflected in the affirmation of the Support Rating Floors at
'A-' and 'BBB-' respectively.

In the past 12 months the Irish government has taken significant
measures to provide support to the country's banks, including a
liability guarantee scheme and the injection of equity in the form
of preference shares and ordinary shares.  The government plans to
remove risky real estate assets from the banks' balance sheets by
introducing a scheme to be administered by the National Asset
Management Agency.  These measures are costly and Fitch
incorporated their impact on government finances when it
downgraded the country's Long-term IDR.

The rating actions are:

Allied Irish Banks plc

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook

  -- Short-term IDR: 'F1+'; maintained on Rating Watch Negative

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior debt: affirmed at 'A-'

  -- Commercial paper: 'F1+'; maintained on Rating Watch Negative

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Lower Tier 2 debt: affirmed at 'BBB+'

  -- Upper Tier 2: 'B+'; maintained on RWN

  -- Tier 1: 'B'; maintained on RWN

AIB Bank (CI) Limited

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '1'

AIB Group (UK) plc

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed at '1'

Anglo Irish Bank Corporation Ltd:

  -- Long-term IDR: affirmed at 'A-'; Outlook Stable

  -- Short-term IDR: affirmed at 'F1+'

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior unsecured; affirmed at 'A-'

  -- Commercial paper: affirmed at 'F1+'

  -- Guaranteed senior unsecured; Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Lower Tier 2: affirmed at 'BBB+'

  -- Upper Tier 2: affirmed at 'CC'

  -- Tier 1: affirmed at 'C'

Anglo Irish Mortgage Bank:

  -- Long-term IDR: affirmed at 'A-'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'

Bank of Ireland

  -- Long-term IDR: affirmed at 'A-'; Stable Outlook

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed at 'C/D'

  -- Support Rating: affirmed at '1'

  -- Support Rating Floor: affirmed at 'A-'

  -- Senior unsecured: affirmed at 'A-'

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Lower Tier 2 debt: affirmed at 'BBB+'

  -- Tier 1: 'B'; maintained on RWN

EBS Building Society:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed 'E'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'

  -- Senior unsecured: 'BBB'; maintained on RWN

  -- Commercial paper: 'F1+'; maintained on Rating Watch Negative

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Guaranteed senior unsecured: Short-term rating affirmed at
     'F1+'

  -- Preference shares: 'B'; maintained on RWN

EBS Mortgage Finance:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable
  -- Short-term IDR: 'F1+'; maintained on RWN
  -- Support Rating: affirmed at '2'

Irish Nationwide Building Society:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable

  -- Short-term IDR: 'F1+'; maintained on RWN

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB-'

  -- Senior unsecured: affirmed at 'BBB-'

  -- Guaranteed senior unsecured: Long-term rating downgraded to
     'AA-' from 'AA+'

  -- Lower Tier 2: 'BB+'; maintained on RWN


O'BRIENS SANDWICH: Irish Unit Bought Out Liquidation by Impless
---------------------------------------------------------------
British Baker reports that the Irish arm of the O'Briens Sandwich
Bar has been bought out of liquidation by Impless, a newly formed
subsidiary of Irish fast food group Abrakebabra Investments.

British Baker relates Paul McCann of Grant Thornton, the official
liquidator, confirmed the trade and assets, including the brand of
O'Brien's Irish Sandwich Bars, had now been sold to Impless.

On Oct. 9, 2009, the Troubled Company Reporter-Europe, citing
Irish Examiner, reported O'Brien's went into liquidation after a
proposed takeover by AIL collapsed.

O'Brien's Sandwich Bars -- http://www.obriensonline.com/-- has
more than 300 stores providing healthy food option in 13 countries
across Europe, Asia, Australia and Africa.  The company sells
made-to-order hot or cold sandwiches -- ShambosTM, Tripledecker,
Wrappos and Toosties.  The extensive selection includes gourmet
coffees, fresh soups, patisseries, deli dishes, salads, snacks and
a wide range of soft drinks, including freshly made smoothies and
juices from the instore juice bar offerings.


SMART TELECOM: Digiweb to Acquire Business Out of Examinership
--------------------------------------------------------------
The Irish Examiner reports that Digiweb is to acquire the entire
customer service base and assets of Smart Telecom.

According to the report, the investment by Digiweb, which is
subject to approval by creditors and the High Court, will allow
Smart to emerge from a period of examinership and to form part of
the Digiweb Group.

Terms of the deal were not revealed.

As reported by the Troubled Company Reporter-Europe on Sept. 2,
2009, Smart entered into an examinership process following the
conclusion of an extensive strategic review by the company's
financial advisors, Collins Stewart, that revealed significant
expressions of interest in the company.  The Irish Commercial
court appointed John McStay, of McStay Luby Chartered Accounts as
the interim examiner for the company.  As part of the review
process, however, it became clear that Smart remained burdened by
a range of legacy liabilities which inhibited the ability of the
company to conclude a transaction or raise additional financing,
particularly in the context of the current global financial
crisis.

                      About Smart Telecom

Smart Telecom is a provider of voice, data and media
communications services to residential, government and corporate
customers.


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


CAPITAL MORTGAGE: Fitch Junks Rating on Class C Notes From 'BBB-'
-----------------------------------------------------------------
Fitch Ratings has downgraded two tranches of Capital Mortgage
Series 2007-1 and revised the Outlook on the senior tranche to
Negative from Stable.  These rating actions follow Fitch's on-
going concern over the performance of the deal.  The ratings are:

  -- Class A1 (ISIN IT0004222532) affirmed at 'AAA'; Outlook
     revised to Negative from Stable; Loss Severity Rating 'LS-1'

  -- Class A2 (ISIN IT0004222540) affirmed at 'AAA'; Outlook
     revised to Negative from Stable; Loss Severity Rating 'LS-1'

  -- Class B (ISIN IT0004222557) downgraded to 'BBB-' from 'AA';
     Outlook Negative; Loss Severity Rating 'LS-3'

  -- Class C (ISIN IT0004222565) downgraded to 'CCC' from 'BBB-';
     Recovery Rating 'RR5' assigned

The investor report for October 2009 shows a further reserve fund
draw of EUR8 million, which has left the class C tranche with
credit enhancement of 0.26% (excluding over-collateralization),
and a significant drop in the credit enhancement of the class B
notes to 1.8% (excluding over-collateralization), below the level
seen at transaction close (2.5%).  The reserve fund draws continue
to be caused by loans classified as defaulted, which in September
2009 reached a cumulative balance of EUR97 million.  Despite the
decreasing amount of loans in arrears, the level of loans
recognized as defaulted in the past two payment dates remains at
levels seen in the past when arrears performance was also a
concern.

Fitch used its EMEA RMBS surveillance criteria, employing its
credit cover multiple methodology in reviewing the deals to assess
the level of credit support available to each class of notes.

In its analysis, Fitch has assumed that the volume of loans
recognized as defaulted remains at current levels in the near
term, which means that the reserve fund is likely to be depleted
and that amounts will remain outstanding on the class C principal
deficiency ledger in the forthcoming payment date in January 2010.

The size of the reserve fund draws seen in the past two quarters
are also impacted by the swap in place.  The structure of the
payments made by the issuer to the swap counterparty incorporates
payments received from the performing portion of the fixed-,
mixed- and floating-rate loans.  The data shows that the main
portion of the payments made to the swap counterparty are coming
from the fixed portion of the pool, thereby causing the reserve
fund to draw by an additional EUR2.2 million.

The Negative Outlook on the 'AAA' rated notes reflects the
uncertainty over the amount of defaults that will occur in the
forthcoming payment dates.  Fitch will continue to closely monitor
the performance of this transaction.  If defaults remain at
current levels, Fitch may decide to take further rating actions on
the class A notes.


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


A TRADE: Creditors Must File Claims by November 18
--------------------------------------------------
Creditors of LLP A Trade have until November 18, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
August 5, 2009.


ASIAN EXPRESS: Creditors Must File Claims by November 18
--------------------------------------------------------
LLP Asian Express is currently undergoing liquidation.  Creditors
have until November 18, 2009, to submit proofs of claim to:

          24 Iyunya Str. 27
          Almaty
          Kazakhstan


ELENA LLP: Creditors Must File Claims by November 18
----------------------------------------------------
Creditors of LLP Manufacturing Commercial Firm Elena have until
November 18, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
August 10, 2009.


FATEX LTD: Creditors Must File Claims by November 18
----------------------------------------------------
Creditors of LLP Fatex Ltd. have until November 18, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktube
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
August 14, 2009.


MIKAI EXPORT: Creditors Must File Claims by November 18
-------------------------------------------------------
Creditors of LLP Mikai Export have until November 18, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktube
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
August 14, 2009.


NUR TECH: Creditors Must File Claims by November 18
---------------------------------------------------
LLP Nur Tech Snub is currently undergoing liquidation.  Creditors
have until November 18, 2009, to submit proofs of claim to:

          Micro District 8, 57-5
          Shymkent
          South Kazakhstan
          Kazakhstan


OTANDASTAR PHARMATSIYA: Creditors Must File Claims by November 18
-----------------------------------------------------------------
Creditors of LLP Otandastar Pharmatsiya have until November 18,
2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
July 27, 2009.


STROY PROM: Creditors Must File Claims by November 18
-----------------------------------------------------
Creditors of LLP Stroy Prom M have until November 18, 2009, to
submit proofs of claim to:

         Abylai Han Ave. 2
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 23, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


TARNAS LLP: Creditors Must File Claims by November 18
-----------------------------------------------------
Creditors of LLP Tarnas have until November 18, 2009, to submit
proofs of claim to:

         Park Otdyha Str. 2
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on August 14, 2009,
after finding it insolvent.

The Court is located at:

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


TECHNO JER: Creditors Must File Claims by November 18
-----------------------------------------------------
LLP Techno Jer is currently undergoing liquidation.  Creditors
have until November 18, 2009, to submit proofs of claim to:

          Gogol Str. 10-15
          Ust-Kamenogorsk
          East Kazakhstan
          Kazakhstan


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


AUTO IMPORT: Creditors Must File Claims by December 2
-----------------------------------------------------
LLC Auto Import is currently undergoing liquidation.  Creditors
have until December 2, 2009, to submit proofs of claim to:

         Repin Str. 180
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 31-61-77


PROM TORG: Creditors Must File Claims by December 2
---------------------------------------------------
LLC Prom Torg is currently undergoing liquidation.  Creditors have
until December 2, 2009, to submit proofs of claim to:

         Ahunbayev Str. 170a
         Bishkek
         Kyrgyzstan


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


EUROLOAN CLO: Moody's Downgrades Rating on Class D Notes to 'Ca'
----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Euroloan CLO I.

  -- EUR195M Class A1 Notes, Downgraded to Aa1; previously on
     June 2, 2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR65M Class A2 Notes, Downgraded to A2; previously on
     June 2, 2009 Downgraded to A1 and Remained On Review for
     Possible Downgrade

  -- EUR30M Class B Notes, Downgraded to Ba2; previously on
     June 2, 2009 Downgraded to Ba1 and Remained On Review for
     Possible Downgrade

  -- EUR18M Class C Notes, Downgraded to B3; previously on June 2,
     2009 Downgraded to B2 and Remained On Review for Possible
     Downgrade

  -- EUR21M Class D Notes, Downgraded to Ca; previously on June 2,
     2009 Downgraded to Caa3 and Remained On Review for Possible
     Downgrade

This transaction is a static collateralized loan obligation with
exposure to predominantly European senior secured loans, as well
as a large exposure to mezzanine CLO tranches (above 16%).  In the
analysis of this transaction, Moody's used information from the
July 2009 trustee report, which is the latest available trustee
information.

In June 2009, approximately EUR75 million of non-invested cash
remained in the transaction as of February 2009 (most recent
trustee information at the time of the rating actions).  From this
amount, EUR35 million had been invested in collateral obligations
whose characteristics were not disclosed to Moody's at the time
and EUR40 million could not be invested following a failure of the
ramp-up ending April 2009.  Therefore, Moody's had to make
assumptions regarding the credit quality of the recently purchased
assets and assumed that the cash would be used to pay down the
Class A1 notes at the next payment date in July 2009, as per the
transaction documents.  Moody's left all classes of notes on
review for possible downgrade pending further information.

Since the last rating action, the EUR40 million of un-invested
cash has been used to redeem pro rata 12.57% of Class A1, A2, and
B, and to redeem pro rata 5.32% of Class C, D, and E.

Therefore, the rating actions are the result of both new
information on the use of available cash and credit deterioration
of the underlying portfolio since Moody's rating actions on 2 June
2009.  The credit deterioration is observed through a sharp
decrease of the Class A/B par value test from 127.69% in February
2009 to 106.46% in July 2009, an increase in the amount of
defaulted securities (4.46% of the portfolio) and an increase in
the proportion of securities from issuers rated Caa1 and below
(11.2% of the portfolio).  These measures were taken from the
trustee report dated 20 July 2009.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality combined with a decrease
in the expected recovery rates.  In addition, Moody's is concerned
that the rapid credit deterioration could eventually lead to an
Event of Default on the notes and a liquidation that could be
detrimental to tranches below the controlling Class of the
transaction (Class A1).


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


TRICO SUPPLY: S&P Raises Corporate Credit Rating to 'CCC+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
ratings on oilfield services provider Trico Marine Services Inc.
and its indirect foreign subsidiary, Trico Supply AS, to 'CCC+'
from 'CCC'.  S&P removed the ratings from CreditWatch, where they
had been placed with developing implications on Oct. 15, 2009.
The outlook is developing, indicating that S&P could raise, lower,
or affirm the ratings.

Standard & Poor's also raised the issue-level rating on Trico
Marine's US$202.8 million 8.125% senior convertible notes to 'CCC'
from 'CCC-'; the recovery rating remains '5'.  In addition, S&P
raised the issue-level rating on Trico Marine's US$150 million 3%
senior convertible debentures to 'CCC-' from 'CC'.  The recovery
on this debt remains '6'.

The 'B-' issue-level rating and '2' recovery rating for Trico
Shipping AS's $400 million senior secured notes remain unchanged.

The rating actions follow the closing of a US$400 million senior
secured notes offering by Trico Marine's indirect foreign
subsidiary Trico Shipping.

Because of impending debt maturities in January 2010, Trico Marine
and its subsidiaries entered into a number of refinancing related
transactions.  Trico Marine issued, through Trico Supply's
subsidiary Trico Shipping, US$400 million in senior secured notes,
which together with the proceeds of certain asset sales, Trico
Marine used to repay debts that were outstanding at Trico Supply
and its subsidiaries.  Trico Marine also paid down a portion of
its US$35 million revolver, the commitment of which decreased to
US$25 million.  In addition, Trico Shipping obtained an unrated
US$33 million credit facility.

"The ratings on Trico Marine and Trico Supply reflect the
companies' position as oilfield services providers in a cyclical
and highly competitive industry, S&P's expectations of generally
weak industry conditions, the companies' very high debt leverage
measures, and tight liquidity concerns," said Standard & Poor's
credit analyst Patrick Lee.  Given the interrelated nature of the
relationship between Trico Marine and Trico Supply, S&P link the
corporate credit ratings of the two entities together and assign
Trico Supply the same corporate credit rating as Trico Marine.
Trico Supply's business profiles as vulnerable.

S&P could lower the ratings if Trico Marine's very thin liquidity
tightens in 2010.  Trico Marine's liquidity and ability to make
payments may be affected by negative expected EBITDA, limited
upstreaming of funds from Trico Supply, the potential sale of the
vessel Corona in the first quarter of 2010, and the ability to pay
convertible debt interest in stock.  S&P could raise the ratings
if the company timely sells the Corona and pays convertible debt
interest in stock to enhance liquidity, and if Trico Marine's
business segments' operating performance improves, providing much-
needed positive cash flow.


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


COMSTAR UNITED: S&P Affirms Corporate Credit Rating at 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' corporate credit and 'ruAA' Russia national scale ratings on
Russian telecoms operator Comstar United TeleSystems (JSC) and its
majority-owned subsidiary, Moscow City Telephone Network (JSC).
The ratings were removed from CreditWatch, where they had been
placed with negative implications on April 1, 2009.  The outlook
on both Comstar and MGTS is stable.

"The affirmation reflects Standard & Poor's view that Comstar's
weakened stand-alone credit profile -– given an onerous debt
maturity profile -- is enhanced, both from a business and
financial standpoint, by being owned by a stronger parent," said
Standard & Poor's credit analyst Alexander GriazNov.

At this stage, S&P does not equalize the ratings on Comstar with
those on its new parent, Mobile TeleSystems (OJSC) (BB/Stable/--).
However, if MTS increases its equity share in Comstar to more than
75%, and/or demonstrates Comstar's strategic importance and
provides timely financial support, S&P would likely equalize the
ratings.

Comstar's stand-alone credit profile is constrained by its
ambitious growth strategy, strong competition in the residential
broadband market, and a weakening liquidity position.

Supporting the ratings are the company's strong position in the
lucrative Moscow market; a resilient cash flow base, stemming from
its ownership of existing infrastructure; and a favorable
operating performance.

At the end of second-quarter 2009, Comstar's fully adjusted debt
totaled $955 million, representing 1.5x its EBITDA for the 12
months ended June 30, 2009.  Comstar's cash flow protection
metrics also support the ratings.  The ratio of funds from
operations to total debt stood at 52.3% on June 30, 2009,
demonstrating the company's resilient revenue base and adequate
cash conversion.

The stable outlook reflects S&P's expectation that Comstar will
continue generating robust cash flow, supported by the strong
performance of its incumbent subsidiary MGTS.  S&P also factor in
expected financial support from MTS, which Comstar might need to
service its debt facility.

S&P would also likely equalize the ratings upon completion of the
transaction with the state, which would minimize Comstar's debt.

Any further rating action on MTS would likely trigger a revision
of and possible rating action on Comstar.

"We might lower the ratings if S&P see no financial support from
MTS related to servicing Comstar's approaching debt maturities,"
said Mr.  Griaznov.


EKSPO-STROY: Creditors Must File Claims by November 16
------------------------------------------------------
Creditors of LLC Ekspo-Stroy (TIN 5029055273) (Construction) have
until November 16, 2009, to submit proofs of claims to:

         V. Goncharov
         Temporary Insolvency Manager
         Post User Box 61
         115230 Moscow-230
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?41–
24640/09.

The Debtor can be reached at:

         LLC Ekspo-Stroy
         Silikatnaya Str. 16V
         Mytishchi
         Russia


LES-SERVIS: Creditors Must File Claims by November 16
-----------------------------------------------------
Creditors of LLC Les-Servis (TIN 2407012483, PSRN 1022400595546)
(Timber Production) have until November 16, 2009, to submit proofs
of claims to:

         I. Nozdrin
         Temporary Insolvency Manager
         78 Dobrovolcheskoy Brigady Str. 14A-22
         660077 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy will convene on December
21, 2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?33–10706/200.

The Debtor can be reached at:

         LLC Les-Servis
         Lenina Str. 1
         Angarskiy
         Boguchanskiy
         663440 Krasnoyarskiy
         Russia


MOBILE TELESYSTEMS: S&P Affirms Corporate Credit Rating at 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' corporate credit ratings on Russian telecoms operator Mobile
TeleSystems (OJSC)).  The rating was removed from CreditWatch,
where it had been placed with negative implications on April 1,
2009.  The outlook, which was positive before the CreditWatch
placement, is now stable.

The affirmation reflects the successful acquisition of Comstar
United TeleSystems (JSC) (BB/Stable/--) and the resolution of the
CreditWatch on MTS' parent company Sistema (JSFC), which was
affirmed at BB/Negative/--.

"The outlook revision on MTS reflects the weakening of the
company's financial profile due to a higher debt burden and
constrained cash flow flexibility," said Standard & Poor's credit
analyst Alexander GriazNov. "However, in S&P's view, it still
remains compatible with the 'BB' rating."

For a 50.91% stake in Comstar, MTS paid Sistema nearly
US$1.32 billion.  MTS financed the acquisition with bilateral
loans from Sberbank in the total amount of Russian ruble
(RUR) 47 billion ($1.6 billion).  MTS' debt metrics before the
CreditWatch placement were strong for the rating and even implied
some headroom for growth.  However, as a result of the
acquisition, MTS' gross debt increased to about US$8 billion and
leverage increased to about 2x from 1x before the transaction.

S&P is aware that MTS has meaningful cash balances to reduce its
debt, but S&P also recognizes that there are a number of
additional growth opportunities for MTS that could lead to reduced
available liquidity.  S&P continue to see the credit quality of
MTS and its parent company Sistema as being closely linked.  MTS'
potential equity participation in Sistema's construction of a
mobile network in India could likely reinforce S&P's views that
MTS' and Sistema's credit quality should be strictly aligned.

From a stand-alone business perspective, MTS' main credit risks
are associated with the company's own organic and external growth
plans, intensifying competition, and the weakening macroeconomic
environment in the countries where MTS operates.

These risks are mitigated by the company's strong business
characteristics, based on solid positions in the Russian and
Ukrainian mobile markets.  These characteristics include robust
growth with steadily improving economies of scale, sound operating
profitability, and strong cash generation.

The stable outlook reflects S&P's expectation of continuing strong
operating performance, despite the currently challenging
macroeconomic environment.  S&P also expect increasing focus on
profitability and strong cash conversion that should allow strong
cash flow protection ratios.

"We might lower the rating if debt leverage surged or liquidity
deteriorated, driven by MTS' increasing investments, opportunistic
acquisitions, or aggressive shareholder distributions," said Mr.
GriazNov.

At this rating level S&P does not expect leverage to increase
above 2.5x.

An upgrade might follow a clear deleveraging strategy, moderation
f MTS' investment appetite, and conservatism in shareholder
distributions.


MOZDOKSKIY CHEESE: Creditors Must File Claims by November 16
------------------------------------------------------------
Creditors of MUE Mozdokskiy Cheese Factory (TIN 1510013070, ????
1051500106844) have until November 16, 2009, to submit proofs of
claims to:

         V. Bulda
         Temporary Insolvency Manager
         Building 17
         Microregion 1
         Budennovsk
         356805 Stavropolskiy
         Russia

The Arbitration Court of North Osetia-Alaniya will conven e on
March 4, 2010, to hear bankruptcy supervision procedure. The case
is docketed under Case No. ?61–1502/09 .

The Debtor can be reached at:

         MUE Mozdokskiy Cheese Factory
         Usanova Str. 57
         Likovskaya
         Mozdokskiy
         363720 North Osetia-Alaniya
         Russia


NKNK FINANCE: Fitch Assigns 'B' Rating on Loan Participation Notes
------------------------------------------------------------------
Fitch Ratings has assigned NKNK Finance plc's US$101,394,000 12%
loan participation notes due in 2012 a final senior unsecured 'B'
rating.  The rating is in line with the 'B' Long-term Issuer
Default rating of NKNK-F's parent, OAO Nizhnekamskneftekhim's.
The rating is placed on Rating Watch Negative, in line with the
RWN on NKNK's Long-term IDR.

The final rating on the notes follows Fitch's review of final
documentation conforming to the information received by the agency
in assigning the expected 'B' rating on October 30, 2009.

The loan agreement, the trust deed and other related documents are
governed by English law.  To secure payments to noteholders, NKNK-
F will charge in favor of the trustee, Deutsche Trustee Company
Limited, by way of a first fixed charge, all rights to principal,
interest and other amounts paid by NKNK and the right to receive
all sums, which may be paid by NKNK under any claim, award or
judgment relating to the loan agreement.  The notes rank equally
with all present or future unsecured debt of NKNK and contain a
negative pledge and cross default clauses.  Covenants in the loan
agreement include, among others, a total consolidated debt-to-
consolidated EBITDA (excluding the impact of foreign exchange
fluctuations) ceiling of 3.5x.

NKNK-F is a public limited liability company fully owned by NKNK
and incorporated under the laws of Ireland.  The company's purpose
is to issue the notes and lend, under a loan agreement, the
proceeds to NKNK.  The notes will be repaid in three equal
installments from April 2011.

NKNK is based in the Republic of Tatarstan and is the largest
petrochemicals producer in Russia.


PROM-ZHIL: Creditors Must File Claims by November 16
----------------------------------------------------
Creditors of CJSC Prom-Zhil-Stroy (TIN 3725004456, PSRN
1023701392802) (Construction) have until November 16, 2009, to
submit proofs of claims to:

         V. Gorbachev
         Temporary Insolvency Manager
         ZagorodnayaStr. 12a
         Kolyanovo
         Ivanovskiy
         153009 Ivanovskaya
         Russia

The Arbitration Court of Ivanovskaya will convene on March 17,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ? 17–6851/2009–14B.

The Debtor can be reached at:

         CJSC Prom-Zhil-Stroy
         Zelenaya Str. 86V
         Ostapovo
         Shuyskiy
         155908 Ivanovskaya
         Russia


RUSSIAN CONSTRUCTION: Creditors Must File Claims by November 16
---------------------------------------------------------------
Creditors of LLC Russian Construction Company (TIN ?12132690, PSRN
1063123076752) have until November 16, 2009, to submit proofs of
claims to:

         V. Krotov
         Temporary Insolvency Manager
         Office 23
         Promyshlenny proezd
         308023 Belgorod
         Russia

The Arbitration Court of Belgorodskaya will convene at 11:00 a.m.
on February 9, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?08–7194/2009–24B.

The Debtor can be reached at:

         LLC Russian Construction Company
         B. Khmelnitskogo Str. 132A
         Belgorod
         Russia


SIBIRSKAYA IRON: Creditors Must File Claims by November 16
----------------------------------------------------------
Creditors of OJSC Sibirskaya Iron and Steel Company (TIN
3810051560, PSRN 1083810001263) have until January 13, 2009, to
submit proofs of claims to:

         A. Melnik
         Temporary Insolvency Manager
         Post User Box 41
         664011 Irkutsk 11
         Russia

The Arbitration Court of Irkutskaya will convene on January 13,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?19–12064/09–60.

The Debtor can be reached at:

         OJSC Sibirskaya Iron and Steel Company
         R. Lyuksemburg Str. 184-216
         664048 Irkutsk
         Russia


SISTEMA JSFC: S&P Affirms Corporate Credit Rating at 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' corporate credit rating on Russian operating holding company
Sistema (JSFC).  The rating was removed from CreditWatch, where it
had been placed with negative implications on April 1, 2009.  The
outlook, which was stable before the CreditWatch placement, is now
negative.

"The affirmation reflects Standard & Poor's Ratings Services' view
that the acquisition of Bashkir Oil and Energy Group will not
likely deteriorate Sistema's financial profile beyond what S&P
would view as compatible with the 'BB' rating," said Standard &
Poor's credit analyst Alexander GriazNov.

While S&P previously indicated that, from a business standpoint,
the acquisition is beneficial for Sistema as it improves its
diversification, S&P were concerned about the potential
deterioration of the company's financial profile.  To finance the
transaction, Sistema raised a loan of US$2 billion from JSC VTB
Bank (BBB/Negative/A-3; Russia national scale 'ruAAA'), which
negatively affected its credit ratios.  However, Sistema is now in
the process of reducing leverage at the holding company level,
which will lead to meaningful improvement of the parent company's
leverage.

S&P understands that Bashneft, one of the subsidiaries in BOEG,
will soon acquire stakes in five BOEG companies from Sistema,
allowing Sistema to repay its debt to VTB.  S&P also understand
that Sistema's management has committed to repay the VTB loan at
the latest by the end of the first quarter of 2010.

Sistema has also recently repaid its RUR20 billion loan to
Sberbank out of the proceeds it received from the sale of its
fixed-line unit Comstar United TeleSystems (JSC) (BB/Stable/--);
Russia national scale 'ruAA') to its mobile arm Mobile TeleSystems
(OJSC) (BB/Stable/--).

Sistema's management has also stated that it will aim to keep its
parent-company-level debt at a level that does not meaningfully
exceed the projected incoming dividend flow for the year, which
S&P views as quite conservative.

The ratings on Sistema are constrained by the company's relatively
aggressive financial policy, with its strong focus on business
growth; its predisposition for acquisitions; and the cash
consumption of many of its growth-oriented business segments.  In
addition, Sistema is pursuing the ambitious capital-intensive
construction of a nationwide mobile telecommunications network in
India, which could further limit the company's cash-generation
potential.

The continuing strong performance of Sistema's core telecoms
assets, the robust cash-generative nature of its largest
subsidiaries, and the company's tangible progress in streamlining
operations support the ratings.

"The negative outlook reflects the possibility that S&P could
lower the rating on Sistema by one or two notches if the company
is unable to complete its targeted debt structuring by the end of
the first quarter of 2010, aimed at significantly reducing
leverage at the parent company level," said Mr. GriazNov.

On the other hand, S&P would likely revise the outlook to stable
if Sistema repays its debt to VTB out of the funds it receives
from Bashneft.


STROY-MASH: Creditors Must File Claims by November 17
-----------------------------------------------------
Creditors of CJSC Stroy-Mash (TIN 4823029034, PSRN 1064823066318)
(Construction Site Equipment) have until November 17, 2009, to
submit proofs of claims to:

         I. Sizova
         Insolvency Manager
         Stakhanova Str. 26
         398036 Lipetsk
         Russia

The Arbitration Court of Lipetskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?36–1602/2009.

The Debtor can be reached at:

         CJSC Stroy-Mash
         Almaznaya Str. 6
         398600 Lipetsk
         Russia


SVIRSKAYA TRANSPORT: Creditors Must File Claims by November 16
--------------------------------------------------------------
Creditors of LLC Svirskaya Transport Company (TIN 3820007295, PSRN
1023802215788) have until November 16, 2009, to submit proofs of
claims to:

         V. Alalykin
         Temporary Insolvency Manager
         Office 506
         Baykalskaya Str. 291
         664050 Irkutsk
         Russia

The Arbitration Court of Irkutskaya will convene at 10:00 a.m. on
January 20, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?19–14205/09–37.

The Debtor can be reached at:

         LLC Svirskaya Transport Company
         Industrial zone 7
         Svirsk
         Cheremkhovskiy
         665420 Irkutskaya
         Russia


TEKH-STROY: Creditors Must File Claims by November 16
-----------------------------------------------------
Creditors of LLC Tekh-Stroy-Invest 21 Vek (TIN 7701239400; PSRN
1037700089030) (Construction) have until November 16, 2009, to
submit proofs of claims to:

         M. Belozertsev
         Temporary Insolvency Manager
         Gaya Str. 23A
         460000 Orenburg
         Russia

The Arbitration Court of Orenburgskaya will convene at 09:00 a.m.
on February 16, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?47–7333/2009.

The Debtor can be reached at:

         LLC Tekh-Stroy-Invest 21 V
         Krasnoznamennaya Str. 14/9
         Orenburg
         Russia


ZAP-SIB: Creditors Must File Claims by November 16
--------------------------------------------------
Creditors of LLC Zap-Sib-Region-Gaz Gas Pipeline Construction and
Exploitation) have until November 16, 2009, to submit proofs of
claims to:

         D. Yutaev
         Insolvency Manager
         Post User Box 402
         Postal Office 100
         170100 Tver
         Russia

The Arbitration Court of Tverskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?66–9942/2008.

The Debtor can be reached at:

         LLC Zap-Sib-Region-Gaz
         Mokhova Str. 12
         Novozavidovskiy
         Konakovskiy
         171270 Tverskaya
         Russia


VES-STROY: Astrakhanskaya Bankruptcy Hearing Set November 17
------------------------------------------------------------
The Arbitration Court of Astrakhanskaya will convene at 2:00 p.m.
on November 17, 2009, to hear bankruptcy supervision procedure on
LLC Ves-Stroy (TIN 3016051662, PSRN 1073016000034, RVC 301601001).
The case is docketed under Case No. ?06–3627/2009.

The Temporary Insolvency Manager is:

         D. Savenkov
         Office 67
         Krasnaya Naberezhnaya Str. 37
         414040 Astrakhan
         Russia
         Tel: (8512)-226674

The Debtor can be reached at:

         LLC Ves-Stroy
         A. Koroleva Str. 8
         Astrakhan
         Russia


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


GC FTGENCAT: Fitch Downgrades Rating on Class D Notes to 'C'
------------------------------------------------------------
Fitch Ratings has taken various rating actions on GC FTGENCAT
Caixa Sabadell 1, FTA's notes.  The rating actions resolve the
Rating Watch Negative status assigned in August 2009 after Fitch
revised its rating criteria for European granular corporate
balance-sheet securitizations on July 23, 2009.  The transaction
is a small- and medium-sized enterprise collateralized debt
obligation.

The rating actions are:

  -- EUR51,236,726, class A(S) notes (ISIN ES0341098004):
     downgraded to 'BBB' from 'A'; removed from RWN; assigned a
     Stable Outlook; assigned Loss Severity Rating of 'LS-2'

  -- EUR163,000,000, class A(G) notes (ISIN ES0341098012):
     affirmed at 'A+'; Outlook revised to Negative from Stable

  -- EUR11,700,000, class B notes (ISIN ES0341098020): affirmed at
     'B'; removed from RWN; assigned a Stable Outlook; assigned
     LS-4

  -- EUR11,800,000, class C notes (ISIN ES0341098038): downgraded
     to 'CC' from 'CCC'; removed from RWN

  -- EUR4,500,000, class D notes (ISIN ES0341098046): downgraded
     to 'C' from 'CC'; removed from RWN

The senior note downgrade principally reflects the implementation
of Fitch's revised SME CDO rating criteria.  The downgrade actions
for class C and D also reflect the transaction's above-average
delinquency levels, difficult macro-economic conditions, and
relatively low credit enhancement.  The low CE is explained by the
fact that the transaction's revolving period ended in April 2009,
so CE through deleveraging only started to build up from July
2009.

As of September 2009, 6.47% of the outstanding collateral balance
was more than 90 days in arrears.  As of the same date, the
cumulated level of defaults -- arrears exceeding 12 months, as
defined in the transaction's documents -- amounted to 1.73% of the
initial portfolio balance.

Using its Rating Criteria for European SME CLOs, Fitch has assumed
the probability of default of the unrated SME loans to be
commensurate with the 'B' rating category.  Based on observed
delinquencies and the origination process of the respective banks
in Spain, the benchmark probability of default is adjusted upward
or downward.  Delinquent loans are notched down depending on the
time the loans have been in arrears.  Recoveries for loans secured
by first lien real estate is adjusted for property indexation and
market value stress based on the criteria but second lien
mortgages are treated as senior unsecured loans.

The class A(G) notes benefit from an unconditional guarantee of
the Generalitat de Catalunya (Autonomous Community of Catalonia or
the guarantor, rated 'A+'/'F1+'/Outlook Negative) which covers the
ultimate payment of interest and principal on these notes.  As
such, the rating of the class A(G) notes remains credit-linked to
that of the guarantor, with current available CE being
insufficient to support a higher rating for these notes.

GC FTGENCAT Caixa Sabadell 1, FTA is a securitization of a pool
which at closing amounted to EUR300m and consisted of 1,344
secured and unsecured loans granted to SMEs originated by Caixa
Sabadell (rated 'BBB+'/'F2'/Outlook Negative).  The collateral is
100% concentrated in the region of Catalonia.  The transaction
closed in October 2006.


GC FTPYME: Fitch Downgrades Ratings on Class C Notes to 'CCC'
-------------------------------------------------------------
Fitch Ratings has taken various rating actions on two small- and
medium-sized enterprise collateralized debt obligations: GC FTPYME
Sabadell 4, Fondo de Titulizacion de Activos and GC FTPYME
Sabadell 5, Fondo de Titulizacion de Activos.  The rating actions
resolve the Rating Watch Negative status assigned in August 2009
pending the implementation of Fitch's revised rating criteria for
European granular corporate balance-sheet securitizations.  The
rating actions are:

GC FTPYME Sabadell 4, Fondo de Titulizacion de Activos:

  -- EUR84,049,409 class A(S) notes (ISIN ES0341169003): affirmed
     at AAA; removed from Rating Watch Negative (RWN); assigned
     Negative Outlook; assigned Loss Severity Rating 'LS-2'

  -- EUR162,300,000 class A(G) notes (ISIN ES0341169011): affirmed
     at 'AAA'; Outlook Stable

  -- EUR24,000,000 class B notes (ISIN ES0341169029): downgraded
     to 'BBB' from 'A'; removed from RWN; assigned Stable Outlook
     and 'LS-3'

  -- EUR14,300,000 class C notes (ISIN ES0341169037): downgraded
     to 'CCC' from 'BB'; removed from RWN

GC FTPYME Sabadell 5, Fondo de Titulizacion de Activos:

  -- EUR439,567,153 class A2 notes (ISIN ES0332234014): downgraded
     to 'AA' from 'AAA'; removed from RWN; assigned Negative
     Outlook and 'LS-1'

  -- EUR82,800,000 class A3(G) notes (ISIN ES0332234022): affirmed
     at 'AAA'; Outlook Stable

  -- EUR40,000,000 class B notes (ISIN ES0332234030): downgraded
     to 'BB' from 'BBB'; removed from RWN; assigned Stable Outlook
     and 'LS-3'

  -- EUR26,900,000 class C notes (ISIN ES0332234048): downgraded
     to 'CCC' from 'B'; removed from RWN

The downgrade of senior tranche class A2 of Sabadell 5 reflects
the implementation of Fitch's revised SME CDO rating criteria.
The class B and C downgrade actions for Sabadell 4 and 5 also
considers the increasing delinquency levels, difficult macro-
economic conditions and insufficient credit enhancement as the
reserve funds are released in accordance with the transaction
documents and the obligor concentration levels rise.  Both
transactions have benefited from portfolio seasoning and
structural de-leveraging, but these were not enough to mitigate
the deterioration in performance.

Using its Rating Criteria for European SME CLOs, Fitch has assumed
the probability of default of the unrated SME loans to be
commensurate with the 'B' rating category.  Based on observed
delinquencies and the origination process of the respective banks
in Spain, the benchmark probability of default is adjusted upward
or downward.  Delinquent loans are notched down depending on the
time the loans have been in arrears.  Recoveries for loans secured
by first lien real estate is adjusted for property indexation and
market value stress based on the criteria, but second lien
mortgages are treated as senior unsecured loans.

Sabadell 4 is a cash flow securitization of a static portfolio
which as of closing amounted to EUR750m consisting of 3,270 loans
to Spanish SMEs originated by Banco Sabadell ('A+'/'F1', Outlook
Negative).  This transaction closed in October 2005.  The
collateral outstanding balance has amortised to 36.7% of its
initial balance.  The pool shows an upwards trend in
delinquencies, with 2.9% of the outstanding balance being in
arrears of more than 90 days as of September 2009.  As of the same
date the cumulated level of defaults (arrears exceeding 12 months,
as defined in the transaction's documents) amounted to 0.64% of
the initial portfolio balance.

Sabadell 4's Class A(G) notes benefit from a guarantee by the
Kingdom of Spain ('AAA'/'F1+', Outlook Stable).  This guarantee
covers the ultimate payment of interest and principal on the
mentioned notes until their respective final legal maturities.  As
such, the rating of this class remains credit-linked to the
guarantor and therefore LS Ratings are not assigned.

Sabadell 5 is a cash flow securitization of a static portfolio
which at closing amounted to EUR1,250m and consisted of 5,786
loans granted by Banco de Sabadell to Spanish SMEs.  This
transaction closed in November 2006.  The collateral outstanding
balance has amortized to 42.6% of its initial balance.  This
transaction also shows an upwards trend in delinquencies, with
loans in arrears exceeding 90 days representing 1.65% of the
outstanding balance as of September 2009.  The cumulated level of
defaults (arrears exceeding 12 months, as defined in the
transaction's documents) amounted to 0.67% of the initial
portfolio balance.

Sabadell 5's Class A3(G) notes also benefit from a guarantee by
the Kingdom of Spain in the same terms as described above.  As
such, the rating of this class also remains credit-linked to the
guarantor.


SABADELL 1: Fitch Downgrades Rating on Class B Notes to 'BB'
------------------------------------------------------------
Fitch Ratings has downgraded three tranches of FTPYME TDA Sabadell
1, Fondo de Titulizacion de Activos and FTPYME TDA Sabadell 2
Fondo de Titulizacion de Activos and affirmed the remaining
tranches.  Both transactions are small- and medium-sized
enterprise collateralized debt obligations.  The rating actions
resolve the Rating Watch Negative assigned in August 2009 ahead of
the implementation of Fitch's revised criteria for rating European
granular pools of small corporate loans.  The rating actions taken
are:

Sabadell 1:

  -- EUR22,740,352 Class 1 CA (ISIN ES0339843007) affirmed at
     'AAA'; Outlook Stable

  -- EUR18,072,932 Class 1 SA (ISIN ES0339843015) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating 'LS-1'

  -- EUR11,100,000 Class 2 SA (ISIN ES033984023) affirmed at
     'AA+'; off RWN; assigned Stable Outlook; Loss Severity Rating
     'LS-1'

  -- EUR14,400,000 Class B (ISIN ES0339843031) downgraded to 'BB'
     from 'BBB'; off RWN; assigned Negative Outlook; Loss Severity
     Rating 'LS-1'

Sabadell 2:

  -- EUR49,647,287 Class 1 CA (ISIN ES0339844005): affirmed at
     'AAA'; Outlook Stable;

  -- EUR67,281,155 Class 1 SA (ISIN ES0339844013): affirmed at
     'AAA'; off RWN; assigned Stable Outlook; Loss Severity Rating
     'LS-1'

  -- EUR12,809,487 Class 2 SA (ISIN ES0339844021): downgraded to
     'BBB' from 'AA+'; off RWN; assigned Negative Outlook; Loss
     Severity Rating 'LS-2'

  -- EUR8,936,851 Class 3 SA (ISIN ES0339844039): downgraded to
     'BB' from 'BBB'; off RWN; assigned Negative Outlook; Loss
     Severity Rating 'LS-3'

The senior tranches of Sabadell 1 and 2 were affirmed due to
stable performance of their loan portfolios, the significant de-
leveraging of the transactions' capital structures and high levels
of first lien real estate collateral.

On Sabadell 1 Class B the credit enhancement of 3.7% is not
commensurate with an investment grade rating.  In particular
single obligor default risk has increased markedly as the loan
portfolio amortized.  The largest obligor has increased to 4.2% as
of September 2009 from 0.8% at closing in June 2002.  The
portfolio now contains 473 performing loans totalling EUR56.6
million or 9.4% of the initial portfolio balance.  Although the
portfolio is concentrated in the real estate sector with 21% it
benefits from 98% first-lien real-estate collateralization with a
generally low weighted average LTV ratio of 25%.  As of September
2009, Sabadell 1 had recognized six defaults accounting for 0.9%
of the outstanding portfolio balance and loans in arrears of 90
days increased to 0.9% from 0.1% a year ago while loans in arrears
of 180 days remain low at 0.04% compared to 0.1%.

On Sabadell 2 the downgrade of Class 2 SA and 3 SA reflects the
reduction of the available credit enhancement of these tranches
due to a period of pro-rata amortization, combined with an
increasing delinquency rates and obligor exposure.  As of 30
September 2009, Sabadell 2 had a total of 24 loans in default,
accounting for 2.6% of the outstanding portfolio balance.  Loans
in arrears of 90 days have reached 3%, up from 0.3% a year ago,
while loans in arrears of 180 days have increased to 1% in August
2009 before decreasing to 0.3% in September 2009.  The performing
portfolio currently contains 962 loans totalling EUR124.5m and the
transaction has benefited from a high level of de-leveraging to
24.9% of its initial balance.  In addition 91.9% of loans are
secured by real-estate collateral with a low weighted average LTV
ratio of 30.6%.  However the top obligor concentration has
increased to 2% from a maximum concentration of 1.3% during the
replenishment period.

The ultimate interest and principal repayment of both tranches 1
CA of Sabadell 1 and Sabadell 2 are guaranteed by the Kingdom of
Spain (rated 'AAA'/'F1+'/Outlook Stable').  Thus the notes are
credit-linked to the rating of the Kingdom of Spain and therefore
Loss Severity Ratings are not assigned.

Using its Rating Criteria for European SME CLOs, Fitch has assumed
the probability of default of the unrated SME loans to be
commensurate with the 'B' rating category.  Based on observed
delinquencies and the origination process of the respective banks
in Spain, the benchmark probability of default is adjusted upward
or downward.


SABADELL 2: Fitch Downgrades Rating on Class 3 SA Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded three tranches of FTPYME TDA Sabadell
1, Fondo de Titulizacion de Activos and FTPYME TDA Sabadell 2
Fondo de Titulizacion de Activos and affirmed the remaining
tranches.  Both transactions are small- and medium-sized
enterprise collateralized debt obligations.  The rating actions
resolve the Rating Watch Negative assigned in August 2009 ahead of
the implementation of Fitch's revised criteria for rating European
granular pools of small corporate loans.  The rating actions taken
are:

Sabadell 1:

  -- EUR22,740,352 Class 1 CA (ISIN ES0339843007) affirmed at
     'AAA'; Outlook Stable

  -- EUR18,072,932 Class 1 SA (ISIN ES0339843015) affirmed at
     'AAA'; Outlook Stable; Loss Severity Rating 'LS-1'

  -- EUR11,100,000 Class 2 SA (ISIN ES033984023) affirmed at
     'AA+'; off RWN; assigned Stable Outlook; Loss Severity Rating
     'LS-1'

  -- EUR14,400,000 Class B (ISIN ES0339843031) downgraded to 'BB'
     from 'BBB'; off RWN; assigned Negative Outlook; Loss Severity
     Rating 'LS-1'

Sabadell 2:

  -- EUR49,647,287 Class 1 CA (ISIN ES0339844005): affirmed at
     'AAA'; Outlook Stable;

  -- EUR67,281,155 Class 1 SA (ISIN ES0339844013): affirmed at
     'AAA'; off RWN; assigned Stable Outlook; Loss Severity Rating
     'LS-1'

  -- EUR12,809,487 Class 2 SA (ISIN ES0339844021): downgraded to
     'BBB' from 'AA+'; off RWN; assigned Negative Outlook; Loss
     Severity Rating 'LS-2'

  -- EUR8,936,851 Class 3 SA (ISIN ES0339844039): downgraded to
     'BB' from 'BBB'; off RWN; assigned Negative Outlook; Loss
     Severity Rating 'LS-3'

The senior tranches of Sabadell 1 and 2 were affirmed due to
stable performance of their loan portfolios, the significant de-
leveraging of the transactions' capital structures and high levels
of first lien real estate collateral.

On Sabadell 1 Class B the credit enhancement of 3.7% is not
commensurate with an investment grade rating.  In particular
single obligor default risk has increased markedly as the loan
portfolio amortized.  The largest obligor has increased to 4.2% as
of September 2009 from 0.8% at closing in June 2002.  The
portfolio now contains 473 performing loans totalling EUR56.6
million or 9.4% of the initial portfolio balance.  Although the
portfolio is concentrated in the real estate sector with 21% it
benefits from 98% first-lien real-estate collateralization with a
generally low weighted average LTV ratio of 25%.  As of September
2009, Sabadell 1 had recognized six defaults accounting for 0.9%
of the outstanding portfolio balance and loans in arrears of 90
days increased to 0.9% from 0.1% a year ago while loans in arrears
of 180 days remain low at 0.04% compared to 0.1%.

On Sabadell 2 the downgrade of Class 2 SA and 3 SA reflects the
reduction of the available credit enhancement of these tranches
due to a period of pro-rata amortization, combined with an
increasing delinquency rates and obligor exposure.  As of 30
September 2009, Sabadell 2 had a total of 24 loans in default,
accounting for 2.6% of the outstanding portfolio balance.  Loans
in arrears of 90 days have reached 3%, up from 0.3% a year ago,
while loans in arrears of 180 days have increased to 1% in August
2009 before decreasing to 0.3% in September 2009.  The performing
portfolio currently contains 962 loans totalling EUR124.5m and the
transaction has benefited from a high level of de-leveraging to
24.9% of its initial balance.  In addition 91.9% of loans are
secured by real-estate collateral with a low weighted average LTV
ratio of 30.6%.  However the top obligor concentration has
increased to 2% from a maximum concentration of 1.3% during the
replenishment period.

The ultimate interest and principal repayment of both tranches 1
CA of Sabadell 1 and Sabadell 2 are guaranteed by the Kingdom of
Spain (rated 'AAA'/'F1+'/Outlook Stable').  Thus the notes are
credit-linked to the rating of the Kingdom of Spain and therefore
Loss Severity Ratings are not assigned.

Using its Rating Criteria for European SME CLOs, Fitch has assumed
the probability of default of the unrated SME loans to be
commensurate with the 'B' rating category.  Based on observed
delinquencies and the origination process of the respective banks
in Spain, the benchmark probability of default is adjusted upward
or downward.


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


ATF GMBH: Claims Filing Deadline is November 20
-----------------------------------------------
Creditors of ATF GmbH are requested to file their proofs of claim
by November 20, 2009, to:

         BDO Visura, liquidator
         Kernserstrasse 31
         6060 Sarnen
         Switzerland

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


CU ELECTRONICS: Claims Filing Deadline is November 23
-----------------------------------------------------
Creditors of CU Electronics AG are requested to file their proofs
of claim by November 23, 2009, to:

         Mattias Johnson
         Grafenaustrasse 5
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 23, 2009.


FLEXSYS AG: Claims Filing Deadline is November 20
-------------------------------------------------
Creditors of Flexsys AG are requested to file their proofs of
claim by November 20, 2009, to:

         Walter H. Boss, liquidator
         Mail box: 865
         8034 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 29, 2009.


GASTEST AG: Claims Filing Deadline is November 20
-------------------------------------------------
Creditors of Gastest AG are requested to file their proofs of
claim by November 20, 2009, to:

         Mandataria Treuhand AG
         Bahnhofstrasse 23
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 5, 2009.


MOTIVATIONSSYSTEME: Claims Filing Deadline is November 23
---------------------------------------------------------
Creditors of Motivationssysteme GmbH are requested to file their
proofs of claim by November 23, 2009, to:

         Stefan Heim
         Strick
         9032 Engelburg
         Switzerland

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


MPI MEIER: Claims Filing Deadline is November 20
------------------------------------------------
Creditors of Mpi Meier und Partner Informatik AG are requested to
file their proofs of claim by November 20, 2009, to:

         Christian Meier
         Liquidator
         Asylstasse 90
         8032 Zurich
         Switzerland

The company is currently undergoing liquidation in Waltenschwil.
The decision about liquidation was accepted at a general meeting
held on September 22, 2009.


PLS BETEILIGUNG: Claims Filing Deadline is November 20
------------------------------------------------------
Creditors of PLS Beteiligung AG are requested to file their proofs
of claim by November 20, 2009, to:

         Linda Oettli
         Liquidator
         Schaettihuegelstrasse 11
         8863 Buttikon
         Switzerland

The company is currently undergoing liquidation in Freienbach SZ.
The decision about liquidation was accepted at an extraordinary
general meeting held on August 6, 2009.


RESTAURANT ROESSLI: Claims Filing Deadline is November 20
---------------------------------------------------------
Creditors of Restaurant Roessli AG are requested to file their
proofs of claim by November 20, 2009, to:

         Schmutz-Moeri Albert and Gertrud
         Liquidators
         Rumiweg 170
         4900 Langenthal
         Switzerland

The company is currently undergoing liquidation in Langenthal.
The decision about liquidation was accepted at a general meeting
held on July 21, 2009.


TICOR INTERNATIONAL: Claims Filing Deadline is November 23
----------------------------------------------------------
Creditors of Ticor International AG are requested to file their
proofs of claim by November 23, 2009, to:

         Ticor International AG
         Hallwilerweg 2
         6003 Luzern
         Switzerland

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


VILAS CREATIONS: Claims Filing Deadline is November 20
------------------------------------------------------
Creditors of Vilas Creations GmbH are requested to file their
proofs of claim by November 20, 2009, to:

         Vivian Streib-Ogueri
         Liquidator
         Neuhofstrasse 18
         8708 Maennedorf
         Switzerland

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


===========
T U R K E Y
===========


BANKPOZITIF KREDI: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------------
Fitch Ratings has placed 15 Turkish banks' and financial
institutions' Long-term foreign currency Issuer Default Ratings on
Rating Watch Positive and 14 Turkish banks' and financial
institutions' Long-term local currency IDRs on RWP.  This follows
similar action taken on the Republic of Turkey's LT FC and LC
IDRs.

At the same time, the agency affirmed the Short-term LC and FC
IDRs of the banks in question, with the exception of the ST LC IDR
of Turkiye Sinai Kalkinma Bankasi A.S. which has been placed on
RWP to reflect an expected improvement in its parent's (Turkiye Is
Bankasi A.S.) ability to support it if and when this bank's IDRs
are upgraded.  The agency has also affirmed the National LT
ratings and the Individual ratings of the entities concerned.
Fitch has also reviewed the Support ratings and Support Rating
Floors of the entities concerned and either affirmed these or
placed them on RWP, on a case-by-case basis.  A complete list of
ratings is reflected below.

The IDRs of the banks in the group below are placed on RWP due to
the Turkish government's expected improved ability to support
state-owned or state-guaranteed institutions, as indicated by the
RWP on the sovereign's IDRs.

T. C. ZIRAAT BANKASI A.S.:

  -- LTFC IDR: 'BB-' placed on RWP
  -- LTLC IDR: 'BB' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR : affirmed at 'B'
  -- National LT Rating: affirmed at 'AA+(tur)' Stable Outlook
  -- Individual rating: affirmed at 'C/D'
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: 'BB-' placed on RWP

TURKIYE HALK BANKASI A.S:

  -- LTFC IDR: 'BB-' placed on RWP
  -- LTLC IDR: 'BB' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'B'
  -- National LT Rating: affirmed at 'AA+(tur)' Stable Outlook
  -- Individual rating: affirmed at 'C/D'
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: 'BB-' placed on RWP

TURKIYE KALKINMA BANKASI A.S:

  -- LTFC IDR: 'BB-' placed on RWP
  -- LTLC IDR: 'BB' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'B'
  -- National LT rating: affirmed at 'AA+(tur)' Stable Outlook
  -- Individual rating: affirmed at 'D'
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: 'BB-' placed on RWP

The LT IDRs of these group of banks are driven by potential
support from highly-rated foreign shareholders.  The LT FC IDRs of
these banks are constrained by Turkey's current Country Ceiling,
currently on RWP.  If Turkey's Country Ceiling is upgraded, the LT
FC IDRs of these banks should be upgraded.  The LT LC IDRs of
these banks are currently rated two notches above the sovereign's
LT LC IDR, currently on RWP.  If and when Turkey's LT LC IDR is
upgraded, an upgrade of the LT LC IDRs of these banks may follow.

YAPI VE KREDI BANKASI A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- ST FC IDR: affirmed at 'B'
  -- ST LC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C/D'
  -- Support Rating: affirmed at '3'

FINANSBANK A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- ST FC IDR: affirmed at 'B'
  -- ST LC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: affirmed at '3'

DENIZBANK A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- ST FC IDR: affirmed at 'B'
  -- ST LC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: affirmed at '3'

TURK EKONOMI BANKASI A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- ST FC IDR: affirmed at 'B'
  -- ST LC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C/D'
  -- Support Rating: affirmed at '3'

BANKPOZITIF KREDI VE KALKINMA BANKASI A.S:

  -- LTFC IDR: 'BB', placed on RWP
  -- LTLC IDR: affirmed at 'BBB-', Stable Outlook
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'D'
  -- Support Rating: affirmed at '3'
  -- Senior unsecured debt: 'BB' placed on RWP
  -- Subordinated debt: 'BB-' placed on RWP

The LT IDRs of the banks below are driven by their intrinsic
financial strength.  The LT FC IDRs are constrained by Turkey's
current Country Ceiling, currently on RWP.  If Turkey's Country
Ceiling is upgraded, an upgrade of the LT FC IDRs of these banks
should follow.  The LT LC IDRs of these banks are currently rated
two notches above the sovereign's LT LC IDR, currently on RWP.  If
and when Turkey's LT LC IDR is upgraded, an upgrade of these
banks' LT LC IDR may follow.  They are systemically important
banks in Turkey and Fitch considers that, in case of need, they
would receive support from the Turkish state.  The Turkish
sovereign's improving capacity to provide such support, as
illustrated by the RWP on its IDRs, should result in an upgrading
of their Support ratings and Support Rating Floors if and when
action is taken on the sovereign's LT FC IDRs.

TURKIYE IS BANKASI A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: '4' placed on RWP
  -- Support Rating Floor: 'B+' placed on RWP

TURKIYE GARANTI BANKASI A.S.:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: '4' placed on RWP
  -- Support Rating Floor: 'B+' placed on RWP

AKBANK T.A.S.:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: '4' placed on RWP
  -- Support Rating Floor: 'B+' placed on RWP

The RWP on these bank's IDRs reflects similar action taken on its
parent's (Turkiye Is Bankasi A.S.) ratings.  As the parent's
ability to support its subsidiary improves, the IDRs of Turkiye
Sinai Kalkinma Bankasi should also improve.

TURKIYE SINAI KALKINMA BANKASI A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR 'BB+' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: 'B' placed on RWP
  -- National LT rating: affirmed at 'AA+(tur)' Stable Outlook
  -- Individual rating: affirmed at 'C/D'
  -- Support rating: affirmed at '3'

The IDRs of the entities below are equalized with those of their
parents, reflecting integration and committed support, and
therefore move in tandem with rating action taken on the parents'
ratings.

GARANTI FINANSAL KIRALAMA A.S.:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT Rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Support rating: affirmed at '3'

IS FINANSAL KIRALAMA A.S.:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT Rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Support rating: affirmed at '3'

GARANTI FAKTORING HIZMETLERI A.S.:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT Rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Support rating: affirmed at '3'

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


TURKIYE KALKINMA: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------------
Fitch Ratings has placed 15 Turkish banks' and financial
institutions' Long-term foreign currency Issuer Default Ratings on
Rating Watch Positive and 14 Turkish banks' and financial
institutions' Long-term local currency IDRs on RWP.  This follows
similar action taken on the Republic of Turkey's LT FC and LC
IDRs.

At the same time, the agency affirmed the Short-term LC and FC
IDRs of the banks in question, with the exception of the ST LC IDR
of Turkiye Sinai Kalkinma Bankasi A.S. which has been placed on
RWP to reflect an expected improvement in its parent's (Turkiye Is
Bankasi A.S.) ability to support it if and when this bank's IDRs
are upgraded.  The agency has also affirmed the National LT
ratings and the Individual ratings of the entities concerned.
Fitch has also reviewed the Support ratings and Support Rating
Floors of the entities concerned and either affirmed these or
placed them on RWP, on a case-by-case basis.  A complete list of
ratings is reflected below.

The IDRs of the banks in the group below are placed on RWP due to
the Turkish government's expected improved ability to support
state-owned or state-guaranteed institutions, as indicated by the
RWP on the sovereign's IDRs.

T. C. ZIRAAT BANKASI A.S.:

  -- LTFC IDR: 'BB-' placed on RWP
  -- LTLC IDR: 'BB' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR : affirmed at 'B'
  -- National LT Rating: affirmed at 'AA+(tur)' Stable Outlook
  -- Individual rating: affirmed at 'C/D'
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: 'BB-' placed on RWP

TURKIYE HALK BANKASI A.S:

  -- LTFC IDR: 'BB-' placed on RWP
  -- LTLC IDR: 'BB' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'B'
  -- National LT Rating: affirmed at 'AA+(tur)' Stable Outlook
  -- Individual rating: affirmed at 'C/D'
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: 'BB-' placed on RWP

TURKIYE KALKINMA BANKASI A.S:

  -- LTFC IDR: 'BB-' placed on RWP
  -- LTLC IDR: 'BB' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'B'
  -- National LT rating: affirmed at 'AA+(tur)' Stable Outlook
  -- Individual rating: affirmed at 'D'
  -- Support rating: affirmed at '3'
  -- Support Rating Floor: 'BB-' placed on RWP

The LT IDRs of these group of banks are driven by potential
support from highly-rated foreign shareholders.  The LT FC IDRs of
these banks are constrained by Turkey's current Country Ceiling,
currently on RWP.  If Turkey's Country Ceiling is upgraded, the LT
FC IDRs of these banks should be upgraded.  The LT LC IDRs of
these banks are currently rated two notches above the sovereign's
LT LC IDR, currently on RWP.  If and when Turkey's LT LC IDR is
upgraded, an upgrade of the LT LC IDRs of these banks may follow.

YAPI VE KREDI BANKASI A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- ST FC IDR: affirmed at 'B'
  -- ST LC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C/D'
  -- Support Rating: affirmed at '3'

FINANSBANK A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- ST FC IDR: affirmed at 'B'
  -- ST LC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: affirmed at '3'

DENIZBANK A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- ST FC IDR: affirmed at 'B'
  -- ST LC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: affirmed at '3'

TURK EKONOMI BANKASI A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- ST FC IDR: affirmed at 'B'
  -- ST LC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C/D'
  -- Support Rating: affirmed at '3'

BANKPOZITIF KREDI VE KALKINMA BANKASI A.S:

  -- LTFC IDR: 'BB', placed on RWP
  -- LTLC IDR: affirmed at 'BBB-', Stable Outlook
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'D'
  -- Support Rating: affirmed at '3'
  -- Senior unsecured debt: 'BB' placed on RWP
  -- Subordinated debt: 'BB-' placed on RWP

The LT IDRs of the banks below are driven by their intrinsic
financial strength.  The LT FC IDRs are constrained by Turkey's
current Country Ceiling, currently on RWP.  If Turkey's Country
Ceiling is upgraded, an upgrade of the LT FC IDRs of these banks
should follow.  The LT LC IDRs of these banks are currently rated
two notches above the sovereign's LT LC IDR, currently on RWP.  If
and when Turkey's LT LC IDR is upgraded, an upgrade of these
banks' LT LC IDR may follow.  They are systemically important
banks in Turkey and Fitch considers that, in case of need, they
would receive support from the Turkish state.  The Turkish
sovereign's improving capacity to provide such support, as
illustrated by the RWP on its IDRs, should result in an upgrading
of their Support ratings and Support Rating Floors if and when
action is taken on the sovereign's LT FC IDRs.

TURKIYE IS BANKASI A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: '4' placed on RWP
  -- Support Rating Floor: 'B+' placed on RWP

TURKIYE GARANTI BANKASI A.S.:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: '4' placed on RWP
  -- Support Rating Floor: 'B+' placed on RWP

AKBANK T.A.S.:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Individual Rating: affirmed at 'C'
  -- Support Rating: '4' placed on RWP
  -- Support Rating Floor: 'B+' placed on RWP

The RWP on these bank's IDRs reflects similar action taken on its
parent's (Turkiye Is Bankasi A.S.) ratings.  As the parent's
ability to support its subsidiary improves, the IDRs of Turkiye
Sinai Kalkinma Bankasi should also improve.

TURKIYE SINAI KALKINMA BANKASI A.S:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR 'BB+' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: 'B' placed on RWP
  -- National LT rating: affirmed at 'AA+(tur)' Stable Outlook
  -- Individual rating: affirmed at 'C/D'
  -- Support rating: affirmed at '3'

The IDRs of the entities below are equalized with those of their
parents, reflecting integration and committed support, and
therefore move in tandem with rating action taken on the parents'
ratings.

GARANTI FINANSAL KIRALAMA A.S.:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT Rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Support rating: affirmed at '3'

IS FINANSAL KIRALAMA A.S.:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT Rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Support rating: affirmed at '3'

GARANTI FAKTORING HIZMETLERI A.S.:

  -- LTFC IDR: 'BB' placed on RWP
  -- LTLC IDR: 'BBB-' placed on RWP
  -- STFC IDR: affirmed at 'B'
  -- STLC IDR: affirmed at 'F3'
  -- National LT Rating: affirmed at 'AAA(tur)' Stable Outlook
  -- Support rating: affirmed at '3'

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


TURKLAND BANK: Fitch Affirms Individual Rating at 'D'
-----------------------------------------------------
Fitch Ratings has placed Turkland Bank A.S.'s Long-term foreign
currency Issuer Default Rating of 'BB' and Long-term local
currency IDR of 'BBB-' on Rating Watch Positive.  This follows
similar action taken on the Republic of Turkey's Long-term local
and foreign currency IDRs.

At the same time Fitch has affirmed T-Bank's other ratings at
Short-term foreign currency IDR 'B', Short-term local currency IDR
'F3', Individual 'D', Support '3' and National Long-term
'AAA(tur)' with Stable Outlook.

The Long-term IDRs, Short-term local currency IDR, National Long-
term and Support ratings of T-Bank are driven by a high propensity
of support from its 50% ultimate owner Arab Bank Group ('A-'/
Stable/'F1').  However, this support is constrained by Turkey's
Country Ceiling, 'BB', currently on RWP.  T-Bank's Long-term
foreign currency IDR is thus constrained by Turkey's Country
Ceiling; if the Country Ceiling is upgraded, the Long-term foreign
currency IDR of T-Bank would also be upgraded.  The Long-term
local currency IDR of T-Bank is currently two notches above the
sovereign's Long-term local currency IDR, currently on RWP.  If
and when Turkey's Long-term local currency IDR is upgraded, an
upgrade of the Long-term local currency IDR of T-Bank may follow.

T-Bank is a small commercial bank providing corporate, commercial
and, SME banking services and offers retail banking as a
complementary business.  The bank is 50% owned by Arab Bank plc
(ultimately owned by Arab Bank Group), 41% by BankMed Sal and 9%
by Mehmet Nazif Gunal.

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


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


BRANTON BRIDGE: Sold to Calibre; More Than 30 Jobs Saved
--------------------------------------------------------
Branton Bridge Solicitors, the specialist personal injury
solicitors, entered into administration on October 30, 2009.  Greg
Mullarkey, Chief Executive at Blue Gate Capital Limited, and David
Thornhill, Client Partner at Vantis Business Recovery Services
(BRS), a division of Vantis, the UK accounting, tax and business
advisory group, have been appointed as Joint Administrators.

Shortly after their appointment the Joint Administrators disposed
of the business and assets of Branton Bridge Solicitors to Calibre
Solicitors Limited.  Under the agreement, the staff of Branton
Bridge Solicitors was transferred to Calibre, a move which has
saved more than 30 jobs.  Calibre will trade under the name Legal
Gateway Solicitors.

At the date of appointment, Branton Bridge Solicitors had a
portfolio of some 2,200 cases under its control which will now be
handled by Calibre, trading as Legal Gateway Solicitors, subject
to the agreement of the clients concerned.

Mr. Thornhill, Client Partner at Vantis BRS, said: "We are
delighted that we have been able to dispose of the business and
assets of Branton Bridge and, by doing so, secure the jobs of the
members of staff employed by the firm.  We are also confident that
the clients of the firm will receive proper continuity of care as
a result of the transfer, although it will be up to individual
clients to determine whether their case is dealt with by Calibre,
trading as Legal Gateway Solicitors.  We hope that by completing
this deal so quickly the realizations from assets will be
increased -- allowing us to maximize the return to the creditors."


DEVON CIDER: Sold to Aston Manor; 50 Jobs Saved
----------------------------------------------
Devon Cider Company Limited, the Tiverton-based drinks
manufacturer of own label and branded label ciders, has
successfully come out of administration, saving 50 jobs and the
future of the business.

Geoff Rowley and Nick O'Reilly, Client Partners from Vantis
Business Recovery Services, a division of Vantis, the UK
accounting, tax and business advisory group, were appointed as
Joint Administrators on September 30, 2009.

An offer was accepted for the business, property and assets of the
company from Aston Manor Brewery Company Limited of Birmingham,
the UK's largest independent cider company with 26 years
experience in the industry.

Commenting on the case, Mr. Rowley said: "We were able to develop
a strategy for sale to keep Devon Cider open for trading and
without having to make any redundancies."

Peter Ellis, Managing Director of Aston Manor, also added: "We
were delighted to acquire Devon Cider to continue the art of cider
making in Tiverton, Devon."


DONCASTERS GROUP: DIC Injects GBP53 Mln Cash to Avert Debt Breach
-----------------------------------------------------------------
Helen Power at The Times reports that Dubai Investment Capital has
injected GBP53 million into Doncasters Group Ltd. to prevent a
breach of its banking covenants.

According to the Times, the Gulf sovereign-wealth fund has come to
an agreement with its banks to put the cash into Sheffield-based
Doncasters, which employs nearly 5,000, in return for an agreement
with lenders to relax its covenants.

Lenders had asked for up to GBP200 million to be put into
Doncasters, which makes components for Rolls-Royce, the Times
notes.

Doncasters -- http://www.doncasters.com/-- is a manufacturing
services provider for the gas and steam turbine industries.  The
company makes airfoils, casings, rings, and exhaust and combustion
components, and other engineered products for use in aircraft
engines.  Other products include automotive turbochargers, and
dies and tooling for the forging and casting industry.  Doncasters
also offers electromagnetic shielding services.  It also
manufactures precision components for equipment and vehicles used
by the US armed forces.  The company serves such customers as
Boeing, GE Aircraft Engines, and Rolls-Royce.


NIPSON DIGITAL: May Seek Administration if Repayment Talks Fail
---------------------------------------------------------------
ShareCast reports that Nipson Digital Printing Systems plc said it
may go into administration if it can't agree on the repayment of a
EUR2 million loan.

"If agreement cannot be reached then as referred to in the
announcement of 15 October 2009, the company will need to consider
a Company Voluntary Arrangement; but will also consider other
options including administration," ShareCast quoted the group a
saying a short statement.

Nipson Digital Printing Systems PLC -- http://www.nipson.com/--
is a United Kingdom-based company.  The Company, along with its
subsidiaries, is engaged in the manufacture and distribution of
digital printing equipment, related consumables and spare parts,
maintenance and service.  It has operations in France, United
States, Germany and the United Kingdom.  Its subsidiaries include
Nipson SAS, which is engaged in the manufacture of printers, and
distribution and service of printers, consumables and spares;
Nipson America Inc, which is engaged in the distribution and
service of printers, consumables and spares, and Nipson Italia
Srl, which is engaged in the distribution of printers, consumables
and spares.


RBS CAPITAL: S&P Corrects Error on Subordinated Guarantor of Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services corrected an error relating to
the subordinated guarantor of perpetual capital instruments issued
by RBS Capital Funding Trust V, RBS Capital Funding Trust VI, and
RBS Capital Funding Trust VII.  Following S&P's rating actions on
The Royal Bank of Scotland Group PLC (A/Stable/A-1) and its hybrid
capital issues on Nov. 3, 2009, the subordinated guarantor of the
issues from the above entities was inadvertently misidentified due
to an administrative error.

S&P has now rectified this error and the subordinated guarantor is
listed as ABN AMRO Holding N.V. (not rated).  The ratings on the
perpetual capital instruments issued by the trusts are unaffected.

                           Ratings List

                   RBS Capital Funding Trust V*
    US$1.25 bil 5.9% callable perp non-cum gtd trust pfd secs
                        ISIN: US74928K2087

                           B/Watch Dev

                   RBS Capital Funding Trust VI*
         US$200 mil 6.25% non-cum trust pfd secs callable
                        ISIN: US74928M2044

                            B/Watch Dev

                  RBS Capital Funding Trust VII*
       US$1.8 bil 6.08% non-cum gtd trust pfd secs callable
                        ISIN: US74928P2074

                           B/Watch Dev

   * Guaranteed on a subordinated basis by ABN AMRO Holding N.V.


ROYAL BANK: Fitch Puts 'E' Individual Rating on Positive Watch
--------------------------------------------------------------
Fitch Ratings has placed The Royal Bank of Scotland Group's (RBS
Group) and The Royal Bank of Scotland's Individual Ratings of 'E'
on Rating Watch Positive.  Their ratings have been affirmed at
Long-term Issuer Default 'AA-', Short-term IDR 'F1+', Support '1'
and Support Rating Floor AA-'.  The Outlooks on the Long-term IDRs
are Stable.  The agency has also affirmed all the ratings of RBS
Group's other subsidiaries.  Certain group hybrid securities have
been downgraded.  For a full list of ratings, please refer to the
end of this rating action comment.

The rating actions follow the recent announcement of an additional
GBP25.5 billion capital injection by end-2009 from the UK
government, confirmation of the group's participation in the UK
government's asset protection scheme and the divestitures required
by the European Commission for approving state aid.

The affirmation of the Long- and Short-term IDRs, Support Rating
Floors and Support Ratings reflect the extremely high level of
support for the group by the UK government, whose economic
interest in RBS Group rises to 84.4% after it makes a further
capital injection under the APS.

RBS Group's reliance on external support is reflected in its
current 'E' Individual Rating.  The RWP reflects Fitch's views
that the group will be better-positioned to pursue its
restructuring and de-leveraging strategy in the still tough
operating environment given a material boost to its core capital
position.  However, the group faces a complicated task of
implementing a refocused, lower-risk, strategy as well as
restructuring the business in accordance with the EC's
requirements.  Although the business disposals required by the EC
will not materially erode RBS Group's strong domestic UK
franchises, in Fitch's view, the divestments and competitive
constraints on its global banking and markets division increase
the already high execution risk for the group to achieve its
strategic goals.  Nevertheless, de-risking the balance sheet and
stabilizing or improving asset quality could benefit its
Individual Rating.  Fitch views positively the GBP8bn contingent
capital facility provided by the UK government as it provides an
additional capital cushion for unexpected impairment charges
should economic conditions turn more severe.

The RWP should be resolved in the near-term, once more details on
the APS have been revealed and the agency has completed its
assessment of the group's changing financial and risk profile and
its ability to achieve its strategic and financial goals.

The rating actions in respect of the group's upper tier 2 and tier
1 securities follow confirmation that the EC is to require that
RBS Group does not make discretionary payments of coupons or
dividends on hybrid capital securities.  Fitch has downgraded and
removed from Rating Watch Negative debt securities where payments
appear discretionary.  All other upper tier 2 and tier 1
securities appear to have "must pay" features and remain on RWE.
Fitch has maintained the RWN on certain lower tier 2 securities
where coupon deferral is possible, but the agency believes the
risk to be limited.

Resolution of the Watches will take place once the RWP on the
Individual Rating is resolved and once there is greater certainty
over the extent and timing of the deferral requirements and the
securities affected.

The ratings actions are:

The Royal Bank of Scotland Group plc (RBS Group)

  -- Long-term IDR: affirmed at 'AA-'; Outlook Stable
  -- Senior unsecured debt: affirmed at 'AA-'
  -- Short-term IDR: affirmed at 'F1+'
  -- Commercial paper: affirmed at 'F1+'
  -- Individual rating: 'E'; placed on RWP
  -- Support rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'AA-'

The Royal Bank of Scotland plc (RBS)

  -- Long-term IDR: affirmed at 'AA-'; Outlook Stable
  -- Senior unsecured debt: affirmed at 'AA-'
  -- Short-term IDR: affirmed at 'F1+'
  -- Commercial paper: affirmed at 'F1+';
  -- Individual rating: 'E'; placed on RWP
  -- Support rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'AA-'
  -- Guaranteed senior long-term debt affirmed at 'AAA'
  -- Guaranteed senior short-term debt affirmed at 'F1+'

National Westminster Bank plc (NatWest)

  -- Long-term IDR: affirmed at 'AA-'; Outlook Stable
  -- Senior unsecured debt: affirmed at 'AA-'
  -- Short-term IDR: affirmed at 'F1+'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'AA-'

Ulster Bank Ltd

  -- Long-term IDR: affirmed at 'A+'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'E'
  -- Support rating: affirmed at '1'

Ulster Bank Finance plc:

  -- Commercial paper: affirmed at 'F1+'

Ulster Bank Ireland Limited:

  -- Long-term IDR: affirmed at 'A+'; Outlook Stable
  -- Senior unsecured debt: affirmed at 'A+'
  -- Short-term IDR: affirmed at 'F1+'
  -- Individual rating: affirmed at 'E'
  -- Support rating: affirmed at '1'

First Active Plc:

  -- Long-term IDR: affirmed at 'A+'; Outlook Stable
  -- Senior unsecured debt: affirmed at 'A+'
  -- Short-term IDR: affirmed at 'F1+'
  -- Commercial paper: affirmed at 'F1+'
  -- Individual rating: affirmed at 'E'
  -- Support rating: affirmed at '1'

RBS Holdings USA Inc. (formerly Greenwich Capital Holdings Inc.):

  -- US commercial paper: affirmed at 'F1+'

Citizens Financial Group, Inc.:

  -- Long-term IDR: affirmed at 'A+'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Individual rating: 'B/C'; remains on RWN
  -- Support rating: affirmed at '1'

RBS Citizens, NA (formerly Citizens Bank, NA):

  -- Long-term IDR: affirmed at 'A+'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Long-term deposits: affirmed at 'AA-'
  -- Short-term deposits: affirmed at 'F1+'
  -- Senior unsecured debt: affirmed at 'A+'
  -- Subordinated debt: affirmed at 'A'
  -- Individual rating: 'B/C'; remains on RWN
  -- Support rating: affirmed at '1'

Citizens Bank of Pennsylvania:

  -- Long-term IDR: affirmed at 'A+'; Outlook Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Long-term deposits: affirmed at 'AA-'
  -- Short-term deposits: affirmed at 'F1+'
  -- Individual rating: 'B/C'; remains on RWN
  -- Support rating: affirmed at '1'

ABN AMRO Bank NV:

  -- Long-term IDR: affirmed at 'AA-'; Outlook Stable
  -- Senior unsecured debt: affirmed at 'AA-'
  -- Subordinated debt: affirmed at 'A+'
  -- Upper tier 2 instruments: 'B+'; remain on RWN
  -- Tier 1 instruments: 'B'; remain on RWN
  -- Short-term IDR: affirmed at 'F1+'
  -- Commercial paper and short-term debt: affirmed at 'F1+'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A-'
  -- Guaranteed senior long-term (AUD) debt affirmed at 'AAA'
  -- Guaranteed senior short-term (EUR) debt affirmed at 'F1+'
  -- Mortgage covered bonds: remain unaffected by the action

Actions on the tier 1, upper tier 2 and lower tier 2 debt
securities are:

The Royal Bank of Scotland Group plc (RBS Group)

  -- Preference shares: 'B'; remain on RWE

  -- US$300m non-cumulative preference shares, Series H
     (US7800978790)

  -- US$1bn non-cumulative preference shares, Series 1
     (US780097AE13)

  -- GBP 200m non-cumulative preference shares, Series 1
     (XS0121856859)

  -- Innovative tier 1: 'B'; remain on RWE

  -- US$1.2bn regulatory tier 1 securities (US780097AH44)

All other rated preference shares and tier 1 securities downgraded
to 'CC' from 'B'; RWN removed.

Dated subordinated bonds: 'A+'; remain on RWN

  -- US$350m subordinated bonds due 2018 (US780097AM39)
  -- US$750m subordinated bonds due 2014 (US780097AN12)
  -- US$1bn subordinated bonds due 2014 (US780097AL55)
  -- US$300m subordinated bonds due 2011 (US780097AB73)
  -- US$675m subordinated bonds due 2015 (US780097AP69)

All other subordinated bonds rated 'A+' are affirmed

The Royal Bank of Scotland plc (RBS)

  -- Upper tier 2 securities: 'B+'; remain on RWE

  -- GBP175m undated subordinated notes (XS0116447599)

  -- GBP400m undated subordinated callable step-up notes
     (XS0247645160)

  -- GBP350m fixed rate undated subordinated notes (XS0137784426)

  -- EUR500m undated subordinated notes (XS0195230635)

  -- EUR1bn undated subordinated notes (XS0195231526)

  -- GBP500m undated subordinated notes (XS0193721544)

  -- GBP500m undated subordinated notes (XS0164828385)

  -- CAD700m undated subordinated callable step-up notes
     (CA780097AR28)

  -- GBP200m undated subordinated bonds (XS0045071932)

  -- GBP600m undated subordinated notes (XS0206633082)

  -- GBP500m undated subordinated notes (XS0144810529)

  -- GBP900m undated subordinated notes (XS0154144132)

  -- GBP500m undated subordinated notes (XS0138939854)

  -- JPY25bn unsubordinated notes (XS0203781660)

  -- Dated subordinated bonds: 'A+'; remain on RWN

  -- EUR1bn dated subordinated bond due 2021 (XS0201065496)

All other subordinated bonds rated 'A+' are affirmed

National Westminster Bank plc (NatWest)

  -- Upper tier 2 securities: 'B+'; remain on RWE

  -- EUR100m undated subordinated notes (XS0102480786)

  -- EUR400m undated subordinated notes (XS0102480869)

  -- GBP200m undated subordinated step-up notes (XS0102493680)

  -- GBP325m undated subordinated step-up notes (XS0102493508)

  -- US$500m primary capital floating rate notes (Series 'A')
     (GB0006267073)

  -- US$500m primary capital floating rate notes (Series 'B')
     (GB0006267180)

  -- US$500m primary capital FRNs (Series 'C') (LU0001547172)

  -- Subordinated debt affirmed at 'A+'

  * Fitch does not rate all capital issued by RBS Group, RBS,
    NatWest and ABN AMRO Bank.


===================
U Z B E K I S T A N
===================


ALOKABANK: Moody's Maintains Review for Possible Downgrade
----------------------------------------------------------
Moody's Investors Service said that it is maintaining its review
of the long-term local currency deposit ratings of three Uzbek
banks, National Bank of Uzbekistan, Ipoteka Bank and Alokabank.
On May 21, 2009, Moody's placed these ratings on review for
possible downgrade in order to assess the country's capacity to
support its banking system in the midst of the global economic and
financial crisis.

The rating agency believes that, in case of need, the Uzbek
government is likely to support a number of large local banks
deemed to be systemically important, as evidenced by a number of
legislative and regulatory actions recently taken by the
government.  However, as the financial crisis wears on, the
capacity of the country and its central bank to support the
nation's banks may become somewhat constrained.  As such, Moody's
is in the process of reassessing the probability of systemic
support.  This element has a direct impact on the deposit ratings
of the three Uzbek banks noted above.

Factors that the rating agency is considering in its reassessment
of systemic support include the size of the banking system in
relation to government resources, the level of stress in the
banking system, the foreign currency obligations of the banking
systems relative to the government's own foreign exchange
resources, and changes to government political patterns and
priorities.

These ratings remain on review for possible downgrade:

* National Bank of Uzbekistan -- Long-term global local currency
  deposit rating of Ba3

* Ipoteka Bank -- Long-term GLC deposit rating of B1

* Alokabank -- Long-term GLC deposit rating of B1

The rating agency expects to conclude the review early next year.

All other ratings of these three banks and other bank ratings in
Uzbekistan are unaffected by Moody's reassessment of the
probability of systemic support.

Moody's previous rating action on the National Bank of Uzbekistan,
Ipoteka Bank and Alokabank, was on May 21, 2009 when Moody's
placed their local currency deposit ratings on review for possible
downgrade.


IPOTEKA BANK: Moody's Maintains Review for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service said that it is maintaining its review
of the long-term local currency deposit ratings of three Uzbek
banks, National Bank of Uzbekistan, Ipoteka Bank and Alokabank.
On May 21, 2009, Moody's placed these ratings on review for
possible downgrade in order to assess the country's capacity to
support its banking system in the midst of the global economic and
financial crisis.

The rating agency believes that, in case of need, the Uzbek
government is likely to support a number of large local banks
deemed to be systemically important, as evidenced by a number of
legislative and regulatory actions recently taken by the
government.  However, as the financial crisis wears on, the
capacity of the country and its central bank to support the
nation's banks may become somewhat constrained.  As such, Moody's
is in the process of reassessing the probability of systemic
support.  This element has a direct impact on the deposit ratings
of the three Uzbek banks noted above.

Factors that the rating agency is considering in its reassessment
of systemic support include the size of the banking system in
relation to government resources, the level of stress in the
banking system, the foreign currency obligations of the banking
systems relative to the government's own foreign exchange
resources, and changes to government political patterns and
priorities.

These ratings remain on review for possible downgrade:

* National Bank of Uzbekistan -- Long-term global local currency
  deposit rating of Ba3

* Ipoteka Bank -- Long-term GLC deposit rating of B1

* Alokabank -- Long-term GLC deposit rating of B1

The rating agency expects to conclude the review early next year.

All other ratings of these three banks and other bank ratings in
Uzbekistan are unaffected by Moody's reassessment of the
probability of systemic support.

Moody's previous rating action on the National Bank of Uzbekistan,
Ipoteka Bank and Alokabank, was on May 21, 2009 when Moody's
placed their local currency deposit ratings on review for possible
downgrade.


NATIONAL BANK: Moody's Maintains Review for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service said that it is maintaining its review
of the long-term local currency deposit ratings of three Uzbek
banks, National Bank of Uzbekistan, Ipoteka Bank and Alokabank.
On May 21, 2009, Moody's placed these ratings on review for
possible downgrade in order to assess the country's capacity to
support its banking system in the midst of the global economic and
financial crisis.

The rating agency believes that, in case of need, the Uzbek
government is likely to support a number of large local banks
deemed to be systemically important, as evidenced by a number of
legislative and regulatory actions recently taken by the
government.  However, as the financial crisis wears on, the
capacity of the country and its central bank to support the
nation's banks may become somewhat constrained.  As such, Moody's
is in the process of reassessing the probability of systemic
support.  This element has a direct impact on the deposit ratings
of the three Uzbek banks noted above.

Factors that the rating agency is considering in its reassessment
of systemic support include the size of the banking system in
relation to government resources, the level of stress in the
banking system, the foreign currency obligations of the banking
systems relative to the government's own foreign exchange
resources, and changes to government political patterns and
priorities.

These ratings remain on review for possible downgrade:

* National Bank of Uzbekistan -- Long-term global local currency
  deposit rating of Ba3

* Ipoteka Bank -- Long-term GLC deposit rating of B1

* Alokabank -- Long-term GLC deposit rating of B1

The rating agency expects to conclude the review early next year.

All other ratings of these three banks and other bank ratings in
Uzbekistan are unaffected by Moody's reassessment of the
probability of systemic support.

Moody's previous rating action on the National Bank of Uzbekistan,
Ipoteka Bank and Alokabank, was on May 21, 2009 when Moody's
placed their local currency deposit ratings on review for possible
downgrade.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week November 2 to November 6, 2009
-----------------------------------------------------------

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

AUSTRIA
-------
INVESTKREDIT AG          7.000     3/6/2021       EUR     72.89
KOMMUNALKREDIT           0.500    3/15/2019       CAD     63.46
OESTER VOLKSBK           4.170    7/29/2015       EUR     66.13
OESTER VOLKSBK           5.450     8/2/2019       EUR     67.38
OESTER VOLKSBK           4.810    7/29/2025       EUR     56.75
OESTER VOLKSBK           5.270     2/8/2027       EUR     93.78
SAPPI PAPIER HOL         6.750    6/15/2012       USD     97.50
SAPPI PAPIER HOL         7.500    6/15/2032       USD     48.13
SAPPI PAPIER HOL         7.500    6/15/2032       USD     48.13


BELGIUM
-------
FORTIS BANK              8.750    12/7/2010       EUR     21.44

BULGARIA
--------
PETROL AD-SOFIA          8.375   10/26/2011       EUR     60.07

CZECH REPUBLIC
--------------
CZECH REPUBLIC           2.750    1/16/2036       JPY     70.96

FINLAND
-------
MUNI FINANCE PLC         1.000   11/21/2016       NZD     67.93
MUNI FINANCE PLC         1.000   10/30/2017       AUD     61.03
MUNI FINANCE PLC         1.000    2/27/2018       AUD     59.88
MUNI FINANCE PLC         0.500    9/24/2020       CAD     58.24
MUNI FINANCE PLC         0.500    3/17/2025       CAD     44.37
MUNI FINANCE PLC         0.250    6/28/2040       CAD     20.25

FRANCE
------
AIR FRANCE-KLM           4.970     4/1/2015       EUR     14.76
ALCATEL SA               4.750     1/1/2011       EUR     16.43
ALCATEL-LUCENT           5.000     1/1/2015       EUR      3.59
ATARI SA                 4.000     4/1/2020       EUR      0.68
ATOS ORIGIN SA           2.500     1/1/2016       EUR     47.74
CALYON                   6.000    6/18/2047       EUR     44.56
CAP GEMINI SA            2.500     1/1/2010       EUR     51.85
CAP GEMINI SOGET         1.000     1/1/2012       EUR     42.86
CAP GEMINI SOGET         3.500     1/1/2014       EUR     42.41
CLUB MEDITERRANE         4.375    11/1/2010       EUR     48.39
EURAZEO                  6.250    6/10/2014       EUR     55.83
GROUPE VIAL              2.500     1/1/2014       EUR     25.11
MAUREL & PROM            3.500     1/1/2010       EUR     22.72
MAUREL ET PROM           7.125    7/31/2014       EUR     18.66
NEXANS SA                4.000     1/1/2016       EUR     61.28
PEUGEOT SA               4.450     1/1/2016       EUR     30.51
PUBLICIS GROUPE          3.125    7/30/2014       EUR     33.82
PUBLICIS GROUPE          1.000    1/18/2018       EUR     44.89
RENTENBANK               1.000    3/29/2017       NZD     67.12
RHODIA SA                0.500     1/1/2014       EUR     40.62
SCOR SA                  4.125     1/1/2010       EUR      2.13
SOC AIR FRANCE           2.750     4/1/2020       EUR     20.59
SOITEC                   6.250     9/9/2014       EUR     10.36
SOLON AG SOLAR           1.375    12/6/2012       EUR     41.46
TEM                      4.250     1/1/2015       EUR     54.82
THEOLIA                  2.000     1/1/2014       EUR     11.36
VALEO                    2.375     1/1/2011       EUR     46.07

GERMANY
-------
DEUTSCHE BK LOND         3.000    5/18/2012       CHF     72.81
DEUTSCHE BK LOND         1.000    3/31/2027       USD     47.98
ESCADA AG                7.500     4/1/2012       EUR     23.48
GOTHAER ALLG VER         5.527    9/29/2026       EUR     76.47
HSH NORDBANK AG          4.375    2/14/2017       EUR     70.20
HVB REAL ESTATE          6.480    3/21/2022       EUR    103.65
HYPO REAL ESTATE         4.690   12/14/2026       EUR     69.90
HYPO REAL ESTATE         5.440    4/13/2034       EUR     72.77
HYPOREAL INTL AG         4.560    3/28/2021       EUR     74.95
HYPOREAL INTL AG         4.675    9/13/2021       EUR     74.99
IKB DEUT INDUSTR         4.500     7/9/2013       EUR     78.08
L-BANK FOERDERBK         0.500    5/10/2027       CAD     42.90
LB BADEN-WUERTT          5.250   10/20/2015       EUR     35.04
LB BADEN-WUERTT          2.500    1/30/2034       EUR     57.10
TUI AG                   2.750     9/1/2012       EUR     74.29
TUI AG                   5.500   11/17/2014       EUR     59.09
VAC FINANZ               9.250    4/15/2016       EUR     38.00
VAC FINANZ               9.250    4/15/2016       EUR     38.00
WUERTTEMBRG LEBN         5.375     6/1/2026       EUR     74.63

GREECE
------
YIOULA GLASSWORK         9.000    12/1/2015       EUR     57.25
YIOULA GLASSWORK         9.000    12/1/2015       EUR     57.25

HUNGARY
-------
ZAGREBACKI HOLD          5.500    7/10/2017       EUR     81.87
REP OF HUNGARY           2.110   10/26/2017       JPY     68.88

ICELAND
-------
GLITNIR BANKI HF         6.693    6/15/2016       USD      6.98

IRELAND
-------
ALLIED IRISH BKS         5.250    3/10/2025       GBP     65.91
ALLIED IRISH BKS         5.625   11/29/2030       GBP     64.52
BANK OF IRELAND          4.875    1/22/2018       GBP     71.33
DEPFA ACS BANK           0.500     3/3/2025       CAD     30.25
DEPFA ACS BANK           5.250    3/31/2025       CAD     72.11
DEPFA ACS BANK           3.250    7/31/2031       CHF     98.20
DEPFA ACS BANK           4.900    8/24/2035       CAD     60.95
DEPFA ACS BANK           5.125    3/16/2037       USD     75.82
DEPFA ACS BANK           5.125    3/16/2037       USD     77.62
IRISH LIFE & PER         4.625     5/9/2017       EUR     69.83
IRISH NATIONWIDE         5.500    1/10/2018       GBP     42.37
ONO FINANCE II           8.000    5/16/2014       EUR     64.63
ONO FINANCE II           8.000    5/16/2014       EUR     65.13
ONO FINANCE PLC         10.500    5/15/2014       EUR     69.32
ONO FINANCE PLC         10.500    5/15/2014       EUR     69.33
UT2 FUNDING PLC          5.321    6/30/2016       EUR     61.93

ITALY
-----
ALITALIA SPA             7.500    7/22/2010       EUR     24.13
COMUNE DI MILANO         4.019    6/29/2035       EUR     69.38
RISANAMENTO              1.000    5/10/2014       EUR     71.96
ROMULUS FINANCE          5.441    2/20/2023       GBP     70.19

LUXEMBOURG
----------
ARCELORMITTAL            7.250     4/1/2014       EUR     29.56
BREEZE                   4.524    4/19/2027       EUR     62.68
CRC BREEZE               5.290     5/8/2026       EUR     72.97
LIGHTHOUSE INTL          8.000    4/30/2014       EUR     62.02
LIGHTHOUSE INTL          8.000    4/30/2014       EUR     61.44
SAFILO CAP INTL          9.625    5/15/2013       EUR     66.48
SAFILO CAP INTL          9.625    5/15/2013       EUR     66.38
TECNOST INTL NV          3.550    5/14/2032       JPY     71.52

NETHERLANDS
-----------
ABN AMRO BANK NV         3.375    8/15/2031       CHF    101.82
ABN AMRO BANK NV         6.000    3/16/2035       EUR     67.73
ABN AMRO BANK NV         7.540    6/29/2035       EUR     60.04
AI FINANCE B.V.         10.875    7/15/2012       USD     51.75
AIR BERLIN FINAN         1.500    4/11/2027       EUR     58.56
ALB FINANCE BV           9.000   11/22/2010       USD     26.99
ALB FINANCE BV           8.750    4/20/2011       USD     26.98
ALB FINANCE BV           7.875     2/1/2012       EUR     27.97
ALB FINANCE BV           9.250    9/25/2013       USD     26.94
ARPENI PR INVEST         8.750     5/3/2013       USD     71.13
ARPENI PR INVEST         8.750     5/3/2013       USD     71.13
ASTANA FINANCE           9.000   11/16/2011       USD     23.48
BLT FINANCE BV           7.500    5/15/2014       USD     58.00
BLT FINANCE BV           7.500    5/15/2014       USD     59.50
BSP FINANCE BV          10.750    11/1/2011       USD     71.13
CRR BV                  10.000    6/19/2011       USD      9.99
ELEC DE CAR FIN          8.500    4/10/2018       USD     61.46
EM.TV FINANCE BV         5.250     5/8/2013       EUR      3.68
FINANCE & CREDIT        10.375    1/25/2010       USD     70.99
IVG FINANCE BV           1.750    3/29/2017       EUR     66.56
KAZKOMMERTS INTL         8.000    11/3/2015       USD     81.69
KAZKOMMERTS FIN          8.625    7/27/2016       USD     74.17
KAZKOMMERTS INTL         7.500   11/29/2016       USD     76.45
KAZKOMMERTS INTL         6.875    2/13/2017       EUR     74.23
KAZKOMMERTS FIN          8.500    6/13/2017       USD     72.42
KBC IFIMA NV             6.004     2/7/2025       USD     68.64
LEHMAN BROS TSY          7.250    10/5/2035       EUR      8.97
NATL INVESTER BK        25.983     5/7/2029       EUR     36.09
NED WATERSCHAPBK         0.500    3/11/2025       CAD     45.83
NIB CAPITAL BANK         4.790   12/17/2043       EUR     69.71
NXP BV/NXP FUNDI         8.625   10/15/2015       EUR     68.38
NXP BV/NXP FUNDI         8.625   10/15/2015       EUR     68.38
NXP BV/NXP FUNDI         8.625   10/15/2015       EUR     69.27
NXP BV/NXP FUNDI         9.500   10/15/2015       USD     74.63
NXP BV/NXP FUNDI         9.500   10/15/2015       USD     74.63
NXP BV/NXP FUNDI         9.500   10/15/2015       USD     73.50
Q-CELLS INTERNAT         1.375    2/28/2012       EUR     70.30
RABOBANK                 4.168    2/25/2020       EUR     87.28
TEMIR CAPITAL            9.000   11/24/2011       USD     29.00
TEMIR CAPITAL            9.500    5/21/2014       USD     24.25
TEMIR CAPITAL            9.500    5/21/2014       USD     20.75
TJIWI KIMIA FIN         13.250     8/1/2001       USD      0.01
TURANALEM FIN BV         7.875     6/2/2010       USD     24.25
TURANALEM FIN BV         6.250    9/27/2011       EUR     22.98
TURANALEM FIN BV         8.000    3/24/2014       USD     24.00
TURANALEM FIN BV         8.500    2/10/2015       USD     24.21

NORWAY
------
EKSPORTFINANS            0.500     5/9/2030       CAD     36.75
NORSKE SKOGIND           7.000    6/26/2017       EUR     67.48

POLAND
------
POLAND GOVT BOND         3.300    6/16/2038       JPY     70.55
POLAND-REGD-RSTA         2.810   11/16/2037       JPY     62.42
REP OF POLAND            2.620   11/13/2026       JPY     70.73
REP OF POLAND            2.648    3/29/2034       JPY     62.95
REP OF POLAND            3.220     8/4/2034       JPY     72.04
REP OF POLAND            4.250    7/20/2055       EUR     64.06

RUSSIA
------
RAIFF ZENTRALBK          4.500    9/28/2035       EUR     87.97
RUSSIAN STANDARD        15.000     2/9/2011       RUB     60.32
ZLOMREX INT FIN          8.500     2/1/2014       EUR     34.00
ZLOMREX INT FIN          8.500     2/1/2014       EUR     34.00

SPAIN
-----
GENERAL DE ALQUI         2.750    8/20/2012       EUR     56.89
MINICENTRALES            4.810   11/29/2034       EUR     61.03

SWEDEN
------
SWEDISH EXP CRED         0.500   12/17/2027       USD     48.86

SWITZERLAND
-----------
CYTOS BIOTECH            2.875    2/20/2012       CHF     51.40
UBS AG JERSEY            9.000     3/9/2010       USD     57.86
UBS AG JERSEY            9.000    5/18/2010       USD     57.58
UBS AG JERSEY            9.000    6/11/2010       USD     56.25
UBS AG JERSEY            9.000     7/2/2010       USD     56.40
UBS AG JERSEY            9.000    7/19/2010       USD     56.65
UBS AG JERSEY            9.350    7/27/2010       USD     57.50
UBS AG JERSEY            9.000    8/13/2010       USD     61.35
UBS AG JERSEY            9.500    8/31/2010       USD     63.70
UBS AG JERSEY           13.900    1/31/2011       USD     36.80
UBS AG JERSEY           14.640    1/31/2011       USD     38.65
UBS AG JERSEY           16.170    1/31/2011       USD     13.54
UBS AG JERSEY           10.000    2/11/2011       USD     58.57
UBS AG JERSEY           15.250    2/11/2011       USD     12.37
UBS AG JERSEY           11.330    3/18/2011       USD     18.44
UBS AG JERSEY           16.160    3/31/2011       USD     43.07
UBS AG JERSEY           11.030    4/21/2011       USD     21.56
UBS AG JERSEY           10.650    4/29/2011       USD     16.18
UBS AG JERSEY           13.000    6/16/2011       USD     46.77
UBS AG JERSEY           10.280    8/19/2011       USD     33.02
UBS AG JERSEY           10.360    8/19/2011       USD     52.08
UBS AG JERSEY           11.150    8/31/2011       USD     36.70
UBS AG JERSEY            9.350    9/21/2011       USD     66.10
UBS AG JERSEY            9.450    9/21/2011       USD     49.73
UBS AG JERSEY            3.220    7/31/2012       EUR     63.67

UNITED KINGDOM
--------------
ALPHA CREDIT GRP         2.940     3/4/2035       JPY     73.85
AMDOCS LIMITED           0.500    3/15/2024       USD     65.00
BARCLAYS BK PLC         11.650    5/20/2010       USD     47.78
BARCLAYS BK PLC          7.610    6/30/2011       USD     53.30
BARCLAYS BK PLC         10.600    7/21/2011       USD     40.34
BK NED GEMEENTEN         0.500    6/27/2018       CAD     69.18
BK NED GEMEENTEN         0.500    2/24/2025       CAD     46.94
BRADFORD&BIN BLD         7.625    2/16/2010       GBP      6.00
BRADFORD&BIN BLD         5.750   12/12/2022       GBP      8.27
BRADFORD&BIN PLC         6.625    6/16/2023       GBP      5.99
BRADFORD&BIN BLD         4.910     2/1/2047       EUR     71.79
BRIT INSURANCE           6.625    12/9/2030       GBP     68.06
BROADGATE FINANC         5.098     4/5/2033       GBP     68.75
CATTLES PLC              7.875    1/17/2014       GBP      7.99
CATTLES PLC              7.125     7/5/2017       GBP      7.97
CHELSEA BUILDING         5.875     3/7/2019       GBP     32.73
CITY OF KIEV             8.000    11/6/2015       USD     68.16
CITY OF KYIV             8.250   11/26/2012       USD     75.44
CJSC FIRST UKRAI         9.750    2/16/2010       USD     72.98
CO-OPERATIVE BNK         5.750    12/2/2024       GBP     76.26
CO-OPERATIVE BNK         5.875    3/28/2033       GBP     71.92
CONSORT HEALTH           2.068    6/19/2042       GBP     63.87
DISCOVERY EDUCAT         1.948    3/31/2037       GBP     62.37
EFG HELLAS PLC           2.760    5/11/2035       JPY     66.76
ENTERPRISE INNS          6.500    12/6/2018       GBP     82.67
ENTERPRISE INNS          6.875    2/15/2021       GBP     80.24
ENTERPRISE INNS          6.875     5/9/2025       GBP     76.94
ENTERPRISE INNS          6.375    9/26/2031       GBP     70.71
EXIM OF UKRAINE          8.400     2/9/2016       USD     75.96
F&C ASSET MNGMT          6.750   12/20/2026       GBP     66.95
GREENE KING FIN          5.702   12/15/2034       GBP     70.08
HBOS PLC                 4.500    3/18/2030       EUR     69.83
HBOS PLC                 6.000    11/1/2033       USD     62.48
HBOS PLC                 6.000    11/1/2033       USD     62.48
HEALTHCARE SUPP          2.067    2/19/2043       GBP     65.67
INEOS GRP HLDG           7.875    2/15/2016       EUR     53.75
INEOS GRP HLDG           7.875    2/15/2016       EUR     53.39
INEOS GRP HLDG           8.500    2/15/2016       USD     54.25
INEOS VINYLS FIN         9.125    12/1/2011       EUR     71.75
INEOS VINYLS FIN         9.125    12/1/2011       EUR     71.75
KENSINGTON GROUP         9.000   12/21/2015       GBP     62.25
LONGSTONE FINANC         4.896    4/19/2031       GBP     74.19
LOUIS NO1 PLC            8.500    12/1/2014       EUR     73.21
MITCHELLS & BUTL         6.469    9/15/2030       GBP     73.02
MARSTONS ISSUER          5.641    7/15/2035       GBP     69.65
NATL GRID GAS            1.754   10/17/2036       GBP     46.75
NATL GRID GAS            1.771    3/30/2037       GBP     45.16
NATL GRID GAS            1.893     5/1/2037       GBP    102.94
NATL GRID GAS            1.776    8/28/2037       GBP    101.07
NATL GRID GAS            1.774     4/4/2039       GBP    100.09
NATL GRID GAS            1.730    6/28/2046       GBP    101.27
NETWRK RAIL INFR         1.565    12/6/2044       GBP     94.60
NORTHERN ROCK            5.625    1/13/2015       GBP     34.50
NORTHERN ROCK            5.750    2/28/2017       GBP     33.65
NORTHERN ROCK           10.375    3/25/2018       GBP     48.50
NORTHERN ROCK            6.375    12/2/2019       GBP     75.15
NORTHERN ROCK            9.375   10/17/2021       GBP     35.05
OJSC BANK NADRA          9.250    6/28/2010       USD     20.00
PRINCIPALITY BLD         5.375     7/8/2016       GBP     52.41
PUNCH TAVERNS            7.567    4/15/2026       GBP     72.00
PUNCH TAVERNS            6.468    4/15/2033       GBP     66.56
ROYAL BK SCOTLND         4.700     7/3/2018       USD     74.62
ROYAL BK SCOTLND         9.500     4/4/2025       USD     61.67
SPIRIT ISSUER            5.472   12/28/2028       GBP     69.87
TAYLOR WIMPEY            8.675     7/3/2012       GBP     92.19
TELEREAL SECUR           5.425   12/10/2031       GBP     74.36
THAMES WATER UTL         1.681    7/11/2055       GBP    148.45
TXU EASTERN FNDG         6.450    5/15/2005       USD      0.01
UKRAINE GOVT             4.950   10/13/2015       EUR     67.61
UKRAINE GOVT             4.950   10/13/2015       EUR     66.93
UKRAINE GOVT             6.580   11/21/2016       USD     72.78
UKRAINE GOVT             6.580   11/21/2016       USD     73.28
UKRAINE GOVT             6.750   11/14/2017       USD     72.82
UKRAINE GOVT             6.750   11/14/2017       USD     72.26
UNIQUE PUB FIN           7.395    3/28/2024       GBP     70.91
UNIQUE PUB FIN           6.464    3/30/2032       GBP     58.45
VAB BANK                10.125    6/14/2010       USD     63.47
WESSEX WATER FIN         1.369    7/31/2057       GBP     19.80
WESSEX WATER FIN         1.499   11/29/2058       GBP     49.47


                            *********

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
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *